Document:

Form of Restricted Stock Agreement

 Exhibit 10.21 
 RESTRICTED STOCK AGREEMENT 
 PANACOS PHARMACEUTICALS, INC. 
 AGREEMENT made as of the ___ day of             ,
             (the “Grant Date”), between Panacos Pharmaceuticals, Inc. (the “Company”), a Delaware corporation having its principal place of business in Watertown,
Massachusetts, and             , (the “Participant”). 
 WHEREAS, the
Company has adopted the Panacos Pharmaceuticals, Inc. 2005 Supplemental Equity Compensation Plan (the “Plan”) to promote the interests of the Company by providing an incentive for employees, directors and consultants of the Company or its
Affiliates; 
 WHEREAS, pursuant to the provisions of the Plan, the Company desires to offer for sale to the Participant shares of the
Company’s common stock, $.01 par value per share (“Common Stock”), in accordance with the provisions of the Plan, all on the terms and conditions hereinafter set forth; 
 WHEREAS, Participant wishes to accept said offer; and 
 WHEREAS, the parties hereto understand and agree that any terms used and not defined herein have the meanings ascribed to such terms in the Plan and that any and all references herein to employment of the Participant
by the Company shall include the Participant’s employment or service as an employee, director or consultant of the Company or any Affiliate. 
 NOW, THEREFORE, in consideration of the promises and the mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows: 
 1. Terms of Purchase. The Participant hereby accepts the offer of the Company to issue to the Participant, in accordance
with the terms of the Plan and this Agreement,              Shares of the Company’s Common Stock (such shares, subject to adjustment pursuant to Section V of the Plan and
Subsection 2(f) hereof, the “Granted Shares”) at a purchase price per share of $.01 (the “Purchase Price”), receipt of which is hereby acknowledged by the Participant’s prior service to the Company. 
 2. Company’s Lapsing Repurchase Right. 
 (a) Lapsing Repurchase Right. In the event that for any reason the Participant no longer is an employee, director or consultant of the Company or an Affiliate prior to
            , the Company (or its designee) shall have the option, but not the obligation, to purchase from the Participant (or the Participant’s successor in interest), and, in the
event the Company exercises such option, the Participant (or the Participant’s successor in interest) shall be obligated to sell to the Company (or its designee), at a price per Granted Share equal to the Purchase Price, all or any part of the
Granted Shares set forth in clause (i) below (the “Lapsing Repurchase Right”). The Company’s Lapsing Repurchase Right shall be valid for a period of one year commencing with the date of such termination of employment or service.
Notwithstanding any other provision hereof, in the event the Company is prohibited during such one year period from exercising its Lapsing Repurchase Right by Section 160 of the Delaware General Corporation Law as amended from time to time (or
any successor provision), then the time period during which such Lapsing Repurchase Right may be exercised shall be extended until 30 days after the Company is first not so prohibited. 
 The Company’s Lapsing Repurchase Right is as follows: 
 (i) If such termination is prior to             , the Company shall have the option to repurchase all of the Granted Shares acquired by the Participant
hereunder. 
 (b) Closing. In the event that the Company exercises the Lapsing Repurchase Right, the Company shall notify the
Participant, or, in the case of the Participant’s death, his or her successor in interest, in writing of its intent to repurchase the Granted Shares. Such notice may be mailed by the Company up to and including 

