Document:

First Amendment to Employment Agreement

 Exhibit 10.3 

FIRST AMENDMENT TO 

EMPLOYMENT AGREEMENT 
 THIS
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is dated as of November 9, 2015 (the “Effective Date”), by and between Health Insurance Innovations, Inc., a Delaware corporation (the “Company”) and
Michael W. Kosloske (“Executive”). 
 WHEREAS, the Company desires to engage Executive as Founder, Executive Chairman of the
Board of Directors and Chief of Product Innovation and Executive desires to accept such appointment in lieu of his position as Chief Executive Officer. 

WHEREAS, in order to effect such changes, the parties have agreed to amend that certain Employment Agreement by and between Company and
Executive dated February 13, 2013 (the “Employment Agreement”). 
 NOW, THEREFORE, for and in consideration of the mutual
promises made herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, hereby agree as follows: 

1. Section 1(a) of the Employment Agreement is deleted in its entirety and the following substituted in lieu thereof: 

“(a) Effective as of the Effective Date, and during the Term (as defined below), Executive shall serve as Founder and
Chief of Product Innovation of the Company and, for so long as Executive serves on the Company’s Board of Directors (the “Board”), the Board shall designate Executive as Executive Chairman of the Board. In addition, at each annual
meeting of the stockholders of the Company after the Effective Date during the Term, the Company will nominate and recommend Executive for election to the Board at such meeting. Executive’s service as a member of the Board of the Company will
be without any additional compensation therefor other than that specified in the Employment Agreement as modified by this Amendment. In his capacity as Founder, Executive Chairman of the Board and Chief of Product Innovation, Executive shall
(i) for so long as he is elected to the Board by the stockholders of the Company, have the customary duties and responsibilities of a Chairman of the Board of a corporation of a similar size and status as the Company; (ii) consult with the
Chief Executive Officer of the Company (the “CEO”) on matters related to the strategy and vision for the Company, development and implementation of its existing product portfolio and new products, carrier relations and the growth and
management of the AgileHealthInsurance business and the HealthPocket business; and (iii) be responsible for performing such other duties and exercising such other powers which the Board may from time to time assign to Executive.” 

2. Section 2 of the Employment Agreement is deleted in its entirety and the following substituted in lieu thereof: 

“Term. As used herein, the “Term” means the period commencing on the Effective Date and ending on December 31, 2016. The
Term shall be automatically extended for 

 
successive one-year periods unless Executive or the Company gives written notice of termination on or before the 30th day prior to the expiration of any Term of its desire not to renew the Term.
Any such renewal shall be upon the terms and conditions set forth herein unless otherwise agreed between the Company and Executive. In the event that the Company gives written notice that it does not intend to renew the Term, following the end of
the Term, the Executive shall be entitled to the Termination Benefit (as described in Section 4(b)(iii)). As a condition to Company’s obligations, if any, to pay the Termination Benefit, Executive shall have executed, delivered and not
revoked a general release in the form attached hereto as Exhibit A (the “Release”) in accordance with the procedures set forth in Section 4(c)(ii) of the Employment Agreement as modified by this Amendment.” 

3. Section 3(a) of the Employment Agreement is deleted in its entirety and the following substituted in lieu thereof: 

“(a) The Company agrees to pay Executive a salary in cash (the “Salary”), as compensation for the services to be
performed by Executive, at the rate of $530,000 per calendar year, paid in accordance with the Company’s customary payroll procedures, but in no event less frequently than monthly, and subject to applicable withholding. During the Term, the
Board shall have the right to (at its discretion) increase, but not decrease, Executive’s Salary, except the Board may decrease Executive’s Salary in connection with a base salary decrease that is generally applicable to all members of the
Company’s senior management. Executive’s salary as in effect from time to time shall constitute his “Salary” for purposes of his Employment Agreement as modified by this Amendment. ” 

4. Section 3(c) of the Employment Agreement is deleted in its entirety and Section 3(d) of the Employment Agreement is renumbered as
Section 3(c). 
 5. The following new sections are inserted into the Employment Agreement as Sections 3(d), 3(e) and 3(f): 

“(d) Executive shall be eligible to participate in any equity incentive plan, restricted share plan, share award plan,
stock appreciation rights plan, stock option plan or similar plan adopted by the Company on the same terms and conditions applicable to other senior Company executives, with the amount of such awards to be determined by the Board in its sole
discretion. Executive shall be eligible for an annual bonus and long term incentive awards as determined at the sole discretion of the Board. Executive’s target bonus under the Company’s management bonus plan will be equal to 75% of
Executive’s Salary then in effect. 
 (e) On each annual anniversary of the Effective Date, at the sole discretion of
the Board, Executive will be eligible for a target equity grant under the Health Insurance Innovations, Inc. Long Term Incentive Plan (the “LTI Plan”) equal to 100% of Executive’s Salary then in effect in stock appreciation rights
(“SARs”) (as determined by the Black-Sholes option pricing model), with a strike price equal to the market closing price of the Company’s Class A common stock on the NASDAQ Global Market (or such

 
other national securities exchange on which such common stock is then traded) on the applicable grant date. This annual grant of SARs, if awarded, will vest 25% on each of the first two
anniversaries of the applicable grant date and 50% on the third anniversary of the applicable grant date. Annual awards of SARs under this Section 3(e) will be in substantially the same form, and contain substantially the same terms and
conditions, as the Stock Appreciation Rights Award Agreement in the form attached hereto as Exhibit B (the “SARA Agreement”) (or such other award agreement as is made applicable to other members of the Company’s senior management).

 (f) The Company shall cause Health Plan Intermediaries Holdings, LLC (“HPIH”) to maintain in force the existing
John Hancock Term 10 life insurance policy on the life of Executive (the “Life Policy”) it currently owns until the earlier of (i) July 10, 2024 or (ii) ninety (90) days after the Termination Date for any termination of
Executive other than by reason of his death. For so long as HPIH owns the Life Policy and pays the premium thereon, HPIH shall be designated as the sole beneficiary thereof. Executive shall cooperate fully with the Company in maintaining such Life
Policy, including submitting to any required medical examinations and completing, executing and delivering such documentation and other written instruments as may be reasonably required by the insurance company. ” 

6. The last two paragraphs of Section 4(a) of the Employment Agreement are deleted in their entirety and the following substituted in
lieu thereof: 
 “As used herein, the term “Cause” shall mean (i) commission of a willful act of
dishonesty in the course of Executive’s duties hereunder, (ii) conviction by a court of competent jurisdiction of, or plea of no contest to, a crime constituting a felony or conviction in respect of, or plea of no contest to, any act
involving fraud, dishonesty or moral turpitude, following an opportunity by the Executive to appear and be heard by the Board, (iii) Executive’s performance under the influence of controlled substances (other than those taken pursuant to a
medical doctor’s orders), or continued habitual intoxication, during working hours, (iv) Executive’s willful gross misconduct in the performance of his duties or refusal to perform his duties and responsibilities or to carry out the
lawful directives of the Board, which, if capable of being cured shall not have been cured, within 30 days after the Company shall have advised Executive in writing of its intention to terminate Executive’s employment for such reason, or
(v) Executive’s material non-compliance with the terms of this Agreement, which, if capable of being cured, shall not have been cured within 30 days after the Company shall have advised Executive in writing of its intention to terminate
Executive’s employment for such reason. 
 As used herein, the term “Good Reason Event” shall mean
without Executive’s prior written consent, (i) a material reduction of Executive’s duties, position or responsibilities (other than by reason of Executive not being re-elected to the Board by the stockholders of the Company after
being nominated for a Board position by the Company), (ii) a significant reduction in Executive’s Salary as in effect immediately prior to such reduction or a material reduction in Executive’s benefits (other than (x) a reduction
in Salary that is the result of an administrative or clerical error, and which is 

 
cured within 15 business days after the Company receives notice of such failure or (y) a reduction in Salary or benefits that is generally applicable to all members of the Company’s
senior management), (iii) a material breach by the Company of this Agreement that is not cured within 30 days following the Company’s receipt of written notice of such breach from Executive, or (iv) the relocation of Executive’s
principal place of employment outside of a 50 mile radius from the location of the Company’s offices in Tampa, Florida as of the Effective Date.” 

