Document:

Amendment No.2 to the OUS Commercialization Agreement

 Exhibit 10.27 
 ***** CERTAIN INFORMATION WITHIN THIS EXHIBIT HAS BEEN OMITTED AND THE NON-PUBLIC INFORMATION HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH
RESPECT TO THE OMITTED PORTIONS. 
 Dated June 7, 2011 

Amendment No. 2 to the OUS Commercialization Agreement 
 Animas Corporation, a Delaware Corporation, having a principal place of business at 200 Lawrence Drive, West Chester, PA 19380 (“Animas” or “Distributor”) and DexCom, Inc., a Delaware
corporation, having a principal place of business at 6340 Sequence Drive, San Diego, CA 92121 (“DexCom”), are parties to the OUS Commercialization Agreement dated January 12, 2009 (the “OUS Commercialization Agreement”), as
amended on July 31, 2009 (“Amendment One”). Pursuant to Section 18.02 of the OUS Commercialization Agreement, the parties hereby wish to amend the OUS Commercialization Agreement as set forth below (“Amendment Two”).
All terms not defined herein shall have the meaning set forth in the OUS Commercialization Agreement. 
 Article
1.        Agreement to Revised Transfer Pricing 
  

	1.1	Schedule B (Transfer Pricing) shall be deleted and replaced in its entirety with the revised Schedule B attached as Annex 1 hereto. 

 

	1.2	The second sentence of Section 3.05 of the OUS Commercialization Agreement is hereby amended to replace the phrase “On an annual basis” with “On an
annual basis following the Initial Term, subject to Annex 1,”. 

 Article
2.        Complaint Handling, Technical Support and Clinical Training Activities 
  

	2.1.1	Distributor shall provide customer service support for the Integrated System in accordance with Section 7.01 of the OUS Commercialization Agreement (as amended
hereby) and in accordance with Section 18 of the Quality Agreement. In the event of a conflict between the complaint handling process provided for in these two sections, Section 18 of the Quality Agreement shall govern. For clarity, the
principal difference contemplated by this Amendment and the Quality Agreement compared with the original Section 7.01 of the OUS Commercialization Agreement is that Animas agrees to take on additional complaint handling, warranty handling and
adverse event reporting responsibilities with respect to the Transmitter as the marketing authorization for the Transmitter upon launch shall be held by Animas. 

 

	2.1.2	 With respect to any technical questions or issues relating to the Sensors, Transmitters and/or Embedded System, Distributor shall use the
“Troubleshooting Guide” (referenced as Annex 2 hereto, and as may be supplemented from time to time by DexCom) to attempt to resolve such questions or issues. Any technical support questions or issues that are not resolved by
Distributor’s application of the “Troubleshooting Guide” shall be 

	 	
referred by email to DexCom by e-mailing DexCom’s technical support group, translated into English by Distributor if necessary. 

 

	2.2	Distributor shall receive the initial Sensor, Transmitter and Embedded System training contemplated by Section 5.02(a) of the OUS Commercialization Agreement in
the United States, or at a location that will be mutually agreed upon, and the training must be completed prior to the first sale of the Integrated System. Should Distributor or its representatives request additional trainings in excess of what is
provided for in Section 5.02(a) of the OUS Commercialization Agreement, such trainings shall be performed upon mutual consent and at Distributor’s expense. 

 Article 3.        Orders 
  

	3.1	Distributor shall order Sensors and Transmitters in minimum order quantities as set forth in Schedule B attached as Annex 1 hereto. 

 

	3.2	With respect to Transmitters, Distributor shall be responsible for ordering an initial safety stock, all subject to the pricing set forth in Annex 1.

 Article 4.        Warranty; Replacement Transmitters and Sensors 

 

	4.1	Schedule C (Standard Warranties) of the OUS Commercialization Agreement shall be deleted and replaced in its entirety with the revised Schedule C referenced as Annex 3
hereto. 

