Document:

Change in Control Agreements

 Exhibit 10.21 
 K.TULLY and D. FARRAR CIC AGREEMENT 
 This Agreement dated as of March 14, 2007, is entered into
by and between                      (“Employee”) and Insmed Incorporated, a Virginia corporation (“Insmed”). 

Employee and Insmed hereby agree to the following terms and conditions: 
 1. Purpose of Agreement. The purpose of this Agreement is to provide that, in the event of a “Change in Control,” Employee may become entitled to receive additional benefits in the event of his
termination. It is believed that the existence of these potential benefits will benefit Insmed by discouraging turnover and causing Employee to be more able to respond to the possibility of a Change in Control without being influenced by the
potential effect of a Change in Control on his job security. 
 2. Change in Control. As used in this Agreement, “Change in
Control” means an event or occurrence set forth in any one or more of subsections (a) through (d) below (including an event or occurrence that constitutes a Change in Control under one of such subsections but is specifically exempted
from another such subsection): 
 (a) the acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or
14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership of any capital stock of Insmed if, after such acquisition, such Person beneficially owns (within the meaning
of Rule 13d-3 promulgated under the Exchange Act) 40% or more of either (x) the then-outstanding shares of common stock of Insmed (the “Outstanding Company Common Stock”) or (y) the combined voting power of the then-outstanding
securities of Insmed entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (a), the following acquisitions shall not constitute a
Change in Control: (i) any acquisition directly from Insmed (excluding an acquisition pursuant to the exercise, conversion or exchange of any security exercisable for, convertible into or exchangeable for common stock or voting securities of
Insmed, unless the Person exercising, converting or exchanging such security acquired such security directly from Insmed or an underwriter or agent of Insmed), (ii) any acquisition by Insmed, (iii) any acquisition by any employee benefit
plan (or related trust) sponsored or maintained by Insmed or any corporation controlled by Insmed, or (iv) any acquisition by any corporation pursuant to a transaction which complies with clauses (i) and (ii) of subsection (c) of
this Section 2; or 
 (b) such time as the Continuing Directors (as defined below) do not constitute a majority of the Board of
Directors of Insmed (the “Board”) (or, if applicable, the Board of Directors of a successor corporation to Insmed), where the term “Continuing Director” means at any date a member of the Board (i) who was a member of the
Board on the date of the execution of this Agreement or (ii) who was nominated or elected subsequent to such date by at least a majority of the directors who were Continuing Directors at the time of such nomination or election or whose election
to the Board was recommended or endorsed by at least a majority of the directors who were Continuing Directors at the time of such nomination or election; provided, however, that there shall be excluded from this clause (ii) any individual
whose initial 

  

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assumption of office occurred as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or
threatened solicitation of proxies or consents, by or on behalf of a person other than the Board; or 
 (c) the consummation of a merger,
consolidation, reorganization, recapitalization or statutory share exchange involving Insmed or a sale or other disposition of all or substantially all of the assets of Insmed in one or a series of transactions (a “Business Combination”),
unless, immediately following such Business Combination, each of the following two conditions is satisfied: (i) all or substantially all of the individuals and entities who were the beneficial owners of the Outstanding Company Common Stock and
Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 60% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding
securities entitled to vote generally in the election of directors, respectively, of the resulting or acquiring corporation in such Business Combination (which shall include, without limitation, a corporation which as a result of such transaction
owns Insmed or substantially all of the Insmed’s assets either directly or through one or more subsidiaries) (such resulting or acquiring corporation is referred to herein as the “Acquiring Corporation”) in substantially the same
proportions as their ownership, immediately prior to such Business Combination, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, respectively; and (ii) no Person (excluding the Acquiring Corporation or any
employee benefit plan (or related trust) maintained or sponsored by Insmed or by the Acquiring Corporation) beneficially owns, directly or indirectly, 40% or more of the then outstanding shares of common stock of the Acquiring Corporation, or of the
combined voting power of the then-outstanding securities of such corporation entitled to vote generally in the election of directors (except to the extent that such ownership existed prior to the Business Combination); or 
 (d) approval by the stockholders of Insmed of a complete liquidation or dissolution of Insmed. 
 3. Rights and Obligations Prior to a Change in Control. Prior to a Change in Control, the rights and obligations of Employee with respect to his
employment by Insmed shall be whatever rights and obligations are negotiated between Insmed and Employee from time to time. The existence of this Agreement, which deals with such rights and obligations subsequent to a Change in Control, shall not be
treated as raising any inference with respect to what rights and obligations exist prior to a Change in Control unless specifically stated elsewhere in this Agreement. 
 4. Effect of a Change in Control. In the event of a Change in Control and Employee’s employment is terminated pursuant to a “Qualifying Termination” (as set forth below) on or prior to the date
that is within twelve (12) months of the effective date of the Change in Control (the “Change in Control Date”), Employee shall be entitled to the severance payments and other benefits set forth in this Agreement. 
  

