<SEC-DOCUMENT>0001193125-15-083134.txt : 20150309
<SEC-HEADER>0001193125-15-083134.hdr.sgml : 20150309
<ACCEPTANCE-DATETIME>20150309160209
ACCESSION NUMBER:		0001193125-15-083134
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150306
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150309
DATE AS OF CHANGE:		20150309

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RAMBUS INC
		CENTRAL INDEX KEY:			0000917273
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				943112828
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22339
		FILM NUMBER:		15685166

	BUSINESS ADDRESS:	
		STREET 1:		1050 ENTERPRISE WAY, SUITE 700
		CITY:			SUNNYVALE
		STATE:			CA
		ZIP:			94089
		BUSINESS PHONE:		408-462-8000

	MAIL ADDRESS:	
		STREET 1:		1050 ENTERPRISE WAY, SUITE 700
		CITY:			SUNNYVALE
		STATE:			CA
		ZIP:			94089
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d885895d8k.htm
<DESCRIPTION>8-K
<TEXT>
<HTML><HEAD>
<TITLE>8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C.&nbsp;20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 or 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): March&nbsp;6, 2015 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Rambus Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name
of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>000-22339</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>94-3112828</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I. R. S.&nbsp;Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1050 Enterprise Way, Suite 700, </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Sunnyvale, California 94089 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices, including ZIP code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(408) 462-8000 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not Applicable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former
name or former address, if changed since last report) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(e) Effective March&nbsp;6, 2015, Rambus Inc. (the &#147;Company&#148;) entered into a Change
of Control Severance Agreement (the &#147;Agreement&#148;) with each of its named executive officers (each, an &#147;executive&#148;) other than its chief executive officer (who has an employment agreement that governs certain change of control
severance obligations applicable to him). The Company entered into these Agreements as a part of its annual compensation program review, which included the review of prevailing market pay practices in consultation with its independent compensation
consultant. The Agreement is designed to assure that the Company will have the continued dedication and objectivity of the executive, notwithstanding the possibility, threat, or occurrence of a Change of Control, to provide the executive with an
incentive to continue the executive&#146;s employment prior to a Change of Control and to motivate the executive to maximize the value of the Company upon a Change of Control for the benefit of the Company&#146;s stockholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each Agreement has an initial term of three years and will renew automatically for additional one-year terms unless either party to the Agreement provides the
other with written notice of non-renewal at least 90 days prior to the date of automatic renewal. If the Company terminates the executive&#146;s employment without &#147;Cause&#148; or the executive terminates his employment for &#147;Good
Reason&#148;, and in each case, such termination occurs during a period beginning three months before a Change of Control and ending 12 months following a Change of Control, then subject to the executive signing and not revoking a separation
agreement and release of claims and the executive&#146;s continued compliance with the terms of the At Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement entered into between the executive and the Company, the
executive will receive: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">a lump sum payment (less applicable withholding taxes) equal to 100% of the executive&#146;s annual base salary as in effect immediately prior to the executive&#146;s termination date or, if greater, at the level in
effect immediately prior to the Change of Control; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">a lump sum payment (less applicable withholding taxes) equal to 100% of the executive&#146;s full bonus and commission for the year of termination at target level as in effect immediately prior to the executive&#146;s
termination date, or, if greater, at the level in effect immediately prior to the Change of Control; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">100% of the executive&#146;s then-outstanding and unvested equity awards will become vested in full (and if the amount of the award to vest is determined based on the achievement of performance criteria, then the equity
awards will vest based on achievement at target levels for the relevant performance period(s)); and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top">if the executive elects continuation coverage pursuant to COBRA for executive and his or her eligible dependents, the Company will reimburse the executive for the COBRA premiums for a maximum period of 12 months.
</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Capitalized, but otherwise undefined terms in the foregoing summary have the meanings set forth in the Agreement. The foregoing summary of
the Agreement does not purport to be complete and is qualified in its entirety by reference to the Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01. Financial Statements and Exhibits. </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">Exhibits. </TD></TR></TABLE>
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<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Form of Change of Control Severance Agreement for Executive Officers.</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Date: March&nbsp;9, 2015</TD>
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<TD VALIGN="top">Rambus Inc.</TD></TR>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Satish Rishi</TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Satish Rishi</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Senior Vice President, Finance
and Chief Financial Officer</P></TD></TR>
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d885895dex101.htm
<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RAMBUS INC. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CHANGE OF
CONTROL SEVERANCE AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Change of Control Severance Agreement (the &#147;<B><I>Agreement</I></B>&#148;)&nbsp;is made and
entered into by and between [NAME] (&#147;<B><I>Executive</I></B>&#148;)&nbsp;and Rambus Inc., a Delaware corporation (the &#147;<B><I>Company</I></B>&#148;), effective as of [DATE] (the &#147;<B><I>Effective Date</I></B>&#148;). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>RECITALS </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. The
Compensation Committee (the &#147;<B><I>Committee</I></B>&#148;) of the Board of Directors of the Company (the &#147;<B><I>Board</I></B>&#148;)&nbsp;believes that it is in the best interests of the Company and its stockholders (i)&nbsp;to assure
that the Company will have the continued dedication and objectivity of Executive, notwithstanding the possibility, threat, or occurrence of a Change of Control and (ii)&nbsp;to provide Executive with an incentive to continue Executive&#146;s
employment prior to a Change of Control and to motivate Executive to maximize the value of the Company upon a Change of Control for the benefit of its stockholders. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. The Committee believes that it is imperative to provide Executive with certain severance benefits upon Executive&#146;s termination of
employment under certain circumstances. These benefits will provide Executive with enhanced financial security and incentive and encouragement to remain with the Company notwithstanding the possibility of a Change of Control. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. Certain capitalized terms used in the Agreement are defined in Section&nbsp;6 below. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>AGREEMENT </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW,
THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Term of Agreement</U>.
