Document:

EX-10.33

 Exhibit 10.33 

 
 

 
 EMPLOYEE STOCK PURCHASE PLAN 

 

	1.	 Purpose. The purpose of the Plan is to provide eligible Employees with a means of acquiring an equity
interest in the Company through payroll deductions or other contributions to enhance such Employees’ sense of participation in the affairs of the Company. This Plan shall apply to Offering Periods beginning on or after the effective date of the
initial public offering of the Shares, as determined by the Committee. 

 This Plan includes two components: (a) a
component intended to qualify as an “employee stock purchase plan” under Section 423 of the Code (the “423 Component”), the provisions of which shall be construed consistent with the requirements of Section 423
of the Code; and (b) a component that does not qualify as an “employee stock purchase plan” under Section 423 of the Code (the “Non-423 Component”). Options shall be
granted under both components, consistent with the terms of the Plan, pursuant to rules, procedures or sub-plans adopted by the Committee. Except as otherwise provided in this Plan or determined by the
Committee in a manner consistent with this Plan, the Non-423 Component will operate and be administered in the same manner as the 423 Component. 

 

	2.	 Definitions. As used herein, the terms set forth below have the meanings assigned to them in this
Section 2 and shall include the plural as well as the singular. 

 “1933 Act” means the
Securities Act of 1933, as amended. 
 “1934 Act” means the Securities Exchange Act of 1934, as amended. 

“Board” means the Board of Directors of the Company. 

“Business Day” means a day on which the Exchange is open for trading. 

“Brokerage Account” means the account in which the Purchased Shares are held. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Committee” means the Leadership Development & Compensation Committee of the Board, or the designee of the
Leadership Development & Compensation Committee. 
 “Company” means McAfee Corp., a Delaware corporation.

 “Compensation” means the base pay received by a Participant, plus commissions, overtime and regular annual,
quarterly and monthly cash bonuses payable pursuant to a short-term cash incentive plan and vacation, holiday and sick pay, in each case, from the Company, FTW or any of their respective subsidiaries. Compensation does not include: (1) income
related to stock option awards, restricted stock unit grants, and other equity incentive awards (including but not limited to those originally issued by FTW); (2) sign-on bonuses, retention bonuses, stipends, or other non-recurring or special bonuses; (3) expense reimbursements; (4) relocation-related payments; (5) benefit plan payments (including but not limited to short-term disability pay, long-term disability
pay, maternity pay, military pay, tuition reimbursement and adoption assistance); (6) payments related to the death of a Participant; (7) income from non-cash and fringe benefits; (8) severance
payments; (9) “cash out” payments of vacation or other paid time off, or (10) other forms of compensation or income not specifically listed herein. 

  
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 “Employee” means any individual who is a common law employee of the
Company or any other Participating Affiliate. For purposes of this Plan, the employment relationship shall be treated as continuing intact while the individual is on sick leave or other leave of absence approved by the Company or the Participating
Affiliate, as appropriate, and only to the extent permitted under Section 423 of the Code with respect to the 423 Component. For purposes of the Plan, an individual who performs services for the Company or a Participating Affiliate pursuant to
an agreement (written or oral) that classifies such individual’s relationship with the Company or a Participating Affiliate as other than a common law employee shall not otherwise (unless such individual is otherwise expressly classified as an
employee by a different Participating Affiliate or by the Company) be considered an “employee” with respect to any period preceding the date on which a court or administrative agency issues a final determination that such individual is an
“employee.” 
 “Enrollment Date” means the first Business Day of each Offering Period. 

“Exchange” means the Nasdaq Global Select Market. 

“Exercise Date” means the last Business Day of each Offering Period (or, if determined by the Committee, the Purchase
Period, if different from the Offering Period). 
 “Fair Market Value” means the closing transaction price of a Share,
as reported on the Exchange on the date as of which such value is being determined or, if the Shares are not listed on the Exchange as of an applicable date, the closing transaction price of a Share on the principal national stock exchange on which
the Shares are traded on the date as of which such value is being determined or, if there are no reported transactions for such date, the closing transaction price of a Share on the immediately preceding date on which a closing transaction price was
reported. 
 “FTW” means Foundation Technology Worldwide LLC, a Delaware limited liability company. 

“Offering Period” means the six month period beginning on a date designated by the Committee and each successive six
(6)-month period thereafter or such other period designated by the Committee; provided that in no event shall an Offering Period exceed 27 months, with the commencement of the first Offering Period to be determined by the Committee.
Notwithstanding anything herein to the contrary, the Committee may establish an Offering Period with multiple Purchase Periods within such Offering Period. 

“Option” means an option granted under this Plan that entitles a Participant to purchase Shares. 

“Participant” means an Employee who satisfies the requirements of Sections 3 and 5 of this Plan. 

  
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 “Participating Affiliate” means, (i) with respect to the 423
Component, each U.S. Subsidiary other than those for which the Committee or the Board has excluded its employees from participation in this Plan and (ii) with respect to the Non-423 Component, any entity
that, directly or indirectly, is controlled by, controls or is under common control with the Company and/or any entity in which the Company has a significant equity interest, including, for the avoidance of doubt, FTW, McAfee, LLC and their
respective subsidiaries, and excluding, in each case, any entity for which the Committee or the Board has excluded its employees from participation in this Plan. 

“Plan” means this McAfee Employee Stock Purchase Plan. 

“Purchase Account” means the notional bookkeeping account credited with the amount that shall be used to purchase Shares
through the exercise of Options under this Plan. 
 “Purchase Period” means the period designated by Committee during which
payroll deductions or other contributions of the Participants are credited under this Plan. Unless otherwise determined by the Committee, a Purchase Period will coincide with an entire Offering Period; provided that there may be multiple
Purchase Periods within an Offering Period, if determined by the Committee prior to the commencement of the applicable Offering Period. 

