Document:

Exhibit 10.7

 Exhibit 10.7 
 FIRST AMENDED AND RESTATED 
 IROQUOIS FEDERAL SAVINGS & LOAN
ASSOCIATION 
 DIRECTORS’ NON QUALIFIED RETIREMENT PLAN 

THIS INDENTURE is made this 10th day of October, 2006, serves to amend and restate the Directors Non Qualified Retirement Plan which has
been in effect since October 1, 2005 by IROQUOIS FEDERAL SAVINGS & LOAN ASSOCIATION, a federally chartered mutual savings and loan association, (hereinafter called the “Company”). 

INTRODUCTION 
 The Company desires to establish an unfunded plan for the purpose of providing a retirement benefit to directors and directors emeritus of the Company. 

NOW, THEREFORE, the Company does hereby establish the Iroquois Federal Savings & Loan Association Directors’ Non Qualified
Retirement Plan (the “Plan”), effective as of the Effective Date, to read as follows: 

  
 1 

 IROQUOIS FEDERAL SAVINGS & LOAN ASSOCIATION 

DIRECTOR’S FEE CONTINUATION PLAN 
 TABLE OF CONTENTS 
  

							
	 	  	 	  	PAGE	 
			
	 ARTICLE 1
	  	DEFINITIONS	  	 	3	  
			
	 ARTICLE 2
	  	BENEFITS	  	 	5	  
			
	 ARTICLE 3
	  	DEATH BENEFITS	  	 	7	  
			
	 ARTICLE 4
	  	BENEFICIARIES	  	 	7	  
			
	 ARTICLE 5
	  	GENERAL LIMITATIONS	  	 	8	  
			
	 ARTICLE 6
	  	CLAIMS AND REVIEW PROCEDURE	  	 	8	  
			
	 ARTICLE 7
	  	MISCELLANEOUS	  	 	10	  
			
	 ARTICLE 8
	  	ADMINISTRATION OF THE PLAN	  	 	11	  

  
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 ARTICLE 1 
 DEFINITIONS 
 Whenever used in this Plan document, the following terms have
the meanings specified: 
 1.1 “Account” means the bookkeeping accounts established and maintained by the Plan
Administrator, as adjusted for credits or charges. 
 1.2 “Accrual Balance” means the
liability that should be accrued by the Company under generally accepted accounting principles (“GAAP”) for the Company’s obligation to the Director under this Plan, by applying Accounting Principles Board Opinion No. 12, as
amended by Statement of Financial Accounting Standards No. 106, and the calculation method and discount rate specified hereinafter. The Accrual Balance shall be calculated based on the Director’s average annual cash compensation for the
most recent three (3) year period as of the Effective Date projected forward to the Director’s Normal Retirement Age. The Accrual Balance shall be calculated assuming a level principal amount and interest as the discount rate is accrued
each period. The principal accrual is determined such that when it is credited with interest each month, the Accrual Balance at Normal Retirement Age equals the present value of the normal retirement benefits described in Section 2.1.1. At the
end of each Plan Year, the Accrual Balance shall be adjusted to reflect the Company’s obligation under Sections 2.1.1 in terms of the Director’s actual annual cash compensation for that Plan Year. The discount rate means the rate used by
the Plan Administrator for determining the Accrual Balance. The rate is based on the yield on a 20-year corporate bond rated Aa by Moody’s, rounded to the nearest
 1/4%. The initial discount rate is 6.00%. In its
sole discretion, the Plan Administrator may adjust the discount rate to maintain the rate within reasonable standards according to GAAP. 
 1.3 “Affiliate” means (a) any corporation which is a member of the same controlled group of corporations (within the meaning of Code Section 414(b)) as is the Company and
(b) any other trade or business (whether or not incorporated) under common control (within the meaning of Code Section 414(c)) with the Company. 
 1.4 “Annual Cash Compensation” means the base fee cash amount payable to a Director for service as such Director, but excluding any additional compensation otherwise payable by reason of
his or her acting as chair of a committee or for service as Chairman of the Board during the Plan Year by the Company for his or her services as a Director. 
 1.5 “Beneficiary” means each designated person, or the estate of the deceased Director, entitled to benefits, if any, upon the death of the Director, determined according to Article 4.

 1.6 “Beneficiary Designation Form” means the form established from time to time by the Plan Administrator
that the Director completes, signs, and returns to the Plan Administrator to designate one or more Beneficiaries. 
 1.7
“Board of Directors” means the Board of Directors of the Company. 

  
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 1.8 “Change in Control” For purposes of this Plan, a “Change in
Control” shall mean any of the following: 
  

	 	a)	there occurs a “change of control” of the Company, as defined or determined either by the Company’s primary banking regulator or under regulations
promulgated by it; 

  

	 	b)	as a result of, or in connection with, any merger or other business combination, sale of assets or contested election, wherein the persons who were directors of the
Company before such transaction or event cease to constitute a majority of the board of directors of the Company or any successor to the Company; 

  

	 	c)	the Company transfers substantially all of its assets to another corporation or entity which is not an affiliate of the Company; or 

 

	 	d)	the Company is merged or consolidated with another corporation or entity and, as a result of such merger or consolidation, less than 60% of the equity interest in the
surviving or resulting corporation is owned by the former shareholders or depositors of the Company. 

 A Change of
Control shall not occur solely as a result of a conversion of the Company from the mutual to the stock form of organization or the reorganization of the Company into the mutual holding company form (with or without a stock issuance). 

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

1.10 “Company” means Iroquois Federal Savings & Loan Association. 

1.11 “Director” means a director of the Company or an Affiliate. 

1.12 “Disability” means a condition whereby a Participant is unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continued period of not less than twelve (12) months. 

1.13 “Early Retirement Date” means the date of the Director’s Termination of Service with the Company for reasons
other than death, Disability, Termination for Cause, or termination under Article 5 of this Plan document, provided, however, that an Early Retirement Date may only occur following the later of the date the Director attains age sixty-five
(65) or the date the Director has been continuously elected to the Board of Directors of the Company for ten (10) years. 
 1.14 “Effective Date” means October 1, 2005. 
 1.15
“Normal Retirement Age” means age seventy-two (72). 
 1.16 “Normal Retirement Date” means the
date of the Director’s Termination of Service on or after the Director reaches Normal Retirement Age, other than a Termination of Service due to the Director’s death or due to a Termination for Cause. 

1.17 “Participant” means any Director or former Director who has participated in the Plan, for so long as his or her
benefits hereunder have not been entirely distributed from the Plan. 

  
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 1.18 “Plan Administrator” means the plan administrator described in Article
8. 
 1.19 “Plan Year” means a twelve-month period commencing on July 1, and ending on June 30 of
each year. The initial Plan Year shall commence on the Effective Date of this Plan and end on June 30 of the fiscal year in which occurs the Effective Date. 
 1.20 “Termination for Cause” and “Cause” for purposes of this Plan shall mean termination because of the recipient’s personal dishonesty, incompetence, willful
misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule, or regulation (other than traffic violations or similar infractions) or a final cease-and-desist order.

 ARTICLE 2 
 BENEFITS 
 2.1 Normal Retirement Benefit. Upon the Director’s
Normal Retirement Date, the Director shall be eligible to receive the benefit described in this Section 2.1 in lieu of any other benefit under Article 2 of this Plan document. 

 

	 	2.1.1	Amount of Benefit. The amount of the annual benefit shall be equal to the average Annual Cash Compensation received for services for the most recently completed
three (3) years immediately prior to retirement. The amount of the annual benefit for current director emeriti as of the date of plan adoption is equal to $8,400 per year. 

 

	 	2.1.2	Payment of Benefit. The Company shall pay the aggregate annual benefit described in Section 2.1.1: 

 

	 	(a)	to the current serving Directors and future directors over a ten (10) year period in twelve (12) equal monthly installments payable on the second Tuesday of
each month, beginning with the month after the Director’s Normal Retirement Date. 

  

	 	(b)	to current Directors Emeritus over a five (5) year period in twelve (12) equal monthly installments payable on the second Tuesday of each month, beginning
with the Effective Date of this plan. 

 2.2 Early Retirement Benefit. Upon the Director’s Early
Retirement Date, the Director shall be eligible to receive the benefit described in this Section 2.2 in lieu of any other benefit under Article 2 of this Plan. 
  

	 	2.2.1	Amount of Benefit. The benefit under this Section 2.2 is an amount equal to the Accrual Balance earned as of the last day of the Plan Year immediately
preceding the Director’s Early Retirement Date. 

  

	 	2.2.2	Payment of Benefit. The Company shall pay the early retirement benefit to the Director over a ten (10) year period in twelve (12) equal monthly
installments payable on the second Tuesday of each month, beginning with the month after the Director reaches his or her Early Retirement Date. 

  
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 2.3 Disability Benefit. Upon the Director’s Termination of Service due to a
Disability before reaching Normal Retirement Age, the Director shall be eligible to receive the benefit described in this Section 2.3 in lieu of any other benefit under this Plan. 

 

	 	2.3.1	Amount of Benefit. The annual benefit under this Section 2.3 is an amount equal to the Accrual Balance earned as of the last day of the Plan Year
immediately preceding the effective date of the Director’s Termination of Service. 

  

	 	2.3.2	Payment of Benefit. The Company shall pay the Disability benefit to the Director over a ten (10) year period in twelve (12) equal monthly installments
payable on the second Tuesday of each month, beginning with the month after the Director’s Disability Date. 

2.4 Change in Control Benefit. If, within twenty-four (24) months after a Change in Control, the Director leaves the Board
for any reason, he or she shall be eligible to receive the benefit described in this Section 2.4 instead of any other benefit under Article 2 of this Plan. 
  

	 	2.4.1	Amount of Benefit. The benefit under this Section 2.4 is an amount equal to the Accrual Balance earned as of the last day of the Plan Year preceding the
effective date of the Director’s Termination of Service. 

  

	 	2.4.2	Payment of Benefit. The Company shall pay the Change in Control benefit under Section 2.4 of this document to the Director in one lump sum within three
(3) days after the Director’s removal from the Board of Directors of the Company. 

 2.5 Change in
Control Payout of Normal Retirement Benefit, Early Retirement Benefit, or Disability Benefit Being Paid to the Director at the Time of a Change in Control. If a Change in Control occurs at any time during the period in which the Director is
receiving payment of the benefit under Section 2.1, 2.2, or 2.3, the Company shall pay the remaining benefits due to the Director under the applicable section to the Director in a single lump sum payment within three (3) days after the
Change in Control. 
 2.6 Petition for Payment of Normal Retirement Benefit, Early Retirement Benefit or Disability Benefit.
If the Director is entitled to a benefit under Section 2.1, Section 2.2, or Section 2.3, the Director may petition the Board of Directors of the Company to have the Accrual Balance determined as of the date the Director becomes
entitled to a benefit under Section 2.1, Section 2.2 or Section 2.3, as applicable, paid to the Director in accordance with and consistent with the provisions of Section 409A of the Internal Revenue Code of 1986. The Board of
Directors of the Company may, in its sole and absolute discretion, pay the Accrual Balance to the Director in a manner consistent with and in conformance with Section 409A of the Internal Revenue Code of 1986. If the Accrual Balance is paid to
the Director under this paragraph, the Company shall have no further obligations under this Plan. 

  
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 ARTICLE 3 
 DEATH BENEFITS 
 3.1 Death During Active Service. If the Director
dies while an active member of the Board of Directors of the Company, instead of any benefits payable under Article 2 of this Plan the Company shall pay to the Director’s Beneficiary the Accrual Balance as of the last day of the Plan Year
immediately preceding the date of the Director’s death. The Company shall pay the death benefit under this Section 3.1 within thirty (30) days after the Director’s death. 

3.2 Death During Benefit Period. If the Director dies after benefit payments under Article 2 of this Plan commences but before
receiving all such payments, or if the Director is entitled to benefit payments under Article 2 but dies before payments commence, the benefits shall be payable to the Director’s Beneficiary in accordance with the applicable payment provisions
of Article 2, but payments shall commence on the second Tuesday of the month after the date of the Director’s death. Payments shall continue to be made to the Beneficiary in the same amounts they would have been made to the Director had the
Director survived. 
 3.3 Death of Director serving as a Director Emeritus at plan inception. If such Director Emeritus
dies after benefit payments under Article 2 of this Plan commences but before receiving all such payments, the obligations of the Company under this plan to that director emeritus ceases and no additional payments are due or payable. 

