Document:

Exhibit
10.5

 

NOTICE
OF RESTRICTED STOCK UNIT AWARD

 

under
the

 

CINEDIGM
CORP. 2017 EQUITY INCENTIVE PLAN

 

This AWARD,
made as of the ____ day of ___________, 20__, by Cinedigm Corp., a Delaware corporation (the “Company”), to XXXX
(“Participant”), is made pursuant to and subject to the provisions of the Company’s 2017 Equity Incentive Plan
(the “Plan”). All terms that are used herein that are defined in the Plan shall have the same meanings given them in
the Plan.

 

Contingent
Restricted Stock Units

 

		1.	Grant Date. Pursuant to the Plan, the Company, on  ___________, 20__ (the “Grant Date”), granted Participant
an incentive award (“Award”) in the form of XXXX Restricted Stock Units, subject to the terms and conditions
of the Plan and subject to the terms and conditions set forth herein.

 

		2.	Accounts. Restricted Stock Units granted to Participant shall be credited to an account (the “Account”)
established and maintained for Participant. A Participant’s Account shall be the record of Restricted Stock Units granted
to the Participant under the Plan, is solely for accounting purposes and shall not require a segregation of any Company assets.

 

		3.	Terms and Conditions. Except as otherwise provided herein, the Restricted Stock Units shall remain nonvested
and subject to substantial risk of forfeiture.

 

Valuation
of Restricted Stock Units

 

		4.	Value of Units. The value of each Restricted Stock Unit on any date shall be equal to the value of one share
of the Company’s Common Stock on such date.

 

		5.	Value of Stock. For purposes of this Award, the value of the Company’s Common Stock is the Market Price
of the Stock (as defined in the Plan) on the relevant date.

 

Vesting
of Restricted Stock Units

 

		6.	Vesting. Participant’s interest in one half of the Restricted Stock Units shall become vested and non-forfeitable
on the ____ anniversary of the Grant Date. The final one half of the Restricted Stock Units shall become vested and non-forfeitable
as of the ____ anniversary of the Grant Date.

 

     

     

    

 

Termination
of Employment During the Vesting Period

 

		7.	Upon a Qualifying Termination Event. Notwithstanding anything in this Notice of Award to the contrary, if, prior
to the forfeiture of the Restricted Stock Units under paragraph 8, Participant experiences a Qualifying Termination Event (as defined
below), Restricted Stock Units that are forfeitable shall become vested as to a pro-rata portion of the Award, as determined in
accordance with the following sentence. The pro-rata portion of the Award that shall vest pursuant to the preceding sentence shall
be equal to ___th of the Restricted Stock Units subject to the Award, for each full month of service performed by the
Participant after the Grant Date and prior to the Qualifying Termination Event. The non-vested portion of the Award shall be forfeited.

 

		8.	Forfeiture. Except as provided in paragraph 18, all Restricted Stock Units that are forfeitable shall be forfeited
if Participant’s employment with the Company or an Affiliate terminates for any reason except a Qualifying Termination Event.

 

Payment
of Awards

 

		9.	Time of Payment. Payment of Participant’s Restricted Stock Units shall be made as soon as practicable after
the Units have vested, but in no event later than March 15th of the calendar year after the year in which the Units
vest.

 

		10.	Form of Payment. The vested Restricted Stock Units shall be paid in whole shares of the Company’s Common
Stock.

 

		11.	Death of Participant. If Participant dies prior to the payment of his or her non-forfeitable Restricted Stock
Units, such Units shall be paid to his or her Beneficiary. Participant shall have the right to designate a Beneficiary in accordance
with procedures established under the Plan for such purpose. If Participant fails to designate a Beneficiary, or if at the time
of the Participant’s death there is no surviving Beneficiary, any amounts payable will be paid to the Participant’s
estate.

 

		12.	Taxes. The Company will withhold from the Award the number of shares of Common Stock necessary to satisfy Federal
tax-withholding requirements and state and local tax-withholding requirements with respect to the state and locality designated
by the Participant as their place of residence in the Company's system of record at the time the Award becomes taxable, except
to the extent otherwise determined to be required by the Company, subject, however, to any special rules or provisions that may
apply to Participants who are non-US employees (working inside or outside of the United States) or US employees working outside
of the United States. It is the Participant's responsibility to properly report all income and remit all Federal, state, and local
taxes that may be due to the relevant taxing authorities as the result of receiving this Award.

 

General
Provisions

 

		13.	No Right to Continued Employment. Neither this Award nor the granting or vesting of Restricted Stock Units shall
confer upon Participant any right with respect to continuance of employment by the Company or an Affiliate, nor shall it interfere
in any way with the right of the Company or an Affiliate to terminate the Participant’s employment at any time.

 

    	 	2	 

     

    

 

		14.	Change in Capital Structure. In accordance with the terms of the Plan, the terms of this Award shall be adjusted
as the Committee determines is equitable in the event the Company effects one or more stock dividends, stock split-ups, subdivisions
or consolidations of shares or other similar changes in capitalization.

 

		15.	Governing Law. This Award shall be governed by the laws of the State of Delaware and applicable Federal law.
All disputes arising under this Award shall be adjudicated solely within the state or Federal courts located within the State of
Delaware.

 

		16.	Conflicts.

 

(a)       In
the event of any conflict between the provisions of the Plan as in effect on the Grant Date and the provisions of this Award, the
provisions of the Plan shall govern. All references herein to the Plan shall mean the Plan as in effect on the Grant Date.

 

(b)       In
the event of any conflict between the provisions of this Award and the provisions of any separate Agreement between the Company
and the Participant, including, but not limited to, any Severance Compensation Agreement entered between the Participant and the
Company, the provisions of that separate Agreement shall govern.

 

		17.	Binding Effect. Subject to the limitations stated above and in the Plan, this Award shall be binding upon and
inure to the benefit of the legatees, distributees, and personal representatives of Participant and the successors of the Company.

 

		18.	Change in Control. In the event of a Change in Control (as defined in the Plan) prior to the forfeiture of the
Restricted Stock Units under paragraph 8, the provisions of this paragraph 18 shall apply in addition to the provisions of Article
17 (and related provisions) of the Plan.

