Document:

Warrant to purchase Common Stock of Medivation, Inc.

 Exhibit 10.6 
  
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND
HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A
FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 
  
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO, AND MAY BE TRANSFERRED ONLY IN COMPLIANCE WITH, THAT CERTAIN CONVERTIBLE NOTE AND WARRANT
PURCHASE AGREEMENT BETWEEN THE ISSUER AND THE HOLDER, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THE ISSUER. 
  

			
	 Dated: November 16, 2004
	 	 Void after the date
 specified below in Section 1(c)

  
 MEDIVATION, INC.

  
 WARRANT 
  
 THIS CERTIFIES THAT, for value received, David T. Hung, MD and his registered
assigns (and each transferee, hereinafter called the “Holder”) is entitled to purchase from Medivation, Inc. (the “Company”), a Delaware corporation, at the times and under the circumstances set forth below in
Section 1, up to the number of Warrant Shares (defined below) specified in Section 1(b) below at an exercise price per share equal to the Exercise Price (defined below) specified in Section 1(b) below. This Warrant may be exercised in whole or in
part at the option of the Holder in the manner and at the times set forth below. 
  
 The “Guarantee” shall mean that certain letter agreement, dated as of November 16, 2004, by and between the Company and the Holder, as the same may be amended from time to time in accordance with its
terms. Unless otherwise defined herein, defined terms in this Warrant shall have the meanings ascribed thereto in the Guarantee. 
  
 1. Exercise Price, Type of Security. 
  
 (a) Exercisability. Subject to Section 1(c), this Warrant shall be exercisable at the option of the Holder hereof for Warrant Shares (defined
below) at any time during the Exercise Period. “Exercise Period” shall mean the period beginning upon the closing of the first Equity Financing of the Company that occurs after the date hereof (the “First Equity
Financing”) and ending upon the applicable termination date specified in Section 1(c) hereof; provided, however, that if a Change of Control occurs prior to the First Equity Financing, this Warrant shall also be
exercisable upon the closing of such Change of Control as provided for in Section 1(b)(ii) hereof. 

 (b) Type of Security; Exercise Price; Number of Warrant Shares. This Warrant shall be exercisable for
Warrant Shares at an Exercise Price per share as follows: 
  
 (i)
If this Warrant is exercised following the closing of the First Equity Financing, the “Warrant Shares” shall mean the number of shares of the Company’s capital stock issued in such First Equity Financing equal to (a) twenty percent
(20%) of the Guarantee Amount of the Holder pursuant to the Guarantee, divided by (b) the the price per share at which the Company sells such capital stock in the First Equity Financing (the “First Equity Financing Price”). In such event,
the “Exercise Price” per share shall be equal to the First Equity Financing Price, subject to adjustment as provided for herein. Notwithstanding the foregoing, if the Transaction is consummated, the Warrant Shares will be the common stock
of Orion. 
  
 (ii) If this Warrant is exercised before the closing
of the First Equity Financing (i.e., immediately prior to a Change of Control), the “Warrant Shares” shall mean the number of shares of Company’s Common Stock, par value $.001, equal to (a) twenty percent (20%) of the Guarantee Amount
of the Holder pursuant to the Guarantee, divided by (b) One Dollar and Twenty Five Cents ($1.25). In such event, the “Exercise Price” per share shall be equal to One Dollar and Twenty Five Cents ($1.25) 
  
 (c) Termination. This Warrant (and the right to purchase securities upon
exercise hereof) shall terminate, if not earlier exercised, on November 16, 2014. 
  
 2. Method of Exercise; Payment; Issuance of New Warrant. 
  
 (a) Cash Exercise. The purchase right represented by this Warrant may be exercised by the Holder, in whole or in part, by: (i) the surrender of this Warrant (with the notice of exercise form attached hereto as
Attachment A duly executed) at the principal office of the Company; and (ii) the payment to the Company in cash of an amount equal to the Exercise Price per share multiplied by the number of Warrant Shares then being purchased (such aggregate amount
of money, the “Purchase Price”). 
  
 (b) Net Issuance
Exercise. 
  
 (i) In lieu of exercising this Warrant in the
manner provided above in Section 2(a), the Holder may elect to receive shares equal to the value of this Warrant (or the portion thereof being canceled) by surrender of this Warrant at the principal office of the Company together with notice of such
election in which event in exchange therefor the Company shall issue to such Holder a number of Warrant Shares computed using the following formula: 
  

							
	 	 	 	  	X =	  	Y (A-B)
	 	 	 	  	 	  	        A
				
	 	 	 Where
	  	X =	  	The number of Warrant Shares to be issued to the Holder
				
	 	 	 	  	Y =	  	The total number of Warrant Shares for which this Warrant is being exercised.

  

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	A =	 	The fair market value of one Warrant Share (at the date of such calculation).
		
	B =	 	The Exercise Price.

  
 (ii) For purposes of
this Section 2(b), the fair market value of one Warrant Share on the date of calculation shall mean with respect to each Warrant Share: 
  
 (a) if the exercise is in connection with an initial public offering of the Company’s Common Stock, and if the Company’s Registration Statement
relating to such public offering has been declared effective by the Securities and Exchange Commission, then the fair market value per share shall be the product of (x) the initial “Price to Public” specified in the final prospectus with
respect to the offering and (y) the number of shares of Common Stock into which each Warrant Share is convertible on the date of calculation; 
  
 (b) if (a) is not applicable, the fair market value of a Warrant Share shall be as determined by the Board of Directors in good faith and taking into
account the rights, preferences and privileges of the Warrant Shares issuable upon such exercise, as well as the amount to be distributed to or received by holders of Warrant Shares in connection with any transaction in connection with which this
Warrant is then being exercised or upon which such exercise is being conditioned. 
  
 (iii) The Company and the Holder agree that any exchange of this Warrant for shares pursuant to the provisions of this Section 2(b) is being undertaken pursuant to Internal Revenue Code Section 368(a)(1)(E).

  
 (c) Conditional Exercise. A Holder may condition any
exercise of this Warrant upon any event, happening or condition (or the absence thereof) either within a stated period of time or otherwise, and no exercise hereof shall be deemed to have occurred except subject to and in conformance with such
conditions. Any such conditions shall be in writing and delivered to the Company together with such Holder’s notice of exercise. 
  
 (d) Holder of Record. Upon receipt by the Company of such notice of exercise, together with, if applicable, the aggregate Purchase Price, at its
office, or by the stock transfer agent or Warrant agent of the Company at its office, the Holder shall be deemed to be the holder of record of the applicable Warrant Shares, notwithstanding that the stock transfer books of the Company shall then be
closed or that certificates representing such Warrant Shares shall not then be actually delivered to the Holder. 
  
 (e) Exercise for Less than All Warrant Shares. In the event that this Warrant is being exercised for less than all of the then-current number of
Warrant Shares purchasable hereunder, the Company shall, concurrently with the issuance by the Company pursuant to Section 2(a) or 2(b) of the number of Warrant Shares for which this Warrant is then being exercised, the Company shall issue a new
Warrant of like form exercisable for the remaining number of Warrant Shares purchasable hereunder. 
  

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 (f) Payment of Taxes. The Company will pay all taxes (including without limitation any and all
documentary stamp or similar issue or transfer taxes, but excluding taxes based upon income) and any other governmental charges that may be imposed with respect to any exercise hereof or any issuance or delivery of Warrant Shares hereunder by the
Company (including upon any subsequent conversion of Warrant Shares that are shares of preferred stock). 
  
 3. Stock Fully Paid; Reservation of Warrant Shares. All shares of stock which may be issued upon the exercise of the rights represented by this Warrant (including without limitation upon any subsequent
conversion of any Warrant Shares) will, upon issuance, be fully paid and nonassessable, and free from all taxes, liens and charges with respect to the issue thereof. The Company shall have authorized and reserved for issuance (i) sufficient shares
of Warrant Shares to permit the full exercise of this Warrant at or prior to the date on which this Warrant becomes exercisable, and (ii) if applicable, sufficient shares of Common Stock to permit the full conversion of such Warrant Shares in
conformance with the Company’s Certificate of Incorporation as then in effect. 
  
 4. Adjustment of Exercise Price and Number of Warrant Shares. The number of and kind of shares purchasable upon exercise of this Warrant and the Exercise Price shall be subject to adjustment from time to time as follows: 

 
 (a) Subdivisions, Combinations and Other Issuances. If the Company
shall at any time after the date on which this Warrant first becomes exercisable and prior to the expiration of this Warrant subdivide its Warrant Shares, by split-up or otherwise, or combine its Warrant Shares, or issue additional Warrant Shares as
a dividend with respect to any of its Warrant Shares, the number of Warrant Shares issuable on the exercise of this Warrant shall forthwith be proportionately increased in the case of a subdivision or stock dividend, or proportionately decreased in
the case of a combination. Appropriate adjustments shall also be made to the Exercise Price payable per share, but the aggregate Purchase Price payable for the total number of Warrant Shares purchasable under this Warrant (as adjusted) shall remain
the same. Any adjustment under this Section 4(a) shall become effective at the close of business on the date the subdivision or combination becomes effective, or as of the record date of such dividend, or in the event that no record date is fixed,
upon the making of such dividend. 
  
