Document:

Executive Employment Agreement

 EXHIBIT 10.15 
 EXECUTIVE EMPLOYMENT AGREEMENT 
 This Executive
Employment Agreement (the “Agreement”), dated March 31, 2006, is between CYBERSOURCE CORPORATION (the “Company”) and SCOTT CRUICKSHANK (“Executive”).

 I. POSITION AND RESPONSIBILITIES 
 A. Position. Effective April 3, 2006 (the “Effective Date”), Executive will be employed by the Company to serve as its President and Chief Operating Officer, reporting to the Company’s Chief
Executive Officer. Executive shall perform such duties and responsibilities as are normally related to such positions in accordance with the standards of the industry, as well as any additional duties now or hereafter assigned to Executive by the
Company’s Chief Executive Officer or Board of Directors. Executive shall abide by the rules, regulations, and practices as adopted or modified from time to time in the Company’s sole discretion. 
 B. Other Activities. Except upon the prior written consent of the Company, Executive will not, during the term of this Agreement,
(i) accept any other employment, or (ii) engage, directly or indirectly, in any other business activity (whether or not pursued for pecuniary advantage) that might interfere with Executive’s duties and responsibilities hereunder or
create a conflict of interest with the Company. 
 C. No Conflict. Executive represents and warrants that Executive’s
execution of this Agreement, employment with the Company, and the performance of Executive’s proposed duties under this Agreement shall not violate any obligations Executive may have to any other employer, person or entity, including any
obligations with respect to proprietary or confidential information of any other person or entity. 
 II. COMPENSATION AND BENEFITS 
 A. Salary. In consideration of the services to be rendered under this Agreement, the Company shall pay Executive a base salary at the rate
of Three Hundred Thousand Dollars ($300,000) per year less applicable withholdings and authorized deductions (“Base Salary”). The Base Salary shall be paid in accordance with the Company’s regularly established payroll practice. In
addition to the Base Salary, the Company shall pay Executive variable performance based compensation of up to Eighty-five Thousand Dollars ($85,000) per year less applicable withholdings and authorized deductions (“Performance Bonus”).
Subject to a quarterly maximum of Twenty-One Thousand Two-Hundred Fifty Dollars ($21,250), the amount of the Performance Bonus payable each calendar quarter shall be based on achievement of certain milestones during such quarter by Executive and the
Company, which milestones are mutually agreed to in good faith by Executive and the Company. The Performance Bonus shall be paid at the end of the month immediately following each calendar quarter. Notwithstanding the foregoing, during
Executive’s first year of employment with the Company, Executive shall be paid the Performance Bonus at the maximum rate, payable in quarterly installments of Twenty-One Thousand Two-Hundred Fifty Dollars ($21,250), subject to Executive’s
continuous 

 
employment with the Company through each such payment period. Executive’s Base Salary and Performance Bonus will be reviewed from time to time in
accordance with the established procedures of the Company for adjusting salaries for similarly situated employees and may be adjusted in the sole discretion of the Board of Directors of the Company. 
 B. Retention-Based Stock Options. The Board of Directors has approved an award to Executive, with such approval effective on the Effective Date,
of an option to purchase Five-hundred Fifty Thousand (550,000) shares of the Common Stock of the Company (the “Retention-Based Options”). The Retention-Based Options will vest as follows: 275,000 shares of the Retention-Based Options
would vest on the fourth anniversary of the Effective Date and the remaining 275,000 shares of the Retention-Based Options would vest on the fifth anniversary of the Effective Date, contingent upon the Executive’s continuous employment with the
Company through such dates. The price per share of any approved Retention-Based Options will be determined on the Effective Date. Executive’s entitlement to the Retention-Based Options is conditioned upon Executive’s signing of the
Retention-Based Stock Option Agreement attached as Exhibit A to this Agreement and is subject to its terms and the terms of the Stock Option Plan under which the Retention-Based Options are granted, including vesting requirements. In
consideration of Executive’s employment by the Company, Executive agrees that the non-employee director options to purchase Common Stock of the Company granted to Executive on March 9, 2006 shall be cancelled effective immediately.

 C. Performance-Based Stock Options. The Board of Directors has approved an award to Executive, with such approval effective on the
Effective Date, of an option to purchase 300,000 shares of the Common Stock of the Company (the “Performance-Based Options”). The Performance-Based Options will vest in three installments based on increases in the Company’s stock
price as measured against the Company’s average stock closing price over the ten trading days between April 24, 2006 and May 5, 2006 (the “Base Price”): 
 1. 100,000 shares of the Performance-Based Options would vest if, within the first eighteen months following the Effective Date, the
Company’s average stock price over a Thirty-Day Trading Period (defined as a consecutive thirty-day period that includes at least twenty trading days) equals or exceeds the greater of (i) thirteen dollars ($13) per share or (ii) a per
share price that exceeds the Base Price by at least thirty-seven and one-half percent (37 1/2%) (the “First Installment”); 
 2.
100,000 shares of the Performance-Based Options would vest if, within the first thirty-six months following the Effective Date, the Company’s average stock price over a Thirty-Day Trading Period equals or exceeds the greater of
(i) eighteen dollars ($18) per share or (ii) a per share price that exceeds the triggering price for the First Installment by at least thirty-seven and one-half percent (37 1/2%) (“the Second Installment”); and 
 3. 100,000 shares of the Performance-Based Options would vest if, within the first fifty-four months following the Effective Date, the
Company’s average stock price over a Thirty-Day Trading Period equals or exceeds the greater of (i) twenty-four dollars ($24) per share or (ii) a per share price that exceeds the triggering price for the Second Installment by at least
thirty-seven and one-half percent (37 1/2%) (the “Third Installment”). 

  

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Any installment of Performance-Based Options that has not vested by the end of the specified period shall terminate. The price per share of any approved
Performance-Based Options will be determined on the Effective Date. Executive’s entitlement to the Performance-Based Options is conditioned upon Executive’s signing of the Performance-Based Stock Option Agreement attached as Exhibit
B to this Agreement and is subject to its terms and the terms of the Stock Option Plan under which the Performance-Based Options are granted, including vesting requirements. 
 D. Restricted Stock. The Board of Directors has approved a grant to Executive, with such approval effective on the Effective Date, of 100,000
shares of restricted stock of the Company (the “Restricted Stock”). The Restricted Shares will vest as follows: 50,000 shares of the Restricted Stock would vest on the fourth anniversary of the Effective Date and the remaining 50,000
shares of the Restricted Stock would vest on the fifth anniversary of the Effective Date, contingent upon the Executive’s continuous employment with the Company through such dates. Executive’s entitlement to the Restricted Stock is
conditioned upon Executive’s signing of the Restricted Stock Agreement attached as Exhibit C to this Agreement. 
 E.
Benefits; Indemnification; D&O Insurance. 
 Benefits. Executive shall be eligible to participate in the benefits made generally
available by the Company to similarly-situated officers, in accordance with the benefit plans established by the Company, and as may be amended from time to time in the Company’s sole discretion. 
 Indemnification. Executive shall be entitled, in connection with his employment under this Agreement, to the benefit of the indemnification provisions
contained on the date hereof in the Company’s Bylaws and the Company’s standard indemnification agreements entered into with other similarly situated officers of the Company, as the same may hereafter be amended, to the fullest extent
permitted by applicable law. 
 D&O Insurance. The Company shall use best efforts to continue to maintain (with reputable and
financially sound insurers) on reasonable business terms one or more directors’ and officers’ liability insurance policies that cover Executive at a level that is commercially reasonable (in light of the Company’s business and the
risks of litigation or claims). 
 F. Reimbursement of Relocation Expenses. Executive agrees to locate from Portland, Oregon to the
San Francisco Bay Area by July 1, 2006. The Company agrees to reimburse Executive’s reasonable relocation expenses, subject to a maximum of twenty-five thousand dollars ($25,000) less any reimbursement of relocation expenses Executive
receives or is entitled to receive from Qsent, Inc., based on any termination of Executive’s current employment with Qsent, Inc. Executive shall submit receipts and other appropriate documentation of his relocation expenses prior to receiving
such reimbursements. 
  

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 G. Expenses. The Company shall reimburse Executive for reasonable business expenses incurred in
the performance of Executive’s duties hereunder in accordance with the Company’s expense reimbursement guidelines. 
 III. AT-WILL EMPLOYMENT;
TERMINATION BY COMPANY 
 A. At-Will Termination by Company. Executive’s employment with the Company shall be
“at-will” at all times. The Company may terminate Executive’s employment with the Company at any time, without any advance notice, for any reason or no reason at all, notwithstanding anything to the contrary contained in or arising
from any statements, policies or practices of the Company relating to the employment, discipline or termination of its employees. Upon and after such termination, all obligations of the Company under this Agreement shall cease, except as otherwise
provided herein. 
 B. Severance. Except in situations where the employment of Executive is terminated For Cause, By Death
(except as set forth in Section IV.B) or By Disability (as defined in Section IV below), in the event that the Company terminates Executive’s employment without Cause at any time, Executive will be eligible to receive the following
severance benefits: 
 1. severance pay equal to twelve (12) months of Executive’s then-current Base Salary, less applicable
withholdings and authorized deductions, payable in the form of salary continuation (“Severance”). Such Severance shall be reduced by any remuneration paid to Executive because of Executive’s employment or self-employment during the
severance period, and Executive shall promptly report all such remuneration to the Company in writing. 
 2. accelerated vesting of
Executive’s remaining unvested Restricted Stock, under the following schedule: 
 a. If Executive’s employment is
terminated without Cause after the first anniversary of the Effective Date but prior to the third anniversary of the Effective Date, thirty-three percent (33%) of Executive’s remaining unvested Restricted Stock shall immediately vest;

 b. If Executive’s employment is terminated without Cause after the third anniversary of the Effective Date but prior to the
fourth anniversary of the Effective Date, seventy-five percent (75%) of Executive’s remaining unvested Restricted Stock shall immediately vest; 
 c. If Executive’s employment is terminated without Cause after the fourth anniversary of the Effective Date but prior to the fifth anniversary of the Effective Date, one-hundred percent (100%) of
Executive’s remaining unvested Restricted Stock shall immediately vest. 
 Executive’s eligibility for the foregoing severance benefits is
conditioned on (a) Executive having first signed a release agreement in the form attached as Exhibit D, and (b) Executive’s compliance with the terms of the Non-competition and Non-solicitation Agreement in the form
attached as Exhibit E. If Executive engages in any business activity competitive with the 

  

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Company or its successors or assigns during the severance period, all severance benefits immediately shall cease. Executive shall not be entitled to any
severance benefits if Executive’s employment is terminated For Cause or By Disability (as defined in Section IV below) or if Executive’s employment is terminated by Executive without Good Reason (as defined in Section V below). 

IV. OTHER TERMINATIONS BY COMPANY 
 A.
Termination for Cause. For purposes of this Agreement, “For Cause” shall mean: (i) Executive commits a crime involving dishonesty, breach of trust, or physical harm to any person; (ii) Executive willfully engages in conduct
that is in bad faith and materially injurious to the Company, including but not limited to, misappropriation of trade secrets, fraud or embezzlement; (iii) Executive commits a material breach of this Agreement; (iv) Executive willfully
refuses to implement or follow a lawful policy or directive of the Company; or (v) Executive engages in misfeasance or malfeasance demonstrated by a pattern of failure to perform job duties diligently and professionally. The Company may
terminate Executive’s employment For Cause at any time, without any advance notice. The Company shall pay to Executive all compensation to which Executive is entitled up through the date of termination, subject to any other rights or remedies
of the Company under law; and thereafter all obligations of the Company under this Agreement shall cease. 
 B. By Death.
Executive’s employment shall terminate automatically upon Executive’s death. The Company shall pay to Executive’s beneficiaries or estate, as appropriate, any compensation then due and owing. Additionally, upon termination of
Executive’s employment due to Executive’s death, Executive’s beneficiaries or estate, as appropriate, shall be entitled to the applicable severance benefit set forth in Section III.B.2. regarding accelerated vesting of restricted
stock, subject to the terms set forth therein. Thereafter all obligations of the Company under this Agreement shall cease. Nothing in this Section shall affect any entitlement of Executive’s heirs or devisees to the benefits of any life
insurance plan or other applicable benefits. 
 C. By Disability. If Executive becomes eligible for the Company’s long
term disability benefits or if, in the sole opinion of the Company, Executive is unable to carry out the responsibilities and functions of the position held by Executive by reason of any physical or mental impairment for more than ninety consecutive
days or more than one hundred and twenty days in any twelve-month period, then, to the extent permitted by law, the Company may terminate Executive’s employment. The Company shall pay to Executive all compensation to which Executive is entitled
up through the date of termination, and thereafter all obligations of the Company under this Agreement shall cease. Nothing in this Section shall affect Executive’s rights under any disability plan in which Executive is a participant.

 V. AT-WILL EMPLOYMENT; TERMINATION BY EXECUTIVE 
 A. At-Will Termination by Executive. Executive may terminate employment with the Company at any time for any reason or no reason at all, upon two weeks’ advance written notice. During such notice period
Executive shall continue to diligently perform all of 

  

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Executive’s duties hereunder. The Company shall have the option, in its sole discretion, to make Executive’s termination effective at any time
prior to the end of such notice period as long as the Company pays Executive all compensation to which Executive is entitled up through the last day of the two week notice period. Thereafter all obligations of the Company shall cease. In the event
Executive terminates his employment with Company under this Section V.A. prior to the first anniversary of the Effective Date, Executive shall, within thirty (30) days of the effective date of such termination, return to the Company all
relocation expenses received from Company pursuant to Section II.F. above. 
 B. Termination for Good Reason. Executive’s
termination shall be for “Good Reason” if Executive provides written notice to the Company of the Good Reason within three (3) months of the event constituting Good Reason and provides the Company with a period of twenty days to cure
the Good Reason and the Company fails to cure the Good Reason within that period. For purposes of this Agreement, “Good Reason” shall mean any of the following events if effected by the Company without the consent of Executive: (A) a
change in Executive’s position with Employer which materially reduces Executive’s level of responsibility, excluding changes resulting from a restructuring or reduction in force due to economic forces beyond the Company’s reasonable
control; (B) a material reduction in Executive’s Base Salary, except for reductions that are comparable to reductions generally applicable to similarly situated executives of the Company; or (C) a relocation of Executive’s
principal place of employment by more than fifty miles. In such event Executive may terminate his employment for Good Reason, in which case Executive will be eligible to receive the severance benefit set forth in Section III.B.1 above, subject to
the conditions set forth therein. Thereafter all obligations of the Company or its successor under this Agreement shall cease. 
 VI. TERMINATION
OBLIGATIONS 
 A. Return of Property. Executive agrees that all property (including without limitation all equipment,
tangible proprietary information, documents, records, notes, contracts, customer lists, and computer-generated materials) furnished to or created or prepared by Executive incident to Executive’s employment belongs to the Company and shall be
promptly returned to the Company upon termination of Executive’s employment. 
 B. Resignation and Cooperation. Upon
termination of Executive’s employment, Executive shall be deemed to have resigned from all offices and directorships then held with the Company. Following any termination of employment, Executive shall cooperate with the Company in the winding
up of pending work on behalf of the Company and the orderly transfer of work to other employees. Executive shall also cooperate with the Company in the defense of any action brought by any third party against the Company that relates to
Executive’s employment by the Company. 
 VII. TAX DETERMINATIONS 
 Section 280G. In the event that any severance and other benefits provided to or for the benefit of Executive or his legal representatives and dependents pursuant to this Agreement and any other agreement,
benefit, plan, or policy of the Company (including, but not 

  

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limited to, the Company’s 1999 Stock Option Plan) (this Agreement and such other agreements, benefits, plans, and policies collectively being referred
to herein as the “Change in Control Arrangements”) constitute “parachute payments” within the meaning of Section 280G(b)(2)(A)(i) of the Internal Revenue Code of 1986, as amended (the “Code”) (such severance and
other benefits being referred to herein as the “Payments”), the Company will provide Executive with a computation of (i) the maximum amount of “Payments” that could be made, without the imposition of the excise tax imposed
by Code Section 4999, under the Change in Control Arrangements (said maximum amount being referred to as the “Capped Amount”); (ii) the value of all Payments that could be made pursuant to the terms of the Change in Control
Arrangements (all said payments, distributions and benefits being referred to as the “Uncapped Payments”); (iii) the dollar amount of excise tax (if any) which Executive would become obligated to pay pursuant to Code Section 4999
as a result of receipt of the Uncapped Payments (the “Excise Tax Amount”); and (iv) the net value of the Uncapped Payments after reduction by (A) the Excise Tax Amount, (B) the estimated income taxes payable by Executive on
the difference between the Uncapped Payments and the Capped Amount, assuming that Executive is paying the highest marginal tax rate for state, local and federal income taxes, and (C) the estimated hospital insurance taxes payable by Executive
on the difference between the Uncapped Payments and the Capped Amount based on the hospital insurance tax rate under Code Section 311 (b) (the “Net Uncapped Amount”). 
 If the Capped Amount is greater than the Net Uncapped Amount, the Executive shall be entitled to receive or commence to receive Payments equal to the
Capped Amount; or if the Net Uncapped Amount is greater than the Capped Amount, the Executive shall be entitled to receive or commence to receive Payments equal to the Uncapped Payments. If Executive receives the Uncapped Payments, then Executive
shall be solely responsible for the payment of all income and excise taxes due from Executive and attributable to such Uncapped Payments, with no right of additional payment from the Company as reimbursement for any taxes. 
 Unless the Company and Executive otherwise agree in writing, any determination required under this Section VII shall be made in writing by independent
public accountants agreed to by the Company and Executive (the “Accountants”), whose determination shall be conclusive and binding upon Executive and the Company for all purposes. For purposes of making the calculations required by this
Section VII, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and
Executive shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Section VII. The Company shall bear all costs the Accountants may reasonably incur in
connection with any calculations contemplated by this Section VII. 
 A. Section 409A. This Agreement is intended to comply with
Section 409A of the Code (as amplified by any Internal Revenue Service or U.S. Treasury Department guidance), and shall be construed and interpreted in accordance with such intent. Executive acknowledges that the Company, in the exercise
of its sole discretion and without the consent of Executive, (i) may amend or modify this Agreement in any manner in order to meet the requirements of Section 

  

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409A of the Code as amplified by any Internal Revenue Service or U.S. Treasury Department guidance and (ii) shall have the authority to delay the
payment of any amounts or the provision of any benefits under this Agreement to the extent it deems necessary or appropriate to comply with Section 409A(a)(2)(B)(i) of the Code (relating to payments made to certain “key employees” of
certain publicly-traded companies) as amplified by any Internal Revenue Service or U.S. Treasury Department guidance as the Company deems appropriate or advisable. In such event, any amounts or benefits under this Agreement to which Executive would
otherwise be entitled during the six (6) month period following Executive’s termination of employment will be paid on the first business day following the expiration of such six (6) month period. Any provision of this Agreement that
would cause the payment of any benefit to fail to satisfy Section 409A of the Code shall have no force and effect until amended to comply with Code Section 409A (which amendment may be retroactive to the extent permitted by the Code or any
regulations or rulings thereunder). 
 VIII. INVENTIONS AND PROPRIETARY INFORMATION; PROHIBITION ON THIRD PARTY INFORMATION 
 A. Proprietary Information Agreement. Executive agrees to sign and be bound by the terms of the Company’s Agreement Regarding
Confidentiality and Inventions, which is attached as Exhibit F (“Proprietary Information Agreement”). 
 B.
Non-Solicitation. Executive acknowledges that because of Executive’s position in the Company, Executive will have access to material intellectual property and confidential information. During the term of Executive’s employment
and for one year thereafter, in addition to Executive’s other obligations hereunder or under the Proprietary Information Agreement, Executive shall not, for Executive or any third party, directly or indirectly (a) divert or attempt to
divert from the Company any business of any kind, including without limitation the solicitation of or interference with any of its customers, clients, members, business partners or suppliers, or (b) solicit or otherwise induce any person
employed by the Company to terminate his employment. 
 C. Non-Disclosure of Third Party Information. Executive represents and
warrants and covenants that Executive shall not disclose to the Company, or use, or induce the Company to use, any proprietary information or trade secrets of others at any time, including but not limited to any proprietary information or trade
secrets of any former employer, if any; and Executive acknowledges and agrees that any violation of this provision shall be grounds for Executive’s immediate termination and could subject Executive to substantial civil liabilities and criminal
penalties. Executive further specifically and expressly acknowledges that no officer or other employee or representative of the Company has requested or instructed Executive to disclose or use any such third party proprietary information or trade
secrets. 
 IX. ARBITRATION 
 Executive
agrees to sign and be bound by the terms of the Company’s Arbitration Agreement, which is attached as Exhibit G. 
  

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 X. AMENDMENTS; WAIVERS; REMEDIES 
 This Agreement may not be amended or waived except by a writing signed by Executive and by a duly authorized representative of the Company other than Executive. Failure to exercise any right under this Agreement shall
not constitute a waiver of such right. Any waiver of any breach of this Agreement shall not operate as a waiver of any subsequent breaches. All rights or remedies specified for a party herein shall be cumulative and in addition to all other rights
and remedies of the party hereunder or under applicable law. 
 XI. ASSIGNMENT; BINDING EFFECT 
 A. Assignment. The performance of Executive is personal hereunder, and Executive agrees that Executive shall have no right to assign and
shall not assign or purport to assign any rights or obligations under this Agreement. This Agreement may be assigned or transferred by the Company; and nothing in this Agreement shall prevent the consolidation, merger or sale of the Company or a
sale of any or all or substantially all of its assets. 
 B. Binding Effect. Subject to the foregoing restriction on assignment
by Executive, this Agreement shall inure to the benefit of and be binding upon each of the parties; the affiliates, officers, directors, agents, successors and assigns of the Company; and the heirs, devisees, spouses, legal representatives and
successors of Executive. 
 XII. NOTICES 
 All notices or other communications required or permitted hereunder shall be made in writing and shall be deemed to have been duly given if delivered: (a) by hand; (b) by a nationally recognized overnight courier service; or
(c) by United States first class registered or certified mail, return receipt requested, to the principal address of the other party, as set forth below. The date of notice shall be deemed to be the earlier of (i) actual receipt of notice
by any permitted means, or (ii) five business days following dispatch by overnight delivery service or the United States Mail. Executive shall be obligated to notify the Company in writing of any change in Executive’s address. Notice of
change of address shall be effective only when done in accordance with this paragraph. 
 Company’s Notice Address:

 CyberSource Corporation 
 1295 Charleston Road 
 Mountain View, CA 94043 
 Facsimile: (650) 625-4408 
 ATTN: General Counsel 
 Executive’s Notice Address: 
  

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 XIII. SEVERABILITY 
 If any provision of this Agreement shall be held by a court or arbitrator to be invalid, unenforceable, or void, such provision shall be enforced to the fullest extent permitted by law, and the remainder of this
Agreement shall remain in full force and effect. In the event that the time period or scope of any provision is declared by a court or arbitrator of competent jurisdiction to exceed the maximum time period or scope that such court or arbitrator
deems enforceable, then such court or arbitrator shall reduce the time period or scope to the maximum time period or scope permitted by law. 
 XIV. TAXES

 All amounts paid under this Agreement (including without limitation Base Salary or Severance) shall be paid less all applicable state
and federal tax withholdings and any other withholdings required by any applicable jurisdiction. 
 XV. GOVERNING LAW 
 This Agreement shall be governed by and construed in accordance with the laws of the State of California. 
 XVI. INTERPRETATION 
 This Agreement shall be
construed as a whole, according to its fair meaning, and not in favor of or against any party. Sections and section headings contained in this Agreement are for reference purposes only, and shall not affect in any manner the meaning or
interpretation of this Agreement. Whenever the context requires, references to the singular shall include the plural and the plural the singular. 
 XVII.
OBLIGATIONS SURVIVE TERMINATION OF EMPLOYMENT 
 Each party agrees that its obligations under this agreement, including but not limited to
the Exhibits hereto, shall survive the termination of employment of Executive and the termination of this Agreement to the extent necessary for either party to enforce its rights under the Agreement. 
 XVIII. COUNTERPARTS 
 This Agreement may be executed
in any number of counterparts, each of which shall be deemed an original of this Agreement, but all of which together shall constitute one and the same instrument. 
  