 

(a)       Any
Replacement Award made to the Participant shall provide that if the Participant is terminated by the Company other than for Cause
or voluntarily resigns for Good Reason (as defined in paragraph 19) concurrent with or within two (2) years after the date of the
Change in Control, the unvested Replacement Award shall become immediately vested and payable at the time of the termination or
resignation. The Committee shall have the discretion to determine the terms of any Replacement Award in compliance with the Plan
and applicable law. For purposes of paragraphs 7 and 19, references to the Company or an Affiliate shall also include any successor
entity.

 

(b)       Notwithstanding
the provisions of subparagraph (a) hereof, in connection with a Change in Control where the Company’s shares continue to
be traded on the NASDAQ Global Market or another established securities market, and this Award remains in effect, if the Participant
is terminated by the Company other than for Cause or voluntarily resigns for Good Reason (as defined in paragraph 19) concurrent
with or within two (2) years after the date of the Change in Control, the unvested Award shall become immediately vested and payable
at the time of the termination or resignation.

 

		19.	Qualifying Termination Event and Other Terms.

 

(a)       
For purposes of this Award, Qualifying Termination Event shall mean a Participant’s death, Disability, termination by the
Company or an Affiliate other than for Cause, or voluntary termination for Good Reason.

 

    	 	3	 

     

    

  

(b)       
“Disability” shall mean a Participant’s permanent and total disability within the meaning of Section 22(e)(3)
of the Code.

 

(c)       
If the events described in subparagraph (a) or paragraph 18 occur after the date that the Participant is advised (upon recommendation
by the Committee) that his employment is being, or will be, terminated for Cause, on account of performance or in circumstances
that prevent him from being in good standing with the Company, accelerated vesting shall not occur and all rights under this Award
shall terminate, and this Award shall expire on the date of Participant’s termination of employment. The Committee shall
have the authority to determine whether Participant’s termination from employment is for Cause or for any reason other than
Cause.

 

		20.	Recoupment. In addition to any other applicable provision of the Plan, this Award is subject to the terms of
any separate Clawback Policy maintained by the Company, as such Policy may be amended from time to time.

 

IN WITNESS
WHEREOF, the Company and Participant have each caused this Notice of Award to be signed on their behalf.

 

	 	 	Cinedigm Corp.
	 	 	 
	 	By:	 
	 	 	 
	 	 	 
	 	 	 
	 	 	Participant

 

    	 	4EX-10.1

 Exhibit 10.1 

SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT 

This Second Amended and Restated Employment Agreement (“Agreement”) is made this 2nd day of October 2017 (the
“Effective Date”) between CRISPR Therapeutics, Inc., a Delaware corporation (the “Company”) and a wholly-owned subsidiary of CRISPR Therapeutics AG (“Parent”), and Samarth Kulkarni
(the “Executive” and, together with the Company, the “Parties” or each individually, a “Party”). 

WHEREAS, the Company and the Executive are parties to that Amended and Restated Employment Agreement dated May 3, 2017 (the
“Prior Agreement”), and desire to amend and restate the Prior Agreement in its entirety on the terms contained herein. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
 1.    Position and
Duties. During the period which the Executive is employed pursuant to this Agreement (the “Employment Period”), subject to the terms and conditions hereof, the Executive shall serve in the following capacities: (i) from the
Effective Date to December 1, 2017 (the “Transition Date”), the President and Chief Business Officer of the Company, and shall have responsibilities and duties consistent with such position and such other responsibilities and
duties which are not inconsistent with the Executive’s skills and experience or his ability to discharge his responsibilities as the President and Chief Business Officer as may from time to time be prescribed by the Chief Executive Officer of
the Company (the “CEO”); and (ii) from and after the Transition Date, the Chief Executive Officer of the Company, and shall have responsibilities and duties consistent with such position and such other responsibilities and
duties which are not inconsistent with the Executive’s skills and experience or his ability to discharge his responsibilities as the Chief Executive Officer as may from time to time be prescribed by the Board of Directors of Parent (the
“Board”). The Executive shall devote the Executive’s full working time and efforts to the business and affairs of the Company, except as otherwise permitted under Section 3(b)(i). Notwithstanding the foregoing, the
Executive may engage in charitable or other community activities, as long as such services and activities are disclosed to the Board and do not materially interfere with the Executive’s performance of the Executive’s duties to the Company
as provided in this Agreement. During the Employment Period, the Executive’s principal place of employment will be in the Greater Boston, Massachusetts area; however, the Company may require the Executive to travel temporarily to other
locations in connection with the Company’s business. 
 2.    Compensation and Related Matters. 

(a)    Base Salary. Subject to the terms and conditions hereof, during the Employment Period, the Company shall pay
the Executive, as compensation for the performance of the Executive’s duties and obligations under this Agreement, an annual base salary as follows: (i) prior to the Transition Date, $415,000, and (ii) from and after the Transition
Date, $500,000, in each case, payable in a manner that is consistent with the Company’s usual payroll practices for senior executives. The Executive’s Base Salary (as defined below) shall be reviewed annually by the Board

 
or the Compensation Committee of the Board (the “Committee”) for adjustment. Such adjustment, if any, shall be within the sole discretion of the Board or, to the extent delegated
by the Board, the Committee. The annual base salary in effect at any given time is referred to herein as “Base Salary.” The Base Salary shall not be reduced at any time without the express written consent of the Executive. 

