Document:

Severance Agreement

 Exhibit 10.44 
 SEVERANCE AGREEMENT 
 THIS AGREEMENT is entered into as of March 16, 2007 by and between Stephen
M. Smith (the “Executive”) and EQUINIX, INC., a Delaware corporation (the “Company”). 
 1. Term of Agreement. 

This Agreement shall remain in effect from the date hereof until the earlier of: 
 (a) The date the Executive’s employment with the Company terminates for a reason other than Involuntary Termination as described in Section 2;
or 
 (b) The date the Company has met all of its obligations under this Agreement following a termination of the Executive’s employment
with the Company for a reason described in Section 2. 
 2. Severance Payment. 
 (a) Severance Benefit. If the Executive is subject to an Involuntary Termination, then the Company shall pay the Executive 100% of his or her
annual base salary and target bonus (at the annual rate in effect immediately prior to the actions that resulted in the Involuntary Termination). Such severance benefit shall be paid in accordance with the Company’s standard payroll procedures.
In addition, any outstanding stock awards shall vest pro-rata with respect to the current outstanding installment, but as to any stock award that vests based both on time-based vesting and upon satisfaction of performance milestones, only to the
extent any applicable performance milestones have been met. For example, if Executive is subject to an Involuntary Termination six months after the grant of a restricted stock award where the restricted stock award vests as to 25% of its shares
solely upon completion of one year of service after its grant, then Executive would vest in 12.5% of such restricted stock award. Finally, Executive shall be paid any unpaid bonus for the prior fiscal year provided he has met the goals for payment
of such bonus. Subject to Section 2(d), the Executive will receive his or her severance payment in a lump-sum payment which will be made within ten (10) business days of the latest of the following dates: 
 (i) the date of Executive’s Involuntary Termination; 
 (ii) the date of the Company’s receipt of the Executive’s executed General Release; and 
 (iii) the expiration of any rescission period applicable to the Executive’s executed General Release. 

 (b) Health Care Benefit. If the Executive is subject to an Involuntary Termination, and if the
Executive elects to continue his or her health insurance coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) following the termination of his or her employment, then the Company shall pay the Executive’s
monthly premium under COBRA until the earliest of (i) the close of the twelve-month period following cessation of his or her employment or (ii) the expiration of the Executive’s continuation coverage under COBRA. 
 (c) General Release. Any other provision of this Agreement notwithstanding, Subsections (a) and (b) above shall not apply unless the
Executive (i) has executed a general release (in the form attached hereto as Attachment A) of all known and unknown claims that he or she may then have against the Company or persons affiliated with the Company and (ii) has agreed not to
prosecute any legal action or other proceeding based upon any of such claims. 
 (d) Section 409A. The other provisions of
Section 2 above notwithstanding, the payment(s) under Section 2(a) and the COBRA reimbursements under Section 2(b) shall in no event commence prior to the earliest date permitted by Section 409A(a)(2)(B)(i) of the Internal
Revenue Code of 1986, as amended (“the Code”). If the commencement of such payments or reimbursements must be delayed, then any deferred installments shall be paid in a lump sum on the earliest practicable date permitted by
Section 409A(a)(2)(B)(i) of the Code. 
 3. Covenants. 
 (a) Non-Solicitation. During the Executive’s employment with the Company and during the twelve-month period following his or her cessation of employment, the Executive shall not directly or indirectly,
personally or through others, solicit or attempt to solicit the employment of any employee of the Company or any of the Company’s affiliates, whether on the Executive’s own behalf or on behalf of any other person or entity. The Executive
and the Company agree that this provision is reasonably enforced as to any geographic area in which the Company conducts its business. 
 (b)
Non-Competition. The Executive agrees that, during his or her employment with the Company, he or she shall not directly or indirectly, individually or in conjunction with others, engage in activities that compete with the Company or work for
any entity that competes with the Company. 
 (c) Cooperation and Non-Disparagement. The Executive agrees that, during the
twelve-month period following his or her cessation of employment, he or she shall cooperate with the Company in every reasonable respect and shall use his or her best efforts to assist the Company with the transition of Executive’s duties to
his or her successor; in both cases subject to Executive’s personal and any other professional obligations or employment. The Executive further agrees that, during this twelve-month period, he or she shall not in any way or by any means
disparage the Company, the members of the Company’s Board of Directors or the Company’s officers and employees. The Company agrees that members of the Company’s Board of Directors and its officers will not in any way or by any means
disparage Executive for the same twelve-month period. 
  

