Document:

Second Amendment to Revolving Credit Agreement and Waiver

 Exhibit 10.5 
 SECOND AMENDMENT TO REVOLVING 
 CREDIT AGREEMENT AND WAIVER 

THIS SECOND AMENDMENT AND WAIVER (this “Amendment”), is entered into as of February 15, 2012, by and among
GRACO INC. (the “Borrower”), the Banks (as defined in the Credit Agreement) signatory hereto and U.S. BANK NATIONAL ASSOCIATION, as Agent for the Banks (in such capacity, the “Agent”). Capitalized terms used herein
but not defined herein shall have the meaning given such terms in the Credit Agreement (as defined below). 
 W I T
N E S S E T H 
 WHEREAS, the Borrower, the Banks and the Agent are
party to that certain Revolving Credit Agreement, dated as of July 12, 2007 (as amended, restated, supplemented, or otherwise modified prior to the date hereof, the “Credit Agreement”); 

WHEREAS, the Borrower has requested that certain modifications be made to the Credit Agreement; and 

WHEREAS, the Banks have agreed to amend the Credit Agreement on the terms and conditions set forth herein. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree to amend the Credit Agreement as follows: 
 SECTION 1. Amendments to Credit Agreement. 

(a) The definition of “Reportable Event” appearing in Section 1.1 of the Credit Agreement is amended and restated in
its entirety to read as follows: 
 “‘Reportable Event’ means a reportable event as
defined in Section 4043 of ERISA and the regulations issued under such Section, with respect to a Plan, excluding, however, such events as to which the PBGC by regulations issued and in effect as of the date of this Agreement has waived the
requirement of Section 4043(a) of ERISA that it be notified within 30 days of the occurrence of such event, provided that a material failure to meet the minimum funding standard of Section 412 of the Code and Section 302 of ERISA
shall be a reportable event regardless of the 

 Exhibit 10.5 

 

 issuance of any such waivers in accordance with Section 412(c) of the
Code.” 
 (b) The definition of “Funding Threshold” appearing in Section 1.1 of the Credit Agreement
is hereby deleted in its entirety. 
 (c) Section 7.9 of the Credit Agreement is hereby amended and restated in its
entirety to read as follows: 
 “ERISA. Each Plan complies in all material respects with all
applicable requirements of ERISA and the Code and with all applicable rulings and regulations issued under the provisions of ERISA and the Code setting forth those requirements, except for any noncompliance that could not reasonably be expected to
result in an Adverse Event. No Reportable Event that is an Adverse Event has occurred and is continuing with respect to a Plan. All of the minimum funding standards applicable to such Plans have been satisfied and there exists no event or condition
which would permit the institution of proceedings to terminate any Plan under Section 4042 of ERISA (except for immaterial failures).” 
 (d) Clause (e) of Section 8.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

“(e) Immediately upon a Responsible Employee becoming aware of the occurrence, with respect to any Plan, of
any Reportable Event that is an Adverse Event, a notice specifying the nature thereof and what action the Company proposes to take with respect thereto, and, when received, copies of any notice from PBGC of intention to terminate or have a trustee
appointed for any Plan.” 
 (e) Section 8.9 of the Credit Agreement is hereby amended and restated in its
entirety to read as follows: 
 “ERISA. Maintain each Plan in compliance in all material
respects with all applicable requirements of ERISA and of the Code and with all applicable rulings and regulations issued under the provisions of ERISA and of the Code, except for any noncompliance that could not reasonably be expected to result in
an Adverse Event.” 
 (f) Section 9.3 of the Credit Agreement is hereby amended and restated in its entirety to
read as follows: 

 Exhibit 10.5 

 

 “Plans. Permit any condition to exist in connection
with any Plan which might constitute grounds for the PBGC to institute proceedings to have such Plan terminated or a trustee appointed to administer such Plan, permit any Plan to terminate under any circumstances which would cause the lien provided
for in Section 4068 of ERISA to attach to any property, revenue or asset of the Company or any Subsidiary or permit any Plan to be in “at-risk status” (within the meaning of Section 430(i)(4) of the Code) under circumstances
where the present value of liabilities of the Plan exceed the value of the assets of the Plan by more than $50,000,000 (with liabilities and assets valued in the manner used to determine the funding target attainment percentage under
Section 430 of the Code (disregarding the special rules contained in Section 430(i)(1)(b))).” 
 (g) Clause
(i) of Section 10.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 “(i) The institution by the Company or any ERISA Affiliate of steps to terminate any Plan if in order to effectuate such termination, the Company or any ERISA Affiliate would be required to make a contribution
to such Plan, or would incur a liability or obligation to such Plan, in excess of $50,000,000, if the payment of such liability would constitute an Adverse Event, or the institution by the PBGC of steps to terminate any Plan;” 

