Document:

AMENDMENT NO. 3

 Exhibit 10.1 

EXECUTION COPY 
 AMENDMENT
NO. 3 TO CREDIT AGREEMENT 
 June 17, 2014 

THIS AMENDMENT NO. 3 TO CREDIT AGREEMENT (this “Agreement”) is made as of June 17, 2014, by and among BEASLEY MEZZANINE
HOLDINGS, LLC (the “Borrower”), the undersigned Lenders and GENERAL ELECTRIC CAPITAL CORPORATION, as administrative agent and collateral agent for the Lenders (in such capacity, and together with its successors and permitted
assigns, the “Administrative Agent”). 
 WHEREAS, the Borrower, the Lenders, the L/C Issuers and the Administrative Agent
are party to that certain Credit Agreement dated as of August 9, 2012 (as amended and in effect immediately prior to the effectiveness of this Agreement, the “Credit Agreement”), providing, subject to the terms and conditions
thereof, for extensions of credit to be made by the Lenders to the Borrower. 
 WHEREAS, the Borrower has requested that the Lenders amend
the Credit Agreement to, among other things, modify the Applicable Margin with respect to the Term Loans, reset the amortization of the Term Loan, extend the maturity of the Term Loan and amend certain of the financial covenants; and 

WHEREAS, subject to the terms and conditions set forth in this Agreement, the Lenders have agreed to amend the Credit Agreement; 

NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, and subject to the terms and
conditions hereof, the parties hereto agree as follows: 
 1. Definitions; Section References. Except as otherwise defined in this
Agreement, terms defined in the Credit Agreement are used herein as defined therein. 
 2. Amendments to Credit Agreement. Subject to
the satisfaction of the conditions precedent set forth in Section 4 of this Agreement, the Credit Agreement is hereby amended as follows: 

(a) Subsection 1.1 of the Credit Agreement is hereby amended by amending and restating the definition of “Availability Restricted
Payments Amount” in its entirety as follows: 
 “Available Restricted Payments Amount” means, as of any
date of determination, (i) for the period from the Closing Date through December 31, 2012, $2,000,000, (ii) for the Fiscal Year ending on December 31, 2013, $4,000,000, and (iii) for each Fiscal Year thereafter, (x) if
the Consolidated Total Debt Ratio as of the last day of the most recently ended Fiscal Quarter for which financial statements have been or were required to be delivered is less than 3.0:1.0, $10,000,000, and (y) otherwise, $5,000,000 for each
of the Fiscal Years ending on December 31, 2014 and December 31, 2015 and $6,000,000 for each Fiscal Year thereafter. 
 (b)
Subsection 1.1 of the Credit Agreement is hereby amended by deleting the date “April 3, 2013” in the definition of “Incremental Term Loan Amount” and replacing it with “June 17, 2014”. 

(c) Subsection 1.1 of the Credit Agreement is hereby amended by deleting the date “August 9, 2017” in the definition of
“Term Loan Maturity Date” and replacing it with “August 9, 2019”. 

 (d) Subsection 2.2 of the Credit Agreement is hereby amended by amending and restating the
pricing grid in the definition of “Applicable Margin” in the third paragraph of subsection 2.2A thereof as follows: 
  

									
	 Consolidated Total Debt Ratio
	  	Applicable Margin	 
	  	Base
Rate Loan	 	 	LIBOR
Rate Loan	 
	 Greater than or equal to 4.25:1.00
	  	 	3.75	% 	 	 	4.75	% 
	 Greater than or equal to 3.75:1.00 but less than 4.25:1.00
	  	 	3.25	% 	 	 	4.25	% 
	 Greater than or equal to 3.25:1.00 but less than 3.75:1.00
	  	 	2.75	% 	 	 	3.75	% 
	 Greater than or equal to 2.75:1.00 but less than 3.25:1.00
	  	 	2.25	% 	 	 	3.25	% 
	 Less than 2.75:1.00
	  	 	1.75	% 	 	 	2.75	% 

 (e) Subsection 2.4 of the Credit Agreement is hereby amended by amending and restating the amortization
schedule in clause (i) of subsection 2.4A in its entirety as follows: 
  

					
	 Date
	  	Scheduled Repayment of
Term Loans	 
	 June 30, 2013
	  	$	500,000	  
	 September 30, 2013
	  	$	1,375,000	  
	 December 31, 2013
	  	$	1,375,000	  
	 March 31, 2014
	  	$	1,375,000	  
	 June 30, 2014
	  	$	0	  
	 September 30, 2014
	  	$	1,278,125	  
	 December 31, 2014
	  	$	1,278,125	  
	 March 31, 2015
	  	$	1,278,125	  
	 June 30, 2015
	  	$	1,278,125	  
	 September 30, 2015
	  	$	1,278,125	  
	 December 31, 2015
	  	$	1,278,125	  
	 March 31, 2016
	  	$	1,278,125	  
	 June 30, 2016
	  	$	1,278,125	  
	 September 30, 2016
	  	$	1,917,188	  
	 December 31, 2016
	  	$	1,917,188	  
	 March 31, 2017
	  	$	1,917,188	  
	 June 30, 2017
	  	$	1,917,188	  
	 September 30, 2017
	  	$	1,917,188	  
	 December 31, 2017
	  	$	1,917,188	  
	 March 31, 2018
	  	$	1,917,188	  
	 June 30, 2018
	  	$	1,917,188	  
	 September 30, 2018
	  	$	2,556,250	  
	 December 31, 2018
	  	$	2,556,250	  
	 March 31, 2019
	  	$	2,556,250	  
	 June 30, 2019
	  	$	2,556,250	  
	 August 9, 2019
	  	$	66,462,496	  

  
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 (f) Subsection 2.4 of the Credit Agreement is hereby amended by (i) deleting the
percentage “25%” in clause (iii)(d)(ii)(A) of subsection 2.4B and replacing it with “0%” and (ii) deleting clause (B) in clause (iii)(d)(ii) of subsection 2.4B in its entirety. 

(g) Subsection 3.1 of the Credit Agreement is hereby amended by deleting the date “August 9, 2017” in clause (iii)(a) of
subsection 3.1A and replacing it with “August 9, 2019”. 
 (h) Subsection 6.11 of the Credit Agreement is hereby amended by
deleting the words “$5,000,000 at any time” in clause (ii) of subsection 6.11A and replacing it with “(A) $7,500,000, if the Consolidated Total Debt Ratio as of the last day of the most recently ended Fiscal Quarter for which
financial statements have been or were required to be delivered is less than 3.00:1.00, and (B) otherwise, $5,000,000.” 
 (i)
Subsection 7.6 of the Credit Agreement is hereby amended by amending and restating the Maximum Consolidated Total Debt Ratio table in subsection 7.6B in its entirety as follows: 

 

					
	 Periods
	  	Maximum
Consolidated Total
Debt Ratio	 
	 Closing Date – March 31, 2013
	  	 	5.25:1.00	  
	 April 1, 2013 – December 31, 2013
	  	 	5.00:1.00	  
	 January 1, 2014 – December 31, 2014
	  	 	4.50:1.00	  
	 January 1, 2015 – June 30, 2015
	  	 	4.25:1.00	  
	 July 1, 2015 – December 31, 2015
	  	 	4.00:1.00	  
	 January 1, 2016 – December 31, 2016
	  	 	3.75:1.00	  
	 January 1, 2017 – December 31, 2017
	  	 	3.25:1.00	  
	 January 1, 2018 and thereafter
	  	 	3.00:1.00	  

 3. Waiver. With effect as of the Effective Date (as defined below), the Administrative Agent, Lenders
and L/C Issuers hereby waive compliance with the requirements described in each parenthetical found in subsection (i) and subsection (ii) of the second sentence of subsection 2.11A as such requirements may pertain to the Effective Date
Incremental Term Loans (as defined below). 

  
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 4. Conditions of Effectiveness. The effectiveness of this Agreement is subject to the
following conditions precedent (the first date on which such condition precedents have been satisfied or waived being the “Effective Date”): 

(a) The Administrative Agent shall have received each of the following: 

(i) counterparts of this Agreement, duly executed by each Credit Party and each Lender; 

(ii) (x) a copy of the certificate of formation of the Borrower, certified by the Secretary of State of Delaware as of a recent date,
(y) a copy of the limited liability company agreement of the Borrower (or a certification that there have been no changes to the limited liability company agreement of the Borrower previously delivered to the Administrative Agent) and
(z) resolutions of the sole member of the Borrower authorizing the execution, delivery and performance of this Agreement, in each case, certified by a corporate secretary or assistant secretary of the Borrower and in form, scope and substance
acceptable to the Administrative Agent; 
 (iii) a written opinion of Borrower’s counsel, in form, scope and substance acceptable to
the Administrative Agent; 
 (iv) payment in full, in immediately available funds, to the Administrative Agent for the account of each
Lender that executes and delivers a counterpart to this Agreement (A) an amendment fee in an amount equal to 0.20% of (x) the sum of such Lender’s Revolving Commitment and outstanding Term Loans immediately prior to giving effect to
this Agreement(with respect to each such Lender, such Lender’s “Existing Hold”) less (y) the amount, if any, of such Lender’s Existing Hold that is assigned in connection with this Agreement; and (B) an
upfront fee in an amount equal to 0.50% of the excess, if any, of (x) the sum of such Lender’s Revolving Commitment and outstanding Term Loans immediately after giving effect to this Agreement(including any (i) Incremental Term Loan
Commitments extended and (ii) Revolving Commitments and outstanding Term Loans assumed in connection with this Agreement) over (y) such Lender’s Existing Hold; 