(b)    Annual Bonus. During the Employment Period, the Executive shall be eligible to receive an annual target
bonus (a “Bonus”) if, as reasonably determined by the Board or, to the extent delegated by the Board, the Committee, one or more of the performance targets annually determined by the Board or the Committee (“Performance
Targets”) is achieved. If all of the Performance Targets are achieved, the Bonus will equal (i) prior to the Transition Date, not less than 45 percent of the Executive’s Base Salary; and (ii) from and after the
Transition Date, not less than 50 percent of the Executive’s Base Salary (the amounts described in clauses (i) and (ii) are referred to as the “Target Bonus”). Notwithstanding the foregoing, for the calendar year
ending December 31, 2017, if all the Performance Targets are achieved, the Target Bonus shall be computed on a prorated basis as follows: 
  

					
	 Period
	 	 Bonus Percent
	 	 Base Salary

	1/1/17 to 3/31/17	 	Not less than 40%	 	$360,000
	4/1/17 to 4/30/17	 	Not less than 40%	 	$370,800
	5/1/17 to Transition Date	 	Not less than 45%	 	$415,000
	Transition Date to 12/31/17	 	Not less than 50%	 	$500,000

 In the event that less than all of the Performance Targets are met by Executive, the Bonus paid in respect of this paragraph
may be less than the Target Bonus. Except as set forth in Section 3(b) or 4 hereof, the Executive must be employed by the Company on the final day of the year with respect to which any such Bonus is earned, and any such Bonus shall be paid not
later than 2 1⁄2 months after the end of such calendar year. The Executive’s target bonus opportunity as a percentage of Base Salary may be reviewed
periodically and adjusted in the sole discretion of the Board or, to the extent delegated by the Board, the Committee. After any such adjustment, the term “Target Bonus” shall refer to the increased amount. The Target Bonus shall not be
reduced at any time without the express prior written consent of the Executive. 
 (c)    Equity Compensation.
The Executive shall be eligible to participate in equity incentive plans of Parent according to its terms and conditions, as defined by Parent from time to time in its sole discretion. Both entitlement to any equity awards and the amount shall be
determined by Parent in its sole discretion. On the Transition Date and provided the Executive is employed pursuant to this Agreement on such date, the Executive will be granted the time-based vesting equity awards described on Schedule I
attached hereto and the performance-based vesting equity awards described on Schedule II attached hereto, and such equity awards shall be subject to the terms and conditions of the Amended and Restated CRISPR Therapeutics AG 2016 Stock Option
and Incentive Plan (as 

 
amended and in effect from time to time, the “Option Plan”) and the applicable equity award agreements thereunder evidencing such awards, the terms of which agreements will not
conflict with the terms of this Agreement (including Schedules I and II attached hereto) and will otherwise be consistent in all material respects with the forms of such agreements previously provided to the Executive. 

(d)    Expenses. During the Employment Period, the Executive shall be entitled to receive reimbursement for all
reasonable expenses incurred by him in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company for its senior executive officers. 

(e)    Other Benefits. During the Employment Period, the Executive shall be entitled to participate in or receive
benefits under any employee benefit plan or arrangement currently maintained or which may, in the future, be made available by the Company generally to its executives and key management employees, subject to and on a basis consistent with the terms,
conditions and overall administration of such plan or arrangement. Any payments or benefits payable to the Executive under a plan or arrangement referred to in this Section 2(e) in respect of any calendar year during which the Executive is
employed by the Company for less than the whole of such year shall, unless otherwise provided in the applicable plan or arrangement, be prorated in accordance with the number of days in such calendar year during which the Executive is so employed.
Should any such payments or benefits accrue on a fiscal (rather than calendar) year, then the proration in the preceding sentence shall be on the basis of a fiscal year rather than calendar year. 

(f)    Vacations. The Executive shall be entitled to accrue up to 20 paid vacation days in each year, which shall
be accrued ratably. In other respects, the Company’s vacation policy as the same may then be in effect shall apply to vacations. 

(g)    Approval by Shareholders’ Meeting and Mandatory Law. Any compensation (including bonus, equity awards
and fringe benefits) to be paid under this Agreement, is, to the extent required by Swiss laws and the Parent’s Article of Association, subject to approval by the general meeting of shareholders’ of Parent. In the event of a conflict
between the Agreement and applicable mandatory Swiss law, the Company shall have the right to unilaterally modify the Agreement solely to the extent necessary to comply with mandatory law with immediate effect. 

(h)    Compensation from Parent. Notwithstanding anything to the contrary set forth herein, in the event the
Executive is paid cash compensation from Parent, the amount of cash compensation Executive is entitled to receive from the Company under this Agreement in any one calendar year may be reduced by the amount of cash compensation Executive is paid
during such year by Parent. 
 (i)    Non-U.S. Taxes. If the Executive is
subject to taxes outside the United States in connection with any compensatory payments made to the Executive for services performed under this Agreement, the Company will pay on the Executive’s behalf the costs of professional tax preparation
in the applicable jurisdiction by a nationally recognized firm experienced in preparing personal income tax returns in the applicable non-U.S. jurisdiction and in the United States (the “Tax
Professional”) selected by the Company and acceptable to the Executive (such acceptance not to be unreasonably withheld, conditioned or delayed) for each year during which the Executive is subject to

 
such non-U.S. taxes. The Company will further pay the Executive an amount sufficient to leave the Executive in a net
after-tax position equivalent to what the Executive would experience if the Executive were subject only to U.S. Federal, state and local income taxes and had not provided the services of the Tax Professional
during any such year (an “Equalization Payment”). The Company will engage the Tax Professional at the Company’s cost to determine the amount of any Equalization Payment due to the Executive. Any Equalization Payment will be
made as soon as reasonably promptly following such determination but in any event not later than the end of the year following the year in which the Executive pays the relevant taxes. 

3.    Termination. 

(a)    General. The Executive’s employment shall continue until it is terminated in accordance with this
Agreement. Upon service of a Notice of Termination (as defined below), the Executive shall resign from all offices and functions assumed in relation to this Agreement effective upon first request of the Company but shall remain entitled to receive
the payments and benefits described in Sections 3(b), 4 and 5(a), to the extent applicable. 
 (b)    Termination by
the Company without Cause or by Executive for Good Reason; Notice Period. In the event that the Company elects to terminate the Executive’s employment without Cause (as defined below) or the Executive elects to resign from Executive’s
employment with Good Reason (as defined below) (in either case an “Involuntary Departure”), the Party electing to end the employment relationship shall provide the other Party with a Notice of Termination (as defined below) of the
Involuntary Departure specifying a notice period (the “Notice Period”) of 12 months, effective as per the end of a calendar month. 