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 5. Qualifying Termination. If, subsequent to a Change in Control, Employee’s employment
terminates within one year of the Change in Control Date, such termination shall be considered a Qualifying Termination unless: 
 (a)
Employee voluntarily terminates employment. However, it shall not be considered a voluntary termination of employment if, following the Change in Control, Employee’s compensation or duties are changed in any material respect from what they were
immediately prior to a Change in Control, and subsequent to such change Employee elects to terminate employment. A “change in any material respect” shall encompass (i) any significant diminution in Employee’s position, authority,
duties, responsibilities, or reporting relationship, (ii) any material reduction in Employee’s then compensation and/or benefits, unless such reduction is an across-the-board reduction of the compensation and/or benefits of all similarly
situated executives, (iii) any change in Employee’s job location to a site more than 50 miles away from his place of employment prior to the Change in Control or (iv) the failure of Insmed to obtain the agreement of any
successor to Insmed to assure and agree to perform this Agreement. 
 (b) The termination is on account of Employee’s death or
disability. As used herein, “disability” refers to an illness or accident that causes Employee to be unable to perform the duties of his job for at least six consecutive months, as determined by a physician mutually acceptable to Insmed
and Employee. 
 (c) Employee is involuntarily terminated for “Cause”, or it is determined that the facts conclusively demonstrate
that Employee would have been terminated had any of the events set forth in clauses (i) through (iii) below had been known at the date of termination. For this purpose “Cause” means: 
 (i) Employee’s willful and continued failure to substantially perform his reasonable assigned duties (other than any such failure
resulting from incapacity due to physical or mental illness or any failure after Employee gives notice of termination for any of the reasons set forth in Section 5(a)), which failure is not cured within 60 days after a written demand for
substantial performance is received by Employee from the Chief Executive Officer which specifically identifies the manner in which the Chief Executive Officer believes Employee has not substantially performed his duties; 
 (ii) Employee’s willful engagement in illegal conduct or gross misconduct that is materially and demonstrably injurious to Insmed; or

 (iii) Employee’s conviction of a felony involving a crime of moral turpitude. 
 For purposes of this Section 5(c), no act or failure to act by Employee shall be considered “willful” unless it is done, or omitted to be done, in bad
faith and without reasonable belief that Employee’s action or omission was in the best interests of Insmed. 
  

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 6. Constructive Qualifying Termination. If Employee’s employment terminates as a result of
any change described in Section 5(a) of this Agreement or as a result of a termination by Insmed without Cause and a Change in Control occurs within six (6) months thereafter, subject to the execution of a release of employment claims in a
form acceptable to Insmed and the expiration of the statutory revocation period, Employee shall be entitled to the compensation, payments and other benefits that Employee would have received if such termination had occurred after a Change in
Control; provided, however, that Employee’s option exercise period would not be extended to the extent such options had expired prior to a Change in Control. 
 7. Date and Notice of Termination. Any termination of Employee’s employment by Insmed or by Employee shall be communicated by a written notice of termination to the other party (the “Notice of
Termination”). Where applicable, the Notice of Termination shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed. 
 8. Severance Payments. 
 (a) If
Employee is terminated as a result of a Qualifying Termination, subject to the execution of a release of employment claims in a form acceptable to Insmed and the expiration of the statutory revocation period, Insmed shall pay Employee within 30 days
of said Qualifying Termination a cash lump sum equal 1.0 times Employee’s “Compensation” as a severance payment (“Severance Payment”). For this purpose, “Compensation” means the sum of Employee’s highest
annual salary rate (i.e. Employee’s highest rate of annual salary while an employee of Insmed) plus a bonus calculated by multiplying Employee’s annual salary by the maximum bonus potential for the year containing the Change in Control
Date, and further prorated as of the date of the Qualifying Termination. 
 (b) Notwithstanding anything herein to the contrary, if at the
time of Employee’s termination of employment with Insmed, Employee is a “specified employee” as defined in Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and Insmed notifies Employee that,
based on the advice of counsel, the deferral of the commencement of any Severance Payment is necessary in order to comply with Section 409A of the Code, then Insmed will defer the commencement of the Severance Payment (without any reduction) by
a period of at least six months. Any Severance Payment that would have been paid during such six-month period but for the provisions of the preceding sentence shall be paid in a lump sum within the first five (5) days of the seventh month
following Employee’s termination of employment. The provisions of this Section 8(c) shall apply only to the extent required to avoid Employee’s incurrence of any accelerated or additional tax under Section 409A of the Code.