 
the last day of the time period provided for above for exercise of the Lapsing Repurchase Right. The notice shall specify the place, time and date for
payment of the repurchase price (the “Closing”) and the number of Granted Shares with respect to which the Company is exercising the Lapsing Repurchase Right. The Closing shall be not less than ten days nor more than 60 days from the date
of mailing of the notice, and the Participant or the Participant’s successor in interest with respect to the Granted Shares which the Company elects to repurchase shall have no further rights as the owner thereof from and after the date
specified in the notice. At the Closing, the repurchase price shall be delivered to the Participant or the Participant’s successor in interest and the Granted Shares being repurchased, duly endorsed for transfer, shall, to the extent that they
are not then in the possession of the Company, be delivered to the Company by the Participant or the Participant’s successor in interest. 
 (c) Escrow. The certificates representing all Granted Shares acquired by the Participant hereunder which from time to time are subject to the Lapsing Repurchase Right shall be delivered to the Company and the Company shall hold such
Granted Shares in escrow as provided in this Subsection 2 (c). The Company shall promptly release from escrow and deliver to the Participant a certificate for the whole number of Granted Shares, if any, as to which the Company’s Lapsing
Repurchase Right has lapsed as the Participant’s ownership of such Granted Shares becomes vested from time to time. In the event of forfeiture or a repurchase by the Company of Granted Shares subject to the Lapsing Repurchase Right, the Company
shall release from escrow and cancel a certificate for the number of Granted Shares so forfeited or repurchased. Any securities distributed in respect of the Granted Shares held in escrow, including, without limitation, shares issued as a result of
stock splits, stock dividends or other recapitalizations, shall also be held in escrow in the same manner as the Granted Shares. 
 (d)
Prohibition on Transfer. The Participant recognizes and agrees that all Granted Shares which are subject to the Lapsing Repurchase Right may not be sold, transferred, assigned, hypothecated, pledged, encumbered or otherwise disposed of,
whether voluntarily or by operation of law, other than to the Company (or its designee). The Company shall not be required to transfer any Granted Shares on its books which shall have been sold, assigned or otherwise transferred in violation of this
Subsection 2(d), or to treat as the owner of such Granted Shares, or to accord the right to vote as such owner or to pay dividends to, any person or organization to which any such Granted Shares shall have been so sold, assigned or otherwise
transferred, in violation of this Subsection 2(d). 
 (e) Failure to Deliver Granted Shares to be Forfeited or Repurchased. In the
event that the Granted Shares to be forfeited or repurchased by the Company under this Agreement are not in the Company’s possession pursuant to Subsection 2(c) above or otherwise and the Participant or the Participant’s successor in
interest fails to deliver such Granted Shares to the Company (or its designee), the Company may elect (i) if such shares are to be repurchased to establish a segregated account in the amount of the repurchase price, such account to be turned
over to the Participant or the Participant’s successor in interest upon delivery of such Granted Shares, and (ii) immediately to take such action as is appropriate to transfer record title of such Granted Shares from the Participant to the
Company (or its designee) and to treat the Participant and such Granted Shares in all respects as if delivery of such Granted Shares had been made as required by this Agreement. The Participant hereby irrevocably grants the Company a power of
attorney which shall be coupled with an interest for the purpose of effectuating the preceding sentence. 
 (f) Adjustments. The Plan
contains provisions covering the treatment of Shares in a number of contingencies such as stock splits and mergers. Provisions in the Plan for adjustment with respect to the Shares and the related provisions with respect to successors to the
business of the Company are hereby made applicable hereunder and are incorporated herein by reference.  
 (g) If in connection with a
registration statement filed by the Company pursuant to the Securities Act of 1933, as amended (the “1933 Act”), the Company or its underwriter so requests, the Participant will agree not to sell any of her Vested Shares for a period not
to exceed the lesser of: (i) 180 days following the effectiveness of such registration statement or (ii) such period as the officers and directors of the Company agree not to sell their Common Stock of the Company. 
 (h) The Participant acknowledges and agrees that neither the Company nor, its shareholders nor its directors and officers, has any duty or obligation to
disclose to the Participant any material information regarding the business of the Company or affecting the value of the Shares before, at the time of, or following a 

 
termination of the employment of the Participant by the Company or an Affiliate, including, without limitation, any information concerning plans for the
Company to make a public offering of its securities or to be acquired by or merged with or into another firm or entity. 
 3. Legend.
In addition to any legend required pursuant to the Plan, all certificates representing the Granted Shares to be issued to the Participant pursuant to this Agreement shall have endorsed thereon a legend substantially as follows: 
 “The shares represented by this certificate are subject to restrictions set forth in a Restricted Stock Agreement dated as of
             with this Company, a copy of which Agreement is available for inspection at the offices of the Company or will be made available upon request.” 
 4. Securities Law Compliance. The Participant specifically acknowledges and agrees that any sales of Granted Shares shall be made in accordance
with the requirements of the Securities Act of 1933, as amended. 
 5. Rights as a Stockholder. The Participant shall have all the
rights of a stockholder with respect to the Granted Shares, including voting and dividend rights, subject to the transfer and other restrictions set forth herein and in the Plan. 
 6. Incorporation of the Plan. The Participant specifically understands and agrees that the Granted Shares issued under the Plan are being sold to
the Participant pursuant to the Plan, a copy of which Plan the Participant acknowledges he or she has read and understands and by which Plan he or she agrees to be bound. The provisions of the Plan are incorporated herein by reference. 