“Purchase Price” shall be the lesser of: (i) 85% percent of the Fair Market Value of a Share on the applicable
Enrollment Date for an Offering Period and (ii) 85% percent of the Fair Market Value of a Share on the applicable Exercise Date; provided that the Committee may determine a different per share Purchase Price provided that such per share
Purchase Price is communicated to Participants prior to the beginning of the Offering Period and provided that in no event shall such per share Purchase Price be less than the lesser of (i) 85% of the Fair Market Value of a Share on the
applicable Enrollment Date or (ii) 85% of the Fair Market Value of a Share on the Exercise Date. 
 “Purchased
Shares” means the full Shares issued or delivered pursuant to the exercise of Options under this Plan. 

“Shares” means the Class A common stock, par value $0.001 per share, of the Company. 

“Subsidiary” means an entity, U.S. or non-U.S., that is part of an unbroken
chain of corporations beginning with the Company with respect to which not less than 50% of the voting equity is held by the Company or a Subsidiary, whether or not such entity now exists or is hereafter organized or acquired by the Company or a
Subsidiary; provided that such entity is also a “subsidiary” within the meaning of Section 424 of the Code. 

“Termination Date” means the date on which a Participant terminates employment or on which the Participant ceases to
provide services to the Company or a Participating Affiliate as an employee, and specifically does not include any period following that date on which the Participant may be eligible for or in receipt of other payments from the Company including in
lieu of notice or termination or severance pay or as wrongful dismissal damages. 
  

  
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	3.	 Eligibility. 

  

	 	(a)	 Only Employees of the Company or a Participating Affiliate shall be eligible to be granted Options under this
Plan and, in no event may a Participant be granted an Option under this Plan following his or her Termination Date. 

  

	 	(b)	 Any provisions of this Plan to the contrary notwithstanding, no Employee shall be granted an Option if
(i) immediately after the grant, such Employee (or any other person whose stock would be attributed to such Employee pursuant to Section 424(d) of the Code) would own capital stock of the Company and/or hold outstanding Options or options
to purchase stock possessing 5% or more of the total combined voting power or value of all classes of stock of the Company or of any of its Subsidiaries, (ii) such Option would permit his or her rights to purchase stock under all employee stock
purchase plans of the Company and its Subsidiaries to accrue at a rate that exceeds $25,000 of the Fair Market Value of such stock (determined at the time each such Option is granted) for each calendar year in which such Option is outstanding at any
time, or (iii) such Employee customarily works for the Company and its Participating Affiliates 20 hours per week or less or customarily works for the Company and its Participating Affiliates less than five months in a calendar year;
provided, however, that in the case of clause (iii), the Committee may provide for alternative minimum hours or length of service eligibility criteria prior to the commencement of an Offering Period, subject to Section 423 of the
Code with respect to the 423 Component. In addition, except as otherwise determined by the Committee prior to the commencement of an Offering Period, during any Offering Period, (x) no Participant may purchase more than the lesser of
(i) the number of Shares that is equal to $30,000, divided by the closing transaction price of a Share on the immediately preceding date prior to the first day of the Offering Period on which a closing transaction price was reported or (ii)
_______ Shares and (y) in the aggregate, no more than one percent (1%) of the sum of (A) the number of Shares and (B) the number of FTW units (excluding those held by the Company), in each case, outstanding on the last day of the
preceding fiscal year may be purchased. 

  

	4.	 Exercise of an Option. Options shall be automatically exercised on behalf of Participants in this Plan
every Exercise Date, using payroll deductions or other contributions that have been credited to the Participants’ Purchase Accounts during the applicable Purchase Period or that have been retained from a prior Purchase Period pursuant to
Section 8 hereof. 

  

	5.	 Participation. 

 

	 	(a)	 An Employee shall be eligible to participate on the first Enrollment Date that occurs at least six months (or
such other period of time determined by the Committee and, with respect to the 423 Component, consistent with Section 423 of the Code) after such Employee’s first date of employment with the Company or a Participating Affiliate;
provided that such Employee properly completes and submits an election form in a manner and by the deadline prescribed by the Company. 

  
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	 	(b)	 An Employee who does not become a Participant on the first Enrollment Date on which he or she is eligible may
thereafter become a Participant on any subsequent Enrollment Date by properly completing and submitting an election form in a manner and by the deadline prescribed by the Company. 

 

	 	(c)	 Payroll deductions for a Participant shall commence on the first payroll date following the Enrollment Date and
shall end on the last payroll date in the Purchase Period to which such authorization is applicable, unless sooner terminated by the Participant as provided in Section 12 hereof. 

 

	6.	 Payroll Deductions/ Other Participant Contributions. 

 

	 	(a)	 A Participant shall elect to have payroll deductions made during a Purchase Period equal to no less than 1% of
the Participant’s Compensation up to a maximum of 15% (or such greater amount as the Committee establishes from time to time). The amount of such payroll deductions shall be in whole percentages. All payroll deductions made by a Participant
shall be credited to his or her Purchase Account. A Participant who elects to have payroll deductions credited to his or her Purchase Account may not make any additional payments into his or her Purchase Account. Unless otherwise determined by the
Company and subject to the other terms of this Plan, a Participant’s payroll deduction election will remain in effect for subsequent Offering Periods unless the Participant files an election change form in accordance with the procedures
established by the Company not less than ten (10) business days (or such other deadline as is determined by the Company from time to time) prior to an applicable Purchase Period. Notwithstanding the foregoing or any provisions to the contrary
in this Plan, the Company may (but is not required to) allow participants to make other contributions under this Plan via cash, check, or other means instead of payroll deductions, and for any Offering Period under the 423 Component, the Company
determines that such other contributions are permissible under Section 423 of the Code. Any such other contributions must be made in a manner, in an amount and by the deadline prescribed by the Company and, once made, shall be credited to the
Participant’s Purchase Account. 