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 XIX. AUTHORITY 
 Each party represents and warrants that such party has the right, power and authority to enter into and execute this Agreement and to perform and discharge all of the obligations hereunder; and that this Agreement
constitutes the valid and legally binding agreement and obligation of such party and is enforceable in accordance with its terms. 
 XX. ENTIRE AGREEMENT

 This Agreement, including any Exhibits attached hereto, is intended to be the final, complete, and exclusive statement of the terms of
Executive’s employment by the Company and may not be contradicted by evidence of any prior or contemporaneous statements or agreements, except for agreements specifically referenced herein (including the Exhibits attached hereto). To the extent
that the practices, policies or procedures of the Company, now or in the future, apply to Executive and are inconsistent with the terms of this Agreement, the provisions of this Agreement shall control. Any subsequent change in Executive’s
duties, position, or compensation will not affect the validity or scope of this Agreement. 
 XXI. EXECUTIVE ACKNOWLEDGEMENT 
 EXECUTIVE ACKNOWLEDGES EXECUTIVE HAS HAD THE OPPORTUNITY TO CONSULT LEGAL COUNSEL CONCERNING THIS AGREEMENT, THAT EXECUTIVE HAS READ AND UNDERSTANDS THE
AGREEMENT, THAT EXECUTIVE IS FULLY AWARE OF ITS LEGAL EFFECT, AND THAT EXECUTIVE HAS ENTERED INTO IT FREELY BASED ON EXECUTIVE’S OWN JUDGMENT AND NOT ON ANY REPRESENTATIONS OR PROMISES OTHER THAN THOSE CONTAINED IN THIS AGREEMENT. 

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

  

					
	CYBERSOURCE CORPORATION	 		 	SCOTT CRUICKSHANK
			
	 /s/ William S. McKiernan
 Signature
	 		 	 /s/ Scott Cruickshank
 Signature

			
	 Chairman and CEO
	 		 	 March 31, 2006

	Title	 		 	Date
			
	 March 31, 2006
 Date
	 		 	

  

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 EXHIBIT A 
 STOCK OPTION GRANT 
  

			
	Optionee:	  	Scott Cruickshank
		
	Address:	  	
		
	Total Shares Subject to Option:	  	550,000
		
	Exercise Price Per Share:	  	$10.46
		
	Date of Grant:	  	April 3, 2006
		
	Vesting Start Date:	  	April 3, 2006
		
	Expiration Date of Option:	  	April 3, 2013
		
	Type of Option:	  	Nonqualified

 1. Grant of Option. CyberSource Corporation, a Delaware corporation (the
“Company”), hereby grants to the optionee named above (“Optionee”) an option (this “Option”) to purchase the total number of shares of Common Stock (“Common Stock”) of the Company set forth above (the
“Shares”) at the exercise price per share set forth above (the “Exercise Price”), subject to all of the terms and conditions of this Grant and the Company’s 1999 Stock Option Plan, as amended to the date hereof (the
“Plan”). Unless otherwise defined herein, capitalized terms used herein shall have the meanings ascribed to them in the Plan. 
 2.
Exercise Period of Option. 
 (a) Vesting Schedule. The Optionee has option rights hereunder to purchase a total of 550,000
Shares which shall become exercisable during the time periods as set forth in this Section 2. This Option may be exercised by the Optionee (i) for the purchase of 275,000 Shares covered by this Option on the fourth anniversary of the
Vesting Start Date and (ii) for the purchase of an additional 275,000 Shares covered by this Option on the fifth anniversary of the Vesting Start Date. Once a portion of this Option becomes exercisable it shall remain exercisable until the
Expiration Date, or until it terminates pursuant to the terms of Section 4 hereof, whichever is first to occur. 
 (b) Minimum
Exercise. The minimum number of Shares that may be purchased upon any partial exercise of the Option is one hundred (100) shares. 
 (c) Expiration of the Option. This Option shall expire on the Expiration Date set forth above and must be exercised, if at all, on or before the Expiration Date. The portion of Shares as to which an Option is exercisable in
accordance with the above schedule as of the applicable dates shall be deemed “Vested Options.” 

 3. Restriction on Exercise. This Option may not be exercised unless such exercise is in compliance
with the Securities Act of 1933, as amended, and all applicable state securities laws, as they are in effect on the date of exercise, and the requirements of any stock exchange or over-the-counter market on which the Company’s Common Stock may
be listed or quoted at the time of exercise. Optionee understands that the Company is under no obligation to register, qualify or list the Shares with the Securities and Exchange Commission, any state securities commission or any stock exchange to
effect such compliance. 
 4. Termination of Option. Except as provided below in this Section 4, this Option shall terminate and
may not be exercised if Optionee ceases to be employed by, or provide services to, the Company or by any Parent or Subsidiary of the Company (or, in the case of a nonqualified stock option, by or to any Affiliate of the Company). Optionee shall be
considered to be employed by the Company for all purposes under this Section 4 if Optionee is an officer or full-time employee of the Company or any Parent, Subsidiary or Affiliate of the Company or if the Committee determines that Optionee is
rendering substantial services as a part-time employee, consultant, contractor or advisor to the Company or any Parent, Subsidiary or Affiliate of the Company. Notwithstanding anything to the contrary in the Plan or this Grant, service as a director
shall not be considered employment with or service to the Company or any Parent, Subsidiary or Affiliate of the Company. The Committee shall have discretion to determine whether Optionee has ceased to be employed by the Company or any Parent,
Subsidiary or Affiliate of the Company and the effective date on which such employment terminated (the “Termination Date”). 
 (a)
Termination Generally. If Optionee ceases to be employed by the Company and all Parents, Subsidiaries or Affiliates of the Company for any reason except death or disability, the Vested Options, to the extent (and only to the extent)
exercisable by Optionee on the Termination Date, may be exercised by Optionee, but only within thirty (30) days after the Termination Date; provided that this Option may not be exercised in any event after the Expiration Date. 
 (b) Death or Disability. If Optionee’s employment with the Company and all Parents, Subsidiaries and Affiliates of the Company is terminated
because of the death of Optionee or the disability of Optionee, including, without limitation, such disability as defined in Section 22(e)(3) of the Code, the Vested Options, to the extent (and only to the extent) exercisable by Optionee on the
Termination Date, may be exercised by Optionee (or Optionee’s legal representative), but only within twelve (12) months after the Termination Date; provided that this Option may not be exercised in any event later than the Expiration Date.

 (c) No Right to Employment. Nothing in the Plan or this Grant shall confer on Optionee any right to continue in the employ of, or
other relationship with, the Company or any Parent, Subsidiary or Affiliate of the Company or limit in any way the right of the Company or any Parent, Subsidiary or Affiliate of the Company to terminate Optionee’s employment or other
relationship at any time, with or without cause. 

 2 

 5. Manner of Exercise. 
 (a) Exercise Agreement. This Option shall be exercisable by delivery to the Company of an executed written Stock Option Exercise Agreement in the
form attached hereto as Exhibit 1, or in such other form as may be approved by the Company, which shall set forth Optionee’s election to exercise some or all of this Option, the number of Shares being purchased, any restrictions imposed on the
Shares and such other representations and agreements as may be required by the Company to comply with applicable securities laws. 
 (b)
Exercise Price. The Stock Option Exercise Agreement shall be accompanied by full payment of the Exercise Price for the Shares being purchased. Payment for the Shares may be made in (by check), or, where permitted by law, by any of the
following methods approved by the Committee, or any combinations thereof: 
  

					
	 ̈	  	(i)	 	by cancellation of indebtedness of the Company to the Optionee;
			
	 ̈	  	(ii)	 	by surrender of shares of Common Stock of the Company already owned by the Optionee, or which were obtained by Optionee in the open public market, having a Fair Market Value equal to the
exercise price of the Option (but only to the extent that such exercise would not result in an accounting compensation change with respect to the Shares used to pay the exercise price unless otherwise determined by the Committee);
			
	 ̈	  	(iii)	 	by waiver of compensation due or accrued to Optionee for services rendered; or
			
	 ̈	  	(iv)	 	provided that a public market for the Company’s stock exists, through a “same day sale” commitment from the Optionee and a broker dealer that is a member of the National
Association of Securities Dealers, Inc. (an “NASD Dealer”) whereby the Optionee irrevocably elects to exercise the Option and to sell a portion of the Shares so purchased to pay for the exercise price and whereby the NASD Dealer
irrevocably commits upon receipt of such Shares to forward the exercise price directly to the Company.

 (c) Withholding Taxes. Prior to the issuance of the Shares upon exercise of this Option,
Optionee must pay or make adequate provision for any applicable federal or state withholding obligations of the Company. The Optionee may provide for payment of Optionee’s minimum statutory withholding taxes upon exercise of the Option by
requesting that the Company retain Shares with a Fair Market Value equal to the minimum amount of taxes required to be withheld. In such case, the Company shall issue the net number of Shares to the Optionee by deducting the Shares retained from the
Shares exercised. 
 (d) Issuance of Shares. Provided that such Stock Option Exercise Agreement and payment are in form and substance
satisfactory to counsel for the Company, the Company shall cause the Shares to be issued in the name of Optionee or Optionee’s legal representative. 
  

 3 

 6. Nontransferability of Option. This Option may not be transferred in any manner other than by
will or by the laws of descent and distribution and may be exercised during the lifetime of Optionee only by Optionee or any permitted transferee as set forth in the Plan. The terms of this Option shall be binding upon the executors, administrators,
successors and assigns of the Optionee. 
 7. Federal Tax Consequences. The Optionee may incur tax liability as a result of the
Grantee’s purchase or disposition of the Shares. THE OPTIONEE SHOULD CONSULT A TAX ADVISER BEFORE EXERCISING THE OPTION OR DISPOSING OF THE SHARES. 
 8. Interpretation. Any dispute regarding the interpretation of this Grant shall be submitted by Optionee or the Company to the Company’s Board of Directors or the Committee, which shall review such dispute
at its next regular meeting. The resolution of such a dispute by the Board or Committee shall be final and binding on the Company and on Optionee 
 9. Entire Agreement. The Plan and the Stock Option Exercise Agreement attached hereto as Exhibit 1 are incorporated herein by this reference. This Grant, the Plan and the Stock Option Exercise Agreement constitute the entire
agreement of the parties hereto and supersede all prior undertakings and agreements with respect to the subject matter hereof. 
 10.
Corporate Transactions. 
 (a) Definitions. For purposes of this Grant, the following terms shall have the meanings set forth
below: 
 (i) “Annual Base Salary” means Optionee’s annual base salary at the rate in effect during the last
regularly scheduled payroll period immediately preceding (i) the Change in Control or (ii) the Covered Termination, whichever is greater. 
 (ii) “Change in Control” means the occurrence of any of the following events: 
 (A) the stockholders of the Company approve a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) fifty-percent (50%) or more of the total voting power represented by the voting securities of the Company or
such surviving entity outstanding immediately after such merger or consolidation, or (ii) the stockholders of the Company approve either a plan of liquidation or dissolution of the Company or an agreement for the sale, lease, exchange or other
transfer or disposition by the Company of fifty-percent (50%) or more of the Company’s assets; or 
  

 4 

 (B) any person (as such term is used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)), is or becomes the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act), directly or indirectly, of fifty percent (50%) or more of the Company’s
outstanding common stock. 
 (iii) “Constructive Termination” means that the Optionee voluntarily terminates his
employment after any of the following are undertaken without Optionee’s express written consent: 
 (A) the assignment
to Optionee of any duties or responsibilities which result in any material diminution or material adverse change of Optionee’s position, status or circumstances of employment as in effect immediately prior to a Change in Control of the Company;
a change in Optionee’s titles or offices as in effect immediately prior to a Change in Control of the Company which results in any material diminution or material adverse change of Optionee’s position, status or circumstances of
employment; or any removal of Optionee from or any failure to re-elect Optionee to any of such positions, except in connection with the termination of his employment for death, disability, retirement, fraud, misappropriation, embezzlement or any
other voluntary termination of employment by Optionee other than a Constructive Termination; provided, however, that no Constructive Termination shall be deemed to occur following a Change in Control of the Company by merely virtue of the Company
operating as a subsidiary or division of the acquiring company if the Optionee continues with no material adverse change or material diminution in Optionee’s title, duties or responsibilities following the Change in Control; 
 (B) a reduction by the Company in Optionee’s Annual Base Salary by greater than ten (10) percent; 
 (C) any failure by the Company to continue in effect any benefit plan or arrangement, including incentive plans or plans to receive
securities of the Company, in which Optionee is participating at the time of a Change in Control of the Company (hereinafter referred to as “Benefit Plans”), or the taking of any action by the Company which would materially adversely
affect Optionee’s participation in or reduce Optionee’s benefits under the Benefit Plans or deprive Optionee of any fringe benefit enjoyed by Optionee at the time of a Change in Control of the Company; provided, however, that no
Constructive Termination shall be deemed to occur following a Change in Control of the Company if the Company offers a range of benefit plans and programs which, taken as a whole, are comparable to the Benefit Plans as determined in good faith by
the Company; 
  

 5 

 (D) a relocation of Optionee, or the Company’s principal offices if Optionee’s
principal office is at such offices, to a location more than forty (40) miles from the location at which Optionee was performing his duties prior to a Change in Control of the Company, except for required travel by Optionee on the
Company’s business to an extent substantially consistent with Optionee’s business travel obligations at the time of a Change in Control of the Company; 
 (E) any material breach by the Company of any provision of this Grant; or 
 (F) any failure by the Company to obtain the assumption of this Grant by any successor or assign of the Company. 
 (iv) “Covered Termination” means an Involuntary Termination or a Constructive Termination occurring in either case within one
(1) year following a Change in Control. No other event shall be a Covered Termination for purposes of this Grant. 
 (v)
“Involuntary Termination” means Optionee’s dismissal or discharge by the Company (or, if applicable, by the successor entity) for reasons other than commission of a felony or any other crime involving moral turpitude, repeated failure
to perform services in accordance with the requests of superiors within the context of Optionee’s duties, or the commission of a material fraud, misappropriation, embezzlement or other act of gross dishonesty on the part of Optionee which
resulted in material loss, damage or injury to the Company. 
 The termination of an Optionee’s employment would not be deemed to be an
“Involuntary Termination” if such termination occurs as a result of the death or disability of Optionee. 
 (b) Stock Option
Vesting Acceleration. One-half (1/2) of the Shares covered by this Option which are then unvested shall become fully vested and exercisable immediately upon the occurrence of a Covered Termination. By way of example and solely for
illustrative purposes, if at the time of a Covered Termination Optionee holds stock options covering the purchase of 100,000 shares of Company stock which are exercisable as to 50,000 shares and not exercisable as to 50,000 shares, the stock options
shall be exercisable as to an additional 25,000 shares due to the Covered Termination. Except as set forth herein, the terms of the Grant shall remain in full force and effect and subject to the terms of the Plan. The Company recommends that
Optionee obtain the advice of his tax advisor prior to entering into this Grant. 
  

			
	 CYBERSOURCE CORPORATION,
 a Delaware
corporation

		
	By:	 	 /s/ Steven D. Pellizzer

	Name:	 	Steven D. Pellizzer
	Title:	 	VP of Finance & CFO

  

 6 

 ACCEPTANCE 
 Optionee hereby acknowledges receipt of a copy of the Plan, represents that Optionee has read and understands the terms and provisions thereof, and accepts this Option subject to all the terms and conditions of the
Plan and this Stock Option Grant. Optionee acknowledges that there may be adverse tax consequences upon exercise of this Option or disposition of the Shares and that Optionee should consult a tax adviser prior to such exercise or disposition.

  

			
	OPTIONEE
		
	By:	 	 /s/ Scott Cruickshank

 EXHIBIT 1 TO STOCK OPTION GRANT 
 STOCK OPTION EXERCISE AGREEMENT 
 This Agreement is made this
     day of                     ,          between CyberSource
Corporation, a Delaware corporation (the “Company”), and the optionee named below (“Optionee”). 
  

			
	Optionee:	 	
		
	Address:	 	
		
	Total Shares Subject to Option:	 	
		
	Exercise Price Per Share:	 	
		
	Date of Grant:	 	
		
	Expiration Date of Option	 	
		
	Type of Option:	 	Nonqualified

 Optionee hereby delivers to the Company the Aggregate Purchase Price, to the extent permitted in
the Option Grant, as follows [check as applicable and complete]: 
  

			
	 ̈	  	cash (check) in the amount of $            , receipt of which is acknowledged by the Company;
		
	 ̈	  	by delivery of                          fully-paid,
nonassessable and vested shares of the Common Stock of the Company owned by Optionee and owned free and clear of all liens, claims, encumbrances or security interests, valued at the current fair market value of
$             per share (determined in accordance with the Plan) (but only to the extent that such exercise would not result in an accounting compensation change with respect to the
Shares used to pay the exercise price unless otherwise determined by the Committee);
		
	 ̈	  	by the waiver hereby of compensation due or accrued for services rendered in the amount of $            ;
or
		
	 ̈	  	by delivery of a “same day sale” commitment from the Optionee and a broker dealer that is a member of the National Association of Securities Dealers, Inc. (an “NASD
Dealer”) whereby the Optionee irrevocably elects to exercise the Option and to sell a portion of the Shares so purchased to pay for the exercise price of $             and
whereby the NASD Dealer irrevocably commits upon receipt of such Shares to forward the exercise price directly to the Company (this payment method may be used only if a public market for the Company’s stock exists).

 The Company and Optionee hereby agree as follows: 
 1. Purchase of Shares. On this date and subject to the terms and conditions of this Agreement, Optionee hereby exercises the Stock Option Grant
between the Company and Optionee dated as of the Date of Option Grant set forth above (the “Grant”), with respect to the Number of Shares Purchased set forth above of the Company’s Common Stock (the “Shares”) at an aggregate
purchase price equal to the Aggregate Purchase Price set forth above (the “Purchase Price”) and the Price per Share set forth above (the “Purchase Price Per Share”). The term “Shares” refers to the Shares purchased
under this Agreement and includes all securities received (a) in replacement of the Shares, and (b) as a result of stock dividends or stock splits in respect of the Shares. Capitalized terms used herein that are not defined herein have the
definitions ascribed to them in the Plan or the Grant. 
 2. Representations of Purchaser. Optionee represents and warrants to the
Company that: 
 (a) Optionee has received, read and understood the Plan and the Grant and agrees to abide by and be bound by their terms and
conditions. 
 (b) Optionee is capable of evaluating the merits and risks of this investment, has the ability to protect Optionee’s own
interests in this transaction and is financially capable of bearing a total loss of this investment. 
 (c) Optionee is fully aware of
(i) the highly speculative nature of the investment in the Shares; (ii) the financial hazards involved; and (iii) the lack of liquidity of the Shares and the restrictions on transferability of the Shares (e.g., that Optionee may not
be able to sell or dispose of the Shares or use them as collateral for loans). 
 3. Tax Consequences. OPTIONEE UNDERSTANDS THAT
OPTIONEE MAY SUFFER ADVERSE TAX CONSEQUENCES AS A RESULT OF OPTIONEE’S PURCHASE OR DISPOSITION OF THE SHARES. OPTIONEE REPRESENTS THAT OPTIONEE HAS CONSULTED WITH ANY TAX CONSULTANT(S) OPTIONEE DEEMS ADVISABLE IN CONNECTION WITH THE PURCHASE OR
DISPOSITION OF THE SHARES AND THAT OPTIONEE IS NOT RELYING ON THE COMPANY FOR ANY TAX ADVICE. 
 4. Entire Agreement. The Plan and
Grant are incorporated herein by reference. This Agreement, the Plan and the Grant constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Optionee with respect to the
subject matter hereof, and are governed by California law except for that body of law pertaining to conflict of laws. 
  

									
	Submitted By:	 		 	Accepted By:
			
	“OPTIONEE”	 		 	“COMPANY”
				
		 		 		 	CyberSource Corporation, a Delaware corporation
					
		 		 		 	By:	 	  

	Name:	 	  
	 		 	Name:	 	  

	Address:	 	  
	 		 	Title:	 	  

		 	  
	 		 		 	
		 	  
	 		 		 	
					
	Dated:	 	                         ,
        	 		 	Dated:	 	                         ,
        

 EXHIBIT B 
 STOCK OPTION GRANT 
  

			
	Optionee:	  	Scott Cruickshank
		
	Address:	  	
		
	Total Shares Subject to Option:	  	300,000
		
	Exercise Price Per Share:	  	$10.46
		
	Date of Grant:	  	April 3, 2006
		
	Expiration Date of Option:	  	April 3, 2013
		
	Type of Option:	  	Nonqualified

 1. Grant of Option. CyberSource Corporation, a Delaware corporation (the
“Company”), hereby grants to the optionee named above (“Optionee”) an option (this “Option”) to purchase the total number of shares of Common Stock (“Common Stock”) of the Company set forth above (the
“Shares”) at the exercise price per share set forth above (the “Exercise Price”), subject to all of the terms and conditions of this Grant and the Company’s 1999 Stock Option Plan, as amended to the date hereof (the
“Plan”). Unless otherwise defined herein, capitalized terms used herein shall have the meanings ascribed to them in the Plan. 
 2.
Exercise Period of Option. 
 (a) Vesting Schedule. The Optionee has option rights hereunder to purchase a total of 300,000
Shares which shall become exercisable during the time periods as set forth in this Section 2. This Option shall vest and become exercisable by the Optionee upon achievement of the following performance measures: 
 (i) 100,000 Shares subject to the Option shall vest if, within the first eighteen (18) months following the Date of Grant, the
average Fair Market Value of the Company’s Common Stock over a Thirty-Day Trading Period is at least equal to the greater of (a) $13.00 or (b) 137.5% of the Base Price (the “First Installment Goal”). Vesting associated with
the achievement of the First Installment Goal shall occur, if at all, on the first trading day following the Thirty-Day Trading Period in which the First Installment Goal is achieved. If the First Installment Goal is not achieved, 100,000 Shares
subject to the Option shall be forfeited. 
 (ii) 100,000 Shares subject to the Option shall vest if, within the first
thirty-six (36) months following the Date of Grant, the average Fair Market Value of the Company’s Common Stock over a Thirty-Day Trading Period is at least equal to the greater of (a) $18.00 or (b) 137.5% of the triggering price
for the First Installment Goal (the “Second Installment Goal”). Vesting associated with the achievement of the Second Installment Goal shall occur, if at all, on the first trading day following the Thirty-Day Trading Period in which the
Second Installment Goal is achieved. If the Second Installment Goal is not achieved, 100,000 Shares subject to the Option shall be forfeited. 