SECTION 2. Waiver. The Borrower has informed the Agent and the Banks that as of December 30, 2011, the Borrower was not
in compliance with Section 9.3 of the Credit Agreement. The Agent and the Banks are aware that, notwithstanding such non-compliance, the Borrower has borrowed Loans under the Credit Agreement, and borrowing while not in compliance with
Section 9.3 constitutes non-compliance with Section 6.2 of the Credit Agreement (such non-compliance with Section 9.3 and Section 6.2, the “Existing Defaults”). The Borrower has requested that the Banks waive the
Existing Defaults. As of the Effective Date, the Banks waive the Existing Defaults, and waive any Default or Event of Default arising from the Existing Defaults. Except as expressly provided herein, all provisions of the Credit Agreement remain in
full force and effect and this waiver shall not apply to any other or subsequent failure to comply with such sections or any other provision of the Credit Agreement. 

SECTION 3. Conditions of Effectiveness. This Amendment shall become effective as of the date hereof (the “Effective
Date”) when, and only when, the Agent 

 Exhibit 10.5 

 

 shall have received an executed counterpart of this Amendment from the Borrower, the Required
Banks and the Agent. 
 SECTION 4. Representations and Warranties. Each of the parties hereto represents and
warrants that this Amendment and the Credit Agreement, as amended by this Amendment, constitute legal, valid and binding obligations of such party enforceable against such party in accordance with their terms, except as enforceability may be limited
by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and general equitable principles. 
 SECTION 5. Reference to and the Effect on the Agreement. 
 (a) On and after the
effective date of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement and each reference to the
Credit Agreement in any certificate delivered in connection therewith, shall mean and be a reference to the Credit Agreement as amended hereby. 
 (b) Each of the parties hereto hereby agrees that, except as specifically amended above, the Credit Agreement is hereby ratified and confirmed and shall continue to be in full force and effect and enforceable,
except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors’ rights generally and general equitable principles. 

SECTION 6. Headings. Section headings in this Amendment are included herein for convenience only and shall not constitute a
part of this Amendment for any other purpose. 
 SECTION 7. Execution in Counterparts. This Amendment may be
executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same
agreement. Delivery of an executed counterpart to this Amendment by facsimile, electronic mail, portable document format (PDF) or similar means shall be effective as delivery of a manually executed counterpart of this Amendment. 

SECTION 8. Governing Law. The validity, construction and enforceability of this Amendment shall be governed by the internal
laws of the State of Minnesota, without giving effect to conflict of laws principles thereof, but giving effect to federal laws of the United States applicable to national banks. 

 Exhibit 10.5 

 

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 Exhibit 10.5 

 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed by their respective authorized signatories as of the day and year first above written. 
 GRACO INC. 

as Borrower 
 By:   /s/
Christian E. Rothe                                    

 Name: Christian E. Rothe 

Title: Vice President and Treasurer 

 Exhibit 10.5 

 

 U.S. BANK NATIONAL ASSOCIATION 

as Agent and a Bank 
 By:
  /s/ Ludmila
Yakovlev                                     

Name: Ludmila Yakovlev 
 Title:
Assistant Vice President 

 Exhibit 10.5 

 

 JPMORGAN CHASE BANK, N.A. 
 as a Bank 
 By:  /s/ Suzanne Ergastolo
                         
 Name: Suzanne Ergastolo 
 Title: Vice President 

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 WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as a Bank 
 By:   /s/
Peter Kiedrowski                             

Name: Peter Kiedrowski 
 Title:
Director 

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 BANK OF AMERICA, N.A., 
 as a Bank 
 By:   /s/ Steven K.
Kessler                                 

Name: Steven K. Kessler 
 Title:
Senior Vice PresidentForm of Restricted Stock Unit Award Agreement

 Exhibit 10.8 
 APPLE INC. 
 2003 EMPLOYEE STOCK PLAN 

RESTRICTED STOCK UNIT AWARD AGREEMENT 
 NOTICE OF GRANT 
  

			
	Name:	  	                             
                    (the “Participant”)
		
	Employee ID:	  	                             
                   
		
	Grant Number:	  	                             
                   
		
	No. of Units Subject to Award:	  	                             
                   
		
	Award Date:	  	                             
                    (the “Award Date”)
		
	Vesting Commencement Date:	  	The first day after the Award Date that is the
15th day of a calendar month.
		
