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CONFIDENTIAL

Exhibit 10.8
INTEL CORPORATION
2021 INDUCEMENT PLAN
OPTION AGREEMENT
(for Time- and Performance-Vesting Options)

1.OPTION GRANT; TERMS OF OPTION
This Option Agreement (this “Agreement”), the Notice of Grant delivered online by logging into the E*TRADE Financial Corporation website (the “Notice of Grant”) and the Intel Corporation 2021 Inducement Plan (the “2021 Plan”), as such may be amended from time to time, constitute the entire understanding between Patrick Gelsinger (“you”) and Intel Corporation (the “Corporation”) regarding the stock option grant (“Option”) identified in your Notice of Grant, which provides that a maximum of 2,083,638 shares of Common Stock (as defined below) shall be subject to the Option, subject to the terms of this Agreement, including the time- and performance-vesting terms set forth in Section 4, the Notice of Grant and the 2021 Plan. The Option granted to you is effective as of the grant date set forth in the Notice of Grant (the “Grant Date”).  The Option is granted as a material inducement to you entering into employment with the Corporation (within the meaning of Nasdaq Listing Rule 5635(c)(4)). If there is any conflict between the terms in this Agreement and the 2021 Plan, the terms of the 2021 Plan will control. Capitalized terms not explicitly defined in this Agreement or in the Notice of Grant but defined in the 2021 Plan will have the same definitions as in the 2021 Plan.
If you are instructed by the administrators of the 2021 Plan to accept this Agreement and you fail to do so in the manner specified by the administrators within 180 days of the Grant Date, the Option identified in your Notice of Grant will be cancelled, except as otherwise determined by the Corporation in its sole discretion.
2.NONQUALIFIED STOCK OPTION
The Option is not intended to be an incentive stock option under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”) and will be interpreted accordingly.
3.OPTION PRICE
The exercise price of the option (the “Exercise Price”), as set forth in the Notice of Grant, is 100% of the closing price of a share of the common stock of the Corporation, $.001 par value (the “Common Stock”) as reported by the Nasdaq Global Select Market (“Nasdaq”), on the Grant Date.  
4.VESTING TERMS
    

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(a)    Time-Vesting Terms.  The Option will vest in four (4) equal annual installments, commencing on the first anniversary of the Grant Date and continuing to vest on each subsequent anniversary until fully vested on the fourth anniversary of the Grant Date, subject to the satisfaction of the Performance-Vesting Terms set forth in subsection (b) below.
(b)    Performance-Vesting Terms.  In addition to the Time-Vesting Terms described in subsection (a) above, the Option shall vest and become exercisable only in the event the closing price of a share of the Common Stock reported on Nasdaq (the “closing share price”) during any thirty (30) consecutive trading days concluding on or prior to the fifth (5th) anniversary of the Grant Date reflects an increase of at least thirty percent (30%) over the Corporation’s volume-weighted average closing share price for the thirty (30) consecutive trading days preceding January 13, 2021 (the “Stock Price Performance Hurdle”).  In the event the closing share price does not satisfy the Stock Price Performance Hurdle during a thirty (30) consecutive trading day period that concludes on or prior to the fifth (5th) anniversary of the Grant Date, the Option will expire and be cancelled as of such fifth (5th) anniversary date and you will not be entitled to exercise the Option or any portion thereof and will not be entitled to receive any consideration for the Option.    
5.TERM OF OPTION AND EXERCISE OF OPTION
To the extent the option becomes vested and exercisable pursuant to the terms set forth in this Agreement and has not been previously exercised, and subject to termination or acceleration as provided in this Agreement and the requirements set forth in this Agreement, the Notice of Grant and the 2021 Plan, you may exercise the option to purchase up to the number of shares of the Common Stock set forth in the Notice of Grant.  Notwithstanding anything to the contrary in Sections 6 through 10 hereof, no part of the Option may be exercised after ten (10) years from the date of grant.
The process for exercising the Option (or any part thereof) is governed by this Agreement, the Notice of Grant, the 2021 Plan and your agreements with the Corporation’s stock plan administrator.  Exercises of stock options will be processed as soon as practicable.  The option price may be paid (a) in cash, (b) by arrangement with the Corporation’s stock plan administrator which is acceptable to the Corporation where payment of the option price is made pursuant to an irrevocable direction to the broker to deliver all or part of the proceeds from the sale of the shares of the Common Stock issuable under the option to the Corporation, (c) by delivery of any other lawful consideration approved in advance by the Committee of the Board of Directors established pursuant to the 2021 Plan (the “Committee”) or its delegate, or (d) in any combination of the foregoing.  Fractional shares may not be exercised.  Shares of the Common Stock will be issued as soon as practicable.  You will have the rights of a stockholder only after the shares of the Common Stock have been issued.  For administrative or other reasons, the Corporation may from time to time suspend the ability of employees to exercise options for limited periods of time.
    

