Document:

Exhibit 4.7

 

EXECUTION VERSION

 

QUALCOMM Incorporated

 

U.S. $961,427,000 1.300% Notes due 2028

U.S. $1,245,206,000 1.650% Notes due 2032

 

REGISTRATION RIGHTS AGREEMENT

 

August 14, 2020

 

To the Parties Listed on Schedule I

 

Ladies and Gentlemen:

 

QUALCOMM Incorporated, a Delaware corporation
(the “Company”), has made offers to exchange the four series of notes described in the table set forth on Schedule
II issued by the Company (the “Old Notes”) for two new series of the Company’s notes described in the right
column of the table set forth on Schedule II (the “Initial Securities”), as set forth in the Offering Memorandum,
dated August 5, 2020 (the “Offering Memorandum”), related thereto. The Initial Securities will be issued upon
the terms set forth in the Offering Memorandum, for which the parties listed on Schedule I hereto have severally agreed to act
as dealer managers (the “Dealer Managers”), pursuant to a dealer manager agreement, dated as of August 5, 2020,
among the Company and the several Dealer Managers. The Initial Securities will be issued pursuant to an Indenture, dated as of
May 20, 2015 (the “Indenture”), between the Company and U.S. Bank National Association, as trustee (the “Trustee”).
As an inducement to the Dealer Managers, the Company agrees with the Dealer Managers, for the benefit of the holders of the Initial
Securities and the Exchange Securities (as defined below) (collectively the “Holders”), as follows:

 

1. Registered Exchange Offer. The
Company shall use its commercially reasonable efforts to, at its own cost, prepare and file with the Securities and Exchange Commission
(the “Commission”) a registration statement (the “Exchange Offer Registration Statement”) on an appropriate
form under the Securities Act of 1933, as amended (the “Securities Act”), with respect to a proposed offer (the “Registered
Exchange Offer”) to the Holders of Transfer Restricted Securities (as defined in Section 6 hereof), who are not prohibited
by any law or policy of the Commission from participating in the Registered Exchange Offer, to issue and deliver to such Holders,
in exchange for the Initial Securities, a like aggregate principal amount of debt securities (the “Exchange Securities,”
and together with the Initial Securities, the “Securities”) of the Company issued under the Indenture and identical
in all material respects to the Initial Securities (except for the transfer restrictions relating to the Initial Securities and
the provisions relating to the matters described in Section 6 hereof) that would be registered under the Securities Act.
The Company shall use its commercially reasonable efforts to cause such Exchange Offer Registration Statement to become effective
under the Securities Act within 330 days (or if the 330th day is not a business day, the first business day thereafter) after
the date of original issue of the Initial Securities (the “Issue Date”) and shall keep the Exchange Offer Registration
Statement effective for not less than 30 business days (or longer, if required by applicable law) after commencement of the Registered
Exchange Offer (such period being called the “Exchange Offer Registration Period”).

 

The Company will use its commercially reasonable
efforts to complete the Registered Exchange Offer not later than 395 days after the Issue Date.

 

If the Company effects the Registered Exchange
Offer, the Company will be entitled to close the Registered Exchange Offer 30 business days after the commencement thereof provided
that the Company has accepted all the Initial Securities theretofore validly tendered and not properly withdrawn in accordance
with the terms of the Registered Exchange Offer.

 

     

     

    

 

Following the declaration of the effectiveness
of the Exchange Offer Registration Statement, the Company shall promptly commence the Registered Exchange Offer (but in any event
not later than 30 days after such effectiveness), it being the objective of such Registered Exchange Offer to enable each Holder
of Transfer Restricted Securities electing to exchange the Initial Securities for Exchange Securities (assuming that such Holder
is not an affiliate of the Company within the meaning of the Securities Act, acquires the Exchange Securities in the ordinary
course of such Holder’s business and has no arrangements with any person to participate in the distribution of the Exchange
Securities and is not prohibited by any law or policy of the Commission from participating in the Registered Exchange Offer) to
trade such Exchange Securities from and after their receipt without any limitations or restrictions under the Securities Act.

 

The Company acknowledges that, pursuant
to current interpretations by the Commission’s staff of Section 5 of the Securities Act, in the absence of an applicable
exemption therefrom, each Holder which is a broker-dealer electing to exchange Initial Securities, acquired for its own account
as a result of market making activities or other trading activities, for Exchange Securities (an “Exchanging Dealer”),
is required to deliver a prospectus containing the information set forth in (a) Annex A hereto on the cover, (b) Annex
B hereto in the “Description of the Exchange Offer” or similar section, and (c) Annex C hereto in the “Plan
of Distribution” section of such prospectus in connection with a sale of any such Exchange Securities received by such Exchanging
Dealer pursuant to the Registered Exchange Offer.

 

The Company shall use its commercially
reasonable efforts to keep the Exchange Offer Registration Statement effective and to amend and supplement the prospectus contained
therein, in order to permit such prospectus to be lawfully delivered by all persons subject to the prospectus delivery requirements
of the Securities Act for such period of time as such persons must comply with such requirements in order to resell the Exchange
Securities; provided, however, that in the case where such prospectus and any amendment or supplement thereto must be delivered
by an Exchanging Dealer or a Dealer Manager, such period shall be the lesser of 90 days and the date on which all Exchanging Dealers
and the Dealer Managers have sold all Exchange Securities held by them (unless such period is extended pursuant to Section 3(h) below).

 

In connection with the Registered Exchange
Offer, the Company shall:

 

(a) mail or otherwise send
to each Holder a copy of the prospectus forming part of the Exchange Offer Registration Statement, together with related documents;

 

(b) utilize for the Registered
Exchange Offer the services of a depositary with an address in the Borough of Manhattan, The City of New York, which may be the
Trustee or an affiliate of the Trustee;

 

(c) permit Holders to withdraw
tendered Securities at any time prior to the close of business, New York City time, on the last business day on which the Registered
Exchange Offer shall remain open; and

 

(d) otherwise comply with
all applicable laws.

 

As soon as practicable after the close
of the Registered Exchange Offer, the Company shall:

 

(x)            accept
for exchange all the Initial Securities validly tendered and not withdrawn pursuant to the Registered Exchange Offer;

 

     

     

    

 

(y)           deliver
to the Trustee for cancellation all the Initial Securities so accepted for exchange; and

 

(z)            cause
the Trustee to authenticate and deliver promptly to each Holder of the Initial Securities Exchange Securities equal in principal
amount to the Initial Securities of such Holder so accepted for exchange.

 

Each Holder participating in the Registered
Exchange Offer shall be required to represent to the Company that at the time of the consummation of the Registered Exchange Offer
(i) any Initial Securities being exchanged by such Holder, and any Exchange Securities received by such Holder, have been
or will be acquired in the ordinary course of business, (ii) such Holder is not engaged and does not intend to engage in
and will have no arrangements or understanding with any person to participate in the distribution of the Initial Securities or
the Exchange Securities within the meaning of the Securities Act, (iii) such Holder is not an “affiliate,” as
defined in Rule 405 of the Securities Act, of the Company or if it is an affiliate, such Holder will comply with the registration
and prospectus delivery requirements of the Securities Act to the extent applicable, (iv) if such Holder is not a broker-dealer,
that it is not engaged in, and does not intend to engage in, the distribution of the Exchange Securities and (v) if such
Holder is a broker-dealer, that it will receive Exchange Securities for its own account in exchange for Initial Securities that
were acquired as a result of market-making activities or other trading activities and that it will be required to acknowledge
that it will deliver a prospectus in connection with any resale of such Exchange Securities.

 

2. Shelf Registration. If,
(i) because of any change in law or in applicable interpretations thereof by the staff of the Commission, the Company
determines that it is not permitted to effect a Registered Exchange Offer, as contemplated by Section 1 hereof,
(ii) the Registered Exchange Offer is not consummated within 395 days of the Issue Date, (iii) any Holder (other
than as a result of the status of any such Holder as an “affiliate” of the Company or as a broker-dealer)
notifies the Company prior to the 20th day following completion of the Registered Exchange Offer that it is not eligible to
participate in the Registered Exchange Offer or, in the case of any Holder that participates in the Registered Exchange
Offer, such Holder does not receive freely tradeable Exchange Securities on the date of the exchange (it being understood
that the requirement that an Exchanging Dealer deliver a prospectus containing the information set forth in (a) Annex A
hereto on the cover, (b) Annex B hereto in the “Description of the Exchange Offer” or similar section, and
(c) Annex C hereto in the “Plan of Distribution” in connection with a sale of any such Exchange Securities
received by such Exchanging Dealer pursuant to the Registered Exchange Offer shall not result in such Exchange Securities
being not “freely transferable”), or (iv) the Company so elects, the Company shall, at its reasonable costs,
take the following actions:

 

(a) The Company shall, as promptly as practicable (but in no event more than 180 days after
so required or requested pursuant to this Section 2) file with the Commission and thereafter shall use its commercially
reasonable efforts to cause to be declared effective (unless it becomes effective automatically upon filing), within 270 days
after the Company is so required or requested pursuant to this Section 2, a registration statement (the “Shelf
Registration Statement” and, together with the Exchange Offer Registration Statement, a “Registration
Statement”) on an appropriate form under the Securities Act relating to the offer and sale of the Transfer Restricted
Securities (as defined in Section 6 hereof) by the Holders thereof from time to time in accordance with the methods of
distribution set forth in the Shelf Registration Statement and Rule 415 under the Securities Act (hereinafter, the
“Shelf Registration”) or, if permitted by 430B under the Securities Act, otherwise designate an existing
effective Shelf Registration Statement for use by the Holders as a Shelf Registration Statement relating to the resales of
the Transfer Restricted Securities; provided, however, that no Holder (other than a Dealer Manager) shall be entitled to
have the Securities held by it covered by such Shelf Registration Statement unless such Holder agrees in writing to be bound
by all the provisions of this Agreement applicable to such Holder.