 (b) Reclassification,
Reorganization and Consolidation. In case of any reclassification, capital reorganization, or other change in the capital stock of the Company (including by way of a merger or otherwise, but other than as a result of a subdivision, combination,
or stock dividend provided for in Section 4(a) above), then, as a condition of such reclassification, reorganization or change, lawful provision shall be made, and duly executed documents evidencing the same from the Company or its successor shall
be delivered to the holder of this Warrant, so that the holder of this Warrant shall have the right at any time prior to the expiration of this Warrant to purchase, at a total price equal to that payable upon the exercise of this Warrant, the kind
and amount of shares of stock and other securities and property receivable in connection with such reclassification, reorganization, or change by a holder of the same number of shares of Warrant Shares as were purchasable by the holder of this
Warrant immediately prior to such reclassification, reorganization, or change. 
  

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 (c) Notice of Adjustment. When any adjustment is required to be made in the number or kind of
shares purchasable upon exercise of the Warrant, or in the Exercise Price, the Company shall promptly notify the holder of such event and of the number of shares of Warrant Shares or other securities or property thereafter purchasable upon exercise
of this Warrant. 
  
 5. Fractional Warrant Shares. No fractional Warrant
Shares will be issued in connection with any exercise hereunder, but in lieu of such fractional shares the Company shall make a cash payment therefor upon the basis of the Exercise Price then in effect. 
  
 6. Compliance with Securities Act. This Warrant and all Warrant Shares (unless
registered under the Securities Act of 1933, as amended, hereinafter, the “Act”) shall be stamped or imprinted with legends in substantially the following form: 
  
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL
IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 
  
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO, AND MAY BE TRANSFERRED ONLY IN COMPLIANCE WITH, THAT CERTAIN CONVERTIBLE NOTE AND WARRANT
PURCHASE AGREEMENT BETWEEN THE ISSUER AND THE HOLDER, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THE ISSUER.” 
  
 7. Transferability of Warrant. This Warrant may not be transferred or assigned in whole or in part except in compliance with applicable federal and state
securities laws. 
  
 8. Disposition of Warrant Shares. With respect to any
offer, sale or other disposition of any Warrant Shares prior to registration of such shares, the Holder and each subsequent Holder of this Warrant agrees to give written notice to the Company prior thereto, describing briefly the manner thereof,
together with a written opinion of such Holder’s counsel, if reasonably requested by the Company, to the effect that such offer, sale or other disposition may be effected without registration or qualification (under the Act as then in effect or
any federal or state law then in effect) of such Warrant Shares and indicating whether or not under the Act certificates for such shares to be sold or otherwise disposed of require any restrictive legend as to applicable restrictions on
transferability in order to ensure compliance with the Act; provided, however, Warrant Shares may be offered, sold or otherwise disposed of in accordance with Rule 144. Notwithstanding the foregoing, no such opinion of counsel or no action letter
shall be necessary for a transfer by a Holder (i) to an affiliate, (ii) to a partner, retired partner, member or retired member where the Holder is a partnership or a limited liability company, (iii) by gift, will or 

  

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intestate succession to his or her spouse or lineal descendants or ancestors or any trust for the benefit of any of the foregoing; provided the transferee
agrees in writing to be subject to the terms hereof to the same extent as if he/she were the original Holder hereunder. 
  
 9. No Rights as Stockholder. No Holder of this Warrant shall be entitled to vote or be deemed the holder of stock or any other securities of the Company which may
at any time be issuable on the exercise hereof for any purpose, nor shall anything contained herein be construed to confer upon the Holder of this Warrant, as such, any of the rights of a stockholder of the Company or any right to vote for the
election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon any recapitalization, issuance of stock, reclassification of stock, change of par value
or change of stock to no par value, consolidation, merger, conveyance, or otherwise) or to receive notice of meetings, or to receive dividends or subscription rights or otherwise until this Warrant has been exercised and the Warrant Shares shall
have become deliverable, as provided herein. 
  
 10. GOVERNING LAW. ALL ISSUES
AND QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS WARRANT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF CALIFORNIA, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICTS
OF LAW RULES OR PROVISIONS (WHETHER OF THE STATE OF CALIFORNIA OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF CALIFORNIA. 
  
 11. Notices. All notices, requests, demands and other communications that are required
or may be given under this Agreement shall be in writing and shall be deemed to have been duly given (i) when received if personally delivered, (ii) upon electronic confirmation of receipt, if transmitted by telecopy, (iii) the first business day
after it is sent, if sent for next day delivery to a domestic address by a nationally recognized overnight delivery service (e.g., Federal Express), and (iv) five days from the date of deposit in the U.S. mails, if sent by certified or
registered U.S. mail, return receipt requested. In each case such notice shall be addressed as follows: 
  
 To the Company: 
  
 Medivation, Inc. 
 501 Second Street, Suite
211 
 San Francisco, California 94107 
 Fax: (415) 543-3113 
 Attn: Chief Financial Officer 
  
 To the Holder: 
  
 David T. Hung, MD 
 501 Second Street, Suite
211 
 San Francisco, California 94107 
 Fax: (415) 543-3113 
  

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 Or to such address as Holder (or any subsequent Holder) may notify the Company of in writing at any
time. 
  
 12. Conflicting Terms. 
  
 In the event of any conflict between the terms and conditions of this
Warrant and the terms and conditions of the Guarantee, the terms and conditions of the Guarantee shall govern. 
  
 13. Miscellaneous. 
  
 The
headings in this Warrant are for purposes of convenience and reference only, and shall not be deemed to constitute a part hereof. Neither this Warrant nor any term hereof may be changed, waived, discharged or terminated orally, but only by an
instrument in writing signed by the Company and the registered Holder. 
  
 (Signature page follows) 
  

 7 

			
	COMPANY:
	
	MEDIVATION, INC.
		
	 By:
	 	  

	 	 	 Steve Gorlin

	 	 	 Chairman of the Board

  

			
	AGREED TO AND ACCEPTED:
	
	DAVID T. HUNG, MD
		
	 By:
	 	  

  
 WARRANT TO PURCHASE
NEXT EQUITY SECURITY 

 ATTACHMENT A TO WARRANT  
  
 NOTICE OF EXERCISE 
  
 TO:    MEDIVATION, INC. 
  
 1. The undersigned hereby elects to purchase
                     shares of the Warrant Shares (such class of security being subject to adjustment as set forth in the attached Warrant) of
Medivation, Inc., pursuant to the terms of the attached Warrant, and tenders herewith payment of the aggregate purchase price of such shares in full. In the event that this exercise is a net-issuance exercise pursuant to Section 2(b) of the Warrant,
the calculation of the number of Warrant Shares to be issued and the number of Warrant Shares to be cancelled as consideration for the aggregate purchase price shall be attached hereto. 
  
 2. Please issue a certificate or certificates representing said shares of stock in the name of the undersigned or in such
other name as is specified below: 
  

 (Name) 
  

 (Address) 
  

  
 3. The undersigned represents that the aforesaid shares of stock are being acquired for the account of the undersigned for
investment and not with a view to, or for resale in connection with, the distribution thereof in contravention of applicable law and that the undersigned has no present intention of distributing or reselling such shares. In support thereof, the
undersigned has executed an Investment Representation Statement attached hereto as Attachment B. 
  

			
	 Name of Warrant Holder:

	
	  

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 ATTACHMENT B TO WARRANT 
  
 INVESTMENT REPRESENTATION STATEMENT 
  

					
	PURCHASER	  	:	  	 
			
	COMPANY	  	:	  	MEDIVATION, INC.
			
	SECURITY	  	:	  	 
			
	AMOUNT	  	:	  	 
			
	DATE	  	:	  	 

  
 In connection with the
purchase of the above-listed securities and underlying stock (the “Securities”), I,                     , the Purchaser,
represent to the Company the following: 
  
 (a) I am aware of the
Company’s business affairs and financial condition, and have acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Securities. I am purchasing these Securities for my own account for
investment purposes only and not with a view to, or for the resale in connection with, any “distribution” thereof in contravention of applicable law. I am an “accredited investor” within the meaning of Rule 501 of Regulation D
promulgated under the Securities Act of 1933, as amended (the “Securities Act”). 
  
 (b) I understand that the Securities have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption
depends upon, among other things, the bona fide nature of my investment intent as expressed herein. 
  
 (c) I further understand that the Securities must be held indefinitely unless subsequently registered under the Securities Act or unless an exemption from
registration is otherwise available. In addition, I understand that the certificate evidencing the Securities will be imprinted with a legend which prohibits the transfer of the Securities unless they are registered or such registration is not
required in the opinion of counsel for the Company. 
  

			
	 Name of Purchaser:

	
	

		
	 By:
	 	  

		
	 Name:
	 	  

		
	 Title:2004 Equity Incentive Plan of Medivation, Inc.

  
 Exhibit 10.7(a)

 MEDIVATION, INC. 
 2004 EQUITY INCENTIVE AWARD PLAN 
  
 ARTICLE 1

 PURPOSE 
  
 1.1 General. The purpose of the Medivation, Inc. 2004 Equity Incentive Award Plan (the “Plan”) is to promote the success
and enhance the value of Medivation, Inc. (the “Company”) by linking the personal interests of the members of the Board, employees, consultants, officers, and executives of the Company and any Subsidiary, to those of Company
stockholders and by providing such individuals with an incentive for outstanding performance to generate superior returns to Company stockholders. The Plan is further intended to provide flexibility to the Company in its ability to motivate,
attract, and retain the services of members of the Board, employees, consultants, officers, and executives of the Company upon whose judgment, interest, and special effort the successful conduct of the Company’s operation is largely dependent.