  

	 	(b)	 Except as otherwise determined by the Committee prior to commencement of an Offering Period, (i) a
Participant may not increase the rate of payroll deductions or contributions during an Offering Period and (ii) unless otherwise determined by the Company, one time during an Offering Period, a Participant may decrease the rate of payroll
deductions or contributions with respect to such Offering Period. A Participant may change his or her payroll deduction percentage under subsection (a) above for any subsequent Offering Period by properly completing and submitting an election
change form in accordance with the procedures prescribed by the Committee. The change in amount shall be effective as of the first Enrollment Date following the date of filing of the election change form. 

  
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	 	(c)	 Notwithstanding the foregoing, to the extent necessary to comply with Section 423(b)(8) of the Code and
Section 3(b) hereof, a Participant’s payroll deductions may be decreased to 0% at any time during an Offering Period. Subject to Sections 13, 18 and 19 of the Plan, payroll deductions shall recommence at the rate provided in such
Participant’s election form at the beginning of the first Offering Period which is scheduled to end in the calendar year following the calendar year in which the Participant’s payroll deductions were decreased to 0%, unless terminated by
the Participant as provided in Section 12 hereof. 

  

	7.	 Grant of Option. On each Enrollment Date, each Participant in the applicable Offering Period shall be
granted an Option to purchase, on the applicable Exercise Date, a number of full Shares determined by dividing the amount credited prior to such Exercise Date to the Participant’s Purchase Account as of the applicable Exercise Date by the
applicable Purchase Price. 

  

	8.	 Exercise of Option. A Participant’s Option for the purchase of Shares shall be exercised
automatically on the Exercise Date. The maximum number of Shares subject to the Option shall be purchased for such Participant at the applicable Purchase Price with the amount credited to his or her Purchase Account. 

No fractional Shares shall be purchased; any amounts credited to a Participant’s Purchase Account which are not sufficient to purchase a
full Share shall continue to be credited to the Purchase Account for the next subsequent Purchase Period, subject to earlier withdrawal by the Participant as provided in Section 12 hereof. Subject to the immediately preceding sentence, all
amounts credited to a Participant’s Purchase Account that are not used to purchase Shares on an Exercise Date, whether because of the Participant’s withdrawal from participation in an Offering Period or for any other reason, shall be
distributed to the Participant or his or her designated beneficiary or legal representative, as applicable, without interest, as soon as administratively practicable after such withdrawal or other event, as applicable. 

During a Participant’s lifetime, a Participant’s Option is exercisable only by him or her. The Company shall, at its sole discretion,
satisfy the exercise of all Participants’ Options for the purchase of Shares through (a) the issuance of authorized but unissued Shares, (b) the transfer of treasury Shares, (c) the purchase of Shares on behalf of the applicable
Participants on the open market through an independent broker and/or (d) a combination of the foregoing. 
  

	9.	 Issuance of Stock. The Shares purchased by each Participant shall be issued in book entry form and shall
be considered to be issued and outstanding to such Participant’s credit as of the Exercise Date. The Committee may permit or require that shares be deposited directly in a Brokerage Account with one or more brokers designated by the Committee
or to one or more designated agents of the Company, and the Committee may use electronic or automated methods of share transfer. The Committee may require that Shares be retained with such brokers or agents for a designated period of time and/or may
establish other procedures to permit tracking of disqualifying dispositions of such shares, and may also impose a transaction fee with respect to a sale of Shares issued to a Participant’s credit and held by such a broker or agent. The
Committee may (but is not required to) permit Shares purchased under this Plan to participate in a dividend reinvestment plan or program maintained by the Company and establish a default method for the payment of dividends. 

  
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	10.	 Approval by Stockholders. Notwithstanding the above, this Plan is expressly made subject to the approval
of the stockholders of the Company within 12 months before or after the date this Plan is adopted by the Board. Such stockholder approval shall be obtained in the manner and to the degree required under applicable federal and state law. If this Plan
is not so approved by the stockholders within 12 months before or after the date this Plan is adopted by the Board, this Plan shall not come into effect. 

  

	11.	 Administration. 

 

	 	(a)	 Powers and Duties of the Committee. This Plan shall be administered by the Committee. Subject to the
provisions of this Plan, Section 423 of the Code and the regulations thereunder with respect to the 423 Component, the Committee shall have the discretionary authority to determine the time and frequency of granting Options, the duration of
Offering Periods and Purchase Periods, the terms and conditions of the Options and the number of Shares subject to each Option. The Committee shall also have the discretionary authority to do everything necessary and appropriate to administer the
Plan, including, without limitation, interpreting the provisions of the Plan (but any such interpretation shall not be inconsistent with the provisions of Section 423 of the Code with respect to the 423 Component). All actions, decisions, and
determinations of, and interpretations by the Committee with respect to this Plan shall be final and binding upon all Participants, upon their executors, administrators, personal representatives, heirs, and legatees and upon all other persons. No
member of the Board or the Committee shall be liable for any action, decision, determination, or interpretation made in good faith with respect to this Plan or any Option granted hereunder. With respect to the 423 Component, an Offering Period shall
be administered in a manner that is intended to provide that all Participants have the same rights and privileges as are provided by Section 423(b)(5) of the Code. 

 

	 	(b)	 Administrator. The Company, Board or the Committee may delegate any or all of its powers or authority
under this Plan, to the extent permitted by applicable law, to one or more members of the Board or the Committee or any officer or employee of the Company or any of its affiliates. The Company, Board or the Committee may also engage the services of
a brokerage firm or financial institution (the “Administrator”) to perform certain ministerial and procedural duties under this Plan including, but not limited to, mailing and receiving notices contemplated under this Plan,
determining the number of Purchased Shares for each Participant, maintaining or causing to be maintained the Purchase Account and the Brokerage Account, disbursing funds maintained in the Purchase Account or proceeds from the sale of Shares through
the Brokerage Account, filing with the appropriate tax authorities proper tax returns and forms (including information returns) and providing to each Participant statements as required by law or regulation. 

