Document:

Amended and Restated Capital Support Agreement

 Exhibit 10.34 
 AMENDED AND RESTATED 
 CAPITAL SUPPORT AGREEMENT 
 THIS AMENDED AND RESTATED CAPITAL SUPPORT AGREEMENT (this “Agreement”) is made as of the 28th day of November, 2008, by and between SEI
Investments Company (the “Support Provider”) and SEI Liquid Asset Trust (the “Trust”) for and on behalf of its Prime Obligation Fund (the “Fund”). 
 W I T N E S S E T H: 
 WHEREAS, the Trust is an investment company registered with the
Securities and Exchange Commission in accordance with the Investment Company Act of 1940 (as amended, the “1940 Act”) and the Fund is a series of the Trust; 
 WHEREAS, the Fund is a money market fund that seeks to maintain a stable net asset value of $1.00 per share using the Amortized Cost Method as defined in and in accordance with Rule 2a-7 under the 1940 Act (as
amended, “Rule 2a-7”); 
 WHEREAS, the Fund holds the notes and other instruments identified on Schedule A attached hereto (each, a
“Covered Investment” and, together, the “Covered Investments”); 
 WHEREAS, the Trust, on behalf of the Fund, and the
Support Provider have entered into a Capital Support Agreement dated December 3, 2007 and amended February 15, 2008, March 5, 2008, March 10, 2008, March 24, 2008, March 26, 2008, March 31,
2008, April 17, 2008, June 18, 2008, July 22, 2008, July 28, 2008, July 30, 2008, November 7, 2008, and November 20, 2008 (the “Capital Support Agreement”), pursuant to which
the Support Provider has agreed to provide capital support to the Fund with respect to certain portfolio holdings, including the Covered Investments; 
 WHEREAS, the Fund’s failure to maintain a stable net asset value of $1.00 per share could adversely affect the Support Provider’s proprietary mutual fund business, which would reduce the profits derived by
the Support Provider from this line of business and potentially injure the Support Provider’s goodwill and reputation; and 
 NOW,
THEREFORE, in consideration of the above premises, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Support Provider and the Trust hereby amend and
restate the Capital Support Agreement and agree as follows: 
 1. Definitions. In addition to the terms defined elsewhere in this
Agreement, the following terms have the meanings indicated: 
 (a) “Amortized Cost Value” means, with respect to any Covered
Investment held by the Fund, the value of that Covered Investment as determined using the Amortized Cost Method in accordance with Rule 2a-7 on the relevant date. 
 (b) “Capital Contribution” means a cash contribution by the Support Provider to the Fund for which the Support Provider does not receive any shares or other consideration from the Fund. 
 (c) “Collateral” means the amount of any Letter of Credit, plus the amount of cash or other eligible assets held in any Segregated Account.

 (d) “Contribution Event” means, with respect to any Covered Investment, any of the following
occurrences: 
  

	 	(i)	Any sale of the Covered Investment by the Fund for cash in an amount, after deduction of any commissions or similar transaction costs, less than the Amortized Cost Value of the
Covered Investment sold as of the date of settlement; 

  

	 	(ii)	Receipt of final payment on the Covered Investment in an amount less than the Amortized Cost Value of that Covered Investment as of the date such payment is received;

  

	 	(iii)	Issuance of orders by a court having jurisdiction over the matter discharging the issuer of the Covered Investment from liability for the Covered Investment and providing for
payments on that Covered Investment in an amount less than the Amortized Cost Value of that Covered Investment as of the date such payment is received; 

  

	 	(iv)	the receipt of any Replacement Notes on or after April 1, 2009 that have a value that is less than the Amortized Cost Value of the applicable Covered Investment on the date
that the Fund receives such Replacement Notes; or 

  

	 	(v)	the receipt of any Replacement Notes that are or become Qualifying New Securities and have a value that is less than the Amortized Cost Value of the applicable Covered Investment on
the date that the Fund receives such Qualifying New Security. 

 The excess of the Amortized Cost Value of the Covered Investment subject to a
Contribution Event over the amount received by the Fund in connection with such Contribution Event shall constitute the “Loss” on such Covered Investment. 
 (e) “Covered Investment” shall have the meaning given above, but shall include any Replacement Notes other than Qualifying New Securities. 
 (f) “Letter of Credit” means one or more letters of credit issued by the Letter of Credit Provider for the benefit of the Fund, and which shall
terminate no sooner than the Termination Date. 
 (g) “Letter of Credit Provider” means JP Morgan Chase Bank, NA., or any
substitute provider whose obligations are rated as First Tier Securities as defined in paragraph (a)(12) of Rule 2a-7. 
 (h) “Maximum
Contribution Amount” means thirty million dollars ($30,000,000). 
 (i) “Minimum Permissible NAV” means $0.995 per share.

 (j) “NAV Deviation” means the deviation, if any, of the Fund’s current net asset value per share calculated using available
market quotations (or an appropriate substitute that reflects current market conditions) below the Fund’s price per share for purposes of distribution, redemption and repurchase of its shares calculated using the Amortized Cost Method. The NAV
Deviation shall be calculated in accordance with procedures adopted by the Fund’s Board in compliance with Rule 2a-7(c)(7)(ii)(A), except that, for purposes of calculating the Required Contribution Amount, it shall exclude any account
receivable or other asset representing the Support Provider’s obligations under this Agreement. 
  