(i)    During the Notice Period following a Notice of Termination of an Involuntary Departure, the
Executive shall continue to be available to provide services to the extent requested by the Company or the Board, provided at any time during the Notice Period the Company may replace the Executive’s position and/or direct the Executive to
perform other or reduced work; provided further that, upon the 15th day following such Notice of Termination (or such earlier date as the Company shall determine in its sole discretion), the
Company shall release the Executive from his working obligations (except to the extent the parties otherwise agree) and place the Executive on garden leave for the remainder of the Notice Period (“Garden Leave”). During such Garden
Leave, the Executive (A) may enter into consulting arrangements and accept board positions provided such outside business activities do not violate Executive’s obligations under Section 7 and (B) shall be free to engage in other
employment provided that such employment does not violate Executive’s obligations under Section 7. The Company shall be prohibited during the Notice Period from reducing any compensation to which the Executive is entitled to receive during
the Notice Period pursuant to Section 3(b)(ii). 
 (ii)    With respect to compensation during the
Notice Period following a Notice of Termination of an Involuntary Departure, and subject to (i) the Executive signing, within 30 days following the date that the Notice of Termination is given, a Release of Claims in a form reasonably required
by the Company (the “Release”) and (ii) Section 6, the Executive: (A) shall continue to receive the Base Salary (without regard to any reduction in 

 
Base Salary that would provide a basis for Executive’s Good Reason resignation) and employee benefits consistent with the Company’s then existing benefits plans and programs at the same
costs as such benefits are provided to active executive officer employees; (B) shall be entitled to receive an amount equal to the Target Bonus (without regard to any reduction in Target Bonus that would provide a basis for Executive’s
Good Reason resignation) with respect to the Notice Period (i.e., a prorated Target Bonus based upon the number of days in the applicable Notice Period), which prorated Target Bonus amount shall be payable in a lump sum no more than 60 days after
the Notice of Termination (provided that if the 60-day period begins in one calendar year and ends in a second calendar year, such Target Bonus shall be paid in the second calendar year); (C) shall, except to
the extent expressly set forth in the applicable equity award agreement evidencing the award of performance vested stock options described on Schedule II attached hereto, continue to vest through the last day of the Notice Period in any equity
awards outstanding as of the date the Notice of Termination is given; provided, and notwithstanding the foregoing, Section 5(a) may apply if the Notice of Termination of an Involuntary Departure is provided within the 12 month period following
a Change in Control (the “Change in Control Period” or “CIC Period”) and (D) shall not continue to accrue vacation under Section 2(f). 

(iii)    If during the Notice Period following a Notice of Termination of an Involuntary Departure, the
Executive breaches any of the material provisions contained in Section 7(b) of this Agreement or the material obligations in the Confidentiality and Assignment Agreement, then the Company shall provide a restated Notice of Termination and the
Notice Period shall end on the earlier date set forth in the restated Notice of Termination (provided that such date shall be no earlier than the date upon which the restated Notice of Termination is delivered). 

(c)    Death. The Executive’s employment hereunder shall terminate upon his death. 

(d)    Disability. The Company may terminate the Executive’s employment if the Executive is disabled and
unable to perform the essential functions of the Executive’s then existing position or positions with or without reasonable accommodation for a period of 180 days (which need not be consecutive) in any
12-month period, provided that, if the Company maintains a long-term disability plan for the Company’s employees at the time of such termination, the Executive’s disability would, if the Executive
otherwise qualified for disability benefits under such long-term disability plan, result in the Executive receiving benefits coverage for the longest period of time provided under such long-term disability plan. If any question shall arise as to
whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive’s then existing position or positions with or without reasonable accommodation, the Executive may, and at the request of
the Company shall, submit to the Company a certification in reasonable detail by a physician mutually acceptable to Executive and Company as to whether the Executive is so disabled or how long such disability is expected to continue, and such
certification shall for the purposes of this Agreement be conclusive of the issue. If the Executive and the Company cannot agree as to a qualified physician, each shall appoint such a physician and those two physicians shall select a third
who shall make such determination in writing. The determination of disability made in writing to the Company and the Executive shall be final and conclusive for all purposes of this Agreement. The Executive shall cooperate with any
reasonable request of the physician in 

 
connection with such certification. Nothing in this Section 3(d) shall be construed to waive the Executive’s rights, if any, under existing law including, without limitation, the Family
and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq. 

(e)    Termination by Company for Cause. The Company may terminate the Executive’s employment hereunder for
Cause. 
 (f)    Termination by the Executive Without Good Reason. The Executive may terminate his employment
hereunder at any time without Good Reason. 
 (g)    Definitions: 

(i)    Cause. For purposes of this Agreement, “Cause” shall mean: (i) conduct
by the Executive constituting a material act of misconduct in connection with the performance of the Executive’s duties that results in material harm to the Company, including, without limitation, misappropriation of funds or property of the
Company or any of its subsidiaries or affiliates other than the occasional, customary and de minimis use of Company property for personal purposes; (ii) the Executive’s indictment for, conviction of or plea of guilty or nolo contendre to
(A) any felony; or (B) a misdemeanor involving moral turpitude, deceit, dishonesty or fraud; (iii) continued non-performance by the Executive of the Executive’s material responsibilities
hereunder (other than by reason of the Executive’s physical or mental illness, incapacity or disability) which has continued for more than 30 days following written notice of such non-performance
from the CEO (prior to the Transition Date) or the Board (from and after the Transition Date); (iv) a material breach by the Executive of any of the material provisions contained in Section 7 of this Agreement or the material obligations
arising pursuant to the Confidentiality and Assignment Agreement (as hereinafter defined); (v) a material violation by the Executive of any of the Company’s written employment policies, which if possible to cure is not cured within 30 days
following written notice of such violation; or (vi) failure to cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities, after being instructed by the Company to cooperate, or the
willful destruction or failure to preserve documents or other materials known to be relevant to such investigation or the inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation;
provided that the exercise by Executive of his rights under the United States Constitution shall not constitute a breach of this subsection (vi). 