This Agreement will have an initial term of three (3)&nbsp;years commencing on the Effective Date (the &#147;<B><I>Initial Term</I></B>&#148;). On the third anniversary of the Effective Date, this Agreement will renew automatically for additional
one (1)&nbsp;year terms (each an &#147;<B><I>Additional Term</I></B>&#148;), unless either party provides the other party with written notice of non-renewal at least ninety (90)&nbsp;days prior to the date of automatic renewal. Notwithstanding the
foregoing provisions of this paragraph, (a)&nbsp;if a Change of Control occurs when there are fewer than twelve (12)&nbsp;months remaining during the Initial Term or an Additional Term, the term of this Agreement will extend automatically through
the date that is twelve (12)&nbsp;months following the effective date of the Change of Control, or (b)&nbsp;if an initial occurrence of an act or omission by the Company constituting the grounds for &#147;Good Reason&#148; in accordance with
Section&nbsp;6(g) hereof has occurred (the &#147;<B><I>Initial Grounds</I></B>&#148;), and the expiration date of the Company cure period (as such term is used in Section&nbsp;6(g)) with respect to such Initial Grounds could occur following the
expiration of the Initial Term or an Additional Term, the term of this Agreement will extend automatically through the date that is thirty (30)&nbsp;days following the expiration of such cure period, but such extension of the term
</P>

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will only apply with respect to the Initial Grounds. If Executive becomes entitled to benefits under Section&nbsp;3 during the term of this Agreement, the Agreement will not terminate until all
of the obligations of the parties hereto with respect to this Agreement have been satisfied. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>At-Will Employment</U>. The Company and
Executive acknowledge that Executive&#146;s employment is and will continue to be at-will, as defined under applicable law. As an at-will employee, either the Company or Executive may terminate the employment relationship at any time, with or
without Cause. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Severance Benefits</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Termination without Cause or Resignation for Good Reason During the Change of Control Period</U>. If the Company terminates
Executive&#146;s employment with the Company without Cause (and not by reason of Executive&#146;s death or Disability)&nbsp;or if Executive resigns from such employment for Good Reason, and, in each case, such termination occurs during the Change of
Control Period, then subject to Section&nbsp;4, Executive will receive the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) <U>Accrued Compensation</U>. The Company will
pay Executive all accrued but unpaid vacation, expense reimbursements, wages, and other benefits due to Executive under any Company-provided plans, policies, and arrangements when legally required. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) <U>Severance Payment</U>. Executive will receive a lump-sum payment (less applicable withholding taxes)&nbsp;equal to one hundred percent
(100%)&nbsp;of Executive&#146;s annual base salary as in effect immediately prior to Executive&#146;s termination date or, if greater, at the level in effect immediately prior to the Change of Control. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) <U>Bonus Payment.</U> Executive will receive a lump-sum payment (less applicable withholding taxes) equal to one hundred percent
(100%)&nbsp;of Executive&#146;s full bonus and commission for the year of termination (whether established on a quarterly, semi-annual, annual and/or other periodic basis) at target level as in effect immediately prior to Executive&#146;s
termination date, or, if greater, at the level in effect immediately prior to the Change of Control. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) <U>Continuation Coverage</U>.