(v) payment in full, in immediately available funds in an amount equal to $1,250,000 as a prepayment of the Revolving Loans under the Credit
Agreement, to the Administrative Agent for the account and the ratable benefit of each Lender holding outstanding Revolving Commitments immediately prior to giving effect to the Amendment (it being understood and agreed that for all purposes under
the Credit Agreement such payment shall be treated as a prepayment under subsection 2.4B and shall be accompanied by any amounts payable under subsection 2.6D); 

(vi) payment of all fees due and payable to the Administrative Agent under that certain engagement letter duly executed and delivered by the
Borrower on or prior to the date hereof in favor of the Administrative Agent and GE Capital Markets, Inc.; and 

  
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 (vii) a copy of an Incremental Term Loan Assumption Agreement from each Incremental Term Loan
Lender making Incremental Term Loans on the Effective Date, duly executed by such Incremental Term Loan Lender and the Borrower. 
 (b) The
Borrower shall have received not less than $5,750,000 in gross cash proceeds from the funding of Incremental Term Loans (the “Effective Date Incremental Term Loans”). 

5. Representations and Warranties of the Credit Parties. Each Credit Party hereby represents and warrants as of the date hereof as
follows: 
 (a) This Agreement and the Credit Agreement as amended hereby constitute the legally valid and binding obligations of such
Credit Party, enforceable against such Credit Party in accordance with their respective terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or
by equitable principles relating to enforceability. 
 (b) Both before and after giving effect to this Agreement and the Incremental Term
Loans to be made on the Effective Date, no Event of Default or Potential Event of Default has occurred and is continuing. 
 (c) Both before
and after giving effect to this Agreement and the Incremental Term Loans to be made on the Effective Date, the representations and warranties contained in the Credit Agreement and in the other Loan Documents are true, correct and complete in all
material respects (or, if such representation or warranty is qualified by “material” or “Material Adverse Effect”, in all respects) on and as of the date hereof to the same extent as though made on and as of the date hereof,
except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties were true, correct and complete in all material respects (or, if such representation or warranty is
qualified by “material” or “Material Adverse Effect”, in all respects) on and as of such earlier date (or previously waived in accordance with the Credit Agreement). 

6. Ratification and Reaffirmation. Each Credit Party hereby (i) ratifies and reaffirms all of its payment and performance
obligations, contingent or otherwise, and each grant of security interests and liens in favor of Administrative Agent, any Lender or any other Secured Party, as the case may be, under each Loan Document, including, without limitation, with respect
to the Incremental Term Loans made on the Effective Date, (ii) agrees and acknowledges that the Liens in favor of Administrative Agent and the Secured Parties under each Loan Document constitute valid, binding, enforceable and perfected first
priority liens and security interests (subject only to Permitted Liens) securing the Obligations (including, without limitation, all principal and interest with respect to the Incremental Term Loans made on the Effective Date) and are not subject to
avoidance, disallowance or subordination pursuant to any applicable law, (iii) agrees and acknowledges the Obligations constitute legal, valid and binding obligations of such Credit Party and that (x) no offsets, defenses or counterclaims
to the Obligations or any other causes of action with respect to the Obligations or the Loan Documents exist and (y) no portion of the Obligations is subject to avoidance, disallowance, reduction or subordination pursuant to any applicable law,
(iv) agrees that such ratification and reaffirmation is not a condition to the continued effectiveness of the Loan Documents, and (v) agrees that neither such ratification and reaffirmation, nor Administrative Agent’s nor any
Lender’s solicitation of such ratification and reaffirmation, constitutes a course of dealing giving rise to any obligation or condition requiring a similar or any other ratification or reaffirmation from each party to the Credit Agreement with
respect to any subsequent modifications, consent or waiver with respect to the Credit Agreement or other Loan Documents. Each Credit Party acknowledges and agrees that any of the Loan Documents to which it is a party or otherwise bound shall
continue in full force and effect and that all of its obligations 

  
 5 

 
thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this Agreement. The Credit Agreement and each other Loan Document is in all
respects hereby ratified and confirmed. This Agreement shall constitute a “Loan Document” for purposes of the Credit Agreement. 

7. Reference to and Effect on the Credit Agreement. 

(a) Upon the effectiveness hereof, each reference to the Credit Agreement in the Credit Agreement or any other Loan Document shall mean and be
a reference to the Credit Agreement as amended hereby. 
 (b) Except as specifically amended above, the Credit Agreement and all other
documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed. 

8. Costs and Expenses of the Administrative Agent. The Borrower shall pay on demand all actual and reasonable, documented,
out-of-pocket costs and expenses of the Administrative Agent and all reasonable, out-of-pocket and documented fees, expenses and disbursements of counsel to the Administrative Agent in connection with the negotiation, preparation and execution of
this Agreement and any document, instrument or agreement delivered pursuant to this Agreement, to the extent required pursuant to subsection 10.2 of the Credit Agreement. 

9. Governing Law. This Agreement shall be governed by, and shall be construed in accordance with the internal laws of the State of New
York, without regard to conflicts of laws principles. 
 10. Limited Effect. This Agreement relates only to the specific matters
expressly covered herein, shall not be considered to be a waiver of any rights, claims or remedies any Lender may have under the Credit Agreement or under any other Loan Document (except as expressly set forth herein) or under applicable law, and
shall not be considered to create a course of dealing or to otherwise obligate in any respect any Lender to execute similar or other amendments or grant any waivers under the same or similar or other circumstances in the future. 

11. Headings. Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part
of this Agreement for any other purpose. 
 12. Counterparts. This Agreement may be executed by one or more of the parties hereto on
any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Signatures delivered by facsimile or PDF shall have the same force and effect as manual signatures delivered
in person. 
 [Signature Pages Follow] 

  
 6 

 IN WITNESS WHEREOF, this Agreement has been duly executed as of the day and year first above
written. 
  

			
	 BEASLEY MEZZANINE HOLDINGS, LLC,
 as
Borrower

		
	By	 	 /s/ B. Caroline Beasley

	Name:	 	B. Caroline Beasley
	Title:	 	Vice President, Chief Financial Officer, Secretary and Treasury
	
	BEASLEY BROADCAST GROUP, INC.,
	BEASLEY FM ACQUISITION CORP.,
	BEASLEY AP HOLDINGS, LLC,
	BEASLEY BA HOLDINGS, LLC,
	WCHZ LICENSE, LLC,
	WGOR LICENSE, LLC,
	 WWNN LICENSE, LLC,
 as Credit
Parties

		
	By	 	 /s/ B. Caroline Beasley

	Name:	 	B. Caroline Beasley
	Title:	 	Vice President, Chief Financial Officer, Secretary and Treasury
	
	BEASLEY BROADCASTING OF NEVADA, LLC,
	 KJUL LICENSE, LLC,
 as Credit
Parties

		
	By	 	 /s/ B. Caroline Beasley

	Name:	 	B. Caroline Beasley
	Title:	 	Manager

  
 Signature page to
Amendment No. 3 to Credit Agreement 
 (Beasley Mezzanine Holdings, LLC) 

			
	BEASLEY BROADCASTING OF SOUTHWEST FLORIDA, INC.,
	 BEASLEY RADIO, INC.,
 as Credit
Parties

		
	By	 	 /s/ B. Caroline Beasley

	Name:	 	B. Caroline Beasley
	Title:	 	Secretary
	
	BEASLEY-REED ACQUISITION PARTNERSHIP,
	KDWN LICENSE LIMITED PARTNERSHIP,
	WAEC LICENSE LIMITED PARTNERSHIP,
	WAZZ LICENSE LIMITED PARTNERSHIP,
	WDAS LICENSE LIMITED PARTNERSHIP,
	WFLB LICENSE LIMITED PARTNERSHIP,
	WIKS LICENSE LIMITED PARTNERSHIP,
	WJBX LICENSE LIMITED PARTNERSHIP,
	WKIS LICENSE LIMITED PARTNERSHIP,
	WKML LICENSE LIMITED PARTNERSHIP,
	WMGV LICENSE LIMITED PARTNERSHIP,
	WNCT LICENSE LIMITED PARTNERSHIP,
	WPOW LICENSE LIMITED PARTNERSHIP,
	WRXK LICENSE LIMITED PARTNERSHIP,
	WSFL LICENSE LIMITED PARTNERSHIP,
	WTMR LICENSE LIMITED PARTNERSHIP,
	WWDB LICENSE LIMITED PARTNERSHIP,
	WXNR LICENSE LIMITED PARTNERSHIP,
	 WXTU LICENSE LIMITED PARTNERSHIP,

as Credit Parties

	
	By: BEASLEY FM ACQUISITION CORP., a general partner of each of the foregoing
		
	By	 	 /s/ B. Caroline Beasley

	Name:	 	B. Caroline Beasley
	Title:	 	Vice President, Chief Financial Officer, Secretary and Treasury