 (iii) 100,000 Shares subject to the Option shall vest if, within the first fifty-four
(54) months following the Date of Grant, the average Fair Market Value of the Company’s Common Stock over a Thirty-Day Trading Period is at least equal to the greater of (a) $24.00 or (b) 137.5% of the triggering price for the
Second Installment Goal (the “Third Installment Goal”). Vesting associated with the achievement of the Third Installment Goal shall occur, if at all, on the first trading day following the Thirty-Day Trading Period in which the Third
Installment Goal is achieved. If the Third Installment Goal is not achieved, 100,000 Shares subject to the Option shall be forfeited. 
 “Base Price” is defined as the Fair Market Value of the Company’s Common Stock over the ten trading days between April 24, 2006 and May 5, 2006; provided, however, if the Company’s earnings conference call
regarding the results of the first quarter of 2006 (the Q-1 Call”) is not held on April 19, 2006, the Base Price shall be the Fair Market Value of the Company’s Common Stock over the ten trading days commencing with the third trading
day after the first to occur of Q-1 Call or the date on which the Company’s results of the first quarter of 2006 are first publicly announced. 
 “Fair Market Value” is defined, as of any date, the value of Company’s Common Stock determined as follows: 
 (i) If
the Common Stock is listed on one or more established stock exchanges or national market systems, including without limitation The Nasdaq National Market or The Nasdaq SmallCap Market of The Nasdaq Stock Market, its Fair Market Value shall be the
closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on the principal exchange or system on which the Common Stock is listed (as determined by the Administrator) on the date of determination, as reported in
The Wall Street Journal or such other source as the Administrator deems reliable; 
 (ii) If the Common Stock is regularly quoted on an
automated quotation system (including the OTC Bulletin Board) or by a recognized securities dealer, its Fair Market Value shall be the closing sales price for such stock as quoted on such system or by such securities dealer on the date of
determination, but if selling prices are not reported, the Fair Market Value of a share of Common Stock shall be the mean between the high bid and low asked prices for the Common Stock on the date of determination, as reported in The Wall Street
Journal or such other source as the Administrator deems reliable; or 
 (iii) In the absence of an established market for the Common Stock of
the type described in (i) and (ii), above, the Fair Market Value thereof shall be determined by the Administrator in good faith. 
  

 2 

 “Thirty-Day Trading Period” is defined a consecutive thirty-day period that includes at least
twenty trading days. 
 Once a portion of this Option becomes exercisable it shall remain exercisable until the Expiration Date, or until it terminates
pursuant to the terms of Section 4 hereof, whichever is first to occur. 
 (b) Minimum Exercise. The minimum number of Shares
that may be purchased upon any partial exercise of the Option is one hundred (100) shares. 
 (c) Expiration of the Option. This
Option shall expire on the Expiration Date set forth above and must be exercised, if at all, on or before the Expiration Date. The portion of Shares as to which an Option is exercisable in accordance with the above schedule as of the applicable
dates shall be deemed “Vested Options.” 
 3. Restriction on Exercise. This Option may not be exercised unless such exercise
is in compliance with the Securities Act of 1933, as amended, and all applicable state securities laws, as they are in effect on the date of exercise, and the requirements of any stock exchange or over-the-counter market on which the Company’s
Common Stock may be listed or quoted at the time of exercise. Optionee understands that the Company is under no obligation to register, qualify or list the Shares with the Securities and Exchange Commission, any state securities commission or any
stock exchange to effect such compliance. 
 4. Termination of Option. Except as provided below in this Section 4, this Option
shall terminate and may not be exercised if Optionee ceases to be employed by, or provide services to, the Company or by any Parent or Subsidiary of the Company (or, in the case of a nonqualified stock option, by or to any Affiliate of the Company).
Optionee shall be considered to be employed by the Company for all purposes under this Section 4 if Optionee is an officer or full-time employee of the Company or any Parent, Subsidiary or Affiliate of the Company or if the Committee determines
that Optionee is rendering substantial services as a part-time employee, consultant, contractor or advisor to the Company or any Parent, Subsidiary or Affiliate of the Company. Notwithstanding anything to the contrary in the Plan or this Grant,
service as a director shall not be considered employment with or service to the Company or any Parent, Subsidiary or Affiliate of the Company. The Committee shall have discretion to determine whether Optionee has ceased to be employed by the Company
or any Parent, Subsidiary or Affiliate of the Company and the effective date on which such employment terminated (the “Termination Date”). 
 (a) Termination Generally. If Optionee ceases to be employed by the Company and all Parents, Subsidiaries or Affiliates of the Company for any reason except death or disability, the Vested Options, to the
extent (and only to the extent) exercisable by Optionee on the Termination Date, may be exercised by Optionee, but only within thirty (30) days after the Termination Date; provided that this Option may not be exercised in any event after the
Expiration Date. 
 (b) Death or Disability. If Optionee’s employment with the Company and all Parents, Subsidiaries and
Affiliates of the Company is terminated because of the death of Optionee or the disability of Optionee, including, without limitation, such disability as defined in 

  

 3 

 
Section 22(e)(3) of the Code, the Vested Options, to the extent (and only to the extent) exercisable by Optionee on the Termination Date, may be
exercised by Optionee (or Optionee’s legal representative), but only within twelve (12) months after the Termination Date; provided that this Option may not be exercised in any event later than the Expiration Date. 
 (c) No Right to Employment. Nothing in the Plan or this Grant shall confer on Optionee any right to continue in the employ of, or other
relationship with, the Company or any Parent, Subsidiary or Affiliate of the Company or limit in any way the right of the Company or any Parent, Subsidiary or Affiliate of the Company to terminate Optionee’s employment or other relationship at
any time, with or without cause. 
 5. Manner of Exercise. 
 (a) Exercise Agreement. This Option shall be exercisable by delivery to the Company of an executed written Stock Option Exercise Agreement in the
form attached hereto as Exhibit 1, or in such other form as may be approved by the Company, which shall set forth Optionee’s election to exercise some or all of this Option, the number of Shares being purchased, any restrictions imposed on the
Shares and such other representations and agreements as may be required by the Company to comply with applicable securities laws. 
 (b)
Exercise Price. The Stock Option Exercise Agreement shall be accompanied by full payment of the Exercise Price for the Shares being purchased. Payment for the Shares may be made in (by check), or, where permitted by law, by any of the
following methods approved by the Committee, or any combinations thereof: 
  

					
	 ̈	  	(i)	 	by cancellation of indebtedness of the Company to the Optionee;
			
	 ̈	  	(ii)	 	by surrender of shares of Common Stock of the Company already owned by the Optionee, or which were obtained by Optionee in the open public market, having a Fair Market Value equal to the
exercise price of the Option (but only to the extent that such exercise would not result in an accounting compensation change with respect to the Shares used to pay the exercise price unless otherwise determined by the Committee);
			
	 ̈	  	(iii)	 	by waiver of compensation due or accrued to Optionee for services rendered; or
			
	 ̈	  	(iv)	 	provided that a public market for the Company’s stock exists, through a “same day sale” commitment from the Optionee and a broker dealer that is a member of the National
Association of Securities Dealers, Inc. (an “NASD Dealer”) whereby the Optionee irrevocably elects to exercise the Option and to sell a portion of the Shares so purchased to pay for the exercise price and whereby the NASD Dealer
irrevocably commits upon receipt of such Shares to forward the exercise price directly to the Company.

 (c) Withholding Taxes. Prior to the issuance of the Shares upon exercise of this Option,
Optionee must pay or make adequate provision for any applicable federal or state withholding obligations of the Company. The Optionee may provide for payment of Optionee’s minimum statutory withholding taxes upon exercise of the Option by
requesting that the Company retain Shares with a Fair Market Value equal to the minimum amount of taxes required to be withheld. In such case, the Company shall issue the net number of Shares to the Optionee by deducting the Shares retained from the
Shares exercised. 
  

 4 

 (d) Issuance of Shares. Provided that such Stock Option Exercise Agreement and payment are in form
and substance satisfactory to counsel for the Company, the Company shall cause the Shares to be issued in the name of Optionee or Optionee’s legal representative. 
 6. Nontransferability of Option. This Option may not be transferred in any manner other than by will or by the laws of descent and distribution and may be exercised during the lifetime of Optionee only by
Optionee or any permitted transferee as set forth in the Plan. The terms of this Option shall be binding upon the executors, administrators, successors and assigns of the Optionee. 
 7. Federal Tax Consequences. The Optionee may incur tax liability as a result of the Grantee’s purchase or disposition of the Shares. THE
OPTIONEE SHOULD CONSULT A TAX ADVISER BEFORE EXERCISING THE OPTION OR DISPOSING OF THE SHARES. 
 8. Interpretation. Any dispute
regarding the interpretation of this Grant shall be submitted by Optionee or the Company to the Company’s Board of Directors or the Committee, which shall review such dispute at its next regular meeting. The resolution of such a dispute by the
Board or Committee shall be final and binding on the Company and on Optionee 
 9. Entire Agreement. The Plan and the Stock Option
Exercise Agreement attached hereto as Exhibit 1 are incorporated herein by this reference. This Grant, the Plan and the Stock Option Exercise Agreement constitute the entire agreement of the parties hereto and supersede all prior undertakings and
agreements with respect to the subject matter hereof. 
 10. Corporate Transactions. 
 (a) Definitions. For purposes of this Grant, the following terms shall have the meanings set forth below: 
 (i) “Annual Base Salary” means Optionee’s annual base salary at the rate in effect during the last regularly scheduled
payroll period immediately preceding (i) the Change in Control or (ii) the Covered Termination, whichever is greater. 
 (ii) “Change in Control” means the occurrence of any of the following events: 
 (A) the stockholders of
the Company approve a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent
(either by remaining outstanding or by being converted into voting securities of the surviving entity) fifty-percent (50%) or more of the total voting power represented by the voting securities of the Company or such surviving entity
outstanding immediately after such merger 

  

 5 

 
or consolidation, or (ii) the stockholders of the Company approve either a plan of liquidation or dissolution of the Company or an agreement for the
sale, lease, exchange or other transfer or disposition by the Company of fifty-percent (50%) or more of the Company’s assets; or 
 (B) any person (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), is or becomes the beneficial owner (within the meaning of Rule 13d-3
under the Exchange Act), directly or indirectly, of fifty percent (50%) or more of the Company’s outstanding common stock. 
 (iii) “Constructive Termination” means that the Optionee voluntarily terminates his employment after any of the following are undertaken without Optionee’s express written consent: 
 (A) the assignment to Optionee of any duties or responsibilities which result in any material diminution or material adverse change of
Optionee’s position, status or circumstances of employment as in effect immediately prior to a Change in Control of the Company; a change in Optionee’s titles or offices as in effect immediately prior to a Change in Control of the Company
which results in any material diminution or material adverse change of Optionee’s position, status or circumstances of employment; or any removal of Optionee from or any failure to re-elect Optionee to any of such positions, except in
connection with the termination of his employment for death, disability, retirement, fraud, misappropriation, embezzlement or any other voluntary termination of employment by Optionee other than a Constructive Termination; provided, however, that no
Constructive Termination shall be deemed to occur following a Change in Control of the Company by merely virtue of the Company operating as a subsidiary or division of the acquiring company if the Optionee continues with no material adverse change
or material diminution in Optionee’s title, duties or responsibilities following the Change in Control; 
 (B) a
reduction by the Company in Optionee’s Annual Base Salary by greater than ten (10) percent; 
 (C) any failure by
the Company to continue in effect any benefit plan or arrangement, including incentive plans or plans to receive securities of the Company, in which Optionee is participating at the time of a Change in Control of the Company (hereinafter referred to
as “Benefit Plans”), or the taking of any action by the Company which would materially adversely affect 

  

 6 

 
Optionee’s participation in or reduce Optionee’s benefits under the Benefit Plans or deprive Optionee of any fringe benefit enjoyed by Optionee at
the time of a Change in Control of the Company; provided, however, that no Constructive Termination shall be deemed to occur following a Change in Control of the Company if the Company offers a range of benefit plans and programs which, taken as a
whole, are comparable to the Benefit Plans as determined in good faith by the Company; 
 (D) a relocation of Optionee, or
the Company’s principal offices if Optionee’s principal office is at such offices, to a location more than forty (40) miles from the location at which Optionee was performing his duties prior to a Change in Control of the Company,
except for required travel by Optionee on the Company’s business to an extent substantially consistent with Optionee’s business travel obligations at the time of a Change in Control of the Company; 
 (E) any material breach by the Company of any provision of this Grant; or 
 (F) any failure by the Company to obtain the assumption of this Grant by any successor or assign of the Company. 
 (iv) “Covered Termination” means an Involuntary Termination or a Constructive Termination occurring in either case within one
(1) year following a Change in Control. No other event shall be a Covered Termination for purposes of this Grant. 
 (v)
“Involuntary Termination” means Optionee’s dismissal or discharge by the Company (or, if applicable, by the successor entity) for reasons other than commission of a felony or any other crime involving moral turpitude, repeated failure
to perform services in accordance with the requests of superiors within the context of Optionee’s duties, or the commission of a material fraud, misappropriation, embezzlement or other act of gross dishonesty on the part of Optionee which
resulted in material loss, damage or injury to the Company. 
 The termination of an Optionee’s employment would not be deemed to be an
“Involuntary Termination” if such termination occurs as a result of the death or disability of Optionee. 
 (b) Stock Option
Vesting Acceleration. One-half (1/2) of the Shares covered by this Option which are then unvested shall become fully vested and exercisable immediately upon the occurrence of a Covered Termination. By way of example and solely for
illustrative purposes, if at the time of a Covered Termination Optionee holds stock options covering the purchase of 100,000 shares of Company stock which are exercisable as to 50,000 shares and not exercisable as to 50,000 shares, the stock options
shall be exercisable as to an additional 25,000 shares due to the Covered Termination. Except as set forth herein, the terms of the Grant shall remain in full force and effect and subject to the terms of the Plan. The Company recommends that
Optionee obtain the advice of his tax advisor prior to entering into this Grant. 
  

			
	 CYBERSOURCE CORPORATION,
 a Delaware
corporation

		
	By:	 	 /s/ Steven D. Pellizzer

	Name:	 	Steven D. Pellizzer
	Title:	 	VP of Finance & CFO

  

 7 

 ACCEPTANCE 
 Optionee hereby acknowledges receipt of a copy of the Plan, represents that Optionee has read and understands the terms and provisions thereof, and accepts this Option subject to all the terms and conditions of the
Plan and this Stock Option Grant. Optionee acknowledges that there may be adverse tax consequences upon exercise of this Option or disposition of the Shares and that Optionee should consult a tax adviser prior to such exercise or disposition.

  

			
	OPTIONEE
		
	By:	 	 /s/ Scott Cruickshank

 EXHIBIT 1 TO STOCK OPTION GRANT 
 STOCK OPTION EXERCISE AGREEMENT 
 This Agreement is made this
             day of                     ,
         between CyberSource Corporation, a Delaware corporation (the “Company”), and the optionee named below (“Optionee”). 
  

			
	 Optionee:
	  	
		
	 Address:
	  	
		
	 Total Shares Subject to Option:
	  	
		
	 Exercise Price Per Share:
	  	
		
	 Date of Grant:
	  	
		
	 Expiration Date of Option
	  	
		
	 Type of Option:
	  	Nonqualified

 Optionee hereby delivers to the Company the Aggregate Purchase Price, to the extent permitted in
the Option Grant, as follows [check as applicable and complete]: 
  

			
	 ̈	  	cash (check) in the amount of $            , receipt of which is acknowledged by the Company;
		
	 ̈	  	by delivery of                          fully-paid,
nonassessable and vested shares of the Common Stock of the Company owned by Optionee and owned free and clear of all liens, claims, encumbrances or security interests, valued at the current fair market value of
$             per share (determined in accordance with the Plan) (but only to the extent that such exercise would not result in an accounting compensation change with respect to the
Shares used to pay the exercise price unless otherwise determined by the Committee);
		
	 ̈	  	by the waiver hereby of compensation due or accrued for services rendered in the amount of $            ;
or
		
	 ̈	  	by delivery of a “same day sale” commitment from the Optionee and a broker dealer that is a member of the National Association of Securities Dealers, Inc. (an “NASD
Dealer”) whereby the Optionee irrevocably elects to exercise the Option and to sell a portion of the Shares so purchased to pay for the exercise price of $             and
whereby the NASD Dealer irrevocably commits upon receipt of such Shares to forward the exercise price directly to the Company (this payment method may be used only if a public market for the Company’s stock exists).

 The Company and Optionee hereby agree as follows: 
 1. Purchase of Shares. On this date and subject to the terms and conditions of this Agreement, Optionee hereby exercises the Stock Option Grant
between the Company and Optionee dated as of the Date of Option Grant set forth above (the “Grant”), with respect to the Number of Shares Purchased set forth above of the Company’s Common Stock (the “Shares”) at an aggregate
purchase price equal to the Aggregate Purchase Price set forth above (the “Purchase Price”) and the Price per Share set forth above (the “Purchase Price Per Share”). The term “Shares” refers to the Shares purchased
under this Agreement and includes all securities received (a) in replacement of the Shares, and (b) as a result of stock dividends or stock splits in respect of the Shares. Capitalized terms used herein that are not defined herein have the
definitions ascribed to them in the Plan or the Grant. 
 2. Representations of Purchaser. Optionee represents and warrants to the
Company that: 
 (a) Optionee has received, read and understood the Plan and the Grant and agrees to abide by and be bound by their terms and
conditions. 
 (b) Optionee is capable of evaluating the merits and risks of this investment, has the ability to protect Optionee’s own
interests in this transaction and is financially capable of bearing a total loss of this investment. 
 (c) Optionee is fully aware of
(i) the highly speculative nature of the investment in the Shares; (ii) the financial hazards involved; and (iii) the lack of liquidity of the Shares and the restrictions on transferability of the Shares (e.g., that Optionee may not
be able to sell or dispose of the Shares or use them as collateral for loans). 
 3. Tax Consequences. OPTIONEE UNDERSTANDS THAT
OPTIONEE MAY SUFFER ADVERSE TAX CONSEQUENCES AS A RESULT OF OPTIONEE’S PURCHASE OR DISPOSITION OF THE SHARES. OPTIONEE REPRESENTS THAT OPTIONEE HAS CONSULTED WITH ANY TAX CONSULTANT(S) OPTIONEE DEEMS ADVISABLE IN CONNECTION WITH THE PURCHASE OR
DISPOSITION OF THE SHARES AND THAT OPTIONEE IS NOT RELYING ON THE COMPANY FOR ANY TAX ADVICE. 
 4. Entire Agreement. The Plan and
Grant are incorporated herein by reference. This Agreement, the Plan and the Grant constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Optionee with respect to the
subject matter hereof, and are governed by California law except for that body of law pertaining to conflict of laws. 
  

							
	Submitted By:	 		 	Accepted By:
			
	“OPTIONEE”	 		 	“COMPANY”
			
		 		 	CyberSource Corporation, a Delaware corporation
				
		 		 	By:	 	  

	Name:	 	  
	 	Name:	 	  

	Address:	 	  
	 	Title:	 	  

		 	  
	 		 	  

		 	  
	 		 	  

				
	Dated:	 	                         ,
        	 	Dated:	 	                         ,
        

 EXHIBIT C 
 CYBERSOURCE CORPORATION 
 NOTICE OF RESTRICTED STOCK AWARD 
 Grantee’s Name and Address: Scott Cruickshank 
 You (the “Grantee”) have been granted shares of Common Stock of the Company (the “Award”), subject to the terms and conditions of this Notice of Restricted Stock Award (the “Notice”) and
the Restricted Stock Award Agreement (the “Agreement”) attached hereto, as follows. Unless otherwise defined herein, the terms defined in the Agreement shall have the same defined meanings in this Notice. 
  

			
	Award Number	  	  

		
	Date of Award	  	April 3, 2006
		
	Total Number of Shares of Common Stock Awarded (the “Shares”)	  	100,000

 Vesting Schedule: 
 Subject to the Grantee’s Continuous Service and other limitations set forth in this Notice and the Agreement, the Shares will “vest” in
accordance with the following schedule: 
 50,000 Shares shall vest on the fourth anniversary of the Date of Award. 
 50,000 Shares shall vest on the fifth anniversary of the Date of Award. 
 In the event the Grantee’s Continuous Service is terminated due to the Grantee’s death or by the Company (or the successor entity pursuant a Corporate Transaction) other than for Cause after the first
anniversary of the Date of Award but prior to the third anniversary of the Date of Award, 33,333 Shares shall become vested immediately prior to the date of such termination of Continuous Service. 
 In the event the Grantee’s Continuous Service is terminated due to the Grantee’s death or by the Company (or the successor entity pursuant a
Corporate Transaction) other than for Cause after the third anniversary of the Date of Award but prior to the fourth anniversary of the Date of Award, 75,000 Shares shall become vested immediately prior to the date of such termination of Continuous
Service. 
 In the event the Grantee’s Continuous Service is terminated due to the Grantee’s death or by the Company (or the
successor entity pursuant a Corporate Transaction) other than for Cause after the fourth anniversary of the Date of Award but prior to the fifth anniversary of the Date of Award, 100% of the remaining unvested Shares shall become vested immediately
prior to the date of such termination of Continuous Service. 
  

 1 

 During any authorized leave of absence, the vesting of the Shares as provided in this schedule shall be
suspended after the leave of absence exceeds a period of three (3) months. Vesting of the Shares shall resume upon the Grantee’s termination of the leave of absence and return to service to the Company or a Related Entity. The Vesting
Schedule of the Shares shall be extended by the length of the suspension. 
 In the event of the Grantee’s change in status from
Employee to Consultant, the Shares shall continue to vest in accordance with the Vesting Schedule set forth above. 
 For purposes of this
Notice and the Agreement, the term “vest” shall mean, with respect to any Shares, that such Shares are no longer subject to forfeiture to the Company. Shares that have not vested are deemed “Restricted Shares.” If the Grantee
would become vested in a fraction of a Restricted Share, such Restricted Share shall not vest until the Grantee becomes vested in the entire Share. Vesting shall cease upon the date of termination of the Grantee’s Continuous Service for any
reason (other than termination due to death or by the Company other than for Cause). In the event the Grantee’s Continuous Service is terminated for any reason (other than termination due to death or by the Company other than for Cause), any
Restricted Shares held by the Grantee immediately following such termination of Continuous Service shall be deemed reconveyed to the Company and the Company shall thereafter be the legal and beneficial owner of the Restricted Shares and shall have
all rights and interest in or related thereto without further action by the Grantee. 
 IN WITNESS WHEREOF, the Company and the Grantee have
executed this Notice and agree that the Award is to be governed by the terms and conditions of this Notice and the Agreement. 
  

			
	 CyberSource Corporation,
 a Delaware
corporation

		
	By:	 	 /s/ Steven D. Pellizzer

	Title:	 	CFO

 THE GRANTEE ACKNOWLEDGES AND AGREES THAT THE SHARES SHALL VEST, IF AT ALL, ONLY DURING THE PERIOD OF THE
GRANTEE’S CONTINUOUS SERVICE (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS AWARD OR ACQUIRING SHARES HEREUNDER). THE GRANTEE FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS NOTICE NOR THE AGREEMENT SHALL CONFER UPON THE GRANTEE
ANY RIGHT WITH RESPECT TO CONTINUATION OF THE GRANTEE’S CONTINUOUS SERVICE, NOR SHALL IT INTERFERE IN ANY WAY WITH THE GRANTEE’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE THE GRANTEE’S CONTINUOUS SERVICE AT ANY TIME, WITH OR
WITHOUT CAUSE, AND WITH OR WITHOUT NOTICE. THE GRANTEE ACKNOWLEDGES THAT UNLESS THE GRANTEE HAS A WRITTEN EMPLOYMENT AGREEMENT WITH THE COMPANY TO THE CONTRARY, THE GRANTEE’S STATUS IS AT WILL. 
  

 2 

 This Award is granted as an inducement material to the Grantee’s commencing Continuous Service with
the Company as an Employee. The Grantee has not previously been an Employee of the Company or any Related Entity. 
 The Grantee acknowledges
receipt of the Agreement and represents that he is familiar with the terms and provisions thereof, and hereby accepts the Award subject to all of the terms and provisions hereof and thereof. The Grantee has reviewed this Notice and the Agreement in
their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Notice and fully understands all provisions of this Notice and the Agreement. The Grantee hereby agrees that all questions of interpretation and
administration relating to this Notice and the Agreement shall be resolved by the Board in accordance with Section 12 of the Agreement. The Grantee further agrees to the venue selection in accordance with Section 13 of the Agreement. The
Grantee further agrees to notify the Company upon any change in the residence address indicated in this Notice. 
  

