Document:

2008 Equity Incentive Plan.

 EXHIBIT 10.4 
 BRONCUS TECHNOLOGIES, INC. 
 2008 Equity Incentive Plan 
 Approved by the Board on November 15, 2007 
 Approved by Stockholders on January 9, 2008 
 1. PURPOSE. The purpose of the Plan is to provide incentives to
attract, retain and motivate eligible persons whose present and potential contributions are important to the success of the Company, its Parent or Subsidiaries by offering them an opportunity to participate in the Company’s future performance
through awards of Options, Restricted Stock, Stock Bonuses Stock Appreciation Rights (“SARs”) and Restricted Stock Units (“RSUs”). Capitalized terms not defined in the text are defined in Section 26. 
 2. SHARES SUBJECT TO THE PLAN. 
 2.1
Number of Shares Available. 
 (a) Shares Reserved. Subject to the provisions of Sections 2.2 and 21 below, the
number of Shares available for grant and issuance under this Plan will be the sum of (i) Six Million (6,000,000) Shares plus (ii) all Available Prior Plans Shares (as defined in Section 2.1(b) below), and such number will be
subject to increase pursuant to the Automatic Annual Increase as defined and provided in Section 2.1(c) below. Shares that are subject to: (i) issuance upon exercise of an Option or SAR granted under this Plan but cease to be subject
to the Option or SAR for any reason other than exercise of the Option or SAR; (ii) Awards granted under this Plan but are forfeited or are repurchased by the Company at their original issue price; or (ii) Awards granted under this Plan
that otherwise terminate without Shares being issued; will return to the pool of Shares available for grant and issuance under this Plan. In order that ISOs may be granted under this Plan, no more than Sixty Million (60,000,000) Shares shall be
issued as ISOs. The Company may issue Shares that are authorized but unissued or treasury shares pursuant to the Awards granted under this Plan. At all times the Company will reserve and keep available a sufficient number of Shares to satisfy the
requirements of all outstanding Options and SARs granted under the Plan and all other outstanding but unvested Awards granted under the Plan. 
 (b) Available Prior Plans Shares. “Available Prior Plans Shares” means shares of the Company’s Common Stock: (i) that on the Effective Date, are reserved for issuance under the Prior Plans (as defined below) but
are not then issued and outstanding or subject to outstanding stock options or other awards granted under the Prior Plans; (ii) issued under the Prior Plans that are outstanding on the Effective Date and are thereafter forfeited or
repurchased by the Company at their original issue price pursuant to the terms of the Prior Plans; and/or (iii) are issuable upon exercise of stock options granted pursuant to the Prior Plans that are outstanding on the Effective Date and
remain unissued when such options expire. Upon the Effective Date, Available Prior Plans Shares will no longer be available for grant and issuance under the Prior Plans but will be available for grant and issuance under this Plan. As used herein,
the “Prior Plans” means the 1997 Stock Option Plan and the Company’s 2007 Stock Option Plan. 

 (c) Automatic Annual Increase. The number of Shares available for grant and issuance under the
Plan shall automatically be increased as follows (the “Automatic Annual Increase”): (i) on January 1, 2009 the number of Shares available for grant and issuance under this Plan shall be automatically increased by an amount equal
to the product of 4% of the number of shares of the Company’s common stock issued and outstanding on the preceding December 31 multiplied by a fraction, the numerator of which is the number of days between the Effective Date and
December 31, 2008 and the denominator of which is 365 (rounded to the nearest whole share); (ii) on the first day of each January from 2009 through and including 2018, the number of Shares available for grant and issuance under this Plan
shall be automatically increased by 4% of the number of shares of the Company’s common stock issued and outstanding on the preceding December 31 (rounded to the nearest whole share); or (iii) a lesser number of Shares as determined by
the Board. 
 2.2 Adjustment of Shares. If the number of outstanding shares of the Company’s common stock is changed by
a stock dividend, recapitalization, stock split, reverse stock split, subdivision, combination, reclassification or similar change in the capital structure of the Company, without consideration and including any such action that occurs from the date
this Plan is adopted by the Board to the Effective Date, then (a) the number of Shares reserved for issuance and future grant under the Plan set forth in Section 2.1, (b) the Exercise Prices of and number of Shares subject to
outstanding Options and SARs, (c) the number of Shares subject to other outstanding Awards, (d) the maximum number of shares that may be issued as ISOs set forth in Section 2.1; (e) the maximum number of shares that may be issued
to an individual in any one calendar year set forth in Section 3; and (f) the number of Shares that are granted as Options to Non-Employee Directors as set forth in Section 8, will be proportionately adjusted, subject to any required
action by the Board or the stockholders of the Company and compliance with applicable securities laws; provided that fractions of a Share will not be issued but will either be replaced by a cash payment equal to the Fair Market Value of such
fraction of a Share or will be rounded up (down in the case of ISOs) to the nearest whole Share, as determined by the Committee; and provided further that the Exercise Price of any Option may not be decreased to below the par value of the Shares.

 3. ELIGIBILITY. ISOs may be granted only to employees (including officers and directors who are also employees) of the Company or
of a corporation that is a Parent or Subsidiary. All other Awards may be granted to employees, officers, directors, consultants, independent contractors and advisors of the Company or any Parent or Subsidiary; provided that such consultants,
contractors and advisors render bona fide services not in connection with the offer and sale of securities in a capital-raising transaction. The Committee (or its designee under Section 4.1(c)) will from time to time determine and designate
among the eligible persons who will be granted one or more Awards under the Plan. A person may be granted more than one Award under the Plan. However, no person will be eligible to receive more than 4,000,000 Shares issuable under Awards granted in
any calendar year, other than new employees of the Company or of a Parent or Subsidiary (including new employees who are also officers and directors of the Company or any Parent or Subsidiary), who are eligible to receive up to a maximum of
8,000,000 Shares issuable under Awards granted in the calendar year in which they commence their employment. 
  

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 4. ADMINISTRATION. 
 4.1 Committee Authority. The Plan shall be administered by the Committee or by the Board acting as the Committee. Except for automatic grants to Non-Employee Directors pursuant to Section 8 hereof,
and subject to the general purposes, terms and conditions of the Plan, the Committee will have full power to implement and carry out the Plan. Without limiting the previous sentence, the Committee will have the authority to: 
  

	 	(a)	construe and interpret the Plan, any Award Agreement and any other agreement or document executed pursuant to the Plan; 

  

	 	(b)	prescribe, amend and rescind rules and regulations relating to the Plan or any Award, including determining the forms and agreements used in connection with the Plan, provided that
the Committee may delegate to the Chief Executive Officer, the Chief Financial Officer or the officer in charge of human resources, in consultation with the Company’s General Counsel, the authority to approve revisions to the forms and
agreements used in connection with the Plan that are designed to facilitate Plan administration, and that are not inconsistent with the Plan or with any resolutions of the Committee relating to the Plan; 

  

	 	(c)	select persons to receive Awards; provided that the Committee may delegate to one or more Executive Officers (who would also be considered “officers” under Delaware law)
the authority to grant an Award under the Plan to Participants who are not Insiders; 

  

	 	(d)	determine the terms of Awards; 

  

	 	(e)	determine the number of Shares or other consideration subject to Awards; 

  

	 	(f)	determine whether Awards will be granted singly, in combination, or in tandem with, in replacement of, or as alternatives to, other Awards under the Plan or any other incentive or
compensation plan of the Company or any Parent or Subsidiary; 

  

	 	(g)	grant waivers of Plan or Award conditions; 

  

	 	(h)	determine the vesting, exercisability, transferability, and payment of Awards; 

  

	 	(i)	correct any defect, supply any omission, or reconcile any inconsistency in the Plan, any Award or any Award Agreement; 

  

	 	(j)	determine whether an Award has been earned; 

  

	 	(k)	amend the Plan; or 

  

	 	(l)	make all other determinations necessary or advisable for the administration of the Plan. 

  

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 4.2 Committee Interpretation and Discretion. Except for automatic grants to Non-Employee
Directors pursuant to Section 8 hereof, any determination made by the Committee with respect to any Award shall be made in its sole discretion at the time of grant of the Award or, unless in contravention of any express term of the Plan or
Award, at any later time, and such determination shall be final and binding on the Company and all persons having an interest in any Award under the Plan. Any dispute regarding the interpretation of the Plan or any Award shall be submitted by the
Participant or the Company to the Committee for review. The resolution of such a dispute by the Committee shall be final and binding on the Company and the Participant. The Committee may delegate to one or more Executive Officers, the authority to
review and resolve disputes with respect to Awards held by Participants who are not Insiders, and such resolution shall be final and binding on the Company and the Participant. 
 5. OPTIONS. The Committee may grant Options to Participants and will determine (a) whether the Options will be ISOs or NSOs; (b) the
number of Shares subject to the Option, (c) the Exercise Price of the Option, (d) the period during which the Option may be exercised, (e) the exercisibility of the Option and (f) all other terms and conditions of the Option,
subject to the provisions of the Plan. With respect to Options granted to Non-Employee Directors pursuant to Section 8 in the event of a conflict between the provisions of Section 8 and this Section 5, the provisions of Section 8
shall prevail. 
 5.1 Form of Option Grant. Each Option granted under the Plan will be evidenced by a Stock Option
Agreement that will expressly identify the Option as an ISO or NSO. Except as otherwise required by Section 8 regarding the terms of Options to Non-Employee Directors, the Stock Option Agreement will be substantially in a form and contain such
provisions (which need not be the same for each Participant) that the Committee has from time to time approved, and will comply with and be subject to the terms and conditions of the Plan. 
 5.2 Date of Grant. The date of grant of an Option will be the date on which the Committee makes the determination to grant the Option,
unless a later date is otherwise specified by the Committee. The Stock Option Agreement, and a copy of the Plan (plus any additional documents required to be delivered under applicable laws), will be delivered to the Participant within a reasonable
time after the Option is granted. The Stock Option Agreement, Plan, and other documents may be delivered in any manner (including electronic distribution or posting) that meets applicable legal requirements. 
 5.3 Exercise Period and Expiration Date. An Option will vest and become exercisable within the times or upon the occurrence of events
determined by the Committee and set forth in the Stock Option Agreement governing such Option, subject to the provisions of Section 5.6, and subject to Company policies established by the Committee from time to time. The Committee may provide
for Options to vest and become exercisable at one time or from time to time, periodically or otherwise (including, without limitation, upon the attainment during a Performance Period of performance goals based on Performance Factors), in such number
of Shares or percentage of Shares subject to the Option as the Committee determines. The Stock Option Agreement shall set forth the Expiration Date; provided that no Option will be exercisable after the expiration of ten (10) years from the
date the Option is granted; and provided further that no ISO granted to a Ten Percent Stockholder will be exercisable after the expiration of five years from the date the Option is granted. 
  

