Document:

2003 Equity Incentive Plan

 Exhibit 10.21 
 2003 EQUITY INCENTIVE PLAN 
 OF 
 JAZZ PHARMACEUTICALS, INC. 

 TABLE OF CONTENTS 
 Page 
  

							
	 1.
	 	Purpose of this Plan	  	1
	 2.
	 	Definitions and Rules of Interpretation	  	1
		 	 2.1
	  	Definitions	  	1
		 	 2.2
	  	Rules of Interpretation	  	5
	 3.
	 	Shares Subject to this Plan; Term of this Plan	  	5
		 	 3.1
	  	Number of Award Shares	  	5
		 	 3.2
	  	Source of Shares	  	6
		 	 3.3
	  	Term of this Plan	  	6
	 4.
	 	Administration	  	6
		 	 4.1
	  	General	  	6
		 	 4.2
	  	Authority of Administrator	  	6
		 	 4.3
	  	Scope of Discretion	  	8
	 5.
	 	Persons Eligible to Receive Awards	  	8
		 	 5.1
	  	Eligible Individuals	  	8
	 6.
	 	Terms and Conditions of Options	  	8
		 	 6.1
	  	Price	  	8
		 	 6.2
	  	Term	  	8
		 	 6.3
	  	Vesting	  	8
		 	 6.4
	  	Form of Payment	  	9
		 	 6.5
	  	Nonassignability of Options	  	10
		 	 6.6
	  	Substitute Options	  	10
	 7.
	 	Incentive Stock Options	  	11
	 8.
	 	Stock Appreciation Rights, Stock Awards and Cash Awards	  	12
		 	 8.1
	  	Stock Appreciation Rights	  	12
		 	 8.2
	  	Stock Awards	  	13
		 	 8.3
	  	Cash Awards	  	14
	 9.
	 	Exercise of Awards	  	15
		 	 9.1
	  	In General	  	15
		 	 9.2
	  	Time of Exercise	  	15
		 	 9.3
	  	Issuance of Award Shares	  	15
		 	 9.4
	  	Termination	  	15
	 10.
	 	Certain Transactions and Events	  	17
		 	 10.1
	  	In General	  	17
		 	 10.2
	  	Changes in Capital Structure	  	17
		 	 10.3
	  	Fundamental Transactions	  	17
		 	 10.4
	  	Changes of Control	  	18
		 	 10.5
	  	Divestiture	  	18
		 	 10.6
	  	Dissolution	  	19
		 	 10.7
	  	Cut-Back to Preserve Benefits	  	19

  

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	 11.
	 	Withholding and Tax Reporting	  	19
		 	 11.1
	  	Tax Withholding Alternatives	  	19
		 	 11.2
	  	Reporting of Dispositions	  	19
	 12.
	 	Compliance with Law	  	20
		 	 12.1
	  	Applicable Law	  	20
		 	 12.2
	  	Financial Information	  	20
	 13.
	 	Amendment or Termination of this Plan or Outstanding Awards	  	20
		 	 13.1
	  	Amendment and Termination	  	20
		 	 13.2
	  	Shareholder Approval	  	20
		 	 13.3
	  	Effect	  	20
	 14.
	 	Reserved Rights	  	21
		 	 14.1
	  	Nonexclusivity of this Plan	  	21
		 	 14.2
	  	Unfunded Plan	  	21
	 15.
	 	Special Arrangements Regarding Award Shares	  	21
		 	 15.1
	  	Escrows and Pledges	  	21
		 	 15.2
	  	Repurchase Rights	  	22
		 	 15.3
	  	Market Standoff	  	22
		 	 15.4
	  	Dividends	  	23
	 16.
	 	Beneficiaries	  	23
	 17.
	 	Miscellaneous	  	23
		 	 17.1
	  	Governing Law	  	23
		 	 17.2
	  	Determination of Value	  	23
		 	 17.3
	  	Reservation of Shares	  	24
		 	 17.4
	  	Electronic Communications	  	24
		 	 17.5
	  	Notices	  	25

  

 ii 

 2003 Equity Incentive Plan 
 of 
 Jazz Pharmaceuticals, Inc. 
  

	1.	Purpose of this Plan 

 The purpose of this 2003
Equity Incentive Plan of Jazz Pharmaceuticals, Inc. is to enhance the long-term shareholder value of Jazz Pharmaceuticals, Inc. by offering opportunities to eligible individuals to participate in the growth in value of the equity of Jazz
Pharmaceuticals, Inc. Although this Plan is intended to comply with Rule 701 under the Securities Act and Section 25102(o) of the California Securities Act, the Company reserves the right, formally or informally, to establish a sub-plan from
which grants can be made which are intended to rely on federal and state exemptions other than Rule 701 and Section 25102(o) of the California Securities Act. 
  

	2.	Definitions and Rules of Interpretation 

  

	 	2.1	Definitions. This Plan uses the following defined terms: 

 (a) “Administrator” means the Board, or the Committee. 
 (b) “Affiliate” means a
“parent” or “subsidiary” (as each is defined in Section 424 of the Code) of the Company and any other entity that the Board or Committee designates as an “Affiliate” for purposes of this Plan. 
 (c) “Applicable Law” means any and all laws of whatever jurisdiction, within or without the United States, and the rules of any
stock exchange or quotation system on which Shares are listed or quoted, applicable to the taking or refraining from taking of any action under this Plan, including the administration of this Plan and the issuance or transfer of Awards or Award
Shares. 
 (d) “Award” means a Stock Award, SAR, Cash Award, or Option granted in accordance with the terms of
the Plan. 
 (e) “Award Agreement” means the document evidencing the grant of an Award. 
 (f) “Award Shares” means Shares covered by an outstanding Award or purchased under an Award. 
 (g) “Awardee” means: (i) a person to whom an Award has been granted, including a holder of a Substitute Award, (ii) a
person to whom an Award has been 

 
transferred in accordance with all applicable requirements of Sections 6.5, 7(h), and 16 and (iii) a person who holds Option Shares subject to any right
of repurchase under Section 15.2. 
 (h) “Board” means the board of directors of the Company. 
 (i) “Cash Award” means the right to receive cash as described in Section 8.3. 
 (j) “California Securities Act” means the California Corporate Securities Law of 1968. 
 (k) “Change of Control” means any transaction or event that the Board specifies as a Change of Control under Section 10.4.

 (l) “Code” means the Internal Revenue Code of 1986. 
 (m) “Committee” means a committee composed of Company Directors appointed in accordance with the Company’s charter documents
and Section 4. 
 (n) “Company” means Jazz Pharmaceuticals, Inc., a California corporation. 
 (o) “Company Director” means a member of the Board. 
 (p) “Consultant” means an individual who, or an employee of any entity that, provides bona fide services to the Company or an
Affiliate not in connection with the offer or sale of securities in a capital-raising transaction, but who is not an Employee. Notwithstanding the foregoing, no grant may be made to any entity unless the grant and exercise are made in reliance of
federal and state securities exemptions other than Rule 701 under the Securities Act and Section 25102(o) of the California Securities Act. 
 (q) “Director” means a member of the board of directors of the Company or an Affiliate. 
 (r)
“Divestiture” means any transaction or event that the Board specifies as a Divestiture under Section 10.5. 
 (s) “Domestic Relations Order” means a “domestic relations order” as defined in, and otherwise meeting the requirements of, Section 414(p) of the Code, except that reference to a “plan” in
that definition shall be to this Plan. 
 (t) “Employee” means a regular employee of the Company or an Affiliate,
including an officer or Director, who is treated as an employee in the personnel 

  

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records of the Company or an Affiliate, but not individuals who are classified by the Company or an Affiliate as: (i) leased from or otherwise employed
by a third party, (ii) independent contractors, or (iii) intermittent or temporary workers. The Company’s or an Affiliate’s classification of an individual as an “Employee” (or as not an “Employee”) for
purposes of this Plan shall not be altered retroactively even if that classification is changed retroactively for another purpose as a result of an audit, litigation or otherwise. An Awardee shall not cease to be an Employee due to transfers between
locations of the Company, or between the Company and an Affiliate, or to any successor to the Company or an Affiliate that assumes the Awardee’s Options under Section 10. Neither service as a Director nor receipt of a director’s fee
shall be sufficient to make a Director an “Employee.” 
 (u) “Exchange Act” means the Securities Exchange
Act of 1934. 
 (v) “Expiration Date” means, with respect to an Award, the date stated in the Award Agreement as the
expiration date of the Award or, if no such date is stated in the Award Agreement, then the last day of the maximum exercise period for the Award, disregarding the effect of an Awardee’s Termination or any other event that would shorten that
period. 
 (w) “Fair Market Value” means the value of Shares as determined under Section 17.2. 
 (x) “Fundamental Transaction” means any transaction or event described in Section 10.3. 
 (y) “Grant Date” means the date the Administrator approves the grant of an Award. However, if the Administrator specifies that an
Award’s Grant Date is a future date or the date on which a condition is satisfied, the Grant Date for such Award is that future date or the date that the condition is satisfied. 
 (z) “Incentive Stock Option” means an Option intended to qualify as an incentive stock option under Section 422 of the Code
and designated as an Incentive Stock Option in the Award Agreement for that Option. 
 (aa) “Listed Security” means
any Share listed or approved for listing upon notice of issuance on a national securities exchange or other market system that meets the requirements of Section 25100(o) of the California Securities Law of 1968, as amended. 
 (bb) “Nonstatutory Option” means any Option other than an Incentive Stock Option. 
 (cc) “Objectively Determinable Performance Condition” shall mean a performance condition (i) that is established (A) at
the time an Award is granted or (B)

  

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no later than the earlier of (1) 90 days after the beginning of the period of service to which it relates, or (2) before the elapse of 25% of the
period of service to which it relates, (ii) that is uncertain of achievement at the time it is established, and (iii) the achievement of which is determinable by a third party with knowledge of the relevant facts. Examples of measures that
may be used in Objectively Determinable Performance Conditions include net order dollars, net profit dollars, net profit growth, net revenue dollars, revenue growth, individual performance, earnings per share, return on assets, return on equity, and
other financial objectives, objective customer satisfaction indicators and efficiency measures, each with respect to the Company and/or an individual business unit. 
 (dd) “Option” means a right to purchase Shares of the Company granted under this Plan. 
 (ee) “Option Price” means the price payable under an Option for Shares, not including any amount payable in respect of withholding or other taxes. 
 (ff) “Option Shares” means Shares covered by an outstanding Option or purchased under an Option. 
 (gg) “Plan” means this 2003 Equity Incentive Plan of Jazz Pharmaceuticals, Inc. 
 (hh) “Purchase Price” means the price payable under a Stock Award for Shares, not including any amount payable in respect of
withholding or other taxes. 
 (ii) “Reverse Vesting” means that an Option is or was fully exercisable but that,
subject to a “reverse” vesting schedule, the Company has a right to repurchase the Option Shares as specified in Section 15.2(a), with the Company’s right of repurchase expiring in accordance with a “forward” vesting
schedule that would otherwise have applied to the Option under which the Option Shares were purchased or in accordance with some other vesting schedule described in the Award Agreement. With respect to a Stock Award, Reverse Vesting means that the
Company has a right to repurchase the Award Shares purchased pursuant to the Stock Award, as specified in Section 15.2(a), with the Company’s right of repurchase expiring in accordance with the vesting schedule in the Award Agreement.

 (jj) “SAR” or “Stock Appreciation Right” means a right to receive cash based on a change in the Fair
Market Value of a specific number of Shares pursuant to an Award Agreement, as described in Section 8.1. 
 (kk) “Securities
Act” means the Securities Act of 1933. 
 (ll) “Share” means a share of the common stock of the Company
or other securities substituted for the common stock under Section 10. 
  