If Executive elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (&#147;<B><I>COBRA</I></B>&#148;) within the time period prescribed pursuant to COBRA for Executive and Executive&#146;s
eligible dependents, the Company will reimburse Executive for the premiums necessary to continue group health insurance benefits under COBRA for Executive and Executive&#146;s eligible dependents until the earlier of (A)&nbsp;a period of twelve
(12)&nbsp;months from the date of Executive&#146;s termination of employment, (B)&nbsp;the date upon which Executive and/or Executive&#146;s eligible dependents becomes covered under similar plans or (C)&nbsp;the date upon which Executive ceases to
be eligible for coverage under COBRA (such reimbursements, the &#147;<B><I>COBRA Premiums</I></B>&#148;). However, if the Company determines in its sole discretion that it cannot pay the COBRA Premiums without potentially violating applicable law
(including, without limitation, Section&nbsp;2716 of the Public Health Service Act), the Company will in lieu thereof provide to Executive a taxable lump-sum payment in an amount equal to the monthly COBRA premium that Executive would be required to
pay to continue Executive&#146;s group health coverage in effect on the date of Executive&#146;s termination of employment </P>
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(which amount will be based on the premium for the first month of COBRA coverage), multiplied by twelve (12), which payment will be made regardless of whether Executive elects COBRA continuation
coverage. For the avoidance of doubt, the taxable payments in lieu of COBRA Premiums may be used for any purpose, including, but not limited to continuation coverage under COBRA, and will be subject to all applicable tax withholdings. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(v) <U>Accelerated Vesting of Equity Awards</U>. One hundred percent (100%)&nbsp;of Executive&#146;s then-outstanding and unvested Equity
Awards will become vested in full. If, however, an outstanding Equity Award is to vest and/or the amount of the award to vest is to be determined based on the achievement of performance criteria, then the Equity Award will vest as to one hundred
percent (100%)&nbsp;of the amount of the Equity Award assuming the performance criteria had been achieved at target levels for the relevant performance period(s). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Termination Outside of the Change of Control Period; Voluntary Resignation; Termination for Cause</U>. If Executive&#146;s employment
with the Company terminates (i)&nbsp;for any reason outside of the Change of Control Period, (ii)&nbsp;voluntarily by Executive (other than for Good Reason during the Change of Control Period)&nbsp;or (iii)&nbsp;for Cause by the Company, then
Executive will not be entitled to receive severance or other benefits except for those (if any)&nbsp;as may then be established under the Company&#146;s then existing severance and benefits plans and practices or pursuant to other written agreements
with the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Disability; Death</U>. If the Company terminates Executive&#146;s employment as a result of Executive&#146;s
Disability, or Executive&#146;s employment terminates due to Executive&#146;s death, then Executive will not be entitled to receive severance or other benefits except for those (if any) as may then be established under the Company&#146;s then
existing written severance and benefits plans and practices or pursuant to other written agreements with the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Exclusive
Remedy</U>. In the event of a termination of Executive employment as set forth in Section&nbsp;3(a) of this Agreement, the provisions of Section&nbsp;3 are intended to be and are exclusive and in lieu of any other rights or remedies to which
Executive or the Company otherwise may be entitled, whether at law, tort or contract, in equity, or under this Agreement (other than the payment of accrued but unpaid wages, as required by law, and any unreimbursed reimbursable expenses). Executive
will be entitled to no benefits, compensation or other payments or rights upon a termination of employment other than those benefits expressly set forth in Section&nbsp;3 of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Conditions to Receipt of Severance; No Duty to Mitigate</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Release of Claims Agreement</U>. The receipt of any severance payments or benefits (other than the accrued benefits set forth in
Section&nbsp;3(a)(i))&nbsp;pursuant to this Agreement is subject to Executive signing and not revoking a separation agreement and release of claims in a form acceptable to the Company (the &#147;<B><I>Release</I></B>&#148;), which must become
effective and irrevocable no later than the sixtieth (60th)&nbsp;day following Executive&#146;s termination of employment (the &#147;<B><I>Release Deadline</I></B>&#148;). Any severance payments or benefits under this Agreement will be paid on, or,
in the case of installments, will not commence until, the tenth (10th)&nbsp;day following the date the Release becomes effective and irrevocable (the &#147;<B><I>Release Effective Date</I></B>&#148;), or, if later, (A)&nbsp;with respect to the
</P>
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benefits provided in Section&nbsp;3(a)(ii), 3(a)(iii) or 3(a)(v), if the Executive&#146;s termination date occurs within the Change of Control Period but prior to the closing of the Change of
Control, on the date of the closing of the Change of Control or (B)&nbsp;such time as required by Section&nbsp;4(c)(iii), except that the acceleration of vesting of Equity Awards not subject to Section&nbsp;409A will become effective on the Release
Effective Date, or, if later, with respect to the benefits provided in Section&nbsp;3(a)(v), if Executive&#146;s termination date occurs within the Change of Control Period but prior to the closing of the Change of Control, on the date of the
closing of the Change of Control. Except as required by Section&nbsp;4(c)(i) and/or Section&nbsp;4(c)(iii), any lump sum or installment payments that would have been made to Executive during the period between the date of the Executive&#146;s
separation from service and the tenth (10th)&nbsp;day following the Release Effective Date but for the preceding sentence will be paid to Executive on the tenth (10th)&nbsp;day following the Release Effective Date, or, if later, with respect to the
benefits provided in Section&nbsp;3(a)(ii), 3(a)(iii) or 3(a)(v), if Executive&#146;s termination date occurs within the Change of Control Period but prior to the closing of the Change of Control, on the date of the closing of the Change of Control,
