Document:

Transition Agreement

 Exhibit 10.1 
 TRANSITION AGREEMENT 
 WHEREAS, Kenneth J. Van Ness
(“Executive”) now is employed as President and Chief Executive Officer (“CEO”) by CytoDyn Inc., a Colorado company (“the Company”) pursuant to an April 2012 “Executive Employment Agreement” (“Employment
Agreement”), and Executive now serves as Chair of the Company’s Board of Directors, and 
 WHEREAS, Executive and the
Company wish to modify their existing employment relationship and to resolve any disputes between them by amending the Employment Agreement in this agreement (“Agreement”), and 

NOW, THEREFORE, Executive and the Company agree as follows: 
 1. Executive’s continued employment and future relationship. 

A. Executive’s employment by the Company will end on October 16, 2012, unless sooner terminated by the Company
(“Separation Date”). Until that date, Executive will continue to carry out his responsibilities as President and CEO as set forth in paragraph 2 (“Duties”) of the Employment Agreement with additional oversight from the
Company’s new Chairman, Gregory A. Gould, but also he also will work on transitioning his on-going matters, projects, relationships and duties to one or more individuals identified by Gregory Gould and Anthony Caracciolo on behalf of the
Company’s Board of Directors. Paragraph 8 (“Termination”) of the Employment Agreement is hereby amended to provide that, during the Transition Period, Executive’s employment by the Company may be terminated by either party for
any reason with or without notice and with or without cause. 

 B. Paragraph 4(a) (“Salary”) of the Employment Agreement is hereby amended to
provide that, during the period beginning on July 18, 2012 through the Separation Date (“Transition Period”), Executive will be paid a salary equal to $13,890 per month, less withholdings as for wages, payable in accord with the
Company’s normal payroll practices. Executive will continue to receive, during the Transition Period, the benefits described in paragraphs 4(c) (“Fringe Benefits”), 4(g) (“Indemnification”) and 5 (“Miscellaneous
Business Expenses”) of the Employment Agreement. 
 C. Executive agrees to resign his position as Chair of the
Company’s Board of Directors by delivering, not later than the date on which he signs and delivers this Agreement to the Company, a formal letter of resignation in the form attached to this Agreement as Exhibit 1. 

D. Executive agrees that, after the Separation Date, he will make himself available at reasonable times and locations to assist the
Company as senior advisor to the Board, the President and the CEO in any legacy or transition issues arising from his departure. The Company will reimburse Executive for reasonable expenses necessarily incurred by him in providing any such services
which are requested in writing by the Company. 
 E. Executive represents that, since July 18, 2012, he has not, directly
or indirectly, disparaged the Company or its current or former officers, directors or employees orally, in writing or in any other manner (such as through the use of emails, blogs, photographs, social media (Facebook; Twitter), etc.) or any
other electronic or web-based media). Further, Executive agrees that he will not in the future engage in such conduct, that is, he agrees that he will not make negative statements or comments in any form, manner or medium about the Company or
its current or former officers, directors or employees or about his employment by or end of employment by the Company. At Executive’s request the Company will announce that he is leaving “to return as a managing director of a
financial services company after the Separation Date” and, if he requests, the Company will provide a Executive letter of reference in the form attached as Exhibit 2. If Executive identifies Gregory Gould (“Gould”) as the reference
for his potential future employers, persons who contact Gould about Executive will be given only the information contained in Exhibit 2. 

  
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 The Company represents that, since July 18, 2012, none of its members of the Board of
Directors has, directly or indirectly, disparaged the Executive orally, in writing, or in any other manner (such as through the use of emails, blogs, photographs, social media (Facebook; Twitter), etc.) or any other electronic web-based media).
Further, the Company covenants that it will instruct each member of its Board of Directors that such member should not in the future engage in such contact, that is such member shall agree that he or she will not make negative statements or comments
in any form, manner or medium about the Executive or about Executive’s employment by, or end of employment by, the Company. 
 F. Executive agrees that he will continue to be bound by and will abide by paragraph 6 (“Restrictive Covenants of Executive”) of the Employment Agreement. Executive and the Company agree that,
in interpreting and/or applying that paragraph 6, Executive’s end of employment by the Company pursuant to this Agreement is not a termination “without cause” or a “Constructive Termination Event” as those terms are defined
in the Employment Agreement. The Company agrees that based on the Company’s current plans regarding biotechnology products, it would not be a violation of paragraph 6(b)(i) of the Employment Agreement if Executive were to enter into a business
relationship of the type identified in such paragraph with the company identified in paragraph 5 of the Minutes of a Special Meeting of the Board of Directors dated April 26, 2012, or any of such Company’s divisions or affiliates following
the Separation Date. 

  
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 G. Executive understands and agrees that (a) the federal “insider trading”
securities laws continue to apply to Executive notwithstanding his separation of employment; (b) the Company’s insider trading policy prohibits Executive from trading in securities while in possession of material nonpublic information; and
(c) the prohibition against such trading continues to apply to Executive after the end of his employment. Therefore, Executive agrees to abide by those even after leaving his employment until such time as the insider information Executive
possessed becomes public. The Company agrees that it will accept and agree to from time to time the adoption and/or amendment of sales plans for Executive or one or more of his Affiliates that are established in accordance with the requirements of
Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, reasonably requested by one or more of Executive’s credit providers. 
 H. Executive agrees that, not later than the close of business on the Separation Date, he will vacate the Company’s offices and will give the Company all property in his possession, custody or
control (whether it is stored in his office, his home or otherwise) which Executive obtained from the Company or from any of its customers/potential customers, vendors/potential vendors, merger or acquisition candidates, employees,
contractors or consultants, including but not limited to the originals and all copies of any documents, files, data or information (electronic or hard-copy), access cards, credit cards, passwords and file-access methods/protocols,
computers/laptops/PDAs (including all software and peripherals), cell phones, credit cards and stored documents/files/information (with all documents, files and information being returned unaltered and unencrypted). The Company and Executive
understand and agree that the Company is leasing the office space referenced in this paragraph from Executive’s affiliate and nothing herein is to be construed as an amendment to any lease agreement pertaining to such property or to affect any
rights available to a landlord under Chapter 83 of the Florida Statutes. 

  
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 2. The Company’s obligations to Executive. 

A. So long as Executive has not resigned his employment before the Separation Date, the Company will pay or provide to Executive the
following even if the Company terminates Executive’s employment before the Separation Date: 
 i. Executive’s salary
equal to $13,890 per month for the period beginning on July 18, 2012 through October 16, 2012; 
 ii. severance pay
equal to $13,890 per month, less withholdings as for wages, payable in accord with the Company’s normal payroll practices, for 33 months after October 16, 2012, such payments to commence on the first regular Company pay day in November
2012 which is more than ten (10) days after Executive signs, dates and delivers an original of Exhibit 3 to this Agreement; 
 iii. the opportunity to elect the timing of distribution of any Executive account balance in the Company’s 401(k) plan, according to the terms and conditions of the plan; the Company will
not make any contributions to Executive’s 401(k) account after the Separation Date and he remains responsible for repayment of any loans from his 401(k) account; 

  
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 iv. the papers necessary for Executive to elect continuation of any group medical insurance
coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) and the terms and conditions of the Company’s plan; the papers will be issued to the Executive promptly after the Separation Date and, if Executive
elects COBRA coverage, the Company will reimburse monthly for nine (9) months a sum equal to Executive’s monthly COBRA premium; and 
 v. the amounts due under the lease agreement for every month that the Company continues to occupy Executive’s affiliate’s property at 110 Crenshaw Lake Road, Lutz, Florida. 

