Document:

Exhibit 10.7(c)
BOXED, INC.
 2021 INCENTIVE AWARD PLAN
RESTRICTED STOCK UNIT GRANT NOTICE
Capitalized terms not specifically defined in this Restricted Stock Unit Grant Notice (the “Grant Notice”) have the meanings given to them in the 2021 Incentive Award Plan (as amended from time to time, the “Plan”) of Boxed, Inc. (the “Company”).
The Company has granted to the participant listed below (“Participant”) the Restricted Stock Units described in this Grant Notice (the “RSUs”), subject to the terms and conditions of the Plan and the Restricted Stock Unit Agreement attached as Exhibit A (the “Agreement”), both of which are incorporated into this Grant Notice by reference.
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	Participant:
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	Grant Date:
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	Number of RSUs:
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	Vesting Commencement Date:
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	Vesting Schedule:
	[To be specified in individual grant notices]

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By Participant’s signature below, Participant agrees to be bound by the terms of this Grant Notice, the Plan and the Agreement.  Participant has reviewed the Plan, this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of the Plan, this Grant Notice and the Agreement.  Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan, this Grant Notice or the Agreement.
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	BOXED, INC.
	    
	PARTICIPANT

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	By:
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	Name: 
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	[Participant Name]

	Title:
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Exhibit A
RESTRICTED STOCK UNIT AGREEMENT
Capitalized terms not specifically defined in this Agreement have the meanings specified in the Grant Notice or, if not defined in the Grant Notice, in the Plan.
ARTICLE I.
 GENERAL
1.1Award of RSUs .  The Company has granted the RSUs to Participant effective as of the grant date set forth in the Grant Notice (the “Grant Date”).  Each RSU represents the right to receive one Share or, at the option of the Company, an amount of cash, in either case, as set forth in this Agreement.  Participant will have no right to the distribution of any Shares or payment of any cash until the time (if ever) the RSUs have vested.
1.2Incorporation of Terms of Plan.  The RSUs are subject to the terms and conditions set forth in this Agreement and the Plan, which is incorporated herein by reference.  In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan will control.
1.3Unsecured Promise.  The RSUs will at all times prior to settlement represent an unsecured Company obligation payable only from the Company’s general assets.
ARTICLE II.
 VESTING; FORFEITURE AND SETTLEMENT
2.1Vesting; Forfeiture.  The RSUs will vest according to the vesting schedule in the Grant Notice except that any fraction of an RSU that would otherwise be vested will be accumulated and will vest only when a whole RSU has accumulated.  In the event of Participant’s Termination of Service for any reason, all unvested RSUs will immediately and automatically be cancelled and forfeited without any payment, except as otherwise determined by the Administrator or provided in a binding written agreement between Participant and the Company.
2.2Settlement.
(a)RSUs will be paid in Shares or cash, at the Company’s option, as soon as administratively practicable after the vesting of the applicable RSU, but in no event more than sixty (60) days after the RSU’s vesting date.  Notwithstanding the foregoing, the Company may delay any payment under this Agreement that the Company reasonably determines would violate Applicable Law until the earliest date the Company reasonably determines the making of the payment will not cause such a violation (in accordance with Treasury Regulation Section 1.409A-2(b)(7)(ii)), provided the Company reasonably believes the delay will not result in the imposition of excise taxes under Section 409A.
(b)If an RSU is paid in cash, the amount of cash paid with respect to the RSU will equal the Fair Market Value of a Share on the day immediately preceding the payment date.
ARTICLE III.
 TAXATION AND TAX WITHHOLDING
3.1Representation.  Participant represents to the Company that Participant has reviewed with Participant’s own tax advisors the tax consequences of this Award and the transactions contemplated by the Grant Notice and this Agreement.  Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its agents.
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3.2Tax Withholding.
(a)As set forth in Section 9.5 of the Plan, the Company shall have the authority and the right to deduct or withhold, or to require the Participant to remit to the Company, an amount sufficient to satisfy all applicable federal, state and local taxes required by law to be withheld with respect to any taxable event arising in connection with the RSUs.
(b)Participant is ultimately liable and responsible for all taxes owed in connection with the RSUs, regardless of any action the Company or any of its Subsidiaries takes with respect to any tax withholding obligations that arise in connection with the RSUs.  Neither the Company nor any of its Subsidiaries makes any representation or undertaking regarding the treatment of any tax withholding in connection with the awarding, vesting or settlement of the RSUs or the subsequent sale of Shares.  The Company and its Subsidiaries do not commit and are under no obligation to structure the RSUs to reduce or eliminate Participant’s tax liability.
ARTICLE IV.
 OTHER PROVISIONS
4.1Adjustments.  Participant acknowledges that the RSUs and the Shares subject to the RSUs are subject to adjustment, modification and termination in certain events as provided in this Agreement and the Plan.
4.2Notices.  Any notice to be given under the terms of this Agreement to the Company must be in writing and addressed to the Company in care of the Company’s Secretary at the Company’s principal office or the Secretary’s then-current email address or facsimile number.  Any notice to be given under the terms of this Agreement to Participant must be in writing and addressed to Participant at Participant’s last known mailing address, email address or facsimile number in the Company’s personnel files.  By a notice given pursuant to this Section, either party may designate a different address for notices to be given to that party.  Any notice will be deemed duly given when actually received, when sent by email, when sent by certified mail (return receipt requested) and deposited with postage prepaid in a post office or branch post office regularly maintained by the United States Postal Service or Canada Post, as applicable, when delivered by a nationally recognized express shipping company or upon receipt of a facsimile transmission confirmation.
4.3Titles.  Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.
4.4Conformity to Applicable Laws.  Participant acknowledges that the Plan, the Grant Notice and this Agreement are intended to conform to the extent necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended as necessary to conform to Applicable Laws.
4.5Successors and Assigns.  The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement will inure to the benefit of the successors and assigns of the Company.  Subject to the restrictions on transfer set forth in the Plan, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.
4.6Limitations Applicable to Section 16 Persons.  Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the Grant Notice, this Agreement, the RSUs will be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3) that are
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requirements for the application of such exemptive rule.  To the extent Applicable Laws permit, this Agreement will be deemed amended as necessary to conform to such applicable exemptive rule.
4.7Entire Agreement.  The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof.
4.8Agreement Severable.  In the event that any provision of the Grant Notice or this Agreement is held illegal or invalid, the provision will be severable from, and the illegality or invalidity of the provision will not be construed to have any effect on, the remaining provisions of the Grant Notice or this Agreement.
4.9Limitation on Participant’s Rights.  Participation in the Plan confers no rights or interests other than as herein provided.  This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed as creating a trust.  Neither the Plan nor any underlying program, in and of itself, has any assets.  Participant will have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the RSUs, and rights no greater than the right to receive the Shares as a general unsecured creditor with respect to the RSUs, as and when settled pursuant to the terms of this Agreement.