and the remaining payments will be made as provided in this Agreement. If the Release does not become effective and irrevocable by the Release Deadline, Executive will forfeit any right to severance payments or benefits under this Agreement. In no
event will severance payments or benefits be paid or provided until the Release actually becomes effective and irrevocable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)
<U>Confidential Information and Invention Assignment Agreements</U>. Executive&#146;s receipt of any payments or benefits under Section&nbsp;3 (other than the accrued benefits set forth in Section&nbsp;3(a)(i)) will be subject to Executive
continuing to comply with the terms of the At Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement between the Company and Executive, as such agreement may be amended from time to time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Section&nbsp;409A</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) Notwithstanding anything to the contrary in this Agreement, no severance pay or benefits to be paid or provided to Executive, if any,
pursuant to this Agreement that, when considered together with any other severance payments or separation benefits, are considered deferred compensation under Section&nbsp;409A of the Code, and the final regulations and any guidance promulgated
thereunder (&#147;<B><I>Section&nbsp;409A</I></B>&#148;)&nbsp;(together, the &#147;<B><I>Deferred Payments</I></B>&#148;)&nbsp;will be paid or otherwise provided until Executive has a &#147;separation from service&#148; within the meaning of
Section&nbsp;409A. Similarly, no severance payable to Executive, if any, pursuant to this Agreement that otherwise would be exempt from Section&nbsp;409A pursuant to Treasury Regulation
<FONT STYLE="white-space:nowrap">Section&nbsp;1.409A-1(b)(9)&nbsp;will</FONT> be payable until Executive has a &#147;separation from service&#148; within the meaning of Section&nbsp;409A. Notwithstanding anything in Section&nbsp;4(a) to the
contrary, any severance payments or benefits under this Agreement that would be considered Deferred Payments will be paid on, or in the case of installments, will not commence until, the sixtieth
(60<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>)&nbsp;day following Executive&#146;s separation from service, or if later, (A)&nbsp;with respect to severance payments or benefits payable under Sections 3(a)(ii), (iii)&nbsp;or (v), if
Executive&#146;s termination date occurs within the Change of Control Period but prior to the closing of the Change of Control, on the date of the closing of the Change of Control, or (B)&nbsp;such time as required by Section&nbsp;4(c)(iii). Except
as required by Section&nbsp;4(c)(iii), any lump sum or installment payments that would have been made to Executive during the sixty (60)&nbsp;day period immediately following Executive&#146;s separation from service but for the preceding sentence
will be paid to Executive on the sixtieth (60<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>)&nbsp;day following his or her separation from service and the remaining payments will be made as provided in this Agreement. In no event will
Executive have discretion to determine the taxable year of payment of any Deferred Payments. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) It is intended that none of the severance payments under this Agreement will constitute
Deferred Payments but rather will be exempt from Section&nbsp;409A as a payment that would fall within the &#147;short-term deferral period&#148; as described in Section&nbsp;4(c)(iv)&nbsp;below or resulting from an involuntary separation from
service as described in Section&nbsp;4(c)(v)&nbsp;below. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) Notwithstanding anything to the contrary in this Agreement, if Executive
is a &#147;specified employee&#148; within the meaning of Section&nbsp;409A at the time of Executive&#146;s separation from service (other than due to death), then the Deferred Payments, if any, that are payable within the first six (6)&nbsp;months
following Executive&#146;s separation from service, will become payable on the first payroll date that occurs on or after the date six (6)&nbsp;months and one (1)&nbsp;day following the date of Executive&#146;s separation from service. All
subsequent Deferred Payments, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following Executive&#146;s separation from
service, but before the six (6)&nbsp;month anniversary of the separation from service, then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of
Executive&#146;s death and all other Deferred Payments will be payable in accordance with the payment schedule applicable to each payment or benefit. Each payment and benefit payable under this Agreement is intended to constitute a separate payment
under Section&nbsp;1.409A-2(b)(2)&nbsp;of the Treasury Regulations. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) Any amount paid under this Agreement that satisfies the
requirements of the &#147;short-term deferral&#148; rule set forth in Section&nbsp;1.409A-1(b)(4)&nbsp;of the Treasury Regulations will not constitute Deferred Payments for purposes of clause (i)&nbsp;above. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(v) Any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service pursuant to
Section&nbsp;1.409A-1(b)(9)(iii)&nbsp;of the Treasury Regulations that does not exceed the Section&nbsp;409A Limit (as defined below)&nbsp;will not constitute Deferred Payments for purposes of clause (i)&nbsp;above. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(vi) The foregoing provisions are intended to comply with or be exempt from the requirements of Section&nbsp;409A so that none of the
severance payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section&nbsp;409A, and any ambiguities herein will be interpreted to be exempt or so comply. The Company and Executive agree to work
together in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition before actual payment to Executive
under Section&nbsp;409A. In no event will the Company reimburse Executive for any taxes that may be imposed on Executive as a result of Section&nbsp;409A. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Limitation on Payments</U>. In the event that the severance and other benefits provided for
in this Agreement or otherwise payable to Executive (i)&nbsp;constitute &#147;parachute payments&#148; within the meaning of Section&nbsp;280G of the Code, and (ii)&nbsp;but for this Section&nbsp;5, would be subject to the excise tax imposed by