(ii)    Good Reason. For purposes of this Agreement, “Good Reason” shall mean that
the Executive has complied with the “Good Reason Process” (hereinafter defined) following the occurrence of any of the following events: (i) a material diminution in the Executive’s responsibilities, authority or duties;
(ii) a material reduction in Base Salary or Target Bonus which has not been consented to by the Executive; (iii) a material change in the principal geographic location at which the Executive provides services to the Company outside of the
Greater Boston, Massachusetts area; or (iv) the material breach of this Agreement by the Company (each a “Good Reason Condition”). Good Reason Process shall mean that (i) the Executive reasonably determines in good faith
that a Good Reason Condition 

 
has occurred; (ii) the Executive notifies the Company in writing of the occurrence of the Good Reason Condition within 90 days of the occurrence of such condition; (iii) the Executive
cooperates in good faith with the Company’s efforts, for a period not less than 30 days following such notice (the “Cure Period”), to remedy the Good Reason Condition; (iv) notwithstanding such efforts, the Good
Reason condition continues to exist; and (v) the Executive terminates employment within 60 days after the end of the Cure Period. If the Company cures the Good Reason Condition during the Cure Period, Good Reason shall be deemed not to
have occurred. 
 (iii)    Notice of Termination. Except for termination as specified in
Section 3(c), any termination of the Executive’s employment by either the Company or the Executive shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of
Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon. 

(iv)    Date of Termination. For purposes of this Agreement, “Date of Termination” shall
mean: (i) if the Executive’s employment is terminated by death, the date of death; (ii) if the Executive’s employment is terminated on account of disability under Section 3(d) or by the Company for Cause under
Section 3(e), the date on which Notice of Termination is given; (iii) if the Executive’s employment terminates as a result of an Involuntary Departure under Section 3(b), the last day of the Notice Period; (iv) if the
Executive’s employment is terminated by the Executive under Section 3(f) without Good Reason, 30 days after the date on which a Notice of Termination is given (unless the Company waives all or part of the thirty (30) day period).

 4.    Compensation Upon Termination. If the Executive’s employment with the Company is terminated for any
reason, the Company shall pay or provide to the Executive (or to the Executive’s authorized representative or estate) (i) any Base Salary earned through the Date of Termination; (ii) unpaid expense reimbursements (subject to, and in
accordance with Section 2(d) of this Agreement); (iii) subject to Section 3(b)(ii)(D), unused vacation that accrued through the Date of Termination; (iv) except in the case the Executive’s employment is terminated by the Company
for Cause under Section 3(e), any unpaid Bonus earned for the year prior to the year in which the Notice of Termination is delivered; (v) a prorated portion of the Bonus the Executive would have earned for the year in which the Notice of
Termination is delivered, based on actual performance as determined in good faith by the Board or the Committee (with such proration based on the portion of such year elapsed prior to delivery of the Notice of Termination); (vi) the payments and
benefits in Section 2(i) through the year in which the termination occurs (including during any Notice Period); and (vii) any vested benefits the Executive may have under any employee benefit plan of the Company through the Date of
Termination, which vested benefits shall be paid and/or provided in accordance with the terms of such employee benefit plans (together, the “Accrued Benefit”) on or before the time required by law but in no event more than 30 days
after the Executive’s Date of Termination, provided that the amounts payable under clauses (iv) and (v), if any, shall be paid at the same time Bonuses for the given year are paid to the Company’s executive employees generally. 

 5.    Change in Control. 

(a)    Acceleration of Vesting. In the event a Notice of Termination of an Involuntary Termination occurs during the
CIC Period or within two months prior to a Change in Control, or in the event the Executive delivers a Notice of Termination for any reason not sooner than 6 months after the occurrence of a Change in Control, and subject to the Executive signing,
within 60 days following the Notice of Termination, a Release and the Release becoming effective and non-revocable within such 60-day period, all stock options and
stock-based awards held by the Executive as of the date of the Notice of Termination, shall vest and become exercisable or nonforfeitable. Notwithstanding the foregoing, if, at the time of a Change in Control, the Company determines in its sole
discretion, in reliance upon an opinion of counsel in form and substance satisfactory to the Company, that the acceleration in the prior sentence would not be permissible under applicable law, then in lieu of the acceleration in the prior sentence,
all stock options and stock-based awards held by the Executive as of the date of such Change in Control, shall vest and become exercisable or nonforfeitable as of the date of such Change in Control. 

(b)    Excise Tax. 

(i)    Anything in this Agreement to the contrary notwithstanding, in the event that any compensation,
payment or distribution by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, in each case, that are treated as contingent on a
“change in ownership of control” within the meaning of Treasury Regulations Section 1.280G-1 (the “Parachute Payments”), would be subject to the excise tax imposed by
Section 4999 of the Code (including any interest or penalties incurred by the Executive with respect to such excise tax, the “Excise Tax”), the following provisions shall apply: 

(A)    If the Parachute Payments, reduced by the sum of (1) the Excise Tax and (2) the total of
the Federal, state, and local income and employment taxes (for the avoidance of doubt, without duplication of the Excise Tax) payable by the Executive on the amount of the Parachute Payments which are in excess of the Threshold Amount, are greater
than or equal to the Threshold Amount, the Executive shall be entitled to the full benefits payable under this Agreement. 

(B)    If the Threshold Amount is less than (x) the Parachute Payments, but greater than (y) the
Parachute Payments reduced by the sum of (1) the Excise Tax and (2) the total of the Federal, state, and local income and employment taxes on the amount of the Parachute Payments which are in excess of the Threshold Amount, then the
Parachute Payments shall be reduced (but not below zero) to the minimum extent necessary so that the sum of all Parachute Payments shall not exceed the Threshold Amount. In such event, the Parachute Payments shall be reduced in the following order:
(1) cash severance payments not subject to Section 409A of the Code; (2) non-cash severance payments other than equity acceleration that are exempt from Section 409A of the Code;
(3) other cash or non-cash payments that are exempt from Section 409A; and (4) other payments or benefits (reduced in a manner that complies with Section 409A of the Code). To the extent
any payment is to be made over time (e.g., in installments, etc.), then the payments shall be reduced in reverse chronological order. 

 (ii)    For the purposes of this Section 5(c),
“Threshold Amount” shall mean three times the Executive’s “base amount” within the meaning of Section 280G(b)(3) of the Code and the regulations promulgated thereunder less one dollar ($1.00). 