4.10Not a Contract of Employment.  Nothing in the Plan, the Grant Notice or this Agreement confers upon Participant any right to continue in the employ or service of the Company or any Subsidiary or interferes with or restricts in any way the rights of the Company and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any time for any reason whatsoever, with or without Cause, except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and Participant.
4.11Counterparts.  The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable Law, each of which will be deemed an original and all of which together will constitute one instrument.
4.12Electronic Signature and Delivery. By accepting this Agreement, the Participant consents to the electronic delivery of prospectuses, annual reports and other information required to be delivered by the U.S. Securities and Exchange Commission rules. Without limiting the foregoing, the Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an online or electronic system established and maintained by the Company or a third party designated by the Company.
4.13Section 409A. The RSUs are intended to be exempt from, or compliant with, Section 409A of the Code. Notwithstanding the foregoing or any provision of the Plan or this Agreement, if any provision of the Plan or this Agreement contravenes Section 409A of the Code or could cause the Participant to incur any tax, interest or penalties under Section 409A of the Code, the Administrator may, in its sole discretion and without the Participant’s consent, modify such provision to (i) comply with, or avoid being subject to, Section 409A of the Code, or to avoid the incurrence of taxes, interest and penalties under Section 409A of the Code, and/or (iii) maintain, to the maximum extent practicable, the original interest and economic benefit to the Participant of the applicable provision without materially increasing the cost to the Company or contravening the provisions of Section 409A of the Code. This Section 4.13 does not create an obligation on the part of the Company to modify the Plan or this Agreement and does not guarantee that the RSUs will not be subject to interest and penalties under Section 409A of the Code.
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4.14Clawback. The RSUs shall at all times be subject to any clawback or similar policy or program established by the Company, as may be amended from time to time (a “Clawback Policy”). In addition (and without limiting the Company’s rights and the Participant’s obligations under any Clawback Policy), to the extent required by applicable law or the rules and regulations of the New York Stock Exchage or any other securities exchange or interdealer quotation on which the Common Stock is listed or quote, the RSUs shall be subject (including on a retroactive basis) to clawback, forfeiture or similar requirements (and such requirements shall be deemed incorporated by reference into this Agreement).
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A-4Exhibit 10.8
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BOXED, INC.
2021 EMPLOYEE STOCK PURCHASE PLAN
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ARTICLE I.
 PURPOSE
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The purpose of this Plan is to assist Eligible Employees of the Company and its Designated Subsidiaries in acquiring a stock ownership interest in the Company.
The Plan consists of two components: (i) the Section 423 Component and (ii) the Non-Section 423 Component. The Section 423 Component is intended to qualify as an “employee stock purchase plan” under Section 423  of  the  Code and  shall be  administered, interpreted and  construed in  a  manner consistent with the requirements of Section 423 of the Code. The Non-Section 423 Component authorizes the grant of rights which need not  qualify as  rights granted pursuant to  an  “employee stock purchase plan” under Section 423   of the Code. Rights granted under the Non-Section 423 Component shall be granted pursuant to separate Offerings containing such sub-plans, appendices, rules or procedures  as  may  be  adopted  by  the Administrator and designed to achieve tax, securities laws or other objectives for Eligible Employees and Designated Subsidiaries but shall not be intended to qualify as an  “employee stock purchase plan” under Section 423 of the Code. Except as otherwise determined by the Administrator or provided herein, the Non- Section 423 Component will operate and be administered in  the  same  manner  as  the  Section  423 Component. Offerings intended to  be  made under the  Non-Section 423  Component will be  designated as  such by the Administrator at or prior to the time of such Offering.
For purposes of this Plan, the Administrator may designate separate Offerings under the Plan in which Eligible Employees will participate. The terms of these Offerings need not be identical, even if the dates of     the applicable Offering Period(s) in each such Offering are identical, provided that the  terms of  participation are the same within each separate Offering under the Section 423 Component (as determined under Section 423 of the Code). Solely by way of example and without limiting the foregoing, the Company   could, but shall not be required to, provide for simultaneous Offerings under the Section 423  Component and the Non-Section 423 Component of the Plan.
ARTICLE II.
DEFINITIONS AND CONSTRUCTION
Wherever the following terms are used in the Plan they shall have the  meanings specified below,  unless the context clearly indicates otherwise.
2.1     “Administrator” means the entity that conducts the general administration of  the  Plan as  provided in Article XI.
2.2“Agent” means the brokerage firm, bank or other financial institution, entity or person(s), if any, engaged, retained, appointed or authorized to act as the agent of the Company or an Employee with regard to the Plan.
2.3      “Applicable Law” means the requirements relating to the administration of equity incentive plans under U.S. federal and state securities, tax and other applicable laws, rules and regulations, the applicable rules of any stock exchange or quotation system on which Shares are listed or  quoted and  the  applicable laws and rules of any foreign country or other jurisdiction where rights under this Plan are granted.
2.4      “Board” means the Board of Directors of the Company.
2.5      “Code” means the U.S. Internal Revenue Code of 1986, as amended, and the regulations issued thereunder.
2.6      “Common Stock” means common stock of the Company and such other securities of the Company that may be substituted therefore.
2.7      “Company” means Boxed, Inc., a Delaware corporation, or any successor.
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2.8      “Compensation” of an Eligible Employee means, unless otherwise  determined  by  the Administrator, the gross base compensation or wages received by such Eligible Employee as compensation  for services to the Company or any Designated Subsidiary,  excluding  overtime  payments,  sales commissions, incentive compensation, bonuses, expense reimbursements, income received  in  connection with any compensatory equity awards, fringe benefits and other special payments.
2.9      “Designated Subsidiary” means any Subsidiary designated by the Administrator in accordance with Section 11.2(b), such designation to specify whether such participation is in the Section 423 Component or Non-Section 423 Component. A Designated Subsidiary may  participate  in  either  the  Section  423 Component or Non-Section 423 Component, but not both; provided that a Subsidiary that, for U.S. tax purposes, is disregarded from the Company or any Subsidiary that  participates  in  the  Section  423 Component shall automatically constitute a Designated Subsidiary that participates in the Section 423 Component.
2.10      “Effective  Date”  means the date on which the transactions contemplated by that certain  Transaction Agreement, by and among Seven Oaks Acquisition Corp., Blossom Merger Sub Inc., Blossom Merger Sub II, LLC and Giddy Inc., dated as of June 13, 2021 as amended from time to time, are consummated, provided that the Board has adopted the Plan prior to or on such date, subject to approval of   the Plan by the Company’s stockholders.
2.11      “Eligible Employee” means:
(a)      an Employee who does not, immediately after any rights under this Plan are granted, own (directly or through attribution) stock possessing 5% or more of the total combined voting power or value of all classes of Shares and other securities of the Company, a Parent or a Subsidiary (as determined under Section 423(b)(3) of the Code). For purposes of the foregoing, the rules of Section 424(d) of the Code with regard to the attribution of  stock ownership shall apply in  determining the stock ownership of an individual, and stock that an  Employee may  purchase under outstanding options shall be treated as stock owned by the Employee.