Section&nbsp;4999 of the Code, then Executive&#146;s benefits under Section&nbsp;3 will be either: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) delivered in full, or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) delivered as to such lesser extent which would result in no portion of such benefits being subject to excise tax under Section&nbsp;4999 of
the Code, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed by
Section&nbsp;4999, results in the receipt by Executive on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be taxable under Section&nbsp;4999 of the Code. If a reduction in
severance and other benefits constituting &#147;parachute payments&#148; is necessary so that benefits are delivered to a lesser extent, reduction will occur in the following order: (i)&nbsp;reduction of cash payments in reverse chronological order
(that is, the cash payment owed on the latest date following the occurrence of the event triggering the excise tax will be the first cash payment to be reduced); (ii)&nbsp;cancellation of Equity Awards that were granted &#147;contingent on a change
in ownership or control&#148; within the meaning of Code Section&nbsp;280G (if two or more Equity Awards are granted on the same date, each award will be reduced on a pro-rata basis); (iii)&nbsp;reduction of the accelerated vesting of Equity Awards
in the reverse order of date of grant of the awards (i.e., the vesting of the most recently granted Equity Awards will be cancelled first and if more than one Equity Award was made to Executive on the same date of grant, all such awards will have
their acceleration of vesting reduced pro rata); and (iv)&nbsp;reduction of employee benefits in reverse chronological order (i.e., the benefit owed on the latest date following the occurrence of the event triggering the excise tax will be the first
benefit to be reduced). In no event will the Executive have any discretion with respect to the ordering of payment reductions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless the
Company and Executive otherwise agree in writing, any determination required under this Section&nbsp;5 will be made in writing by the Company&#146;s independent public accountants immediately prior to a Change of Control or such other person or
entity to which the parties mutually agree (the &#147;<B><I>Firm</I></B>&#148;), whose determination will be conclusive and binding upon Executive and the Company. For purposes of making the calculations required by this Section&nbsp;5, the Firm may
make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and Executive will furnish to the Firm
such information and documents as the Firm may reasonably request in order to make a determination under this Section. The Company will bear all costs the Firm may incur in connection with any calculations contemplated by this Section&nbsp;5. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <U>Definition of Terms</U>. The following terms referred to in this Agreement will have the following meanings: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Cause</U>. &#147;<B><I>Cause</I></B>&#148; will mean (i)&nbsp;any act of personal dishonesty taken by Executive in connection with his
responsibilities as an employee and intended to result in substantial personal enrichment of Executive; (ii)&nbsp;Executive&#146;s conviction of a felony; (iii)&nbsp;a willful act by Executive which constitutes gross misconduct and which is
injurious to the Company; and (iv) </P>
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following delivery to Executive of a written demand for performance from the Company which describes the basis for the Company&#146;s belief that Executive has not substantially performed his
duties, continued violations by Executive of Executive&#146;s obligations to the Company which are demonstrably willful and deliberate on Executive&#146;s part. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing definition does not in any way limit the Company&#146;s ability to terminate Executive&#146;s employment relationship at any time as provided in
Section&nbsp;2 above, and the term &#147;Company&#148; will be interpreted to include any subsidiary, parent, affiliate or successor thereto, if applicable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Change of Control.</U> &#147;<B><I>Change of Control</I></B>&#148; means the occurrence of any of the following events: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) A change in the ownership of the Company which occurs on the date that any one person, or more than one person acting as a group
(&#147;<B><I>Person</I></B>&#148;), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than fifty percent (50%)&nbsp;of the total voting power of the stock of the Company; provided,
however, that for purposes of this subsection, the acquisition of additional stock by any one Person, who is considered to own more than fifty percent (50%)&nbsp;of the total voting power of the stock of the Company will not be considered a Change
of Control; provided, however, that for purposes of this clause (i), (1)&nbsp;the acquisition of beneficial ownership of additional stock by any one Person who is considered to beneficially own more than fifty percent (50%)&nbsp;of the total voting
power of the stock of the Company will not be considered a Change of Control; and (2)&nbsp;if the stockholders of the Company immediately before such change in ownership continue to retain immediately after the change in ownership, in substantially
the same proportions as their ownership of shares of the Company&#146;s voting stock immediately prior to the change in ownership, direct or indirect beneficial ownership of fifty percent (50%)&nbsp;or more of the total voting power of the stock of
the Company or of the ultimate parent entity of the Company, such event will not be considered a Change of Control under this clause (i). For this purpose, indirect beneficial ownership will include, without limitation, an interest resulting from
ownership of the voting securities of one or more corporations or other business entities which own the Company, as the case may be, either directly or through one or more subsidiary corporations or other business entities; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) A change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced during any
twelve (12)&nbsp;month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purposes of this clause (ii), if any Person is considered to be
in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change of Control; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) A change in the ownership of a substantial portion of the Company&#146;s assets which occurs on the date that any Person acquires (or