	Vesting Schedule:	  	[                        ]

 This restricted stock unit award (the “Award”) is granted under and governed by the terms and
conditions of the Apple Inc. 2003 Employee Stock Plan and the Terms and Conditions of Restricted Stock Unit Award, which are attached hereto and incorporated herein by reference. 

You do not have to accept the Award. If you wish to decline your Award, you should promptly notify Apple Inc.’s Stock Plan Group of
your decision at stock@apple.com. If you do not provide such notification within thirty (30) days after the Award Date, you will be deemed to have accepted your Award on the terms and conditions set forth herein. 

 TERMS AND CONDITIONS OF RESTRICTED STOCK UNIT AWARD 

1.    General.  These Terms and Conditions of Restricted Stock Unit Award (these
“Terms”) apply to a particular restricted stock unit award (the “Award”) granted by Apple Inc., a California corporation (the “Company”), and are incorporated by reference in the Notice of Grant
(the “Grant Notice”) corresponding to that particular grant. The recipient of the Award identified in the Grant Notice is referred to as the “Participant.” The effective date of grant of the Award as set forth in
the Grant Notice is referred to as the “Award Date.” The Award was granted under and is subject to the provisions of the Apple Inc. 2003 Employee Stock Plan (the “Plan”). Capitalized terms are defined in the Plan if
not defined herein. The Award has been granted to the Participant in addition to, and not in lieu of, any other form of compensation otherwise payable or to be paid to the Participant. The Grant Notice and these Terms are collectively referred to as
the “Award Agreement” applicable to the Award. 
 2.    Stock
Units.  As used herein, the term “Stock Unit” shall mean a non-voting unit of measurement which is deemed for bookkeeping purposes to be equivalent to one outstanding share of the Company’s Common Stock
(“Share”) solely for purposes of the Plan and this Award Agreement. The Stock Units shall be used solely as a device for the determination of the payment to eventually be made to the Participant if such Stock Units vest pursuant to
this Award Agreement. The Stock Units shall not be treated as property or as a trust fund of any kind. 

3.    Vesting.  Subject to Section 8 below, the Award shall vest and become
nonforfeitable as set forth in the Grant Notice. (Each vesting date set forth in the Grant Notice is referred to herein as a “Vesting Date”). 
 4.    Continuance of Employment.  The vesting schedule requires continued employment or service through each applicable Vesting Date as a condition to the
vesting of the applicable installment of the Award and the rights and benefits under this Award Agreement. Employment or service for only a portion of the vesting period, even if a substantial portion, will not entitle the Participant to any
proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a termination of employment or services as provided in Section 8 below or under the Plan. 

Nothing contained in this Award Agreement or the Plan constitutes an employment or service commitment by the Company, affects the
Participant’s status as an employee at will who is subject to termination with or without cause, confers upon the Participant any right to remain employed by or in service to the Company or any Subsidiary, interferes in any way with the right
of the Company or any Subsidiary at any time to terminate such employment or services, or affects the right of the Company or any Subsidiary to increase or decrease the Participant’s other compensation or benefits. Nothing in this paragraph,
however, is intended to adversely affect any independent contractual right of the Participant without his consent thereto. 

5.    Dividend and Voting Rights. 

(a)      Limitations on Rights Associated with Units.  The Participant shall have
no rights as a shareholder of the Company, no dividend rights (except as expressly provided in Section 5(b) with respect to 

  
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Dividend Equivalent Rights) and no voting rights, with respect to the Stock Units or any Shares underlying or issuable in respect of such Stock Units until such Shares are actually issued to and
held of record by the Participant. No adjustments will be made for dividends or other rights of a holder for which the record date is prior to the date of issuance of the stock certificate or book entry evidencing such Shares. 