 

     

     

    

 

(b) The Company shall use
its commercially reasonable efforts to keep the Shelf Registration Statement continuously effective in order to permit the prospectus
included therein to be lawfully delivered by the Holders of the relevant Securities, for a period of one year (or for such longer
period if extended pursuant to Section 3(h) below) from effectiveness of the Shelf Registration Statement or such shorter
period that will terminate when all the Securities covered by the Shelf Registration Statement have been sold pursuant thereto
(such period, the “Shelf Registration Period”).

 

3. Registration Procedures. In connection
with any Shelf Registration contemplated by Section 2 hereof and, to the extent applicable, any Registered Exchange Offer
contemplated by Section 1 hereof, the following provisions shall apply:

 

(a) The Company shall (i) include
the information set forth in Annex A hereto on the cover, in Annex B hereto in the “Description of the Exchange Offer”
or similar section and in Annex C hereto in the “Plan of Distribution” section of the prospectus forming a part of
the Exchange Offer Registration Statement; (ii) include within the prospectus contained in the Exchange Offer Registration
Statement a section entitled “Plan of Distribution,” which shall contain a summary statement of the positions taken
or policies made by the staff of the Commission with respect to the potential “underwriter” status of any broker-dealer
that is the beneficial owner (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)) of Exchange Securities received by such broker-dealer in the Registered Exchange Offer (a “Participating Broker-Dealer”);
and (iii) in the case of a Shelf Registration Statement, include in the prospectus included in the Shelf Registration Statement
(or, if permitted by Commission Rule 430B(b), in a prospectus supplement that becomes a part thereof pursuant to Commission
Rule 430B(f)) that is delivered to any Holder pursuant to Section 3(d), the names of the Holders, who propose to sell
Securities pursuant to the Shelf Registration Statement, as selling security holders.

 

(b) The Company shall give
notice to the Dealer Managers, the Holders of the Securities (in case of any Shelf Registration Statement) and any Participating
Broker-Dealer from whom the Company has received prior written notice that it will be a Participating Broker-Dealer in the Registered
Exchange Offer (which notice pursuant to clauses (ii)-(iv) hereof shall be accompanied by an instruction to suspend the use
of the prospectus until the requisite changes have been made):

 

(i) when the Registration
Statement or any amendment thereto has been filed with the Commission and when the Registration Statement or any post-effective
amendment thereto has become effective;

 

(ii) of any request by the
Commission for amendments or supplements to the Registration Statement or the prospectus included therein;

 

(iii) of the issuance by the
Commission of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for
that purpose and of the happening of any event that causes the Company to become an “ineligible issuer,” as defined
in Commission Rule 405; and

 

     

     

    

 

(iv) of the receipt by the
Company or its legal counsel of any notification with respect to the suspension of the qualification of the Securities for sale
in any jurisdiction or the initiation or overtly threatening of any proceeding for such purpose.

 

(c) The Company shall use
its commercially reasonable efforts to obtain the withdrawal at the earliest possible time of any order suspending the effectiveness
of the Registration Statement.

 

(d) The Company shall, during
the Shelf Registration Period, deliver to each Holder of Securities included within the coverage of the Shelf Registration, without
charge, as many copies of the prospectus (including each preliminary prospectus) included in the Shelf Registration Statement
and any amendment or supplement thereto as such person may reasonably request. The Company consents, subject to the provisions
of this Agreement, to the use of the prospectus or any amendment or supplement thereto by each of the selling Holders of the Securities
in connection with the offering and sale of the Securities covered by the prospectus, or any amendment or supplement thereto,
included in the Shelf Registration Statement.

 

(e) The Company shall deliver
to each Dealer Manager, any Exchanging Dealer, any Participating Broker-Dealer and such other persons required to deliver a prospectus
following the Registered Exchange Offer, without charge, as many copies of the final prospectus included in the Exchange Offer
Registration Statement and any amendment or supplement thereto as such persons may reasonably request. The Company consents, subject
to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by any Dealer Manager,
if necessary, any Participating Broker-Dealer and such other persons required to deliver a prospectus following the Registered
Exchange Offer in connection with the offering and sale of the Exchange Securities covered by the prospectus, or any amendment
or supplement thereto, included in such Exchange Offer Registration Statement.

 

(f) Upon the occurrence
of any event contemplated by paragraphs (ii) through (iv) of Section 3(b) above during the period for which
the Company is required to maintain an effective Registration Statement, the Company shall promptly prepare and file a post-effective
amendment to the Registration Statement or a supplement to the related prospectus and any other required document so that, as
thereafter delivered to Holders of the Securities or purchasers of Securities, the prospectus will not contain an untrue statement
of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading. The Company shall also promptly provide notice to the
Dealer Managers, the Holders of the Securities (in case of any Shelf Registration Statement) and any known Participating Broker-Dealer
of its determination to suspend the availability of a Registration Statement and the related prospectus because the continued
effectiveness and use of such Registration Statement and prospectus included therein would require the disclosure of confidential
information or interfere with any acquisition, corporate reorganization or other material transaction involving the Company or
any of its consolidated subsidiaries (it being understood that such notice may disclose only the existence of such determination
and need not disclose the nature of the basis therefor, which may be kept confidential for such period as may reasonably be required
for bona fide business reasons). If the Company notifies the Dealer Managers, the Holders of the Securities and any known Participating
Broker-Dealer in accordance with paragraphs (ii) through (iv) of Section 3(b) above to suspend the use of
the prospectus until the requisite changes to the prospectus have been made, then the Dealer Managers, the Holders of the Securities
and any such Participating Broker-Dealers shall suspend use of such prospectus, and the period of effectiveness of the Shelf Registration
Statement provided for in Section 2(b) above and the Exchange Offer Registration Statement provided for in Section 1
above, as applicable, shall each be extended by the number of days from and including the date of the giving of such notice to
and including the date when the Dealer Managers, the Holders of the Securities and any known Participating Broker-Dealer shall
have received such amended or supplemented prospectus pursuant to this Section 3(f). During the period during which the Company
is required to maintain an effective Shelf Registration Statement pursuant to this Agreement, the Company will prior to the three-year
expiration of that Shelf Registration Statement file, and use its commercially reasonable efforts to cause to be declared effective
(unless it becomes effective automatically upon filing) within a period that avoids any interruption in the ability of Holders
of Securities covered by the expiring Shelf Registration Statement to make registered dispositions, a new registration statement
relating to the Securities, which shall be deemed the “Shelf Registration Statement” for purposes of this Agreement.

 

     

     

    

 

(g) Not later than the effective
date of the applicable Registration Statement, the Company will provide a CUSIP number for the Initial Securities or the Exchange
Securities, as the case may be, and provide the applicable trustee with printed certificates for the Initial Securities or the
Exchange Securities, as the case may be, in a form eligible for deposit with The Depository Trust Company.

 

(h) The Company will comply
in all material respects with all rules and regulations of the Commission to the extent and so long as they are applicable
to the Registered Exchange Offer or the Shelf Registration.

 

(i) The Company shall cause
the Indenture to be qualified under the Trust Indenture Act of 1939 (the “Trust Indenture Act”), as amended, in a
timely manner and containing such changes, if any, as shall be necessary for such qualification. In the event that such qualification
would require the appointment of a new trustee under the Indenture, the Company shall appoint a new trustee thereunder pursuant
to the applicable provisions of the Indenture.

 

(j) The Company may require
each Holder of Securities to be sold pursuant to the Shelf Registration Statement to furnish to the Company such information regarding
the Holder and the distribution of the Securities as the Company may from time to time reasonably require for inclusion in the
Shelf Registration Statement, and the Company may exclude from such registration the Securities of any Holder that fails to furnish
such information within a reasonable time after receiving such request.

 

(k) The Company shall use
its commercially reasonable efforts to take all other steps necessary to effect the registration of the Securities covered by
a Registration Statement contemplated hereby.

 

4. Registration Expenses. The Company
shall bear all fees and expenses incurred in connection with the performance of its obligations under Sections 1 through 3 hereof.