					
	Dated: April 4, 2006	 	Signed:	 	 /s/ Scott Cruickshank

  

 3 

 Award Number:
                     
 CYBERSOURCE CORPORATION 
 RESTRICTED STOCK AWARD AGREEMENT 
 1. Issuance of Shares. CyberSource Corporation, a Delaware corporation (the “Company”), hereby issues to the Grantee (the
“Grantee”) named in the Notice of Restricted Stock Award (the “Notice”), the Total Number of Shares of Common Stock Awarded set forth in the Notice (the “Shares”), subject to the Notice and this Restricted Stock Award
Agreement (the “Agreement”). All Shares issued hereunder will be deemed issued to the Grantee as fully paid and nonassessable shares, and the Grantee will have the right to vote the Shares at meetings of the Company’s stockholders.
The Company shall pay any applicable stock transfer taxes imposed upon the issuance of the Shares to the Grantee hereunder. 
 2. Transfer
Restrictions. The Shares issued to the Grantee hereunder may not be sold, transferred by gift, pledged, hypothecated, or otherwise transferred or disposed of by the Grantee prior to the date when the Shares become vested pursuant to the Vesting
Schedule set forth in the Notice. Any attempt to transfer Restricted Shares in violation of this Section 2 will be null and void and will be disregarded. 
 3. Escrow of Stock. For purposes of facilitating the enforcement of the provisions of this Agreement, the Grantee agrees, immediately upon receipt of the certificate(s) for the Restricted Shares, to deliver
such certificate(s), together with an Assignment Separate from Certificate in the form attached hereto as Exhibit A, executed in blank by the Grantee with respect to each such stock certificate, to the Secretary or Assistant Secretary of
the Company, or their designee, to hold in escrow for so long as such Restricted Shares have not vested pursuant to the Vesting Schedule set forth in the Notice, with the authority to take all such actions and to effectuate all such transfers and/or
releases as may be necessary or appropriate to accomplish the objectives of this Agreement in accordance with the terms hereof. The Grantee hereby acknowledges that the appointment of the Secretary or Assistant Secretary of the Company (or their
designee) as the escrow holder hereunder with the stated authorities is a material inducement to the Company to make this Agreement and that such appointment is coupled with an interest and is accordingly irrevocable. The Grantee agrees that such
escrow holder shall not be liable to any party hereto (or to any other party) for any actions or omissions unless such escrow holder is grossly negligent relative thereto. The escrow holder may rely upon any letter, notice or other document executed
by any signature purported to be genuine and may resign at any time. Upon the vesting of Restricted Shares, the escrow holder will, without further order or instruction, transmit to the Grantee the certificate evidencing such Shares. 
  

 1 

 4. Additional Securities and Distributions. Any securities or cash received (other than a regular
cash dividend) as the result of ownership of the Restricted Shares (the “Additional Securities”), including, but not by way of limitation, warrants, options and securities received as a stock dividend or stock split, or as a result of a
recapitalization or reorganization or other similar change in the Company’s capital structure, shall be retained in escrow in the same manner and subject to the same conditions and restrictions as the Restricted Shares with respect to which
they were issued, including, without limitation, the Vesting Schedule set forth in the Notice. The Grantee shall be entitled to direct the Company to exercise any warrant or option received as Additional Securities upon supplying the funds necessary
to do so, in which event the securities so purchased shall constitute Additional Securities, but the Grantee may not direct the Company to sell any such warrant or option. If Additional Securities consist of a convertible security, the Grantee may
exercise any conversion right, and any securities so acquired shall constitute Additional Securities. In the event of any change in certificates evidencing the Shares or the Additional Securities by reason of any recapitalization, reorganization or
other transaction that results in the creation of Additional Securities, the escrow holder is authorized to deliver to the issuer the certificates evidencing the Shares or the Additional Securities in exchange for the certificates of the replacement
securities. The Company shall disburse to the Grantee all regular cash dividends with respect to the Shares and Additional Securities (whether vested or not), less any applicable withholding obligations. 
 5. Taxes. 
 (a) No
Section 83(b) Election. As a condition to receiving the Shares, the Grantee agrees to refrain from making an election pursuant to Section 83(b) of the Code with respect to the Shares. 
 (b) Payment of Withholding Taxes. Prior to any event in connection with the Award (e.g., vesting) that the Company determines may result in any
tax withholding obligation, whether United States federal, state, local or non-U.S., including any employment tax obligation (the “Tax Withholding Obligation”), the Grantee must arrange for the satisfaction of the minimum amount of such
Tax Withholding Obligation in a manner acceptable to the Company. 
 (i) By Share Withholding. The Grantee authorizes the Company to,
upon the exercise of its sole discretion, withhold from those Shares issuable to the Grantee the whole number of Shares sufficient to satisfy the minimum applicable Tax Withholding Obligation. The Grantee acknowledges that the withheld Shares may
not be sufficient to satisfy the Grantee’s minimum Tax Withholding Obligation. Accordingly, the Grantee agrees to pay to the Company or any Related Entity as soon as practicable, including through additional payroll withholding, any amount of
the Tax Withholding Obligation that is not satisfied by the withholding of Shares described above. 
 (ii) By Sale of Shares. Unless
the Grantee determines to satisfy the Tax Withholding Obligation by some other means in accordance with clause (iii) below, the Grantee’s acceptance of this Award constitutes the Grantee’s instruction and authorization to the Company
and any brokerage firm determined acceptable to the Company for such purpose to sell on the Grantee’s behalf a whole number of Shares from those Shares issuable to the Grantee as 

  

 2 

 
the Company determines to be appropriate to generate cash proceeds sufficient to satisfy the minimum applicable Tax Withholding Obligation. Such Shares will
be sold on the day such Tax Withholding Obligation arises (e.g., a vesting date) or as soon thereafter as practicable. The Grantee will be responsible for all broker’s fees and other costs of sale, and the Grantee agrees to indemnify and hold
the Company harmless from any losses, costs, damages, or expenses relating to any such sale. To the extent the proceeds of such sale exceed the Grantee’s minimum Tax Withholding Obligation, the Company agrees to pay such excess in cash to the
Grantee. The Grantee acknowledges that the Company or its designee is under no obligation to arrange for such sale at any particular price, and that the proceeds of any such sale may not be sufficient to satisfy the Grantee’s minimum Tax
Withholding Obligation. Accordingly, the Grantee agrees to pay to the Company or any Related Entity as soon as practicable, including through additional payroll withholding, any amount of the Tax Withholding Obligation that is not satisfied by the
sale of Shares described above. 
 (iii) By Check, Wire Transfer or Other Means. At any time not less than five (5) business
days (or such fewer number of business days as determined by the Company) before any Tax Withholding Obligation arises (e.g., a vesting date), the Grantee may elect to satisfy the Grantee’s Tax Withholding Obligation by delivering to the
Company an amount that the Company determines is sufficient to satisfy the Tax Withholding Obligation by (x) wire transfer to such account as the Company may direct, (y) delivery of a certified check payable to the Company, or
(z) such other means as specified from time to time by the Company. 
 6. Stop-Transfer Notices. In order to ensure compliance
with the restrictions on transfer set forth in this Agreement or the Notice, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and, if the Company transfers its own securities, it may make
appropriate notations to the same effect in its own records. 
 7. Refusal to Transfer. The Company shall not be required (i) to
transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or
other transferee to whom such Shares shall have been so transferred. 
 8. Restrictive Legends. The Grantee understands and agrees
that the Company shall cause the legends set forth below or legends substantially equivalent thereto, to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may be required by the Company or by
state or federal securities laws: 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE RESTRICTED BY THE TERMS OF THAT CERTAIN RESTRICTED STOCK
AWARD AGREEMENT BETWEEN THE COMPANY AND THE NAMED STOCKHOLDERS. THE SHARES REPRESENTED BY THIS CERTIFICATE MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH SUCH AGREEMENT, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 
  

 3 

 9. Investment Representations. This Agreement is made in reliance upon the Grantee’s
representation to the Company, which by its acceptance hereof the Grantee hereby confirms, that the Shares to be received by him will be acquired for investment for his own account, not as a nominee or agent, and not with a view to the sale or
distribution of any part thereof, and that he has no present intention of selling, granting participation in, or otherwise distributing the same, but subject nevertheless to any requirement of law that the disposition of his property shall at all
times be within his control. The Grantee understands that the Shares are not registered under the Securities Act of 1933, as amended (the “1933 Act”), on the basis that the sale provided for in this Agreement and the issuance of securities
hereunder is exempt from registration under the 1933 Act pursuant to Section 4(2) thereof, and that the Company’s reliance on such exemption is predicated on the Grantee’s representations set forth herein. The Grantee represents and
warrants to the Company that he is an “accredited investor” within the meaning of Securities and Exchange Commission Rule 501 of Regulation D, as presently in effect. The Grantee understands that the Shares may not be sold,
transferred, or otherwise disposed of without registration under the 1933 Act or an exemption therefrom, and that in the absence of an effective registration statement covering the Shares or an available exemption from registration under the 1933
Act, the Shares must be held indefinitely. In particular, the Grantee is aware that the Shares may not be sold pursuant to Rule 144 promulgated under the 1933 Act unless all of the conditions of the Rule are met. 
 10. Entire Agreement: Governing Law. The Notice and this Agreement constitute the entire agreement of the parties with respect to the subject
matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof, and may not be modified adversely to the Grantee’s interest except by means of a
writing signed by the Company and the Grantee. Nothing in the Notice and this Agreement (except as expressly provided therein) is intended to confer any rights or remedies on any persons other than the parties. The Notice and this Agreement are to
be construed in accordance with and governed by the internal laws of the State of California without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State
of California to the rights and duties of the parties. Should any provision of the Notice or this Agreement be determined to be illegal or unenforceable, such provision shall be enforced to the fullest extent allowed by law and the other provisions
shall nevertheless remain effective and shall remain enforceable. 
 11. Construction. The captions used in the Notice and this
Agreement are inserted for convenience and shall not be deemed a part of the Award for construction or interpretation. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular.
Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise. 
 12. Administration and
Interpretation. Any question or dispute regarding the administration or interpretation of the Notice or this Agreement shall be submitted by the Grantee or by the Company to the Board. The resolution of such question or dispute by the Board
shall be final and binding on all persons. 
 13. Venue. The Company, the Grantee, and the Grantee’s assignees pursuant to
Section 2 (the “parties”) agree that any suit, action, or proceeding arising out of or relating to the Notice or 

  

 4 

 
this Agreement shall be brought in the United States District Court for the Northern District of California (or should such court lack jurisdiction to hear
such action, suit or proceeding, in a California state court in the County of Santa Clara) and that the parties shall submit to the jurisdiction of such court. The parties irrevocably waive, to the fullest extent permitted by law, any objection the
party may have to the laying of venue for any such suit, action or proceeding brought in such court. If any one or more provisions of this Section 13 shall for any reason be held invalid or unenforceable, it is the specific intent of the
parties that such provisions shall be modified to the minimum extent necessary to make it or its application valid and enforceable. 
 14.
Notices. Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery, upon deposit for delivery by an internationally recognized express mail courier service or upon
deposit in the United States mail by certified mail (if the parties are within the United States), with postage and fees prepaid, addressed to the other party at its address as shown in these instruments, or to such other address as such party may
designate in writing from time to time to the other party. 
 15. Corporate Transaction. In the event of a Corporate Transaction and
for the portion of the Award that is neither Assumed nor Replaced, (i) such portion of the Award shall automatically become fully vested for all of the Shares at the time represented by such portion of the Award, immediately prior to the
specified effective date of such Corporate Transaction, provided that the Grantee’s Continuous Service has not terminated prior to such date and (ii) the Award shall be subject to the terms of the agreement implementing the Corporate
Transaction between the Company and the successor entity or Parent thereof and the Grantee shall be deemed to have agreed to the terms of such agreement applicable to the Award. Notwithstanding the foregoing, if upon the consummation of a Corporate
Transaction the Award is Replaced, the Award shall terminate and any Restricted Shares held by the Grantee shall be deemed reconveyed to the Company as if the Grantee’s Continuous Service had terminated immediately prior to the effective date
of such Corporate Transaction. 
 16. Definitions. As used herein, the following definitions shall apply: 
 (a) “Applicable Laws” means the legal requirements applicable to the issuance of Awards, if any, under applicable provisions of federal
securities laws, state corporate and securities laws, the Code, the rules of any applicable stock exchange or national market system, and the rules of any non-U.S. jurisdiction applicable to Awards granted to residents therein. 
 (a) “Assumed” means that pursuant to a Corporate Transaction either (i) the Award is expressly affirmed by the Company or
(ii) the contractual rights and obligations represented by the Award are expressly assumed (and not simply by operation of law) by the successor entity or its Parent in connection with the Corporate Transaction with appropriate adjustments to
the number and type of securities of the successor entity or its Parent subject to the Award and the exercise or purchase price thereof which at least preserves the compensation element of the Award existing at the time of the Corporate Transaction
as determined in accordance with the instruments evidencing the agreement to assume the Award. 
 (b) “Award” means the
award of Restricted Shares hereunder. 
  

 5 

 (c) “Board” means the Board of Directors of the Company and shall include any committee
of the Board or Officer of the Company to which the Board has delegated its authority under this Agreement. 
 (d) “Cause”
means, with respect to the termination by the Company or a Related Entity of the Grantee’s Continuous Service, that such termination is for “Cause” if: (i) Grantee commits a crime involving dishonesty, breach of trust, or
physical harm to any person; (ii) Grantee willfully engages in conduct that is in bad faith and materially injurious to the Company or any Related Entity, including but not limited to, misappropriation of trade secrets, fraud or embezzlement;
(iii) Grantee commits a material breach of his or her employment agreement with the Company or any Related Entity; (iv) Grantee willfully refuses to implement or follow a lawful policy or directive of the Company or any Related Entity; or
(v) Grantee engages in misfeasance or malfeasance demonstrated by a pattern of failure to perform job duties diligently and professionally. 
 (e) “Code” means the Internal Revenue Code of 1986, as amended. 
 (f) “Common Stock” means the
common stock of the Company. 
 (g) “Company” means CyberSource Corporation, a Delaware corporation. 
 (h) “Consultant” means any person (other than an Employee or a Director, solely with respect to rendering services in such person’s
capacity as a Director) who is engaged by the Company or any Related Entity to render consulting or advisory services to the Company or such Related Entity. 
 (i) “Continuous Service” means that the provision of services to the Company or a Related Entity in the capacity of Employee or Consultant is not interrupted or terminated. In jurisdictions requiring
notice in advance of an effective termination as an Employee or Consultant, Continuous Service shall be deemed terminated upon the actual cessation of providing services to the Company or a Related Entity notwithstanding any required notice period
that must be fulfilled before a termination as an Employee or Consultant can be effective under Applicable Laws. A Grantee’s Continuous Service shall be deemed to have terminated either upon an actual termination of Continuous Service or upon
the entity for which the Grantee provides services ceasing to be a Related Entity. Continuous Service shall not be considered interrupted in the case of (i) any approved leave of absence, (ii) transfers among the Company, any Related
Entity, or any successor, in any capacity of Employee or Consultant, or (iii) any change in status as long as the individual remains in the service of the Company or a Related Entity in any capacity of Employee or Consultant (except as
otherwise provided in the Award Agreement). An approved leave of absence shall include sick leave, military leave, or any other authorized personal leave. 
 (j) “Corporate Transaction” means any of the following transactions: 
 (i) a merger or
consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding
or by being converted into voting securities of the surviving entity) fifty-percent (50%) or more of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such merger
or consolidation; 
  

 6 

 (ii) the liquidation or dissolution of the Company or the sale, lease, exchange or other transfer or
disposition by the Company of fifty-percent (50%) or more of the Company’s assets; or 
 (iii) any person (as such term is used in
Sections 13(d) and 14(d) of the Exchange Act), is or becomes the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act), directly or indirectly, of fifty percent (50%) or more of the Company’s outstanding common stock.

 (k) “Director” means a member of the Board or the board of directors of any Related Entity. 
 (l) “Disability” means as defined under the long-term disability policy of the Company or the Related Entity to which the Grantee
provides services regardless of whether the Grantee is covered by such policy. If the Company or the Related Entity to which the Grantee provides service does not have a long-term disability plan in place, “Disability” means that a Grantee
is unable to carry out the responsibilities and functions of the position held by the Grantee by reason of any medically determinable physical or mental impairment for a period of not less than ninety (90) consecutive days or more than one
hundred and twenty (120) days in any twelve (12) month period. A Grantee will not be considered to have incurred a Disability unless he furnishes proof of such impairment sufficient to satisfy the Board in its discretion. 
 (m) “Employee” means any person, including an Officer, who is in the employ of the Company or any Related Entity, subject to the control
and direction of the Company or any Related Entity as to both the work to be performed and the manner and method of performance. 
 (n) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 (o) “Officer” means a
person who is an officer of the Company or a Related Entity within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder. 
 (p) “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in
Section 424(e) of the Code. 
 (q) “Related Entity” means any Parent or Subsidiary of the Company.

 (r) “Replaced” means that pursuant to a Corporate Transaction the Award is replaced with a comparable stock award or
a cash incentive program of the Company, the successor entity (if applicable) or Parent of either of them which preserves the compensation element of such Award existing at the time of the Corporate Transaction and provides for subsequent payout in
accordance with the same (or a more favorable) vesting schedule applicable to such Award. The determination of Award comparability shall be made by the Board and its determination shall be final, binding and conclusive. 
 (s) “Share” means a share of the Common Stock. 
 (t) “Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Code. 
 END OF AGREEMENT 
  

 7 

 EXHIBIT A 
 STOCK ASSIGNMENT SEPARATE FROM CERTIFICATE 
 FOR VALUE RECEIVED,
                                 hereby sells, assigns and transfers unto
                                ,
                         (            ) shares of
the Common Stock of CyberSource Corporation, a Delaware corporation (the “Company”), standing in his name on the books of, the Company represented by Certificate No.      herewith, and does hereby irrevocably
constitute and appoint the Secretary of the Company attorney to transfer the said stock in the books of the Company with full power of substitution. 
 DATED:                          
  

			
		 	  
  

 [Please sign this document but do not date it. The date and information of the transferee will be completed if
and when the shares are assigned.] 
  

 8 

 EXHIBIT D 
 General Release 
 In consideration of the commitments set forth below, Scott Cruickshank
(“Executive”) hereby enters into this Release Agreement (“Release”): 
 1. Severance. In consideration for the
promises made in this Release and in his Non-Competition and Non-Solicitation Agreement with CyberSource Corporation (the “Company”), the Company shall pay to Executive the Severance set forth in Section III.B. of his Employment Agreement,
which shall be payable to Executive in the form of salary continuation for a period of 12 months following Executive’s termination date (the “Severance Period”), provided Executive does not revoke this Release under Section 4
below and, provided, further, that Executive complies with the terms of his Non-Competition and Non-Solicitation Agreement (attached as Exhibit E to Executive’s Employment Agreement) and his Agreement Regarding Confidentiality and Inventions
during the Severance Period. Such Severance shall be reduced by any remuneration paid to Executive because of Executive’s employment or self-employment during the severance period, and Executive shall promptly report all such remuneration to
the Company in writing. 
 2. General and Full Release of All Claims. Executive and his representatives, heirs, successors, and
assigns do hereby completely release and forever discharge Company and any parent, subsidiary or affiliated company, and each of their present and former shareholders, investors, officers, directors, agents, employees, attorneys, successors, and
assigns (collectively, “Released Parties”) from all claims, rights, demands, actions, obligations, liabilities, and causes of action of every kind and character, known or unknown, matured or unmatured, which Executive may have now or in
the future arising from any act or omission or condition occurring on or prior to the effective date of this Release (including, without limitation, any claims arising from his employment and/or the termination of his employment), whether based on
tort, contract (express or implied), or any federal, state, or local law, statute, or regulation (collectively, the “Released Claims”). By way of example and not in limitation of the foregoing, Released Claims shall include any claims
arising under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Americans with Disabilities Act, and the California Fair Employment and Housing Act, as well as any claims asserting wrongful termination,
harassment, breach of contract, breach of the covenant of good faith and fair dealing, negligent or intentional infliction of emotional distress, negligent or intentional misrepresentation, negligent or intentional interference with contract or
prospective economic advantage, defamation, invasion of privacy, and claims related to disability. Executive likewise releases the Released Parties from any and all obligations for attorneys’ fees incurred in regard to the above claims or
otherwise. Notwithstanding the foregoing, Released Claims shall not include (i) any claims based on obligations created by or reaffirmed in this Agreement; and (ii) any vested pension rights or any workers’ compensation claims (the
settlement of which would require approval by the California Workers’ Compensation Appeals Board). 

 3. Section 1542 Waiver. Executive understands and agrees that the Released Claims include not
only claims presently known to Executive, but also include all unknown or unanticipated claims, rights, demands, actions, obligations, liabilities, and causes of action of every kind and character that would otherwise come within the scope of the
Released Claims, as described in the preceding Section 2. Executive understands that he may hereafter discover facts different from what he now believes to be true, which if known, could have materially affected this Agreement, but he
nevertheless waives any claims or rights based on different or additional facts. Executive knowingly and voluntarily waives any and all rights or benefits that he may now have, or in the future may have, under the terms of Section 1542 of the
California Civil Code, which provides as follows: 
 A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT
TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR. 
 4. Release of Age Discrimination Claims. Executive hereby waives any claims he might have for age discrimination under the federal Age Discrimination in Employment Act in exchange for the Severance described above. Executive
further acknowledges and agrees that: (a) he has been given an opportunity to consider fully the terms of this Release for twenty-one (21) days, although Executive is not required to wait twenty-one (21) days before signing this
Release; (b) Executive has been advised to consult with an attorney of his choosing before signing this Release; and (c) Executive understands that he has seven (7) days after he signs this Release in which to revoke it, which can be
done by sending a certified letter to that effect to the Company. This Release, therefore, shall not become effective or enforceable until the 7-day revocation period has expired. Executive understands and agrees that he shall not be entitled to the
Severance described above if he revokes this Release pursuant to this Section 4. 
 5. Covenant Not to Sue. Executive shall not
sue, initiate, or prosecute against any Released Party any compliance review, action, or proceeding under any contract (express or implied), or any federal, state, or local law, statute, or regulation pertaining in any manner to the Released Claims.

 6. Non-Competition and Non-Solicitation Agreement; Agreement Regarding Confidentiality and Inventions. Executive understands and
agrees that he shall continue to be bound by the Non-Competition and Non-Solicitation Agreement and the Agreement Regarding Confidentiality and Inventions described in Section 1 following the termination of his employment. Executive further
understands and agrees that his receipt of the Severance described above is contingent upon his fulfillment of and continued adherence to his obligations under those agreements. 
 7. Integration. The parties understand and agree that the preceding Sections recite the sole consideration for this Release; that no
representation or promise has been made by Executive, Company, or any other Released Party concerning the 

 
subject matter of this Release, except as expressly set forth in this Release; and that all agreements and understandings between the parties concerning the
subject matter of this Release are embodied and expressed in this Release. This Release shall supersede all prior or contemporaneous agreements and understandings among Executive, Company, and any other Released Party, whether written or oral,
express or implied, with respect to the employment, termination, and benefits of Executive, including without limitation, any employment-related agreement or benefit plan, except to the extent that the provisions of any such agreement or plan have
been expressly referred to in this Release as having continued effect (including Executive’s Employment Agreement, Non-Competition and Non-Solicitation Agreement, and Agreement Regarding Confidentiality and Inventions). 
  