  
 Signature page to
Amendment No. 3 to Credit Agreement 
 (Beasley Mezzanine Holdings, LLC) 

			
	WJPT LICENSE LIMITED PARTNERSHIP,
	as a Credit Party
	
	By: BEASLEY RADIO, INC., as general partner
		
	By	 	 /s/ B. Caroline Beasley

	Name:	 	B. Caroline Beasley
	Title:	 	Secretary
	
	 WQAM LICENSE LIMITED PARTNERSHIP,

as a Credit Party

	
	By: BEASLEY-REED ACQUISITION PARTNERSHIP, as general partner
	
	By: BEASLEY FM ACQUISITION CORP., as general partner
		
	By	 	 /s/ B. Caroline Beasley

	Name:	 	B. Caroline Beasley
	Title:	 	Vice President, Chief Financial Officer, Secretary and Treasury
	
	 WXKB LICENSE LIMITED PARTNERSHIP,

as a Credit Party

	
	By: BEASLEY BROADCASTING OF SOUTHWEST FLORIDA, INC., as general partner
		
	By	 	 /s/ B. Caroline Beasley

	Name:	 	B. Caroline Beasley
	Title:	 	Secretary

  
 Signature page to
Amendment No. 3 to Credit Agreement 
 (Beasley Mezzanine Holdings, LLC) 

			
	GENERAL ELECTRIC CAPITAL CORPORATION, as a Lender and as Administrative Agent
		
	By	 	 /s/ Nirmal B. Bivek

	Name:	 	Nirmal B. Bivek
	Title:	 	Duly Authorized Signatory

  
 Signature page to
Amendment No. 3 to Credit Agreement 
 (Beasley Mezzanine Holdings, LLC) 

			
	GE CAPITAL BANK, as a Lender
		
	By	 	 /s/ Woodrow Broaders Jr.

	Name:	 	Woodrow Broaders Jr.
	Title:	 	Duly Authorized Signatory
	
	FLORIDA COMMUNITY BANK N.A., as a Lender
		
	By	 	 /s/ Leeann Kirwin-Klimek

	Name:	 	Leeann Kirwin-Klimek
	Title:	 	Vice President
	
	BANK UNITED N.A., as a Lender
		
	By	 	 /s/ Charles J. Klenk

	Name:	 	Charles J. Klenk
	Title:	 	Senior Vice President
	
	WEBSTER BANK, as a Lender
		
	By	 	 /s/ Robert E. Meditz

	Name:	 	Robert E. Meditz
	Title:	 	Vice President
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender
		
	By	 	 /s/ Teddy Koch

	Name:	 	Teddy Koch
	Title:	 	Assistant Vice President
	
	BRANCH BANKING AND TRUST COMPANY, as a Lender
		
	By	 	 /s/ Darren Gersch

	Name:	 	Darren Gersch
	Title:	 	Market President

  
 Signature page to
Amendment No. 3 to Credit Agreement 
 (Beasley Mezzanine Holdings, LLC) 

			
	
	U.S. BANK NATIONAL ASSOCIATION, as a Lender
		
	By	 	 /s/ Garrett Komjathy

	Name:	 	Garrett Komjathy
	Title:	 	Senior Vice President

  
 Signature page to
Amendment No. 3 to Credit Agreement 
 (Beasley Mezzanine Holdings, LLC)EX-10.1

 Exhibit 10.1 
 DURECT CORPORATION 
 2000 STOCK PLAN 

(as amended on March 13, 2000) 
 (as further amended on March 31, 2000) 
 (as further amended on
March 15, 2001) 
 (as further amended April 14, 2005) 

(as further amended June 23, 2010) 
 (as further amended June 23, 2011) 
 (as further amended
June 16, 2014) 
  

	1.	Purposes of the Plan. The purposes of this 2000 Stock Plan are to attract and retain the best available personnel for positions of substantial
responsibility, to provide additional incentive to Employees and Consultants of the Company and its Subsidiaries and to promote the success of the Company’s business. Options granted under the Plan may be Incentive Stock Options (as defined
under Section 422 of the Code) or Nonstatutory Stock Options, as determined by the Administrator at the time of grant of an option and subject to the applicable provisions of Section 422 of the Code, as amended, and the regulations
promulgated thereunder. Stock Grants, Stock Units, Stock Appreciation Rights, Stock Purchase Rights and Cash Awards may also be granted under the Plan. 

  

	2.	Definitions. As used herein, the following definitions shall apply: 

 

	 	(a)	“Administrator” means the Board or any of its Committees appointed pursuant to Section 4 of the Plan. 

 

	 	(b)	“Applicable Laws” means the legal requirements relating to the administration of stock option and restricted stock purchase plans under
applicable U.S. state corporate laws, U.S. federal and applicable state securities laws, the Code, any stock exchange rules or regulations and the applicable laws of any other country or jurisdiction where Options or Stock Purchase Rights are
granted under the Plan, as such laws, rules, regulations and requirements shall be in place from time to time. 

  

	 	(c)	“Award” means a Stock Award, a Cash Award or an Option granted in accordance with the terms of the Plan. 

 

	 	(d)	“Award Agreement” means a Stock Award Agreement, Cash Award Agreement and/or Option Agreement, which may be in written or electronic format, in
such form and with such terms and conditions as may be specified by the Administrator, evidencing the terms and conditions of an individual Award. Each Award Agreement is subject to the terms and conditions of the Plan. 

 

	 	(e)	“Board” means the Board of Directors of the Company. 

 

	 	(f)	“Cash Award” means a bonus opportunity awarded under Section 14 pursuant to which a Participant may become entitled to receive an amount
based on the satisfaction of such performance criteria as are specified in the agreement or other documents evidencing the Award (the “Cash Award Agreement”). 

 

	 	(g)	“Code” means the Internal Revenue Code of 1986, as amended. Reference to a specific section of the Code or regulation thereunder shall include
such section or regulation, any valid regulation promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation. 

 

	 	(h)	“Committee” means the Committee appointed by the Board of Directors in accordance with Section 4(a) and (b) of the Plan.

  

	 	(i)	“Common Stock” means the Common Stock of the Company. 

  
 1 

	 	(j)	“Company” means Durect Corporation, a Delaware corporation. 

 

	 	(k)	“Consultant” means any person, including an advisor, who is engaged by the Company or any Parent or Subsidiary to render consulting or advisory
services and is compensated for such services, and any Director of the Company whether compensated for services provided in his or her capacity as a Director or not. 

 

	 	(l)	“Continuous Status as an Employee or Consultant” means the absence of any interruption or termination of service as an Employee or Consultant.
Continuous Status as an Employee or Consultant shall not be considered interrupted in the case of: (i) sick leave; (ii) military leave; (iii) any other leave of absence approved by the Administrator, provided that such leave is for a
period of not more than three (3) months, unless reemployment upon the expiration of such leave is guaranteed by contract or statute, or unless provided otherwise pursuant to Company policy adopted from time to time; or (iv) in the case of
transfers between locations of the Company or between the Company, its Subsidiaries or their respective successors. For purposes of this Plan, a change in status from an Employee to a Consultant or from a Consultant to an Employee will not
constitute an interruption of Continuous Status as an Employee or Consultant. 

  

	 	(m)	“Director” means a member of the Board of Directors of the Company. 

 

	 	(n)	“Employee” means any person (including, if appropriate, Officers, Directors and Named Executives), employed by the Company or any Parent or
Subsidiary of the Company, with the status of employment determined based upon such minimum number of hours or periods worked as shall be determined by the Administrator in its discretion, subject to any requirements of the Code. The payment by the
Company of a director’s fee to a Director shall not be sufficient to constitute “employment” of such Director by the Company. 

  

	 	(o)	“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

 

	 	(p)	“Fair Market Value” means, as of any date, the fair market value of Common Stock determined as follows: 

 

	 	(i)	If the Common Stock is listed on any established stock exchange or a national market system including without limitation The Nasdaq Global Select Market, The Nasdaq
Global Market or The Nasdaq Capital Market of The Nasdaq Stock Market, its Fair Market Value shall be the closing sales price for such stock (or the closing bid, if no sales were reported), as quoted on such system or exchange, or the exchange with
the greatest volume of trading in Common Stock, on the date of grant or the date of determination, as applicable (or, if no closing sales price or closing bid was reported on that date, as applicable, on the last trading date such closing sales
price or closing bid was reported), as reported in The Wall Street Journal or such other source as the Administrator deems reliable; 

  

	 	(ii)	If the Common Stock is regularly quoted on an automated quotation system (including the OTC Bulletin Board) or by a recognized securities dealer, its Fair Market Value
shall be the closing sales price for such stock as quoted on such system or by such securities dealer on the date of grant or the date of determination, as applicable, but if selling prices are not reported, the Fair Market Value of a share of
Common Stock shall be the mean between the high bid and low asked prices for the Common Stock on the date of grant (or, if no such prices were reported on that date, on the last date such prices were reported), as reported in The Wall Street
Journal or such other source as the Administrator deems reliable; or 

  

	 	(iii)	In the absence of an established market for the Common Stock, the Fair Market Value thereof shall be determined in good faith by the Administrator.

  

	 	(q)	“Incentive Stock Option” means an Option intended to qualify as an incentive stock option within the meaning of Section 422 of the Code, as
designated in the applicable written Option Agreement. 