  
 ARTICLE 2 
 DEFINITIONS AND CONSTRUCTION 
  
 2.1 Definitions. The following words and phrases shall have the following meanings: 
  
 (a) “Award” means an Option, a Restricted Stock award, a Stock Appreciation Right
award, a Performance Share award, a Dividend Equivalents award, a Stock Payment award, a Restricted Stock Unit award, or a Performance-Based Award granted to a Participant pursuant to the Plan. 
  
 (b) “Award Agreement” means any
written or electronic agreement, contract, or other instrument or document evidencing an Award. 
  
 (c) “Board” means the Board of Directors of the Company. 
  
 (d) “Change of Control” means and
includes each of the following: 
  
 (i) the
acquisition, directly or indirectly, by any “person” or “group” (as those terms are defined in Sections 3(a)(9), 13(d) and 14(d) of the Exchange Act and the rules thereunder) of “beneficial ownership” (as determined
pursuant to Rule 13d-3 under the Exchange Act) of securities entitled to vote generally in the election of directors (“voting securities”) of the Company that represent 50% or more of the combined voting power of the Company’s then
outstanding voting securities, other than: 
  
 (A) an acquisition by a trustee or other fiduciary holding securities under any employee benefit plan (or related trust) sponsored or maintained by the Company or any person controlled by the Company or by any employee benefit plan (or
related trust) sponsored or maintained by the Company or any person controlled by the Company, or 
  
 (B) an acquisition of voting securities by the Company or a corporation owned, directly or indirectly by the stockholders of the Company
in substantially the same proportions as their ownership of the stock of the Company; 
  
 Notwithstanding the foregoing, the following event shall not constitute an “acquisition” by any person or group for purposes of
this subsection (e): an acquisition of the Company’s securities by the Company that causes the Company’s voting securities beneficially owned by a person or 

  

 
group to represent 50% or more of the combined voting power of the Company’s then outstanding voting securities; provided, however, that if a
person or group shall become the beneficial owner of 50% or more of the combined voting power of the Company’s then outstanding voting securities by reason of share acquisitions by the Company as described above and shall, after such share
acquisitions by the Company, become the beneficial owner of any additional voting securities of the Company, then such acquisition shall constitute a Change of Control; or 
  
 (ii) during any period of two consecutive years, individuals who, at the beginning of such period,
constitute the Board together with any new director(s) (other than a director designated by a person who shall have entered into an agreement with the Company to effect a transaction described in clauses (i) or (iii) of this subsection (e)) whose
election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the two year period or whose
election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or 
  
 (iii) the consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more
intermediaries) of (x) a merger, consolidation, reorganization, or business combination or (y) a sale or other disposition of all or substantially all of the Company’s assets or (z) the acquisition of assets or stock of another entity, in each
case other than a transaction: 
  
 (A) which
results in the Company’s voting securities outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of
the transaction, controls, directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s assets or otherwise succeeds to the business of the Company (the Company or such person, the
“Successor Entity”)) directly or indirectly, at least a majority of the combined voting power of the Successor Entity’s outstanding voting securities immediately after the transaction, and 
  
 (B) after which no person or group beneficially owns voting
securities representing 50% or more of the combined voting power of the Successor Entity; provided, however, that no person or group shall be treated for purposes of this clause (B) as beneficially owning 50% or more of combined voting power
of the Successor Entity solely as a result of the voting power held in the Company prior to the consummation of the transaction; or 
  
 (iv) the Company’s stockholders approve a liquidation or dissolution of the Company. 
  
 Notwithstanding the foregoing, a transaction shall not constitute a
“Change of Control” if: (w) its sole purpose is to change the state of the Company’s incorporation; (x) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the
persons who held the Company’s securities immediately before such transaction; (y) it constitutes the Company’s initial public offering of its securities; or (z) it is a transaction effected primarily for the purpose of financing the
Company with cash (as determined by the Committee in its discretion and without regard to whether such transaction is effectuated by a merger, equity financing or otherwise). 
  
 The Committee shall have full and final authority, which shall be exercised in its discretion, to determine conclusively
whether a Change of Control of the Company has occurred pursuant to the above definition, and the date of the occurrence of such Change of Control and any incidental matters relating thereto. 
  

 - 2 - 

 (e) “Code” means the Internal Revenue Code of 1986, as amended.

  
 (f) “Committee” means
the committee of the Board described in Article 12. 
  
 (g) “Covered Employee” means an Employee who is, or could be, a “covered employee” within the meaning of Section 162(m) of the Code. 
  
 (h) “Disability” means, for purposes of this Plan, that the Participant qualifies to
receive long-term disability payments under the Company’s long-term disability insurance program, as it may be amended from time to time. 
  
 (i) “Dividend Equivalents” means a right granted to a Participant pursuant to Article 8 to receive the equivalent
value (in cash or Stock) of dividends paid on Stock. 
  
 (j) “Employee” means any officer or other employee (as defined in accordance with Section 3401(c) of the Code) of the Company or any Subsidiary. A person shall not cease to be an Employee in the case of (i) any leave
of absence approved by the Company or (ii) transfers between locations of the Company or between the Company, any Subsidiary, or any successor. For purposes of Incentive Stock Options, no such leave may exceed ninety days, unless reemployment upon
expiration of such leave is guaranteed by statute or contract. Neither service as a director nor payment of a director’s fee by the Company shall be sufficient, by itself, to constitute “employment” by the Company. 
  
 (k) “Exchange Act” means the
Securities Exchange Act of 1934, as amended. 
  
 (l) “Fair Market Value” shall mean, as of any date, the value of Stock determined as follows: 
  
 (i) If the Stock is listed on any established stock exchange or a national market system, including without limitation the Nasdaq National
Market or The Nasdaq SmallCap Market of The Nasdaq Stock Market, its Fair Market Value shall be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system for the last market trading
day prior to the date of determination, as reported in The Wall Street Journal or such other source as the Committee deems reliable; 
  
 (ii) If the Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, its Fair Market Value shall
be the mean of the closing bid and asked prices for the Stock on the date prior to the date of determination as reported in The Wall Street Journal or such other source as the Committee deems reliable; or 
  
 (iii) In the absence of an established market for the Stock,
the Fair Market Value thereof shall be determined in good faith by the Committee. 
  
 (m) “Incentive Stock Option” means an Option that is intended to meet the requirements of Section 422 of the Code
or any successor provision thereto. 
  
 (n) “Non-Employee Director” means a member of the Board who qualifies as a “Non-Employee Director” as defined in Rule 16b-3(b) (3) of the Exchange Act, or any successor definition adopted by the Board.

  
 (o) “Non-Qualified Stock
Option” means an Option that is not intended to be an Incentive Stock Option. 
  

 - 3 - 

 (p) “Option” means a right granted to a Participant pursuant to
Article 5 of the Plan to purchase a specified number of shares of Stock at a specified price during specified time periods. An Option may be either an Incentive Stock Option or a Non-Qualified Stock Option. 
  
 (q) “Participant” means a person
who, as a member of the Board, consultant to the Company or any Subsidiary or Employee, has been granted an Award pursuant to the Plan. 
  
 (r) “Performance-Based Award” means an Award granted to selected Covered Employees pursuant to Articles 6 and 8,
but which is subject to the terms and conditions set forth in Article 9. All Performance-Based Awards are intended to qualify as Qualified Performance-Based Compensation. 
  
 (s) “Performance Criteria” means the criteria that the Committee selects for
purposes of establishing the Performance Goal or Performance Goals for a Participant for a Performance Period. The Performance Criteria that will be used to establish Performance Goals are limited to the following: net earnings (either before or
after interest, taxes, depreciation and amortization), net losses, sales or revenue, operating earnings, operating cash flow, return on net assets, return on stockholders’ equity, return on assets, return on capital, stockholder returns, gross
or net profit margin, earnings per share, price per share of Stock, and market share, any of which may be measured either in absolute terms or as compared to any incremental increase or as compared to results of a peer group. The Committee shall,
within the time prescribed by Section 162(m) of the Code, define in an objective fashion the manner of calculating the Performance Criteria it selects to use for such Performance Period for such Participant. 
  
 (t) “Performance Goals” means, for a
Performance Period, the goals established in writing by the Committee for the Performance Period based upon the Performance Criteria. Depending on the Performance Criteria used to establish such Performance Goals, the Performance Goals may be
expressed in terms of overall Company performance or the performance of a division, business unit, or an individual. The Committee, in its discretion, may, within the time prescribed by Section 162(m) of the Code, adjust or modify the calculation of
Performance Goals for such Performance Period in order to prevent the dilution or enlargement of the rights of Participants (i) in the event of, or in anticipation of, any unusual or extraordinary corporate item, transaction, event, or development,
or (ii) in recognition of, or in anticipation of, any other unusual or nonrecurring events affecting the Company, or the financial statements of the Company, or in response to, or in anticipation of, changes in applicable laws, regulations,
accounting principles, or business conditions. 
  
 (u) “Performance Period” means the one or more periods of time, which may be of varying and overlapping durations, as the Committee may select, over which the attainment of one or more Performance Goals will be
measured for the purpose of determining a Participant’s right to, and the payment of, a Performance-Based Award. 
  