Subject to Executive signing this Agreement, the Company’s Board of Directors at a properly scheduled meeting on July 18, 2012
amended its “Stock Option Award Agreements” with Executive to provide for immediate vesting of (a) (i) all of the 500,000 options granted on December 6, 2010, with an exercise price of $1.19 and (ii) 750,000 of the 1,500,000
options granted on August 9, 2011, with an exercise price of $2.00, (b) Executive and the Board of Directors agreed to, with respect to the 25,000 options granted to Executive on September 22, 2010, shortening the expiration date from September
22, 2020, and all such referenced options in (a) and (b) of this subparagraph shall only expire at the close of business on August 8, 2016, and may be exercised at any time before then notwithstanding Section 5 of the Stock Option Award Agreement or
the Notice of Stock Option Award pertaining to any of those options. Executive agrees that the remaining 750,000 of the 1,500,000 options granted on August 9, 2011, at $2.00 are forfeited. 

B. Executive understands and agrees that the monies and benefits described in this paragraph 2 are the sole financial obligations of the
Company to Executive under this Agreement or arising from the Employment Agreement, his employment by the Company or the end of that employment. 

  
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 C. Executive agrees that he is solely responsible for and will pay all taxes, contributions
or other payments to any taxing authority which arise from Executive’s receipt of the monies paid under this Agreement. 
 3. Mutual
general release of claims. 
 A. In exchange for the benefits given by the Company to Executive under this Agreement,
and for Executive’s release of all claims against the Company, Executive and the Company agree, on their own behalf and on behalf of any other person or entity entitled to make a claim on their behalf or through them, that Executive and the
Company each do freely, finally, fully and forever release and discharge the other from any and all claims and causes of action of any kind or nature that Executive or the Company once had or now have against the other arising out of events that
occurred before signing this Agreement, including all claims arising out of Executive’s employment by the Company or the end of that employment, whether such claims are now known or unknown to Executive or the Company (“Released
Claims”). In waiving and releasing claims against the Company, Executive understands and agrees that he is waiving and releasing any and all Released Claims not only against CytoDyn Inc. but also against its direct and indirect subsidiaries and
affiliates, as well as their directors, officers, partners, employees, agents, attorneys, representatives, shareholders, insurers, benefit plans, trustees, and benefit administrators. However, Released Claims do not include any claims by Executive
for vested benefits under the Company’s employee benefit plans or any claims of either party that cannot be released as a matter of law. This paragraph is not a waiver of any Executive claim for unemployment compensation. 

  
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 B. Executive and the Company realize that there are many laws and regulations relating to
employment. Executive and the Company intend to waive any and all claims each has against the other, including any and all claims, demands, rights, liens, agreements, contracts, covenants, actions, suits, causes of action, charges, grievances,
wages, employment benefits, obligations, debts, costs, expenses, attorneys’ fees, damages, judgments, orders and liabilities of whatever kind or nature in law, equity, or otherwise, whether now known or unknown, suspected or unsuspected, and
whether or not concealed or hidden, which Executive or the Company now own or hold or has at any time heretofore owned or held against the other arising out of or in any way connected with or related to or concerning (1) Executive’s
employment by the Company or the end of that employment; or (2) any alleged violation of any federal, state or local law (whether statutory or common law), regulation or ordinance, including, but not limited to, Title VII of the Civil Rights
Act of 1964, sections 1981 through 1988 of Title 42 of the United States Code, the Age Discrimination in Employment Act of 1967, the Older Workers Benefits Protection Act of 1990, the Americans with Disabilities Act of 1990, the Executive Retirement
Income Security Act of 1974, the Consolidated Omnibus Budget Reconciliation Act of 1985, the National Labor Relations Act, the Labor Management Relations Act, 29 U.S.C. § 185, the Occupational Safety and Health Act and/or the Worker Adjustment
Retraining and Notification Act; or (3) any alleged wrongful termination, retaliation, “whistleblowing,” breach of express and/or implied-in-fact contract, breach of the implied covenant of good faith and fair dealing, violation of
public policy, intentional and/or negligent infliction of emotional distress, defamation, invasion of privacy, fraud and/or negligent misrepresentation, intentional and/or negligent interference with contractual relations and/or prospective economic
advantage, and/or any other common law torts; or (4) any claim for salary/pay, backpay, severance pay, bonus, sick leave, holiday pay, vacation pay, life insurance, health and medical insurance and/or any other fringe benefit, workers’
compensation or disability benefit other than as such benefit is expressly provided by this Agreement; or (5) any other transactions, occurrences, acts, or omissions or any loss, damage or injury whatsoever, known or unknown, suspected or
unsuspected, resulting from any act or omission by or on the part of Executive or the Company as to the other which was committed or omitted prior to the signing of this Agreement. 

  
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 Executive and the Company intend to fully and finally release the other from any and all
Released Claims which Executive or the Company has or may have against the other arising from events occurring prior to the date on which the party signs this Agreement. However, Executive does not intend to release any claim for vested benefits
under a Company employee benefit plan and neither party intends to release any claim that cannot be released as a matter of law. 
 4.
Informed, voluntary signature. 
 A. Executive agrees that he was given an opportunity to consider this
“Transition Agreement” and its exhibits for up to twenty-one (21) days before signing it. If he signs it sooner than twenty-one (21) days, Executive agrees that he has done so voluntarily and has waived the opportunity to review
it for that entire period. The Company advises Executive to consult an attorney before signing this Agreement. 

  
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 B. Federal law requires that this Agreement (i) is revocable by Executive for seven
(7) days following him signing it and (ii) is not effective or enforceable until the seven-day period expires and Executive has not revoked it. If Executive wishes to revoke this Agreement, he must send a written notice of revocation to
Gould so it is received not later than the close of business on the seventh day after Executive signed this Agreement. 
 C. If
Executive wishes to obtain the benefits provided by this Agreement, he must sign, date and return it to the Company within twenty-two (22) after receiving it. However, notwithstanding any other provisions in this Agreement to the contrary,
Executive may not sign Exhibit 3 to this Agreement sooner than the close of business on the Separation Date. 
 5. Confidentiality.

 A. Executive agrees that, unless compelled by subpoena or requested by the Company in the course of him providing any
transition assistance, Executive will not at any time use or talk about, write about, disclose in any manner or publicize (i) the negotiation of this Agreement; (ii) the Company’s business, operations or employment data, policies or
practices, including but not limited to their business, finances, operations, business development/acquisition methods and strategies, customers and potential customers, vendors and potential vendors and employees; or (iii) the proprietary,
trade secret or confidential information of the Company or its actual or potential customers or vendors; and (iv) information (including personal information) about the Company’s current or former officers, directors and employees. It will
not be a violation of this subparagraph for Executive to discuss the Company’s business, operations or employment data, policies or practices, proprietary, trade secret or confidential information as is essential to any transition assistance to
the Company, or other information that is publicly available. It will not be a violation of this paragraph for Executive to show this Agreement to a lawyer or other professional advisor in course of seeking professional advice about it. 