(b)      Notwithstanding the foregoing, the  Administrator may  provide in  an  Offering Document that an Employee shall not be eligible to participate in an Offering Period under the Section 423 Component    if: (i) such Employee is a  highly compensated employee within the  meaning of  Section 423(b)(4)(D) of the Code; (ii) such Employee has not met a service  requirement  designated  by  the  Administrator pursuant to Section 423(b)(4)(A) of the Code (which service requirement may not exceed two years); (iii) such Employee’s customary employment is for twenty  hours  per  week  or  less;  (iv)  such Employee’s customary employment is for less than five months in any calendar year; and/or (v) such Employee is a citizen or resident of a foreign jurisdiction and the  grant of  a  right to  purchase Shares under the Plan to such Employee would be prohibited under the laws of such foreign jurisdiction or the grant of  a  right to  purchase Shares under the  Plan to  such Employee in  compliance with the  laws of such foreign jurisdiction would cause the  Plan to  violate the  requirements of  Section 423  of  the  Code, as determined by the Administrator in its sole  discretion;  provided,  further,  that  any  exclusion  in clauses (i), (ii), (iii), (iv) or (v) shall be applied in an identical manner under each Offering Period to all Employees, in accordance with Treasury Regulation Section 1.423-2(e).
(c)      Further notwithstanding the foregoing, with respect to  the  Non-Section 423  Component, the first sentence in this definition shall apply in determining who is an “Eligible Employee,” except (i) the Administrator may limit eligibility further within the Company  or  a  Designated  Subsidiary  so  as  to only designate some Employees of  the  Company or  a  Designated Subsidiary as  Eligible Employees,  and (ii) to the extent the restrictions in the first sentence in this definition are  not  consistent with applicable local laws, the applicable local laws shall control.
2.12      “Employee” means any individual who renders services to the Company or any Designated Subsidiary in the status of an employee, and, with respect to the Section 423 Component, a person who is an employee within the meaning of Section 3401(c) of  the  Code. For  purposes of  an  individual’s  participation in, or other rights under the Plan, all determinations by the Company shall be final, binding and conclusive, notwithstanding that any court of law or governmental agency subsequently makes a  contrary determination. For purposes of the  Plan, the  employment relationship shall be  treated as  continuing intact while the individual is  on  sick leave or  other leave of  absence approved by  the  Company or  Designated Subsidiary  and meeting
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the requirements of Treasury Regulation Section 1.421-1(h)(2). Where the period of leave exceeds three (3) months and the individual’s right to reemployment is not guaranteed either by statute or by contract, the employment relationship shall be deemed to have terminated on the  first day  immediately following such three (3)-month period.
2.13      “Enrollment Date” means the first Trading Day of each Offering Period.
2.14      “Fair Market Value” means, as of any date, the value of Shares determined as follows: (i) if the Shares are listed on any established stock exchange, its Fair Market Value will be the closing sales price for such Shares as quoted on such exchange for such date, or if no sale occurred on such date, the last day preceding such date during which a sale occurred, as reported in  The  Wall  Street Journal or  another source the Administrator deems reliable; (ii) if the Shares are not traded on a stock exchange but are quoted on a national market or other quotation system, the closing sales price on  such date, or  if  no  sales occurred on such date, then on the last date preceding such date during which a sale occurred, as reported in The  Wall Street Journal or another source the Administrator deems reliable; or  (iii) without an  established market for  the Shares, the Administrator will determine the Fair Market Value in its discretion.
2.15      “Non-Section 423 Component” means those Offerings under the Plan, together with the sub-plans, appendices, rules or procedures, if any, adopted by the Administrator as a part of this Plan, in each case, pursuant to which rights to purchase Shares during an Offering  Period  may  be  granted  to  Eligible Employees that need not satisfy the requirements for rights to purchase Shares granted pursuant to an “employee stock purchase plan” that are set forth under Section 423 of the Code.
2.16      “Offering” means an offer under the Plan of a  right to  purchase Shares that may  be  exercised during an Offering Period as further described in Article IV hereof. Unless otherwise specified by the Administrator, each Offering to the Eligible Employees of the Company or a Designated Subsidiary shall be deemed a separate Offering, even if  the  dates and  other terms of  the  applicable Offering Periods of  each such Offering are identical, and the provisions of  the  Plan will separately apply to  each Offering. To  the extent permitted by Treas. Reg. § 1.423-2(a)(1), the terms of each separate Offering under the Section 423 Component need not be identical, provided that the terms of the Section 423 Component and an Offering thereunder together satisfy Treas. Reg. § 1.423-2(a)(2) and (a)(3).
2.17      “Offering Document” has the meaning given to such term in Section 4.1.
2.18      “Offering Period” has the meaning given to such term in Section 4.1.
2.19      “Parent” means any corporation, other than the Company, in an unbroken chain of corporations ending with the Company if, at the time of the determination, each of  the  corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of  stock in one of the other corporations in such chain.
2.20      “Participant” means any Eligible Employee who has executed a subscription agreement and been granted rights to purchase Shares pursuant to the Plan.
2.21      “Payday” means the regular and recurring established day for payment of Compensation to an Employee of the Company or any Designated Subsidiary.
2.22      “Plan” means this 2021 Employee Stock Purchase Plan, including both the Section 423 Component and Non-Section 423 Component and any other sub-plans or appendices hereto, as amended from time to time.
2.23      “Purchase Date” means the last Trading Day of each Purchase Period or such other date as determined by the Administrator and set forth in the Offering Document.
2.24      “Purchase Period” shall refer to one  or  more periods within an  Offering Period, as  designated in the applicable Offering Document; provided, however, that, in the event no purchase period is designated by   the Administrator in the applicable Offering Document, the purchase  period  for  each  Offering  Period covered by such Offering Document shall be the same as the applicable Offering Period.
2.25      “Purchase Price” means the purchase price designated by the Administrator in the applicable Offering Document (which purchase price, for purposes of the Section 423 Component, shall not be less
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than 85% of the Fair Market Value of a Share on the Enrollment Date or on the Purchase Date, whichever is lower); provided, however, that, in the event no purchase price is designated by the Administrator in the applicable Offering Document, the purchase price for the Offering Periods covered by  such Offering Document shall be 85% of the Fair Market Value of  a  Share on  the  Enrollment Date or  on  the  Purchase Date, whichever is lower; provided, further, that the Purchase Price may be adjusted by the Administrator pursuant to Article VIII and shall not be less than the par value of a Share.