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 (mm) “Stock Award” means an offer by the Company to sell shares subject to
certain restrictions pursuant to the Award Agreement as described in Section 8.2. 
 (nn) “Substitute Award”
means a Substitute Option, Substitute SAR or Substitute Stock Award granted in accordance with the terms of the Plan. 
 (oo)
“Substitute Option” means an Option granted in substitution for, or upon the conversion of, an option granted by another entity to purchase equity securities in the granting entity. 
 (pp) “Substitute SAR” means a SAR granted in substitution for, or upon the conversion of, a stock appreciation right granted by
another entity with respect to equity securities in the granting entity. 
 (qq) “Substitute Stock Award” means a
Stock Award granted in substitution for, or upon the conversion of, a stock award granted by another entity to purchase equity securities in the granting entity. 
 (rr) “Termination” means that the Awardee has ceased to be, with or without any cause or reason, an Employee, Director or Consultant. However, unless so determined by the Administrator,
“Termination” shall not include a change in status from an Employee, Consultant or Director to another such status. An event that causes an Affiliate to cease being an Affiliate shall be treated as the “Termination” of that
Affiliate’s Employees, Directors, and Consultants. 
 2.2 Rules of Interpretation. Any reference to a “Section,”
without more, is to a Section of this Plan. Captions and titles are used for convenience in this Plan and shall not, by themselves, determine the meaning of this Plan. Except when otherwise indicated by the context, the singular includes the plural
and vice versa. Any reference to a statute is also a reference to the applicable rules and regulations adopted under that statute. Any reference to a statute, rule or regulation, or to a section of a statute, rule or regulation, is a reference to
that statute, rule, regulation, or section as amended from time to time, both before and after the effective date of this Plan and including any successor provisions. 
  

	3.	Shares Subject to this Plan; Term of this Plan 

 3.1
Number of Award Shares. Subject to adjustment under Section 10, the maximum number of Shares that may be issued under this Plan is 2,125,042. When an Award is granted, the maximum number of Shares that may be issued under this Plan shall
be reduced by the number of Shares covered by that Award. However, if an Award later terminates or expires without having been exercised in full, the maximum number of shares that may be issued under this Plan shall be increased by the number of
Shares that were covered by, but not purchased under, that Award. By contrast, the repurchase of Shares by the Company shall not increase the maximum number of Shares that may be issued under this Plan. 
  

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 3.2 Source of Shares. Award Shares may be: (a) Shares that have never been issued,
(b) Shares that have been issued but are no longer outstanding, or (c) Shares that are outstanding and are acquired to discharge the Company’s obligation to deliver Award Shares. 
 3.3 Term of this Plan 
 (a) This Plan
shall be effective on, and Awards may be granted under this Plan after, the date it has been both adopted by the Board and approved by the Company’s stockholders. 
 (b) Subject to Section 13, Awards may be granted under this Plan for a period of ten years from the earlier of the date on which the Board approves this Plan and the date the Company’s stockholders approve
this Plan. Accordingly, Awards may not be granted under the Plan after the earlier of those dates. 
  

	4.	Administration 

 4.1 General. The Board shall
have ultimate responsibility for administering this Plan. The Board may delegate certain of its responsibilities to a Committee, which shall consist of at least two members of the Board. Where this Plan specifies that an action is to be taken or a
determination made by the Board, only the Board may take that action or make that determination. Where this Plan specifies that an action is to be taken or a determination made by the Committee, only the Committee may take that action or make that
determination. Where this Plan references the “Administrator,” the action may be taken or determination made by the Board or the Committee. All actions and determinations by any Administrator are subject to the provisions of this Plan.

 4.2 Authority of Administrator. Subject to the other provisions of this Plan, the Administrator shall have the authority to:

 (a) grant Awards, including Substitute Awards; 
 (b) determine the Fair Market Value of Shares; 
 (c) determine the Option Price and the Purchase Price of
Awards; 
 (d) select the Awardees; 
 (e) determine the times Awards are granted; 
 (f) determine the number of Shares subject to each Award; 
  

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 (g) determine the types of payment that may be used to purchase Award Shares; 
 (h) determine the types of payment that may be used to satisfy withholding tax obligations; 
 (i) determine the other terms of each Award, including but not limited to the time or times at which Awards may be exercised, whether and under what
conditions an Award is assignable, and whether an Option is a Nonstatutory Option or an Incentive Stock Option; 
 (j) modify or amend any
Award; 
 (k) authorize any person to sign any Award Agreement or other document related to this Plan on behalf of the Company; 

(l) determine the form of any Award Agreement or other document related to this Plan, and whether that document, including signatures, may be in
electronic form; 
 (m) interpret this Plan and any Award Agreement or document related to this Plan; 
 (n) correct any defect, remedy any omission, or reconcile any inconsistency in this Plan, any Award Agreement or any other document related to this Plan;

 (o) adopt, amend, and revoke rules and regulations under this Plan, including rules and regulations relating to sub-plans and Plan
addenda; 
 (p) adopt, amend, and revoke special rules and procedures which may be inconsistent with the terms of this Plan, set forth (if
the Administrator so chooses) in sub-plans regarding (for example) the operation and administration of this Plan and the terms of Awards, if and to the extent necessary or useful to accommodate non-U.S. Applicable Laws and practices as they apply to
Awards and Option Shares held by, or granted or issued to, persons working or resident outside of the United States or employed by Affiliates incorporated outside the United States; 
 (q) determine whether a transaction or event should be treated as a Change of Control, a Divestiture or neither; 
 (r) determine the effect of a Fundamental Transaction and, if the Board determines that a transaction or event should be treated as a Change of Control
or a Divestiture, then the effect of that Change of Control or Divestiture; and 
  

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 (s) make all other determinations the Administrator deems necessary or advisable for the administration
of this Plan. 
 4.3 Scope of Discretion. Subject to the last sentence of this Section 4.3, on all matters for which this Plan
confers the authority, right or power on the Board or the Committee, that body may make those decisions in its sole and absolute discretion. Those decisions will be final, binding and conclusive. Moreover, but again subject to the last sentence of
this Section 4.3, in making those decisions the Board or Committee need not treat all persons eligible to receive Awards, all Awardees, all Awards or all Award Shares the same way. However, except as provided in Section 13.3., the
discretion of the Board or Committee is subject to the specific provisions and specific limitations of this Plan, as well as all rights conferred on specific Awardees by Award Agreements and other agreements. 
  

	5.	Persons Eligible to Receive Awards 

 5.1 Eligible
Individuals. Awards (including Substitute Awards) may be granted to, and only to, Employees, Directors and Consultants, including to prospective Employees, Directors and Consultants conditioned on the beginning of their service for the Company
or an Affiliate. However, Incentive Stock Options may only be granted to Employees as provided in Section 7(g). 
  

	6.	Terms and Conditions of Options 

 The following
rules apply to all Options: 
 6.1 Price. No Option may have an Option Price less than 85% of the Fair Market Value of the Shares on
the Grant Date. If an Option is granted to a person who, at the Grant Date, owns more than 10% of the voting power of the Company or any corporate Affiliate, that Option shall have an Option Price equal to or greater than 110% of the Fair Market
Value of the Shares on the Grant Date. In no event will the Option Price of any Option be less than the par value of the Shares issuable under the Option if that is required by Applicable Law. The Option Price of an Incentive Stock Option
shall be subject to Section 7(f). 
 6.2 Term. No Option shall be exercisable after its Expiration Date. No Option may have an
Expiration Date that is more than ten years after its Grant Date. Additional provisions regarding the term of Incentive Stock Options are provided in Sections 7(a) and 7(e). 
 6.3 Vesting. Options shall be exercisable: (a) on the Grant Date, or (b) in accordance with a schedule related to the Grant Date, the
date the Optionee’s directorship, employment or consultancy begins, or a different date specified in the Option Agreement. If so provided in the Option Agreement, an Option may be 

  

 11 

 
exercisable subject to the application of Reverse Vesting to the Option Shares. However, with respect to Options granted in reliance of Section 25102(o)
of the California Securities Act, the right to exercise an Option must vest or the Option Shares must be subject to Reverse Vesting, at the rate of at least 20% per year over the five years from the Grant Date. No Option granted to an
individual who is subject to the overtime pay provisions of the Fair Labor Standards Act may be exercised before the expiration of six months after the Grant Date. Additional provisions regarding the vesting of Incentive Stock Options are
provided in Section 7(c). 
 6.4 Form of Payment. 
 (a) The Administrator shall determine the acceptable form and method of payment for exercising an Option. 
 (b) Acceptable forms of payment for all Option Shares are cash, check or wire transfer, denominated in U.S. dollars except as specified by the Administrator for non-U.S. Employees or non-U.S. sub-plans. 
 (c) In addition, the Administrator may permit payment to be made by any of the following methods: 
 (i) other Shares, or the designation of other Shares, which (A) are “mature” shares for purposes of avoiding variable
accounting treatment under generally accepted accounting principles (generally mature shares are those that have been owned by the Optionee for more than six months on the date of surrender), and (B) have a Fair Market Value on the date of
surrender equal to the Option Price of the Shares as to which the Option is being exercised; 
 (ii) provided that a public
market exists for the Shares, consideration received by the Company under a procedure under which a broker-dealer that is a member of the National Association of Securities Dealers advances funds on behalf of an Optionee or sells Option Shares on
behalf of an Optionee (a “Cashless Exercise Procedure”), subject to the limitation that no Officer or Director may participate in that Cashless Exercise Procedure unless the Administrator has determined that the
Company has not extended or arranged for the extension of credit to an Optionee; 
 (iii) one or more promissory notes meeting
the requirements of Section 6.4(e), provided that in the case of any Options granted in reliance of the exemptions set forth in Section 25102(o) of the California Securities Act, that Option may not be exercised with a promissory note if
the Option is subject to Reverse Vesting; provided further that no Officer or Director may exercise an Option with a promissory note; 
  

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 (iv) cancellation of any debt owed by the Company or any Affiliate to the Optionee by the
Company including without limitation waiver of compensation due or accrued for services previously rendered to the Company; and 
 (v) any combination of the methods of payment permitted by any paragraph of this Section 6.4. 
 (d) The
Administrator may also permit any other form or method of payment for Option Shares permitted by Applicable Law. 
 (e) The
promissory notes referred to in Section 6.4(c)(iii) must be full recourse. Unless the Committee specifies otherwise after taking into account any relevant accounting issues, the notes shall bear interest at a fair market value rate when the
Option is exercised. Interest on the notes shall also be at least sufficient to avoid imputation of interest under Sections 483, 1274, and 7872 of the Code. The notes and their administration shall at all times comply with any applicable margin
rules of the Federal Reserve. Consultants may not purchase Option Shares with a note unless the note is adequately secured by collateral other than the Option Shares. The portion of the Option Price equal to the par value of the Option Shares shall
in all events be paid in cash. The notes may also include such other terms as the Administrator specifies. Payment may not be made by promissory note by Officers or Directors if Shares are registered under Section 12 of the Exchange Act.

 6.5 Nonassignability of Options. No Option shall be assignable or otherwise transferable by the Optionee except by will or by the
laws of descent and distribution. However, Options may be transferred and exercised in accordance with a Domestic Relations Order and may be exercised by a guardian or conservator appointed to act for the Optionee. Incentive Stock Options may only
be assigned in compliance with Section 7(h). 
 6.6. Substitute Options. The Board may cause the Company to grant Substitute
Options in connection with the acquisition by the Company or an Affiliate of equity securities of any entity (including by merger, tender offer, or other similar transaction) or of all or a portion of the assets of any entity. Any such substitution
shall be effective when the acquisition closes. Substitute Options may be Nonstatutory Options or Incentive Stock Options. Unless and to the extent specified otherwise by the Board, Substitute Options shall have the same terms and conditions as the
options they replace, except that (subject to Section 10) Substitute Options shall be Options to purchase Shares rather than equity securities of the granting entity and shall have an Option Price determined by the Board. 
  