has acquired during the twelve (12)&nbsp;month period ending on the date of the most recent acquisition by such person or persons)&nbsp;assets from the Company that have a total gross fair market value equal to or more than fifty percent
(50%)&nbsp;of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (iii), the following will not constitute a change in
the ownership of a substantial portion </P>
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of the Company&#146;s assets: (A)&nbsp;a transfer to an entity that is controlled by the Company&#146;s stockholders immediately after the transfer, or (B)&nbsp;a transfer of assets by the
Company to: (1)&nbsp;a stockholder of the Company (immediately before the asset transfer)&nbsp;in exchange for or with respect to the Company&#146;s stock, (2)&nbsp;an entity, fifty percent (50%)&nbsp;or more of the total value or voting power of
which is owned, directly or indirectly, by the Company, (3)&nbsp;a Person, that owns, directly or indirectly, fifty percent (50%)&nbsp;or more of the total value or voting power of all the outstanding stock of the Company, or (4)&nbsp;an entity, at
least fifty percent (50%)&nbsp;of the total value or voting power of which is owned, directly or indirectly, by a Person described in this subsection (iii)(B)(3). For purposes of this subsection (iii), gross fair market value means the value of the
assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">For purposes of this definition, persons will be considered to be acting as a group if they are owners of a corporation that enters into a
merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">Notwithstanding the
foregoing, a transaction will not be deemed a Change of Control unless the transaction qualifies as a change in control event within the meaning of Code Section&nbsp;409A, as it has been and may be amended from time to time, and any proposed or
final Treasury Regulations and Internal Revenue Service guidance that has been promulgated or may be promulgated thereunder from time to time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">Further and for the avoidance of doubt, a transaction will not constitute a Change of Control if: (i)&nbsp;its sole purpose is to change the
state of the Company&#146;s incorporation, or (ii)&nbsp;its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company&#146;s securities immediately before such
transaction. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Change of Control Period</U>. &#147;<B><I>Change of Control Period</I></B>&#148; will mean the period beginning three
(3)&nbsp;months prior to, and ending twelve (12)&nbsp;months following, the first Change of Control to occur after the Effective Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)
<U>Code</U>. &#147;<B><I>Code</I></B>&#148; will mean the Internal Revenue Code of 1986, as amended. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Disability</U>.
&#147;<B><I>Disability</I></B>&#148; will mean that Executive (i)&nbsp;is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be
expected to last for a continuous period of not less than twelve (12)&nbsp;months, or (ii)&nbsp;is, by reason of any medically determinable physical or mental impairment which can be expected to last for a continuous period of not less than twelve
(12)&nbsp;months, receiving income replacement benefits for a period of not less than three (3)&nbsp;months under an accident and health plan covering Company employees. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <U>Equity Awards</U>. &#147;<B><I>Equity Awards</I></B>&#148; will mean Executive&#146;s outstanding stock options, stock appreciation
rights, restricted stock units, performance shares, performance stock units and any other Company equity compensation awards. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-8- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) <U>Good Reason</U>. &#147;<B><I>Good Reason</I></B>&#148; will mean Executive&#146;s
resignation within thirty (30)&nbsp;days following the expiration of any Company cure period (discussed below) following the occurrence of one or more of the following, without Executive&#146;s consent: (i)&nbsp;a significant reduction of
Executive&#146;s duties, authority or responsibilities, relative to Executive&#146;s duties, authority or responsibilities as in effect immediately prior to such reduction, or the assignment to Executive of such reduced duties, authority or
responsibilities; (ii)&nbsp;a substantial reduction, without good business reasons, of the facilities and perquisites (including office space and location) available to Executive immediately prior to such reduction; (iii)&nbsp;a material reduction
by the Company in the base salary of Executive as in effect immediately prior to such reduction; (iv)&nbsp;a material reduction by the Company in the kind or level of employee benefits, including bonuses, to which Executive was entitled immediately
prior to such reduction, with the result that Executive&#146;s overall benefits package is significantly reduced; (v)&nbsp;the relocation of Executive to a facility or location more than fifty (50)&nbsp;miles from Executive&#146;s then present
location, (vi)&nbsp;any purported termination of Executive by the Company which is not effected for Disability or Cause, or any purported termination for which the grounds relied upon are not valid; or (vii)&nbsp;any act or set of facts or
circumstances which would, under California case law or statute constitute a constructive termination of Executive. In order for an event to qualify as Good Reason, Executive must not terminate employment with the Company without first providing the
Company with written notice of the acts or omissions constituting the grounds for &#147;Good Reason&#148; within ninety (90)&nbsp;days of the initial existence of the grounds for &#147;Good Reason&#148; and a reasonable cure period of not less than
thirty (30)&nbsp;days following the date of such notice, and such grounds must not have been cured during such time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h)
<U>Section&nbsp;409A Limit</U>. &#147;<B><I>Section 409A Limit</I></B>&#148; will mean two (2)&nbsp;times the lesser of: (i)&nbsp;Executive&#146;s annualized compensation based upon the annual rate of pay paid to Executive during Executive&#146;s
taxable year preceding the Executive&#146;s taxable year of Executive&#146;s termination of employment as determined under, and with such adjustments as are set forth in, Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1)&nbsp;and any Internal Revenue