2.26      “Section 423 Component” means those Offerings under the Plan, together with the sub-plans, appendices, rules or procedures, if any, adopted by the Administrator as a part of this Plan, in each case, pursuant to which rights to purchase Shares during an Offering  Period  may  be  granted  to  Eligible Employees that are intended to satisfy the requirements for rights to purchase Shares granted pursuant to an “employee stock purchase plan” that are set forth under Section 423 of the Code.
2.27      “Securities Act” means the U.S. Securities Act of 1933, as amended.
2.28      “Share” means a share of Common Stock.
2.29      “Subsidiary” means any corporation, other than the Company,  in  an  unbroken  chain  of corporations beginning with the Company if, at the time of the determination, each of the corporations other than the last corporation in an unbroken chain owns stock possessing 50% or more of  the  total combined voting power of all classes of stock in one of the other corporations in such chain; provided, however, that a limited liability company or partnership may be treated as a Subsidiary to the extent either (a) such entity is treated as a  disregarded entity under Treasury  Regulation Section 301.7701-3(a) by  reason of  the  Company or any other Subsidiary that is a  corporation being the  sole owner of  such entity,  or  (b)  such entity elects to be classified as a corporation under Treasury Regulation Section 301.7701-3(a) and  such entity would otherwise qualify as a Subsidiary. In addition, with respect to the  Non-Section 423  Component, Subsidiary shall include any corporate or non-corporate entity in which the Company has a  direct or  indirect equity interest or significant business relationship.
2.30      “Trading Day” means a day on which national stock exchanges in the United States are open for trading.
2.31      “Treas. Reg.” means U.S. Department of the Treasury regulations.
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ARTICLE III.
SHARES SUBJECT TO THE PLAN
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3.1     Number of Shares. Subject to Article VIII, the aggregate number of Shares that may be issued pursuant to rights granted under the Plan shall be 2,005,643 Shares. In addition to the foregoing, subject to Article VIII, on the first day of  each calendar year beginning on  January 1,  2022 and  ending on  and including January 1, 2031, the number of Shares available for issuance under the Plan shall be  increased by that number of Shares equal to the lesser of (a) one percent (1.0%) of the aggregate number of shares of Common Stock of the  Company outstanding on  the  final day  of  the  immediately preceding calendar year and (b) such smaller number of Shares as determined by the Board. If any right granted under the Plan shall    for  any  reason terminate without having been exercised, the  Shares not  purchased under such right shall again become available for issuance under the Plan. Notwithstanding anything in this Section 3.1 to the contrary, the number of Shares that may be issued or transferred pursuant to the  rights granted under the Section 423 Component of the Plan shall not exceed an aggregate of  20,056,430 Shares, subject to Article VIII.
3.2     Shares Distributed. Any Shares distributed pursuant to the Plan may consist, in whole or in part,    of authorized and unissued Shares, treasury shares or Shares purchased on the open market.
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ARTICLE IV.
OFFERING PERIODS; OFFERING DOCUMENTS; PURCHASE DATES
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4.1     Offering Periods.  The  Administrator may  from time to  time grant or  provide for  the  grant of rights to purchase Shares under the  Plan to  Eligible Employees during one  or  more periods (each, an “Offering Period”) selected by the Administrator. The terms and  conditions  applicable  to  each  Offering Period shall be set forth in an “Offering Document” adopted by the Administrator, which Offering Document
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shall be in such form and shall contain such terms and conditions as the Administrator shall deem     appropriate and shall be incorporated by reference into and made part of  the  Plan and  shall be  attached hereto as part of the Plan. The provisions of  separate Offerings or  Offering Periods under the  Plan need not be identical.
4.2     Offering Documents. Each Offering Document with respect to an Offering Period shall specify (through incorporation of the provisions of this Plan by reference or otherwise):
(a)      the length of the Offering Period, which period shall not exceed twenty-seven months;
(b)      the maximum number of Shares that may be purchased by any Eligible Employee during such Offering Period, which, in the absence of a contrary designation by the Administrator, shall be 15,000 Shares; and
(c)      such other provisions as the Administrator determines are appropriate, subject to the Plan.
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ARTICLE V. 
ELIGIBILITY AND PARTICIPATION.
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5.1     Eligibility. Any Eligible Employee who shall be employed by the Company or a Designated Subsidiary on a given Enrollment Date for an Offering Period shall be eligible to participate in the Plan during such Offering Period, subject to the requirements of this Article V and, for the Section 423 Component, the limitations imposed by Section 423(b) of the Code.
5.2     Enrollment in Plan.
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(a)      Except as otherwise set forth in an Offering Document or determined by the Administrator, an Eligible Employee may become a Participant in the Plan for an Offering Period by delivering a  subscription agreement to the Company by such time prior to the  Enrollment Date for  such Offering Period (or such other date specified in the Offering Document) designated by the Administrator and  in such form as the Company provides.
(b)      Each subscription agreement shall designate either (i) a whole percentage of such Eligible Employee’s Compensation or (ii) a fixed dollar amount, in either case, to be withheld by the Company    or the Designated Subsidiary employing such Eligible Employee on each Payday during the Offering Period as payroll deductions under the Plan. In either event, the designated percentage or fixed dollar amount may not be less than one percent (1%) and may not be more than the maximum percentage specified by the Administrator in the  applicable  Offering  Document  (which  percentage  shall  be twenty percent (20%) in the absence of any such designation) as payroll deductions. The payroll deductions made for each Participant shall be credited to an account for such Participant under the  Plan and shall be deposited with the general funds of the Company.
(c)      A Participant may increase or decrease the percentage of Compensation or the fixed dollar amount designated in his or her subscription agreement, subject to the limits of this Section 5.2, or may suspend his or  her  payroll deductions, at  any  time during an  Offering Period; provided,  however, that the Administrator may limit the number of changes a Participant may make to  his  or  her  payroll deduction elections during each Offering Period in the applicable Offering  Document  (and  in  the absence of  any  specific designation by  the  Administrator, a  Participant shall be  allowed to  decrease (but not  increase) his  or  her  payroll deduction elections one  time during each Offering Period). Any such change or suspension of payroll deductions shall be effective with the first full payroll period following ten business days after the Company’s receipt of the new subscription agreement (or  such shorter or longer period as may be specified by  the  Administrator  in  the  applicable  Offering Document). In the event a Participant suspends his or  her  payroll deductions, such Participant’s cumulative payroll deductions prior to the suspension shall remain in his or her account and shall be applied to the purchase of Shares on the next occurring Purchase Date and shall not be paid to such Participant unless he or she withdraws from participation in the Plan pursuant to Article VII.
(d)      Except as otherwise set forth in an Offering Document or determined by the Administrator, a Participant may participate in the Plan only by means of payroll deduction and may not make  contributions by lump sum payment for any Offering Period.