ARTICLE 4 

BENEFICIARIES 
 4.1 Beneficiary Designations. The Director, but not the Director Emeritus included in this plan, shall have the right to designate at any time a Beneficiary to receive any benefits payable under
this Plan upon the death of the Director. The Beneficiary of the Director as designated under this Plan may be the same as or different from the beneficiary designation under any other benefit plan of the Company in which the Director participates.

 4.2 Beneficiary Designation: Change. The Director shall designate a Beneficiary by completing and signing the
Beneficiary Designation Form and delivering it to the Plan Administrator or its designated agent. The Director’s Beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Director or if the Director names
a spouse as Beneficiary and the marriage is subsequently dissolved. The Director shall have the right to change a Beneficiary by completing, signing, and otherwise complying with the terms of the Beneficiary Designation Form and the Plan
Administrator’s rules and procedures, as in effect from time to time. Upon the acceptance by the Plan Administrator of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be cancelled. The Plan Administrator
shall be entitled to rely on the last Beneficiary Designation Form filed by the Director and accepted by the Plan Administrator before the Director’s death. 
 4.3 Acknowledgment. No designation or change in designation of a Beneficiary shall be effective until received in writing by the Plan Administrator or its designated agent. 

4.4 No Beneficiary Designation. If the Director dies without a valid beneficiary designation, or if all designated Beneficiaries
predecease the Director, then the Director’s spouse 

  
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shall be the designated Beneficiary. If the Director has no surviving spouse, the benefits shall be distributed to the personal representative of the Director’s estate. 

4.5 Facility of Payment. If a benefit is payable to a minor, to a person declared incapacitated, or to a person incapable of
handling the disposition of his or her property, the Company may pay such benefit to the guardian, legal representative, or person having the care or custody of the minor, incapacitated person, or incapable person. The Company may require proof of
incapacity, minority, or guardianship as it may deem appropriate before distribution of the benefit. Distribution shall completely discharge the Company from all liability for the benefit. 

ARTICLE 5 

GENERAL LIMITATIONS 
 5.1 Termination for Cause. If the Director experiences a termination which is a Termination for Cause, notwithstanding any provision of this Plan to the contrary, the Company’s obligations in
regard to that Director under this Plan shall terminate as of the effective date of the Termination for Cause. 
 5.2 Golden
Parachute Payments Prohibited. Any payments made pursuant to this Agreement are subject to and conditioned upon compliance with 12 U.S.C. Section 1828(k), 12 C.F.R. Part 359 and 12 C.F.R. Section 545.121 and any rules and regulations
promulgated thereunder. 
 ARTICLE 6 
 CLAIMS AND REVIEW PROCEDURES 
 6.1 Claims Procedure. A person or
beneficiary (a “claimant”) who has not received benefits under the Plan that he or she believes should be paid shall make a claim for such benefits as follows: 

 

	 	6.1.1	Initiation - Written Claim. The claimant initiates a claim by submitting to the Company a written claim for the benefits. 

 

	 	6.1.2	Timing of Company Response. The Company shall respond to such claimant within ninety (90) days after receiving the claim. If the Company determines that
special circumstances require additional time for processing the claim, the Company can extend the response period by an additional ninety (90) days by notifying the claimant in writing, prior to the end of the initial ninety (90)-day period,
that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Company expects to render its decision. 

 

	 	6.1.3	Notice of Decision. If the Company denies part or all of the claim, the Company shall notify the claimant in writing of such denial. The Company shall write the
notification in a manner calculated to be understood by the claimant. The notification shall set forth: 

  

	 	6.1.3.1	The specific reasons for the denial, 

  
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	 	6.1.3.2	A reference to the specific provisions of the Plan on which the denial is based, 

 

	 	6.1.3.3	A description of any additional information or material necessary for the claimant to perfect the claim and an explanation of why it is needed,

  

	 	6.1.3.4	An explanation of the Plan’s review procedures and the time limits applicable to such procedures, and 

 

	 	6.1.3.5	A statement of the claimant’s right to bring a civil action under ERISA section 502(a) following an adverse benefit determination on review.

 6.2 Review Procedure. If the Company denies part or all of the claim, the claimant shall have the
opportunity for a full and fair review by the Company of the denial, as follows: 
  

	 	6.2.1	Initiation - Written Request. To initiate the review, the claimant, within 60 days after receiving the Company’s notice of denial, must file with the
Company a written request for review. 

  

	 	6.2.2	Additional Submissions - Information Access. The claimant shall then have the opportunity to submit written comments, documents, records and other information
relating to the claim. The Company shall also provide the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the
claimant’s claim for benefits. 

  

	 	6.2.3	Considerations on Review. In considering the review, the Company shall take into account all materials and information the claimant submits relating to the
claim, without regard to whether such information was submitted or considered in the initial benefit determination. 

  

	 	6.2.4	Timing of Company Response. The Company shall respond in writing to such claimant within sixty (60) days after receiving the request for review. If the
Company determines that special circumstances require additional time for processing the claim, the Company can extend the response period by an additional sixty (60) days by notifying the claimant in writing, prior to the end of the initial
sixty (60)-day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Company expects to render its decision. 

 

	 	6.2.5	Notice of Decision. The Company shall notify the claimant in writing of its decision on review. The Company shall write the notification in a manner calculated
to be understood by the claimant. The notification shall set forth – 

  

	 	6.2.5.1	The specific reasons for the denial, 

  
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	 	6.2.5.2	A reference to the specific provisions of the Plan on which the denial is based, 

 

	 	6.2.5.3	A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information
relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits, and 

  

	 	6.2.5.4	A statement of the claimant’s right to bring a civil action under ERISA Section 502(a). 

ARTICLE 7 

MISCELLANEOUS 
 7.1 Amendments and Termination. The Board of Directors may terminate this Plan at any time. Termination of the Plan will not affect rights and obligations theretofore granted and then in
effect. The Board of Directors may at any time, without limitation, and from time to time modify or amend this Plan in any respect whatsoever, provided, however, that no termination, modifications or amendment to the Plan, shall, without the consent
of the participant, alter or impair the rights of such participant, unless such termination, modifications or amendment to the Plan are made in compliance with any law or regulation applicable to the Plan, or are required to avoid any penalties or
excise taxes relating to such laws or regulations. 
 7.2 Binding Effect. This Plan shall bind the Company and their
successors, administrators, and transferees. 
 7.3 Non-Transferability. Director benefits under this Plan cannot be
sold, transferred, assigned, pledged, attached, or encumbered in any manner. 
 7.4 Tax Withholding. The Company shall
withhold any taxes that are required to be withheld from the benefits provided by this Plan. 
 7.5 Applicable Law.
Except to the extent preempted by the laws of the United States of America, the validity, interpretation, construction, and performance of this Plan shall be governed by and construed in accordance with the laws of the State of Illinois, without
giving effect to the principles of conflict of laws of such state. 
 7.6 Unfunded Arrangement. The Director, Director
Emeritus and the Director’s Beneficiary are general unsecured creditors of the Company for the payment of benefits under this Plan. The benefits represent the mere promise by the Company to pay such benefits. The rights to benefits are not
subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Director’s life is a general asset of the Company to which the Director and
Beneficiary have no preferred or secured claim. 
 7.7 Severability. If any provision of this Plan is held invalid, such
invalidity shall not affect any other provision of this Plan, and each such other provision shall continue in full force and effect to the full extent consistent with law. If any provision of this Plan is held invalid in part,

  
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such invalidity shall not affect the remainder of the provision, and the remainder of such provision together with all other provisions of this Plan shall continue in full force and effect to the
full extent consistent with law. 
 7.8 Headings. The headings of sections herein are included solely for convenience of
reference and shall not affect the meaning or interpretation of any provision of this Plan. 
 7.9 Notices. All notices,
requests, demands, and other communications hereunder shall be in writing and shall be deemed to have been duly given if delivered by hand or mailed, certified or registered mail, return receipt requested, with postage prepaid. Unless otherwise
changed by notice, notice shall be properly addressed to the Director if addressed to the address of the Director on the books and records of the Company at the time of the delivery of such notice, and properly addressed to the Company if addressed
to the Board of Directors, Iroquois Federal Savings & Loan Association, 201 E. Cherry St., Watseka, IL. 
 7.10
Entire Document. This document constitutes the entire Plan. No rights are granted to any Director under this Plan other than those specifically set forth herein. 
 7.11 Payment of Legal Fees. In the event litigation ensues between the parties concerning the enforcement of the obligations of the parties under this Plan, the Company shall pay all costs and
expenses in connection with such litigation until such time as a final determination (excluding any appeals) is made with respect to the litigation. If the Company prevails on the substantive merits of the material claim in dispute in such
litigation, the Company shall be entitled to receive from the Director all reasonable costs and expenses, including without limitation attorneys’ fees, incurred by the Company on behalf of the Director in connection with such litigation, and
the Director shall pay such costs and expenses to the Company promptly upon demand by the Company. 
 ARTICLE 8

 ADMINISTRATION OF PLAN 
 8.1 Plan Administrator Duties. This Plan shall be administered by a Plan Administrator consisting of the Board of Directors of the Company or such committee or person(s) as the Board of Directors
of the Company shall appoint. The Plan Administrator shall also have the discretion and authority to (a) make, amend, interpret, and enforce all appropriate rules and regulations for the administration of this Plan and (b) decide or
resolve any and all questions, including interpretations of this document, as may arise in connection with the Plan. 
 8.2
Agents. In the administration of this Plan, the Plan Administrator may employ agents and delegate to them such administrative duties as it sees fit (including acting through a duly appointed representative) and may from time to time consult
with counsel, who may be counsel to the Company. 
 8.3 Binding Effect of Decisions. The decision or action of the Plan
Administrator with respect to any question arising out of or in connection with the administration, interpretation, and application of the Plan and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all
persons having any interest in the Plan. No Director or Beneficiary shall be deemed to have any right, vested or nonvested, regarding the 

  
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continued use of any previously adopted assumptions, including but not limited to the discount rate and calculation method described in Section 1.1. 

8.4 Indemnity of Plan Administrator. The Plan Administrator shall not be liable to any person for any action taken or omitted in
connection with the interpretation and administration of this document, unless such action or omission is attributable to the willful misconduct of the Plan Administrator or any of its members. The Company shall indemnify and hold harmless the Plan
Administrator against any and all claims, losses, damages, expenses, or liabilities arising from any action or failure to act with respect to this Plan, except in the case of willful misconduct by the Plan Administrator or any of its members.

 8.5 Company Information. To enable the Plan Administrator to perform its functions, the Company shall supply full and
timely information to the Plan Administrator on all matters relating to the date and circumstances of the retirement, Disability, death, or Termination of the Director and such other pertinent information as the Plan Administrator may reasonably
require. 
 IN WITNESS WHEREOF, the Board of Directors of the Company and the Company have approved this First Amended
and Restated Plan as of the date first written above. 
  

			
	By:	 	  

		
	Its:	 	  

  
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 BENEFICIARY DESIGNATION 

DIRECTORS’ NON QUALIFIED RETIREMENT PLAN AGREEMENT 
 I,             , designate the following as beneficiary of any death benefits under this Non Qualified Retirement Plan Agreement –

Primary:                     
                                         
                                         
                                         
                                         
        

                         
                                         
                                         
                                         
                                         
                

                . 

Contingent:                    
                                         
                                         
                                         
                                         

                         
                                         
                                         
                                         
                                         
                   . 

Note: To name a trust as beneficiary, please provide the name of the trustee(s) and the exact name and date of the trust agreement.

 I understand that I may change these beneficiary designations by filing a new written designation with the Company. I
further understand that the designations will be automatically revoked if the beneficiary predeceases me, or if I have named my spouse as beneficiary and our marriage is subsequently dissolved. 