7. Section 4(b)(i) of the Employment Agreement is modified by adding the following as Section 4(b)(i)(C): 

“(C) subject to the LTI Plan and the applicable award agreement, unvested SARs awarded to Executive shall become fully vested and
non-forfeitable as of the Termination Date, and such SARs shall remain exercisable until 5:00 p.m., Eastern time, on the date that is one year after the Termination Date.” 

8. Section 4(b)(iii) of the Employment Agreement is modified by adding the following as Section 4(b)(iii)(D): 

“(D) subject to the LTI Plan and the applicable award agreement, unvested SARs awarded to Executive shall become fully vested and
non-forfeitable as of the Termination Date, and such SARs shall remain exercisable until 5:00 p.m., Eastern time, on the date that is one year after the Termination Date.” 

9. Section 4(c)(ii) of the Employment Agreement is deleted in its entirety and the following substituted in lieu thereof: 

“(ii) As a condition to the Company’s obligations, if any, to make any Accrued Bonus and Termination Benefit payment
provided under this Section 4, Executive shall have executed and delivered the Release within forty-five (45) days of the Termination Date and not thereafter revoked the Release. Provided the revocation period specified in the Release has
expired and Executive has not then revoked the Release, the first installment of the Termination Benefit will be paid within sixty (60) days of Executive’s Termination Date. Notwithstanding the foregoing, if the above-referenced sixty
(60) day period begins in one taxable year of the Executive and ends in a second taxable year, the payments shall be made in the second taxable year (and within such sixty (60) day period). The first such cash payment shall include all
amounts that otherwise would have been due prior thereto under the terms of this Agreement had such payments commenced immediately upon the termination of Executive’s employment with the Company, and any payments made after the first such
payment shall continue as provided herein. The Accrued Bonus shall be paid on the later of: (a) the time such bonus would have otherwise been paid; and (b) the sixtieth (60th) day
after the Termination Date.” 
 10. Section 4(c) of the Employment Agreement is modified by adding the following as
Section 4(c)(vi): 
 “(vi) In the event of the termination of Executive’s employment for any reason other than
death, then Executive shall have the option for a period of ninety (90) days 

 
following the Termination Date (the “Option Period”), upon written notice to the Company during such Option Period, to require that the Company, at Company’s expense, use
commercially reasonable efforts to cause to be transferred to him or any other entity designated by Executive the Life Policy, if the insurance company issuing the Life Policy permits such transfers. If transfers are permitted, the effective date of
such transfer shall be the first business day after the expiration of the Option Period unless the Company agrees to an earlier date. As a condition of any such transfer, Executive must pay to HPIH, on or prior to the effective date of the transfer
of ownership of the Life Policy, that portion of any premium paid by HPIH with respect to the Life Policy related to periods from and after the effective date of such transfer. From and after the effective date of the transfer of ownership of the
Life Policy to Executive, or such entity designated by him, neither the Company nor HPIH shall have any further obligation to pay premiums thereon and Executive shall thereafter be responsible for payment of any future premiums connected with the
Life Policy.” 
 11. The definition of “Company’s Business” set forth in Section 5(a) of the Employment Agreement
is deleted in its entirety and the following substituted in lieu thereof: 
 ““Company’s Business” means
(i) developing and administering web-based individual and/or group health insurance plans and ancillary insurance products, (ii) designing and structuring data-driven individual and/or group health insurance plans and ancillary insurance
products, (iii) marketing such individual and/or group health insurance plans and ancillary insurance products, (iv) managing relations with insureds, (v) the development and maintenance of insurance and call center-oriented software
and information technology systems, (vi) the development and maintenance of information technology systems to facilitate the comparison of health insurance plans and (vii) any other business or commercial activity, in each case as
conducted by the Company or any parent, subsidiary or other affiliate of the Company.” 
 12. Section 5(d) of the Employment
Agreement is deleted in its entirety and the following substituted in lieu thereof: 
 “(d) Nonsolicitation of Customers and
Vendors. Executive covenants and agrees that during the Restricted Period, Executive will not, directly or indirectly, knowingly induce, or attempt to induce, any customer, salesperson, distributor, supplier, vendor, manufacturer,
representative, agent, jobber, licensee or other person known by Executive to be transacting business with the Company or any subsidiary or affiliate of the Company (collectively the “Customers” and “Vendors”) to reduce or cease
doing business with the Company or any such subsidiary or affiliate of the Company, or in any way to interfere with the relationship between any such Customer or Vendor, on the one hand, and the Company or any subsidiary or affiliate of the Company,
on the other hand.” 
 13. Section 5(g) of the Employment Agreement is deleted in its entirety and the following substituted in
lieu thereof: 
 “(g) Inventions and Patents. Executive acknowledges that all (i) inventions, innovations, improvements,
developments, methods, designs, analysis, drawings, reports, processes, 

 
novel concepts and all similar or related information (whether or not patentable) that relate to the Company’s or any of its subsidiaries’ or affiliates’ actual or anticipated
businesses, (ii) research and development and (iii) existing or future products or services that are, to any extent, conceived, developed or made by Executive while employed by the Company or any subsidiary or affiliate of the Company
(“Work Product”) belong to the Company or such subsidiary or affiliate. Executive shall promptly disclose such Work Product to the Board and, at the cost and expense of the Company, perform all actions reasonably necessary or requested by
the Board (whether during or after the Term) to establish and confirm such ownership (including, without limitation, executing assignments, consents, powers of attorney and other instruments).” 

14. Section 9 of the Employment Agreement is deleted in its entirety and the following substituted in lieu thereof: 

“Indemnification. The Company shall indemnify Executive for any act or omission done or not done in performance of Executive’s
duties hereunder in accordance with the Company’s certificate of incorporation, by-laws, the Indemnification Agreement between the Company and Executive, dated as of May 10, 2013, and any other constituent document to the extent provided
for any other officer or member of the Board. The Company’s obligations under this Section 9 shall survive any termination of this Agreement or Executive’s employment hereunder.” 