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	7.	Incentive Stock Options 

 The following rules apply
only to Incentive Stock Options and only to the extent these rules are more restrictive than the rules that would otherwise apply under this Plan. With the consent of the Optionee, or where this Plan provides that an action may be taken
notwithstanding any other provision of this Plan, the Administrator may deviate from the requirements of this Section, notwithstanding that any Incentive Stock Option modified by the Administrator will thereafter be treated as a Nonstatutory Option.

 (a) The Expiration Date of an Incentive Stock Option shall not be later than ten years from its Grant Date, with the result that no
Incentive Stock Option may be exercised after the expiration of ten years from its Grant Date. 
 (b) No Incentive Stock Option may be
granted more than ten years from the date this Plan was approved by the Board. 
 (c) Options intended to be incentive stock options under
Section 422 of the Code that are granted to any single Optionee under all incentive stock option plans of the Company and its Affiliates, including incentive stock options granted under this Plan, may not vest at a rate of more than $100,000 in
Fair Market Value of stock (measured on the grant dates of the options) during any calendar year. For this purpose, an option vests with respect to a given share of stock the first time its holder may purchase that share, notwithstanding any right
of the Company to repurchase that share. Unless the administrator of that option plan specifies otherwise in the related agreement governing the option, this vesting limitation shall be applied by, to the extent necessary to satisfy this $100,000
rule, treating certain stock options that were intended to be incentive stock options under Section 422 of the Code as Nonstatutory Options. The stock options or portions of stock options to be reclassified as Nonstatutory Options are those
with the highest option prices, whether granted under this Plan or any other equity compensation plan of the Company or any Affiliate that permits that treatment. This Section 7(c) shall not cause an Incentive Stock Option to vest before its
original vesting date or cause an Incentive Stock Option that has already vested to cease to be vested. 
 (d) In order for an Incentive
Stock Option to be exercised for any form of payment other than those described in Section 6.4(b), that right must be stated at the time of grant in the Option Agreement relating to that Incentive Stock Option. 
 (e) Any Incentive Stock Option granted to a Ten Percent Shareholder, must have an Expiration Date that is not later than five years from its Grant Date,
with the result that no such Option may be exercised after the expiration of five years from the Grant Date. A “Ten Percent Shareholder” is any person who, directly or by attribution under Section 424(d) of the Code,
owns stock possessing more than ten percent of the total combined voting power of all classes of stock of the Company or of any Affiliate on the Grant Date. 
  

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 (f) The Option Price of an Incentive Stock Option shall never be less than the Fair Market Value of the
Shares at the Grant Date. The Option Price for the Shares covered by an Incentive Stock Option granted to a Ten Percent Shareholder shall never be less than 110% of the Fair Market Value of the Shares at the Grant Date. 
 (g) Incentive Stock Options may be granted only to Employees. If an Optionee changes status from an Employee to a Consultant, that Optionee’s
Incentive Stock Options shall automatically become Nonstatutory Options if not exercised within the time period described in Section 7(i). 
 (h) No rights under an Incentive Stock Option may be transferred by the Optionee, other than by will or the laws of descent and distribution. During the life of the Optionee, an Incentive Stock Option may be exercised only by the Optionee.
The Company’s compliance with a Domestic Relations Order, or the exercise of an Incentive Stock Option by a guardian or conservator appointed to act for the Optionee, shall not violate this Section 7(h). 
 (i) An Incentive Stock Option shall be treated as a Nonstatutory Option if it remains exercisable after, and is not exercised within, the three-month
period beginning with the Optionee’s Termination for any reason other than the Optionee’s death or disability (as defined in Section 22(c) of the Code). In the case of Termination due to death, an Incentive Stock Option shall continue
to be treated as an Incentive Stock Option if it remains exercisable after, and is not exercised within, the three-month period after the Optionee’s Termination provided it is exercised before the Expiration Date. In the case of Termination due
to disability, an Incentive Stock Option shall be treated as a Nonstatutory Option if it remains exercisable after, and is not exercised within, one year after the Optionee’s Termination. 
 (j) An Incentive Stock Option may only be modified by the Board or Committee. 
  

	8.	Stock Appreciation Rights, Stock Awards and Cash Awards 

 8.1 Stock Appreciation Rights 
 The following rules apply to SARs: 
 (a) Term. No SAR shall be exercisable after its Expiration Date. No SAR may have an Expiration Date that is more than ten years after its Grant
Date. 
 (b) Vesting. SARs shall be exercisable: (i) on the Grant Date, (ii) in accordance with a schedule related to the
Grant Date, the date the Awardee’s directorship, employment or consultancy begins, or a different date specified in the Award Agreement, or (iii) or upon the achievement of Objectively Determinable Performance Conditions. 
  

 15 

 (c) Exercise of SARs. Upon the exercise of an SAR, in whole or in part, an Awardee shall be
entitled to a payment in an amount equal to the excess of the Fair Market Value of a fixed number of Shares covered by the exercised portion of the SAR on the date of exercise, over the Fair Market Value of the Shares covered by the exercised
portion of the SAR on the Grant Date. The amount due to the Awardee the exercise of a SAR will be paid in cash or Shares over the period or periods specified in the Award Agreement. An Award Agreement may place limits on the amount that may be paid
over any specified period or periods upon the exercise of a SAR, on an aggregate basis or as to any Awardee. A SAR shall be considered exercised when the Company receives written notice of exercise in accordance with the terms of the Award Agreement
from the person entitled to exercise the SAR. 
 (d) Nonassignability of SARs. Except as set forth in any Award Agreement or
determined by the Administrator, no SAR shall be assignable or otherwise transferable by the Awardee except by will or by the laws of descent and distribution. However, SARs may be transferred and exercised in accordance with a Domestic Relations
Order. 
 (e) Substitute SARs. The Board may cause the Company to grant Substitute SARs in connection with the acquisition by the
Company or an Affiliate of equity securities of any entity (including by merger) or all or a portion of the assets of any entity. Any such substitution shall be effective when the acquisition closes. Unless and to the extent specified otherwise by
the Board, Substitute SARs shall have the same terms and conditions as the options they replace, except that (subject to Section 10) Substitute SARs shall be exercisable with respect to the Fair Market Value of Shares rather than equity
securities of the granting entity and shall be on terms that, as determined by the Board in its sole and absolute discretion, properly reflects the substitution. 
 8.2 Stock Awards. The following rules apply to all Stock Awards: 
 (a) Price. No Stock Award
may have a Purchase Price less than 85% of the Fair Market Value of the Shares on the Grant Date or on the date on which the purchase is completed. If a Stock Award of Shares that are not Listed Securities is granted to a person who, at the Grant
Date, owns more than 10% of the voting power of the Company or any corporate Affiliate, that Stock Award shall have a Purchase Price of not less than 100% of the Fair Market Value of the Shares on the Grant Date or on the date the purchase is
completed. In no event will the Purchase Price of any Stock Award be less than the par value of the Shares issuable under the Stock Award if that is required by Applicable Law. 
 (b) Term. No Stock Award shall be exercisable after its Expiration Date. No Stock Award may have an Expiration Date that is more than ten years
after its Grant Date. 
  

 16 

 (c) Vesting. Stock Awards shall be exercisable: (i) on the Grant Date, or (ii) in
accordance with a schedule related to the Grant Date, the date the Awardee’s directorship, employment or consultancy begins, or a different date specified in the Award Agreement. 
 (d) Right of Repurchase. If so provided in the Award Agreement, Award Shares acquired pursuant to a Stock Award may be subject to Reverse Vesting.
With respect to Stock Awards subject to Reverse Vesting granted to Employees who are not officers or directors of the Company or any parent or subsidiary of the Company to purchase Shares that are not Listed Securities, the Company’s right of
repurchase must lapse at the rate of at least 20% per year over the five years from the Grant Date. 
 (e) Form of Payment. The
Administrator shall determine the acceptable form and method of payment for exercising a Stock Award. 
 (i) Acceptable forms
of payment for all Award Shares are cash, check or wire transfer, denominated in U.S. dollars except as specified by the Administrator for non-U.S. Employees or non-U.S. sub-plans. 
 (ii) In addition, the Administrator may permit payment to be made by any of the methods permitted with respect to the exercise of Options
pursuant to Section 6.4. 
 (f) Nonassignability of Stock Awards. Except as set forth in any Award Agreement or determined by the
Administrator, no Stock Award shall be assignable or otherwise transferable by the Awardee except by will or by the laws of descent and distribution. However, Stock Awards may be transferred and exercised in accordance with a Domestic Relations
Order. 
 (g) Substitute Stock Award. The Board may cause the Company to grant Substitute Stock Awards in connection with the
acquisition by the Company or an Affiliate of equity securities of any entity (including by merger) or all or a portion of the assets of any entity. Unless and to the extent specified otherwise by the Board, Substitute Stock Awards shall have the
same terms and conditions as the options they replace, except that (subject to Section 10) Substitute Stock Awards shall be Stock Awards to purchase Shares rather than equity securities of the granting entity and shall have a Purchase Price
that, as determined by the Board in its sole and absolute discretion, properly reflects the substitution. 
 8.3 Cash Awards. The
following rules apply to all Cash Awards: 
 (a) Term. No Cash Award shall be payable after its Expiration Date. No Cash Award may have
an Expiration Date that is more than ten years after its Grant Date. 
  

 17 

 (b) Vesting. Cash Awards shall be payable: (i) on the Grant Date, (ii) in accordance
with a schedule related to the Grant Date, the date the Awardee’s directorship, employment or consultancy begins, or a different date specified in the Award Agreement, or (iii) or upon the achievement of Objectively Determinable
Performance Conditions. 
  

	9.	Exercise of Awards 

 9.1 In General. An Award
shall be exercisable in accordance with this Plan and the Award Agreement under which it is granted. 
 9.2 Time of Exercise. Options
and Stock Awards shall be considered exercised when the Company receives: (a) written notice of exercise from the person entitled to exercise the Option or Stock Award, (b) full payment, or provision for payment, in a form and method
approved by the Administrator, for the Shares for which the Option or Stock Award is being exercised, and (c) with respect to Nonstatutory Options or Stock Awards, payment, or provision for payment, in a form approved by the Administrator, of
all applicable withholding taxes due upon exercise. An Award may not be exercised for a fraction of a Share or for less than 50 Shares. SARs and Cash Awards shall be considered exercised when the Company receives written notice of the exercise from
the person entitled to exercise the SAR or Cash Award. 
 9.3 Issuance of Award Shares. The Company shall issue Award Shares in the
name of the person properly exercising the Award. If the Awardee is that person and so requests, the Award Shares shall be issued in the name of the Awardee and the Awardee’s spouse. The Company shall endeavor to issue Award Shares promptly
after an Award is exercised. However, until Award Shares are actually issued, as evidenced by the appropriate entry on the stock books of the Company or its transfer agent, the Awardee shall not have the rights of a shareholder with respect to those
Option Shares, even though the Awardee has completed all the steps necessary to exercise the Award. No adjustment shall be made for any dividend, distribution, or other right for which the record date precedes the date the Award Shares are issued,
except as provided in Section 10. 
 9.4 Termination 
 (a) In General. Except as provided in an Award Agreement or in writing by the Administrator and as otherwise provided in
Sections 9.4(b), (c), (d), (e) and (f), after an Awardee’s Termination the Awardee’s Awards shall be exercisable to the extent (but only to the extent) they are vested on the date of that Termination and only during the three
months after the Termination (provided that, prior to the time the Shares become Listed Securities, such period of time shall be not less than thirty (30) days), but in no event after the Expiration Date. To the extent the Awardee does not
exercise an Award within the time specified for exercise, the Award shall automatically terminate. 
  

