Document:

EX-10.22

 Exhibit 10.22 
 SENIOR EXECUTIVE SEVERANCE BENEFIT PLAN 
 (As amended effective October 16, 2015)

 This Senior Executive Severance Benefit Plan (this “Plan”) sets forth the separation benefits that the Compensation Committee
of the Board has approved for Microsoft Corporation (“Microsoft” or “Company”) executives who participate in Microsoft’s Executive Incentive Program and whose employment is terminated without cause. 

Eligibility 
 You will be entitled to receive the separation
benefits described in this Plan if all of the following apply: 
  

	 	•	 	 Your employment is terminated by Microsoft without Cause (a “Covered Termination”). For this purpose, “Cause” means your:
(1) conviction or plea of guilty or no contest to (a) any felony or (b) a misdemeanor charge involving fraud, false statements or misleading omissions, wrongful taking, embezzlement, bribery, forgery, counterfeiting or extortion;
(2) engaging in gross misconduct; (3) repeated failure to substantially perform your duties after notice and an opportunity to cure, provided those duties are consistent with your seniority; (4) violation of any securities laws, rules
or regulations, or the rules and regulations of any securities exchange or association of which Microsoft or any of its affiliates is a member; or (5) violation of Microsoft’s policies designed to prevent violations of law, such as,
without limitation, policies pertaining to compliance with the laws prohibiting unlawful discrimination, harassment, or insider trading. 

  

	 	•	 	 You received notice from Microsoft that you are eligible for the benefits described in this Plan, and at the time you received notice you were a participant
in Microsoft’s Executive Incentive Program. 

  

	 	•	 	 You satisfy the “Conditions to Receiving Benefits” described below. 

 Separation Benefits 
 If you are entitled to separation benefits under this Plan, you will
receive the following (less all applicable withholdings): 
 Part-Year Annual Cash Award:    A pro-rated
portion of your annual target cash award under Microsoft’s Executive Incentive Program for the fiscal year in which the Covered Termination occurs, determined by multiplying (1) your annual salary in effect at time of the Covered
Termination, by (2) the target cash award percentage for the fiscal year under the Executive Incentive Program, and by (3) the number of full and partial calendar months you have worked in that fiscal year divided by 12. This payment will
be made at the time annual cash awards for the year are paid to other participants in Microsoft’s Executive Incentive Program. If your cash award is designed to be a performance-based award under Section 162(m) of the Internal Revenue
Code, payment of your pro-rated annual target cash awards will be subject to achieving the relevant performance goal established for the year and the other limits of the Executive Incentive Program. 

Severance Payment:    A severance payment equal to the sum of (1) your annual base salary in effect at the
time of the Covered Termination and (2) your target annual cash award under the Microsoft’s Executive Incentive Program for the fiscal year in which the Covered Termination occurs, calculated using your annual salary in effect at time of
the Covered Termination. Your payment will be reduced by any severance or similar benefits under any other Microsoft plan, program or policy. The severance payment will be made in a lump sum within 60 days after your employment terminates.

 Vesting of Eligible Stock Awards:    Vesting of eligible stock awards, as follows: 

1. Vesting of the portion of your outstanding stock awards that would otherwise vest in the 12 months following the Covered Termination
(disregarding any stock award agreement provisions for vesting due to death, disability or retirement). Any stock awards that vest as a result of this paragraph will be delivered in accordance with the terms of the applicable stock award agreement.
This paragraph does not apply to performance stock awards. 