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 An Option may only be exercised by the personal representative of a Participant or an Authorized
Transferee or by the person or persons to whom a Participant’s rights under the Option shall pass by such person’s will or by the laws of descent and distribution of the state of such person’s domicile at the time of death, and then
only as and to the extent that such person was entitled to exercise the Option on the date of death. 
 5.4 Exercise Price. The
Exercise Price of an Option will be determined by the Committee when the Option is granted and will not, in the case of an ISO, be less than the Fair Market Value on the date of grant; provided further that the Exercise Price of any ISO granted to a
Ten Percent Stockholder will not be less than 110% of the Fair Market Value of the Shares on the date of grant. Payment for the Shares purchased must be made in accordance with Section 11 of the Plan and the Stock Option Agreement. 

5.5 Procedures for Exercise. A Participant or Authorized Transferee may exercise Options by following the procedures established by the
Company’s Stock Administration Department, as communicated and made available to Participants. 
 5.6 Termination.
Notwithstanding the exercise periods set forth in the Stock Option Agreement, exercise of an Option will always be subject to the following: 
  

	 	(a)	If the Participant is Terminated for any reason except Cause, death or Disability, then the Participant may exercise such Participant’s Options only to the extent that such
Options would have been exercisable upon the Termination Date and no later than three (3) months after the Termination Date (or such shorter or longer time period not exceeding five (5) years as may be determined by the Committee, with any
such exercise beyond three (3) months after the Termination Date deemed to be an NSO), but in any event, no later than the Expiration Date of the Options. 

  

	 	(b)	If the Participant is Terminated because of Participant’s death (or the Participant dies within three (3) months after a Termination other than for Cause), then
Participant’s Options may be exercised only to the extent that such Options would have been exercisable by Participant on the Termination Date and must be exercised by Participant (or Participant’s legal representative or authorized
assignee) no later than twelve (12) months after the Termination Date (or such shorter or longer time period not exceeding five (5) years as may be determined by the Committee, with any such exercise beyond twelve (12) months after
the Termination Date, deemed to be an NSO), but in any event no later than the Expiration Date of the Options. 

  

	 	(c)	 If the Participant is Terminated because of Participant’s Disability (or the Committee determines that the Participant experiences a Disability within 

  

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three (3) months after a Termination other than because of Participant’s Disability or for Cause), then Participant’s Options may be exercised
only to the extent that such Options would have been exercisable by Participant on the Termination Date and must be exercised by Participant (or Participant’s legal representative or authorized assignee) no later than twelve (12) months
after the Termination Date (or such shorter or longer time period not exceeding five (5) years as may be determined by the Committee, with any such exercise beyond twelve (12) months after the Termination Date, deemed to be an NSO), but in
any event no later than the Expiration Date of the Options. 

  

	 	(d)	Notwithstanding the provisions in paragraph 5.6(a) above, if a Participant is terminated for Cause, then Participant’s Options shall expire on such Participant’s
Termination Date, or at such later time and on such conditions as determined by the Committee. 

 5.7
Limitations on Exercise. The Committee may specify a reasonable minimum number of Shares that may be purchased on any exercise of an Option; provided that the minimum number will not prevent a Participant from exercising an Option
for the full number of Shares for which it is then exercisable. 
 5.8 Limitations on ISOs. The aggregate Fair Market Value
(determined as of the date of grant) of Shares with respect to which ISOs are exercisable for the first time by a Participant during any calendar year (under the Plan or under any other incentive stock option plan of the Company or any Parent or
Subsidiary) shall not exceed $100,000. If the Fair Market Value of Shares on the date of grant with respect to which ISOs are exercisable for the first time by a Participant during any calendar year exceeds $100,000, the Options for the first
$100,000 worth of Shares to become exercisable in that calendar year will be ISOs, and the Options for the Shares with a Fair Market Value in excess of $100,000 that become exercisable in that calendar year will be NSOs. If the Code is amended to
provide for a different limit on the Fair Market Value of Shares permitted to be subject to ISOs, such different limit shall be automatically incorporated into the Plan and will apply to any Options granted after the effective date of the
Code’s amendment. 
 5.9 Notice of Disqualifying Dispositions of Shares Acquired on Exercise of an ISO. If a Participant sells or
otherwise disposes of any Shares acquired pursuant to the exercise of an ISO on or before the later of (a) the date two years after the Date of Grant, and (b) the date one year after the exercise of the ISO (in either case, a
“Disqualifying Disposition”), the Company may require the Participant to immediately notify the Company in writing of such Disqualifying Disposition. 
 5.10 Modification, Extension or Renewal. The Committee may modify, extend or renew outstanding Options and authorize the grant of new Options in substitution therefor; provided that any such
action may not, without the written consent of Participant, impair any of Participant’s rights under any Option previously granted. Any outstanding ISO that is modified, extended, renewed or otherwise altered shall be treated in accordance with
Section 424(h) of the Code. The Committee may reduce the Exercise Price of outstanding Options without the consent of Participants affected, by a written notice to them. 
  

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 5.11 No Disqualification. Notwithstanding any other provision in the Plan, no term of the
Plan relating to ISOs will be interpreted, amended or altered, and no discretion or authority granted under the Plan will be exercised, so as to disqualify the Plan under Section 422 of the Code or, without the consent of the Participant
affected, to disqualify any ISO under Section 422 of the Code. 
 6. RESTRICTED STOCK AWARDS. 
 6.1 Awards of Restricted Stock. A Restricted Stock Award is an offer by the Company to sell to a Participant Shares that are subject to
restrictions. The Committee will determine to whom an offer will be made, the number of Shares the person may purchase, the Purchase Price, the restrictions under which the Shares will be subject and all other terms and conditions of the
Restricted Stock Award, subject to this Section 6. 
 6.2 Restricted Stock Purchase Agreement. All purchases under a
Restricted Stock Award will be evidenced by a Restricted Stock Purchase Agreement, which will be in substantially a form (which need not be the same for each Participant) that the Committee has from time to time approved, and will comply with
and be subject to the terms and conditions of the Plan. A Participant accepts a Restricted Stock Award by signing and delivering to the Company a Restricted Stock Purchase Agreement with full payment of the Purchase Price, within thirty days from
the date the Restricted Stock Purchase Agreement was delivered to the Participant. If the Participant does not accept the Restricted Stock Award within thirty days, then the offer of the Restricted Stock Award will terminate, unless the Committee
determines otherwise. The Restricted Stock Award, Plan and other documents may be delivered in any manner (including electronic distribution or posting) that meets applicable legal requirements. 
 6.3 Purchase Price. The Purchase Price for a Restricted Stock Award will be determined by the Committee and, may be less than Fair Market
Value (but not less than the par value of the Shares) on the date the Restricted Stock Award is granted. Payment of the Purchase Price must be made in accordance with Section 11 of the Plan and the Restricted Stock Purchase Agreement, and in
accordance with any procedures established by the Company’s Stock Administration Department, as communicated and made available to Participants. 
 6.4 Terms of Restricted Stock Awards. Restricted Stock Awards will be subject to such restrictions as the Committee may impose. These restrictions may be based on completion of a specified number of years of
service with the Company or upon completion of the performance goals based on Performance Factors during any Performance Period as set out in advance in the Participant’s Restricted Stock Purchase Agreement. Prior to the grant of a Restricted
Stock Award, the Committee shall: (a) determine the nature, length and starting date of any Performance Period for the Restricted Stock Award; (b) select from among the Performance Factors to be used to measure performance goals, if any;
and (c) determine the number of Shares that may be awarded to the Participant. Prior to the payment for Shares to be purchased under any Restricted Stock Award, the Committee shall determine the extent to which 

  