 

5. Indemnification. (a) The
Company agrees to indemnify and hold harmless each Holder of the Securities (with respect to a Shelf Registration Statement only),
any Participating Broker-Dealer and each person, if any, who controls such Holder or such Participating Broker-Dealer within the
meaning of the Securities Act (each Holder, any Participating Broker-Dealer and such controlling persons are referred to collectively
as the “Indemnified Parties”) from and against any loss, claim, damage or liability, joint or several, and any action
in respect thereof, to which that Indemnified Party may become subject, under the Securities Act or otherwise, insofar as such
loss, claim, damage, liability or action arises out of, or is based upon, any untrue statement or alleged untrue statement of
a material fact contained in a Registration Statement at any time or prospectus or in any amendment or supplement thereto or in
any preliminary prospectus or “issuer free writing prospectus,” as defined in Commission Rule 433 (“Issuer
FWP”), or arises out of, or is based upon, the omission or alleged omission to state therein a material fact required to
be stated therein or necessary to make the statements therein not misleading, and shall reimburse each Indemnified Party for any
legal and other expenses reasonably incurred by that Holder, Participating Broker-Dealer or controlling person in investigating
or defending or preparing to defend against any such loss, claim, damage, liability or action as such expenses are incurred (but
no more frequently than annually); provided, however, that (i) the Company shall not be liable in any such case to the
extent that such loss, claim, damage or liability arises out of or is based upon any untrue statement or alleged untrue statement
or omission or alleged omission made in a Registration Statement or prospectus or in any amendment or supplement thereto or in
any preliminary prospectus or Issuer FWP in reliance upon and in conformity with written information furnished to the Company
by or on behalf of such Holder or Participating Broker-Dealer specifically for inclusion therein and (ii) with respect to
any untrue statement or omission or alleged untrue statement or omission made in any preliminary prospectus relating to a Shelf
Registration Statement, the indemnity agreement contained in this subsection (a) shall not inure to the benefit of any Holder
or Participating Broker-Dealer from whom the person asserting any such losses, claims, damages or liabilities purchased the Securities
concerned, to the extent that a prospectus relating to such Securities was required to be delivered (including through satisfaction
of the conditions of Commission Rule 172) by such Holder or Participating Broker-Dealer under the Securities Act in connection
with such purchase and any such loss, claim, damage or liability of such Holder or Participating Broker-Dealer results from the
fact that there was not conveyed to such person, at or prior to the time of the sale of such Securities to such person, an amended
or supplemented prospectus or, if permitted by Section 3(d), an Issuer FWP correcting such untrue statement or omission or
alleged untrue statement or omission if the Company had previously furnished copies thereof to such Holder or Participating Broker-Dealer;
provided further, however, that this indemnity agreement will be in addition to any liability which the Company may otherwise
have to such Indemnified Party.

 

     

     

    

 

(b) Each Holder of the Securities
and each Participating Broker-Dealer, severally and not jointly, will indemnify and hold harmless the Company, each of its directors,
each of its officers who signed the applicable Registration Statement and any person who controls the Company within the meaning
of the Securities Act or the Exchange Act from and against any loss, claim, damage or liability, joint or several, and any action
in respect thereof, to which the Company, or any such director, officer or controlling person may become subject, under the Securities
Act or otherwise, insofar as such loss, claim, damage, liability or action arises out of, or is based upon, any untrue statement
or alleged untrue statement of a material fact contained in a Registration Statement at any time or prospectus or in any amendment
or supplement thereto or in any Issuer FWP, or arises out of, or is based upon, the omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the statements therein not misleading, and shall reimburse
the Company for any legal and other expenses reasonably incurred by the Company, or any such director, officer or controlling
person in investigating or defending or preparing to defend against any such loss, claim, damage, liability or action as such
expenses are incurred (but no more frequently than annually), but in each case only to the extent that the untrue statement or
alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with information furnished
in writing to the Company by such Holder or Participating Broker-Dealer specifically for inclusion therein. This indemnity agreement
will be in addition to any liability which such Holder or Participating Broker Dealer may otherwise have to the Company or any
of its directors, officers or controlling persons.

 

(c) Promptly after receipt by an indemnified
party under this Section 5 of notice of any claim or the commencement of any action, the indemnified party shall, if a claim
in respect thereof is to be made against the indemnifying party under this Paragraph 5, notify the indemnifying party in writing
of the claim or the commencement of that action, provided that the failure to notify the indemnifying party shall not relieve
it from any liability which it may have to an indemnified party otherwise than under Section 5(a) or 5(b). If any such
claim or action shall be brought against an indemnified party, and it shall notify the indemnifying party thereof, the indemnifying
party shall be entitled to participate therein, and, to the extent that it wishes, jointly with any other similarly notified indemnifying
party, to assume the defense thereof with counsel reasonably satisfactory to the indemnified party. After notice from the indemnifying
party to the indemnified party of its election to assume the defense of such claim or action, the indemnifying party shall not
be liable to the indemnified party under this Section 5 for any legal or other expenses subsequently incurred by the indemnified
party in connection with the defense thereof other than reasonable costs of investigation. If the indemnifying party shall not
elect to assume the defense of such action, such indemnifying party will reimburse such indemnified party for the reasonable fees
and expenses of any counsel retained by them. In the event that the parties to any such action (including impleaded parties) include
both the Company and one or more Holders or Participating Broker-Dealers and either (i) the indemnifying party or parties
and indemnified party or parties mutually agree or (ii) representation of both the indemnifying party or parties and the
indemnified party or parties by the same counsel is inappropriate under applicable standards of professional conduct or in the
opinion of such counsel due to actual or potential differing interests between them, then the indemnifying party shall not have
the right to assume the defense of such action on behalf of such indemnified party and will reimburse such indemnified party for
the reasonable fees and expenses of any counsel retained by them and satisfactory to the indemnifying party, it being understood
that the indemnifying party shall not, in connection with any one action or separate but similar or related actions in the same
jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more
than one separate firm of attorneys for all such indemnified parties, which firm shall be designated in writing by the Joint-Lead
Dealer Managers (as defined in the Offering Memorandum) in the case of an action in which one or more Holders, Participating Broker-Dealers
or controlling persons are indemnified parties and by the Company in the case of an action in which the Company or any of its
directors, officers or controlling persons are indemnified parties. The indemnifying party or parties shall not be liable under
this Agreement with respect to any settlement made by any indemnified party or parties without prior written consent by the indemnifying
party or parties to such settlement.

 

     

     

    

 

(d) If the indemnification provided
for in this Section 5 shall for any reason be unavailable to an indemnified party under Section 5(a) or 5(b) hereof
in respect of any loss, claim, damage or liability, or any action in respect thereof, referred to therein, then each indemnifying
party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid or payable by such indemnified party
as a result of such loss, claim, damage or liability, or action in respect thereof, in such proportion as is appropriate to reflect
the relative benefits received by the Company on the one hand and the Holders or Participating Broker-Dealers on the other hand
from the exchange of the Securities, pursuant to the Registered Exchange Offer. If, however, this allocation is not permitted
by applicable law, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a
result of such loss, claim, damage or liability, or action in respect thereof, in such proportion as shall be appropriate to reflect
the relative benefits received by the Company on the one hand and the Holders or Participating Broker-Dealers on the other hand
from the exchange of the Securities, pursuant to the Registered Exchange Offer, and the relative fault of Company on the one hand
and the Holders or Participating Broker-Dealers on the other hand with respect to the statements or omissions which resulted in
such loss, claim, damage or liability, or action in respect thereof, as well as any other relevant equitable considerations. The
relative fault shall be determined by reference to whether the untrue or alleged untrue statement of a material fact or omission
or alleged omission to state a material fact relates to information supplied by the Company or the Holders or Participating Broker-Dealers,
the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement
or omission. The amount paid or payable by an indemnified party as a result of the loss, claim, damage or liability, or action
in respect thereof, referred to above in this Section 5(d) shall be deemed to include, for purposes of this Section 5(d),
any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such
action or claim. Notwithstanding the provisions of this Section 5(d), no Holder of Securities or Participating Broker-Dealer
shall be required to contribute any amount in excess of the amount by which the net proceeds received by such Holders or Participating
Broker-Dealer from the sale of the Securities pursuant to a Registration Statement exceeds the amount of damages which such Holders
or Participating Broker-Dealer have otherwise been required to pay by reason of such untrue or alleged untrue statement or omission
or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

 

     

     

    

 

(e) The agreements contained in this
Section 5 shall survive the sale of the Securities pursuant to a Registration Statement and shall remain in full force and
effect, regardless of any termination or cancellation of this Agreement or any investigation made by or on behalf of any indemnified
party.

 

6. Additional Interest Under Certain
Circumstances. (a) Additional interest (the “Additional Interest”) with respect to the Initial Securities
shall be assessed as follows if any of the following events occur (each such event in clauses (i) through (iv) below
a “Registration Default”):

 

(i) If the Exchange Offer
Registration Statement is not declared effective by the Commission on or prior to the 330th day after the Issue Date;

 

(ii) If neither the Registered
Exchange Offer is consummated within 395 days after the Issue Date nor, if required in lieu thereof, the Shelf Registration Statement
has become effective within 270 days after the date, if any, on which the Company became obligated to file the Shelf Registration
Statement;

 

(iii) If after the Exchange
Offer Registration Statement is declared effective such Registration Statement thereafter ceases to be effective or usable (except
as permitted in paragraph (b) in connection with resales of Transfer Restricted Securities) prior to the consummation of
the Registered Exchange Offer (unless such ineffectiveness is cured within the 330-day period described in Section 6(a)(i) above);
or

 

(iv) If after the Shelf
Registration Statement, if applicable, is declared (or becomes automatically) effective, and for a period of time that exceeds
180 days in the aggregate in any 12-month period in which the Registration Statement is required to be effective (A) such
Registration Statement thereafter ceases to be effective during the period required herein; or (B) such Registration
Statement or the related prospectus ceases to be usable (except as permitted in paragraph (b)) in connection with resales of Transfer
Restricted Securities during the periods specified herein because either (1) any event occurs as a result of which the related
prospectus forming part of such Registration Statement would include any untrue statement of a material fact or omit to state
any material fact necessary to make the statements therein in the light of the circumstances under which they were made not misleading,
(2) it shall be necessary to amend such Registration Statement or supplement the related prospectus, to comply with the Securities
Act or the Exchange Act or the respective rules thereunder, or (3) the Registration Statement has expired before a replacement
Shelf Registration Statement has become effective.