 (v) “Performance Share” means a right granted to a Participant pursuant to Article 8, to receive cash, Stock, or
other Awards, the payment of which is contingent upon achieving certain performance goals established by the Committee. 
  
 (w) “Plan” means this Medivation, Inc. 2004 Equity Incentive Award Plan, as it may be amended from time to time.

  
 (x) “Public Trading
Date” means the first date upon which Stock is listed (or approved for listing) upon notice of issuance on any securities exchange or designated (or approved for designation) upon notice of issuance as a national market security on an
interdealer quotation system. 
  

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 (y) “Qualified Performance-Based Compensation” means any
compensation that is intended to qualify as “qualified performance-based compensation” as described in Section 162(m) (4) (C) of the Code. 
  
 (z) “Restricted Stock” means Stock awarded to a Participant pursuant to Article 6 that is subject to certain
restrictions and to risk of forfeiture. 
  
 (aa)
“Restricted Stock Unit” means a right to receive a share of Stock during specified time periods pursuant to Article 8. 
  
 (bb) “Stock” means the common stock of the Company and such other securities of the Company that may be
substituted for Stock pursuant to Article 11. 
  
 (cc) “Stock Appreciation Right” or “SAR” means a right granted pursuant to Article 7 to receive a payment equal to the excess of the Fair Market Value of a specified number of shares of Stock
on the date the SAR is exercised over the Fair Market Value on the date the SAR was granted as set forth in the applicable Award Agreement. 
  
 (dd) “Stock Payment” means (a) a payment in the form of shares of Stock, or (b) an option or other right to
purchase shares of Stock, as part of any bonus, deferred compensation or other arrangement, made in lieu of all or any portion of the compensation, granted pursuant to Article 8. 
  
 (ee) “Subsidiary” means any corporation or other entity of which a majority of the
outstanding voting stock or voting power is beneficially owned directly or indirectly by the Company. 
  
 ARTICLE 3 
 SHARES SUBJECT TO THE PLAN 
  
 3.1 Number of Shares. 
  
 (a) Subject to Article 11, the aggregate number of shares of
Stock which may be issued or transferred pursuant to Awards under the Plan shall be 450,000 shares. The payment of Dividend Equivalents in conjunction with any outstanding Awards shall not be counted against the shares available for issuance
under the Plan. 
  
 (b) To the extent that an
Award terminates, expires, or lapses for any reason, any shares of Stock subject to the Award shall again be available for the grant of an Award pursuant to the Plan. Additionally, any shares of Stock tendered or withheld to satisfy the grant or
exercise price or tax withholding obligation pursuant to any Award shall again be available for the grant of an Award pursuant to the Plan. To the extent permitted by applicable law or any exchange rule, shares of Stock issued in assumption of, or
in substitution for, any outstanding awards of any entity acquired in any form of combination by the Company or any Subsidiary shall not be counted against shares of Stock available for grant pursuant to this Plan. If shares of Stock issued pursuant
to Awards are repurchased by the Company at no less than their original purchase price, such shares of Stock shall become available for future grant under the Plan (unless the Plan has terminated). 
  
 (c) Notwithstanding the provisions of this Section 3.1, no
shares of Stock may again be optioned, granted or awarded if such action would cause an Incentive Stock Option to fail to qualify as an Incentive Stock Option under Code Section 422. 
  

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 3.2 Stock Distributed. Any Stock distributed pursuant to an Award may consist, in whole or in
part, of authorized and unissued Stock, treasury Stock or Stock purchased on the open market. 
  
 3.3 Limitation on Number of Shares Subject to Awards. Notwithstanding any provision in the Plan to the contrary, and subject to Article 11, on and after the Public Trading Date, the maximum number of shares of
Stock with respect to one or more Awards that may be granted to any one Participant during a calendar year shall be 190. 
  
 ARTICLE 4 
 ELIGIBILITY AND
PARTICIPATION 
  
 4.1 Eligibility. 
  
 (a) General. Persons eligible to participate in this Plan
include Employees, consultants to the Company or any Subsidiary and all members of the Board, as determined by the Committee. 
  
 (b) Foreign Participants. In order to assure the viability of Awards granted to Participants employed in foreign countries, the Committee
may provide for such special terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy, or custom. Moreover, the Committee may approve such supplements to, or amendments, restatements, or alternative
versions of, the Plan as it may consider necessary or appropriate for such purposes without thereby affecting the terms of the Plan as in effect for any other purpose; provided, however, that no such supplements, amendments, restatements, or
alternative versions shall increase the share limitations contained in Sections 3.1 and 3.3 of the Plan. 
  
 4.2 Actual Participation. Subject to the provisions of the Plan, the Committee may, from time to time, select from among all eligible individuals,
those to whom Awards shall be granted and shall determine the nature and amount of each Award. No individual shall have any right to be granted an Award pursuant to this Plan. 
  
 ARTICLE 5 
 STOCK OPTIONS 
  
 5.1 General. The
Committee is authorized to grant Options to Participants on the following terms and conditions: 
  
 (a) Exercise Price. The exercise price per share of Stock subject to an Option shall be determined by the Committee and set forth in the
Award Agreement; provided that the exercise price for any Option shall not be less than par value of a share of Stock on the date of grant. 
  
 (b) Time And Conditions Of Exercise. The Committee shall determine the time or times at which an Option may be exercised in whole or in
part, provided that the term of any Option granted under the Plan shall not exceed ten years, and provided further, that in the case of a Non-Qualified Stock Option, such Option shall be exercisable for one year after the date of the
Participant’s death. The Committee shall also determine the performance or other conditions, if any, that must be satisfied before all or part of an Option may be exercised. 
  
 (c) Payment. The Committee shall determine the methods by which the exercise price of an Option may be paid,
the form of payment, including, without limitation, cash, promissory note bearing interest at such rate as is a market rate of interest and which also precludes the imputation of 

  

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interest under the Code, shares of Stock held for longer than six months having a Fair Market Value on the date of delivery equal to the aggregate exercise
price of the Option or exercised portion thereof, or other property acceptable to the Committee (including through the delivery of a notice that the Participant has placed a market sell order with a broker with respect to shares of Stock then
issuable upon exercise of the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the Option exercise price, provided that payment of such proceeds is
then made to the Company upon settlement of such sale), and the methods by which shares of Stock shall be delivered or deemed to be delivered to Participants. Notwithstanding any other provision of the Plan to the contrary, no Participant who is a
member of the Board or an “executive officer” of the Company within the meaning of Section 13(k) of the Exchange Act shall be permitted to pay the exercise price of an Option in any method which would violate Section 13(k). 
  
 (d) Evidence Of Grant. All Options shall be evidenced by a
written Award Agreement between the Company and the Participant. The Award Agreement shall include such additional provisions as may be specified by the Committee. 
  
 5.2 Incentive Stock Options. Incentive Stock Options shall be granted only to Employees and the terms of any
Incentive Stock Options granted pursuant to the Plan must comply with the following additional provisions of this Section 5.2: 
  
 (a) Exercise Price. The exercise price per share of Stock shall be set by the Committee, provided that the exercise price for any
Incentive Stock Option shall not be less than 100% of the Fair Market Value on the date of grant. 
  
 (b) Expiration Of Option. An Incentive Stock Option may not be exercised to any extent by anyone after the first to occur of the following
events: 
  
 (1) Ten years from the date it is
granted, unless an earlier time is set in the Award Agreement. 
  
 (2) One year after the date of the Participant’s termination of employment or service on account of Disability or death, unless in the case of death a shorter or longer period is designated in the Award
Agreement. Upon the Participant’s Disability or death, any Incentive Stock Options exercisable at the Participant’s Disability or death may be exercised by the Participant’s legal representative or representatives, by the person or
persons entitled to do so pursuant to the Participant’s last will and testament, or, if the Participant fails to make testamentary disposition of such Incentive Stock Option or dies intestate, by the person or persons entitled to receive the
Incentive Stock Option pursuant to the applicable laws of descent and distribution. 
  
 (c) Individual Dollar Limitation. The aggregate Fair Market Value (determined as of the time the Option is granted) of all shares of Stock
with respect to which Incentive Stock Options are first exercisable by a Participant in any calendar year may not exceed $100,000 or such other limitation as imposed by Section 422(d) of the Code, or any successor provision. To the extent that
Incentive Stock Options are first exercisable by a Participant in excess of such limitation, the excess shall be considered Non-Qualified Stock Options. 
  
 (d) Ten Percent Owners. An Incentive Stock Option shall be granted to any individual who, at the date of grant, owns stock possessing more
than ten percent of the total combined voting power of all classes of Stock of the Company only if such Option is granted at a price that is not less than 110% of Fair Market Value on the date of grant and the Option is exercisable for no more than
five years from the date of grant. 
  

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 (e) Transfer Restriction. The Participant shall give the Company prompt notice of any
disposition of shares of Stock acquired by exercise of an Incentive Stock Option within (1) two years from the date of grant of such Incentive Stock Option or (2) one year after the transfer of such shares of Stock to the Participant. 
  
 (f) Expiration Of Incentive Stock Options. No Award of an
Incentive Stock Option may be made pursuant to this Plan after the tenth anniversary of the Effective Date. 
  