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such Restricted Stock Award has been earned. Performance Periods may overlap and a Participant may participate simultaneously with respect to Restricted
Stock Awards that are subject to different Performance Periods and having different performance goals and other criteria. 
 6.5
Termination During Performance Period. Except as set forth in the Participant’s Restricted Stock Award, any Restricted Stock Award vesting will cease to vest on the Participant’s Termination Date. 
 7. STOCK BONUS AWARDS. 
 7.1
Awards of Stock Bonuses. A Stock Bonus Award is an award to an eligible person of Shares (which may consist of Restricted Stock or Restricted Stock Units) for services to be rendered or for past services already rendered to the
Company or any Parent or Subsidiary. All Stock Bonus Awards shall be made pursuant to a Stock Bonus Agreement, which shall be in substantially a form (which need not be the same for each Participant) that the Committee has from time to time
approved, and will comply with and be subject to the terms and conditions of the Plan. No payment will be required for Shares awarded pursuant to a Stock Bonus Award. 
 7.2 Terms of Stock Bonus Awards. The Committee will determine the number of Shares to be awarded to the Participant under a Stock Bonus Award and any restrictions thereon. These restrictions may
be based upon completion of a specified number of years of service with the Company or upon satisfaction of performance goals based on Performance Factors during any Performance Period as set out in advance in the Participant’s Stock Bonus
Agreement. If the Stock Bonus Award is to be earned upon the satisfaction of performance goals, the Committee shall: (a) determine the nature, length and starting date of any Performance Period for the Stock Bonus Award; (b) select from
among the Performance Factors to be used to measure performance goals; and (c) determine the number of Shares that may be awarded to the Participant. Prior to the issuance of any Shares or other payment to a Participant pursuant to a Stock
Bonus Award, the Committee will determine the extent to which the Stock Bonus Award has been earned. Performance Periods may overlap and a Participant may participate simultaneously with respect to Stock Bonus Awards that are subject to different
Performance Periods and different performance goals and other criteria. The number of Shares may be fixed or may vary in accordance with such performance goals and criteria as may be determined by the Committee. The Committee may adjust the
performance goals applicable to a Stock Bonus Award to take into account changes in law and accounting or tax rules and to make such adjustments as the Committee deems necessary or appropriate to reflect the impact of extraordinary or unusual items,
events or circumstances to avoid windfalls or hardships. 
 7.3 Form of Payment to Participant. The Stock Bonus Award will
be paid to the Participant currently. Payment may be made in the form of cash, whole Shares, or a combination thereof, based on the Fair Market Value of the Shares earned under a Stock Bonus Award on the date of payment, either in a lump sum payment
or in installments, all as the Committee determines. 
  

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 7.4 Termination of Participant. In the event of a Participant’s Termination during a
Performance Period or vesting period, for any reason, then such Participant will be entitled to payment (whether in Shares, cash or otherwise) with respect to the Stock Bonus Award only to the extent earned as of the date of Termination in
accordance with the Stock Bonus Agreement, unless the Committee determines otherwise. 
 8. AUTOMATIC GRANTS TO NON-EMPLOYEE
DIRECTORS. 
 8.1 Eligibility. Non-Employee Directors are eligible for Options granted pursuant to this Section 8.
Notwithstanding the foregoing, this Section 8 does not limit the ability of the Committee to grant discretionary Awards to Non-Employee Directors. 
 8.2 Initial Grant. Each Non-Employee Director who has not received an option to purchase Company common stock in the twelve (12) month period immediately preceding the Effective Date (the “Initial
Twelve Month Period”) and who is a member of the Board on the Effective Date will automatically be granted an Option to purchase one hundred ninety-six thousand (196,000) Shares on the Effective Date (except that this shall instead be
ninety-eight thousand (98,000) Shares in the case of a Non-Employee Director who has received an option to purchase Company common stock in the twelve (12) month period immediately preceding the Initial Twelve Month Period). Each
Non-Employee Director who first becomes a member of the Board after the Effective Date will automatically be granted an Option to purchase one hundred ninety-six thousand (196,000) Shares on the date such Non-Employee Director first becomes a
member of the Board. Each Option granted pursuant to this Section 8.2 shall be called an “Initial Grant”. 
 8.3 Succeeding
Grant. On the first business day following the annual meeting of the Company’s Stockholders, each Non-Employee Director who is continuing in service as a member of the Board will on the first business day following such annual meeting of
stockholders automatically be granted an Option to purchase sixty-five thousand (65,000) Shares. Each Option granted pursuant to this Section 8.3 shall be called a “Succeeding Grant”. Notwithstanding the foregoing, in the event a
Non-Employee Director received an Initial Grant within the twelve (12) month period preceding the annual meeting of the Company’s stockholders, then the number of Shares subject to such Director’s first Succeeding Grant shall be the
number of Shares equal to the product of (a) sixty-five thousand (65,000) and (b) a fraction, the numerator of which is the number of full calendar months such Non-Employee Director has been a member of the Board prior to the
Company’s annual meeting of stockholders and the denominator of which is twelve (12). 
 8.4 Vesting and Exercisability.

 (a) Initial Grants. Initial Grants shall vest and become exercisable as to 1/36 of the total Shares subject to the Initial Grant on
each monthly anniversary of the date of grant, such that Initial Grants are fully vested and exercisable on the third anniversary of the date of grant, so long as the Non-Employee Director continuously remains a director, consultant or employee of
the Company. 
  

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 (b) Succeeding Grants. Succeeding Grants shall vest and become exercisable as to 1/12 of the
total Shares subject to the Succeeding Grant on each monthly anniversary of the date of grant, such that Succeeding Grants are fully vested and exercisable on first anniversary of the date of grant, so long as the Non-Employee Director continuously
remains a director, consultant or employee of the Company. 
 (c) In the event of a Change In Control Event, the vesting of all Options
granted to Non-Employee Directors pursuant to this Section 8 shall accelerate and such Options will become exercisable in full immediately prior to the consummation of the Change In Control Event at such time and on such conditions as the
Committee determines, and if such Options are not exercised on or prior to the consummation of the Change In Control Event, they shall terminate immediately following the consummation of the Change In Control Event. 
 8.5 Form of Option Grant. Each Option granted under this Section 8 shall be a NSO and shall be evidenced by a Non-Employee Director Stock
Option Grant Agreement in such form as the Committee shall from time to time approve and which shall comply with and be subject to the terms and conditions of this Plan. 
 8.6 Exercise Price. The Exercise Price per Share of each Option granted under this Section 8 shall be the Fair Market Value of the Share on the date the Option is granted. 
 8.7 Termination of Option. Except as provided in Section 8.4(c) or this Section 8.7, each Option granted under this Section 8 shall
expire ten (10) years after its date of grant. The date on which the Non-Employee Director ceases to be a member of the Board, a consultant or employee of the Company shall be referred to as the “Non-Employee Director Termination
Date” for purposes of this Section 8.7. An Option may be exercised after the Non-Employee Director Termination Date only as set forth below: 
 (a) Termination Generally. If the Non-Employee Director ceases to be a member of the Board, consultant or employee of the Company for any reason except death or Disability, each Initial Grant and Succeeding
Grant, to the extent then vested pursuant to Section 8.4 above, then held by such Non-Employee Director may be exercised by the Non-Employee Director within three (3) months after the Non-Employee Director Termination Date, but in no event
later than the Expiration Date. 
 (b) Death. If the Non-Employee Director ceases to be a member of the Board, consultant or employee
of the Company because of his or her death, then each Initial Grant and Succeeding Grant, to the extent then vested pursuant to Section 8.4 above, then held by such Non-Employee Director, may be exercised by the Non-Employee Director or his or
her legal representative within twelve (12) months after the Non-Employee Director Termination Date, but in no event later than the Expiration Date. 
 (c) Disability. If the Non-Employee Director ceases to be a member of the Board, consultant or employee of the Company because of his or her Disability, then each Initial Grant and Succeeding Grant, to the
extent then vested pursuant to Section 8.4 above, then held by such Non-Employee Director, may be exercised by the Non-Employee Director or his or her legal representative within twelve (12) months after the Non-Employee Director
Termination Date, but in no event later than the Expiration Date 
  

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 9. STOCK APPRECIATION RIGHTS. 
 9.1 Awards of SARs. A Stock Appreciation Right (“SAR”) is an award to an eligible person that may be settled in cash, or Shares (which
may consist of Restricted Stock), having a value equal to the value determined by multiplying the difference between the Fair Market Value on the date of exercise over the Exercise Price and the number of Shares with respect to which the SAR is
being settled. The SAR may be granted for services to be rendered or for past services already rendered to the Company, or any Parent or Subsidiary. All SARs shall be made pursuant to a SAR Agreement, which shall be in substantially a form (which
need not be the same for each Participant) that the Committee has from time to time approved, and will comply with and be subject to the terms and conditions of this Plan. 
 9.2 Terms of SARs. The Committee will determine the terms of a SAR including, without limitation: (a) the number of Shares deemed subject to
the SAR; (b) the Exercise Price and the time or times during which the SAR may be settled; (c) the consideration to be distributed on settlement of the SAR; and (d) the effect on each SAR of the Participant’s Termination. The
Exercise Price of the SAR will be determined by the Committee when the SAR is granted and, may not be less than Fair Market Value on the date of grant. A SAR may be awarded upon satisfaction of such performance goals based on Performance Factors
during any Performance Period as are set out in advance in the Participant’s individual SAR Agreement. If the SAR is being earned upon the satisfaction of performance goals, then the Committee will: (x) determine the nature, length and
starting date of any Performance Period for each SAR; and (y) select from among the Performance Factors to be used to measure the performance, if any. Prior to settlement of any SAR earned upon the satisfaction of performance goals pursuant to
a SAR Agreement, the Committee shall determine the extent to which such SAR has been earned. Performance Periods may overlap and Participants may participate simultaneously with respect to SARs that are subject to different performance goals and
other criteria. 
 9.3 Exercise Period and Expiration Date. A SAR will be exercisable within the times or upon the occurrence of
events determined by the Committee and set forth in the SAR Agreement governing such SAR. The SAR Agreement shall set forth the Expiration Date; provided that no SAR will be exercisable after the expiration of ten years from the date the SAR is
granted. The Committee may also provide for SARs to become exercisable at one time or from time to time, periodically or otherwise (including, without limitation, upon the attainment during a Performance Period of performance goals based on
Performance Factors), in such number of Shares or percentage of the Shares subject to the SAR as the Committee determines. 
 9.4 Form and
Timing of Settlement. The portion of a SAR being settled may be paid currently or on a deferred basis with such interest or dividend equivalent, if any, as the Committee determines, provided that the terms of the SAR and any deferral satisfy the
requirements of Section 409A of the Code and any regulations or rulings promulgated by the Internal Revenue Service. Payment may be made in the form of cash or whole Shares or a combination thereof, either in a lump sum payment or in
installments, as the Committee determines. 
  