 (c) The Severance Payment set forth in this Section 8 is in lieu of any severance payments that Employee might otherwise be entitled
to receive from Insmed under the terms of any severance pay arrangement not referred to in this Agreement. 
  

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 9. Stock Option Grants and Other Forms of Employee Compensation. In the event of a Change in
Control, (i) all stock options then held by Employee shall become fully exercisable, and (ii) the restrictions imposed on any restricted stock held by Employee shall lapse. 
 10. Additional Benefits. In the event of a Qualifying Termination, Insmed shall continue to provide to Employee health, dental, life insurance,
continuation of D&O insurance, and the other fringe benefits that Employee received prior to the Qualifying Termination for the 18 month period immediately subsequent to the Qualifying Termination. This 18-month period shall constitute the COBRA
continuation period. 
 11. Taxes. 
 (a) The benefits that Employee may be entitled to receive under this Agreement and other benefits that Employee is entitled to receive under other plans, agreements and arrangements (which, together with the benefits
provided under this Plan, are referred to as “Payments”), may constitute Parachute Payments that are subject to the “golden parachute” rules of Section 280G of the Code and the excise tax of Code Section 4999. As
provided in this Section 11, the Parachute Payments will be reduced if, and only to the extent that, a reduction will allow Employee to receive a greater Net After Tax Amount than Employee would receive absent a reduction. 
 (b) The Accounting Firm will first determine the amount of any Parachute Payments that are payable to Employee. The Accounting Firm also will determine
the Net After Tax Amount attributable to Employee’s total Parachute Payments. 
 (c) The Accounting Firm will next determine the largest
amount of Payments that may be made to Employee without subjecting Employee to tax under Code Section 4999 (the “Capped Payments”). Thereafter, the Accounting Firm will determine the Net After Tax Amount attributable to the Capped
Payments. 
 (d) Employee will receive the total Parachute Payments or the Capped Payments, whichever provides Employee with the higher Net
After Tax Amount. If Employee will receive the Capped Payments, the total Parachute Payments will be adjusted by first reducing the amount of any noncash benefits under this Agreement or any other plan, agreement or arrangement (with the source of
the reduction to be directed by Employee) and then by reducing the amount of any cash benefits under this Agreement or any other plan, agreement or arrangement (with the source of the reduction to be directed by Employee). The Accounting Firm will
notify Employee and Insmed if it determines that the Parachute Payments must be reduced to the Capped Payments and will send Employee and Insmed a copy of its detailed calculations supporting that determination. 
 (e) As a result of the uncertainty in the application of Code Sections 280G and 4999 at the time that the Accounting Firm makes its determinations under
this Section 11, it is possible that amounts will have been paid or distributed to Employee that should not have been paid or distributed under this Section 11 (“Overpayments”), or that additional amounts 

  