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Notwithstanding the above, the Corporation shall not be obligated to deliver any shares of the Common Stock during any period when the Corporation determines that the exercisability of the Option or the delivery of shares hereunder would violate any federal, state or other applicable laws.
Notwithstanding anything to the contrary in this Agreement or the applicable Notice of Grant, the Corporation may reduce the unvested portion of your Option if you change classification from a full-time to a part-time employee.
IF AN EXPIRATION DATE DESCRIBED HEREIN FALLS ON A WEEKDAY, YOU MUST EXERCISE YOUR OPTIONS BEFORE 3:45 P.M. NEW YORK TIME ON THE EXPIRATION DATE.
IF AN EXPIRATION DATE DESCRIBED HEREIN FALLS ON A WEEKEND OR ANY OTHER DAY ON WHICH THE NASDAQ IS NOT OPEN, YOU MUST EXERCISE YOUR OPTIONS BEFORE 3:45 P.M. NEW YORK TIME ON THE LAST NASDAQ BUSINESS DAY PRIOR TO THE EXPIRATION DATE.
6.SUSPENSION OR TERMINATION OF OPTION FOR MISCONDUCT
If at any time the Committee of the Board of Directors established pursuant to the 2021 Plan (the “Committee”), including any Subcommittee or “Authorized Officer” (as defined in Section 8(a)(vi) of the 2021 Plan) notifies the Corporation that they reasonably and in good faith believe that you have (A) committed an act constituting Cause (as defined in Section 11(a)) within two years following the Grant Date, or (B) more than two years following the Grant Date, committed an act of misconduct as described in Section 8(a)(v) of the 2021 Plan (embezzlement, fraud, dishonesty, nonpayment of any obligation owed to the Corporation, breach of fiduciary duty or deliberate disregard of Corporation rules resulting in loss, damage or injury to the Corporation, an unauthorized disclosure of any Corporation trade secret or confidential information, any conduct constituting unfair competition, inducing any customer to breach a contract with the Corporation or inducing any principal for whom the Corporation acts as agent to terminate such agency relationship), the vesting of your option and your right to exercise your option, to the extent it is vested, may be suspended pending a determination of whether an act constituting Cause or an act of misconduct (as applicable) has been committed which determination the Corporation will use commercially reasonable best efforts to make within 60 days of the initial suspension. If the Corporation reasonably and in good faith determines that you have (A) committed an act constituting Cause within two years following the Grant Date, or (B) more than two years following the Grant Date, committed an act of misconduct, your option shall be cancelled and neither you nor any beneficiary shall be entitled to any claim with respect to your option whatsoever. Any determination by the Committee or an Authorized Officer with respect to the foregoing shall be final, conclusive, and binding on all interested parties.
7.TERMINATION OF EMPLOYMENT
    

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Except as expressly provided otherwise in this Agreement, if your employment by the Corporation terminates for any reason, whether voluntarily or involuntarily, other than death, Disablement (as defined in Section 9), or discharge for Cause, you may exercise any portion of the option that had vested on or prior to the date of termination at any time prior to ninety (90) days after the date of such termination, but in no event later than the expiration date.  The Option shall terminate on the 90th day to the extent that it is unexercised.  Subject to Section 10, the portion of the Option that is unvested as of the date of employment termination shall be cancelled on the date of employment termination, regardless of whether such employment termination is voluntary or involuntary.
For purposes of this Section 7, your employment is not deemed terminated if, prior to sixty (60) days after the date of termination from the Corporation or a Subsidiary, you are rehired by the Corporation or a Subsidiary on a basis that would make you eligible for future Corporation stock option grants, nor would your transfer from Corporation to any Subsidiary or from any one Subsidiary to another, or from a Subsidiary to the Corporation be deemed a termination of employment.  Further, your employment with any partnership, joint venture or corporation not meeting the requirements of a Subsidiary in which the Corporation or a Subsidiary is a party shall be considered employment for purposes of this provision if either (a) the entity is designated by the Committee as a Subsidiary for purposes of this provision or (b) you are designated as an employee of a Subsidiary for purposes of this provision.
8.DEATH
Except as expressly provided otherwise in this Agreement, if you die while employed by the Corporation, the executor of your will or administrator of your estate may exercise the Option, to the extent vested, including any portion that becomes vested pursuant to Section 10, and not previously exercised, at any time prior to 365 days from the date of death or until the expiration date of the Option, if earlier.
Except as expressly provided otherwise in this Agreement, if you die prior to ninety (90) days after terminating your employment with the Corporation, the executor of your will or administrator of your estate may exercise the option, to the extent not previously exercised and to the extent the option had vested on or prior to the date of your employment termination (including any portion that becomes vested pursuant to Section 10), at any time prior to 365 days from the date of your employment termination or until the expiration date of the Option, if earlier.
The Option shall terminate on the applicable expiration date described in this Section 8, to the extent that it is unexercised.
9.DISABLEMENT
Except as expressly provided otherwise in this Agreement, following your termination of employment due to Disablement, you may exercise the Option, to the extent vested, 
    