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 10. RESTRICTED STOCK UNITS. 
 10.1 Awards of Restricted Stock Units. A Restricted Stock Unit (“RSU”) is an award to an eligible person covering a number of
Shares that may be settled in cash, or by issuance of those Shares (which may consist of Restricted Stock) for services to be rendered or for past services already rendered to the Company or any Parent or Subsidiary. All RSUs shall be made pursuant
to a RSU Agreement, which shall be in substantially a form (which need not be the same for each Participant) that the Committee or an officer of the Company (pursuant to Section 4.1(b)) has from time to time approved, and will comply with and
be subject to the terms and conditions of the Plan. 
 10.2 Terms of RSUs. The Committee will determine the terms of a RSU including,
without limitation: (a) the number of Shares deemed subject to the RSU; (b) the time or times during which the RSU may be exercised; (c) the consideration to be distributed on settlement, and the effect on each RSU of the
Participant’s Termination. A RSU may be awarded upon satisfaction of such performance goals based on Performance Factors during any Performance Period as are set out in advance in the Participant’s individual RSU Agreement. If the RSU is
being earned upon satisfaction of performance goals, then the Committee will: (x) determine the nature, length and starting date of any Performance Period for the RSU; (y) select from among the Performance Factors to be used to measure the
performance, if any; and (z) determine the number of Shares deemed subject to the RSU. Prior to settlement of any RSU earned upon the satisfaction of performance goals pursuant to a RSU Agreement, the Committee shall determine the extent to
which such RSU has been earned. Performance Periods may overlap and participants may participate simultaneously with respect to RSUs that are subject to different Performance Periods and different performance goals and other criteria. The number of
Shares may be fixed or may vary in accordance with such performance goals and criteria as may be determined by the Committee. The Committee may adjust the performance goals applicable to the RSUs to take into account changes in law and accounting
and to make such adjustments as the Committee deems necessary or appropriate to reflect the impact of extraordinary or unusual items, events or circumstances to avoid windfalls or hardships. 
 10.3 Form and Timing of Settlement. The portion of a RSU being settled shall be paid currently. To the extent permissible under law, the Committee
may also permit a Participant to defer payment under a RSU to a date or dates after the RSU is earned provided that the terms of the RSU and any deferral satisfy the requirements of Section 409A of the Code and any regulations or rulings
promulgated by the Internal Revenue Service. Payment may be made in the form of cash or whole Shares or a combination thereof, either in a lump sum payment or in installments, all as the Committee determines. 
  

 12 

 11. PAYMENT FOR SHARE PURCHASES. 
 11.1 Payment. Payment for Shares purchased pursuant to the Plan may be made by any of the following methods (or any combination of such methods)
that are described in the applicable Award Agreement and that are permitted by law: 
  

	 	(a)	in cash (by check); 

  

	 	(b)	by cancellation of indebtedness of the Company to the Participant; 

  

	 	(c)	by surrender of Shares held by the Participant; 

  

	 	(d)	in the case of exercise by the Participant, Participant’s guardian or legal representative or the authorized legal representative of Participants’ heirs or legatees after
Participant’s death, by waiver of compensation due or accrued to Participant for services rendered to the Company or a Parent or Subsidiary of the Company (net of any applicable withholding taxes); 

  

	 	(e)	with respect only to purchases upon exercise of an Option, and provided that a public market for the Company’s stock exists: 

  

	 	(1)	through a “same day sale” commitment from the Participant or Authorized Transferee and an FINRA Dealer meeting the requirements of the Company’s “same day
sale” procedures and in accordance with law; 

  

	 	(2)	through a “margin” commitment from Participant or Authorized Transferee and an FINRA Dealer meeting the requirements of the Company’s “margin” procedures
and in accordance with law; or 

  

	 	(f)	by any other method approved by the Board. 

 11.2
Issuance of Shares. Upon payment of the applicable Purchase Price or Exercise Price (or a commitment for payment from the FINRA Dealer designated by the Participant or Authorized Transferee in the case of an exercise by means of a
“same-day sale” or “margin” commitment), and compliance with other conditions and procedures established by the Company for the purchase of shares, the Company shall issue the Shares registered in the name of Participant or
Authorized Transferee (or in the name of the FINRA Dealer designated by the Participant or Authorized Transferee in the case of an exercise by means of a “same-day sale” or “margin” commitment) and shall deliver certificates
representing the Shares (in physical or electronic form, as appropriate). The Shares may be subject to legends or other restrictions as described in Section 15 of the Plan. 
 12. WITHHOLDING TAXES. 
 12.1
Withholding Generally. Whenever Shares are to be issued in satisfaction of Awards granted under the Plan, the Company may require the Participant to remit to the 

  

 13 

 
Company an amount sufficient to satisfy applicable withholding tax requirements prior to the delivery of any certificate(s) for the Shares. If a payment in
satisfaction of an Award is to be made in cash, the payment will be net of an amount sufficient to satisfy applicable withholding tax requirements. 
 12.2 Stock Withholding. When, under applicable tax laws, a Participant incurs tax liability in connection with the exercise or vesting of any Award that is subject to tax withholding and the Participant is obligated to pay the
Company the amount required to be withheld, the Committee may, in its sole discretion, allow the Participant to satisfy the minimum withholding tax obligation by electing to have the Company withhold from the Shares to be issued that number of whole
Shares having a Fair Market Value equal to the minimum amount required to be withheld, determined on the date that the amount of tax to be withheld is to be determined. All elections by a Participant to have Shares withheld for this purpose shall be
made in accordance with the requirements established by the Committee and be in writing in a form acceptable to the Committee. 
 13.
PRIVILEGES OF STOCK OWNERSHIP. No Participant or Authorized Transferee will have any rights as a stockholder of the Company with respect to any Shares until the Shares are issued to the Participant or Authorized Transferee. After Shares
are issued to the Participant or Authorized Transferee, the Participant or Authorized Transferee will be a stockholder and have all the rights of a stockholder with respect to the Shares including the right to vote and receive all dividends or other
distributions made or paid with respect to such Shares; provided, that if the Shares are Restricted Stock, any new, additional or different securities the Participant or Authorized Transferee may become entitled to receive with respect to the Shares
by virtue of a stock dividend, stock split or any other change in the corporate or capital structure of the Company will be subject to the same restrictions as the Restricted Stock; provided further, that the Participant or Authorized Transferee
will have no right to retain such dividends or distributions with respect to Shares that are repurchased at the Participant’s original Exercise Price or Purchase Price pursuant to Section 15. 
 14. TRANSFERABILITY. No Award and no interest therein, shall be sold, pledged, assigned, hypothecated, transferred or disposed of in any manner
other than by will or by the laws of descent and distribution, and no Award may be made subject to execution, attachment or similar process; provided, however that with the consent of the Committee a Participant may transfer an Award (other than an
ISO) to an Authorized Transferee. Transfers by the Participant for consideration are prohibited. 
 15. RESTRICTIONS ON SHARES. At the
discretion of the Committee, the Company may reserve to itself and/or its assignee(s) in the Award Agreement a right to repurchase all or a portion of a Participant’s Shares that are not “Vested” (as defined in the Award Agreement),
following the Participant’s Termination, at any time within ninety days after the later of (a) the Participant’s Termination Date or (b) the date the Participant purchases Shares under the Plan, for cash or cancellation of
purchase money indebtedness with respect to Shares, at the Participant’s original Exercise Price or Purchase Price. 
  