 

Additional Interest shall accrue on the Initial Securities
over and above the interest set forth in the title of the Securities from and including the date on which any such Registration
Default shall occur to but excluding the date on which all such Registration Defaults have been cured. Additional Interest shall
accrue at a rate of 0.25 % per annum while any Registration Default is continuing, until all Registration Defaults have been cured.

 

     

     

    

 

Following the cure of all Registration Defaults, the accrual
of Additional Interest on the Initial Securities will cease and the interest rate will revert to the applicable original rate
set forth in the title of the Securities. In no event shall the Company be obligated to pay Additional Interest (i) for more
than one Registration Default under this Section 6(a) at any one time, (ii) for a period of more than one year
(or for such longer period as extended pursuant to Section 3(h)) from the Issue Date for any Registration Default referred
to in Section 6(a)(iv)(B) with respect to a Registration Statement or (iii) on any Securities that, at the time
of such Registration Default, are not Transfer Restricted Securities.

  

(b) A Registration Default referred
to in Section 6(a)(iii) or Section 6(a)(iv)(B) hereof shall be deemed not to have occurred and be continuing
in relation to a Registration Statement or the related prospectus if (i) such Registration Default has occurred solely as
a result of (x) the filing of a post-effective amendment to such Registration Statement to incorporate annual audited financial
information with respect to the Company where such post-effective amendment is not yet effective and needs to be declared effective
to permit Holders to use the related prospectus or (y) other material events with respect to the Company that would need
to be described in such Registration Statement or the related prospectus and (ii) in the case of clause (y), the Company
is proceeding promptly and in good faith to amend or supplement such Registration Statement and related prospectus to describe
such events; provided, however, that in any case if such Registration Default occurs for a continuous period in excess of
30 days, Additional Interest shall be payable in accordance with the above paragraph from the day such Registration Default occurs
until such Registration Default is cured.

 

(c) Any amounts of Additional Interest
due pursuant to clause (i), (ii), (iii) or (iv) of Section 6(a) above will be payable in cash on the regular
interest payment dates with respect to the Initial Securities. The amount of Additional Interest will be determined by multiplying
the applicable Additional Interest rate by the principal amount of the Initial Securities, multiplied by a fraction, the numerator
of which is the number of days such Additional Interest rate was applicable during such period (determined on the basis of a 360-day
year comprised of twelve 30-day months), and the denominator of which is 360.

 

Any amounts of Additional Interest due
pursuant to clause (i), (ii), (iii) or (iv) of section 6(a) above will constitute liquated damages and will be
the exclusive remedy, monetary or otherwise, available to any Holder with respect to any Registration Default.

 

(d) “Transfer Restricted Securities”
means each Security until (i) the date on which such Transfer Restricted Security has been exchanged by a person other than
a broker-dealer for a freely transferable Exchange Security in the Registered Exchange Offer, (ii) following the exchange
by a broker-dealer in the Registered Exchange Offer of an Initial Security for an Exchange Security, the date on which such Exchange
Security is sold to a purchaser who receives from such broker-dealer on or prior to the date of such sale a copy of the prospectus
contained in the Exchange Offer Registration Statement, (iii) the date on which such Initial Security has been effectively
registered under the Securities Act and disposed of in accordance with the Shelf Registration Statement, (iv) the date on
which such Initial Security is distributed to the public pursuant to Rule 144 under the Securities Act or (v) the earliest
date that is no less than two years after the Issue Date on which such Security (except for Securities held by an affiliate of
the Company) may be resold in reliance on paragraph (b)(1) of Rule 144 under the Securities Act.

 

7. Rules 144 and 144A. The
Company shall, to the extent it is required to do so under the Exchange Act, use its commercially reasonable efforts to file the
reports required to be filed by it under the Exchange Act in a timely manner and, if at any time the Company is not required to
file such reports, it will, upon the request of any Holder of Initial Securities, use its commercially reasonable efforts to make
publicly available other information so long as necessary to permit sales of their securities pursuant to Rules 144 and 144A.
The Company covenants that it will take such further action as any Holder of Initial Securities may reasonably request, all to
the extent required from time to time to enable such Holder to sell Initial Securities without registration under the Securities
Act within the limitation of the exemptions provided by Rules 144 and 144A (including the requirements of Rule 144A(d)(4)).
Upon the request of any Holder of Initial Securities, the Company shall deliver to such Holder a written statement as to whether
it has complied with such requirements. Notwithstanding the foregoing, nothing in this Section 7 shall be deemed to require
the Company to register any of its securities pursuant to the Exchange Act.

 

     

     

    

 

8. Miscellaneous.

 

(a) Amendments and Waivers.
The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to departures from the
provisions hereof may not be given, except by the Company and the written consent of the Majority Holders of the Securities affected
by such amendment, modification, supplement, waiver or consents. As used herein, “Majority Holders” means, as of any
date, Holders of a majority of the aggregate principal amount of such Securities; provided that any Securities owned directly
or indirectly by the Company or any of its affiliates shall not be counted in determining whether the consent by the Holders was
given.

 

(b) Notices. All notices and
other communications provided for or permitted hereunder shall be made in writing by hand delivery, first-class mail, facsimile
transmission, email, or air courier which guarantees overnight delivery:

 

(1) if to a Holder of the
Securities, at the most current address given by such Holder to the Company.

 

(2) if to the Dealer Managers:
to the addresses listed on Schedule I

 

with a copy to:

 

Davis Polk & Wardwell LLP

450 Lexington Avenue

New York, New York 10017

Attn: Derek Dostal

 

(3) if to the Company, at
its address as follows:

 

QUALCOMM Incorporated

5775 Morehouse Drive

San Diego, California 92121-1714

Attn: Treasurer

 

with a copy to:

 

Cravath, Swaine & Moore LLP

825 Eighth Avenue

New York, New York 10019

Attn: D. Scott Bennett

 

All such notices and communications shall
be deemed to have been duly given: at the time delivered by hand, if personally delivered; three business days after being
deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged by recipient’s facsimile machine operator,
if sent by facsimile transmission; and on the day delivered, if sent by overnight air courier guaranteeing next day delivery.

 

     

     

    

 

(c) No Inconsistent Agreements.
The Company has not, as of the date hereof, entered into, nor shall it, on or after the date hereof, enter into, any agreement
with respect to its securities that is inconsistent with the rights granted to the Holders herein or otherwise conflicts with
the provisions hereof.

 

(d) Successors and Assigns.
This Agreement shall be binding upon the successors, assigns and transferees of each of the parties, including, without limitation
and without need for an express assignment, subsequent Holders. If any transferee of any Holder shall acquire Securities in any
manner, whether by operation of law or otherwise, such Holder shall be deemed to have agreed to be bound by and subject to all
the terms of this Agreement, and by taking and holding such Securities such transferee shall be conclusively deemed to have agreed
to be bound by and to perform all of the terms and provisions of this Agreement.

 

(e) Counterparts. This Agreement
may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Any electronic
signature hereof shall be of the same legal effect, validity or enforceability as a manually executed signature, to the extent
and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the
New York State Electronic Signatures and Records Act or any other similar state laws based on the Uniform Electronic Transactions
Act.

 

(f) Headings. The headings
in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

(g) Governing Law. THIS AGREEMENT
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS
OF LAWS.

 

(h) Severability. If any one
or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable,
the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained
herein shall not be affected or impaired thereby.

 

(i) Securities Held by the Company.
Whenever the consent or approval of Holders of a specified percentage of principal amount of Securities is required hereunder,
Securities held by the Company or its affiliates (other than subsequent Holders of Securities if such subsequent Holders are deemed
to be affiliates solely by reason of their holdings of such Securities) shall not be counted in determining whether such consent
or approval was given by the Holders of such required percentage.

 

     

     

    

 

If the foregoing is in accordance with
your understanding of our agreement, please sign and return to the Company a counterpart hereof, whereupon this instrument, along
with all counterparts, will become a binding agreement among the several Dealer Managers and the Company in accordance with its
terms.

 

	 	Very truly yours,
	 	 
	 	QUALCOMM INCORPORATED
	 	 
	 	By:	/s/ Akash Palkhiwala
	 	 	Name: Akash Palkhiwala
	 	 	Title: Executive Vice President and Chief Financial Officer

 

     

     

    

 

	The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date first above written.	 
	 	 
	GOLDMAN SACHS & CO. LLC	 
	 	 
	By:	/s/ Adam T. Greene	 
	 	Name: Adam T. Greene	
	 	Title: Managing Director	

 

     

     

    

 

	The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date first above written.	 
	 	 
	BARCLAYS CAPITAL INC.	 
	 	 