(b)      Dividend Equivalent Rights Distributions.  As of any date that the
Company pays an ordinary cash dividend on its Common Stock, the Company shall credit the Participant with a dollar amount equal to (i) the per share cash dividend paid by the Company on its Common Stock on such date, multiplied by (ii) the
total number of Stock Units (with such total number adjusted pursuant to Section 11 of the Plan) subject to the Award that are outstanding immediately prior to the record date for that dividend (a “Dividend Equivalent Right”).
Any Dividend Equivalent Rights credited pursuant to the foregoing provisions of this Section 5(b) shall be subject to the same vesting, payment and other terms, conditions and restrictions as the original Stock Units to which they relate;
provided, however, that the amount of any vested Dividend Equivalent Rights shall be paid in cash. No crediting of Dividend Equivalent Rights shall be made pursuant to this Section 5(b) with respect to any Stock Units which, immediately prior
to the record date for that dividend, have either been paid pursuant to Section 7 or terminated pursuant to Section 8. 
 6.    Restrictions on Transfer.  Except as provided in Section 4(c) of the Plan, neither the Award, nor any interest therein or amount or Shares payable in
respect thereof may be sold, assigned, transferred, pledged or otherwise disposed of, alienated or encumbered, either voluntarily or involuntarily. 
 7.    Timing and Manner of Payment of Stock Units.  On or as soon as administratively practical following each Vesting Date of the applicable portion of the
total Award pursuant to Section 3 or Section 8 (and in all events not later than two and one-half
(2 1/2) months after such vesting event), the
Company shall deliver to the Participant a number of Shares (either by delivering one or more certificates for such Shares or by entering such Shares in book entry form, as determined by the Company in its discretion) equal to the number of Stock
Units subject to this Award that vest on the applicable Vesting Date, less Tax-Related Items (as defined in Section 11 below), unless such Stock Units terminate prior to the given Vesting Date pursuant to Section 8. The Company’s
obligation to deliver Shares or otherwise make payment with respect to vested Stock Units is subject to the condition precedent that the Participant or other person entitled under the Plan to receive any Shares with respect to the vested Stock Units
deliver to the Company any representations or other documents or assurances required pursuant to Section 13(c) of the Plan. The Participant shall have no further rights with respect to any Stock Units that are paid or that terminate pursuant to
Section 8. 
 8.    Effect of Termination of Employment.  The
Participant’s Stock Units (as well as the related Dividend Equivalent Rights) shall terminate to the extent such units have not become vested prior to the first date the Participant is no longer employed by or providing services to the Company
or one of its Subsidiaries (the “Severance Date”), regardless of the reason for the termination of the Participant’s employment with the Company or a Subsidiary, whether with or without cause, voluntarily or involuntarily;
provided, however, that in the event such termination of employment is due to the Participant’s death or Disability, (a) the Award shall 

  
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vest with respect to the number of Stock Units determined by multiplying (i) the number of then-outstanding and unvested Stock Units subject to the Award that would have otherwise vested
pursuant to Section 3 on the next Vesting Date following the Severance Date but for such termination of employment, by (ii) a fraction, the numerator of which shall be the number of whole calendar months that have elapsed between the
Vesting Date that immediately preceded the Severance Date (or, in the case of a termination prior to the initial Vesting Date, the Vesting Commencement Date) and the Severance Date, and the denominator of which shall be the number of whole
calendar months between the Vesting Date that immediately preceded the Severance Date (or, in the case of a termination prior to the initial Vesting Date, the Vesting Commencement Date) and the next Vesting Date following the Severance
Date that would have occurred but for such termination of employment; and (b) any Stock Units (as well as the related Dividend Equivalent Rights) that are not vested after giving effect to the foregoing clause (a) shall terminate. If any
unvested Stock Units are terminated hereunder, such Stock Units (as well as the related Dividend Equivalent Rights) shall automatically terminate and be cancelled as of the applicable Severance Date without payment of any consideration by the
Company and without any other action by the Participant, or the Participant’s beneficiary or personal representative, as the case may be. 
 9.    Recoupment.  Notwithstanding any other provision herein, the Award and any Shares or other amount or property that may be issued, delivered or paid in
respect of the Award, as well as any consideration that may be received in respect of a sale or other disposition of any such Shares or property, shall be subject to any recoupment, “clawback” or similar provisions of applicable law, as
well as any recoupment or “clawback” policies of the Company that may be in effect from time to time. In addition, the Company may require the Participant to deliver or otherwise repay to the Company the Award and any Shares or other
amount or property that may be issued, delivered or paid in respect of the Award, as well as any consideration that may be received in respect of a sale or other disposition of any such Shares or property, if the Company reasonably determines that
one or more of the following has occurred: 
  

	 	(a)	during the period of the Participant’s employment or service with the Company or any of its Subsidiaries (the “Employment Period”), the
Participant has committed a felony (under the laws of the United States or any relevant state, or a similar crime or offense under the applicable laws of any relevant foreign jurisdiction); 

 

	 	(b)	during the Employment Period or at any time thereafter, the Participant has committed or engaged in a breach of confidentiality, or an unauthorized disclosure or use of
inside information, customer lists, trade secrets or other confidential information of the Company or any of its Subsidiaries; 

  

	 	(c)	during the Employment Period or at any time thereafter, the Participant has committed or engaged in an act of theft, embezzlement or fraud, or materially breached any
agreement to which the Participant is a party with the Company or any of its Subsidiaries. 