  
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 2. Vesting of a pro-rated portion of the number of shares earned (or, if less, the target award
shares) under any performance stock award under the Company’s Executive Incentive Program, provided that: 
 (i) at
least one year of the performance period has been completed at your employment termination, and 
 (ii) the pro-rated
vesting applies to shares earned based on achievement of performance goals under the stock award agreement. 
 The pro-rated number of
shares that vest under your performance stock award is determined by multiplying (i) the number of shares earned based on performance against goals under the stock award agreement, if any (or, if less, the target award shares under that
agreement), by (ii) the number of full and partial calendar months during which you have been employed as a participant in the Executive Incentive Program during the performance period, divided by the number of months in the performance period,
then rounding up to the nearest whole share. Any performance stock awards that vest as a result of this paragraph will be delivered following the end of the applicable performance period in accordance with the terms of the applicable stock award
agreement. 
 3. If your unvested stock award provides for continued vesting following an eligible “Retirement” based on your
age or age plus service, and if on your termination date you are within one year of becoming eligible for Retirement, then you will be treated as meeting the age and service requirements for Retirement under the stock award agreement. All other
requirements for Retirement set forth in the award agreement must still be met. 
 Health Benefit Continuation and
Outplacement:    Payment of COBRA premiums under the Microsoft Welfare Plan for any COBRA continuation coverage you properly elect for you or your eligible dependents through the six-month anniversary of your termination
of employment. In addition, you will have access to outplacement assistance made available by Microsoft for up to 12 months. 
 Conditions to Receiving
Benefits 
 To receive any benefits under this Plan, you must sign, return and not revoke a Separation and Release Agreement in the
form provided by Microsoft (without change) within 45 days after your termination. 
 The form of the Separation and Release Agreement
will be determined by Microsoft from time to time (it being understood that it will contain a full waiver and release of claims, confidentiality and non-disparagement provisions, and twelve-month non-compete/non-solicitation restrictions) and be
provided to you promptly following termination. 
 In addition, you will not receive benefits under this Plan if either of the following apply:

  

	 	•	 	 Your employment terminates due to death, disability, retirement or termination by you for any other reason (including so-called constructive termination). For
this purpose, “disability” and “retirement” are determined in the same manner as under the Microsoft 2001 Stock Plan and your stock award agreements. 

 

	 	•	 	 You do not comply with the terms of your Separation and Release Agreement or your Employee Agreement with Microsoft. 

Additional Provisions 
 Plan
Administration.    The Compensation Committee has the discretionary authority to interpret this Plan, adopt any administrative procedures (including claims procedures) and other rules for carrying out this Plan as may be
appropriate and decide any and all matters and make any and all determinations arising under this Plan. The Compensation Committee has delegated these powers to the senior corporate officer in charge of Microsoft’s Human Resources department.
Any interpretations and decisions of the Compensation Committee or its delegate shall be final, conclusive and binding on all parties affected. 

  
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 Plan Termination and Amendment.    The Compensation Committee may amend
this Plan in any manner (including to terminate this Plan), provided that, if (1) an amendment will terminate this Plan or (2) an amendment is determined by the Committee to be, in the aggregate, material and adverse to executives who have
been notified of their eligibility for Plan benefits, the Company will provide at least six months’ notice to those executives prior to the effective date of the amendment. 

Section 409A.    It is the intent that no severance or other payments or benefits provided under this Plan shall be
considered “non-qualified deferred compensation” within the meaning of Section 409A of the Internal Revenue Code and this Plan will be interpreted accordingly. If and to the extent that any such severance or other payments or benefits
under this Plan are determined by the Committee to constitute non-qualified deferred compensation and is provided to a participant who is a “specified employee” due to a “separation from service” (each, within the meaning of
Section 409A), then such payment or benefit will be delayed for six months following such separation from service. For the purposes of this Plan, each payment and benefit set forth herein will be deemed to be separate payments and will be
deemed not to be a deferral of compensation subject to Section 409A to the extent any such payment or benefit would constitute a “short-term deferral” or a payment pursuant to a “separation pay plan” within the meaning of
Section 409A. 
 Governing Law and Venue.    The Plan shall be governed by the laws of the State of
Washington to the extent federal laws do not apply. If the Company or any Participant (or beneficiary) initiates litigation related to this Plan, the venue for such action will be in King County, Washington. 