7. Tax Liability of the Participant and Payment of Taxes. The Participant acknowledges and agrees that any income or other taxes due from the
Participant with respect to the Granted Shares issued pursuant to this Agreement, including, without limitation, the Lapsing Repurchase Right, shall be the Participant’s responsibility. Without limiting the foregoing, the Participant agrees
that, to the extent that the lapsing of restrictions on disposition of any of the Granted Shares or the declaration of dividends on any such shares before the lapse of such restrictions on disposition results in the Participant’s being deemed
to be in receipt of earned income under the provisions of the Code, the Company shall be entitled to immediate payment from the Participant of the amount of any tax required to be withheld by the Company. 
 The Participant acknowledges that if he does not file an election under Section 83 of the Internal Revenue Code of 1986, as amended, as the Granted
Shares are released from the Lapsing Repurchase Right in accordance with Section 2, the Participant will have income for tax purposes equal to the fair market value of the Granted Shares at such date, less the price paid for the Granted Shares
by the Participant. 
 The Participant has agreed not to file an election with respect to the Granted Shares under Section 83 of the
Code and has obtained the advice or has been given the opportunity to obtain the advice of his or her tax advisors with respect to the tax consequences of the purchase of the Granted Shares and the provisions of this Agreement. 
 8. Equitable Relief. The Participant specifically acknowledges and agrees that in the event of a breach or threatened breach of the provisions of
this Agreement or the Plan, including the attempted transfer of the Granted Shares by the Participant in violation of this Agreement, monetary damages may not be adequate to compensate the Company, and, therefore, in the event of such a breach or
threatened breach, in addition to any right to damages, the Company shall be entitled to equitable relief in any court having competent jurisdiction. Nothing herein shall be construed as prohibiting the Company from pursuing any other remedies
available to it for any such breach or threatened breach. 
 9. No Obligation to Maintain Relationship. The Company is not by the Plan
or this Agreement obligated to continue the Participant as an employee, director or consultant of the Company or an Affiliate. The Participant acknowledges: (i) that the Plan is discretionary in nature and may be suspended or terminated by the
Company at any time; (ii) that the grant of the Shares is a one-time benefit which does not create any contractual or other right to receive future grants of shares, or benefits in lieu of shares; (iii) that all determinations with respect
to any such future grants, including, but not limited to, the times when shares shall 

 
be granted, the number of shares to be granted, the purchase price, and the time or times when each share shall be free from a lapsing repurchase right, will
be at the sole discretion of the Company; (iv) that the Participant’s participation in the Plan is voluntary; (v) that the value of the Shares is an extraordinary item of compensation which is outside the scope of the
Participant’s employment contract, if any; and (vi) that the Shares are not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards,
pension or retirement benefits or similar payments. 
 10. Notices. Any notices required or permitted by the terms of this Agreement
or the Plan shall be given by recognized courier service, facsimile, registered or certified mail, return receipt requested, addressed as follows: 
 If to the Company: 
 Panacos Pharmaceuticals, Inc. 
 134 Coolidge Avenue 
 Watertown, MA 02472 
 Attn: Human Resource Director 
 If to the Participant: 
 _________________ 
 ____________________ 
 _______________________ 
 or to such other
address or addresses of which notice in the same manner has previously been given. Any such notice shall be deemed to have been given on the earliest of receipt, one business day following delivery by the sender to a recognized courier service, or
three business days following mailing by registered or certified mail. 
 11. Benefit of Agreement. Subject to the provisions of the
Plan and the other provisions hereof, this Agreement shall be for the benefit of and shall be binding upon the heirs, executors, administrators, successors and assigns of the parties hereto. 
 12. Governing Law. This Agreement shall be construed and enforced in accordance with the laws of the State of Delaware, without giving effect to
the conflict of law principles thereof. For the purpose of litigating any dispute that arises under this Agreement, whether at law or in equity, the parties hereby consent to exclusive jurisdiction in Massachusetts and agree that such litigation
shall be conducted in the courts of Middlesex County, Massachusetts or the federal courts of the United States for the District of Massachusetts. 
 13. Severability. If any provision of this Agreement is held to be invalid or unenforceable by a court of competent jurisdiction, then such provision or provisions shall be modified to the extent necessary to make such provision
valid and enforceable, and to the extent that this is impossible, then such provision shall be deemed to be excised from this Agreement, and the validity, legality and enforceability of the rest of this Agreement shall not be affected thereby.