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 (k) “Permissible NAV Deviation” means $0.005 per share. 
 (l) “Qualifying New Securities” means any Covered Investment or Replacement Notes that are or become “Eligible Securities,” as
defined in paragraph (a)(10) of Rule 2a-7. 
 (m) “Replacement Notes” means any securities or other instruments received in
exchange for, or as a replacement of, a Covered Investment as a result an exchange offer, debt restructuring, reorganization or similar transaction pursuant to which the instrument representing a Covered Investment is exchanged for, or replaced
with, new securities of the same issuer or a third party. 
 (n) “Required Collateral Amount” means Collateral having a value equal
to the Maximum Contribution Amount. 
 (o) “Required Contribution Amount” means for the Fund on the date of any Contribution Event:
(i) if the Fund’s NAV Deviation, after giving effect to any Contribution Events and all payments received by the Fund in respect of the Covered Investments, exceeds the Permissible NAV Deviation, a Capital Contribution in an amount
sufficient to reduce the Fund’s NAV Deviation to such Permissible NAV Deviation after giving effect to such Capital Contribution, or (ii), in any other event, zero. The Required Contribution Amount is intended to make the Fund whole for any
loss up to an amount necessary to enable the Fund to maintain its net asset value per share at no less than the Minimum Permissible NAV. The net asset value for purposes of calculating the Required Contribution Amount shall exclude any account
receivable or other asset representing the Support Provider’s obligations under this Agreement with respect to the Covered Investment giving rise to the Contribution Event. 
 (p) “Segregated Account” means an account established by the Support Provider for the benefit of the Fund (i) at a bank that is a
qualified custodian under the 1940 Act, (ii) which may be an interest-bearing account and/or which account’s assets may be invested into money market instruments, (iii) the assets of which during the term of this Agreement shall hold
cash or cash equivalent securities in an amount equal to the difference, if any, between the amount of the Letter of Credit and the Required Collateral Amount, and shall be available to the Fund by action initiated by the Fund without the
requirement of further action or consent by the Support Provider; and (iv) the assets of which, in the event of bankruptcy or insolvency of the Support Provider, shall not constitute property of the bankruptcy estate under 11 U.S.C.
Section 541 or otherwise. 
 (q) “Termination Date” means November 6, 2009. 
 (r) “Termination Event” shall have the meaning given to such term in Section 4(c) of this Agreement. 
 2. Maintenance of Required Collateral Amount 
 (a) During the term of this Agreement, Support Provider shall ensure that Collateral is maintained at a level that equal or exceeds the Required Collateral Amount. 
 (b) At all times, at least thirty million dollars ($30,000,000) of the Required Collateral Amount shall be maintained in the form of one or more Letters
of Credit. Should the Agreement be amended to increase the Maximum Contribution Amount above thirty million 

  

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dollars ($30,000,000), then additional Collateral required to be maintained in excess of such amount shall be provided first in the form of one or more
Letters of Credit up to the total amount of Letters of Credit permitted to be issued under the Support Provider’s then-current credit facility, minus the amount of any Letters of Credit issued and outstanding under the Support Provider’s
credit facility to any other money market fund pursuant to a capital support arrangement at such time as Support Provider is required to post additional Collateral under this Agreement. Thereafter, Collateral may be provided in the form of either
Letter of Credit or amounts deposited in a Segregated Account. 
 3. Covenants of the Fund. The Fund agrees that: 
 (a) To the extent consistent with the Fund’s interest, the Board shall consult with the Support Provider with respect to all decisions regarding
each Covered Investment (including, but not limited to, any decision to sell the Covered Investment or to forgo the right to any payment) prior to the occurrence of a Contribution Event with respect to that Covered Investment. Nothing in this
Agreement shall be construed to cause the delegation by the Board to any person any authority which is not permitted to be delegated under Rule 2a-7. 
 (b) The Fund will retain any Capital Contribution and not include the Capital Contribution in any dividend or other distribution to the Fund’s shareholders. For the avoidance of doubt, for purposes of this
subparagraph, the redemption of the Fund’s shares shall not constitute a “distribution” to shareholders. 
 (c) The Fund will
sell the Covered Investments (i) promptly following any change in the Letter of Credit Provider’s short term credit ratings such that the Letter of Credit Provider’s obligations no longer qualify as First Tier Securities as defined in
paragraph (a)(12) of Rule 2a-7, or (ii) on the business day immediately prior to the Termination Date; provided that, the Fund shall not be required to complete any such sale if the amount the Fund expects to receive would not result in the
payment of a Capital Contribution of the Required Contribution Amount, or, with respect to an event described in 3(c)(i) above, if the Support Provider substitutes Collateral that complies with the terms of Section 2 of this Agreement within
fifteen (15) calendar days from the occurrence of such event and, during such 15 day period, the Letter of Credit Provider’s obligations continue to qualify as Second Tier Securities under paragraph (a)(22) of Rule 2a-7. 
 4. Contributions to Fund. 
 (a) If a
Contribution Event occurs prior to the occurrence of a Termination Event, the Support Provider will make a Capital Contribution in an amount equal to the least of (i) the Loss incurred as a result of such Contribution Event, (ii) the
Required Contribution Amount, or (iii) the Maximum Contribution Amount reduced by the amount of any Capital Contribution previously made by the Support Provider to the Fund. 
 (b) The Support Provider shall make the Capital Contribution to the Fund not later than one business day after the occurrence of a Contribution Event, by
12:00 p.m. Eastern Time. Each Capital Contribution made hereunder shall be made in immediately available funds, without deduction, set-off or counterclaim, to the Fund. If the Support Provider makes a Capital Contribution when due, then the amount
that Support Provider is obligated to maintain in the Segregated Account shall be reduced by the amount of such Capital Contribution. In the event that the Support Provider does not make a Capital Contribution when due, the Fund will either, as
determined in the sole discretion of the Fund, (i) draw upon the Letter of Credit, or (ii) draw funds from the Segregated Account, in either case by 4:00 p.m. Eastern Time on the day that such Capital Contribution was required to have been
made and in an amount equal to the 

  