 

							
	Signature:	  	  
	 		  	
				
	Date:	  	  
	 	, 2005	  	
	
	Accepted by the Company this      day of         , 2005.
				
	By:	  	  
	 		  	
				
	Print Name:	  	  
	 		  	
				
	Title:	  	  
	 		  	

  
 Page 13Form of Notice of Stock Option Grant/Stock Option Agreement

  Exhibit 10.32.1 

Single Touch Systems Inc. 
 2010 Stock Plan 
 NOTICE OF STOCK OPTION GRANT 

                         
                                   : 

You have been granted an option to purchase Common Stock of Single Touch Systems Inc. (the “Company”) as follows:

  

			
	Board Approval Date:	    	                             
           
		
	Date of Grant (Later of Board Approval Date or Commencement of Employment/Consulting):	    	                             
           
		
	Exercise Price per Share:	    	$                             
         
		
	Total Number of Option Shares:	    	                             
           
		
	Type of Option:	    	                             
            Shares Incentive Stock Option
		
		    	                             
            Shares Nonstatutory Stock Option
		
	Expiration Date:	    	                             
           
		
	Vesting Commencement Date:	    	                             
           
		
	Vesting/Exercise Schedule:	    	So long as you are in Continuous Service Status with the Company, the Shares underlying this Option shall vest and become exercisable in accordance with the following schedule:
                     of the total number of Shares subject to the Option shall vest and become exercisable immediately;
                     of the total number of Shares subject to the Option shall vest and become exercisable on the
         month anniversary of the Vesting Commencement Date and              of the total number of Shares subject to the Option shall
vest and become exercisable on each             ly anniversary thereafter.
		
	Termination Period:	    	To the extent allowed by Section 5 of the Stock Option Agreement and not otherwise (and in no event later than the Expiration Date), this Option may still be exercised for
three months after termination of Optionee’s employment or consulting relationship. Optionee is responsible for keeping track of the

  
 1 

			
		    	applicable exercise period, if any, following termination for any reason of his or her service relationship with the Company. The Company will not provide further notice of such
exercise period, if any.
		
	Transferability:	    	This Option may not be transferred.
		
	Net-Exercise Authorized:	    	                             
           

 By your signature and the signature of the
Company’s representative below, you and the Company agree that this option is granted under and governed by the terms and conditions of the Company’s 2010 Stock Plan and the Stock Option Agreement, both of which are attached and made a
part of this document. Accordingly, separate execution and delivery of the Stock Option Agreement is not required. 
 In
addition, you agree and acknowledge that your rights to any Shares underlying the Option will be earned only as you provide services to the Company over time, that the grant of the Option is not as consideration for services you rendered to the
Company before your Vesting Commencement Date, and that nothing in this Notice or the attached documents confers upon you any right to continue your employment or consulting relationship with the Company for any period of time, nor does it interfere
in any way with your right or the Company’s right to terminate that relationship at any time, for any reason, with or without Cause. 
 The per share “Exercise Price” is intended to be at least equal to the fair market value of the Company’s Common Stock at the date of grant. The Company has attempted in good faith to make
the fair market value determination in compliance with applicable tax law although there can be no certainty that the IRS will agree. If the IRS does not agree and asserts the fair market value at the time of grant is higher than the Exercise Price,
the IRS could seek to impose greater taxes on you, including interest and penalties under Internal Revenue Code Section 409A. While the Company thinks this is an unlikely event, the Company cannot provide absolute assurance and you may want to
consult your own tax adviser with any questions. 
  

							
		 		 	Single Touch Systems Inc.
				
	  
	 		 	By:	 	  

	Optionee	 		 	Name:	 	  

		 		 	Title:	 	  

 
  
 IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any tax advice contained in this communication (including any attachments) (i) was
not intended or written to be used, and cannot be used, for the purpose of avoiding any tax penalty and (ii) was not written to promote, market or recommend the transaction or matter addressed in the communication. Each taxpayer should seek
advice based on the taxpayer’s particular circumstances from an independent tax advisor. 

  
 -2-

 Single Touch Systems Inc. 

2010 Stock Plan 
 STOCK OPTION AGREEMENT 
 1. Grant of Option. Single
Touch Systems Inc., a Delaware corporation (the “Company”), hereby grants to
                             (“Optionee”), an option (the “Option”)
to purchase the total number of shares of Common Stock (the “Shares”) set forth in the Notice of Stock Option Grant (the “Notice”), at the exercise price per Share set forth in the Notice (the “Exercise
Price”) subject to the terms, definitions and provisions of the Company’s 2010 Stock Plan (the “Plan”) adopted by the Company, which is incorporated in this Agreement by reference. Unless otherwise defined in this
Agreement, the terms used in this Agreement shall have the meanings defined in the Plan or in the Notice. 
 2.
Designation of Option. This Option is intended to be an Incentive Stock Option as defined in Section 422 of the Code only to the extent so designated in the Notice, and to the extent it is not so designated or to the extent the
Option does not qualify as an Incentive Stock Option under Applicable Laws, then it is intended to be and will be treated as a Nonstatutory Stock Option. “Applicable Laws” means the legal requirements relating to the administration
of stock option and restricted stock purchase plans, including under applicable U.S. state corporate laws, U.S. federal and applicable state securities laws, other U.S. federal and state laws, the Code, any stock exchange rules or regulations and
the applicable laws, rules and regulations of any other country or jurisdiction where Options or other Awards are granted under the Plan, as such laws, rules, regulations and requirements shall be in place from time to time. 

Notwithstanding the above, if designated as an Incentive Stock Option, in the event that the Shares subject to this Option (and all other
Incentive Stock Options granted to Optionee by the Company or any Affiliate, including under other plans of the Company) that first become exercisable in any calendar year have an aggregate fair market value (determined for each Share as of the date
of grant of the option covering such Share) in excess of $100,000, the Shares in excess of $100,000 shall be treated as subject to a Nonstatutory Stock Option, in accordance with Section 5(c) of the Plan. 

3. Exercise of Option. This Option shall be exercisable during its term in accordance with the Vesting/Exercise Schedule
set out in the Notice and with the provisions of the Plan, including Section 9 thereof, and of this Agreement, including Section 5 hereof, as follows: 
 (a) Right to Exercise. 
 (i) This Option may not be exercised for a
fraction of a share. 
 (ii) In the event of Optionee’s death, disability or other termination of employment, the
exercisability of the Option is governed by Section 5 below, subject to the limitations contained in this Section 3. 

  
 -1-

 (iii) In no event may this Option be exercised after the Expiration Date of the Option as
set forth in the Notice. 
 (b) Method of Exercise. 

(i) This Option shall be exercisable by execution and delivery of the Exercise Notice and Stock Purchase Agreement attached hereto as
Exhibit A (the “Exercise Agreement”) or of any other form of written notice approved for such purpose by the Company which shall state Optionee’s election to exercise the Option, the number of Shares in respect of which
the Option is being exercised, and such other representations and agreements as to the holder’s investment intent with respect to such Shares as may be required by the Company pursuant to the provisions of the Plan. Such written notice shall be
signed by Optionee and shall be delivered to the Company by such means as are determined by the Administrator in its discretion to constitute adequate delivery. The written notice shall be accompanied by payment of the Exercise Price. This Option
shall be deemed to be exercised upon receipt by the Company of such written notice accompanied by the Exercise Price. 
 (ii)
As a condition to the exercise of this Option and (to the extent Section 11(a) of the Plan is applicable) as further set forth in Section 11(a) of the Plan, Optionee agrees to make such arrangements as the Administrator may require for the
satisfaction of all federal, state or other tax withholding obligations, if any, which arise upon the vesting or exercise of the Option, or disposition of Shares, whether by withholding, direct payment to the Company, or otherwise, as the
Administrator may in its discretion determine. 
 (iii) The Company is not obligated, and will have no liability for failure,
to issue or deliver any Shares upon exercise of the Option unless such issuance or delivery would comply with the Applicable Laws, with such compliance determined by the Company in consultation with its legal counsel. As a condition to the exercise
of this Option, the Company may require Optionee to make any representation and warranty to the Company as may be required by the Applicable Laws. Assuming such compliance, for income tax purposes the Shares shall be considered transferred to
Optionee on the date on which the Option is exercised with respect to such Shares. 
 4. Method of Payment.
Payment of the Exercise Price shall be by any of the following, or a combination of the following, at the election of Optionee: 

(a) cash or check; or 
 (b) if the Company (in its sole discretion, at the time) is at such time permitting “same day sale” cashless brokered exercises, delivery of a properly executed exercise notice together with
irrevocable instructions to a broker participating in such cashless brokered exercise program to deliver promptly to the Company the amount required to pay the exercise price (and applicable withholding taxes); or 

(c) if the Notice expressly authorizes Optionee to use the net-exercise method, delivery of a properly executed net-exercise notice on a
form provided by the Company. 

  
 -2-

 5. Termination of Relationship; Early Termination of Option. Following the
date of cessation of Optionee’s Continuous Service Status for any reason (the “Termination Date”), Optionee may exercise the Option only as set forth in the Notice and this Section 5. To the extent that Optionee is not
entitled to exercise this Option as of the Termination Date, or if Optionee is not allowed to exercise this Option during the Termination Period set forth in the Notice, or if Optionee does not exercise this Option within the Termination Period set
forth in the Notice or the termination periods set forth below, the Option shall terminate in its entirety. In no event may any Option be exercised after the Expiration Date of the Option as set forth in the Notice. 

(a) Termination. In the event of termination of Optionee’s Continuous Service Status other than as a result of
Optionee’s disability or death or for Cause (as defined in the Plan), Optionee may, to the extent Optionee is vested in the Option Shares at the Termination Date, exercise this Option during the Termination Period set forth in the Notice.

 (b) Other Terminations of Relationship. In connection with any termination other than a termination covered by
Section 5(a), Optionee may exercise the Option only as described below: 
 (i) Termination upon Disability of
Optionee. In the event of termination of Optionee’s Continuous Service Status as a result of Optionee’s disability, Optionee may, but only within twelve months from the Termination Date, exercise this Option to the extent Optionee
was vested in the Option Shares as of such Termination Date. 
 (ii) Death of Optionee. In the event of the death
of Optionee (a) during the term of this Option and while an employee (including officers) or Outside Director of, or consultant or advisor to, either the Company or an Affiliate and having been in Continuous Service Status since the date of
grant of the Option, or (b) within three months after Optionee’s Termination Date (but only if such cessation of services was not as a result of voluntary termination by the Optionee or for Cause), the Option may be exercised at any time
within twelve months following the date of death by Optionee’s estate or by a person who acquired the right to exercise the Option by bequest or inheritance, but only to the extent Optionee was vested in the Option as of the Termination Date.

 (iii) Termination for Cause. In the event Optionee’s Continuous Service Status is terminated for Cause,
the Option shall terminate immediately upon such termination for Cause as set forth in Section 9(b)(iv) of the Plan. In the event Optionee’s employment or consulting relationship with the Company is suspended pending investigation of
whether such relationship shall be terminated for Cause, all Optionee’s rights under the Option, including the right to exercise the Option, shall be suspended during the investigation period. The Administrator shall have authority to effect
such procedures and take such actions as are necessary to carry out the legal intent of this Section 5(b)(iii), including such procedures and actions as are required to cause Optionee to return to the Company Shares purchased under the Option
that have been purchased or that vested within six months of the events giving rise to the for-Cause termination of Optionee’s Continuous Service Status and, if such Shares have been transferred by the Optionee, to remit to the Company the
value of such transferred Shares. 

  
 -3-

 (c) Termination of Option. This Option may terminate before its Expiration
Date and before the dates specified under Section 5(a) and (b) above under certain circumstances as set forth in Section 13 of the Plan. 
 6. Non-Transferability of Option. Except as otherwise set forth in the Notice, this Option may not be transferred in any manner otherwise than by will or by the laws of descent or
distribution and may be exercised during the lifetime of Optionee only by him or her. The terms of this Option shall be binding upon the executors, administrators, heirs, successors and assigns of Optionee. 

