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Exhibit 10.1
GUARDANT HEALTH, INC. 
NON-EMPLOYEE DIRECTOR COMPENSATION PROGRAM
(EFFECTIVE JUNE 12, 2020)
In order to further align directors’ interests with those of long-term stockholders, on June 12, 2020 the Board of Directors (the “Board”) of Guardant Health, Inc. (the “Company”) approved a number of modifications to its Non-Employee Director Compensation Program (this “Program”). Specifically, the Board eliminated the cash compensation component of the Program, effective immediately, and concurrently revised the terms of the initial and annual equity awards to be granted under the Program to the Eligible Directors (as defined below) going-forward.
Eligible Directors on the Board shall be eligible to receive compensation as set forth in this Program.  The compensation described in this Program shall be made, as applicable, automatically and without further action of the Board, to each member of the Board who is not an employee of the Company or any of its parents, affiliates or subsidiaries (each, an “Eligible Director”), who may be eligible to receive such compensation, unless such Eligible Director declines the receipt of such compensation by written notice to the Company. This Program shall become effective upon the date set forth above (the “Effective Date”) and shall remain in effect until it is revised or rescinded by further action of the Board. This Program may be amended, modified or terminated by the Board at any time in its sole discretion. No Eligible Director shall have any rights hereunder, except with respect to equity awards granted pursuant to Section 1 of this Program. 
1.Equity Compensation.  
a.General.  Eligible Directors shall be granted the equity awards described below. The awards described below shall be granted under and shall be subject to the terms and provisions of the Company’s 2018 Incentive Award Plan or any other applicable Company equity incentive plan then-maintained by the Company (such plan, as may be amended from time to time, the “Equity Plan”) and may be granted subject to the execution and delivery of award agreements, including attached exhibits, in substantially the forms approved by the Board prior to or in connection with such grants. All applicable terms of the Equity Plan apply to this Program as if fully set forth herein, and all grants of equity awards hereby are subject in all respects to the terms of the Equity Plan.  Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Equity Plan.
b.Initial Awards.  Each Eligible Director who is initially elected or appointed to serve on the Board after the Effective Date automatically shall be granted an Option with a value of $362,500 and a Restricted Stock Unit award with a value of $362,500 (each, an “Initial Award”). Each Initial Award shall be granted on the date on which such Eligible Director is appointed or elected to serve on the Board (the “Election Date”), and each such award shall vest and become exercisable (as applicable) as to 25% of the Shares subject to such award on the first anniversary of such Election Date, and as to the remaining 75% of the Shares subject to such award in substantially equal installments on each monthly anniversary of the Election Date during the three-year period thereafter, subject to continued service through the applicable vesting date.  
c.Annual Awards. An Eligible Director who has served on the Board for at least six months as of the date of the annual meeting of the Company’s stockholders shall be granted, on such annual meeting date, an Option with a value of $212,500 and a Restricted Stock Unit award with a value of $212,500 (together, the “Annual Awards”). Each Annual Award shall vest and become exercisable (as applicable) in full on the earlier to occur of (i) the one-year anniversary of the applicable grant date and (ii) the date of the next annual meeting of the Company’s stockholders following the grant date, subject to continued service through the applicable vesting date.
d.Annual Lead Independent Director Award. An Eligible Director who has served on the Board for at least six months as of the date of the annual meeting of the Company’s stockholders and who 
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also will serve as Lead Independent Director of the Board immediately following such date shall be granted, on such annual meeting date, a Restricted Stock Unit award with a value of $45,000 (the “Annual LID Award”). Each Annual LID Award shall vest in full on the earlier to occur of (i) the one-year anniversary of the applicable grant date and (ii) the date of the next annual meeting of the Company’s stockholders following the grant date, subject to continued service through the applicable vesting date. 
e.Accelerated Vesting Events.  Notwithstanding the foregoing, an Eligible Director’s Initial Awards, Annual Award(s) and/or Annual LID Award shall vest in full immediately prior to (i) such Eligible Director’s Termination of Service by the Company without Cause (as defined below) or due to his/her death or Disability (as defined below) or (ii) the occurrence of a Change in Control, in each case, to the extent outstanding at such time.
f.Provisions Applicable to Awards. With respect to any Award granted under this Program:
i.The exercise price per Share with respect to an Option shall be equal to the Fair Market Value of a Share on the applicable grant date.
ii.An Option shall have a maximum term of ten years from the applicable grant date.
iii.The number of Shares subject to an Option shall be determined by dividing the value of the Option by the per share Black-Scholes valuation as of the applicable grant date, utilizing the same assumptions that the Company uses in preparation of its financial statements.
iv.The number of Shares subject to a Restricted Stock Unit award shall be determined by dividing the value by the Fair Market Value of the Company’s common stock on the applicable grant date.
2.Compensation Limits. Notwithstanding anything to the contrary in this Program, all compensation payable under this Program shall be subject to any limits on the maximum amount of non-employee Director compensation set forth in the Equity Plan, as in effect from time to time.
3.Certain Defined Terms.
a.“Cause” means the occurrence of any one or more of the following events unless, to the extent capable of correction, the Eligible Director fully corrects the circumstances constituting Cause within 15 days after receipt of written notice thereof:
i.the Eligible Director’s willful failure to substantially perform his or her duties with the Company (other than any such failure resulting from the Eligible Director’s incapacity due to physical or mental illness), after a written demand for performance is delivered to the Eligible Director by the Board, which demand specifically identifies the manner in which the Board believes that the Eligible Director has not performed his or her duties;
ii.the Eligible Director’s commission of an act of fraud or material dishonesty resulting in reputational, economic or financial injury to the Company;
iii.the Eligible Director’s material misappropriation or embezzlement of the property of the Company or any of its affiliates;
iv.the Eligible Director’s commission of, including any entry by the Eligible Director of a guilty or no contest plea to, a felony (other than a traffic violation) or other crime involving moral turpitude, or the Eligible Director’s commission of unlawful harassment or discrimination;
v.the Eligible Director’s willful misconduct or gross negligence with respect to any material aspect of the Company’s business or a material breach by the Eligible Director 
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of his or her fiduciary duty to the Company, which willful misconduct, gross negligence or material breach has a material and demonstrable adverse effect on the Company; or
vi.the Eligible Director’s material breach of the Eligible Director’s obligations under a written agreement between the Company and the Eligible Director.
b.“Disability” means a permanent and total disability under Section 22(e)(3) of the Code.
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EXHIBIT 10.2