 18 

 (b) Leaves of Absence. Unless otherwise provided in the Award Agreement, no Award may be
exercised more than three months after the beginning of a leave of absence, other than a personal or medical leave approved by an authorized representative of the Company with employment guaranteed upon return by contract or statute. Awards shall
not continue to vest during a leave of absence, unless otherwise determined by the Administrator with respect to an approved personal or medical leave with employment guaranteed upon return by contract or statute. 
 (c) Death or Disability. Unless otherwise provided by the Administrator or in the Award Agreement, if an Awardee’s Termination is due
to death or disability (as determined by the Administrator with respect to all Awards other than Incentive Stock Options and as defined by Section 22(e) of the Code with respect to Incentive Stock Options), all Awards of that Awardee to the
extent exercisable at the date of that Termination may be exercised for one year after that Termination (provided that, prior to the time the Shares become Listed Securities, such period of time shall be not less than six (6) months), but in no
event after the Expiration Date. In the case of Termination due to death, an Award may be exercised as provided in Section 16. In the case of Termination due to disability, if a guardian or conservator has been appointed to act for the Awardee
and been granted this authority as part of that appointment, that guardian or conservator may exercise the Award on behalf of the Awardee. In the case of an Awardee who dies or becomes disabled within three months after Termination, if the
Termination was not due to Cause, the Awardee’s Awards may be exercised for one year after that Termination. To the extent an Award is not so exercised within the time specified for its exercise, the Award shall automatically terminate.

 (d) Divestiture. If an Awardee’s Termination is due to a Divestiture, the Board may take any one or more of the actions
described in Section 10.3 or 10.4 with respect to the Awardee’s Awards. 
 (e) Termination for Cause. If an
Awardee’s Termination is due to Cause, all of the Awardee’s Awards shall automatically terminate and cease to be exercisable at the time of Termination and the Administrator may rescind any and all exercises of Awards by the Awardee that
occurred after the first event constituting Cause. “Cause” means employment-related dishonesty, fraud, willful or material misconduct, disclosure or misuse of confidential information or other employment-related conduct that
is likely to cause significant injury to the Company, an Affiliate or any of their respective employees, officers or directors (including, without limitation, commission of a felony or similar offense), in each case as determined by the
Administrator. “Cause” shall not require that a civil judgment or criminal conviction have been entered against or guilty plea shall have been made by the Awardee regarding any of the matters referred to in the previous sentence.
Accordingly, the Administrator shall be entitled to determine “Cause” based on the Administrator’s good faith belief. If the Awardee is criminally charged with a felony or similar offense, that shall be a sufficient, but not a
necessary, basis for such a belief. 
  

 19 

 (f) Reverse Vesting. Under any circumstances stated in this Section 9.4 in which all
unvested Options of an Optionee immediately vest, the Company’s repurchase rights shall lapse on all Option Shares held by that Optionee which are subject to Reverse Vesting. 
 (g) Consulting or Employment Relationship. Nothing in this Plan or in any Award Agreement, and no Award or the fact that Award Shares
remain subject to repurchase rights, shall: (A) interfere with or limit the right of the Company or any Affiliate to terminate the employment or consultancy of any Awardee at any time, whether with or without cause or reason, and with or
without the payment of severance or any other compensation or payment, or (B) interfere with the application of any provision in any of the Company’s or any Affiliate’s charter documents or Applicable Law relating to the election,
appointment, term of office, or removal of a Director. 
  

	10.	Certain Transactions and Events 

 10.1 In
General. Except as provided in this Section 10, no change in the capital structure of the Company, merger, sale or other disposition of assets or a subsidiary, change of control, issuance by the Company of shares of any class of securities
convertible into shares of any class, conversion of securities, or other transaction or event shall require or be the occasion for any adjustments of the type described in this Section 10. Additional provisions with respect to the foregoing
transactions are set forth in Section 13.3. 
 10.2 Changes in Capital Structure. In the event of any stock split, reverse stock
split, recapitalization, combination or reclassification of stock, stock dividend, spin-off, or similar change to the capital structure of the Company (not including a Fundamental Transaction or Change of Control), the Board shall make whatever
adjustments it concludes are appropriate to: (a) the number and type of Awards that may be granted under this Plan, (b) the number and type of Options that may be granted to any individual under this Plan, (c) the Terms of any SAR,
(d) the Purchase Price of any Stock Award, and (e) the Option Price and number and class of securities issuable under each outstanding Option, and (f) the repurchase price of any securities substituted for Option Shares that are
subject to repurchase rights. The specific adjustments shall be determined by the Board in its sole and absolute discretion. Unless the Board specifies otherwise, any securities issuable as a result of any such adjustment shall be rounded to the
next lower whole security. The Board need not adopt the same rules for each Award or each Awardee. 
 10.3 Fundamental Transactions.
If the Company merges with another entity in a transaction in which the Company is not the surviving entity or if, as a result of any 

  

 20 

 
other transaction or event, other securities are substituted for the Shares or Shares may no longer be issued (each a “Fundamental
Transaction”), then, notwithstanding any other provision of this Plan, the Board shall do one or more of the following contingent on the closing or completion of the Fundamental Transaction: (a) arrange for the substitution, in
exchange for Awards, of options to purchase equity securities other than Shares (including, if appropriate, equity securities of an entity other than the Company) (an “assumption” of Awards) on such terms and conditions as the Board
determines are appropriate, (b) accelerate the vesting and termination of outstanding Awards, in whole or in part, so that Awards can be exercised before or otherwise in connection with the closing or completion of the Fundamental Transaction
or event but then terminate, (c) cancel or arrange for the cancellation of Awards in exchange for cash payments to Awardees, and (d) either arrange for any repurchase rights of the Company with respect to Award Shares to apply to the
securities issued in substitution for Shares or terminate repurchase rights on Award Shares. The Board need not adopt the same rules for each Award or each Awardee. 
 10.4 Changes of Control. The Board may also, but need not, specify that other transactions or events constitute a “Change of Control”. The Board may do that either before or after the
transaction or event occurs. Examples of transactions or events that the Board may treat as Changes of Control are: (a) the Company or an Affiliate is a party to a merger, consolidation, amalgamation, or other transaction in which the
beneficial stockholders of the Company, immediately before the transaction, beneficially own securities representing 50% or less of the total combined voting power or value of the Company immediately after the transaction, (b) any person or
entity, including a “group” as contemplated by Section 13(d)(3) of the Exchange Act, acquires securities holding 30% or more of the total combined voting power or value of the Company, or (c) as a result of or in connection with
a contested election of Company Directors, the persons who were Company Directors immediately before the election cease to constitute a majority of the Board. In connection with a Change of Control, notwithstanding any other provision of this Plan,
the Board may take any one or more of the actions described in Section 10.3. In addition, the Board may extend the date for the exercise of Awards (but not beyond their original Expiration Date). The Board need not adopt the same rules for each
Award or each Awardee. 
 10.5 Divestiture. If the Company or an Affiliate sells or otherwise transfers equity securities of an
Affiliate to a person or entity other than the Company or an Affiliate, or leases, exchanges or transfers all or any portion of its assets to such a person or entity, then the Board may specify that such transaction or event constitutes a
“Divestiture”. In connection with a Divestiture, notwithstanding any other provision of this Plan, the Board may take one or more of the actions described in Section 10.3 or 10.4 with respect to Awards or Award Shares
held by, for example, Employees, Directors or Consultants for whom that transaction or event results in a Termination. The Board need not adopt the same rules for each Award or each Awardee. 
  

 21 

 10.6 Dissolution. If the Company adopts a plan of dissolution, the Board may cause Awards to be
fully vested and exercisable (but not after their Expiration Date) before the dissolution is completed but contingent on its completion and may cause the Company’s repurchase rights on Award Shares to lapse upon completion of the dissolution.
The Board need not adopt the same rules for each Award or each Awardee. However, to the extent not exercised before the earlier of the completion of the dissolution or their Expiration Date, Awards shall terminate just before the dissolution is
completed. 
 10.7 Cut-Back to Preserve Benefits. If the Administrator determines that the net after-tax amount to be realized by any
Awardee, taking into account any accelerated vesting, termination of repurchase rights, or cash payments to that Awardee in connection with any transaction or event addressed in this Section 10 would be greater if one or more of those steps
were not taken or payments were not made with respect to that Awardee’s Awards or Award Shares, then and to that extent one or more of those steps shall not be taken and payments shall not be made. 
  

	11.	Withholding and Tax Reporting 

 11.1 Tax
Withholding Alternatives 
 (a) General. Whenever Award Shares are issued or become free of restrictions, the Company may
require the Awardee to remit to the Company an amount sufficient to satisfy any applicable tax withholding requirement, whether the related tax is imposed on the Awardee or the Company. The Company shall have no obligation to deliver Award Shares or
release Award Shares from an escrow or permit a transfer of Option Shares until the Awardee has satisfied those tax withholding obligations. Whenever payment in satisfaction of Awards is made in cash, the payment will be reduced by an amount
sufficient to satisfy all tax withholding requirements. 
 (b) Method of Payment. The Awardee shall pay any required
withholding using the forms of consideration described in Section 6.4(b), except that, in the discretion of the Administrator, the Company may also permit the Awardee to use any of the forms of payment described in Section 6.4(c). The
Administrator may also permit Award Shares to be withheld to pay required withholding. If the Administrator permits Award Shares to be withheld, the Fair Market Value of the Award Shares withheld, as determined as of the date of withholding, shall
not exceed the amount determined by the applicable minimum statutory withholding rates. 
 11.2 Reporting of Dispositions. Any holder
of Option Shares acquired under an Incentive Stock Option shall promptly notify the Administrator, following such procedures as the Administrator may require, of the sale or other disposition of any of those Option Shares if the disposition occurs
during: (a) the longer of two years after the Grant Date of the Incentive Stock Option and one year after the date the Incentive Stock Option was exercised, or (b) such other period as the Administrator has established. 
  

 22 

	12.	Compliance with Law 

 12.1 Applicable Law.
The grant of Awards and the issuance and subsequent transfer of Award Shares shall be subject to compliance with all Applicable Law, including all applicable securities laws. Awards may not be exercised, and Award Shares may not be transferred, in
violation of Applicable Law. Thus, for example, Awards may not be exercised unless: (a) a registration statement under the Securities Act is then in effect with respect to the related Award Shares, or (b) in the opinion of legal counsel to
the Company, those Award Shares may be issued in accordance with an applicable exemption from the registration requirements of the Securities Act and any other applicable securities laws. The failure or inability of the Company to obtain from any
regulatory body the authority considered by the Company’s legal counsel to be necessary or useful for the lawful issuance of any Award Shares or their subsequent transfer shall relieve the Company of any liability for failing to issue those
Award Shares or permitting their transfer. As a condition to the exercise of any Award or the transfer of any Award Shares, the Company may require the Awardee to satisfy any requirements or qualifications that may be necessary or appropriate to
comply with or evidence compliance with any Applicable Law. 
 12.2 Financial Information. The Company shall furnish its annual
financial statements to each Awardee during the period the Awardee holds any Option, Stock Award or Award Shares. Those statements shall include a balance sheet and income statement, and shall be delivered as soon as is practical after the end of
the Company’s fiscal year. This section does not apply to Awardees who are key Employees and whose duties afford them access to those financial statements. 
  

	13.	Amendment or Termination of this Plan or Outstanding Awards 

 13.1 Amendment and Termination. The Board may at any time amend, suspend, or terminate this Plan. 
 13.2 Stockholder
Approval. The Company shall obtain the approval of the Company’s stockholders for any amendment to this Plan if shareholder approval is necessary or desirable to comply with any Applicable Law or with the requirements applicable to the
grant of Awards intended to be Incentive Stock Options. The Board may also, but need not, require that the Company’s stockholders approve any other amendments to this Plan. 
 13.3 Effect. No amendment, suspension, or termination of this Plan, and no modification of any Award even in the absence of an amendment,
suspension, or termination of this Plan, shall impair any existing contractual rights of any Awardee 

  

 23 

 
unless the affected Awardee consents to the amendment, suspension, termination, or modification. However, no such consent shall be required if the Board
determines in its sole and absolute discretion that the amendment, suspension, termination, or modification: (a) is required or advisable in order for the Company, the Plan or the Award to satisfy Applicable Law, to meet the requirements of any
accounting standard or to avoid any adverse accounting treatment, or (b) in connection with any transaction or event described in Section 10, is in the best interests of the Company or its stockholders. The Board may, but need not, take
the tax consequences to affected Awardees into consideration in acting under the preceding sentence. Those decisions will be final, binding and conclusive. Termination of this Plan shall not affect the Administrator’s ability to exercise the
powers granted to it under this Plan with respect to Awards granted before the termination, or Award Shares issued under such Awards, even if those Award Shares are issued after the termination. 
  

