Document:

Exhibit

CASTLIGHT HEALTH, INC.

January 3, 2017

Derek Newell 
96 Hiller Drive
Oakland, California 94618 

Dear Derek:
Castlight Health, Inc. (the “Company”) is pleased to offer you employment on the terms set forth below. This employment offer is contingent on the closing (the “Closing”) of the Company’s acquisition of Jiff, Inc. (“Target” and such acquisition, the “Transaction”) pursuant to an Agreement and Plan of Merger expected to be entered into on or about January 4, 2017 by and among the Company, Target and certain other parties (the “Merger Agreement”). Subject to your satisfying the conditions set forth below, your employment will be effective and commence as of the Closing. If the Transaction is not consummated for any reason (or the Merger Agreement is terminated in accordance with its terms), this offer will immediately and automatically be withdrawn and be of no further force or effect.

1.Position. Your title will be President, and you will have responsibility for Sales & Marketing, Research & Development and Professional Services, as they are generally defined in the Company’s organizational structure as of the date of this Agreement. You will report to the Company’s Chief Executive Officer. This is a full-time position.  While you render services to  the Company, you  will not engage in any other employment, consulting or other business activity (whether full-time or part- time) that would create a conflict of interest with the Company or that is in any way competitive with the business or proposed business of the Company, nor will you assist any other person or organization in competing with the Company or in preparing to engage in competition with the business or proposed business of the Company.  By signing this letter agreement, you confirm to the Company that you have  no contractual commitments or other legal obligations that would prohibit you from performing your duties for the Company. It is acknowledged that you currently serve on the board of directors of Wanda and that you are a co-founder and advisor to HT3. In the event that your employment with the Company is terminated for any reason, you agree to resign, unless otherwise requested by the Board of Directors, from all other positions you hold at that time, including as a member of the Board of Directors.

2.Cash Compensation.

(a)Base Salary. The Company will pay you a starting salary at the rate of $367,000 per year, payable in accordance with the Company’s standard payroll schedule.  This salary will be  subject to increase pursuant to the Company’s employee compensation policies in effect from time to time.

(b)Annual Incentive Compensation. In addition, you will be eligible for incentive compensation with an annual target of 75% of your base salary, based on the achievement of performance objectives to be determined by the Company’s Board of Directors or a committee thereof (the “Board”) as well as the achievement of individual objectives set by the Board in the first 30 days of your employment. For the period in which Section 5 (Compensation Equivalency) is applicable, you and John Doyle will have the same Annual Incentive Compensation objectives. Regardless of the actual Closing date, you will be eligible for an annual bonus covering the entire 2017 calendar year, but the total amount of bonus you receive from Target and the Company shall not exceed 75% of your base salary paid by the Company. Thereafter, you will be eligible to receive annual incentive compensation with a target amount and upon such terms as shall be determined by the Board. Any incentive 

compensation for a fiscal year will be paid within 21⁄2 months after the close of that fiscal year, but only if you are still employed by the Company  at  the  time of payment.    The  determinations  of  the  Board  with  respect  to  your incentive compensation will be final and binding.

3.Employee Benefits. Except as otherwise provided for in this letter agreement, you will be eligible to receive employee benefits and perquisites commensurate with those provided to the Company’s senior executives. A list of current employee benefits will be provided in the Benefits Information Guide. Eligibility for benefits begins on the first (1st) day of the month following your first day of employment, with the exception of participating in our 401(k) Plan which you will be eligible on the first day of your employment.

4.Equity.

(a)Subject to the approval of the Board, you will be granted restricted stock units (“RSUs”) under the Company’s 2014 Equity Incentive Plan (“Plan”) in connection with your commencement of employment for a number of shares to be determined by the Board after consultation with Radford and designed to equalize your go forward equity ownership with the go forward equity ownership of Mr. Doyle, measured as of your commencement of employment. Go forward equity ownership is the value of the unvested portion of the equity ownership as well as the timing of the vesting of such ownership. For avoidance of doubt, the objective is to have both executives vest the same dollar value each month post Closing and through the timeframe covered by Section 5: Compensation Equivalency.

(b)Subject to the approval of the Board, you will be granted restricted stock units (“RSUs”) and/or performance stock units (“PSUs”) under the Company’s 2014 Equity Incentive Plan (“Plan”) in connection with your commencement of employment for a number of shares to be determined by the Board after consultation with Radford to provide a market-based long-term incentive for 2017 that is equivalent to any such grant made to the then Company’s Chief Executive Officer John Doyle in 2017.

(c)The RSUs will vest in four equal annual installments of 25% each based on your continuous service unless adjustments to the vesting schedule to meet the objectives above are required. PSUs will vest according to the performance vesting scheduled as established by the Board for the PSU grant. RSUs and PSUs that vest will be settled in the Company’s Common Stock following vesting. The RSUs and PSUs shall be subject to the terms and conditions set forth in the Plan and in the Restricted Stock Unit Agreement between you and the Company. You will be responsible for applicable  withholding taxes that become due upon settlement of the RSUs and PSUs. The RSUs and PSUs will permit payment of taxes through sell-to-cover transactions.

(d)Your current equity will be handled according to the Merger Agreement, however, with your written consent, adjustments in the vesting schedule of any unvested equity may be made to meet the objectives of Sections 4(a) and 4(b), provided that, the amount of unvested equity is not reduced and the vesting schedule of any unvested equity is not materially lengthened.

(e)Before Closing, you agree to exercise 190,000 of your Target options.

5.Compensation Equivalency. It is agreed that your total target cash compensation, that  is, the sum of Section 2(a) and Section 2(b) above, shall be no less than the corresponding total target compensation of the Company’s current Chief Executive Officer, Mr. Doyle, for the corresponding  period. This Section 5 shall cease to apply on December 31st, 2019. In addition, after the grants described in Sections 4(a) and 4(b) above, if equity is awarded to Mr. Doyle during the period described in the immediately preceding sentence, you will receive equity in the same amount and on the same terms.

6.Severance.  Upon commencement of employment, you will also be entitled and subject  to 

the terms and conditions set out in the Executive Severance Agreement, a copy of which is attached hereto as Exhibit A. The Executive Severance Agreement will apply equally to equity awarded to you by Castlight, as well as your Target assumed options. Notwithstanding anything to the contrary in the Executive Severance Agreement, any portion of your equity awards that vest contingent  upon achievement of the milestone earn-out metrics described in the Merger Agreement will not accelerate upon a Qualifying CIC Termination or Qualifying Non-CIC Termination, but shall instead be exclusively governed by their terms without regard to the Executive Severance Agreement. You agree to waive the single trigger vesting acceleration of your Target options for this Transaction. If any subsequent  Corporate Transaction (as defined in the Plan) occurs, your existing single trigger benefit will apply under the same terms as your current agreement (50% of unvested options accelerate upon closing of that Corporate Transaction) with respect to your unvested Target options that are assumed by the Company and become options to purchase the Common Stock of the Company. For avoidance of doubt, the single trigger acceleration will not apply to any equity awarded to you by the Company, other than assumed Target options.

7.Confidentiality; Proprietary Information and Inventions Agreement. Like all Company employees, you will be required, as a condition of your employment with the Company, to sign the Company’s standard At-Will Employment, Confidential Information, Invention Assignment and Arbitration Agreement, a copy of which is attached hereto as Exhibit B. We wish to impress upon you that we do not want you to, and we hereby direct you not to, bring with you any confidential or proprietary material of any former employer or to violate any other obligations you may have to any former employer.  You will disclose to the Company in writing any other gainful employment, business  or activity that you are currently associated with or participate in that competes with the Company.

8.Non-Competition. As a condition of your employment with the Company, you shall execute the Non-Competition Agreement, a copy of which is attached hereto as Exhibit C.

9.Employment Relationship. Employment with the Company is for no specific period of time. Your employment with the Company will be “at will,” meaning that either you or the Company  may terminate your employment at any time and for any reason, with or without cause. Any contrary representations that may have been made to you are superseded by this letter agreement. This is the full and complete agreement between you and the Company on this term. Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of the Company (other than you).

10.Tax Matters.

(a)Withholding. All forms of compensation referred to in this letter agreement are subject to reduction to reflect applicable withholding and payroll taxes and other deductions required by law.

(b)Tax Advice. You are encouraged to obtain your own tax advice regarding your compensation from the Company. You agree that the Company does not have a duty to design its compensation policies in a manner that minimizes your tax liabilities, and you will not make any claim against the Company or the Board related to tax liabilities arising from your compensation.

11.Authorization to Work. Please note that because of employer regulations adopted in the Immigration Reform and Control Act of 1986, within three (3) business days of starting your  new position you will need to present documentation demonstrating that you have authorization to work in the United States. If you have questions about this requirement, which applies to U.S. citizens and non-U.S. citizens alike, please let us know.

12.Interpretation, Amendment and Enforcement. This letter agreement and the 

exhibits attached hereto supersede and replace any prior agreements, representations or understandings (whether written, oral, implied or otherwise) between you and the Company and constitute the complete agreement between you and the Company regarding the subject matter set forth herein, except that the obligations under this letter agreement and its exhibits shall not supersede, but shall be additive to, any of your obligations under any confidentiality or invention assignment agreement(s) with Target. This letter agreement may not be amended or modified, except by an express written agreement signed by both you and a duly authorized officer of the Company. The terms of this letter agreement and the resolution of  any disputes as to the meaning, effect, performance or validity of this letter agreement or arising out of, related to, or in any way connected with, this letter agreement, your employment with the Company or any other relationship between you and the Company (the “Disputes”) will be governed by California law, excluding laws relating to conflicts or choice of law. You and the Company submit to the exclusive personal jurisdiction of the federal and state courts located in California in connection with any Dispute or any claim related to any Dispute.

* * * * *

We hope that you will accept our offer to join the Company. You may indicate your agreement with these terms and accept this offer by signing and dating both the enclosed duplicate original of this letter agreement, the enclosed Executive Severance Agreement, the enclosed At-Will Employment, Confidential Information, Invention Assignment and Arbitration Agreement and the enclosed Non- Competition Agreement and returning them to me. This offer, if not accepted, will expire at the close of business on January 4, 2017. In the event  that  the Merger  Agreement  is terminated, or the Closing  does not occur, this letter will automatically terminate and be of no force or effect.

If you have any questions, please call me at     .

Very truly yours, CASTLIGHT HEALTH, INC.

/s/ John Doyle                
John Doyle, President and COO

I have read and accept this employment offer.

/s/ Derek Newell
Dated: January 4, 2017
Attachment
Exhibit A:    Executive Severance Agreement
Exhibit B:    At-Will Employment, Confidential Information, Invention Assignment and Arbitration Agreement
Exhibit C:    Non-Competition Agreement

CASTLIGHT HEALTH, INC. EXECUTIVE SEVERANCE AGREEMENT

This Executive Severance Agreement (the “Agreement”) is made and entered into by and between [NAME] (the “Executive”) and Castlight Health, Inc. (the “Company”), effective as of [DATE] (the “Effective Date”).Terms not otherwise defined herein are defined in Section 5 below.

RECITALS

The purpose of the Agreement is to provide an eligible Executive with benefits in the event Executive’s employment is involuntarily terminated under certain circumstances and as a source of incentive and encouragement to remain with the Company notwithstanding the possibility of a Corporate Transaction.

The Agreement is an unfunded welfare benefit plan for purposes of ERISA, a severance pay Agreement within the meaning of United States Department of Labor Regulation Section 2510.3-2(b) and an involuntary separation pay plan within the meaning of Treasury Regulation Section 1.409A-1(b)(9).

AGREEMENT

1.ELIGIBILITY UNDER THIS AGREEMENT.

(a)General Eligibility. Except as otherwise provided in this Agreement, Executive  is entitled to the benefits described in Section 2(b) or (c) only if his or her employment is subject to a Qualifying Termination.

(b)Benefits. If Executive’s employment is subject to a Qualifying Termination, Executive will receive his or her severance payment in a cash lump-sum in accordance with the Company’s standard payroll procedures which will be made on the sixtieth (60th) day following the Separation, provided that the following have already occurred:

(i)Executive’s Qualifying Termination;

(ii)the Company’s receipt of Executive’s executed General Release (as described in Section 3); and

(iii)the expiration of any rescission period applicable to Executive’s  executed General Release.

2.SEVERANCE BENEFITS. If Executive is subject to a Qualifying Termination, then, subject to Section 3 below, the Company shall pay Executive the benefits set forth in Section 2(b) or (c) below.

(a)In addition to the benefits described below in Section 2(b) or (c), Executive will be entitled to receive payment for:

(i)Accrued Salary and Vacation. All salary and accrued vacation (if any) earned through the Termination Date.

(ii)Expense Reimbursement. Within thirty (30) days of submission of  proper expense reports by Executive, the Company shall reimburse Executive for all expenses incurred by Executive, consistent with the Company’s policy for expense reimbursement, in connection with the business of the Company prior to Executive’s termination of employment.

(iii)Executive Benefits. Benefits, if any, under any 401(k) plan, nonqualified deferred compensation plan, employee stock purchase plan and other Company benefit plans under which Executive may be entitled to benefits, payable pursuant to the terms of such plans.

(b)Involuntary Termination Other than for Cause or Resignation for Good Reason During the Corporate Transaction Period. If Executive has a Qualifying CIC Termination, then subject to Section 3, Executive shall receive the following severance benefits from the Company based on the role held by such Executive on the Termination Date.

(i)Severance Payment. Executive shall receive, regardless of the Service Term, the severance payments set forth in the table below.

