Document:

Exhibit

CONFIDENTIAL TRANSITION, SEPARATION AND GENERAL RELEASE AGREEMENT
Steve R. Smith and JBT Corporation
This Confidential Transition, Separation and General Release Agreement (“Agreement”) is entered into between Steve R. Smith (“Mr. Smith”) and JBT Corporation (“the Company”).  
	
	
	I.  TRANSITION AND  SEPARATION FROM EMPLOYMENT 

Mr. Smith is currently an Executive Vice President for the Company and the President of JBT FoodTech.  Mr. Smith and the Company agree that Mr. Smith’s employment relationship with the Company will transition under the terms set forth below, and end as of April 6, 2018 (hereinafter “Separation Date”):

The parties agree that Mr. Smith will remain employed by the Company with the same salary (hereinafter “Current Base Pay”) through the Separation Date.  Up to and including the Separation Date, Mr. Smith agrees to remain actively employed on a full time basis, cooperate fully with Company management, accept any reasonable title changes, perform any and all duties assigned to him, provide any requested support and participate in a positive manner in the transition of duties to his successors, maintain a high level of performance and otherwise take all steps necessary to ensure a prompt and complete transition of his duties. Without limitation of the foregoing, Mr. Smith acknowledges and agrees that his title will be initially changed to Executive Vice President, President-Global Protein, and he will have responsibility for managing JBT’s Global Protein businesses.

The Company and Mr. Smith will prepare mutually agreeable statement(s) to be used to announce Mr. Smith’s transition and separation from the Company, at time(s) to be agreed upon by the parties, subject to any requirements under securities disclosure regulations.
  
	
	
	II.  BENEFITS/CONSIDERATION 

In exchange for the consideration provided under this Agreement, including Mr. Smith’s work on behalf of the Company through the Separation Date, the Company has agreed, in the event of Mr. Smith’s execution and non-revocation of this Agreement, and subject to all provisions of this Agreement, to the following severance package:
(a)       The Company will allow Mr. Smith to continue to be employed, as described in Section I above, through the Separation Date;    
(b)      The parties agree that Mr. Smith’s employment under this Agreement has been structured to not negatively impact his ability to realize the vesting of his stock awards under the JBT Incentive Compensation and Stock Plan due to vest on November 21, 2017 and  April 1, 2018.  Mr. Smith recognizes that the stock grants described above are otherwise subject to the requirements of the JBT Incentive Compensation and Stock Plan, and any other legal requirements.  
(c)       The Company will provide Mr. Smith with an annual incentive under the JBT Incentive Compensation and Stock Plan for 2017, with actual payment dependent on JBT performance according to the terms in the plan and approved by the Board of Directors’ Compensation Committee in February of 2018, to be paid at the time that other employees payments of these bonuses are made; 
(d)    The Company will provide Mr. Smith with a lump sum payment of $26,277, constituting fifteen (15) times the Company's portion of Mr. Smith’s current monthly premium for medical and dental coverage, under the terms set forth in paragraph 4.1(c) of the John Bean Technologies Corporation Executive Severance Plan, 

effective, as Amended and Restated, January 1, 2013 (hereinafter “JBT Executive Severance Plan”), to be paid within fourteen (14) calendar days following the Separation Date; 
(e)    The Company will provide Mr. Smith with a lump sum payment of his earned and accrued but unused 2018 vacation, under the terms set forth in paragraph 4.1(d) of the JBT Executive Severance Plan, to be paid within fourteen (14) calendar days following the Separation Date; 
(f)    The Company will provide Mr. Smith with outplacement assistance under the terms set forth in paragraph 4.1(e) of the JBT Executive Severance Plan; 
(g)    The Company will provide Mr. Smith with a lump sum payment of the remaining amounts due to him in 2018 for financial planning/tax preparation assistance under the terms set forth in paragraph 4.1(f) of the JBT Executive Severance Plan, to be paid within fourteen (14) calendar days following the Separation Date. 
All payments and benefits described above are contingent upon Mr. Smith’s execution and non-revocation of the Supplemental Release, which Mr. Smith shall sign on the Separation Date.  If Mr. Smith fails to execute, or revokes the Supplemental Release, then he will not be entitled to those payments and benefits.  
The parties further agree that this Agreement will not negatively impact Mr. Smith’s: (i) entitlement to benefits accrued under the Company’s Non-Qualified Savings and Investment Plan and the Company’s Salaried Employees’ Equivalent Retirement Plan (non-qualified pension); or (ii) any of Mr. Smith’s other vested retirement benefits under the JBT Pension Plan or 401k Plan.

Except as specifically stated herein, Mr. Smith understands that all of his entitlement to compensation and Company-provided benefits will cease on the Separation Date under this Agreement.  Mr. Smith further understands and agrees that he is not entitled to any additional separation or severance pay or benefits not listed above in this Section II.  Without limiting the foregoing, Mr. Smith also understands and agrees that he is not entitled to any severance pay or benefits under the JBT Executive Severance Plan other than those benefits specifically listed as a benefit due to him in this Section II and, as such, Mr. Smith specifically releases and discharges the Company from any obligations arising out of the JBT Executive Severance Plan which are not specifically listed as a benefit due to him in this Section II.  Finally, Mr. Smith understands and agrees that the Company is entitled to withhold from any amounts payable under this Agreement all taxes as may be legally required (including, without limitation, any federal taxes and any other state, city, or local taxes).

	
	
	III.  RELEASE AND WAIVER

In consideration for the benefits and consideration described above, Mr. Smith  releases, waives, and forever discharges the Company, its subsidiaries and affiliates and all of their respective agents, employees, officers, directors, shareholders, successors, and assigns (“Released Parties”) from any and all actions, demands, obligations, agreements, or proceedings of any kind, whether known or unknown, at this time, arising out of, or connected with, Mr. Smith’s employment with the Company, his separation from the Company, and/or end of his employment, including, but not limited to all matters in law, in equity, in contract, or in tort, or pursuant to statute, including damages, attorney’s fees, costs and expenses and, without limiting the generality of the foregoing, to all claims arising under the Age Discrimination in Employment Act of 1967, as amended (“ADEA”), the Older Worker Benefit Protection Act (“OWBPA”), Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Americans With Disabilities Act, the Family and Medical Leave Act or any other federal, state, or local law, statute, or ordinance affecting his employment with or separation from the Company.  Mr. Smith’s release of claims includes any and all claims of discrimination, retaliation and any 

other type.  
Nothing in this Agreement is intended to prevent Mr. Smith from filing a charge or complaint with, or from participating in an investigation or proceeding conducted by, the Equal Employment Opportunity Commission or any other federal, state or local agency charged with the enforcement of any employment laws, although by signing this release Mr. Smith waives the right to individual relief based on claims asserted in such a charge or complaint, except for any instances where such a waiver is prohibited.  
The Company and Mr. Smith both understand that this Agreement does not release any rights or claims of Mr. Smith against any of the Released Parties (i) that arise after the date this Agreement is signed by Mr. Smith, until and unless the Supplemental Release is executed, and thereafter, with respect to those that arise after the date the Supplemental Release is executed by Mr. Smith, (ii) that cannot be released as a matter of law, or (iii) to enforce the terms of this Agreement.
The Company, on behalf of itself, its subsidiaries and affiliates, and all of their respective agents, employees, officers, directors, shareholders, successors, and assigns, hereby releases, waives, and forever discharges Mr. Smith from any and all actions, demands, obligations, agreements, or proceedings of any kind, whether known or unknown, at this time, arising out of or connected with, Mr. Smith’s employment with the Company.

