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Exhibit 4.1

DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE 
SECURITIES EXCHANGE ACT OF 1934

            As of the date of the Quarterly Report on Form 10-Q of which this exhibit forms a part, the only class of securities of KLA Corporation (“we” and “our”) registered under Section 12 of the Securities Exchange Act of 1934, as amended, is our common stock, $0.001 par value per share.

            DESCRIPTION OF COMMON STOCK

The following description of our common stock summarizes certain material terms and provisions of our certificate of incorporation, by-laws, and the Delaware General Corporation Law.  For the complete terms of our common stock, please refer to our certificate of incorporation and by-laws, which are incorporated by reference as exhibits to the Annual Report on Form 10-K filed on August 7, 2020, and to the applicable provisions of the Delaware General Corporation Law.

Authorized Common Stock

We have authority to issue 500 million shares of common stock, par value $0.001 per share.

Rights of Common Stock:

Voting Rights; Liquidation; Dividends.  Holders of our common stock are entitled:

•to one vote per share upon any matter, including, without limitation, the election of directors, on which stockholders are entitled to vote generally;

•upon our liquidation, dissolution or winding up, whether voluntary or involuntary, to participate in the distribution of any assets remaining after the payment of all debts and liabilities, subject to any preferential or other rights of the holders of any outstanding shares of our preferred stock; and

•subject to any preferential or other rights granted to the holders of any outstanding shares of our preferred stock, to receive dividends as may be declared from time to time by our board of directors and paid out of funds lawfully available therefor.

Other Rights and Restrictions. The holders of our common stock do not have any preemptive or subscription rights to purchase additional securities issued by us, nor any rights to convert their common stock into other of our securities or have their shares of common stock redeemed by us.  Our common stock is not subject to redemption by us.  Our certificate and by-laws do not restrict the ability of a holder of common stock to transfer his or her shares of common stock.

Preferred Stock.  Our board of directors has the authority, without further action by our stockholders, to issue up to 1 million shares of preferred stock, par value $0.001 per share, in one or more series and to fix the number of shares, designations, powers, preferences, and rights of the shares of each series and any qualifications, limitations or restrictions thereof to the full extent now or hereafter permitted by Delaware law.

Anti-Takeover Effects of Our Certificate of Incorporation and By-Law Provisions

Undesignated Preferred Stock. Because our board of directors has the power to establish the powers, preferences and rights of the shares of any additional series of preferred stock, it may afford holders of any series of preferred stock preferences, powers and rights, including voting and dividend rights, senior to the rights of holders of the common stock, which could adversely affect the holders of the common stock and could discourage a takeover of us even if a change of control of our company would be beneficial to the interests of our stockholders.

Limits on Stockholders Rights to Call Special Meetings or Act by Written Consent.  Our bylaws provide that a special meeting of stockholders may only be called by our board of directors.  As a result, stockholders may not call a special meeting, which may delay the ability of our stockholders to force consideration of a proposal, including a proposal to amend our bylaws or remove any directors.

Our certificate of incorporation provides that any action required or permitted to be taken by our stockholders must be effected at a duly called annual or special meeting and may not be effected by consent of stockholders in lieu of a meeting.  The restriction on the stockholders’ ability to act by consent in lieu of a meeting may lengthen the amount of time required for stockholders to take actions.  As a result, holders of a majority of our capital stock would not be able to take corporate action, including effecting any amendment to our bylaws or removal of our directors, without holding a meeting of our stockholders called in accordance with our bylaws.

Stockholder Advance Notice Procedure.  Our bylaws establish an advance notice procedure for stockholders to make nominations of candidates for election as directors or to bring other business before an annual meeting of stockholders or a special meeting of stockholders called for the purpose of electing directors.  These provisions may have the effect of precluding the conduct of certain business or nominations at a meeting of stockholders if the proper procedures are not followed. These provisions may also discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to obtain control of our company.

Section 203 of the Delaware General Corporation Law.  We are subject to Section 203 of the Delaware General Corporation Law, which, with specified exceptions, prohibits a “business combination” with any “interested stockholder” for a period of three years following the time that the stockholder became an interested stockholder unless:

•prior to that time, the board of directors approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

•upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding (but not the outstanding stock owned by the interested stockholder) those shares owned by persons who are directors and also officers and by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or 

•at or subsequent to that time, the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock which is not owned by the interested stockholder.