	
			
	Chief Executive Officer; President
	ExecutiveVicePresident;
Chief Financial Officer
	Senior Vice President

	24 months Base Salary
24timestheapplicable COBRA Coverage
	18 months Base Salary
18 times the applicable COBRA Coverage
	12 months Base Salary
12 times the applicable COBRA Coverage

(ii)Equity Awards. Executive shall retain any rights to acceleration in any outstanding equity awards held by Executive and such rights shall be as set forth in the equity plan documents governing those awards. Notwithstanding the foregoing, regardless of the provisions of the equity plan documents, if Executive is subject to a Qualifying CIC Termination, then, subject to Section 3 below, each of Executive’s then outstanding unvested Equity Awards, excluding awards that would otherwise vest only upon satisfaction of performance criteria, shall accelerate and become vested and exercisable with respect to 100% of the then unvested shares subject thereto and each of Executive’s then outstanding unvested Equity Awards that would otherwise vest only upon satisfaction of performance criteria, shall accelerate and become vested and exercisable with respect to 100% of the then unvested shares subject thereto as if there had been achievement of at-target performance levels.  “Equity  Awards” means all options to purchase shares of Company common stock as well as any and all other stock-based awards granted to Executive, including but not limited to stock bonus awards, restricted  stock, restricted stock units or stock appreciation rights. Subject to Section 3, the accelerated vesting described above shall be effective as of the Separation for a Qualifying Termination after the Corporate Transaction, and as of immediately prior to the Corporate Transaction for a Qualifying Termination occurring on or prior to the Corporate Transaction. For the avoidance of doubt, any rights to acceleration in any outstanding equity awards held by Executive that are triggered upon a termination without Cause  or resignation for Good Reason, shall be based on the definitions set forth in this Agreement rather than the equity plan documents governing those awards. For the avoidance of doubt, if a Qualifying Termination occurs before the Corporate Transaction, then any unvested portion of the terminated Executive’s Equity Awards will remain outstanding for three (3) months following the Qualifying Termination (provided that in no event will the terminated Executive’s stock options or similar Equity Awards remain outstanding beyond the Equity Award’s maximum term to expiration). In the event that the proposed Corporate Transaction is terminated without having been completed, any unvested portion  of the terminated Executive’s Equity Awards automatically will be forfeited permanently without having vested effective three (3) months following the Executive’s Separation. Subject to Section 409A, all vested RSUs shall be settled in accordance with the terms of the applicable RSU agreement.

(c)Involuntary Termination Other than for Cause or Resignation for Good Reason Not During the Corporate Transaction Period. If Executive has a Qualifying Non-CIC Termination, then subject to Section 3, Executive shall receive the severance benefits set forth in the table below from the Company based on the role held by such Executive on the Termination Date and Executive’s Service Term.

	
				
	Service Term
	ChiefExecutiveOfficer; President
	Executive Vice President; Chief Financial Officer
	Senior Vice President

	Less than one year
	12 months Base Salary
12 times the applicable COBRA Coverage
	6 months Base Salary
	3monthsBase Salary

	More than one year
	12 months Base Salary
12 times the applicable COBRA Coverage
	9 months Base Salary
9 times the applicable COBRA Coverage
	6  months  Base Salary
6 times  the applicable COBRA Coverage

(d)Special Timing Rule. If Executive has a Qualifying Non-CIC Termination, and, within three months of Executive’s Separation, a Corporate Transaction occurs such that Executive has a Qualifying CIC Termination, then Executive shall become entitled to the additional severance benefits set forth in Section 2(b). Accordingly, Executive will receive a payment of severance calculated based on the difference in Base Salary and COBRA Coverage under Section 2(c) versus Section 2(b)(i). Solely for purposes of the preceding sentence of this Section 2(d), such amount shall become payable only if the event constituting a Corporate Transaction would also qualify as a change in ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company, each as defined within the meaning of Code Section 409A. The additional amount to be paid under this Section 2(d) shall be paid on the later of the consummation of the Corporate Transaction and the sixtieth (60th) day following the Separation, subject to Section 3. In addition, if Executive has a Qualifying Non-CIC Termination, and, within three months of Executive’s Separation, a Corporate Transaction occurs such that Executive has a Qualifying CIC Termination, Executive shall receive the accelerated vesting benefits of Section 2(b)(ii).

(e)Exclusive Remedy. Except as otherwise set forth herein, in the event of a termination of Executive’s employment, the provisions of this Section 2 are intended to be and are exclusive and in lieu of any other rights or remedies to which Executive or the Company may otherwise be entitled, whether at law, tort or contract, or in equity. Except as otherwise set forth herein, Executive shall be entitled to no benefits, compensation or other payments or rights upon termination of  employment other than those benefits expressly set forth in this Section 2.

(f)Code Section 409A.

(i)Notwithstanding anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of Section 409A of the Code and the final regulations and any guidance promulgated thereunder (“Section 409A”) at the time of Executive’s termination (other than due to death) or resignation, then the severance payable to Executive, if any, pursuant to this Agreement, when considered together with any other severance payments or separation benefits that are considered deferred compensation under Section 409A (together, the “Deferred Compensation Separation Benefits”) that are payable within the first six (6) months following Executive’s termination of employment, will become payable on the first payroll date that occurs on or after the date six (6) months and one (1) day following the date of Executive’s termination of employment. All subsequent Deferred Compensation Separation Benefits, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything 

herein to the contrary, if Executive dies following his or her termination but prior to the six (6) month anniversary of his or her termination, then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of Executive’s death and all other Deferred Compensation Separation Benefits will be payable in accordance with the payment schedule applicable to each  payment or benefit. Each payment and benefit payable under this Agreement is intended to constitute a separate payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations.

(ii)Any amount paid under this Agreement that satisfies the requirements of the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations shall not constitute Deferred Compensation Separation Benefits for purposes of clause (i) above.

(iii)Any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that do not exceed the Section 409A Limit shall not constitute Deferred Compensation Separation Benefits for purposes of clause (i) above. “Section 409A Limit” will mean the lesser of two (2) times: (i) Executive’s annualized compensation based upon the annual rate of pay paid to Executive during Executive’s taxable year preceding Executive’s taxable year of Executive’s termination of employment as determined under, and with such adjustments as  are  set  forth  in,  Treasury  Regulation Section 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which Executive’s employment is terminated.

(iv)The foregoing provisions are intended to comply with the requirements  of Section 409A so that none of the severance payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply. The Company and Executive agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Executive under Section 409A.

3.GENERAL RELEASE. Any other provision of this Agreement notwithstanding, Sections 2(b) and (c) above shall not apply unless Executive (i) has executed a general release (in a form prescribed by the Company) of all known and unknown claims that he or she may then have against the Company or persons affiliated with the Company and such release has become effective and (ii) has agreed not to prosecute any legal action or other proceeding based upon any of such claims (“General Release”).  The General Release must be in the form prescribed by the Company, without alterations.  The Company will deliver the form to Executive within thirty (30) days after Executive’s Separation. Executive must execute and return the General Release within the time period specified in the form and if Executive fails to make the General Release effective before the sixtieth (60th) day following the Separation, he or she will not be eligible for any of the benefits described in Section 2(b) or (c).

4.GOLDEN PARACHUTE EXCISE TAX BEST RESULTS. In the event that the severance and other benefits provided for in this Agreement or otherwise payable to Executive (X) constitute “parachute payments” within the meaning of Code Section 280G, and (Y) would be subject to the excise tax imposed by Section 4999 of the Code, then such benefits shall be either:

(a)delivered in full, or

(b)delivered as to such lesser extent which would result in no portion of such severance benefits being subject to excise tax under Section 4999 of the Code, whichever of the foregoing amounts, taking into account the applicable federal, state and local income and employment taxes and the excise tax imposed by Section 4999, results in the receipt by Executive, on an after-tax basis, of the greatest 

amount of benefits, notwithstanding that all or some portion of such benefits may be taxable under Section 4999 of the Code. Unless the Company and Executive otherwise agree in writing, the determination of Executive’s excise tax liability and the amount required to be paid under this Section 4 shall  be  made  in  writing  by  a  nationally-recognized  independent  accounting  firm  selected  by  the Company (the “Accountants”). For purposes of making the calculations required by this Section 4, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and Executive shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Section 4. The Company shall bear all costs the Accountants may reasonably incur in connection with any calculations contemplated by this Section 4. Any reduction in payments and/or benefits required by this  Section 4 shall occur in the following order: (1) reduction of cash payments; (2) reduction of acceleration of vesting of equity awards; and (3) reduction of other benefits paid to Executive. In the event that acceleration of vesting of equity awards is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant for Executive’s equity awards.

5.DEFINITION OF TERMS.  The following terms referred to in this Agreement shall
have the following meanings:

(a)Base Salary.  Base Salary means:

(i)with respect to payments set forth in Section 2(a) above, the rate of annual base salary paid to Executive immediately prior to Executive’s Termination Date, provided that such amount shall in no event be less than the highest rate of annual base salary paid to Executive during the one (1) year period immediately prior to the Termination Date.

(ii)with respect to payments set forth in Sections 2(b) and (c) above, the rate of annual base salary paid to Executive immediately prior to a Corporate Transaction, provided that such amount shall in no event be less than the highest rate of annual base salary paid to Executive during the one (1) year period immediately prior to the Corporate Transaction; or

(b)Cause.  Cause means:

(i)Executive is convicted of, or pleads guilty or nolo contendere to, a felony (under the laws of the United States or any relevant state, or a similar crime or offense under  the applicable laws of any relevant foreign jurisdiction);

(ii)Executive has engaged in acts of fraud, dishonesty or other acts of willful misconduct in the course of his duties hereunder;

		
	(iii)
	Executive’s gross misconduct in connection with the performance of his

or her duties;

		
	(iv)
	Executive’s breach of his or her fiduciary duty to the Company;

(v)Executive’s failure to cooperate with the Company in any investigation  or formal proceeding or the Executive being found liable in a Securities and Exchange Commission enforcement action or otherwise being disqualified from serving in his or her role;

(vi)Executive willfully failing to comply with reasonable directives of the Company without a reasonable belief the failure to comply was in the best interest of the Company;

(vii)a material breach by Executive of any contract Executive is party 

to with the Company; provided, however, that if the breach is reasonably susceptible of cure, Executive shall be entitled to receive at least 30 days to cure the breach fully after receiving written notice from the Company; or

(viii)unauthorized use or disclosure by Executive of any proprietary information or trade secrets of the Company or any other party to whom Executive owes an obligation of nondisclosure as a result of his or her relationship with the Company.

The determination as to whether Executive is being terminated for Cause shall be made in good faith by the Company and shall be final and binding on Executive. The foregoing definition does not in any way limit the Company’s ability to terminate  Executive’s employment  or consulting relationship at any time as provided in Section 8.

(c)Cobra Coverage. Cobra Coverage means a dollar amount that is equal to the cost of a single month of COBRA coverage for the health plan that Executive was enrolled in on the Termination Date and at the rates in effect on the Termination Date. If such coverage included Executive’s dependents immediately prior to the Termination Date, such amount shall also include the cost of COBRA coverage for Executive’s dependents

(d)Code.  Code means the Internal Revenue Code of 1986, as amended.

(e)Corporate Transaction.  Corporate Transaction shall have the meaning set forth in
the Plan.

(f)Corporate Transaction Date. Corporate Transaction Date means the date on which a Corporate Transaction occurs.

(g)Corporate Transaction Period. Corporate Transaction Period shall mean  the period within twelve (12) months following a Corporate Transaction or within three (3) months preceding a Corporate Transaction.

(h)Corporate Transaction Period Good Reason. Corporate Transaction Period Good Reason means, during the Corporate Transaction Period, Good Reason means any of the following that occur without Executive’s consent:

(i)any reduction in Executive’s rate of Base Salary or the target bonus amount that Executive is eligible to receive;

(ii)a relocation of Executive’s principal office with the Company of more than fifty (50) miles from its current location;

		
	(iii)
	a    material    reduction    in   Executive’s    duties,    authority, reporting

relationship or responsibilities, including:

(1)the assignment of responsibilities, duties, reporting relationship or position that are not at least the substantial functional equivalent of Executive’s position occupied immediately preceding the Corporate Transaction, including the assignment of responsibilities, duties, reporting relationship or position that are not in a substantive area that is consistent with Executive’s experience and the position occupied prior to the Corporate Transaction; or

(2)a material diminution in the budget and number of subordinates over which Executive retains authority;

(iv)material violation by the Company of a material term of any  employment, severance, or change of control agreement between Executive and the Company; or

		
	(v)
	failure by a successor entity to assume this Agreement.

provided, however, that any such condition or conditions, as applicable, shall not constitute Good Reason unless both (X) Executive provides written notice to the Company of the condition claimed to constitute Good Reason within ninety (90) days of the initial existence of such condition(s), and (Y) the Company fails to remedy such condition(s) within thirty (30) days of receiving such written notice thereof; and provided, further, that in all events the termination of Executive‘s employment with the Company shall not be treated as a termination for “Good Reason“ unless such termination occurs not more than one hundred and twenty (120) days following the initial existence of the condition(s) claimed to constitute Good Reason. The foregoing definition does not in any way limit the Company’s ability to terminate a Participant’s employment or consulting relationship at any time as provided in Section 8.

(i)Disability.  Disability shall have the meaning ascribed to such term in the Plan.

(j)Good Reason. Other than during the Corporate Transaction Period (which is identified as a “Corporate Transaction Period Good Reason” herein), Good Reason means any of the following that occur without Executive’s consent:

(i)any reduction in Executive’s rate of base salary or the target bonus amount that Executive is eligible to receive, unless such reduction is consistent with a salary or bonus reduction implemented by the Company for other similarly situated employees of the Company;

(ii)a relocation of Executive’s principal office with the Company of more than fifty (50) miles from its current location;

provided, however, that any such condition or conditions, as applicable, shall not constitute Good Reason unless both (X) Executive provides written notice to the Company of the condition claimed to constitute Good Reason within ninety (90) days of the initial existence of such condition(s), and (Y) the Company fails to remedy such condition(s) within thirty (30) days of receiving such written notice thereof; and provided, further, that in all events the termination of Executive‘s employment with the Company shall not be treated as a termination for ‘Good Reason‘ unless such termination occurs not more than one hundred and twenty (120) days following the initial existence of the condition claimed to constitute Good Reason. The foregoing definition does not in any way limit the Company’s ability to terminate a Participant’s employment or consulting relationship at any time as provided in Section 8.

(k)Plan.  Plan means the Company’s 2014 Equity Incentive Plan, as amended.

(l)Qualifying CIC Termination. Qualifying CIC Termination means a Separation within the Corporate Transaction Period if (i) the Company terminates Executive’s employment for any reason other than Cause, death or Disability, or (ii) Executive voluntarily resigns his or her employment for Corporate Transaction Period Good Reason. In the case of a termination before a Corporate Transaction, solely for purposes of benefits under Section 2(c) of this Plan, the Termination Date will be deemed the date the Corporate Transaction is consummated.

(m)Qualifying Non-CIC Termination. Qualifying Non-CIC Termination means a Separation not within the Corporate Transaction Period if (1) the Company terminates Executive’s employment for any reason other than Cause, death or Disability or (2) Executive voluntarily resigns his or her employment for Good Reason.