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Required Contribution Amount, and any amount received under such Letter of Credit or withdrawn from the Segregated Account shall be deemed to be a Capital
Contribution made hereunder by the Support Provider. 
 (c) The obligation of the Support Provider to make Capital Contributions pursuant to
this Agreement shall terminate upon the earliest to occur of (such occurrence, the “Termination Event”) (i) the repayment in full, in cash, of all Covered Investments, (ii) the Support Provider having made Capital Contributions
equal to the Maximum Contribution Amount, (iii) the receipt of Replacement Notes for all of the Covered Investments that are, or become, Qualifying New Securities and have an Amortized Cost Value equal to the Amortized Cost Value of the Covered
Investments, and (iv) 5:00 p.m. Eastern Time on the Termination Date. Upon the occurrence of a Termination Event, the Fund shall surrender the Letter of Credit for cancellation and take all actions reasonably necessary to release to the Support
Provider funds held in a Segregated Account. 
 (d) The Board, in its sole discretion, may cause the Fund to sell the Covered Investments if
the Board determines that the amount of any Capital Contribution payable under this Agreement would not be sufficient to permit the Fund to maintain the Minimum Permissible NAV. For the avoidance of doubt, such a sale is a “sale” for
purposes of Section 1(d)(i) of this Agreement and the authority granted to the Board under this Section 4(d) shall be in addition to, and not in limitation of, power granted to the Board or the Fund under any other provision of this
Agreement. 
 5. Reliance by the Fund and the Board. The Support Provider acknowledges and consents to: 
 (a) The Board’s reliance on the Support Provider’s obligations under this Agreement in making any determination required under Rule 2a-7; and

 (b) For purposes of calculating the Fund’s NAV Deviation, the inclusion of the Capital Contribution that would be payable to the Fund
under this Agreement if all of the Covered Investments were sold on the date of such calculation for the market value used to calculate such NAV Deviation; provided, however, that the Fund will include the value of a Capital Contribution that would
be payable to the Fund under this Agreement only to the extent that the obligation of the Support Provider to make such Capital Contribution is supported by Collateral; and 
 (c) The inclusion of such amount in the Fund’s audited or unaudited financial statements, to the extent required by generally accepted accounting
principles. 
 6. Representations and Warranties. The Support Provider hereby represents and warrants that: 
 (a) It is duly organized and validly existing under the laws of the jurisdiction of its organization or incorporation and, if relevant under such laws,
in good standing; 
 (b) It has the power to execute this Agreement, to deliver this Agreement and to perform its obligations under this
Agreement and has taken all necessary action to authorize such execution, delivery and performance; 
 (c) Such execution, delivery and
performance do not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual
restriction binding on or affecting it or any of its assets; 
  

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 (d) All governmental and other consents that are required to have been obtained by it with respect to
this Agreement to which it is a party have been obtained and are in full force and effect and all conditions of any such consents have been complied with; 
 (e) Its obligations under this Agreement to which it is a party constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy,
reorganization, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in
equity or at law)). 
 7. General. 
 (a) The Fund may not assign its rights under this Agreement to any person or entity, in whole or in part, without the prior written consent of the Support Provider. 
 (b) No waiver of any provision hereof or of any right or remedy hereunder shall be effective unless in writing and signed by the party against whom such
waiver is sought to be enforced. No delay in exercising, no course of dealing with respect to or no partial exercise of any right or remedy hereunder shall constitute a waiver of any other right or remedy, or future exercise thereof. 
 (c) If any provision of this Agreement is determined to be invalid under any applicable statute or rule of law, it is to that extent to be deemed
omitted, and the balance of the Agreement shall remain enforceable. 
 (d) Subject to the next sentence, all notices shall be in writing and
shall be deemed to be delivered when received by certified mail, postage prepaid, return receipt requested, or when sent by facsimile or e-mail confirmed by call back. All notices shall be directed to the address set forth under the party’s
signature or to such other address as either party may, from time to time, designate by notice to the other party. 
 (e) No amendment,
change, waiver or discharge hereof shall be valid unless in writing and signed by the Support Provider and the Fund and notice of such amendment is provided to the staff of the U.S. Securities and Exchange Commission (the “Commission”);
provided that, in no event shall any amendment, change, waiver or discharge hereof extend the Termination Date, unless the parties hereto have obtained the prior approval of the staff of the Commission. 
 (f) This Agreement shall be governed in all respects by the laws of the Commonwealth of Pennsylvania without regard to its conflict of laws provisions.

 (g) This Agreement constitutes the complete and exclusive statement of all mutual understandings between the parties with respect to the
subject matter hereof, superseding all prior or contemporaneous proposals, communications and understandings, oral or written. 
 (h) This
Agreement is solely for the benefit of the Fund, and no other person shall acquire or have any rights under or by virtue of this Agreement. 
 (i) This Agreement shall terminate upon the occurrence of any change in the Letter of Credit Provider’s short-term credit ratings such that the Letter of Credit Provider’s obligations no longer qualify as First Tier Securities as
defined in paragraph (a)(12) of Rule 2a-7, unless the Support Provider satisfies the terms of paragraph 3(c) of this Agreement relating to arrangements for substitute Collateral. Termination under this Section 7(i) shall not relieve (i)

  

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the Funds of their obligation to sell the Covered Investments, to the extent that such a sale is required by Section 3(c) of this Agreement; or
(ii) the Support Provider of its obligation to make a Capital Contribution to the Fund following such a sale, to the extent that such sale would give rise to a Contribution Event. 
 (j) Nothing in this Agreement shall prevent the Support Provider, in its sole discretion at any time, including in lieu of its obligation to make a
Capital Contribution hereunder, from purchasing any Covered Security from the Fund at its then current Amortized Cost Value pursuant to Rule 17a-9 under the 1940 Act or as otherwise permitted by law. 
 IN WITNESS WHEREOF, the Support Provider has caused this Amended and Restated Capital Support Agreement to be executed this 28th day of November, 2008.