7. Tax Consequences. The Company has not provided any tax advice with respect to this Option or the disposition of
the Shares. Optionee should obtain advice from an appropriate independent professional adviser with respect to the taxation implications of the grant, exercise, assignment, release, cancellation or any other disposal of this Option (each, a
“Trigger Event”) and on any subsequent sale or disposition of the Shares. Optionee should also take advice in respect of the taxation indemnity provisions under Section 8 below. The per share Exercise Price of the Option is
intended to be at least equal to the fair market value of the Company’s Common Stock at the date of grant. The Company has attempted in good faith to make the fair market value determination in compliance with applicable tax law although there
can be no certainty that the IRS will agree. If the IRS does not agree and asserts the fair market value at the time of grant is higher than the Exercise Price, the IRS could seek to impose greater taxes on Optionee, including interest and penalties
under Internal Revenue Code Section 409A; but Optionee absolves and releases the Company and its directors from any claims should there be any such taxes, interest or penalties.  

8. Optionee’s Taxation Indemnity. 
 (a) To the extent permitted by law, Optionee hereby agrees to indemnify and keep indemnified the Company and the Company as trustee for and on behalf of any affiliate entity, in respect of any liability
or obligation of the Company and/or any affiliate entity to account for income tax or any other taxation provisions under the laws of Optionee’s country or citizenship and/or residence to the extent arising from a Trigger Event or arising out
of the acquisition, retention and disposal of the Shares. 
 (b) The Company shall not be obliged to allot and issue any of the
Shares or any interest in the Shares unless and until Optionee has paid to the Company such sum as is, in the opinion of the Company, sufficient to indemnify the Company in full against any liability the Company has for any amount of, or
representing, income tax or any other tax arising from a Trigger Event (the “Option Tax Liability”), or Optionee has made such other arrangement as in the opinion of the Company will ensure that the full amount of any Option Tax
Liability will be recovered from Optionee within such period as the Company may then determine. 
 9. Data
Protection. 
 (a) To facilitate the administration of the Plan and this Agreement, it will be necessary for the
Company (or its payroll administrators) to collect, hold and process certain personal information about Optionee and to transfer this data to certain third parties such as 

  
 -4-

 
brokers with whom Optionee may elect to deposit any share capital under the Plan. Optionee consents to the Company (or its payroll administrators) collecting, holding and processing
Optionee’s personal data and transferring this data to the Company or any other third parties insofar as is reasonably necessary to implement, administer and manage the Plan. 

(b) Optionee understands that Optionee may, at any time, view Optionee’s personal data, require any necessary corrections to it or
withdraw the consents herein in writing by contacting the Company, but acknowledges that without the use of such data it may not be practicable for the Company to administer Optionee’s involvement in the Plan in a timely fashion or at all and
this may be detrimental to Optionee. 
 10. Governing Law. This Agreement and all acts and transactions pursuant
hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of law. 

12. Effect of Agreement. Optionee acknowledges receipt of a copy of the Plan and represents that he or she is
familiar with the terms and provisions thereof (and has had an opportunity to consult counsel regarding the Option terms), and hereby accepts this Option and agrees to be bound by its contractual terms as set forth herein and in the Plan. Optionee
hereby agrees to accept as binding, conclusive and final all decisions and interpretations of the Administrator regarding any questions relating to the Option. In the event of a conflict between the terms and provisions of the Plan and the terms and
provisions of the Notice and this Agreement, the Plan terms and provisions shall prevail. The Option, including the Plan, constitutes the entire agreement between Optionee and the Company on the subject matter hereof and supersedes all proposals,
written or oral, and all other communications between the parties relating to such subject matter. 

  
 -5-

 EXHIBIT A 
 Single Touch Systems Inc. 
 2010 Stock Plan 

EXERCISE NOTICE AND STOCK PURCHASE AGREEMENT 
 This Agreement (“Agreement”) is made as of                     , by and between
Single Touch Systems Inc., a Delaware corporation (the “Company”), and
                             (“Purchaser”). To the extent any capitalized terms used
in this Agreement are not defined, they shall have the meaning ascribed to them in the Company’s 2010 Stock Plan (the “Plan”). 
 1. Exercise of Option. Subject to the terms and conditions hereof, Purchaser hereby elects to exercise his or her option to purchase         
shares of the Common Stock (the “Shares”) of the Company under and pursuant to the Plan and the Stock Option Agreement granted
                             ,
             (the “Option Agreement”). The purchase price for the Shares shall be $         per Share for a total
purchase price of $        . The term “Shares” refers to the purchased Shares and all securities received in replacement of the Shares or as stock dividends or splits, all securities
received in replacement of the Shares in a recapitalization, merger, reorganization, exchange or the like, and all new, substituted or additional securities or other properties to which Purchaser is entitled by reason of Purchaser’s ownership
of the Shares. 
 2. Time and Place of Exercise. The purchase and sale of the Shares under this Agreement shall
occur at the principal office of the Company simultaneously with the execution and delivery of this Agreement subject to the conditions stated in and the other provisions of the Option Agreement, including Section 3(b) thereof. On or forthwith
after such date, the Company will deliver to Purchaser a certificate representing the Shares to be purchased by Purchaser (which shall be issued in Purchaser’s name) against payment of the exercise price therefor on such date by Purchaser by
any method listed in Section 4 of the Option Agreement. 
 3. Limitations on Transfer. In addition to any
other limitation on transfer created by applicable securities laws, Purchaser shall not assign, encumber or dispose of any interest in the Shares except in compliance with the provisions below and applicable securities laws. 

4. Repurchase Option on Termination For Cause. Purchaser acknowledges that in the event of termination of Purchaser’s
Continuous Service Status for Cause, the Administrator shall have authority to effect such procedures and take such actions as are necessary to carry out the legal intent of Section 9(b)(iv) of the Option Agreement and Section 5(c)(v) of
the Plan, including such procedures and actions as are required to cause Purchaser to return to the Company Shares purchased under the Option that have been purchased or that vested within six months of the events giving rise to the for-Cause
termination of Purchaser’s Continuous Service Status and, if such Shares have been transferred by the Purchaser, to remit to the Company the value of such transferred Shares. 

  
 -1-

 5. Investment and Taxation Representations. In connection with the purchase of
the Shares, Purchaser represents to the Company the following (provided, that the representation in subsections (b), (c), (d), (e) and (f) shall be applicable if and only if the Shares are not registered under the Securities Act on Form
S-8): 
 (a) Purchaser is aware of the Company’s business affairs and financial condition and has acquired sufficient
information about the Company to reach an informed and knowledgeable decision to acquire the Shares. 
 (b) Purchaser is
purchasing these securities for investment for his or her own account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act or under any applicable provision of
state law. Purchaser does not have any present intention to transfer the Shares to any person or entity. 
 (c) Purchaser
understands that the Shares have not been registered under the Securities Act by reason of a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Purchaser’s investment intent as expressed
herein. 
 (d) Purchaser further acknowledges and understands that the securities must be held indefinitely unless they are
subsequently registered under the Securities Act or an exemption from such registration is available. Purchaser further acknowledges and understands that the Company is under no obligation to register the securities. Purchaser understands that the
certificate(s) evidencing the securities will be imprinted with a legend which prohibits the transfer of the securities unless they are registered or such registration is not required in the opinion of counsel for the Company. 

(e) Purchaser is familiar with the provisions of Rule 144 promulgated under the Securities Act, which, in substance, permit limited
public resale of “restricted securities” acquired, directly or indirectly, from the issuer of the securities (or from an affiliate of such issuer), in a non-public offering subject to the satisfaction of certain conditions. Purchaser
understands that the Company provides no assurances as to whether he or she will be able to resell any or all of the Shares pursuant to Rule 144, which rule requires, among other things, that the Company be subject to the reporting requirements of
the Securities Exchange Act of 1934, as amended, that resales of securities take place only after the holder of the Shares has held the Shares for certain specified time periods, and under certain circumstances, that resales of securities be limited
in volume and take place only pursuant to brokered transactions. Notwithstanding this paragraph (e), Purchaser acknowledges and agrees to the restrictions set forth in paragraph (f) below. 

(f) Purchaser further understands that in the event all of the applicable requirements of Rule 144 are not satisfied, registration under
the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding the fact that Rule 144 is not exclusive, the Staff of the Securities and Exchange Commission has expressed its
opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rule 144 will have a substantial burden of proof in establishing that an exemption from registration is
available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. 

  
 -2-

 (g) Purchaser understands that Purchaser may suffer adverse tax consequences as a result of
Purchaser’s purchase or disposition of the Shares. Purchaser represents that Purchaser has consulted any tax consultants Purchaser deems advisable in connection with the purchase or disposition of the Shares and that Purchaser is not relying on
the Company for any tax advice. 
 (h) Purchaser understands that the per share “Exercise Price” for the Shares is
intended to be at least equal to the fair market value of the Company’s Common Stock at the date of grant and that the Company has attempted in good faith to make the fair market value determination in compliance with applicable tax law
although there can be no certainty that the IRS will agree. Purchaser understands that if the IRS does not agree and asserts that the fair market value at the time of grant is higher than the Exercise Price, the IRS could seek to impose greater
taxes on Purchaser, including interest and penalties under Internal Revenue Code Section 409A; but Purchaser absolves and releases the Company and its directors from any claims should there be any such taxes, interest or penalties. 

6. Restrictive Legends and Stop-Transfer Orders. 
 (a) Legends. If the Shares have not been registered under the Securities Act on Form S-8, the certificate or certificates representing the Shares shall bear the following legend (as well as
any legends required by applicable state and federal corporate and securities laws): 
 THE SHARES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED UNLESS
EFFECTED PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR UNDER ANOTHER EXEMPTION AVAILABLE UNDER THE SECURITIES ACT OF 1933 (AS TO WHICH AVAILABILITY THE COMPANY MAY REQUIRE THE SELLER/TRANSFEROR TO PROVIDE AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY). 
 (b) Stop-Transfer Notices. Purchaser agrees that, in order to ensure compliance
with the restrictions referred to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same
effect in its own records. 

  
 -3-

 (c) 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. 
 7. No Employment Rights. Nothing in this
Agreement shall affect in any manner whatsoever the right or power of the Company, or a parent or subsidiary of the Company, to terminate Purchaser’s employment or consulting relationship, for any reason, with or without Cause. 

8. Tax Consequences. Purchaser should obtain advice from an appropriate independent professional adviser with
respect to the taxation implications of the grant, issuance, purchase, retention, assignment, release, cancellation, sale or any other disposal of the Shares (each, a “Trigger Event”). Participant should also take advice in respect
of the taxation indemnity provisions under Section 9 below. 
 9. Purchaser’s Taxation Indemnity.

 (a) To the extent permitted by law, Purchaser hereby agrees to indemnify and keep indemnified the Company and the Company as
trustee for and on behalf of any affiliate entity, in respect of any liability or obligation of the Company and/or any affiliate entity to account for income tax or any other taxation provisions under the laws of Purchaser’s country or
citizenship and/or residence to the extent arising from a Trigger Event. 
 (b) The Company shall not be obliged to allot and
issue any of the Shares or any interest in the Shares unless and until Purchaser has paid to the Company such sum as is, in the opinion of the Company, sufficient to indemnify the Company in full against any liability the Company has for any amount
of, or representing, income tax or any other tax arising from a Trigger Event (the “Shares Tax Liability”), or Purchaser has made such other arrangement as in the opinion of the Company will ensure that the full amount of any Shares
Tax Liability will be recovered from Purchaser within such period as the Company may then determine. 
 10. Data
Protection. 
 (a) To facilitate the administration of the Plan and this Agreement, it will be necessary for the Company
(or its payroll administrators) to collect, hold and process certain personal information about Purchaser and to transfer this data to certain third parties such as brokers with whom Purchaser may elect to deposit any share capital under the Plan.
Purchaser consents to the Company (or its payroll administrators) collecting, holding and processing Purchaser’s personal data and transferring this data to the Company or any other third parties insofar as is reasonably necessary to implement,
administer and manage the Plan. 
 (b) Purchaser understands that Purchaser may, at any time, view Purchaser’s personal
data, require any necessary corrections to it or withdraw the consents herein in writing by contacting the Company, but acknowledges that without the use of such data it may not be practicable for the Company to administer Purchaser’s
involvement in the Plan in a timely fashion or at all and this may be detrimental to Purchaser. 