	
	
	IV.  VOLUNTARY AGREEMENT; ADVICE OF COUNSEL; 21-DAY PERIOD

Mr. Smith acknowledges that:
		
	(a)
	He has read this Agreement, and understands its legal and binding effect.  He is acting voluntarily and of his own free will in executing this Agreement.

		
	(b)
	The consideration for this Agreement, described above, is in addition to anything of value to which he already is entitled.

		
	(c)
	He has had the opportunity to seek, and he was advised in writing to seek, legal counsel prior to signing this Agreement.

		
	(d)
	He has been given at least twenty one (21) days to consider the terms of this Agreement before signing it.  

		
	(e)
	He agrees with the Company that changes, whether material or immaterial, do not restart the running of the 21-day consideration period.

		
	(f)
	He has (i) received all compensation due him as a result of services performed for the Company up through his execution of this Agreement; (ii) reported to the Company any and all work-related injuries incurred by him during his employment by the Company; and (iii) provided the Company with written notice of any and all concerns regarding suspected ethical and compliance issues or violations on the part of the Company or any released person or entity.

	
	
	V.  REVOCATION

If Mr. Smith signs this Agreement, it is because he freely chose to do so after considering its terms.  Additionally, Mr. Smith shall have seven (7) days from the date of the signing of this Agreement to revoke this Agreement by delivering a written notice of revocation to the Company’s Executive Vice President, Human Resources at the Company’s headquarters location in Chicago, Illinois.  The parties understand and agree that the release and waiver set forth above, as well as all other provisions of this Agreement, will not 

be effective until after this seven-day period has expired.  If the revocation day expires on a weekend or holiday, Mr. Smith will have until the end of the next business day to revoke.

	
	
	VI.  BINDING AGREEMENT

Mr. Smith understands that following the seven-day revocation period, this Agreement will be final and binding.  Mr. Smith promises that he will not pursue any claim that he has waived and/or released by the Agreement.  If Mr. Smith breaks that promise, he agrees to pay all of the Company’s costs and expenses (including reasonable attorneys’ fees) related to the defense of any claims, except this provision does not apply to claims that he may have under the OWBPA and the ADEA.    

	
	
	VII.  CONFIDENTIALITY; COMPANY PROPERTY; NON-COMPETITION/SOLICITATION; COOPERATION AND NON-DISPARAGEMENT

Mr. Smith recognizes and acknowledges that the liquid foods and protein industries is a unique and competitive industry where confidential information and trade secrets are of the utmost importance.  Mr. Smith recognizes and during the remainder of his employment and following the Separation Date, he will not disclose, in any manner, or use for or on behalf of anyone except the Company, or authorize anyone else to disclose or use, Confidential Information or Trade Secrets of the Company or its subsidiaries.  For purposes of this Agreement, “Confidential Information” shall mean any information, in any form, of or regarding the Company or its subsidiaries which the Company or its subsidiaries compiled or collected at significant expense and effort, and includes all information that Company or its subsidiaries desires to protect and keep confidential or that Company or any of its subsidiaries is obligated to third parties to keep confidential, including but not limited to "Trade Secrets" to the full extent of the definition of that term under Illinois law.  Examples of Confidential Information are customer contacts and lists, current and future projects, pricing structure, IP/patents/trademarks, not publicly known product features, attributes and details of products, product roadmap and future innovation plans, M&A pipeline, M&A approach and process, financial models, financial thresholds, M&A strategy, future programs with customers, lists of potential acquisition targets, customer contracts, JBT strategic information, current and planned engineering technology, and key suppliers and partner lists. Mr. Smith acknowledges and agrees that the Confidential Information identified above constitute trade secrets of the Company and/or its subsidiaries, and that the unauthorized use or disclose of this Confidential Information by Mr. Smith would cause significant and immeasurable damage to the Company and its subsidiaries.  Mr. Smith’s obligations not to use or disclose Confidential Information shall continue indefinitely until the information is no longer considered a Trade Secret under Illinois law, or until the Confidential Information in question has been made generally available to the public either by the Company or by a third party with the Company's consent.  
Mr. Smith agrees to coordinate with the Company’s Executive Vice President, Human Resources regarding the timing of his return of all Confidential Information, computer hardware or software, files, papers, memoranda, correspondence, customer lists, financial data, credit cards, keys, tape recordings, pictures, and security access cards, and any other items of any nature which were or are the property of the Company.   
Mr. Smith agrees to maintain the confidentiality of this Agreement and will not disclose in any fashion the amount of the benefits he receives under this Agreement, and/or the substance or content of discussions involved in this Agreement, to any person other than his spouse, attorneys, accountants, and tax advisors as required by appropriate taxing authorities, or otherwise as required by law that is not otherwise disclosed by the Company pursuant to its disclosure obligations under securities regulations. 

Mr. Smith agrees that during the remainder of his employment, and for a period of twenty four (24) months immediately following the Separation Date, he will not: (i) become an owner, director, partner or investor in, or accept or engage in employment or engage as an independent contractor with, any person or entity that competes with the Company or any of its subsidiaries for products or service which the Company or any of its subsidiaries provides, anywhere that the Company does business, which Mr. Smith and the Company agree is the entirety of the continental United States as well as other countries where Mr. Smith has knowledge of the Company doing business; (ii) become an owner, director, partner or investor in, or accept any position, whether as an employee or an independent contractor, with a fund, family wealth office, private equity firm or other venture that competes for deals in the protein or liquid foods industries; (iii) taking any actions, either as an employee, independent contractor, or otherwise, to induce or incite any partner or supplier of the Company of any its subsidiaries to cease, curtail or diminish the amount of business that the partner or supplier conducts with the Company or its subsidiaries, or otherwise interfere in the relationship between these suppliers and partners, on the one hand, and the Company and its subsidiaries, on the other hand; (iv) solicit any customers of the Company or any of its subsidiaries with whom he had or made contact during the last three (3) years of his employment with the Company, or about whom he gained confidential information during the last three (3) years of his employment with the Company, for the purposes of selling or providing any products or services that are competitive with those provided by the Company at the time of Mr. Smith’s termination or in which the Company, to Mr. Smith’s knowledge, becomes involved during the restricted period; (v) solicit or induce any employees of the Company or any of its subsidiaries with whom he had contact in his employment with the Company to terminate their employment with the Company, or (vi) hire or cause to be hired,  by any person or entity who is engaged in a business competitive with the Company or its subsidiaries, any employees of the Company or any of its subsidiaries with whom he had contact in his employment with the Company.