  
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 B. If Executive is subpoenaed or is required to testify about the Company or his employment
or end of employment by the Company, he agrees to contact Gould about the subpoena/demand within 72 hours of receiving it or before the date of the proposed testimony, whichever is earlier. Further, Executive agrees to meet and cooperate with
the Company’s attorneys in preparation for such testimony (and, of course, the Company expects that Executive will at all times testify truthfully). 
 C. Executive agrees that, if he receives an inquiry from any representative of the media about the Company or his employment by or end of employment by the Company, he will not respond but will
immediately contact Gould to inform him of the media inquiry. 
 D. Executive’s obligations under this paragraph are in
addition to and not in lieu of his obligations under paragraph 6 of the Employment Agreement. 
 6. Conditions to Company’s severance
pay obligation. The Company’s obligation to pay severance pursuant to paragraph 2(A)(ii), above, is specifically conditioned on Executive (a) signing and dating this Agreement and delivering it to the Company within twenty-two
(22) days, and thereafter not revoking it; (b) not later than twenty-two days after the Separation Date, Executive signing, dating and delivering to the Company, and thereafter not revoking, Exhibit 3 to this Agreement; (c) keeping
confidential (other than as permitted by this Agreement) the existence and terms of this Agreement from the time Executive is first given it until he signs it (if he chooses to sign it) and then, upon the Company filing a Form 8-K relating to this
Agreement, the information herein is not subject to the confidentiality restriction; and (d) continuing his Company employment through the Separation Date unless he is terminated by the Company before then. 

  
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 7. Section 409A. With respect to the payments provided under paragraph 2(A)(ii) of this
Agreement, the Executive’s employment shall be treated as terminated if the termination meets the definition of “separation from service” as set forth in Treasury Regulation Section 1.409A-1(h)(l). Notwithstanding anything to the
contrary contained in this Agreement, if (a) the Executive is a “specified employee” within the meaning of Treasury Regulation Section 1.409A-1(i), and (b) any portion of any severance amount payable under paragraph 2(A)(ii)
hereof does not qualify for exemption from Section 409A of the Code under the short-term deferral exception to deferred compensation of Treasury Regulation Section 1.409A-1(b)(4) or any other basis for exemption under Treasury Regulation
Section 1.409A, then payments of such amounts that are not exempt from Section 409A of the Code shall be made in accordance with the terms of this Agreement, but in no event earlier than the first to occur of (i) the day after the
six-month anniversary of the Executive’s termination of employment, or (ii) the Executive’s death. Any payments delayed pursuant to the prior sentence shall be made in a lump sum on the first day of the seventh month following the
date of termination of the Executive’s employment, and the Company will pay the remainder of such payments, if any, on and after the first day of the seventh month following the date of termination of the Executive’s employment at the
time(s) and in the form(s) provided by the applicable section(s) of this Agreement. Each payment of any severance amount payable under paragraph 2(A)(ii) hereof shall be considered a “separate payment” and not one of a series of payments
for purposes of Section 409A of the Code. This paragraph 7 shall be interpreted to apply to applicable Code and Regulations that are applicable to this Agreement and the payments to be made hereunder so that if Section 409A no longer
remains applicable to this Agreement or the payments to be made hereunder this paragraph shall cease to apply. 

  
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 8. Miscellaneous. 
 A. This Agreement shall be interpreted and enforced in accordance with the laws of the United States and the State of Florida, the location both of the Company’s headquarters and of Executive’s
place of employment by the Company. Any disputes between the parties shall be resolved using the protocols set forth in paragraph 11 (“Resolution of Disputes”) of the Employment Agreement unless it is necessary for the Company to institute
suit in another jurisdiction to obtain injunctive relief to enforce the terms of paragraph 6 of the Employment Agreement. 
 B.
This Agreement, the “Employee Invention, Assignment and Non-Disclosure Agreement,” “Stock Option Award Agreement” and paragraphs 2, 4(a) (as amended herein), 4(c), 4(g), 5, 6, 8 (as amended herein) and 11 of the Employment
Agreement, represent the sole and entire agreements between the parties and supersede any and all prior agreements, negotiations and discussions between the parties with respect to Executive’s employment or the end of that employment.
Specifically, Executive agrees that this Agreement voids all portions of the Employment Agreement other than its paragraphs 2, 4(a) (as amended herein), 4(c), 4(g), 5, 6, 8 (as amended herein) and 11, which paragraphs are adopted by reference
herein. Paragraph 8(d)(i) of the Employment Agreement is amended by removing from the definition of “Cause,” subparagraphs (A), (E), (F) and (I). In the case of the Company’s assertion that an event in subparagraph (H) has
occurred the Company shall give Executive written notice of the description of such event which must be within the reasonable control of Executive (e.g., the failure of the Company to raise capital, shareholder complaints about the Company’s
stock price or business plans, complaints that do not amount to tortuous acts by Executive are not within the reasonable control of the Executive), and Executive shall have five (5) business days to cure such event. The Company represents,
warrants and agrees that, to its knowledge, as of the date Executive signs this Agreement, Executive has not engaged in any conduct which would constitute a basis for “Cause”, as that term is revised by this Agreement. 

  
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 C. If one or more paragraph(s) of this Agreement are ruled invalid or unenforceable, such
invalidity or unenforceability shall not affect any other provision of this Agreement, which shall remain in full force and effect. 
 D. This Agreement may not be modified orally but only by a writing signed by both Executive and the Company. 
 E. This Agreement shall inure to the benefit of and shall be binding upon Executive and his successors and assigns. Executive’s obligations and duties hereunder are personal and not assignable, but
the Company will have the right to assign its rights and obligations under this Agreement to any affiliate or successor or to purchaser(s) of their assets. 
 F. As used in this Agreement, the term “Company” means CytoDyn Inc. as well as (i) its parents, subsidiaries and affiliated organizations; (ii) its insurers, benefit plans, trustees,
and benefit administrators and their respective pension, profit-sharing, savings, health, trusts, and other employee benefit plans of any nature as well as the plans’ respective trustees and administrators; (iii) its directors, officers,
employees, agents, attorneys, representatives and shareholders and their parents, subsidiaries and affiliated organizations; and (iv) the heirs, personal representatives, successors and assigns of the persons or entities described in the
preceding portions of this subparagraph. 

  
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 G. Executive and the Company agree that, unless required by law or by a court of competent
jurisdiction, this document shall remain confidential other than as provided herein and will not be used for any purpose other than enforcing its specific terms in any proceeding between the parties. If this document must be filed in any court, the
party seeking to file it will do so only under seal unless prohibited by the court. 
  

									
	Date:	 	     7/25/2012
	 		 	   /s/ Kenneth J. Van Ness

				
		 		 		 	Kenneth J. Van Ness

  

									
		 		 		 		 	CytoDyn Inc.
					