  
 -4-

 11. Miscellaneous. 

(a) Governing Law. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the
parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of law. 

(b) Entire Agreement; Enforcement of Rights. This Agreement sets forth the entire agreement and understanding of the
parties relating to the subject matter herein and merges all prior discussions between them. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, shall be effective unless in writing signed by the
parties to this Agreement. The failure by either party to enforce any rights under this Agreement shall not be construed as a waiver of any rights of such party. 
 (c) Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event
that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such provision shall be excluded from this Agreement, (ii) the balance of the Agreement shall be interpreted as if such provision
were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance with its terms. 
 (d)
Notices. Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient when delivered personally or sent by email or fax or forty-eight (48) hours after being deposited in the U.S. mail, as
certified or registered mail, with postage prepaid, and addressed to the party to be notified at such party’s address as set forth below or as subsequently modified by written notice. 

(e) Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original and all of
which together shall constitute one instrument. 
 (f) Successors and Assigns. The rights and benefits of this
Agreement shall inure to the benefit of, and be enforceable by the Company’s successors and assigns. The rights and obligations of Purchaser under this Agreement may only be assigned with the prior written consent of the Company. 

[Signature Page Follows] 

  
 -5-

 The parties have executed this Exercise Notice and Stock Purchase Agreement as of the date
first set forth above. 
  

			
	COMPANY:
	
	SINGLE TOUCH SYSTEMS INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 

			
	PURCHASER:
	
	  

(Signature)

	
	  
 (Printed
Name)

		
	Address:	 	  
  

  
 -6-

 RECEIPT 

The undersigned hereby acknowledges receipt of Certificate No.          for
         shares of Common Stock of Single Touch Systems Inc. 
  

					
	Dated:                     	 		 	  

		 		 	Purchaser

 RECEIPT 

Single Touch Systems Inc. (the “Company”) hereby acknowledges receipt of check in the amount of
$         given by                             
as consideration for Certificate No.          for          shares of Common Stock of the Company. 

 

							
	Dated:                     	 		 		 	
		 		 	Single Touch Systems Inc.
				
		 		 	By:	 	  

				
		 		 	Name:	 	  

				
		 		 	Title:	 	  

 SINGLE TOUCH SYSTEMS INC. 

2010 STOCK PLAN 
 1. Purposes of the Plan. The purposes of this 2010 Stock Plan are to attract and retain the best available personnel for positions of substantial responsibility, to provide additional
incentive to Employees and Consultants and to promote the success of the Company’s business. Options granted under the Plan may be Incentive Stock Options or Nonstatutory Stock Options, as determined by the Administrator at the time of grant of
an option and subject to the applicable provisions of Section 422 of the Code and the regulations and interpretations promulgated thereunder. Stock purchase rights may also be granted under the Plan. 

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

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

 (b) “Affiliate” means an entity other than a Subsidiary which, together with the Company, is under
common control of a third person or entity. 
 (c) “Applicable Laws” means the legal requirements
relating to the administration of stock option and restricted stock purchase plans, including under applicable U.S. state corporate laws, U.S. federal and applicable state securities laws, other U.S. federal and state laws, the Code, any Stock
Exchange rules or regulations and the applicable laws, rules and regulations of any other country or jurisdiction where Options or Stock Purchase Rights are granted under the Plan, as such laws, rules, regulations and requirements shall be in place
from time to time. 
 (d) “Award” means an Option or a Stock Purchase Right granted in accordance with
the terms of the Plan. 
 (e) “Award Agreement” means a Restricted Stock Purchase Agreement and/or
Option Agreement. 
 (f) “Board” means the Board of Directors of the Company. 

(g) “Cause” for termination of a Participant’s Continuous Service Status will exist if the Participant is
terminated by the Company for any of the following reasons: (i) Participant’s willful failure substantially to perform his or her duties and responsibilities to the Company or deliberate violation of a material Company policy;
(ii) Participant’s commission of any act of fraud, embezzlement, dishonesty or any other willful misconduct that has caused or is reasonably expected to result in material injury to the Company; (iii) unauthorized use or disclosure by
Participant of any proprietary information or trade secrets of the Company or any other party to whom the Participant owes an obligation of nondisclosure as a result of his or her relationship with the Company; or (iv) Participant’s
willful breach of any of his or her obligations under any written agreement or covenant with the Company. The determination as to 

 
whether a Participant is being terminated for Cause shall be made in good faith by the Company and shall be final and binding on the Participant. The foregoing definition does not in any way
limit the Company’s ability to terminate a Participant’s employment or consulting relationship at any time as provided in Section 5(d) below, and the term “Company” will be interpreted to include any Subsidiary, Parent or
Affiliate, as appropriate 
 (h) “Change of Control” means (1) a sale of all or substantially all
of the Company’s assets, or (2) any merger, consolidation or other business combination transaction of the Company with or into another corporation, entity or person, other than a transaction in which the holders of at least a majority of
the shares of voting capital stock of the Company outstanding immediately before such transaction continue to hold (either by such shares remaining outstanding or by their being converted into shares of voting capital stock of the surviving entity)
a majority of the total voting power represented by the shares of voting capital stock of the Company (or the surviving entity) outstanding immediately after such transaction, (3) the direct or indirect acquisition (including by way of a tender
or exchange offer, but not including an issuance by the Company primarily for financing purposes) by any person, or persons acting as a group, of beneficial ownership or a right to acquire beneficial ownership of shares representing a majority of
the voting power of the then outstanding shares of capital stock of the Company or (4) a contested election of Directors, as a result of which or in connection with which the persons who were Directors before such election or their nominees
(the “Incumbent Directors”) cease to constitute a majority of the Board; provided however that if the election or nomination for election by the Company’s stockholders, of any new Director was approved by a vote of at least 50%
of the Incumbent Directors, such new Director shall be considered as an Incumbent Director. 
 (i)
“Code” means the Internal Revenue Code of 1986, as amended. 
 (j) “Committee”
means one or more committees or subcommittees of the Board appointed by the Board to administer the Plan in accordance with Section 4 below. 
 (k) “Common Stock” means the Common Stock of the Company. 

(l) “Company” means Single Touch Systems Inc., a Delaware corporation. 

(m) “Consultant” means any person, including an advisor, who is engaged by the Company or any Parent, Subsidiary
or Affiliate to render services and is compensated for such services, and any director of the Company whether compensated for such services or not. 
 (n) “Continuous Service Status” means the absence of any interruption or termination of service as an Employee or Consultant. Continuous Service Status as an Employee or Consultant
shall not be considered interrupted in the case of: (i) sick leave; (ii) military leave; (iii) any other leave of absence approved by the Administrator, provided that such leave is for a period of not more than 90 days, unless
reemployment upon the expiration of such leave is guaranteed by contract or statute, or unless provided otherwise pursuant to Company policy adopted from time to time; or (iv) transfers between locations of the Company or between the Company,
its Parents, Subsidiaries, Affiliates or their respective successors. A change in status from an Employee to a Consultant or from a Consultant to an Employee will not constitute an 

  
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interruption of Continuous Service Status. However, for Incentive Stock Option purposes, termination of Continuous Service Status will occur when the Employee ceases to be an employee (as
determined in accordance with Section 3401(c) of the Code and the regulations promulgated thereunder) of the Company or one of its Subsidiaries. The Administrator shall determine whether any corporate transaction, such as a sale or spin-off of
a division or business unit, or a joint venture, shall be deemed to result in a termination of Continuous Service Status. 
 (o)
“Corporate Transaction” means a merger, consolidation or other capital reorganization or business combination transaction of the Company with or into another corporation, entity or person, which is not a Change of Control and
by which the Company is not acquired. 
 (p) “Director” means a member of the Board. 

(q) “Employee” means any person employed by the Company or any Parent or Subsidiary, with the status of
employment determined based upon such factors as are deemed appropriate by the Administrator in its discretion, subject to any requirements of the Code or the Applicable Laws. The payment by the Company of a director’s fee to a Director shall
not be sufficient to constitute “employment” of such Director by the Company. 
 (r) “Exchange
Act” means the Securities Exchange Act of 1934, as amended. 
 (s) “Fair Market Value”
means, as of any date, the value of a share of Common Stock or other property as determined by the Administrator, in its discretion, or by the Company, in its discretion, if such determination is expressly allocated to the Company herein, subject to
the following: 
 (i) If, on such date, the Common Stock is listed on a national or regional securities exchange
or market system, the Fair Market Value of a share of Common Stock shall be the closing price on such date of a share of Common Stock (or the mean of the closing bid and asked prices of a share of Common Stock if the stock is so quoted instead) as
quoted on such exchange or market system constituting the primary market for the Common Stock, as reported in The Wall Street Journal or such other source as the Administrator deems reliable. If the relevant date does not fall on a day on
which the Common Stock has traded on such securities exchange or market system, the date on which the Fair Market Value shall be established shall be the last day on which the Common Stock was so traded before the relevant date, or such other
appropriate day as shall be determined by the Administrator, in its discretion. 
 (ii) If, on such date, the
Common Stock is not listed on a national or regional securities exchange or market system, the Fair Market Value of a share of Common Stock shall be as determined by the Administrator in good faith using a reasonable application of a reasonable
valuation method without regard to any restriction other than a restriction which, by its terms, will never lapse. 

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

(u) “Involuntary Termination” means termination of a Participant’s Continuous Service Status under the
following circumstances: (i) termination without Cause by the Company or a Subsidiary, Parent or Affiliate, as applicable; or (ii) voluntary termination by the Participant, within 60 days following the occurrence of one of the
following events without Participant’s express written consent: (A) a material reduction in the Participant’s job responsibilities, provided that neither a mere change in title alone nor reassignment following a Change of Control to a
position that is substantially similar to the position held before the Change of Control shall constitute a material reduction in job responsibilities; (B) relocation by the Company or a Subsidiary, Parent or Affiliate, as applicable, of the
Participant’s work site to a facility or location more than 25 miles from the Participant’s principal work site for the Company at the time of the Change of Control; or (C) a material reduction in the total value of Participant’s
then-current base salary and benefits, provided that an across-the-board reduction in the salary/benefits level of all other employees or consultants in positions similar to the Participant’s by the same percentage amount as part of a general
salary/benefits level reduction shall not constitute such a salary/benefits reduction. 
 (v) “Listed
Security” means any security of the Company that is listed or approved for listing on a national securities exchange. 
 (w) “Named Executive” means any individual who is a covered employee pursuant to Section 162(m) of the Code. 

(x) “Nonstatutory Stock Option” means an Option not intended to qualify as an Incentive Stock Option, as
designated in the applicable Option Agreement. 
 (y) “Option” means a stock option granted pursuant to
the Plan. 
 (z) “Option Agreement” means a written document, the form(s) of which shall be approved
from time to time by the Administrator, reflecting the terms of an Option granted under the Plan and includes any documents attached to or incorporated into such Option Agreement, including, but not limited to, a notice of stock option grant and a
form of exercise notice. 
 (aa) “Option Exchange Program” means a program approved by the Administrator
whereby outstanding Options are exchanged for Options with a lower exercise price or are amended to decrease the exercise price as a result of a decline in the Fair Market Value of the Common Stock. 

(bb) “Optioned Stock” means the Common Stock subject to an Option. 

  
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 (cc) “Optionee” means an Employee or Consultant who receives an
Option. 
 (dd) “Parent” means a “parent corporation,” whether now or hereafter existing, as
defined in Section 424(e) of the Code, or any successor provision. 
 (ee) “Participant” means any
holder of one or more Options or Stock Purchase Rights, or the Shares issuable or issued upon exercise of such Awards, under the Plan. 
 (ff) “Plan” means this 2010 Stock Plan. 
 (gg)
“Reporting Person” means an officer, Director, or greater than ten percent stockholder of the Company within the meaning of Rule 16a-2 under the Exchange Act, who is required to file reports pursuant to Rule 16a-3 under the
Exchange Act. 
 (hh) “Restricted Stock” means Shares of Common Stock acquired pursuant to a grant of a
Stock Purchase Right under Section 10 below. 
 (ii) “Restricted Stock Purchase Agreement” means a
written document, the form(s) of which shall be approved from time to time by the Administrator, reflecting the terms of a Stock Purchase Right granted under the Plan and includes any documents attached to such document. 