			
	  
	    	Dated:                         
	 Scott Cruickshank
	    	

 EXHIBIT E 
 Non-Competition and Non-Solicitation Agreement 
 In consideration of the Severance described
in section III.B. of the Executive Employment Agreement (the “Employment Agreement”) to which this Exhibit is attached, I agree to the following restrictions set forth in this Non-Competition and Non-Solicitation Agreement (the
“Agreement”), in addition to those set forth in my Employment Agreement and Agreement Regarding Confidentiality and Inventions (the “Proprietary Information Agreement”) with CyberSource Corporation (the “Company”):

 1. Noncompetition and nonsolicitation. I agree that during my employment and during the twelve (12) month severance period
described in Section III.B. of my Employment Agreement, I will not (whether on my own behalf or in the service of or on behalf of any other individual or entity), either directly or indirectly: 
 (a) Engage (whether as an employee, consultant, proprietor, partner, director or otherwise) in any business activity that is competitive with the Company
(or with any subsidiary or affiliated company), including but not limited to engaging in the business of developing or providing products or services that are competitive with the products and services developed, provided, or in development by the
Company; or have any ownership interest in, or participate in the financing operation, management, control of, any person, firm, corporation or business that engages in any business activity that is competitive with the Company (or with any
subsidiary or affiliated company), provided, however, that nothing contained in this Section 1(a) shall be construed to prohibit me from purchasing and owning (directly or indirectly) up to one percent (1%) of the capital stock or other
securities of any corporation or other entity whose stock or securities are traded on any national or regional securities exchange or the national over-the-counter market and such ownership shall not constitute a violation of this Section 1(a);

 (b) Divert or attempt to divert from the Company (or any subsidiary or affiliated company) any business of any kind in which it is
engaged, including, without limitation, the solicitation of any past, present or prospective supplier, partner, or customer, or the interference with or disruption of the Company’s past, present, or prospective business relationships with any
supplier, partner, or customer; or 
 (c) Solicit, hire, recruit, or employ any person or entity who is employed by or has a contractual
relationship with the Company, or encourage any person or entity who is employed by or has a contractual relationship with the Company to terminate their employment or contractual relationship with the Company. 
 2. Remedies. I recognize and acknowledge the foregoing restrictions, as well as the restrictions contained in my Proprietary Information Agreement
are reasonable and essential for the proper protection of the Company’s trade secret and proprietary information, and business interests, any breach or violation of these restrictions would cause irreparable injury to the Company. Accordingly,
I agree the Company shall be entitled to injunctive and/or provisional relief to restrain or enjoin any breach or threatened breach of the restrictions set forth in Section 1 above and in my Proprietary Information Agreement, in addition to any
other remedies available to as a result of such breach or threatened breach. I understand and agree that I shall not be entitled to the Severance described in Section III.B. of my Employment Agreement if I breach or violate the terms of this
Non-competition and Non-solicitation Agreement, and understand that the Company’s payment of such Severance shall cease in the event of any such breach or violation. 

 3. Governing Law. This Agreement shall be governed by and construed under the laws of the State of
California. If any provision of this Agreement or the application thereof to any person, place, or circumstance shall be held by an arbitrator or court of competent jurisdiction to be invalid, unenforceable, or void, such provision shall be enforced
to the greatest extent permitted by law, and the remainder of this agreement and such provision as applied to other persons, places, and circumstances shall remain in full force and effect. 
 4. Entire Agreement. This Agreement, which is supported by separate consideration, is separate and apart from my Proprietary Information Agreement
with the Company and nothing in this Agreement shall be deemed to modify or limit my obligations under my Proprietary Information Agreement. This Agreement, along with my Employment Agreement and Proprietary Information Agreement, sets forth the
entire agreement between the parties, and supersedes all prior agreements or understandings regarding the subject matter herein. 
  

					
	Date: April 3, 2006	 	By:	 	 /s/ Scott Cruickshank

		 		 	Scott Cruickshank

 EXHIBIT F 
 AGREEMENT REGARDING CONFIDENTIALITY AND INVENTIONS 
 In consideration of CyberSource Corporation or
its subsidiaries or affiliates (referred to separately or together as “Company”) employing me, compensating me and for other good and valuable consideration, the adequacy and sufficiency of which is hereby acknowledged, I (the
“Employee”) understand and agree to the following provisions for the protection of Company property rights: 
 1. COMPANY
CONFIDENTIAL INFORMATION AND MATERIALS. I acknowledge that the following information and materials in written, oral, machine-readable, photographic or other form and whether now existing or developed or created during my employment with the
Company (the “Confidential Information”) are proprietary to Company and are highly sensitive in nature: 
 (a) Information Marked
Proprietary or Confidential. All data, documents, materials, drawings and information that I receive from Company in tangible form and marked “Proprietary” or “Confidential.” 
 (b) Technology. Any and all Technology (as defined below) which is constructed, designed, improved, altered or used by Company and which is not
generally known to the public or within the industries in which Company competes. 
 (c) Business Procedures. Internal business
procedures and business plans, including analytical methods and procedures, licensing techniques, manufacturing information and procedures such as formulations, processes and equipment, technical and engineering data, vendor names, other vendor
information, purchasing information, financial information, service and operational manuals and documentation therefor, ideas for new products and services and other such information which relates to the way Company conducts its business and which
is not generally known to the public. 
 (d) Legal Rights. Patents, copyrights, mask work rights, trade secrets, trademarks, service
marks, and the like. 
 (e) Marketing Plans and Customer Lists. Any and all customer and marketing information and materials, such as
(i) strategic data, including marketing and development plans, forecasts and forecast assumptions and volumes, and future plans and potential strategies of Company which have been or are being discussed; (ii) financial data, including
price and cost objectives, price lists, pricing policies and procedures, and quoting policies and procedures; and (iii) customer data, including customer lists, names of existing, past or prospective customers and their representatives, data
provided by or about prospective, existing or past customers, customer service information and materials, data about the terms, conditions and expiration dates of existing contracts with customers and the type, quantity and specifications of
products and services purchased, leased or licensed by customers of Company. 

 (f) Third Party Information. Any and all information and materials in Company’s possession or
under its control from any other person or entity which Company is obligated to treat as confidential or proprietary (“Third Party Information”). 
 (g) Not Generally Known. Any and all information not generally known to the public or within the industries or trades in which Company competes. 
 2. NON-CONFIDENTIAL INFORMATION AND MATERIALS. The following information and materials shall not be considered Confidential Information.

 (a) General Skills and Knowledge. The general skills and experience that I gain during my employment, and information publicly
available or generally known within the industries or trades in which Company competes. 
 (b) Public Domain. Information which at the
time of disclosure is in the public domain, or which later becomes part of the public domain by publication or otherwise through no breach by any party of any confidentiality obligation to Company. 
 (c) Prior Possession. Information which I can demonstrate was in my possession prior to Company’s disclosure to me. Except as disclosed on
Schedule A to this agreement, I have no knowledge of the Company’s Confidential Information, other than information I have learned from the Company in the course of being hired and employed. 
 (d) Third Party. Information which is furnished to me by a third party, as a matter of right without restriction on disclosure, and which was not
received directly or indirectly from Company, and which Company is not obligated to keep confidential. 
 (e) Independent Development.
Information which I can demonstrate that I independently developed outside the scope and course of my employment and without any reliance upon the Confidential Information. 
 3. MY OBLIGATIONS AS TO CONFIDENTIAL INFORMATION AND MATERIALS. During my employment, I will have access to the Confidential Information
and will occupy a position of trust and confidence regarding Company’s affairs and business. I agree to take the following steps to preserve the confidential and proprietary nature of the Confidential Information. 
 (a) Non-Disclosure. During and after my employment, I will not use, disclose or otherwise permit any person or entity access to any of the
Confidential Information other than as required in the performance of my duties with Company, and I will take all reasonable precautions to prevent disclosure of the Confidential Information to unauthorized persons or entities. I understand that I
am not allowed to sell, license or otherwise exploit any products or services which embody in whole or in part any Confidential Information. 
 (b) Third Party Information. I will maintain the confidentiality of Third Party Information and will not use the information or disclose it to anyone (except as necessary in carrying out my work for the Company consistent with the
Company’s agreement with such third party). 
  

 2 

 (c) Location and Reproduction. I agree to maintain at my workstation and/or any other place under
my control only such Confidential Information that is necessary to carry out my responsibilities as an employee of the Company. I agree to return to the appropriate person or location or otherwise properly dispose of Confidential Information once
that necessity no longer exists. I also agree not to make copies or otherwise reproduce Confidential Information except to the extent necessary to carry out my responsibilities as an employee of the Company. 
 4. INVENTIONS. 
 (a) Definitions.

 “Technology” comprises all materials, information, ideas and other subject matter, including, without limitation,
works of authorship and other creations; inventions, invention disclosures, discoveries, developments and patent applications; know-how and trade secrets; plans, designs and concepts; drawings, diagrams and schematics; writings, reports, notebooks,
and other documents; specifications, formulas, structures and other technical or engineering information; prototypes, systems, compositions, hardware, tools, equipment, instruments and other products, technology; processes, methods, techniques,
procedures and work in process; computer programs (in source code, object code or any other format), applications, algorithms, protocols, data and databases, programmable logic and documentation; and any copies, extracts, portions, derivatives,
improvements and enhancements thereof and modifications thereto. 
 “Inventions” means any and all Technology that
(i) is created, made, conceived, invented, discovered, developed, reduced to practice or suggested by me, alone or together with others, at any time during my employment by the Company or, whether during or within a reasonable time after my
employment with the Company, otherwise in connection with my activities as an employee of, or based upon any Confidential Information of, the Company, and (ii) relates in any manner to the actual or reasonably anticipated business, research,
development or other activities of the Company, or were created, made, conceived, invented, discovered, developed, reduced to practice or suggested using the Company’s equipment, supplies, facilities, or Confidential Information.
“Inventions” shall not include (a) Technology expressly set forth on Schedule A, and (b) other Technology to the extent that California Labor Code Section 2870 or any other mandatory and non-waivable applicable laws,
prohibits the assignment thereof as set forth herein. I acknowledge and understand that Section 2870(a) provides as follows: 
 “Any provision in an employment agreement which provides that an employee shall assign, or offer to assign, any of his or her rights in an invention to his or her employer shall not apply to an invention that the employee developed
entirely on his or her own time without using the employer’s equipment, supplies, facilities, or trade secret information except for those inventions that either: (1) Relate at the time of conception or reduction to practice of the
invention to the employer’s business, or actual or demonstrably anticipated research or development of the employer [or] (2) Result from any work performed by the employee for the employer.” 
 (b) Ownership of Inventions. I agree and acknowledge that all right, title and interest with respect to all Inventions shall solely vest in, inure
to the sole benefit of, and be the sole property of, the Company without any limitations. I agree and acknowledge that all Inventions shall be considered works made for hire and works produced in the service of the Company within the scope of my
employment. 
  

 3 

 (c) Assignment of Inventions. I agree to assign and transfer to the Company, without further
consideration, my entire right, title and interest (throughout the United States and in all other countries or jurisdictions), free and clear of all liens and encumbrances, in and to all Inventions. Such assignment and transfer to the Company shall
be continuous during my employment as of the relevant time of development of each such Invention. The Company may, in its sole discretion, agree to provide consideration for certain Inventions through a written agreement between the Company and the
undersigned which specifically provides for such consideration; in all other cases, no consideration shall be paid. The Inventions shall be the sole property of the Company, whether or not copyrightable or patentable or in a commercial stage of
development. In addition, I agree to maintain adequate and current written records on the development of all Inventions, which shall also remain the sole property of the Company. I also agree that all Inventions shall be considered works made for
hire and works produced in the service of the Company within the scope of my employment. 
 (d) Moral Rights. To the extent allowed by
law, this assignment of inventions includes all rights of paternity, integrity, disclosure and withdrawal and any other rights that may be known as or referred to as “moral rights,” “artist’s rights,” “droit
moral,” or the like (collectively “Moral Rights”). To the extent I retain any such Moral Rights under applicable law, I hereby ratify and consent to any action that may be taken with respect to such Moral Rights by or authorized by
the Company and agree not to assert any Moral Rights with respect thereto. I will confirm any such ratifications, consents and agreements from time to time as requested by the Company. 
 (e) License for Other Inventions. If, in the course of my employment with the Company, I incorporate into Company property an invention owned by
me or in which I have an interest, the Company is hereby granted a nonexclusive, royalty-free, irrevocable, perpetual and transferable license throughout the universe to make, use, import, sell, copy, distribute, display, perform (whether or not
publicly) such invention as part of and in connection with the Company property. 
 (f) Assist With Registration. In the event any
Invention shall be deemed by the Company to be copyrightable or patentable or otherwise registrable, I will assist the Company (at its expense) in obtaining and maintaining letters patent or other applicable registrations and in vesting the Company
with full title. Should the Company be unable to secure my signature on any document necessary to apply for, prosecute, obtain, or enforce any patent, copyright, or other right or protection relating to any Invention, due to my incapacity or any
other cause, I hereby irrevocably designate and appoint the Company and each of its duly authorized officers and agents as my agent and attorney-in-fact to do all lawfully permitted acts to further the prosecution, issuance, and enforcement of
patents, copyrights, or other rights or protection with the same force and effect as if executed and delivered by me. 
 (g)
Disclosure. I agree to disclose promptly to the Company all Inventions and relevant records. I further agree to promptly disclose to the Company any idea that I do not 

  

 4 

 
believe to be an Invention, but is conceived, developed, or reduced to practice by me (alone or with others) while I am employed by the Company or during the
one-year period following termination of my employment. I will disclose the idea, along with all information and records pertaining to the idea, and the Company will examine the disclosure in confidence to determine if in fact it is an Invention
subject to this Agreement. 
 5. FORMER OR CONFLICTING AGREEMENTS. 
 (a) Former Agreements. I represent and warrant that my performance of the terms of this Agreement will not breach any agreement to keep in
confidence proprietary information acquired by me prior to my employment by the Company. I have listed in Schedule A all other agreements concerning proprietary information or inventions to which I am a party and attached copies of any agreements in
my possession. To the best of my knowledge, there is no other contract between me and any other person or entity that is in conflict with this agreement or concerns proprietary information, inventions or assignment of ideas. 
 (b) Prohibition On Use Of Third Party Information. I represent and warrant and covenant that I will not disclose to the Company, or use, or induce
the Company to use, any proprietary information or trade secrets of others at any time, including but not limited to any proprietary information or trade secrets of any former employer, if any. I acknowledge and agree that any violation of this
provision shall be grounds for my immediate termination and could subject me to substantial civil liabilities and criminal penalties. I further specifically and expressly acknowledge that no officer or other employee or representative of the Company
has requested or instructed me to disclose or use any such third party proprietary information or trade secrets. 
 6. TERMINATION.

 (a) Return of the Company’s Property. I agree to promptly return to the Company upon termination of my employment all
Confidential Information and all personal property furnished to or prepared by me in the course of or incident to my employment. Following my termination, I will not retain any written or other tangible material containing any Confidential
Information or other information pertaining to any Inventions. 
 (b) Termination Certificate. In the event of the termination of my
employment, I agree, if requested by the Company, to sign and deliver the Termination Certificate attached as Schedule B. 
 (c)
Subsequent Employers. I agree that after the termination of my employment with the Company, I will not enter into any agreement that would cause me to violate any of my obligations under this agreement and will inform any subsequent employers of
my obligations under this agreement. 
 (d) Survival. The terms and conditions of this agreement and my obligations hereunder shall
survive any termination of my employment with the company and any expiration or termination of any employment or other agreement between the Company and me, and such terms and conditions shall remain in full force and effect as set forth herein.

  

 5 

 7. ENFORCEMENT. I acknowledge that monetary damages will not be sufficient to avoid or
compensate for the unauthorized use or disclosure of any Confidential Information and that injunctive relief would be appropriate to prevent any actual or threatened use or disclosure of such Confidential Information. I further understand that
Company may waive some of the requirements expressed in this Agreement, but to make such a waiver effective it must be made in writing by the Company and such a waiver should not in any way be deemed a waiver of Company’s right to enforce any
other requirements of this Agreement. I agree that each of my obligations specified above is a separate and independent covenant and that the unenforceability of any of them shall not preclude the enforcement of the rest of them or of any other
covenants in this Agreement. 
 8. REMEDIES. No remedy conferred on Company by any of the specific provisions of this Agreement
is intended to be exclusive of any other remedy, and each and every remedy shall be cumulative and shall be in addition to every other remedy given or now or later existing at law or in equity or by statute or otherwise. The election of one or more
remedies by Company or me shall not constitute a waiver of the right to pursue other available remedies. 
 9. AT-WILL
RETENTION. Although I understand that my employment is contingent on the acceptance and observance of this Agreement, this Agreement shall not be construed to make my employment other than terminable at will at anytime by me or Company at
our sole discretion, with or without cause. 
 10. MISCELLANEOUS PROVISIONS. 
 (a) Prior Disclosures. I agree this Agreement shall apply to any Confidential Information that Company may have provided me prior to the effective
date hereof. 
 (b) Construction and Validity. This Agreement shall be governed by the laws of the State of California, excluding its
conflict of law principles, and any disputes which cannot be resolved between the parties shall be submitted to the courts within California for resolution. If any provision of this Agreement is held to be void, invalid, or inoperative, such event
shall not affect any other provisions, which shall continue and remain in full force and effect as though such void, invalid or inoperative provisions had not been a part of this Agreement. 
 (c) Amendments. This Agreement shall not be modified, amended or in any way altered except by an instrument in writing signed by an officer of the
Company and me. 
 (d) Entire and Sole Agreement. This Agreement constitutes the entire understanding and agreement between the
Company and me regarding the subject matter of this Agreement and supersedes any and all prior or contemporaneous oral or written communications regarding it. 
  

 6 

 I HAVE READ THIS AGREEMENT CAREFULLY AND UNDERSTAND ITS TERMS. I HAVE COMPLETELY NOTED ON SCHEDULE A
TO THIS AGREEMENT ANY CONFIDENTIAL OR PROPRIETARY INFORMATION, IDEAS, PROCESSES, INVENTIONS, TECHNOLOGY, WRITINGS, PROGRAMS, DESIGNS, FORMULAS, DISCOVERIES, PATENTS, COPYRIGHTS, OR TRADEMARKS, OR IMPROVEMENTS, RIGHTS, OR CLAIMS RELATING TO THE
FOREGOING, THAT I DESIRE TO EXCLUDE FROM THIS AGREEMENT. 
  

							
	EMPLOYEE:	 		 	 WITNESS:
 COMPANY

				
	 /s/ Scott Cruickshank
	 		 	By:	 	 /s/ Suzan Brown

	Signature	 		 		 	
				
	 Scott Cruickshank
 Name (Please Print)
	 		 	Name:	 	Suzan Brown
	  
  
	 		 	Title:	 	Director, Human Resources
	Social Security Number	 		 		 	
				
	Date: April 3, 2006	 		 	Date:	 	April 3, 2006

  

 7 

 SCHEDULE A 
 EMPLOYEE’S DISCLOSURE 
 1. Confidential Information. Except as set forth below, I
acknowledge that at this time I know nothing about the business or Confidential Information of Company (the “Company”), other than information I have learned from the Company in the course of being
hired:_______________________________________________________________________________ 
 _______________________________________________________________________________________________________________________________________________ 
 _______________________________________________________________________________________________________________________________________________ 
 2. Prior Inventions. Except as set forth below, there are no ideas, concepts, inventions, discoveries, developments, know-how, structures, designs, formulas, algorithms, methods, products, processes,
systems and technologies in any stage of development that are conceived, developed or reduced to practice by me alone or with others; any patents, patents pending, copyrights, moral rights, trademarks and any other intellectual property rights
therein; or any improvements, modifications, derivative works from, other rights in and claims related to any of the foregoing under the laws of any jurisdiction, that I wish to exclude from the operation of this
Agreement:_____________________________________________________________ 
 _______________________________________________________________________________________________________________________________________________ 
 _______________________________________________________________________________________________________________________________________________ 
 3. Prior Agreements. Except as set forth below, I am aware of no prior agreements between me and any other person or entity concerning proprietary information or inventions (attach copies of all
agreements in your possession):_______________________________________________________________________________________________________ 
 _______________________________________________________________________________________________________________________________________________ 
 _______________________________________________________________________________________________________________________________________________ 
  

			
	Date:                         	 	  
  

		 	Employee Name
		 	  
  

		 	Employee Signature

 SCHEDULE B 
 TERMINATION CERTIFICATE CONCERNING 
 COMPANY CONFIDENTIAL INFORMATION 
 This is to certify that I have returned all property of CyberSource (the “Company”), including, without limitation, all source code listings,
books, manuals, records, models, drawings, reports, notes, contracts, lists, blueprints, and other documents and materials, Confidential Information, and equipment furnished to or prepared by me in the course of or incident to my employment with the
Company, and that I did not make or distribute any copies of the foregoing. 
 I further certify that I have reviewed the Company’s
Agreement Regarding Confidentiality and Inventions (“Agreement”) signed by me and that I have complied with and will continue to comply with each and all of its terms and conditions, including without limitation: (i) the reporting of
any and all ideas, concepts, inventions, discoveries, developments, know-how, structures, designs, formulas, algorithms, methods, products, processes, systems and technologies; any and all patents, patents pending, copyrights, moral rights,
trademarks and any other intellectual property rights therein; and any and all improvements, modifications, derivative works from, other rights in and claims related to any of the foregoing under the laws of any jurisdiction, conceived or developed
by me alone or with others and covered by the Agreement and (ii) the preservation as confidential all Confidential Information pertaining to the Company. This certificate in no manner limits my responsibilities or the Company’s rights
under the Agreement. 
 On termination of my employment with the Company, I will be employed by
                                        
[Name of New Employer] [in the                      division] and I will be working in connection with the following projects: 
 [generally describe the projects] 
 _______________________________________________________________________________________________________________________________________________ 
 _______________________________________________________________________________________________________________________________________________ 
 _______________________________________________________________________________________________________________________________________________ 
  

			
	Date:                         	 	  
  

		 	Employee Name
		 	  
  

		 	Employee SignatureCollaboration Agreement

 [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 
 EXHIBIT 10.1 
 COLLABORATION AGREEMENT 
 THIS COLLABORATION AGREEMENT (the “Agreement”) is made and entered into as of
March 20th, 2006 (the “Effective Date”) by and between EXELIXIS,
INC., a Delaware corporation having its principal place of business at 170 Harbor Way, P.O. Box 511, South San Francisco, California 94083-0511 (“Exelixis”), and SANKYO COMPANY,
LIMITED, a Japanese corporation having its principal place of business at 3-5-1 Nihonbashi-honcho, Chuo-ku, Tokyo 103-8426 Japan (“Sankyo”). Exelixis and Sankyo are sometimes referred to herein individually as a
“Party” and collectively as the “Parties”. 
 RECITALS 
 A. Sankyo is a multinational health care company that has expertise and capability in researching, developing and commercializing human pharmaceuticals.

 B. Exelixis is a drug discovery company that has expertise and proprietary technology relating to compounds that modulate the Mineralocorticoid
Receptor. 
 C. Sankyo and Exelixis desire to establish a collaboration to apply such Exelixis technology and such expertise of Exelixis and Sankyo to
the lead optimization and characterization of small molecule compounds that modulate the Mineralocorticoid Receptor, and to the development and commercialization of novel therapeutic and prophylactic products based on such compounds. 
 NOW THEREFORE, Exelixis and Sankyo agree as follows: 
  

	1.	DEFINITIONS 

 Capitalized terms used in this
Agreement (other than the headings of the Sections or Articles) shall have the following meaning set forth in this Article 1, or, if not listed in this Article 1, the meaning as designated in the text of this Agreement.