ZILLOW GROUP, INC.
2020 INCENTIVE PLAN

NONQUALIFIED STOCK OPTION GRANT NOTICE
Zillow Group, Inc. (the “Company”) hereby grants to you an Option (the “Option”) to purchase shares of the Company’s Class C Capital Stock under the Zillow Group, Inc. 2020 Incentive Plan (the “Plan”).  The Option is subject to all the terms and conditions set forth in this Nonqualified Stock Option Grant Notice (this “Grant Notice”) and in the Nonqualified Stock Option Agreement (the “Stock Option Agreement”) and the Plan, which are incorporated into this Grant Notice in their entirety.
						
		
	Participant:
	
		
	Grant Number:	
		
	Grant Date:
	
		
	Number of Shares of Class C Capital Stock Subject to Option (the “Shares”):
	
		
	Vesting Commencement Date:	
		
	Exercise Price (per Share):	
		
	Option Expiration Date:	
		
	Type of Option:
	
		
	Vesting and Exercisability Schedule (subject to continued employment or service):
	

Additional Terms/Acknowledgement: You acknowledge receipt of, and understand and agree to, this Grant Notice, the Stock Option Agreement and the Plan. You further acknowledge that as of the Grant Date, this Grant Notice, the Stock Option Agreement and the Plan set forth the entire understanding between you and the Company regarding the Option and supersede all prior oral and written agreements or other communications on the subject. The Option is hereby granted in full satisfaction of the Company’s obligations to grant such Option pursuant to any new hire offer letter, promotion letter or other communication by the Company, if applicable.