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should be paid or distributed to Employee under this Section 11 (“Underpayments”). If the Accounting Firm determines, based on either the
assertion of a deficiency by the Internal Revenue Service against Insmed or Employee, which assertion the Accounting Firm believes has a high probability of success or controlling precedent or substantial authority, that an Overpayment has been
made, that Overpayment will be treated for all purposes as a loan ab initio that Employee must repay to Insmed together with interest at the applicable Federal rate under Code Section 7872; provided, however, that no loan will be deemed
to have been made and no amount will be payable by Employee to Insmed unless, and then only to the extent that, the deemed loan and payment would either reduce the amount on which Employee is subject to tax under Code Section 4999 or generate a
refund of tax imposed under Code Section 4999. If the Accounting Firm determines, based upon controlling precedent or substantial authority, that an Underpayment has occurred, the Accounting Firm will notify Employee and Insmed of that
determination and the amount of that Underpayment will be paid to Employee promptly by Insmed. 
 (f) For purposes of this Section 11,
the following terms shall have their respective meanings: 
 (i) “Accounting Firm” means an independent accounting
firm selected by Insmed immediately before the Change in Control Date. 
 (ii) “Net After Tax Amount” means the
amount of any Parachute Payments or Capped Payments, as applicable, net of taxes imposed under Code Sections 1, 3101(b) and 4999 and any State or local income taxes applicable to Employee on the date of payment. The determination of the Net After
Tax Amount shall be made using the highest combined effective rate imposed by the foregoing taxes on income of the same character as the Parachute Payments or Capped Payments, as applicable, in effect on the date of payment. 
 (iii) “Parachute Payment” means a payment that is described in Code Section 280G(b)(2), determined in accordance with Code
Section 280G and the regulations promulgated or proposed thereunder. 
 12. Term of Agreement. This Agreement shall be effective
from March 14, 2007 through February 28, 2008. Insmed may, in its sole discretion and for any reason, provide written notice of termination (effective as of the then applicable expiration date) to Employee no later than 60 days before
expiration date of this Agreement. If written notice is not so provided, this Agreement shall be automatically extended for an additional period of 12 months past the expiration date. This Agreement shall continue to be automatically extended for an
additional twelve (12) months at the end of such 12-month period and each succeeding 12-month period unless notice is given in the manner described in this Section 12. 
 13. Governing Law. Except to the extent that federal law is applicable, this Agreement is made and entered into in the Commonwealth of Virginia
and the laws of Virginia shall govern its validity and interpretation in the performance by the parties hereto of their respective duties and obligations hereunder. 
  

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 14. Entire Agreement. This Agreement constitutes the entire agreement between the parties
respecting the compensation, payments and benefits due Employee in the event of a Change in Control followed by a Qualifying Termination, and there are no representations, warranties or commitments, other than those set forth herein, which relate to
such benefits. This Agreement may be amended or modified only by an instrument in writing executed by Insmed and Employee. 
 15. No Duty
to Mitigate. Employee shall not be required to mitigate the amount of any payment contemplated by this Agreement (whether by seeking new employment or in any other manner), nor shall any earnings that Employee may receive from any other source
reduce any such payment. 
 16. Successors: Binding Agreement. 
 (a) Assumption by Successor. Insmed shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to
all or substantially all of the business or assets of Insmed expressly to assume and to agree to perform its obligations under this Agreement in the same manner and to the same extent that Insmed would be required to perform such obligations if no
such assumption had occurred. As used herein, Insmed shall mean any successor to its business and/or assets as aforesaid that assumes and agrees to perform its obligations by operation of law or otherwise. 
 (b) Enforceability by Beneficiaries. This Agreement shall be binding upon and inure to the benefit of Employee (and Employee’s personal
representatives and heirs) and Insmed and any organization which succeeds to substantially all of the business or assets of Insmed, whether by means of merger, consolidation, acquisition of all or substantially all of the assets of Insmed or
otherwise, including, without limitation, as a result of a Change in Control, or by operation of law. This Agreement shall inure to the benefit of and be enforceable by Employee’s personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees. If Employee should die while any amount would still be payable to such Employee hereunder if he had continued to live, all such amounts, unless otherwise provided herein, shall be paid in
accordance with the terms of this Agreement to his designee or, if there is no such designee, to his estate. 
 17. Confidentiality.
Employee acknowledges that in the course of his employment with Insmed, he has acquired non-public privileged or confidential information and trade secrets concerning the operations, future plans and methods of doing business (“Proprietary
Information”) of Insmed, and Employee agrees that it would be extremely damaging to Insmed if such Proprietary Information were disclosed to a competitor of Insmed or to any other person or corporation. Employee understands and agrees that all
Proprietary Information Employee has acquired during the course of such employment has been divulged to Employee in confidence and further understands and agrees to keep all Proprietary Information secret and confidential (except for such
information which is or becomes publicly available other than as a result of a breach by Employee of this provision) without limitation in time. In view of the nature of Employee’s employment and the Proprietary Information Employee has
acquired during the course of such employment, Employee likewise agrees that Insmed would be irreparably harmed 

  