15. Section 12 of the Employment Agreement is deleted in its entirety and the following substituted in lieu thereof: 

“Governing Law. This Agreement shall be subject to and governed by the laws of the State of Florida, without giving effect to the
principles of conflicts of law under Florida law that would require or permit the application of the laws of a jurisdiction other than the State of Florida and irrespective of the fact that the parties now or at any time may be residents of or
engage in activities in a different state. Executive agrees that in the event of any dispute or claim arising under this Agreement, jurisdiction and venue shall be vested and proper, and Executive hereby consents to the jurisdiction of any court
sitting in Tampa, Florida, including the United States District Court for the Middle District of Florida.” 
 16. Section 18 of
the Employment Agreement is deleted in its entirety and the following substituted in lieu thereof: 
 “Non-disparagement.
Executive agrees to not make any statements, written or oral, while employed by the Company and thereafter, which would be reasonably likely to disparage or damage the Company, its affiliates or subsidiaries or the personal or professional
reputation of any present or former employees, officers or members of the managing or directorial boards or committees of the Company or its affiliates or subsidiaries. The Company agrees that it will instruct each of its and its affiliates’
and subsidiaries’ members, directors, managers, officers and employees not to make any disparaging communication regarding Executive, and no such person or entity will be authorized on the Company’s or any affiliate’s or
subsidiary’s behalf to make any such disparaging communications regarding Executive.” 

 17. Executive hereby consents to the change in his position, responsibilities and Salary as
aforesaid and agrees that same shall not trigger a “Good Reason Event” (as defined in the Employment Agreement and modified in this Amendment). 

18. Exhibit A attached hereto shall be deemed attached to the Employment Agreement. 

19. Exhibit B attached hereto shall be deemed attached to the Employment Agreement. 

20. Except as specifically amended hereby, all terms and provisions of the Employment Agreement shall remain in full force and effect. 

21. Capitalized terms used herein but not specifically defined herein shall, have the meanings ascribed to them in the Employment Agreement.

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

 

			
	“Company”
	
	HEALTH INSURANCE INNOVATIONS, INC.
		
	By:	 	 /s/ Patrick R. McNamee

		 	Patrick R. McNamee, President
	
	“Executive”
		
	By:	 	 /s/ Michael W. Kosloske

		 	Michael W. Kosloske

 EXHIBIT A 

FORM OF RELEASE 
 This
RELEASE (“Release”) is granted effective as of the              day of
                    , 20     by Michael W. Kosloske (the “Executive”) in favor of Health Insurance Innovations,
Inc. (the “Company”) and the other Released Parties (as defined below). This is the Release referred to in the Employment Agreement by and between Company and Executive dated February 13, 2013 (the “Original
Agreement”) as amended by the First Amendment to Employment Agreement, dated as of November 9, 2015, between the Company and the Executive (the “First Amendment”) (the Original Agreement and the First Amendment are
herein collectively referred to as the “Employment Agreement”). The Executive gives this Release in consideration of the Company’s promises and covenants contained in the Employment Agreement, with respect to which this Release
is an integral part. 
 1. Release of the Company. The Executive, for himself, his successors, assigns, attorneys, and all those
entitled to assert his rights, now and forever hereby releases and discharges the Company and its respective officers, directors, stockholders, trustees, Executives, agents, parent corporations, subsidiaries, affiliates, estates, successors, assigns
and attorneys (the “Released Parties”), from any and all claims, actions, causes of action, sums of money due, suits, debts, liens, covenants, contracts, obligations, costs, expenses, damages, judgments, agreements, promises,
demands, claims for attorney’s fees and costs, or liabilities whatsoever, in law or in equity, which the Executive ever had or now has against the Released Parties, arising by reason of or in any way connected with or which may be traced either
directly or indirectly to the employment relationship which existed between the Company or any of its parents, subsidiaries, affiliates, or predecessors and the Executive, or the termination of that relationship, that the Executive has, had or
purports to have, from the beginning of time to the date of this Release, whether known or unknown, that now exists, no matter how remotely they may be related to the aforesaid employment relationship including but not limited to claims for
employment discrimination under federal or state law, except as provided in Paragraph 2; claims arising under Title VII of the Civil Rights Act, 42 U.S.C. § 2000(e), et seq. or the Americans With Disabilities Act, 42 U.S.C. § 12101,
et seq.; claims for statutory or common law wrongful discharge, including any claims arising under the Fair Labor Standards Act, 29 U.S.C. § 201, et seq.; claims for attorney’s fees, expenses and costs; claims for defamation;
claims for wages or vacation pay; claims for benefits, including any claims arising under the Executive Retirement Income Security Act, 29 U.S.C. § 1001, et seq.; and provided, however, that nothing herein shall release the Company of
its obligations to the Executive under the Employment Agreement, the SARA Agreement (as defined in the Employment Agreement), the Indemnification Agreement, dated as of May 10, 2013 (the “Indemnification Agreement”) between the
Company and the Executive, for any vested benefits under any employee benefit plan, or any other contractual obligations between the Company or its subsidiaries or affiliates and the Executive (including, without limitation, any other equity award
agreement or indemnification agreement), or any indemnification obligations to the Executive under the Indemnification Agreement, Company’s certificate of incorporation, bylaws, operating agreement or other constituent document or any federal,
state or local law or otherwise. 

 2. Release of Claims Under Age Discrimination in Employment Act. Without limiting the
generality of the foregoing, the Executive agrees that by executing this Release, he has released and waived any and all claims he has or may have as of the date of this Release for age discrimination under the Age Discrimination in Employment Act,
29 U.S.C. § 621, et seq. It is understood that the Executive has been advised to consult with an attorney prior to executing this Release; that he in fact has consulted a knowledgeable, competent attorney regarding this Release; that he
may, before executing this Release, consider this Release for a period of 21 calendar days; and that the consideration he receives for this Release is in addition to amounts to which he was already entitled. It is further understood that this
Release is not effective until seven calendar days after the execution of this Release and that the Executive may revoke this Release within seven calendar days from the date of execution hereof. 

The Executive agrees that he has carefully read this Release and is signing it voluntarily. The Executive acknowledges that he has had 21 days
from receipt of this Release to review it prior to signing or that, if the Executive is signing this Release prior to the expiration of such 21- day period, the Executive is waiving his right to review the Release for such full 21-day period prior
to signing it. The Executive has the right to revoke this release within seven days following the date of its execution by him. However, if the Executive revokes this Release within such seven-day period, no severance benefit will be payable to him
under the Employment Agreement and he shall return to the Company any such payment received prior to that date. 
 THE EXECUTIVE HAS
CAREFULLY READ THIS RELEASE AND ACKNOWLEDGES THAT IT CONSTITUTES A GENERAL RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS AGAINST THE COMPANY UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT. THE EXECUTIVE ACKNOWLEDGES THAT HE HAS HAD A FULL OPPORTUNITY TO
CONSULT WITH AN ATTORNEY OR OTHER ADVISOR OF HIS CHOOSING CONCERNING HIS EXECUTION OF THIS RELEASE AND THAT HE IS SIGNING THIS RELEASE VOLUNTARILY AND WITH THE FULL INTENT OF RELEASING THE COMPANY FROM ALL SUCH CLAIMS. 

 

			
	  

	Name:	 	Michael W. Kosloske
	Date:	 	  

 EXHIBIT B 

HEALTH INSURANCE INNOVATIONS, INC. 

LONG TERM INCENTIVE PLAN 

Stock Appreciation Rights Award Agreement 

You have been granted Stock Appreciation Rights (this “Award”) on the following terms and subject to the provisions of
Attachment A and the Long Term Incentive Plan (the “Plan”) of Health Insurance Innovations, Inc. (the “Company”). Unless defined in this Award (including Attachment A, this
“Agreement”), capitalized terms will have the meanings assigned to them in the Plan. In the event of a conflict among the provisions of the Plan, this Agreement and any descriptive materials provided to you, the provisions of the
Plan will prevail. 
  