 14 

 16. CERTIFICATES. All certificates for Shares or other securities delivered under the Plan
(whether in physical or electronic form, as appropriate) will be subject to stock transfer orders, legends and other restrictions that the Committee deems necessary or advisable, including without limitation restrictions under any applicable
federal, state or foreign securities law, or any rules, regulations and other requirements of the SEC or any stock exchange or automated quotation system on which the Shares may be listed. 
 17. ESCROW. To enforce any restrictions on a Participant’s Shares, the Committee may require the Participant to deposit all
certificates representing Shares, together with stock powers or other transfer instruments approved by the Committee, appropriately endorsed in blank, with the Company or an agent designated by the Company, to hold in escrow until such restrictions
have lapsed or terminated, and the Committee may cause a legend or legends referencing such restrictions to be placed on the certificates. 
 18. SECURITIES LAW AND OTHER REGULATORY COMPLIANCE. An Award shall not be effective unless the Award is in compliance with all applicable state, federal and foreign securities laws, rules and regulations of any governmental body, and
the requirements of any stock exchange or automated quotation system on which the Shares may then be listed, as they are in effect on the date of grant of the Award and also on the date of exercise or other issuance. Notwithstanding any other
provision in the Plan, the Company shall have no obligation to issue or deliver certificates for Shares under the Plan prior to (a) obtaining any approvals from governmental agencies that the Company determines are necessary or advisable,
and/or (b) completion of any registration or other qualification of such shares under any state, federal or foreign law or ruling of any governmental body that the Company determines to be necessary or advisable. The Company shall be under no
obligation to register the Shares with the SEC or to effect compliance with the registration, qualification or listing requirements of any state, federal or foreign securities laws, stock exchange or automated quotation system, and the Company shall
have no liability for any inability or failure to do so. 
 19. NO OBLIGATION TO EMPLOY. Nothing in the Plan or any Award granted
under the Plan shall confer or be deemed to confer on any Participant any right to continue in the employ of, or to continue any other relationship with, the Company or any Parent or Subsidiary or limit in any way the right of the Company or any
Parent or Subsidiary to terminate Participant’s employment or other relationship at any time, with or without cause. 
 20.
REPRICING, EXCHANGE, BUYOUT OF AWARDS. The repricing of Options or SARs is permitted without prior stockholder approval during the first three calendar years following the calendar year in which occurs the Effective Date. Thereafter, any
repricing of Options or SARs must first receive stockholder approval prior to be implemented. The Committee may, at any time or from time to time authorize the Company, without stockholder approval, and with the consent of the respective
Participants, to issue new Awards in exchange for the surrender and cancellation of any or all outstanding Awards. The Committee may at any time buy from a Participant an Award previously granted with payment in cash, Shares or other consideration,
based on such terms and conditions as the Committee and the Participant shall agree. 
  

 15 

 21. CORPORATE TRANSACTIONS. 
 21.1 Assumption or Replacement of Awards by Successor. In the event of a Corporate Transaction any or all outstanding
Awards may be assumed or replaced by the successor corporation, which assumption or replacement shall be binding on all Participants. In the alternative, the successor corporation may substitute equivalent Awards or provide substantially similar
consideration to Participants as was provided to stockholders (after taking into account the existing provisions of the Awards). The successor corporation may also issue, in place of outstanding Shares of the Company held by the Participant,
substantially similar shares or other property subject to repurchase restrictions no less favorable to the Participant. In the event such successor corporation, if any, refuses to assume or replace the Awards, as provided above, pursuant to a
Corporate Transaction or if there is no successor corporation due to a dissolution or liquidation of the Company, such Awards shall expire on such transaction at such time and on such conditions as the Board determines (including, without
limitation, full or partial vesting and exercisability of any or all outstanding Awards). 
 21.2
Other Treatment of Awards. Subject to any greater rights granted to Participants under Section 21.1, in the event of a Corporate Transaction, any outstanding Awards shall be treated as provided in the applicable agreement
or plan of merger, consolidation, dissolution, liquidation or sale of assets. 
 21.3
Assumption of Awards by the Company. The Company, from time to time, also may substitute or assume outstanding awards granted by another company, whether in connection with an acquisition of such other company or
otherwise, by either (a) granting an Award under the Plan in substitution of such other company’s award, or (b) assuming such award as if it had been granted under the Plan if the terms of such assumed award could be applied to an
Award granted under the Plan. Such substitution or assumption shall be permissible if the holder of the substituted or assumed award would have been eligible to be granted an Award under the Plan if the other company had applied the rules of the
Plan to such grant. In the event the Company assumes an award granted by another company, the terms and conditions of such award shall remain unchanged (except that the exercise price and the number and nature of Shares issuable upon exercise of any
such option will be adjusted appropriately pursuant to Section 424(a) of the Code). In the event the Company elects to grant a new Option rather than assuming an existing option, such new Option may be granted with a similarly adjusted Exercise
Price. 
 22. ADOPTION AND STOCKHOLDER APPROVAL. The Plan was adopted by the Board on November 15, 2007. The Plan shall become
effective upon the Effective Date. The stockholders of the Company must approve the Plan in a manner consistent with applicable law within twelve (12) months of its approval by the Board. 
 23. TERM OF PLAN. The Plan will terminate ten years following the earlier of (i) its adoption by the Board or (ii) its approval by the
Company’s stockholders. 
 24. AMENDMENT OR TERMINATION OF PLAN. The Board may at any time terminate or amend the Plan in any
respect, including without limitation grants to Non-Employee Directors pursuant to Section 8 of the Plan, and amend any form of Award Agreement or 

  

 16 

 
instrument to be executed pursuant to the Plan. Notwithstanding the foregoing, neither the Board nor the Committee shall, without the approval of the
stockholders of the Company, amend the Plan in any manner that requires such stockholder approval pursuant to the Code or the regulations promulgated thereunder as such provisions apply to ISO plans, or pursuant to the Exchange Act or any rule
promulgated thereunder. In addition, no amendment that is detrimental to a Participant may be made to any outstanding Award without the consent of the Participant. 
 25. NONEXCLUSIVITY OF THE PLAN. Neither the adoption of the Plan by the Board, the submission of the Plan to the stockholders of the Company for approval, nor any provision of the Plan shall be construed as
creating any limitations on the power of the Board to adopt such additional compensation arrangements as it may deem desirable, including, without limitation, the granting of stock options and bonuses otherwise than under the Plan, and such
arrangements may be either generally applicable or applicable only in specific cases. 
 26. DEFINITIONS. As used in the Plan, the
following terms shall have the following meanings: 
 (a) “Authorized Transferee” means the permissible recipient, as
authorized by this Plan and the Committee, of an Award that is transferred during the Participant’s lifetime by the Participant by gift or domestic relations order. 
 (b) “Award” means any award under the Plan, including any Option, Restricted Stock, Stock Bonus, Stock Appreciation Right or Restricted Stock Unit. 
 (c) “Award Agreement” means the written or electronic agreement setting forth the terms and provisions applicable to each Award
granted under the Plan. The Award Agreement is subject to the terms and conditions of the Plan. 
 (d) “Board” means the
Board of Directors of the Company. 
 (e) “Cause” means termination of the Participant’s employment on the basis of any
of the following: (i) Participant’s conviction for, or guilty plea to, a felony involving moral turpitude; (ii) a willful refusal by Participant to comply with the lawful and reasonable instructions of the Company, or to otherwise
perform Participant’s duties as lawfully and reasonably determined by the Company, in each case that is not cured by Participant (if such refusal is of a type that is capable of being cured) within 15 days of written notice being given to
Participant of such refusal; (iii) any willful act or acts of dishonesty undertaken by Participant and intended to result in Participant’s (or any other person’s) substantial gain or personal enrichment at the expense of the Company
or any of its customers, partners, affiliates, or employees; or (iv) any willful act of gross misconduct by Participant which is materially injurious to the Company. 
 (f) “Change In Control Event” means (a) a merger or consolidation of the Company or a subsidiary with another corporation or other entity, other than a merger or consolidation which results in
the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least a majority of the total
voting power of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation, (b) a dissolution or liquidation of the Company, or (c) the sale of substantially all of the assets of the
Company. 
  

 17 

 (g) “Code” means the Internal Revenue Code of 1986, as amended, and the regulations
promulgated thereunder. 
 (h) “Committee” means the Compensation Committee of the Board or such other committee appointed
by the Board to administer the Plan, or if no committee is appointed, the Board. Each member of the Committee shall be (i) a “non-employee director” for purposes of Section 16 and Rule 16b-3 of the Exchange Act, and (ii) an
“outside director” for purposes of Section 162(m) of the Code, unless the Board has fewer than two such outside directors. 
 (i) “Common Stock” means the common stock of the Company. 
 (j) “Company” means Broncus
Technologies, Inc., a corporation organized under the laws of the State of Delaware, or any successor corporation. 
 (k) “Corporate
Transaction” means (a) a merger or consolidation in which the Company is not the surviving corporation, (b) a dissolution or liquidation of the Company, (c) the sale of substantially all of the assets of the Company,
(d) a merger in which the Company is the surviving corporation but after which the stockholders of the Company immediately prior to such merger (other than any stockholder that merges, or which owns or controls another corporation that merges,
with the Company in such merger) cease to own their shares or other equity interest in the Company; or (e) any other transaction which qualifies as a “corporate transaction” under Section 424(a) of the Code wherein the
stockholders of the Company give up all of their equity interest in the Company (except for the acquisition, sale or transfer of all or substantially all of the outstanding shares of the Company). 
 (l) “Disability” means a disability within the meaning of Section 22(e)(3) of the Code, as determined by the Committee. 

(m) “Effective Date” means the date on which the Registration Statement covering the initial public offering of shares of the
Company’s Common Stock is declared effective by the SEC. 
 (n) “Exchange Act” means the Securities Exchange Act
of 1934, as amended, and the regulations promulgated thereunder. 
 (o) “Executive Officer” means a person who is an
“executive officer” of the Company as defined in Rule 3b-7 promulgated under the Exchange Act. 
 (p)
“Exercise Price” means the price at which a Participant who holds an Option or SAR may purchase the Shares issuable upon exercise of the Option or SAR. 
 (q) “Expiration Date” means the last date on which an Option or SAR may be exercised as determined by the Committee. 
  