No Employment Rights.    Notwithstanding any provision of this Plan, your employment is terminable at will, meaning that
either you or Microsoft may terminate the employment relationship at any time, for any reason, with or without cause or notice. No term of this Plan shall be construed as altering the at-will nature of your employment. 

  
 3EX-10.25

 Exhibit 10.25 
 Executive Officer Incentive Plan 
 PERFORMANCE STOCK AWARD AGREEMENT UNDER 

THE MICROSOFT CORPORATION 2001 STOCK PLAN 
 Award Number                  
 This Award Agreement sets forth the terms and conditions of an award (the “Award”) of performance stock awards (“PSAs”) awarded to <<FullName>> (“Awardee”) by
Microsoft Corporation (the “Company”) in the exercise of its sole discretion under the Microsoft Corporation 2001 Stock Plan (the “Plan”) and pursuant to the Microsoft Corporation Executive Officer Incentive Plan (the
“EOIP”) on <<GrantDate>> (the “Award Date”). Capitalized terms used but not defined in this Award Agreement shall have the meanings assigned to them in the Plan. 

1. Award. 
 (a) The Award is
earned over a performance period beginning July 1, 2015 and ending June 30, 2018 (the “Performance Period”). Under the Award, the number of shares that may be earned at target performance for the Performance Period is
<<TargetShares>> (“Target Award”), and the maximum number of shares that may be earned for the Performance Period is <<MaxShares>>. At the end of the Performance Period, the
Committee (as that term is defined in Section 2(f) of the Plan) will determine the number of PSAs earned under the Award as set forth in Section 2 (these earned PSAs are the “Earned PSAs”). 

(b) The PSAs represent the Company’s unfunded and unsecured promise to issue Common Shares at a future date, subject to the terms of this
Award Agreement and the Plan. Awardee has no rights under the PSAs other than the rights of a general unsecured creditor of the Company. 

2. Performance Goals; Earned PSAs. 
 (a) The performance goal for the Performance Period is that the Company have positive operating income for the Company’s 2016 fiscal year, as reported in the Company’s financial statements (the
“Threshold Goal”). 
 (b) Within 90 days following the close of the Performance Period, the Committee shall assess performance
against the Threshold Goal in accordance with Section 4.2 of the EOIP and, if the Threshold Goal is achieved, shall also determine the number of Earned PSAs pursuant to Appendix A; provided that in no event may the number of Earned PSAs exceed
the maximum amount specified in Section 1(a) or in Section 4.1 of the EOIP. If the Threshold Goal for the Performance Period is not achieved, the number of Earned PSAs shall be zero. The date the Committee makes the determination of the
number of Earned PSAs is the “Determination Date” for the Performance Period. 
 3. Vesting of PSAs. 

(a) Earned PSAs shall vest on the first NASDAQ Stock Market regular trading day that is on or after the Determination Date, subject to the terms of
this Award Agreement and the Plan and provided that Awardee remains continuously employed through the last day of the Performance Period. 

  
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 (b) Awardee agrees that the PSAs subject to this Award Agreement, and other incentive or
performance-based compensation Awardee receives or has received from the Company, shall be subject to the Company’s executive compensation recovery policy, as amended from time to time. 