Notwithstanding Mr. Smith’s general obligations in the immediately preceding paragraph, if Mr. Smith desires to accept employment or engagement with a general diversified industrial manufacturing company, but contends that the segment in which he is employed or engaged is not in competition with the Company, then Mr. Smith may contact the Company to discuss such potential employment or engagement.  If, following such discussion, the Company agrees that such employment or engagement would not violate any of his post-employment restrictions, the Company will provide Mr. Smith written confirmation of its decision and Mr. Smith’s employment or engagement will not be deemed a violation of this Agreement; provided, however, that any such waiver or agreement by the Company will only apply to the position discussed with Mr. Smith and will not preclude or prevent the Company from seeking to enforce the terms of this Agreement should Mr. Smith’s duties change or should he subsequently seek employment or engagement with another company.  

Mr. Smith agrees and acknowledges that the activity, geographic and temporal scope of the restrictions of this Section VII are reasonable, necessary for the protection of legitimate business interests of the Company and its subsidiaries, and will not prohibit Mr. Smith from being able to obtain meaningful employment during the restricted period. 

Mr. Smith agrees to reasonably cooperate with the Released Parties regarding any pending or subsequently filed litigation, claims or other disputes involving the Released Parties or Company customers that relate to matters within the knowledge or responsibility of Mr. Smith; provided there is no conflict between Mr. Smith’s legal interests and those of the Company in the reasonable judgment of Mr. Smith or his legal counsel.  The Company agrees to reimburse all reasonable expenses incurred by Mr. Smith in connection with such assistance, including reasonable travel, meals, rental car, and hotel expenses, if any; provided such expenses are documented in a manner consistent with expense reporting policies of the Company as may be in effect from time to time.  

The Company and Mr. Smith agree not to make statements to clients, customers and suppliers of the Company (or any of its affiliates) or to other members of the public that are in any way disparaging or negative towards the other, or any of their affiliates, or the products, services, representatives or employees of any of the foregoing.

Mr. Smith acknowledges that the restrictions contained in this Section VII are reasonable and necessary to protect the business and interests of the Company and its subsidiaries and that any violation of these restrictions will cause substantial and irreparable injury to the Company and its subsidiaries, and as a consequence thereof, Employee agrees that the Company is entitled, in addition to any other remedies, to preliminary and permanent injunctive relief to secure specific performance, and to prevent a breach or contemplated breach, of Section VII, without the posting of any bond or security.  Mr. Smith further acknowledges that if he fails to comply with any of the provisions of this Section VII, the time period for the restriction will be extended by one day for each day Mr. Smith is found to have violated it, up to a maximum of twenty four (24) months.  In addition, in the event that the Company successfully brings litigation against Mr. Smith for breach of the provisions of this Section VII, the Company shall be entitled, in addition to any other remedies awarded to it, to its reasonable attorneys’ fees incurred in prosecuting the litigation.  The Company shall be deemed the prevailing party for all purposes if relief of any kind is granted to it, irrespective of whether some relief requested by it is denied.  

	
	
	VIII.  GENERAL PROVISIONS

It is the intention of the parties that the payments to which Mr. Smith is entitled pursuant to this Agreement will not be subject to the additional tax and interest under the Internal Revenue Code Section 409A (“Section 409A”).  If Mr. Smith or the Company believes at any time, that such payments are subject to Section 409A, it shall advise the other and the Company and Mr. Smith shall reasonably cooperate in good faith to take such steps as necessary, including amending, (and, as required, consenting to the amendment of) the terms of any plan or program under which the payments are to be made, including this Agreement, to avoid the imposition of a Section 409A tax, in each case, without material diminution in the value of the payments or benefits to Mr. Smith.
The validity of this Agreement shall be construed under Illinois law.  This Agreement constitutes the complete and total agreement between the Company and Mr. Smith with respect to issues addressed in this release and supersedes and replaces any and all prior understandings and agreements (written, oral, or implied) regarding all matters addressed herein.  However, this Agreement shall not in any way affect, modify, or nullify any agreement Mr. Smith has entered into with the Company which obligates him to protect the Company’s confidential information, refrain from competing with the Company, or soliciting Company employees or customers after his employment ends.    
The parties mutually understand and agree that this Agreement does not constitute any admission of fault, responsibility or liability on the part of Mr. Smith or the Company.  The parties further agree and acknowledge that this Agreement is based solely upon the unique circumstances involved and has no precedential value whatsoever regarding other past, current or future employees of the Company.

Mr. Smith represents that he is not relying on any other agreements or oral representations not fully expressed in this document.   Mr. Smith agrees that this Agreement shall not be modified, altered, or discharged except by a written instrument signed by the Chief Executive Officer of the Company, except as set forth in the last two sentences of this paragraph.   The headings in this document are for reference only, and shall not in any way affect the meaning or interpretation of this Agreement.  Mr. Smith further agrees that this document may be used as evidence in a subsequent proceeding in which the Company or he alleges a breach of this Agreement 

or as a complete defense to any lawsuit.   Other than this exception, Mr. Smith agrees that this Agreement will not be introduced as evidence in any administrative proceeding or in any lawsuit.  
Mr. Smith and the Company agree that if any provision of this Agreement is held invalid in any respect by a court of competent jurisdiction, it shall not affect the validity of any other provision of this Agreement.  Further, Mr. Smith and the Company agree that if any provision of Section VII of this Agreement is held by a court of competent jurisdiction to be unreasonable as to time, scope or otherwise, it shall be construed by limiting and reducing it so as to be enforceable under applicable law.EX-10.4

 Exhibit 10.4 

APELLIS PHARMACEUTICALS, INC. 

2017 STOCK INCENTIVE PLAN 
  

	1.	Purpose 

 The purpose of this 2017 Stock Incentive Plan (the
“Plan”) of Apellis Pharmaceuticals, Inc., a Delaware corporation (the “Company”), is to advance the interests of the Company’s stockholders by enhancing the Company’s ability to attract,
retain and motivate persons who are expected to make important contributions to the Company and by providing such persons with equity ownership opportunities and performance-based incentives that are intended to better align the interests of such
persons with those of the Company’s stockholders. Except where the context otherwise requires, the term “Company” shall include any of the Company’s present or future parent or subsidiary corporations as defined in
Sections 424(e) or (f) of the Internal Revenue Code of 1986, as amended, and any regulations thereunder (the “Code”) and any other business venture (including, without limitation, joint venture or limited liability
company) in which the Company has a controlling interest, as determined by the Board of Directors of the Company (the “Board”). 
  