 1.1 “Affiliate” means, with respect to a particular Party, a person, corporation, partnership, or other entity that
controls, is controlled by or is under common control with such Party. For the purposes of the definition in this Section 1.1, the word “control” (including, with correlative meaning, the terms “controlled
by” or “under the common control with”) means the actual power, either directly or indirectly through any intermediaries, to direct or cause the direction of the management and policies of such entity, whether by the
ownership of at least fifty percent (50%) of the voting stock of such entity, or by contract or otherwise. 
 1.2 “Annual
FTE Rate” means the amount to be paid by Sankyo to support one (1) FTE for one (1) year. The Annual FTE Rate during the Initial Research Term is [ * ] per year. 

 The Annual FTE Rate for the Research Term Extension, if any, shall be as agreed upon by the Parties pursuant to
Section 2.5. 
 1.3 “Back-up Compounds” means: (a) the following Small Molecule Compounds: [ * ];
and (b) [ * ]. 
 1.4 “Back-up Compound Know-How” means all Information that is Controlled by Exelixis
and its Affiliates [ * ] that comprises Inventions [ * ]. Back-up Compound Know-How does not include any Back-up Compound Patent or any information licensed to Exelixis or its Affiliate [ * ]. 
 1.5 “Back-up Compound Patents” means all Patents that are Controlled by Exelixis and its Affiliates [ * ] and that claim
Inventions [ * ]. Back-up Compound Patents do not include any Joint Patents or any Patents licensed to Exelixis or its Affiliate [ * ]. 
 1.6 “Collaboration” means all the activities performed by or on behalf of Exelixis or Sankyo in the course of performing work contemplated in Article 2. 
 1.7 “Commercialize” or “Commercialization” means all activities that are undertaken after Regulatory Approval for a
particular Product and that relate to the commercial marketing and sale of such Product including advertising, marketing, promotion, distribution, and post-approval clinical studies. 
 1.8 “Control” or “Controlled” means, with respect to any Small Molecule Compound, material, Information or intellectual
property right, that the Party owns or has a license to such Small Molecule Compound, material, Information or intellectual property right and has the ability to grant to the other Party access, a license or a sublicense (as applicable) to such
Small Molecule Compound, material, Information or intellectual property right as provided for herein without violating the terms of any agreement or other arrangements with any Third Party existing at the time such Party would be first required
hereunder to grant the other Party such access, license or sublicense. 
 1.9 “Derivatives” means all: (a) Small
Molecule Compounds that [ * ]; and (b) [ * ]. 
 1.10 “Develop” or “Development”
means, with respect to the Product, the performance of all research, pre-clinical, clinical and regulatory activities required to obtain Regulatory Approval of a Product. 
 1.11 “Diligent Efforts” means the carrying out of obligations or tasks in a sustained manner consistent with the efforts a Party devotes to a product or a research, development or marketing project of
similar market potential, profit potential or strategic value resulting from its own research efforts, based on conditions then prevailing. Diligent Efforts requires that the Party: (a) promptly assign responsibility for such obligations to
specific employee(s) who are held accountable for progress and monitor such progress on an on-going basis; (b) set and consistently seek to achieve specific and meaningful objectives for carrying out such obligations; 

  

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* ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 
and (c) consistently make and implement decisions and allocate resources designed to advance progress with respect to such objectives. 
 1.12 “EU” means the European Union, as its membership may be altered from time to time, and any successor thereto. The member
countries of the European Union as of the Effective Date are Belgium, Denmark, Germany, Greece, Spain, France, Ireland, Italy, Luxemburg, Netherlands, Austria, Portugal, Finland, Sweden, the United Kingdom, Estonia, Latvia, Lithuania, Poland, the
Czech Republic, Slovakia, Hungary, Slovenia, Malta, and Cyprus. 
 1.13 “Exelixis Know-How” means the Existing
Compound Know-How and the Back-up Compound Know-How. 
 1.14 “Exelixis Net Sales” means net sales of any Product by
Exelixis or its sublicensees pursuant to the license granted by Sankyo in Section 10.3(b) and Section 10.4(c) and as determined on the same basis as Net Sales, substituting Exelixis for Sankyo. 
 1.15 “Exelixis Patents” means the Existing Compound Patents and the Back-up Compound Patents. 
 1.16 “Existing Compounds” mean all: (a) the following Small Molecule Compounds: [ * ]; and (b) [ * ].

 1.17 “Existing Compound Know-How” means all Information that is Controlled by Exelixis and its Affiliates [ *
] Existing Compounds. Existing Compound Know-How does not include any Existing Compound Patent or any information licensed to Exelixis or its Affiliate [ * ]. 
 1.18 “Existing Compound Patents” means all Patents: (a) that are Controlled by Exelixis and its Affiliates [ * ] in Exhibit 1.18; or (b) issuing from or claiming priority to
any of the foregoing. Existing Compound Patents do not include any Back-up Compound Patents, Joint Patents or any Patents licensed to Exelixis or its Affiliate [ * ]. 
 1.19 “FTE” means the equivalent of a single person working full time for Exelixis over a twelve (12) month period (including
normal vacations, sick days and holidays). 
 1.20 “IND” means: (a) an Investigational New Drug Application filed with
the U.S. Food and Drug Administration (the “FDA”) or its equivalent in any country outside the United States where a regulatory filing is required or obtained to conduct a clinical trial; or (b) with respect to any country
where a regulatory filing is not required or obtained to conduct a clinical trial, the first enrollment of a human subject in the first trial involving the first use of a Product in humans. 
 1.21 “Information” means information, material, results and data of any type whatsoever, in any tangible or intangible form whatsoever,
including databases, inventions, practices, methods, techniques, specifications, formulations, formulae, cell lines, cell media, knowledge, know-how, skill, experience, manufacturing materials, financial data, test data 

  

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* ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 
including pharmacological, biological, chemical, biochemical, toxicological and clinical test data, analytical and quality control data, quality assurance
data, stability data, studies and procedures, and patent and other legal information or descriptions. 
 1.22 “Initial
Research Term” means the period commencing on the Effective Date and ending fifteen (15) months later. 
 1.23
“Initiation” means, with respect to a Phase II Trial or Phase III Trial, the first enrollment of a patient in such trial. 
 1.24 “Invention” means any invention or improvement that in each case is made, conceived or reduced to practice by or on behalf of a Party or both Parties in the course of performing under this Agreement. 

1.25 “Joint Patents” has the meaning set forth in Section 7.1. 
 1.26 “Joint Research Committee” or “JRC” means the committee described in Section 2.2. 

1.27 “Launch” means, for each Product in each country, the first arm’s-length sale to a Third Party (or an Affiliate of a Party
if such Affiliate is the end user of such Product) in such country after Regulatory Approval of such Product in such country. A Launch shall not include any Product sold for use in clinical trials, for research or for other non-commercial uses, or
that is supplied as part of a compassionate use or similar program. 
 1.28 “Lead Compound” means the Existing Compound,
[ * ]. 
 1.29 “Licensed Compound” means any Existing Compound, Back-up Compound or Derivative. 
 1.30 “Major Country” means any of the following countries, and their respective territories and possessions: [ * ].

 1.31 “MR” means: (a) the gene for the Mineralocorticoid Receptor (for any species); (b) the protein
encoded by such gene; and (c) all subtypes, mutants, variants and fragments thereof. 
 1.32 “NDA” means: (a) a
New Drug Application (as more fully defined in 21 C.F.R. 314.5 et seq.) and all amendments and supplements thereto filed with the FDA in order to obtain Regulatory Approval in the United States; or (b) an application for Regulatory
Approval required before commercial sale or use of a Product as a drug in a regulatory jurisdiction other than the United States. 
 1.33
“NDA Acceptance” means the submission to the FDA in the United States or the corresponding authorities in a country other than the United States of an NDA for the Product and filing of such NDA in such country. 
  

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* ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 1.34 “Net Sales” means, for any period, the gross amount invoiced or otherwise
charged by Sankyo or its Affiliates or Sublicensees for the sale of any Product to any Third Party, less the following deductions to the extent actually incurred or allowed in connection with the sale of such Product (and in accordance with the
integrated system of International Accounting Standards and International Financial Reporting Standards, consistently applied): (a) trade, quantity and cash discounts allowed; (b) commissions, discounts, refunds, rebates, charge-backs,
retroactive price adjustments, and any other allowances which effectively reduce the net selling price; (c) actual Product returns and allowances; (d) delayed ship order credits and discounts pursuant to indigent patient programs and
patient discount programs, including, but not limited to, “Together Rx” and coupon discounts; and (e) any tax imposed on the production, sale, delivery or use of the Product, including, without limitation, sales, use, excise or value
added taxes. 
 In the event a Product is sold as an end-user product consisting of a combination of active functional elements or as a
combined product and/or service, Net Sales, for purposes of determining royalty payments on such Product, shall be calculated by multiplying the Net Sales of the end-user product and/or service by the fraction A over A+B, in which A is the
gross selling price of the Product portion of the end-user product and/or service when such Product is sold separately during the applicable accounting period in which the sales of the end-user product were made, and B is the gross selling price of
the other active elements and/or service, as the case may be, of the end-user product and/or service sold separately during the accounting period in question. All gross selling prices of the elements of such end-user product and/or service shall be
calculated as the average gross selling price of the said elements during the applicable accounting period for which the Net Sales are being calculated. In the event that, in any country or countries, no separate sale of either such above-designated
Product or such above designated elements of the end-user product and/or service are made during the accounting period in which the sale was made or if gross retail selling price for an active functional element, component or service, as the case
may be, cannot be determined for an accounting period, Net Sales allocable to the Product in each such country shall be determined by mutual agreement reached in good faith by the Parties prior to the end of the accounting period in question based
on an equitable method of determining same that takes into account, on a country-by-country basis, variations in potency, the relative contribution of each active agent, component or service, as the case may be, in the combination, and relative
value to the end user of each active agent, component or service, as the case may be. Notwithstanding the foregoing, the Parties agree that, for purposes of this paragraph, drug delivery vehicles, adjuvants, and excipients shall not be deemed to be
“active ingredients” or “active functional elements”. 
 1.35 “Non-Disclosure Agreements”
means: (a) the Confidential Disclosure Agreement among Sankyo, Exelixis and Exelixis’ Affiliate X-Ceptor Therapeutics, Inc., effective as of July 27, 2005, and all amendments thereto; and (b) the Consultant’s Confidential
Disclosure Agreement among Exelixis, Sankyo, and Sankyo’s consultant Jim Zeller Consulting LLC, effective as of October 18, 2005. 
 1.36 “Patents” means all: (a) United States patents, re-examinations, reissues, renewals, extensions and term restorations, inventors’ certificates and non-U.S. counterparts 

  

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* ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 
thereof; (b) pending applications for United States patents, including provisional applications, continuations, continuations-in-part, continued
prosecution, divisional and substitute applications; and (c) non-U.S. counterparts of the foregoing. 
 1.37 “Phase II
Trial” means a human clinical trial of the Product, the principal purpose of which is to make a preliminary determination that such Product is safe for its intended use and to obtain sufficient information about such Product’s efficacy
to permit the design of further clinical trials, and generally consistent with 21 C.F.R. § 312.21(b), as amended (or its successor regulation). 
 1.38 “Phase III Trial” means a pivotal human clinical trial of a Product, which trial is designed to: (a) establish that the Product is safe and efficacious for its intended use; (b) define
warnings, precautions and adverse reactions that are associated with the Product in the dosage range to be prescribed; (c) support Regulatory Approval of such Product; and (d) be generally consistent with 21 C.F.R. § 312.21(c), as
amended (or its successor regulation). 
 1.39 “Product” means any human therapeutic or prophylactic product that contains
or comprises any Licensed Compounds as a main ingredient. 
 1.40 “Regulatory Approval” means any and all approvals
(including supplements, amendments, pre- and post-approvals, pricing and reimbursement approvals), licenses, registrations or authorizations of any national, supra-national (e.g., the European Commission or the Council of the European Union),
regional, state or local regulatory agency, department, bureau, commission, council or other governmental entity, that are necessary for the manufacture, distribution, use or sale of a Product in a regulatory jurisdiction. 
 1.41 “Research Plan” shall have the meaning set forth in Section 2.3. 
 1.42 “Research Term” means the period of the Initial Research Term plus any extension agreed upon by the Parties pursuant to
Section 2.5. 
 1.43 “Sankyo Know-How” means all Information that is Controlled by Sankyo or its Affiliates [
* ], excluding any Information jointly owned by the Parties. Sankyo Know-How does not include any Sankyo Patents. 
 1.44 “Sankyo
Patents” means all Patents Controlled by Sankyo or its Affiliates [ * ], but excluding any Joint Patents. 
 1.45
“Small Molecule Compound” means a molecule with a molecular weight less than or equal to [ * ]. 
 1.46
“Sublicensee” means a person, corporation, partnership or other entity, other than an Affiliate, that is granted a sublicense by Sankyo under the grant in Section 4.1 or that is granted a license to develop and/or
commercialize Products. 
 1.47 “Term” means the period beginning on the Effective Date and ending on the expiration or
earlier termination of this Agreement. 
  

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* ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 1.48 “Third Party” means any person or entity other than Exelixis, Sankyo or an
Affiliate of Exelixis or Sankyo. 
 1.49 “Valid Claim” means: (a) any claim of an issued Patent in the Exelixis
Patents, Joint Patents or the Sankyo Patents that has not (i) expired or been abandoned, (ii) been held invalid or unenforceable by a court of competent jurisdiction from which no appeal can be taken or has been taken within the required
time period or (iii) been admitted to be invalid or unenforceable through reissue, disclaimer or otherwise; or, [ * ], (b) any claim under a application for a Patent in the Exelixis Patents, Joint Patents or the Sankyo Patents that
has not been abandoned, canceled, withdrawn from consideration, or finally determined to be unallowable in a decision from which no appeal can be taken. 
  

	2.	COLLABORATION 

 2.1 Overview. The
general goals and intent of the Collaboration are to apply each Party’s technology and expertise to optimize and characterize Licensed Compounds that may be developed into Products. During the Initial Research Term of the Collaboration:
(a) Sankyo will focus on the completing the characterization of the Lead Compound for the filing of an IND and on the optimization of Licensed Compounds (other than the Lead Compound) through the creation and testing of Derivatives; and
(b) Exelixis will focus on the optimization of Licensed Compounds (other than the Lead Compound) through the creation and testing of Derivatives. The details of the work to be conducted under the Collaboration will be set forth in the Research
Plan, as described in Section 2.3. 
 2.2 Joint Research Committee. 
 (a) Membership. The Joint Research Committee (the “JRC”) shall be composed of [ * ] members. Within
[ * ] days after the Effective Date, each Party shall appoint [ * ] to the JRC, with one (1) of those representatives being the individual at the Party with primary responsibility for the day-to-day management and execution of the
Research Plan. Each Party may replace its appointed JRC representatives at any time upon written notice to the other Party. [ * ] shall designate one (1) of its representatives as Chairperson of the JRC. The Chairperson shall be
responsible for scheduling meetings, preparing and circulating an agenda in advance of each meeting, and preparing and issuing minutes of each meeting within [ * ] days thereafter. Any JRC member may add topics to the draft agenda.

 (b) Decision-making. The [ * ] JRC representatives of each Party shall collectively have one
(1) vote, and the JRC shall operate by unanimous consent of all JRC members present and in accordance with the principles set forth in this Article 2. In the event of a dispute between the Parties with regard to the performance of the
Collaboration, the matter shall be elevated to the [ * ]. If these two (2) individuals are unable to agree, then the matter shall be elevated to the [ * ]. Notwithstanding anything to the contrary, no decision by a Party shall
require the other Party to: (i) breach any obligation or agreement that such other Party may have with or to a Third Party; (ii) perform any activities that are materially different or greater in 

  

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COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 
scope than those provided for in the then-current Research Plan; or (iii) incur any material financial costs in addition to those expressly described in
Article 5 of this Agreement. 
 (c) Responsibilities. The JRC shall be responsible for the planning and
execution of the Collaboration, and it may appoint various scientific working groups that will report to the JRC and that will manage the day-to-day activities and decisions required under the Collaboration. At its meetings, the JRC shall evaluate
the data generated by the Parties in the course of carrying out the Research Plan, shall prioritize projects within the Research Plan, shall perform those activities specifically described in this Agreement, and may propose revisions to the Research
Plan in accordance with Section 2.3. To the extent necessary to carry out its responsibilities, a Party’s JRC members shall be granted access to the other Party’s Confidential Information relevant to any decision required to be
made by the JRC. 
 (d) Meetings. During the Research Term, the JRC shall meet quarterly by audio or video
teleconference and, at a minimum, once each [ * ] in person. Such quarterly meetings of the JRC shall be held on an alternating basis at Sankyo’s facilities in Shinagawa, Tokyo and at Exelixis’ facilities in South San Francisco or
San Diego (as applicable). With the consent of the representatives of each Party serving on a particular committee, other representatives of each Party may attend meetings of that committee as nonvoting observers. Meetings of the JRC shall be
effective only if at least one (1) representative of each Party is present or participating. Each Party shall be responsible for all of its own expenses of participating in the committee meetings. The Parties shall endeavor to schedule meetings
of the JRC at least [ * ] in advance. 
 2.3 Research Plan. The Parties have agreed in writing upon a detailed plan for
the research to be carried out by the Parties during the Research Term, which is incorporated herein by reference to the Disclosure Letter (the “Disclosure Letter”) between the Parties of even date herewith (the “Research
Plan”). The Research Plan includes each Party’s respective obligations in furtherance of the Collaboration and timelines for performance of such obligations. The Research Plan shall call for at least [ * ] FTEs throughout the
Initial Research Term. Sankyo shall compensate Exelixis, in accordance with Section 5.2, for all FTEs called for in the Research Plan, and Exelixis shall not have any obligation to devote more than such number of FTEs in the performance
of its obligations under the Research Plan. The JRC shall review the Research Plan at least [ * ] and may propose revisions to the Research Plan that are consistent with the terms of this Agreement. The revised Research Plan may only be
approved with the mutual written agreement of the Parties. Once so approved, such revised Research Plan shall replace the prior Research Plan. 
 2.4 Compound Transfer. Within [ * ] of the Effective Date, Exelixis shall use commercially reasonable efforts to transfer to Sankyo the items listed on Exhibit 2.4. Upon Sankyo’s reasonable request, Exelixis
shall facilitate the transfer of technology relating to the manufacturing process, if any, for the Existing Compounds to Sankyo, at any time during the period of [ * ] following the Effective Date. During the Research Term, within [ *
] of receiving Sankyo’s reasonable request for one or more particular items of Information that is in Exelixis’ possession, including any [ * ], and that is generated by Exelixis under the Research Plan, 

  

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* ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
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COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 
Exelixis shall use commercially reasonable efforts to transfer such items to Sankyo. Sankyo shall reimburse Exelixis for any out-of-pocket costs incurred by
Exelixis in connection with this Section 2.4 and for reasonable travel expenses incurred by Exelixis to attend, at Sankyo’s request, any meetings not held at an Exelixis facility. 
 2.5 Extension of Research Term. The Parties may mutually agree to extend the Research Term beyond the end of the Initial Research Term for
an additional two (2) year period, during which time Sankyo shall fund at least [ * ] FTEs per year at the Annual FTE Rate(s) to be agreed upon by the Parties and such FTEs shall either: (a) [ * ]; or (b) develop [ *
]. If the Parties intend to so extend the Research Term, then at least [ * ] prior to the end of the Initial Research Period, the Parties shall agree upon a written Research Plan that covers such extension period and specifies the
applicable Annual FTE Rate(s) and shall amend this Agreement as necessary including, if applicable, to clarify each Parties’ rights and obligations with respect to the [ * ] and [ * ]. 
 2.6 Obligations of Parties. Exelixis and Sankyo shall provide the JRC and its authorized representatives with reasonable access during
regular business hours to all records, documents, and Information relating to the Collaboration which such committee may reasonably require in order to perform its obligations hereunder, provided that if such documents are under a bona fide
obligation of confidentiality to a Third Party, then Exelixis or Sankyo, as the case may be, may withhold access thereto to the extent necessary to satisfy such obligation. 
 2.7 Collaboration Guidelines. Subject to the terms of this Agreement, the activities and resources of each Party shall be managed by such
Party, acting independently and in its individual capacity. The relationship between Exelixis and Sankyo is that of independent contractors, and neither Party shall have the power to bind or obligate the other Party in any manner, other than as is
expressly set forth in this Agreement. 
 2.8 Conduct of Research. The Parties shall use Diligent Efforts to conduct their
respective tasks throughout the Collaboration and shall conduct the Collaboration in good scientific manner, and in compliance in all material respects with the requirements of applicable laws, rules and regulations and all applicable good
laboratory practices to attempt to achieve their objectives as efficiently and expeditiously as reasonably practicable. Except as set forth in Section 5.2, each Party shall bear its own costs in performing its obligations under the
Collaboration. 
 2.9 Records. Each Party shall maintain complete and accurate records of all work conducted under the
Collaboration and all results, data and developments made pursuant to its efforts under the Collaboration. Such records shall be complete and accurate and shall fully and properly reflect all work done and results achieved in the performance of the
Collaboration in sufficient detail and in good scientific manner appropriate for patent and regulatory purposes. 
 2.10
Reports. During the Research Term, each Party shall report to the JRC no less than [ * ] and will submit to the other Party and the JRC a [ * ] written progress report summarizing the work performed under the Collaboration. If
reasonably necessary for a Party to perform its work under the Collaboration or to exercise its rights under the Agreement, such 

  

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COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 
Party may request that the other Party provide more detailed information and data regarding such results reported by such other Party, and such other Party
shall promptly provide the requesting Party with information and data as is reasonably related to such request. All such reports shall be considered Confidential Information of the Party providing same. 
 2.11 Review of Licensed Compounds. As part of the criteria for the submission of a Licensed Compound for [ * ] (a “Development
Candidate”), Exelixis shall review the results of all [ * ] conducted by either Party in the normal course of performing research under the Research Plan or by Sankyo in the normal course of performing research after the expiration
of the Research Term. In the event review by Exelixis is after the expiration of the Research Term, Sankyo shall provide Exelixis with the results of all [ * ] for such Development Candidate, and sufficient samples of any such Development
Candidate to have such assays conducted. Exelixis may use such results and samples for the sole purpose of performing assays to verify that such Development Candidate does not display [ * ] (“[ * ] Activity”). [ *
] shall be responsible for having such assays conducted as well as any costs associated with such assays. If Exelixis notifies Sankyo in writing within [ * ] of receiving a sample of a submitted Development Candidate that such Development
Candidate displays [ * ] Activity, then Sankyo shall not [ * ] such Development Candidate, and Sankyo’s licenses [ * ] such Development Candidate shall terminate (solely with respect to such Development Candidate). In the
event that Exelixis does not provide written notice to Sankyo with respect to the [ * ] Activity of a submitted Development Candidate within such [ * ] period, then Sankyo shall be free to develop and commercialize such Development
Candidate on the terms and conditions set forth in this Agreement. 
 If Sankyo is required to [ * ] of a Development Candidate under
this Section 2.11 due to a [ * ], Sankyo may choose from the following options: 
 (a) Sankyo may
[ * ] or derivatize away the [ * ] Activity; or 
 (b) Sankyo may select a different Licensed Compound
for [ * ]. Furthermore, any substitution of a Licensed Compound under this Section 2.11 [ * ]. 
  