4. Termination.    Unless terminated earlier under Section 5, 6 or 7 below, an Awardee’s rights under this
Award Agreement with respect to the PSAs under this Award Agreement shall terminate at the time the PSAs are converted into Common Shares and distributed to Awardee. 
 5. Termination of Awardee’s Status as a Participant.    Except as otherwise specified in Section 6 or 7 below, in the event of termination of Awardee’s Continuous Status as
a Participant (as that term is defined in Section 2(j) of the Plan), Awardee’s rights under this Award Agreement in any unvested PSAs shall terminate. For the avoidance of doubt, an Awardee’s Continuous Status as a Participant
terminates at the time Awardee’s actual employer ceases to be the Company or a “Subsidiary” of the Company, as that term is defined in Section 2(y) of the Plan, and except as otherwise specified in Section 6 or 7 below, no
person shall have any rights as an Awardee under this Award Agreement unless he or she is in Continuous Status as a Participant on the Award Date. 
 6. Disability or Death of Awardee. 
 (a) Notwithstanding the provisions of Section 5
above, in the event of termination of Awardee’s Continuous Status as a Participant as a result of total and permanent disability (as that term is defined in Section 12(c) of the Plan) before the end of the Performance Period, the Awardee
shall become immediately vested in the Target Award. 
 (b) Notwithstanding the provisions of Section 5 above, if at the time of
Awardee’s death before the end of the Performance Period he or she is in Continuous Status as a Participant (including pursuant to Section 7(a) below), the Awardee shall become immediately vested in the Target Award. If Awardee vests in
the Target Award pursuant to Section 6(b), then no vesting shall occur pursuant to the Retirement vesting provisions of Section 7(a). 
 7. Retirement of Awardee; Severance. 
 (a) Notwithstanding the provisions of Section 5
above, in the event of Awardee’s Retirement, Awardee shall be treated as continuously employed through the vesting date in Section 3(a) above; provided that any Earned PSAs shall be prorated, so that the number of PSAs that vest shall be
calculated by multiplying the number of Earned PSAs by (i) the number of calendar months in which Awardee was in Continuous Service (including partial months) from the beginning of the Performance Period to the date of Awardee’s
Retirement, divided by (ii) the number of calendar months (including partial months) in the Performance Period. For this purpose, “Retirement” means termination of employment with the Company or a Subsidiary after the earlier of
(a) age 65, or (b) attaining age 55 and 15 years of Continuous Service, provided that immediately prior to termination of employment Awardee is employed by Microsoft (or a Subsidiary) in the United States. 

This Section 7 will only apply to a Retirement if (i) the Retirement occurs more than one year after the beginning of the Performance
Period, (ii) Awardee executes a release in conjunction with the Retirement in the form provided by the Company, and (iii) Awardee’s employment does not terminate due to misconduct (as determined in the sole discretion of the
Company’s senior corporate officer in charge of the Human Resources department), including but not limited to misconduct in violation of Company policy and misconduct that adversely affects the Company’s interests or reputation.

 For purposes of this Section 7, “Continuous Service” means that Awardee has continuously remained an employee of the
Company or a Subsidiary, measured from Awardee’s “most recent hire date” as reflected in the Company records. For an Awardee who became an employee of the Company following the acquisition of his or her employer by the Company or a
Subsidiary, service with the acquired employer shall count toward Continuous Service, and Continuous Service shall be measured from Awardee’s acquired company hire date as reflected in the Company’s records. 

  
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 (b) Awardee may vest in PSAs following Awardee’s termination of employment to the extent provided
in a Company severance benefit plan, including the Senior Executive Severance Benefit Plan. In no event, however, shall any accelerated or continued vesting under a Company severance benefit plan change the time of payment specified under this
Award Agreement. 
 8. Value of Unvested PSAs.    In consideration of the award of these PSAs, Awardee
agrees that upon and following termination of Awardee’s Continuous Status as a Participant for any reason (whether or not in breach of applicable laws), and regardless of whether Awardee is terminated with or without cause, notice, or
pre-termination procedure or whether Awardee asserts or prevails on a claim that Awardee’s employment was terminable only for cause or only with notice or pre-termination procedure, any unvested PSAs under this Award Agreement shall be deemed
to have a value of zero dollars ($0.00). 
 9. Conversion of PSAs to Common Shares; Responsibility for Taxes. 