 18 

 (r) “Fair Market Value” means, as of any date, the value of a share of the
Company’s Common Stock determined as follows: 
  

	 	(1)	if such Common Stock is then quoted on the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market (collectively, the “Nasdaq Market”), its
closing price on the Nasdaq Market on the date of determination, or if there are no sales for such date, then the last preceding business day on which there were sales, as reported in The Wall Street Journal or such other source as the Board
or the Committee deems reliable; 

  

	 	(2)	if such Common Stock is publicly traded and is then listed on a national securities exchange, its closing price on the date of determination on the principal national securities
exchange on which the Common Stock is listed or admitted to trading as reported in The Wall Street Journal or such other source as the Board or the Committee deems reliable; 

  

	 	(3)	if such Common Stock is publicly traded but is neither quoted on the Nasdaq Market nor listed or admitted to trading on a national securities exchange, the average of the closing
bid and asked prices on the date of determination as reported in The Wall Street Journal or such other source as the Board or the Committee deems reliable; 

  

	 	(4)	in the case of an Option or SAR made on the Effective Date, the price per share at which shares of the Company’s Common Stock are initially offered for sale to the public by
the Company’s underwriters in the initial public offering of the Company’s Common Stock pursuant to a registration statement filed with the SEC under the Securities Act; or 

  

	 	(5)	if none of the foregoing is applicable, by the Board or the Committee in good faith. 

 (s) “Insider” means an officer or director of the Company or any other person whose transactions in the Company’s Common Stock are subject to Section 16 of the Exchange Act. 
 (t) “ISO” means an Incentive Stock Option within the meaning of Section 422 of the Code. 
 (u) “FINRA Dealer” means broker-dealer that is a member of the Financial Industry Regulatory Authority. 
 (v) “NSO” means a nonqualified stock option that does not qualify as an ISO. 
 (w) “Option” means an Award pursuant to Section 5 or Section 8 of the Plan. 
  

 19 

 (x) “Non-Employee Director” means a member of the Company’s Board of Directors who
is not a current employee of the Company or any Parent or Subsidiary. 
 (y) “Parent” means any corporation (other than the
Company) in an unbroken chain of corporations ending with the Company, if at the time of the granting of an Award under the Plan, each of such corporations other than the Company owns stock possessing 50% or more of the total combined voting power
of all classes of stock in one of the other corporations in such chain or such lesser percentage as determined by the Committee. 
 (z)
“Participant” means a person who receives an Award under the Plan. 
 (aa) “Performance Factors” means the
factors selected by the Committee from among the following measures (whether or not in comparison to other peer companies) to determine whether the performance goals established by the Committee and applicable to Awards have been satisfied:

  

	 	(1)	Net revenue and/or net revenue growth; 

  

	 	(2)	Earnings per share and/or earnings per share growth; 

  

	 	(3)	Earnings before income taxes and amortization and/or earnings before income taxes and amortization growth; 

  

	 	(4)	Operating income and/or operating income growth; 

  

	 	(5)	Net income and/or net income growth; 

  

	 	(6)	Total stockholder return and/or total stockholder return growth; 

  

	 	(7)	Return on equity; 

  

	 	(8)	Operating cash flow return on income; 

  

	 	(9)	Adjusted operating cash flow return on income; 

  

	 	(10)	Economic value added; 

  

	 	(11)	Individual business objectives; and 

  

	 	(12)	Company specific operational metrics. 

 (bb)
“Performance Period” means the period of service determined by the Committee, not to exceed five years, during which years of service or performance is to be measured for the Award. 
  

 20 

 (cc) “Plan” means this Broncus Technologies, Inc. 2008 Equity Incentive Plan, as may be
amended from time to time. 
 (dd) “Purchase Price” means the price to be paid for Shares acquired under the Plan, other
than Shares acquired upon exercise of an Option or SAR. 
 (ee) “Restricted Stock Award” means an award of Shares
pursuant to Section 6 of the Plan. 
 (ff) “Restricted Stock Purchase Agreement” means an agreement evidencing a
Restricted Stock Award granted pursuant to Section 6 of the Plan. 
 (gg) “Restricted Stock Unit” means an Award
granted pursuant to Section 10 of the Plan. 
 (hh) “RSU Agreement” means an agreement evidencing a Restricted Stock
Unit Award granted pursuant to Section 10 of the Plan. 
 (ii) “SAR Agreement” means an agreement evidencing a Stock
Appreciation Right granted pursuant to Section 9 of the Plan. 
 (jj) “SEC” means the United States Securities and
Exchange Commission. 
 (kk) “Securities Act” means the Securities Act of 1933, as amended, and the regulations
promulgated thereunder. 
 (ll) “Shares” means shares of the Company’s Common Stock reserved for issuance under the
Plan, as adjusted pursuant to Sections 2 and 21, and any successor security. 
 (mm) “Stock Appreciation Right” means an
Award granted pursuant to Section 9 of the Plan. 
 (nn) “Stock Bonus” means an Award granted pursuant to
Section 7 of the Plan. 
 (oo) “Stock Bonus Agreement” means an agreement evidencing a Stock Bonus Award granted
pursuant to Section 7 of the Plan. 
 (pp) “Stock Option Agreement” means the agreement which evidences a Stock Option,
granted pursuant to Sections 5 or 8 of the Plan. 
 (qq) “Subsidiary” means any entity directly or indirectly controlled by
the Company, as determined by the Committee. 
 (rr) “Ten Percent Stockholder” means any person who directly or by
attribution owns more than ten percent of the total combined voting power of all classes of stock of the Company or any Parent or Subsidiary. 
  

 21 

 (ss) “Termination” or “Terminated” means, for purposes of the Plan with
respect to a Participant, that the Participant has ceased to provide services as an employee, director, consultant, independent contractor or adviser, to the Company or a Parent or Subsidiary; provided that a Participant shall not be deemed to be
Terminated if the Participant is on a leave of absence approved by the Committee or by an officer of the Company designated by the Committee; and provided further, that during any approved leave of absence, vesting of Awards shall be suspended or
continue in accordance with guidelines established from time to time by the Committee. Subject to the foregoing, the Committee shall have sole discretion to determine whether a Participant has ceased to provide services and the effective date on
which the Participant ceased to provide services (the “Termination Date”). 
  

 222008 Employee Stock Purchase Plan.

 EXHIBIT 10.5 
 BRONCUS TECHNOLOGIES, INC. 
 2008 EMPLOYEE STOCK
PURCHASE PLAN 
 ADOPTED BY THE BOARD
OF DIRECTORS ON NOVEMBER 15, 2007 
 APPROVED
BY THE STOCKHOLDERS ON JANUARY 9, 2008 
 1. Establishment
of Plan. Broncus Technologies, Inc., a Delaware corporation (the “Company”) proposes to grant options for purchase of the Company’s Common Stock to eligible employees of the Company and its Participating Corporations (as
hereinafter defined) pursuant to this Employee Stock Purchase Plan (this “Plan”). For purposes of this Plan, “Parent” and “Subsidiary” shall have the same meanings as “parent corporation” and “subsidiary
corporation” in Sections 424(e) and 424(f), respectively, of the Internal Revenue Code of 1986, as amended (the “Code”), and “Corporate Group” shall refer collectively to the Company and all its Parents and Subsidiaries.
“Participating Corporations” are the Company and any Parents or Subsidiaries that the Board of Directors of the Company (the “Board”) designates from time to time as corporations that shall participate in this Plan. The Company
intends this Plan to qualify as an “employee stock purchase plan” under Section 423 of the Code (including any amendments to or replacements of such Section), and this Plan shall be so construed. Any term not expressly defined in this
Plan but defined for purposes of Section 423 of the Code shall have the same definition herein. Two million (2,000,000) shares of the Company’s Common Stock are initially reserved for issuance under this Plan. In addition, on each
January 1 (commencing with the first January 1 after the first Offering Date and continuing on each of the next eight anniversaries of such date thereafter), the aggregate number of shares of the Company’s Common Stock reserved for
issuance under the Plan shall be increased automatically by the number of shares equal to one percent (1%) of the total number of outstanding shares of the Company Common Stock on the immediately preceding December 31 (rounded down to the
nearest whole share and provided however, that if shares are to be added on January 1, 2009, such addition shall not exceed the greatest number of whole shares that does not exceed the product of one percent (1%) multiplied by a fraction,
the numerator of which is the number of days between the date (the “Effective Date”) on which the Registration Statement covering the initial public offering of shares of the Company’s Common Stock is declared effective by the U.S.
Securities and Exchange Commission and December 31, 2008, and the denominator of which is 365); provided, that the Board or the Committee may in its sole discretion reduce the amount of the increase in any particular year; and,
provided further, that the aggregate number of shares issued over the term of this Plan shall not exceed fourteen million (14,000,000) shares of Common Stock. The number of shares reserved for issuance under this Plan and the maximum
number of shares that may be issued under this Plan shall be subject to adjustments effected in accordance with Section 14 of this Plan. 
 2. Purpose. The purpose of this Plan is to provide eligible employees of the Company and Participating Corporations with a means of acquiring an equity interest in the Company through payroll deductions, to enhance such
employees’ sense of participation in the affairs of the Company and Participating Corporations, and to provide an incentive for continued employment. 