  
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	 	(c)	 Indemnification. Each person who is or shall have been (i) a member of the Board, (ii) a
member of the Committee, or (iii) an officer or employee of the Company or any of its affiliates to whom authority was delegated in relation to this 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 him or her 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 this 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 claim, action, suit
or proceeding against him or her; provided that he or she shall give the Company a reasonable opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf; and
provided further that this Section 11(c) shall not apply to any loss, cost, liability or expense that is a result of an indemnified person’s own willful misconduct or except as expressly provided by statute.

 The foregoing right of indemnification shall 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, any contract with the Company, as a matter of law, or otherwise, or of any power that the Company may have to indemnify them or hold them harmless. 

 

	12.	 Withdrawal. A Participant may withdraw from an Offering Period by properly completing and submitting to
the Company a withdrawal form in accordance with the procedures prescribed by the Committee or the Company, which must be submitted prior to the date specified by the Committee or the Company before the Exercise Date. Upon withdrawal, any amounts
credited to the Participant’s Purchase Account prior to the effective date of the Participant’s withdrawal from this Plan will be returned to the Participant, without interest, as soon as administratively practicable after such withdrawal.
No further payroll deductions or contributions for the purchase of Shares will be made during the Offering Period in which the withdrawal occurs or any subsequent Offering Periods, unless (as to any subsequent Offering Period) the Participant
properly completes and submits an election form, by the deadline prescribed by the Company. A Participant’s withdrawal from an Offering Period under this Plan will not, except as described in the immediately preceding sentence, have any effect
upon his or her eligibility to participate in subsequent Offering Periods or in any similar plan that may hereafter be adopted by the Company or any of its affiliates. 

 

	13.	 Termination of Employment. On the Termination Date of a Participant for any reason prior to the
applicable Exercise Date, whether voluntary or involuntary, and including termination of employment due to retirement, death or as a result of liquidation, dissolution, sale, merger or a similar event affecting the Company or a Participating
Affiliate, the amount credited to his or her Purchase Account will be returned to him or her or, in the case of the Participant’s death, to the person or persons entitled thereto under Section 16, without interest, as soon as
administratively practicable after such Termination Date and his or her Option will be automatically terminated. 

  
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	14.	 Funding; Interest. Except as required by applicable law, the Company shall not be required to fund or
set aside any funds or amounts under this Plan, including in respect of any Purchase Accounts. No interest shall accrue on the amounts credited to Purchase Accounts in this Plan. 

 

	15.	 Stock. 

  

	 	(a)	 The stock subject to Options shall be common stock of the Company as traded on the Exchange or on such other
exchange as the Shares may be listed from time to time. 

  

	 	(b)	 Subject to adjustment upon changes in capitalization of the Company as provided in Section 18 hereof, the
maximum number of Shares which shall be made available for sale under this Plan shall be ______ Shares. In addition, subject to adjustments upon changes in capitalization of the Company as provided in Section 18 hereof, the maximum number of
Shares which shall be made available for sale under this Plan shall automatically increase on the first day of each fiscal year beginning with the first day of the second (2nd) fiscal year that
begins after the date the Plan is adopted and ending with the first day of the tenth (10th) fiscal year that begins after the date the Plan is adopted, by an amount equal to the lesser of
(i) one percent (1%) of the sum of (A) the number of Shares and (B) the number of FTW units (excluding those held by the Company), in each case, outstanding on the last day of the preceding fiscal year, or (ii) such number of
Shares as may be established by the Board; provided that in no event shall the aggregate number of additional Shares made available under this Plan pursuant to this sentence exceed _____. If, on a given Exercise Date, the number of Shares
with respect to which Options are to be exercised exceeds the number of Shares then available under this Plan, the Committee shall make a pro rata allocation of the Shares remaining available for purchase in as uniform a manner as shall be
practicable and as it shall determine to be equitable. 

  

	 	(c)	 A Participant shall have no interest or voting right in Shares covered by his or her Option until such Option
has been exercised and the Participant has become a holder of record of Shares acquired pursuant to such exercise. 

  

	16.	 Designation of Beneficiary. The Committee may permit Participants to designate beneficiaries to receive
any Purchased Shares or the amount credited to the Participant’s Purchase Account under this Plan in the event of such Participant’s death. Beneficiary designations shall be made in accordance with procedures prescribed by the Committee.
If no properly designated beneficiary survives the Participant, the Purchased Shares and amount credited to the Participant’s Purchase Account, if any, will be distributed to the Participant’s estate. 

 

	17.	 Assignability of Options. Neither amounts credited to a Participant’s Purchase Account nor any
rights with regard to the exercise of an Option or to receive Shares under this Plan may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent and distribution or as provided in
Section 16 hereof) by the Participant. Any such attempt at assignment, transfer, pledge, or other disposition shall be without effect, except that the Company may treat such act as an election to withdraw from an Offering Period in accordance
with Section 12 hereof. 

  
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	18.	 Adjustment of Number of Shares Subject to Options. 

 

	 	(a)	 Adjustment. Subject to any required action by the stockholders of the Company, the maximum number and
kind of securities available for purchase under this Plan, as well as the price per security, the number of securities covered by each Option under this Plan which has not yet been exercised and all limits denominated in shares under the Plan shall
be appropriately adjusted in the event of any equity restructuring (within the meaning of Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation—Stock Compensation or any successor or replacement
accounting standard), such as a stock split, reverse stock split, stock dividend, recapitalization through a large, nonrecurring cash dividend, combination or reclassification of the common stock of the Company. Such adjustment shall be made by the
Board or the Committee, whose determination in that respect shall be final, binding, and conclusive. If any such adjustment would result in a fractional security being available under this Plan, such fractional security shall be disregarded. Except
as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or
price of Shares subject to an Option. The Options granted pursuant to the 423 Component shall not be adjusted in a manner that causes such Options to fail to qualify as options issued pursuant to an “employee stock purchase plan” within
the meaning of Section 423 of the Code. 