	2.	Eligibility 

 All of the Company’s employees, officers and directors, as well as
consultants and advisors to the Company (as such terms are defined and interpreted for purposes of Form S-8 under the Securities Act of 1933, as amended (the “Securities Act”), or any
successor form) are eligible to be granted Awards under the Plan. Each person who is granted an Award under the Plan is deemed a “Participant.” “Award” means Options (as defined in Section 5),
SARs (as defined in Section 6), Restricted Stock (as defined in Section 7), Restricted Stock Units (as defined in Section 7) and Other Stock-Based Awards (as defined in Section 8). 

 

	3.	Administration and Delegation 

 (a)    Administration by Board of
Directors. The Plan will be administered by the Board. The Board shall have authority to grant Awards and to adopt, amend and repeal such administrative rules, guidelines and practices relating to the Plan as it shall deem advisable. The Board
may construe and interpret the terms of the Plan and any Award agreements entered into under the Plan. The Board may correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award in the manner and to the extent it
shall deem expedient and it shall be the sole and final judge of such expediency. All decisions by the Board shall be made in the Board’s sole discretion and shall be final and binding on all persons having or claiming any interest in the Plan
or in any Award. 
 (b)    Appointment of Committees. To the extent permitted by applicable law, the Board may
delegate any or all of its powers under the Plan to one or more committees or subcommittees of the Board (a “Committee”). All references in the Plan to the “Board” shall mean the Board or a Committee
of the Board or the officers referred to in Section 3(c) to the extent that the Board’s powers or authority under the Plan have been delegated to such Committee or officers. 

 (c)    Delegation to Officers. To the extent permitted by applicable
law, the Board may delegate to one or more officers of the Company the power to grant Options and other Awards that constitute rights under Delaware law (subject to any limitations under the Plan) to employees or officers of the Company and to
exercise such other powers under the Plan as the Board may determine, provided that the Board shall fix the terms of such Awards to be granted by such officers (including the exercise price of such Awards, which may include a formula by which
the exercise price will be determined) and the maximum number of shares subject to such Awards that the officers may grant; provided further, however, that no officer shall be authorized to grant such Awards to any “executive
officer” of the Company (as defined by Rule 3b-7 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) or to any “officer” of the Company (as
defined by Rule 16a-1 under the Exchange Act). The Board may not delegate authority under this Section 3(c) to grant Restricted Stock, unless Delaware law then permits such delegation. 

 

	4.	Stock Available for Awards 

 (a)    Number of Shares; Share
Counting. 
 (1)    Authorized Number of Shares. Subject to adjustment under Section 9, Awards may be
made under the Plan (any or all of which Awards may be in the form of Incentive Stock Options, as defined in Section 5(b)) for up to such number of shares of common stock, $0.0001 par value per share, of the Company (the “Common
Stock”) as is equal to the sum of: 
 (A)    1,359,587 shares of Common Stock; plus 

(B)    such additional number of shares of Common Stock (up to 6,143,196 shares) as is equal to the sum of (x) the
number of shares of Common Stock reserved for issuance under the Company’s 2010 Stock Incentive Plan (the “Existing Plan”) that remain available for grant under the Existing Plan immediately prior to the closing of the
Company’s initial public offering and (y) the number of shares of Common Stock subject to awards granted under the Existing Plan which awards expire, terminate or are otherwise surrendered, canceled, forfeited or repurchased by the Company
at their original issuance price pursuant to a contractual repurchase right (subject, however, in the case of Incentive Stock Options to any limitations of the Code); plus 

(C)    an annual increase to be added on the first day of each fiscal year, beginning with the fiscal year ending
December 31, 2018 and continuing for each fiscal year until, and including, the fiscal year ending December 31, 2027 equal to the least of (i) 4,219,409 shares of Common Stock, (ii) 4.0% of the outstanding shares on such date and
(iii) an amount determined by the Board. 
 Shares issued under the Plan may consist in whole or in part of authorized but unissued shares or treasury
shares. 
 (2)    Share Counting. For purposes of counting the number of shares available for the grant of Awards
under the Plan: 

  
 -2- 

 (A)    all shares of Common Stock covered by SARs shall be counted against
the number of shares available for the grant of Awards under the Plan; provided, however, that (i) SARs that may be settled only in cash shall not be so counted and (ii) if the Company grants an SAR in tandem with an Option for the
same number of shares of Common Stock and provides that only one such Award may be exercised (a “Tandem SAR”), only the shares covered by the Option, and not the shares covered by the Tandem SAR, shall be so counted, and the
expiration of one in connection with the other’s exercise will not restore shares to the Plan; 
 (B)    if any
Award (i) expires or is terminated, surrendered or canceled without having been fully exercised or is forfeited in whole or in part (including as the result of shares of Common Stock subject to such Award being repurchased by the Company at the
original issuance price pursuant to a contractual repurchase right) or (ii) results in any Common Stock not being issued (including as a result of an SAR that was settleable either in cash or in stock actually being settled in cash), the unused
Common Stock covered by such Award shall again be available for the grant of Awards; provided, however, that (1) in the case of Incentive Stock Options, the foregoing shall be subject to any limitations under the Code, (2) in the
case of the exercise of an SAR, the number of shares counted against the shares available under the Plan shall be the full number of shares subject to the SAR multiplied by the percentage of the SAR actually exercised, regardless of the number of
shares actually used to settle such SAR upon exercise and (3) the shares covered by a Tandem SAR shall not again become available for grant upon the expiration or termination of such Tandem SAR; and 

(C)    shares of Common Stock delivered (either by actual delivery, attestation, or net exercise) to the Company by a
Participant to (i) purchase shares of Common Stock upon the exercise of an Award or (ii) satisfy tax withholding obligations (including shares retained from the Award creating the tax obligation) shall not be added back to the number of
shares available for the future grant of Awards. 
 (b)    Substitute Awards. In connection with a merger or
consolidation of an entity with the Company or the acquisition by the Company of property or stock of an entity, the Board may grant Awards in substitution for any options or other stock or stock-based awards granted by such entity or an affiliate
thereof. Substitute Awards may be granted on such terms as the Board deems appropriate in the circumstances, notwithstanding any limitations on Awards contained in the Plan. Substitute Awards shall not count against the overall share limit set forth
in Section 4(a)(1) or any sublimit contained in the Plan, except as may be required by reason of Section 422 and related provisions of the Code. 
  

	5.	Stock Options 

 (a)    General. The Board may grant options to
purchase Common Stock (each, an “Option”) and determine the number of shares of Common Stock to be covered by each Option, the exercise price of each Option and the conditions and limitations applicable to the exercise of
each Option, including conditions relating to applicable federal or state securities laws, as it considers necessary or advisable. 