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including those that vest pursuant to Section 10, and not previously exercised, at any time prior to 365 days from the later of the date of your termination of employment due to your Disablement or the date of determination of your Disablement as described in this Section 9, but in no event later than the expiration date of the Option; provided, however, that while the claim of Disablement is pending, options that were vested at termination of employment may be exercised only during the period set forth in Section 7 hereof.  The Option shall terminate on the 365th day from the date of determination of Disablement, to the extent that it is unexercised.  For purposes of this Agreement, “Disablement” shall be determined in accordance with the standards and procedures of the then-current Long Term Disability Plan maintained by the Corporation or the Subsidiary that employs you, and in the event you are not a participant in a then-current Long Term Disability Plan maintained by the Corporation or the Subsidiary that employs you, “Disablement” shall have the same meaning as disablement is defined in the Intel Long Term Disability Plan, which is generally a physical condition arising from an illness or injury, which renders an individual incapable of performing work in any occupation, as determined by the Corporation.
10.QUALIFYING TERMINATION   
In the event of a Qualifying Termination (as defined in Section 11(d)) of your employment with the Corporation, provided that you sign and do not revoke a Release (as defined in Section 11(e)) and such Release becomes effective within sixty (60) days following the date your employment with the Corporation terminates, and provided that the Stock Price Performance Hurdle has been met for thirty (30) consecutive trading days on or prior to the date your employment with the Corporation terminates, then the portion of the Option that would have time vested pursuant to the time-vesting terms set forth in Section 4(a) on or prior to the eighteen month anniversary of the date your employment terminates had you remained continuously employed by the Corporation through such date shall vest (based on the time-vesting schedule set forth in Section 4(a)) and become exercisable, effective as of the date of effectiveness of the Release, provided that if such sixty (60) day period spans two calendar years, such vesting shall occur in the later of such calendar years. You may exercise any portion of the Option that vests and becomes exercisable in accordance with this paragraph prior to ninety (90) days after the date your employment with the Corporation terminates (or such longer period as provided in Section 8 or 9, as applicable), but in no event later than the expiration date. 
11.DEFINITIONS
i.“Cause” means your (i) commission of an act of material fraud or dishonesty against the Corporation; (ii) intentional refusal or willful failure to substantially carry out the lawful and reasonable instructions of the Board of Directors (other than any such failure resulting from your Disablement and excluding any failure to achieve a lawful and reasonable directive following the expenditure by you of commercially reasonable best efforts); (iii) conviction of, guilty plea or “no contest” plea to a felony or to a misdemeanor involving moral turpitude (where moral turpitude means so extreme a departure from ordinary standards of honesty, good morals, justice or ethics as to be shocking to the moral sense of the community); (iv) gross misconduct in connection with the performance of your duties; (v) improper disclosure of confidential 
    

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information or a material violation of a Corporation policy or the Corporation’s Code of Conduct (excluding conduct or activities undertaken in good faith by you in the ordinary course of you performing your duties or promoting the Corporation); (vi) breach of fiduciary duty to the Corporation; (vii) failure to reasonably cooperate with the Corporation in any investigation or formal proceeding or being found liable in a Securities and Exchange Commission enforcement action or otherwise being disqualified from serving in your job (in all cases, other than due to death or Disablement); or (viii) breach of duty of loyalty to the Corporation. Prior to termination for Cause, the Corporation shall provide thirty (30) days prior written notice of the grounds for Cause, and give you an opportunity within (and including all of) those thirty (30) days to cure the alleged breach. If the breach is substantially cured during such period, Cause will not exist on account of such breach. You and the Corporation recognize that given the egregious nature of the conduct defined as Cause, a cure may not possible. No act or failure to act on your part shall be considered “willful” unless the Corporation reasonably and in good faith determines it is done, or omitted to be done, in bad faith or without reasonable belief that your act or omission was in the best interests of the Corporation. Without limitation, any act, or failure to act, based upon express authority given pursuant to a resolution duly adopted by the Board of Directors with respect to such act or omission, or based upon the advice of legal counsel for the Corporation, shall be conclusively presumed to be done, or omitted to be done, by you in good faith and in the best interests of the Corporation.
ii.A resignation for “Good Reason” means your resignation following the occurrence, without your express, written consent, of one or more of the following conditions (whether by a single action or a series of actions): (i) a material reduction in your title, duties, responsibilities, or authority; (ii) a material reduction by the Corporation of your annual base salary or Target Bonus (as defined in the Offer Letter (as defined in Section 11(c))); or (iii) a relocation of your principal place of employment more than thirty (30) miles from its current location in Santa Clara, California; or (iv) a failure by the Corporation to timely satisfy its obligations with respect to any of the equity award grants described in the Offer Letter, provided that the Corporation has had thirty (30) days to cure any such failure.
iii.“Offer Letter” means that certain offer letter by and between you and the Corporation dated January 13, 2021. 
iv.“Qualifying Termination” means your employment with the Corporation is terminated by the Corporation without Cause, including by reason of your death or Disablement, or you voluntarily resign your employment with the Corporation for Good Reason, in either case within the initial two year period following the commencement date of your employment with the Corporation.
v.“Release” means a release in favor of the Corporation that is mutually agreed upon between you and the Corporation, the form of which you and the Corporation agree to use reasonable best efforts to agree to within 30 days following the date your employment terminates and which shall not impose on you any post-employment obligations that you have not already agreed to in writing as of the date your employment terminates.
12.INCOME TAXES WITHHOLDING
Nonqualified stock options are taxable upon exercise.  To the extent required by applicable federal, state or other law, you shall make arrangements satisfactory to the Corporation for the satisfaction of any withholding tax obligations that arise by reason of an option exercise and, if applicable, any sale of shares of the Common Stock.  The Corporation shall not be required to issue shares of the Common Stock or to recognize 
    