  

	 	(b)	 Dissolution or Liquidation. Unless otherwise determined by the Board, in the event of the planned
dissolution or liquidation of the Company, the Offering Period then in progress will terminate immediately prior to the consummation of such proposed action, unless an earlier date is otherwise provided by the Committee or the Board, and the Board
may either provide for the purchase of Shares as of the date on which such Offering Period terminates (which will be deemed to occur in all events prior to the consummation of such proposed action, if falling on the same date) or return to each
Participant the amount credited to such Participant’s Purchase Account. 

  

	 	(c)	 Merger or Asset Sale. In the event of a Change in Control (as defined in the Company’s 2020 Omnibus
Incentive Plan) or the merger of the Company with or into another corporation, each outstanding Option shall be assumed or a substantially similar option substituted by the successor corporation or a parent or subsidiary of the successor
corporation, unless the Board or the Committee determines, in the exercise of its sole discretion, that in lieu of such assumption or substitution to either terminate all outstanding Options and return to each Participant the amounts credited to
such Participant’s Purchase Account or to provide for the Offering Period in progress to end on a date prior to the date of the Company’s consummation of such Change in Control or merger, resulting in the Exercise Date occurring as of the
last Business Day of such shortened Offering Period. 

  
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	19.	 Amendments or Termination of this Plan. 

 

	 	(a)	 Subject to any stockholder approval required by applicable law, regulation or Exchange or other applicable
stock exchange rule, the Board or the Committee may at any time and for any reason amend, modify, suspend, discontinue or terminate this Plan without notice; provided that the terms of any amendment to the Plan or any offering hereunder must
be in writing or in electronic form. 

  

	 	(b)	 Without stockholder consent, the Board or the Committee shall be entitled to change the Purchase Price,
Offering Periods, Purchase Periods, eligibility requirements, limit or increase the frequency and/or number of changes in the amount withheld during a Purchase Period, return all amounts in Purchase Accounts to holder of such account, establish the
exchange ratio applicable to amounts withheld in a currency other than U.S. dollars, permit payroll withholding in an amount less than or greater than the amount designated by a Participant in order to adjust for delays or mistakes in the
Company’s processing of properly completed withholding elections, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Shares for each Participant
properly correspond with amounts withheld from the Participant’s Compensation, and establish such other limitations or procedures as the Board or the Committee determines in its sole discretion advisable which are consistent with this Plan;
provided that changes to (i) the Purchase Price, (ii) the Offering Period, (iii) the Purchase Period, (iv) the maximum percentage of Compensation that may be deducted pursuant to Section 6(a) or (v) the maximum
number of Shares that may be purchased in a Purchase Period, shall not be effective until communicated to Participants. 

  

	20.	 No Other Obligations. The receipt of an Option pursuant to this Plan shall impose no obligation upon the
Participant to purchase any Shares covered by such Option. Nor shall the granting of an Option pursuant to this Plan constitute an agreement or an understanding, express or implied, on the part of the Company or any of its affiliates to employ the
Participant for any specified period. 

  

	21.	 Notices and Communication. Any notice or other form of communication which the Company or a Participant
may be required or permitted to give to the other shall be provided through such means as designated by the Committee, including but not limited to any paper or electronic method. 

 

	22.	 Condition upon Issuance of Shares. 

 

	 	(a)	 Shares shall not be issued with respect to an Option unless the exercise of such Option and the issuance and
delivery of such Shares pursuant thereto shall comply with all applicable provisions of law, U.S. or non-U.S., including, without limitation, the 1933 Act and the 1934 Act and the rules and regulations
promulgated thereunder, and the requirements of any stock exchange upon which the Shares may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance. 

  
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	 	(b)	 As a condition to the exercise of an Option, the Company may require the person exercising such Option to
represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation
is required by any of the aforementioned applicable provisions of law. 

  

	23.	 General Compliance. This Plan will be administered, and Options will be exercised in compliance with the
1933 Act, 1934 Act and all other applicable securities laws and Company policies, including without limitation, any insider trading policy of the Company. 

  

	24.	 Term of this Plan. This Plan shall become effective upon the earlier to occur of (i) its adoption
by the Board and (ii) its approval by the stockholders of the Company (the “Effective Date”), and shall continue in effect until the earlier of (A) the termination of this Plan pursuant to Section 19 hereof and
(B) the tenth anniversary of the Effective Date, with no new Offering Periods commencing on or after such tenth anniversary. 

  

	25.	 Governing Law. This Plan and all Options granted hereunder shall be construed in accordance with and
governed by the laws of the State of Delaware without reference to choice of law principles and subject in all cases to the Code and the regulations thereunder with respect to the 423 Component. By electing to participate in this Plan, each
Participant agrees or will be deemed to have agreed to (i) submit irrevocably and unconditionally to the jurisdiction of the federal and state courts located within the geographic boundaries of the United States District Court for the District
of Delaware for the purpose of any suit, action or other proceeding arising out of or based upon this Plan or any award, (ii) not commence any suit, action or other proceeding arising out of or based upon this Plan or any award, except in the
federal and state courts located within the geographic boundaries of the United States District Court for the District of Delaware, and (iii) waive, and not assert, by way of motion as a defense or otherwise, in any such suit, action or
proceeding, any claim that he or she is not subject personally to the jurisdiction of the above-named courts that his or her property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient
forum, that the venue of the suit, action or proceeding is improper or that this Plan or the subject matter thereof may not be enforced in or by such court. Further, by electing to participate in this Plan, each Participant waives (or will be deemed
to have waived), to the maximum extent permitted under applicable law, any right to a trial by jury in any action, proceeding or counterclaim concerning any rights under this Plan, or under any amendment, waiver, consent, instrument, document or
other agreement delivered or which in the future may be delivered in connection therewith, and agrees (or will be deemed to have agreed) that any such action, proceedings or counterclaim will be tried before a court and not before a jury. By
electing to participate in this Plan, each Participant certifies that no officer, representative, or attorney of the Company has represented, expressly or otherwise, that the Company would not, in the event of any action, proceeding, or
counterclaim, seek to enforce the foregoing waivers. 