  
 -3- 

 (b)    Incentive Stock Options. An Option that the Board intends to be
an “incentive stock option” as defined in Section 422 of the Code (an “Incentive Stock Option”) shall only be granted to employees of Apellis Pharmaceuticals, Inc., any of Apellis Pharmaceuticals, Inc.’s
present or future parent or subsidiary corporations as defined in Sections 424(e) or (f) of the Code, and any other entities the employees of which are eligible to receive Incentive Stock Options under the Code, and shall be subject to and
shall be construed consistently with the requirements of Section 422 of the Code. An Option that is not intended to be an Incentive Stock Option shall be designated a “Nonstatutory Stock Option.” The Company shall have
no liability to a Participant, or any other party, if an Option (or any part thereof) that is intended to be an Incentive Stock Option is not an Incentive Stock Option or if the Company converts an Incentive Stock Option to a Nonstatutory Stock
Option. 
 (c)    Exercise Price. The Board shall establish the exercise price of each Option and specify the
exercise price in the applicable Option agreement. The exercise price shall be not less than 100% of the fair market value per share of Common Stock as determined by (or in a manner approved by) the Board (“Fair Market
Value”) on the date the Option is granted; provided that if the Board approves the grant of an Option with an exercise price to be determined on a future date, the exercise price shall be not less than 100% of the Fair Market
Value on such future date. 
 (d)    Duration of Options. Each Option shall be exercisable at such times and
subject to such terms and conditions as the Board may specify in the applicable option agreement; provided, however, that no Option will be granted with a term in excess of 10 years. 

(e)    Exercise of Options. Options may be exercised by delivery to the Company of a notice of exercise in a form
(which may be electronic) approved by the Company, together with payment in full (in the manner specified in Section 5(f)) of the exercise price for the number of shares for which the Option is exercised. Shares of Common Stock subject to the
Option will be delivered by the Company as soon as practicable following exercise. 
 (f)    Payment Upon
Exercise. Common Stock purchased upon the exercise of an Option granted under the Plan shall be paid for as follows: 

(1)    in cash or by check, payable to the order of the Company; 

(2)    except as may otherwise be provided in the applicable Option agreement or approved by the Board, in its sole
discretion, by (i) delivery of an irrevocable and unconditional undertaking by a creditworthy broker to deliver promptly to the Company sufficient funds to pay the exercise price and any required tax withholding or (ii) delivery by the
Participant to the Company of a copy of irrevocable and unconditional instructions to a creditworthy broker to deliver promptly to the Company cash or a check sufficient to pay the exercise price and any required tax withholding; 

(3)    to the extent provided for in the applicable Option agreement or approved by the Board, in its sole discretion, by
delivery (either by actual delivery or attestation) of shares of Common Stock owned by the Participant valued at their Fair Market Value, provided (i) such method of payment is then permitted under applicable law, (ii) such Common Stock,
if acquired directly from the Company, was owned by the Participant for such minimum period of time, if any, as may be established by the Board in its discretion and (iii) such Common Stock is not subject to any repurchase, forfeiture,
unfulfilled vesting or other similar requirements; 

  
 -4- 

 (4)    to the extent provided for in the applicable Nonstatutory Stock Option
agreement or approved by the Board in its sole discretion, by delivery of a notice of “net exercise” to the Company, as a result of which the Participant would receive (i) the number of shares underlying the portion of the Option
being exercised, less (ii) such number of shares as is equal to (A) the aggregate exercise price for the portion of the Option being exercised divided by (B) the Fair Market Value on the date of exercise; 

(5)    to the extent permitted by applicable law and provided for in the applicable Option agreement or approved by the
Board, in its sole discretion, by payment of such other lawful consideration as the Board may determine; or 
 (6)    by
any combination of the above permitted forms of payment. 
 (g)    Limitation on Repricing. Unless such action is
approved by the Company’s stockholders, the Company may not (except as provided for under Section 8): (1) amend any outstanding Option granted under the Plan to provide an exercise price per share that is lower than the then-current
exercise price per share of such outstanding Option, (2) cancel any outstanding option (whether or not granted under the Plan) and grant in substitution therefor new Awards under the Plan (other than Awards granted pursuant to
Section 4(b)) covering the same or a different number of shares of Common Stock and having an exercise price per share lower than the then-current exercise price per share of the cancelled option, (3) cancel in exchange for a cash payment
any outstanding Option with an exercise price per share above the then-current Fair Market Value, or (4) take any other action under the Plan that constitutes a “repricing” within the meaning of the rules of the NASDAQ Stock Market
(“NASDAQ”). 
  

	6.	Stock Appreciation Rights 

 (a)    General. The Board may
grant Awards consisting of stock appreciation rights (“SARs”) entitling the holder, upon exercise, to receive an amount of Common Stock or cash or a combination thereof (such form to be determined by the Board) determined by
reference to appreciation, from and after the date of grant, in the Fair Market Value of a share of Common Stock over the measurement price established pursuant to Section 6(b). The date as of which such appreciation is determined shall be the
exercise date. 
 (b)    Measurement Price. The Board shall establish the measurement price of each SAR and
specify it in the applicable SAR agreement. The measurement price shall not be less than 100% of the Fair Market Value on the date the SAR is granted; provided that if the Board approves the grant of an SAR effective as of a future date, the
measurement price shall be not less than 100% of the Fair Market Value on such future date. 
 (c)    Duration of
SARs. Each SAR shall be exercisable at such times and subject to such terms and conditions as the Board may specify in the applicable SAR agreement; provided, however, that no SAR will be granted with a term in excess of 10 years. 

  
 -5- 

 (d)    Exercise of SARs. SARs may be exercised by delivery to the
Company of a notice of exercise in a form (which may be electronic) approved by the Company, together with any other documents required by the Board. 

(e)    Limitation on Repricing. Unless such action is approved by the Company’s stockholders, the Company may
not (except as provided for under Section 8): (1) amend any outstanding SAR granted under the Plan to provide a measurement price per share that is lower than the then-current measurement price per share of such outstanding SAR, (2) cancel
any outstanding SAR (whether or not granted under the Plan) and grant in substitution therefor new Awards under the Plan (other than Awards granted pursuant to Section 4(b)) covering the same or a different number of shares of Common Stock and
having an exercise or measurement price per share lower than the then-current measurement price per share of the cancelled SAR, (3) cancel in exchange for a cash payment any outstanding SAR with a measurement price per share above the
then-current Fair Market Value, or (4) take any other action under the Plan that constitutes a “repricing” within the meaning of the rules of NASDAQ. 
  

	7.	Restricted Stock; Restricted Stock Units 

 (a)    General. The
Board may grant Awards entitling recipients to acquire shares of Common Stock (“Restricted Stock”), subject to the right of the Company to repurchase all or part of such shares at their issue price or other stated or formula
price (or to require forfeiture of such shares if issued at no cost) from the recipient in the event that conditions specified by the Board in the applicable Award are not satisfied prior to the end of the applicable restriction period or periods
established by the Board for such Award. The Board may also grant Awards entitling the recipient to receive shares of Common Stock or cash to be delivered at the time such Award vests (“Restricted Stock Units”) (Restricted
Stock and Restricted Stock Units are each referred to herein as a “Restricted Stock Award”). 