Service guidance issued with respect thereto; or (ii)&nbsp;the maximum amount that may be taken into account under a qualified plan pursuant to Section&nbsp;401(a)(17)&nbsp;of the Code for the year in which Executive&#146;s employment is terminated.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <U>Successors</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)
<U>The Company&#146;s Successors</U>. Any successor to the Company (whether direct or indirect and whether by purchase, merger, consolidation, liquidation or otherwise)&nbsp;to all or substantially all of the Company&#146;s business and/or assets
will assume the obligations under this Agreement and agree expressly to perform the obligations under this Agreement in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a
succession. For all purposes under this Agreement, the term &#147;Company&#148; will include any successor to the Company&#146;s business and/or assets which executes and delivers the assumption agreement described in this Section&nbsp;7(a) or which
becomes bound by the terms of this Agreement by operation of law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Executive&#146;s Successors</U>. The terms of this Agreement and
all rights of Executive hereunder will inure to the benefit of, and be enforceable by, Executive&#146;s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-9- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <U>Notice</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>General</U>. Notices and all other communications contemplated by this Agreement will be in writing and will be deemed to have been duly
given when sent electronically or personally delivered when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid or when delivered by a private courier service such as UPS, DHL or Federal Express that has
tracking capability. In the case of Executive, notices will be sent to the e-mail address or addressed to Executive at the home address, in either case which Executive most recently communicated to the Company in writing. In the case of the Company,
electronic notices will be sent to the e-mail address of the Chief Executive Officer and the General Counsel and mailed notices will be addressed to its corporate headquarters, and all notices will be directed to the attention of its Chief Executive
Officer and General Counsel. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Notice of Termination</U>. Any termination by the Company for Cause or by Executive for Good Reason
will be communicated by a notice of termination to the other party hereto given in accordance with Section&nbsp;8(a) of this Agreement. Such notice will indicate the specific termination provision in this Agreement relied upon, will set forth in
reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so indicated, and will specify the termination date (which will be not more than ninety (90)&nbsp;days after the giving of such notice).
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <U>Resignation</U>. Upon the termination of Executive&#146;s employment for any reason, Executive will be deemed to have resigned from
all officer and/or director positions held at the Company and its affiliates&nbsp;voluntarily, without any further required action by Executive, as of the end of Executive&#146;s employment and Executive, at the Board&#146;s request, will execute
any documents reasonably necessary to reflect Executive&#146;s resignation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <U>Arbitration</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Arbitration</U>. In consideration of Executive&#146;s employment with the Company, its promise to arbitrate all
employment<B>-</B>related disputes, and Executive&#146;s receipt of the compensation, pay raises and other benefits paid to Executive by the Company, at present and in the future, Executive agrees that any and all controversies, claims, or disputes
with anyone (including the Company and any employee, officer, director, stockholder or benefit plan of the Company in their capacity as such or otherwise)&nbsp;arising out of, relating to, or resulting from Executive&#146;s employment with the
Company or termination thereof, including any breach of this Agreement, will be subject to binding arbitration under the Arbitration Rules set forth in California Code of Civil Procedure Section&nbsp;1280 through 1294.2, including
Section&nbsp;1281.8 (the &#147;<B><I>Act</I></B>&#148;), and pursuant to California law. The Federal Arbitration Act will also apply with full force and effect, notwithstanding the application of procedural rules set forth under the Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Dispute Resolution</U>. <B>Disputes that Executive agrees to arbitrate, and thereby agrees to waive any right to a trial by jury,
include any statutory claims under local, state, or federal law</B>, including, but not limited to, claims under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act of 1990, the Age Discrimination in Employment Act of
1967, the Older Workers Benefit Protection Act, the Sarbanes Oxley Act, the Worker Adjustment </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-10- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
and Retraining Notification Act, the California Fair Employment and Housing Act, the Family and Medical Leave Act, the California Family Rights Act, the California Labor Code, claims of
harassment, discrimination, and wrongful termination, and any statutory or common law claims. Executive further understands that this Agreement to arbitrate also applies to any disputes that the Company may have with Executive. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Procedure</U>. Executive agrees that any arbitration will be administered by the Judicial Arbitration&nbsp;&amp; Mediation Services,
Inc. (&#147;<B><I>JAMS</I></B>&#148;), pursuant to its Employment Arbitration Rules&nbsp;&amp; Procedures (the &#147;<B><I>JAMS Rules</I></B>&#148;). The arbitrator will have the power to decide any motions brought by any party to the arbitration,
including motions for summary judgment and/or adjudication, motions to dismiss and demurrers, and motions for class certification, prior to any arbitration hearing. The arbitrator will have the power to award any remedies available under applicable
law, and the arbitrator will award attorneys&#146; fees and costs to the prevailing party, except as prohibited by law. The Company will pay for any administrative or hearing fees charged by the administrator or JAMS, and all arbitrator&#146;s fees,
except that Executive will pay any filing fees associated with any arbitration that Executive initiates, but only so much of the filing fee as Executive would have instead paid had Executive filed a complaint in a court of law. Executive agrees that