Attachment
1.  Nonqualified Stock Option Award Agreement (including any appendices thereto)

ZILLOW GROUP, INC.
2020 INCENTIVE PLAN

NONQUALIFIED STOCK OPTION AGREEMENT

Pursuant to your Nonqualified Stock Option Grant Notice (the “Grant Notice”) and this Nonqualified Stock Option Agreement (together, this “Agreement”), Zillow Group, Inc. (the “Company”) has granted you an Option under the Zillow Group, Inc. 2020 Incentive Plan (the “Plan”) to purchase the number of shares of Class C Capital Stock indicated in your Grant Notice (the “Shares”) at the exercise price indicated in your Grant Notice.  Capitalized terms not explicitly defined in this Agreement but defined in the Plan have the same definitions as in the Plan.

The details of the Option are as follows:

1.         Vesting and Exercisability.  Subject to the limitations contained herein, the Option will vest and become exercisable as provided in your Grant Notice, provided that vesting will cease upon your Termination of Service and the unvested portion of the Option will terminate.

2.         Securities Law Compliance.  Notwithstanding any other provision of this Agreement, you may not exercise the Option unless the Shares issuable upon exercise are registered under the Securities Act or, if such Shares are not then so registered, the Company has determined that such exercise and issuance would be exempt from the registration requirements of the Securities Act.  The exercise of the Option must also comply with other applicable laws and regulations governing the Option, and you may not exercise the Option if the Company determines that such exercise would not be in material compliance with such laws and regulations.

3.         Independent Tax Advice.  You should obtain tax advice independent from the Company when exercising the Option and prior to the disposition of the Shares.

4.         Method of Exercise.  You may exercise the Option by giving written notice to the Company, in form and substance satisfactory to the Company, which will state your election to exercise the Option and the number of Shares for which you are exercising the Option.  The written notice must be accompanied by full payment of the exercise price for the number of Shares you are purchasing.  You may make this payment in any combination of the following:  (a) by cash; (b) by wire transfer or check acceptable to the Company; (c) if permitted by the Committee, by having the Company withhold shares of Class C Capital Stock that would otherwise be issued on exercise of the Option; (d) if permitted by the Committee, by tendering already owned shares of Class C Capital Stock; (e) while the Class C Capital Stock is registered under the Exchange Act and to the extent permitted by law, by instructing a broker to deliver to the Company the total payment required; or (f) by any other method permitted by the Committee.

5.         Treatment upon Termination of Service.  The unvested portion of the Option will terminate automatically and without further notice immediately upon your Termination of Service.  You may exercise the vested portion of the Option as follows:
						
	     (a)	General Rule.  You must exercise the vested portion of the Option on or before the earlier of (i) three months after your Termination of Service and (ii) the Option Expiration Date;

		
	(b)	Retirement or Disability.  If your employment or service relationship terminates due to Retirement or Disability, you must exercise the vested portion of the Option on or before the earlier of (i) one year after your Termination of Service and (ii) the Option Expiration Date;

		
	(c)	Death.  If your employment or service relationship terminates due to your death, the vested portion of the Option must be exercised on or before the earlier of (i) one year after your Termination of Service and (ii) the Option Expiration Date. If you die after your Termination of Service but while the Option is still exercisable, the vested portion of the Option may be exercised until the earlier of (x) one year after the date of death and (y) the Option Expiration Date; and

		
	(d)	Cause.  The vested portion of the Option will automatically expire at the time the Company or a Related Company first notifies you of your Termination of Service for Cause, unless the Committee determines otherwise. If your employment or service relationship is suspended pending an investigation of whether you will be terminated for Cause, all your rights under the Option likewise will be suspended during the period of investigation. If any facts that would constitute termination for Cause are discovered after your Termination of Service, any Option you then hold may be immediately terminated by the Committee.

It is your responsibility to be aware of the date the Option terminates.  

6.         Limited Transferability.  During your lifetime only you can exercise the Option.  The Option is not transferable except by will or by the applicable laws of descent and distribution.  The Plan provides for exercise of the Option by a beneficiary designated on a Company-approved form.  Notwithstanding the foregoing, the Committee, in its sole discretion, may permit you to assign or transfer the Option, subject to such terms and conditions as specified by the Committee.