 14. Entire Agreement. This Agreement, together with the Plan, constitutes the entire agreement and understanding between the
parties hereto with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty, covenant or agreement not expressly set
forth in this Agreement shall affect or be used to interpret, change or restrict the express terms and provisions of this Agreement provided, however, in any event, this Agreement shall be subject to and governed by the Plan. 
 15. Modifications and Amendments; Waivers and Consents. The terms and provisions of this Agreement may be modified or amended as provided in the
Plan. Except as provided in the Plan, the terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by written document executed by the party entitled to the benefits of such terms or provisions. No
such waiver or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of 

 
this Agreement, whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was
given, and shall not constitute a continuing waiver or consent. 
 16. Consent of Spouse. If the Participant is married as of the date
of this Agreement, the Participant’s spouse shall execute a Consent of Spouse in the form of Exhibit A hereto, effective as of the date hereof. Such consent shall not be deemed to confer or convey to the spouse any rights in the Granted
Shares that do not otherwise exist by operation of law or the agreement of the parties. If the Participant marries or remarries subsequent to the date hereof, the Participant shall, not later than 60 days thereafter, obtain his or her new
spouse’s acknowledgement of and consent to the existence and binding effect of all restrictions contained in this Agreement by such spouse’s executing and delivering a Consent of Spouse in the form of Exhibit A. 
 17. Counterparts. This Agreement may be executed in one or more counterparts, and by different parties hereto on separate counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 18. Data Privacy. By
entering into this Agreement, the Participant: (i) authorizes the Company and each Affiliate, and any agent of the Company or any Affiliate administering the Plan or providing Plan record keeping services, to disclose to the Company or any of
its Affiliates such information and data as the Company or any such Affiliate shall request in order to facilitate the grant of Shares and the administration of the Plan; (ii) waives any data privacy rights he or she may have with respect to
such information; and (iii) authorizes the Company and each Affiliate to store and transmit such information in electronic form. 
 [THE
NEXT PAGE IS THE SIGNATURE PAGE] 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above
written. 
  

			
	PANACOS PHARMACEUTICALS, INC.
		
	By:	 	  
		 	 Name:
 Title:

  
  

			
	PARTICIPANT:
		
		 	  
		 	___________

 EXHIBIT A 
 CONSENT OF SPOUSE 
 I, ________________________, spouse of
            , acknowledge that I have read the RESTRICTED STOCK AGREEMENT dated as of              (the “Agreement”) to
which this Consent is attached as Exhibit A and that I know its contents. Capitalized terms used and not defined herein shall have the meanings assigned to such terms in the Agreement. I am aware that by its provisions the Granted Shares granted to
my spouse pursuant to the Agreement are subject to a Lapsing Repurchase Right in favor of Panacos Pharmaceuticals, Inc. (the “Company”) and that, accordingly, the Company has the right to repurchase or I may be required to forfeit all or
any of the Granted Shares of which I may become possessed as a result of a gift from my spouse or a court decree and/or any property settlement in any domestic litigation. 
 I hereby agree that my interest, if any, in the Granted Shares subject to the Agreement shall be irrevocably bound by the Agreement and further
understand and agree that any community property interest I may have in the Granted Shares shall be similarly bound by the Agreement. 
 I
agree to the Lapsing Repurchase Right described in the Agreement and I hereby consent to the forfeiture or repurchase of the Granted Shares by the Company and the sale of the Granted Shares by my spouse or my spouse’s legal representative in
accordance with the provisions of the Agreement. Further, as part of the consideration for the Agreement, I agree that at my death, if I have not disposed of any interest of mine in the Granted Shares by an outright bequest of the Granted Shares to
my spouse, then the Company shall have the same rights against my legal representative to exercise its rights of repurchase with respect to any interest of mine in the Granted Shares as it would have had pursuant to the Agreement if I had acquired
the Granted Shares pursuant to a court decree in domestic litigation. 
 I AM AWARE THAT THE LEGAL, FINANCIAL AND RELATED MATTERS
CONTAINED IN THE AGREEMENT ARE COMPLEX AND THAT I AM FREE TO SEEK INDEPENDENT PROFESSIONAL GUIDANCE OR COUNSEL WITH RESPECT TO THIS CONSENT. I HAVE EITHER SOUGHT SUCH GUIDANCE OR COUNSEL OR DETERMINED AFTER REVIEWING THE AGREEMENT CAREFULLY THAT I
WILL WAIVE SUCH RIGHT. 
 Dated as of the _________ day of ______________, 200__. 
  