(n)Qualifying Termination. Qualifying Termination means a Qualifying CIC Termination or a Qualifying non-CIC Termination.

(o)Separation.    Separation  means  a  “separation from service,” as  defined  in   the
regulations under Section 409A of the Code.

(p)Service Term. Service Term means as of a particular date, the period of time that Executive has been continuously employed by the Company as Executive in any capacity, including approved leaves of absence.

(q)Termination Date. Termination Date means Executive’s final day of employment with the Company which date shall be communicated by the Company to Executive.

6.SUCCESSORS.

(a) The Company’s Successors. Any successor to the Company (whether direct or indirect and whether by purchase, merger, consolidation, liquidation or otherwise), shall assume the obligations under this Agreement and agree expressly to perform the obligations under this Agreement in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession. For all purposes under this Agreement, the term “Company” shall include any successor to the Company’s business and/or assets which agrees to assume the obligations of this Agreement as described in this Section 6(a) or which becomes bound by the terms of this Agreement by operation of law.

(b) Executive’s Successors. The terms of this Agreement and all rights of Executive hereunder shall inure to the benefit of, and be enforceable by, Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.

7.NOTICE.

(a)General. All notices and other communications required or permitted hereunder shall be in writing, shall be effective when given, and shall in any event be deemed to be given upon receipt or, if earlier, (a) five (5) days after deposit with the U.S. Postal Service or other applicable postal service, if delivered by registered mail, postage prepaid, (b) upon delivery, if delivered by hand, (c) one
(1) business day after the business day of deposit with Federal Express or similar overnight courier, freight prepaid, (d) one (1) business day after the business day of facsimile transmission, if delivered by facsimile transmission with copy by first class mail, postage prepaid, or (e) one (1) business day after the business day of sending an email, if sent with return receipt and with copy by first class mail, postage prepaid, and shall be addressed (i) if to Executive, at his or her last known residential address, and (ii) if  to the Company, at the address of its principal corporate offices (attention: General Counsel), or in any such case at such other address as a party may designate by ten (10) days’ advance written notice to the other party pursuant to the provisions above.

(b)Notice of Termination. Any termination by the Company for Cause or  resignation by Executive voluntarily or for Good Reason (whether or not during a Corporate Transaction Period) shall be communicated by a notice of termination to the other party hereto given in accordance with Section 7(a) of this Agreement. Such notice shall indicate the specific termination provision in this Agreement relied upon, shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so indicated, and shall specify the termination date (which  shall be not more than thirty (30) days after the giving of such notice, subject to such longer  period of time permitted in the event of a termination for Good Reason). The failure by Executive to include in the notice any fact or circumstance which contributes to a showing of Good Reason shall not waive any right of Executive hereunder or preclude Executive from asserting such fact or circumstance in enforcing his or her rights hereunder.

8.AT-WILL EMPLOYMENT. Executive’s employment is and shall continue to be at- will, as defined under applicable law, except as otherwise may be provided specifically under the terms of any written formal employment agreement or offer letter between the Company and Executive.

9.MISCELLANEOUS PROVISIONS.

(a)Confidentiality.

(i)Executive shall retain in confidence any proprietary or other confidential information known to Executive concerning the Company and its business under the conditions of the At- Will Employment, Confidential Information, Invention Assignment and Arbitration Agreement between the Company and Executive (the “Confidentiality Agreement”) and shall continue to comply with all other terms of the Confidentiality Agreement. Executive acknowledges and agrees that, to  the extent he  or she has not already done so, he or she shall immediately deliver to the Company when requested all property of the Company, including, but not limited to, equipment (e.g., laptop computer and cellular telephone), passwords, notebooks, electronic storage devices, credit cards, business cards, keys, parking  or building access cards, documents, memoranda, reports, written and computer files and data, books, correspondence, lists, or other written or graphic records, and the like, relating to the  Company’s business, that are in Executive’s possession or control, including but not limited to copies (including electronic copies) of any documents or files that contain the Company’s Confidential Information (as defined in the Confidentiality Agreement).

(ii)Executive acknowledges that a breach of any of the covenants contained in this Section 9(a) may result in material irreparable injury to the Company for which there is no adequate remedy at law, that it may not be possible to measure damages for such injuries precisely and that, in the event of such a breach, any payments remaining under the terms of this Agreement shall cease and the Company may be entitled to obtain a restraining order and/or an injunction restraining Executive from engaging in activities prohibited by this Section 9(a) or such other relief as may be required to specifically enforce any of the covenants in this Section 9(a). This Section 9(a) shall survive any termination of this Agreement.

(b)Conflict in Benefits; Nonduplication of Benefits.

(i)No Limitation of Regular Benefit Agreements. Except as provided in Section 9(b)(ii) below, this Agreement is not intended to and shall not affect, limit or terminate any plans, programs, or arrangements of the Company that are regularly made available to a significant number of Executives or officers of the Company, including, without limitation, the Company’s equity incentive plans.

(ii)Nonduplication of Benefits. Executive may not accumulate cash severance payments, and/or equity vesting under both this Agreement and another plan or policy of the Company. If Executive is entitled to any payments or benefits by operation of a statute or government regulations, any severance payable pursuant to this Agreement will be reduced by such payments or benefits.

(c)No Duty to Mitigate. Executive shall not be required to mitigate the amount of any payment contemplated by this Agreement, nor shall any such payment be reduced by any earnings that Executive may receive from any other source.

(d)Amendment and Waiver. No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at 

another time.

(e)Entire Agreement. This Agreement together with the terms of any outstanding equity awards held by Executive as set forth in the equity plan documents governing those awards constitutes the entire agreement of the parties hereto and supersedes in their entirety all prior representations, understandings, undertakings or agreements (whether oral or written and whether expressed or implied) of the parties, and shall specifically supersede any severance payment provisions of any other offer letter or agreement entered into between Executive and the Company, and this Agreement with respect to the subject matter hereof.

(f)Headings. All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement.

(g)Choice of Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of California. The Superior Court of San Francisco County and/or the United States District Court for the Northern District of California shall have exclusive jurisdiction and venue over all controversies in connection with this Agreement. Any provision in this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating or affecting the remaining provisions hereof in such jurisdiction, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

(h)Arbitration. Any dispute, controversy or claim between the parties arising out of or relating to this Agreement (whether based in contract or tort, in law or equity), or any breach or asserted breach thereof, shall be determined and settled exclusively by arbitration in San Francisco, California, in accordance with the rules for dispute resolution of JAMS. Judgment on the award may be entered in any court of competent jurisdiction.  Notwithstanding this Section 9(h), the parties may apply  to any court of competent jurisdiction for a temporary restraining order, preliminary injunction or other interim or provisional relief as may be necessary, without breach of this Agreement and without abridgment of the powers of the arbitrator. The parties hereby submit themselves to the Superior Court of California in and for the County of San Francisco as the sole and exclusive venue for the purpose of enforcing this Agreement.  This Section 9(h) shall survive any termination of this Agreement.

(i)Severability. The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect.

(j)Withholding; Lump Sum. All payments made pursuant to this Agreement will be in a lump sum and will be subject to withholding of applicable income and employment taxes.

(k)Counterparts.   This Agreement  may be executed in counterparts,  each of which
shall be deemed an original, but all of which together will constitute one and the same instrument.

IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by its duly authorized officer, as of the day and year set forth below.

Castlight Health, Inc.    [NAME]

By:    Signature:       

Title:         Date:       

CASTLIGHT HEALTH, INC. NON-COMPETITION AGREEMENT

This NON-COMPETITION AGREEMENT (this “Agreement”), dated January 4, 2017, is made by and between Derek Newell (the “Stockholder”) and Castlight Health, Inc., a Delaware corporation (“Acquiror”). For purposes of this Agreement, “Acquiror” shall be deemed to include Acquiror and its wholly and majority-owned direct and indirect subsidiaries and other affiliates, successors or assigns that operate the Business (as defined below) of the Company, including, but not limited to the Company (as defined below), after the closing of the Merger (as defined below).

BACKGROUND

A.Acquiror and [Target], a Delaware corporation (the “Company”) are parties to an Agreement and Plan of Merger dated on or about January 4th, 2017 (the “Merger Agreement”), pursuant to which Acquiror will acquire the Company (the “Merger”). Capitalized terms used, but not defined herein, shall have the meanings assigned to such terms in the Merger Agreement.

B.Stockholder beneficially holds a substantial amount of the Company’s capital stock, and he will receive substantial consideration as a result of Stockholder’s stock ownership in the Company in connection with the Acquisition.

C.Stockholder understands and agrees as a stockholder and a key and significant member of either the management and/or the technical workforce of the Company, Stockholder has obtained extensive and valuable knowledge, technical expertise and confidential information concerning the Business (as defined below).

D.Stockholder will be hired as an at-will employee of Acquiror (or the Company, as determined by Acquiror) after, and contingent upon, the closing of the Merger, and Stockholder will derive significant value from Acquiror’s agreement to provide him with confidential and proprietary information relating to the business and operation of the Acquiror to enable him to optimize the performance of his duties to the Acquiror.

E.This Agreement is necessary to protect Acquiror’s legitimate interests as a buyer of the stock and goodwill of the Company. Stockholder understands and acknowledges that the execution and delivery of this Agreement by Stockholder is a material inducement to the willingness of Acquiror to enter into the Merger Agreement, a material condition to Acquiror consummating the transactions contemplated by the Merger Agreement and a condition of Stockholder’s employment by Acquiror for the purpose of protecting Acquiror’s legitimate interests as a buyer of the Company and in protecting Acquiror’s confidential information.

F.Acquiror and Stockholder both agree that, prior to the Merger, the Company’s business consisted solely of the design, development, manufacture, production, marketing and sales of products and services related to the Business (as defined below) throughout each of the fifty states of the United States, Canada and the remainder of the entire world (the “Restrictive Territory”). Acquiror represents and Stockholder understands that, following the Merger, Acquiror will continue conducting the Business in the Restrictive Territory.

NOW, THEREFORE, in consideration of the foregoing premises and for good and valuable consideration, receipt of which is hereby acknowledged, Stockholder, intending to be legally bound, agrees as follows:

1.Agreement Not to Compete. During the Restrictive Period (as defined below) and except as otherwise provided herein or unless approved by Acquiror in writing, Stockholder agrees that Stockholder will not, as an employee, agent, consultant, advisor, independent contractor, general partner, officer, director, stockholder, investor, lender or guarantor of any corporation, partnership or other entity, 

or in any other capacity, directly or indirectly for himself or on behalf of any other Person (other than Acquiror or any of its affiliates):

(a)(i) engage or participate in, or acquire any financial or beneficial interest in, any business that competes with the Business in the Restrictive Territory or (ii) take any action intended to, or that would reasonably be expected to, negatively affect any commercial relationship or prospective commercial relationship of Acquiror (or any of its affiliates, including the Company) related to the Business;

(b)permit Stockholder’s name directly or indirectly to be used by or to become associated with any other Person in connection with such Business; or

(c)induce or assist any other Person to engage in any of the activities described in subparagraph (a) or (b).

“Business” means participating or engaging in, or rendering any services to any business engaged in, the design, research, development, manufacture, operation, production, marketing, sale or servicing of any product, or the provision of any service that directly relates to Company’s current or planned business including, but not limited to, transparency tools and services (including but not limited to these specific companies or their successors: Healthcare Blue Book, Healthsparq Inc., and MDX Medical, Inc. doing business as Vitals), employee concierge and benefits communications tools and services (including but not limited to these specific companies or their successors: Evive Health, Compass, Quantum, Health Advocate, and Accolade) and wellbeing tools and services (including but not limited to these specific companies or their successors: Sharecare, Welltok, Rally, Limeade, Virgin Pulse, Redbrick, Keas, Viverae and Vitality).

“Person” means a natural person, corporation, partnership, or other entity, or a joint venture of two or more of the foregoing.

Notwithstanding the foregoing, Stockholder may own, directly or indirectly, solely as an investment, up  to one percent (1%) of any class of “publicly traded securities” of any business that is competitive or substantially similar to the Business. The term “publicly traded securities” shall mean securities that are traded on a national securities exchange.

For purposes of this Agreement, the restrictive period (referred to herein as the “Restrictive Period”) shall commence on the Closing Date (as defined in the Merger Agreement) of the Merger and shall continue until the later of December 31st, 2019; provided, however, that in the event that it is determined by a court of competent jurisdiction or an arbitrator, as the case may be, that Stockholder has breached any provision of this Section 1, then, in addition to any remedies set forth in Section 5 below and  available under applicable law, the Restrictive Period shall be automatically extended by a number of  days equal to the total number of days in the period from the date on which such breach shall have first occurred through the date as of which such breach shall have been fully cured.

For the avoidance of doubt, this Agreement shall terminate upon the date and time of the valid  termination of the Merger Agreement in accordance with its terms.

2.Agreement Not to Solicit. Stockholder further agrees that  during  the  Non-Solicitation Period (as defined below), Stockholder will not as an employee, agent, consultant, advisor, independent contractor, general partner, officer, director, stockholder, investor, lender or guarantor of any corporation, partnership or other entity, or in any other capacity, directly or indirectly for himself or on behalf of any other Person (other than Acquiror or any of its affiliates) without the prior written consent of Acquiror:

(a)interfere with the relationship between Acquiror and its employees or consultants 

or contractors by encouraging, inducing, soliciting or attempting to solicit any such employee or consultant or contractor to terminate his employment or end his or her relationship with Acquiror;

(b)solicit or attempt to solicit for employment on behalf of Stockholder or any other Person, any Person who is or was an employee or consultant of Acquiror; or

(c)induce or assist any other Person to engage in any of the activities described in subparagraphs (a) and (b).

Notwithstanding the foregoing, for purposes of this Agreement, the placement of general advertisements that may be targeted to a particular geographic or technical area but that are not specifically targeted toward employees of Acquiror or its successors or assigns, shall not be deemed to be a breach of this Section 2.

For purposes of this Agreement, the “Non-Solicitation Period” shall commence on the Closing Date and end on the later of (i) December 31, 2019, or (ii) twelve (12) months immediately following the termination of Stockholder’s relationship with Acquiror, whether Stockholder resigns voluntarily or is terminated for any reason by Acquiror involuntarily (the “Non-Solicitation Period”); provided, however, that in the event that it is determined by a court of competent jurisdiction or an arbitrator, as the case may be, that Stockholder has breached any provision of this Section 2, then, in addition to any remedies set forth in Section 5 below and available under applicable law, the Non-Solicitation Period shall be automatically extended by a number of days equal to the total number of days in the period from the date on which such breach shall have first occurred through the date as of which such breach shall have been fully cured.