	3.	DEVELOPMENT AND COMMERCIALIZATION OF PRODUCTS 

 3.1 Sankyo Development and Commercialization. As between the Parties, Sankyo (or its Affiliates or sublicensees) have sole authority to
conduct, at its own expense, all clinical development, manufacturing and commercialization activities, including all regulatory activities, with respect to any Products. All regulatory applications with respect to the Products will be owned by
Sankyo and/or its Affiliates or sublicensee(s), as applicable. Upon [ * ], Exelixis shall cooperate with Sankyo in connection with regulatory submissions related to any Product, including, but not limited to [ * ]. Sankyo shall have
sole control and responsibility for, and shall bear all of its costs and expenses associated with, the development, manufacture (including formulation) and commercialization of all Products, as applicable. 
 3.2 Diligence. Sankyo shall use Diligent Efforts to [ * ] and shall be deemed to have fully discharged its diligence obligation upon
[ * ]. Exelixis may notify Sankyo in writing if 

  

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* ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 
Exelixis in good faith believes that Sankyo is not meeting its diligence obligations set forth in this Section 3.2, and may further request
review of Sankyo’s records generated and maintained as required under Section 3.5, to the extent those records relate to [ * ]. Promptly after receiving such notice, Sankyo shall meet with Exelixis and discuss the matter in
good faith. Exelixis may terminate this Agreement pursuant to Section 10.4 if Sankyo fails to meet such diligence obligations. 
 3.3 Progress Reporting. Sankyo will keep Exelixis appropriately informed about Sankyo’s Development and Commercialization efforts with respect to Products. Without limiting the generality of the foregoing, Sankyo shall
provide Exelixis with written notice within [ * ] of the occurrence of any of the milestone events listed in Section 5.3. Sankyo shall also provide Exelixis with [ * ] written reports on the general progress of
Sankyo’s efforts to Develop and Commercialize Products, including a [ * ]. Additionally, Sankyo shall provide Exelixis with a [ * ] written report describing Sankyo’s progress at Developing and Commercializing Products. If
reasonably necessary or useful for Exelixis to exercise its rights under this Agreement, Exelixis may request that Sankyo provide more detailed information and data regarding the work reported by Sankyo, and Sankyo will, without delay, provide
Exelixis with information and data as is reasonably related to such request. All such reports shall be considered Confidential Information of Sankyo. 
 3.4 Compliance with Laws. Sankyo shall perform, and shall ensure that its Affiliates, Sublicensees and Third Party contractors perform, all Development and Commercialization activities for which it is
responsible under this Agreement in good scientific and medical manner and in compliance with all applicable laws, rules and regulations. 
 3.5 Records. Sankyo shall maintain complete and accurate records of all Development, manufacturing and Commercialization conducted by it or on its behalf related to each Product, and all Information generated by it or on its
behalf in connection with development under this Agreement with respect to each such Product. Sankyo shall maintain such records until the later of: (a) [ * ] after such records are created, or (b) [ * ] after the Launch of
the Product to which such records pertain. Such records shall be at a level of detail appropriate for [ * ] purposes. Exelixis shall have the right to review and copy such records of Sankyo at reasonable times to the extent necessary or
useful for Exelixis to conduct its obligations or enforce its rights under this Agreement. 
  

	4.	LICENSES AND OTHER RIGHTS 

 4.1 Exclusive Licenses. 
 (a) Subject to the terms and conditions of this Agreement, Exelixis hereby grants to Sankyo a worldwide, exclusive, royalty-bearing license (with the right to sublicense), under the Existing Compound Patents, the Existing Compound
Know-How and Exelixis’ interest in the Joint Patents, to make, have made, use, develop, sell, offer for sale and import Products containing or comprising Existing Compounds or Derivatives thereof (but not Back-up Compounds or Derivatives
thereof). 
  

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* ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 (b) Subject to the terms and conditions of this Agreement, Exelixis hereby grants
to Sankyo a worldwide, exclusive, royalty-bearing license (with the right to sublicense), under the Back-up Compound Patents, the Back-up Compound Know-How and Exelixis’ interest in the Joint Patents, to make, have made, use, develop, sell,
offer for sale and import Products containing or comprising Back-up Compounds or Derivatives thereof. 
 4.2 Retained Rights.
Exelixis retains the right under the Existing Compound Patents, the Existing Compound Know-How, the Back-up Compound Patents, the Back-up Compound Know-How and Exelixis’ interest in the Joint Patents to make, have made, use, and test Licensed
Compounds solely for internal research purposes. For clarity, Exelixis retains all rights with respect to compounds that are not Licensed Compounds. 
 4.3 Sublicenses. Any sublicense grant by Sankyo under this Agreement shall be made subject to the terms of this Agreement and shall impose restrictions and conditions upon Affiliates and Sublicensees
that are consistent with those imposed upon Sankyo by this Agreement. Sankyo shall remain fully responsible for the conduct of its Affiliates and Sublicensees under the terms of this Agreement, including any breach of the terms hereof by such
Affiliates and Sublicensees. In the event of a material default by an Affiliate or Sublicensee under a sublicense agreement with Sankyo, Sankyo will inform Exelixis and take such action as necessary or appropriate to cure such default. 

4.4 Negative Covenants. Sankyo and its Affiliates shall not, and shall ensure that their Sublicensees do not, practice Exelixis Patents
and/or Exelixis Know-How outside the scope of the licenses granted in Section 4.1. Sankyo hereby covenants that it shall not, and shall not enable any Affiliate or Third Party to, use any Exelixis Know-How, Exelixis Patents or the assays
transferred by Exelixis pursuant to Section 2.4, [ * ]. 
 4.5 Licenses to Exelixis. Subject to the terms of
this Agreement, Sankyo hereby grants Exelixis a non-exclusive, worldwide, royalty-free license (with the right to sublicense to Affiliates, but without the right to sublicense to Third Parties except with prior written consent of Sankyo) under the
Sankyo Know-How and Sankyo Patents, solely to perform research during the Research Term in accordance with the Research Plan. 
 4.6
No Additional Licenses. No right or license under any Patents or other intellectual property rights Controlled by a Party is granted or shall be granted by implication. All such rights or licenses are or shall be granted only as expressly
provided in the terms of this Agreement. 
 4.7 Exclusivity. During the Research Term, neither Party shall [ * ], except
for either Party to conduct activities set forth in the Research Plan [ * ]. 
  

	5.	FINANCIAL TERMS 

 5.1 Upfront Fee. Sankyo shall pay Exelixis an upfront fee of twenty million dollars ($20,000,000) no later than five (5) business days after the Effective Date. The upfront fee payment made by Sankyo to Exelixis pursuant
to this Section 5.1 shall be noncreditable and nonrefundable. 
  

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* ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 5.2 Research Support. No later than the first day of each calendar quarter during the Research
Term, Sankyo shall pay Exelixis an amount equal to the product of one-quarter ( 1/4) of the Annual FTE Rate
multiplied by the number of FTEs set forth in the Research Plan for such quarter. All payments made by Sankyo pursuant to this Section 5.2 shall be non-refundable and non-creditable [ * ]. 
 5.3 Milestone Payments. With regard to each Product containing a separate Licensed Compound and for a separate indication, Sankyo shall
make the nonrefundable and non-creditable ([ * ]) milestone payments set forth below to Exelixis within [ * ] after first achievement of each of the following events by Sankyo or any of its Affiliates or Sublicensees: 
 (a) [ * ] upon filing of an IND for such Product anywhere in the world; 
 (b) [ * ] upon first Initiation of a Phase II Clinical Trial anywhere in the world; 
 (c) [ * ] upon first Initiation of a Phase III Clinical Trial anywhere in the world; 
 (d) [ * ] upon first NDA Acceptance for such Product anywhere in the world; 
 (e) [ * ] upon Launch of such Product in the United States; 
 (f) [ * ] upon Launch of such Product in any country in Europe (including the EU) or Asia (including Southeast Asia and the
Pacific Rim); 
 (g) [ * ] upon the first time the annual, worldwide, aggregate Net Sales of such Product reach
or exceed [ * ]; and 
 (h) [ * ] upon the first time the annual, worldwide, aggregate Net Sales of such
Product reach or exceed [ * ]. 
 If any milestone event (the “Later Milestone”) is achieved during the development
of a Product prior to the achievement of a milestone event listed above it (an “Earlier Milestone”) for the same Product, then Sankyo shall pay to Exelixis, within [ * ] of the achievement of such Later Milestone, the amount
for such Later Milestone plus the amount for each and every Earlier Milestone not yet achieved; provided, however, that [ * ]. 
 Furthermore, if development of a Licensed Compound for a Product ceases or is suspended, then Sankyo shall [ * ] Licensed Compound. However, if any subsequent Licensed Compound is developed for a separate Product, then Sankyo shall
[ * ]. For clarity, the Parties agree that a separate Product shall not include [ * ]. 
  

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* ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 The development of any combination product containing the same Licensed Compound as an existing Product
as one of its active ingredients, or the development of an existing Product for [ * ] shall not be considered as a separate Product subject to the milestone payments stated in Section [ * ]. Following the [ * ] of a combination
product containing the same Licensed Compound as an existing Product, Sankyo shall pay the milestones stated in Section [ * ] as they become applicable. Following the inclusion of a [ * ] of an existing Product [ * ], Sankyo
shall pay [ * ] the milestones stated in Section [ * ] as they become applicable. For clarity, the Parties agree that Sankyo shall not pay any of the milestones stated in Section [ * ] for the Launch of an existing Product for
[ * ]. Sankyo shall also pay the sales milestones stated in Section 5.3(g)-(h) as they become applicable, and, notwithstanding the previous distinctions, the aggregate Net Sales of all Products containing the same Licensed Compound
may be combined when determining whether such sales milestones have been achieved. 
 5.4 Royalty Payments. 
 (a) For each Product that is covered by a Valid Claim of any Exelixis Patents or Joint Patents, Sankyo shall make noncreditable,
nonrefundable royalty payments to Exelixis at the following royalty rates: 
 (i) [ * ] of the Net Sales of the
annual (based on Sankyo’s fiscal year), worldwide, aggregate Net Sales for each Product up to [ * ]; and 
 (ii) [ * ] of the Net Sales of the annual (based on Sankyo’s fiscal year), worldwide, aggregate Net Sales for each Product that exceeds [ * ]. 
 (b) For each Product that is covered solely by a Valid Claim of any Sankyo Patent, Sankyo shall make noncreditable, nonrefundable
royalty payments to Exelixis at: (i) [ * ]of the royalty rates set forth in Section 5.4(a)(i) or Section 5.4(a)(ii) for Patents [ * ]; and (ii) [ * ] of the royalty rates set forth in Section 5.4(a)(i) or
Section 5.4(a)(ii) for all other Patents, as applicable, for the annual, worldwide aggregate Net Sales of such Product. 
 (c) In the event that a [ * ], the Parties agree to hold good faith discussions to [ * ]. 
 5.5 Term
of Royalties. Exelixis’ right to receive royalties under Section 5.4(a) shall expire on a country-by-country and Product-by-Product basis upon the [ * ] of: (a) [ * ]. Exelixis’ right to receive royalties
under Section 5.4(b) shall expire on a country-by-country and Product-by-Product basis upon the [ * ] of: (a) [ * ]. 
 5.6 Reports. Within [ * ] after the end of the calendar quarter in which Launch in any country occurs, and each calendar quarter thereafter, Sankyo shall send to Exelixis: (a) a payment of all royalties owed to
Exelixis for such quarter; and (b) a report of Net Sales of Products in sufficient detail on a country-by-country basis to permit confirmation of the accuracy of the royalty payment made, including the number of Products sold, the gross sales
and Net Sales of Products, the royalties payable (in dollars), the method used to calculate the royalty, and the exchange rates used. 
  

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* ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 5.7 Sublicenses. In the event Sankyo grants licenses or sublicenses to others to sell
Products which are subject to milestone payments under Section 5.3 or royalty payments under Section 5.4, such licenses or sublicenses shall include an obligation for the licensee or sublicensee to account for and report its
sales of Products on the same basis as if such sales were Net Sales by Sankyo, and Sankyo shall pay, or shall ensure that sublicensee shall pay, to Exelixis, the milestone and royalty payments set forth in Sections 5.3 and 5.4 as if
such milestone-triggering events or sales of the licensee or sublicensee were performed or made by Sankyo. 
 5.8 Acknowledgment of
Exelixis Contribution. The Parties hereby acknowledge that the value contributed by Exelixis to any Product developed and/or commercialized by or on behalf of Sankyo, its Affiliates and Sublicensees is the access to the Exelixis Know-How and
Exelixis Patents and that the milestone and royalty payments described above in this Article 5 will be payable by Sankyo regardless of whether a Product is covered by an Exelixis Patent, and/or Joint Patent. 
 5.9 Payments. All references to “dollars” or “$” means the legal currency of the United States. All
amounts due to Exelixis by Sankyo under this Agreement shall be paid in dollars by wire transfer in immediately available funds to an account designated by Exelixis. If any currency conversion shall be required in connection with any royalty payment
under this Agreement, such conversion shall be made by using the average of buying and selling exchange rates for conversion of foreign currency and dollars as published in The Wall Street Journal, Western Edition, on the last business day of
the applicable reporting period. If Sankyo is prevented from paying Exelixis any royalties in a given country because the local currency is blocked and cannot be removed from the country, then Sankyo shall promptly pay Exelixis in the local currency
by deposit in a local bank designated by Exelixis, to the extent permitted by local law. 
 5.10 Withholding of Taxes. Sankyo
may withhold from payments due to Exelixis amounts for payment of any withholding tax that is required by law to be paid to any taxing authority with respect to such payments. Sankyo shall provide to Exelixis all relevant documents and
correspondence, and shall also provide to Exelixis any other cooperation or assistance on a reasonable basis as may be necessary to enable Exelixis to claim exemption from such withholding taxes and to receive a full refund of such withholding tax
or claim a non-U.S. tax credit. Sankyo shall give proper evidence from time to time as to the payment of such tax. 
 5.11 Late
Payments. Any amounts not paid by Sankyo when due under this Agreement shall be subject to interest from and including the date payment is due through and including the date upon which Exelixis has received payment at a rate equal to:
(a) the sum of [ * ] plus the prime rate of interest quoted in the Money Rates section of The Wall Street Journal, Western Edition (or similar reputable data source), calculated daily on the basis of a 365-day year; or, if lower,
(b) the highest rate permitted under applicable law. 
 5.12 Records and Audit. During the term of this Agreement and for
a period of [ * ] thereafter, each Party shall keep complete and accurate records pertaining to the development, 

  

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HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 
manufacture, use, sale or other disposition of the Products, in sufficient detail to permit the other Party to confirm the accuracy of all payments due
hereunder. Each Party shall have the right to cause an independent, certified public accountant to audit such records to confirm the accuracy of the other Party’s payments; provided, however, that such auditor shall not disclose the
other Party’s confidential information, except to the extent such disclosure is necessary to verify the payments due under this Agreement. Each Party shall bear the full cost of such audit unless such audit discloses a variance of more than
[ * ] from the amount of payments previously paid for the audited period. In such case, the audited Party shall bear the full cost of such audit. The audited Party shall remit any underpayment identified by such audit (plus applicable
interest) within [ * ] of the results of such audit. The terms of this Section 5.12 shall survive any termination or expiration of this Agreement for a period of [ * ]. 
  

	6.	CONFIDENTIALITY 

 6.1
Nondisclosure of Confidential Information. For all purposes hereunder, “Confidential Information” shall mean all Information disclosed by each Party to the other Party pursuant to this Agreement, including any Information
disclosed by each Party to the other Party pursuant to the Non-Disclosure Agreements. [ * ], a Party receiving such item of Confidential Information of the other Party will: (a) maintain in confidence such Confidential Information to the
same extent such Party maintains its own proprietary information (but at a minimum each Party shall use reasonable efforts); (b) not disclose such item of Confidential Information to any Third Party without prior written consent of the other
Party; and (c) not use the other Party’s Confidential Information for any purpose except those permitted by this Agreement. 
 6.2 Exceptions. The obligations in Section 6.1 shall not apply with respect to any portion of the Confidential Information that the receiving Party can show by competent written proof: 
 (a) Is publicly disclosed by the disclosing Party, either before or after it is disclosed to the receiving Party hereunder;

 (b) Was known to the receiving Party or any of its Affiliates, without obligation to keep it confidential, prior to
disclosure by the disclosing Party; 
 (c) Is subsequently disclosed to the receiving Party or any of its Affiliates by
a Third Party lawfully in possession thereof and without obligation to keep it confidential; 
 (d) Is published by a
Third Party or otherwise becomes publicly available or enters the public domain, either before or after it is disclosed to the receiving Party; or 
 (e) Has been independently developed by employees or contractors of the receiving Party or any of its Affiliates without the aid, application or use of Confidential Information of the disclosing Party.

  

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* ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 6.3 Authorized Disclosure. Each Party may disclose the Confidential Information belonging
to the other Party to the extent such disclosure is reasonably necessary in the following instances: 
 (a) Filing or
prosecuting Patents relating to Products; 
 (b) Regulatory filings; 
 (c) Prosecuting or defending litigation; 
 (d) Complying with applicable governmental regulations; and 
 (e) Disclosure, in connection with the performance of this Agreement, to Affiliates, sublicensees, research collaborators,
employees, consultants, or agents, each of whom prior to disclosure must be bound by similar obligations of confidentiality and non-use at least equivalent in scope to those set forth in this Article 6. 
 Before a Party may disclose the Confidential Information of the other Party under this Section 6.3, it shall notify the other Party of a request for
disclosure. Furthermore, in the case of a disclosure under Section 6.3(c), the notifying Party will provide such other Party with an opportunity to oppose such disclosure or seek a protective order limiting such disclosure. Upon timely notice
of a proposed disclosure to comply with applicable governmental regulations or a request from a governmental authority, the notifying Party shall be relieved of all liability for unauthorized disclosure. 
 The Parties acknowledge that the terms of this Agreement shall be treated as Confidential Information of both Parties. Such terms may be disclosed by a Party to
investment bankers, investors, and potential investors, each of whom prior to disclosure must be bound by similar obligations of confidentiality and non-use at least equivalent in scope to those set forth in this Article 6. In addition,
a copy of this Agreement may be filed, furnished or submitted to the Securities and Exchange Commission by Exelixis. In connection with any such filing, Exelixis shall endeavor to obtain confidential treatment of economic and trade secret
information. 
 In any event, the Parties agree to take all reasonable action to avoid disclosure of Confidential Information except as permitted hereunder.

 6.4 Press Releases. If either Party desires to make a public announcement (e.g., press release) concerning the terms of this
Agreement or the activities hereunder, such Party shall give reasonable advance notice of the proposed text of such announcement to the other Party for its review and approval prior to announcement, such approval shall not be unreasonably delayed or
withheld. Such other Party shall provide its comments, if any, within [ * ] business days after receipt of the proposed text and the Party making such announcement shall consider and address all such comments in good faith. Notwithstanding
anything to the contrary, such approval shall not be needed if such public announcement: (a) is required pursuant to the disclosure requirements of the U.S. Securities and Exchange Commission or the national securities exchange or other stock
market on which such Party’s securities are traded; (b) solely discloses that a milestone event under this Agreement has been achieved; or (c) solely discloses information that has previously been approved for disclosure by the other
Party. 
  

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* ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 6.5 Scientific Publications. Each Party shall not publish or present the results of studies
carried out under this Agreement without the opportunity for prior review by the other Party. Subject to Section 6.3, each Party agrees to provide the other Party the opportunity to review any proposed abstracts, manuscripts or
presentations (including verbal presentations) which relate to Products at least [ * ] prior to its intended submission for publication and agrees to revise such proposed publication to take into account all reasonable comments provided by
the other Party within such [ * ]. Each Party shall not have the right to publish or present Confidential Information of the other Party that is subject to Section 6.1. 
  

	7.	INTELLECTUAL PROPERTY 

 7.1 Ownership of Inventions. Each Party shall own any all right, title and interest in and to inventions made, conceived or reduced to practice solely by its employees, agents or independent contractors in their activities
hereunder, and any Patents claiming or disclosing such inventions. Inventions hereunder made, conceived or reduced to practice jointly by employees, agents or independent contractors of each Party in the course of performing under this Agreement,
and any intellectual rights in such joint inventions, including Patents claiming or disclosing such joint inventions (“Joint Patents”), shall be owned jointly by the Parties in accordance with the joint ownership interests of
co-inventors under U.S. patent laws. Inventorship shall be determined in accordance with U.S. patent laws. 
 7.2 Disclosure.
Each Party shall submit a written report to the JRC within [ * ] of the end of each quarter describing any Invention arising during the prior quarter in the course of the Collaboration which it believes may be patentable. 
 7.3 Patent Prosecution, Maintenance and Enforcement. 
 (a) Patent Prosecution and Maintenance. Exelixis will prosecute and maintain, at [ * ] cost, the Exelixis Patents in those countries covered by its normal patent prosecution strategy (i.e., the
[ * ]), including conducting any interferences, reexaminations, reissues, oppositions, or request for patent term extension relating thereto. If Sankyo requests that Exelixis prosecute and maintain Exelixis Patents in countries beyond those
covered by its normal patent prosecution strategy, Sankyo will [ * ] in connection with such prosecution and maintenance. Sankyo’s obligation to [ * ] will cease for a particular Exelixis Patent when such Exelixis Patent no longer
claims the composition, method of making, or method of using any Licensed Compound. Sankyo will prosecute and maintain the Sankyo Patents in its discretion, including conducting any interferences, reexaminations, reissues, oppositions, or request
for patent term extension relating thereto, at its expense. 
 (b) Joint Patents. The Parties shall mutually
determine which Party shall be responsible for obtaining, prosecuting and/or maintaining Joint Patents, in appropriate countries throughout the world. The prosecuting Party shall consult with the other Party as to the preparation, filing,
prosecution and maintenance of such Joint Patents reasonably prior to any deadline or action with the U.S. Patent & Trademark Office or any foreign patent office, and 

  

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* ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 
shall furnish to the other Party copies of all relevant documents reasonably in advance of such consultation. Exelixis and Sankyo shall share equally the
costs for filing, prosecuting and/or maintaining such Joint Patents throughout the world; provided, however, that either Party may decline to bear its share of the costs and expenses to file, prosecute and/or maintain any particular Joint
Patent in any countries. In that case the other Party may undertake the responsibility for filing, prosecuting and/or maintaining such Joint Patent at its own expense, and if it does so, the declining Party shall assign to the other Party all its
right, title and interest to any such Joint Patent(s), and, upon such assignment, such Joint Patent(s) shall become the sole property of other Party. 
 (c) Enforcement of Patent Rights. If either Party becomes aware of a suspected infringement of Exelixis Patents [ * ] (collectively, “Enforceable Patents”) through the
development, manufacture or sale of a Product by a Third Party, such Party shall notify the other Party promptly, and following such notification, the Parties shall confer. Sankyo shall have the first right, but shall not be obligated, to bring an
infringement action against such Third Party with respect to the Enforceable Patents at its own expense and by counsel of its own choice, and shall control the progress of the litigation. If Sankyo desires to bring an infringement action against
such Third Party, but is prevented by law from initiating such an action on its own, Exelixis will bring the claim on behalf of Sankyo (at Sankyo’s expense), and Sankyo shall be treated as if it brought the action directly. Exelixis shall have
the right to participate in such action, at its own expense and by counsel of its own choice and Sankyo shall consider all reasonable requests and comments from Exelixis. If Sankyo fails to bring such an action or proceeding within: (i) [ *
] following the notice of alleged infringement; or (ii) [ * ] before the time limit, if any, set forth in the appropriate laws and regulations for the filing of such actions, whichever comes first, then Exelixis shall have the right
to bring and control any such action, at its own expense and by counsel of its own choice, and Sankyo shall have the right to be represented in any such action, at its own expense and by counsel of its own choice. If a Party brings an infringement
action pursuant to this Section 7.3(c), the other Party will reasonably assist the enforcing Party (at the enforcing Party’s expense) in such actions or proceedings if so requested, and will lend its name to such actions or
proceedings if required by law in order for the enforcing Party to bring such action. Neither Party shall have the right to settle any patent infringement litigation under this Section 7.3(c) in a manner that diminishes the rights or
interests of the other Party without the prior written consent of such other Party. Except as otherwise agreed to by the Parties as part of a cost sharing arrangement, any recovery realized as a result of such litigation, after reimbursement of any
litigation expenses of Sankyo and Exelixis, shall be treated as follows: (i) if Sankyo brings and controls the litigation any recovery for [ * ], and, if Exelixis brings and controls the litigation, any recovery for [ * ]; and
(ii) any other recovery realized by either Party as a result of such litigation [ * ]. 
 7.4 Third Party Infringement
Claims. If an allegation is made or claim is brought by a Third Party that any activity related to a Product infringes the intellectual property rights of such Third Party, each Party will give prompt written notice to the other Party of such
claim. Each Party shall have the right to defend against such allegation or claim at its own expense, in its own name, and under its own direction and control and shall reasonably assist the other Party (at the other Party’s expense) if so
requested. Neither Party shall enter into any settlement of any 

  

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* ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 
claim described in this Section 7.4 that affects the other Party’s rights or interests without such other Party’s written consent,
which consent shall not be unreasonably withheld or delayed. If a Party is entitled to indemnification pursuant to Article 9 with respect to a claim described in this Section 7.4, it shall follow the procedures set forth in
Article 9 if it wishes to obtain such indemnification. 
  