	By:	/s/ Pamela Au	 
	 	Name: Pamela Au	
	 	Title: Managing Director	

 

     

     

    

 

	The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date first above written.	 
	 	 
	DEUTSCHE BANK SECURITIES INC.	 
	 	 
	By:	/s/ John C. McCabe	 
	 	Name: John C. McCabe	
	 	Title: Managing Director	

 

	By:	/s/ Ryan E. Montgomery	 
	 	Name: Ryan E. Montgomery	
	 	Title: Managing Director	

 

     

     

    

 

	The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date first above written.	 
	 	 
	J.P. MORGAN SECURITIES LLC	 
	 	 
	By:	/s/ Som Bhattacharyya	 
	 	Name: Som Bhattacharyya	
	 	Title: Executive Director	

 

     

     

    

 

	The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date first above written.	 
	 	 
	BLAYLOCK VAN, LLC	 
	 	 
	By:	/s/ Louis DeCaro	 
	 	Name:  Louis DeCaro	
	 	Title: Head of Investment Banking	

 

     

     

    

 

	The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date first above written.	 
	 	 
	LOOP CAPITAL MARKETS LLC	 
	 	 
	By:	/s/ Cecil Brown	 
	 	Name: Cecil Brown	
	 	Title: SVP	

 

     

     

    

 

SCHEDULE I

 

Dealer Managers

 

Goldman Sachs & Co. LLC

200 West Street

New York, New York 10282-2198

 

Barclays Capital Inc.

745 Seventh Avenue

New York, NY 10019

 

Deutsche Bank Securities Inc.

60 Wall Street

New York, NY 10005

 

J.P. Morgan Securities LLC

383 Madison Avenue, 6th Floor

New York, NY 10179

 

Blaylock Van, LLC

600 Lexington Avenue, 3rd Floor

New York, NY 10022

 

Loop Capital Markets LLC

111 West Jackson Blvd., Suite 1901

Chicago, IL 60604

 

     

     

    

 

SCHEDULE II

 

	Title of Series of
    Old Notes	 	CUSIP Number	 	Principal

    Amount
 Outstanding
 ($MM)	 	 	New Notes
	3.000% Notes due 2022	 	747525AE3	 	$	2,000.00	 	 	1.300% Notes due 2028
	2.600% Notes due 2023	 	747525AR4	 	$	1,500.00	 	 	1.300% Notes due 2028
	2.900% Notes due 2024	 	747525AT0	 	$	1,500.00	 	 	1.650% Notes due 2032
	3.450% Notes due 2025	 	747525AF0	 	$	2,000.00	 	 	1.650% Notes due 2032

 

     

     

    

 

ANNEX A

 

Each broker-dealer that receives Exchange
Securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in connection
with any resale of such Exchange Securities. By so acknowledging and by delivering a prospectus, a broker-dealer will not be deemed
to admit that it is an “underwriter” within the meaning of the Securities Act. This Prospectus, as it may be amended
or supplemented from time to time, may be used by a broker-dealer in connection with resales of Exchange Securities received in
exchange for Initial Securities where such Initial Securities were acquired by such broker-dealer as a result of market-making
activities or other trading activities. The Company has agreed that, for a period of 90 days after the Expiration Date (as defined
herein), it will make this Prospectus available to any broker-dealer for use in connection with any such resale. See “Plan
of Distribution.”

 

     

     

    

 

ANNEX B

 

Each broker-dealer that receives Exchange
Securities for its own account in exchange for Securities, where such Initial Securities were acquired by such broker-dealer as
a result of market-making activities or other trading activities, must acknowledge that it will deliver a prospectus in connection
with any resale of such Exchange Securities. See “Plan of Distribution.”

 

     

     

    

 

ANNEX C

 

PLAN OF DISTRIBUTION

 

Each broker-dealer that receives Exchange
Securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in connection
with any resale of such Exchange Securities. This Prospectus, as it may be amended or supplemented from time to time, may be used
by a broker-dealer in connection with resales of Exchange Securities received in exchange for Initial Securities where such Initial
Securities were acquired as a result of market-making activities or other trading activities. The Company has agreed that, for
a period of 90 days after the Expiration Date, it will make this prospectus, as amended or supplemented, available to any broker-dealer
for use in connection with any such resale. In addition, until         , 20[ ], all dealers effecting transactions in the Exchange Securities
may be required to deliver a prospectus.1

 

The Company will not receive any proceeds
from any sale of Exchange Securities by broker-dealers. Exchange Securities received by broker-dealers for their own account pursuant
to the Exchange Offer may be sold from time to time in one or more transactions in the over-the-counter market, in negotiated
transactions, through the writing of options on the Exchange Securities or a combination of such methods of resale, at market
prices prevailing at the time of resale, at prices related to such prevailing market prices or negotiated prices. Any such resale
may be made directly to purchasers or to or through brokers or dealers who may receive compensation in the form of commissions
or concessions from any such broker- dealer or the purchasers of any such Exchange Securities. Any broker-dealer that resells
Exchange Securities that were received by it for its own account pursuant to the Exchange Offer and any broker or dealer that
participates in a distribution of such Exchange Securities may be deemed to be an “underwriter” within the meaning
of the Securities Act and any profit on any such resale of Exchange Securities and any commission or concessions received by any
such persons may be deemed to be underwriting compensation under the Securities Act. By acknowledging that it will deliver and
by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within the meaning
of the Securities Act.

 

For a period of 90 days after the Expiration
Date, the Company will promptly send additional copies of this Prospectus and any amendment or supplement to this Prospectus to
any broker-dealer that requests such documents. The Company has agreed to pay all expenses incident to the Exchange Offer other
than commissions or concessions of any brokers or dealers and will indemnify the Holders of the Securities (including any broker-dealers)
against certain liabilities, including liabilities under the Securities Act.

 

 

1
In addition, the legend required by Item 502(e) of Regulation S-K will appear on the back cover page of the Exchange
Offer prospectus, if required.Exhibit 10.1

 

PAYLOCITY
HOLDING CORPORATION

MARKET
STOCK UNITS

NOTICE
OF GRANT AND AWARD AGREEMENT

 

Paylocity Holding Corporation
(the “Company”), pursuant to its 2014 Equity Incentive Plan (the “Plan”), this
Notice of Grant (“Grant Notice”) and the attached Award Agreement (the “Agreement”),
hereby grants to the holder listed below (the “Participant”), an award (the “Award”)
of Market Stock Units (each a “Unit”), each of which represents the right to receive on the applicable
Settlement Date one (1) share of Stock (each a “Share”), as follows:

 

	Participant:	 	____________________________________________________________
	 	 	 
	Grant Date:	 	____________________________________________________________
	 	 	 
	Target Number of Units:	 	_____, subject to adjustment as provided by the Agreement.
	 	 	 
	Maximum Number of Units:	 	_____, which is [___]% of the Target Number of Units, subject to adjustment as provided by the Agreement.
	 	 	 
	Performance Period:	 	The [_____] period beginning on [INSERT DATE] and ending on [INSERT DATE].
	 	 	 
	Performance Measure:	 	Relative TSR Percentile, as defined in Appendix A.
	 	 	 
	Comparator Companies:	 	Each of the companies, other than the Company, included in the Russell 3000 Index and determined in accordance with Appendix B.
	 	 	 
	Earned Units:	 	The number of Earned Units (rounded up to the nearest whole Unit), if any (not to exceed the Maximum Number of Units) shall be equal to the product of (i) the Target Number of Units multiplied by (ii) the Relative TSR Multiplier (as defined in Appendix A); provided, however, that if the Company’s TSR for the Performance Period is a negative number, then the number of Earned Units shall not exceed 100% of the Target Number of Units.
	 	 	 
	Vesting Date:	 	Except as otherwise provided by the Agreement, the Vesting Date shall be the day following the end of the Performance Period on which the Committee determines the extent to which the Performance Measure has been achieved, but in any event no later than 15th day of the third month following the end of the Performance Period.
	 	 	 
	Vested Units:	 	Provided that the Participant’s Service has not terminated prior to the Vesting Date (except as otherwise provided by the Agreement), the Earned Units, if any, shall become Vested Units on the Vesting Date.
	 	 	 
	Settlement Date:	 	For each Vested Unit, except as otherwise provided by the Agreement, the Settlement Date shall be the Vesting Date or as soon thereafter as practicable, but in any even no later than the 15th day of the third calendar month following the end of the Applicable Year in which the Vesting Date occurs.  For this purpose, “Applicable Year” means the calendar year or the Company’s fiscal year, whichever year ends later.

 

    

     

    

 

By their signatures
below or by electronic acceptance or authentication in a form authorized by the Company, the Company and the Participant agree
that the Award is governed by this Grant Notice and by the provisions of the Plan and the Agreement, both of which are made part
of this document. The Participant acknowledges that copies of the Plan, the Agreement and the prospectus for the Plan are available
on the Company’s internal web site and may be viewed and printed by the Participant for attachment to the Participant’s
copy of this Grant Notice. The Participant represents that the Participant has read and is familiar with the provisions of the
Plan and the Agreement, and hereby accepts the Award subject to all of their terms and conditions.