			
	Participant	  	[●]
		
	Number of Stock Appreciation Rights	  	[●] (each a “SAR”)
		
	Exercise Price per SAR	  	$[●]1
		
	Grant Date	  	[●]
		
	Expiration Date	  	[●], subject to earlier termination under Section 2(d) of Attachment A.
	
	 Vesting Schedule

(subject to Section 2(c) and Section 2(d) of Attachment A)

		
	Vesting	  	 Subject to Section 2(c) and Section 2(d) of Attachment A, the SARs shall vest and become non-forfeitable in
three tranches, on the following dates in the following amounts:
  
 [●]: #

[●]: #
 [●]: #

  
  

	1 	NTD: Will be the closing price on grant date. 

 Attachment A 

Stock Appreciation Rights Award Agreement 

Terms and Conditions 

Grant to: [●] 

Section 1. Grant of Stock Appreciation Rights. Subject to the terms and conditions of the Plan and this Agreement,
the Company hereby grants this Award to the Participant on the Grant Date on the terms set forth on the cover page of this Agreement, as more fully described in this Attachment A. This Award is granted under the Plan, which is
incorporated herein by this reference and made a part of this Agreement. 
 Section 2. Terms of SAR. 

(a) Generally. Subject to the terms and conditions of this Agreement and the Plan, each SAR constitutes an unfunded and unsecured
promise of the Company to deliver to Participant, at the time such SAR is validly exercised, an amount, payable in the form of Shares, equal to the excess of (i) the Fair Market Value of one Share on the date of exercise, over (ii) the
Exercise Price per SAR set forth on the cover page of this Agreement (the “Spread”). 
 (b) Exercisability. Subject
to the terms and conditions of this Agreement and the Plan, a SAR may be exercised only after if it has vested and become exercisable under Section 2(c) or Section 2(d)(ii), and only before it has expired or been terminated
under Section 2(d)(i), Section 2(d)(ii) or Section 2(d)(iii). 
 (c) Vesting, Generally. 

(i) Subject to Section 2(d), the SARs shall vest and become exercisable in accordance with the Vesting Schedule set forth on the
cover page of this Agreement. 
 (ii) If the Participant holds unvested SARs at the time a Change in Control occurs, the SARs shall become
100% vested and exercisable on the date of the Change in Control immediately prior to the consummation thereof. 

 (d) Accelerated Vesting; Termination. 

(i) Except as otherwise provided in this Section 2(d), all of the SARs shall terminate at 5:00 p.m., Eastern time, on the
Expiration Date set forth on the cover page of this Agreement, unless earlier terminated under subsections (ii) or (iii) below. 

(ii) In the event of the Participant’s Termination of Service at any time due to Termination Upon Death, Termination For Disability,
Termination Without Cause or Resignation For Good Reason, 100% of the SARs granted under this Agreement shall become vested and exercisable, and shall continue to be exercisable until 5:00 p.m., Eastern time, on the date that is one year after the
Termination Date and at such time any unexercised SARs shall terminate, cease to be exercisable and by automatically forfeited to the Company without consideration. For purposes of this Agreement, Cause, Disability, Termination Upon Death,
Termination For Disability, Termination Without Cause, Resignation For Good Reason and Termination Date shall have the respective meanings set forth in the Employment Agreement, dated February 13, 2013, as modified by the First Amendment to
Employment Agreement, dated as of November 9, 2015, by and between the Participant and the Company. 
 (iii) In the event of the
Participant’s Termination of Service at any time under circumstances not described in Section 2(d)(ii), all of the SARs shall terminate simultaneously with the Termination of Service on the Termination Date, including to the extent
that the SARs are otherwise vested and exercisable as of the Termination Date, and shall automatically be forfeited to the Company without consideration, and, if otherwise vested and exercisable, shall cease to be exercisable. 

For clarity, in no event shall any SAR be exercisable after the Expiration Date set forth on the cover page of this Agreement. 

(e) Transferability. The SARs, and the Participant’s rights under this Agreement, shall not be assigned, sold, transferred or
otherwise be subject to alienation by the Participant, other than by will or the law of descent and distribution, and any purported assignment, sale, transfer or other alienation not permitted hereunder shall be void. During the Participant’s
lifetime, the SARs shall be exercisable only by the Participant. 

  
 2 

 Section 3. Exercise. 

(a) When to Exercise. Except as otherwise provided in the Plan or this Agreement, the Participant (or in the case of exercise after the
Participant’s death or incapacity, the Participant’s guardian, legal representative, heir or legatee, as the case may be) may exercise his or her SARs that are then exercisable under Section 2, in whole or in part, by following
the procedures set forth in this Section 3. If partially exercised, the Participant (or in the case of exercise after the Participant’s death or incapacity, the Participant’s guardian, legal representative, heir or legatee, as
the case may be) may thereafter exercise the remaining unexercised portion of the SARs, to the extent that they are then exercisable under Section 2, by following the procedures set forth in this Section 3. 

(b) Election to Exercise. To exercise the SARs, the Participant (or in the case of exercise after the Participant’s death or
incapacity, the Participant’s guardian, legal representative, heir or legatee, as the case may be) must deliver to the Secretary of the Company (or his or her designee) a written notice (or notice through another previously approved method,
which could include a web-based or e-mail system) which sets forth the number of SARs being exercised, together with any additional documents as the Company may require. Each such notice must satisfy whatever then-current procedures apply to the
SARs and must contain such representations, warranties and covenants as the Company requires. If someone other than the Participant exercises the SARs, then such person must submit documentation reasonably acceptable to the Company verifying that
such person has the legal right to exercise the SARs. 
 (c) Date of Exercise. The SARs shall be deemed to be exercised on the
business day that the Company receives a fully executed and completed exercise notice. If an exercise notice is received on a day that is not a business day, or is received after 5:00 p.m., Eastern time, on a business day, then the SARs shall
be deemed to be exercised on the first business day immediately following the day such notice is received by the Company. 
 (d)
Settlement. Upon a valid exercise of SARs, the Participant shall be entitled to receive that number of Shares determined by dividing (i) (1) the total number of SARs then being exercised, multiplied by (2) the Spread on the
date of exercise, by (ii) the Fair Market Value of one Share on the date of exercise. 

  
 3 

 (e) Fractional Shares. No fractional Shares shall be issued upon exercise of SARs, and if
the number of Shares otherwise issuable under Section 3(d) upon an exercise of SARs includes a fraction of a Share, then upon such exercise the Participant shall be entitled to receive (i) the number of Shares determined under
Section 3(d), rounded down to the nearest whole Share, plus (ii) an amount of cash equal to the Fair Market Value of one Share on the date of exercise, multiplied by such fraction of a Share. 