	8.	REPRESENTATIONS AND WARRANTIES 

 8.1 Mutual Warranties. Each Party represents and warrants to the other Party that: (a) it has the authority and right to enter into and perform this Agreement; (b) this Agreement is a legal and
valid obligation binding upon it and is enforceable in accordance with its terms, subject to applicable limitations on such enforcement based on bankruptcy laws and other debtors’ rights; and (c) its execution, delivery and performance of
this Agreement will not conflict in any material fashion with the terms of any other agreement or instrument to which it is or becomes a party or by which it is or becomes bound, nor violate any law or regulation of any court, governmental body or
administrative or other agency having authority over it. 
 8.2 Exelixis Warranties. Exelixis represents and warrants to
Sankyo, to Exelixis’ knowledge as of the Effective Date, that: 
 (a) Exelixis has the full right and power to
grant the license set forth in Section 4.1 in the manner and to the extent set forth in this Agreement, free and clear of any adverse assignment, grant or other encumbrances inconsistent with such grant; 
 (b) Exelixis has not received any written notice or other written communication alleging that [ * ]; and 
 (c) None of the [ * ]. 
 8.3 No Additional Representations. 
 (a) Exelixis, its Affiliates, and its and their directors,
officers, employees, agents or contractors shall not have or be subject to any liability to Sankyo or any Third Party resulting from the provision to Sankyo, or Sankyo’s use of, any such information, documents or material made available to
Sankyo in any “data rooms”, management presentations or in any other form in expectation of the transactions contemplated hereby, except to the extent such information, documents or materials are included in the representations or
warranties of Exelixis expressly set forth in this Article 8, provided that all such information, documents or material be made available in their original state, without redaction or alteration. 
 (b) Except as expressly set forth in the representations and warranties set forth in Sections 8.1 and 8.2 of
this Agreement: (i) there are no representations or warranties by Exelixis of any kind, express or implied, with respect to Licensed Compounds (including its research, development or commercialization); and (ii) EXELIXIS
NEITHER MAKES OR EXTENDS ANY OTHER EXPRESS OR IMPLIED REPRESENTATION OR
WARRANTY, INCLUDING ANY EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY OR OF
FITNESS FOR A PARTICULAR PURPOSE 

  

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 [
* ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 
OR USE OF ANY PRODUCT OR ANY
REPRESENTATIONS OR WARRANTIES WITH RESPECT TO INFRINGEMENT OF THIRD PARTY
INTELLECTUAL PROPERTY RIGHTS. 
 8.4 Collaboration Disclaimer. EXCEPT AS
PROVIDED IN ARTICLE 8 ABOVE, EACH PARTY EXPRESSLY DISCLAIMS ANY AND ALL OTHER WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION THE WARRANTIES OF DESIGN, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND
NONINFRINGEMENT OF THE INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES WITH RESPECT TO ANY RESEARCH RESULTS, LICENSED COMPOUNDS, DATA, OR INVENTIONS (AND ANY PATENT RIGHTS OBTAINED THEREON) IDENTIFIED, MADE OR GENERATED BY SUCH PARTY AS PART OF THE
COLLABORATION OR OTHERWISE MADE AVAILABLE TO THE OTHER PARTY PURSUANT TO THE TERMS OF THE AGREEMENT. 
  

	9.	INDEMNIFICATION 

 9.1
Exelixis. Exelixis shall indemnify, defend and hold harmless Sankyo, its Affiliates, and their respective directors, officers and employees (each a “Sankyo Indemnitee”) from and against any and all liabilities, damages,
losses, costs or expenses (including attorneys’ and professional fees and other expenses of litigation and/or arbitration) (“Liabilities”) resulting from any claim, suit or proceeding made or brought by a Third Party against a
Sankyo Indemnitee to the extent arising from or occurring as a result of [ * ]; except to the extent that: [ * ]. 
 9.2
Sankyo. Sankyo shall indemnify, defend and hold harmless Exelixis, its Affiliates, and their respective directors, officers and employees (each an “Exelixis Indemnitee”) from and against any and all Liabilities resulting from
any claim, suit or proceeding made or brought by a Third Party against an Exelixis Indemnitee to the extent arising from or occurring as a result of: [ * ] except to the extent that: [ * ]. 
 9.3 Procedure. In the event that a Party indemnified hereunder (an “Indemnitee”) intends to claim indemnification under
this Article 9, such Indemnitee shall promptly notify the other Party (the “Indemnitor”) in writing of such alleged Liability. The Indemnitor shall have the sole right to control the defense and settlement thereof. The
Indemnitee shall cooperate with the Indemnitor and its legal representatives in the investigation of any action, claim or liability covered by this Article 9. The Indemnitee shall not, except at its own cost and risk, voluntarily make
any payment or incur any expense with respect to any claim or suit without the prior written consent of the Indemnitor, which the Indemnitor shall not be required to give. The Indemnitor shall not be required to provide indemnification with respect
to a Liability the defense of which is prejudiced by the failure to give notice by the Indemnitee or the failure of the Indemnitee to cooperate with the Indemnitor or where the Indemnitee settles or compromises a Liability without the written
consent of the Indemnitor. Each Party shall cooperate with the other Party in resolving any claim or Liability with respect to which a Party is obligated to indemnify the other Party under this Agreement, including by making commercially reasonable
efforts to mitigate or resolve any such claim or Liability. 
  

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 [
* ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 9.4 Limitations on Liability. NOTWITHSTANDING ANY
PROVISION HEREIN, A PARTY SHALL IN NO EVENT BE LIABLE TO THE
OTHER PARTY OR ITS AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, STOCKHOLDERS, AGENTS
OR REPRESENTATIVES FOR ANY INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES (INCLUDING,
BUT NOT LIMITED TO, LOST PROFITS, LOSS OF USE, DAMAGE TO GOODWILL
OR LOSS OF BUSINESS), UNLESS SUCH DAMAGES: (a) ARE OWED UNDER THE
LIABLE PARTY’S INDEMNIFICATION OBLIGATIONS UNDER ARTICLE 9; (b) ARISE FROM A
BREACH OF ARTICLE 6; OR (c) ARE DUE TO THE GROSS NEGLIGENCE OR
WILLFUL MISCONDUCT OF THE LIABLE PARTY. 
  

	10.	TERM AND TERMINATION 

 10.1 Term. The term of this Agreement shall commence on the Effective Date and continue until the expiration of all Sankyo’s payment obligations under this Agreement, unless earlier terminated
pursuant to Section 10.2, Section 10.3, or Section 10.4. 
 10.2 Termination due to [ * ]. If,
[ * ], the JRC determines that [ * ], this Agreement shall terminate unless the Parties mutually agree to extend the Research Term. 
 Upon
termination of this Agreement pursuant to this Section 10.2: 
 (a) all rights under the licenses granted
by either Party shall automatically terminate and revert to the granting Party; and 
 (b) except as specifically
prohibited by a surviving obligation in this Agreement, each Party may [ * ]. 
 10.3 Termination by Sankyo. If, at any
time [ * ], Sankyo determines that it wishes to withdraw from further development or commercialization of Products, it may terminate this Agreement by giving written notice to Exelixis at least [ * ] prior to the proposed date of
termination. 
 Upon termination of this Agreement by Sankyo pursuant to this Section 10.3: 
 (a) all rights under the licenses granted under Section 4.1 shall automatically terminate and revert to Exelixis;

 (b) Sankyo shall, and hereby does, grant to Exelixis a worldwide, irrevocable, perpetual license, with the right to
sublicense, under Sankyo Know-How, Sankyo Patents, and Sankyo’s interest in Joint Patents to the extent that such are necessary to make, have made, use, sell, have sold, offer for sale and import Products. For Products on which Sankyo [ *
] prior to termination, the license described in this Section 10.3(b) shall be non-exclusive, [ * ]. For Products on which Sankyo [ * ] prior to termination and that [ * ], the license described in this
Section 10.3(b) shall be exclusive. The licenses for all other Sankyo Patents shall be non-exclusive. [ * ] shall bear a combined royalty of [ * ] of Exelixis Net Sales of such Product by Exelixis or its sublicensee.
Sankyo’s right to receive royalties under this Section 10.3(b) shall expire on a country-by-country and Product-by-Product basis upon the [ * ] of: (i) [ * ]; and 
  

 -22- 
 [
* ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 (c) Sankyo shall transfer and assign to Exelixis: (i) all Information
relating to the Product, and all regulatory filings and Regulatory Approvals (including all INDs, NDAs, drug dossiers and master files) with respect to Product in Sankyo’s name (ii) all agreements with Third Parties related to the Product,
to the extent that they may be assigned, (iii) all trademark related to the Product, and (iv) all supplies of Product (including any intermediates, retained samples and reference standards) that in each case are in Sankyo’s Control
and that relate to the Product. Sankyo shall take such other actions and execute such other instruments, assignments and documents as may be necessary to effect the transfer of rights hereunder to Exelixis. 
 10.4 Termination for Material Breach. If either Party has breached any of its material obligations hereunder, and such breach has continued
for [ * ] after written notice thereof was provided to the breaching Party by the non-breaching Party, the non-breaching Party may terminate this Agreement. Any termination shall become effective at the end of such [ * ] period unless
the breaching Party has cured or made a good faith effort to cure any such breach prior to the expiration of the [ * ] period. 
 Upon termination of
this Agreement by the non-breaching Party pursuant to this Section 10.4: 
 (a) all rights under the
licenses granted by the non-breaching Party shall automatically terminate and revert to the non-breaching Party; 
 (b)
in the case of termination by Sankyo, Exelixis shall, and it hereby does, grant to Sankyo, a worldwide, exclusive (even as to Exelixis), irrevocable, perpetual license, with the right to sublicense, under the Exelixis Know-How, Exelixis Patents, and
Exelixis’ interest in the Joint Patents, to make, have made, use, sell, have sold, offer for sale and import Products. For Products on which Sankyo [ * ] prior to termination, the license described in this Section 10.4(b)
shall be [ * ]. For Products on which Sankyo [ * ] prior to termination and that [ * ], the license described in this Section 10.4(b) shall [ * ]. Exelixis’ right to receive royalties under this
Section 10.4(b) shall expire on a country-by-country and Product-by-Product basis upon the [ * ] of: (i) [ * ]; 
 (c) in the case of termination by Exelixis, Sankyo shall, and hereby does, grant to Exelixis, a worldwide, irrevocable, perpetual license, with the right to sublicense, under the Sankyo Know-How, Sankyo
Patents, and Sankyo’s interest in the Joint Patents, to make, have made, use, sell, have sold, offer for sale and import Products. For Products on which Sankyo [ * ] prior to termination, the license described in this
Section 10.4(c) shall be [ * ]. For Products on which Sankyo [ * ] prior to termination and that [ * ], the license described in this Section 10.4(c) shall be exclusive. The license for all other Sankyo
Patents shall be non-exclusive. All licenses shall [ * ]. Sankyo’s right to receive royalties under this Section 10.4(c) shall expire on a country-by-country and Product-by-Product basis upon the [ * ] of:
(i) [ * ]; and 
 (d) the breaching Party shall transfer and assign to the non-breaching Party:
(i) all Information relating to the Product, and all regulatory filings and Regulatory Approvals (including all INDs, NDAs, drug dossiers and master files) with respect to Product in the Breaching Party’s name (ii) all agreements with
Third Parties related to the Product, to the extent that they may be assigned, (iii) all trademark related to the Product, and (iv) all supplies of 

  

 -23- 
 [
* ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 
Product (including any intermediates, retained samples and reference standards) that in each case are in the breaching Party’s Control and that relate
to the Product. The breaching Party shall take such other actions and execute such other instruments, assignments and documents as may be necessary to effect the transfer of rights hereunder to the non-breaching Party. 
 10.5 Accrued Rights. Termination or expiration of this Agreement for any reason shall not release either Party hereto from any liability which, at
the time of such termination or expiration, has already accrued to the other Party or which is attributable to a period prior to such termination or expiration or preclude either Party from pursuing any rights and remedies it may have hereunder or
at law or in equity with respect to any breach of, or default under, this Agreement. It is understood and agreed that monetary damages may not be a sufficient remedy for any breach of this Agreement and that the non-breaching Party may be entitled
to specific performance as a partial remedy for any such breach. 
 10.6 Survival. The following provisions of this Agreement shall
survive expiration or termination of this Agreement for any reason: [ * ]. 
  

	11.	MISCELLANEOUS 

 11.1 Dispute
Resolution. In the event of any controversy or claim arising out of, relating to or in connection with any provision of the Agreement (except as described in Section 11.3), the Parties shall try to settle their differences amicably
between themselves first, by referring the disputed matter to the CEO of Exelixis and the General Manager of the Research and Development Headquarters of Sankyo or their designees. Either Party may initiate such informal dispute resolution by
sending written notice of the dispute to the other Party, and, within [ * ] after such notice, such officers of the Parties shall meet for attempted resolution by good faith negotiations. If such officers are unable to resolve such dispute
within [ * ] of their first meeting for such negotiations, such dispute shall be finally settled by arbitration. The arbitration shall be held in New York, New York, U.S.A. and be administered by the American Arbitration Association in
accordance with its International Arbitration Rules. The arbitration proceeding shall be conducted in English. The award shall be final and binding upon both Parties. Judgment upon the award may be entered in any court having jurisdiction thereof.

 11.2 Governing Law. Resolution of all disputes arising out of or related to the Agreement or the performance, enforcement, breach
or termination of the Agreement and any remedies relating thereto, shall be governed by and construed under the substantive laws of the State of New York, without regard to conflicts of law rules applying a different law. 
 11.3 Patents and Trademarks. Notwithstanding anything to the contrary in this Agreement, any dispute, controversy or claim relating to the scope,
validity, enforceability or infringement of any Patent rights covering the manufacture, use or sale of any Product or of any trademark rights related to any Product shall be submitted to a court of competent jurisdiction in the territory in which
such Patent or trademark rights were granted or arose. 
 11.4 Performance by Affiliates. The Parties recognize that each may perform
some or all of its obligations under this Agreement through Affiliates; provided, however, that each 

  

 -24- 
 [
* ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 
Party shall remain responsible and be guarantor of the performance by its Affiliates and shall cause its Affiliates to comply with the provisions of this
Agreement in connection with such performance. In particular, if any Affiliate of a Party participates under this Agreement with respect to Licensed Compounds or Products: (a) the restrictions of this Agreement which apply to the activities of
a Party with respect to Licensed Compounds or Products (as applicable) shall apply equally to the activities of such Affiliate; and (b) the Party affiliated with such Affiliate shall assure, and hereby guarantees, that any intellectual property
developed by such Affiliate shall be governed by the provisions of this Agreement (and subject to the licenses set forth in Articles 4 and 10) as if such intellectual property had been developed by the Party. 
 11.5 Entire Agreement; Amendments. This Agreement sets forth the complete, final and exclusive agreement and all the covenants, promises,
agreements, warranties, representations, conditions and understandings between the Parties hereto and supersedes and terminates all prior agreements and understandings between the Parties. There are no covenants, promises, agreements, warranties,
representations, conditions or understandings, either oral or written, between the Parties other than as are set forth herein and therein. No subsequent alteration, amendment, change or addition to this Agreement shall be binding upon the Parties
unless reduced to writing and signed by an authorized officer of each Party. The Parties hereby agree to terminate the Non-Disclosure Agreement by mutual consent, and to have this Agreement supersede the Non-Disclosure Agreement. 
 11.6 Export Control. This Agreement is made subject to any restrictions concerning the export of products or technical information from the United
States of America or other countries which may be imposed upon or related to Exelixis or Sankyo from time to time. Each Party agrees that it will not export, directly or indirectly, any technical information acquired from the other Party under this
Agreement or any products using such technical information to a location or in a manner that at the time of export requires an export license or other governmental approval, without first obtaining the written consent to do so from the appropriate
agency or other governmental entity. 
 11.7 Force Majeure. Each Party shall be excused from the performance of its obligations under
this Agreement to the extent that such performance is prevented by force majeure (defined below) and the nonperforming Party promptly provides notice of the prevention to the other Party. Such excuse shall be continued so long as the condition
constituting force majeure continues and the nonperforming Party takes reasonable efforts to remove the condition. For purposes of this Agreement, “force majeure” shall include conditions beyond the control of the Parties, including
an act of God, voluntary or involuntary compliance with any regulation, law or order of any government, war, civil commotion, labor strike or lock-out, epidemic, failure or default of public utilities or common carriers, destruction of production
facilities or materials by fire, earthquake, storm or like catastrophe. The payment of invoices due and owing hereunder shall in no event be delayed by the payer because of a force majeure affecting the payer. 
 11.8 Notices. Any notices given under this Agreement shall be in writing, addressed to the Parties at the following addresses, and delivered by
person, by facsimile (with receipt confirmation), or by FedEx or other reputable courier service. Any such notice shall be deemed 

  

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 [
* ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 
to have been given: (a) as of the day of personal delivery; (b) one (1) day after the date sent by facsimile service; or (c) on the day
of successful delivery to the other Party confirmed by the courier service. Unless otherwise specified in writing, the mailing addresses of the Parties shall be as described below. 
  

			
	For Exelixis:	  	Exelixis, Inc.
		  	170 Harbor Way
		  	P.O. Box 511
		  	South San Francisco, CA 94083
		  	Attention: SVP, Patents and Licensing
		
	With a copy to:	  	Cooley Godward LLP
		  	Five Palo Alto Square
		  	3000 El Camino Real
		  	Palo Alto, CA 94306
		  	Attention: Robert L. Jones, Esq.
		
	For Sankyo:	  	Sankyo Co. Ltd.
		  	1-2-58 Hiromachi
		  	Shinagawa-ku, Tokyo 140-8710
		  	Japan
		  	Attention: Director, Pharmacology and Molecular Biology Research Laboratories
		
	With a copy to:	  	Sankyo Co. Ltd.
		  	1-2-58 Hiromachi
		  	Shinagawa-ku, Tokyo 140-8710
		  	Attention: Koji Kiyofuji, Research and Development Strategy Department

 11.9 Consents Not Unreasonably Withheld or Delayed. Whenever provision is made in this
Agreement for either Party to secure the consent or approval of the other, that consent or approval shall not unreasonably be withheld or delayed, and whenever in this Agreement provisions are made for a Party to object to or disapprove a matter,
such objection or disapproval shall not unreasonably be exercised. 
 11.10 Maintenance of Records. Each Party shall keep and maintain
all records required by law or regulation with respect to Products and shall make copies of such records available to the other Party upon request. 
 11.11 Assignment. Neither Party may assign or transfer this Agreement or any rights or obligations hereunder without the prior written consent of the other, except a Party may make such an assignment without the other Party’s
consent to an Affiliate or to a Third Party successor to substantially all of the business of such Party to which this Agreement relates, whether in a merger, sale of stock, sale of assets or other transaction; provided that any such
permitted successor or assignee of rights and/or obligations hereunder is obligated, by reason of operation 

  

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 [
* ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 
of law or pursuant to a written agreement with the other Party, to assume performance of this Agreement or such rights and/or obligations; and provided,
further, that if assigned to an Affiliate, the assigning Party shall remain jointly and severally responsible for the performance of this Agreement by such Affiliate. Any permitted assignment shall be binding on the successors of the assigning
Party. Any assignment or attempted assignment by either Party in violation of the terms of this Section 11.11 shall be null and void and of no legal effect. 
 11.12 Electronic Data Interchange. If both Parties elect to facilitate business activities hereunder by electronically sending and receiving data in agreed formats (also referred to as Electronic Data
Interchange or “EDI”) in substitution for conventional paper-based documents, the terms and conditions of this Agreement shall apply to such EDI activities. 
 11.13 Further Actions. Each Party agrees to execute, acknowledge and deliver such further instruments, and to do all such other acts, as may be
necessary or appropriate in order to carry out the purposes and intent of this Agreement. 
 11.14 Severability. If any of the
provisions of this Agreement is held to be invalid or unenforceable by any court of competent jurisdiction from which no appeal can be or is taken, the provision shall be considered severed from this Agreement and shall not serve to invalidate any
remaining provisions hereof. The Parties shall make a good faith effort to replace any invalid or unenforceable provision with a valid and enforceable provision such that the objectives contemplated by the Parties when entering this Agreement may be
realized. 
 11.15 No Waiver. Any delay in enforcing a Party’s rights under this Agreement or any waiver as to a particular
default or other matter shall not constitute a waiver of such Party’s rights to the future enforcement of its rights under this Agreement, excepting only as to an express written and signed waiver as to a particular matter for a particular
period of time. 
 11.16 Construction of this Agreement. Except where the context otherwise requires, wherever used, the singular will
include the plural, the plural the singular, the use of any gender will be applicable to all genders, and the word “or” are used in the inclusive sense. When used in this Agreement, “including” means
“including without limitation”. References to either Party include the successors and permitted assigns of that Party. The headings of this Agreement are for convenience of reference only and in no way define, describe, extend or
limit the scope or intent of this Agreement or the intent of any provision contained in this Agreement. The Parties have each consulted counsel of their choice regarding this Agreement, and, accordingly, no provisions of this Agreement will be
construed against either Party on the basis that the Party drafted this Agreement or any provision thereof. If the terms of this Agreement conflict with the terms of any Exhibit, then the terms of this Agreement shall govern. The official text of
this Agreement and any Exhibits hereto, any notice given or accounts or statements required by this Agreement, and any dispute proceeding related to or arising hereunder, shall be in English. In the event of any dispute concerning the construction
or meaning of this Agreement, reference shall be made only to this Agreement as written in English and not to any other translation into any other language. 
  

 -27- 
 [
* ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 11.17 Counterparts. This Agreement may be executed in two (2) or more counterparts, each of
which shall be an original and all of which shall constitute together the same document. Counterparts may be signed and delivered by facsimile, each of which shall be binding when sent. 
 Signature page follows. 
  

 -28- 
 [
* ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 IN WITNESS WHEREOF, Exelixis and
Sankyo have executed this Agreement by their respective duly authorized representatives as of the Effective Date. 
  

									
	SANKYO COMPANY, LIMITED	 		 	EXELIXIS, INC.
					
	 By:
	 	 /s/ Yukio Sugimura
	 		 	 By:
	 	 /s/ George A. Scangos

	 Title:
	 	 Executive Vice President and
	 		 	 Title:
	 	 President and Chief Executive Officer

	 Representative Director, General Manager
	 		 		 	
	 Research and Development Headquarters
	 		 		 	
				
	 Date: 3/22/06
	 		 		 	 Date: 3/20/06

  

 -29- 
 [
* ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 Exhibit 1.18 
 Existing Compound Patents 
 [ * ] 
  

 [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 Exhibit 2.4 
 Compound Transfer List 
 [ * ] 
  

 [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

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