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5.3     Payroll Deductions. Except as otherwise provided in the applicable Offering Document, payroll deductions for  a  Participant shall commence on  the  first Payday following the  Enrollment Date and  shall  end on the last Payday in the Offering Period to which the Participant’s authorization is  applicable, unless sooner terminated by the Participant as provided in Article VII or suspended by the Participant or the Administrator as provided in Section 5.2  and  Section  5.6,  respectively.  Notwithstanding  any  other provisions of the Plan to the contrary, in non-U.S. jurisdictions where  participation  in  the  Plan  through payroll deductions is prohibited, the Administrator may provide that an Eligible Employee may elect to participate through contributions to the Participant’s account under the Plan in a form acceptable to the Administrator in lieu of or in addition to payroll deductions; provided, however, that, for any Offering under   the Section 423 Component, the Administrator shall take into consideration any limitations under Section 423 of the Code when applying an alternative method of contribution.
5.4     Effect of Enrollment. A Participant’s completion of a subscription agreement will enroll such Participant in the Plan for each subsequent Offering Period on the terms contained therein until the Participant either submits a new subscription agreement, withdraws from participation under the Plan as provided in Article VII or otherwise becomes ineligible to participate in the Plan.
5.5     Limitation on Purchase of Shares.  An  Eligible Employee may  be  granted rights under the Section 423 Component only if such rights, together with any other rights granted to such Eligible   Employee under “employee stock purchase plans” of the Company, any Parent or any Subsidiary,  as specified by Section 423(b)(8) of the Code, do not permit such employee’s rights to purchase stock of the Company or any Parent or Subsidiary to accrue at a rate that exceeds $25,000 of the  fair market value of such stock (determined as of the first day of the Offering Period during which such rights are granted) for each calendar year in which such rights are outstanding at any time. This limitation shall be applied in accordance with Section 423(b)(8) of the Code.
5.6     Suspension of Payroll Deductions. Notwithstanding the foregoing, to  the  extent necessary to comply with Section 423(b)(8) of the Code and Section 5.5 (with respect to the  Section 423  Component) or the other limitations set forth in this Plan, a Participant’s payroll deductions may be suspended by the Administrator at any time during an Offering Period. The balance of the amount credited to  the  account of each Participant that has not been applied to the purchase of Shares by reason of Section 423(b)(8) of  the Code, Section 5.5 or the other limitations set forth in this Plan shall be paid to such Participant in one lump  sum in cash as soon as reasonably practicable after the Purchase Date.
5.7     Foreign Employees.   In order to facilitate participation in the Plan, the Administrator may provide   for such special terms applicable to Participants who  are  citizens or  residents a  foreign jurisdiction, or  who are employed by a Designated Subsidiary outside of the United States, as the Administrator may consider necessary or appropriate to accommodate differences in local law, tax  policy or  custom. Except as  permitted by Section 423 of the Code, with respect to the Section 423 Component, such special terms may not be more favorable than the  terms of  rights granted under the  Section 423  Component to  Eligible Employees  who are residents of the  United States. Such special terms may  be  set  forth in  an  addendum to  the  Plan in the form of an appendix or sub-plan (which appendix or  sub-plan  may  be  designed  to  govern  Offerings under the Section 423 Component or the Non-Section 423 Component, as determined by the Administrator).    To the extent that the terms and  conditions set  forth in  an  appendix or  sub-plan conflict with any  provisions of the Plan, the provisions of the appendix or sub-plan shall govern. The adoption of any such appendix or sub-plan shall be pursuant to Section 11.2(g). Without limiting  the  foregoing,  the  Administrator  is specifically authorized to  adopt rules and  procedures, with respect to  Participants who  are  foreign nationals or  employed in  non-U.S. jurisdictions, regarding the  exclusion of  particular Subsidiaries from participation   in the Plan, eligibility to participate, the definition of Compensation, handling of payroll deductions or other contributions by Participants, payment of interest, conversion  of  local  currency,  data  privacy  security, payroll tax, withholding procedures, establishment of bank or trust accounts to hold payroll deductions or contributions.
5.8     Leave of Absence.  During leaves of  absence approved by  the  Company meeting the  requirements of  Treasury  Regulation Section 1.421-1(h)(2) under the  Code, a  Participant may  continue participation in   the Plan by making cash payments to the Company on his or her normal Payday equal to the Participant’s authorized payroll deduction.
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ARTICLE VI.
GRANT AND EXERCISE OF RIGHTS
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6.1     Grant of Rights. On the Enrollment Date of each Offering Period, each Eligible Employee participating in such Offering Period shall be granted a right to purchase the maximum number of Shares specified under Section 4.2, subject to the limits in Section 5.5, and shall have the right to buy, on each Purchase Date during such Offering Period (at the  applicable Purchase Price), such number of  whole Shares  as is determined by dividing (a)  such Participant’s  payroll deductions accumulated prior to  such Purchase Date and retained in the Participant’s account as of the Purchase Date, by (b) the applicable Purchase Price (rounded down to the nearest Share). The right shall expire on  the  earliest of:  (x)  the  last Purchase Date of the Offering Period, (y) the last day of the Offering Period, and (z) the  date on  which the  Participant withdraws in accordance with Section 7.1 or Section 7.3.
6.2     Exercise of  Rights.    On  each Purchase Date, each Participant’s  accumulated payroll deductions  and any other additional payments specifically provided for in the applicable Offering Document will be  applied to the purchase of whole Shares, up to  the  maximum number of  Shares permitted pursuant to  the terms of the Plan and the applicable Offering Document, at the Purchase Price. No fractional Shares shall be issued upon the exercise of rights granted under the  Plan,  unless  the  Offering  Document  specifically provides otherwise. Any cash in lieu of fractional Shares remaining after the purchase of whole Shares upon exercise of a purchase right will be credited to a Participant’s  account  and  carried  forward  and  applied toward the purchase of whole Shares for  the  next following Offering Period. Shares issued pursuant to  the Plan may be evidenced in such manner as the Administrator  may  determine  and  may  be  issued  in certificated form or issued pursuant to book-entry procedures.
6.3     Pro  Rata Allocation of  Shares.  If  the  Administrator determines that, on  a  given Purchase Date, the number of Shares with respect to which rights are to be exercised may exceed (a) the number of Shares   that were available for issuance under the Plan on the Enrollment Date of the applicable Offering Period, or (b) the  number of  Shares available for  issuance under the  Plan on  such Purchase Date, the  Administrator may in its sole discretion provide that the Company shall make a pro rata allocation of the Shares available     for purchase on such Enrollment Date or Purchase Date, as applicable, in as uniform a manner as shall be practicable and as it shall determine in its sole discretion to be equitable among all Participants for whom   rights to purchase Shares are to be exercised pursuant to this Article VI  on  such Purchase Date, and  shall either (i) continue all Offering Periods then in effect, or  (ii) terminate any  or  all  Offering Periods then in effect pursuant to Article IX. The Company may make pro rata allocation of the Shares available on the Enrollment Date of any applicable Offering Period pursuant to the preceding sentence, notwithstanding any authorization of additional Shares for issuance under the Plan by the Company’s stockholders subsequent to such Enrollment Date. The balance of the  amount credited to  the  account of  each Participant that has  not been applied to the purchase of Shares shall be paid to such Participant in one lump sum in cash as soon as reasonably practicable after the Purchase Date or such earlier date as determined by the Administrator.