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by any disclosure of Proprietary Information in violation of the terms of this Section 17 and that Insmed shall therefore be entitled to preliminary
and/or permanent injunctive relief prohibiting Employee from engaging in any activity or threatened activity in violation of the terms of this Section and to any other judicial relief available to it. Inquiries regarding whether specific information
constitutes Proprietary Information shall be directed to Insmed’s General Counsel (or, if such position is vacant, Insmed’s Chairman of the Compensation Committee); provided, however, that Insmed shall not unreasonably classify information
as Proprietary Information. 
 18. Non-Competition. 
 (a) For a period of twelve (12) months after the termination of Employee’s employment with Insmed, Employee will not: 
 (i) as an individual proprietor, partner, stockholder, officer, director, employee, director, joint venturer, investor, lender, or in any
capacity whatsoever (other than as the holder of not more than one percent (1%) of the total outstanding stock of a publicly held company), engage in any business that competes directly with the products or services provided by Insmed at the
time of termination or for which definitive Insmed plans then exist to so provide such products or services; 
 (ii) directly
or indirectly recruit or solicit any person who is then an employee of Insmed or was an employee of Insmed at any time within six months prior to such solicitation; or 
 (iii) solicit, divert or take away, or attempt to divert or to take away, the business or patronage of any of the clients, customers or
accounts, or prospective clients, customers or accounts of Insmed. 
 (b) If any restriction set forth in this Section 18 is found by
any court of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend only over the maximum period of
time, range of activities or geographic area to which it may be enforceable. 
 (c) The restrictions contained in this Section 18 are
necessary for the protection of the business and goodwill of Insmed and are considered by Employee to be reasonable for such purpose. Employee agrees that any breach of this Section will cause Insmed substantial and irrevocable damage and therefore,
in the event of any such breach, in addition to such other remedies that may be available, Insmed shall have the right to seek specific performance and injunctive relief. 
 19. Outplacement Services. In the event Employee is terminated by Insmed (other than for Cause, disability or death), or Employee voluntarily terminates employment for the reasons set forth in
Section 5(a), within twelve (12) months following the Change in Control Date, Insmed shall provide outplacement services through one or more outside firms of Employee’s choosing up to an aggregate of $10,000, with such services to
extend until the earlier of (i) 12 months following termination of Employee’s employment or (ii) the date Employee secures full time employment. 
  

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 20. Notices. All notices, instructions and other communications given hereunder or in connection
herewith shall be in writing. Any such notice, instruction or communication shall be sent either (i) by registered or certified mail, return receipt requested, postage prepaid, or (ii) prepaid via a reputable nationwide overnight courier
service, in each case addressed to Insmed and to-Employee at their respective addresses set forth below (or to such other address as either Insmed or Employee may have furnished to the other in writing in accordance herewith). Any such notice,
instruction or communication shall be deemed to have been delivered five business days after it is sent by registered or certified mail, return receipt requested, postage prepaid, or two business days after it is sent via a reputable nationwide
overnight courier service. Either party may give any notice, instruction or other communication hereunder using any other means, but no such notice, instruction or other communication shall be deemed to have been duly delivered unless and until it
actually is received by the party for whom it is intended. 
 If to Insmed: 
 Insmed Incorporated 
 8720 Stony Point Parkway, Suite 200 
 Richmond, Virginia 23235 
 Attention:
Chairman, Compensation Committee 
 If to Employee: 
  

									
		 	  
	 		 		 	
		 	  
	 		 		 	
		 	  
	 		 		 	
		 		 		 		 	

 21. Captions. The captions of this Agreement are inserted for convenience and do not
constitute a part hereof. 
 22. Severability. In case any one or more of the provisions contained in this Agreement shall for any
reasons be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement, but this Agreement shall be construed as if such invalid, illegal or
unenforceable provision had never been contained herein and there shall be deemed substituted such other provision as will most nearly accomplish the intent of the parties to the extent permitted by applicable law. In case this Agreement, or any one
or more of the provisions hereof, shall be held to be invalid, illegal or unenforceable within any governmental jurisdiction or subdivision thereof, this Agreement or any such provision thereof shall not as a consequence thereof be deemed to be
invalid, illegal or unenforceable in any other governmental jurisdiction or subdivision thereof. 
  

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 23. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same Agreement. 
 [Signature Page Follows] 
  

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 IN WITNESS HEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of
the day and year first written above in Richmond, Virginia. 
  