  
 2 

	 	(r)	“Listed Security” means any security of the Company that is listed or approved for listing on a national securities exchange or designated or
approved for designation as a national market system security on an interdealer quotation system by the National Association of Securities Dealers, Inc. 

  

	 	(s)	“Named Executive” means an Employee who is a “covered employee” under Section 162(m)(3) of the Code. 

 

	 	(t)	“Nonstatutory Stock Option” means an Option not intended to qualify as an Incentive Stock Option, as designated in the applicable written Option
Agreement. 

  

	 	(u)	“Officer” means a person who is an officer of the Company (or any Parent or Subsidiary) within the meaning of Section 16(a) of the Exchange
Act and the rules and regulations promulgated thereunder. 

  

	 	(v)	“Option” means a stock option granted pursuant to the Plan. 

 

	 	(w)	“Option Agreement” means a written agreement between an Optionee and the Company reflecting the terms of an Option granted under the Plan and
includes any documents attached to such Option Agreement, including, but not limited to, a notice of stock option grant and a form of exercise notice. 

  

	 	(x)	“Optioned Stock” means the Common Stock subject to an Option or a Stock Purchase Right. 

 

	 	(y)	“Optionee” means an Employee or Consultant who receives an Option. 

 

	 	(z)	“Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code, or any
successor provision. 

  

	 	(aa)	“Participant” means any holder of one or more Options or Stock Awards, or the Shares issuable or issued upon exercise of such Awards, under the
Plan. 

  

	 	(bb)	“Plan” means this 2000 Stock Plan. 

  

	 	(cc)	 “Qualifying Performance Criteria” means any one or more of the following performance criteria, either individually,
alternatively or in any combination, applied to either the Company as a whole or to a business unit, Parent, Subsidiary or business segment, either individually, alternatively or in any combination, and measured either annually or cumulatively over
a period of years, on an absolute basis or relative to a pre-established target, to previous years’ results or to a designated comparison group, and on a pre-tax or after-tax basis, in each case as specified by the Committee in the Award:
(i) cash flow (including operating cash flow or free cash flow); (ii) earnings (including gross margin, earnings before interest and taxes, earnings before taxes, and net earnings); (iii) earnings per share; (iv) growth in
earnings or earnings per share; (v) stock price; (vi) return on equity or average stockholders’ equity; (vii) total stockholder return; (viii) return on capital; (ix) return on assets or net assets; (x) return on
investment; (xi) revenue; (xii) income or net income; (xiii) operating income or net operating income; (xiv) operating profit or net operating profit; (xv) operating margin; (xvi) return on operating revenue;
(xvii) market share; (xviii) contract awards or backlog; (xix) overhead or other expense reduction; (xx) growth in stockholder value relative to the moving average of the S&P 500 Index or a peer group index; (xxi) credit
rating; (xxii) strategic plan development and implementation (including individual performance objectives that relate to achievement of the Company’s or any business unit’s strategic plan); (xxiii) improvement in workforce
diversity; (xxiv) expenses; (xxv) economic value added; (xxvi) product quality; (xxvii) number of customers; (xxviii) objective customer indicators; (xxix) customer satisfaction; (xxx) new product invention or
innovation; (xxxi) profit after taxes; (xxxii) pre-tax profit; (xxxiii) working capital; (xxxiv) sales; (xxxv) advancement of the Company’s product pipeline; (xxxvi) consummation of strategic transactions;
(xxxvii) reduction in cash utilization; and (xxxviii) addition of technologies and products. The Committee may appropriately adjust any evaluation of performance under a Qualifying Performance Criteria to exclude any of the following
events that occurs during a performance period: (A) asset write-downs; (B) litigation or claim judgments or settlements; (C) the effect of changes in tax law, accounting principles or other such

  
 3 

	 	
laws or provisions affecting reported results; (D) accruals for reorganization and restructuring programs; and (E) any gains or losses classified as extraordinary or as discontinued
operations in the Company’s financial statements. 

  

	 	(dd)	“Reporting Person” means an Officer, Director, or greater than 10% stockholder of the Company within the meaning of Rule 16a-2 under the
Exchange Act, who is required to file reports pursuant to Rule 16a-3 under the Exchange Act. 

  

	 	(ee)	“Restatement Effective Date” means the date of the Company’s 2011 Annual Meeting of Stockholders. 

 

	 	(ff)	“Restricted Stock” means shares of Common Stock acquired pursuant to a grant of a Stock Award under Sections 11, 12 or 13 below.

  

	 	(gg)	“Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act, as the same may be amended from time to time, or any successor provision.

  

	 	(hh)	“Share” means a share of the Common Stock, as adjusted in accordance with Section 17 of the Plan. 

 

	 	(ii)	“Stock Appreciation Right” means a right to receive cash and/or shares of Common Stock based on the appreciation in the Fair Market Value of a
specific number of shares of Common Stock granted under Section 13. 

  

	 	(jj)	“Stock Award” means a Stock Grant, a Stock Unit, a Stock Appreciation Right or a Stock Purchase Right granted under Sections 11, 12 or 13.

  

	 	(kk)	“Stock Award Agreement” means a written agreement, the form(s) of which shall be approved from time to time by the Administrator, between the
Company and a holder of a Stock Award evidencing the terms and conditions of an individual Stock Award grant. Each Stock Award Agreement shall be subject to the terms and conditions of the Plan. 

 

	 	(ll)	“Stock Exchange” means any stock exchange or consolidated stock price reporting system on which prices for the Common Stock are quoted at any
given time. 

  

	 	(mm)	“Stock Grant” means the award of a certain number of shares of Common Stock granted under Section 11 below. 

 

	 	(nn)	“Stock Purchase Right” means the right to purchase Common Stock pursuant to Section 12 below. 

 

	 	(oo)	“Stock Unit” means a bookkeeping entry representing an amount equivalent to the Fair Market Value of one Share, payable in cash, property or
Shares. Stock Units represent an unfunded and unsecured obligation of the Company, except as otherwise provided for by the Administrator. 

  

	 	(pp)	“Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Code, or
any successor provision. 

  

	 	(qq)	“Ten Percent Holder” means a person who owns stock representing more than ten percent (10%) of the voting power of all classes of stock of
the Company or any Parent or Subsidiary. 

  

	3.	Stock Subject to the Plan. Subject to the provisions of Section 17 of the Plan, the maximum aggregate number of Shares that may be sold or issued
under the Plan is 33,796,500 Shares; provided, however, that the maximum aggregate number of Shares that may be issued pursuant to Incentive Stock Option is 33,796,500 Shares. The Shares may be authorized, but unissued, or reacquired Common Stock.
Notwithstanding the foregoing, any Shares issued in connection with Awards granted on or after June 23, 2010, other than Options and Stock Appreciation Rights, shall be counted against the limit set forth herein as two (2) Shares for every
one (1) Share issued in connection with such Award (and shall be counted as two (2) Shares for every one (1) Share returned or deemed not have been issued from the Plan pursuant to this Section 3 in connection with Awards other
than Options and Stock Appreciation Rights). 

 Any Shares covered by an Award (or portion of an Award) which is
forfeited, canceled or expires (whether voluntarily or involuntarily) shall be deemed not to have been issued for purposes of determining the 

  
 4 

 
maximum aggregate number of Shares which may be issued under the Plan. Shares that actually have been issued under the Plan pursuant to an Award shall not be returned to the Plan and shall not
become available for future issuance under the Plan, except that if unvested Shares are forfeited, or repurchased by the Company at the lower of their original purchase price or their Fair Market Value at the time of repurchase, such Shares shall
become available for future grant under the Plan. Notwithstanding anything to the contrary contained herein: (i) Shares tendered or withheld in payment of an Option exercise price shall not be returned to the Plan and shall not become available
for future issuance under the Plan; (ii) Shares withheld by the Company to satisfy any tax withholding obligation shall not be returned to the Plan and shall not become available for future issuance under the Plan; and (iii) all Shares
covered by the portion of a Stock Appreciation Right that is exercised (whether or not Shares are actually issued to the Participant upon exercise of the Stock Appreciation Right) shall be considered issued pursuant to the Plan. 

 

	4.	Administration of the Plan.  

  

	 	(a)	General. The Plan shall be administered by the Board or a Committee, or a combination thereof, as determined by the Board. The Plan may be administered by
different administrative bodies with respect to different classes of Optionees and, if permitted by the Applicable Laws, the Board may authorize one or more officers (who may (but need not) be Officers) to grant Options, Stock Awards and Cash Awards
to Employees and Consultants. 

  

	 	(b)	Administration With Respect to Reporting Persons. With respect to Options, Stock Awards and Cash Awards granted to Reporting Persons and Named Executives,
the Plan may (but need not) be administered so as to permit such Options, Stock Awards and Cash Awards to qualify for the exemption set forth in Rule 16b-3 and to qualify as performance-based compensation under Section 162(m) of the Code.

  

	 	(c)	Committee Composition. If a Committee has been appointed pursuant to this Section 4, such Committee shall continue to serve in its designated
capacity until otherwise directed by the Board. From time to time the Board may increase the size of any Committee and appoint additional members thereof, remove members (with or without cause) and appoint new members in substitution therefor, fill
vacancies (however caused) and remove all members of a Committee and thereafter directly administer the Plan, all to the extent permitted by the Applicable Laws and, in the case of a Committee administering the Plan pursuant to Section 4(b)
above, to the extent permitted or required by Rule 16b-3 and Section 162(m) of the Code. 