	Date:	 	     7/25/2012
	 		 	By:	 	   /s/ Andrew T. Libby, Jr.

		 		 		 		 	 Andrew T. Libby, Jr.

Chief Financial Officer

		 		 		 	

  
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 Exhibit 1 

[COMPANY LETTERHEAD] 
             , 2012 
 CytoDyn Inc.

 110 Crenshaw Lake Road 
 Lutz, FL
33548 
 Attn: Gregory A. Gould 
 Gentlemen: 
 I, Kenneth J. Van Ness, hereby resign as Chair of the Board of
Directors of CytoDyn Inc., a Colorado corporation (“Company”), effective immediately; this resignation will not affect my continuing service as a member of the Company’s Board of Directors. I also hereby resign any and all officer and
director positions that I may have with any direct or indirect subsidiary of the Company. In addition, I agree to sign in the future any reasonable documents that are necessary or desired to effect such resignations from the Company and its direct
or indirect subsidiaries. This will confirm that my resignations are not due to any disagreement relating to the Company’s or any subsidiaries’/affiliates’ operations, policies or procedures. 

 

	
	Respectfully,
	
	Kenneth J. Van Ness

  
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 Exhibit 2 

[COMPANY LETTERHEAD] 
 To whom it may concern: 
 It is not the policy of CytoDyn Inc. (“the
Company”) to provide references for its former employees. It is, however, our policy to confirm the dates of employment and the position held at the time the employment ended. 

Kenneth J. Van Ness was employed by the Company from
                     until [October 16, 2012]. His last job title was “Chief Executive Officer.” 

Any inquiries about Mr. Van Ness should be directed in writing to me. 

 

	
	Very truly yours,
	
	Gregory A. Gould
	Chairman, Board of Directors

  
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 Exhibit 3 

SUPPLEMENT TO TRANSITION AGREEMENT 
 WHEREAS, Kenneth J. Van Ness (“Executive”) and CytoDyn Inc. (“the Company”) previously executed a “Transition Agreement” (“Agreement”) but now wish to supplement it
with this document (“Supplement”) so 
 NOW, THEREFORE, in exchange for the consideration referenced in and benefits
provided by the Agreement, Executive and the Company agree as follows: 
 1. Mutual general release of claims. 

A. In exchange for the benefits given by the Company to Executive under the Agreement, and for Executive’s release of all claims
against the Company, Executive and the Company agree, on their own behalf and on behalf of any other person or entity entitled to make a claim on their behalf or through them, that Executive and the Company each do freely, finally, fully and forever
release and discharge the other from any and all claims and causes of action of any kind or nature that Executive or the Company once had or now have against the other arising out of events that occurred before signing this Supplement, including all
claims arising out of Executive’s employment by the Company or the end of that employment, whether such claims are now known or unknown to Executive or the Company (“Released Claims”). In waiving and releasing claims against the
Company, Executive understands and agrees that he is waiving and releasing any and all Released Claims not only against CytoDyn Inc. but also against its direct and indirect subsidiaries and affiliates, as well as their directors, officers,
partners, employees, agents, attorneys, representatives, shareholders, insurers, benefit plans, trustees, and benefit administrators. However, Released Claims do not include any claims by Executive for vested benefits under the Company’s
employee benefit plans, claims for amounts due Executive under the Agreement, or any claims of either party that cannot be released as a matter of law. This paragraph is not a waiver of any Executive claim for unemployment compensation. 

  
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 B. Executive and the Company realize that there are many laws and regulations relating to
employment. Executive and the Company intend to waive any and all claims each has against the other, including any and all claims, demands, rights, liens, agreements, contracts, covenants, actions, suits, causes of action, charges, grievances,
wages, employment benefits, obligations, debts, costs, expenses, attorneys’ fees, damages, judgments, orders and liabilities of whatever kind or nature in law, equity, or otherwise, whether now known or unknown, suspected or unsuspected, and
whether or not concealed or hidden, which Executive or the Company now own or hold or has at any time heretofore owned or held against the other arising out of or in any way connected with or related to or concerning (1) Executive’s
employment by the Company or the end of that employment; or (2) any alleged violation of any federal, state or local law (whether statutory or common law), regulation or ordinance, including, but not limited to, Title VII of the Civil Rights
Act of 1964, sections 1981 through 1988 of Title 42 of the United States Code, the Age Discrimination in Employment Act of 1967, the Older Workers Benefits Protection Act of 1990, the Americans with Disabilities Act of 1990, the Executive Retirement
Income Security Act of 1974, the Consolidated Omnibus Budget Reconciliation Act of 1985, the National Labor Relations Act, the Labor Management Relations Act, 29 U.S.C. § 185, the Occupational Safety and Health Act and/or the Worker Adjustment
Retraining and Notification Act; or (3) any alleged wrongful termination, retaliation, “whistleblowing,” breach of express and/or implied-in-fact contract, breach of the implied covenant of good faith and fair dealing, violation of
public policy, intentional and/or negligent infliction of emotional distress, defamation, invasion of privacy, fraud and/or negligent misrepresentation, intentional and/or negligent interference with contractual relations and/or prospective economic
advantage, and/or any other common law torts; or (4) any claim for severance pay, bonus, sick leave, holiday pay, vacation pay, life insurance, health and medical insurance and/or any other fringe benefit, workers’ compensation or
disability benefit other than as such benefit is expressly provided by this Agreement; or (5) any other transactions, occurrences, acts, or omissions or any loss, damage or injury whatsoever, known or unknown, suspected or unsuspected,
resulting from any act or omission by or on the part of Executive or the Company as to the other which was committed or omitted prior to the signing of this Supplement. 

  
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 Executive and the Company intend to fully and finally release the other from any and all
Released Claims which Executive or the Company has or may have against the other arising from events occurring prior to the date on which the party signs this Supplement. However, Executive does not intend to release any claim for vested benefits
under a Company employee benefit plan, or claims for amounts due under the Agreement and neither party intends to release any claim that cannot be released as a matter of law. 
 2. Informed, voluntary signature. 
 A. Executive agrees that he was
given an opportunity to consider this Supplement for up to twenty-one (21) days before signing it. If he signs it sooner than twenty-one (21) days, Executive agrees that he has done so voluntarily and has waived the opportunity to review
it for that entire period. The Company advises Executive to consult an attorney before signing this Supplement. 

  
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 B. Federal law requires that (i) this Supplement be revocable by Executive for seven
(7) days following him signing it and (ii) this Supplement is not effective or enforceable until the seven-day period expires and Executive has not revoked it. If Executive wishes to revoke this Supplement, he must send a written notice of
revocation to Gregory A. Gould so it is received not later than the close of business on the seventh day after Executive signed the Supplement. 
 C. Executive cannot sign this Supplement sooner than the close of business on the Separation Date set forth in the Agreement. 

 

									
	Date:	 	  
	 		 	  

		 		 		 	Kenneth J. Van Ness

  

									
		 		 		 		 	CytoDyn Inc.
					