3.Agreement Not to Disparage. During the Non-Solicitation Period, Stockholder agrees that Stockholder will not directly or indirectly for himself or on behalf of any other Person (other than Acquiror or any of its affiliates) libel, slander or disparage Acquiror in any manner that is harmful to the business, business reputation or personal reputation of Acquiror.

4.Acknowledgment.  Stockholder hereby acknowledges and agrees that:

(a)this Agreement is necessary for the protection of the legitimate business interests of Acquiror in acquiring the Company;

(b)the execution and delivery and continuation in force of this Agreement is a material inducement to Acquiror to execute the Merger Agreement and is a mandatory condition precedent to the closing of the Merger, without which Acquiror would not close the transactions contemplated by the Merger Agreement;

(c)the scope of this Agreement in time, geography and types and limitations of activities restricted is reasonable;

(d)Stockholder has no current intention of competing with the Business acquired by Acquiror within the area and the time limits set forth in this Agreement;

(e)Stockholder represents and warrants that neither the execution and delivery nor the performance of this Agreement will result directly or indirectly in a violation or breach of any agreement or obligation by which Stockholder is or may be bound, the violation of which would materially impair Stockholder’s ability to perform Stockholder’s obligations under this Agreement;

(f)breach of this Agreement will be such that Acquiror will not have an adequate remedy at law because of the unique nature of the operations and the assets being conveyed to Acquiror; and

(g)execution of this Agreement shall not limit Acquiror’s employee policies, including without limitation the provisions set forth in Acquiror’s At-Will Employment, Confidential Information, Invention Assignment and Arbitration Agreement (the “Proprietary Information and Inventions Agreement”).

5.Remedy. Stockholder acknowledges and agrees that (a) the rights of Acquiror under this Agreement are of a specialized and unique character and that immediate and irreparable damage will result to Acquiror if Stockholder fails to or refuses to perform his obligations under this Agreement and
(b) Acquiror may, in addition to any other remedies and damages available, seek an injunction in a court of competent jurisdiction to restrain any such failure or refusal without posting bond or other security, and without the necessity of proving actual damages. No single exercise of the foregoing remedies shall be deemed to exhaust Acquiror’s right to such remedies, but the right to such remedies shall continue undiminished and may be exercised from time to time as often as Acquiror may elect. Stockholder represents and warrants that his expertise and capabilities are such that his obligations under this Agreement (and the enforcement thereof by injunction or otherwise) will not prevent him from earning a livelihood.

6.Severability. If any provisions of this Agreement as applied to any part or to any circumstances shall be adjudged by a court to be invalid or unenforceable, the same shall in no way affect any other provision of this Agreement, the application of such provision in any other circumstances, or  the validity or enforceability of this Agreement. Acquiror and Stockholder intend this Agreement to be enforced as written. If any provision, or part thereof, however, is held to be unenforceable because of the duration thereof or the area covered thereby, all parties agree that the court making such determination shall have the power to reduce the duration and/or area of such provision, and/or to delete specific words or phrases and in its reduced form such provision shall then be enforceable.

7.Amendment. This Agreement may not be amended except by an instrument in writing  signed by Acquiror’s duly authorized representative, or his designee, and Stockholder.

8.Waiver. No waiver of any nature, in any one or more instances, shall be deemed to be or construed as a further or continued waiver of any breach of any other term or agreement contained in this Agreement.

9.Headings. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

10.Governing Law.

(a)This Agreement shall be construed and interpreted and its performance shall be governed by the laws of the state of California without regard to conflicts of law principles of any jurisdiction.

(b)The parties hereto agree that any proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought in any federal court located in San Francisco County in the State of California or any California state court located in San Francisco County, and each of the parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now  or hereafter have to the laying of the venue of any such proceeding in any such court or that any such proceeding brought in any such court has been brought in an inconvenient forum. Process in any such proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court.

11.Attorneys Fees. In the event that either party engages the other party in litigation concerning the enforcement of this Agreement, the prevailing party shall be entitled to payment by the non-prevailing party of reasonable expenses, including reasonable attorneys’ fees, which are incurred in connection therewith.

12.Entire Agreement. This Agreement constitutes the entire agreement of the parties with respect to the subject matter of this Agreement and supersedes all prior agreements and  undertakings, both written and oral, between the parties, or any of them, with respect to the subject matter of this Agreement (but does not in any way merge or supersede any restrictions in the Stockholder’s Confidential Information and Invention Assignment Agreement with the Company, the Merger Agreement or any  other agreement executed in connection with the Merger Agreement, including the Stockholder’s employment agreement with Acquiror, if any, and the Stockholder’s Proprietary Information and Inventions Agreement).

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, Acquiror and Stockholder have executed this Agreement on the day and year first above written.

DEREK NEWELL

/s/ Derek Newell

CASTLIGHT HEALTH, INC.
a Delaware corporation

By:   /s/ John Doyle

Name: John Doyle

Title: President and Chief Operating Officer

BENEFITS WAIVER

January 4, 2017 
Derek Newell

Dear Derek:

As you know, Castlight Health, Inc., a Delaware corporation (inclusive of any subsidiary thereof, and the company after the Closing, “Castlight”), is acquiring your employer, Jiff, Inc., a company organized under the laws of Delaware (inclusive of any subsidiaries, “Jiff”), pursuant to the Agreement and Plan of Merger and Reorganization dated January 4, 2017 (as it may be amended from time to time in accordance with its terms, the “Merger Agreement”) by and among Castlight, Jiff and certain other parties named therein (the “Merger”).

Upon the closing of the Merger (the “Closing”), Castlight has agreed to convert your Jiff stock options and restricted stock units that are outstanding as of the Closing into stock options to purchase, and restricted stock units to settle in, Castlight Class B common stock, upon the terms and conditions set forth in the Merger Agreement (collectively, the “Jiff Awards” and, following the Merger, the “Assumed Awards”).

For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

		
	I.
	Acceleration Benefits

It is a material element of the Merger that you waive, pursuant to this Benefits Waiver, any and all exercisability and vesting acceleration provisions currently in effect with respect to all of your Jiff stock options and restricted stock units, including in connection with Jiff’s change of control and/or termination of your employment or other service, and including pursuant to any Jiff plan, stock purchase agreement, option agreement, employment agreement or any other agreement between you and Jiff or any Jiff policy (in each case, whether written or oral (collectively, the “Acceleration Benefits”)).

Upon and following the Closing, in lieu of the Acceleration Benefits that may currently apply to your Jiff Awards, the following provisions will apply to the Assumed Awards:

		
	(i)
	the Acceleration Benefits shall not apply to any of the Assumed Awards or to any future equity awards from Castlight, and are irrevocably waived by you hereby;

		
	(ii)
	as to your converted stock options, you will vest in, and be able to exercise, those converted stock options based on the same vesting schedule that you had for such Jiff stock options prior to the Closing, except as pursuant to the Equity Waiver, dated on or around the date hereof;

		
	(iii)
	as to your converted restricted stock units, you will vest in, and settle in, those converted restricted stock units based on the same vesting schedule that you had for those restricted stock units prior to the Closing, except as pursuant to the Equity Waiver, dated on or around the date hereof;

		
	(iv)
	notwithstanding this waiver, you shall vest in 50% of your then-unvested Jiff stock options upon a Corporate Transaction of Castlight, as defined in its 2014 Equity Incentive Plan, as amended, it being understood this acceleration shall apply only to those awards benefitting from single-trigger acceleration prior to the Closing;

		
	(v)
	the New Acceleration Benefits (as defined on Schedule A hereto) will apply only to those 

Assumed Awards that are converted stock options, and shall not apply to the converted restricted stock units, it being understood and agreed that the New Acceleration Benefits shall only apply to cause acceleration of service-based vesting conditions and shall not be construed to require that the converted stock options adjust at a maximum or other achievement level under the earn-outs described in the Merger Agreement (unless such earn-outs are in fact achieved according to the terms and conditions of the Merger Agreement).

You further confirm that you hold no other equity other than the Jiff stock options and restricted stock units actually granted to you by Jiff’s board of directors and you hold no outstanding preemptive rights or other contractual rights to purchase or acquire additional equity from Jiff.

		
	II.
	Jiff Severance Benefits

It is also a material element of the Merger that you waive, pursuant to this Benefits Waiver, any and all existing right or entitlement to severance or termination benefits you might have pursuant to any agreement, program, policy, or understanding between you and Jiff (in each case, whether written or  oral), including in connection with Jiff’s change of control and/or termination of your employment or other service (collectively, the “Jiff Severance Benefits”). For the avoidance of doubt, in the event of the New Acceleration Benefits are triggered, you will not receive any cash severance or other termination benefits other than those outlined in the Company’s Executive Severance Agreement. You irrevocably hereby waive any and all claims to the Jiff Severance Benefits.
		
	III.
	Miscellaneous

Notwithstanding anything to the contrary in this Benefits Waiver, you are not waiving any rights under that certain Offer Letter, by and between you and Castlight, dated on or about June 3, 2016 (including the Compensation Equivalency therein and the incorporation of the Executive Severance Agreement).
This letter may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart.
In the event that the Merger Agreement is terminated in accordance with its terms, this letter shall terminate and be of no further force or effect.

The validity, interpretation, construction and performance of this Benefits Waiver shall be governed by the laws of the State of California. The Superior Court of San Francisco County and/or the United States District Court for the Northern District of California shall have exclusive jurisdiction and venue over all controversies in connection with this Benefits Waiver. Any provision herein which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating or affecting the remaining provisions hereof in such jurisdiction, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

[SIGNATURE PAGE TO BENEFITS WAIVER FOLLOWS]

To indicate your understanding and agreement with this Benefit Waiver, please sign below and return the entire Benefits Waiver to Jiff.

Very truly yours, CASTLIGHT HEALTH, INC.
a company organized under the laws of Delaware

By: /s/ John Doyle
 Name: John Doyle
Title:   President and Chief Operating Officer

Acknowledged and Agreed:

By:/s/ Derek Newell
 Name: Derek Newell

SCHEDULE A

NEW ACCELERATION BENEFITS

New Acceleration Benefits

If, within 12 months of the Closing, you are terminated by Castlight without Cause (as defined below) or you resign for Good Reason (as defined below), then, provided you deliver to Castlight a signed release agreement in a form prescribed by Castlight (the “Release”) and satisfy all conditions to make the Release effective within 60 days following your termination, you will immediately vest in 100% of the converted stock options effective as of immediately prior to the effective time of such termination (the “New Acceleration Benefits”).

“Cause” shall mean (i) you are convicted of, or plead guilty or nolo contendere to, a felony (under the  laws of the United States or any relevant state, or a similar crime or offense under the applicable laws of any relevant foreign jurisdiction); (ii) you have engaged in acts of fraud, dishonesty or other acts of willful misconduct in the course of your duties hereunder; (iii) your gross misconduct in connection with the performance of your duties; (iv) your breach of your fiduciary duty to Castlight; (v) your failure  to cooperate with Castlight in any investigation or formal proceeding or your being found liable in a Securities and Exchange Commission enforcement action or otherwise being disqualified from serving in your role; (vi) you willfully failing to comply with reasonable directives of Castlight without a reasonable belief the failure to comply was in the best interest of Castlight; (vii) a material breach by you of any contract you are party to with Castlight; provided, however, that if the breach is reasonably susceptible 

of cure, you shall be entitled to receive at least 30 days to cure the breach fully after receiving written notice from Castlight; or (viii) unauthorized use or disclosure by you of any proprietary information or trade secrets of Castlight or any other party to whom you owe an obligation of nondisclosure as a result of your relationship with Castlight. The determination as to whether you are terminated for Cause shall be made in good faith by Castlight and shall be final and binding on you.

“Good Reason” shall mean any of the following that occur without your consent: (i) any reduction in your rate of base salary or the target bonus amount that you are eligible to receive; (ii) a relocation of your principal office with Castlight of more than 50 miles from its current location; (iii) a material reduction in your duties, authority, reporting relationship or responsibilities, including: (1) the assignment of responsibilities, duties, reporting relationship or position that are not at least the substantial functional equivalent of your position occupied immediately preceding the Merger, including the assignment of responsibilities, duties, reporting relationship or position that are not in a substantive area that is consistent with your experience and the position occupied prior to the Merger; or (2) a material diminution in the budget and number of subordinates over which you retain authority; (iv) material violation by Castlight of a material term of any employment, severance, or change of control agreement between you and Castlight; or (v) failure by a successor entity to Castlight to assume these New Acceleration Benefits; provided that any such condition or conditions, as applicable, shall not constitute Good Reason unless both (X) you provide written notice to Castlight of the condition claimed to constitute Good Reason within 90 days of the initial existence of such condition(s), and (Y) Castlight fails to remedy such condition(s) within 30 days of receiving such written notice thereof; provided, further, that in all events the termination of your employment with Castlight shall not be treated as a termination for “Good Reason“ unless such termination occurs not more than 120 days following the initial existence of the condition(s) claimed to constitute Good Reason; provided, further, that prong (v) of this definition shall only apply during the period that is three months preceding and 12 months following a Corporate Transaction of Castlight, as defined in its 2014 Equity Incentive Plan, as amended.

The New Acceleration Benefits will not apply to any equity you hold in Castlight, any affiliate thereof, or any of their successors, other than those stock options converted pursuant to the Merger.

BENEFITS WAIVER

January 4, 2017 
Derek Newell

Dear Derek:

As you know, Castlight Health, Inc., a Delaware corporation (inclusive of any subsidiary thereof, and the company after the Closing, “Castlight”), is acquiring your employer, Jiff, Inc., a company organized under the laws of Delaware (inclusive of any subsidiaries, “Jiff”), pursuant to the Agreement and Plan of Merger and Reorganization dated January 4, 2017 (as it may be amended from time to time in accordance with its terms, the “Merger Agreement”) by and among Castlight, Jiff and certain other parties named therein (the “Merger”).

Upon the closing of the Merger (the “Closing”), Castlight has agreed to convert your Jiff stock options and restricted stock units that are outstanding as of the Closing into stock options to purchase, and restricted stock units to settle in, Castlight Class B common stock, upon the terms and conditions set forth in the Merger Agreement (collectively, the “Jiff Awards” and, following the Merger, the “Assumed Awards”).