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 4. Definitions. 
 (a) Definition of “Cause.” For all purposes under this Agreement, “Cause” shall mean the Executive’s unauthorized use or disclosure of trade secrets which causes material
harm to the Company, the Executive’s conviction of, or a plea of “guilty” or “no contest” to, a felony, or the Executive’s gross misconduct. The foregoing shall not be deemed an exclusive list of all acts or omissions
that the Company may consider as grounds for the termination of the Executive’s employment without Cause. 
 (b) Definition of
“Good Reason.” For all purposes under this Agreement, “Good Reason” shall mean (i) a change in the Executive’s position with the Company that materially reduces his or her authority or level of
responsibility, provided that in the event of a Change in Control of the Company (as defined in the Company’s 2000 Equity Incentive Plan), if Executive is no longer the chief executive officer of the successor entity, or, its parent (if the
successor entity is controlled by another entity), then the Change in Control of the Company shall materially reduce Executive’s authority and level of responsibility and shall qualify as Good Reason, (ii) a reduction in his or her level
of compensation (including base salary and target bonus) other than pursuant to a Company-wide reduction of compensation where the reduction affects the other executive officers and Executive’s reduction is substantially equal, on a percentage
basis, to the reduction of the other executive officers, (iii) a relocation of Executive’s place of employment by more than 30 miles, provided and only if such change, reduction or relocation is effected by the Company without
Executive’s consent or (iv) a material breach of this Agreement or the Executive’s offer letter by the Company or the failure of any successor to the Company to assume this Agreement or the offer letter pursuant to the terms of
Section 5(a) of this Agreement. 
 (c) Definition of “Involuntary Termination.” For all purposes under this
Agreement, “Involuntary Termination” shall mean that one of the following events occurs: 
 (i) The Executive
voluntarily resigns his or her employment for Good Reason; or 
 (ii) The Company terminates the Executive’s employment
for any reason other than Cause. 
 5. Successors. 
 (a) Company’s Successors. The Company shall require any successor (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, by an agreement in substance and form satisfactory to the Executive, to assume this Agreement and Executive’s offer letter and to agree expressly to perform this Agreement and Executive’s offer
letter in the same manner and to the same extent as the Company would be required to perform it in the 

  