(jj) “Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act, as amended from time to time, or any
successor provision. 
 (kk) “Share” means a share of the Common Stock, as adjusted in accordance with
Section 13 of the Plan. 
 (ll) “Stock Exchange” means any stock exchange or consolidated stock
price reporting system on which prices for the Common Stock are quoted at any given time. 
 (mm) “Stock Purchase
Right” means the right to purchase or otherwise acquire Common Stock pursuant to Section 10 below. 
 (nn)
“Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Code, or any successor provision. 

(oo) “Ten Percent Holder” means a person who owns stock representing more than ten percent (10%) of the
voting power of all classes of stock of the Company or any Parent or Subsidiary. 
 3. Stock Subject to the Plan.
Subject to the provisions of Section 13 of the Plan, the maximum aggregate number of Shares that may be sold under the Plan is 15,000,000 Shares of Common Stock. The Shares may be authorized, but unissued, or reacquired Common Stock. If an
Award should expire or become unexercisable for any reason without having been exercised in full, or is surrendered pursuant to an Option Exchange Program, the unpurchased Shares that were subject thereto shall, unless the Plan shall have been
terminated, become available for future grant under the Plan. In addition, any Shares of Common Stock which are 

  
 5 

 
retained by the Company upon exercise of an Award in order to satisfy the exercise or purchase price for such Award or any withholding taxes due with respect to such exercise or purchase shall be
treated as not issued and shall continue to be available under the Plan. Shares issued under the Plan and later forfeited to the Company or repurchased by the Company pursuant to any repurchase right which the Company may have shall be available for
future grant under the Plan. 
 4. Administration of the Plan. 

(a) General. The Plan shall be administered by the Board or a Committee, or a combination thereof, as determined by the
Board. The Plan may be administered by different administrative bodies with respect to different classes of Participants and, if permitted by the Applicable Laws, the Board may authorize one or more officers to make Awards under the Plan.

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

(c) Powers of the Administrator. Subject to the provisions of the Plan and in the case of a Committee, the specific duties
delegated by the Board to such Committee, the Administrator shall have the authority, in its discretion: 
 (i) to determine
the Fair Market Value of the Common Stock, in accordance with Section 2(s) of the Plan, provided that such determination shall be applied consistently with respect to Participants under the Plan; 

(ii) to select the Employees and Consultants to whom Awards may from time to time be granted; 

(iii) to determine whether and to what extent Awards are granted; 

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

(v) to approve the form(s) of agreement(s) used under the Plan; 

(vi) to determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder, which terms and
conditions include but are not limited to the exercise or purchase price, the time or times when Awards may be exercised (which may be based on performance criteria), any vesting acceleration or waiver of forfeiture

  
 6 

 
restrictions, any pro rata adjustment to vesting as a result of a Participant’s transitioning from full- to part-time service (or vice versa), and any restriction or limitation regarding any
Option, Optioned Stock, Stock Purchase Right or Restricted Stock, based in each case on such factors as the Administrator, in its sole discretion, shall determine; 
 (vii) to determine whether and under what circumstances an Option may be settled in cash under Section 9(c) instead of Common Stock; 

(viii) to implement an Option Exchange Program on such terms and conditions as the Administrator in its discretion deems appropriate,
provided that no amendment or adjustment to an Option that would materially and adversely affect the rights of any Optionee shall be made without the prior written consent of the Optionee; 

(ix) to adjust the vesting of an Option held by an Employee or Consultant as a result of a change in the terms or conditions under which
such person is providing services to the Company; 
 (x) to construe and interpret the terms of the Plan and Awards granted
under the Plan, which constructions, interpretations and decisions shall be final and binding on all Participants; and 
 (xi)
in order to fulfill the purposes of the Plan and without amending the Plan, to modify grants of Options or Stock Purchase Rights to Participants who are foreign nationals or employed outside of the United States in order to recognize differences in
local law, tax policies or customs. 
 5. Eligibility. 

(a) Recipients of Grants. Nonstatutory Stock Options and Stock Purchase Rights may be granted to Employees and Consultants.
Incentive Stock Options may be granted only to Employees, provided that Employees of Affiliates shall not be eligible to receive Incentive Stock Options. 
 (b) Type of Option. Each Option shall be designated in the Option Agreement as either an Incentive Stock Option or a Nonstatutory Stock Option. 

(c) ISO $100,000 Limitation. Notwithstanding any designation under Section 5(b), to the extent that the aggregate Fair
Market Value of Shares with respect to which Options designated as Incentive Stock Options are exercisable for the first time by any Optionee during any calendar year (under all plans of the Company or any Parent or Subsidiary) exceeds $100,000,
such excess Options shall be treated as Nonstatutory Stock Options. For purposes of this Section 5(c), Incentive Stock Options shall be taken into account in the order in which they were granted, and the Fair Market Value of the Shares subject
to an Incentive Stock Option shall be determined as of the date of the grant of such Option. 
 (d) No Employment
Rights. The Plan shall not confer upon any Participant any right with respect to continuation of an employment or consulting relationship with the Company, nor shall it interfere in any way with such Participant’s right or the
Company’s right to terminate the employment or consulting relationship at any time for any reason. 

  
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 6. Term of Plan. The Plan shall become effective upon its adoption by the
Board of Directors (the “Effective Date”). It shall continue in effect for a term of 10 years from the later of the Effective Date or the date any amendment to add shares to the Plan is approved by stockholders of the Company unless
sooner terminated under Section 15 of the Plan. 
 7. Term of Option. The term of each Option shall be the
term stated in the Option Agreement; provided that the term shall be no more than 10 years from the date of grant thereof or such shorter term as may be provided in the Option Agreement and provided further that, in the case of an Incentive Stock
Option granted to a person who at the time of such grant is a Ten Percent Holder, the term of the Option shall be 5 years from the date of grant thereof or such shorter term as may be provided in the Option Agreement. 

8. Option Exercise Price and Consideration. 
 (a) Exercise Price. The per Share exercise price for the Shares to be issued pursuant to exercise of an Option shall be set forth in the Option Agreement and be no less than 100% of the Fair
Market Value per Share on the date of grant but shall be subject to the following: 
 (i) In the case of an Incentive Stock
Option 
 (A) granted to an Employee who at the time of grant is a Ten Percent Holder, the per Share exercise price shall be no
less than 110% of the Fair Market Value per Share on the date of grant; or 
 (B) granted to any other Employee, the per Share
exercise price shall be no less than 100% of the Fair Market Value per Share on the date of grant. 
 (ii) Notwithstanding the
foregoing, Options may be granted with a per Share exercise price other than as required above pursuant to a merger or other such corporate transaction. 
 (b) Permissible Consideration. The consideration to be paid for the Shares to be issued upon exercise of an Option, including the method of payment, shall be determined by the Administrator
(and, in the case of an Incentive Stock Option, shall be determined at the time of grant) and may consist entirely of such one or more of the following forms of consideration as the Administrator determines to be acceptable: (1) cash;
(2) check; (3) subject to any requirements of the Applicable Laws, delivery of Optionee’s promissory note having such recourse, interest, security and redemption provisions as the Administrator determines to be appropriate;
(4) cancellation of indebtedness; (5) if, as of the date of exercise of an Option the Company then is permitting employees to engage in a “same-day sale” cashless brokered exercise program involving one or more brokers, through
such a program that complies with the Applicable Laws (including without limitation the requirements of Regulation T and other applicable regulations promulgated by the Federal Reserve Board) and that ensures prompt

  
 8 

 
delivery to the Company of the amount required to pay the exercise price and any applicable withholding taxes; (6) net-exercise; (7) any combination of the foregoing methods of payment;
or (8) such other consideration and method of payment as determined by the Administrator and to the extent permitted under Applicable Laws. In making its determination as to the type of consideration to accept, the Administrator shall consider
if acceptance of such consideration may be reasonably expected to benefit the Company, and the Administrator may, in its sole discretion, refuse at the time of grant to include a particular form of consideration as acceptable and/or refuse to accept
a particular form of consideration at the time of any Option exercise. 
 9. Exercise of Option. 

(a) General. 
 (i) Exercisability. Any Option granted hereunder shall be exercisable at such times and under such conditions as determined by the Administrator, consistent with the term of the Plan and
reflected in the Option Agreement, including vesting requirements and/or performance criteria with respect to the Company and/or the Optionee. 
 (ii) Leave of Absence. The Administrator shall have the discretion to determine whether and to what extent the vesting of Options shall be tolled during any unpaid leave of absence;
provided, however, that in the absence of such determination, vesting of Options shall be tolled during any such unpaid leave (unless otherwise required by the Applicable Laws). In the event of military leave, vesting shall toll during any unpaid
portion of such leave, provided that, upon a Participant’s returning from military leave (under conditions that would entitle him or her to protection upon such return under the Uniform Services Employment and Reemployment Rights Act), he or
she shall be given vesting credit with respect to Options to the same extent as would have applied had the Participant continued to provide services to the Company throughout the leave on the same terms as he or she was providing services
immediately before such leave. 
 (iii) Minimum Exercise Requirements. An Option may not be exercised for a
fraction of a Share. The Administrator may require that an Option be exercised as to a minimum number of Shares, provided that such requirement shall not prevent an Optionee from exercising the full number of Shares as to which the Option is then
exercisable. 
 (iv) Procedures for and Results of Exercise. An Option shall be deemed exercised when written
notice of such exercise has been given to the Company in accordance with the terms of the Option by the person entitled to exercise the Option and the Company has received full payment for the Shares with respect to which the Option is exercised.
Full payment may, as authorized by the Administrator, consist of any consideration and method of payment determined to be acceptable by the Administrator and allowable under Section 8(b) of the Plan, provided that the Administrator may, in its
sole discretion, refuse to accept any form of consideration at the time of any Option exercise. 
 Exercise of an Option in any
manner shall result in a decrease in the number of Shares that thereafter may be available, both for purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised. 

  
 9 

 (v) Rights as Stockholder. Until the issuance of the Shares (as
evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Optioned Stock,
notwithstanding the exercise of the Option. No adjustment will be made for a dividend or other right for which the record date is before the date the stock certificate is issued, except as provided in Section 13 of the Plan. 

(b) Termination of Employment or Consulting Relationship. Except as otherwise set forth in this Section 9(b), the
Administrator shall establish and set forth in the applicable Option Agreement the terms and conditions upon which an Option shall remain exercisable, if at all, following termination of an Optionee’s Continuous Service Status, which provisions
may be waived or consensually modified by the Administrator at any time. Unless the Administrator otherwise provides in the Option Agreement, to the extent that the Optionee is not vested in Optioned Stock at the date of termination of his or her
Continuous Service Status, or if the Optionee (or other person entitled to exercise the Option) does not exercise the Option to the extent so entitled within the time specified in the Option Agreement or below (as applicable), the Option shall
terminate and the Optioned Stock underlying the unexercised portion of the Option shall revert to the Plan. In no event may any Option be exercised after the expiration of the Option term as set forth in the Option Agreement (and subject to
Section 7). 
 The following provisions (1) shall apply to the extent an Option Agreement does not specify the terms
and conditions upon which an Option shall terminate upon termination of an Optionee’s Continuous Service Status, and (2) establish the minimum post-termination exercise periods that may be set forth in an Option Agreement:

 (i) Termination other than Upon Disability or Death [or for Cause]. In the event of termination of
Optionee’s Continuous Service Status other than under the circumstances set forth in subsections (ii) through (iv) below, such Optionee may exercise an Option until the earlier of (A) three months following such termination or
(B) the expiration of the term of such Option, to the extent the Optionee was vested in the Optioned Stock as of the date of such termination; provided, however, that the Administrator may in the Option Agreement specify an alternative period
of time (but not beyond the expiration date of the Option) following termination of Optionee’s Continuous Service Status during which Optionee may exercise the Option as to Shares that were vested and exercisable as of the date of termination
of Optionee’s Continuous Service Status. No termination shall be deemed to occur and this Section 9(b)(i) shall not apply if (i) the Optionee is a Consultant who becomes an Employee, or (ii) the Optionee is an Employee who
becomes a Consultant. 
 (ii) Disability of Optionee. In the event of termination of an Optionee’s
Continuous Service Status as a result of his or her disability (including a disability within the meaning of Section 22(e)(3) of the Code), such Optionee may exercise an Option at any time within 12 months following such termination to the
extent the Optionee was vested in the Optioned Stock as of the date of such termination. 