  

	 	(d)	Powers of the Administrator. Subject to the provisions of the Plan and in the case of a Committee, the specific duties delegated by the Board to such
Committee, and subject to the approval of any relevant authorities, including the approval, if required, of any Stock Exchange, the Administrator shall have the authority, in its discretion: 

 

	 	(i)	to determine the Fair Market Value of the Common Stock, in accordance with Section 2(p) of the Plan; 

 

	 	(ii)	to select the Consultants and Employees to whom Options, Stock Awards and Cash Awards or any combination thereof may from time to time be granted hereunder;

  

	 	(iii)	to determine whether and to what extent Options, Stock Awards and Cash Awards or any combination thereof are granted hereunder; 

 

	 	(iv)	to determine the number of shares of Common Stock to be covered by each such Award granted hereunder; 

 

	 	(v)	to approve forms of agreement for use under the Plan; 

  

	 	(vi)	 to determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms and conditions include,
but are not limited to, the 

  
 5 

	 	
exercise and/or purchase price (if applicable), the time or times when an Award may be exercised (which may or may not be based on performance criteria), the vesting schedule, any vesting and/or
exercisability acceleration or waiver of forfeiture restrictions, the acceptable forms of consideration, the term, and any restriction or limitation regarding any Award or the Shares relating thereto, based in each case on such factors as the
Administrator, in its sole discretion, shall determine and may be established at the time an Award is granted or thereafter; 

  

	 	(vii)	to determine the terms and restrictions applicable to Stock Awards and the Restricted Stock purchased by exercising such Stock Awards; and 

 

	 	(viii)	to construe and interpret the terms of the Plan and Awards granted pursuant to the Plan; 

 

	 	(ix)	in order to fulfill the purposes of the Plan and without amending the Plan, to modify grants of Options, Stock Awards and Cash Awards to participants who are foreign
nationals or employed outside of the United States in order to recognize differences in local law, tax policies or customs; 

  

	 	(x)	to allow Participants to satisfy withholding tax amounts by electing to have the Company withhold from the Shares to be issued upon exercise of a Nonstatutory Stock
Option or vesting of a Stock Award that number of Shares having a Fair Market Value equal to the amount required to be withheld. The Fair Market Value of the Shares to be withheld shall be determined in such manner and on such date that the
Administrator shall determine or, in the absence of provision otherwise, on the date that the amount of tax to be withheld is to be determined. All elections by a Participant to have Shares withheld for this purpose shall be made in such form and
under such conditions as the Administrator may provide; 

  

	 	(xi)	to correct administrative errors; 

  

	 	(xii)	to modify or amend each Award, including, but not limited to, the acceleration of vesting and/or exercisability, provided, however, that any such amendment is subject
to Section 20 of the Plan and except as set forth in that Section, may not impair any outstanding Award unless agreed to in writing by the Participant; 

 

	 	(xiii)	to authorize conversion or substitution under the Plan of any or all options, stock appreciation rights or stock awards held by service providers of an entity acquired
by the Company (the “Conversion Awards”). Any conversion or substitution shall be effective as of the close of the merger, acquisition or other transaction. The Conversion Awards may be Nonstatutory Stock Options or Incentive
Stock Options, as determined by the Administrator, with respect to options granted by the acquired entity; provided, however, that with respect to the conversion of stock appreciation rights in the acquired entity, the Conversion Awards shall be
Nonstatutory Stock Options. Unless otherwise determined by the Administrator at the time of conversion or substitution, all Conversion Awards shall have the same terms and conditions as Awards generally granted by the Company under the Plan;

  

	 	(xiv)	to authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award previously granted by the Administrator;

  

	 	(xv)	to impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any resales by a Participant or other subsequent
transfers by the Participant of any Shares issued as a result of or under an Award, including without limitation, (A) restrictions under an insider trading policy and (B) restrictions as to the use of a specified brokerage firm for such
resales or other transfers; 

  

	 	(xvi)	to provide, either at the time an Award is granted or by subsequent action, that an Award shall contain as a term thereof, a right, either in tandem with the other
rights under the Award or as an alternative thereto, of the Participant to receive, without payment to the Company, a number of Shares, cash or a combination thereof, the amount of which is determined by reference to the value of the Award; and

  
 6 

	 	(xvii)	to make all other determinations deemed necessary or advisable for administering the Plan and any Award granted hereunder. 

 

	 	(e)	Effect of Administrator’s Decision. All decisions, determinations and interpretations of the Administrator shall be final and binding on all holders
of Options, Stock Awards or Cash Awards. 

  

	5.	Eligibility.  

  

	 	(a)	Recipients of Grants. Nonstatutory Stock Options, Stock Awards and Cash Awards may be granted to Employees and Consultants. Incentive Stock Options may be
granted only to Employees. An Employee or Consultant who has been granted an Option, Stock Award or Cash Award may, if he or she is otherwise eligible, be granted additional Options, Stock Awards or Cash Awards. 

 

	 	(b)	Type of Option. Each Option shall be designated in the Option Agreement as either an Incentive Stock Option or a Nonstatutory Stock Option. However,
notwithstanding such designations, to the extent that the aggregate Fair Market Value of Shares with respect to which Options designated as Incentive Stock Options are exercisable for the first time by any Optionee during any calendar year (under
all plans of the Company or any Parent or Subsidiary) exceeds $100,000, such excess Options shall be treated as Nonstatutory Stock Options. For purposes of this Section 5(b), Incentive Stock Options shall be taken into account in the order in
which they were granted, and the Fair Market Value of the Shares subject to an Incentive Stock Option shall be determined as of the date of the grant of such Option. 

 

	 	(c)	Employment Relationship. The Plan shall not confer upon the holder of any Option or Stock Award any right with respect to continuation of employment or
consulting relationship with the Company, nor shall it interfere in any way with such holder’s right or the Company’s right to terminate his or her employment or consulting relationship at any time, with or without cause.

  

	6.	Term of Plan. The Plan became effective upon its initial approval by the stockholders of the Company in March 2000 and was amended and restated effective
as of the Restatement Effective Date. It shall continue in effect for a term of ten (10) years from the Restatement Effective Date unless sooner terminated under Section 20 of the Plan. 

 

	7.	Term of Option. The term of each Option shall be the term stated in the Option Agreement; provided, however, that the term shall be no more than ten years
from the date of grant thereof or such shorter term as may be provided in the Option Agreement and provided further that, in the case of an Incentive Stock Option granted to an Optionee who, at the time the Option is granted, owns stock representing
more than 10% of the total combined voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Option shall be five years from the date of grant thereof or such shorter term as may be provided in the Option
Agreement. 

  

	8.	Limitation on Grants to Employees. Subject to adjustment as provided in Section 17 below, the maximum number of Shares which may be subject to
Options and Stock Awards granted to any one Employee under this Plan for any fiscal year of the Company shall be 1,500,000 Shares. 

  

	9.	Option Exercise Price and Consideration.  

  

	 	(a)	Exercise Price. The per share exercise price for the Shares to be issued pursuant to exercise of an Option shall be such price as is determined by the
Board and set forth in the applicable agreement, but shall be subject to the following: 

  

	 	(i)	In the case of an Incentive Stock Option that is: 

  

	 	(A)	granted to an Employee who, at the time of the grant of such Incentive Stock Option, is a Ten Percent Holder, the per Share exercise price shall be no less than 110% of
the Fair Market Value per Share on the date of grant. 

  
 7 

	 	(B)	granted to any other Employee, the per Share exercise price shall be no less than 100% of the Fair Market Value per Share on the date of grant.

  

	 	(ii)	In the case of a Nonstatutory Stock Option, the per Share exercise price shall be no less than 100% of the Fair Market Value per Share on the date of grant; or

  

	 	(iii)	Notwithstanding the foregoing, Options may be granted with a per Share exercise price other than as required above pursuant to a merger or other corporate transaction.

  

	 	(b)	No Option Repricings, Exchanges or Buyouts. Other than in connection with a change in the Company’s capitalization, merger or certain other
transactions (as described in Section 17 of the Plan), the following actions will be subject to stockholder approval: (i) the reduction of the exercise price of any Option granted under the Plan or (ii) the cancellation of an Option
at a time when its exercise price exceeds the Fair Market Value of the underlying Shares, in exchange for another Option, Stock Appreciation Right or other Award or for a cash payment. Notwithstanding the foregoing, canceling an Option in exchange
for another Option, Stock Appreciation Right or other Award with an exercise price, purchase price or base appreciation amount that is equal to or greater than the exercise price of the original Option shall not be subject to stockholder approval.