 3 

 
absence of a succession. For all purposes under this Agreement, the term “Company” shall include any successor to the Company’s business
and/or assets or which becomes bound by this Agreement by operation of law. 
 (b) Executive’s Successors. This Agreement and all
rights of the Executive hereunder shall inure to the benefit of, and be enforceable by, the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 
 6. Golden Parachute Taxes. 
 (a) Best After-Tax
Result. In the event that any payment or benefit received or to be received by Executive pursuant to this Agreement or otherwise (“Payments”) would (i) constitute a “parachute payment” within the meaning of
Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”) and (ii) but for this subsection (a), be subject to the excise tax imposed by Section 4999 of the Code, any successor provisions, or any comparable
federal, state, local or foreign excise tax (“Excise Tax”), then, subject to the provisions of Section 6(b) hereof, such Payments shall be either (A) provided in full pursuant to the terms of this Agreement or any other
applicable agreement, or (B) provided as to such lesser extent which would result in no portion of such Payments being subject to the Excise Tax (“Reduced Amount”), whichever of the foregoing amounts, taking into account the
applicable federal, state, local and foreign income, employment and other taxes and the Excise Tax (including, without limitation, any interest or penalties on such taxes), results in the receipt by Executive, on an after-tax basis, of the greatest
amount of payments and benefits provided for hereunder or otherwise, notwithstanding that all or some portion of such Payments may be subject to the Excise Tax. Unless the Company and Executive otherwise agree in writing, any determination required
under this Section shall be made by independent tax counsel designated by the Company and reasonably acceptable to Executive (“Independent Tax Counsel’), whose determination shall be conclusive and binding upon Executive and the Company
for all purposes. For purposes of making the calculations required under this Section, Independent Tax Counsel may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations
concerning the application of Sections 280G and 4999 of the Code; provided that Independent Tax Counsel shall assume that Executive pays all taxes at the highest marginal rate. The Company and Executive shall furnish to Independent Tax Counsel such
information and documents as Independent Tax Counsel may reasonably request in order to make a determination under this Section. The Company shall bear all costs that Independent Tax Counsel may reasonably incur in connection with any calculations
contemplated by this Section. In the event that Section 6(a)(ii)(B) above applies, then based on the information provided to Executive and the Company by Independent Tax Counsel, Executive may, in Executive’s sole discretion and within 30
days of the date on which Executive is provided with the information prepared by Independent Tax Counsel, determine which and how much of the Payments (including the accelerated vesting of equity compensation awards) to be otherwise received by
Executive shall be eliminated or reduced (as long as after such determination the value (as calculated by Independent Tax Counsel in accordance with the provisions of Sections 280G and 4999 of the Code) of the amounts payable or distributable to
Executive equals the Reduced Amount). If the Internal Revenue Service (the “IRS”) determines that any Payment is subject to the Excise Tax, then Section 6(b) hereof shall apply, and the enforcement of Section 6(b) shall be the
exclusive remedy to the Company. 
  

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 (b) Adjustments. If, notwithstanding any reduction described in Section 6(a) hereof (or in
the absence of any such reduction), the IRS determines that Executive is liable for the Excise Tax as a result of the receipt of one or more Payments, then Executive shall be obligated to surrender or pay back to the Company, within 120 days after a
final IRS determination, an amount of such payments or benefits equal to the “Repayment Amount.” The Repayment Amount with respect to such Payments shall be the smallest such amount, if any, as shall be required to be surrendered or paid
to the Company so that Executive’s net proceeds with respect to such Payments (after taking into account the payment of the Excise Tax imposed on such Payments) shall be maximized. Notwithstanding the foregoing, the Repayment Amount with
respect to such Payments shall be zero if a Repayment Amount of more than zero would not eliminate the Excise Tax imposed on such Payments or if a Repayment Amount of more than zero would not maximize the net amount received by Executive from the
Payments. If the Excise Tax is not eliminated pursuant to this Section 6(b), Executive shall pay the Excise Tax. 
 7. Miscellaneous Provisions.

 (a) Other Severance Arrangements. This Agreement supersedes any and all cash severance arrangements under any prior separation,
severance and salary continuation arrangements, programs and plans which were previously offered by the Company to the Executive, including arrangements pursuant to an employment agreement or offer letter. In no event shall any individual receive
cash severance benefits under both this Agreement and any other severance pay or salary continuation program, plan or other arrangement with the Company. This Agreement provides additional terms for vesting acceleration for stock awards and does not
supersede the terms of any vesting acceleration pursuant to a stock award. 
 (b) Notice. Notices and all other communications
contemplated by this Agreement 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 or deposited with Federal
Express Corporation, with shipping charges prepaid. In the case of the Executive, mailed notices shall be addressed to him or her at the home address which he or she 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. 
 (c)
Waiver. No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by the Executive and by an authorized officer of the Company (other than the
Executive). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at
another time. 
 (d) Withholding Taxes. All payments made under this Agreement shall be subject to reduction to reflect taxes or other
charges required to be withheld by law. 
  

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 (e) Severability. The invalidity or unenforceability of any provision or provisions of this
Agreement shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect. 
 (f)
No Retention Rights. Nothing in this Agreement shall confer upon the Executive any right to continue in service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company or any subsidiary
of the Company or of the Executive, which rights are hereby expressly reserved by each, to terminate his or her service at any time and for any reason, with or without Cause. 
 (g) Choice of Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of
California (other than their choice-of-law provisions). 
 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case
of the Company by its duly authorized officer, as of the day and year first above written. 
  