 (g) Right To Exercise. During a Participant’s lifetime, an Incentive Stock Option may be exercised only by the Participant.

  
 5.3 Early Exercisability. The Committee may provide in
the terms of a Participant’s Award Agreement that the Participant may, at any time before the Participant’s status as an Employee, member of the Board or consultant to the Company terminates, exercise the Option(s) granted to such
Participant in whole or in part prior to the full vesting of the Option(s); provided, however, shares of Stock acquired upon exercise of an Option which has not fully vested may be subject to any forfeiture, transfer or other restrictions as
the Committee may determine in its sole discretion. 
  
 ARTICLE
6 
 RESTRICTED STOCK AWARDS 
  
 6.1 Grant of Restricted Stock. The Committee is authorized to make Awards of Restricted Stock to any Participant selected by the Committee in such
amounts and subject to such terms and conditions as determined by the Committee. All Awards of Restricted Stock shall be evidenced by a Restricted Stock Award Agreement. 
  
 6.2 Issuance and Restrictions. Restricted Stock shall be subject to such restrictions on transferability and other
restrictions as the Committee may impose (including, without limitation, limitations on the right to vote Restricted Stock or the right to receive dividends on the Restricted Stock). These restrictions may lapse separately or in combination at such
times, pursuant to such circumstances, in such installments, or otherwise, as the Committee determines at the time of the grant of the Award or thereafter. 
  
 6.3 Forfeiture. Except as otherwise determined by the Committee at the time of the grant of the Award or thereafter, upon termination of employment
or service during the applicable restriction period, Restricted Stock that is at that time subject to restrictions shall be forfeited; provided, however, that the Committee may provide in any Restricted Stock Award Agreement that restrictions
or forfeiture conditions relating to Restricted Stock will be waived in whole or in part in the event of terminations resulting from specified causes, and the Committee may in other cases waive in whole or in part restrictions or forfeiture
conditions relating to Restricted Stock. 
  
 6.4
Certificates For Restricted Stock. Restricted Stock granted pursuant to the Plan may be evidenced in such manner as the Committee shall determine. If certificates representing shares of Restricted Stock are registered in the name of the
Participant, certificates must bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock, and the Company may, at its discretion, retain physical possession of the certificate until such time
as all applicable restrictions lapse. 
  

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 ARTICLE 7 
 STOCK APPRECIATION RIGHTS 
  
 7.1 Grant of Stock Appreciation Rights. A Stock Appreciation Right may be granted to any Participant selected by the Committee. A Stock Appreciation Right may be granted (a) in connection and simultaneously with the grant of an
Option, (b) with respect to a previously granted Option, or (c) independent of an Option. A Stock Appreciation Right shall be subject to such terms and conditions not inconsistent with the Plan as the Committee shall impose and shall be evidenced by
an Award Agreement. 
  
 7.2 Coupled Stock Appreciation
Rights. 
  
 (a) A Coupled Stock Appreciation
Right (“CSAR”) shall be related to a particular Option and shall be exercisable only when and to the extent the related Option is exercisable. 
  
 (b) A CSAR may be granted to a Participant for no more than the number of shares subject to the
simultaneously or previously granted Option to which it is coupled. 
  
 (c) A CSAR shall entitle the Participant (or other person entitled to exercise the Option pursuant to the Plan) to surrender to the Company unexercised a portion of the Option to which the CSAR relates (to the extent
then exercisable pursuant to its terms) and to receive from the Company in exchange therefor an amount determined by multiplying the difference obtained by subtracting the Option exercise price from the Fair Market Value of a share of Stock on the
date of exercise of the CSAR by the number of shares of Stock with respect to which the CSAR shall have been exercised, subject to any limitations the Committee may impose. 
  
 7.3 Independent Stock Appreciation Rights. 
  
 (a) An Independent Stock Appreciation Right (“ISAR”) shall be unrelated to any
Option and shall have a term set by the Committee. An ISAR shall be exercisable in such installments as the Committee may determine. An ISAR shall cover such number of shares of Stock as the Committee may determine. The exercise price per share of
Stock subject to each ISAR shall be set by the Committee; provided, however, that, the Committee in its sole and absolute discretion may provide that the ISAR may be exercised subsequent to a termination of employment or service, as
applicable, or following a Change of Control of the Company, or because of the Participant’s retirement, death or disability, or otherwise. 
  
 (b) An ISAR shall entitle the Participant (or other person entitled to exercise the ISAR pursuant to the Plan) to exercise all or a
specified portion of the ISAR (to the extent then exercisable pursuant to its terms) and to receive from the Company an amount determined by multiplying the difference obtained by subtracting the exercise price per share of the ISAR from the Fair
Market Value of a share of Stock on the date of exercise of the ISAR by the number of shares of Stock with respect to which the ISAR shall have been exercised, subject to any limitations the Committee may impose. 
  
 7.4 Payment and Limitations on Exercise. 
  
 (a) Payment of the amounts determined under Section 7.2(c)
and 7.3(b) above shall be in cash, in Stock (based on its Fair Market Value as of the date the Stock Appreciation Right is exercised) or a combination of both, as determined by the Committee. 
  

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 (b) To the extent any payment under Section 7.2(c) or 7.3(b) is effected in Stock it
shall be made subject to satisfaction of all provisions of Article 5 above pertaining to Options. 
  
 ARTICLE 8 
 OTHER TYPES OF AWARDS 
  
 8.1 Performance Share Awards. Any Participant selected by the
Committee may be granted one or more Performance Share awards which may be denominated in a number of shares of Stock or in a dollar value of shares of Stock and which may be linked to any one or more of the Performance Criteria or other specific
performance criteria determined appropriate by the Committee, in each case on a specified date or dates or over any period or periods determined by the Committee. In making such determinations, the Committee shall consider (among such other factors
as it deems relevant in light of the specific type of award) the contributions, responsibilities and other compensation of the particular Participant. 
  
 8.2 Dividend Equivalents. 
  
 (a) Any Participant selected by the Committee may be granted Dividend Equivalents based on the dividends declared on the shares of Stock
that are subject to any Award, to be credited as of dividend payment dates, during the period between the date the Award is granted and the date the Award is exercised, vests or expires, as determined by the Committee. Such Dividend Equivalents
shall be converted to cash or additional shares of Stock by such formula and at such time and subject to such limitations as may be determined by the Committee. 
  
 (b) Dividend Equivalents granted with respect to Options or SARs that are intended to be Qualified
Performance-Based Compensation shall be payable, with respect to pre-exercise periods, regardless of whether such Option or SAR is subsequently exercised. 
  
 8.3 Stock Payments. Any Participant selected by the Committee may receive Stock Payments in the manner determined from time to time by the
Committee. The number of shares shall be determined by the Committee and may be based upon the Performance Criteria or other specific performance criteria determined appropriate by the Committee, determined on the date such Stock Payment is made or
on any date thereafter. 
  
 8.4 Restricted Stock Units. Any
Participant selected by the Committee may be granted an award of Restricted Stock Units in the manner determined from time to time by the Committee. The number of Restricted Stock Units shall be determined by the Committee and may be linked to the
Performance Criteria or other specific performance criteria determined to be appropriate by the Committee, in each case on a specified date or dates or over any period or periods determined by the Committee. Stock underlying a Restricted Stock Unit
will not be issued until the Restricted Stock Unit has vested, pursuant to a vesting schedule or performance criteria set by the Committee. Unless otherwise provided by the Committee, a Participant awarded Restricted Stock Units shall have no rights
as a Company stockholder with respect to such Restricted Stock Units until such time as the Restricted Stock Units have vested and the Stock underlying the Restricted Stock Units has been issued. 
  
 8.5 Term. The term of any Award of Performance Shares, Dividend
Equivalents, Stock Payments or Restricted Stock Units shall be set by the Committee in its discretion. 
  
 8.6 Exercise or Purchase Price. The Committee may establish the exercise or purchase price of any Award of Performance Shares, Restricted Stock
Units or Stock Payments; provided, however, that 

  

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such price shall not be less than the par value of a share of Stock, unless otherwise permitted by applicable state law. 
  
 8.7 Exercise Upon Termination of Employment or Service. An Award of
Performance Shares, Dividend Equivalents, Restricted Stock Units and Stock Payments shall only be exercisable or payable while the Participant is an Employee, consultant to the Company or a member of the Board, as applicable; provided,
however, that the Committee in its sole and absolute discretion may provide that an Award of Performance Shares, Dividend Equivalents, Stock Payments or Restricted Stock Units may be exercised or paid subsequent to a termination of employment
or service, as applicable, upon or following a Change of Control of the Company, or because of the Participant’s retirement, death or disability, or otherwise; provided, however, that any such provision with respect to Performance
Shares shall be subject to the requirements of Section 162(m) of the Code that apply to Qualified Performance-Based Compensation. 
  
 8.8 Form of Payment. Payments with respect to any Awards granted under this Article 8 shall be made in cash, in Stock or a combination of both, as
determined by the Committee. 
  
 8.9 Award Agreement. All
Awards under this Article 8 shall be subject to such additional terms and conditions as determined by the Committee and shall be evidenced by a written Award Agreement. 
  