 

	PAYLOCITY HOLDING CORPORATION	PARTICIPANT
	 	 

 

	By:	      	 	 
	Name:	 	Signature
	Title:	 	 

	 	Date
	 	 
	Address: 	
        1400 American Lane

        Schaumburg, Illinois, 60173
	 
	 	 	Address
	 	 	 

 

    2

     

    

 

APPENDIX A

 

Performance Measure and Performance
Multiplier

Applicable to Market Stock Unit Award
Granted on

 

____________

 

1.            “Relative
TSR Percentile” means the percentile (rounded to the nearest whole percentile) of the Company’s TSR ranking
relative to the TSRs of the Comparator Companies, determined in accordance with the following formula:

 

 

 

Where,

 

“R” is an
integer equal to the Company’s ranking when the TSRs of the Company and the Comparator Companies are ranked from the highest
to the lowest TSR, with the highest being one (1); and

 

“N” is equal
to the number of Comparator Companies plus the Company.

 

For example, if there are 2999 Comparator
Companies and the Company’s TSR ranked 500th highest among the TSRs of a group of 3000 Companies (i.e., the Comparator
Companies plus the Company), the Relative TSR Percentile of the Company would be 83%, which is the result of (1 – ((500 –
1)/(3000-1))) x 100% (rounded to the nearest whole percentile).

 

2.            “TSR”
or Total Stockholder Return means, for the Company and each Comparator Company, the growth rate for the Performance Period, expressed
as a percentage (rounded to the nearest 1/100 of 1%), in the value of one share of such company’s common stock during the
Performance Period due to the appreciation in the price per share and dividends paid during such period with respect to such share,
assuming dividends are reinvested, calculated as follows:

 

 

 

Where,

 

“Ending Price”
is the Ending Average Per Share Closing Price of such company;

 

“Dividends”
are the aggregate values of all dividends paid to a stockholder of record of such company with respect to one share of common stock
during the Performance Period; and

 

“Beginning Price”
is the Beginning Average Per Share Closing Price of such company.

 

3.            “Beginning
Average Per Share Closing Price” means, for the Company and each Comparator Company, the Average Per Share Closing
Price for the 30 calendar days ending with the calendar day immediately preceding the first day of the Performance Period.

 

    3

     

    

 

4.            “Ending
Average Per Share Closing Price” means, for the Company and each Comparator Company, the Average Per Share Closing
Price for the 30 calendar days ending with the last calendar day of the applicable Performance Period.

 

5.            “Average
Per Share Closing Price” means, for the Company and each Comparator Company, the volume weighted average of the daily
closing prices per share of common stock of such company as reported on the national or regional securities exchange or quotation
system constituting the primary market for such common stock for all trading days falling within the applicable averaging period.

 

6.            “Relative
TSR Multiplier” means a ratio determined as set forth on Appendix C.

 

The Relative TSR Percentiles serve as cliffs.
For example, if Relative TSR Percentile was __%, the Relative TSR Multiplier would be __%.

 

7.            Negative
Company TSR. If the Company’s TSR for the Performance Period is a negative number, then the number of Earned Units shall
not exceed 100% of the Target Units (i.e., the Relative TSR Multiplier may not exceed 1.00), regardless of the Company’s
Relative TSR Percentile for the Performance Period.

 

APPENDIX B

 

COMPARATOR COMPANIES

 

The Comparator Companies consist of the
companies (other than the Company) included in the Russell 3000 Index as of the Grant Date.

 

If applicable, a Comparator Company’s
TSR shall be modified during the Performance Period as follows:

 

		·	If a Comparator Company becomes bankrupt during the Performance Period, then its TSR for the Performance
Period will be deemed to equal negative 100%.

 

		·	If a Comparator Company ceases to be publicly traded for a reason other than bankruptcy during
the Performance Period, then its TSR will be determined on the date immediately prior to its ceasing to be publicly traded.

 

		·	If a Comparator Company merges during the Performance Period with another entity that is not a
Comparator Company, then its TSR will be determined on the date immediately prior to the effective time of the merger.

 

		·	If two Comparator Companies merge during the Performance Period, then (a) with respect to
the acquired company, its TSR will be determined on the date immediately prior the effective time of the merger and (b) with
respect to the acquiring company, its TSR will be determined as if the merger did not occur.

 

		·	If a Comparator Company distributes a portion of its business in a spin-off transaction during
the Performance Period, then in determining its TSR for the Performance Period the market capitalization per share of the spun
off entity will be treated as a dividend paid by the distributing company.

 

    4

     

    

 

APPENDIX
C

 

Relative
TSR Multiplier

 

	Relative TSR 

Multiplier	 	Relative TSR 

Percentile	 	Relative TSR

                                                                                Multiplier
	 	Relative TSR

                                                                                Percentile

	 	0%	 	Less than ____%	 	____%	 	____%
	 	____%	 	____%	 	____%	 	____%
	 	____%	 	____%	 	____%	 	____%
	 	____%	 	____%	 	____%	 	____% or greater

 

    5

     

    

 

PAYLOCITY
HOLDING CORPORATION

MARKET
STOCK UNITS

AWARD
AGREEMENT

 

Paylocity Holding Corporation
(the “Company”) has granted to the Participant named in the Grant Notice to which this Agreement is attached
an Award consisting of Market Stock Units (the “Units”) subject to the terms and conditions set forth
in the Grant Notice and this Agreement. The Award has been granted pursuant to the Paylocity Holding Corporation 2014 Equity Incentive
Plan (the “Plan”), as amended to the Grant Date, the provisions of which are incorporated herein by reference.
This Award is intended to constitute an Award of Performance Shares described in Section 10 of the Plan. Notwithstanding anything
in the Plan to the contrary, the determination of the number of Units which vest and/or are to be settled in Shares shall be determined
based on the provisions contained in the Grant Notice and this Agreement, and the provisions set forth in Section 10.7(a) of
the Plan (relating to certain Terminations of Service) shall not apply.

 

Unless otherwise defined
herein or in the Grant Notice, capitalized terms shall have the meanings assigned by the Plan.

 

1.            The
Award.

 

The Company has granted
to the Participant the Award set forth in the Grant Notice, which, depending on the extent to which the Performance Measure is
attained during the Performance Period, may result in the Participant earning as little as zero (0) Units or as many as the Maximum
Number of Units. Subject to the terms of this Agreement and the Plan, each Unit, to the extent it is earned and becomes a Vested
Unit, represents a right to receive on the Settlement Date one (1) Share. Unless and until a Unit has been determined to be
an Earned Unit and has vested and become a Vested Unit as set forth in the Grant Notice, the Participant will have no right to
settlement of such Units. Prior to settlement of Vested Units, such Units will represent an unfunded and unsecured obligation of
the Company.

 

2.            Committee
Determination of Earned Units.

 

2.1            Level
of Performance Measure Attained. As soon as practicable following completion of the Performance Period, but in any event no
later than the Vesting Date, the Committee shall determine the level of attainment of the Performance Measure during the Performance
Period, the resulting Relative TSR Multiplier and the number of Units which have become Earned Units.

 

2.2            Adjustment
for Leave of Absence or Part-Time Work. Unless otherwise required by law or Company policy, if the Participant takes one or
more unpaid leaves of absence, the Committee may, in its discretion, make such modifications to the Award as it deems appropriate.
Unless otherwise required by law or Company policy, if the Participant commences working on a part-time basis during the Performance
Period, the Committee may, in its discretion, make such modifications to the Award as it deems appropriate.

 

3.            Vesting
of Earned Units.

 

3.1            Normal
Vesting. Except as otherwise provided by this Agreement, Earned Units shall vest and become Vested Units as provided in the
Grant Notice.

 

3.2            Vesting
Upon a Change in Control. In the event of a Change in Control, the vesting of Earned Units shall be determined in accordance
with Section 8.

 

    6

     

    

 

4.            Termination
of Service.

 

4.1            Death
or Disability. If the Participant’s Service terminates by reason of the death or Disability of the Participant either
(a) before completion of the Performance Period or (b) after completion of the Performance Period but before the Vesting
Date, the Participant shall not forfeit the Award. Instead, unless the Committee determines that Section 8 is applicable,
the number of Earned Units and Vested Units shall be determined as follows:

 

(a)            If
such termination of Service occurs before completion of the Performance Period, then a number of Earned Units shall be determined
for a special Performance Period ending on the day of such termination of Service (the “Special Performance Period”).
The TSR for the Company and each Comparator Company for the Special Performance Period shall be determined as provided by Appendix
A, except that the Ending Average Per Share Closing Price shall be determined for the 30 calendar days ending with the last
day of the Special Performance Period. The number of Vested Units shall be determined by multiplying such number of Earned Units
by the ratio of the number of days of the Participant’s Service during the Special Performance Period to the number of days
contained in the original Performance Period. The number of Vested Units so determined shall be settled in accordance with Section 5.
The Participant shall forfeit all Units not determined to be Vested Units in accordance with this Section, and the Participant
shall not be entitled to any payment therefor.

 

(b)            If
such termination of Service occurs after completion of the Performance Period but before the Vesting Date, then the number of Earned
Units shall be determined for the Performance Period in accordance with Section 2, and all such Earned Units be deemed Vested
Units upon such determination by the Committee and settled in accordance with Section 5 as if the Participant’s Service
had continued through the Vesting Date.

 

4.2            Other
Termination of Service. In the event that the Participant’s Service terminates for any reason, with or without cause,
other than by reason of the death or Disability of the Participant, the Participant shall forfeit and the Company shall automatically
reacquire all Units which are not, as of the time of such termination, Vested Units, and the Participant shall not be entitled
to any payment therefor.