	14.	Reserved Rights 

 14.1 Nonexclusivity of this
Plan. This Plan shall not limit the power of the Company or any Affiliate to adopt other incentive arrangements including, for example, the grant or issuance of stock options, stock, or other equity-based rights under other plans or
independently of any plan. 
 14.2 Unfunded Plan. This Plan shall be unfunded. Although bookkeeping accounts may be established with
respect to Awardees, any such accounts will be used merely as a convenience. The Company shall not be required to segregate any assets on account of this Plan, the grant of Awards, or the issuance of Award Shares. The Company and the Administrator
shall not be deemed to be a trustee of stock or cash to be awarded under this Plan. Any obligations of the Company to any Awardee shall be based solely upon contracts entered into under this Plan, such as Award Agreements. No such obligations shall
be deemed to be secured by any pledge or other encumbrance on any assets of the Company. Neither the Company nor the Administrator shall be required to give any security or bond for the performance of any such obligations. 
  

	15.	Special Arrangements Regarding Award Shares 

 15.1
Escrows and Pledges. To enforce any restrictions on Award Shares including restrictions related to Reverse Vesting, the Administrator may require their holder to deposit the certificates representing Award Shares, with stock powers or other
transfer instruments approved by the Administrator endorsed in blank, with the Company or an agent of the Company to hold in escrow until the restrictions have lapsed or terminated. The Administrator may also cause a legend or legends referencing
the restrictions to be placed on the certificates. Any Awardee who delivers a promissory note as partial or full consideration for the purchase of Award Shares will be required to pledge and deposit with the Company some or all of the Award Shares
as collateral to secure the payment of the note. However, the Administrator may require or accept other 

  

 24 

 
or additional forms of collateral to secure the note and, in any event, the Company will have full recourse against the maker of the note, notwithstanding
any pledge or other collateral. 
 15.2 Repurchase Rights 
 (a) Reverse Vesting. If an Option or Stock Award is subject to Reverse Vesting, the Company shall have the right, during the 90 days
after the Awardee’s Termination, to repurchase any or all of the Award Shares that were unvested as of the date of that Termination, at a purchase price determined by the Administrator in accordance with this Section 15.2. The repurchase
price shall be either (i) the Option Price or Purchase Price for those shares or (ii) the lower of the Option Price for those Shares, the Purchase Price for those Shares or the Fair Market Value of those Option Shares as of the date of the
Termination. However, the repurchase price will be the lower of (i) the Option Price or Purchase Price for the Award Shares (minus the amount of any cash dividends paid or payable with respect to the Award Shares for which the record date
precedes the repurchase, and (ii) the Fair Market Value at the date of the Termination, if the Award Shares were purchased with a promissory note. The repurchase price shall be paid in cash or, if the Option Shares were purchased in whole or in
part with a promissory note, cancellation of indebtedness under that note, or a combination of those means. The Company’s right to repurchase Award Shares granted to any Awardee who is not an officer, Company Director or Consultant pursuant to
Section 25102(o) of the California Securities Act during any period in which the Shares are not registered under Section 12 of the Exchange Act at Fair Market Value will terminate if and when Shares become Listed Securities. The Company
may assign this right of repurchase. 
 (b) Procedure. The Company may, in it sole discretion, exercise any of its repurchase
rights under Section 15.2. The Company or its assignee may choose to give the Awardee a written notice of exercise of its repurchase rights under this Section 15.2. However, the Company’s failure to give such a notice shall not affect
its rights to repurchase Award Shares. The Company must, however, tender the repurchase price during the period specified in this Section 15.2 for exercising its repurchase rights in order to exercise such rights. 
 15.3 Market Standoff. If requested by the Company or a representative of its underwriters in connection with a registration of any securities of
the Company under the Securities Act, Awardees or certain Awardees shall be prohibited from selling some or all of their Award Shares during a period not to exceed 180 days after the effective date of a registration statement filed with respect to
the initial public offering of the Company stock and 90 days after the effective date of any other registration statement of the Company. This restriction shall apply only to the first two registration statements of the Company to become effective
under the Securities Act. However, it shall not apply to any registration statement on Form S-8 or an equivalent registration statement. Moreover, registration statements on Form S-4, S-8 or equivalent registration statements shall not count as
either of those two registration statements. 
  

 25 

 15.4 Dividends. Dividends on Award Shares that are subject to any restrictions, including Reverse
Vesting, shall be (a) deferred until the lapsing of the restrictions on such Award Shares and (b) held by the Company for the benefit of the Awardee until the lapsing of such restrictions, if cash, with such interest as determined by the
Administrator in its sole discretion, subject to the same restriction, including those set forth in this Section 15, as the Award Shares on which the dividends were paid. 
  

	16.	Beneficiaries 

 An Awardee may file a written
designation of one or more beneficiaries who are to receive the Awardee’s rights under the Awardee’s Awards after the Awardee’s death. An Awardee may change such a designation at any time by written notice. If an Awardee designates a
beneficiary, the beneficiary may exercise the Awardee’s Awards after the Awardee’s death. If an Awardee dies when the Awardee has no living beneficiary designated under this Plan, the Company shall allow the executor or administrator of
the Awardee’s estate to exercise the Award or, if there is none, the person entitled to exercise the Option under the Awardee’s will or the laws of descent and distribution. In any case, no Award may be exercised after its Expiration Date.

  

	17.	Miscellaneous 

 17.1 Governing Law. This
Plan, the Award Agreements, and all other agreements entered into under this Plan, and all actions taken under this Plan or in connection with Awards or Award Shares shall be governed by the substantive laws, but not the choice of law rules, of the
State of California. 
 17.2 Determination of Value. Fair Market Value shall be determined as follows: 
 (a) No Established Market. If Shares are not traded on any established stock exchange or quoted on a national market system and are not
quoted by a recognized securities dealer, the Administrator (following guidelines established by the Board or Committee) will determine Fair Market Value in good faith. The Administrator will consider the following factors, and any others it
considers significant, in determining Fair Market Value: (i) the price at which other securities of the Company have been issued to purchasers other than Employees, Directors, or Consultants, (ii) the Company’s net worth, prospective
earning power, dividend paying capacity, and non-operating assets, if any, and (iii) any other relevant factors, including the economic outlook for the Company and the Company’s industry, the Company’s position in that industry, the
Company’s goodwill and intellectual property, and the values of securities of other businesses in the same industry. 
  

 26 

 (b) Listed Stock. If the Shares are traded on any established stock exchange or quoted on a
national market system, Fair Market Value shall be the closing sales price for the Shares as quoted on that stock exchange or system for the date the value is to be determined (the “Value Date”) as reported in The Wall
Street Journal or a similar publication. If no sales are reported as having occurred on the Value Date, Fair Market Value shall be that closing sales price for the last preceding trading day on which sales of Shares are reported as having
occurred. If no sales are reported as having occurred during the five trading days before the Value Date, Fair Market Value shall be the closing bid for Shares on the Value Date. If Shares are listed on multiple exchanges or systems, Fair Market
Value shall be based on sales or bids on the primary exchange or system on which Shares are traded or quoted. 
 (c) Stock Quoted by
Securities Dealer. If Shares are regularly quoted by a recognized securities dealer but selling prices are not reported on any established stock exchange or quoted on a national market system, Fair Market Value shall be the mean between the
high bid and low asked prices on the Value Date. If no prices are quoted for the Value Date, Fair Market Value shall be the mean between the high bid and low asked prices on the last preceding trading day on which any bid and asked prices were
quoted. 
 (d) Initial Public Offering. The Fair Market Value of Shares on the date, if any, that the Company makes an initial
public offering of Shares shall be the price at which Shares are first offered to the public. 
 17.3 Reservation of Shares. During
the term of this Plan, the Company will at all times reserve and keep available such number of Shares as are still issuable under this Plan. 
 17.4 Electronic Communications. Any Award Agreement, notice of exercise of an Award, or other document required or permitted by this Plan may be delivered in writing or, to the extent determined by the Administrator, electronically.
Signatures may also be electronic if permitted by the Administrator. 
  

 27 

 17.5 Notices. Unless the Administrator specifies otherwise, any notice to the Company under any
Option Agreement or with respect to any Awards or Award Shares shall be in writing (or, if so authorized by Section 17.4, communicated electronically), shall be addressed to the Secretary of the Company, and shall only be effective when
received by the Secretary of the Company. 
 Adopted by the Board and effective on March 31, 2003. 
 Approved by the stockholders on March 31, 2003. 
 Amended to reduce
total shares covered by 660,000 shares to 935,000 on October 22, 2003. 
 Amended to reduce total shares covered by 232,500 shares to 702,500 on
December 18, 2004. 
 Amended to increase total shares covered by 22,815,358 shares, to a total of 23,517,858 shares effective February 18, 2004.

 Adjusted to reduce total shares covered to 2,125,042 shares in connection with a 1-for-11.06701 reverse stock split of the Company’s Common Stock and
Preferred Stock effected on May 15, 2007. 
  

 28Form of Option Exercise and Stock Purchase Agreement and Forms of Grant Notices

 Exhibit 10.22 
 JAZZ PHARMACEUTICALS, INC. 
 2003 EQUITY INCENTIVE PLAN 
 OPTION EXERCISE 
 AND 
 STOCK PURCHASE AGREEMENT 
 Instructions

  

	1.	Read the entire Agreement carefully. This is a legally binding agreement between you and the Company. 

  

	2.	Items A–C: insert your name and identifying information. 

  

	3.	Items D-G: identify the stock option you want to exercise. 

  

	4.	Item H: identify how many shares you want to purchase. 

  

	5.	Item I: Calculate the Option Price by multiplying the share number in Item H by the purchase price per share in Item E. 

  

	6.	Item J: Confirm with the Company whether a tax withholding amount should be entered in this space. 

  

	7.	Item K: Add the Option Price in Item I to the tax withholding amount, if any, in Item J. Insert the resulting Purchase Price in Item K. 

  

	8.	Item L: Identify your approved method of payment for the Shares. 

  

	9.	Signatures: Sign the Agreement in the space provided on page 10. (Important note: If you are married, your spouse also is required to sign.)