(f) Withholding Requirements. The delivery of Shares upon settlement of SARs is conditioned on the Participant making arrangements
satisfactory to the Company to enable the Company to satisfy all tax (or other governmental obligation) withholding requirements. In the event that there is any such withholding requirement upon an exercise of SARs, the Committee may, in its sole
discretion and pursuant to such procedures as the Committee may require, permit the Participant to satisfy any such withholding requirement by having the Company withhold from the number of Shares otherwise issuable to the Participant upon such
exercise a number of Shares having an aggregate Fair Market Value equal to the minimum amount required to be withheld. If the Committee permits the Participant to satisfy any such withholding requirement pursuant to the preceding sentence, the
Company shall remit to the Internal Revenue Service and appropriate state and local revenue agencies, for the credit of the Participant, an amount of cash withholding equal to the Fair Market Value of the Shares withheld by the Company as provided
above. 
 (g) Compliance with Law and Regulations. The SARs, their exercise and the obligation of the Company to issue Shares in
settlement thereof are subject to all applicable federal and state laws, rules and regulations, including securities laws, to approvals by any government or regulatory agency as may be required, and to the rules, regulations and other requirements
of the stock market or exchange upon which the Shares are then quoted, traded or listed. The Participant may not exercise a SAR if such exercise would violate any securities laws or other applicable law, rule, regulation or requirement. 

Section 4. No Rights of Stockholder. A holder of a SAR, as such, shall not be entitled to vote or receive dividends
or be deemed the holder of the Shares underlying the SAR for any purpose, nor shall anything contained in this Agreement be construed to confer upon the holder  

  
 4 

 
of a SAR, as such, any of the rights or obligations of a stockholder of the Company, unless and until Shares are actually issued to and held of record by such holder upon settlement of the SARs
following valid exercise thereof. 
 Section 5. Change in Control. Without limiting the Committee’s power
under the Plan, upon the occurrence of a Change in Control, the Committee is authorized (but not obligated) to make adjustments to the terms and conditions of the SARs without the need for the consent of the Participant, including, without
limitation, the following (or any combination thereof): 
 (a) The Committee may provide for the continuation or assumption of the
SARs and this Agreement by the acquiring or successor entity (or parent thereof), including the Company if it is the surviving entity, or for the substitution of the SARs and this Agreement with a substitute award with terms comparable to the SARs
and this Agreement (in each case with appropriate adjustments as to the Exercise Price and the number and type of Shares (or other securities) underlying the Award or substitute award). The determination of such appropriate adjustments and
comparability shall be made by the Committee. 
 (b) The Committee may provide for the cancellation of all or any portion of the SARs for
their Intrinsic Value (payable in the form of cash, stock, securities, other property or any combination thereof) based upon the price per Share received or to be received by other stockholders of the Company in the Change in Control transaction. If
at the time of a Change in Control such Intrinsic Value is equal to or less than zero (i.e., the Exercise Price of the SARs equals or exceeds the price per Share received or to be received by other stockholders of the Company in the Change in
Control transaction), then the Committee may provide for the cancellation of the SARs without the payment of any consideration therefor. 

Section 6. Miscellaneous Provisions. 

(a) Notices. All notices, requests and other communications under this Agreement (other than a notice of exercise, which shall be
provided in accordance with Section 3) shall be in writing and shall be delivered in person (by courier or otherwise), mailed by certified or registered mail, return receipt requested, or sent by facsimile transmission, as follows: 

  
 5 

 if to the Company, to: 

Health Insurance Innovations, Inc. 

15438 N. Florida Avenue, Suite 201 

Tampa, Florida, 33613 

Attention: President 
 Telecopy:
(877) 376-5832 
 with a copy to (which shall not constitute notice hereunder): 

Health Insurance Innovations, Inc. 

15438 N. Florida Avenue, Suite 201 

Tampa, Florida, 33613 

Attention: Chief Financial Officer 

Telecopy: (877) 376-5832 

if to the Participant, to the address that the Participant most recently provided to the Company, 

or to such other address or facsimile number as such party may hereafter specify for the purpose by notice to the other party hereto. All such notices,
requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. on a business day in the place of receipt. Otherwise, any such notice, request or communication shall be
deemed received on the next succeeding business day in the place of receipt. 
 (b) Entire Agreement. This Agreement, the Plan and
any other agreements referred to herein and therein and any attachments referred to herein or therein, constitute the entire agreement and understanding between the parties in respect of the subject matter hereof and supersede all prior and
contemporaneous arrangements, agreements and understandings, both oral and written, whether in term sheets, presentations or otherwise, between the parties with respect to the subject matter hereof. 

(c) Amendment; Waiver. No amendment or modification of any provision of this Agreement shall be effective unless signed in writing by
or on behalf of the Company and the Participant, except that the Committee may amend or modify this Agreement without the 

  
 6 

 
Participant’s consent in accordance with the provisions of the Plan or as otherwise set forth in this Agreement. No waiver of any breach or condition of this Agreement shall be deemed to be
a waiver of any other or subsequent breach or condition whether of like or different nature. Any amendment or modification of or to any provision of this Agreement, or any waiver of any provision of this Agreement, shall be effective only in the
specific instance and for the specific purpose for which made or given. 
 (d) Successors and Assigns; No Third Party Beneficiaries.
This Agreement shall inure to the benefit of and be binding upon the Company and the Participant and their respective heirs, successors, legal representatives and permitted assigns. Nothing in this Agreement, expressed or implied, is intended to
confer on anyone other than the Company and the Participant, and their respective heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement. 

(e) Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect
as if the signatures thereto and hereto were upon the same instrument. 
 (f) Plan. The Participant acknowledges and understands that
material definitions and provisions concerning this Award and the Participant’s rights and obligations with respect thereto are set forth in the Plan. The Participant has read carefully, and understands, the provisions of the Plan. 

(g) Governing Law. The Agreement shall be governed by the laws of the State of Florida, without application of the conflicts of law
principles thereof. 
 (h) No Right to Continued Service. The granting of the Award evidenced hereby and this Agreement shall impose
no obligation on the Company or any Affiliate to continue the service of the Participant and shall not lessen or affect the right that the Company or any Affiliate may have to terminate the service of the Participant. 

(i) WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

  
 7 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first written
above. 
  

			
	HEALTH INSURANCE INNOVATIONS, INC.
		
	By:	 	  

		 	Patrick R. McNamee
		 	President
	
	PARTICIPANT
	
	  

	[●]

  
 8Exhibit 10.1

 

CHANGE
OF CONTROL PLAN

 

EFFECTIVE JANUARY
1, 2016 

 

		1.	Introduction. The purpose of the Affymetrix, Inc. Change of Control Plan (the “Plan”)
is to provide severance benefits to eligible employees of Affymetrix, Inc. and its subsidiaries (the “Company”)
when there has been a “change of control” of the Company followed by the eligible employee’s termination of employment
under specified circumstances.

 

		2.	Effective Date. The effective date of the Plan is January 1, 2016 (the “Effective
Date”). As of the Effective Date, the Plan supersedes and replaces the Change of Control Plan dated May 14, 2010.

 

		3.	Term. The Plan shall be in effect from the Effective Date until terminated by the Company.
The Board shall have the power to amend or terminate this Plan from time to time in its discretion prior to the occurrence of a
Change of Control. Following a Change of Control, this Plan may not be terminated or amended in a manner adversely to any Covered
Employee for 12 months following a Change of Control. The termination or amendment of the Plan at any time shall not affect any
benefits to which a Covered Employee has previously become entitled hereunder.

 

		4.	Definitions. The following words and phrases shall have the following respective meanings:

 

		4.1	“Administrator” means the Senior Vice President of Human Resources of the Company
or his/her designee; provided that with respect to any Covered Employee who is a Section 16 officer of the Company, the
Administrator shall be the Compensation Committee of the Board.

 

		4.2	“Board” means the Board of Directors of the Company or the Compensation Committee
thereof.