  

	 	(c)	Permissible Consideration. The consideration to be paid for the Shares to be issued upon exercise of an Option, including the method of payment, shall be
determined by the Administrator (and, in the case of an Incentive Stock Option, shall be determined at the time of grant) and may consist entirely of (1) cash, (2) check, (3) promissory note (subject to the provisions of
Section 153 of the Delaware General Corporation Law), (4) other Shares that (x) in the case of Shares acquired upon exercise of an Option, have been owned by the Optionee for more than six months on the date of surrender or such other
period as may be required to avoid a charge to the Company’s earnings, and (y) have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which such Option shall be exercised,
(5) authorization for the Company to retain from the total number of Shares as to which the Option is exercised that number of Shares having a Fair Market Value on the date of exercise equal to the exercise price for the total number of Shares
as to which the Option is exercised, (6) delivery of a properly executed exercise notice together with such other documentation as the Administrator and the broker, if applicable, shall require to effect an exercise of the Option and delivery
to the Company of the sale or loan proceeds required to pay the exercise price and any applicable income or employment taxes, (7) any combination of the foregoing methods of payment, or (8) such other consideration and method of payment
for the issuance of Shares to the extent permitted under the Applicable Laws. In making its determination as to the type of consideration to accept, the Administrator shall consider if acceptance of such consideration may be reasonably expected to
benefit the Company. 

  

	10.	Exercise of Option.  

  

	 	(a)	Procedure for Exercise; Rights as a Stockholder. Any Option granted hereunder shall be exercisable at such times and under such conditions as determined
by the Administrator, including performance criteria with respect to the Company and/or the Optionee, and as shall be permissible under the terms of the Plan. The Administrator shall have the discretion to determine whether and to what extent the
vesting of Options shall be tolled during any unpaid leave of absence; provided, however, that in the absence of such determination, vesting of Options shall be tolled during any leave that is not a leave required to be provided to the Optionee
under Applicable Law. In the event of military leave, vesting shall toll during any unpaid portion of such leave, provided that, upon an Optionee’s returning from military leave (under conditions that would entitle him or her to protection upon
such return under the Uniform Services Employment and Reemployment Rights Act), he or she shall be given vesting credit with respect to Options to the same extent as would have applied had the Optionee continued to provide services to the Company
throughout the leave on the same terms as he or she was providing services immediately prior to such leave. 

  
 8 

 An Option may not be exercised for a fraction of a Share. 

An Option shall be deemed to be exercised when written (including electronic) notice of such exercise has been given to
the Company in accordance with the terms of the Option by the person entitled to exercise the Option and the Company has received full payment for the Shares with respect to which the Option is exercised. Full payment may, as authorized by the
Board, consist of any consideration and method of payment allowable under Section 9(c) of the Plan. Until the issuance (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company) of
the stock certificate evidencing such Shares, no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Optioned Stock, not withstanding the exercise of the Option. The Company shall issue (or cause
to be issued) such stock certificate promptly upon exercise of the Option. No adjustment will be made for a dividend or other right for which the record date is prior to the date the stock certificate is issued, except as provided in Section 17
of the Plan. 
 Exercise of an Option in any manner shall result in a decrease in the number of Shares that
thereafter may be available, both for purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised. 
  

	 	(b)	Termination of Employment or Consulting Relationship. Subject to Section 10(c) below, in the event of termination of an Optionee’s Continuous
Status as an Employee or Consultant with the Company, such Optionee may, but only within three months (or such other period of time not less than 30 days as is determined by the Administrator, with such determination in the case of an Incentive
Stock Option being made at the time of grant of the Option and not exceeding three months) after the date of such termination (but in no event later than the expiration date of the term of such Option as set forth in the Option Agreement), exercise
his or her Option to the extent that the Optionee was entitled to exercise it at the date of such termination. To the extent that the Optionee was not entitled to exercise the Option at the date of such termination, or if the Optionee does not
exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate. No termination shall be deemed to occur and this Section 10(b) shall not apply if (i) the Optionee is a Consultant who becomes an
Employee, or (ii) the Optionee is an Employee who becomes a Consultant. 

  

	(c)	Disability of Optionee.  

  

	 	(i)	Notwithstanding Section 10(b) above, in the event of termination of an Optionee’s Continuous Status as an Employee or Consultant as a result of his
or her total and permanent disability (within the meaning of Section 22(e)(3) of the Code), such Optionee may, but only within twelve months from the date of such termination (but in no event later than the expiration date of the term
of such Option as set forth in the Option Agreement), exercise the Option to the extent otherwise entitled to exercise it at the date of such termination. To the extent that the Optionee was not entitled to exercise the Option at the date of
termination, or if the Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate. 

  

	 	(ii)	 In the event of termination of an Optionee’s Continuous Status as an Employee or Consultant as a result of a disability which does
not fall within the meaning of total and permanent disability (as set forth in Section 22(e)(3) of the Code), such Optionee may, but only within six months from the date of such termination (but in no event later than the expiration date of the
term of such Option as set forth in the Option Agreement), exercise the Option to the extent otherwise entitled to exercise it at the date of such termination. However, to the extent that such Optionee fails to exercise an Option which is an
Incentive Stock Option (“ISO”) (within the meaning of Section 422 of the Code) within three months of the date of such termination, the Option will not qualify for ISO treatment under the Code. To the extent that

  
 9 

	 	
the Optionee was not entitled to exercise the Option at the date of termination, or if the Optionee does not exercise such Option to the extent so entitled within six months from the date of
termination, the Option shall terminate. 

  

	 	(d)	Death of Optionee. In the event of the death of an Optionee during the period of Continuous Status as an Employee or Consultant since the date of grant of
the Option, or within 30 days following termination of the Optionee’s Continuous Status as an Employee or Consultant, the Option may be exercised, at any time within six months following the date of death (but in no event later than the
expiration date of the term of such Option as set forth in the Option Agreement), by such Optionee’s estate or by a person who acquired the right to exercise the Option by bequest or inheritance, but only to the extent of the right to exercise
that had accrued at the date of death or, if earlier, the date of termination of the Optionee’s Continuous Status as an Employee or Consultant. To the extent that the Optionee was not entitled to exercise the Option at the date of death or
termination, as the case may be, or if the Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate. 

 

	 	(e)	Extension of Exercise Period. The Administrator shall have full power and authority to extend the period of time for which an Option is to remain
exercisable following termination of an Optionee’s Continuous Status as an Employee or Consultant from the periods set forth in Sections 10(b), 10(c) and 10(d) above or in the Option Agreement to such greater time as the Board shall deem
appropriate, provided that in no event shall such Option be exercisable later than the date of expiration of the term of such Option as set forth in the Option Agreement. 

 

	 	(f)	Rule 16b-3. Options granted to Reporting Persons shall comply with Rule 16b-3 and shall contain such additional conditions or restrictions as may be
required thereunder to qualify for the maximum exemption for Plan transactions. 

  

	11.	Stock Grants and Stock Unit Awards. Each Stock Award Agreement reflecting the issuance of a Stock Grant or Stock Unit shall be in such form and shall
contain such terms and conditions as the Administrator shall deem appropriate. The terms and conditions of such agreements may change from time to time, and the terms and conditions of separate agreements need not be identical, but each such
agreement shall include (through incorporation of provisions hereof by reference in the agreement or otherwise) the substance of each of the following provisions: 

 

	 	(a)	Consideration. A Stock Grant or Stock Unit may be awarded in consideration for such property or services as is permitted under Applicable Law, including
for past services actually rendered to the Company or a Subsidiary for its benefit. 

  

	 	(b)	Vesting. Shares of Common Stock awarded under an agreement reflecting a Stock Grant and a Stock Unit award may, but need not, be subject to a share
repurchase option, forfeiture restriction or other conditions in favor of the Company in accordance with a vesting or lapse schedule to be determined by the Administrator. 

 

	 	(c)	Termination of Participant’s Continuous Service. In the event a Participant’s Continuous Service terminates, the Company may reacquire any or
all of the Shares held by the Participant which have not vested or which are otherwise subject to forfeiture or other conditions as of the date of termination under the terms of the agreement. 

 

	 	(d)	Transferability. Rights to acquire Shares under a Stock Grant or a Stock Unit agreement shall be transferable by the Participant only by will or by the
laws of descent and distribution. 

  

	12.	Stock Purchase Rights.  

  

	 	(a)	 Rights to Purchase. Stock Purchase Rights may be issued either alone, in addition to, or in tandem with other awards granted under the
Plan and/or cash awards made outside of the Plan. After the Administrator determines that it will offer Stock Purchase Rights under the Plan, it shall advise the 

  
 10 

	 	
offeree in writing of the terms, conditions and restrictions related to the offer, including the number of Shares that such person shall be entitled to purchase, the price to be paid, and the
time within which such person must accept such offer, which shall in no event exceed 30 days from the date upon which the Administrator made the determination to grant the Stock Purchase Right. The purchase price of Shares subject to Stock Purchase
Rights shall be as determined by the Administrator. The offer to purchase Shares subject to Stock Purchase Rights shall be accepted by execution of a Stock Award Agreement in the form determined by the Administrator. 

 

	 	(b)	Repurchase Option. Unless the Administrator determines otherwise, the Stock Award Agreement shall grant the Company a repurchase option exercisable upon
the voluntary or involuntary termination of the purchaser’s employment with the Company for any reason (including death or disability). The purchase price for Shares repurchased pursuant to the Restricted Stock Award Agreement shall be the
original purchase price paid by the purchaser and may be paid by cancellation of any indebtedness of the purchaser to the Company. The repurchase option shall lapse at such rate as the Administrator may determine. 