For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

		
	I.
	Acceleration Benefits

It is a material element of the Merger that you waive, pursuant to this Benefits Waiver, any and all exercisability and vesting acceleration provisions currently in effect with respect to all of your Jiff stock options and restricted stock units, including in connection with Jiff’s change of control and/or termination of your employment or other service, and including pursuant to any Jiff plan, stock purchase agreement, option agreement, employment agreement or any other agreement between you and Jiff or any Jiff policy (in each case, whether written or oral (collectively, the “Acceleration Benefits”)).

Upon and following the Closing, in lieu of the Acceleration Benefits that may currently apply to your Jiff Awards, the following provisions will apply to the Assumed Awards:

		
	(i)
	the Acceleration Benefits shall not apply to any of the Assumed Awards or to any future equity awards from Castlight, and are irrevocably waived by you hereby;

		
	(ii)
	as to your converted stock options, you will vest in, and be able to exercise, those converted stock options based on the same vesting schedule that you had for such Jiff stock options prior to the Closing, except as pursuant to the Equity Waiver, dated on or around the date hereof;

		
	(iii)
	as to your converted restricted stock units, you will vest in, and settle in, those converted restricted stock units based on the same vesting schedule that you had for those restricted stock units prior to the Closing, except as pursuant to the Equity Waiver, dated on or around the date hereof;

		
	(iv)
	notwithstanding this waiver, you shall vest in 50% of your then-unvested Jiff stock options upon a Corporate Transaction of Castlight, as defined in its 2014 Equity Incentive Plan, as amended, it being understood this acceleration shall apply only to those awards benefitting from single-trigger acceleration prior to the Closing;

		
	(v)
	the New Acceleration Benefits (as defined on Schedule A hereto) will apply only to those Assumed Awards that are converted stock options, and shall not apply to the converted restricted stock units, it being understood and agreed that the New Acceleration Benefits shall only apply to cause acceleration of service-based vesting conditions and shall not be construed to require that the converted stock options adjust at a maximum or other achievement level under the earn-outs described in the Merger Agreement (unless such earn-outs are in fact achieved according to the terms and conditions of the Merger Agreement).

You further confirm that you hold no other equity other than the Jiff stock options and restricted stock units actually granted to you by Jiff’s board of directors and you hold no outstanding preemptive rights or other contractual rights to purchase or acquire additional equity from Jiff.

		
	II.
	Jiff Severance Benefits

It is also a material element of the Merger that you waive, pursuant to this Benefits Waiver, any and all existing right or entitlement to severance or termination benefits you might have pursuant to any agreement, program, policy, or understanding between you and Jiff (in each case, whether written or  oral), including in connection with Jiff’s change of control and/or termination of your employment or other service (collectively, the “Jiff Severance Benefits”). For the avoidance of doubt, in the event of the New Acceleration Benefits are triggered, you will not receive any cash severance or other termination benefits other than those outlined in the Company’s Executive Severance Agreement. You irrevocably hereby waive any and all claims to the Jiff Severance Benefits.
		
	III.
	Miscellaneous

Notwithstanding anything to the contrary in this Benefits Waiver, you are not waiving any rights under that certain Offer Letter, by and between you and Castlight, dated on or about June 3, 2016 (including the Compensation Equivalency therein and the incorporation of the Executive Severance Agreement).
This letter may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart.
In the event that the Merger Agreement is terminated in accordance with its terms, this letter shall terminate and be of no further force or effect.

The validity, interpretation, construction and performance of this Benefits Waiver shall be governed by the laws of the State of California. The Superior Court of San Francisco County and/or the United States District Court for the Northern District of California shall have exclusive jurisdiction and venue over all controversies in connection with this Benefits Waiver. Any provision herein which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating or affecting the remaining provisions hereof in such jurisdiction, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

[SIGNATURE PAGE TO BENEFITS WAIVER FOLLOWS]

To indicate your understanding and agreement with this Benefit Waiver, please sign below and return the entire Benefits Waiver to Jiff.

Very truly yours, CASTLIGHT HEALTH, INC.
a company organized under the laws of Delaware

By:/s/ John Doyle
 Name: John Doyle
Title:   President and Chief Operating Officer

Acknowledged and Agreed:

By:/s/ Derek Newell
 Name: Derek Newell

SCHEDULE A

NEW ACCELERATION BENEFITS

New Acceleration Benefits

If, within 12 months of the Closing, you are terminated by Castlight without Cause (as defined below) or you resign for Good Reason (as defined below), then, provided you deliver to Castlight a signed release agreement in a form prescribed by Castlight (the “Release”) and satisfy all conditions to make the Release effective within 60 days following your termination, you will immediately vest in 100% of the converted stock options effective as of immediately prior to the effective time of such termination (the “New Acceleration Benefits”).

“Cause” shall mean (i) you are convicted of, or plead guilty or nolo contendere to, a felony (under the  laws of the United States or any relevant state, or a similar crime or offense under the applicable laws of any relevant foreign jurisdiction); (ii) you have engaged in acts of fraud, dishonesty or other acts of willful misconduct in the course of your duties hereunder; (iii) your gross misconduct in connection with the performance of your duties; (iv) your breach of your fiduciary duty to Castlight; (v) your failure  to cooperate with Castlight in any investigation or formal proceeding or your being found liable in a Securities and Exchange Commission enforcement action or otherwise being disqualified from serving in your role; (vi) you willfully failing to comply with reasonable directives of Castlight without a reasonable belief the failure to comply was in the best interest of Castlight; (vii) a material breach by you of any contract you are party to with Castlight; provided, however, that if the breach is reasonably susceptible of cure, you shall be entitled to receive at least 30 days to cure the breach fully after receiving written notice from Castlight; or (viii) unauthorized use or disclosure by you of any proprietary information or trade secrets of Castlight or any other party to whom you owe an obligation of nondisclosure as a result of your relationship with Castlight. The determination as to whether you are terminated for Cause shall be made in good faith by Castlight and shall be final and binding on you.

“Good Reason” shall mean any of the following that occur without your consent: (i) any reduction in your rate of base salary or the target bonus amount that you are eligible to receive; (ii) a relocation of your principal office with Castlight of more than 50 miles from its current location; (iii) a material reduction in your duties, authority, reporting relationship or responsibilities, including: (1) the assignment of responsibilities, duties, reporting relationship or position that are not at least the substantial functional equivalent of your position occupied immediately preceding the Merger, including the assignment of responsibilities, duties, reporting relationship or position that are not in a substantive area that is consistent with your experience and the position occupied prior to the Merger; or (2) a material diminution in the budget and number of subordinates over which you retain authority; (iv) material violation by Castlight of a material term of any employment, severance, or change of control agreement between you and Castlight; or (v) failure by a successor entity to Castlight to assume these New Acceleration Benefits; provided that any such condition or conditions, as applicable, shall not constitute Good Reason unless both (X) you provide written notice to Castlight of the condition claimed to constitute Good Reason within 90 days of the initial existence of such condition(s), and (Y) Castlight fails to remedy such condition(s) within 30 days of receiving such written notice thereof; provided, further, that in all events the termination of your employment with Castlight shall not be treated as a termination for “Good Reason“ unless such termination occurs not more than 120 days following the initial existence of the condition(s) claimed to constitute Good Reason; provided, further, that prong (v) of this definition shall only apply during the period that is three months preceding and 12 months following a Corporate Transaction of Castlight, as defined in its 2014 Equity Incentive Plan, as amended.

The New Acceleration Benefits will not apply to any equity you hold in Castlight, any affiliate thereof, or any of their successors, other than those stock options converted pursuant to the Merger.EX-10.3

 Exhibit 10.3 

Execution Version 

EMPLOYMENT AGREEMENT 

Iain MacKenzie 

EMPLOYMENT AGREEMENT (this “Agreement”), dated as of December 18, 2012, by and among SMART Modular Technologies,
Inc., a California corporation (the “Company”), Saleen Holdings, Inc., a Cayman Islands exempted company (“Parent”) and Iain MacKenzie (“Executive” and, together with the Company and Parent, the
“Parties” individually, a “Party”). 
 WHEREAS, the Company and Parent desire to continue to employ
Executive pursuant to the terms, provisions and conditions set forth in this Agreement; 
 WHEREAS, Executive desires to accept such
continuous employment on the terms hereinafter set forth in this Agreement; and 
 WHEREAS, Executive acknowledges that
(i) Executive’s employment with the Company and Parent will provide Executive with trade secrets of, and confidential information concerning, the “Company Group” (as defined in Section 7) and (ii) the covenants
contained in this Agreement are essential to protect the business and goodwill of the Company Group. 
 NOW, THEREFORE, in
consideration of the promises and the mutual covenants herein contained, the Parties hereby agree as follows: 
 1. Term. Subject to
earlier termination in accordance with the provisions of Section 6 of this Agreement, Executive shall be employed by the Company and Parent for a period commencing on August 26, 2011 (the “Effective Date”) and
ending at 11:59 pm Pacific time on the last day of the fourth fiscal year (as defined in Section 3) thereafter (the “Term”); provided, that the Term shall be automatically extended for successive one-year periods
thereafter unless, no later than ninety (90) days prior to the expiration of the initial four-year period, or any such successive one-year renewal period, either Executive or the Company, as applicable shall provide to the other Parties written
notice of his or its desire not to extend the Term. In the event that the Company changes its fiscal year-end, the Term shall be adjusted so that the initial Term shall continue to expire at the end of four full fiscal years and each extension shall
equal one full fiscal year. Upon Executive’s termination of employment with the Company and Parent for any reason, Executive shall immediately resign all positions with all members of the Company Group, including any position on the Board of
Directors of Parent (the “Board”) and/or any other position as any officer or director of any other member of the Company Group. 

2. Position and Duties 

(a) Position. During the Term, Executive shall serve as President and Chief Executive Officer for the Company and for SMART Worldwide
Holdings, Inc., SMART Modular Technologies (Global Holdings), Inc. and SMART Storage Systems (Global Holdings), Inc. If requested by the Board, Executive hereby agrees to serve (without additional compensation) as a member of the Board and/or as an
officer or director of any other member of the Company Group. 

 (b) Duties. Executive shall have the powers, authorities, and duties of management usually
vested in the offices of President and Chief Executive Officer of a corporation of a similar size and nature to the Company and Parent, subject to the legal directives of the Board. Executive shall report solely to the Board. Executive shall devote
Executive’s full business time and attention to the performance of Executive’s duties hereunder and shall not engage in any other business, profession or occupation for compensation or otherwise which would conflict or interfere with the
rendition of such services, either directly or indirectly; provided, that nothing herein shall preclude Executive from (i) with the prior written consent of the Board, serving on the board of directors of other for-profit companies that
do not compete with the Company Group, (ii) serving on civic or charitable boards or committees and (iii) managing personal investments, so long as all such activities described in (i) through (iii) above do not materially
interfere with the performance of Executive’s duties and responsibilities under this Agreement. 
 3. Compensation. 

(a) Base Salary. During the Term, Executive shall receive an annual base salary (the “Base Salary”) of $533,000,
payable in regular installments in accordance with the Company’s usual payroll practices. Executive shall be entitled to such increases (but not decreases) in Base Salary, if any, as may be determined from time to time in the sole discretion of
the Board. 
 (b) Annual Bonus. With respect to each fiscal year of the Company ending during the Term (as of the Effective Date, a
“fiscal year” is the period commencing on the first Monday after the last Friday of August and ending on the last Friday of August) and subject to the achievement of the applicable performance goals of Executive and the Company
and/or members of the Company Group, Executive shall be entitled to participate in the Company’s annual bonus program pursuant to which Executive shall be eligible to earn an annual bonus with a target amount equal to 100% of the Base Salary
(the “Annual Bonus”). The applicable performance goals for the Annual Bonus shall be mutually agreed by the Board (or the compensation committee thereof) and Executive within the first ninety (90) days of the applicable fiscal
year. The Annual Bonus, if any, earned for a fiscal year shall be paid to Executive on the date selected by the Company and/or the Board, which date shall fall within the two and one-half (2 1⁄2) month period beginning on the first day of the fiscal year following the fiscal year to which the Annual Bonus relates. The Company and/or the Board shall have the right, but not the obligation, at its
sole discretion, (i) to change from time-to-time the payment periods of the Annual Bonus to be semi-annual (i.e., the payment periods in effect on the Effective Date), quarterly or otherwise, with appropriate holdbacks to year-end within
the pre-year-end periods and/or (ii) to change from time-to-time the Company’s fiscal year; provided, however, that in no event shall the payment period or periods for Executive be greater than the payment period or periods
set for other executives of the Company. In the event of a change in the Company’s fiscal year, the calculation of Executive’s Annual Bonus shall be prorated in a manner most favorable to Executive. 