 10.
Adjustments Upon Specified Events.  Upon the occurrence of certain events relating to the Company’s stock contemplated by Section 11 of the Plan (including, without limitation, an extraordinary cash

  
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dividend on such stock), the Committee shall make adjustments in accordance with such section in the number of Stock Units then outstanding and the number and kind of securities that may be
issued in respect of the Award. No such adjustment shall be made with respect to any ordinary cash dividend for which Dividend Equivalent Rights are credited pursuant to Section 5(b). 

11. Responsibility for Taxes.  Regardless of any action the Company and/or the Participant’s employer (the
“Employer”) take with respect to any or all income tax (including U.S. federal, state and local tax and/or non-U.S. tax), social insurance, payroll tax, payment on account or other tax-related items related to the Participant’s
participation in the Plan and legally applicable to the Participant or deemed by the Company or the Employer to be an appropriate charge to the Participant even if technically due by the Company or the Employer (“Tax-Related
Items”), the Participant acknowledges that the ultimate liability for all Tax-Related Items is and remains the Participant’s responsibility and may exceed the amount actually withheld by the Company or the Employer. The Participant
further acknowledges that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Award, including the grant of the Stock Units, the
vesting of the Stock Units, the delivery of Shares, the subsequent sale of any Shares acquired at vesting and the receipt of any dividends and/or dividend equivalents; and (ii) do not commit to and are under no obligation to structure the terms
of the grant or any aspect of the Award to reduce or eliminate the Participant’s liability for Tax-Related Items or achieve any particular tax result. Further, if the Participant is or becomes subject to tax in more than one jurisdiction, the
Participant acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. 

Prior to the relevant taxable or tax withholding event, as applicable, the Participant shall pay or make arrangements satisfactory to
the Company and/or the Employer to satisfy all withholding and payment on account obligations of the Company and/or the Employer. In this regard, the Participant authorizes the Company and/or the Employer, at its discretion and pursuant to such
procedures as it may specify from time to time, to satisfy withholding and all other obligations with regard to all Tax-Related Items legally payable by the Participant by one or a combination of the following: 

(a)        withholding from any wages or other cash compensation payable
to the Participant by the Company and/or the Employer; 

(b)        withholding otherwise deliverable Shares and/or from otherwise
payable Dividend Equivalent Rights to be issued or paid upon vesting/settlement of the Award; 

(c)        arranging for the sale of Shares otherwise deliverable to the
Participant (on the Participant’s behalf and at the Participant’s direction pursuant to this authorization), including selling shares as part of a block trade with other Participants in the Plan; or 

(d)        withholding from the proceeds of the sale of Shares acquired
upon vesting/settlement of the Award. 