 ARTICLE 9 
 PERFORMANCE-BASED AWARDS 
  
 9.1 Purpose.
The purpose of this Article 9 is to provide the Committee the ability to qualify Awards other than Options and SARs and that are granted pursuant to Articles 6 and 8 as Qualified Performance-Based Compensation. If the Committee, in its discretion,
decides to grant a Performance-Based Award to a Covered Employee, the provisions of this Article 9 shall control over any contrary provision contained in Articles 6 or 8; provided, however, that the Committee may in its discretion grant
Awards to Covered Employees that are based on Performance Criteria or Performance Goals but that do not satisfy the requirements of this Article 9. 
  
 9.2 Applicability. This Article 9 shall apply only to those Covered Employees selected by the Committee to receive Performance-Based Awards. The
designation of a Covered Employee as a Participant for a Performance Period shall not in any manner entitle the Participant to receive an Award for the period. Moreover, designation of a Covered Employee as a Participant for a particular Performance
Period shall not require designation of such Covered Employee as a Participant in any subsequent Performance Period and designation of one Covered Employee as a Participant shall not require designation of any other Covered Employees as a
Participant in such period or in any other period. 
  
 9.3
Procedures With Respect to Performance-Based Awards. To the extent necessary to comply with the Qualified Performance-Based Compensation requirements of Section 162(m)(4)(C) of the Code, with respect to any Award granted under Articles 6 and
8 which may be granted to one or more Covered Employees, no later than ninety (90) days following the commencement of any fiscal year in question or any other designated fiscal period or period of service (or such other time as may be required or
permitted by Section 162(m) of the Code), the Committee shall, in writing, (i) designate one or more Covered Employees, (ii) select the Performance Criteria applicable to the Performance Period, (iii) establish the Performance Goals, and amounts of
such Awards, as applicable, which may be earned for such Performance Period, and (iv) specify the relationship between Performance Criteria and the Performance Goals and the amounts of such Awards, as applicable, to be earned by each Covered
Employee for such Performance Period. Following the completion of each Performance Period, the 

  

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Committee shall certify in writing whether the applicable Performance Goals have been achieved for such Performance Period. In determining the amount earned
by a Covered Employee, the Committee shall have the right to reduce or eliminate (but not to increase) the amount payable at a given level of performance to take into account additional factors that the Committee may deem relevant to the assessment
of individual or corporate performance for the Performance Period. 
  
 9.4 Payment of Performance-Based Awards. Unless otherwise provided in the applicable Award Agreement, a Participant must be employed by the Company or a Subsidiary on the day a Performance-Based Award for such Performance Period is
paid to the Participant. Furthermore, a Participant shall be eligible to receive payment pursuant to a Performance-Based Award for a Performance Period only if the Performance Goals for such period are achieved. In determining the amount earned
under a Performance-Based Award, the Committee may reduce or eliminate the amount of the Performance-Based Award earned for the Performance Period, if in its sole and absolute discretion, such reduction or elimination is appropriate. 
  
 9.5 Additional Limitations. Notwithstanding any other provision of the
Plan, any Award which is granted to a Covered Employee and is intended to constitute Qualified Performance-Based Compensation shall be subject to any additional limitations set forth in Section 162(m) of the Code (including any amendment to Section
162(m) of the Code) or any regulations or rulings issued thereunder that are requirements for qualification as qualified performance-based compensation as described in Section 162(m)(4)(C) of the Code, and the Plan shall be deemed amended to the
extent necessary to conform to such requirements. 
  
 ARTICLE 10

 PROVISIONS APPLICABLE TO AWARDS 
  
 10.1 Stand-Alone and Tandem Awards. Awards granted pursuant to the Plan may, in the discretion of the Committee, be granted either alone, in
addition to, or in tandem with, any other Award granted pursuant to the Plan. Awards granted in addition to or in tandem with other Awards may be granted either at the same time as or at a different time from the grant of such other Awards.

  
 10.2 Award Agreement. Awards under the Plan shall be
evidenced by Award Agreements that set forth the terms, conditions and limitations for each Award which may include the term of an Award, the provisions applicable in the event the Participant’s employment or service terminates, and the
Company’s authority to unilaterally or bilaterally amend, modify, suspend, cancel or rescind an Award. 
  
 10.3 Limits on Transfer. No right or interest of a Participant in any Award may be pledged, encumbered, or hypothecated to or in favor of any party
other than the Company or a Subsidiary, or shall be subject to any lien, obligation, or liability of such Participant to any other party other than the Company or a Subsidiary. Except as otherwise provided by the Committee, no Award shall be
assigned, transferred, or otherwise disposed of by a Participant other than by will or the laws of descent and distribution. The Committee by express provision in the Award or an amendment thereto may permit an Award (other than an Incentive Stock
Option) to be transferred to, exercised by and paid to certain persons or entities related to the Participant, including but not limited to members of the Participant’s family, charitable institutions, or trusts or other entities whose
beneficiaries or beneficial owners are members of the Participant’s family and/or charitable institutions, or to such other persons or entities as may be expressly approved by the Committee, pursuant to such conditions and procedures as the
Committee may establish. Any permitted transfer may be subject to the condition that the Committee receive evidence satisfactory to it that the transfer is being made for estate and/or tax planning purposes (or to a “blind trust” in
connection with the Participant’s termination of employment or service with the 

  

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Company or a Subsidiary to assume a position with a governmental, charitable, educational or similar non-profit institution) and on a basis consistent with
the Company’s lawful issue of securities. 
  
 10.4
Beneficiaries. Notwithstanding Section 10.3, a Participant may, in the manner determined by the Committee, designate a beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon the
Participant’s death. A beneficiary, legal guardian, legal representative, or other person claiming any rights pursuant to the Plan is subject to all terms and conditions of the Plan and any Award Agreement applicable to the Participant, except
to the extent the Plan and Award Agreement otherwise provide, and to any additional restrictions deemed necessary or appropriate by the Committee. If the Participant is married and resides in a community property state, a designation of a person
other than the Participant’s spouse as his beneficiary with respect to more than 50% of the Participant’s interest in the Award shall not be effective without the prior written consent of the Participant’s spouse. If no beneficiary
has been designated or survives the Participant, payment shall be made to the person entitled thereto pursuant to the Participant’s will or the laws of descent and distribution. Subject to the foregoing, a beneficiary designation may be changed
or revoked by a Participant at any time provided the change or revocation is filed with the Committee. 
  
 10.5 Stock Certificates. Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any certificates
evidencing shares of Stock pursuant to the exercise of any Award, unless and until the Board has determined, with advice of counsel, that the issuance and delivery of such certificates is in compliance with all applicable laws, regulations of
governmental authorities and, if applicable, the requirements of any exchange on which the shares of Stock are listed or traded. All Stock certificates delivered pursuant to the Plan are subject to any stop-transfer orders and other restrictions as
the Committee deems necessary or advisable to comply with federal, state, or foreign jurisdiction, securities or other laws, rules and regulations and the rules of any national securities exchange or automated quotation system on which the Stock is
listed, quoted, or traded. The Committee may place legends on any Stock certificate to reference restrictions applicable to the Stock. In addition to the terms and conditions provided herein, the Board may require that a Participant make such
reasonable covenants, agreements, and representations as the Board, in its discretion, deems advisable in order to comply with any such laws, regulations, or requirements. The Committee shall have the right to require any Participant to comply with
any timing or other restrictions with respect to the settlement or exercise of any Award, including a window-period limitation, as may be imposed in the discretion of the Committee. 
  
 ARTICLE 11 
 CHANGES IN CAPITAL STRUCTURE 
  
 11.1
Adjustments. In the event of any stock dividend, stock split, combination or exchange of shares, merger, consolidation, spin-off, recapitalization or other distribution (other than normal cash dividends) of Company assets to stockholders, or
any other change affecting the shares of Stock or the share price of the Stock, the Committee shall make such proportionate adjustments, if any, as the Committee in its discretion may deem appropriate to reflect such change with respect to (i) the
aggregate number and type of shares that may be issued under the Plan (including, but not limited to, adjustments of the limitations in Sections 3.1 and 3.3); (ii) the terms and conditions of any outstanding Awards (including, without limitation,
any applicable performance targets or criteria with respect thereto); and (iii) the grant or exercise price per share for any outstanding Awards under the Plan. Any adjustment affecting an Award intended as Qualified Performance-Based Compensation
shall be made consistent with the requirements of Section 162(m) of the Code. 
  
 11.2 Effect of a Change of Control. In the event of a Change of Control, then all of a Participant’s unvested Awards shall become fully exercisable and/or payable as applicable, and all 

  

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forfeiture restrictions on such Awards shall lapse, immediately prior to such Change of Control. Upon, or in anticipation of, a Change of Control, the
Committee may cause any and all Awards outstanding hereunder to terminate at a specific time in the future and shall give each Participant the right to exercise such Awards during a period of time as the Committee, in its sole and absolute
discretion, shall determine. 
  
 11.3 Outstanding Awards –
Certain Mergers. Subject to any required action by the stockholders of the Company, in the event that the Company shall be the surviving corporation in any merger or consolidation (except a merger or consolidation as a result of which the
holders of shares of Stock receive securities of another corporation), each Award outstanding on the date of such merger or consolidation shall pertain to and apply to the securities that a holder of the number of shares of Stock subject to such
Award would have received in such merger or consolidation. 
  