							
		 		 	INSMED INCORPORATED
				
	  
	 		 	By	 	  

	Witness	 		 		 	Geoffrey Allan, President and CEO
				
	  
	 		 		 	  

	Witness	 		 		 	Name of Executive

  

 - 11 -AMENDED AND RESTATED 2000 EMPLOYEE STOCK PURCHASE PLAN

 EXHIBIT 10.22 
 AMENDED AND RESTATED 
 INSMED INCORPORATED 
 2000 EMPLOYEE STOCK PURCHASE PLAN 
 The purpose of the Amended and Restated Insmed Incorporated 2000 Employee Stock Purchase Plan (the “Plan”) is to provide eligible employees of Insmed Incorporated (the “Company”) and certain of its subsidiaries with
opportunities to purchase shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”). Subject to Section 17, One Million Five Hundred Thousand (1,500,000) shares of Common Stock in the
aggregate have been approved and reserved for this purpose. The Plan is intended to constitute an “employee stock purchase plan” within the meaning of Section 423(b) of the Internal Revenue Code of 1986, as amended (the
“Code”), and shall be interpreted in accordance with that intent. 
 1. Administration. The Plan will be administered by the
Compensation Committee of the Board or Directors of the Company or such other person or persons appointed by the Company’s Board of Directors (the “Board”) for such purpose (the “Administrator”). The Administrator has
authority to make rules and regulations for the administration of the Plan, and its interpretations and decisions with regard thereto shall be final and conclusive. No member of the Board or individual exercising administrative authority with
respect to the Plan shall be liable for any action or determination made in good faith with respect to the Plan or any option granted hereunder. 
 2. Offerings. The Company will make one or more offerings to eligible employees to purchase Common Stock under the Plan (“Offerings”). Unless otherwise determined by the Administrator, each Offering will begin on the first
business day occurring on or after each January 1 and July 1 and will end on the last business day occurring on or before the following 

 
June 30 and December 31, respectively. The Administrator may, in its discretion, designate a different period for any Offering, provided that no
Offering shall exceed six months in duration or overlap any other Offering. 
 3. Eligibility. All employees of the Company (including
employees who are also directors of the Company) and all employees of each Designated Subsidiary (as defined in Section 11) are eligible to participate in any one or more of the Offerings under the Plan, provided that as of the first day
of the applicable Offering (the “Offering Date”) they are customarily employed by the Company or a Designated Subsidiary for more than 20 hours a week. 
 4. Participation. An employee eligible on any Offering Date may participate in such Offering by submitting an enrollment form to such eligible employee’s appropriate payroll location at least 15 business
days before the Offering Date (or by such other deadline as shall be established for the Offering). The form will (a) state a whole percentage to be deducted from such eligible employee’s Compensation (as defined in Section 11)
per pay period, (b) authorize the purchase of Common Stock for such eligible employee in each Offering in accordance with the terms of the Plan and (c) specify the exact name or names in which shares of Common Stock purchased for such
eligible employee are to be issued pursuant to Section 10. An eligible employee who does not enroll in accordance with these procedures will be deemed to have waived his right to participate. Unless an eligible employee files a new
enrollment form or withdraws from the Plan, such eligible employee’s deductions and purchases will continue at the same percentage of Compensation for future Offerings, provided such eligible employee remains eligible to participate hereunder.
Notwithstanding the foregoing, participation in the Plan will neither be permitted nor be denied contrary to the requirements of the Code. 

 5. Employee Contributions. Each eligible employee may authorize payroll deductions at a minimum of
one percent (1%) up to a maximum of fifteen percent (15%) of such eligible employee’s Compensation for each pay period. The Company will maintain book accounts showing the amount of payroll deductions made by each participating
employee for each Offering. No interest will accrue or be paid on payroll deductions. 
 6. Deduction Changes. Except as may be
determined by the Administrator in advance of an Offering, a participating employee may not increase or decrease such employee’s payroll deduction during any Offering, but may increase or decrease such employee’s payroll deduction with
respect to the next Offering (subject to the limitations of Section 5) by filing a new enrollment form at least 15 business days before the next Offering Date (or by such other deadline as shall be established for the Offering). The
Administrator may, in advance of any Offering, establish rules permitting an employee to increase, decrease or terminate his payroll deduction during an Offering. 
 7. Withdrawal. A participating employee may withdraw from participation in the Plan by delivering a written notice of withdrawal to such eligible employee’s appropriate payroll location. The
employee’s withdrawal will be effective as of the next business day. Following an employee’s withdrawal, the Company will promptly refund to him his entire account balance under the Plan (after payment for any Common Stock purchased before
the effective date of withdrawal). Partial withdrawals are not permitted. The employee may not begin participation again during the remainder of the Offering, but may enroll in a subsequent Offering in accordance with Section 4.