			
	
	/s/ Stephen M. Smith
	Stephen M. Smith
	
	EQUINIX, INC.
		
		 	/s/ Peter Van Camp
	By:	 	Peter Van Camp
	Title:	 	Chief Executive Officer

  

 6Form of Restricted Stock Agreements

 Exhibit 10.45 
 EQUINIX, INC. 2000 EQUITY INCENTIVE PLAN 
 NOTICE OF RESTRICTED STOCK AWARD 
 You have been granted restricted shares of Common Stock of Equinix, Inc. (the “Company”) on the following terms: 
  

			
	Name of Recipient:	  	
		
	Total Number of Shares Granted:	  	
		
	Fair Market Value per Share:	  	$
		
	Total Fair Market Value of Award:	  	$
		
	Date of Grant:	  	
		
	Vesting Commencement Date:	  	
		
	Vesting Schedule:	  	The first 25% of the shares subject to this award shall vest on the date you complete twelve months of continuous “Service” (as defined in the Restricted Stock Agreement) from the
Vesting Commencement Date. Thereafter, an additional 12.5% of the shares subject to this award shall vest on your completion of each six months of continuous Service thereafter.

 You and the Company agree that these shares are granted under and governed by the terms and conditions of the
Equinix, Inc. 2000 Equity Incentive Plan (the “Plan”) and the Restricted Stock Agreement, which is attached to and made a part of this document. 
 You further agree that the Company may deliver by email all documents relating to the Plan or this award (including, without limitation, prospectuses required by the Securities and Exchange Commission) and all other documents that the
Company is required to deliver to its security holders (including, without limitation, annual reports and proxy statements). You also agree that the Company may deliver these documents by posting them on a web site maintained by the Company or by a
third party under contract with the Company. If the Company posts these documents on a web site, it will notify you by email. By your signature below, you agree to pay any withholding taxes due on vesting or transfer of the shares. 
  

									
	RECIPIENT:	 		 	EQUINIX, INC.
				
	  	 		 	By:	 	  
		 		 		 	Title:	 	  

 EQUINIX, INC. 2000 EQUITY INCENTIVE
PLAN 
 RESTRICTED STOCK AGREEMENT 
  

			
	Payment for Shares	  	No payment is required for the shares that you are receiving, except for satisfying any withholding taxes that may be due as a result of the grant of this award or the vesting or transfer of the
shares.
		
	Transfer	  	On the terms and conditions set forth in the Notice of Restricted Stock Award and this Agreement, the Company agrees to transfer to you the number of Shares set forth in the Notice of Restricted
Stock Award.
		
	Vesting	  	The shares will vest in installments, as shown in the Notice of Restricted Stock Award. No additional shares will vest after your service as an employee, consultant or outside director of the
Company or a parent or subsidiary of the Company (“Service”) has terminated for any reason.
		
	Change in Control	  	In the event of a Change in Control, then the vesting of the shares will automatically accelerate as if you had completed an additional 12 months of Service. In addition, in the event of a
Change in Control, the vesting of the shares will automatically accelerate in full if this award is, in connection with the Change in Control, not to be assumed by the successor corporation (or its parent) or to be replaced with an equivalent
award for shares of the capital stock of the successor corporation (or its parent). The determination of award equivalence will be made by the Company’s Board of Directors in good faith, and its determination will be final, binding and
conclusive. Change in Control is defined in the Company’s 2000 Equity Incentive Plan.
		
		  	Section 18 of the Plan shall not apply to this Agreement
		
	 Involuntary
 Termination
	  	If the award is assumed by the successor corporation (or its parent) and you experience an Involuntary Termination within eighteen months following a Change in Control, the vesting of the shares
will automatically accelerate so that this award will, immediately before the effective date of the Involuntary Termination, become fully vested for all of the shares of Common Stock subject to this award.
		
		  	Involuntary Termination shall have the meaning ascribed to such term in the Severance Agreement between you and the Company dated March 16, 2007.
		