	Date:	 	  
	 		 	By:	 	  

  
 211997 Director Stock Plan, as amended

 Exhibit 10.3 
 APPLE INC. 
 1997 DIRECTOR STOCK PLAN 

(as amended through May 24, 2012) 
 On November 10, 2009, the Board adopted this amended and restated 1997 Director Stock Plan (formerly known as the 1997 Director Stock Option Plan and as renamed, the “Plan”), which shall
govern all grants of Awards made after this amendment and restatement, and which shall become effective upon its approval by the Company’s shareholders (the “Effective Date”). For the terms and conditions of the Plan applicable to
Awards granted before the Effective Date, refer to the version of the Plan in effect as of the date such Award was granted. 
  

	1.	 PURPOSES. The purposes of the Plan are to retain the services of qualified individuals who are not employees of the Company to serve as
members of the Board and to secure for the Company the benefits of the incentives inherent in increased Common Stock ownership by such individuals by granting such individuals Awards to purchase or acquire shares of Common Stock.

  

	2.	 ADMINISTRATION. The Administrator will be responsible for administering the Plan. The Administrator will have authority to adopt such rules
as it may deem appropriate to carry out the purposes of the Plan, and shall have authority to interpret and construe the provisions of the Plan and any agreements and notices under the Plan and to make determinations pursuant to any Plan provision.
Each interpretation, determination or other action made or taken by the Administrator pursuant to the Plan shall be final and binding on all persons. The Administrator shall not be liable for any action or determination made in good faith, and shall
be entitled to indemnification and reimbursement in the manner provided in the Company’s Articles of Incorporation and Bylaws as such documents may be amended from time to time. 

 

	3.	 SHARES AVAILABLE. 

  

	 	(a)	 SHARE LIMIT. Subject to the provisions of Section 8 of the Plan, the maximum number of shares of Common Stock which may be issued under
the Plan shall not exceed 1,600,000 shares (the “Share Limit”). Either authorized and unissued shares of Common Stock or treasury shares may be delivered pursuant to the Plan. 

 

	 	(b)	 SHARE COUNT. Shares issued pursuant to Restricted Stock Unit Awards will count against the Share Limit as two (2) shares for every
one (1) share issued in connection with the Award. Shares issued pursuant to the exercise of Options will count against the Share Limit as one (1) share for every one (1) share to which such exercise relates. If Awards are settled in
cash, the shares that would have been delivered had there been no cash settlement shall not be counted against the Share Limit. Except as provided in the next sentence, if Awards are forfeited or are terminated for any reason before vesting or being
exercised, then the shares underlying such Awards shall again become available for Awards under the Plan; provided that any one (1) share subject to a Restricted Stock Unit Award that is forfeited or terminated shall be credited as two
(2) shares when determining the number of shares that shall again become available for Awards under the Plan if upon grant, the shares underlying such forfeited or terminated Restricted Stock Unit Award were counted as two (2) shares
against the Share Limit. Shares that are exchanged by a Non-Employee Director or withheld by the Company as full or partial payment in connection with any Award under the Plan, as well as any shares exchanged by a Non-Employee Director or withheld
by the Company or one of its Subsidiaries to satisfy the tax withholding obligations related to any Award, shall not be available for subsequent Awards under the Plan. 

	4.	 OPTIONS. Options granted to Non-Employee Directors under the Plan shall be subject to the following provisions of this Section 4.

  

	 	(a)	 OPTION GRANTS. 

  

	 	(i)	 TRANSITION GRANTS. On the date of the Annual Meeting following the Company’s 2009 fiscal year, each Non-Employee Director who
(1) has served as a member of the Board for at least three years as of the date of such Annual Meeting and (2) continues to serve as a member of the Board immediately following such Annual Meeting will be granted an Option (the date of
grant of which shall be the date of such Annual Meeting) to purchase a number of shares of Common Stock determined by multiplying 10,000 by a fraction, the numerator of which shall be the number of days in the period commencing on the last
anniversary of the date on which the Non-Employee Director was initially elected or appointed to the Board that occurs prior to the date of such Annual Meeting and ending on the date of such Annual Meeting and the denominator of which shall be 365.
Each Non-Employee Director who (1) has served as a member of the Board for not more than three years as of the date of the Annual Meeting following the Company’s 2009 fiscal year and (2) continues to serve as a member of the Board
through and immediately following the date of the Annual Meeting following the third anniversary of the date on which the Non-Employee Director was initially appointed or elected to the Board (the “Third Anniversary”) will be granted an
Option (the date of grant of which shall be the date of the Annual Meeting following the Third Anniversary) to purchase a number of shares of Common Stock determined by multiplying 10,000 by a fraction, the numerator of which shall be the number of
days in the period commencing on the last anniversary of the date on which the Non-Employee Director was initially appointed or elected to the Board that occurs prior to the date of the Annual Meeting following the Third Anniversary and ending on
the date of such Annual Meeting and the denominator of which shall be 365. 

  

	 	(ii)	 NO ADDITIONAL GRANTS. Other than the Option grants contemplated by Section 4(a)(i), no Options shall be granted under the Plan unless
and until the Board amends the Plan to provide for such Option grants in accordance with Section 10(b) below. 

  

	 	(b)	 EXERCISE PRICE. The per share exercise price of each Option shall be the Fair Market Value of a share of Common Stock as of the date of grant
of the Option determined in accordance with the provisions of the Plan. 

  

	 	(c)	 VESTING. Options shall be fully vested and immediately exercisable on their date of grant. 

 

	 	(d)	 TERM OF OPTIONS. 

  

	 	(i)	 TEN-YEAR TERM. Each Option shall expire ten (10) years from its date of grant, subject to earlier termination as provided herein.

  

	 	(ii)	 EXERCISE FOLLOWING TERMINATION OF SERVICE DUE TO DEATH. If a Non-Employee Director ceases to be a member of the Board by reason of such
Non-Employee Director’s death, the Options granted to such Non-Employee Director may be exercised by such Non-Employee Director’s Beneficiary, but only to the extent the Option was exercisable at the time of the Non-Employee
Director’s death, at any time within three (3) years after the date of such termination of service, subject to the earlier expiration of such Options as provided for in Section 4(d)(i) above. At the end of such three-year period, the
vested portion of the Option shall expire. The unvested portion of the Option shall expire on the date of the Non-Employee Director’s death. 

	 	(iii)	 TERMINATION OF OPTIONS IF A NON-EMPLOYEE DIRECTOR IS REMOVED FROM THE BOARD FOR CAUSE. In the event a Non-Employee Director is removed from
the Board for “cause,” all Options granted to such Non-Employee Director (whether or not then vested and exercisable) shall immediately terminate and be of no further force and effect as of the effective date of such removal from the
Board. Whether a Non-Employee Director is removed by the Board for “cause” shall be determined by the Board in accordance with the Bylaws of the Company. 

 

	 	(iv)	 EXERCISE FOLLOWING OTHER TERMINATIONS OF SERVICE. If a Non-Employee Director ceases to be a member of the Board for any reason other than
death or removal from the Board for cause, the Options granted to such Non-Employee Director may be exercised by such Non-Employee Director, but only to the extent the Option was exercisable at the time of the Non-Employee Director’s
termination, at any time within ninety (90) days after the date of such termination of service, subject to the earlier expiration of such Options as provided for in Section 4(d)(i) above. At the end of such ninety-day period, the vested
portion of the Option shall expire. The unvested portion of the Option shall expire on the date of the Non-Employee Director’s termination of service with the Board. 