  
 12 

	 	
Notwithstanding anything to the contrary in this Plan, nothing herein is to be construed as limiting the ability of the Company (or any of its Participating Affiliates) and a Participant to agree
to submit any dispute arising under the terms of this Plan to binding arbitration or as limiting the ability of the Company (or any of its Participating Affiliates) to require any individual to agree to submit such disputes to binding arbitration as
a condition of receiving an award hereunder. 

  

	26.	 Non-U.S. Participants. Without the amendment of this Plan, the
Company may provide for the participation in this Plan by Employees who are subject to the laws of non-U.S. countries or jurisdictions on such terms and conditions additional to or different from those
specified in this Plan as may in the judgment of the Company be necessary or desirable to foster and promote achievement of the purposes of this Plan and, in furtherance of such purposes the Company may make such modifications, amendments,
procedures, subplans and the like as may be necessary or advisable to comply with provisions of laws of other countries or jurisdictions in which the Company or the Participating Affiliates operate or have employees. Each subplan shall constitute a
separate “offering” under this Plan in accordance with Treas. Reg. §1.423-2(a) and, to the extent inconsistent with the requirements of Section 423, any such subplan shall be considered
part of the Non-423 Component, and rights granted thereunder shall not be required by the terms of this Plan to comply with Section 423 of the Code. 

 

	27.	 Sections 423 and 409A. The 423 Component shall be exempt from the application of Section 409A of
the Code, and any ambiguities herein shall be interpreted to so be exempt from Section 409A of the Code. The Non-423 Component is intended to be exempt from the application of Section 409A of the
Code under the short-term deferral exception and any ambiguities shall be construed and interpreted in accordance with such intent. In furtherance of the foregoing and notwithstanding any provision in this Plan to the contrary, if the Committee
determines that an Option granted under this Plan may be subject to Section 409A of the Code or that any provision in this Plan would cause an Option to be subject to Section 409A, the Committee may amend the terms of this Plan and/or of
an outstanding Option granted under this Plan, or take such other action the Committee determines is necessary or appropriate, in each case, without the participant’s consent, to exempt any outstanding Option or future Option that may be
granted under this Plan from or to allow any such Options to comply with Section 409A of the Code. Notwithstanding the foregoing, neither the Company, the Board, the Committee nor any person acting on their behalf shall have any liability to a
Participant or any other party by reason of any acceleration of income, any additional tax, or any other tax or liability asserted by reason of the failure of any Option or this Plan to be exempt from or compliant with Section 423 of the Code,
Section 409A of the Code or by reason of any other tax resulting from a Participant’s participation in the Plan. 

  

	28.	 Taxes. Payroll deductions will be made on an after-tax basis.
The Committee and the Company will have the right, as a condition to exercising an Option, to make such provision as it deems necessary to satisfy its obligations to withhold U.S. federal, state or local and
non-U.S. income or other taxes incurred by reason of the exercise of the Option and/or the purchase or disposition of Shares under this Plan. In the discretion of the Committee and the Company and subject to
applicable law (including, if applicable, requirements for exemption from Section 16 of the 1934 Act), such tax obligations may 

  
 13 

	 	
be paid in whole or in part by delivery of Shares to the Company, including Shares purchased under this Plan, valued at Fair Market Value, but not in excess of the maximum statutory amounts
required to be withheld. Without limiting the foregoing, the Committee or the Company may require (and by becoming a Participant in the Plan, the Participant agrees) that a Participant, as a condition to the exercise of an Option under this Plan,
deliver an amount in cash necessary to satisfy all applicable withholding obligations in respect of such exercise and, if such condition is not satisfied by a Participant within ten (10) days following an otherwise applicable Exercise Date, the
amount in such Participant’s Participant Account will be returned to him or her by the Company. 

  
 14EX-10.34

 Exhibit 10.34 

 
 

 
 Executive Cash Incentive Plan 

1. DEFINED TERMS 
 Exhibit A,
which is incorporated by reference herein, defines certain terms used in the Plan and sets forth operational rules related to those terms. 
 2. PURPOSE

 The Plan has been established to advance the interests of the Company and its Affiliates by providing for the grant of cash-based
incentive Awards to Participants. 
 3. ADMINISTRATION 

The Administrator shall administer the Plan and shall have discretionary authority, subject only to the express provisions of the Plan, to
interpret the Plan and any Award; to determine eligibility for and grant Awards; to adjust the Performance Criterion or Criteria applicable to Awards; to determine, modify, accelerate or waive the terms and conditions of any Award; to determine the
form of settlement of Awards; to prescribe forms, rules and procedures relating to the Plan and Awards; and to otherwise do all things necessary or desirable to carry out the purposes of the Plan or any Award. Determination made under the Plan
and/or with respect to Awards need not be uniform among Participants. All determinations of the Administrator made with respect to the Plan or any Award are conclusive and shall bind all persons. 

4. ELIGIBILITY; PARTICIPATION 
 The
Administrator may select Participants from among executive officers and other key employees of the Company and its Affiliates. 
 5. GRANT OF AWARDS

 A Participant who is granted an Award will be entitled to a payment, if any, in respect of the Award only if all conditions to
payment have been satisfied (or deemed to have been satisfied) in accordance with the Plan and the terms of the Award. By accepting (or being deemed to have accepted) an Award, the Participant agrees or will be deemed to have agreed to the terms and
conditions of the Award and the Plan. The Administrator will select the Participants, if any, who receive Awards for each Performance Period and, for each Award, will establish the following: 

(a) the Performance Criterion or Criteria applicable to the Award; 

(b) the amount or amounts that will be payable (subject to adjustment in accordance with Section 6) if the Performance Criterion or
Criteria are achieved in whole or in part; and 
 (c) such other terms and conditions as the Administrator determines with respect to
the Award. 