 8. Grant of Options. On each Offering Date, the Company will grant to each eligible employee who is then a participant in the Plan
an option (“Option”) to purchase on the last day 

 
of such Offering (the “Exercise Date”), at the Option Price hereinafter provided for, (a) a number of shares of Common Stock determined by
dividing such employee’s accumulated payroll deductions on such Exercise Date by the lower of (i) 85% of the Fair Market Value of the Common Stock on the Offering Date, or (ii) 85% of the Fair Market Value of the Common Stock on the
Exercise Date, or (b) such other lesser maximum number of shares as shall have been established by the Administrator in advance of the Offering; provided, however, that such Option shall be subject to the limitations set forth
below. Each employee’s Option shall be exercisable only to the extent of such employee’s accumulated payroll deductions on the Exercise Date. The purchase price for each share purchased under each Option (the “Option Price”) will
be 85% of the Fair Market Value of the Common Stock on the Offering Date or the Exercise Date, whichever is less. 
 Notwithstanding the
foregoing, no employee may be granted an option hereunder if such employee, immediately after the option was granted, would be treated as owning stock possessing five percent (5%) or more of the total combined voting power or value of all
classes of stock of the Company or any Parent or Subsidiary (as defined in Section 11). For purposes of the preceding sentence, the attribution rules of Section 424(d) of the Code shall apply in determining the stock ownership of an
employee, and all stock which the employee has a contractual right to purchase shall be treated as stock owned by the employee. In addition, no employee may be granted an Option which permits his rights to purchase stock under the Plan, and any
other employee stock purchase plan of the Company and its Parents and Subsidiaries, to accrue at a rate which exceeds $25,000 of the fair market value of such stock (determined on the option grant date or dates) for each calendar year in which the
Option is outstanding at any time. The purpose of the limitation in the preceding sentence is to comply with Section 423(b)(8) of the Code and shall be applied taking Options into account in the order in which they were granted. 

 9. Exercise of Option and Purchase of Shares. Each employee who continues to be a participant in
the Plan on the Exercise Date shall be deemed to have exercised such employee’s Option on such date and shall acquire from the Company such number of whole shares of Common Stock reserved for the purpose of the Plan as such employee’s
accumulated payroll deductions on such date will purchase at the Option Price, subject to any other limitations contained in the Plan. Any amount remaining in an employee’s account at the end of an Offering solely by reason of the inability to
purchase a fractional share will be carried forward to the next Offering; any other balance remaining in an employee’s account at the end of an Offering will be refunded to the employee promptly without interest. 
 10. Issuance of Certificates. Certificates or a book entry with the Company’s transfer agent representing shares of Common Stock purchased
under the Plan may be issued only in the name of the employee, in the name of the employee and another person of legal age as joint tenants with rights of survivorship, or in the name of a broker authorized by the employee to be his, or their,
nominee for such purpose. 
 11. Definitions. 
 The term “Compensation” means the amount of total cash compensation, prior to salary reduction pursuant to Sections 125, 132(f) or 401(k) of the Code, including base pay, overtime, commissions, and
incentive or bonus awards, but excluding allowances and reimbursements for expenses such as relocation allowances or travel expenses, income or gains on the exercise of Company stock options, and similar items. 

 The term “Designated Subsidiary” means any present or future Subsidiary (as defined below) that
has been designated by the Board to participate in the Plan. The Board may so designate any Subsidiary, or revoke any such designation, at any time and from time to time, either before or after the Plan is approved by the stockholders. 

The term “Fair Market Value of the Common Stock” on any given date means the fair market value of the Common Stock determined in good faith
by the Administrator; provided, however, that if the Common Stock is admitted to quotation on the National Association of Securities Dealers Automated Quotation System (“NASDAQ”), the NASDAQ Stock Market LLC or national
securities exchange, the determination shall be made by reference to market quotations. If there are no market quotations for such date, the determination shall be made by reference to the last date preceding such date for which there are market
quotations. 
 The term “Parent” means a “parent corporation” with respect to the Company, as defined in
Section 424(e) of the Code. 
 The term “Subsidiary” means a “subsidiary corporation” with respect to the Company,
as defined in Section 424(f) of the Code. 
 12. Rights on Termination of Employment. If a participating employee’s
employment terminates for any reason before the Exercise Date for any Offering, no payroll deduction will be taken from any pay due and owing to the employee and the balance in such employee’s account will be paid to such employee or, in the
case of such employee’s death, to such employee’s designated beneficiary as if such employee had withdrawn from the Plan under Section 7. An employee will be deemed to have terminated employment, for this purpose, if such
employee’s employer, having been a Designated Subsidiary, ceases to be a Subsidiary, or if the employee is transferred to any entity other than the Company or a Designated Subsidiary. 