 

	 	(c)	Other Provisions. The Restricted Stock Purchase Agreement shall contain such other terms, provisions and conditions not inconsistent with the Plan as may
be determined by the Administrator in its sole discretion. In addition, the provisions of Restricted Stock Purchase Agreements need not be the same with respect to each purchaser. 

 

	 	(d)	Rights as a Stockholder. Once the Stock Purchase Right is exercised, the purchaser shall have the rights equivalent to those of a stockholder, and shall
be a stockholder when his or her purchase is entered upon the records of the duly authorized transfer agent of the Company. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Stock Purchase
Right is exercised, except as provided in Section 17 of the Plan. 

  

	13.	Stock Appreciation Rights.  

  

	 	(a)	General. Stock Appreciation Rights may be granted either alone, in addition to, or in tandem with other Awards granted under the Plan. The Administrator
may grant Stock Appreciation Rights to eligible Participants subject to terms and conditions not inconsistent with this Plan and determined by the Administrator. The specific terms and conditions applicable to the Participant shall be provided for
in the Stock Award Agreement. Stock Appreciation Rights shall be exercisable, in whole or in part, at such times as the Administrator shall specify in the Stock Award Agreement. 

 

	 	(b)	Exercise of Stock Appreciation Right. Upon the exercise of a Stock Appreciation Right, in whole or in part, the Participant shall be entitled to a payment
in an amount equal to the excess of the Fair Market Value on the date of exercise of a fixed number of Shares covered by the exercised portion of the Stock Appreciation Right, over the base appreciation amount of the Shares pursuant to the Stock
Appreciation Right. The amount due to the Participant upon the exercise of a Stock Appreciation Right shall be paid in such form of consideration as determined by the Administrator and may be in cash, Shares or a combination thereof, over the period
or periods, in each case as specified in the Stock Award Agreement. A Stock Award Agreement may place limits on the amount that may be paid over any specified period or periods upon the exercise of a Stock Appreciation Right, on an aggregate basis
or as to any Participant. A Stock Appreciation Right shall be considered exercised when the Company receives written notice of exercise in accordance with the terms of the Stock Award Agreement from the person entitled to exercise the Stock
Appreciation Right. 

  

	 	(c)	Nonassignability of Stock Appreciation Rights. Except as determined by the Board, no Stock Appreciation Right shall be assignable or otherwise
transferable by the Participant except by will or by the laws of descent and distribution. 

  
 11 

	 	(d)	Base Appreciation Amount and Term of Stock Appreciation Right. Notwithstanding anything herein to the contrary, the price used to determine the amount
payable to a Participant (in accordance with Section 13(b) above) upon exercise of any Stock Appreciation Right granted under the Plan (referred to in the Plan as the “base appreciation amount”) shall be no less than 100% of the Fair
Market Value per Share on the date of grant; provided, however, that Stock Appreciation Rights may be granted with a base appreciation amount other than as required above pursuant to a merger or other corporate transaction. The term of each Stock
Appreciation Right shall be the term stated in the Stock Award Agreement; provided, however, that the term shall be no more than ten years from the date of grant thereof or such shorter term as may be provided in the Stock Award Agreement.

  

	 	(e)	No Repricings, Exchanges or Buyouts. Other than in connection with a change in the Company’s capitalization, merger or certain other transactions (as
described in Section 17 of the Plan), the following actions will be subject to stockholder approval: (i) the reduction of the base appreciation amount of any Stock Appreciation Right granted under the Plan or (ii) the cancellation of
a Stock Appreciation Right at a time when its base appreciation amount exceeds the Fair Market Value of the underlying Shares, in exchange for another Option, Stock Appreciation Right or other Award or for a cash payment. Notwithstanding the
foregoing, canceling a Stock Appreciation Right in exchange for another Option, Stock Appreciation Right or other Award with an exercise price, purchase price or base appreciation amount that is equal to or greater than the base appreciation amount
of the original Stock Appreciation Right shall not be subject to stockholder approval. 

  

	14.	Cash Awards. Each Cash Award will confer upon the Participant the opportunity to earn a future payment tied to the level of achievement with respect to
one or more performance criteria established for a performance period of not less than one (1) year. 

  

	 	(a)	Cash Award. Each Cash Award shall contain provisions regarding (i) the target and maximum amount payable to the Participant as a Cash Award,
(ii) the performance criteria and level of achievement versus these criteria which shall determine the amount of such payment, (iii) the period as to which performance shall be measured for establishing the amount of any payment,
(iv) the timing of any payment earned by virtue of performance, (v) restrictions on the alienation or transfer of the Cash Award prior to actual payment, (vi) forfeiture provisions, and (vii) such further terms and conditions, in
each case not inconsistent with the Plan, as may be determined from time to time by the Administrator. The maximum amount payable as a Cash Award may be a multiple of the target amount payable, but the maximum amount payable pursuant to that portion
of a Cash Award granted under this Plan for any fiscal year to any Participant that is intended to satisfy the requirements for “performance based compensation” under Section 162(m) of the Code shall not exceed U.S. $1,000,000.

  

	 	(b)	Performance Criteria. The Administrator shall establish the performance criteria and level of achievement versus these criteria which shall determine the
target and the minimum and maximum amount payable under a Cash Award, which criteria may be based on financial performance and/or personal performance evaluations. The Administrator may specify the percentage of the target Cash Award that is
intended to satisfy the requirements for “performance-based compensation” under Section 162(m) of the Code. Notwithstanding anything to the contrary herein, the performance criteria for any portion of a Cash Award that is intended to
satisfy the requirements for “performance-based compensation” under Section 162(m) of the Code shall be a measure established by the Administrator based on one or more Qualifying Performance Criteria selected by the Administrator and
specified in writing not later than 90 days after the commencement of the period of service to which the performance goals relates, provided that the outcome is substantially uncertain at that time (or in such other manner that complies with
Section 162(m)). 

  

	 	(c)	 Timing and Form of Payment. The Administrator shall determine the timing of payment of any Cash Award. The Administrator may provide for
or, subject to such terms and conditions as the Administrator may specify, may permit a Participant to elect for the payment of any Cash Award to be deferred to a specified date or event. The Administrator may specify the form of payment of Cash

  
 12 

	 	
Awards, which may be cash or other property, or may provide for a Participant to have the option for his or her Cash Award, or such portion thereof as the Administrator may specify, to be paid in
whole or in part in cash or other property. 

  

	 	(d)	Termination of Employment. The Administrator shall have the discretion to determine the effect a Termination of Employment due to (i) disability,
(ii) death or (iii) otherwise shall have on any Cash Award. 

  

	15.	Section 162(m) Compliance. Any Stock Award (other than an Option or any other Stock Award having a purchase price equal to 100% of the Fair Market
Value on the date such award is made) or Cash Award that is intended as “qualified performance-based compensation” within the meaning of Section 162(m) of the Code must not be granted before achievement of one or more Qualifying
Performance Criteria or may be granted before such achievement, provided that the Award does not vest or become exercisable before achievement of the Qualifying Performance Criteria. Notwithstanding anything to the contrary herein, the Committee
shall have the discretion to determine the time and manner of compliance with Section 162(m) of the Code as required under applicable regulations and to conform the procedures related to the Award to the requirements of Section 162(m).

  

	16.	Taxes.  

  

	 	(a)	As a condition of the grant, exercise or vesting of an Option, Stock Award or Cash Award granted under the Plan or issuance of Shares under the Plan, the Participant
(or in the case of the Participant’s death, the person exercising the Option, Stock Award or Cash Award) shall make such arrangements as the Administrator may require for the satisfaction of any applicable federal, state, local or foreign
withholding tax obligations that may arise in connection with the exercise of Option, Stock Award or Cash Award and the issuance of Shares. The Company shall not be required to issue any Shares or pay any cash under the Plan until such obligations
are satisfied. 

  

	 	(b)	In the case of an Employee and in the absence of any other arrangement, the Employee shall be deemed to have directed the Company to withhold or collect from his or her
compensation an amount sufficient to satisfy such tax obligations from the next payroll payment otherwise payable after the date of an exercise of the Option or Stock Award. 

 

	 	(c)	In the case of Participant other than an Employee (or in the case of an Employee where the next payroll payment is not sufficient to satisfy such tax obligations, with
respect to any remaining tax obligations), in the absence of any other arrangement and to the extent permitted under the Applicable Laws, the Participant shall be deemed to have elected to have the Company withhold from the Shares to be issued upon
exercise of the Option or Stock Award that number of Shares having a Fair Market Value determined as of the applicable Tax Date (as defined below) equal to the minimum statutory amounts required to be withheld. For purposes of this Section 16,
the Fair Market Value of the Shares to be withheld shall be determined on the date that the amount of tax to be withheld is to be determined under the Applicable Laws (the “Tax Date”). 

 

	 	(d)	If permitted by the Administrator, in its discretion, a Participant may satisfy his or her tax withholding obligations upon exercise of an Option or Stock Award by
surrendering to the Company Shares that (i) in the case of Shares previously acquired from the Company, have been owned by the Participant for more than six (6) months on the date of surrender, and (ii) have a Fair Market Value
determined as of the applicable Tax Date equal to the minimum statutory amounts required to be withheld. 