 

		4.3	“Cash Severance Payment” means, for a Covered Employee, an amount equal to the
Severance Multiple times the sum of (i) such Covered Employee’s Monthly Base Pay and (ii) such Covered Employee’s Monthly
Target Bonus.

 

		4.4	“Cause” means (i) willful and continued failure to substantially perform his
or her duties to the Company (other than as a result of total or partial incapacity due to physical or mental illness); (ii) any
willful act or omission constituting dishonesty, fraud or other malfeasance against the Company; (iii) conviction of a felony under
the laws of the United States or any state thereof or any other jurisdiction in which the Company conducts business; or (iv) material
breach of any of the policies of the Company. Notwithstanding the forgoing, for Non-U.S. Covered Employees, the definition of “Cause”
shall be deemed to be modified to the extent that the definition (or an element thereof) is impermissible under applicable law,
to the minimum extent required to comply with any such law.

 

    1 

     

    

		4.5	“Change of Control” shall have the meaning set forth in the Company’s Amended
and Restated 2000 Equity Incentive Plan.

 

		4.6	“Code” means the Internal Revenue
Code of 1986, as amended.

 

		4.7	“Covered Employee” means each Full-Time Employee of the Company. An individual
who is providing services as a probationary or fixed-term employee (or pursuant to any similar initial employment evaluation arrangement)
shall, notwithstanding such probationary or fixed-term status, be eligible to participate in the Plan, if such individual is described
in the preceding sentence.

 

		4.8	“Full-Time Employee” means those employees employed by the Company who are regularly
scheduled to perform 30 or more hours of work per week, without giving effect to any decrease in such regular work schedule following
a Change of Control, but excluding temporary and seasonal employees. With respect to employees employed outside of the United States,
the Administrator may modify the foregoing eligibility requirement as required by applicable law.

 

		4.9	“Good Reason” means, except as otherwise provided pursuant to Exhibit A,
without the Covered Employee’s written consent, (i) a 10% reduction in base pay or salary as in effect immediately prior
to a Change of Control, (ii) a principal work location that is more than forty-five (45) miles from the Covered Employee’s
principal work location immediately prior to the Change of Control, or (iii) if specified on Exhibit A with respect to the
Covered Employee’s job level, a material reduction in job duties and responsibilities as such Covered Employee had prior
to a Change of Control. In order to resign for Good Reason, the Covered Employee must provide the Company with written notice of
the events constituting Good Reason within ninety (90) days of the date such event arises, upon the notice of which the Company
will have a period of thirty (30) days during which it may remedy the condition. Unless the Company remedies such Good Reason within
such thirty (30) day period, the Covered Employee’s employment with the Company shall terminate immediately following the
expiration of such thirty (30) day cure period. Notwithstanding the forgoing, for Non-U.S. Covered Employees, the definition of
“Good Reason”, and the foregoing notice and cure periods, shall be deemed to be modified to the extent that the definition
(or an element thereof) or notice and cure periods is impermissible under applicable law, to the minimum extent required to comply
with any such law.

 

		4.10	“Monthly Base Pay” means the Covered Employee’s annualized regular straight-time
salary as in effect on the date of termination of employment or, if greater, as in effect immediately prior to the Change of Control,
in either case divided by 12.

 

		4.11	“Monthly Target Bonus” means an amount, if any, equal to the annualized target
amount which the Covered Employee is eligible to earn under the Company’s annual cash incentive plan in effect on the date
of termination of employment or, if higher, such target amount as was in effect immediately prior to the occurrence of a Change
of Control, in either case divided by 12.

 

    2 

     

    

		4.12	“Qualifying Termination” means the Covered Employee’s employment is terminated
upon or within 12 months following a Change of Control either (i) by the Company without Cause or (ii) by the Employee for Good
Reason.

 

		4.13	“Non-U.S. Covered Employee” means each Covered Employee primarily providing services
outside of the United States.

 

		4.14	“Release Period” means the forty-five (45) day period (or, for Non-US Employees,
such other period required by applicable law), commencing on the date of the Covered Employee’s Separation from Service,
by which he or she must sign the Release in order to receive a Severance Benefit.

 

		4.15	“Section 409A” means Section 409A
of the Code.

 

		4.16	“Separation from Service” means the Covered Employee’s
termination of employment with the Company and its Affiliates (which shall be interpreted in accordance with the requirements of
Section 409A to the extent required).

 

		4.17	“Severance Benefits” means the compensation and other benefits the Covered Employee
will be provided with pursuant to Section 6 and Exhibit A.

 

		4.18	“Severance Multiple” means the number of months set forth on Exhibit A
as determined based on the Covered Employee’s job level as of the date of termination of employment.

 

		5.	Treatment of Equity Awards Upon a Change of Control.

 

		5.1	Treatment of Equity Awards. Upon the occurrence of a Change of Control, or the execution
by the Company of any agreement with respect to a Change of Control, the Board shall take any one or more of the following actions
with respect to outstanding compensatory stock options, restricted stock, restricted stock units or other equity awards (collectively,
but subject to Section 5.2 below with respect to Performance Awards, “Equity Awards”) held by any Covered Employee
at such time:

 

		(a)	provide that outstanding Equity Awards shall be continued by the Company if the Company is the surviving
entity or shall be assumed, or equivalent Equity Awards shall be substituted, by the acquiring or succeeding corporation (or an
affiliate thereof), with such assumed or substituted awards being considered Equity Awards for purposes of Section 6 below;

 

		(b)	upon written notice to the holders of Equity Awards, provide that all Equity Awards will become
vested and, if applicable, exercisable in full as of a specified time (the “Acceleration Time”) prior to the
Change of Control and will terminate immediately prior to the consummation of such Change of Control; or

 

		(c)	provide that all outstanding Equity Awards shall terminate upon

 

    3 

     

    

consummation of such Change of Control and each
holder of such Equity Awards shall receive, in exchange for each share subject to an Equity Award, cash and/or stock equivalent
to the fair market value of the consideration received by a holder of common stock of the Company, over the per share exercise
price or purchase price, if any, of such Equity Awards.

 

		5.2	Performance Equity Awards. Except as expressly set forth in an award agreement or as determined
by the Board, with respect to any Equity Awards that are subject to performance conditions, if a Change of Control occurs before
the end of a performance period and before the achievement of the performance conditions has been determined (“Performance
Awards”), such performance conditions shall be deemed achieved at the target level immediately prior to the Change of
Control but shall remain subject to the service-based vesting conditions originally set forth in such Performance Award (the “Earned
Performance Awards”), subject to Section 5.1 and Section 6. Any amounts over the target level shall be forfeited
prior to the Change of Control and shall not be considered Equity Awards for purposes of Section 5.1 or Section 6.

 

		6.	Change of Control Severance Payments and Benefits.

 

		6.1	Termination Following a Change of Control. In the event of a Qualifying Termination, subject
to the Release requirements set forth in Section 6.2, the Covered Employee shall receive the following Severance Benefits, in addition
to any accrued compensation and benefits required to be provided under applicable law or Company plan:

 

		(a)	Cash Severance Payment. The Covered Employee will be paid a lump sum single payment equal
to his or her Cash Severance Payment, which will be paid within sixty (60) days following the Covered Employee’s Separation
from Service.