 
An employee will not be deemed to have terminated employment, for this purpose, if the employee is on an approved leave of absence for military service or
sickness, or for any other purpose approved by the Company, if the employee’s right to reemployment is guaranteed either by a statute or by contract or under the policy pursuant to which the leave of absence was granted or if the Administrator
otherwise provides in writing. 
 13. Special Rules. Notwithstanding anything herein to the contrary, the Administrator may adopt
special rules applicable to the employees of a particular Designated Subsidiary, whenever the Administrator determines that such rules are necessary or appropriate for the implementation of the Plan in a jurisdiction where such Designated Subsidiary
has employees; provided that such rules are consistent with the requirements of Section 423(b) of the Code. Such special rules may include (by way of example, but not by way of limitation) the establishment of a method for employees of a
given Designated Subsidiary to fund the purchase of shares other than by payroll deduction, if the payroll deduction method is prohibited by local law or is otherwise impracticable. Any special rules established pursuant to this
Section 13 shall, to the extent possible, result in the employees subject to such rules having substantially the same rights as other participants in the Plan. 
 14. Optionees Not Stockholders. Neither the granting of an Option to an employee nor the deductions from such employee’s pay shall constitute
such employee a holder of the shares of Common Stock covered by an Option under the Plan until such shares have been purchased by and issued to such employee. 
 15. Rights Not Transferable. Rights under the Plan are not transferable by a participating employee other than by will or the laws of descent and distribution, and are exercisable during the employee’s
lifetime only by the employee. 

 16. Application of Funds. All funds received or held by the Company under the Plan may be combined
with other corporate funds and may be used for any corporate purpose. 
 17. Adjustment in Case of Changes Affecting Common Stock.
Notwithstanding anything to the contrary set forth herein, in the event of a subdivision of outstanding shares of Common Stock, or the payment of a dividend in Common Stock, the number of shares approved for the Plan, and the share limitation set
forth in Section 8, shall be increased proportionately, and such other adjustment shall be made as may be deemed equitable by the Administrator. In the event of any other change affecting the Common Stock, such adjustment shall be made
as may be deemed equitable by the Administrator to give proper effect to such event. 
 18. Amendment of the Plan. The Board may at
any time, and from time to time, amend the Plan in any respect, except that without the approval, within 12 months of such Board action, by the stockholders, no amendment shall be made increasing the number of shares approved for the Plan or making
any other change that would require stockholder approval in order for the Plan, as amended, to qualify as an “employee stock purchase plan” under Section 423(b) of the Code. 
 19. Insufficient Shares. If the total number of shares of Common Stock that would otherwise be purchased on any Exercise Date plus the number of
shares purchased under previous Offerings under the Plan exceeds the maximum number of shares issuable under the Plan, the shares then available shall be apportioned among participants in proportion to the amount of payroll deductions accumulated on
behalf of each participant that would otherwise be used to purchase Common Stock on such Exercise Date. 

 20. Termination of the Plan. The Plan may be terminated at any time by the Board. Upon termination
of the Plan, all amounts in the accounts of participating employees shall be promptly refunded without interest. 
 21. Governmental
Regulations. The Company’s obligation to sell and deliver Common Stock under the Plan is subject to obtaining all governmental approvals required in connection with the authorization, issuance, or sale of such stock. 
 The Plan shall be governed by Virginia law except to the extent that such law is preempted by federal law. 
 22. Issuance of Shares. Shares may be issued upon exercise of an Option from authorized but unissued Common Stock, from shares held in the
treasury of the Company, or from any other proper source. 
 23. Tax Withholding. Participation in the Plan is subject to any minimum
required tax withholding on income of the participant in connection with the Plan. Each employee agrees, by entering the Plan, that the Company and its Subsidiaries shall have the right to deduct any such taxes from any payment of any kind otherwise
due to the employee, including shares issuable under the Plan. 
 24. Notification Upon Sale of Shares. Each employee agrees, by
entering the Plan, to give the Company prompt notice of any disposition of shares purchased under the Plan where such disposition occurs within two (2) years after the date of grant of the Option pursuant to which such shares were purchased.

 25. Effective Date and Approval of Shareholders. The Plan shall take effect on the later of the date it is adopted by the Board and
the date it is approved by the holders of a majority of the votes cast at a meeting of stockholders at which a quorum is present or by written consent of the stockholders.

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