(iii) All calculations and determinations under Sections 5(c)(i) and 5(c)(ii) shall be made by an independent accounting firm
or independent tax counsel appointed by the Company (the “Tax Counsel”) whose determinations shall be conclusive and binding on the Company and the Executive for all purposes. For purposes of making the
calculations and determinations required by Sections 5(c)(i) and 5(c)(ii), the Tax Counsel may rely on reasonable, good faith assumptions and approximations concerning the application of Section 280G and Section 4999 of the Code. The
Company and the Executive shall furnish the Tax Counsel with such information and documents as the Tax Counsel may reasonably request in order to make its determinations under Sections 5(c)(i) and 5(c)(ii). The Company shall bear all costs the Tax
Counsel may reasonably incur in connection with its services. 
 (c)    Definitions. For purposes of this
Section 5, “Change in Control” shall mean any of the following: 
 (i)    any
“person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Act”) (other than Parent, any of its subsidiaries, or any trustee, fiduciary or other person or
entity holding securities under any employee benefit plan or trust of Parent or any of its subsidiaries), together with all “affiliates” and “associates” (as such terms are defined in
Rule 12b-2 under the Act) of such person, shall become the “beneficial owner” (as such term is defined in Rule 13d-3 under the Act), directly or
indirectly, of securities of Parent representing 50 percent or more of the combined voting power of the Company’s then outstanding securities having the right to vote in an election of the Board (“Voting Securities”) (in
such case other than as a result of an acquisition of securities directly from Parent); or 
 (ii)    the
date a majority of the members of the Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board before the date of the
appointment or election; or 
 (iii)    the consummation of (A) any consolidation or merger of
Parent where the stockholders of Parent, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3
under the Act), directly or indirectly, shares representing in the aggregate more than 50 percent of the voting shares of the company issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), or
(B) any sale or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of Parent. 

Notwithstanding the foregoing, a “Change in Control” shall not be deemed to have occurred for purposes of the foregoing clause
(i) solely as the result of an acquisition of securities by Parent which, by reducing the number of shares of Voting Securities outstanding, increases the proportionate number of Voting Securities beneficially owned by any person to
50 percent or more of the combined voting power of all of the then outstanding Voting Securities; provided, however, that if any person 

 
referred to in this sentence shall thereafter become the beneficial owner of any additional shares of Voting Securities (other than pursuant to a stock split, stock dividend, or similar
transaction or as a result of an acquisition of securities directly from Parent) and immediately thereafter beneficially owns 50 percent or more of the combined voting power of all of the then outstanding Voting Securities, then a “Change
in Control” shall be deemed to have occurred for purposes of the foregoing clause (i). For the avoidance of doubt, a migratory merger of Parent for the principal purpose of redomiciling Parent shall not constitute a Change in Control. 

6.    Section 409A. 

(a)    Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation from
service within the meaning of Section 409A of the Code, the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit
that the Executive becomes entitled to under this Agreement on account of the Executive’s separation from service would be considered deferred compensation subject to the 20 percent additional tax imposed pursuant to Section 409A(a)
of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after the
Executive’s separation from service, or (B) the Executive’s death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up
payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision, and the balance of the installments shall be payable in accordance with their
original schedule. Solely for purposes of Section 409A of the Code, each installment payment under this Agreement is considered a separate payment. 

(b)    All in-kind benefits provided and expenses eligible for reimbursement under
this Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be
paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not
affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year. Such right to reimbursement or in-kind benefits is not
subject to liquidation or exchange for another benefit. 
 (c)    To the extent that any payment or benefit described in
this Agreement constitutes “non-qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination
of employment, then such payments or benefits shall be payable only upon the Executive’s “separation from service.” The determination of whether and when a separation from service has occurred shall be made in accordance with the
presumptions set forth in Treasury Regulation Section 1.409A-1(h). 

(d)    The parties intend that this Agreement will be administered in accordance with Section 409A of the Code. To
the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code. The parties
agree that this Agreement 

 
may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the
payments and benefits provided hereunder without additional cost to either party. 
 (e)    The Company makes no
representation or warranty and shall have no liability to the Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an
exemption from, or the conditions of, such Section. 
 7.    Proprietary Information, Noncompetition and
Cooperation. 
 (a)    Restrictive Covenants and Assignment of Inventions. The Executive has previously
entered into the Employee Proprietary Information and Inventions Agreement as of July 14, 2016 (the “Confidentiality and Assignment Agreement”), attached hereto as Exhibit A, and agrees to continue to honor the
obligations and restrictive covenants set forth in the Confidentiality and Assignment Agreement, the terms of which are incorporated by reference as material terms of this Agreement. 

(b)    Non-Competition and
Non-Solicitation. In order to protect the Company’s proprietary information and good will, during the Executive’s employment with the Company and for a period of twelve
(12) months following (i) the delivery of a Notice of Termination, in the case of an Involuntary Departure or (ii) the termination of the Executive’s employment for any other reason (the “Restricted Period”), the
Executive will not directly or indirectly, whether as owner, partner, shareholder, director, manager, consultant, agent, employee, co-venturer or otherwise, engage, participate or invest in any Competing
Business. For purposes hereof, the term “Competing Business” shall mean any entity engaged in the discovery, development or commercialization of CAS9 technology for human therapeutics. Notwithstanding the foregoing, nothing
contained hereinabove or hereinbelow shall be deemed to prohibit the Executive from (i) acquiring, solely as an investment, shares of capital stock (or other interests) of any corporation (or other entity) not exceeding 2% of such
corporation’s (or other entity’s) then outstanding shares of capital stock (or equity interest), or (ii) working for a line of business, division or unit of a larger entity that competes with the Company as long as the
Executive’s activities for such line of business, division or unit do not involve work by the Executive on matters that are directly competitive with the Company’s business. In addition, during the Restricted Period, the Executive will
not, directly or indirectly, in any manner, other than for the benefit of the Company (i) divert or take away customers of the Company or any of its suppliers; and/or (ii) solicit, entice, attempt to persuade any other employee or
consultant of the Company to leave the Company for any reason (other than the termination of subordinate employees undertaken in the course of my employment with the Company). The Executive acknowledges and agrees that if the Executive violates any
of the provisions of this paragraph 7(b), the running of the Restricted Period will be extended by the time during which the Executive engages in such violation(s). 