  

	4.2	Section 7.01(d) of the OUS Commercialization Agreement is hereby amended to provide that, with respect to requests by Customers or end-users received by
Distributor for replacement of the Transmitter under DexCom’s standard warranty, such warranty claims shall be handled by Distributor as follows: 

 4.2.1 Distributor shall provide the owner of the Transmitter with a returned goods authorization (“RGA”) from Distributor and return the Transmitter to Distributor in accordance with the terms
of the RGA. Any costs associated with the RGA shall be borne by Distributor. 
 4.2.2 Distributor shall complete an examination
of each returned Transmitter using test equipment and fixtures supplied by DexCom. Distributor agrees to maintain such test equipment and fixtures in good working condition. After examination, if Distributor determines that (i) the Transmitter
failed to meet DexCom’s standard warranty and (ii) it has reason to believe that the Transmitter failed within [*****] of its receipt by the end-user seeking the warranty replacement, then a replacement Transmitter shall be shipped to the
end-user by Distributor. Any shipment costs associated with the replacement shall be borne by Distributor. 
 4.2.3 On a [*****]
basis, Distributor shall submit to DexCom an accounting of all warranty replacement transmitters issued by Distributor during the previous [*****]. Subject to Section 4.2.4, DexCom shall replace at no charge such quantity of Transmitters with
the subsequent shipment of Transmitters and/or Sensors to Distributor. Distributor shall return to DexCom all Transmitters that Distributor has deemed to have 

 
failed DexCom’s warranty. 
 4.2.4 Distributor must ship the
Transmitters to Original Purchasers (as defined below) on or before the date indicated on the Transmitter packaging, which appears in the following format: SB – YYYY – MM – DD (the “Ship-By Date”). If Distributor fails to
ship the Transmitter to an Original Purchaser by the Ship-By Date, then no replacement shall be required by DexCom. For purposes of this provision, an Original Purchaser shall include an end-user of the Transmitter, a sub-distributor of Distributor,
a healthcare provider or a service provider facility. 
  

	4.3	A new Section 7.01(e) of the OUS Commercialization Agreement is hereby added to provide that, with respect to requests by Customers or end-users received by
Distributor for replacement of the Sensors, such requests shall be handled by DexCom and Distributor as follows: 

4.3.1 To the extent Distributor wishes to provide replacement Sensors to its end-users of the Integrated System in the ordinary course of
business, then Distributor shall provide these using its inventory of Sensor 1-packs. 
 4.3.2 For purposes of administering the
Replacement Rate, Distributor shall provide to DexCom, on a [*****] basis, a summary report of all Sensors replaced during the prior [*****], including Sensor Expiration Date and detail on end-user complaints and/or descriptions of Sensor failures.

 4.3.3 For the first [*****] period following commercial launch, DexCom will provide to Distributor a supply of Sensors
equivalent to [*****] of the quantity of Commercial Use Sensors ordered by Distributor free of charge (“Replacement Rate”). DexCom shall provide such supply in the form of Sensor 1-packs. The number of replacement Sensors will be
determined based on each purchase order submitted to DexCom by Distributor, and such replacement Sensors will be included with each corresponding order. Sensor quantities will be rounded to the nearest whole Sensor. 

4.3.3.4 The Replacement Rate shall be adjusted on a [*****] basis by DexCom on the basis of the actual rate of Gen4 Sensor replacements
completed by Distributor as well as the actual rate of Gen4 Sensor replacements completed by DexCom on its stand-alone system. Any Sensors that are not used by an end-user prior to their Sensor Expiration Date shall not be included for purposes of
determining the Replacement Rate. 
  

	4.4	The parties agree to revise the foregoing procedures, as appropriate, following transition of the Transmitter to a marketing authorization held by DexCom.

 Article 5.        Other Undertakings 

 

	5.1	Copy and Claims Approval 

  

	5.1.1	 Distributor and DexCom shall coordinate copy and claims approvals with respect to the Integrated System generally in accordance with
Section 5.04(a), Section 5.05 and Section 6.01(b) of the OUS Commercialization Agreement, and anticipate agreeing to a standard 

	 	
operating procedure (“SOP”) to facilitate the day-to-day review and approval process for notifying and approving materials, subject to the guidelines set forth herein.