  

	10.	Submit your fully completed and signed Agreement, together with payment of the Purchase Price, to the Finance Department 

 JAZZ PHARMACEUTICALS, INC. 
 2003 EQUITY INCENTIVE PLAN 
 OPTION EXERCISE AND 
 STOCK PURCHASE AGREEMENT 
 Date:                     
 OPTIONHOLDER / PURCHASER 
  

	(A)	Name:                                     
                                        
                                        
                                       

  

	(B)	Employee
number:                                       
                                        
                                        
                  

  

	(C)	Residence
address:                                      
                                        
                                        
                   

 STOCK
OPTION 
  

	(D)	Option Shares (total) subject to this
Option:                                       
                                        
                  

  

	(E)	Purchase Price per
Share:                                       
                                        
                                        
      

  

	(F)	Grant
Date:                                       
                                        
                                        
                            

  

	(G)	Option
Number:                                       
                                        
                                        
                      

 OPTION SHARES PURCHASED UNDER THIS AGREEMENT 
  

	(H)	Shares
purchased:                                      
                                        
                                        
                   

  

	(I)	Option Price [ (E) x
(H) ]:                                      
                                        
                                        
       

  

	(J)	Tax withholding (if
applicable):                                      
                                        
                                     

 (to be calculated by Company) 
  

	(K)	Purchase Price [ (I) +
(J) ]:                                      
                                        
                                        
     

 PAYMENT METHOD (select one or more) 
  

	(L)	Cash or check
(enclosed):                                      
                                        
                                        
       

 Wire
transfer:                                      
                                        
                                        
                           
 (Identify sending bank and wire transfer number) 
 “Cashless exercise” (if
permitted):                                      
                                        
                                 
 (Identify approved NASD broker-dealer and attach agreement) 
 Other:                                     
                                        
                                        
                                        

(Attach Company approval for other form of payment) 

	1.	Exercise of Option. 

 1.1. I am exercising my
right to purchase the number of shares of common stock of Jazz Pharmaceuticals, Inc. indicated on Line (H) by exercising the option identified on Lines (D) through (G). The per share purchase price of the option is indicated on Line
(E) and the aggregate purchase price of the shares I am purchasing is indicated on Line (I). I acknowledge that I may be responsible for tax withholding on the shares, in which case the aggregate purchase price would be as indicated on Line
(K) (which the Company will complete). The shares that I am purchasing by exercising my option are referred to in this agreement as the “Shares”. The total purchase price of the shares is referred to in this agreement as the
“Purchase Price”. I acknowledge that the option I am exercising was issued under and is subject to the rules of the 2003 Equity Incentive Plan of Jazz Pharmaceuticals, Inc. (the “Plan”). 
 1.2. With this signed agreement, I have submitted payment in a form acceptable to the Company for the amount of the Purchase Price. 
  

	2.	Company’s Rights of Repurchase. 

 2.1.
Right of Repurchase for Reverse Vesting. If the Shares are not completely vested, I acknowledge that, if my employment with the Company is Terminated (as defined in the Plan), the Company can elect to repurchase any or all of the
unvested Shares during the 90 days following my Termination for the lesser of: (i) the Purchase Price of the Shares, minus any cash dividends paid or payable with respect to the Shares for which the record date precedes the repurchase and
(ii) the fair market value of the Shares as of the date of my Termination (determined in accordance with the Plan). 
 2.2
Acceleration of Vesting. If (a) there is of a Change of Control (defined below) of the Company and (b) my employment with the Company is terminated by the Company, other than for Cause (defined below), within twelve months after
such Change of Control, then the Company’s repurchase right with respect to 25% of the Shares covered by the option pursuant to which the Shares were purchased (or if less than 25% of the shares covered by such option then remain unvested, all
such remaining unvested shares) will automatically lapse on the last day of my employment. For purposes of this Section 2.2, “Change of Control” means (a) the sale, lease, assignment, transfer, conveyance or disposal of all or
substantially all of the assets of the Company, or (b) the acquisition of the Company by another entity by means of a consolidation, reorganization, merger or other similar transaction or series of related transactions, in each case excluding
(i) any such transaction in which the stockholders of the Company immediately prior to the transaction own more than 50% of the voting power of the acquiror (or parent thereof) immediately after such transaction and (ii) any transaction
determined by the Board of Directors of the Company in good faith to be primarily for capital raising purposes. “Cause” means (a) my willful misconduct or gross negligence in the performance of my duties; (b) my conviction or
plea of guilt or nolo contendere to any felony or crime involving moral turpitude; or (c) my continued failure to perform my duties to the Company. 

 2.3 Escrow. To enforce any restrictions on the Shares, including the Company’s right
to repurchase the Shares, I acknowledge that I may be required to deposit the certificates representing the Shares, with stock powers or other transfer instruments endorsed in blank, with the Company or an agent of the Company to hold in escrow
until the restrictions have lapsed or terminated. I further acknowledge that the certificates representing the Shares may contain legends referencing the restrictions on the Shares and any other legends deemed appropriate by counsel to the Company.

 2.4 Sales Prohibited. I acknowledge that I may not sell or transfer the shares while they are subject to the
Company’s right of repurchase. 
  

	3.	Company’s Right of First Refusal Respecting Shares. 

 3.1. Right of First Refusal. If I propose to transfer any Shares or any interest in the Shares, the Company will have a right of first refusal (the “Right of First Refusal”) with
respect to those Shares. 
 3.2. Notice of Proposed Transfer. If I want to transfer any or all of the Shares, I will give a
written notice (the “Transfer Notice”) to the Company describing fully the proposed transfer, including the number of Shares proposed to be transferred, the proposed transfer price, and the name and address of the person I am
proposing to transfer shares to. The Transfer Notice must be a binding commitment signed both by me and by the person I am proposing to transfer shares to. 
 3.3. Company’s Election to Purchase Shares. The Company may elect to purchase the Shares identified in the Transfer Notice by delivery of a notice of exercise of the Company’s Right of First
Refusal within 30 days after the date the Transfer Notice is delivered to the Company. The purchase price paid by the Company will be the price per share equal to the proposed per share transfer price, and will be paid within 60 days after the date
the Transfer Notice is received by the Company, unless a longer period for payment was offered by the transferee, in which case the Company will pay the purchase price within such longer period. The Company’s rights under this Section 3
are freely assignable, in whole or in part. 
 3.4. Payment for Shares by Company. If the Company exercises the Right of First
Refusal, I will sell the Shares to the Company on the terms provided in the Transfer Notice. However, if the Transfer Notice provides for payment for the Shares other than in cash, the Company will have the option of paying, in cash, the present
value of the consideration described in the Transfer Notice. If I disagree with the value determined by the Company, then I may request an independent appraisal by an appraiser acceptable to the Purchaser and the Company, the costs of which will be
borne equally by me and the 

 
Company. If, at the time of exercise of the Right of First Refusal, any Notes of mine are outstanding which represent any portion of the Purchase Price of
the Shares, the repurchase price shall be paid first by cancellation of any obligation for accrued but unpaid interest under those Notes, next by cancellation of principal under those Notes, and finally by payment of cash. 
 3.5. Transfer of Shares. If the Company fails to exercise the Right of First Refusal within 30 days after the date the Transfer Notice is
delivered to the Company, I may, not later than 75 days following delivery to the Company of the Transfer Notice, sell the Shares described in the Transfer Notice on the terms and conditions described in the Transfer Notice. Any proposed transfer on
terms and conditions different from those described in the Transfer Notice, as well as any subsequent proposed transfer by Purchaser, will again be subject to the Company’s Right of First Refusal and will require compliance by Purchaser with
the Right of First Refusal procedure described in this Agreement. 
 3.6. Binding Effect of Right of First Refusal. The Right
of First Refusal will be to the benefit of the successors and assigns of the Company and will be binding upon any transferee of Shares other than a bona fide transferee acquiring Shares in a good faith transaction where the Company failed to
exercise the Right of First Refusal, or a transferee from such person. 
 3.7. Termination of Company’s Right of First
Refusal. Notwithstanding anything to the contrary in this Agreement, the Company will have no Right of First Refusal, and I will have no obligation to comply with the procedures of the Right of First Refusal, after the earlier of
(a) the closing of the Company’s initial registered public offering to the public generally, or (b) the date 10 years after the Grant Date of the Option. 
 3.8. Family Transfers. Notwithstanding any to the contrary in this Agreement, the Right of First Refusal does not apply to a transfer of Shares subject to a Nonstatutory Option by gift or devise to
members of my immediate family (i.e., parents, spouse or children or to a trust for my benefit or any of my immediate family members), but does apply to any subsequent transfer of such Shares by such immediate family members. Any subsequent transfer
by a family member will again be subject to the Company’s Right of First Refusal and will require compliance with the Right of First Refusal procedure described in this Agreement. 
  

	4.	Representations 

 4.1. Investment in
the Shares is Risky. I acknowledge that none of the Company’s securities, including the Shares, are publicly traded, and the Company has made no representation, covenant, or agreement as to whether there will be a public market for any
of its securities in the future. 

 I represent that I can bear the economic risk of paying the Purchase Price for an indefinite period. I
acknowledge that the sale of the Shares has not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and I will not be able to transfer the Shares unless such transfer is
registered under the Securities Act or an exemption from such registration is available. I acknowledge that the Company has made no agreements, covenants or undertakings whatsoever to register the transfer of any of the Shares under the Securities
Act and that the Company has made no representations, warranties, or covenants whatsoever as to whether any exemption from the Securities Act, including without limitation any exemption for limited sales in routine brokers’ transactions
pursuant to Rule 144, will be available. 
 I understand that if the exemption under Rule 144 becomes available at all, it will not be
available until at least one year after full payment of cash for the Shares (or delivery of a full-recourse note secured by adequate additional collateral), and not then unless: (a) a public trading market then exists in the Company’s
common stock; (b) adequate information as to the Company’s financial and other affairs and operations is then available to the public; and (c) all other terms and conditions of Rule 144 have been satisfied. I understand that the
resale provisions of Rule 701will not apply until 90 days after the Company becomes subject to the reporting obligations of the Securities Exchange Act of 1934 (typically upon the effective date of an initial public offering). 
 4.2. Taxes. The Company has made no warranties or representations to me with respect to the income tax consequences of the transactions
contemplated by this Agreement and I am not relying on the Company or its representatives for an assessment of such tax consequences. I have had adequate opportunity to consult with my personal tax advisor prior to submitting this Agreement to the
Company. 
 4.3. Repurchase. If the Shares are subject to a Right of Repurchase in favor of the Company at their original
purchase price when I cease to provide services for the Company, or if I could be subject to suit under Section 16(b) of the Securities Exchange Act of 1934 with respect to the purchase of the Shares, I will execute and deliver to the Company a
copy of the Acknowledgment and Statement of Decision Regarding Election Pursuant to Section 83(b) of the Internal Revenue Code (the “Acknowledgment”) attached as Exhibit A. I acknowledge that I am primarily responsible
for filing any Section 83(b) elections although the Company will, as an accommodation to me and without assuming any liability, file a duplicate election if I promptly provide an executed form with the Acknowledgement and Statement of Decision
Regarding Section 83(b). I will consult with my own tax advisor to determine if there is a comparable election to file in the state of where I reside and whether filing a federal or state Section 83(b) election is desirable under my
circumstances. 
 4.4. Disqualifying Dispositions of ISO Stock. I acknowledge that if the Stock acquired by exercise of an
Incentive Stock Option (as defined in Section 2.1 of the Plan) 

 
is disposed of within two years after the Grant Date (as defined in the Option Grant) or within one year after such exercise, immediately prior to the
disposition I will promptly notify the Company in writing of the date and terms of the disposition and will provide such other information regarding the disposition as the Company may reasonably require. 
  

	5.	Miscellaneous Provisions. 

 5.1.
Successors and Assigns. Subject to the limitations set forth in this Agreement, the benefits and obligations of this Agreement will be binding on the executors, administrators, heirs, legal representatives, successors, and assigns of
the parties. 
 5.2. Costs. I will repay the Company for all costs and damages, including incidental and consequential damages
and attorney’s fees, resulting from any transfer of the Shares which is not in compliance with the provisions of this Agreement. 
 5.3.
Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of California excluding those laws that direct the application of the laws of another jurisdiction. 
 5.4. Notices. All notices and other communications under this Agreement shall be in writing. Unless and until I am notified in writing to
the contrary, all notices, communications, and documents directed to the Company and related to the Agreement, if not delivered by hand, shall be mailed, addressed to: 
 Jazz Pharmaceuticals, Inc. 
 Attention: Chief Financial Officer 
 at the Company’s published principal office location. 
 5.5. Communications. Unless and until I notify the Company in writing to the contrary, all notices, communications, and documents intended for me and related to this Agreement, if not delivered by hand, shall be mailed to my
last known address as shown on the Company’s books. Notices and communications shall be mailed by first class mail, postage prepaid; documents shall be mailed by registered mail, return receipt requested, postage prepaid. All mailings and
deliveries related to this Agreement shall be deemed received when actually received, if by hand delivery, and three business days after mailing, if by mail. 
 5.6. Arbitration. All disputes arising out of this Agreement will be finally settled by arbitration in accordance with the then existing rules of the American Arbitration Association. The arbitration
will be conducted in the county of San Mateo County, California. Judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction over it; provided that nothing in this Agreement shall 

 
prevent a party from applying to a court of competent jurisdiction to obtain temporary relief pending resolution of the dispute through arbitration. The
parties agree that service of any notices in the course of such arbitration at their respective addresses as provided for in this agreement shall be valid and sufficient. 
 5.7. This is not an employment contract. This Agreement is not to be interpreted as a guarantee or contract of continuing employment. 
  