  

	 	(e)	Any election or deemed election by a Participant to have Shares withheld to satisfy tax withholding obligations under Section 16(c) or (d) above shall be
irrevocable as to the particular Shares as to which the election is made and shall be subject to the consent or disapproval of the Administrator. Any election by a Participant under Section 16(d) above must be made on or prior to the applicable
Tax Date. 

  
 13 

	 	(f)	In the event an election to have Shares withheld is made by a Participant and the Tax Date is deferred under Section 83 of the Code because no election is filed
under Section 83(b) of the Code, the Participant shall receive the full number of Shares with respect to which the Option is exercised but such Participant shall be unconditionally obligated to tender back to the Company the proper number of
Shares on the applicable Tax Date. 

  

	17.	Adjustments Upon Changes in Capitalization, Merger or Certain Other Transactions.  

 

	 	(a)	Changes in Capitalization. Subject to any required action by the stockholders of the Company, the number of shares of Common Stock covered by each
outstanding Option or Stock Award, and the number of shares of Common Stock that have been authorized for issuance under the Plan but as to which no Options or Stock Awards have yet been granted or that have been returned to the Plan upon
cancellation or expiration of an Option or Stock Award, and the number of shares set forth in Sections 3(i) and 8 above, as well as the price per share of Common Stock covered by each such outstanding Option or Stock Award, shall be
proportionately adjusted for any increase or decrease in the number of issued shares of Common Stock resulting from a stock split, reverse stock split, stock dividend, combination, recapitalization or reclassification of the Common Stock, or any
other increase or decrease in the number of issued shares of Common Stock effected without receipt of consideration by the Company; provided, however, that conversion of any convertible securities of the Company shall not be deemed to have been
“effected without receipt of consideration.” In the event of any distribution of cash or other assets to stockholders other than a normal cash dividend, the Board shall also make such adjustments as provided in this Section 17(a) or
substitute, exchange or grant Awards to effect such adjustments (collectively “adjustments”). Any such adjustments to outstanding Awards will be effected in a manner that precludes the enlargement of rights and benefits under such Awards.
Such adjustment shall be made by the Board, whose determination in that respect shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into
shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock subject to an Option or Stock Award. 

 

	 	(b)	Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Board shall notify the Optionee at least 15 days
prior to such proposed action. To the extent it has not been previously exercised, the Option or Stock Award will terminate immediately prior to the consummation of such proposed action. 

 

	 	(c)	 Merger or Sale of Assets. In the event of a proposed sale of all or substantially all of the Company’s assets or a merger of the
Company with or into another corporation, each outstanding Award shall be assumed or an equivalent option or right shall be substituted by such successor corporation or a parent or subsidiary of such successor corporation, unless the successor
corporation does not agree to assume the Award or to substitute an equivalent award, in which case such Award shall accelerate immediately prior to the consummation of the merger or sale of assets. For purposes of this Section 17(c), an Option
or Stock Award shall be considered assumed, without limitation, if, at the time of issuance of the stock or other consideration upon such merger or sale of assets, each holder of an Option or Stock Award would be entitled to receive upon exercise of
the Option or Stock Award the same number and kind of shares of stock or the same amount of property, cash or securities as such holder would have been entitled to receive upon the occurrence of such transaction if the holder had been, immediately
prior to such transaction, the holder of the number of Shares of Common Stock covered by the Option or the Stock Award at such time (after giving effect to any adjustments in the number of Shares covered by the Option or Stock Award as provided for
in this Section 17); provided, however, that if such consideration received in the merger or sale of assets is not solely common stock of the successor corporation or its Parent, the Administrator may, with the consent of the successor
corporation, provide for the consideration to be received upon the exercise of an Option or Stock Award (or, as applicable, vesting of a Stock Award), for each Share subject to

  
 14 

	 	
such Award, to be solely common stock of the successor corporation or its Parent equal in fair market value to the per Share consideration received by holders of Common Stock in the merger or
sale of assets. 

  

	 	(d)	Certain Distributions. In the event of any distribution to the Company’s stockholders of securities of any other entity or other assets (other than
dividends payable in cash or stock of the Company) without receipt of consideration by the Company, the Administrator may, in its discretion, appropriately adjust the price per share of Common Stock covered by each outstanding Option or Stock Award
to reflect the effect of such distribution. 

  

	18.	Non-Transferability of Awards.  

  

	 	(a)	General. Except as set forth in this Section 18, Awards may not be sold, pledged, assigned, hypothecated, transferred or disposed of in any(b) manner
other than by will or by the laws of descent or distribution. The designation of a beneficiary by a Participant will not constitute a transfer. An Option or Stock Award may be exercised, during the lifetime of the holder of an Option or Stock Award,
only by such holder or a transferee permitted by this Section 18. 

  

	 	(b)	Limited Transferability Rights. The Administrator may in its discretion grant transferable Nonstatutory Stock Options pursuant to Option Agreements
specifying the manner in which such Nonstatutory Stock Options are transferable. 

  

	19.	Time of Granting Awards. The date of grant of an Award shall, for all purposes, be the date on which the Administrator makes the determination granting
such Award, or such other date as is determined by the Board; provided, however, that in the case of any Incentive Stock Option, the grant date shall be the later of the date on which the Administrator makes the determination granting such Incentive
Stock Option or the date of commencement of the Optionee’s employment relationship with the Company. Notice of the determination shall be given to each Employee or Consultant to whom an Award is so granted within a reasonable time after the
date of such grant. 

  

	20.	Amendment and Termination of the Plan.  

  

	 	(a)	Authority to Amend or Terminate. The Board may at any time amend, alter, suspend or discontinue the Plan, but no amendment, alteration, suspension or
discontinuation shall be made that would impair the rights of any Optionee or holder of Stock Awards or Cash Awards under any grant theretofore made, without his or her consent. In addition, to the extent necessary and desirable to comply with the
Applicable Laws, the Company shall obtain stockholder approval of any Plan amendment in such a manner and to such a degree as required. In addition, unless approved by the stockholders of the Company, no amendment shall be made that would result in
a repricing of Options or Stock Appreciation Rights by (x) reducing the exercise price or base appreciation amount of outstanding Options and Stock Appreciation Rights or (y) canceling an outstanding Option or Stock Appreciation Right held
by a Participant and re-granting to the Participant a new Option with a lower exercise price, a Stock Appreciation Right with a lower base appreciation amount, or another Award, in either case other than in connection with a change in the
Company’s capitalization, merger or certain other transactions pursuant to Section 17 of the Plan. 

  

	 	(b)	Effect of Amendment or Termination. No amendment or termination of the Plan shall adversely affect Options, Stock Awards or Cash Awards already granted,
unless mutually agreed otherwise between the Optionee or holder of the Stock Awards or Cash Awards and the Board, which agreement must be in writing and signed by the Optionee or holder of the Stock Awards or Cash Awards and the Company.

  

	21.	 Conditions Upon Issuance of Shares. Shares shall not be issued pursuant to the exercise of an Option or Stock Award unless the exercise
of such Option or Stock Award and the issuance and delivery of such 

  
 15 

	 	
Shares pursuant thereto shall comply with all relevant provisions of law, including, without limitation, the Securities Act of 1933, as amended, the Exchange Act, the rules and regulations
promulgated thereunder, and the requirements of any Stock Exchange. Notwithstanding any other provision of the Plan or any agreement entered into by the Company pursuant to the Plan, the Company shall not be obligated, and shall have no liability
for failure, to issue or deliver any Shares under the Plan unless such issuance or delivery would comply with the Applicable Laws, with such compliance determined by the Company in consultation with its legal counsel. 

As a condition to the exercise of an Option or Stock Award, the Company may require the person exercising such Award to represent and
warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required by
law. 
  

	22.	Reservation of Shares. The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as shall be
sufficient to satisfy the requirements of the Plan. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and
sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained. 

 

	23.	Agreements. Options, Stock Awards and Cash Awards shall be evidenced by written Option Agreements, and Stock Award Agreements and Cash Award Agreements
respectively, in such form(s) as the Administrator shall approve from time to time. 

  

	24.	Stockholder Approval. If required by Applicable Laws, continuance of the Plan shall be subject to approval by the stockholders of the Company within
twelve months before or after the date the Plan, as amended and restated effective June 16, 2014, is adopted. Such stockholder approval shall be obtained in the degree and manner required under the Applicable Laws. 

 

	25.	Unfunded Obligation. Participants shall have the status of general unsecured creditors of the Company. Any amounts payable to Participants pursuant to the
Plan shall be unfunded and unsecured obligations for all purposes, including, without limitation, Title I of the Employee Retirement Income Security Act of 1974, as amended. Neither the Company nor any Parent or Subsidiary shall be required to
segregate any monies from its general funds, or to create any trusts, or establish any special accounts with respect to such obligations. The Company shall retain at all times beneficial ownership of any investments, including trust investments,
which the Company may make to fulfill its payment obligations hereunder. Any investments or the creation or maintenance of any trust or any Participant account shall not create or constitute a trust or fiduciary relationship between the
Administrator, the Company or any Parent or Subsidiary and a Participant, or otherwise create any vested or beneficial interest in any Participant or the Participant’s creditors in any assets of the Company or a Parent or Subsidiary. The
Participants shall have no claim against the Company or any Parent or Subsidiary for any changes in the value of any assets that may be invested or reinvested by the Company with respect to the Plan. 

  
 16

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