  

			
	SEI INVESTMENTS COMPANY
		
	By:	 	 /s/    Dennis J. McGonigle

	Name:	 	Dennis J. McGonigle
	Title:	 	Chief Financial Officer
	
	ADDRESS FOR NOTICES:
	
	One Freedom Valley Drive
	Oaks, PA 19456
	
	SEI LIQUID ASSET TRUST PRIME OBLIGATION FUND
		
	By:	 	 /s/    Timothy D. Barto

	Name:	 	Timothy D. Barto
	Title:	 	Vice President
	
	ADDRESS FOR NOTICES:
	
	One Freedom Valley Drive
	Oaks, PA 19456

  

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 SCHEDULE A TO SUPPORT AGREEMENT 
  

							
	 Issuer
	  	Cusip	  	Par	  	Maturity
	 AXON FINANCIAL
	  	05461FAA5	  	13,414,559.65	  	12/22/08
	 CHEYNE FINANCE*
	  	16705EEM1	  	—  	  	—  
	 GRYPHON FUNDING LIMITED*
	  	40052TAA7	  	7,549,112.87	  	07/23/09
	 ISSUER ENTITY, LLC**
	  	68966HXXX	  	13,212,243.00	  	10/29/09
	 STANFIELD VICTORIA
	  	85431AKE6	  	20,000,000	  	2/14/09
	 WICKERSHAM ISSUER ENTITY***
	  	88521HBXX	  	17,948,237.23	  	05/13/09

  

	*	While the Cheyne assets were restructured into Gryphon Funding, and therefore the Gryphon notes represent Replacement Notes for the original Cheyne notes, the Fund also continues to
hold Cheyne notes. Cheyne is effectively a shell entity with nominal assets. 

	**	These are Replacement Notes received in the restructuring for Ottimo Funding, Ltd. 

	***	These are Replacement Notes received in the restructuring for Thornburg Mortgage. 

  

 -8-Intuitive Surgical, Inc. Severance Plan

 Exhibit 10.1 
 INTUITIVE SURGICAL, INC. 
 SEVERANCE PLAN 
 Introduction 
 It is expected that Intuitive Surgical, Inc.
(herein, the “Company”) from time to time will consider the possibility of an acquisition by another company or other change of control. The Board of Directors of the Company (the “Board”) recognizes that such consideration can
be a distraction to employees and can cause such employees to consider alternative employment opportunities. The Board has determined that it is the best interests of the Company and its shareholders to assure that the Company will have the
continued dedication and objectivity of the employees, notwithstanding the possibility, threat or occurrence of a Change of Control (as defined below) of the Company. 
 The Board believes that it is in the best interest of the Company and its shareholders to provide the Company’s employees with an incentive to continue their employment and to motivate these employees to maximize
the value of the Company upon a Change of Control for the benefit of its shareholders. 
 The Board believes that it is imperative to provide
the employees with certain severance benefits upon termination of employment following a Change of Control which provide these employees with enhanced financial security and provides efficient incentive and encouragement to the employees to remain
with the Company notwithstanding the possibility of a Change of Control. 
 Accordingly, the following plan has been developed and adopted.

 ARTICLE I 
 ESTABLISHMENT OF PLAN 
  

	1)	Establishment of Plan. As of the Effective Date, the Company hereby establishes a severance plan to be known as the “Severance Plan” (the “Plan”), as set
forth in this document. The purposes of the Plan are as set forth in the Introduction. 

  

	2)	Applicability of Plan. The benefits provided by the Plan shall be available to Employees of the Company, as set forth in the Plan. 

  

	3)	Contractual Right to Benefits. The Plan establishes and vests in each Participant a contractual right to benefits to which he or she is entitled hereunder, enforceable by the
Participant against the Company. 

 ARTICLE II 
 DEFINITIONS AND CONSTRUCTION 
  

	1)	Definitions. Whenever used in the Plan, the following terms shall have the meanings set forth below and, when the meaning is intended, the initial letter of the term is
capitalized. 

  

	 	a.	Base Compensation. “Base Compensation” shall mean the base salary and Target Bonus with respect to each Participant. 

  

 1 

	 	b.	Board. “Board” shall mean the Board of Directors of the Company. 

  

	 	c.	Cause. “Cause” shall mean (i) any act of personal dishonesty taken by the Participant in connection with his responsibilities as an employee and intended to
result in substantial personal enrichment of the Participant, (ii) the conviction of a felony, (iii) a willful act by the Participant which constitutes gross misconduct and which is injurious to the Company, and (iv) continued
substantial violations by the Participant of the Participant’s employment duties which are demonstrably willful and deliberate on the Participant’s part after there has been delivered to the Participant a written demand for performance
from the Company which specifically sets forth the factual basis for the Company’s belief that the Participant has not substantially performed his duties. 

  

	 	d.	Change of Control. “Change of Control” shall mean that occurrence of any of the following events: 

  

	 	i.	Any “person” (as such term is used in Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) is or becomes the “beneficial owner” (as
defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing 50% or more of the total voting power represented by the Company’s then outstanding voting securities; or 

  

	 	ii.	A change in the composition of the Board occurring within a two-year period, as a result of which fewer than a majority of the directors are Incumbent Directors. “Incumbent
Directors” shall mean directors who either (A) are directors of the Company as of the date hereof, or (B) are elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Incumbent
Directors at the time of such election or nomination (but shall not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the election of directors to the Company); or

  

	 	iii.	There is consummated a merger or consolidation of the Company with or into any other corporation, other than a merger or consolidation which would result in the voting securities of
the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least fifty percent (50%) of the total voting power represented
by the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation or the parent of the entity which survives such merger or consolidation; or 

  

	 	iv.	The stockholders of the Company approve a plan of complete liquidation of the Company or there is consummated the sale or disposition by the Company of all or substantially all of
the Company’s assets, other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least eighty percent (80%) of the combined voting power of the voting securities of which are
owned by persons in substantially the same proportions as their ownership of the Company immediately prior to such sale. 

  

 2 

	 	e.	COBRA. “COBRA” shall mean Consolidated Omnibus Budget Reconciliation Act of 1985, as amended. 

  

	 	f.	Code. “Code” shall mean the Internal Revenue Code of 1986, as amended. 

  

	 	g.	Company. “Company” shall mean Intuitive Surgical, Inc., a Delaware corporation, and any successor entities as provided in Article VI hereof.

  

	 	h.	Disability. “Disability” shall mean that the Participant has been unable to perform his duties as an Employee as the result of his incapacity due to physical or
mental illness, and such inability, at least 26 weeks after its commencement, is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to the Participant or the Participant’s legal
representative (such agreement as to acceptability not to be unreasonably withheld). Termination resulting from Disability may only be effected after at least 30 days’ written notice by the Company of its intention to terminate the
Participant’s employment. In the event that the Participant resumes the performance of substantially all of his duties hereunder before the termination of his employment becomes effective, the notice of intent to terminate shall automatically
be deemed to have been revoked. 