	Shares Restricted	  	Unvested shares will be considered “Restricted Shares.” You may not sell, transfer, pledge or otherwise dispose of any Restricted Shares without the written consent of the Company,
except as provided in the

			
		  	next sentence. You may transfer Restricted Shares to your spouse, children or grandchildren or to a trust established by you for the benefit of yourself or your spouse, children or
grandchildren. However, a transferee of Restricted Shares must agree in writing on a form prescribed by the Company to be bound by all provisions of this Agreement.
		
	Forfeiture	  	If your Service terminates for any reason, then your shares will be forfeited to the extent that they have not vested before the termination date and do not vest as a result of the termination.
This means that the Restricted Shares will immediately revert to the Company. You receive no payment for Restricted Shares that are forfeited. The Company determines when your Service terminates for this purpose.
		
	 Leaves of Absence
 and Part-Time
Work
	  	For purposes of this award, your Service does not terminate when you go on a military leave, a sick leave or another bona fide leave of absence, if the leave was approved by the Company
in writing and if continued crediting of Service is required by applicable law, the Company’s leave of absence policy or the terms of your leave. But your Service terminates when the approved leave ends, unless you immediately return to active
work.
		
		  	If you go on a leave of absence, then the vesting schedule specified in the Notice of Restricted Stock Award may be adjusted in accordance with the Company’s leave of absence policy or the
terms of your leave. If you commence working on a part-time basis, then the vesting schedule specified in the Notice of Restricted Stock Award may be adjusted in accordance with the Company’s part-time work policy or the terms of an agreement
between you and the Company pertaining to your part-time schedule.
		
	Stock Certificates	  	The Company will hold your Restricted Shares for you. After shares have vested, a stock certificate for those shares will be released to a broker for your account. The Company will select the
broker at its discretion.
		
	Voting Rights	  	You may vote your shares even before they vest.
		
	Withholding Taxes	  	No stock certificates will be released to you unless you have made arrangements acceptable to the Company to pay any withholding taxes that may be due as a result of this award or the vesting of
the shares. With the Company’s consent, these arrangements may include (a) withholding shares of Company stock that otherwise would be issued to you when they vest, (b) surrendering shares that you previously acquired, or (c)
deducting the withholding taxes from any cash compensation payable to you. The fair market value of the shares you

			
		  	surrender, determined as of the date taxes otherwise would have been withheld in cash, will be applied as a credit against the withholding taxes.
		
	 Restrictions on
 Resale
	  	By signing this Agreement, you agree not to sell any shares at a time when applicable laws, Company policies or an agreement between the Company and its underwriters prohibit a sale. This
restriction will apply as long as your Service continues and for such period of time after the termination of your Service as the Company may specify.
		
	No Retention Rights	  	Your award or this Agreement does not give you the right to be employed or retained by the Company or a subsidiary of the Company in any capacity. The Company and its subsidiaries reserve the
right to terminate your Service at any time, with or without cause.
		
	Adjustments	  	In the event of a stock split, a stock dividend or a similar change in Company capital stock, the number of shares that remain subject to forfeiture will be adjusted
accordingly.
		
	Applicable Law	  	This Agreement will be interpreted and enforced under the laws of the State of Delaware (without regard to their choice-of-law provisions).
		
	The Plan and Other Agreements	  	The text of the Plan is incorporated in this Agreement by reference. This Agreement and the Plan constitute the entire understanding between you and the Company regarding this award. Any prior
agreements, commitments or negotiations concerning this award are superseded. This Agreement may be amended only by another written agreement between the parties.

 BY SIGNING THE COVER
SHEET OF THIS AGREEMENT, YOU AGREE TO ALL OF THE 
 TERMS AND CONDITIONS DESCRIBED ABOVE AND IN
THE PLAN. 