  
 10 

 (iii) Death of Optionee. In the event of the death of an Optionee during the
period of Continuous Service Status since the date of grant of the Option, or within 30 days following termination of Optionee’s Continuous Service Status, the Option may be exercised by Optionee’s estate or by a person who acquired the
right to exercise the Option by bequest or inheritance at any time within 12 months following the date of death, but only to the extent the Optionee was vested in the Optioned Stock as of the date of death or, if earlier, the date the
Optionee’s Continuous Service Status terminated. 
 (iv) Termination for Cause. In the event of termination
of an Optionee’s Continuous Service Status for Cause, any Option (including any exercisable portion thereof) held by such Optionee shall immediately terminate in its entirety upon first notification to the Optionee of termination of the
Optionee’s Continuous Service Status. If an Optionee’s employment or consulting relationship with the Company is suspended pending an investigation of whether the Optionee shall be terminated for Cause, all the Optionee’s rights under
any Option likewise shall be suspended during the investigation period and the Optionee shall have no right to exercise any Option. The Administrator shall have authority to effect such procedures and take such actions as are necessary to carry out
the legal intent of this Section 9(b)(iv), including such procedures and actions as are required to cause the Optionee to return to the Company Shares purchased under the Option that have been purchased or that vested within six months before
the events giving rise to the for-Cause termination of the Optionee’s Continuous Service Status and, if such Shares have been transferred by the Optionee, to remit to the Company the value of such transferred Shares. 

(c) Buyout Provisions. The Administrator may at any time offer to buy out for a payment in cash or Shares an Option
previously granted under the Plan based on such terms and conditions as the Administrator shall establish and communicate to the Optionee at the time that such offer is made. 
 10. Stock Purchase Rights. 
 (a) Rights to Purchase.
When the Administrator determines that it will offer Stock Purchase Rights under the Plan, it shall advise the offeree in writing of the terms, conditions and restrictions related to the offer, including the number of Shares that such person shall
be entitled to purchase or otherwise acquire, the price to be paid (including the method of payment) and the time within which such person must accept such offer. The purchase price of Shares subject to Stock Purchase Rights shall be as determined
by the Administrator. The consideration shall be as determined by the Administrator consistent with Section 8(b). The offer to purchase Shares subject to Stock Purchase Rights shall be accepted by execution of a Restricted Stock Purchase
Agreement in the form determined by the Administrator or in such other manner as determined by the Administrator as specified in the Restricted Stock Purchase Agreement. 
 (b) Repurchase Option. 
 (i) General. Unless the
Administrator determines otherwise, the Restricted Stock Purchase Agreement shall grant the Company a repurchase option exercisable upon the voluntary or involuntary termination of the purchaser’s employment with the Company for any reason
(including death or disability). Subject to any requirements of the Applicable Laws (including without limitation Section 260.140.8 of the Rules of the California Corporations 

  
 11 

 
Commissioner), the terms of the Company’s repurchase option (including without limitation the price at which, and the consideration for which, it may be exercised, and the events upon which
it shall lapse) shall be as determined by the Administrator in its sole discretion and reflected in the Restricted Stock Purchase Agreement. 
 (ii) Leave of Absence. The Administrator shall have the discretion to determine whether and to what extent the lapsing of Company repurchase rights shall be tolled during any unpaid leave of
absence; provided, however, that in the absence of such determination, such lapsing shall be tolled during any such unpaid leave (unless otherwise required by the Applicable Laws). In the event of military leave, the lapsing of Company repurchase
rights shall toll during any unpaid portion of such leave, provided that, upon a Participant’s returning from military leave (under conditions that would entitle him or her to protection upon such return under the Uniform Services Employment
and Reemployment Rights Act), he or she shall be given “vesting” credit with respect to Shares purchased pursuant to the Restricted Stock Purchase Agreement to the same extent as would have applied had the Participant continued to provide
services to the Company throughout the leave on the same terms as he or she was providing services immediately before such leave. 
 (iii) Termination for Cause. In the event of termination of a Participant’s Continuous Service Status for Cause, the Company shall have the right to repurchase from the Participant
vested Shares issued upon exercise of a Stock Purchase Right upon the following terms: (A) the repurchase must be made within six months of termination of the Participant’s Continuous Service Status for Cause at the lower of
(x) Participant’s original cost for the Shares and (y) the Fair Market Value of the Shares as of the date of termination, and (B) the repurchase shall be effected pursuant to such terms and conditions as the Administrator shall
determine are necessary and appropriate to carry out the intent of this Section 10(b)(iii). The Administrator shall have authority to effect such procedures and take such actions as are necessary to carry out the legal intent of this
Section 10(b)(iii), including such procedures and actions as are required to cause the Participant to return to the Company Shares purchased under the Stock Purchase Right that have vested within six months of the events giving rise to the
for-Cause termination of the Participant’s Continuous Service Status and, if such Shares have been transferred by the Participant, to remit to the Company the value of such transferred Shares. Nothing in this Section 10(b)(iii) shall in
any way limit the Company’s right to purchase unvested Shares as set forth in the applicable Restricted Stock Purchase Agreement. 
 (c) Other Provisions. The Restricted Stock Purchase Agreement shall contain such other terms, provisions and conditions not inconsistent with the Plan as may be determined by the
Administrator in its sole discretion. In addition, the provisions of Restricted Stock Purchase Agreements need not be the same with respect to each Participant. 
 (d) Rights as a Stockholder. Once the Stock Purchase Right is exercised, the purchaser shall have the rights equivalent to those of a stockholder, and shall be a stockholder when his or her
purchase is entered upon the records of the duly authorized transfer agent of the Company. No adjustment will be made for a dividend or other right for which the record date is before the date the Stock Purchase Right is exercised, except as
provided in Section 13 of the Plan. 

  
 12 

 11. Taxes. 

(a) Tax Withholding Obligation. 
 (i) As a condition of the grant, vesting or exercise of an Option or Stock Purchase Right granted under the Plan, the Participant (or in the case of the Participant’s death, the person exercising the
Option or Stock Purchase Right) shall make such arrangements as the Administrator may require for the satisfaction of any applicable federal, state, local or foreign withholding tax obligations that may arise in connection with such grant, vesting
or exercise of the Option or Stock Purchase Right or the issuance of Shares. The Company shall not be required to issue any Shares under the Plan until such obligations are satisfied. If the Administrator allows the withholding or surrender of
Shares to satisfy a Participant’s tax withholding obligations under this Section 11, the Administrator shall not allow Shares to be withheld in an amount that exceeds the minimum statutory withholding rates for federal and state tax
purposes, including payroll taxes. 
 (ii) In the case of an Employee and in the absence of any other arrangement, the Employee
shall be deemed to have directed the Company to withhold or collect from his or her compensation an amount sufficient to satisfy such tax obligations from the next payroll payment otherwise payable after the date of an exercise of the Option or
Stock Purchase Right. 
 (iii) This Section 11(a) shall apply only after the date, if any, upon which the Common Stock
becomes a Listed Security. In the case of Participant other than an Employee (or in the case of an Employee where the next payroll payment is not sufficient to satisfy such tax obligations, with respect to any remaining tax obligations), in the
absence of any other arrangement and to the extent permitted under the Applicable Laws, the Participant shall be deemed to have elected to have the Company withhold from the Shares to be issued upon exercise of the Option or Stock Purchase Right
that number of Shares having a Fair Market Value determined as of the applicable Tax Date (as defined below) equal to the amount required to be withheld. For purposes of this Section 11, the Fair Market Value of the Shares to be withheld shall
be determined on the date that the amount of tax to be withheld is to be determined under the Applicable Laws (the “Tax Date”). 
 (iv) If permitted by the Administrator, in its discretion, a Participant may satisfy his or her tax withholding obligations upon exercise of an Option or Stock Purchase Right by surrendering to the
Company Shares that have a Fair Market Value determined as of the applicable Tax Date equal to the amount required to be withheld. In the case of Shares previously acquired from the Company that are surrendered under this Section 11(a)(iv),
such Shares must have been owned by the Participant for more than six months on the date of surrender (or such other period of time as is required for the Company to avoid adverse accounting charges). 

(v) Any election or deemed election by a Participant to have Shares withheld to satisfy tax withholding obligations under
Section 11(a)(iii) or (iv) above shall be irrevocable as to the particular Shares as to which the election is made and shall be subject to the consent or disapproval of the Administrator. Any election by a Participant under
Section 11(a)(iv) above must be made on or before the applicable Tax Date. 

  
 13 

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

(b) Compliance with Section 409A. Notwithstanding anything to the contrary contained in this Plan, to the extent
that the Administrator determines that any Award granted under the Plan is subject to Code Section 409A and unless otherwise specified in the applicable Award Agreement, the Award Agreement evidencing such Award shall incorporate the terms and
conditions necessary for such Award to avoid the consequences described in Code Section 409A(a)(1), and to the maximum extent permitted under Applicable Law (and unless otherwise stated in the applicable Award Agreement), the Plan and the Award
Agreements shall be interpreted in a manner that results in their conforming to the requirements of Code Section 409A(a)(2), (3) and (4) and any Department of Treasury or Internal Revenue Service regulations or other interpretive
guidance issued under Section 409A (whenever issued, the “Guidance”). Notwithstanding anything to the contrary in this Plan (and unless the Award Agreement provides otherwise, with specific reference to this sentence), to the
extent that a Participant holding an Award that constitutes “deferred compensation” under Section 409A and the Guidance is a “specified employee” (also as defined thereunder), no distribution or payment of any amount shall
be made before a date that is six months following the date of such Participant’s “separation from service” (as defined in Section 409A and the Guidance) or, if earlier, the date of the Participant’s death. 

(c) Deferral of Award Benefits. The Administrator may in its discretion and upon such terms and conditions as it
determines appropriate permit one or more Participants whom it selects to (a) defer compensation payable pursuant to the terms of an Award, or (b) defer compensation arising outside the terms of this Plan pursuant to a program that
provides for deferred payment in satisfaction of such other compensation amounts through the issuance of one or more Awards. Any such deferral arrangement shall be evidenced by an Award Agreement in such form as the Administrator shall from time to
time establish, and no such deferral arrangement shall be a valid and binding obligation unless evidenced by a fully executed Award Agreement, the form of which the Administrator has approved, including through the Administrator’s establishing
a written program (the “Program”) under this Plan to govern the form of Award Agreements participating in such Program. Any such Award Agreement or Program shall specify the treatment of dividends or dividend equivalent rights (if
any) that apply to Awards governed thereby, and shall further provide that any elections governing payment of amounts pursuant to such Program shall be in writing, shall be delivered to the Company or its agent in a form and manner that complies
with Code Section 409A and the Guidance, and shall specify the amount to be distributed in settlement of the deferral arrangement, as well as the time and form of such distribution in a manner that complies with Code Section 409A and the
Guidance. 