  

	5.1.2	With respect to the DexCom Trademarks, DexCom will supply Animas with a copy of its trademark branding guidelines, in accordance with Section 5.05(c) of the OUS
Commercialization Agreement, no later than three (3) months after the execution of this Amendment. The SOP shall provide for a process whereby advertising, promotion or packaging materials prepared by Animas and certified as in accordance with
DexCom’s trademark branding guidelines shall be deemed approved by DexCom as to the DexCom Trademarks if not rejected during the review period set forth in Section 5.05(b) of the OUS Commercialization Agreement. DexCom also retains the
right to periodically audit Distributor materials, and shall have the right to revise materials based on such audit. 

  

	5.1.3	With respect to claims regarding the Integrated System and its individual components, the Parties agree to the Initial Claims Matrix referenced as Annex 5, setting
forth the claim and the party with responsibility for such claim. As part of the SOP, the Parties shall agree to a process for regularly updating the Claims Matrix. Each party shall have the right to modify or withdraw its claims; and claims on the
Claims Matrix may be used by one party without requiring the prior consent of the other party; provided, that the claims are previously approved by both parties copy review and/or document control systems and used in the manner approved.

  

	5.1.4	With respect to the cost, extent, format and content of any marketing materials or promotions not otherwise addressed in this Article 5.1, Animas shall have the final
decision. 

  

	5.2	Demonstration Units 

  

	5.2.1	DexCom will provide at the prices set forth in Schedule B attached as Annex 1 hereto non-functional Sensors and Transmitters for use as demonstration units.
Additionally, DexCom will provide, also at the prices set forth in Schedule B attached as Annex 1 hereto, operational Sensors and Transmitters for use as sales samples or other demonstration and training purposes. 

 

	5.3	Quality and Regulatory Matters 

  

	5.3.1	The Parties have entered into, as of the date hereof, the Quality Agreement referenced as Annex 4. The terms of the Quality Agreement, as may be amended by the parties
from time to time, are incorporated by reference into this Amendment; provided, that, except as provided in Article 2.1 hereof, in the event of a conflict between the terms herein and the Quality Agreement, the terms of this Amendment shall
apply unless prohibited by law or regulation. 

  

	5.3.2.1	DexCom agrees to promptly notify Distributor of any safety, efficacy or stability field actions related to the Transmitter regardless of where in the world those field
actions occur. Additionally, DexCom agrees to provide Distributor a quarterly summary report of all product complaints (not inquiries) and all regulatory reporting (MDV, MDR, AEs, etc.), on a worldwide basis, related to the Transmitter.

	5.3.2.2	The parties agree that Distributor shall be responsible for securing in-country registration in the member states of the European Union (for example, in France, the
placing into service communication for medical devices in conformity with Articles L.5211-4 and R.5211-66) of the Pump and Transmitter, and DexCom shall be responsible for securing in-country registration of the Sensor, in each relevant country
prior to commencing commercial launch of the Integrated System. 

  

	5.3.3		(i) In the event of a product recall, withdrawal or field action relating to the Integrated System or a component thereof, the parties shall follow the guidelines set forth in Section 16 of
the Quality Agreement. 

 (ii) In the event any governmental agency having jurisdiction shall request or order, or
if Distributor shall determine to undertake, any corrective action with respect to the Integrated System (or the Enabled Pump separately), including any recall, corrective action or market action, all costs associated with such recall or action
shall be borne by Distributor unless, and only to the extent that, the cause or basis of such recall or action is attributable to a breach by DexCom of any of its warranties, guarantees, representations, obligations or covenants contained in the OUS
Commercialization Agreement, in which case DexCom shall be liable, and shall bear the costs of such recall or action including the cost of any product which is so recalled. 
 (iii) In the event any governmental agency having jurisdiction shall request or order, or if Distributor, after consultation with DexCom, shall determine to undertake, any corrective action with respect
to the Transmitter, including any recall, corrective action or market action, all costs associated with such recall or action shall be borne by DexCom unless, and only to the extent that, the cause or basis of such recall or action is attributable
to a breach by Distributor of any of its warranties, guarantees, representations, obligations or covenants contained in the OUS Commercialization Agreement, in which case Distributor shall be liable, and shall bear the costs of such recall or action
including the cost of any product which is so recalled. 
 (iv) In the event any governmental agency having jurisdiction shall
request or order, or if DexCom shall determine to undertake, any corrective action with respect to the Sensor, including any recall, corrective action or market action, all costs associated with such recall or action shall be borne by DexCom unless,
and only to the extent that, the cause or basis of such recall or action is attributable to a breach by Distributor of any of its warranties, guarantees, representations, obligations or covenants contained in the OUS Commercialization Agreement, in
which case Distributor shall be liable, and shall bear the costs of such recall or action including the cost of any product which is so recalled. 
 Article 6.        Scope of Amendment 
  