(a) Provided Awardee has satisfied the requirements of Section 9(b) below, on the vesting of any Earned PSAs, the vested Earned PSAs shall be
converted into an equivalent number of Common Shares that will be distributed to Awardee (or Awardee’s legal representative, if applicable) within 60 days after the date of the vesting event (but in no event prior to the Determination Date,
except in the event of accelerated vesting under Section 6 above). Notwithstanding the foregoing, if accelerated vesting of a PSA occurs pursuant to a provision of the Plan not addressed in this Award Agreement, to the extent required by Code
section 409A, distribution of the related Common Share shall not occur until the date distribution would have occurred under this Award Agreement absent this accelerated vesting. The distribution to Awardee (or Awardee’s legal representative,
if applicable) of Common Shares in respect of the vested Earned PSAs shall be evidenced by means that the Company determines to be appropriate. In the event ownership or issuance of Common Shares is not feasible due to applicable exchange controls,
securities regulations, tax laws or other provisions of applicable law, as determined by the Company in its sole discretion, Awardee (or Awardee’s legal representative, if applicable) shall receive cash proceeds in an amount equal to the value
of the Common Shares otherwise distributable to Awardee, as determined by the Company in its sole discretion, net of amounts withheld in satisfaction of the requirements of Section 9(b) below. 

(b) Regardless of any action the Company or Awardee’s actual employer takes with respect to any or all income tax (including federal, state
and local taxes), social insurance, payroll tax, payment on account, or other tax-related withholding items (“Tax-Related Items”) that arise in connection with the PSAs, Awardee acknowledges and agrees that the ultimate liability for any
Tax-Related Items determined by the Company in its discretion to be legally due by Awardee, is and remains Awardee’s responsibility. Awardee acknowledges and agrees that the Company and/or Awardee’s actual employer (i) make no
representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the PSAs, including the grant of the PSAs, the vesting of Earned PSAs, the conversion of Earned PSAs into Common Shares or the receipt
of an equivalent cash payment, the subsequent sale of any Common Shares acquired and the receipt of any dividends; and (ii) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the PSAs to reduce or
eliminate Awardee’s liability for any Tax-Related Items. 
 Prior to the relevant taxable or tax-withholding event, as applicable,
Awardee shall pay, or make adequate arrangements satisfactory to the Company or to Awardee’s actual employer (in their sole discretion) to satisfy all obligations for Tax-Related Items. In this regard, Awardee authorizes the Company or
Awardee’s actual employer to 

  
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withhold all applicable Tax-Related Items from Awardee’s wages or other cash compensation payable to Awardee by the Company or Awardee’s actual employer. Alternatively, or in addition,
the Company or Awardee’s actual employer may, in their sole discretion, and without notice to or authorization by Awardee, (i) sell or arrange for the sale of Common Shares to be issued upon the vesting of Earned PSAs or other event to
satisfy the withholding obligation, and/or (ii) withhold in Common Shares, provided that the Company and Awardee’s actual employer shall withhold only the amount of shares necessary to satisfy the minimum withholding amount or such other
amount determined by the Company as not resulting in negative accounting consequences for the Company. Awardee will be deemed to have been issued the full number of Common Shares subject to the Earned PSAs, notwithstanding that a number of whole
vested Common Shares are held back solely for the purpose of paying the Tax-Related Items. Awardee shall pay to the Company or to Awardee’s actual employer any amount of Tax-Related Items that the Company or Awardee’s actual employer may
be required to withhold as a result of Awardee’s receipt of PSAs, the vesting of Earned PSAs, or the conversion of vested Earned PSAs to Common Shares that cannot be satisfied by the means described in this paragraph. Except where applicable
legal or regulatory provisions prohibit and notwithstanding anything in the Plan to the contrary, the standard process for the payment of an Awardee’s Tax-Related Items shall be for the Company or Awardee’s actual employer to withhold in
Common Shares only to the amount of shares necessary to satisfy the minimum withholding amount or such other amount determined by the Company as not resulting in negative accounting consequences for the Company. The Company may refuse to deliver
Common Shares to Awardee if Awardee fails to comply with Awardee’s obligation in connection with the Tax-Related Items as described in this Section 9. 
 (c) In lieu of issuing fractional Common Shares, on the vesting of a fraction of an Earned PSA, the Company shall round the shares down to the nearest whole share. 