  
 14 

 12. Non-Transferability of Options and Stock Purchase Rights. 

(a) General. Except as set forth in this Section 12, Options and Stock Purchase Rights may not be sold, pledged,
assigned, hypothecated, transferred or disposed of in any manner other than by will or by the laws of descent or distribution. The designation of a beneficiary by an Optionee will not constitute a transfer. An Option or Stock Purchase Right may be
exercised, during the lifetime of the holder of an Option or Stock Purchase Right, only by such holder or a transferee permitted by this Section 12. 
 (b) Limited Transferability Rights. Notwithstanding anything else in this Section 12, the Administrator may in its discretion grant Nonstatutory Stock Options that may be transferred by
instrument to an inter vivos or testamentary trust in which the Options are to be passed to beneficiaries upon the death of the trustor (settlor) or by gift or pursuant to domestic relations orders to “Immediate Family Members” (as defined
below) of the Optionee. “Immediate Family” means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, or sister-in-law (including adoptive relationships), a trust in which these persons have more than 50% of the beneficial interest, a foundation in which these persons (or the Optionee) control the management of assets, and any other
entity in which these persons (or the Optionee) own more than 50% of the voting interests. 
 13. Adjustments Upon Changes
in Capitalization, Merger or Certain Other Transactions. 
 (a) Changes in Capitalization. Subject to any
action required under Applicable Laws by the stockholders of the Company, the number of Shares of Common Stock (or other securities) covered by each outstanding Award, and the number of Shares of Common Stock (or other securities) that have been
authorized for issuance under the Plan but as to which no Awards have yet been granted or that have been returned to the Plan upon cancellation or expiration of an Award, as well as the price per Share of Common Stock (or other securities) covered
by each such outstanding Award, shall be proportionately adjusted for any increase or decrease in the number of issued Shares of Common Stock (or other securities) resulting from a stock split, reverse stock split, stock dividend, combination,
recapitalization or reclassification of the Common Stock, or any other increase or decrease in the number of issued Shares of Common Stock effected without receipt of consideration by the Company; provided, however, that conversion of any
convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.” Such adjustment shall be made by the Administrator, whose determination in that respect shall be final, binding and
conclusive. Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect
to, the number or price of Shares of Common Stock subject to an Award. 
 (b) Dissolution or Liquidation. In the
event of the dissolution or liquidation of the Company, each Option and Stock Purchase Right will terminate immediately before the consummation of such action, unless otherwise determined by the Administrator. 

  
 15 

 (c) Change of Control or Corporate Transaction. In the event of a Change of
Control, the Board or Committee may, in its discretion, (1) provide for the assumption or substitution of, or adjustment to, each outstanding Option and Stock Purchase Right by the successor corporation or a parent or subsidiary of the
successor corporation (the “Successor Corporation”); (2) accelerate the vesting and termination of outstanding Options and Stock Purchase Rights, in whole or in part, so that Options and Stock Purchase Rights can be exercised
before or otherwise in connection with the closing or completion of the transaction or event but will, if not exercised, terminate upon the closing or completion of the transaction or event; and/or (3) provide for termination of Options and
Stock Purchase Rights as a result of the Change of Control on such terms and conditions as it deems appropriate, including providing for the cancellation of Options or Stock Purchase Rights for a cash payment to the Participant. The Board or
Committee need not provide for identical treatment of each outstanding Award. 
 In the event of a Corporate Transaction, the
Board or Committee shall provide for the assumption or substitution of, or adjustment to, each outstanding Option and Stock Purchase Right by the Successor Corporation. 
 For purposes of this Section 13(c), an Option or a Stock Purchase Right shall be considered assumed, without limitation, if, at the time of issuance of the stock or other consideration upon a
Corporate Transaction or a Change of Control, as the case may be, each holder of an Option or Stock Purchase Right would be entitled to receive upon exercise of the Award the same number and kind of shares of stock or the same amount of property,
cash or securities as such holder would have been entitled to receive upon the occurrence of the transaction if the holder had been, immediately before such transaction, the holder of the number of Shares of Common Stock covered by the Award at such
time (after giving effect to any adjustments in the number of Shares covered by the Option or Stock Purchase Right as provided for in this Section 13); provided that if such consideration received in the transaction is not solely common stock
of the Successor Corporation, the Administrator may, with the consent of the Successor Corporation, provide for the consideration to be received upon exercise of the Award to be solely common stock of the Successor Corporation equal to the Fair
Market Value of the per Share consideration received by holders of Common Stock in the transaction. 
 Notwithstanding the
above, in the event (i) of a Change of Control, and (ii) a Participant holding an Option or Stock Purchase Right assumed or substituted by the Successor Corporation in the Change of Control, or holding Restricted Stock issued upon exercise
of an Option or Stock Purchase Right with respect to which the Successor Corporation has succeeded to a repurchase right as a result of the Change of Control, is Involuntarily Terminated by the Successor Corporation at the time of, or within 18
months following consummation of, the transaction, then any assumed or substituted Option or Stock Purchase Right held by the terminated Participant at the time of termination shall accelerate and become exercisable as to the number of Shares that
would otherwise have vested and been exercisable as of the date of termination, and any repurchase right applicable to any Shares shall lapse as to the number of Shares as to which the repurchase right would otherwise have lapsed as of the date of
termination, in each case assuming the Participant remained in Continuous Service Status. The acceleration of vesting and lapse of repurchase rights provided for in the previous sentence shall occur immediately before the effective date of
termination of the Participant’s Continuous Service Status. 

  
 16 

 (d) Certain Distributions. In the event of any distribution to the
Company’s stockholders of securities of any other entity or other assets (other than dividends payable in cash or stock of the Company) without receipt of consideration by the Company, the Administrator may, in its discretion, appropriately
adjust the price per Share of Common Stock covered by each outstanding Option or Stock Purchase Right to reflect the effect of such distribution. 
 14. Time of Granting Options and Stock Purchase Rights. The date of grant of an Option or Stock Purchase Right shall, for all purposes, be the date on which the Administrator makes the
determination granting such Option or Stock Purchase Right, or such other date as is determined by the Administrator, provided that in the case of any Incentive Stock Option, the grant date shall be the later of the date on which the Administrator
makes the determination granting such Incentive Stock Option or the date of commencement of the Optionee’s employment relationship with the Company. Notice of the determination shall be given to each Employee or Consultant to whom an Option or
Stock Purchase Right is so granted within a reasonable time after the date of such grant. 
 15. Amendment and Termination
of the Plan. 
 (a) Authority to Amend or Terminate. The Board may at any time amend, alter, suspend or
discontinue the Plan, but no amendment, alteration, suspension or discontinuation (other than an adjustment pursuant to Section 13 above) shall be made that would materially and adversely affect the rights of any Optionee or holder of Stock
Purchase Rights under any outstanding grant, without his or her consent. In addition, to the extent necessary and desirable to comply with the Applicable Laws, the Company shall obtain stockholder approval of any Plan amendment in such a manner and
to such a degree as required. 
 (b) Effect of Amendment or Termination. Except as to amendments which the
Administrator has the authority under the Plan to make unilaterally, no amendment or termination of the Plan shall materially and adversely affect Options or Stock Purchase Rights already granted, unless mutually agreed otherwise between the
Optionee or holder of the Stock Purchase Rights and the Administrator, which agreement must be in writing and signed by the Optionee or holder and the Company. 
 16. Conditions Upon Issuance of Shares. Notwithstanding any other provision of the Plan or any agreement entered into by the Company pursuant to the Plan, the Company shall not be obligated
to issue or deliver any Shares under the Plan unless such issuance or delivery would comply with the Applicable Laws, with such compliance determined by the Company in consultation with its legal counsel. As a condition to the exercise of an Option
or Stock Purchase Right, the Company may require the person exercising the Award to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or
distribute such Shares if, in the opinion of counsel for the Company, such a representation is required by law. Shares issued upon exercise of Awards granted before the date on which the Common Stock becomes a Listed Security shall be subject to a
right of first refusal in favor of the Company pursuant to which the Participant will be 

  
 17 

 
required to offer Shares to the Company before selling or transferring them to any third party on such terms and subject to such conditions as are reflected in the applicable Option Agreement or
Restricted Stock Purchase Agreement. In addition, Awards issued before the date on which the Common Stock becomes a Listed Security shall require the Participant to agree to a lock-up agreement in connection with public offerings of the
Company’s stock that applies to all capital stock and rights to purchase capital stock of the Company held by the Participant on such terms and subject to such conditions as are reflected in the applicable Option Agreement or Restricted Stock
Purchase Agreement. 
 17. Reservation of Shares. The Company, during the term of this Plan, will at all times
reserve and keep available such number of Shares as shall be sufficient to satisfy the requirements of the Plan. 
 18.
Agreements. Options and Stock Purchase Rights shall be evidenced by Option Agreements and Restricted Stock Purchase Agreements, respectively, in such form(s) as the Administrator shall from time to time approve. 

19. Stockholder Approval. Any stockholder approval of the Plan shall be obtained in the manner and to the degree required
under the Applicable Laws. 
 20. Information and Documents to Optionees and Purchasers. Before the date, if any,
upon which the Common Stock becomes a Listed Security and if required by the Applicable Laws, the Company shall to the extent required by Applicable Law provide financial statements at least annually to each Optionee and to each individual who
acquired Shares pursuant to the Plan, during the period such Optionee or purchaser has one or more Options or Stock Purchase Rights outstanding, and in the case of an individual who acquired Shares pursuant to the Plan, during the period such
individual owns such Shares. Except as required by Applicable Law, the Company shall not be required to provide such information if the issuance of Options or Stock Purchase Rights under the Plan is limited to key persons whose duties in connection
with the Company assure their access to equivalent information. 
 21. Notice. Any written notice to the Company
required by any provisions of this Plan shall be addressed to the Secretary of the Company and shall be effective when received. 
 22. Governing Law; Interpretation of Plan and Awards.  
 (a) This
Plan and all determinations made and actions taken pursuant hereto shall be governed by the substantive laws, but not the choice of law rules, of the state of California. 
 (b) In the event that any provision of the Plan or any Award granted under the Plan is declared to be illegal, invalid or otherwise unenforceable by a court of competent jurisdiction, such provision shall
be reformed, if possible, to the extent necessary to render it legal, valid and enforceable, or otherwise deleted, and the remainder of the terms of the Plan and/or Award shall not be affected except to the extent necessary to reform or delete such
illegal, invalid or unenforceable provision. 

  
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 (c) The headings preceding the text of the sections hereof are inserted solely for
convenience of reference, and shall not constitute a part of the Plan, nor shall they affect its meaning, construction or effect. 
 (d) The terms of the Plan and any Award shall inure to the benefit of and be binding upon the parties hereto and their respective permitted heirs, beneficiaries, successors and assigns. 

(e) All questions arising under the Plan or under any Award shall be decided by the Administrator in its total and absolute discretion.
In the event the Participant believes that a decision by the Administrator with respect to such person was arbitrary or capricious, the Participant may request arbitration with respect to such decision. The review by the arbitrator shall be limited
to determining whether the Administrator’s decision was arbitrary or capricious. This arbitration shall be the sole and exclusive review permitted of the Administrator’s decision, and the Awardee shall as a condition to the receipt of an
Award be deemed to explicitly waive any right to judicial review. 
 23. Limitation on Liability. The Company
and any Parent, Subsidiary or Affiliate which is in existence or hereafter comes into existence shall not be liable to a Participant, an Employee or any other persons as to: 
 (a) The Non-Issuance of Shares. The non-issuance or sale of Shares (including under Section 16 above) as to which the Company has been unable to obtain from any regulatory body
having jurisdiction the authority deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any shares hereunder; 
 (b) Tax Consequences. Any tax consequence realized by any Participant, Employee or other person due to the receipt, vesting, exercise or settlement of any Option or
other Award granted hereunder or due to the transfer of any Shares issued hereunder. The Participant is responsible for, and by accepting an Award under the Plan agrees to bear, all taxes of any nature that are legally imposed upon the Participant
in connection with an Award, and the Company does not assume, and will not be liable to any party for, any cost or liability arising in connection with such tax liability legally imposed on the Participant. In particular, Awards issued under the
Plan may be characterized by the Internal Revenue Service (the “IRS”) as “deferred compensation” under the Code resulting in additional taxes, including in some cases interest and penalties. In the event the IRS determines
that an Award constitutes deferred compensation under the Code or challenges any good faith characterization made by the Company or any other party of the tax treatment applicable to an Award, the Participant will be responsible for the additional
taxes, and interest and penalties, if any, that are determined to apply if such challenge succeeds, and the Company will not reimburse the Participant for the amount of any additional taxes, penalties or interest that result; and 

(c) Forfeiture. The requirement that Participant forfeit an Award, or the benefits received or to be received under an
Award, pursuant to any Applicable Law. 

  
 19

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