	6.1	The terms of the OUS Commercialization as amended, including by this Amendment, shall apply to all countries in the Territory. 

 

	6.2	Other than as expressly modified by this Amendment, the OUS Commercialization Agreement shall remain unchanged and in full force and effect. 

[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK] 

 IN WITNESS WHEREOF, the parties have executed this Agreement. 

 

									
	DEXCOM, INC.	 		 	ANIMAS CORPORATION
					
	By:	 	   /s/ Jess Roper
	 		 	By:	 	   /s/ Sue McMonigle

					
	Title:	 	   V.P. &
C.F.O.                    
	 		 	Title:	 	 General
Manager                    

 ANNEX 1 
 Schedule B 
 TRANSFER PRICING 

The following pricing shall apply during the Initial Term to the Gen4TM Sensor and Gen4TM Transmitter. Notwithstanding Section 3.05 of the
Agreement, in the event that DexCom releases for sale during the Initial Term a future generation Sensor and Transmitter technology platform (which differs in a material and technologically differentiated way from the existing technology), the
parties agree that the transfer pricing for such next generation Sensor and Transmitter shall be subject to agreement of the parties in accordance with the terms of this Agreement. 
 DexCom Gen4TM Sensor 
 Sensors (4-pack) (Commercial Use): $ USD [*****]

 (4-pack includes four Sensors) 

Minimum order quantity shall be [*****]. 

Single Sensor (1-pack) (Commercial Use): $ USD [*****] 
 Minimum order quantity shall be [*****]. 
 DexCom Gen4TM Transmitter 

 Transmitter (Commercial Use): $ USD [*****] 
 (New Transmitter only) 
 Minimum order quantity shall be [*****]. 

Dexcom will provide Distributor [*****] non-functional, demonstration transmitters free of charge to support training and demonstration activities. Any
additional non-functional, demonstration transmitters requested by Distributor within [*****] from initial shipment of [*****] will be provided by DexCom at $[*****] per unit. For the next [*****] period following the initial [*****] period, DexCom
will provide Distributor [*****] non-functional transmitters free of charge, and all non-functional, demonstration Transmitters thereafter will be provided at $[*****] per unit. The parties agree that non-functional transmitters received or
purchased under the terms of this provision may also be used for training and other activities in preparation for the US launch. 
 Dexcom will
provide Distributor with [*****] non-functional applicators [*****] to support training and demonstration activities. Any additional non-functional applicators requested by Distributor within [*****] from this initial shipment will be provided by
DexCom at $[*****] per unit. For the next [*****] period following the initial [*****] period, DexCom will provide Distributor [*****] non-functional applicators [*****], and all non-functional,

 
demonstration applicators thereafter will be provided at $[*****] per unit. The parties agree that non-functional sensors received or purchased under the terms of this provision may also be used
for training and other activities in preparation for the US launch. 

 ANNEX 2 
 DEXCOM TROUBLESHOOTING GUIDE 
 Reference is made to the Troubleshooting Guide, as may be
supplemented from time to time by DexCom. 

 ANNEX 3 
 Schedule C 
 Reference is made to the applicable warranties for the Enabled Pump and
the Transmitter. 

 ANNEX 4 
 Quality Agreement 
 Reference is made to the Quality Agreement. 