 

	 	(e)	 TIME AND MANNER OF EXERCISE OF OPTIONS. 

  

	 	(i)	 NOTICE OF EXERCISE. Subject to the other terms and conditions hereof, a Non-Employee Director may exercise any Option, to the extent such
Option is vested, by giving written notice of exercise to the Company; PROVIDED, HOWEVER, that in no event shall an Option be exercisable for a fractional share. The date of exercise of an Option shall be the later of (A) the date on which the
Company receives such written notice and (B) the date on which the conditions provided in Section 4(e)(ii) are satisfied. 

  

	 	(ii)	 METHOD OF PAYMENT. The consideration to be paid for the shares to be issued upon exercise of an Option may consist of (A) cash,
(B) check, (C) other shares which have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the shares as to which the Option shall be exercised, (D) delivery of a properly executed exercise notice
together with irrevocable instructions to a broker to promptly deliver to the Company the amount of proceeds required to pay the exercise price, or (E) any combination of the foregoing methods of payment. 

 

	 	(iii)	 SHAREHOLDER RIGHTS. A Non-Employee Director shall have no rights as a shareholder with respect to any shares of Common Stock issuable upon
exercise of an Option until a certificate evidencing such shares shall have been issued to the Non-Employee Director pursuant to Section 4(e)(iv), and no adjustment shall be made for dividends or distributions or other rights in respect of any
share for which the record date is prior to the date upon which the Non-Employee Director shall become the holder of record thereof. 

  

	 	(iv)	 ISSUANCE OF SHARES. Subject to the foregoing conditions, as soon as is reasonably practicable after its receipt of a proper notice of
exercise and payment of the exercise price of the Option for the number of shares with respect to which the Option is exercised, the Company shall deliver to the Non-Employee Director (or following the Non-Employee Director’s death, the
Beneficiary entitled to exercise the Option), at the principal office of the Company or at such other location as may be acceptable to the Company and the Non-Employee Director (or such Beneficiary), the appropriate number of shares of Common Stock
issued in connection with such exercise (as evidenced by an appropriate entry on the books of the Company or a duly authorized transfer agent of the Company). Shares sold in connection with a “cashless exercise” described in clause D of
Section 4(e)(ii) shall be delivered to the broker referred to therein in accordance with the procedures established by the Company from time to time. 

	5.	 RESTRICTED STOCK UNITS. Each Non-Employee Director shall receive grants of Restricted Stock Units under the Plan as follows:

  

	 	(a)	 ANNUAL GRANTS. On the date of each Annual Meeting which occurs on or after the Effective Date and immediately following which a Non-Employee
Director is serving on the Board, such Non-Employee Director shall be automatically granted (on the date of such Annual Meeting) an Award of a number of Restricted Stock Units determined by dividing (A) $200,000 by (B) the Fair Market
Value of the Common Stock on the date of grant, such number to be rounded to the nearest whole number of Restricted Stock Units (each, an “Annual RSU Award”); provided, however, that a Non-Employee Director who is serving on the Board on
the day prior to the Effective Date shall not be entitled to an Annual RSU Award on the date of a particular Annual Meeting unless the Non-Employee Director has served on the Board for at least three years as of the date of such Annual Meeting.

  

	 	(b)	 INITIAL GRANTS. Each Non-Employee Director who first becomes a Non-Employee Director at any time after the Effective Date but other than on
the date of an Annual Meeting shall be automatically granted, on the date he or she first becomes a Non-Employee Director, an Award of a number of Restricted Stock Units determined by multiplying (A) the quotient obtained by dividing $200,000
by the Fair Market Value of the Common Stock on the date of grant, by (B) a fraction, the numerator of which shall be the number of days remaining in the 365-day period following the most recent Annual Meeting, and the denominator of which
shall be 365 (but in no event shall such fraction be greater than one (1)), such number to be rounded to the nearest whole number of Restricted Stock Units (each, an “Initial RSU Award”); provided, however, that a Non-Employee Director
shall not be eligible to receive an Initial RSU Award if either (i) he or she was an employee of the Company or any of its Subsidiaries immediately prior to first becoming a Non-Employee Director, or (ii) he or she first becomes a
Non-Employee Director at any time on or after February 1 following a particular fiscal year of the Company and prior to the date of the Annual Meeting following that fiscal year. 

 

	 	(c)	 VESTING; TERMINATION OF SERVICE. Each Annual RSU Award granted pursuant to Section 5(a) shall fully vest on the February 1 that
occurs in the fiscal year of the Company following the fiscal year in which the Award was granted (the “Vesting Date”). Each Initial RSU Award granted pursuant to Section 5(b) shall fully vest on the Vesting Date established for the
Annual RSU Awards granted in connection with the last Annual Meeting to occur prior to the grant date of such Initial RSU Award. If the Non-Employee Director ceases to serve as a member of the Board for any reason, the Non-Employee Director’s
Restricted Stock Units shall terminate to the extent such units have not become vested prior to the first date the Non-Employee Director is no longer a member of the Board, and the Non-Employee Director will have no rights with respect to, or in
respect of, such terminated Restricted Stock Units. 

  

	 	(d)	 PAYMENT OF RESTRICTED STOCK UNITS. On or as soon as administratively practical following each vesting of Restricted Stock Units granted under
the Plan (and in all events not later than two and one-half months after the applicable vesting date), the Company shall deliver to the Non-Employee Director a number of shares of Common Stock (as evidenced by an appropriate entry on the books of
the Company or a duly authorized transfer agent of the Company) equal to the number of Restricted Stock Units that vest on the applicable vesting date, unless such Restricted Stock Units terminate prior to the given vesting date pursuant to
Section 5(c). The Non-Employee Director shall have no further rights with respect to any Restricted Stock Units that are so paid. 

  

	 	(e)	 SHAREHOLDER RIGHTS. A Non-Employee Director shall have no rights as a shareholder of the Company, no dividend rights (except as expressly set
forth in Section 5(f) below with respect to Dividend Equivalent Rights) and no voting rights with respect to the Restricted Stock Units or any shares of Common Stock underlying or issuable in respect of such Restricted Stock Units until such
shares of Common Stock have been issued to the Non-Employee Director pursuant to Section 5(d). No adjustment shall be made for dividends or distributions or other rights in respect of any share for which the record date is prior to the date
upon which the Non-Employee Director shall become the holder of record thereof. 

  

	 	(f)	 DIVIDEND EQUIVALENT RIGHTS DISTRIBUTIONS. As of any date that the Company pays an ordinary cash dividend on its Common Stock, the Company
shall credit the Non-Employee Directors with a dollar amount equal to (i) the per share cash dividend paid by the Company on its Common Stock on such date, multiplied by (ii) the total number of Restricted Stock Units (with such total
number adjusted pursuant to Section 8 of the Plan) subject to the Award that are outstanding immediately prior to the record date for that dividend (a “Dividend Equivalent Right”).