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any purported transfer of shares of the Common Stock until such obligations are satisfied.  These obligations will be satisfied by having the Corporation withhold a portion of the shares of the Common Stock that otherwise would be issued to you upon exercise of the option.
13.TRANSFERABILITY OF OPTION
14.The Option may not be transferred by you in any manner other than by will or by the laws of descent or distribution.  The Option may be exercised only by you or, upon your death, only by the executor of your will or administrator of your estate in accordance with Section 8 above.  The terms of this Agreement shall be binding upon your executors, administrators, heirs, successors and assigns.   DISPUTES
Any question concerning the interpretation of this Agreement, your Notice of Grant, the Option or the 2021 Plan, any adjustments required to be made thereunder, and any controversy that may arise under this Agreement, your Notice of Grant, the Option or the 2021 Plan will be determined by the Committee (including any person(s) to whom the Committee has delegated its authority) in its sole and absolute discretion.  Such decision by the Committee will be final and binding unless determined pursuant to Section 17(g) to have been arbitrary and capricious.
15.AMENDMENTS
The 2021 Plan and the Option may be amended or altered by the Committee or the Board of Directors to the extent provided in the 2021 Plan.
16.DATA PRIVACY
You explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of your personal data as described in this document and any other Option grant materials (“Data”) by and among, as applicable, the Corporation, the Subsidiary that employs you (the “Employer”) and any other Subsidiary for the exclusive purpose of implementing, administering and managing your participation in the 2021 Plan.
You hereby understand that the Corporation holds certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Corporation, details of all Options or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in your favor for the purpose of implementing, administering and managing the 2021 Plan.  You hereby understand that Data will be transferred to E*TRADE Financial Corporate Services, Inc. and E*TRADE Securities LLC (“E*Trade”) and any other third parties assisting in the implementation, administration and management of the 2021 Plan, that these recipients may be located in your country or elsewhere, and that the recipient’s country 
    

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(e.g., the United States) may have different data privacy laws and protections than your country.  You hereby understand that you may request a list with the names and addresses of any potential recipients of the Data by contacting your local human resources representative.  You authorize the Corporation, E*Trade and any other possible recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the exclusive purpose of implementing, administering and managing your participation in the 2021 Plan, including any requisite transfer of such Data as may be required to another broker or other third party with whom you may elect to deposit any shares of Common Stock acquired under your Option.  You hereby understand that Data will be held only as long as is necessary to implement, administer and manage your participation in the 2021 Plan.  You hereby understand that you may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing your local human resources representative.  
Further, you understand that you are providing the consents herein on a purely voluntary basis.  If you do not consent, or if you later seek to revoke your consent, your employment status or service with the Employer will not be affected; the only consequence of refusing or withdrawing your consent is that the Corporation would not be able to grant you Options or other equity awards or administer or maintain such awards.  Therefore, you hereby understand that refusing or withdrawing your consent may affect your ability to participate in the 2021 Plan.  For more information on the consequences of your refusal to consent or withdrawal of consent, you hereby understand that you may contact the human resources representative responsible for your country at the local or regional level.
Finally, upon request of the Corporation or the Employer, you agree to provide an executed data privacy consent form (or any other agreements or consents) that the Corporation and/or the Employer may deem necessary to obtain from you for the purpose of administering your participation in the 2021 Plan in compliance with the data privacy laws in your country, either now or in the future.  You understand and agree that you will not be able to participate in the 2021 Plan if you fail to provide any such consent or agreement requested by the Corporation and/or the Employer. 
17.THE 2021 PLAN AND OTHER AGREEMENTS; OTHER MATTERS
vi.The provisions of this Agreement and the 2021 Plan are incorporated into the Notice of Grant by reference.  You hereby acknowledge that a copy of the 2021 Plan has been made available to you.  Certain capitalized terms used in this Agreement are defined in the 2021 Plan.
This Agreement, the Notice of Grant and the 2021 Plan constitute the entire understanding between you and the Corporation regarding the Option.  Any prior agreements, commitments or negotiations concerning the Option are superseded.
    

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The grant of an option to an employee in any one year, or at any time, does not obligate the Corporation or any Subsidiary to make a grant in any future year or in any given amount and should not create an expectation that the Corporation or any Subsidiary might make a grant in any future year or in any given amount.
vii.Options are not part of your employment contract (if any) with the Corporation, your salary, your normal or expected compensation, or other remuneration for any purposes, including for purposes of computing severance pay or other termination compensation or indemnity.
viii.In consideration of the grant of the Option, no claim or entitlement to compensation or damages will arise from termination of your Option or diminution in value of the Option or Common Stock acquired through vested and exercise of the Option resulting from termination of your active employment by the Corporation (for any reason whatsoever and whether or not in breach of local labor laws) and you hereby release the Corporation from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then you will be deemed irrevocably to have waived your entitlement to pursue such claim.
ix.Nothing contained in this Agreement creates or implies an employment contract or term of employment upon which you may rely.
x.To the extent that the Option refers to the Common Stock of the Corporation, and as required by the laws of your residence or employment, only authorized but unissued shares thereof shall be utilized for delivery upon exercise by the holder in accord with the terms hereof.
xi.Copies of the Corporation’s Annual Report to Stockholders for its latest fiscal year and the Corporation’s latest quarterly report are available, without charge, at the Corporation’s business office.
xii.Because this Agreement relate to terms and conditions under which you may purchase Common Stock of the Corporation, a Delaware corporation, an essential term of this Agreement is that it shall be governed by the laws of the State of Delaware, without regard to choice of law principles of Delaware or other jurisdictions.  Any action, suit, or proceeding relating to this Agreement or the Option granted hereunder shall be brought in the state or federal courts of competent jurisdiction in the State of California.
xiii.The Option shall be subject to the terms of Section 12 of the Plan.
xiv.The Corporation is not providing any tax, legal or financial advice, nor is the Corporation making any recommendations regarding your participation in the 2021 Plan, or his or her acquisition or sale of the underlying shares of Common Stock.  You understand and agree that you should consult with your own personal 
    