4. Employee Benefits. 

(a) Benefit Plans. During the Term, Executive shall be able to participate in employee benefit plans and perquisite and fringe benefit
programs on a basis no less favorable than such benefits and perquisites are provided by the Company from time to time to the 

  
 2 

 
Company’s other senior executives. Additionally, Executive is entitled to participate in the Company’s executive benefits program as in place from time-to-time, which currently includes
an annual comprehensive physical exam, financial counseling services, life insurance, and disability benefits. 
 (b) Expense
Reimbursement. Executive shall be entitled to receive prompt reimbursement for all travel and business expenses reasonably incurred and properly accounted for by Executive (in accordance with the policies and procedures established from time to
time by the Company) in performing services hereunder. 
 5. Indemnification; D&O Coverage. Executive shall be subject to the
Company’s standard indemnification agreement, which agreement was executed by Executive and the Company on September 13, 2011. Executive shall at all times be entitled to an indemnification agreement as least as favorable as the agreement
executed on such date. 
 6. Termination of Employment. The Term and Executive’s employment hereunder may be terminated under
the following circumstances: 
 (a) Death. The Term and Executive’s employment hereunder shall terminate upon Executive’s
death. Upon any termination of Executive’s employment hereunder as a result of this Section 6(a), Executive’s estate shall be entitled to receive (A) Executive’s Base Salary through the date of termination (the
“Accrued Salary”), which shall be paid within fifteen (15) days following the date of termination or such earlier date as may be required by California law, and (B) any earned but unpaid Annual Bonus for any fiscal year
preceding the fiscal year in which the termination occurs (the “Accrued Bonus”), which shall be paid at the same time as bonuses are paid to other senior executive officers, but in no event later than the date provided for in
Section 3(b) hereof (the Accrued Bonus and the Accrued Salary, including the respective times by which such amounts are to be paid, are hereafter referred to as the “Accrued Amounts”). All other benefits, if any, due to
Executive’s estate following Executive’s termination due to death shall be determined in accordance with the plans, policies and practices of the Company; provided, that Executive’s estate shall not be entitled to any severance
payments or benefits under any other agreement or any severance plan, policy or program of the Company Group. Executive’s estate shall not accrue any additional compensation (including any Base Salary or Annual Bonus) or other benefits under
this Agreement following such termination of employment. 
 (b) Disability. The Company may terminate the Term and
Executive’s employment hereunder for Disability. “Disability” shall mean Executive’s inability, due to physical or mental incapacity, to perform Executive’s duties under this Agreement with substantially the same
level of quality as immediately prior to such incapacity for a period of ninety (90) consecutive days or 120 days during any consecutive six-month period. In conjunction with determining Disability for purposes of this Agreement, Executive
hereby (i) consents to any such examinations which are relevant to a determination of whether Executive is mentally and/or physically disabled and (ii) agrees to furnish such medical information as may be reasonably requested. Upon any
termination of Executive’s employment hereunder pursuant to this Section 6(b), Executive shall be entitled to receive payment of the Accrued Amounts. All other benefits, if any, due to Executive following Executive’s termination by
the Company for 

  
 3 

 
Disability shall be determined in accordance with the plans, policies and practices of the Company; provided, that Executive shall not be entitled to any payments or benefits under any
other agreement or any severance plan, policy or program of the Company Group. Executive shall not accrue any additional compensation (including any Base Salary or Annual Bonus) or other benefits under this Agreement following such termination of
employment. 
 (c) Termination for Cause; Voluntary Termination. At any time during the Term, (i) the Company may terminate the
Term and Executive’s employment hereunder for “Cause” (as defined below) by Notice of Termination (as defined in Section 6(f)), and (ii) Executive may terminate the Term and Executive’s employment hereunder
“voluntarily” (that is, other than by death, Disability or for Good Reason, in accordance with Section 6(a), 6(b) or 6(d), respectively); provided, that Executive will be required to give at least ninety
(90) days advance written notice of such termination. “Cause” shall mean Executive’s: (A) act of material fraud or material dishonesty against any member of the Company Group in connection with Executive’s
responsibilities which the Board reasonably believes will damage such member’s business, (B) Executive’s conviction of, or plea of nolo contendere to, a felony (excluding traffic offenses) which the Board reasonably believes
had or will have a material detrimental effect on the reputation or business of the Company Group, (C) intentional or gross misconduct, (D) intentional improper disclosure of Confidential Information (as defined in Section 7(b)
below), (E) material violation of a material Company Group policy or a material provision of this Agreement (or any other material agreement between Executive and any member of the Company Group), after written notice from the Company, and a
reasonable opportunity of not less than thirty (30) days to cure (to the extent capable of cure) such violations, (F) failure to cooperate with any member of the Company Group in any investigation or formal proceeding after written notice
from the Company, and a reasonable opportunity of not less than fifteen (15) days to cure (to the extent capable of cure) such failure, or (G) material violation of Executive’s duties, or repeated material failures or material
inabilities to perform any reasonably assigned duties, after written notice from the Company, and a reasonable opportunity of not less than thirty (30) days to cure (to the extent capable of cure) such violation, failures or inabilities. The
existence or non-existence of Cause will be determined in good faith by the Board (excluding Executive if Executive is a member thereof). 

Upon the termination of the Term and Executive’s employment hereunder pursuant to this Section 6(c) by the Company for Cause
or due to Executive’s voluntary termination, Executive shall be entitled to receive payment of the Accrued Amounts. All other benefits, if any, due to Executive following Executive’s termination of employment for Cause or due to
Executive’s voluntary termination pursuant to this Section 6(c) shall be determined in accordance with the plans, policies and practices of the Company; provided, that Executive shall not be entitled to any severance payments
or benefits under any other agreement or any severance plan, policy or program of the Company Group. Executive shall not accrue any additional compensation (including any Base Salary or Annual Bonus) or other benefits under this Agreement following
such termination of employment. The termination of Executive’s employment upon the expiration of the Term as a result of Executive’s delivery of a notice of nonrenewal pursuant to Section 1 shall be treated as a voluntary
termination by Executive pursuant to this Section 6(c). 

  
 4 

 (d) Termination for Good Reason or Without Cause Outside of the Change in Control Protection
Period. At any time outside of the “Change in Control Protection Period” (as defined below) during the Term, (i) Executive may terminate the Term and Executive’s employment hereunder for “Good Reason” (as defined
below) and (ii) the Company may terminate the Term and Executive’s employment hereunder “without Cause” (that is, other than by death, Disability or for Cause, in accordance with Section 6(a), 6(b) or 6(c),
respectively). 
 Upon the termination of Executive’s employment hereunder pursuant to this Section 6(d), Executive shall
receive (i) the Accrued Amounts and (ii) subject to Executive’s continued compliance with the provisions of Section 7 and subject to Executive’s execution, delivery and non-revocation of an effective release of all
claims against each member of the Company Group substantially in the form attached hereto as Exhibit A (the “Release”) within the sixty (60) day period following the date of the termination of Executive’s employment
(such 60-day period, the “Release Period”): (A) severance pay in an amount equal to one hundred percent (100%) of Executive’s then current Base Salary plus the amount of the Annual Bonus paid or payable with respect
to the most recently ended fiscal year (in addition to the Annual Bonus paid or payable with respect to the most recently completed fiscal year) (the “Severance Payment”); (B) to the extent any Annual Bonus could be earned in
the current fiscal year under the terms of the Company’s bonus program but is not yet earned or paid, a prorated bonus (based on the Board’s determination of Company performance through the date of termination), prorated through the date
of termination and payable when the Company pays bonuses to other senior executives; and (C) payment or reimbursement of health benefit continuation coverage under COBRA from the termination date through the earlier of (x) twelve
(12) months following the termination date or (y) the date Executive becomes eligible for health benefits with another employer, which shall be paid no later than the due date of payments for such coverage (the “Benefits
Continuation Period”); provided that if and to the extent that any benefit described in this clause (C) cannot be paid or provided under any Company plan or program without adverse tax consequences to Executive or the Company or
without the Company incurring a fine or other penalty, then the Company shall pay Executive a monthly payment in an amount equal to 100% of the monthly COBRA premium for the remainder of the Benefits Continuation Period. The Severance Payment will
be paid in a lump sum on the first payroll date following the date on which the Release has become effective and irrevocable. Notwithstanding the foregoing, if the Release Period spans two (2) calendar years, then the Severance Payment will be
paid on the first payroll date that occurs in the second calendar year. All other benefits, if any, due Executive following a termination pursuant to this Section 6(d) shall be determined in accordance with the plans, policies and
practices of the Company; provided, that Executive shall not be entitled to any severance payments or benefits under any other agreement or any severance plan, policy or program of the Company Group. Executive shall not accrue any additional
compensation (including any Base Salary or Annual Bonus) or other benefits under this Agreement following such termination of employment. The termination of Executive’s employment upon the expiration of the Term as a result of the
Company’s delivery of a notice of nonrenewal pursuant to Section 1 shall be treated as a termination by the Company without Cause pursuant to this Section 6(d) (unless Executive’s employment is earlier terminated
pursuant to Sections 6(a), (b), (c) or (e) hereof). 
 (e) Termination for Good Reason or Without Cause
during the Change in Control Protection Period. If, during the Change in Control Protection Period (defined below), Executive 

  
 5 

 
is terminated by the Company without Cause or Executive resigns for Good Reason, Executive shall be entitled to (i) the Accrued Amounts and (ii) subject to Executive’s execution,
delivery and non-revocation of a Release within the Release Period, the following payments and benefits in lieu of any severance benefits under Section 6(d) above: (A) a payment (the “Change in Control Severance
Payment”) equal to 2.0 times Executive’s then current Base Salary plus 2.0 times the Annual Bonus paid or payable for the most recently completed fiscal year (in addition to the Annual Bonus paid or payable with respect to the most
recently completed fiscal year); (B) to the extent any Annual Bonus could be earned in the current fiscal year under the terms of the Company’s bonus program but is not yet earned or paid, a prorated bonus (based on the Board’s
determination of Company performance through the date of termination), prorated through the date of termination and payable when the Company pays bonuses to other senior executives; (C) payment or reimbursement of health benefit continuation
coverage under COBRA from the termination date through the earlier of (x) twenty-four (24) months following the termination date or (y) the date Executive becomes eligible for health benefits with another employer (the “Change
in Control Benefits Continuation Period”), which shall be paid no later than the due date of payments for such coverage; provided that if and to the extent that any benefit described in this clause (C) cannot be paid or provided
under any Company plan or program without adverse tax consequences to Executive or the Company or without the Company incurring a fine or other penalty, then the Company shall pay Executive a monthly payment in an amount equal to 100% of the monthly
COBRA premium for the remainder of the Change in Control Benefits Continuation Period; and (D) 100% vesting of all of Executive’s unvested and outstanding options. The Change in Control Severance Payment shall be paid in a lump sum on the
first payroll date following the date on which the Release has become effective and irrevocable. Notwithstanding the foregoing, if the Release Period spans two (2) calendar years, then Change in Control Severance Payment will be paid on the
first payroll date that occurs in the second calendar year. All other benefits, if any, due Executive following a termination pursuant to this Section 6(e) shall be determined in accordance with the plans, policies and practices of the
Company; provided, that Executive shall not be entitled to any severance payments or benefits under any other agreement or any severance plan, policy or program of the Company Group. Executive shall not accrue any additional compensation
(including any Base Salary or Annual Bonus) or other benefits under this Agreement following such termination of employment. For purposes of this Section 6, (1) the “Change in Control Protection Period” means
(i) on or prior to August 26, 2012, or (ii) the twelve (12) month period following a “Change in Control” that occurs following the Effective Date (“Change in Control” as used in this Agreement shall
have the meaning ascribed to such term in the Saleen Holdings, Inc. 2011 Share Incentive Plan); and (2) “Good Reason” shall mean the occurrence, without Executive’s written consent, of any of the following events:
(A) a diminution in Base Salary or target Annual Bonus opportunity; (B) a material diminution in Executive’s titles, operational duties or responsibilities; provided, that Good Reason shall not have occurred if after a Change
in Control, Executive is performing substantially the same duties and responsibilities as before such Change in Control but the Company Group (or its successor) is a larger organization, or Executive is performing such duties and responsibilities
for a business unit of a parent entity that is a larger organization than the Company Group was before such Change in Control and the business unit continues substantially all of the business of the Company; (C) the relocation of
Executive’s primary office to a location that is not within a fifty (50) mile radius of the Company’s offices in Newark, California; or (D) the failure of any successor entity to the Company to assume this Agreement;

  
 6 

 
provided, that notwithstanding the foregoing, Executive’s termination will not be for Good Reason unless Executive (x) notifies the Company in writing of the existence of the
condition which Executive believes constitutes Good Reason within ninety (90) days of the initial existence of such condition (which notice specifically identifies such condition), (y) gives the Company at least thirty (30) days
following the date on which the Company receives such notice (and prior to termination) in which to remedy the condition (to the extent such condition is capable of being cured), and (z) if the Company does not remedy such condition within such
period, and Executive actually terminates employment within sixty (60) days after the expiration of such remedy period. 
 (f)
Notice of Termination. Any purported termination of Executive’s employment by the Company or by Executive shall be communicated by written Notice of Termination to the other Party in accordance with Section 10(e) hereof. For
purposes of this Agreement, “Notice of Termination” shall mean a notice that shall indicate the specific termination provision in this Agreement relied upon and shall, to the extent applicable, set forth in reasonable detail the
facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated. 
 7.
Non-Solicitation of Employees/Contractors; Confidentiality; Intellectual Property. 
 (a) Non-Solicitation of
Employees/Contractors. During the twelve (12) month period following the termination of Executive’s employment for any reason, Executive shall not, without the prior written consent of the Company, whether on Executive’s own
behalf or on behalf of or in conjunction with any person, firm, partnership, joint venture, association, corporation or other business organization, entity or enterprise whatsoever (“Person”): 

(i) directly or indirectly solicit, induce or encourage any employee of the Company, Parent or any of their respective affiliates (together,
the “Company Group”) to leave the employment of the Company Group; or 
 (ii) directly hire any employee who was a direct
report of Executive and was employed by a member of the Company Group as of the date of Executive’s termination of employment with the Company or who left the employment of the Company Group coincident with, or within the ninety (90) day
period immediately preceding, the termination of Executive’s employment with the Company Group. 
 (b) Confidentiality. 

(i) Executive shall not at any time (whether during or after Executive’s employment with the Company Group) (x) retain or use for
the benefit, purposes or account of Executive or any other Person (other than the Company or any member of the Company Group) or (y) disclose, divulge, reveal, communicate, share, transfer or provide access to any Person outside the Company
(other than its professional advisers who are bound by confidentiality obligations), any non-public, proprietary or confidential information – including, without limitation, trade secrets, know-how, research and development, software,
databases, inventions, processes, formulae, technology, designs and other intellectual property, information concerning finances, investments, profits, pricing, costs, products, services, vendors, customers, clients,

  
 7 

 
partners, investors, personnel, compensation, recruiting, training, advertising, sales, marketing, promotions, government and regulatory activities and approvals – concerning the past,
current or future business, activities and operations of the Company or any member of the Company Group and/or any third party that has disclosed or provided any of same to the Company or any member of the Company Group on a confidential basis
(“Confidential Information”) without the prior written authorization of the Board. 
 (ii) “Confidential
Information” shall not include any information that is (x) generally known to the industry or the public other than as a result of Executive’s breach of this covenant or any breach of other confidentiality obligations by third parties
(y) made legitimately available to Executive by a third party without breach of any confidentiality obligation or (z) required by law to be disclosed; provided that Executive shall give prompt written notice to the Company of
such requirement, disclose no more information than is so required, and cooperate with any attempts by the Company to obtain a protective order or similar treatment. 