	 	 
Any Dividend Equivalent Rights credited pursuant to the foregoing provisions of this Section 5(f) shall be subject to the same vesting, payment and other terms, conditions and restrictions
as the original Restricted Stock Units to which they relate; provided, however, that the amount of any vested Dividend Equivalent Rights shall be paid in cash. No crediting of Dividend Equivalent Rights shall be made pursuant to this
Section 5(f) with respect to any Stock Units which, immediately prior to the record date for that dividend, have either been paid pursuant to Section 5(d) or terminated pursuant to Section 5(c). 

 

	6.	 RESTRICTIONS ON TRANSFER. An Award may not be transferred, pledged, assigned, or otherwise disposed of, except by will or by the laws of
descent and distribution; PROVIDED, HOWEVER, that an Award may be, with the approval of the Administrator, transferred to a Non-Employee Director’s family members or to one or more trusts established in whole or in part for the benefit of one
or more of such family members. An Option shall be exercisable, during the Non-Employee Director’s lifetime, only by the Non-Employee Director or by the individual or entity to whom the Option has been transferred in accordance with the
previous sentence. No assignment or transfer of an Award, or of the rights represented thereby, whether voluntary or involuntary, by operation of law or otherwise, except by will or the laws of descent and distribution, shall vest in the assignee or
transferee any interest or right in the Award, but immediately upon any attempt to assign or transfer the Award the same shall terminate and be of no force or effect. 

 

	7.	 DESIGNATION OF BENEFICIARY. 

  

	 	(a)	 BENEFICIARY DESIGNATIONS. Each Non-Employee Director may designate a Beneficiary to exercise an Option or receive payment of an Award upon
the Non-Employee Director’s death by executing a Beneficiary Designation Form. 

  

	 	(b)	 CHANGE OF BENEFICIARY DESIGNATION. A Non-Employee Director may change an earlier Beneficiary designation by executing a later Beneficiary
Designation Form and delivering it to the Administrator. The execution of a Beneficiary Designation Form and its receipt by the Administrator will revoke and rescind any prior Beneficiary Designation Form. 

 

	8.	 ADJUSTMENTS. 

  

	 	(a)	 Subject to Section 9, upon (or, as may be necessary to effect the adjustment, immediately prior to): any reclassification, recapitalization,
stock split (including a stock split in the form of a stock dividend) or reverse stock split; any merger, combination, consolidation, or other reorganization; any spin-off, split-up, or similar extraordinary dividend distribution in respect of the
Common Stock; or any exchange of Common Stock or other securities of the Company, or any similar, unusual or extraordinary corporate transaction in respect of the Common Stock; then the Administrator shall equitably and proportionately adjust
(1) the number and type of shares of Common Stock (or other securities) that thereafter may be made the subject of Awards (including the Share Limit), (2) the number, amount and type of shares of Common Stock (or other securities or
property) subject to any outstanding Awards, (3) the exercise price of any outstanding Options, and/or (4) the securities, cash or other property deliverable upon exercise or payment of any outstanding Awards, in each case to the extent
necessary to preserve (but not increase) the level of incentives intended by the Plan and the then-outstanding Awards. Any good faith determination by the Administrator as to whether an adjustment is required in the circumstances pursuant to this
Section 8(a), and the extent and nature of any such adjustment, shall be conclusive and binding on all persons. 

  

	 	(b)	 It is intended that, if possible, any adjustments contemplated by Section 8(a) be made in a manner that satisfies applicable legal, tax
(including, without limitation and as applicable in the circumstances, Section 409A of the Code) and accounting (so as to not trigger any charge to earnings with respect to such adjustment) requirements. 

	9.	CORPORATE TRANSACTIONS. 

  

	 	(a)	 Upon the occurrence of any of the following: any merger, combination, consolidation, or other reorganization; any exchange of Common Stock or other
securities of the Company; a sale of all or substantially all the business, stock or assets of the Company; a dissolution of the Company; or any other event in which the Company does not survive (or does not survive as a public company in respect of
its Common Stock); then the Administrator may make provision for a cash payment in settlement of, or for the assumption, substitution or exchange of any or all outstanding Awards or the cash, securities or property deliverable to the holder of any
or all outstanding Awards, based upon, to the extent relevant under the circumstances, the distribution or consideration payable to holders of the Common Stock upon or in respect of such event. Upon the occurrence of any event described in the
preceding sentence, then, unless the Administrator has made a provision for the substitution, assumption, exchange or other continuation or settlement of the Award or the Award would otherwise continue in accordance with its terms in the
circumstances, each Award shall terminate upon the related event; provided that the holders of outstanding Options shall be given reasonable advance notice of the impending termination and a reasonable opportunity to exercise their outstanding
vested Options in accordance with their terms before the termination of such Options (except that in no case shall more than ten days’ notice of the impending termination be required). 

 

	 	(b)	 The Administrator may adopt such valuation methodologies for outstanding Awards as it deems reasonable in the event of a cash or property settlement
and, in the case of Options and without limitation on other methodologies, may base such settlement solely upon the excess (if any) of the per share amount payable upon or in respect of such event over the exercise price of the Option. In any of the
events referred to in this Section 9, the Administrator may take such action contemplated by this Section 9 prior to such event (as opposed to on the occurrence of such event) to the extent that the Administrator deems the action necessary
to permit the Non-Employee Director to realize the benefits intended to be conveyed with respect to the underlying shares. Without limiting the generality of Section 2, any good faith determination by the Administrator pursuant to its authority
under this Section 9 shall be conclusive and binding on all persons. 

  

	10.	 TERMINATION AND AMENDMENT OF THE PLAN. 

  

	 	(a)	 TERMINATION. Unless earlier terminated by the Board, the Plan shall terminate on November 9, 2019. Following such date, no further
grants of Awards shall be made pursuant to the Plan. 

  

	 	(b)	 GENERAL POWER OF BOARD. Notwithstanding anything herein to the contrary, the Board may at any time and from time to time terminate, modify,
suspend or amend the Plan in whole or in part (including, without limitation, amend the Plan at any time and from time to time, without shareholder approval, to prospectively change the relative mixture of Options and Restricted Stock Units for the
initial and annual Awards granted to Non-Employee Directors hereunder, the methodology for determining the number of shares of Common Stock to be subject to such Awards within the Plan’s aggregate Share Limit pursuant to Section 3, and the
other terms and conditions applicable to such Awards) or, subject to Sections 10(c) and 10(d), amend the terms of any outstanding Award; PROVIDED, HOWEVER, that no such termination, modification, suspension or amendment shall be effective
without shareholder approval if such approval is required to comply with any applicable law or stock exchange rule; and PROVIDED FURTHER that the Board may not, without shareholder approval, increase the maximum number of shares issuable under the
Plan except as provided in Section 8 above. For avoidance of doubt, the Board may, without shareholder approval, provide on a prospective basis for grants under the Plan to consist of Options only, Restricted Stock Unit Awards only, or a
combination of Options and Restricted Stock Unit Awards on such terms and conditions, subject to the Share Limit of Section 3 and the other express limits of the Plan, as may be established by the Board. 