  

	 	i.	Effective Date. “Effective Date” shall mean the date the Plan is approved by the Board, or such other date as the Board shall designate in its resolution approving
the Plan. 

  

	 	j.	Employee. “Employee” shall mean an employee of the Company or any affiliate of the Company. 

  

	 	k.	ERISA. “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended. 

  

	 	l.	 Involuntary Termination. “Involuntary Termination” shall mean with respect to any Participant, other than Management Participants, (i) without
the Participant’s express written consent, a reduction by the Company in the Base Compensation of the Participant as in effect by 10% or more or (ii) the relocation of the Participant to a facility or a location more than 25 miles from the
Participant’s then present location, without the Participant’s express written consent. With respect to Management Participants, “Involuntary Termination” shall mean (i) without the Management Participant’s express
written consent, the assignment to the Management Participant of any duties or the significant reduction of the Management Participant’s duties, authority or responsibilities, which is inconsistent with the Management Participant’s duties,
authority or responsibilities in effect immediately prior to such assignment, or the removal of the Management Participant from such duties, authority or responsibilities; (ii) a reduction by the Company in the Base Compensation of the
Management Participant as in effect immediately prior to such reduction; (iii) a material reduction by the Company in the kind or level of employee benefits to which the Management Participant is entitled immediately prior to such reduction
with the result that the Management Participant’s overall benefits package is significantly reduced; (iv) the relocation of the Management Participant to a facility or a location more than 25 miles from the Management Participant’s
then present location, without the Management Participant’s express written consent; (v) any purported termination 

  

 3 

	 	 
of the Management Participant by the Company which is not effected for Disability or for Cause, or any purported termination for which the ground relied upon
are not valid; (vi) the failure of the Company to obtain the assumption of the agreement by any successors contemplated in Article VI below; or (vii) any act or set of facts or circumstances which would, under California case law or
statute constitute a constructive termination of the Management Participant. 

 In order for a Participant to terminate
employment in an Involuntary Termination, he or she must provide notice to the Company of the existence of the condition described in subsection II.1.l., within 30 days of the initial existence of the condition, and the Company shall have 30 days
following receipt of such notice to remedy such condition and not make any payments hereunder in connection with such termination of employment. 
  

	 	m.	Management Participant. “Management Participant” shall mean a Participant who is at a director level or higher. 

  

	 	n.	Notice of Termination. “Notice of Termination” shall have the meaning as set forth in subsection IX.2 hereof. 

  

	 	o.	Participant. “Participant” shall mean an individual who meets the eligibility requirements of Article III. 

  

	 	p.	Plan. “Plan” shall mean this Intuitive Surgical, Inc. Severance Plan. 

  

	 	q.	Plan Administrator. “Plan Administrator” means the Board or any committee duly authorized by the Board to administer the Plan. The Plan Administrator may be, but is
not required to be, the Compensation Committee of the Board. The Board may at any time administer the Plan in whole or in part, notwithstanding that the Board has previously appointed a committee to act as Plan Administrator.

  

	 	r.	Severance Payment. “Severance Payment” shall mean the payment of severance compensation as provided in Article IV hereof. 

  

	 	s.	Target Bonus. “Target Bonus” shall mean the maximum annual target bonus for each Participant under the Company’s bonus plan, determined without regard to any
vesting or performance limitations set forth in the Company’s bonus plan. 

  

	 	t.	 Termination Date. “Termination Date” shall mean (i) if a Participant’s employment is terminated by the Company for Disability, thirty
(30) days after Notice of Termination is given to the Participant (provided that the Participant shall not have returned to the performance of the Participant’s duties on a full-time basis during such thirty (30) day period),
(ii) if the Participant’s employment is terminated by the Company for any other reason, the date on which a Notice of Termination is given, provided that if within thirty (30) days after the Company gives the Participant Notice of
Termination, the Participant notifies the Company that a dispute exists concerning the termination, the Termination Date shall be the date on which the dispute is finally determined, either by mutual written agreement of the parties, by final
judgment, order or decree of a court of competent jurisdiction (the time for appeal therefrom having expired and no appeal having been perfected, or (iii) if the 

  

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employment is terminated by the Participant, the date on which the Participant delivers the Notice of Termination to the Company. 
 ARTICLE III 
 ELIGIBILITY

 Each Employee who (a) is not entitled to severance benefits and accelerated vesting on a termination of employment related to a
Change of Control under another plan or agreement with the Company or an Affiliate, (b) is not, at the effective time of the Change of Control, on a leave of absence as to which reemployment rights are not guaranteed by applicable law and
(c) has been an Employee for at least six (6) months prior to the Date of Termination, shall be a Participant in the Plan. Subject to subsection VII.2 hereof, a Participant shall cease to be a Participant in the Plan when he or she ceases
to be an Employee, unless such Participant is entitled to payment of a Severance Payment by virtue of such cessation of employment as provided in the Plan. A Participant entitled to payment of a Severance Payment shall remain a Participant in the
Plan until the full amount of the Severance Payment has been paid to the Participant. 
 ARTICLE IV 
 SEVERANCE PAYMENTS 
  