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tax, legal and financial advisors regarding your participation in the 2021 Plan before taking any action related to the 2021 Plan.
xv.In the event that any provision in this Agreement will be held invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Agreement.
xvi.You acknowledge that a waiver by the Corporation of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this agreement, or of any subsequent breach of this Agreement.
18.IMPOSITION OF OTHER REQUIREMENTS
The Corporation reserves the right to impose other requirements on the Option and on any shares of Common Stock acquired upon vesting an exercise of the Option in accordance with Section 9(e) of the 2021 Plan.
19.CONFIDENTIALITY.  You acknowledge that you hold a senior position at the Corporation and have received and been privy to the Corporation’s confidential information and trade secrets.  You further acknowledge that the Corporation has a legitimate interest in ensuring that such confidential information and trade secrets remain confidential and are not disclosed to third parties.  Thus, to avoid the actual or threatened misappropriation of such confidential information and trade secrets, and in light of the substantial benefits provided to you under this Agreement, you hereby agree to the covenants protective of the Corporation.
xvii.Confidentiality/Trade Secrets. You acknowledge you have acquired knowledge of or had access to Confidential Information or other proprietary information of the Corporation, its customers and/or third parties during the course of your employment at The Corporation.  For purposes of this Agreement, “Confidential Information” includes, without limitation: technical information (e.g., roadmaps, schematics, source code, specifications), business information (e.g., product information, marketing strategies, markets, sales, customers, customer lists or phone books), personnel information (e.g., organizational charts, employee lists, skill sets, employee health information, names, phone numbers, email addresses, personnel files, employee compensation (except where the disclosure of such personnel information is permissible under local labor law such as the right of employees to discuss compensation and working conditions under the US National Labor Relations Act)), and other non-public the Corporation data and information of a similar nature.  You acknowledge your ongoing obligation to protect such information, during and after your employment with the Corporation.  Notwithstanding the above, under the federal Defend Trade Secrets Act of 2016, you shall not be held criminally or civilly liable under federal or state trade secret law for the disclosure of a trade secret that: (a) is made in confidence to an attorney or to a federal, state, or local government official, either directly or 
    

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indirectly, and is solely for the purpose of reporting or investigating a suspected violation of law; (b) is made to your attorney in relation to a lawsuit for retaliation against you for reporting a suspected violation of law; or (c) is made in a complaint or other document filed in a lawsuit or other proceeding filed by you, if such document is filed under seal and pursuant to court order.
xviii.Understanding of Covenants; Consideration.  You hereby represent that you (i) are fully aware of your obligations hereunder, (ii) agree to the reasonableness of the length of time and scope of the foregoing covenants, and (iii) agree that such covenants are necessary to protect the Corporation’s confidential and proprietary information, good will, stable workforce, and customer relations.  
xix.Remedy for Breach.  You hereby agree that if you breach any provision of this Section 19, the damage to the Corporation may be substantial and money damages will not afford the Corporation an adequate remedy, and (ii) if you are in breach of any provision of this Section 19, or threatens such a breach (by initiating a course of action that would reasonably be expected to lead to a breach), the Corporation shall be entitled, in addition to all other rights and remedies as may be provided by law, to seek specific performance and injunctive and other equitable relief, without bond or other security, to prevent or restrain a breach of any provision of this Section 19.
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By acknowledging this grant of an awards or your acceptance of this Agreement in the manner specified by the administrators, you and Intel Corporation agree that the Option identified in your Notice of Grant are governed by the terms of this Agreement, the Notice of Grant and the 2021 Plan.  You further acknowledge that you have read and understood the terms of the Option set forth in this Agreement, the Grant Notice and the 2021 Plan.Document

Exhibit 10.9
SUBSCRIPTION AGREEMENT
THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND OTHER APPLICABLE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. THE INVESTOR SHOULD BE AWARE THAT HE WILL BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.
This SUBSCRIPTION AGREEMENT (this “Agreement”), dated as of February 16, 2021, is by and between Intel Corporation (“Issuer”) and Patrick Gelsinger (“Executive”).
WHEREAS, the execution and delivery of this Agreement by Issuer and Executive is related to the Offer Letter, dated January 13, 2021, between Issuer and Executive (the “Offer Letter”), setting forth the terms of Executive’s employment and compensation. 
WHEREAS, in accordance with the terms of the Offer Letter, (i) Executive has elected and desires to subscribe for shares of common stock, par value $0.001 per share, of Issuer (“Issuer Common Stock”), and (ii) Issuer desires to issue shares of Issuer Common Stock to Executive, each as more fully set forth herein.
NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, Issuer and Executive hereby agree as follows:
Article I.