			
	JAZZ PHARMACEUTICALS, INC.
		
	 By:
	 	  

	 Title:
	 	  

 I hereby agree to be bound by all of the terms and conditions of this Agreement and the
Plan. 
  

	
	  

	Purchaser’s signature
	  

	Printed name

 The purchaser’s spouse indicates by the execution of this Agreement his or her consent
to be bound by the terms herein as to his or her interests, whether as community property or otherwise, if any, in the Shares hereby purchased. 
  

	
	  

	Purchaser’s Spouse

 Exhibits 
  

			
	Exhibit 9A	 	Acknowledgment and Statement of Decision Regarding Section 83(b) Election
		
	Exhibit 9B	 	Section 83(b) Election

 ACKNOWLEDGEMENT AND 
 STATEMENT OF DECISION 
 REGARDING SECTION 83(b) ELECTION 
 The undersigned, a purchaser of shares of Common Stock of Jazz Pharmaceuticals, Inc. (the “Company”) and a party to a Nonqualified Stock
Option Purchase Agreement with the Company (the “Agreement”), hereby states as follows: 
 1. I acknowledge receipt of a
copy of the Agreement and the memorandum entitled “Tax Consequences of Purchasing Restricted Stock; Filing a Section 83(b) Election.” I have carefully reviewed the Agreement and the memorandum. 
 2. I either [check as applicable]: 
  

	 	     (a)	have consulted, and have been fully advised by, my tax advisor
                                        ,
whose business address is 

                                       
                                        
                                        
                                        
                                        
                                    
                                       
                                        
                                        
                                        
                                  , 
 regarding the federal, state, and local tax consequences of purchasing shares under the Agreement, and particularly regarding the advisability of making
elections pursuant to Section 83(b) of the Internal Revenue Code of 1986, (the “Code”), and pursuant to any corresponding provisions of applicable state laws; or 
  

	 	     (b)	have knowingly chosen not to consult such a tax advisor. 

 3. I have decided [check as applicable]: 
  

	 	     (a)	to make an election pursuant to Section 83(b) of the Code by filing an election form with the appropriate tax authorities within 30 days of the undersigned’s purchase
under the Agreement, and am submitting to the Company, together with my executed Agreement, three duplicate copies of executed election forms; or 

  

	 	     (b)	not to make an election pursuant to Section 83(b) of the Code. 

  

 I acknowledge that, even if the Company files, or engages another party to file, a duplicate
Section 83(b) election form with the Internal Revenue Service as an accommodation to me, I have the primary responsibility for timely filing any Section 83(b) election with the Internal Revenue Service and any state revenue authorities,
and will hold the Company and its agents harmless from any failure to timely file a duplicate copy of the Section 83(b) election. 
  

									
	Date:	 	  	 		 	  

 ELECTION UNDER SECTION 83(b) 
 OF THE INTERNAL REVENUE CODE 
 I hereby elect, under Section 83(b) of the
Internal Revenue Code, to include in gross income any excess of the fair market value of the property described in paragraph 2, disregarding any lapse restrictions on that property, over the amount I paid for such property, as described below.

  

	 	1.	My name, address and taxpayer identification number are: 

  

			
	 Name:
	  	  
		
	 Address:
	  	  
		  	  
		  	  
		
	 Social Security Number:
	  	  

  

	 	2.	The property with respect to which this election is made consists of
                     shares of common stock (the “Shares”) of
                                        
(the “Company”). 

  

	 	3.	The date on which the Shares were acquired was                     ,
2            , and the taxable year to which this election relates is calendar year
                    . 

  

	 	4.	The Shares are subject to the following restrictions: the right of the Company to repurchase the Shares at [the lower of] the initial purchase price [or the
price at the date of repurchase]. This right lapses based on my continued performance of services over time. 

  

	 	5.	The fair market value of the Shares at the time of transfer (determined without regard to any restrictions other than restrictions which by their terms will never lapse) was
$                     per share. 

  

	 	6.	The amount paid for the Shares was $                     per share.

  

	 	7.	A copy of this election has been furnished to the Company. I am the person performing services and the transferee of the Shares. 

  

					
	  	 		 	  
	Signature	 		 	Date

 The spouse of the taxpayer acknowledges the making of this election. 
  

					
	  	 		 	
	Signature	 		 	

 Regular Election 

 PROTECTIVE ELECTION UNDER 
 SECTION 83(b) OF THE INTERNAL REVENUE CODE 
 (INCENTIVE STOCK OPTION)

 I hereby elect, under Section 83(b) of the Internal Revenue Code, to include in gross income, with the effect and under the
circumstances described in paragraph 4, any excess of the fair market value of the property described in paragraph 2, disregarding any lapse restrictions on that property, over the amount I paid for such property. 
  

	1.	My name, address and taxpayer identification number are: 

  

			
	 Name:
	  	  
		
	 Address:
	  	  
		  	  
		  	  
		
	 Social Security Number:
	  	  

  

	2.	The property with respect to which the election is made consists of              shares of common stock (the
“Shares”) of
                                        
(the “Company”). 

  

	3.	The date on which the Shares were acquired was                     ,
            , and the taxable year to which this election relates is
                    . 

  

	4.	The Shares were acquired pursuant to my exercise of an incentive stock option. This filing is therefore made for the purpose of determining the amount of my adjustment under
Section 56(b)(3) of the Internal Revenue Code with respect to my purchase of the Shares. This filing will also be effective for regular income tax purposes in the event that the option is determined not to qualify as an incentive stock option
or I dispose (as defined in Section 424(c) of the Internal Revenue Code) of the Shares within either period described in Section 422(a)(1) of the Internal Revenue Code. 

  

	5.	The Shares are subject to the following restrictions: the right of the Company to repurchase the Shares at the lower of the initial purchase price or the price on the date of
repurchase. This right lapses based on my continued performance of services. 

	6.	The fair market value of the Shares at the time of transfer (determined without regard to any restrictions other than those which by their terms will never lapse) was
$                     per share. 

  

	7.	The amount paid for the Shares was $                     per share.

  

	8.	A copy of this election has been furnished to the Company. I am the person performing services and the transferee of the Shares. 

  

					
	  	 		 	  
	Signature	 		 	Date of Execution

 The spouse of the taxpayer acknowledges the making of this election. 
  

					
	  	 		 	
	Signature	 		 	

 [FORM OF GRANT NOTICE - NON-EXECUTIVE EMPLOYEES AND DIRECTORS] 
 DATE 
 NAME 
 ADDRESS 
  

							
		 	Re: Grant of Stock Option	 		 	
				
		 	Option Shares:	 	Grant Date:	 	
				
		 	Price per share: $	 	Vesting Start Date:	 	
				
		 		 	Fully-Vested Date:	 	
				
		 	Option No.:	 	Expiration Date:	 	

 Dear
                    : 
 I am pleased to confirm
that Jazz Pharmaceuticals, Inc. (the “Company”) has granted you an option to purchase shares of our common stock under the 2003 Equity Incentive Plan. To accept your stock option, please sign the enclosed copy of this letter and return it
in the envelope provided. 
 1. Your option is intended to be [an incentive] [a nonstatutory] stock option. The basic terms of your option grant are
identified in the information block at the top of this offer letter, but other important terms and conditions are described in the plan. We encourage you to carefully review the plan, a copy of which is enclosed. 
 2. Subject to the plan, your option vests (becomes exercisable) as follows: 
 [insert vesting schedule] 
 so that all shares will become purchasable on the Fully-Vested Date shown above. 
 3. If (a) there is of a Change of Control (defined below) of the Company and (b) your employment with the Company is terminated by the Company, other than for
Cause (defined below), within twelve months after such Change of Control, then the vesting of this option shall be immediately accelerated such that 25% of the shares covered by this option (or if less than 25% of the shares covered by this option
then remain unvested, all such remaining unvested shares) will vest on your last day of employment with the Company. For purposes of this option grant, “Change of Control” means (a) the sale, lease, assignment, transfer, conveyance or
disposal of all or substantially all of the assets of the Company, or (b) the acquisition of the Company by another entity by means of a consolidation, 

 
reorganization, merger or other similar transaction or series of related transactions, in each case excluding (i) any such transaction in which the
stockholders of the Company immediately prior to the transaction own more than 50% of the voting power of the acquiror (or parent thereof) immediately after such transaction and (ii) any transaction determined by the Board of Directors of the
Company in good faith to be primarily for capital raising purposes. “Cause” means (a) your willful misconduct or gross negligence in the performance of your duties; (b) your conviction or plea of guilt or nolo contendere to any
felony or crime involving moral turpitude; or (c) your continued failure to perform your duties to the Company. 
 4. If you decide to purchase shares
under this option, you will be required to submit a completed exercise agreement on a form approved by the Company, together with payment for the shares. You may pay for the shares (plus any associated withholding taxes) using cash, a check, a wire
transfer or any other form of payment listed in section 6.4(c) of the plan and permitted by the Administrator at the time you wish to exercise. Shares available under this option must be purchased, if at all, no later than the Expiration Date.

 5. As you know, the shares of the Company have not been registered with the Securities and Exchange Commission, and are not publicly traded. In accepting
this option, you agree that your rights to purchase or resell the option shares are expressly conditioned upon compliance with applicable U.S. federal and state securities laws, and agree to cooperate with the Company to achieve compliance with
those laws. 
 6. Shares you purchase under this option are subject to a right of first refusal in favor of the Company, as set out in Section 3 of the
Company’s Option Exercise and Stock Purchase Agreement. Shares you purchase under this option may also be subject to other restrictions, including escrow and market standoff requirements. Those rights and restrictions are set forth in Sections
6 and 15 of the Plan and Section 2 of the Company’s Option Exercise and Stock Purchase Agreement. 
 We value your efforts and look forward to your
continued contribution. 
 Sincerely, 
 [Authorized Signatory]

 [Title] 
 I accept this option and agree to the terms of
this offer letter and the plan. 
  

			
	  
	  	                    , 200    
	 Optionee signature
	  	        Date

 [FORM OF RESTATED INCENTIVE OR NONSTATUTORY STOCK OPTION 
 GRANT NOTICE – EXECUTIVE OFFICERS] 
 Restated [Incentive][Nonstatutory] Stock Option Grant 
  

							
		 		 		 	[Grant Number]
		 		 		 	Partially replacing
		 		 		 	Grant No.     

 February 18, 2004 
 [Name] 
 [Address] 
 Re:
        Grant of Stock Option 
  

			
	Option Shares:	  	 Grant Date:
  
 February 18, 2004

		
	Price per share:	  	 The “Vesting Base Date” is February 18, 2004, the date of the Initial Closing as that term is defined in the Preferred Stock Purchase
Agreement dated January 27, 2004, among Jazz Pharmaceuticals, Inc. and certain investors.
  
 The “Fully-Vested Date” is the fourth anniversary of Vesting Base Date.