 

		(b)	Payment in Lieu of Medical Benefits. The Covered Employee will be paid a lump sum cash
payment equal to (x) 135% of the initial monthly COBRA continuation premium (or similar non-U.S. coverage cost as determined by
the Administrator) for the Participant and his or her eligible dependents for the coverage option and level of medical, dental
and/or vision coverage in effect for the Participant immediately prior to the Date of Termination times (y) the Severance Multiple.
Such payment will be paid within sixty (60) days following the Covered Employee’s Separation from Service. With respect to
any Non-U.S. Covered Employee, in lieu of the foregoing cash payment, the Company may determine to provide such benefits coverage
for a number of months following Separation from Service equal to the Severance Multiple (or a longer period that is expressly
required by applicable statute) at the level provided to the Non-U.S. Covered Employee by the Company prior to termination (or,
if greater, at the level required by statute) to the extent such continued participation is

 

    4 

     

    

permitted under the terms of any applicable group
health plan and applicable law.

 

		(c)	Accelerated Vesting of Equity Awards. Any Equity Awards that are outstanding and unvested
as of the Separation from Service (including any Earned Performance Awards pursuant to Section 5.2) will not be forfeited on the
Separation from Service but will become fully vested and, if applicable, exercisable or settled on the Release Effective Date (or
as soon as practical thereafter, but in no event later than 60 days following the Separation from Service).

 

		6.2	Release. As a condition to receiving Severance Benefits under this Plan, each Covered Employee
will be required to sign, within the Release Period, a waiver and release of all claims arising out of the termination of the Covered
Employee’s employment with the Company and its subsidiaries and affiliates in a form that is acceptable to the Company (the
“Release”) and let such Release become effective by its terms (the “Release Effective Date”).
Notwithstanding the foregoing, a Non-U.S. Covered Employee shall not be required to execute a Release as a condition to receiving
Severance Benefits to the extent such a condition is prohibited by applicable law. The Administrator may modify, in good faith,
the form of Release for Non-U.S. Covered Employees to the minimum extent necessary to comply with applicable local law and preserve
the intent of the Release.

 

		6.3	No Duplication of Benefits; Applicable Law. To the extent permitted by applicable law,
any Severance Benefit payable under the Plan shall be reduced by (i) any Base Pay paid to the Covered Employee for any statutory
or contractual notice period (including any payment in lieu of notice or payment made in any such notice period during which the
Covered Employee is not providing active services) and (ii) any statutory severance amounts paid to the Covered Employee (the aggregate
amount of any such reduction being referred to hereinafter as, the “Offset”). To the extent that a Non-U.S.
Covered Employee is entitled under applicable law or an agreement with the Company to severance payments or benefits that are more
favorable to the employee, the employee will be entitled to such greater payments or benefits. The Administrator may modify, in
good faith, the notice and cure procedure set forth in the Plan for Non-U.S. Covered Employees to the minimum extent necessary
to comply with applicable local law; provided that such modifications shall, to the maximum extent permissible under applicable
local law, be no less favorable to such Non-U.S. Covered Employee than those set forth herein.

 

		7.	Section 280G Limitation for Officers, Highly Compensated Employees and 1% Stockholders. 

 

		(a)	Anything in this Plan to the contrary notwithstanding, in the event that any payment or benefit
received or to be received by the Covered Employee (including any payment or benefit received in connection with a Change of Control
or the

 

    5 

     

    

termination of the Covered Employee’s employment,
whether pursuant to the terms of the Plan or any other plan, arrangement or agreement) (all such payments and benefits, including
the Severance Benefits, being hereinafter referred to as the “Total Payments”) would be subject (in whole or
part), to the excise tax imposed by Section 4999 of the Code (including any interest or penalties incurred by the Covered Employee
with respect thereto, the “Excise Tax”), then, after taking into account any reduction in the Total Payments
provided by reason of Section 280G of the Code in such other plan, arrangement or agreement, the Severance Benefits shall be reduced
to the extent necessary so that no portion of the Total Payments is subject to the Excise Tax but only if:

 

		(A)	the net amount of such Total Payments, as so reduced
(and after subtracting the net amount of federal, state and local income taxes on such reduced Total Payments and after taking
into account the phase out of itemized deductions and personal exemptions attributable to such reduced Total Payments) is greater
than or equal to

 

		(B)	the net amount of such Total Payments without such reduction (but after subtracting the net amount
of federal, state and local income taxes on such Total Payments and the amount of Excise Tax to which the Covered Employee would
be subject in respect of such unreduced Total Payments and after taking into account the phase out of itemized deductions and personal
exemptions attributable to such unreduced Total Payments).

 

		(b)	In such event, the Total Payments shall be reduced in the following order: (1) cash payments not
subject to Section 409A; (2) cash payments subject to Section 409A; (3) equity-based payments and acceleration; and (4) non-cash
forms of benefits. To the extent any payment is to be made over time (e.g., in installments, etc.), then the payments shall be
reduced in reverse chronological order.

 

		(c)	The calculations contemplated by this Section shall be done by such accounting or tax experts
as may be designated by the Company prior to a Change of Control and shall be binding on the Company and the Covered Employee.

 

		8.	Withholding. The Company will withhold from any amounts payable under the Plan all U.S.
federal, state, local and other taxes, and non-U.S. income and employment taxes, social contributions and any other tax-related
items, required to be withheld therefrom and any other required payroll deductions.

 

		9.	ERISA. For Covered Employees in the United States, with respect to the Severance Benefits
under Section 5 of the Plan, the Plan is intended to be a “welfare benefit plan” within the meaning of Section 3(1)
of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and to meet the descriptive requirements
of a plan constituting a “severance pay plan” within the meaning of regulations published by the Secretary of Labor
at Title 29, Code of Federal Regulations, Section 2510.2(b). This document constitutes both the written instrument under which
the Plan is maintained and the summary plan description for the Plan.

 

    6 

     

    

		10.	Administration. The Plan will be administered and interpreted by the Administrator (in
the Administrator’s reasonable, good faith discretion). The Administrator has the authority to act for the Company (in a
non-fiduciary capacity) as to any matter pertaining to the Plan; provided, however, that this authority does not apply with respect
to (a) the Company’s power to amend or terminate the Plan or (b) any action that could reasonably be expected to increase
significantly the cost of the Plan, the authority to take such actions is subject to the prior approval of the Board. For Covered
Employees providing services in the United States, the Administrator is the “named fiduciary” of the Plan for purposes
of ERISA and will be subject to the fiduciary standards of ERISA when acting in such capacity.

 

		11.	Eligibility to Participate. An employee acting as the Administrator will not be excluded
from participating in the Plan if otherwise eligible, but he or she is not entitled to act or pass upon any matters pertaining
specifically to his or her own benefit or eligibility under the Plan. The chief executive officer of the Company will act upon
any matters pertaining specifically to the benefit or eligibility of the Administrator under the Plan.

 

		12.	Claims Procedure. Any employee or other person who believes he or she is entitled to any
payment under the Plan may submit a claim in writing to the Administrator or his or her designee. If the claim is denied (in full
or in part), the claimant will be provided a written notice explaining the specific reasons for the denial and referring to the
provisions of the Plan on which the denial is based. The notice will also describe any additional information needed to perfect
the claim, an explanation as to why such information is necessary and an explanation of the Plan’s claims procedure and the
time limits applicable to such procedures, including a statement of the claimant’s right to bring a civil action under section
502(a) of ERISA following an adverse benefit determination on appeal, if applicable. The denial notice will be provided within
90 days after the claim is received. If special circumstances require an extension of time (up to 90 days), written notice of the
extension will be given within the initial 90-day period. The foregoing period may be extended up to 120 days with respect to Non-U.S.
Covered Employees to the extent permitted by applicable law and upon written notice to the Non-U.S. Covered Employee.