PURCHASE AND SALE OF SHARES OF ISSUER COMMON STOCK
i..Subscription.  
(1)At the Stock Subscription Closing (as defined below), Executive will, pursuant to the terms of this Agreement, deliver to Issuer by wire transfer of immediately available funds to an account previously designated in writing by Issuer an amount equal to $10,000,000.00 (such amount, the “Stock Subscription Consideration”) to subscribe for and purchase that number of shares of Issuer Common Stock rounded to the nearest whole number of shares having an aggregate value equal to the Stock Subscription Consideration at a price per share of Issuer Common Stock equal to the closing price of Issuer Common Stock on the Nasdaq Global Select Market on March 15, 2021 (that number of shares, the “Subscription Shares” and the purchase of the Subscription Shares, the “Subscription”); and
(2)Issuer shall cause the Subscription Shares to be issued to Executive immediately upon receipt of the Stock Subscription Consideration for credit to Executive’s account at Issuer’s transfer agent.

(3)The closing of the Subscription (the “Stock Subscription Closing”) shall take place on March 18, 2021 (i) at the offices of Skadden, Arps, Slate, Meagher & Flom LLP, 525 University Avenue, Palo Alto, California 94301 or (ii) remotely by exchange of documents and signatures (or their electronic counterparts).
ii..Stock Restrictions. Executive agrees that, for a period of six months after the date of this Agreement (the “Holdback Period”), Executive and his Affiliates may not sell, assign, hypothecate, pledge or otherwise transfer or encumber the Subscription Shares during the Holdback Period in any manner, except by will or the laws of descent and distribution, without the written consent of Issuer (as evidenced by a writing signed by Issuer’s General Counsel), and subject to any limitations imposed by Issuer (and set forth in the writing) (the “Transfer Restrictions”).  Following the expiration of the Holdback Period, the Transfer Restrictions will lapse in their entirety without any further action by Executive or Issuer.
Article II.

REPRESENTATIONS AND WARRANTIES OF ISSUER
Issuer hereby represents and warrants to Executive as follows:
i..Organization; Authorization. Issuer is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware, with full corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder. This Agreement has been duly and validly authorized by all necessary company action and has been duly and validly executed and delivered by Issuer and constitutes the valid and binding obligation of Issuer, enforceable against it in accordance with its terms. At the Stock Subscription Closing, Issuer will be a Delaware corporation duly organized, validly existing and in good standing under the laws of the State of Delaware, with full power and authority to execute and deliver this Agreement and to perform its obligations hereunder.
ii..Non-Contravention. Except for applicable filings under federal and state securities laws, the execution and delivery of this Agreement by Issuer and the consummation of the transactions contemplated hereby or thereby do not require Issuer to file any notice, report or other filing with, or to obtain any consent, registration, approval, permit or authorization of or from, any governmental or regulatory authority of the United States, any State thereof or any foreign jurisdiction, and do not constitute a breach or violation of, or a default under, any provision of any mortgage, lien, lease, agreement, license, instrument, law, regulation, order, arbitration, award, judgment or decree to which Issuer is a party or by which its property is bound, in any such case which could prevent, materially delay or materially burden the transactions contemplated by this Agreement. 
iii..Issuance of Shares. Upon issuance of the Subscription Shares to Executive at the Stock Subscription Closing, such Subscription Shares will represent duly authorized, validly issued, fully paid and non-assessable shares of Issuer Common Stock and Executive shall be the record owner of such Subscription Shares.
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iv..Legend Removal.   
(1)In connection with a sale or transfer of Subscription Shares by Executive in reliance on Rule 144 promulgated under the Securities Act, Executive (or Executive’s transferee) or his broker may deliver to the Issuer a customary broker representation letter regarding such sale.  Upon receipt of such representation letter or in connection with a sale or transfer  pursuant to an effective registration statement under the Securities Act, the Issuer shall, at it cost, promptly remove the notation, stop-transfer order or similar restrictions set forth in Section 3.5(c) and any restrictive legend set forth in Section 3.5(d) with respect to such sold or transferred Subscription Shares, including issuing a legal opinion of counsel to the Issuer to the Issuer’s transfer agent in connection therewith.
(2)At such time as Subscription Shares have been held by Executive (or Executive’s transferee) for more than six months year where Executive (or Executive’s transferee) is not, and has not been in the preceding three months, an affiliate of the Issuer (as defined in Rule 144 promulgated under the Securities Act), the Issuer shall, upon request of the Executive (or Executive’s transferee), at Issuer’s cost, take all steps necessary to promptly remove the notation, stop-transfer order or similar restrictions set forth in Section  3.5(c) and any restrictive legend set forth in Section 3.5(d), including issuing a legal opinion of counsel to the Issuer to the Issuer’s transfer agent in connection therewith, regardless of whether the request is made in connection with a sale or transfer or otherwise.
Article III.