7.         Withholding Taxes.  As a condition to the exercise of any portion of an Option, you must make such arrangements as the Company may require for the satisfaction of any federal, state, provincial, local or foreign withholding tax obligations that may arise in connection with such exercise.  

8.         Option Not an Employment or Service Contract.  Nothing in the Plan or this Agreement will be deemed to constitute an employment contract or confer or be deemed to confer any right for you to continue in the employ of, or to continue any other relationship with, the Company or any Related Company or limit in any way the right of the Company or any Related Company to terminate your employment or other service relationship at any time, with or without cause.

9.         No Right to Damages.  You will have no right to bring a claim or to receive damages if you are required to exercise the vested portion of the Option within three months (one year in the case of Retirement, Disability or death) of your Termination of Service or if any portion of the Option is cancelled or expires unexercised.  The loss of existing or potential profit in the Option will not constitute an element of damages in the event of your Termination of Service for any reason even if the termination is in violation of an obligation of the Company or a Related Company to you.

10.       Recovery of Compensation.  In accordance with Section 17.6 of the Plan, the Option is subject to the requirements of (a) Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (regarding recovery of erroneously awarded compensation) and any implementing rules and regulations thereunder, (b) similar rules under the laws of any other jurisdiction, (c) any compensation recovery or clawback policies adopted by the Company to implement any such requirements or (d) any other compensation recovery or clawback policies as may be adopted from time to time by the Company, all to the extent determined by the Committee in its discretion to be applicable to you and/or required by applicable law.

11.       Binding Effect.  This Agreement will inure to the benefit of the successors and assigns of the Company and be binding upon you and your heirs, executors, administrators, successors and assigns.

12.       Section 409A.  Notwithstanding any provision of the Plan or this Agreement to the contrary, the Committee may, at any time and without your consent, modify the terms of the Option as it determines appropriate to avoid the imposition of interest or penalties under Section 409A; provided, however, that the Company makes no representations that the Option will be exempt from or comply with Section 409A and makes no undertaking to preclude Section 409A from applying to the Option.

APPENDIX TO ZILLOW GROUP, INC.  2020 INCENTIVE PLAN
NONQUALIFIED STOCK OPTION AGREEMENT
(For Canadian Residents)

This Appendix includes country-specific terms that apply if you are residing and/or working in Canada.  This Appendix is part of the Agreement.  Unless otherwise provided below, capitalized terms not explicitly defined in this Appendix but defined in the Plan have the same definitions as in the Plan.

1.         Method of Exercise.  This provision supplements Section 4 of the Agreement:

Notwithstanding anything to the contrary in the Plan or the Agreement, you will not be permitted to pay the exercise price of the Option by tendering already owned shares of Class C Capital Stock.

2.         Treatment upon Termination of Service.  This provision supplements Section 5 of the Agreement.

For purposes of the Option, notwithstanding anything to the contrary in the Plan or the Agreement, and subject to any express minimum requirements pursuant to employment standards legislation (or any other applicable legislation) in the jurisdiction where you are employed, “Termination of Service” means the later of (a) the date you receive written notice of termination from or provide written notice of resignation to the Company or a Related Company, which date will not be extended by any notice period or period of pay in lieu of such notice that may be applicable to you, whether statutory, contractual or otherwise, and (b) the date you are no longer actively providing services to the Company or a Related Company (regardless of the reason for such cessation of employment and whether or not later found to be invalid or in breach of the employment laws in the jurisdiction where you are employed).  For greater clarity, including with respect to Section 9 of the Agreement, you are not entitled to damages in lieu of loss of ongoing vesting or loss of unvested Options arising from the cessation of your employment, including, without limitation, during any period of payment in lieu of notice of termination that may be applicable to you and regardless of whether such period of pay in lieu of notice arises from statute, contract, or otherwise.

3.         Canadian Tax Non-Qualified Security Designation.  The Committee and the Company may, at any time and without your consent, designate any or all of the Shares that may be issued under the Option as non-qualified securities for purposes of the Income Tax Act (Canada).

4.         Tax Reporting.  You are required to report the value of any securities you hold, such as shares, stock options and restricted stock units, to Canada Revenue Agency in accordance with applicable tax laws.

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