 _______________________________________________ 
 Print name:Form of Incentive Stock Option Agreement

 Exhibit 10.22 
                      Shares

 PANACOS PHARMACEUTICALS, INC. 
 1999 Supplemental Equity Compensation Plan 
 Incentive Stock Option Certificate 
 Panacos Pharmaceuticals, Inc. (the “Company”), a Delaware corporation, hereby grants to the person named below an option to purchase shares of
Common Stock, $0.01 par value, of the Company (the “Option”) under and subject to the Company’s 1999 Supplemental Equity Compensation Plan (the “Plan”) exercisable on the terms and conditions set forth below and those
attached hereto and in the Plan: 
 Name of Optionholder: 

	Address:	

  
 Social Security No. 
 Number of Shares: 
 Option Price: 
 Date of Grant: 
  

	Exercisability	Schedule: 

 Expiration Date: 

The Option is intended to be treated as an Incentive Stock Option under section 422 of the Internal Revenue Code of 1986, as amended (the
“Code”). To the extent that the aggregate fair market value (determined at the time of grant) of Shares with respect to which incentive stock options are exercisable for the first time by the Participant during any calendar year under all
plans of the Company exceeds $100,000, the options or portions thereof which exceed such limit (according to the order in which they were granted) shall be treated as nonstatutory stock options. It should be understood that there is no assurance
that the Option will, in fact, be treated as an incentive stock option. 
 By acceptance of this Option, the Optionholder agrees to the terms
and conditions set forth above and those attached hereto and in the Plan. 
  

									
	 OPTIONHOLDER
	 		 	 PANACOS PHARMACEUTICALS, INC.

					
	By:	 	  	 		 	 By:
	 	  
		 		 		 		 	

 PANACOS PHARMACEUTICALS, INC. 1999 SUPPLEMENTAL EQUITY COMPENSATION PLAN 
 Incentive Stock Option Terms and Conditions 
 1. Plan Incorporated by Reference. This Option is issued pursuant to the terms of the Plan and may be amended as provided in the Plan. Capitalized terms used and not otherwise defined in this certificate have the meanings given to
them in the Plan. This certificate does not set forth all of the terms and conditions of the Plan, which are incorporated herein by reference. The Committee administers the Plan and its determinations regarding the operation of the Plan are final
and binding. Copies of the Plan may be obtained upon written request without charge from the Company. 
 2. Option Price. The price to
be paid for each share of Common Stock issued upon exercise of the whole or any part of this Option is the Option Price set forth on the face of this certificate. 
 3. Exercisability Schedule. This Option may be exercised at any time and from time to time for the number of shares and in accordance with the exercisability schedule set forth on the face of this certificate,
but only for the purchase of whole shares. This Option may not be exercised as to any shares after the Expiration Date. This Option may be terminated by the Company before the Expiration Date as permitted by the Plan. 
 4. Method of Exercise. To exercise this Option, the Optionholder shall deliver written notice of exercise to the Company specifying the number of
shares with respect to which the Option is being exercised accompanied by payment of the Option Price for such shares in cash, by certified check or in such other form, including, to the extent then permitted by the Committee, shares of Common Stock
of the Company valued at their Fair Market Value on the date of delivery or a payment commitment of a financial or brokerage institution, as the Committee may approve. Promptly following such notice, the Company will deliver to the Optionholder a
certificate representing the number of shares with respect to which the Option is being exercised. 
 5. No Right To Employment. No
person shall have any claim or right to be granted an Option. Neither the adoption, maintenance, nor operation of the Plan nor any Option thereunder shall confer upon any employee of the Company or of any Affiliate any right with respect to the
continuance of his/her employment by the Company or any such Affiliate. 
 6. Effect of Grant. Optionholder shall not earn any Options
granted hereunder until such time as all the conditions set forth herein and in the Plan which are required to be met in order to exercise the Option have been fully satisfied. 
 7. Change of Control. In order to preserve the Optionholder’s rights under the Option in the event of a change in control of the Company (as
defined by the Committee), the Committee in its discretion may at any time take one or more of the following actions: (i) provide for the acceleration of any time period relating to the exercise of the Option, (ii) provide for payment to
the Optionholder of cash or other property with a Fair Market Value equal to the amount that would have been received upon the exercise or payment of the Option had the Option been exercised or paid upon the change in control, (iii) adjust the
terms of the Option in a manner determined by the Committee to reflect the change in control, (iv) cause the Option to be assumed, or new rights substituted therefor, by another entity, or (v) make such other provision as the Committee may
consider equitable to Optionholder and in the best interests of the Company. 
 8. Option Not Transferable. This Option is not
transferable by the Optionholder other than by will or the laws of descent and distribution, and is exercisable, during the Optionholder’s lifetime, only by the Optionholder. The naming of a Designated Beneficiary does not constitute a
transfer. 
 9. Termination of Employment. If the Optionholder’s status as an employee of (a) the Company, (b) an
Affiliate, or (c) a corporation (or parent or subsidiary corporation of such corporation) issuing or assuming a stock option in a transaction to which section 424(a) of the Code applies, is terminated for any reason (voluntary or involuntary),
(i) this Option shall not thereafter become exercisable as to any additional shares and (ii) if the period of exercisability for this Option following such termination has not been specified by the Board, the vested portion of this Option
shall remain exercisable (to the extent not previously exercised) for ninety (90) days after the day on which the Optionholder’s employment is terminated, whereupon this Option shall terminate; except that - 
 (a)    If the Optionholder is on military, sick leave or other leave of absence approved by the Company, his or her
employment with the Company will be treated as continuing intact if the period of such leave does not exceed ninety (90) days, or, 