 11.4 Outstanding Awards – Other Changes. In the event of any other change in the capitalization of the Company or corporate change other than those specifically referred to in this Article 11, the Committee may, in its absolute
discretion, make such adjustments in the number and class of shares subject to Awards outstanding on the date on which such change occurs and in the per share grant or exercise price of each Award as the Committee may consider appropriate to prevent
dilution or enlargement of rights. 
  
 11.5 No Other
Rights. Except as expressly provided in the Plan, no Participant shall have any rights by reason of any subdivision or consolidation of shares of stock of any class, the payment of any dividend, any increase or decrease in the number of shares
of stock of any class or any dissolution, liquidation, merger, or consolidation of the Company or any other corporation. Except as expressly provided in the Plan or pursuant to action of the Committee under the Plan, no issuance 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 of shares of Stock subject to an Award or the grant or exercise
price of any Award. 
  
 ARTICLE 12 
 ADMINISTRATION 
  
 12.1 Committee. Unless and until the Board delegates administration to a Committee as set forth below, the Plan shall be administered by the Board.
The Board may delegate administration of the Plan to a Committee or Committees of one or more members of the Board, and the term “Committee” shall apply to any person or persons to whom such authority has been delegated. If administration
is delegated to a Committee, the Committee shall have, in connection with the administration of the Plan, the powers theretofore possessed by the Board, including the power to delegate to a subcommittee any of the administrative powers the Committee
is authorized to exercise (and references in this Plan to the Board shall thereafter be to the Committee or subcommittee), subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time
by the Board. Notwithstanding the foregoing, however, from and after the Public Trading Date, a Committee of the Board shall administer the Plan and the Committee shall consist solely of two or more members of the Board each of whom is both an
“outside director,” within the meaning of Section 162(m) of the Code, and a Non-Employee Director. Within the scope of such authority, the Board or the Committee may (i) delegate to a committee of one or more members of the Board who are
not “outside directors,” within the meaning of Section 162(m) of the Code the authority to grant awards under the Plan to eligible persons who are either (1) not then “covered employees,” within the meaning of Section 162(m) of
the Code and are not expected to be “covered employees” at the time of recognition of income resulting from such award or (2) not persons with respect to whom the Company wishes to comply with Section 162(m) of the Code and/or (ii)
delegate to a committee of one or more members of the Board who are not Non-Employee 

  

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Directors, the authority to grant awards under the Plan to eligible persons who are not then subject to Section 16 of the Exchange Act. The Board may abolish
the Committee at any time and/or revest in the Board the administration of the Plan. Appointment of Committee members shall be effective upon acceptance of appointment. Committee members may resign at any time by delivering written notice to the
Board. Vacancies in the Committee may only be filled by the Board. 
  
 12.2 Action by the Committee. A majority of the Committee shall constitute a quorum. The acts of a majority of the members present at any meeting at which a quorum is present, and acts approved in writing by a majority of the
Committee in lieu of a meeting, shall be deemed the acts of the Committee. Each member of the Committee is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer or other employee of the
Company or any Subsidiary, the Company’s independent certified public accountants, or any executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan. 
  
 12.3 Authority of Committee. Subject to any specific designation in
the Plan, the Committee has the exclusive power, authority and discretion to: 
  
 (a) Designate Participants to receive Awards; 
  
 (b) Determine the type or types of Awards to be granted to each Participant; 
  
 (c) Determine the number of Awards to be granted and the number of shares of Stock to which an Award will relate; 
  
 (d) Determine the terms and conditions of any Award granted
pursuant to the Plan, including, but not limited to, the exercise price, grant price, or purchase price, any reload provision, any restrictions or limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions on the
exercisability of an Award, and accelerations or waivers thereof, any provisions related to non-competition and recapture of gain on an Award, based in each case on such considerations as the Committee in its sole discretion determines; provided,
however, that the Committee shall not have the authority to accelerate the vesting or waive the forfeiture of any Performance-Based Awards; 
  
 (e) Determine whether, to what extent, and pursuant to what circumstances an Award may be settled in, or the exercise price of an Award
may be paid in, cash, Stock, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered; 
  
 (f) Prescribe the form of each Award Agreement, which need not be identical for each Participant; 
  
 (g) Decide all other matters that must be determined in
connection with an Award; 
  
 (h) Establish,
adopt, or revise any rules and regulations as it may deem necessary or advisable to administer the Plan; 
  
 (i) Interpret the terms of, and any matter arising pursuant to, the Plan or any Award Agreement; and 
  
 (j) Make all other decisions and determinations that may be
required pursuant to the Plan or as the Committee deems necessary or advisable to administer the Plan. 
  

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 12.4 Decisions Binding. The Committee’s interpretation of the Plan, any Awards granted
pursuant to the Plan, any Award Agreement and all decisions and determinations by the Committee with respect to the Plan are final, binding, and conclusive on all parties. 
  
 ARTICLE 13 
 EFFECTIVE AND EXPIRATION DATE 
  
 13.1
Effective Date. The Plan will be effective as of the date of the Board’s initial adoption of the Plan (the “Effective Date”). The Plan will be submitted for the approval of the Company’s stockholders within
twelve months after the Effective Date. Awards may be granted or awarded prior to such stockholder approval, provided that such Awards shall not be exercisable, shall not vest and the restrictions thereon shall not lapse prior to the time when the
Plan is approved by the stockholders, and provided further that if such approval has not been obtained at the end of said twelve-month period, all Awards previously granted or awarded under the Plan shall thereupon be canceled and become null and
void. 
  
 13.2 Expiration Date. The Plan will expire on,
and no Award may be granted pursuant to the Plan after, the earlier of the tenth anniversary of (i) the Effective Date or (ii) the date this Plan is approved by the Company’s stockholders. Any Awards that are outstanding on the tenth
anniversary of the Effective Date shall remain in force according to the terms of the Plan and the applicable Award Agreement. Each Award Agreement shall provide that it will expire on the tenth anniversary of the date of grant of the Award to which
it relates. 
  
 ARTICLE 14 
 AMENDMENT, MODIFICATION, AND TERMINATION 
  
 14.1 Amendment, Modification, and Termination. With the approval of the Board, at any time and from time to time, the Committee may terminate,
amend or modify the Plan; provided, however, that to the extent necessary and desirable to comply with any applicable law, regulation, or stock exchange rule, the Company shall obtain stockholder approval of any Plan amendment in such a
manner and to such a degree as required. 
  
 14.2 Awards
Previously Granted. No termination, amendment, or modification of the Plan shall adversely affect in any material way any Award previously granted pursuant to the Plan without the prior written consent of the Participant. 
  
 ARTICLE 15 
 GENERAL PROVISIONS 
  
 15.1 No Rights to Awards. No Participant, employee, or other person shall have any claim to be granted any Award pursuant to the Plan, and neither the Company nor the Committee is obligated to treat
Participants, employees, and other persons uniformly. 
  
 15.2
No Stockholders Rights. No Award gives the Participant any of the rights of a stockholder of the Company unless and until shares of Stock are in fact issued to such person in connection with such Award. 
  
 15.3 Withholding. The Company or any Subsidiary shall have the
authority and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, local and foreign taxes (including the Participant’s FICA obligation) required by law to be
withheld with respect to any taxable event concerning a Participant arising as a result of this Plan. The 

  

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Committee may in its discretion and in satisfaction of the foregoing requirement allow a Participant to elect to have the Company withhold shares of Stock
otherwise issuable under an Award (or allow the return of shares of Stock) having a Fair Market Value equal to the sums required to be withheld. Notwithstanding any other provision of the Plan, the number of shares of Stock which may be withheld
with respect to the issuance, vesting, exercise or payment of any Award (or which may be repurchased from the Participant of such Award within six months after such shares of Stock were acquired by the Participant from the Company) in order to
satisfy the Participant’s federal, state, local and foreign income and payroll tax liabilities with respect to the issuance, vesting, exercise or payment of the Award shall be limited to the number of shares which have a Fair Market Value on
the date of withholding or repurchase equal to the aggregate amount of such liabilities based on the minimum statutory withholding rates for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such
supplemental taxable income. 
  
 15.4 No Right to Employment or
Services. Nothing in the Plan or any Award Agreement shall interfere with or limit in any way the right of the Company or any Subsidiary to terminate any Participant’s employment or services at any time, nor confer upon any Participant any
right to continue in the employ or service of the Company or any Subsidiary. 
  
 15.5 Unfunded Status of Awards. The Plan is intended to be an “unfunded” plan for incentive compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing
contained in the Plan or any Award Agreement shall give the Participant any rights that are greater than those of a general creditor of the Company or any Subsidiary. 
  
 15.6 Indemnification. To the extent allowable pursuant to applicable law, each member of the Committee or of the
Board shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member in connection with or resulting from any claim, action, suit, or proceeding to
which he or she may be a party or in which he or she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction of judgment in such action, suit, or
proceeding against him or her, provided he or she gives the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of
indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled pursuant to the Company’s Certificate of Incorporation or Bylaws, as a matter of law, or otherwise, or any power that the
Company may have to indemnify them or hold them harmless. 
  
 15.7
Relationship to Other Benefits. No payment pursuant to the Plan shall be taken into account in determining any benefits pursuant to any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the
Company or any Subsidiary except to the extent otherwise expressly provided in writing in such other plan or an agreement thereunder. 
  