Section 203 defines “business combination” to include the following:

•any merger or consolidation of the corporation or any majority-owned subsidiary of the corporation with (a) the interested stockholder or (b) with any corporation, partnership or other entity if the merger or consolidation is caused by the interested stockholder;

•any sale, lease, exchange, mortgage, pledge, transfer or other disposition to or with the interested stockholder of assets of the corporation or any majority-owned subsidiary of the corporation equal to at least 10% of the aggregate market value of all assets of the corporation or the aggregate market value of all outstanding stock of the corporation;

•subject to specified exceptions, any transaction that results in the issuance or transfer by the corporation or by any majority-owned subsidiary of the corporation of any stock of the corporation or of such subsidiary to the interested stockholder;

•any transaction involving the corporation or any majority-owned subsidiary of the corporation which has the effect of increasing the proportionate share of the stock of any class or series of the corporation beneficially owned by the interested stockholder; or

•any receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation or any majority-owned subsidiary.

In general, Section 203 defines an “interested stockholder” as any entity or person beneficially owning 15% or more of the outstanding voting stock of the corporation and any entity or person affiliated with, controlling or controlled by that entity or person.

The application of Section 203 may make it difficult and expensive for a third party to pursue a takeover attempt we do not approve of even if a change in control would be beneficial to the interests of our stockholders.

Additional Restrictions on Transactions with Interested Shareholders.  In addition to Section 203 of the Delaware General Corporation Law, described above, our certificate of incorporation contains the following restrictions on transactions with interested shareholders.  Any of the following, subject to the exception below, require the vote of the holders of at least 80% of the outstanding shares of the capital stock of the corporation, voting together as a single class:

•any merger or consolidation of the corporation or any majority-owned subsidiary with (a) any interested shareholder or (b) any other corporation which is, or after such merger or consolidation would be, an affiliate of an interested shareholder;

•any sale, lease, exchange, mortgage, pledge, transfer or other disposition to or with any interested shareholder or affiliate of an interested shareholder of any assets of the corporation or any majority-owned subsidiary having an aggregate fair market value of $1 million or more;

•the issuance or transfer by the corporation or any majority-owned subsidiary of any securities of the corporation or any subsidiary to any interested shareholder or any affiliate of an interested shareholder in exchange for cash, securities or other property having an aggregate fair market value of $1 million or more;

•the adoption of any plan or proposal for the liquidation or dissolution of the corporation proposed by or on behalf of any interested shareholder or an affiliate of an interested shareholder; or

•any reclassification of securities, or recapitalization of the corporation, or any merger or consolidation of the corporation with any of its subsidiaries or any other transaction which has the effect of increasing the proportionate share of the outstanding shares of any class of equity of the corporation or any majority-owned subsidiary which is directly or indirectly owned by an interested shareholder or any affiliate of an interested shareholder.

Our certificate of incorporation defines an “interested shareholder” as any person who (i) is the beneficial owner of more than five percent of capital stock of the corporation, (b) is an affiliate of the corporation and at any time within the two-year period immediately prior to the date in question was the beneficial owner of five percent or more of the capital stock of the corporation, or (c) is an assignee or has otherwise succeeded to any shares of capital stock which were at any time within the two-year period immediately prior to the date in question beneficially owned by any interested shareholder, excluding shares acquired in a public offering within the meaning of the Securities Act of 1933, as amended.

These provisions of our certificate of incorporation restricting business combination transactions are not applicable to any such transaction, and any such transaction will only require an affirmative vote as if required by law or other provisions of our certificate, if such transaction was approved by a majority of our continuing directors at a meeting at which a continuing director quorum is present.  Our certificate of incorporation defines the term “continuing director” as each member of the board of directors who is unaffiliated with the interested shareholder and who was a member of the board prior to the time the interested shareholder became an interested shareholder, and any successor of a continuing director who is unaffiliated with the interested shareholder or is recommended or elected to succeed a continuing director by a majority of continuing directors, so long as the recommendation or election is made at a meeting at which a continuing director quorum is present.  Under our certificate of incorporation, a “continuing director quorum” means four continuing directors capable of exercising the powers conferred upon them by our certificate of incorporation, bylaws and applicable law.  These provisions of our certificate of incorporation restricting specified business combination transactions with interested shareholders may not be amended or repealed, and no provision inconsistent with these provisions may be adopted, without the affirmative vote of holders of at least 80% of our outstanding capital stock.  