 The Administrator may, but need not, provide that Awards will be evidenced by a written agreement, written
notice or other written documentation, but in the event of any dispute regarding whether an Award has been made, the Participant must provide clear and convincing evidence that an Award has been made. 

6. DETERMINATION OF PERFORMANCE; AMOUNTS PAYABLE 

As soon as reasonably practicable after the end of the applicable Performance Period, the Administrator will determine whether and to what
extent, if at all, the Performance Criterion or Criteria applicable to each Award granted for such Performance Period have been satisfied. The Administrator will then determine the amount payable, if any, under each Award. The Administrator may, in
its sole discretion and with or without specifying its reasons for doing so, after determining the amount that would otherwise be payable in respect of any Award, adjust the actual payment, if any, to be made with respect to such Award. The
Administrator may exercise the discretion described in the immediately preceding sentence either in individual cases or in ways that affect more than one Participant. In each case, the Administrator’s discretionary determination, which may
affect different Awards differently, is conclusive and bind all persons. 
 7. PAYMENTS UNDER AWARDS 

The Administrator will determine the payment dates for Awards under the Plan. Except as otherwise determined by the Administrator or the
Company: 
 (a) all payments under the Plan will be made, if at all, not later than two and
one-half months after the end of the fiscal year in which the Performance Period ends; provided, that the Administrator may (but is not required to) authorize elective deferrals of any Award
payments in accordance with the deferral rules of Section 409A; 
 (b) payment will not be made with respect to an Award unless
the Participant has remained employed with the Company and its Affiliates through the date of payment; and 
 (c) awards under the
Plan are intended to qualify for exemption from Section 409A of the Code and shall be construed and administered accordingly. 
 8. TAX WITHHOLDING

 All payments under the Plan will be reduced by all tax and other amounts required to be withheld with respect to the payment. Any
amounts withheld pursuant to this Section 9 will be treated as though such payment had been made directly to the Participant. 
 9. AMENDMENT AND
TERMINATION 
 The Administrator may at any time or times amend the Plan or any outstanding Award for any purpose which may at the time
be permitted by applicable law, and may at any time terminate the Plan as to any future grants of Awards. Any amendments to the Plan will be conditioned upon stockholder approval only to the extent, if any, such approval is required by applicable
law (including the Code) or stock exchange requirements, as determined by the Administrator. 

  
 -2- 

 10. RECOVERY OF COMPENSATION 

Unless otherwise determined by the Administrator in writing, each Award will be subject to any applicable policy of the Company or any of its
subsidiaries or Affiliates that provides for forfeiture, disgorgement, recoupment or clawback with respect to incentive compensation that includes Awards under the Plan and will be further subject to forfeiture and disgorgement to the extent
required by law or applicable stock exchange listing standards, including, without limitation, Section 10D of the Securities Exchange Act of 1934, as amended. Subject to the terms of any applicable Award agreement, each Participant, by
accepting or being deemed to have accepted an Award under the Plan, agrees (or will be deemed to have agreed) to the terms of this Section 10 and any clawback, recoupment or similar policy of the Company or any of its subsidiaries or Affiliates
and further agrees (or will be deemed to have further agreed) to cooperate fully with the Administrator, and to cause any and all permitted transferees of the Participant to cooperate fully with the Administrator, to effectuate any forfeiture or
disgorgement described in this Section 10. Neither the Administrator nor the Company nor any other person, other than the Participant and his or her permitted transferees, if any, will be responsible for any adverse tax or other consequences to
a Participant or his or her permitted transferees, if any, that may arise in connection with this Section 10. 
 11. MISCELLANEOUS 

(a) Waiver of Jury Trial. By accepting or being deemed to have accepted an Award under the Plan, each Participant
waives (or will be deemed to have waived), to the maximum extent permitted under applicable law, any right to a trial by jury in any action, proceeding or counterclaim concerning any rights under the Plan or any Award, or under any amendment,
waiver, consent, instrument, document or other agreement delivered or which in the future may be delivered in connection therewith, and agrees (or will be deemed to have agreed) that any such action, proceedings or counterclaim will be tried before
a court and not before a jury, subject to the last sentence of this Section 11(a). By accepting or being deemed to have accepted an Award under the Plan, each Participant certifies that no officer, representative, or attorney of the Company or
any of its Affiliates has represented, expressly or otherwise, that the Company would not, in the event of any action, proceeding or counterclaim, seek to enforce the foregoing waivers. Notwithstanding anything to the contrary in the Plan, nothing
herein is to be construed as limiting the ability of the Company and a Participant to agree (or superseding any prior agreement) to submit any dispute arising under the terms of the Plan or any Award to binding arbitration or as limiting the ability
of the Company to require any individual to agree to submit such disputes to binding arbitration as a condition of receiving an Award hereunder. 

(b) Limitation of Liability. Notwithstanding anything to the contrary in the Plan or any Award, none of the Company
nor any of its Affiliates, nor any of its subsidiaries, nor the Administrator, nor any person acting on behalf of the Company, its Affiliates, any of its subsidiaries, or the Administrator, will be liable to any Participant, to any permitted
transferee, to the estate or beneficiary of any Participant or any permitted transferee, or to any other person by reason of any acceleration of income, any additional tax, or any penalty, interest or other liability asserted by reason of the
failure of an Award to satisfy the requirements of Section 409A or by reason of Section 4999 of the Code (or, in each case, any similar state or local tax law) or otherwise asserted with respect to any Award. 

  
 -3- 

 (c) Unfunded Plan. The Company’s obligations under the Plan
are unfunded, and no Participant will have any right to specific assets of the Company in respect of any Equity Award. Participants will be general unsecured creditors of the Company with respect to any amounts due or payable under the Plan. 