(b)    Terms and Conditions for All Restricted Stock Awards. The Board shall determine the terms and conditions of
a Restricted Stock Award, including the conditions for vesting and repurchase (or forfeiture) and the issue price, if any. 

(c)    Additional Provisions Relating to Restricted Stock. 

(1)    Dividends. Unless otherwise provided in the applicable Award agreement, any dividends (whether paid in cash,
stock or property) declared and paid by the Company with respect to shares of Restricted Stock (“Accrued Dividends”) shall be paid to the Participant only if and when such shares become free from the restrictions on
transferability and forfeitability that apply to such shares. Each payment of Accrued Dividends will be made no later than the end of the calendar year in which the dividends are paid to stockholders of that class of stock or, if later, the 15th day
of the third month following the lapsing of the restrictions on transferability and the forfeitability provisions applicable to the underlying shares of Restricted Stock. 

(2)    Stock Certificates. The Company may require that any stock certificates issued in respect of shares of
Restricted Stock, as well as dividends or distributions paid on such Restricted Stock, shall be deposited in escrow by the Participant, together with a stock power 

  
 -6- 

 
endorsed in blank, with the Company (or its designee). At the expiration of the applicable restriction periods, the Company (or such designee) shall deliver the certificates no longer subject to
such restrictions to the Participant or if the Participant has died, to his or her Designated Beneficiary. “Designated Beneficiary” means (i) the beneficiary designated, in a manner determined by the Board, by a
Participant to receive amounts due or exercise rights of the Participant in the event of the Participant’s death or (ii) in the absence of an effective designation by a Participant, the Participant’s estate. 

(d)    Additional Provisions Relating to Restricted Stock Units. 

(1)    Settlement. Upon the vesting of and/or lapsing of any other restrictions (i.e., settlement) with respect to
each Restricted Stock Unit, the Participant shall be entitled to receive from the Company such number of shares of Common Stock or (if so provided in the applicable Award agreement) an amount of cash equal to the Fair Market Value of such number of
shares of Common Stock as are set forth in the applicable Restricted Stock Unit agreement. The Board may, in its discretion, provide that settlement of Restricted Stock Units shall be deferred, on a mandatory basis or at the election of the
Participant in a manner that complies with Section 409A of the Code. 
 (2)    Voting Rights. A Participant
shall have no voting rights with respect to any Restricted Stock Units. 
 (3)    Dividend Equivalents. The Award
agreement for Restricted Stock Units may provide Participants with the right to receive an amount equal to any dividends or other distributions declared and paid on an equal number of outstanding shares of Common Stock (“Dividend
Equivalents”). Dividend Equivalents may be settled in cash and/or shares of Common Stock and shall be subject to the same restrictions on transfer and forfeitability as the Restricted Stock Units with respect to which paid, in each case
to the extent provided in the Award agreement. 
  

	8.	Other Stock-Based Awards 

 (a)    General. Other Awards of
shares of Common Stock, and other Awards that are valued in whole or in part by reference to, or are otherwise based on, shares of Common Stock or other property, may be granted hereunder to Participants (“Other
Stock-Based-Awards”). Such Other Stock-Based Awards shall also be available as a form of payment in the settlement of other Awards granted under the Plan or as payment in lieu of compensation to which a Participant is otherwise
entitled. Other Stock-Based Awards may be paid in shares of Common Stock or cash, as the Board shall determine. 

(b)    Terms and Conditions. Subject to the provisions of the Plan, the Board shall determine the terms and
conditions of each Other Stock-Based Award, including any purchase price applicable thereto. 
  

	9.	Adjustments for Changes in Common Stock and Certain Other Events 

(a)    Changes in Capitalization. In the event of any stock split, reverse stock split, stock dividend,
recapitalization, combination of shares, reclassification of shares, spin-off or 

  
 -7- 

 
other similar change in capitalization or event, or any dividend or distribution to holders of Common Stock other than an ordinary cash dividend, (i) the number and class of securities
available under the Plan, (ii) the share counting rules set forth in Section 4(a), (iii) the number and class of securities and exercise price per share of each outstanding Option, (iv) the share and
per-share provisions and the measurement price of each outstanding SAR, (v) the number of shares subject to and the repurchase price per share subject to each outstanding Restricted Stock Award and
(vi) the share and per-share-related provisions and the purchase price, if any, of each outstanding Other Stock-Based Award, shall be equitably adjusted by the Company (or substituted Awards may be made,
if applicable) in the manner determined by the Board. Without limiting the generality of the foregoing, in the event the Company effects a split of the Common Stock by means of a stock dividend and the exercise price of and the number of shares
subject to an outstanding Option are adjusted as of the date of the distribution of the dividend (rather than as of the record date for such dividend), then an optionee who exercises an Option between the record date and the distribution date for
such stock dividend shall be entitled to receive, on the distribution date, the stock dividend with respect to the shares of Common Stock acquired upon such Option exercise, notwithstanding the fact that such shares were not outstanding as of the
close of business on the record date for such stock dividend. 
 (b)    Reorganization Events. 

(1)    Definition. A “Reorganization Event” shall mean: (a) any merger or
consolidation of the Company with or into another entity as a result of which all of the Common Stock of the Company is converted into or exchanged for the right to receive cash, securities or other property or is cancelled, (b) any transfer or
disposition of all of the Common Stock of the Company for cash, securities or other property pursuant to a share exchange or other transaction or (c) any liquidation or dissolution of the Company. 

(2)    Consequences of a Reorganization Event on Awards Other than Restricted Stock. 

(A)    In connection with a Reorganization Event, the Board may take any one or more of the following actions as to all
or any (or any portion of) outstanding Awards other than Restricted Stock on such terms as the Board determines (except to the extent specifically provided otherwise in an applicable Award agreement or another agreement between the Company and the
Participant): (i) provide that such Awards shall be assumed, or substantially equivalent Awards shall be substituted, by the acquiring or succeeding corporation (or an affiliate thereof), (ii) upon written notice to a Participant, provide
that all of the Participant’s unexercised Awards will terminate immediately prior to the consummation of such Reorganization Event unless exercised by the Participant (to the extent then exercisable) within a specified period following the date
of such notice, (iii) provide that outstanding Awards shall become exercisable, realizable, or deliverable, or restrictions applicable to an Award shall lapse, in whole or in part prior to or upon such Reorganization Event, (iv) in the
event of a Reorganization Event under the terms of which holders of Common Stock will receive upon consummation thereof a cash payment for each share surrendered in the Reorganization Event (the “Acquisition Price”), make or
provide for a cash payment to Participants with respect to each Award held by a Participant equal to (A) the number of shares of Common Stock subject to the vested portion of the Award (after giving effect to any acceleration of vesting that
occurs 

  
 -8- 

 
upon or immediately prior to such Reorganization Event) multiplied by (B) the excess, if any, of (I) the Acquisition Price over (II) the exercise, measurement or purchase price of
such Award and any applicable tax withholdings, in exchange for the termination of such Award, (v) provide that, in connection with a liquidation or dissolution of the Company, Awards shall convert into the right to receive liquidation proceeds
(if applicable, net of the exercise, measurement or purchase price thereof and any applicable tax withholdings) and (vi) any combination of the foregoing. In taking any of the actions permitted under this Section 9(b)(2), the Board shall
not be obligated by the Plan to treat all Awards, all Awards held by a Participant, or all Awards of the same type, identically. 