 3. Administration. This Plan shall be administered by the Compensation Committee of the Board (the
“Committee”). Subject to the provisions of this Plan and the limitations of Section 423 of the Code or any successor provision in the Code, all questions of interpretation or application of this Plan shall be determined by the
Committee and its decisions shall be final and binding upon all participants. Members of the Committee shall receive no compensation for their services in connection with the administration of this Plan, other than standard fees as established from
time to time by the Board for services rendered by Board members serving on Board committees. All expenses incurred in connection with the administration of this Plan shall be paid by the Company. 
 4. Eligibility. Any employee of the Company or the Participating Corporations is eligible to participate in an Offering Period (as hereinafter
defined) under this Plan except the following: 
 (a) employees who are not employed by the Company or a Participating Corporation prior to
the beginning of such Offering Period or prior to such other time period as specified by the Committee; 
 (b) employees who are customarily
employed for twenty (20) hours or less per week; 
 (c) employees who are customarily employed for five (5) months or less in a
calendar year; 
 (d) employees who, together with any other person whose stock would be attributed to such employee pursuant to
Section 424(d) of the Code, own stock or hold options to purchase stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or any of its Participating Corporations or
who, as a result of being granted an option under this Plan with respect to such Offering Period, would own stock or hold options to purchase stock possessing five percent (5%) or more of the total combined voting power or value of all classes
of stock of the Company or any of its Participating Corporations; 
 (e) employees who do not meet any other eligibility requirements that the
Committee may choose to impose (within the limits permitted by the Code); and 
 (f) individuals who provide services to the Company or any
of its Participating Corporations as independent contractors who are reclassified as common law employees for any reason except for federal income and employment tax purposes. 
 5. Offering Dates. 
 (a) The offering
periods of this Plan (each, an “Offering Period”) may be of up to twenty-seven (27) months duration and shall commence and end at the times designated by the Committee. Each Offering Period may consist of up to four (4) purchase
periods (individually, a “Purchase Period”) during which payroll deductions of the participants are accumulated under this Plan. 
 (b) The initial Offering Period shall commence on the Effective Date and will end on the later of the last February 14 or August 14 to occur on or before the second anniversary of the Effective Date. The initial Offering Period
shall consist of up to four 

  

 - 2 - 

 
Purchase Periods with the first such Purchase Period running from the Effective Date to the first February 14 or August 14 that is more than six
(6) months from the Effective Date and subsequent Purchase Periods running for six (6) months each. Commencing with August 15, 2008, a six-month Offering Period shall commence on each August 15 and February 15, consisting of
one six-month Purchase Period respectively running from that August 15 to the next February 14 or from that February 15 to the next August 14. 
 (c) The first business day of each Offering Period is referred to as the “Offering Date,” however, for the initial Offering Period this shall be the Effective Date. The last business day of each Purchase
Period is referred to as the “Purchase Date.” The Committee shall have the power to change these terms as provided in Section 25 below. 
 6. Participation in this Plan. Eligible employees may become participants in an Offering Period under this Plan on the Offering Date by delivering a subscription agreement to the Company prior to such Offering
Date, or such other time period as specified by the Committee, and timely satisfying any other eligibility requirements for participating in such Offering Period. Notwithstanding the foregoing, the Committee may set a later time for filing the
subscription agreement authorizing payroll deductions for all eligible employees with respect to a given Offering Period. Once an employee becomes a participant in an Offering Period, then such employee will automatically participate in the Offering
Period commencing immediately following the last day of such prior Offering Period unless the employee withdraws or is deemed to withdraw from this Plan or terminates further participation in the Offering Period as set forth in Section 11
below. Such participant is not required to file any additional subscription agreement in order to continue participation in this Plan. 
 7. Grant of Option on Enrollment. Enrollment by an eligible employee in this Plan with respect to an Offering Period will constitute the grant (as of the Offering Date) by the Company to such employee of an option to purchase on the
Purchase Date up to that number of shares of Common Stock of the Company determined by a fraction, the numerator of which is the amount accumulated in such employee’s payroll deduction account during such Purchase Period and the
denominator of which is the lower of (i) eighty-five percent (85%) of the fair market value of a share of the Company’s Common Stock on the Offering Date (but in no event less than the par value of a share of the Company’s
Common Stock), or (ii) eighty-five percent (85%) of the fair market value of a share of the Company’s Common Stock on the Purchase Date (but in no event less than the par value of a share of the Company’s Common Stock),
provided, however, that the number of shares of the Company’s Common Stock subject to any option granted pursuant to this Plan shall not exceed the lesser of (x) the maximum number of shares set by the Committee pursuant to
Section 10(b) below with respect to the applicable Purchase Date, or (y) the maximum number of shares which may be purchased pursuant to Section 10(a) below with respect to the applicable Purchase Date. The fair market value of a
share of the Company’s Common Stock shall be determined as provided in Section 8 below. 
 8. Purchase Price. The purchase
price per share at which a share of Common Stock will be sold in any Offering Period shall be eighty-five percent (85%) of the lesser of: 
 (a) The fair market value on the Offering Date; or 
 (b) The fair market value on the Purchase Date. 
  

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 The term “fair market value” means, as of any date, the value of a share of the Company’s
Common Stock determined as follows: 
 (a) if such Common Stock is publicly traded and is then listed on a national securities exchange, its
closing price on the date of determination on the principal national securities exchange on which the Common Stock is listed or admitted to trading as reported in The Wall Street Journal or such other source as the Board or the Committee
deems reliable; or 
 (b) if such Common Stock is publicly traded but is not listed or admitted to trading on a national securities exchange,
the average of the closing bid and asked prices on the date of determination as reported in The Wall Street Journal or such other source as the Committee deems reliable. 
 9. Payment Of Purchase Price; Payroll Deduction Changes; Share Issuances. 
 (a) The purchase price of the shares is accumulated by regular payroll deductions made during each Offering Period. The deductions are made as a
percentage of the participant’s compensation in one percent (1%) increments not less than one percent (1%) or greater than fifteen percent (15%) or such higher or lower limit as may be set by the Committee for a particular
Offering Period. Compensation shall mean all W-2 cash compensation, including, but not limited to, base salary, wages, commissions, overtime, shift premiums, bonuses and incentive compensation, plus draws against commissions, provided,
however, that for purposes of determining a participant’s compensation, any election by such participant to reduce his or her regular cash remuneration under Sections 125 or 401(k) of the Code shall be treated as if the participant did
not make such election. Payroll deductions shall commence on the first payday of the Offering Period and shall continue to the end of the Offering Period unless sooner altered or terminated as provided in this Plan. 
 (b) A participant may decrease (but not increase) the rate of payroll deductions during an Offering Period by filing with the Company a new authorization
for payroll deductions, with the new rate to become effective for the next payroll period commencing after the Company’s receipt of the authorization and continuing for the remainder of the Offering Period unless changed as described below.
Such change in the rate of payroll deductions may be made at any time during an Offering Period, but not more than one (1) change may be made effective during any Purchase Period. A participant may increase or decrease the rate of payroll
deductions for any subsequent Offering Period by filing with the Company a new authorization for payroll deductions prior to the beginning of such Offering Period, or such other time period as specified by the Committee. 
 (c) A participant may reduce his or her payroll deduction percentage to zero during an Offering Period by filing with the Company a request for cessation
of payroll deductions. Such reduction shall be effective beginning with the next payroll period after the Company’s receipt of the request and no further payroll deductions will be made for the duration of the Offering Period. Payroll
deductions credited to the participant’s account prior to the effective date of the request shall be used to purchase shares of Common Stock of the Company in accordance with Section (e) below. A reduction of the payroll deduction
percentage to zero shall be treated as such participant’s withdrawal from such Offering Period, and the Plan, effective as of the day after the next Purchase Date following the filing date of such request with the Company. 
  

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 (d) All payroll deductions made for a participant are credited to his or her account under this Plan and
are deposited with the general funds of the Company. No interest accrues on the payroll deductions. All payroll deductions received or held by the Company may be used by the Company for any corporate purpose, and the Company shall not be obligated
to segregate such payroll deductions. 
 (e) On each Purchase Date, so long as this Plan remains in effect and provided that the participant
has not submitted a signed and completed withdrawal form before that date which notifies the Company that the participant wishes to withdraw from that Offering Period under this Plan and have all payroll deductions accumulated in the account
maintained on behalf of the participant as of that date returned to the participant, the Company shall apply the funds then in the participant’s account to the purchase of whole shares of Common Stock reserved under the option granted to such
participant with respect to the Offering Period to the extent that such option is exercisable on the Purchase Date. The purchase price per share shall be as specified in Section 8 of this Plan. Any cash remaining in a participant’s account
after such purchase of shares shall be refunded to such participant in cash, without interest; provided, however that any amount remaining in such participant’s account on a Purchase Date which is less than the amount necessary to purchase a
full share of the Company shall be carried forward, without interest, into the next Purchase Period or Offering Period, as the case may be. In the event that this Plan has been oversubscribed, all funds not used to purchase shares on the Purchase
Date shall be returned to the participant, without interest. No Common Stock shall be purchased on a Purchase Date on behalf of any employee whose participation in this Plan has terminated prior to such Purchase Date. 
 (f) As promptly as practicable after the Purchase Date, the Company shall issue shares for the participant’s benefit representing the shares
purchased upon exercise of his or her option. 
 (g) During a participant’s lifetime, his or her option to purchase shares hereunder is
exercisable only by him or her. The participant will have no interest or voting right in shares covered by his or her option until such option has been exercised. 
 10. Limitations on Shares to be Purchased. 
 (a) No participant shall be entitled to purchase stock
under any Offering Period at a rate which, when aggregated with such participant’s rights to purchase stock, that are also outstanding in the same calendar year(s) (whether under other Offering Periods or other employee stock purchase plans of
the Corporate Group), exceeds $25,000 in fair market value, determined as of the Offering Date, (or such other limit as may be imposed by the Code) for each calendar year in which such Offering Period is in effect (hereinafter the “Maximum
Share Amount”). The Company shall automatically suspend the payroll deductions of any participant as necessary to enforce such limit provided that when the Company automatically resumes such payroll deductions, the Company must apply the rate
in effect immediately prior to such suspension. 
  