	1)	Right to Severance Payments/Timing. Notwithstanding any provision to the contrary in the Plan: (i) no amount shall be payable pursuant to this subsection IV.1 that
constitutes deferred compensation within the meaning of Section 409A of the Code unless the Participant’s termination of employment constitutes a “separation from service” within the meaning of Section 1.409A-1(h) of the
Department of Treasury Regulations and unless, on or prior to the 60th day following the Termination Date (A) the Participant executes a waiver and release of claims agreement in the Company’s customary form and (B) such waiver and
release of claims agreement shall not have been revoked by the Participant prior to such 60th day; and (ii) if the Participant is deemed at the time of his separation from service to be a “specified employee” for purposes of
Section 409A(a)(2)(B)(i) of the Code, to the extent delayed commencement of any portion of the termination benefits to which the Participant is entitled under the Plan is required in order to avoid a prohibited distribution under
Section 409A(a)(2)(B)(i) of the Code, such portion of the Participant’s termination benefits shall not be provided to the Participant prior to the earlier of (A) the expiration of the six-month period measured from the date of the
Participant’s “separation from service” with the Company (as such term is defined in the Treasury Regulations issued under Section 409A of the Code) or (B) the date of the Participant’s death. Upon the expiration of the
applicable Code Section 409A(a)(2)(B)(i) deferral period, all payments deferred pursuant to this subsection shall be paid in a lump sum to the Participant, and any remaining payments due under the Plan shall be paid as otherwise provided
herein. The reimbursement of any expense under subsection IV.1.a shall be made no later than December 31 of the year following the year in which the expense was incurred. The amount of expenses reimbursed in one year shall not affect the amount
eligible for reimbursement in any subsequent year. 

  

	 	a.	Termination Following A Change of Control. If a Participant’s employment terminates at any time within twelve (12) months after a Change of Control, then, subject
to subsection IV.2 hereof, the Participant shall be entitled to receive severance payments as follows: 

  

 5 

	 	A.	Termination Without Cause or Due to Involuntary Termination. If the Company terminates a Participant’s employment with the Company without Cause or a Participant’s
employment is terminated as a result of Involuntary Termination, then, the Participant shall be entitled to receive: (A) six (6) months of such Participant’s Base Compensation plus an additional one (1) month of such
Participant’s Base Compensation for every year of Participant’s service with the Company, such severance not to exceed twelve (12) months; (B) six (6) months of monthly COBRA premiums, provided that Participant elects
continued coverage under COBRA and (C) 100% vesting of all outstanding unvested equity awards that the Participant then holds. Payments made pursuant to clause (A) in the foregoing sentence shall be paid within sixty (60) days
following the Termination Date. 

  

	 	B.	Termination Due to Voluntary Resignation or Termination For Cause. If the Participant’s employment terminated by reason of the Participant’s voluntary resignation
(and is not an Involuntary Termination), or if the Participant is terminated for Cause, then the Participant shall not be entitled to receive severance or other benefits under the Plan and may only be entitled to receive severance or benefits (if
any) as may then be established under the Company’s then existing severance and benefits plans and policies at the time of such termination other than the Plan. 

  

	 	C.	Termination Due to Disability or Death. If the Company terminates the Participant’s employment as a result of the Participant’s Disability, or such
Participant’s employment is terminated due to the death of the Participant, then the Participant shall not be entitled to receive severance or other benefits under the Plan and may only be entitled to receive severance or benefits (if any) as
may then be established under the Company’s then existing severance and benefits plans and policies at the time of such Disability or death. 

  

	 	b.	Termination Apart from Change of Control. In the event a Participant’s employment is terminated for any reason, prior to the occurrence of a Change of Control or after
the twelve (12)-month period following a Change of Control, then the Employee shall not be entitled to receive severance or other benefits under the Plan and shall be entitled to receive severance and any other benefits only as may then be
established under the Company’s existing severance and benefit plans and policies at the time of such termination other than the Plan. 

  

	2)	 Parachute Payments. In the event it shall be determined that any payment or distribution to or for a Participant’s benefit which is in the nature of
compensation and is contingent on a change in the ownership or effective control of the Company or the ownership of a substantial portion of the assets of the Company (within the meaning of Section 280G(b)(2) of the Code), whether paid or
payable pursuant to this Plan or otherwise (a “Payment”), would constitute a “parachute payment” under Section 280G(b)(2) of the Code and would be subject to the excise tax imposed by Section 4999 of the Code (together
with any interest or penalties imposed with respect to such excise tax, the “Excise Tax”), then the Payments shall be reduced to the extent necessary so that no portion thereof shall be subject to the excise tax imposed by
Section 4999 of the Code but only 

  

 6 

	 	 
if, by reason of such reduction, the net after-tax benefit received by the Participant shall exceed the net after-tax benefit received by such Participant if
no such reduction was made. The specific Payments that shall be reduced pursuant to this paragraph and the order of such reduction shall be determined by the Company in its sole discretion. For purposes of this paragraph, “net after-tax
benefit” shall mean (i) the Payments which the Participant receives or is then entitled to receive from the Company that would constitute “parachute payments” within the meaning of Section 280G of the Code, less
(ii) the amount of all federal, state and local income taxes payable with respect to the Payments calculated at the maximum marginal income tax rate for each year in which the Payments shall be paid to the Participant (based on the rate in
effect for such year as set forth in the Code as in effect at the time of the first payment of the foregoing), less (iii) the amount of Excise Taxes imposed with respect to the Payments. All calculations necessary to determine the applicability
of this paragraph shall be performed by a nationally recognized accounting firm designated by the Company, whose conclusions shall be final and binding on the Company and any Participant. 

 ARTICLE V 
 OTHER RIGHTS AND BENEFITS
NOT AFFECTED 
  

	1)	Other Benefits. Except as otherwise provided in Article III herein, neither the provisions of the Plan nor the Severance Payment provided for hereunder shall reduce any
amounts otherwise payable, or in any way diminish the Participant’s rights as an Employee, whether existing now or hereafter, under any benefit, incentive, retirement, stock option bonus, stock purchase plan, or any employment agreement or
other plan or arrangement. 

  

	2)	Employment Status. The Plan does not constitute a contract of employment or impose on the Participant of the Company any obligation to retain the Participant as an Employee,
to change status of the Participant’s employment, or to change the Company’s policies regarding termination of employment. The Participant’s employment is and shall continue to be at-will, as defined under applicable law. If the
Participant’s employment with the Company or a successor entity terminates for any reason, including (without limitation) any termination prior to a Change of Control, the Participant shall not be entitled to any payments, benefits, damages,
awards or compensation other than as provided by the Plan, or as may otherwise be available in accordance with the Company’s established employee plans and practices or other agreements with the Company at the time of termination.