 ANNEX 5 
 Initial Claims Matrix 
 Reference is made to the Initial Claims Matrix.Offer Letter

 Exhibit 10.28 

 

					
	

	  	 	6340 Sequence Drive	  
	  	 	San Diego, CA 92121	  
	  	  
  
	  
 T: 858.200.0200
	  
   

	  	 	F: 858.200.0201	  
	  	 	www.dexcom.com	  

 May 3, 2011 
 Kevin Sayer 
 Dear Kevin: 

This letter agreement (“Agreement”) sets forth terms of your employment with DexCom, Inc. (the
“Company”) as its President. 
 You will be expected to diligently perform various duties consistent with your
position. You will work at our offices located at 6340 Sequence Drive, San Diego, California. Your first day of employment shall be June 1, 2011 (the “Employment Date”). You will report directly to Terry Gregg, Chief Executive
Officer of DexCom, Inc., at our facilities in San Diego, California, subject to necessary business travel. Your base salary shall be $300,000 per year, to be paid out according to the Company’s regular payroll schedule less payroll deductions
and all required withholdings. You will also be eligible for an annual bonus with a target of ninety percent (90%) of your base salary, prorated for 2011 based on your Employment Date, and based on performance objectives determined by the
Compensation Committee and approved as part of the Company’s management bonus plan. You will also be eligible to participate in the comprehensive benefit program that we offer to employees and their families, which includes medical, dental and
vision insurance plans, a 401(k) investment program. You shall receive four (4) weeks of paid time off per year in addition to the Company’s standard holidays. Further details about the Company’s benefit program will be provided to
you by our Human Resources Department. 
 The Company will recommend a grant of a number of restricted stock units with a fair
market value equal to $1,500,000, with vesting commencing on your Employment Date of June 1, 2011. The restricted stock units shall vest as follows: 1/3 shall vest 12 months from your Employment Date, and the remaining balance shall vest in
four equal installments over the following 24 months, subject to your remaining in continuous service throughout the vesting period. The other terms of the restricted stock unit grant are as set forth in the Company’s standard form of
restricted stock unit agreement, the 2005 Equity Incentive Plan, and the Executive Change of Control Agreement between you and the Company, attached here as Exhibit A. In addition, should the Company terminate your employment at any time
without Cause, or if you terminate your employment due to a “constructive termination,” then, in either case, subject to your execution of a release of claims in form satisfactory to the Company, the Company will pay you severance pursuant
to the Executive Change of Control Agreement. 
 In recognition of your relocation to San Diego, the Company will provide you
with a relocation bonus of $8,333.00 per month (grossed up for federal and state tax purposes) for your housing costs, including rental of a home, and house hunting expenses, for the sooner of (a) twelve months or (b) until the purchase of
your new residence. In addition, the Company will reimburse you for documented moving costs, as well as transactional costs such as taxes and closing costs for the sale of your existing residence (but not including any losses on the sale price of
your existing residence) as well as for the transactional costs on the purchase of your new residence (but not including any mortgage interest or points). In no event shall any expenses be reimbursed after the last day of the calendar year following
the calendar year in which you incurred such expenses, and in no event shall any right to reimbursement or the provision of any in-kind benefit be subject to liquidation or exchange for another benefit. 

 As a Company employee, you will be expected to abide by the Company’s Proprietary
Information and Inventions Agreement and the Company rules and regulations and acknowledge in writing that you have read the Company’s Employee Handbook, which will govern the terms and conditions of your employment. The Company’s Employee
Handbook may be modified from time to time at the sole discretion of the Company. 
 Your employment with the Company is not for
a guaranteed or definite period of time. Rather, the employment relationship is “at will.” This means that you may terminate your employment with the Company at any time and for any reason whatsoever simply by notifying the
Company. Likewise, the Company may terminate your employment at any time and for any reason whatsoever, with or without “cause” or advance notice. 
 This letter, together with your Proprietary Information and Inventions Agreement, the Employee Handbook and the Executive Change of Control Agreement, forms the complete and exclusive statement of the
terms of your employment with the Company. The employment terms in this Agreement supersede any other agreements or promises made to you by anyone on behalf of the Company, whether oral or written. This Agreement will be binding and shall inure to
the benefit of the Company, its successors, and its assigns. 
 This offer is also contingent upon your consent to a background
check. The process will include a check on criminal and driving records. Your acceptance of this offer and employment hereunder will only be confirmed on presentation of results from the check that are satisfactory to the Company. 