(d) Until the distribution to Awardee of the Common Shares in respect of the vested Earned PSAs is evidenced by deposit in Awardee’s brokerage
account, Awardee shall have no right to vote or receive dividends or any other rights as a shareholder with respect to such Common Shares, notwithstanding the vesting of Earned PSAs. No adjustment will be made for a dividend or other right for which
the record date is prior to the date Awardee is recorded as the owner of the Common Shares, except as provided in Section 14 of the Plan. 
 (e) By accepting the Award of PSAs evidenced by this Award Agreement, Awardee agrees not to sell any of the Common Shares received on account of vested Earned PSAs at a time when applicable laws or Company policies
prohibit a sale. This restriction shall apply so long as Awardee is an Employee, Consultant or outside director of the Company or a Subsidiary of the Company. 
 10. Non-Transferability of PSAs.    Awardee’s right in the PSAs awarded under this Award Agreement and any interest therein may not be sold, pledged, assigned, hypothecated,
transferred, or disposed of in any manner, other than by will or by the laws of descent or distribution. PSAs shall not be subject to execution, attachment or other process. 
 11. Acknowledgment of Nature of Plan and PSAs.    In accepting the Award, Awardee acknowledges that: 
 (a) the Plan is established voluntarily by the Company, it is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time, as provided in the Plan; 

(b) the Award of PSAs is voluntary and occasional and does not create any contractual or other right to receive future awards of PSAs or other
awards, or benefits in lieu of PSAs even if PSAs have been awarded repeatedly in the past; 
 (c) all decisions with respect to PSAs or
other future awards, if any, will be at the sole discretion of the Company; 

  
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 (d) Awardee’s participation in the Plan is voluntary; 

(e) the future value of the underlying Common Shares is unknown and cannot be predicted with certainty; 

(f) if Awardee receives Common Shares, the value of the Common Shares acquired on vesting of Earned PSAs may increase or decrease in value;

 (g) notwithstanding any terms or conditions of the Plan to the contrary and consistent with Section 5 above, in the event of
termination of Awardee’s Continuous Status as a Participant under circumstances where Section 7 above does not apply (whether or not in breach of applicable laws), Awardee’s right to receive PSAs, if any, will terminate effective as
of the date that Awardee is no longer actively employed and will not be extended by any notice period mandated under applicable law. Awardee’s right to receive Common Shares pursuant to any Earned PSAs after termination of Continuous Status as
a Participant, if any, will be calculated as of the date of termination of Awardee’s active employment and will not be extended by any notice period mandated under applicable law; or if later, the Determination Date in the event of continued
vesting under Section 7 above. The senior corporate officer in charge of the Company’s Human Resources department has the exclusive discretion to determine when Awardee is no longer actively employed for purposes of the award of PSAs; and

 (h) Awardee acknowledges and agrees that, regardless of whether Awardee is terminated with or without cause, notice or pre-termination
procedure or whether Awardee asserts or prevails on a claim that Awardee’s employment was terminable only for cause or only with notice or pre-termination procedure, Awardee has no right to, and will not bring any legal claim or action for,
(a) any damages for any portion of any Earned PSAs that have been vested and converted into Common Shares, or (b) termination of any unvested PSAs under this Award Agreement. 