(c)    Litigation and Regulatory Cooperation. During and after the Executive’s employment, the Executive shall
use reasonable efforts to cooperate with the Company in the defense or prosecution of any claims or actions now in existence or that may be brought in the future against or on behalf of the Company that relate to events or occurrences that
transpired while the Executive 

 
was employed by the Company. The Executive’s cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare for
discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. During and after the Executive’s employment, the Executive shall use reasonable efforts to cooperate with the Company in connection with any
investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while the Executive was employed by the Company. The Company shall reimburse the
Executive for any reasonable out-of-pocket expenses incurred in connection with the Executive’s performance of obligations pursuant to this Section 7(c). 

(d)    Injunction. The Executive agrees that it would be difficult to measure any damages caused to the Company
that might result from any breach by the Executive of the promises set forth in Section 7(a) and (b) and in the Confidentiality and Assignment Agreement, and that in any event money damages would be an inadequate remedy for any such
breach. Accordingly, subject to Section 8 of this Agreement, the Executive agrees that if the Executive breaches, or proposes to breach, any portion of this Agreement and the Confidentiality and Assignment Agreement, the Company shall be
entitled, in addition to all other remedies that it may have, to an injunction or other appropriate equitable relief to restrain any such breach without showing or proving any actual damage to the Company. 

(e)    Protected Reporting; Defend Trade Secrets Act Immunity. Nothing in this Agreement or the Confidentiality and
Assignment Agreement, and nothing in any policy or procedure, in any other confidentiality, employment, separation agreement or in any other document or communication from the Company limits the Executive’s ability to file a charge or complaint
with any government agency concerning any acts or omissions that the Executive may believe constitute a possible violation of federal or state law or making other disclosures that are protected under the whistleblower provisions of applicable
federal or state law regulation or affects the Executive’s ability to communicate with any government agency or otherwise participate in any investigation or proceeding that may be conducted by a government agency, including by providing
documents or other information, without notice to the Company. In addition, for the avoidance of doubt, pursuant to the federal Defend Trade Secrets Act of 2016, the Executive shall not be held criminally or civilly liable under any federal or state
trade secret law for the disclosure of a trade secret that (i) is made (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (B) solely for the purpose of reporting
or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. 

8.    Arbitration of Disputes. Any controversy or claim arising out of or relating to this Agreement or the breach
thereof or otherwise arising out of the Executive’s employment or the termination of that employment (including, without limitation, any claims of unlawful employment discrimination whether based on age or otherwise) shall, to the fullest
extent permitted by law, be settled by arbitration in any forum and form agreed upon by the parties or, in the absence of such an agreement, under the auspices of the American Arbitration Association (“AAA”) in Boston, Massachusetts
in accordance with the Employment Arbitration Rules of the AAA, including, but not limited to, the rules and procedures applicable to the selection of arbitrators. In the event that any person or entity other than the Executive or the Company may be
a party with regard to any such 

 
controversy or claim, such controversy or claim shall be submitted to arbitration subject to such other person or entity’s agreement. Judgment upon the award rendered by the arbitrator may
be entered in any court having jurisdiction thereof. This Section 8 shall be specifically enforceable. Notwithstanding the foregoing, this Section 8 shall not preclude either party from pursuing a court action for the sole purpose of
obtaining a temporary restraining order or a preliminary injunction in circumstances in which such relief is appropriate; provided that any other relief shall be pursued through an arbitration proceeding pursuant to this Section 8. 

9.    Consent to Jurisdiction. To the extent that any court action is permitted consistent with or to enforce
Section 8 of this Agreement, the parties hereby agree that the Middlesex County Superior Court of The Commonwealth of Massachusetts shall have jurisdiction of such dispute. Accordingly, with respect to any such court action, the Executive
submits to the personal jurisdiction of such courts. 
 10.    Integration. This Agreement and the
Confidentiality and Assignment Agreement constitute the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, including the Prior Agreement, between the Parties concerning such subject
matter; provided that, the restrictions set forth in Section 4 of the Confidentiality and Assignment Agreement shall not apply following the Restricted Period. 

11.    Withholding. All payments made by the Company to the Executive under this Agreement shall be net of any tax
or other amounts required to be withheld by the Company under applicable law. 
 12.    Successor to the
Executive. This Agreement shall inure to the benefit of and be enforceable by the Executive’s personal representatives, executors, administrators, heirs, distributees, devisees and legatees. In the event of the Executive’s death after
his termination of employment but prior to the completion by the Company of all payments due him under this Agreement, the Company shall continue such payments to the Executive’s beneficiary designated in writing to the Company prior to his
death (or to his estate, if the Executive fails to make such designation). 
 13.    Enforceability. If any
portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of
this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid
and enforceable to the fullest extent permitted by law. 
 14.    Survival. The provisions of this Agreement and
the Confidentiality and Assignment Agreement shall survive the termination of this Agreement and/or the termination of the Executive’s employment to the extent necessary to effectuate the terms contained herein. 

15.    Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed by the
waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be
deemed a waiver of any subsequent breach. 

 16.    Notices. Any notices, requests, demands and other
communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return receipt requested, to
the Executive at the last address the Executive has filed in writing with the Company or, in the case of the Company, (i) prior to the Transition Date at its main offices, attention of the CEO and a copy of such notice shall be sent to Parent,
Attention: General Counsel, at the main offices of Parent; and (ii) from and after the Transition Date, at its main offices, attention Board of Directors and a copy of such notice shall be sent to Parent, Attention: General Counsel, at the main
offices of Parent. 
 17.    Amendment. This Agreement may be amended or modified only by a written instrument
signed by the Executive and by a duly authorized representative of the Company. 
 18.    Governing Law. This is
a Massachusetts contract and shall be construed under and be governed in all respects by the laws of the Commonwealth of Massachusetts, without giving effect to the conflict of laws principles of such Commonwealth. With respect to any disputes
concerning federal law, such disputes shall be determined in accordance with the law as it would be interpreted and applied by the United States Court of Appeals for the First Circuit. 

19.    Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed
and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document. 