(iii) Except as required by law, Executive shall not disclose to anyone, other than Executive’s immediate family and legal or financial
advisors, the existence or contents of this Agreement, provided they agree to maintain the confidentiality of such terms. 
 (iv)
Upon termination of Executive’s employment with the Company for any reason, Executive shall (w) cease and not thereafter commence use of any Confidential Information (including without limitation, any patent, invention, copyright, trade
secret, trademark, trade name, logo, domain name or other source indicator) owned or used by the Company, or any member of the Company Group (x) use his best efforts to immediately destroy, delete, or return to the Company, at the
Company’s option, all originals and copies in any form or medium (including memoranda, books, papers, plans, computer files, letters and other data) in Executive’s possession or control (including any of the foregoing stored or located in
Executive’s office, home, laptop or other computer, whether or not Company property) that contain Confidential Information or otherwise relate to the business of the Company Group, except that Executive may retain only those portions of any
personal notes, notebooks and diaries that do not contain any Confidential Information, (y) at the Company’s request, make available for inspection by the Company all electronic devices owned by Executive that may have contained
Confidential Information so that the Company may confirm the deletion of such Confidential Information and (z) notify and fully cooperate with the Company regarding the delivery or destruction of any other Confidential Information of which
Executive is or becomes aware. 
 (c) Intellectual Property. 

(i) If Executive creates, invents, designs, develops, contributes to or improves any works of authorship, inventions, intellectual property,
materials, documents or other work product (including, without limitation, research, reports, software, databases, systems, applications, presentations, textual works, content or audiovisual materials) (“Works”), either alone or
with third parties, at any time during Executive’s employment by the Company or any member of the Company Group and within the scope of such employment and/or with the use of any of the Company Group resources (“Company
Works”), Executive shall promptly and fully disclose same to the Company and hereby irrevocably assigns, transfers and conveys, to the 

  
 8 

 
maximum extent permitted by applicable law, all rights and intellectual property rights therein (including rights under patent, industrial property, copyright, trademark, trade secret, unfair
competition and related laws) to the Company to the extent ownership of any such rights does not vest originally in the Company. 
 (ii)
Executive agrees to keep and maintain adequate and current written records (in the form of notes, sketches, drawings, and any other form or media requested by the Company) of all Company Works. The records will be available to and remain the sole
property and intellectual property of the Company at all times. 
 (iii) Executive shall take all requested actions and execute all
requested documents (including any licenses or assignments required by a government contract) at the Company’s expense (but without further remuneration) to assist the Company in validating, maintaining, protecting, enforcing, perfecting,
recording, patenting or registering any of the Company’s rights in the Company Works. If the Company is unable for any other reason to secure Executive’s signature on any document for this purpose, then Executive hereby irrevocably
designates and appoints the Company and its duly authorized officers and agents as Executive’s agent and attorney in fact, to act for and in Executive’s behalf and stead to execute any documents and to do all other lawfully permitted acts
in connection with the foregoing. 
 (iv) Executive shall not improperly use for the benefit of, bring to any premises of, divulge,
disclose, communicate, reveal, transfer or provide access to, or share with the Company or any of its subsidiaries or affiliates any confidential, proprietary or non-public information or intellectual property relating to a former employer or other
third party without the prior written permission of such third party. Executive shall comply with all relevant policies and guidelines of the Company, including, without limitation, policies and guidelines regarding the protection of confidential
information and intellectual property and potential conflicts of interest. Executive acknowledges that the Company may amend any such policies and guidelines from time to time, and that Executive remains at all times bound by their most current
version while Executive is employed by the Company Group or, following such termination, the version in effect immediately prior to such termination. 

(v) Notwithstanding the foregoing, this Section 7(c) is subject to the provisions of California Labor Code Sections 2870,
2871 and 2872. In accordance with Section 2870 of the California Labor Code, Executive’s obligation to assign Executive’s right, title and interest throughout the world in and to all Company Works does not apply to any Works that
Executive developed entirely on Executive’s own time without using the Company’s equipment, supplies, facilities, or Confidential Information except for those Works that relate to either (A) the business of the Company at the time of
conception or reduction to practice of the Work, or actual or demonstrably anticipated research or development of the Company or (B) result from any work performed by Executive for the Company. A copy of California Labor Code Sections 2870,
2871 and 2872 is attached to this Agreement as Exhibit B. Executive shall disclose all Works to the Company, even if Executive does not believe that Executive is required under this Agreement, or pursuant to California Labor Code
Section 2870, to assign Executive’s interest in such Works to the Company. 

  
 9 

 (d) General. It is expressly understood and agreed that although Executive and the Company
consider the restrictions contained in this Section 7 to be reasonable (the “Covenants”) if a final judicial determination is made by a court of competent jurisdiction that the time or territory or any other restriction
contained in this Agreement is an unenforceable restriction against Executive, the provisions of this Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such
court may judicially determine or indicate to be enforceable. Alternatively, if any court of competent jurisdiction finds that any restriction contained in this Agreement is unenforceable, and such restriction cannot be amended so as to make it
enforceable, such finding shall not affect the enforceability of any of the other restrictions contained herein. 
 8. Specific
Performance. Executive acknowledges and agrees that the Company’s remedies at law for a breach or threatened breach of any of the Covenants would be inadequate and the Company would suffer irreparable damages as a result of such breach or
threatened breach. In recognition of this fact, Executive agrees that, in the event of such a breach or anticipated or threatened breach, in addition to any remedies at law, the Company, without posting any bond, shall be entitled to cease making
any payments or providing any benefit otherwise required by this Agreement and obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then
be available. 
 9. Make-Whole Payment. Notwithstanding anything to the contrary in either Article V of the Management Investors
Shareholders Agreement, dated August 26, 2011 (the “MISA”) or the letter agreement to the MISA (also dated August 26, 2011) with Executive, if an Initial Public Offering (as defined in the MISA) is consummated within six
(6) months after Executive is terminated without Cause or resigns for Good Reason, and Parent (or, to the extent provided in Section 5.4 of the MISA, the Silver Lake Investors (as defined in the MISA)) has exercised the call right set
forth in the MISA in whole or in part with respect to Call Shares (as defined in the MISA) then held by Executive or a member of Executive’s Call Group (as defined in the MISA) prior to such Initial Public Offering, then upon the date of the
consummation of such Initial Public Offering, Executive (or the applicable member of Executive’s Call Group) shall receive a cash payment from the Company or Parent equal to the excess, if any, of (A) the value that would have been payable
to Executive (or a member of Executive’s Call Group) in respect of the Call Shares previously sold to Parent (or the Silver Lake Investor(s)) through its exercise of the call right as of the date of such consummation (assuming for this purpose
that Executive or a member of Executive’s Call Group had held such Call Shares as of the date of such consummation) over (B) the Call Shares Price (as defined in the MISA) actually received by Executive or a member of Executive’s Call
Group for such Call Shares. 
 10. Miscellaneous. 

(a) Executive’s Representations. Executive hereby represents and warrants to the Company that (i) Executive has read this
Agreement in its entirety, fully understands the terms of this Agreement, has had the opportunity to consult with counsel prior to executing this Agreement and is signing the Agreement voluntarily and with full knowledge of its significance,
(ii) the execution, delivery and performance of this Agreement by Executive does not and shall not conflict with, breach, violate or cause a default under any contract, agreement, instrument, 

  
 10 

 
order, judgment or decree to which Executive is a party or by which he is bound, (iii) Executive is not a party to or bound by an employment agreement, non-compete agreement or
confidentiality agreement with any other person or entity which would interfere in any material respect with the performance of Executive’s duties hereunder and (iv) Executive shall not use any Confidential Information or trade secrets of
any person or party other than a member of the Company Group in connection with the performance of Executive’s duties hereunder. 
 (b)
Mitigation. Executive shall have no duty to mitigate Executive’s damages by seeking other employment and, should Executive actually receive compensation from any such other employment, the payments required hereunder shall not be reduced
or offset by any other compensation except as specifically provided herein. 
 (c) Waiver. No provision of this Agreement may be
modified, waived or discharged unless such waiver, modification or discharge is agreed to in a writing signed by Executive and an officer of the Company (other than Executive) duly authorized by the Board to execute such amendment, waiver or
discharge. No waiver by either Party of any breach of the other Party of, or compliance with, any condition or provision of this Agreement shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time. 
 (d) Successors and Assigns. 

(i) This Agreement is personal to Executive and without the prior written consent of the Company shall not be assignable by Executive other
than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by Executive’s legal representatives. 

(ii) This Agreement shall inure to the benefit of and be binding upon the Company and its successors and, other than as set forth in
Section 10(d)(iii), shall not be assignable by the Company without the prior written consent of Executive (which shall not be unreasonably withheld). 

(iii) This Agreement shall be assignable by the Company and/or Parent to any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business and/or assets of the Company and/or Parent; provided that, the Company and/or Parent shall require such successor to expressly assume and agree to perform this
Agreement in the same manner and to the same extent that the Company and/or Parent would be required to perform it if no such succession had taken place. As used in this Agreement, “Company” shall mean the Company as hereinbefore
defined and any successor to the business and/or assets of the Company which assumes and agrees to perform this Agreement by operation of law or otherwise and “Parent” shall mean Parent as hereinbefore defined and any successor to
the business and/or assets of Parent which assumes and agrees to perform this Agreement by operation of law or otherwise. 
 (e)
Notice. For the purpose of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given if delivered by overnight courier service, or if mailed by
registered mail, return receipt requested, postage prepaid, addressed to the respective addresses or sent via facsimile to the respective 

  
 11 

 
facsimile numbers, as the case may be, as set forth below, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change
of address shall be effective only upon receipt; provided, however, that (i) notices sent by personal delivery or overnight courier shall be deemed given when delivered, (ii) notices sent by facsimile transmission shall be
deemed given upon the sender’s receipt of confirmation of complete transmission, and (iii) notices sent by registered mail shall be deemed given two days after the date of deposit in the mail. 

If to Executive, to such address as shall most currently appear on the records of the Company. 

If to the Company, to: 
 SMART
Modular Technologies, Inc. 
 39870 Eureka Drive 

Newark, California 94560-4809 

Attention: Legal Department 

With a copy, which shall not constitute notice to the Company, to: 

Silver Lake Partners and 

Silver Lake Sumeru 
 2775 Sand
Hill Road, Suite 100 
 Menlo Park, California 94025 

Fax No.: (650) 233-8125 

Attention: General Counsel 
 (f)
GOVERNING LAW; CONSENT TO JURISDICTION. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICTING PROVISION OR RULE (WHETHER OF THE STATE
OF CALIFORNIA OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF CALIFORNIA TO BE APPLIED. IN FURTHERANCE OF THE FOREGOING, THE INTERNAL LAW OF THE STATE OF CALIFORNIA WILL CONTROL THE INTERPRETATION AND
CONSTRUCTION OF THIS AGREEMENT, EVEN IF UNDER SUCH JURISDICTION’S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY. ANY ACTION TO ENFORCE THIS AGREEMENT MUST BE BROUGHT IN, AND THE
PARTIES HEREBY CONSENT TO THE JURISDICTION OF, A COURT SITUATED IN ALAMEDA COUNTY, CALIFORNIA. EACH PARTY HEREBY WAIVES THE RIGHTS TO CLAIM THAT ANY SUCH COURT IS AN INCONVENIENT FORUM FOR THE RESOLUTION OF ANY SUCH ACTION. 

(g) Set Off. The Company’s obligation to pay Executive the amounts provided and to make the arrangements provided hereunder shall
be subject to set-off, counterclaim or recoupment of any amounts owed by Executive to the Company or any of its affiliates except to the extent any such set-off, counterclaim or recoupment would violate, or result in the imposition of tax under
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), in which case such right shall be null and void. 

  
 12 

 (h) Compliance with IRC Section 409A. Notwithstanding anything herein to the
contrary, (i) if at the time of Executive’s termination of employment with the Company, Executive is a “specified employee” as defined in Section 409A of the Code and the deferral of the commencement of any payments or
benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then the Company will defer the commencement of the payment of
any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to Executive) to the extent necessary to comply with the requirements of Section 409A of the Code until the first business
day that is more than six months following Executive’s termination of employment with the Company (or the earliest date as is permitted under Section 409A of the Code) and (ii) if any other payments of money or other benefits due to
Executive hereunder could cause the application of an accelerated or additional tax under Section 409A of the Code, such payments or other benefits shall be deferred if deferral will make such payment or other benefits compliant under
Section 409A of the Code, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by the Board, that does not cause such an accelerated or additional tax. In the event that payments
under this Agreement are deferred pursuant to this Section 10(h) in order to prevent any accelerated tax or additional tax under Section 409A of the Code, then such payments shall be paid at the time specified under this
Section 10(h) without any interest thereon. The Company shall consult with Executive in good faith regarding the implementation of this Section 10(h); provided that neither the Company nor any member of the Company Group,
employees or representatives shall have any liability to Executive with respect to the imposition of any early or additional tax under Section 409A of the Code. Notwithstanding anything to the contrary herein, to the extent required by
Section 409A of the Code, a termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of amounts or benefits upon or following a termination of employment unless
such termination is also a “Separation from Service” within the meaning of Section 409A of the Code and, for purposes of any such provision of this Agreement, references to a “resignation,” “termination,”
“termination of employment” or like terms shall mean “Separation from Service.” For purposes of Section 409A of the Code, each payment made under this Agreement shall be designated as a “separate payment” within
the meaning of Section 409A of the Code. Notwithstanding anything to the contrary herein, except to the extent any expense, reimbursement or in-kind benefit provided pursuant to this Agreement does not constitute a “deferral of
compensation” within the meaning of Section 409A of the Code, (x) the amount of expenses eligible for reimbursement or in-kind benefits provided to Executive during any calendar year will not affect the amount of expenses eligible for
reimbursement or in-kind benefits provided to Executive in any other calendar year, (y) the reimbursements for expenses for which Executive is entitled to be reimbursed shall be made on or before the last day of the calendar year following the
calendar year in which the applicable expense is incurred and (z) the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other benefit. 