  
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 To avoid negative accounting treatment, the Company may withhold or account for Tax-Related
Items by considering applicable minimum statutory withholding amounts or other applicable withholding rates. If the obligation for Tax-Related Items is satisfied by withholding a number of Shares as described herein, for tax purposes, the
Participant is deemed to have been issued the full number of Shares subject to the Award, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Items due as a result of any aspect of the
Participant’s participation in the Plan. The Participant shall pay to the Company and/or the Employer any amount of Tax-Related Items that the Company and/or the Employer may be required to withhold or account for as a result of the
Participant’s participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to deliver to the Participant any Shares pursuant to the Participant’s Award if the Participant fails to comply with
the Participant’s obligations in connection with the Tax-Related Items as described in this Section. 
 12.
Electronic Delivery and Acceptance.  The Company may, in its sole discretion, deliver any documents related to the Award by electronic means or request the Participant’s consent to participate in the Plan by electronic
means. The Participant hereby consents to receive all applicable documentation by electronic delivery and to participate in the Plan through an on-line (and/or voice activated) system established and maintained by the Company or a third party vendor
designated by the Company. 
 13. Data Privacy.  The Participant acknowledges and consents to the
collection, use, processing and transfer of personal data as described in this Section 13. The Company, its related entities, and the Participant’s employer hold certain personal information about the Participant, including the
Participant’s name, home address and telephone number, date of birth, social security number or other employee identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of all options or any
other entitlement to Shares awarded, canceled, purchased, vested, unvested or outstanding in the Participant’s favor, for the purpose of managing and administering the Plan (“Data”). The Company and its related entities may
transfer Data amongst themselves as necessary for the purpose of implementation, administration and management of the Participant’s participation in the Plan, and the Company and its related entities may each further transfer Data to any third
parties assisting the Company or any such related entity in the implementation, administration and management of the Plan. The Participant acknowledges that the transferors and transferees of such Data may be located anywhere in the world and hereby
authorizes each of them to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Participant’s participation in the Plan, including any transfer of
such Data as may be required for the administration of the Plan and/or the subsequent holding of Shares on the Participant’s behalf to a broker or to other third party with whom the Participant may elect to deposit any Shares acquired under the
Plan (whether pursuant to the Award or otherwise). 
 14. Notices.  Any notice to be given under the
terms of this Award Agreement shall be in writing and addressed to the Company at its principal office to the attention of the Secretary, and to the Participant at the Participant’s last address reflected on the Company’s records, or at
such other address as either party may hereafter designate in writing to the other. Any such notice shall be given only when received, but if the Participant is no longer an employee of the Company, shall be deemed to have been duly given by the
Company when enclosed in a properly sealed envelope addressed as aforesaid, registered or certified, and 

  
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deposited (postage and registry or certification fee prepaid) in a post office or branch post office regularly maintained by the United States Government. 

15. Plan.  The Award and all rights of the Participant under this Award Agreement are subject to the terms and
conditions of the provisions of the Plan, incorporated herein by reference. The Participant agrees to be bound by the terms of the Plan and this Award Agreement. The Participant acknowledges having read and understood the Plan, the Prospectus for
the Plan, and this Award Agreement. Unless otherwise expressly provided in other sections of this Award Agreement, provisions of the Plan that confer discretionary authority on the Board or the Committee do not (and shall not be deemed to) create
any rights in the Participant unless such rights are expressly set forth herein or are otherwise in the sole discretion of the Board or the Committee so conferred by appropriate action of the Board or the Committee under the Plan after the
date hereof. 
 16. Entire Agreement.  This Award Agreement and the Plan together constitute the entire
agreement and supersede all prior understandings and agreements, written or oral, of the parties hereto with respect to the subject matter hereof. The Plan and this Award Agreement may be amended pursuant to Section 15 of the Plan. Such
amendment must be in writing and signed by the Company. The Company may, however, unilaterally waive any provision hereof in writing to the extent such waiver does not adversely affect the interests of the Participant hereunder, but no such waiver
shall operate as or be construed to be a subsequent waiver of the same provision or a waiver of any other provision hereof. 

17. Limitation on the Participant’s Rights.  Participation in the Plan confers no rights or interests other
than as herein provided. This Award Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has
any assets. The Participant shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Stock Units, and rights no greater than the right to receive the
Common Stock as a general unsecured creditor with respect to Stock Units, as and when payable hereunder. 
 18.
Counterparts.  This Award Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 

19. Section Headings.  The section headings of this Award Agreement are for convenience of reference only and
shall not be deemed to alter or affect any provision hereof. 
 20. Governing Law and Choice of
Venue.  This Award Agreement shall be governed by and construed and enforced in accordance with the laws of the State of California without regard to conflict of law principles thereunder. 

For purposes of litigating any dispute that arises directly or indirectly from the relationship of the parties evidenced by this grant
or this Award Agreement, the parties hereby submit to the exclusive jurisdiction of the State of California and agree that such litigation shall be conducted only in the courts of 

  
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Santa Clara County, California, or the federal courts for the Northern District of California, and no other courts, where this grant is made and/or to be performed. 

21. Construction.  It is intended that the terms of the Award will not result in the imposition of any tax
liability pursuant to Section 409A of the Code. This Award Agreement shall be construed and interpreted consistent with that intent. 
 22. Severability. The provisions of this Award Agreement are severable and if any one of more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the
remaining provisions shall nevertheless be binding and enforceable. 
 23. Imposition of Other
Requirements.  The Company reserves the right to impose other requirements on the Participant’s participation in the Plan, on the Stock Units and on any Shares acquired under the Plan, to the extent the Company determines it
is necessary or advisable in order to comply with local law or facilitate the administration of the Plan, and to require the Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. 

  
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