(B)    Notwithstanding the terms of Section 9(b)(2)(A), in the case of outstanding Restricted Stock Units that are
subject to Section 409A of the Code: (i) if the applicable Restricted Stock Unit agreement provides that the Restricted Stock Units shall be settled upon a “change in control event” within the meaning of Treasury Regulation Section 1.409A-3(i)(5)(i), and the Reorganization Event constitutes such a “change in control event”, then no assumption or substitution shall be permitted pursuant to Section 9(b)(2)(A)(i) and
the Restricted Stock Units shall instead be settled in accordance with the terms of the applicable Restricted Stock Unit agreement; and (ii) the Board may only undertake the actions set forth in clauses (iii), (iv) or (v) of
Section 9(b)(2)(A) if the Reorganization Event constitutes a “change in control event” as defined under Treasury Regulation Section 1.409A-3(i)(5)(i) and such action is permitted or
required by Section 409A of the Code; if the Reorganization Event is not a “change in control event” as so defined or such action is not permitted or required by Section 409A of the Code, and the acquiring or succeeding
corporation does not assume or substitute the Restricted Stock Units pursuant to clause (i) of Section 9(b)(2)(A), then the unvested Restricted Stock Units shall terminate immediately prior to the consummation of the Reorganization Event
without any payment in exchange therefor. 
 (C)    For purposes of Section 9(b)(2)(A)(i), an Award (other than
Restricted Stock) shall be considered assumed if, following consummation of the Reorganization Event, such Award confers the right to purchase or receive pursuant to the terms of such Award, for each share of Common Stock subject to the Award
immediately prior to the consummation of the Reorganization Event, the consideration (whether cash, securities or other property) received as a result of the Reorganization Event by holders of Common Stock for each share of Common Stock held
immediately prior to the consummation of the Reorganization Event (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares of Common Stock); provided,
however, that if the consideration received as a result of the Reorganization Event is not solely common stock of the acquiring or succeeding corporation (or an affiliate thereof), the Company may, with the consent of the acquiring or succeeding
corporation, provide for the consideration to be received upon the exercise or settlement of the Award to consist solely of such number of shares of common stock of the acquiring or succeeding corporation (or an affiliate thereof) that the Board
determined to be equivalent in value (as of the date of such determination or another date specified by the Board) to the per share consideration received by holders of outstanding shares of Common Stock as a result of the Reorganization Event. 

(3)    Consequences of a Reorganization Event on Restricted Stock. Upon the occurrence of a Reorganization Event
other than a liquidation or dissolution of the Company, the 

  
 -9- 

 
repurchase and other rights of the Company with respect to outstanding Restricted Stock shall inure to the benefit of the Company’s successor and shall, unless the Board determines
otherwise, apply to the cash, securities or other property which the Common Stock was converted into or exchanged for pursuant to such Reorganization Event in the same manner and to the same extent as they applied to such Restricted Stock;
provided, however, that the Board may provide for termination or deemed satisfaction of such repurchase or other rights under the instrument evidencing any Restricted Stock or any other agreement between a Participant and the Company,
either initially or by amendment. Upon the occurrence of a Reorganization Event involving the liquidation or dissolution of the Company, except to the extent specifically provided to the contrary in the instrument evidencing any Restricted Stock or
any other agreement between a Participant and the Company, all restrictions and conditions on all Restricted Stock then outstanding shall automatically be deemed terminated or satisfied. 

 

	10.	General Provisions Applicable to Awards 

 (a)    Transferability
of Awards. Awards shall not be sold, assigned, transferred, pledged or otherwise encumbered by the person to whom they are granted, either voluntarily or by operation of law, except by will or the laws of descent and distribution or, other than
in the case of an Incentive Stock Option, pursuant to a qualified domestic relations order, and, during the life of the Participant, shall be exercisable only by the Participant; provided, however, that the Board may permit or provide in an
Award for the gratuitous transfer of the Award by the Participant to or for the benefit of any immediate family member, family trust or other entity established for the benefit of the Participant and/or an immediate family member thereof if the
Company would be eligible to use a Form S-8 under the Securities Act for the registration of the sale of the Common Stock subject to such Award to such proposed transferee; provided further, that the
Company shall not be required to recognize any such permitted transfer until such time as such permitted transferee shall, as a condition to such transfer, deliver to the Company a written instrument in form and substance satisfactory to the Company
confirming that such transferee shall be bound by all of the terms and conditions of the Award. References to a Participant, to the extent relevant in the context, shall include references to authorized transferees. For the avoidance of doubt,
nothing contained in this Section 10(a) shall be deemed to restrict a transfer to the Company. 

(b)    Documentation. Each Award shall be evidenced in such form (written, electronic or otherwise) as the Board
shall determine. Each Award may contain terms and conditions in addition to those set forth in the Plan. 

(c)    Board Discretion. Except as otherwise provided by the Plan, each Award may be made alone or in addition or
in relation to any other Award. The terms of each Award need not be identical, and the Board need not treat Participants uniformly. 

(d)    Termination of Status. The Board shall determine the effect on an Award of the disability, death,
termination or other cessation of employment, authorized leave of absence or other change in the employment or other status of a Participant and the extent to which, and the period during which, the Participant, or the Participant’s legal
representative, conservator, guardian or Designated Beneficiary, may exercise rights under the Award. 

  
 -10- 

 (e)    Withholding. The Participant must satisfy all applicable
federal, state, and local or other income and employment tax withholding obligations before the Company will deliver stock certificates or otherwise recognize ownership of Common Stock under an Award. The Company may decide to satisfy the
withholding obligations through additional withholding on salary or wages. If the Company elects not to or cannot withhold from other compensation, the Participant must pay the Company the full amount, if any, required for withholding or have a
broker tender to the Company cash equal to the withholding obligations. Payment of withholding obligations is due before the Company will issue any shares on exercise, vesting or release from forfeiture of an Award or at the same time as payment of
the exercise or purchase price, unless the Company determines otherwise. If provided for in an Award or approved by the Board in its sole discretion, a Participant may satisfy such tax obligations in whole or in part by delivery (either by actual
delivery or attestation) of shares of Common Stock, including shares retained from the Award creating the tax obligation, valued at their Fair Market Value; provided, however, except as otherwise provided by the Board, that the total tax
withholding where stock is being used to satisfy such tax obligations cannot exceed the Company’s minimum statutory withholding obligations (based on minimum statutory withholding rates for federal and state tax purposes, including payroll
taxes, that are applicable to such supplemental taxable income). Shares used to satisfy tax withholding requirements cannot be subject to any repurchase, forfeiture, unfulfilled vesting or other similar requirements. 