  

	3)	Taxation of Plan Payments. All Severance Payments paid pursuant to the Plan shall be subject to regular payroll and withholding taxes. 

 ARTICLE VI 
 SUCCESSORS TO COMPANY
AND PARTICIPANTS 
  

	1)	Company’s Successors. Any successor to the Company (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or otherwise) to all or
substantially all of the Company’s business and/or assets shall assume the obligations under the Plan and agree expressly to perform the obligations under the Plan. For all purposes under the Plan, the term “Company” shall include any
successor to the Company’s business and/or assets which executes and delivers an assumption agreement or which becomes bound by the terms of the Plan by operation of law. 

  

 7 

	2)	Participant’s Successors. All rights of the Participant hereunder shall inure to the benefit of, and be enforceable by, the Participant’s personal or legal
representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 

 ARTICLE VII

 DURATION, AMENDMENT AND TERMINATION 
  

	1)	Duration. The Plan shall terminate upon the earlier of (i) the date that all obligations of the Company or successor entities hereunder have been satisfied, or
(ii) twelve (12) months after a Change of Control, unless sooner terminated as provided in Section VII.2. A termination of the Plan pursuant to the preceding sentence shall be effective for all purposes, except that such termination shall
not affect the payment or provision of compensation or benefits on account of a termination of employment occurring prior to the termination of the Plan. 

  

	2)	Amendment and Termination. The Board shall have the discretionary authority to amend the Plan in any respect, including as to the removal or addition of Participants by
resolution adopted by a two-thirds or greater majority of the Board, unless a Change of Control has previously occurred. The Plan may be terminated by resolution adopted by a two-thirds or greater majority of the Board. If a Change of Control
occurs, the Plan shall no longer be subject to amendment, change, substitution, deletion, revocation or termination in any respect whatsoever. 

  

	3)	Form of Amendment. The form of any proper amendment or termination of the Plan shall be a written instrument signed by a duly authorized officer or officers of the Company,
certifying that the amendment or termination has been approved by the Board. A proper amendment of the Plan automatically shall effect a corresponding amendment to all Participants’ rights hereunder. A proper termination of the Plan
automatically shall effect a termination of all Participants’ rights and benefits hereunder. 

 ARTICLE VIII

 PLAN ADMINISTRATION 
  

	1)	Claims Procedure 

  

	 	a.	Claim Must Be Submitted in Writing. In the event of a dispute over benefits, a person who believes that he or she is being denied a benefit to which he or she is entitled
under the Plan (hereinafter referred to as “Claimant”) may file a written claim for such benefits with the Plan Administrator. The Plan Administrator shall determine the Claimant’s rights to benefits under the Plan.

  

	 	b.	Requirements For Notice of Denial. If a claim is wholly or partially denied, the Plan Administrator shall provide the Claimant with a notice of denial, written in a manner
calculated to be understood by the Claimant, setting forth: 

  

	 	i.	The specific reason for such denial; 

  

	 	ii.	Specific references to the Plan provisions on which the denial is based; 

  

 8 

	 	iii.	A description of any additional material or information necessary for the Claimant to perfect the claim with an explanation of why such material or information is necessary; and

  

	 	iv.	Appropriate information as to the steps to be taken if the Claimant wishes to submit his or her claim for review, including the time limits applicable to such procedures, and a
statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse decision upon review. 

 The notice of denial shall be given within a reasonable time period but no later than ninety (90) days after the claim is filed, unless special circumstances require an extension of time for processing the claim.
If such extension is required, written notice shall be furnished to the Claimant within ninety (90) days of the date the claim was filed stating the special circumstances requiring an extension of time and the date by which a decision on the
claim can be expected, which shall be no more than one-hundred eighty (180) days from the date the claim was filed. 
  

	 	c.	Claimant’s Rights if Claim Denied. The Claimant and/or his representative shall, upon request, be promptly provided with a review, in writing of a denied claim and may:

  

	 	i.	Request upon written application to the Plan Administrator to review and/or copy free of charge, pertinent Plan documents, records, and other information relevant to the
Claimant’s claim; and 

  

	 	ii.	Submit issues and submit documents, records and other information relating to the claim; 

 provided that such appeal specifies each of Claimant’s contentions and is made within sixty (60) days of the date the Claimant receives notification of the denied claim. The decision on review shall be made
by the Plan Administrator, which may, in its discretion, hold a hearing on the denied claim. The review shall take into account all comments, documents, records and other information submitted by the Claimant relating to the claim, without regard to
whether such information was submitted or considered in the initial benefit claim determination. 
  

	 	d.	 Time Limit on Review of Denied Claim. Upon receipt of a request for review, the Plan Administrator shall provide written notification of its decision to the
Claimant stating the specific reasons and referencing specific Plan provisions on which its decision is based, written in a manner calculated to be understood by the Claimant and including a statement that the Claimant is entitled to receive upon
request and free of charge reasonable access to and copies of all documents, records and other information relevant to the Claimant’s claim for benefits, as well as a statement of the Claimant’s right to bring an action under
Section 502(a) of ERISA. The decision shall ordinarily be made within sixty (60) days after receiving the written request for review unless special circumstances require an extension for processing the review. If such an extension is
required, the Plan Administrator shall notify the Claimant of such special circumstances and of the date, no later than one-hundred twenty (120) days after the original date the review was requested, on which the Plan Administrator shall notify
the Claimant of its decision. In any event, the decision on 

  

 9 

	 	 
review shall be delivered to the Claimant as soon as possible, but not later than five (5) days after the claim determination is made.

  

	 	e.	No Legal Recourse Until Claims Procedure Exhausted. In the event of any dispute over benefits under the Plan, all remedies available to the disputing individual under this
subsection VIII.1 must be exhausted before legal recourse of any type is sought. 