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 (b) The Committee may, in its sole discretion, set a lower maximum number of shares which may be
purchased by any participant during any Offering Period, which shall then be the Maximum Share Amount for subsequent Offering Periods. If a new Maximum Share Amount is set, then all participants must be notified of such Maximum Share Amount prior to
the commencement of the next Offering Period for which it is to be effective. The Maximum Share Amount shall continue to apply with respect to all succeeding Offering Periods unless revised by the Committee as set forth above. 
 (c) If the number of shares to be purchased on a Purchase Date by all employees participating in this Plan exceeds the number of shares then available
for issuance under this Plan, then the Company will make a pro rata allocation of the remaining shares in as uniform a manner as shall be reasonably practicable and as the Committee shall determine to be equitable. In such event, the Company shall
give written notice of such reduction of the number of shares to be purchased under a participant’s option to each participant affected. 
 (d) Any payroll deductions accumulated in a participant’s account which are not used to purchase stock due to the limitations in this Section 10 shall be returned to the participant as soon as practicable after the end of the
applicable Purchase Period, without interest. 
 11. Withdrawal. 
 (a) Each participant may withdraw from an Offering Period under this Plan by signing and delivering to the Company a written notice to that effect on a
form provided by the Company for such purpose. Such withdrawal may be elected at any time prior to the end of an Offering Period, or such other time period as specified by the Committee. 
 (b) Upon withdrawal from this Plan, the accumulated payroll deductions shall be returned to the withdrawn participant, without interest, and his or her
interest in this Plan shall terminate. In the event a participant voluntarily elects to withdraw from this Plan, he or she may not resume his or her participation in this Plan during the same Offering Period, but he or she may participate in any
Offering Period under this Plan which commences on a date subsequent to such withdrawal by filing a new authorization for payroll deductions in the same manner as set forth in Section 6 above for initial participation in this Plan. 

(c) If the Fair Market Value on the first day of the current Offering Period in which a participant is enrolled is higher than the Fair Market Value
on the first day of any subsequent Offering Period, the Company will automatically withdraw such participant from the current Offering Period and enroll such participant in the subsequent Offering Period (and such current Offering Period shall end
as of such subsequent Offering Period’s commencement). Any funds accumulated in a participant’s account prior to the first day of such subsequent Offering Period and not applied to the purchase of shares on the Purchase Date immediately
prior to the first day of such subsequent Offering Period, shall be refunded to such participant. 
 12. Termination of Employment.
Termination of a participant’s employment for any reason, including retirement, death or the failure of a participant to remain an eligible employee of the Company or of a Participating Corporation, immediately terminates his or her
participation in this Plan. In such event, the payroll deductions credited to the participant’s account will be returned to him or her or, in the case of his or her death, to his or her legal representative, without interest. For purposes of
this Section 12, an employee will not be 

  

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deemed to have terminated employment or failed to remain in the continuous employ of the Company or of a Participating Corporation in the case of sick leave,
military leave, or any other leave of absence approved by the Board; provided that such leave is for a period of not more than ninety (90) days or reemployment upon the expiration of such leave is guaranteed by contract or statute.

 13. Return of Payroll Deductions. In the event a participant’s interest in this Plan is terminated by withdrawal, termination
of employment or otherwise, or in the event this Plan is terminated by the Board, the Company shall deliver to the participant all payroll deductions credited to such participant’s account. No interest shall accrue on the payroll deductions of
a participant in this Plan. 
 14. Capital Changes. 
 (a) Subject to any required action by the stockholders of the Company, the number of shares of Common Stock covered by each option under this Plan which has not yet been exercised and the number of shares of Common
Stock which have been authorized for issuance under this Plan but have not yet been placed under option (collectively, the “Reserves”), as well as the price per share of Common Stock covered by each option under this Plan which has not yet
been exercised, and the Maximum Share Amount, shall be proportionately adjusted for any increase or decrease in the number of issued and outstanding shares of Common Stock of the Company resulting from a stock split, or reverse stock split, or the
payment of a stock dividend (but only on the Common Stock) or any other increase or decrease in the number of issued and outstanding shares of Common Stock effected without receipt of any consideration by the Company and including any such that
occur from the date this Plan is adopted by the Board to the Effective Date; provided, however, that conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of
consideration”. Such adjustment shall be made by the Committee, whose determination shall be final, binding and conclusive. Except as expressly provided herein, no issue by the Company of shares of stock of any class, or securities
convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock subject to an option. 
 (b) The Committee may, if it so determines in the exercise of its sole discretion, also make provision for adjusting the Reserves, as well as the price
per share of Common Stock covered by each outstanding option, in the event that the Company effects one or more reorganizations, recapitalizations, rights offerings or other increases or reductions of shares of its outstanding Common Stock, or in
the event of the Company being consolidated with or merged into any other corporation. 
 15. Nonassignability. Neither payroll
deductions credited to a participant’s account nor any rights with regard to the exercise of an option or to receive shares under this Plan may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws
of descent and distribution or as provided in Section 22 below) by the participant. Any such attempt at assignment, transfer, pledge or other disposition shall be void and without effect. 
 16. Reports. Individual accounts will be maintained for each participant in this Plan. Each participant shall receive promptly after the end of
each Purchase Period a report of his or 

  

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her account setting forth the total payroll deductions accumulated, the number of shares purchased, the per share price thereof and the remaining cash
balance, if any, carried forward to the next Purchase Period or Offering Period, as the case may be. 
 17. Notice of Disposition.
Each participant shall notify the Company in writing if the participant disposes of any of the shares purchased in any Offering Period pursuant to this Plan if such disposition occurs within two (2) years from the Offering Date or within one
(1) year from the Purchase Date on which such shares were purchased (the “Notice Period”). The Company may, at any time during the Notice Period, place a legend or legends on any certificate representing shares acquired pursuant
to this Plan requesting the Company’s transfer agent to notify the Company of any transfer of the shares. The obligation of the participant to provide such notice shall continue notwithstanding the placement of any such legend on the
certificates. 
 18. No Rights to Continued Employment. Neither this Plan nor the grant of any option hereunder shall confer any right
on any employee to remain in the employ of the Company or any Participating Corporation, or restrict the right of the Company or any Participating Corporation to terminate such employee’s employment. 
 19. Equal Rights And Privileges. All eligible employees shall have equal rights and privileges with respect to this Plan so that this Plan
qualifies as an “employee stock purchase plan” within the meaning of Section 423 or any successor provision of the Code and the related regulations. Any provision of this Plan which is inconsistent with Section 423 or any
successor provision of the Code shall, without further act or amendment by the Company, the Committee or the Board, be reformed to comply with the requirements of Section 423. This Section 19 shall take precedence over all other provisions
in this Plan. 
 20. Notices. All notices or other communications by a participant to the Company under or in connection with this
Plan shall be deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 
 21. Term; Stockholder Approval. This Plan will become effective on the Effective Date, however, no Offering Period shall commence until the time
approved by the Committee and the Company has no obligation to ever implement any Offering Period. This Plan shall be approved by the stockholders of the Company, in any manner permitted by applicable corporate law, within twelve (12) months
before or after the date this Plan is adopted by the Board. No purchase of shares pursuant to this Plan shall occur prior to such stockholder approval. This Plan shall continue until the earlier to occur of (a) termination of this Plan by the
Board (which termination may be effected by the Board at any time pursuant to Section 25 below), (b) issuance of all of the shares of Common Stock reserved for issuance under this Plan, or (c) the tenth anniversary of the first
Offering Date. No Offering Period shall commence on or after the tenth anniversary of the commencement of the first Offering Period to commence after the Effective Date. 
 22. Designation of Beneficiary. 
 (a) A participant may file a written designation of a beneficiary
who is to receive any shares and cash, if any, from the participant’s account under this Plan in the event of such participant’s death subsequent to the end of an Purchase Period but prior to delivery to him of 

  

 - 8 - 

 
such shares and cash. In addition, a participant may file a written designation of a beneficiary who is to receive any cash from the participant’s
account under this Plan in the event of such participant’s death prior to a Purchase Date. 
 (b) Such designation of beneficiary may be
changed by the participant at any time by written notice. In the event of the death of a participant and in the absence of a beneficiary validly designated under this Plan who is living at the time of such participant’s death, the Company shall
deliver such shares or cash to the executor or administrator of the estate of the participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such shares or
cash to the spouse or to any one or more dependents or relatives of the participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate. 
 23. Conditions Upon Issuance of Shares; Limitation on Sale of Shares. Shares shall not be issued with respect to an option unless the exercise of
such option and the issuance and delivery of such shares pursuant thereto shall comply with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act, the Securities Exchange Act of 1934, as amended,
the rules and regulations promulgated thereunder, and the requirements of any stock exchange or automated quotation system upon which the shares may then be listed, and shall be further subject to the approval of counsel for the Company with respect
to such compliance. 
 24. Applicable Law. The Plan shall be governed by the substantive laws (excluding the conflict of laws rules)
of the State of California. 
 25. Amendment or Termination of this Plan. The Board, or Committee, may at any time, in its sole
discretion, amend, terminate or extend the term of this Plan or any Offering Period or Purchase Period, except that any such termination cannot affect options previously granted under this Plan other than to advance the final Purchase Date under any
Offering Period, nor may any amendment make any change in an option previously granted which would adversely affect the right of any participant. Further, no amendment be made without approval of the stockholders of the Company obtained in
accordance with Section 21 above within twelve (12) months of the adoption of such amendment (or earlier if required by Section 21) if such amendment would: 
 (a) increase the number of shares that may be issued under this Plan; or 
 (b) change the designation of the
employees (or class of employees) eligible for participation in this Plan; or 
 (c) extend the term of the Plan. 
  

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