(f)    Amendment of Award. Except as otherwise provided in Sections 5(g) and 6(e) with respect to repricings and
Section 11(d) with respect to actions requiring stockholder approval, the Board may amend, modify or terminate any outstanding Award, including but not limited to, substituting therefor another Award of the same or a different type, changing
the date of exercise or realization, and converting an Incentive Stock Option to a Nonstatutory Stock Option. The Participant’s consent to such action shall be required unless (i) the Board determines that the action, taking into account
any related action, does not materially and adversely affect the Participant’s rights under the Plan or (ii) the change is permitted under Section 9. 

(g)    Conditions on Delivery of Stock. The Company will not be obligated to deliver any shares of Common Stock
pursuant to the Plan or to remove restrictions from shares previously issued or delivered under the Plan until (i) all conditions of the Award have been met or removed to the satisfaction of the Company, (ii) in the opinion of the
Company’s counsel, all other legal matters in connection with the issuance and delivery of such shares have been satisfied, including any applicable securities laws and regulations and any applicable stock exchange or stock market rules and
regulations, and (iii) the Participant has executed and delivered to the Company such representations or agreements as the Company may consider appropriate to satisfy the requirements of any applicable laws, rules or regulations. 

(h)    Acceleration. The Board may at any time provide that any Award shall become immediately exercisable in whole
or in part, free of some or all restrictions or conditions, or otherwise realizable in whole or in part, as the case may be. 

  
 -11- 

	11.	Miscellaneous 

 (a)    No Right To Employment or Other Status.
No person shall have any claim or right to be granted an Award by virtue of the adoption of the Plan, and the grant of an Award shall not be construed as giving a Participant the right to continued employment or any other relationship with the
Company. The Company expressly reserves the right at any time to dismiss or otherwise terminate its relationship with a Participant free from any liability or claim under the Plan, except as expressly provided in the applicable Award. 

(b)    No Rights As Stockholder. Subject to the provisions of the applicable Award, no Participant or Designated
Beneficiary shall have any rights as a stockholder with respect to any shares of Common Stock to be distributed with respect to an Award until becoming the record holder of such shares. 

(c)    Effective Date and Term of Plan. The Plan shall become effective immediately prior to the effectiveness of
the Company’s initial public offering (the “Effective Date”). No Awards shall be granted under the Plan after the expiration of 10 years from the Effective Date, but Awards previously granted may extend beyond that date.

 (d)    Amendment of Plan. The Board may amend, suspend or terminate the Plan or any portion thereof at any
time provided that (i) to the extent required by Section 162(m) of the Code, no Award granted to a Participant that is intended to comply with Section 162(m) of the Code after the date of such amendment shall become exercisable,
realizable or vested, as applicable to such Award, unless and until the Company’s stockholders approve such amendment in the manner required by Section 162(m) of the Code; and (ii) no amendment that would require stockholder approval
under the rules of the NASDAQ Stock Market may be made effective unless and until the Company’s stockholders approve such amendment;. In addition, if at any time the approval of the Company’s stockholders is required as to any other
modification or amendment under Section 422 of the Code or any successor provision with respect to Incentive Stock Options, the Board may not effect such modification or amendment without such approval. Unless otherwise specified in the
amendment, any amendment to the Plan adopted in accordance with this Section 11(d) shall apply to, and be binding on the holders of, all Awards outstanding under the Plan at the time the amendment is adopted, provided the Board determines that
such amendment, taking into account any related action, does not materially and adversely affect the rights of Participants under the Plan. No Award shall be made that is conditioned upon stockholder approval of any amendment to the Plan unless the
Award provides that (i) it will terminate or be forfeited if stockholder approval of such amendment is not obtained within no more than 12 months from the date of grant and (2) it may not be exercised or settled (or otherwise result in the
issuance of Common Stock) prior to such stockholder approval. 
 (e)    Authorization of Sub-Plans (including for Grants to non-U.S. Employees). The Board may from time to time establish one or more sub-plans under the
Plan for purposes of satisfying applicable securities, tax or other laws of various jurisdictions. The Board shall establish such sub-plans by adopting supplements to the Plan containing (i) such
limitations on the Board’s discretion under the Plan as the Board deems necessary or desirable or (ii) such additional terms and conditions not otherwise inconsistent with the Plan as the Board shall deem necessary or desirable. All
supplements adopted by the Board shall be deemed to be part of the 

  
 -12- 

 
Plan, but each supplement shall apply only to Participants within the affected jurisdiction and the Company shall not be required to provide copies of any supplement to Participants in any
jurisdiction which is not the subject of such supplement. 
 (f)    Compliance with Section 409A of the
Code. Except as provided in individual Award agreements initially or by amendment, if and to the extent (i) any portion of any payment, compensation or other benefit provided to a Participant pursuant to the Plan in connection with his or
her employment termination constitutes “nonqualified deferred compensation” within the meaning of Section 409A of the Code and (ii) the Participant is a specified employee as defined in Section 409A(a)(2)(B)(i) of the Code,
in each case as determined by the Company in accordance with its procedures, by which determinations the Participant (through accepting the Award) agrees that he or she is bound, such portion of the payment, compensation or other benefit
shall not be paid before the day that is six months plus one day after the date of “separation from service” (as determined under Section 409A of the Code) (the “New Payment Date”), except as Section 409A
of the Code may then permit. The aggregate of any payments that otherwise would have been paid to the Participant during the period between the date of separation from service and the New Payment Date shall be paid to the Participant in a lump sum
on such New Payment Date, and any remaining payments will be paid on their original schedule. 
 The Company makes no representations or warranty and shall
have no liability to the Participant or any other person if any provisions of or payments, compensation or other benefits under the Plan are determined to constitute nonqualified deferred compensation subject to Section 409A of the Code but do
not to satisfy the conditions of that section. 
 (g)    Limitations on Liability. Notwithstanding any
other provisions of the Plan, no individual acting as a director, officer, employee or agent of the Company will be liable to any Participant, former Participant, spouse, beneficiary, or any other person for any claim, loss, liability, or
expense incurred in connection with the Plan, nor will such individual be personally liable with respect to the Plan because of any contract or other instrument he or she executes in his or her capacity as a director, officer, employee or agent of
the Company. The Company will indemnify and hold harmless each director, officer, employee or agent of the Company to whom any duty or power relating to the administration or interpretation of the Plan has been or will be delegated, against any cost
or expense (including attorneys’ fees) or liability (including any sum paid in settlement of a claim with the Board’s approval) arising out of any act or omission to act concerning the Plan unless arising out of such person’s own
fraud or bad faith. 
 (h)    Governing Law. The provisions of the Plan and all Awards made hereunder shall be
governed by and interpreted in accordance with the laws of the State of Delaware, excluding choice-of-law principles of the law of such state that would require the
application of the laws of a jurisdiction other than the State of Delaware. 

  
 -13-

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