the arbitrator will administer and conduct any arbitration in accordance with California law, including the California Code of Civil Procedure and the California Evidence Code, and that the arbitrator will apply substantive and procedural California
law to any dispute or claim, without reference to the rules of conflict of law. To the extent that the JAMS Rules conflict with California law, California law will take precedence. The decision of the arbitrator will be in writing. Any arbitration
under this Agreement will be conducted in Santa Clara County, California. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Remedy</U>. Except as provided by the Act, arbitration
will be the sole, exclusive, and final remedy for any dispute between Executive and the Company. <B>Accordingly, except as provided by the Act and this Agreement, neither Executive nor the Company will be permitted to pursue court action regarding
claims that are subject to arbitration.</B> Notwithstanding, the arbitrator will not have the authority to disregard or refuse to enforce any lawful Company policy, and the arbitrator will not order or require the Company to adopt a policy not
otherwise required by law which the Company has not adopted. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Administrative Relief</U>. Executive is not prohibited from pursuing
an administrative claim with a local, state, or federal administrative body or government agency that is authorized to enforce or administer laws related to employment, including, but not limited to, the Department of Fair Employment and Housing,
the Equal Employment Opportunity Commission, the National Labor Relations Board, or the Workers&#146; Compensation Board. However, Executive may not pursue court action regarding any such claim, except as permitted by law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <U>Voluntary Nature of Agreement</U>. Executive acknowledges and agrees that Executive is executing this Agreement voluntarily and without
any duress or undue influence by the Company or anyone else. Executive further acknowledges and agrees that Executive has carefully read this Agreement and that Executive has asked any questions needed for Executive to understand the terms,
consequences and binding effect of this Agreement and fully understands it, including that <B><I>EXECUTIVE IS WAIVING EXECUTIVE&#146;S RIGHT TO A JURY TRIAL</I></B>. Finally, Executive agrees that Executive has been provided an opportunity to seek
the advice of an attorney of Executive&#146;s choice before signing this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-11- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <U>Miscellaneous Provisions</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>No Duty to Mitigate</U>. Executive will not be required to mitigate the amount of any payment contemplated by this Agreement, nor will
any such payment be reduced by any earnings that Executive may receive from any other source. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Waiver</U>. No provision of this
Agreement will be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive). No waiver by either party of any breach
of, or of compliance with, any condition or provision of this Agreement by the other party will be considered a waiver of any other condition or provision or of the same condition or provision at another time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Headings</U>. All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this
Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Entire Agreement</U>. This Agreement constitutes the entire agreement of the parties hereto and supersedes in their
entirety all prior representations, understandings, undertakings or agreements (whether oral or written and whether expressed or implied)&nbsp;of the parties with respect to the subject matter hereof. No waiver, alteration, or modification of any of
the provisions of this Agreement will be binding unless in writing and signed by duly authorized representatives of the parties hereto and which specifically mention this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Choice of Law</U>. The validity, interpretation, construction and performance of this Agreement will be governed by the laws of the
State of California (with the exception of its conflict of laws provisions). Any claims or legal actions by one party against the other arising out of the relationship between the parties contemplated herein (whether or not arising under this
Agreement)&nbsp;will be commenced or maintained in any state or federal court located in the jurisdiction where Executive resides, and Executive and the Company hereby submit to the jurisdiction and venue of any such court. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <U>Severability</U>. The invalidity or unenforceability of any provision or provisions of this Agreement will not affect the validity or
enforceability of any other provision hereof, which will remain in full force and effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) <U>Withholding</U>. All payments made
pursuant to this Agreement will be subject to withholding of applicable income, employment and other taxes. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) <U>Counterparts</U>. This
Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>[Signature Page to Follow] </I></B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-12- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, each of the parties has executed this Agreement as of the date first written
above, in the case of the Company by its duly authorized officer. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="50%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">COMPANY</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"><B>RAMBUS INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="font-size:3pt">&nbsp;</P></TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:3pt">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">By:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Title:</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="bottom">EXECUTIVE</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE="font-size:3pt">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">By:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Title:</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>[signature page of the Change of Control Severance Agreement] </I></B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-13- </P>

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