(i) 280G Cutback. Notwithstanding any other provision of this Agreement to the contrary, if payments made or benefits provided
pursuant to Section 6 herein are considered 

  
 13 

 
“parachute payments” under Code Section 280G, then such parachute payments plus any other payments made or benefits provided by the Company to Executive which are
considered parachute payments shall be limited to the greatest amount which may be paid to Executive under Code Section 280G without causing any loss of deduction to the Company under such section, but only if, by reason of such reduction, the
net after tax benefit to Executive shall exceed the net after tax benefit if such reduction were not made. “Net after tax benefit” for purposes of this Agreement shall mean the sum of (i) the total amounts payable to Executive
under Section 6, plus (ii) all other payments and benefits which Executive receives or then is entitled to receive from the Company or an affiliate that would constitute a “parachute payment” within the meaning of Code
Section 280G, less (iii) the amount of federal and state income taxes payable with respect to the foregoing calculated at the maximum marginal income tax rate for each year in which the foregoing shall be paid to Executive (based upon the
rate in effect for such year as set forth in the Code at the time of termination of Executive’s employment), less (iv) the amount of excise taxes imposed with respect to the payments and benefits described in (i) and (ii) above
by Code Section 4999. The determination as to whether and to what extent payments are required to be reduced in accordance with this Section 10(i) shall be made at the Company’s expense by a nationally recognized certified
public accounting firm as may be designated by the Company and reasonably acceptable to Executive prior to a Change in Control (the “Accounting Firm”). In the event of any mistaken underpayment or overpayment under this
Section 10(i), as determined by the Accounting Firm, the amount of such underpayment or overpayment shall forthwith be paid to Executive or refunded to the Company, as the case may be, but only to the extent any such refund would result
in (i) no portion of such payments being subject to the excise tax imposed by Section 4999 of the Code and (ii) a dollar-for-dollar reduction in Executive’s taxable income and wages for purposes of federal, state and local income
and employment taxes, with interest at the applicable Federal rate provided for in Code Section 7872(f)(2). Any reduction in payments required by this Section 10(i) shall occur in the following order: (1) any cash severance,
(2) any other cash amount payable to Executive, (3) any benefit valued as a “parachute payment,” and (4) the acceleration of vesting of any equity-based awards.  

(j) Severability of Invalid or Unenforceable Provisions. The invalidity or unenforceability of any provision or provisions of this
Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which other provisions shall remain in full force and effect. 

(k) Advice of Counsel and Construction. Each Party acknowledges that such Party had the opportunity to be represented by counsel in the
negotiation and execution of this Agreement. Accordingly, the rule of construction of contract language against the drafting party is hereby waived by each Party. 

(l) Entire Agreement. This Agreement constitutes the entire agreement among the Parties as of the Effective Date and supersedes all
previous agreements and understandings among the Parties with respect to the subject matter hereof (excluding, however, the MISA or any equity award agreement executed by Executive unless specifically set forth herein). 

  
 14 

 (m) Withholding Taxes. The Company shall be entitled to withhold from any payment due to
Executive hereunder any amounts required to be withheld by applicable tax laws or regulations. 
 (n) Section Headings. The headings
of the Sections hereof are provided for convenience only and are not to serve as a basis for interpretation or construction, and shall not constitute a part of this Agreement. 

(o) Cooperation. During the Term and at any time thereafter, Executive agrees to cooperate (i) with the Company in the defense of
any legal matter involving any matter that arose during Executive’s employment with the Company or any other member of the Company Group and (ii) with all government authorities on matters pertaining to any investigation, litigation or
administrative proceeding pertaining to the Company or any other member of the Company Group. The Company will reimburse Executive for any reasonable travel and out of pocket expenses incurred by Executive in providing such cooperation. 

(p) Survival. Sections 5, 7 and 8 shall survive and continue in full force in accordance with their terms notwithstanding any
termination for any reason of this Agreement or of the Term or of Executive’s employment with the Company or any other member of the Company Group. 

(q) Continuation of Employment; Termination On or After Expiration of the Term. Unless the Parties otherwise agree in writing,
continuation of Executive’s employment with the Company or any other member of the Company Group beyond the expiration of the Term shall be deemed an employment “at-will” and shall not be deemed to extend any of the provisions of this
Agreement, and Executive’s employment may thereafter be terminated “at-will” by Executive or the Company. 
 (r)
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. 

[Signature page follows.] 

  
 15 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first above
written. 
  

					
	SMART MODULAR TECHNOLOGIES, INC.
		
	By:	 	/s/ Jack Pacheco
		 	Name:	 	Jack Pacheco
		 	Title:	 	SVP, CFO & COO
	
	SALEEN HOLDINGS, INC.
		
	By:	 	/s/ Ajay Shah
		 	Name:	 	Ajay Shah
		 	Title:	 	Director
	
	EXECUTIVE
		
		 	/s/ Iain MacKenzie
		 	Iain MacKenzie

 [Signature Page to Employment Agreement] 

  
 16 

 EXHIBIT A 

GENERAL RELEASE 
 THIS
AGREEMENT AND RELEASE, dated as of             , 20     (this “Agreement”), is entered into by and between
                     (“Executive”) and SMART Modular Technologies, Inc. (the “Company”). 

WHEREAS, Executive is currently employed with the Company; and 

WHEREAS, Executive’s employment with the Company will terminate effective as of
            , 20    ; 
 NOW, THEREFORE, in
consideration of the mutual promises and covenants contained in this Agreement and other good and valuable consideration, Executive and the Company hereby agree as follows: 

1. Executive shall be provided severance pay and other benefits (the “Severance Benefits”) in accordance with the terms and
conditions of Section 6 of the employment agreement by and between Executive and the Company, dated as of December     , 2012 (the “Employment Agreement”); provided, that no such Severance
Benefits shall be paid or provided if Executive revokes this Agreement pursuant to Section 5 below. 
 2. Executive, for and on
behalf of himself and Executive’s heirs, successors, agents, representatives, executors and assigns, hereby waives and releases any common law, statutory or other complaints, claims, demands, expenses, damages, liabilities, charges or causes of
action (each, a “Claim”) arising out of or in any way relating to Executive’s employment or termination of employment with, Executive’s serving in any capacity in respect of, or Executive’s status at any time as a
holder of any securities of, any of the Company and any of its affiliates (collectively, the “Company Group”), both known and unknown, in law or in equity, which Executive may now have or ever had against any current or former
member of the Company Group or any current or former equityholder, investor, agent, representative, administrator, trustee, attorney, insurer, fiduciary, employee, director or officer of any member of the Company Group, including their successors
and assigns (collectively, the “Company Releasees”), including, without limitation, any Claim for any severance benefit which might have been due Executive under any previous agreement executed by and between any member of the
Company Group and Executive; any Claim related to compensation or benefits from any of the Company Releasees, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any
other ownership interests in any member of the Company Group; any Claim for breach of contract, wrongful termination or breach of the implied covenant of good faith and fair dealing; any tort Claim, including claims for fraud, defamation, emotional
distress, and discharge in violation of public policy; all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of
1964 (as amended); and any complaint, charge or cause of action arising out of Executive’s employment with any member of the Company Group under the Age Discrimination in Employment Act of 1967 (“ADEA,” a law which prohibits
discrimination on the basis of age 

  
 1 

 
against individuals who are age 40 or older), the National Labor Relations Act, the Civil Rights Act of 1991, the Americans with Disabilities Act of 1990, the Employee Retirement Income Security
Act of 1974, the Family Medical Leave Act, the Equal Pay Act, the Securities Act of 1933, the Securities Exchange Act of 1934, the Rehabilitation Act of 1973, the Worker Adjustment and Retraining Notification Act, the California Fair Employment and
Housing Act (as amended), Calif. Gov’t Code §12900 et seq., the California Family Rights Act, California law regarding Relocations, Terminations and Mass Layoffs and the California Labor Code, all as amended; Sections 1981 through 1988 of
Title 42 of the United States Code, California Business and Professions Code § 17200 or any other provisions of the California unfair trade or business practices laws, the California Occupational Safety and Health Act, Divisions 4, 4.5,
and 4.7 of the California Labor Code beginning at § 3200, any provision of the California Constitution, any provision of the California Labor Code that may lawfully be released, the Employee Retirement Income Security Act of 1974 (except for
any vested benefits under any tax qualified benefit plan), the Immigration Reform and Control Act, the Workers Adjustment and Retraining Notification Act, the Fair Credit Reporting Act; any public policy, contract, tort, or common law; all other
federal, state and local statutes, ordinances and regulations and any basis for recovering costs, fees, or other expenses including attorneys’ fees incurred in these matters. By signing this Agreement, Executive acknowledges that Executive
intends to waive and release any rights known or unknown Executive may have against any and all of the Company Releasees under these and any other laws; provided that, Executive does not waive or release Claims (i) with respect to
the right to enforce this Agreement or those provisions of the Employment Agreement that expressly survive the termination of Executive’s employment with the Company, (ii) with respect to any vested right Executive may have under any
employee pension or welfare benefit plan of any member of the Company Group or (iii) any rights to indemnification preserved by Section 5 of the Employment Agreement. 

3. Executive has read Section 1542 of the California Civil Code, which states in full: “A general release does not extend to claims
which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.” Executive expressly waives any
rights that Executive may have under Section 1542 of the California Civil Code to the full extent that Executive may lawfully waive such rights pertaining to a general release of claims, and Executive affirms that Executive is releasing all
known or unknown claims that Executive has or may have against the Company or any of the Company Releasees as stated in this Release. 
 THIS MEANS THAT,
BY SIGNING THIS RELEASE, EXECUTIVE WILL HAVE WAIVED ANY RIGHT EXECUTIVE MAY HAVE HAD TO BRING A LAWSUIT OR MAKE ANY CLAIM AGAINST ANY OF THE COMPANY RELEASEES BASED ON ANY ACTS OR OMISSIONS OF ANY OF THE COMPANY RELEASEES UP TO THE DATE OF THE
SIGNING OF THIS RELEASE. NOTWITHSTANDING THE ABOVE, NOTHING IN THIS AGREEMENT SHALL PREVENT EXECUTIVE FROM (I) INITIATING OR CAUSING TO BE INITIATED ON EXECUTIVE’S BEHALF ANY COMPLAINT, CHARGE, CLAIM OR PROCEEDING AGAINST THE COMPANY
BEFORE ANY LOCAL, STATE OR FEDERAL AGENCY, COURT OR OTHER BODY CHALLENGING THE VALIDITY OF THE WAIVER OF EXECUTIVE’S CLAIMS UNDER ADEA CONTAINED IN THIS AGREEMENT (BUT NO OTHER PORTION OF SUCH WAIVER); OR (II) INITIATING OR PARTICIPATING
IN (BUT NOT BENEFITING FROM) AN INVESTIGATION OR PROCEEDING CONDUCTED BY THE EQUAL EMPLOYMENT OPPORTUNITY COMMISSION WITH RESPECT TO ADEA. 

  
 2 

 4. Executive acknowledges that Executive has been given twenty-one (21) days from the date
of receipt of this Agreement to consider all of the provisions of the Agreement and, to the extent Executive has not used the entire 21-day period prior to executing this Agreement, Executive does hereby knowingly and voluntarily waive the remainder
of said 21-day period. EXECUTIVE FURTHER ACKNOWLEDGES THAT EXECUTIVE HAS READ THIS AGREEMENT CAREFULLY, HAS BEEN ADVISED BY THE COMPANY TO CONSULT AN ATTORNEY AND FULLY UNDERSTANDS THAT BY SIGNING BELOW EXECUTIVE IS GIVING UP CERTAIN RIGHTS WHICH
EXECUTIVE MAY HAVE TO SUE OR ASSERT A CLAIM AGAINST ANY OF THE COMPANY RELEASEES, AS DESCRIBED HEREIN AND THE OTHER PROVISIONS HEREOF. EXECUTIVE ACKNOWLEDGES THAT EXECUTIVE HAS NOT BEEN FORCED OR PRESSURED IN ANY MANNER WHATSOEVER TO SIGN THIS
AGREEMENT AND EXECUTIVE AGREES TO ALL OF ITS TERMS VOLUNTARILY. 
 5. Executive shall have seven (7) days from the date of
Executive’s execution of this Agreement to revoke the release, including with respect to all claims referred to herein (including, without limitation, any and all claims arising under ADEA). If Executive revokes this Agreement, Executive will
be deemed not to have accepted the terms of this Agreement. 
 6. Executive hereby agrees not to defame or disparage any member of the
Company Group or any executive, manager, employee, director, or officer of any member of the Company Group in any medium to any person without limitation in time. Notwithstanding this provision, Executive may confer in confidence with
Executive’s legal representatives and make truthful statements as required by law. 
 7. Each party and its counsel have reviewed this
Agreement and have been provided the opportunity to review this Agreement and accordingly, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation
of this Agreement. Instead, the language of all parts of this Agreement shall be construed as a whole, and according to their fair meaning, and not strictly for or against either party. 

[Signature Page Follows] 

  
 3 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above
written. 
  

			
	SMART MODULAR TECHNOLOGIES, INC.
		
	By:	 	  

	Name:	 	
	Its:	 	
	
	EXECUTIVE
	
	  

	Iain MacKenzie

 [Signature Page to General Release] 

  
 4 

 EXHIBIT B 

California Labor Code Sections 2870, 2871 and 2872 

SECTION 2870 
 (a) Any provision in an employment agreement
which provides that an employee shall assign, or offer to assign, any of his or her rights in an invention to his or her employer shall not apply to an invention that the employee developed entirely on his or her own time without using the
employer’s equipment, supplies, facilities, or trade secret information except for those inventions that either: 
  

	 	(1)	Relate at the time of conception or reduction to practice of the invention to the employer’s business, or actual or demonstrably anticipated research or development of the employer; or 

 

	 	(2)	Result from any work performed by the employee for the employer. 

 (b) To the extent a provision in an
employment agreement purports to require an employee to assign an invention otherwise excluded from being required to be assigned under subdivision (a), the provision is against the public policy of this state and is unenforceable. 

SECTION 2871 
 No employer shall require a provision made
void and unenforceable by Section 2870 as a condition of employment or continued employment. Nothing in this article shall be construed to forbid or restrict the right of an employer to provide in contracts of employment for disclosure,
provided that any such disclosures be received in confidence, of all of the employee’s inventions made solely or jointly with others during the term of his or her employment, a review process by the employer to determine such issues as may
arise, and for full title to certain patents and inventions to be in the United States, as required by contracts between the employer and the United States or any of its agencies. 

SECTION 2872 
 If an employment agreement entered into
after January 1, 1980 contains a provision requiring the employee to assign or offer to assign any of his or her rights in any invention to his or her employer, the employer must also, at the time the agreement is made, provide a written
notification to the employee that the agreement does not apply to an invention which qualifies fully under the provisions of Section 2870. In any suit or action arising thereunder, the burden of proof shall be on the employee claiming the
benefits of its provisions. 

  
 1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00270-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00270-of-00352.parquet"}]]