 

		13.	Appeal Procedure. If the claimant’s claim is denied, the claimant (or his or her
authorized representative) may apply in writing to the Administrator for a review of the decision denying the claim. Review must
be requested within 60 days following the date the claimant received the written notice of their claim denial or else the claimant
loses the right to review. The claimant (or representative) then has the right to review pertinent documents and to submit issues
and comments in writing. The Administrator will provide written notice of his or her decision on review within 60 days after it
receives a review request. If additional time (up to 60 days) is needed to review the request, the claimant (or representative)
will be given written notice of the reason for the delay. If the claimant’s appeal is denied (in full or in part), the claimant
will be provided a written notice explaining the specific reasons for the denial and referring to the provisions of the Plan on
which the denial is based. The notice will also describe the claimant’s right to receive, upon request and without charge,
reasonable access to, and

 

    7 

     

    

copies of, all documents,
records and other information relevant to the claim for benefits. The notice will also include a statement of the claimant’s
right to bring a civil action under section 502(a) of ERISA, if applicable. No person may bring an action for any alleged wrongful
denial of Plan benefits in a court of law unless the claims procedures set forth above are exhausted and a final determination
is made by the Administrator. If a Covered Employee or another interested person challenges a decision of the Administrator, a
review by the court of law will be limited to the facts, evidence and issues presented to the Administrator during the claims procedure
set forth above. Facts and evidence that become known to a Covered Employee or the other interested person after having exhausted
the claims procedure must be brought to the attention of the Administrator for reconsideration of the claims determination. Issues
not raised with the Administrator will be deemed waived. Notwithstanding the forgoing, Sections 12 and 13 shall be deemed to be
modified to the extent necessary to comply with laws governing claim procedures applicable to Non-U.S. Covered Employees.

 

		14.	Source of Payments. All Severance Benefits will be paid in cash from the general funds
of the Company; no separate fund will be established under the Plan; and the Plan will have no assets. No right of any person to
receive any payment under the Plan will be any greater than the right of any other general unsecured creditor of the Company.

 

		15.	Inalienability. In no event may any current or former employee of the Company or any of
its subsidiaries or affiliates sell, transfer, anticipate, assign or otherwise dispose of any right or interest under the Plan.
At no time will any such right or interest be subject to the claims of creditors nor liable to attachment, execution or other legal
process.

 

		16.	No Enlargement of Employment Rights. Neither the establishment nor maintenance of the
Plan, any amendment of the Plan, nor the making of any benefit payment hereunder, will be construed to confer upon any individual
any right to be continued as an employee of the Company. The Company expressly reserves the right to discharge any of its employees,
including Covered Employees, at any time, with or without cause, in accordance with the employee’s contract of employment,
if any, and any applicable laws.

 

		17.	Section 409A Compliance. This Plan is intended to comply with or be exempt from all of
the requirements of Section 409A and any regulatory, administrative or judicial guidance thereunder and shall be administered and
interpreted in accordance with that intention. This Plan is intended to meet the requirements of the short term deferral or separation
pay plan exemptions under Section 409A. Any payment from the Plan that is subject to the requirements of Section 409A may only
be made in a manner and upon an event permitted by Section 409A. If the Covered Employee is a specified employee (as defined under
Section 409A) as of his or her date of Separation from Service and any Severance Benefit is determined to be nonqualified deferred
compensation subject to Section 409A, then, to the extent required to comply with Section 409A, such payment (or the applicable
portion thereof) shall not be made until the date which is the earlier of: (a) the date six months after the Covered Employee’s
Separation from Service, or (b) the date of the Covered Employee’s death. Payments upon termination of employment subject
to the requirements of Section 409A may only be made upon a Separation from

 

    8 

     

    

Service. Each payment under
the Plan shall be treated as a separate payment for purposes of Section 409A and a series of installment payments shall be treated
as a series of separate payments. In no event may an employee, directly or indirectly, designate the calendar year of any payment
to be made under the Plan. If the maximum period during which an employee has the ability to consider and revoke the Release hereunder
would span two taxable years of the employee, then, regardless of when the employee signs the Release and the revocation period
expires, payment of severance benefits hereunder will be made or commence in the second of such taxable years to the extent required
to comply with Section 409A.

 

		18.	Applicable Law and Choice of Forum. The provisions of the Plan will be construed, administered
and enforced in accordance with ERISA and, to the extent applicable, the laws of the State of California and any action brought
under the Plan will be brought in the State of California, in each case, except as otherwise required by the laws or mandatory
rules of a jurisdiction outside the United States in which a Non-U.S. Covered Employee is employed (in which such case the applicable
law and choice of forum required in such jurisdiction shall apply).

 

		19.	Severability. If any provision of the Plan is held invalid or unenforceable, its invalidity
or unenforceability will not affect any other provision of the Plan, and the Plan will be construed and enforced as if such provision
had not been included.

 

		20.	Headings. Headings in this Plan document are for purposes of reference only and will not
limit or otherwise affect the meaning hereof.

 

		21.	Indemnification. The Company hereby agrees to indemnify and hold harmless the officers
and employees of the Company, and the members of its boards of directors, from all losses, claims, costs or other liabilities arising
from their acts or omissions in connection with the administration, amendment or termination of the Plan, to the maximum extent
permitted by applicable law. This indemnity will cover all such liabilities, including judgments, settlements and costs of defense.
The Company will provide this indemnity from its own funds to the extent that insurance does not cover such liabilities. This indemnity
is in addition to and not in lieu of any other indemnity provided to such person by the Company by written agreement, by-laws,
incorporation documents or state law.

 

		23.	Representations by the Company. Except as provided in Section 3 or 10 above, no employee,
officer, director, or agent of the Company has the authority to alter, vary, modify, or waive the terms and conditions of the Plan.
No verbal or written representations that are in addition to or contrary to the terms of the Plan and its written amendments shall
be binding on the Plan, the Administrator or the Company.

 

24.Additional Information.

 

	Plan Name:	Affymetrix, Inc. Change of Control Plan
	 	 
	Plan Sponsor:	Affymetrix, Inc.

 

    9 

     

    

 

	 	 
	Identification Numbers:	EIN: 
		PLAN: 
	 	 
	Plan Year:	Calendar year
	 	 
	Plan Administrator:	Affymetrix, Inc.
	 	Attention:  General Counsel
	 	3420 Central Expressway
	 	Santa Clara, California 95051
	 	(408) 731-5000
	 	 
	Agent for Service of Legal Process:	Affymetrix Inc.
	 	Attention:  General Counsel
	 	3420 Central Expressway
	 	Santa Clara, California 95051
	 	(408) 731-5000

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EXHIBIT A 

 

	Employee Job Level	
        Severance Multiple 

         
	”Good Reason” Definition
	13 and above	24	See note 1. 
	12	12	See note 1. 
	9 to 11	 9	See note 2. 
	5 to 8	 6	See note 2.
	4 and below	 3	See note 2.

	 	 	 
		(1)	These job levels include clause (iii) of the definition of Good Reason.

 

		(2)	These job levels do not include clause (iii) of the definition of Good Reason. Only clauses (i) and (ii) apply.

 

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