 
if longer, so long as the Optionholder’s right to reemployment with the Company is guaranteed either by statute or by contract; otherwise, the
Optionholder’s employment will be deemed to have terminated on the 91st day of such leave. 
 (b)    If the Optionholder’s employment is terminated by reason of his or her retirement from the Company at normal retirement age, each Option then held by the Optionholder, to the extent exercisable at retirement,
may be exercised by the Optionholder at any time within three (3) months after such retirement unless terminated earlier by its terms. 
 (c)    If the Optionholder’s employment is terminated by reason of his or her death, each Option then held by the Optionholder, to the extent exercisable at the date of death, may be exercised
at any time within one year after that date (unless terminated earlier by its terms) by the person(s) to whom the Optionholder’s option rights pass by will or by the applicable laws of descent and distribution. 
 (d)    If the Optionholder’s employment is terminated by reason of his or her becoming permanently and totally
disabled, each Option then held by the Optionholder, to the extent exercisable upon the occurrence of permanent and total disability, may be exercised by the Optionholder at any time within one (1) year after such occurrence unless terminated
earlier by its terms. For purposes hereof, an individual shall be deemed to be “permanently and totally disabled” if he or she is unable to engage in any substantial gainful activity by reason of any medically determinable physical or
mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than twelve (12) months. Any determination of permanent and total disability shall be made in good
faith by the Company on the basis of a report signed by a qualified physician. 
 10. Compliance with Securities Laws. It shall be a
condition to the Optionholder’s right to purchase shares of Common Stock hereunder that the Company may, in its discretion, require (a) that the shares of Common Stock reserved for issuance upon the exercise of this Option shall have been
duly listed, upon official notice of issuance, upon any national securities exchange or automated quotation system on which the Company’s Common Stock may then be listed or quoted, (b) that either (i) a registration statement under
the Securities Act of 1933 with respect to the shares shall be in effect, or (ii) in the opinion of counsel for the Company, the proposed purchase shall be exempt from registration under that Act and the Optionholder shall have made such
undertakings and agreements with the Company as the Company may reasonably require, and (c) that such other steps, if any, as counsel for the Company shall consider necessary to comply with any law applicable to the issue of such shares by the
Company shall have been taken by the Company or the Optionholder, or both. The certificates representing the shares purchased under this Option may contain such legends as counsel for the Company shall consider necessary to comply with any
applicable law. 
 11. Payment of Taxes. The Optionholder shall pay to the Company, or make provision satisfactory to the Committee
for payment of, any taxes required by law to be withheld with respect to the exercise of the Option no later than the date of the event creating the tax liability. The Company and its Affiliates may, to the extent permitted by law, deduct any such
tax obligations from any payment of any kind due to the Optionholder. In the Committee’s discretion, the minimum tax obligations required by law to be withheld with respect to the exercise of the Option may be paid in whole or in part in shares
of Common Stock, including shares retained from the exercise of the Option, valued at their Fair Market Value on the date of retention. 
 12. Notice of Sale of Shares Required. The Optionholder agrees to notify the Company in writing within 30 days of the disposition of any shares purchased upon exercise of this Option if such disposition occurs within two years of the
date of the grant of this Option or within one year after such purchase.

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