6.4     Withholding.    At the time a Participant’s rights under the Plan are exercised, in whole or in part,    or at the time some or all of the Shares issued under the Plan is disposed of, the  Participant must make adequate provision for the Company’s federal, state, or other tax withholding obligations, if any, that arise upon the exercise of the right or the disposition of the Shares. At any time, the Company may, but shall not     be obligated to, withhold from the Participant’s Compensation or Shares received pursuant to the Plan the amount necessary for the Company to meet applicable withholding obligations, including any withholding required to make available to the Company any tax deductions or benefits attributable to sale or early disposition of Shares by the Participant.
6.5     Conditions to Issuance of Shares. The Company shall not be required to issue or deliver any certificate or certificates for, or make any book entries evidencing, Shares purchased upon the exercise of   rights under the Plan prior to fulfillment of all of the following conditions: (a) the admission of such Shares      to listing on all stock exchanges, if any, on which the Shares are then listed; (b) the completion of any registration or other qualification of such Shares under any state or federal law or under the rulings or regulations of the Securities and Exchange Commission or any other governmental regulatory body, that the Administrator shall, in its absolute discretion, deem necessary or  advisable;  (c)  the  obtaining  of  any approval or  other clearance from any  state or  federal governmental agency that the  Administrator shall, in   its absolute discretion, determine to be necessary or advisable; (d) the  payment to  the  Company of  all amounts
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that it is required to withhold under federal, state or local law upon exercise of the rights, if any; and (e) the lapse of such reasonable period of time following the exercise of the rights as the  Administrator may  from time to time establish for reasons of administrative convenience.
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ARTICLE   VII.
 WITHDRAWAL; CESSATION OF ELIGIBILITY
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7.1     Withdrawal. A Participant may withdraw all but not less  than  all  of  the  payroll  deductions credited to his or her account and not yet used to exercise his or  her  rights under the  Plan at  any  time by giving written notice to the Company in a  form acceptable to  the  Company no  later than one  week prior to the end of the Offering Period (or such shorter or longer period as may be specified by the Administrator in     the applicable Offering Document). All of the Participant’s payroll deductions credited to his or her account during an Offering Period shall be paid to such Participant as soon as reasonably practicable after receipt of notice of withdrawal and such Participant’s rights for the  Offering Period shall be  automatically terminated, and no further payroll deductions for the purchase of Shares shall be made for such Offering Period. If a Participant withdraws from an Offering Period, payroll deductions shall not resume at the  beginning of  the next Offering Period unless the Participant timely delivers to the Company a new subscription agreement.
7.2     Future Participation. A Participant’s withdrawal  from  an  Offering  Period  shall  not  have  any effect upon his or her eligibility to participate in any similar plan that may hereafter be  adopted by  the Company or a Designated Subsidiary or  in  subsequent Offering Periods that commence after the  termination of the Offering Period from which the Participant withdraws.
7.3     Cessation of Eligibility.    Upon a Participant’s ceasing to be an Eligible Employee for any reason,    he or she shall be deemed to have elected to withdraw from the Plan pursuant to  this Article VII  and  the payroll deductions credited to such Participant’s account during the Offering Period shall be paid to such Participant or, in the case of his or her death, to the person or persons entitled thereto under Section 12.4, as soon as reasonably practicable, and such Participant’s rights for the Offering Period shall be automatically terminated. If a Participant transfers employment from the Company or any  Designated Subsidiary participating in the Section 423 Component to any Designated Subsidiary participating in the Non-
Section 423 Component, such transfer shall not be treated as  a  termination  of  employment,  but  the Participant shall immediately cease to participate in the Section 423 Component; however, any contributions made for the Offering Period in which such transfer occurs shall be transferred to the Non-Section 423 Component, and such Participant shall immediately join the then-current Offering under the Non-Section 423 Component upon the  same terms and  conditions in  effect  for  the  Participant’s  participation in the Section 423 Component, except for such modifications otherwise applicable for Participants in such Offering. A Participant who transfers employment from any Designated Subsidiary participating in the Non- Section 423 Component to the Company or any Designated Subsidiary participating in the Section 423 Component shall not be  treated as  terminating the  Participant’s  employment and  shall remain a  Participant  in the Non-Section 423 Component until the earlier of (i) the end of the current Offering Period under the Non-Section 423 Component or (ii) the Enrollment Date of  the  first Offering Period in  which the  Participant is eligible to participate following such transfer. Notwithstanding the foregoing, the Administrator  may establish different rules to govern transfers of employment between entities participating in the Section 423 Component and the Non-Section 423 Component, consistent with the applicable requirements of Section 423 of the Code.
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ARTICLE  VIII. 
ADJUSTMENTS UPON CHANGES IN SHARES
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8.1     Changes in Capitalization. Subject to  Section 8.3, in  the  event that the  Administrator determines that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other    property), change in control, reorganization, merger, amalgamation, consolidation, combination, repurchase, redemption, recapitalization, liquidation, dissolution, or sale, transfer, exchange or other disposition of all or substantially all of the assets of the Company, or sale or  exchange of  Shares or  other securities of  the Company, issuance of  warrants or  other rights to  purchase Shares or  other securities of  the  Company,  or other similar corporate transaction or event, as determined by the Administrator, affects the Shares such that
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an adjustment is determined by the Administrator to be appropriate in order to prevent dilution or   enlargement of the benefits or potential benefits intended by the Company to  be  made available under the Plan or with respect to any outstanding purchase rights under the  Plan, the  Administrator shall make equitable adjustments, if any, to reflect such change with respect to (a) the aggregate number and type of Shares (or other securities or property) that may be issued under the Plan (including, but not limited to, adjustments of the limitations in Section 3.1 and the limitations established in each Offering Document pursuant to Section 4.2 on the maximum number of Shares that may be purchased); (b) the class(es) and number of Shares and price per Share subject to  outstanding rights; and  (c)  the  Purchase Price with respect to any outstanding rights.