This Agreement will be construed and interpreted in accordance with the laws of the State of California. Each of the provisions of this
Agreement is severable from the others, and if any provision hereof will be to any extent unenforceable, it and the other provisions will continue to be enforceable to the full extent allowable, as if such offending provision had not been a part of
this Agreement 
 We look forward to your favorable reply and to a productive and enjoyable work relationship. 

Sincerely, 
  

	
	/s/ Terry Gregg
	
	Terry Gregg
	Chief Executive Officer

  

	
	Accepted and Agreed:
	
	 /s/ Kevin Sayer

	Signature
	
	 Kevin Sayer

	Name
	
	 May 3, 2011

	Date

 Exhibit A 
 

 
 DEXCOM, INC. 
 EXECUTIVE CHANGE OF CONTROL & SEVERANCE AGREEMENT 
 THIS
EXECUTIVE CHANGE OF CONTROL & SEVERANCE AGREEMENT (the “Agreement”) shall be effective as of June 1, 2011, between DexCom, Inc., a Delaware corporation (the “Company”) and
Kevin Sayer (“Executive”). 
 WHEREAS, capitalized terms used herein shall have the
meanings set forth in Section 2 herein; 
 WHEREAS, the Company, by means of this Agreement, seeks to provide
incentives for Executive to exert maximum efforts for the success of the Company even in the face of a potential Change of Control; and 
 WHEREAS, the Company desires to provide Executive with protection of certain benefits in the event of a Change of Control. 
 NOW, THEREFORE, in consideration of the mutual covenants and promises set forth herein, the Company and Executive hereby agree as follows: 

1. ACCELERATION IN THE EVENT OF A CHANGE OF CONTROL. If a Change of Control occurs and either (x) your Continuous
Service has not terminated as of the date immediately prior to the effective date of such Change of Control or (y) your Continuous Service is involuntarily terminated without Cause during a Change of Control Window, then the vesting and (if
applicable) exercisability of the shares of Common Stock subject to each of the Stock Awards shall be accelerated in full and any reacquisition or repurchase rights held by the Company with respect to the shares of Common Stock subject to such
acceleration shall lapse in full, as appropriate. 
 2. DEFINITIONS. For purposes of this Agreement only,
capitalized terms used herein shall have the following meanings: 

(a) “Affiliate” means any parent corporation or subsidiary corporation of the
Company, whether now or hereafter existing, as those terms are defined in Section 422(e) and (f) respectively, of the Code. 
 (b) “Cause” means that you have engaged in (i) willful misconduct or gross negligence in the performance of your duties; (ii) a material breach of your
Proprietary Information and Inventions Agreement or your employment offer letter; or (iii) the commission of a felony affecting the Company or its business. 

(c) “Change of Control” means: (i) a sale of all or substantially all of
the assets of the Company; (ii) the acquisition of more than 50% of the voting power of the outstanding securities of the Company by another entity by means of any transaction or series of related transactions (including, without limitation,
reorganization, merger or consolidation) unless the Company’s stockholders of record as constituted immediately prior to such acquisition will, immediately after such acquisition (by virtue of their continuing to hold such stock and/or their
receipt in exchange therefor of securities issued as consideration for the Company’s outstanding stock) hold at least 50% of the voting power of the surviving or acquiring entity; or (iii) any reorganization, merger or consolidation in
which the corporation is not the surviving entity, excluding any merger effected exclusively for the purpose of changing the domicile of the Company. 