20.    Assignment and Transfer by the Company. The Company will have the right to assign and/or transfer this
Agreement to its affiliates, successors and assigns. The Executive expressly consents to be bound by the provisions of this Agreement for the benefit of the Company or any parent, subsidiary or affiliate to whose employ the Executive may be
transferred without the necessity that this Agreement be re-signed at the time of such transfer. The Company shall cause any successor (whether direct or indirect and whether by purchase, merger,
consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets to assume the Company’s obligations under this Agreement and the Company’s failure to cause any such successor to assume such
obligations shall constitute a material breach of this Agreement. 
 [Remainder of page intentionally left blank. Signature page follows.]

 IN WITNESS WHEREOF, the parties have executed this Agreement effective on the date and year first
above written. 
  

			
	CRISPR THERAPEUTICS, INC.

 
			
		
	By:	 	 /s/ Rodger Novak

	Its:	 	 Rodger Novak

 
			
	
	EXECUTIVE
	
	 /s/ Samarth Kulkarni

	Samarth Kulkarni

 EXHIBIT A 

Employee Proprietary Information and Inventions Agreement 

  
 16 

 Schedule I 

Summary of Time-Based Equity Awards 
  

	 	•	 	26,667 time-based restricted stock units, which shall vest over a four year period in equal quarterly installments, in each case, except as otherwise provided in the employment agreement to which this Schedule is
attached subject to the Executive’s continued employment with the Company or any subsidiary as of each vesting date. The Company shall satisfy tax withholding through share withholding upon settlement of the award. Alternatively, or in
addition, Executive may make an election during an open trading window occurring prior to a vesting date that the tax withholding with respect to the shares issuable upon such vesting date shall be satisfied through payment by the Executive.

  

	 	•	 	260,000 time-based stock options with an exercise price equal to the Fair Market Value (as defined in the Option Plan) on the date of grant, which shall vest over a four year period in equal monthly installments, in
each case, except as otherwise provided in the employment agreement to which this Schedule is attached, subject to the Executive’s continued employment with the Company or any subsidiary as of each vesting date. 

  
 17 

 Schedule II 

Summary of Performance-Based Equity Awards 

Capitalized terms used in this Schedule but not otherwise defined in this Schedule shall have the meanings ascribed to such terms in the Option Plan. 

150,000 performance-based stock options, with and exercise price equal to the Fair Market Value on the date of grant (the “Exercise Price”) and the
following vesting provisions: 
 Except as set forth below, and subject to the discretion of the Administrator (as defined in Section 2 of the Plan) to
accelerate the exercisability schedule hereunder, this Stock Option shall become vested and exercisable upon the schedule and subject to the terms and conditions set forth below. 

 

	 	A.	The number of Option Shares earned under this Award shall be based upon the achievement of the Average Stock Price Targets set forth in the chart below no later than the first trading day on or following the third
anniversary of the Grant Date (the “First Vesting Date”) and subject to meeting the vesting criteria set forth in Paragraph C below. 

  

			
	 Option Shares
	  	 Average Stock Price Target

	75,000 Option Shares	  	$40/share or more
	75,000 Option Shares	  	$50/share or more

  

	 	B.	The number of Option Shares set forth above will be earned upon the first date the Average Stock Price equals or exceeds the applicable Average Stock Price Target above (the “Earned Option Shares”). Any Option
Shares that have not become Earned Option Shares because of the failure to achieve one or both Average Stock Price Targets shall be forfeited and be null and void as of the First Vesting Date. 

 

	 	C.	 Seventy-five percent (75%) of the Earned Option Shares shall become vested and exercisable as of the First
Vesting Date, subject to the Optionee’s continued employment with the Company or any Subsidiary through the First Vesting Date, and the remaining twenty-five percent (25%) of the Earned Option Shares shall become vested and exercisable as of
the fourth anniversary of the Grant Date (the “Second Vesting Date”), subject to the Optionee’s continued employment with the Company or any Subsidiary through the Second Vesting Date. Notwithstanding the foregoing or anything set
forth in the Agreement or that Second Amended and Restated Employment Agreement between the Company and the Optionee (as may be amended from time to time, the “Employment Agreement”), upon a service of a Notice of Termination of an
Involuntary 

  
 18 

	 	
Departure (as such terms are defined in the Employment Agreement) or due to disability under Section 3(d) of the Employment Agreement or upon Optionee’s death, (i) any Earned
Option Shares will immediately become vested and exercisable, and (ii) any Option Shares that are not Earned Option Shares as of such date shall terminate immediately and be of no further force or effect. For the avoidance of doubt, and after
giving effect to the foregoing clause (i), any portion of this Stock Option that is not exercisable upon a service of a Notice of Termination or upon Optionee’s death shall terminate immediately and be of no further force or effect.

  

	 	D.	In the event a Sale Event is consummated (i) any Earned Option Shares that have not otherwise become vested and exercisable as of the date of such Sale Event, will become vested and exercisable as of the date of
such Sale Event and (ii) if the Sale Event occurs prior to the First Vesting Date, the number of Option Shares earned under this Award that have not become Earned Shares prior to the date of such Sale Event shall be based upon the achievement
of the applicable Average Stock Price Target as of the consummation of such Sale Event, and any such Option Shares earned shall become vested and exercisable in full as of the date of such Sale Event. Any Option Shares that are not vested and
exercisable as of the date of such Sale Event after giving effect to the forgoing shall be forfeited and be null and void as of such Sale Event. 

  

	 	E.	For purposes hereof, the “Average Stock Price” as of a given date shall mean the average closing stock price of the Stock of the Company during the 30-day period ending
on and including such date; provided, that in the case of a determination made upon a Sale Event, the Average Stock Price shall equal the Sale Price; provided further, that the Average Stock Price Targets set forth above shall be equitably adjusted
in the case of the following: any reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split or other similar change in the Company’s capital stock, pursuant to which the outstanding shares of Stock are
increased or decreased or are exchanged for a different number or kind of shares or other securities of the Company, or additional shares or new or different shares or other securities of the Company or other
non-cash assets are distributed with respect to such shares of Stock or other securities, or, if, as a result of any merger or consolidation, sale of all or substantially all of the assets of the Company, the
outstanding shares of Stock are converted into or exchanged for securities of the Company or any successor entity (or a parent or subsidiary thereof). 

  
 19

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