REPRESENTATIONS, WARRANTIES AND ACKNOWLEDGMENTS OF EXECUTIVE
Executive hereby represents, warrants and acknowledges to Issuer as follows:
i..Organization; Authorization. Executive has full legal capacity to execute and deliver this Agreement and to perform his obligations hereunder. This Agreement has been duly executed and delivered by Executive and constitutes the valid and binding obligation of Executive, enforceable against him in accordance with its terms.
ii..Non-Contravention. The execution and delivery of this Agreement by Executive and the consummation of the transactions contemplated hereby do not require Executive to file any notice, report or other filing with, or to obtain any consent, registration, approval, permit or authorization of or from, any governmental or regulatory authority of the United States, any State thereof or any foreign jurisdiction, and do not constitute a breach or violation of, or a default under, any provision of any mortgage, lien, lease, agreement, license, instrument, law, regulation, order, arbitration, award, judgment or decree to which Executive is a party or by which his property is bound, in any such case which could prevent, materially delay or materially burden the transactions contemplated by this Agreement; provided, however, that Executive does not make any representation or warranty in this Section 3.2 with respect to federal securities laws or state securities or “blue sky” laws.
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iii..Certain Matters Relating to Executive’s Investment in the Shares.
(1)Executive is acquiring the Subscription Shares for investment purposes only and not with a view to, or for, distribution, resale or fractionalization thereof, in whole or in part, in each case under circumstances which would require registration thereof under the Securities Act, or any applicable state securities laws.
(2)Executive has not been given any oral or written information, representations or assurances by Executive or any representative thereof in connection with Executive’s acquisition of the Subscription Shares other than as contained in this Agreement, and Executive is relying on his own business judgment and knowledge concerning the business, financial condition and prospects of Issuer in making the decision to acquire the Subscription Shares. Executive acknowledges that no person has been authorized to give any information or to make any representation relating to the Subscription Shares or Issuer, other than as contained in this Agreement and, if given or made, information received from any person and any representation, other than as aforesaid, must not be relied upon as having been authorized by Issuer or any person acting on his behalf.
(3)Executive is an “accredited investor” as described in Rule 501(a) of Regulation D under the Securities Act, on the basis reflected on the copy of Exhibit A provided by Executive prior to or at the Stock Subscription Closing.
(4)Executive, either alone or with his advisors, has sufficient knowledge and experience in financial and business matters to evaluate the merits and risks of the acquisition of the Subscription Shares and has the capacity to protect his own interests in connection with such acquisition.
(5)Executive is able to bear the economic risk of his investment in the Subscription Shares for an indefinite period of time, including the risk of a complete loss of Executive’s investment in such securities. Executive acknowledges that the Subscription Shares have not been registered under the Securities Act or any applicable state securities laws and, therefore, cannot be sold unless subsequently registered under the Securities Act or any applicable state securities laws or an exemption from such registration is available and that transfers of the Subscription Shares may be restricted by applicable state and non-U.S. securities laws.
(6)Executive and his advisors, if any, have been afforded the opportunity to examine all documents related to and, if applicable, executed in connection with the transactions contemplated hereby, which Executive or advisors, if any, have requested to examine.
(7)Executive acknowledges and agrees that the distribution of this Agreement or any other materials in connection with the Subscription does not constitute an offer to sell or the solicitation of an offer to buy in any state or other jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such state or jurisdiction and that such 
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distribution and the offer and sale of the Interests in certain jurisdictions may be restricted by law.
(8)Other than as expressly set forth in this Agreement, no representations or warranties have been made to Executive, written or otherwise, concerning the Subscribed Shares, Issuer or its Subsidiaries (including Issuer from and after the Stock Subscription Closing).  Issuer is not making, and Executive hereby specifically disclaims, any representation or warranty that is not expressly set forth in this Agreement, including regarding any pro forma financial information, budgets, estimates, projections, forecasts or other forward looking statements or business plans (including the reasonableness of any assumptions underlying such estimates, projections, forecasts, forward looking statements or business plans) with respect to Issuer or its Subsidiaries (including the Issuer from and after the Stock Subscription Closing) or any of their respective businesses.
iv..Executive’s Knowledge. Executive has a high degree of familiarity with the business, operations and current financial condition of Issuer and its subsidiaries.
v..Subscribed Shares Unregistered
vi...  Executive acknowledges that Executive has been advised by Issuer that, and hereby represents and warrants to Issuer that, as of the date hereof and as of the Stock Subscription Closing:
(1)Executive is a resident of the State of California.
(2)Executive must continue to bear the economic risk of his investment in the Subscribed Shares unless such Subscribed Shares are subsequently registered under the Securities Act and all applicable state securities laws or an exemption from such registration is available.
(3)A notation shall be made in the appropriate records of Issuer and any certificate, if any, representing the Subscribed Shares, indicating that the Subscribed Shares are subject to restrictions on transfer and, Issuer will instruct its securities transfer agent to include appropriate stop-transfer instructions with respect to the Subscribed Shares.
(4)The Subscribed Shares shall be issued to Executive’s account at Issuer’s transfer agent and shall bear the following legend, until such time as the Subscribed Shares are sold or are freely salable under SEC Rule 144 without volume limitations or restrictions on the manner of sale or the public information requirements:
THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND OTHER APPLICABLE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. THE INVESTOR 
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SHOULD BE AWARE THAT HE WILL BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.
(5)Executive represents that he is familiar with SEC Rule 144, as presently in effect, and understands the resale limitations imposed thereby and by the Securities Act.
Article IV.