 EQUINIX, INC. 2000 EQUITY INCENTIVE
PLAN 
 NOTICE OF RESTRICTED STOCK AWARD

 You have been granted restricted shares of Common Stock of Equinix, Inc. (the “Company”) on the following terms: 

 

			
	Name of Recipient:	  	
		
	Total Number of Shares Granted:	  	
		
	Fair Market Value per Share:	  	$
		
	Total Fair Market Value of Award:	  	$
		
	Date of Grant:	  	
		
	Vesting Commencement Date:	  	
		
	Vesting Schedule:	  	The first 25% of the shares subject to this award shall vest on the later of (A) the date after you complete twelve months of continuous “Service” (as defined in the Restricted
Stock Agreement) from the Vesting Commencement Date and (B) the first trading day on which the Common Stock closes at or above the price appreciation target for the first vesting installment as set forth on Schedule A. Thereafter, an additional
12.5% of the shares subject to this award shall vest on the later of (A) your completion of each six months of continuous Service thereafter and (B) the first trading day on which the Common Stock closes at or above the price appreciation target for
the applicable vesting installment as set forth on Schedule A.

 You and the Company agree that these shares are granted under and governed by the terms and conditions of the
Equinix, Inc. 2000 Equity Incentive Plan (the “Plan”) and the Restricted Stock Agreement, which is attached to and made a part of this document. 
 You further agree that the Company may deliver by email all documents relating to the Plan or this award (including, without limitation, prospectuses required by the Securities and Exchange Commission) and all other documents that the
Company is required to deliver to its security holders (including, without limitation, annual reports and proxy statements). You also agree that the Company may deliver these documents by posting them on a web site maintained by the Company or by a
third party under contract with the Company. If the Company posts these documents on a web site, it will notify you by email. By your signature below, you agree to pay any withholding taxes due on vesting or transfer of the shares. 
  

									
	RECIPIENT:	 		 	EQUINIX, INC.
				
	  	 		 	By:	 	  
		 		 		 	Title:	 	  

 EQUINIX, INC. 2000 EQUITY INCENTIVE
PLAN 
 RESTRICTED STOCK AGREEMENT 
  

			
	Payment for Shares	  	No payment is required for the shares that you are receiving, except for satisfying any withholding taxes that may be due as a result of the grant of this award or the vesting or transfer of the
shares.
		
	Transfer	  	On the terms and conditions set forth in the Notice of Restricted Stock Award and this Agreement, the Company agrees to transfer to you the number of Shares set forth in the Notice of Restricted
Stock Award.
		
	Vesting	  	The shares will vest in installments, as shown in the Notice of Restricted Stock Award. No additional shares will vest after your service as an employee, consultant or outside director of the
Company or a parent or subsidiary of the Company (“Service”) has terminated for any reason.
		
	Change in Control	  	In the event of a Change in Control, then the vesting of the shares will automatically accelerate as if you had completed an additional 12 months of Service and the price appreciation targets
set forth on Schedule A during that 12 month period shall not be applicable. In addition, in the event of a Change in Control, the vesting of the shares will automatically accelerate in full if this award is, in connection with the Change in
Control, not to be assumed by the successor corporation (or its parent) or to be replaced with an equivalent award for shares of the capital stock of the successor corporation (or its parent). The determination of award equivalence will be
made by the Company’s Board of Directors in good faith, and its determination will be final, binding and conclusive. Change in Control is defined in the Company’s 2000 Equity Incentive Plan.
		
		  	Section 18 of the Plan shall not apply to this Agreement.
		
	Involuntary Termination	  	If the award is assumed by the successor corporation (or its parent) and you experience an Involuntary Termination within eighteen months following a Change in Control, the vesting of the shares
will automatically accelerate so that this award will, immediately before the effective date of the Involuntary Termination, become fully vested for all of the shares of Common Stock subject to this award.
		
		  	Involuntary Termination shall have the meaning ascribed to such term in the Severance Agreement between you and the Company dated March 16, 2007.

			
	Shares Restricted	  	Unvested shares will be considered “Restricted Shares.” You may not sell, transfer, pledge or otherwise dispose of any Restricted Shares without the written consent of the Company,
except as provided in the next sentence. You may transfer Restricted Shares to your spouse, children or grandchildren or to a trust established by you for the benefit of yourself or your spouse, children or grandchildren. However, a transferee of
Restricted Shares must agree in writing on a form prescribed by the Company to be bound by all provisions of this Agreement.
		