 15.8 Expenses. The expenses of administering the Plan shall be borne by the Company and its Subsidiaries. 
  
 15.9 Titles and Headings. The titles and headings of the Sections in
the Plan are for convenience of reference only and, in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 
  

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 15.10 Fractional Shares. No fractional shares of Stock shall be issued and the Committee shall
determine, in its discretion, whether cash shall be given in lieu of fractional shares or whether such fractional shares shall be eliminated by rounding up or down as appropriate. 
  
 15.11 Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan, the Plan, and
any Award granted or awarded to any Participant who is then subject to Section 16 of the Exchange Act, shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any
amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law, the Plan and Awards granted or awarded hereunder shall be deemed amended to the extent
necessary to conform to such applicable exemptive rule. 
  
 15.12
Government And Other Regulations. The obligation of the Company to make payment of awards in Stock or otherwise shall be subject to all applicable laws, rules, and regulations, and to such approvals by government agencies as may be required.
The Company shall be under no obligation to register pursuant to the Securities Act of 1933, as amended, any of the shares of Stock paid pursuant to the Plan. If the shares paid pursuant to the Plan may in certain circumstances be exempt from
registration pursuant to the Securities Act of 1933, as amended, the Company may restrict the transfer of such shares in such manner as it deems advisable to ensure the availability of any such exemption. 
  
 15.13 Governing Law. The Plan and all Award Agreements shall be
construed in accordance with and governed by the laws of the State of Delaware. 
  
 15.14 Compliance with California Securities Laws. Prior to the Public Trading Date, this Plan is intended to comply with Section 25102(o) of the California Corporations Code and the regulations issued
thereunder. If any of the provisions contained in this Plan are inconsistent with such requirements, such provisions shall be deemed null and void. The invalidity of any provision of this Plan shall not affect the validity or enforceability of any
other provision of this Plan, which shall remain in full force and effect. 
  
 15.15 Appendices. The Committee may approve such supplements to, or amendments, or appendices to, the Plan as it may consider necessary or appropriate for purposes of compliance with applicable laws or
otherwise and such supplements, amendments or appendices shall be considered a part of the Plan; provided, however, that no such supplements, amendments or appendices shall increase the share limitations contained in Sections 3.1 and 3.3 of
the Plan. 
  

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 APPENDIX I 

 
 TO 
 MEDIVATION, INC. 
 2004 EQUITY INCENTIVE AWARD PLAN 
  
 California State Securities Law Compliance 
  
 Notwithstanding anything to the contrary contained in the Plan, the
provisions set forth in this Appendix shall apply to all Awards granted under the Medivation, Inc. 2004 Equity Incentive Award Plan (the “Plan”) prior to the Public Trading Date. This Appendix shall be of no further force and
effect on or after the Public Trading Date. Definitions as set out in Section 2 of the Plan are applicable to this Appendix. 
  
 The purpose of this Appendix is to set forth those provisions of the Plan necessary to comply with Section 25102(o) of the California Corporations Code
and the regulations issued thereunder. If any of the provisions contained in this Appendix are inconsistent with such requirements, such provisions shall be deemed null and void. The invalidity of any provision of this Appendix shall not affect the
validity or enforceability of any other provision of this Appendix, which shall remain in full force and effect. 
  
 1.1 Term of Awards. The term of each Award shall be no more than ten years from the date of grant thereof.  
  
 2.1 Award Exercise or Purchase Price. Except as provided in Article
11, the per share exercise or purchase price for the Stock to be issued upon exercise of an Award shall be such price as is determined by the Administrator, but shall be subject to the following:  
  
 In the case of an Award: 
  
 (a) granted to a Participant who, at the time of grant of
such Award, owns stock representing more than 10% of the voting power of all classes of stock of the Company or any parent (as defined in Section 175 of the California Corporations Code) or Subsidiary, the per share exercise or purchase price shall
be no less than 110% of the Fair Market Value per share on the date of the grant (100% in the case of an Award other than an Option); and 
  
 (b) granted to any other Participant, the per share exercise or purchase price shall be no less than 85% of the Fair Market Value per
share on the date of grant. 
  
 Notwithstanding the foregoing,
Awards may be granted with a per share exercise or purchase price other than as required above pursuant to a merger or other corporate transaction. 
  
 3.1 Exercisability. Except with regard to Awards granted to officers, directors, managers or consultants, in no event shall an Award granted
hereunder become vested and exercisable at a rate of less than 20% per year over five years from the date the Award is granted, subject to reasonable conditions, such as continuing to be a service provider.  
  
 4.1 Exercisability Following Termination of Relationship as a Service
Provider. 
  
 (a) Termination Other Than
Death or Disability. If a Participant’s employment or service terminates for any reason other than by reason of the Participant’s disability or death, such Participant may exercise his or her Award within such period of time as is
specified in the Award 

  

 
Agreement to the extent that the Award is vested on the date of termination; provided, however, that prior to the Public Trading Date, such
period of time shall not be less than thirty days (but in no event later than the expiration of the term of the Award as set forth in the Award Agreement). In the absence of a specified time in the Award Agreement, the Option shall remain
exercisable for three months following the Participant’s termination.  
  
 (b) Disability of Participant. If a Participant’s employment or service terminates as a result of the Participant’s disability,
the Participant may exercise his or her Award within such period of time as is specified in the Award Agreement to the extent the Award is vested on the date of termination; provided, however, that prior to the Public Trading Date,
such period of time shall not be less than six months (but in no event later than the expiration of the term of such Award as set forth in the Award Agreement). In the absence of a specified time in the Award Agreement, the Award shall remain
exercisable for twelve months following the Holder’s termination.  
  
 (c) Death. If a Participant’s employment or service terminates as a result of the Participant’s death, the Award may be
exercised within such period of time as is specified in the Award Agreement; provided, however, that prior to the Public Trading Date, such period of time shall not be less than six months (but in no event later than the expiration of
the term of such Award as set forth in the Notice of Grant), by the Participant’s estate or by a person who acquires the right to exercise the Award by bequest or inheritance, but only to the extent that the Award is vested on the date of
death. In the absence of a specified time in the Award Agreement, the Award shall remain exercisable for twelve months following the Participant’s termination.  
  
 5.1 Repurchase Provisions. In the event the Committee provides that the Company may repurchase Stock acquired upon
exercise of an Award upon the occurrence of certain specified events, including, without limitation, termination of a Participant’s employment or service, divorce, bankruptcy or insolvency, then any such repurchase right shall be set forth in
the applicable Award Agreement or in another agreement referred to in such agreement and, to the extent required by Section 260.140.41 and Section 260.140.42 of Title 10 of the California Code of Regulations, any such repurchase right set forth in
an Award granted prior to the Public Trading Date to a person who is not an officer, director, manager or consultant shall be upon the following terms: (i) if the repurchase option gives the Company the right to repurchase the shares upon the
Participant’s termination of employment or service at not less than the Fair Market Value of the shares to be purchased on the date of termination of employment or service, then (A) the right to repurchase shall be exercised for cash or
cancellation of purchase money indebtedness for the shares within ninety days of termination of employment or service (or in the case of shares issued upon exercise of Awards after such date of termination, within ninety days after the date of the
exercise) or such longer period as may be agreed to by the Administrator and the Participant and (B) the right terminates on the Public Trading Date; and (ii) if the repurchase option gives the Company the right to repurchase the Stock upon the
Participant’s termination of employment or service at the original purchase price for such Stock, then (A) the right to repurchase at the original purchase price shall lapse at the rate of at least 20% of the shares per year over five (5) years
from the date the Award is granted (without respect to the date the Award was exercised or became exercisable) and (B) the right to repurchase shall be exercised for cash or cancellation of purchase money indebtedness for the shares within ninety
days of termination of employment or service (or, in the case of shares issued upon exercise of Awards, after such date of termination, within ninety days after the date of the exercise) or such longer period as may be agreed to by the Company and
the Participant. 
  
 6.1 Information Rights. Prior to the
Public Trading Date and to the extent required by Section 260.140.46 of Title 10 of the California Code of Regulations, the Company shall provide to each Participant and to each individual who acquires Stock pursuant to the Plan, not less frequently
than annually during the period such Participant has one or more Awards outstanding, and, in the case of an 

  

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individual who acquires Stock pursuant to the Plan, during the period such individual owns such Stock, copies of annual financial statements. Notwithstanding
the preceding sentence, the Company shall not be required to provide such statements to key employees whose duties in connection with the Company assure their access to equivalent information. 
  
 7.1 Transferability. Prior to the Public Trading Date, no Award shall
be assigned, transferred, or otherwise disposed of by a Participant other than by will or the laws of descent and distribution or, with respect to Awards other than Incentive Stock Options, as permitted by Rule 701 of the Securities Act. 

 
 8.1 Limitation on Number of Shares. Prior to the Public Trading
Date, at no time shall the total number of shares of Stock issuable upon exercise of all outstanding Options under the Plan and any shares of Stock provided for under any bonus or similar plan or agreement of the Company exceed 30% of the
then-outstanding shares of Stock of the Company, as calculated pursuant to Section 260.140.45 of Title 10 of the California Code of Regulations, unless a percentage higher than 30% is approved by at least two-thirds of the outstanding securities of
the Company entitled to vote. The number of shares of Stock which may be issued or transferred pursuant to Awards under the Plan shall be reduced to the extent necessary to comply with this provision. 
  

 - 3 -

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