 

5.            Settlement
of the Award.

 

5.1            Issuance
of Shares. Subject to the provisions of Section 5.3 and Section 6 below, the Company shall issue to the Participant
on the Settlement Date with respect to each Vested Unit to be settled on such date one (1) Share. Shares issued in settlement
of Vested Units shall not be subject to any restriction on transfer other than any such restriction as may be required pursuant
to Section 5.3.

 

5.2            Beneficial
Ownership of Shares; Certificate Registration. The Participant hereby authorizes the Company, in its sole discretion,
to deposit any or all Shares acquired by the Participant pursuant to the settlement of the Award with the Company’s transfer
agent, including any successor transfer agent, to be held in book entry form, or to deposit such Shares for the benefit of the
Participant with any broker with which the Participant has an account relationship of which the Company has notice. Except as provided
by the foregoing, a certificate for the Shares acquired by the Participant shall be registered in the name of the Participant,
or, if applicable, in the names of the heirs of the Participant.

 

5.3            Restrictions
on Grant of the Award and Issuance of Shares. The grant of the Award and issuance of Shares upon settlement of the
Award shall be subject to compliance with all applicable requirements of U.S. federal, state or foreign law with respect to
such securities. No Shares may be issued hereunder if the issuance of such Shares would constitute a violation of any
applicable U.S. federal, state or foreign securities laws or other laws or regulations or the requirements of any stock
exchange or market system upon which the Stock may then be listed. The inability of the Company to obtain from any regulatory
body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful
issuance of any Shares subject to the Award shall relieve the Company of any liability in respect of the failure to issue
such Shares as to which such requisite authority shall not have been obtained. As a condition to the settlement of the Award,
the Company may require the Participant to satisfy any
qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make
any representation or warranty with respect thereto as may be requested by the Company. Further, regardless of whether the
transfer or issuance of the Shares to be issued pursuant to the Units has been registered under the Securities Act or has
been registered or qualified under the securities laws of any State, the Company may impose additional restrictions upon the
sale, pledge, or other transfer of the Shares (including the placement of appropriate legends on share certificates and the
issuance of stop-transfer instructions to the Company’s transfer agent) if, in the judgment of the Company and the
Company’s counsel, such restrictions are necessary in order to achieve compliance with the provisions of the Securities
Act, the securities laws of any State, or any other law.

 

5.4            Fractional
Shares. The Company shall not be required to issue fractional Shares upon the settlement of the Award.

 

    7

     

    

 

6.            Tax
Withholding and Advice.

 

6.1            In
General. At the time the Grant Notice is executed, or at any time thereafter as requested by a Participating Company, the Participant
hereby authorizes withholding from payroll and any other amounts payable to the Participant, and otherwise agrees to make adequate
provision for, any sums required to satisfy the U.S. federal, state, local and foreign tax (including any social insurance) withholding
obligations of the Participating Company, if any, which arise in connection with the Award, the vesting of Units or the issuance
of Shares in settlement thereof. The Company shall have no obligation to deliver Shares until the tax withholding obligations of
the Participating Company have been satisfied by the Participant.

 

6.2            Assignment
of Sale Proceeds. Subject to compliance with applicable law and the Company’s Trading Compliance Policy, if permitted
by the Company, the Participant may satisfy the Participating Company’s tax withholding obligations in accordance with procedures
established by the Company providing for delivery by the Participant to the Company or a broker approved by the Company of properly
executed instructions, in a form approved by the Company, providing for the assignment to the Company of the proceeds of a sale
with respect to some or all of the Shares being acquired upon settlement of Units.

 

6.3            Withholding
in Shares. The Company shall have the right, but not the obligation, to require the Participant to satisfy all or any portion
of a Participating Company’s tax withholding obligations by deducting from the Shares otherwise deliverable to the Participant
in settlement of the Award a number of whole Shares having a fair market value, as determined by the Company as of the date on
which the tax withholding obligations arise, not in excess of the amount of such tax withholding obligations determined by the
applicable minimum statutory withholding rates.

 

6.4            Tax
Advice. The Participant represents, warrants and acknowledges that the Company has made no warranties or representations to
the Participant with respect to the income tax consequences of the transactions contemplated by this Agreement, and the Participant
is in no manner relying on the Company or the Company’s representatives for an assessment of such tax consequences. THE PARTICIPANT
UNDERSTANDS THAT THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. THE PARTICIPANT SHOULD CONSULT HIS OR HER OWN TAX ADVISOR
REGARDING THE UNITS. NOTHING STATED HEREIN IS INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED, FOR THE PURPOSE OF AVOIDING TAXPAYER
PENALTIES.

 

7.            Authorization
to Release Necessary Personal Information.

 

The Participant hereby
authorizes and directs the Participant’s employer to collect, use and transfer in electronic or other form, any personal
information (the “Data”) regarding the Participant’s Service, the nature and amount of the Participant’s
compensation and the fact and conditions of the Participant’s participation in the Plan (including, but not limited to, the
Participant’s name, home address, telephone number, email address, date of birth, social security number (or any other social
or national identification number), salary, nationality, job title, employment or Service location, number of Shares held and the
details of all Units or any other entitlement to Shares awarded, cancelled, exercised, vested, unvested or outstanding in the Participant’s
favor, any other information necessary to process tax withholding and reporting, and, where applicable, the Participant’s
Service termination date and reason for termination, for the purpose of implementing, administering and managing the Participant’s
participation in the Plan. The Participant understands that the Data may be transferred to the Company or any other Participating
Company, or to any third parties assisting in the implementation, administration and management of the Plan, including any requisite
transfer to a brokerage firm or other third party assisting with administration of the Award or with whom Shares acquired upon
settlement of this Award or cash from the sale of such Shares may be deposited. The Participant acknowledges that recipients of
the Data may be located in different countries, and those countries may have data privacy laws and protections different from those
in the country of the Participant’s residence. Furthermore, the Participant acknowledges and understands that the transfer
of the Data to the Company or any of other Participating Company, or to any third parties is necessary for Participant’s
participation in the Plan. The Participant may at any time withdraw the consents herein, by contacting the Company’s share
administration department in writing. The Participant further acknowledges that withdrawal of consent may affect the Participant’s
ability to realize benefits from the Award, and the Participant’s ability to participate in the Plan. If the Participant
is or becomes during the term of this Award a resident of the State of California, the Participant is hereby notified of the foregoing
in accordance with the California Consumer Privacy Act.

 

    8

     

    

 

8.            Change
in Control.

 

In the event of a Change
in Control, this Section 8 shall determine the treatment of the Units which have not otherwise become Vested Units.

 

8.1            Effect
of Change in Control Following End of Performance Period. In the event of a Change in Control upon or after the end of the
Performance Period but before the Vesting Date, the number of Earned Units shall, if not previously determined by the Committee
in accordance with Section 3.1 and settled in accordance with Section 5, be determined by the Committee in accordance
with Section 3.1, become Vested Units and be settled in accordance with Section 5 prior to the effective time of the
Change in Control, provided that the Participant’s Service has not terminated prior to such effective time.

 

8.2            Effect
of a Change in Control Prior to End of Performance Period. In the event of a Change in Control before the end of the Performance
Period, the Performance Period shall be deemed to end on the day immediately preceding the Change in Control (the “Adjusted
Performance Period”), and the number of Earned Units and the vesting thereof shall be determined for the Adjusted
Performance Period in accordance with the following:

 

(a)            Earned
Units. The Committee shall determine no later than the day immediately preceding the Change in Control the number of Earned
Units for the Adjusted Performance Period, taking into account the following modifications to the components of the Relative TSR
Percentile:

 

(i)            The
Company’s TSR shall be determined as provided by Appendix A, except that the Company’s Ending Average Per
Share Closing Price shall be replaced with the fair market value of cash and other property to be received per share of Stock
by the holder thereof in accordance with the definitive agreement governing the transaction constituting the Change in
Control (or, in the absence of such agreement, the closing price per share of Stock on the last trading day of the Adjusted
Performance Period as reported on the securities exchange constituting the primary market for the Stock), adjusted to reflect
an assumed reinvestment, as of the applicable ex-dividend date, of all cash dividends and other cash distributions (excluding
cash distributions resulting from share repurchases or redemptions by the Company) paid to stockholders during the Adjusted
Performance Period.

 

(ii)            The
TSR for each Comparator Company shall be determined as provided by Appendix A, except that the Ending Average Per Share
Closing Price shall be determined for the 30 calendar days ending with the last day of the Adjusted Performance Period.

 

Immediately following the Committee’s
determination pursuant to this Section 8.2(a), all Units subject to the Award which are not Earned Units (the “Unearned
Units”) shall terminate and the Award, to the extent of the Unearned Units, shall cease to be outstanding.

 

(b)            Vested
Units. As of the last day of the Adjusted Performance Period and provided that the Participant’s Service has not terminated
prior to such date, all of the Earned Units determined in accordance with Section 8.2(a) shall become Vested Units (the
“Accelerated Units”). The Accelerated Units shall be settled in accordance Section 5 immediately
prior to the effective time of the Change in Control.