MISCELLANEOUS
i..Governing Law and Jurisdiction. 
(1)This Agreement, and all claims or causes of action based upon, arising out of, or related to this Agreement or the transactions contemplated hereby, shall be exclusively governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to principles or rules of conflict of laws to the extent such principles or rules would require or permit the application of laws of another jurisdiction.  
(2)Each of the parties (i) consents to submit itself to the exclusive personal jurisdiction and venue of the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (unless the Delaware Court of Chancery shall decline to accept jurisdiction over a particular matter, in which case, in any Delaware state or federal court within the State of Delaware) with respect to any suit (whether at law, in equity, in contract, in tort or otherwise) relating to or arising out of this Agreement or any of the transactions contemplated hereby, (ii) agrees to service of process in any such action in any manner prescribed by the laws of the State of Delaware and (iii) agrees that service of process upon such Party in any action or proceeding shall be effective if notice is given in accordance with Section 4.2 herein.
ii..Notices. Any notice, request, instruction or other document to be given hereunder by any party to the others shall be in writing and delivered personally or sent by registered or certified mail, postage prepaid, if to Issuer, addressed to Intel Corporation, 2200 Mission College Boulevard, Santa Clara, CA 95054, Attention: General Counsel, with a copy (which shall not constitute notice) to Skadden, Arps, Slate, Meagher & Flom LLP, 525 University Avenue, Palo Alto, CA 94301, Attention: Kenton J. King; if to Executive, at the address set forth on the signature page hereto underneath Executive’s name, or to such other persons or addresses as may be designated in writing by the party to receive such notice.
iii..Entire Agreement. This Agreement, the Offer Letter and other documents and instruments delivered in connection herewith or therewith (or otherwise referred to herein) (a) constitute the entire agreement, and supersedes all other prior agreements, understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof, and (b) are for the benefit only of the parties hereto and are not intended to create any obligations to, or rights in respect of, any persons other than the parties hereto.
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iv..Amendments and Waivers. This Agreement may not be modified or amended except by a written instrument signed by Issuer and Executive. No waiver of any breach or default hereunder shall be considered valid unless in writing and signed by the party giving such waiver, and no such waiver shall be deemed a waiver of any subsequent breach of the same or similar nature.
v..Assignment; Severability; Counterparts. This Agreement shall be binding upon and inure to the benefit of the successors and permitted assigns of each of the parties hereto. Any assignment by a party hereto requires consent of the other parties hereto except that any party may assign its rights and obligations hereunder to an Affiliate of such party. If any provision of this Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby and shall continue in full force and effect. For the convenience of the parties hereto, this Agreement may be executed in any number of counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts shall together constitute the same agreement.
vi..Survival of Representations and Warranties.  All representations, warranties and covenants contained herein or made in writing by Executive, or by or on behalf of Issuer in connection with the transactions contemplated by this Agreement, shall survive the execution and delivery of this Agreement, any investigation at any time made by or on behalf of Issuer or Executive, the issue and sale of the Subscription Shares and the consummation of the Subscription.
[Signature pages follow]
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 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the parties hereto on the date first herein above written.
									
	ISSUER:	INTEL CORPORATION
		
		
		By:	/s/Steve Rodgers
			Name: Steve Rodgers
			Title: General Counsel

[Signature Page to the Subscription Agreement]

									
	EXECUTIVE:	
		
		/s/Patrick Gelsinger
		Patrick Gelsinger
		
		Address	[**********]
			[**********]

[Signature Page to the Subscription Agreement]

EXHIBIT A
Executive’s Full Name: Patrick Paul Gelsinger    
Country of Residence: USA    
Residency Address: [**********]    
The following are “accredited investors” for purposes of the offering of the Subscription Shares.  Please place a checkmark in the box next to any categories that apply to you1:
[x]    (a)    A natural person whose individual net worth,2 or joint net worth with that person’s spouse, at the time of purchase exceeds $1,000,000.
[x]    (b)    A natural person who had an individual income3 in excess of $200,000 in each of the two most recent years or joint income with that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year.
[ ]    (c)    A trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a person who either alone or with his or her purchaser representative has such knowledge and experience in financial and business matters that he or she is capable of evaluating the merits and risks of the prospective investment, or the issuer reasonably believes immediately prior to making any sale that such purchaser comes within this definition.
[ ]    (d)    An entity in which all of the equity owners are accredited investors meeting one or more of the tests under subparagraphs (a) - (c).

1     We have omitted certain other categories included within the definition of “accredited investor” which are not likely to apply to Executive.
2     The term “net worth” means a person’s assets minus liabilities, provided that the value of such person’s primary residence, as well as the amount of any indebtedness secured by the primary residence up to the fair market value of the primary residence, shall be excluded from the calculation of net worth. Indebtedness secured by the primary residence in excess of the value of the primary residence shall be considered a liability for purposes of determining net worth.
3     For all investors, the term “individual income” means adjusted gross income as reported for federal income tax purposes, less any income attributable to a spouse or to property owned by a spouse, increased by the following amounts (but not including any amounts attributable to a spouse or to property owned by a spouse), and the term “joint income” means adjusted gross income as reported for federal income tax purposes, including any income attributable to a spouse or to a property owned by a spouse, increased by the following amounts (including any amounts attributable to a spouse or to property owned by a spouse):  (i) the amount of any interest income received which is tax exempt under section 103 of the Internal Revenue Code of 1986, as amended; (ii) the amount of losses claimed as a limited partner in a limited partnership (as reported on Schedule E of Form 1040); and (iii) any deduction claimed for depletion under section 611 et seq. of the Internal Revenue Code of 1986, as amended.

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