The application of this provision of our certificate of incorporation may make it difficult and expensive for a third party to pursue a takeover attempt we do not approve of even if a change in control would be beneficial to the interests of our stockholders.Document

Exhibit 10.1

August 18, 2020

MaryBeth Wilkinson
[**]
[**]

Dear MaryBeth:

I am pleased to offer you the opportunity and challenge to join the KLA team. As Executive Vice President, Chief Legal Officer and Corporate Secretary, based in KLA’s Ann Arbor, Michigan office, you will work under my direction.  The details of your employment offer are as follows:

BASE SALARY:  $500,000.00 annualized; paid bi-weekly at approximately $19,230.77

FLSA STATUS: Exempt

HIRING BONUS:  You will be paid a hiring bonus in the gross amount of $350,000.00 which amount will become fully earned if you continue your employment with KLA Corporation (“KLA” or the “Company”) for twenty-four (24) continuous months following your first day of work (“Effective Hire Date”).  Payment of this bonus will be made within thirty (30) days following your Effective Hire Date, subject to tax withholdings.  In the event your employment with KLA ends within twenty-four (24) months of your Effective Hire Date, either voluntarily or for any reason other than a reduction in force or reorganization, before you have completely earned all of the bonus advanced, you will be required to immediately reimburse KLA, on a pro-rata basis, the unearned portion of the advanced bonus paid to you.  By signing below, you expressly agree to pay any balance owing to KLA in full within two (2) weeks of your termination date.

RESTRICTED STOCK UNITS: It will be recommended at the next Board of Directors' Compensation Committee meeting, pursuant to the Company's Equity Incentive Plan, that you be granted restricted stock units (“RSUs”) of KLA stock with an estimated value of $3,000,000.00. These RSUs shall be subject to vesting (currently expected to be one-third vesting on each the 1st, 2nd, and 3rd annual anniversaries of the award date subject to your continuing employment as of the applicable vesting date). In accordance with Company practice, the Compensation Committee reviews and determines the actual equity awards. The number of RSUs will be based on the KLAC closing price on the date of grant. You will receive notification of the award, grant date, as well as the terms and conditions of the grant within 30 days following the Compensation Committee's approval. Any such award will be subject to the terms of the applicable grant document and the 2004 Equity Incentive Plan, as it may be amended from time to time at the Company's sole discretion.

EXECUTIVE LONG-TERM INCENTIVE: You will be eligible to participate in the KLA annual Executive Long­Term Incentive Plan, with an initial target value of $1,100,000.00. This initial recommendation will be reviewed on or about August 1, 2021.

EXECUTIVE INCENTIVE BONUS: You will be eligible to earn an annual incentive bonus based on a bonus target of 80% of your base salary. The amount of any bonus will be based on performance to plans established early each Plan Year.  Any bonus payments to be made will be paid once per year and you must be an employee on the date of payout to receive this incentive bonus. Note that an employee must be in an eligible position on or before October 1 to qualify for participation in the Executive Incentive Bonus Plan for that year. A copy of the current Executive Incentive Bonus Plan is attached for review.

HEALTH & WELFARE BENEFITS: You will be eligible for the health and welfare benefits generally available to U.S. employees in a like job position. You will need to enroll in U.S. Benefits within 31 days of your Start Date. Benefit coverage is contingent upon you having a valid U.S. Social Security Number (“SSN”). If you do not have a valid U.S. SSN within 31 days of your Start Date, access to coverage under the health and welfare plans may be delayed. All benefits are at all times subject to the eligibility requirements and other terms of any relevant plan documents and are subject to change from time to time at the Company's discretion.

RELOCATION: KLA will engage a Relocation Service Provider to manage your move from [**] to the Ann Arbor, MI area. A copy of KLA's Relocation Summary Sheet is provided as an example of services that may be included. Upon acceptance of KLA's offer of employment, you will be contacted by the Company's Relocation Service Provider and receive a customized letter that specifies the terms of your relocation package. No other relocation expenses will be provided unless otherwise outlined in this letter or in writing from the U.S. Global Mobility Group. Relocation arrangements are expected to start on or before your Effective Hire Date. You are expected to be in and able to work from the Ann Arbor, MI area as of your Effective Hire Date.

Relocation Expenses are regulated by the Internal Revenue Service (“IRS”). In accordance to the IRS Guidelines, the relocation should be completed within one (1) year from your Effective Hire Date. Any exceptions to this timeframe must be reviewed and approved in writing by the U.S. Global Mobility Group.

The relocation benefits shall become fully earned if you continue your employment with the Company for twenty-four (24) continuous months following your Effective Hire Date. In the event that your employment with KLA ends within twenty-four (24) months of your Effective Hire Date, either voluntarily or for any reason other than a reduction in force or reorganization, you will be required to immediately reimburse KLA, on a pro-rata basis, the unearned portion of the amounts paid for relocation whether disbursed to you directly or paid on your behalf. By signing below, you expressly agree to pay any balance owing to KLA in full within two (2) weeks of your termination date.