 (d) “Change of Control Window”
means the period (a) beginning 90 days prior to the earlier of (i) the execution of a letter of intent relating to a Change of Control transaction, if any, or (ii) the execution of a definitive agreement with respect to a Change
of Control transaction; in either case, provided that the Change of Control with the party to the letter of intent or definitive agreement is consummated within two (2) years following such execution, and (b) ending on the date such Change
of Control becomes effective. 
 (e) “Code” means the Internal Revenue
Code of 1986, as amended. 
 (f) “Common Stock” means the common stock
of the Company. 
 (g) “Continuous Service” means that
Executive’s service with the Company or an Affiliate, whether as an employee, Director or consultant, is not interrupted or terminated. Neither a change in the capacity in which Executive renders service to the Company or an Affiliate as an
employee, Director or consultant, nor a change in the entity for which Executive renders such service, shall be deemed to interrupt or terminate Executive Continuous Service provided that there is not otherwise any interruption or termination of
service. 
 (h) “Director” means a member of the Board of Directors of
the Company. 
 (i) “Stock Awards” means the restricted stock units
and stock options previously granted to you and any other stock award that the Board of Directors of the Company determines should be subject to this Agreement. 
 3. PARACHUTE PAYMENTS. If any payment or benefit Executive would receive from the Company or otherwise pursuant to a Change of Control (a “Payment”) would
(i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise
Tax”), then such Payment shall be reduced to the Reduced Amount. The “Reduced Amount” shall be the greater of (x) the largest portion of the Payment that would result in no portion of the Payment being
subject to the Excise Tax or (y) the largest portion, up to and including the total, of the Payment, which, after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at
the highest applicable marginal rate), results in Executive’s receipt, on an after-tax basis, of the greatest net amount notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in payments or
benefits constituting “parachute payments” is necessary so that the Payment equals the Reduced Amount, reduction shall occur in the following order unless Executive elects in writing a different order (provided, however, that such
election shall be subject to Company approval if made on or after the effective date of the event that triggers the Payment): reduction of cash payments; cancellation of accelerated vesting of stock and other equity-based awards; reduction of
employee benefits. In the event that acceleration of vesting of stock and other equity-based award compensation is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant of Executive’s stock and
other equity-based awards unless Executive elects in writing a different order for cancellation. For the reduction for each class of payments there shall be a pro rata reduction between amounts in that class that are subject to Section 409A of
the Code (“Section 409A”) as deferred compensation and amounts not subject to Section 409A as deferred compensation. 
 The accounting firm engaged by the Company for general audit purposes as of the day prior to the effective date of the Change of Control shall perform the foregoing calculations. If the accounting firm so
engaged by the Company is serving as accountant or auditor for the individual, entity or group effecting the Change of Control, the Company shall appoint a nationally recognized accounting firm to make the determinations required hereunder. The
Company shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder. 
 The
accounting firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting documentation, to Executive and the Company within fifteen (15) calendar days after the date on which
Executive’s right to a Payment is triggered or such other time as requested by 

 
Executive or the Company. If the accounting firm determines that no Excise Tax is payable with respect to a Payment, either before or after the application of the Reduced Amount, it shall furnish
the Company and Executive with an opinion reasonably acceptable to Executive that no Excise Tax will be imposed with respect to such Payment. Any good faith determinations of the accounting firm made hereunder shall be final, binding and conclusive
upon Executive and the Company. 
 4. SEVERANCE. Your employment with the Company is not for a guaranteed or
definite period of time. Rather, the employment relationship is “at will.” This means that you may terminate your employment with the Company at any time and for any reason whatsoever simply by notifying the Company. Likewise, the Company
may terminate your employment at any time and for any reason whatsoever, with or without Cause or advance notice. Should the Company terminate your employment at any time without Cause, or if you terminate your employment due to a “constructive
termination,” then, in either case, subject to your execution of a release of claims in form satisfactory to the Company (including your satisfaction of all requirements to make the release effective), you will be entitled to (i) a lump
sum payment equivalent to 12 months base salary, and (ii) 12 months vesting acceleration with respect to any Stock Awards. Any payment of the amount set forth in (i) above will be made 60 days following your termination of employment. You
may voluntarily terminate your employment within 90 days following a “constructive termination,” which will occur if either (i) your title or your annual salary and bonus potential are materially reduced or (ii) the headquarters
of the Company is moved more than 50 miles from its present location; provided in either case that you give notice of such constructive termination within 30 days of the occurrence of such event and afford the Company 30 days in which to remedy the
constructive termination. 
 Notwithstanding anything else provided herein, to the extent any payments provided under this
Agreement in connection with your termination of employment constitute deferred compensation subject to Section 409A and you are deemed at the time of such termination of employment to be a “specified” employee under
Section 409A, then such payment shall not be made or commence until the earlier of (i) the expiration of the 6-month period measured from your “separation from service” from the Company (as such term is defined in Treasury
Regulations under Section 409A) or (ii) the date of your death following such a separation from service. For purposes of this Agreement, a termination of employment shall mean a “separation from service” within the meaning of
Section 409A and Section 1.409A-1(h) of the Treasury Regulations promulgated under Section 409A. 