8.2     Other Adjustments. Subject to Section 8.3, in the event of any transaction or event described in Section 8.1 or any unusual or nonrecurring transactions or events affecting the Company, any affiliate of the Company, or the financial statements of the  Company or  any  affiliate (including without limitation, any change in control), or of changes in Applicable Law or accounting principles, the Administrator, in its discretion, and on such terms and conditions as it deems appropriate, is hereby authorized to take any one or more of the following actions whenever the Administrator  determines  that  such  action  is  appropriate  in order to prevent the dilution or enlargement of the benefits or  potential  benefits  intended  to  be  made available under the Plan or  with respect to  any  right under the  Plan, to  facilitate such transactions or  events or to give effect to such changes in laws, regulations or principles:
(a)      To provide for either (i) termination of any outstanding right in  exchange for  an  amount of cash, if any,  equal to  the  amount that would have been obtained upon the  exercise of  such right had such right been currently exercisable or (ii) the  replacement of  such outstanding right with other rights  or property selected by the Administrator in its sole discretion;
(b)      To provide that the outstanding rights under the Plan shall be assumed by the successor or survivor corporation, or a Parent or Subsidiary thereof, or shall be substituted for by similar rights covering the stock of the successor or survivor corporation, or a Parent or Subsidiary thereof, with appropriate adjustments as to the number and kind of shares and prices;
(c)      To make adjustments in the number and type  of  Shares  (or  other  securities  or  property) subject to outstanding rights under the Plan and/or in the terms and conditions of outstanding rights and rights that may be granted in the future;
(d)      To provide that Participants’ accumulated payroll deductions may be used to purchase Shares prior to the next occurring Purchase Date on such date as the Administrator determines in its sole discretion and the Participants’ rights under the ongoing Offering Period(s) shall be terminated; and
(e)      To provide that all outstanding rights shall terminate without being exercised.
8.3     No Adjustment Under Certain Circumstances.  Unless  determined  otherwise  by  the Administrator, no adjustment or action described in this Article VIII or in any other provision of  the  Plan shall be authorized to the extent that such adjustment or action would cause the  Section 423  Component of the Plan to fail to satisfy the requirements of Section 423 of the Code.
8.4     No  Other Rights.  Except as  expressly provided in  the  Plan, no  Participant shall have any  rights by reason of any subdivision or consolidation of shares of stock of any class, the payment of any dividend,    any increase or decrease in the number of shares of stock of  any  class  or  any  dissolution,  liquidation, merger, or consolidation of the Company or any other corporation. Except as expressly provided in the Plan     or pursuant to action of the Administrator under the Plan, no issuance by the Company of shares of stock of   any class, or  securities convertible into shares of  stock of  any  class, shall affect, and  no  adjustment by reason thereof shall be made with respect to, the  number of  Shares subject to  outstanding rights under the Plan or the Purchase Price with respect to any outstanding rights.
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ARTICLE IX.
AMENDMENT, MODIFICATION AND TERMINATION
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9.1     Amendment, Modification and Termination. The  Administrator may  amend, suspend or  terminate the Plan at any time and from time to time; provided, however, that approval of the Company’s
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stockholders shall be required to amend the  Plan to:  (a)  increase the  aggregate number,  or  change the  type, of shares that may be sold pursuant to rights under the Plan under Section 3.1 (other than an adjustment as provided by Article VIII) or (b) change the corporations or classes of corporations whose employees may be granted rights under the Plan.
9.2     Certain Changes to Plan.   Without stockholder consent and without regard to whether any   Participant rights may be considered to have been adversely affected (and, with respect to the Section 423 Component of the Plan, after taking into account Section 423 of the  Code),  the  Administrator  shall  be entitled to change or terminate the Offering Periods, add or revise Offering Period share limits, limit the frequency and/or number of changes in the amount withheld from Compensation during an Offering Period, establish the exchange ratio applicable to amounts withheld in a  currency other than U.S. dollars, permit payroll withholding in excess of the amount designated by a Participant in order to  adjust for  delays or mistakes in the Company’s processing of payroll withholding elections, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Shares for each Participant properly correspond with amounts withheld from the Participant’s Compensation, and establish such other limitations or procedures as the Administrator determines in its sole discretion to be advisable that are consistent with the Plan.
9.3     Actions In the Event of Unfavorable Financial Accounting Consequences. In the event the Administrator determines that the ongoing operation of the Plan may  result in  unfavorable financial accounting consequences, the Administrator may, in its discretion and, to the extent necessary or desirable, modify or amend the Plan to reduce or eliminate such accounting consequence including, but not limited to:
(a)      altering the Purchase Price for any Offering Period including an Offering Period underway at  the time of the change in Purchase Price;
(b)      shortening any Offering Period so that the Offering Period ends on a new Purchase Date, including an Offering Period underway at the time of the Administrator action; and
(c)      allocating Shares.
Such modifications or amendments shall not require stockholder approval or the consent of any Participant.
9.4     Payments Upon Termination of Plan.  Upon termination of the Plan, the balance in each  Participant’s Plan account shall be refunded as  soon as  practicable after such termination, without any interest thereon, or the Offering Period may be shortened so that the purchase of Shares occurs prior to the termination of the Plan.
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ARTICLE X. 
TERM OF PLAN
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The Plan shall become effective on the Effective Date. The effectiveness of  the  Section 423  Component of the Plan shall be subject to approval of the Plan by the Company’s stockholders within twelve months following the date the Plan is first approved by the Board. No right may be granted under the Section 423 Component of the Plan prior to such stockholder approval. The Plan shall remain in effect  until terminated under Section 9.1. No rights may be granted under the Plan during any  period of  suspension of  the  Plan or after termination of the Plan.
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ARTICLE XI. 
ADMINISTRATION
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11.1     Administrator.    Unless otherwise determined by  the  Board, the  Administrator of  the  Plan shall  be the Compensation Committee of the  Board (or  another committee or  a  subcommittee of  the  Board to which the Board delegates administration of the Plan). The Board may at any time vest in the Board any authority or duties for administration of the  Plan.  The  Administrator  may  delegate  administrative  tasks under the Plan to the services of an Agent or Employees to assist in the administration of the Plan, including establishing and maintaining an individual securities account under the Plan for each Participant.
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11.2     Authority of Administrator. The Administrator shall have the power, subject to, and within the limitations of, the express provisions of the Plan:
(a)      To determine when and how rights to purchase Shares shall be granted and the provisions of each offering of such rights (which need not be identical).
(b)      To designate from time to time which Subsidiaries of the Company shall be Designated Subsidiaries, which designation may be made without the approval of the stockholders of the Company.
(c)      To impose a mandatory holding period pursuant to which Employees may not dispose of or transfer Shares purchased under the Plan for a period of time determined by the Administrator in its discretion.
(d)      To construe and interpret the Plan and rights granted under it, and to establish, amend and revoke rules and regulations for its administration. The Administrator, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan, in a manner and to the extent it shall deem necessary or expedient to make the Plan fully effective.
(e)      To amend, suspend or terminate the Plan as provided in Article IX.
(f)      Generally, to exercise such powers and to perform such acts as the Administrator deems necessary or expedient to promote the best interests of the Company and its Subsidiaries and to carry   out the intent that the Plan be treated as an “employee stock purchase plan” within the meaning of Section 423 of the Code for the Section 423 Component.
(g)      The Administrator may adopt sub-plans applicable to particular Designated Subsidiaries or locations, which sub-plans may be designed to be outside the scope of Section 423 of the Code. The  rules of such sub-plans may take precedence over other provisions of this Plan, with the exception of Section 3.1 hereof, but unless otherwise superseded by the terms of  such sub-plan, the  provisions of this Plan shall govern the operation of such sub-plan.