		
	Option No.:	  	Expiration Date:

 Dear [Name]: 
 This
restated [incentive][nonstatutory] stock option grant is one of six restated grants (the “Restated Grants”) replacing your original stock option grant No. __ (the “Original Grant”). The changes from the Original Grant in the
Restated Grants are to divide the Original Grant to reflect (i) the fact that a portion of the original Grant was an incentive stock option and a portion was a nonstatutory stock option and (ii) to reflect the different exercise prices for
portions of the 

 
original Grant in different restated grant agreements. The Restated Grants do not alter the terms of the Original Grant; the total number of shares covered,
the exercise price, the vesting and the term of the Original Grant and the Restated Grants are the same. The restatement is solely for purposes of clarity and ease of administration. Under this Restated Grant, Jazz Pharmaceuticals, Inc. (the
“Company”) has granted you options to purchase shares of our common stock under the 2003 Equity Incentive Plan (the “Plan”), the terms of which are incorporated into this letter. To accept this Restated Grant, please sign the
enclosed copy of this letter and return it in the envelope provided. 
 1. Your options are intended to be [incentive stock options; provided, however, that
to the extent they exceed the annual limits for incentive stock options, your options shall be nonstatutory stock options][nonstatutory]. The basic terms of your grant are identified in the information block at the top of this offer letter, but
other important terms and conditions are described in the Plan. We encourage you to carefully review the Plan, a copy of which is enclosed. 
 2. Subject to
the plan, this Restated Grant will vest as follows: 
 The Restated Grants, together, are subject to four-year vesting with 25% vesting on the
one year anniversary of the Vesting Base Date, an additional 12.5% vesting on the eighteen month anniversary of the Vesting Base Date, and remaining options vesting equally each month thereafter for 30 months such that all the options will be fully
vested on the Fully-Vested Date (subject to acceleration of vesting upon the occurrence of the same events and on the same schedule as the accelerated lapse of the right of repurchase applicable to Founders Shares and Unvested Founders Shares set
forth in Section 8.2.2 and 8.2.3 of your Employment Agreement). 
 Therefore, the vesting schedule for this Restated Grant is as follows:

 [Vesting Schedule] 
 For the purposes of this
agreement, (i) Employment Agreement means your Employment Agreement with the Company dated February 18, 2004, as the same may be amended from time to time in accordance with its terms; and (ii) Founders Shares and Unvested Founders
Shares shall have the meaning given to those terms in your Employment Agreement. 
 3. If you decide to exercise this option and thus purchase shares, you
will be required to submit a completed Option Exercise and Stock Purchase Agreement in the Company’s then current form (the “Option Exercise and Stock Purchase Agreement”), together with payment for the shares. You may pay for the
shares (plus any associated withholding taxes) using cash, a check, a wire transfer or any 

 
other form of payment listed in section 6.4(c) of the Plan and permitted by the Administrator at the time you wish to exercise. Shares available under your
option grant must be purchased, if at all, no later than the Expiration Date. 
 4. As you know, the shares of the Company have not been registered with the
Securities and Exchange Commission, and are not publicly traded. In accepting your option grant, you agree that your rights to purchase or resell the option shares are expressly conditioned upon compliance with applicable U.S. federal and state
securities laws, and agree to cooperate with the Company to achieve compliance with those laws. 
 5. Shares you purchase upon exercise of an option shall be
subject to the rights, privileges and restrictions set forth in the Plan, your Employment Agreement, the Amended and Restated Investor Rights Agreement dated as of February 18, 2004 by and among the company, you and other parties identified
therein, the Amended and Restated Right of First Refusal and Co-Sale Agreement dated as of February 18, 2004 by and among the Company, you and other parties identified therein, and the Amended and Restated Voting Agreement dated as of
February 18, 2004 by and among the Company, you and other parties identified therein, as each may be amended from time to time in accordance with its terms. 
 We value your efforts and look forward to your continued contribution. 
 Sincerely, 
 [Authorized Signatory] 
 [Title] 
 I accept this Restated Grant as a partial replacement of the Original Grant [Grant Number] and agree to the terms of this letter and the plan. 
  

			
	  
	  	                    , 2007
	 Optionee signature
	  	effective as of February 18, 2004

 [NEW FORM OF GRANT NOTICE - NON-EXECUTIVE EMPLOYEES AND DIRECTORS] 
 [Date] 
 «First» «Last» 
 «Street» 
 «City» 
 Re:        Grant of Stock Option 
  

							
	Option Shares:	 	«Shares»	 	Grant Date:	 	(Date)
				
	Price per share:	 	$        *	 	Vesting Start Date:	 	«Vest_Date»
				
		 		 	Fully-Vested Date:	 	«Fully_Vested_Date»
				
	Option No.:	 	«Opt_No»	 	Expiration Date:	 	(Date)

 Dear «First», 
 I am pleased to confirm that Jazz Pharmaceuticals, Inc. (the “Company”) has granted you an option to purchase shares of our common stock under the 2003 Equity Incentive Plan. To accept your stock option, please sign the enclosed
copy of this letter and return it in the envelope provided. 
 1. Your option is intended to be an incentive stock option. The basic terms of your option
grant are identified in the information block at the top of this offer letter, but other important terms and conditions are described in the plan. We encourage you to carefully review the plan, a copy of which is enclosed. 
 2. Subject to the plan, your option vests (becomes exercisable) as follows: 
 25% on the Vesting Start Date set forth above, and 1/48th per month thereafter so that all shares will become purchasable on the Fully-Vested Date shown above. 
 3. If (a) there is of a Change of Control (defined below) of the Company and (b) your employment with the Company is terminated by the Company, other than for
Cause (defined below), within twelve months after such Change of Control, then the vesting of this option shall be immediately accelerated such that 25% of the shares covered by this option (or if less than 25% of the shares covered by this option
then remain unvested, all such remaining unvested shares) will vest on your last day of employment with the Company. For purposes of this option grant, “Change of Control” means (a) the sale, lease, assignment, transfer, conveyance or
disposal of all or substantially all of the assets of the Company, or (b) the acquisition of the Company by another entity by means of a consolidation, reorganization, merger or other similar transaction or series of related transactions, in
each case excluding (i) any such transaction in which the stockholders of the Company immediately prior to the transaction own more than 50% of the voting power of the acquiror (or parent thereof) immediately after such transaction and
(ii) any transaction determined by the Board of Directors of the Company in good faith to be primarily for capital raising purposes. “Cause” means (a) your willful misconduct or gross negligence in the performance of your duties;
(b) your conviction or plea of guilt or nolo contendere to any felony or crime involving moral turpitude; or (c) your continued failure to perform your duties to the Company. 

	*	The exercise price per share of this option is intended by the Board of Directors to be the fair market value of the Company’s common stock at the Grant Date. The Board has
attempted in good faith to set the exercise price of this option at the fair market value of the common stock, determined in compliance with applicable tax laws, though there can be no certainty that the IRS will agree. If the IRS does not agree and
asserts the fair market value of the common stock at the Grant Date less than the exercise price per share, the IRS could seek to impose taxes, costs or penalties on you under Internal Revenue Code Section 409A. While the Company thinks this is
an unlikely event, the Company cannot provide absolute assurance and you may want to consult your tax adviser with any questions. By accepting this stock option, you agree that none of the Company nor its officers or directors will be liable to you
if the IRS were to impose any taxes, penalties or interest. 

 4. If you decide to purchase shares under this option, you will be required to submit a completed exercise agreement on a
form approved by the Company, together with payment for the shares. You may pay for the shares (plus any associated withholding taxes) using cash, a check, a wire transfer or any other form of payment listed in section 6.4(c) of the plan and
permitted by the Administrator at the time you wish to exercise. Shares available under this option must be purchased, if at all, no later than the Expiration Date. 
 5. As you know, the shares of the Company have not been registered with the Securities and Exchange Commission, and are not publicly traded. In accepting this option, you agree that your rights to purchase or resell
the option shares are expressly conditioned upon compliance with applicable U.S. federal and state securities laws, and agree to cooperate with the Company to achieve compliance with those laws. 
 6. Shares you purchase under this option are subject to a right of first refusal in favor of the Company, as set out in Section 3 of the Company’s Option
Exercise and Stock Purchase Agreement. Shares you purchase under this option may also be subject to other restrictions, including escrow and market standoff requirements. Those rights and restrictions are set forth in Sections 6 and 15 of the Plan
and Section 2 of the Company’s Option Exercise and Stock Purchase Agreement. 
 We value your efforts and look forward to your continued
contribution. 
 Sincerely, 
 [Authorized Signatory] 

[Title] 
 I accept this option and agree to the terms of this offer
letter and the plan. 
  

			
	  
	  	                    , 2007
	 Optionee signature
	  	Date

  

 -2- 

 [NEW FORM OF GRANT NOTICE - EXECUTIVE OFFICERS] 
 [Date] 
 «First» «Last» 
 «Street» 
 «City» 
 Re:        Grant of Stock Option 
  

							
	Option Shares:	 	«Shares»	 	Grant Date:	 	(Date)
				
	Price per share:	 	$        *	 	Vesting Start Date:	 	«Vest_Date»
				
		 		 	Fully-Vested Date:	 	«Fully_Vested_Date»
				
	Option No.:	 	«Opt_No»	 	Expiration Date:	 	(Date)

 Dear «First», 
 I am pleased to confirm that Jazz Pharmaceuticals, Inc. (the “Company”) has granted you an option to purchase shares of our common stock under the 2003 Equity Incentive Plan. To accept your stock option, please sign the enclosed
copy of this letter and return it in the envelope provided. 
 1. Your option is intended to be [a nonstatutory] [an incentive] stock option[;provided,
however, that to the extent this option exceeds the annual limits for incentive stock options, this option will be a nonstatutory stock option]. The basic terms of your option grant are identified in the information block at the top of this offer
letter, but other important terms and conditions are described in the plan. We encourage you to carefully review the plan, a copy of which is enclosed. 
 2.
Subject to the plan, your option vests (becomes exercisable) as follows: 
 [Vesting Schedule] 
 All shares will become purchasable by the Fully-Vested Date shown above. 

	*	The exercise price per share of this option is intended by the Board of Directors to be the fair market value of the Company’s common stock at the Grant Date. The Board has
attempted in good faith to set the exercise price of this option at the fair market value of the common stock, determined in compliance with applicable tax laws, though there can be no certainty that the IRS will agree. If the IRS does not agree and
asserts the fair market value of the common stock at the Grant Date less than the exercise price per share, the IRS could seek to impose taxes, costs or penalties on you under Internal Revenue Code Section 409A. While the Company thinks this is
an unlikely event, the Company cannot provide absolute assurance and you may want to consult your tax adviser with any questions. By accepting this stock option, you agree that none of the Company nor its officers or directors will be liable to you
if the IRS were to impose any taxes, penalties or interest. 

 3. Shares you purchase upon exercise of this option will be subject to the rights, privileges and restrictions (including
the provisions providing for the acceleration of the vesting of stock options under certain circumstances) set forth in the Plan and in your Employment Agreement with the Company dated February 18, 2004, as it may be amended from time to time
in accordance with its terms. 
 4. If you decide to purchase shares under this option, you will be required to submit a completed exercise agreement on a
form approved by the Company, together with payment for the shares. You may pay for the shares (plus any associated withholding taxes) using cash, a check, a wire transfer or any other form of payment listed in section 6.4(c) of the plan and
permitted by the Administrator at the time you wish to exercise. Shares available under this option must be purchased, if at all, no later than the Expiration Date. 
 5. As you know, the shares of the Company have not been registered with the Securities and Exchange Commission, and are not publicly traded. In accepting this option, you agree that your rights to purchase or resell
the option shares are expressly conditioned upon compliance with applicable U.S. federal and state securities laws, and agree to cooperate with the Company to achieve compliance with those laws. 
 6. Shares you purchase under this option are subject to a right of first refusal in favor of the Company, as set out in Section 3 of the Company’s Option
Exercise and Stock Purchase Agreement, to the extent those provisions are not superseded by your Employment Agreement. Shares you purchase under this option may also be subject to other restrictions, including escrow and market standoff
requirements. Those rights and restrictions are set forth in Sections 6 and 15 of the Plan and Section 2 of the Company’s Option Exercise and Stock Purchase Agreement. 
 We value your efforts and look forward to your continued contribution. 
 Sincerely, 
 [Authorized Signatory] 
 [Title] 
 I accept this option and agree to the terms of this offer letter and the plan. 
  

			
	  
	  	                    , 2007
	 Optionee signature
	  	Date

  

 -2-

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