(d) Governing Law. Except as otherwise provided by the express terms of an Award, the domestic substantive laws of
the State of Delaware govern the provisions of the Plan and of Awards under the Plan and all claims or disputes arising out of or based upon the Plan or any Award under the Plan or relating to the subject matter hereof or thereof without giving
effect to any choice or conflict of laws provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction; provided that this provision shall not be construed to require an employee who primarily
resides and works in California to deprive the employee of the substantive protection of California law with respect to a controversy arising in California, in each case, except to the extent permitted by Section 925(e) of the California Labor
Code.  
 (e) Jurisdiction. Unless otherwise provided in an Award Agreement or otherwise agreed in a
writing with the Company or any of its Affiliates (including an arbitration agreement or arrangement described in Section 11(a)), by accepting (or being deemed to have accepted) an Award, each Participant agrees or will be deemed to have agreed
to (i) submit irrevocably and unconditionally to the jurisdiction of the federal and state courts located within the geographic boundaries of the United States District Court of Delaware for the purpose of any suit, action or other proceeding
arising out of or based upon the Plan or any Award; (ii) not commence any suit, action or other proceeding arising out of or based upon the Plan or any Award, except in the federal and state courts located within the geographic boundaries of
the United States District Court Delaware; and (iii) waive, and not assert, by way of motion as a defense or otherwise, in any such suit, action or proceeding, any claim that he or she is not subject personally to the jurisdiction of the
above-named courts that his or her property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that the Plan or
any Award or the subject matter thereof may not be enforced in or by such court. Notwithstanding the foregoing, this provision shall not be construed to require an employee who primarily resides and works in California to adjudicate outside of
California a claim arising in California, except to the extent permitted by Section 925(e) of the California Labor Code.  

(f) Other Compensation Arrangements. The existence of the Plan or the grant of any Award will not affect the right
of the Company or any of its Affiliates or subsidiaries to grant any person bonuses or other compensation in addition to Awards under the Plan. 

(g) Rights Limited. Nothing in the Plan or any Award will be construed as giving any person the right to be granted
an Award or to continued employment or service with the Company or any of its Affiliates. The loss of any Award will not constitute an element of damages in the event of a termination of a Participant’s employment for any reason, even if the
termination is in violation of an obligation of the Company or any of its Affiliates to the Participant. 

  
 -4- 

 (h) Effective Date. The Plan will be effective upon adoption of
the Plan by the Administrator and will supersede and replace the Company’s annual cash bonus program with respect to awards granted to eligible executive officers and employees for fiscal years beginning after the date of adoption. For the
avoidance of doubt, the Plan will not supersede any provisions in an individual employment agreement, offer letter, severance agreement or similar written agreement between a Participant and the Company or one of its Affiliates regarding any
individual terms that apply with respect to such Participant’s annual or other periodic cash bonus opportunities. 
 [The remainder
of this page is intentionally left blank.] 

  
 -5- 

 EXHIBIT A 

Definitions 
 The
following terms, when used in the Plan, have the meanings and are subject to the provisions set forth below: 
 “Administrator”: The
Compensation Committee, except that the Compensation Committee may delegate (i) to one or more of its members (or one or more other members of the Board, including the full Board) such of its duties, powers and responsibilities as it may
determine; (ii) to one or more officers of the Company the power to grant Awards or otherwise make determinations under the Plan or with respect to an Award, in each case, to the extent permitted by applicable law; and (iii) to such
employees or other persons as it determines such ministerial tasks as it deems appropriate. For purposes of the Plan, the term “Administrator” will include the Board, the Compensation Committee, and the person or persons delegated
authority under the Plan to the extent of such delegation, as applicable. 
 “Affiliate”: Any entity that, directly or indirectly, is
controlled by, controls or is under common control with the Company and/or any entity in which the Company has a significant equity interest, in either case, as determined by the Board, including, for the avoidance of doubt, FTW, McAfee, LLC and
their respective subsidiaries. 
 “Award”: A cash bonus award that is granted to a Participant with respect to a Performance Period. An
Award opportunity may be expressed as a percentage of the Participant’s base salary, as a fixed dollar amount, or in such other form determined by the Administrator. 

“Board”: The Board of Directors of the Company. 

“Code”: The U.S. Internal Revenue Code of 1986, as from time to time amended and in effect, or any successor statute as from time to time in
effect. 
 “Company”: McAfee Corp., a Delaware corporation or any successor thereto. 

“Compensation Committee”: The Leadership Development and Compensation Committee of the Board. 

“FTW”: Foundation Technology Worldwide LLC, a Delaware limited liability company. 

“Participant”: A person who is granted an Award by the Administrator under the Plan. 

“Performance Criteria”: Specified criteria, other than the mere continuation of Employment or the mere passage of time, the satisfaction of
which is a condition for the grant, exercisability, vesting or full enjoyment of an Award as determined by the Administrator. A Performance Criterion and any targets with respect thereto need not be based upon an increase, a positive or improved
result or avoidance of loss and may be applied to a Participant individually, or to a business unit or division of the Company or to the Company as a whole and may relate to any criterion or any combination of criteria determined by the
Administrator (measured either absolutely or comparatively (including, without limitation, by reference to an index or indices or 

  
 A-1 

 
the performance of one or more companies), which may be determined either on a consolidated basis or, as the context permits, on a divisional, subsidiary, line of business, project or
geographical basis or in combinations thereof and subject to such adjustments, if any, as the Administrator specifies). A Performance Criterion may also be based on individual performance and/or subjective performance criteria. The
Administrator may provide that one or more of the Performance Criteria applicable to such Award will be adjusted in a manner to reflect events (for example, but without limitation, acquisitions or dispositions) occurring during the Performance
Period that affect the applicable Performance Criterion or Criteria. 
 “Performance Period”: A specified performance period, consisting of
the Company’s fiscal year or such other period as the Administrator determines. 
 “Plan”: The McAfee Executive Cash Incentive Plan,
as from time to time amended and in effect. 
 “Section 409A”: Section 409A of the Code and the regulations
thereunder. 

  
 A-2

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