5. ADJUSTMENTS UPON CHANGES IN CAPITAL STOCK. All references to the Stock Awards referenced in this Agreement shall include
and shall be appropriately adjusted by the Company to reflect any stock split, stock dividend, stock combination or other change in the Common Stock which may be made by the Company after the date of this Agreement. 

6. NOTICES. Any notices provided for in this Agreement shall be given in writing and shall be deemed effectively given upon
receipt or, in the case of notices delivered by the Company to Executive, five (5) days after deposit in the United States mail, postage prepaid, addressed to Executive at the address specified in the corporate records of the Company or at such
other address as Executive hereafter designates by written notice to the Company. 
 7. MISCELLANEOUS. 

(a) The rights and obligations of Executive under this Agreement may not be transferred or assigned without
the prior written consent of the Company. 
 (b) This Agreement is meant to supplement the terms of
the Stock Awards covering the purchase or other acquisition of securities by Executive (collectively, the “Securities Acquisition Agreements”) described herein. To the extent that the terms and conditions of any Securities
Acquisition Agreement are inconsistent with the terms set forth herein, the terms and conditions of this Agreement shall be controlling. This Agreement shall not be superseded by any subsequent agreement unless such subsequent agreement is in
writing, signed by Executive and such subsequent agreement specifically states that it is intended to supersede this Agreement and specifically references this “Executive Change of Control Agreement” by name.

 
This Agreement represents the complete and exclusive statement of your agreement with the Company with respect to vesting acceleration or severance. It supersedes any other agreements or promises
made to you with respect to the subject matter hereof by anyone, whether oral or written, and it can only be modified in a written agreement signed by you and by an officer of the Company. 

(c) Any failure by the Company or Executive to enforce any provision or provisions of this Agreement shall not
in any way be construed as a waiver of any such provision or provisions, nor prevent either the Company or Executive from thereafter enforcing each and every other provision of this Agreement. The rights granted the Company and Executive herein are
cumulative and shall not constitute a waiver of either the Company’s or Executive’s right to assert all other legal remedies available to it under the circumstances. 

(d) Executive agrees upon request to execute any further documents or instruments necessary or desirable to
carry out the purposes or intent of this Agreement. 
 (e) In case any provision of this Agreement
shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired. 
 (f) Subject to the provisions of subsection 7(b) herein, this Agreement, in whole or in part, may be modified, waived or amended upon the written consent of the Company and Executive.

 (g) By Executive’s signature below, Executive represents that he is familiar with the terms
and provisions of this Agreement, and hereby accepts this Agreement subject to all of the terms and provisions set forth herein. Executive has reviewed this Agreement in its entirety, has had an opportunity to obtain the advice of counsel prior to
executing this Agreement and fully understands all provisions of this Agreement. 
 8. GOVERNING LAW. This Agreement
shall be governed by, and construed in accordance with, the laws of the State of California, regardless of the law that might be applied under applicable principles of conflicts of law. 

9. COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but
all of which shall constitute one instrument. 
  

					
	EXECUTIVE	 		 	DEXCOM, INC.
			
	 /s/ Kevin Sayer
	 		 	 /s/ Terry Gregg

	Kevin Sayer, President	 		 	Terrance H. Gregg, Chief Executive Officer

 [SIGNATURE PAGE TO EXECUTIVE CHANGE OF CONTROL AGREEMENT.]

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