TERMINATION WITHIN THE FIRST 12 MONTHS:  If you are terminated, without Cause (as defined below), within twelve (12) months following your Effective Hire Date, KLA will pay you severance in the gross amount of $900,000.00, which is equal to one (1) year of your base salary plus payout of your target annual incentive bonus, and waive repayment of the pro-rated hiring bonus and relocation benefits (collectively, “Severance Pay and Benefits”). Receipt of the Severance Pay and Benefits summarized herein is contingent upon your execution of a general release of claims in favor of KLA, to be prepared by KLA (the “Release”), within sixty (60) days following your separation date.  Payment of the severance will be made in lump sum, less applicable deductions and withholdings, within fourteen (14) days following the effectiveness of the Release or as soon thereafter as reasonably practicable. You will not be entitled to any other severance pay or benefits, including under the KLA Corporation Tier 2 Severance Benefits Plan and Summary Plan Description - January 1, 2020 - December 31, 2020 or any other severance plan established during the relevant period.

“Cause” shall mean conviction of or plea of nolo contendere to any felony or any crime involving moral turpitude; commission of any act or omission involving dishonesty or fraud with respect to the Company or the Company's customers, vendors or suppliers; misappropriation of Company funds or assets for personal use; breach of any material Company policy or term of employment (including the engagement in unlawful harassment or unlawful discrimination); continued neglect of duties or unsatisfactory performance that continues after written notice thereof from the Company; gross negligence or willful misconduct in the performance of duties to the Company; or engaging in conduct constituting a breach of your obligations to the Company with respect to confidentiality, use or disclosure of proprietary information, or conflict of interest.

The offer of Severance Pay and Benefits if terminated, without Cause, during the first twelve (12) months of employment does not alter the at-will nature of your employment.

AT-WILL EMPLOYMENT:  Employment with KLA is at will. Therefore, you may resign at any time, for any reason or for no reason. Similarly, KLA may end its employment relationship with you at any time, with or without cause, and with or without advanced notice. Nothing herein guarantees you the right of continued employment through any particular date. This letter contains the entire agreement between you and the Company with respect to the at-will nature of your employment, and the at-will term may be modified only in a writing that is signed by you and the KLA Executive Vice President of Human Resources which specifically states the intent to modify the at-will term.

Compensation and benefits usually are reviewed annually. Changes to compensation and benefits, however, may be made by the Company at any time, at the Company's discretion.

This offer is contingent upon the approval of the Compensation Committee of the Company's Board of Directors, and the satisfactory completion of a background and reference check.

U.S. immigration law requires that employers verify each individual's eligibility to work in the U.S., including U.S. citizens. Your employment offer is contingent upon you providing satisfactory proof of identity and authorization to work in the U.S. within three (3) business days of your Effective Hire Date. A list of acceptable documents for this purpose may be found at https://www.uscis.gov/i-9 on pages 8-11 of the Form 1-9 Instructions. Please bring the appropriate documentation on your first day of work.  In addition, the U.S. Export Administration Regulations restrict the transfer of certain technology out of the U.S., as well as the release of certain technology to foreign persons even if they are in the U.S. This offer of employment is contingent upon receipt of an export license from the U.S. Department of Commerce, if required.

This offer is made based on the assumption that you will be able to begin active work with KLA on or within a reasonable time after the start date indicated below. In the event that your background check is not satisfactorily completed, an anticipated educational degree is not completed, any required approval from the U.S. Department of Commerce is not obtained, your right to work in the U.S. cannot be verified, or any other circumstance prevents you from beginning work within a reasonable time following your anticipated start date, as determined in the sole discretion of KLA, this offer may be revoked or rescinded.

This offer will expire on August 25, 2020. To accept this employment offer, email a signed copy of this offer letter to [**] at [**]@kla.com and send the original signed letter to her attention at 1 Technology Drive, Milpitas, CA 95035.  You are encouraged to keep a copy for your records.

I am convinced that you will be an asset to KLA and hope you will find many opportunities to grow both professionally and personally.

If you have any questions concerning this offer of employment, please feel free to contact me. We look forward to you joining KLA.

Sincerely,

/s/ Rick Wallace

Rick Wallace
President and Chief Executive Officer 
KLA Corporation

By my signature directly below, I accept the offer of employment with KLA Corporation on the terms and conditions described above. In particular, I accept the terms of the relocation benefits and hiring bonus described above and understand that I will be obligated to repay, on a pro-rata basis, any portion of such benefits and bonus that may be unearned if I leave KLA within twenty-four (24) months of my Effective Hire Date.

Accepted by:      /s/ MaryBeth Wilkinson                             Date:     August 20, 2020      
                             MaryBeth Wilkinson

Anticipated Start Date: September 21, 2020

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