11.3     Decisions Binding. The Administrator’s interpretation of the Plan, any  rights granted pursuant to  the Plan, any subscription agreement and all  decisions and  determinations by  the  Administrator with respect to the Plan are final, binding, and conclusive on all parties.
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ARTICLE XII. 
MISCELLANEOUS
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12.1     Restriction upon Assignment. A  right granted under the  Plan shall not  be  transferable other than by will or the applicable laws of descent and distribution, and is exercisable during the Participant’s lifetime only by the Participant. Except as provided in  Section 12.4 hereof, a  right under the  Plan may  not  be exercised to any extent except by the  Participant. The  Company shall not  recognize and  shall be  under no duty to recognize any assignment or alienation of the  Participant’s  interest  in  the  Plan,  the  Participant’s rights under the Plan or any rights thereunder.
12.2     Rights as a Stockholder. With respect to Shares subject to a right granted under the Plan, a Participant shall not be deemed to be  a  stockholder of  the  Company,  and  the  Participant shall not  have any of the rights or privileges of a stockholder, until such Shares have been issued to the Participant or his or her nominee following exercise of the Participant’s rights under the Plan. No adjustments shall be made for dividends (ordinary or extraordinary, whether in cash securities, or other property) or  distribution or  other rights for which the record date occurs prior to the date of such issuance, except as  otherwise expressly provided herein or as determined by the Administrator.
12.3     Interest. No interest shall accrue on the payroll deductions or contributions of a Participant under the Plan.
12.4     Designation of Beneficiary.
(a)      A Participant may, in the manner determined by the Administrator, file a written designation   of a beneficiary who is to receive any Shares and/or cash, if any, from the Participant’s account under
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the Plan in the event of such Participant’s death subsequent to  a  Purchase  Date  on  which  the Participant’s rights are exercised but prior to delivery to such Participant of such Shares and cash. In addition, a Participant may file a written designation of  a  beneficiary who  is  to  receive any  cash from the Participant’s account under the Plan in the event of such Participant’s death prior to exercise of the Participant’s rights under the Plan. If the Participant is married, a designation of a person other than the Participant’s spouse as his or her  beneficiary shall not  be  effective without the  prior written consent of the Participant’s spouse.
(b)      Such designation of beneficiary may be changed by the Participant at  any  time by  written notice to the Company. In the event of the death of a Participant and in the absence of  a  beneficiary validly designated under the Plan who is living at the time of such Participant’s death, the Company     shall deliver such Shares and/or cash to the executor or  administrator of  the  estate of  the  Participant, or if no such executor or administrator has been appointed (to the knowledge of  the  Company), the Company, in its discretion, may deliver such Shares and/or cash to the spouse or to any one or more dependents or relatives of the Participant, or if no spouse, dependent or  relative is  known to  the Company, then to such other person as the Company may designate.
12.5     Notices. All notices or other communications by a Participant to the Company under or in connection with the Plan shall be deemed to have been duly given when received in  the  form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof.
12.6     Equal Rights and  Privileges.    Subject to  Section 5.7, all  Eligible Employees will have equal rights and privileges under the Section 423 Component so that the Section 423 Component of  this Plan qualifies as an “employee stock purchase plan” within the meaning of Section 423 of the Code. Subject to Section 5.7, any provision of the Section 423 Component that is inconsistent with Section 423 of  the  Code will, without further act or amendment by the Company, the Board or the  Administrator, be  reformed to comply with the equal rights and privileges requirement of Section 423 of the Code. Eligible Employees participating in the Non-Section 423 Component need not have the  same rights and  privileges as  other Eligible Employees participating in the Non-Section 423  Component or  as  Eligible Employees participating in the Section 423 Component.
12.7     Use of Funds.  All payroll deductions received or held by the Company under the Plan may be  used by the Company for any corporate purpose, and the Company shall not be obligated to segregate such payroll deductions.
12.8     No Employment Rights.  Nothing in the Plan shall be construed to give any person (including  any Eligible Employee or Participant) the right to remain in the employ of the Company or any Parent or Subsidiary or affect the right of the Company or any Parent or Subsidiary to terminate the employment of   any person (including any Eligible Employee or Participant) at any time, with or without cause.
12.9     Notice of  Disposition of  Shares.   Each Participant shall give prompt notice to  the  Company of any disposition or other transfer of any Shares purchased upon exercise of a right under the Section 423 Component of the Plan if  such disposition or  transfer is  made: (a)  within two  years from the  Enrollment Date of the Offering Period in which the Shares were purchased or  (b)  within one  year after the  Purchase Date on which such Shares were purchased. Such notice shall specify the date of such disposition or other transfer and the amount realized, in cash, other property,  assumption of  indebtedness or  other consideration, by the Participant in such disposition or other transfer.
12.10     Section 409A of the  Code.  The  Plan is  exempt from the  application of  Section 409A of  the Code and any ambiguities herein will be interpreted to so be exempt from Section 409A of the Code. In furtherance of the foregoing and notwithstanding any provision in the Plan  to  the  contrary,  if  the Administrator determines that the grant of a right to purchase Shares under the  Plan  may  be  subject  to Section 409A of the Code or that any provision in the Plan would cause a grant of a right to purchase Shares under the Plan to be subject to  Code Section 409A, the  Administrator may  amend the  terms of  the  Plan and/or of an outstanding grant of a right to purchase Shares granted under the  Plan, or  take such other action the Administrator determines is necessary or appropriate, in each case, without the Participant’s consent, to exempt any outstanding or future right to  purchase Shares that may  be  granted under the  Plan from or  to allow any such grants to comply with Section 409A of the Code,  but  only  to  the  extent  any  such amendments
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or action by the Administrator would not violate Code Section 409A. Notwithstanding the foregoing, the Company will have no liability to a Participant or any other party if any  right to  purchase Common Stock under the Plan that is intended to be exempt from or compliant with Section 409A of the  Code is  not  so exempt or compliant or for any action taken by  the  Administrator with respect thereto. The  Company makes no  representation that any  right to  purchase Common Stock under the  Plan is  compliant with Section 409A of the Code.
12.11     Governing Law. The Plan and any agreements hereunder shall be administered, interpreted and enforced in accordance with the laws of the State of Delaware, disregarding any  state’s  choice of  law principles requiring the application of a jurisdiction’s laws other than the State of Delaware.
12.12     Electronic Forms. To the extent permitted by Applicable Law and in the discretion of the Administrator, an Eligible Employee may submit any form or notice as set forth herein by means of  an electronic form approved by the Administrator. Before the commencement of an Offering Period, the Administrator shall prescribe the time limits within which any such electronic form shall be submitted to the Administrator with respect to such Offering Period in order to be a valid election.
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13

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