	Forfeiture	  	If your Service terminates for any reason, then your shares will be forfeited to the extent that they have not vested before the termination date and do not vest as a result of the termination.
This means that the Restricted Shares will immediately revert to the Company. You receive no payment for Restricted Shares that are forfeited. The Company determines when your Service terminates for this purpose.
		
	 Leaves of Absence
 and Part-Time
Work
	  	For purposes of this award, your Service does not terminate when you go on a military leave, a sick leave or another bona fide leave of absence, if the leave was approved by the Company
in writing and if continued crediting of Service is required by applicable law, the Company’s leave of absence policy or the terms of your leave. But your Service terminates when the approved leave ends, unless you immediately return to active
work.
		
		  	If you go on a leave of absence, then the vesting schedule specified in the Notice of Restricted Stock Award may be adjusted in accordance with the Company’s leave of absence policy or the
terms of your leave. If you commence working on a part-time basis, then the vesting schedule specified in the Notice of Restricted Stock Award may be adjusted in accordance with the Company’s part-time work policy or the terms of an agreement
between you and the Company pertaining to your part-time schedule.
		
	Stock Certificates	  	The Company will hold your Restricted Shares for you. After shares have vested, a stock certificate for those shares will be released to a broker for your account. The Company will select the
broker at its discretion.
		
	Voting Rights	  	You may vote your shares even before they vest.
		
	Withholding Taxes	  	No stock certificates will be released to you unless you have made arrangements acceptable to the Company to pay any withholding taxes that may be due as a result of this award or the vesting of
the shares. With the Company’s consent, these arrangements may include (a) withholding shares of Company stock that otherwise would be issued

  

 2 

			
		  	to you when they vest, (b) surrendering shares that you previously acquired, or (c) deducting the withholding taxes from any cash compensation payable to you. The fair market value of the
shares you surrender, determined as of the date taxes otherwise would have been withheld in cash, will be applied as a credit against the withholding taxes.
		
	 Restrictions on
 Resale
	  	By signing this Agreement, you agree not to sell any shares at a time when applicable laws, Company policies or an agreement between the Company and its underwriters prohibit a sale. This
restriction will apply as long as your Service continues and for such period of time after the termination of your Service as the Company may specify.
		
	No Retention Rights	  	Your award or this Agreement does not give you the right to be employed or retained by the Company or a subsidiary of the Company in any capacity. The Company and its subsidiaries reserve the
right to terminate your Service at any time, with or without cause.
		
	Adjustments	  	In the event of a stock split, a stock dividend or a similar change in Company capital stock, the number of shares that remain subject to forfeiture will be adjusted
accordingly.
		
	Applicable Law	  	This Agreement will be interpreted and enforced under the laws of the State of Delaware (without regard to their choice-of-law provisions).
		
	The Plan and Other Agreements	  	The text of the Plan is incorporated in this Agreement by reference. This Agreement and the Plan constitute the entire understanding between you and the Company regarding this award. Any prior
agreements, commitments or negotiations concerning this award are superseded. This Agreement may be amended only by another written agreement between the parties.

 BY SIGNING THE COVER
SHEET OF THIS AGREEMENT, YOU AGREE TO ALL OF THE 
 TERMS AND CONDITIONS DESCRIBED ABOVE AND IN
THE PLAN. 
  

 3 

 Schedule A 
 Vesting Triggers Tied to Stock Price Appreciation 
  

					
	 Vesting Installment
	  	 Time Based Vesting Date
	  	 Stock Price Appreciation Target

		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	

 In order to vest at each six (6) month interval, the Common Stock must have closed on at least one
(1) trading day, at or above the corresponding price appreciation target indicated for the applicable vesting installment. If the price is achieved at a later date, then the Shares vest on that date. Vesting may be cumulative as tied to closing
stock price appreciation. 
  

 4

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