 

	 	(c)	 WHEN NON-EMPLOYEE DIRECTORS’ CONSENTS REQUIRED. The Board may not alter, amend, suspend, or terminate the Plan or amend the terms of any
outstanding Award without the consent of any Non-Employee Director to the extent that such action would adversely affect his or her rights with respect to Awards that have previously been granted. 

	 	(d)	 NO REPRICING. Notwithstanding any other provision herein or in any agreement evidencing any Option, in no case (except due to an adjustment
contemplated by Section 8 or any repricing that may be approved by shareholders) shall any action be taken with respect to the Plan or any Option hereunder that would constitute a repricing (by amendment, substitution, cancellation and regrant,
exchange or other means) of the per share exercise price of any Option. 

  

	11.	 MISCELLANEOUS. 

  

	 	(a)	 NO RIGHT TO REELECTION. Nothing in the Plan shall be deemed to create any obligation on the part of the Board to nominate any of its members
for reelection by the Company’s shareholders, nor confer upon any Non-Employee Director the right to remain a member of the Board for any period of time, or at any particular rate of compensation. 

 

	 	(b)	 SECURITIES LAW RESTRICTIONS. The Administrator may require each Non-Employee Director or any other person purchasing or acquiring shares of
Common Stock pursuant to the Plan to agree with the Company in writing that such Non-Employee Director is acquiring the shares for investment and not with a view to the distribution thereof or provide such other assurances and representations to the
Company as the Administrator may deem necessary or desirable to assure compliance with all applicable legal and accounting requirements. All certificates for shares of Common Stock delivered under the Plan shall be subject to such stock-transfer
orders and other restrictions as the Administrator may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission or any exchange upon which the Common Stock is then listed, and any applicable
federal or state securities law, and the Administrator may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. No shares of Common Stock shall be issued hereunder unless the Company shall
have determined that such issuance is in compliance with, or pursuant to an exemption from, all applicable federal and state securities laws. 

  

	 	(c)	 EXPENSES. The costs and expenses of administering the Plan shall be borne by the Company. 

 

	 	(d)	 APPLICABLE LAW. Except as to matters of federal law, the Plan and all actions taken thereunder shall be governed by and construed in
accordance with the laws of the State of California without giving effect to conflicts of law principles. 

  

	 	(e)	 AUTHORITY OF THE COMPANY AND SHAREHOLDERS. The existence of the Plan shall not affect or restrict in any way the right or power of the
Company or the shareholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, any merger or consolidation of the Company, any issue of stock
or of options, warrants or rights to purchase stock or of bonds, debentures, preferred or prior preference stocks whose rights are superior to or affect the Common Stock or the rights thereof or which are convertible into or exchangeable for Common
Stock, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise. 

 

	12.	 DEFINITIONS. Capitalized words not otherwise defined in the Plan have the meanings set forth below: 

“ADMINISTRATOR” means the Board. The Board may delegate ministerial, non-discretionary functions to individuals who are
officers or employees of the Company or any of its Subsidiaries or to third parties. 
 “ANNUAL MEETING” means the
first annual meeting of the Company’s shareholders at which members of the Board are elected following the applicable fiscal year of the Company or the applicable date, as the context may require. By way of example, the Annual Meeting following
the Company’s 2008 fiscal year occurred on February 25, 2009. 

 “ANNUAL RSU AWARD” means an Award of Restricted Stock Units granted to a
Non-Employee Director pursuant to Section 5(a) of the Plan. 
 “AWARD” means an award of Options or Restricted
Stock Units under the Plan. 
 “BENEFICIARY” or “BENEFICIARIES” means an individual or entity designated by
a Non-Employee Director on a Beneficiary Designation Form to exercise Options or receive payment of Awards in the event of the Non-Employee Director’s death; PROVIDED, HOWEVER, that, if no such individual or entity is designated or if no such
designated individual is alive at the time of the Non-Employee Director’s death, Beneficiary shall mean the Non-Employee Director’s estate. 
 “BENEFICIARY DESIGNATION FORM” means a document, in a form approved by the Administrator to be used by Non-Employee Directors to name their respective Beneficiaries. No Beneficiary Designation
Form shall be effective unless it is signed by the Non-Employee Director and received by the Administrator prior to the date of death of the Non-Employee Director. 
 “BOARD” means the Board of Directors of the Company. 
 “CODE”
means the Internal Revenue Code of 1986, as amended, and the applicable rules and regulations promulgated thereunder. 

“COMMON STOCK” means the common stock of the Company, no par value per share. 

“COMPANY” means Apple Inc., a California corporation, or any successor to substantially all of its business. 

“EFFECTIVE DATE” has the meaning given to such term in the preamble. 

“EXCHANGE ACT” means the Securities Exchange Act of 1934, as amended, and the applicable rules and regulations promulgated
thereunder. 
 “FAIR MARKET VALUE” means, unless otherwise determined or provided by the Administrator in the
circumstances, the last price (in regular trading) for a share of Common Stock as furnished by the National Association of Securities Dealers, Inc. (the “NASD”) through the NASDAQ Global Market Reporting System (the “GLOBAL
MARKET”) for the date in question or, if no sales of Common Stock were reported by the NASD on the Global Market on that date, the last price (in regular trading) for a share of Common Stock as furnished by the NASD through the Global Market
for the next preceding day on which sales of Common Stock were reported by the NASD. The Administrator may, however, provide with respect to one or more Awards that the Fair Market Value shall equal the last price for a share of Common Stock as
furnished by the NASD through the Global Market on the last trading day preceding the date in question or the average of the high and low trading prices of a share of Common Stock as furnished by the NASD through the Global Market for the date in
question or the most recent trading day. If the Common Stock is no longer listed or is no longer actively traded on the Global Market as of the applicable date, the Fair Market Value of the Common Stock shall be the value as reasonably determined by
the Administrator for purposes of the Award in the circumstances. The Administrator also may adopt a different methodology for determining Fair Market Value with respect to one or more Awards if a different methodology is necessary or advisable to
secure any intended favorable tax, legal or other treatment for the particular Award(s) (for example, and without limitation, the Administrator may provide that Fair Market Value for purposes of one or more Awards will be based on an average of
closing prices (or the average of high and low daily trading prices) for a specified period preceding the relevant date). 

“INITIAL RSU AWARD” means an Award of Restricted Stock Units granted to a Non-Employee Director pursuant to Section 5(b)
of the Plan. 
 “NON-EMPLOYEE DIRECTOR” means a member of the Board who is not an employee of the Company or any of
its Subsidiaries. 

 “OPTION” means an option to purchase shares of Common Stock awarded to a
Non-Employee Director under the Plan. 
 “PLAN” has the meaning given to such term in the preamble. 

“RESTRICTED STOCK UNIT” means the right to receive one share of Common Stock, subject to the terms and conditions hereof.

 “SHARE LIMIT” shall have the meaning set forth in Section 3 of the Plan. 

“SUBSIDIARY” means any corporation or other entity a majority of whose outstanding voting stock or voting power is beneficially
owned directly or indirectly by the Company. An entity that attains the status of a Subsidiary on a date after the adoption of the Plan shall be considered a Subsidiary commencing as of such date. 

“VESTING DATE” shall have the meaning set forth in Section 5(c) of the Plan.

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