 

9.            Adjustments
for Changes in Capital Structure.

 

The number of Units
awarded pursuant to this Agreement is subject to adjustment as provided in Section 4.4 of the Plan. Upon the occurrence of
an event described in Section 4.4 of the Plan, any and all new, substituted or additional securities or other property to
which a holder of a Share issuable in settlement of the Award would be entitled shall be immediately subject to the Agreement and
included within the meaning of the term “Shares” for all purposes of the Award. The Participant shall be notified of
such adjustments and such adjustments shall be binding upon the Company and the Participant.

 

    9

     

    

 

10.            No
Entitlement or claims for compensation or Employment.

 

10.1            The
Participant’s rights, if any, in respect of or in connection with the Units are derived solely from the discretionary decision
of the Company to permit the Participant to participate in the Plan and to benefit from a discretionary Award. By accepting the
Units, the Participant expressly acknowledges that there is no obligation on the part of the Company to continue the Plan and/or
grant any additional Units or other Awards to the Participant. The Units are not intended to be compensation of a continuing or
recurring nature, or part of the Participant’s normal or expected compensation, and in no way represents any portion of the
Participant’s salary, compensation, or other remuneration for purposes of pension benefits, severance, redundancy, resignation
or any other purpose.

 

10.2            Neither
the Plan nor the Units shall be deemed to give the Participant a right to remain an Employee, Director or Consultant of the Company
or any other Participating Company. The Participating Company Group reserves the right to terminate the Service of the Participant
at any time, with or without cause, and for any reason, subject to applicable laws, the Company’s Certificate of Incorporation
and Bylaws and a written employment agreement (if any), and the Participant shall be deemed irrevocably to have waived any claim
to damages or specific performance for breach of contract or dismissal, compensation for loss of office, tort or otherwise with
respect to the Plan, the Units or any other outstanding Award that is forfeited and/or is terminated by its terms or to any future
Award.

 

11.            Rights
as a Stockholder.

 

The Participant
shall have no rights as a stockholder with respect to any Shares that may be issued in settlement of this Award until the date
of the issuance of a certificate for such Shares (as evidenced by the appropriate entry on the books of the Company or of a duly
authorized transfer agent of the Company). No adjustment shall be made for dividends, dividend equivalents, distributions or other
rights for which the record date is prior to the date such certificate is issued, except as provided in Section 9.

 

12.            Miscellaneous
Provisions.

 

12.1            Administration.
The Committee shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration,
interpretation and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules. All actions
taken and all interpretations and determinations made by the Committee in good faith shall be final and binding upon the Participant,
the Company and all other interested persons. No member of the Committee or the Board shall be personally liable for any action,
determination or interpretation made in good faith with respect to the Plan, this Agreement or the Units.

 

12.2            Amendment.
The Committee may amend this Agreement at any time; provided, however, that no such amendment may adversely affect the Participant’s
rights under this Agreement without the consent of the Participant, except
to the extent such amendment is necessary to comply with applicable law, including, but not limited to, Code Section 409A.
No amendment or addition to this Agreement shall be effective unless in writing.

 

12.3            Nontransferability
of the Award. Prior to the issuance of Shares on the applicable Settlement Date, no right or interest of the Participant in
the Award nor any Shares issuable on settlement of the Award shall be in any manner pledged, encumbered, or hypothecated to or
in favor of any party other than the Company or shall become subject to any lien, obligation, or liability of such Participant
to any other party other than the Company. Except as otherwise provided by the Committee, the Award shall not be assigned, transferred
or otherwise disposed of other than by will or the laws of descent and distribution. All rights with respect to the Award shall
be exercisable during the Participant’s lifetime only by the Participant or the Participant’s guardian or legal representative.

 

12.4            Further
Instruments. The parties hereto agree to execute such further instruments and to take such further action as may reasonably
be necessary to carry out the intent of this Agreement.

 

    10

     

    

 

12.5            Section 409A.

 

(a)            Compliance
with Section 409A. Notwithstanding any other provision of the Plan, this Agreement or the Grant Notice, the Plan, this
Agreement and the Grant Notice shall be interpreted in accordance with, and incorporate the terms and conditions required by, Code
Section 409A (together with any Department of Treasury regulations and other interpretive guidance issued thereunder, including
without limitation any such regulations or other guidance that may be issued after the date hereof). The vesting and settlement
of Units awarded pursuant to this Agreement are intended to qualify for the “short-term deferral” exemption from Code
Section 409A. The Company reserves the right, to the extent the Company deems necessary or advisable in its sole discretion,
to unilaterally amend or modify the Plan and/or this Agreement to ensure that the Units qualify for exemption from or comply with
Code Section 409A; provided, however, that the Company makes no representations that the Units will be exempt
from Code Section 409A and makes no undertaking to preclude Code Section 409A from applying to the Units.

 

(b)            Separation
from Service; Required Delay in Payment to Specified Employee. Notwithstanding anything set forth herein to the contrary, no
amount payable pursuant to this Agreement on account of the Participant’s termination of Service which constitutes a “deferral
of compensation” within the meaning of Code Section 409A shall be paid unless and until the Participant has incurred
a “separation from service” within the meaning of Code Section 409A. Furthermore, to the extent that the Participant
is a “specified employee” within the meaning of Code Section 409A as of the date of the Participant’s separation
from service, no amount that constitutes a deferral of compensation which is payable on account of the Participant’s separation
from service shall paid to the Participant before the date (the “Delayed Payment Date”) which is the
first day of the seventh month after the date of the Participant’s separation from service or, if earlier, the date of the
Participant’s death following such separation from service. All such amounts that would, but for this Section, become payable
prior to the Delayed Payment Date will be accumulated and paid on the Delayed Payment Date.

 

12.6            Delivery
of Documents and Notices. Any document relating to participation in the Plan or any notice required or permitted hereunder
shall be given in writing and shall be deemed effectively given (except to the extent that this Agreement provides for effectiveness
only upon actual receipt of such notice) upon personal delivery, electronic delivery at the e-mail address, if any, provided for
the Participant by a Participating Company, or upon deposit in the U.S. Post Office or foreign postal service, by registered or
certified mail, or with a nationally recognized overnight courier service, with postage and fees prepaid, addressed to the other
party at the address of such party set forth in the Grant Notice or at such other address as such party may designate in writing
from time to time to the other party.

 

(a)            Description
of Electronic Delivery. The Plan documents, which may include but do not necessarily include: the Plan, the Grant Notice,
this Agreement, the Plan Prospectus, and any reports of the Company provided generally to the Company’s stockholders, may
be delivered to the Participant electronically. In addition, if permitted by the Company, the Participant may deliver electronically
the Grant Notice to the Company or to such third party involved in administering the Plan as the Company may designate from time
to time. Such means of electronic delivery may include but do not necessarily include the delivery of a link to a Company intranet
or the Internet site of a third party involved in administering the Plan, the delivery of the document via e-mail or such other
means of electronic delivery specified by the Company.

 

    11

     

    

 

(b)            Consent
to Electronic Delivery. The Participant acknowledges that the Participant has read Section 12.6(a) of this Agreement
and consents to the electronic delivery of the Plan documents and, if permitted by the Company, the delivery of the Grant Notice,
as described in Section 12.6(a). The Participant acknowledges that he or she may receive from the Company a paper copy of
any documents delivered electronically at no cost to the Participant by contacting the Company by telephone or in writing. The
Participant further acknowledges that the Participant will be provided with a paper copy of any documents if the attempted electronic
delivery of such documents fails. Similarly, the Participant understands that the Participant must provide the Company or any designated
third party administrator with a paper copy of any documents if the attempted electronic delivery of such documents fails. The
Participant may revoke his or her consent to the electronic delivery of documents described in Section 12.6(a) or may
change the electronic mail address to which such documents are to be delivered (if Participant has provided an electronic mail
address) at any time by notifying the Company of such revoked consent or revised e-mail address by telephone, postal service or
electronic mail. Finally, the Participant understands that he or she is not required to consent to electronic delivery of documents
described in Section 12.6(a).

 

12.7            Construction
of Agreement. The Grant Notice, this Agreement, and the Units evidenced hereby (i) are made and granted pursuant to the
Plan and are in all respects limited by and subject to the terms of the Plan, and (ii) constitute the entire agreement between
the Participant and the Company on the subject matter hereof and supersede all proposals, written or oral, and all other communications
between the parties related to the subject matter. All decisions of the Committee with respect to any question or issue arising
under the Grant Notice, this Agreement or the Plan shall be conclusive and binding on all persons having an interest in the Units.

 

12.8            Binding
Effect. This Agreement shall inure to the benefit of the successors and assigns of the Company and, subject to the restrictions
on transfer set forth herein, be binding upon the Participant and the Participant’s heirs, executors, administrators, successors
and assigns.

 

12.9            Severability.
If any provision of this Agreement is held to be unenforceable for any reason, it shall be adjusted rather than voided, if possible,
in order to achieve the intent of the parties to the extent possible. In any event, all other provisions of this Agreement shall
be deemed valid and enforceable to the full extent possible.

 

12.10            Governing
Law. The interpretation, performance and enforcement of this Agreement shall be governed by the laws of the State of Illinois
without regard to the conflict-of-laws rules thereof or of any other jurisdiction.

 

12.11            Counterparts.
The Grant Notice may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

 

    12

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