  

	2)	Arbitration. If the appeal of a Claimant is denied, or if the outcome of said appeal is unsatisfactory to the Claimant, the sole remedy hereunder shall be arbitration as set
forth below. Any dispute or controversy arising under or in connection with the Plan shall be settled by arbitration in accordance with the rules of the American Arbitration Association then in effect, conducted before a panel of three arbitrators
sitting in a location selected by the Employee within fifty (50) miles from the location of his or her job with the Company. In consideration for the Claimant’s waiver of his or her right to litigate any such dispute or controversy in a
court of law, and notwithstanding any contrary provisions of California law regarding allocation of attorney fees, cost and expenses in arbitration proceedings, the Company agrees to pay, on a monthly basis, the reasonable attorney fees, cost and
expenses (as determined by the arbitrator) incurred in good faith by the Claimant in connection with any such arbitration regardless of the outcome of the arbitration. Judgment may be entered on the arbitrator’s award in any court having
jurisdiction. Punitive damages shall not be awarded. 

 ARTICLE IX 
 NOTICE 
  

	1)	General. Notices and all other communications contemplated by the Plan shall be in writing and shall be deemed to have been duly given when personally delivered or when
mailed by U.S. registered or certified mail, return receipt requested and postage prepaid. In the case of the Participant, mailed notice shall be addressed to him or her at the home address which is most recently communicated to the Company in
writing. In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed to the attention of its Secretary. 

  

	2)	Notice of Termination. Any termination by the Company for Cause or by the Participant as a result of a voluntary resignation or an Involuntary Termination shall be
communicated by a notice of termination to the other party hereto (“Notice of Termination”). Such Notice of Termination shall indicate the specific termination provision in the Plan relied upon, shall set forth in reasonable detail the
facts and circumstances claimed to provide a basis for termination under the provision so indicated, and shall specify the Termination Date. The failure by the Participant to include in the Notice of Termination any fact or circumstance which
contributes to a showing of Involuntary Termination shall not waive any right of the Participant hereunder or preclude the Participant from asserting such fact or circumstance in enforcing his or her rights hereunder. 

 ARTICLE X 
 MISCELLANEOUS PROVISIONS

  

	1)	No Duty to Mitigate. The Participant shall not be required to mitigate the amount of any payment contemplated by the Plan, nor shall any such payment be reduced by any
earnings that the Participant may receive from any other source. 

  

 10 

	2)	Severability. The invalidity or unenforceability of any provision or provisions of the Plan shall not affect the validity or enforceability of any other provision hereof,
which shall remain in full force and effect. 

  

	3)	No Assignment of Benefits. The rights of any person to payments or benefits under the Plan shall not be made subject to option or assignment, either by voluntary or
involuntary assignment or by operation of law, including (without limitation) bankruptcy, garnishment, attachment or other creditor’s process, and any action in violation of this subsection shall be void. 

  

	4)	Employment Taxes. All payments made pursuant to the Plan will be subject to withholding of applicable income and employment taxes. 

  

	5)	Assignment by Company. The Company may assign its rights under the Plan to an affiliate, and an affiliate may assign its rights under the Plan to another affiliate of the
Company or to the Company; provided, however, that no assignment shall be made if the net worth of the assignee is less than the net worth of the Company at the time of assignment. In the case of any such assignment, the term “Company”
when used in a section of the Plan shall mean the corporation that actually employs the Participant. 

  

	6)	Non-Duplication of Benefits. Except as otherwise specifically provided for herein, no Participant is eligible to receive benefits under the Plan more than one time. The Plan
is designed to provide certain severance pay and benefits to Participants pursuant to the terms and conditions set forth in the Plan. 

  

	7)	Waiver. Any party’s failure to enforce any provision or provisions of the Plan shall not in any way be construed as a waiver of any such provision or provisions, nor
prevent any party from thereafter enforcing each and every other provision of the Plan. The rights granted to the parties herein are cumulative and shall not constitute a waiver of any party’s right to assert all other legal remedies available
to it under the circumstances. 

  

	8)	Section 409A. The parties acknowledge and agree that, to the extent applicable, the Plan shall be interpreted in accordance with, and the parties agree to use their best
efforts to achieve timely exemption from or compliance with, Section 409A of the Code and the Department of Treasury Regulations and other interpretive guidance issued thereunder (“Section 409A”). Notwithstanding any provision of the
Plan to the contrary, in the event that the Company determines that any compensation or benefits payable or provided under the Plan may be subject to Section 409A, the Company may adopt such limited amendments to the Plan and appropriate
policies and procedures, including amendments and policies with retroactive effect, that the Company reasonably determines are necessary or appropriate to (a) exempt the compensation and benefits payable under the Plan from Section 409A
and/or preserve the intended tax treatment of the compensation and benefits provided with respect to the Plan or (b) comply with the requirements of Section 409A. 

 ARTICLE XI 
 ERISA REQUIRED INFORMATION 
  

	1)	Plan Sponsor. The Plan sponsor and administrator is: 

 Intuitive Surgical, Inc. 
 1266 Kifer Road, Building 101 
 Sunnyvale, CA 94086 
  

 11 

	2)	Designated Agent. Designated agent for service of process: 

 General Counsel 
 Intuitive Surgical, Inc. 
 1266 Kifer Road, Building 101 
 Sunnyvale, CA 94086 
  

	3)	Plan Records. Plan records are kept on fiscal year basis. 

  

	4)	Funding. The Plan shall be maintained in a manner to be considered “unfunded” for purposes of ERISA. The Company shall be required to make payments only as benefits
become due and payable. No person shall have any right, other than the right of an unsecured general creditor against the Company, with respect to the benefits payable hereunder, or which may be payable hereunder, to any Participant, surviving
spouse or beneficiary hereunder. If the Company, acting in its sole discretion, establishes a reserve or other fund associated with the Plan, no person shall have any right to or interest in any specific amount or asset of such reserve or fund by
reason of amounts which may be payable to such person under the Plan, nor shall such person have any right to receive any payment under the Plan except as and to the extent expressly provided in the Plan. The assets in any such reserve or fund shall
be part of the general assets of the Company, subject to the control of the Company. 

  

 12

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