12. No Employment Right.    Awardee acknowledges that neither the fact of this Award of PSAs nor any provision of this
Award Agreement or the Plan or the policies adopted pursuant to the Plan shall confer upon Awardee any right with respect to employment or continuation of current employment with the Company or with Awardee’s actual employer, or to employment
that is not terminable at will. Awardee further acknowledges and agrees that neither the Plan nor this Award of PSAs makes Awardee’s employment with the Company or Awardee’s actual employer for any minimum or fixed period, and that this
employment is subject to the mutual consent of Awardee and the Company or Awardee’s actual employer, and may be terminated by either Awardee or the Company or Awardee’s actual employer at any time, for any reason or no reason, with or
without cause or notice or any kind of pre- or post-termination warning, discipline or procedure. 
 13.
Administration.    Except as otherwise expressly provided in the Plan, the authority to manage and control the operation and administration of this Award Agreement shall be vested in the Committee, and the Committee shall
have all powers and discretion with respect to this Award Agreement as it has with respect to the Plan. Any interpretation of the Award Agreement by the Committee and any decision made by the Committee with respect to the Award Agreement shall be
final and binding on all parties. References to the Committee in this Award Agreement shall be read to include a reference to any delegate of the Committee acting within the scope of his or her delegation. 

14. Plan Governs.    Except as provided in Schedule A, this Award Agreement shall be subject to the terms of the Plan
and the EOIP, and this Award Agreement is subject to all interpretations, amendments, rules and regulations promulgated by the Committee from time to time pursuant to the Plan and the EOIP. 

  
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 15. Notices.    Any written notices provided for in this Award Agreement
that are sent by mail shall be deemed received three business days after mailing, but not later than the date of actual receipt. Notices shall be directed, if to Awardee, at Awardee’s address indicated by the Company’s records and, if to
the Company, at the Company’s principal executive office. 
 16. Electronic Delivery.    The Company may,
in its sole discretion, decide to deliver any documents related to PSAs awarded under the Plan or future PSAs that may be awarded under the Plan by electronic means or request Awardee’s consent to participate in the Plan by electronic means.
Awardee hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

 17. Acknowledgment.    By Awardee’s acceptance of this Award Agreement in the manner prescribed by the
Company, Awardee acknowledges that Awardee has received and has read, understood and accepted all the terms, conditions and restrictions of this Award Agreement (including the policy referenced in Section 3(b)) and the Plan. Awardee understands
and agrees that this Award Agreement is subject to all the terms, conditions, and restrictions stated in this Award Agreement and in the other documents referenced in the preceding sentence, as the latter may be amended from time to time in the
Company’s sole discretion. 
 18. Board Approval.    These PSAs have been awarded pursuant to the Plan and
this Award of PSAs has been approved by the Committee or the Board of Directors. 
 19. Governing Law and
Venue.    This Award Agreement shall be governed by the laws of the State of Washington, U.S.A., without regard to Washington laws that might cause other law to govern under applicable principles of conflicts of law. The
venue for any litigation related to this Award Agreement will be in King County, Washington. 
 20.
Severability.    If one or more of the provisions of this Award Agreement shall be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby and the invalid, illegal or unenforceable provisions shall be deemed null and void; however, to the extent permissible by law, any provisions that could be deemed null and void shall first be construed,
interpreted or revised retroactively to permit this Award Agreement to be construed so as to foster the intent of this Award Agreement and the Plan. 
 21. Complete Award Agreement and Amendment.    This Award Agreement (including the policy referenced in Section 3(b)) and the Plan constitute the entire agreement between Awardee and
the Company regarding PSAs. Any prior agreements, commitments or negotiations concerning these PSAs are superseded. This Award Agreement may be amended only by written agreement of Awardee and the Company, without consent of any other person,
provided that no consent is necessary to an amendment that in the reasonable judgment of the Committee confers a benefit on Awardee. Awardee agrees not to rely on any oral information regarding this Award of PSAs or any written materials not
identified in this Section 21. 
 22. Code Section 409A.    Payments under this Award Agreement are
intended to be exempt from Code section 409A to the extent they satisfy the “short-term deferral exception” under Code section 409A and otherwise to be compliant with Code section 409A, and this Award Agreement shall be interpreted,
operated and administered accordingly. To the extent applicable, each payment under this Award Agreement shall be treated as a separate payment for purposes of Code section 409A. 

  
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