Company: INV
Filing Date: 2025-04-15
Form Type: S-1
Source: 0001628280-25-017890
Chunk: 121

Company: Innventure, Inc.
Filing Date: 2025-04-15
Form: S-1
Chunk 121
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 in control,” the

employment of an NEO is terminated by the Company (or its successor) without “cause” or by the NEO for “good

reason,” the replacement award will vest in full.

Accelsius SARs. The Accelsius SARs granted in December 2024 were fully vested upon grant and will be

automatically exercised upon the earliest to occur of: (i) the 24-month anniversary of the date of grant, (ii) the

participant’s death, or (iii) the participant’s disability.

Treatment of Incentive Units Upon a Termination of Employment or Engagement

With respect to Innventure Incentive Units (when they were outstanding) and Accelsius Incentive Units, if an

NEO’s employment or engagement is (or was) terminated, then Innventure or Accelsius, as applicable, may

repurchase (or could have repurchased) such NEO’s vested Incentive Units for the greater of the book value or fair

market value (each as defined in the applicable award agreements pursuant to which Incentive Units were granted),

except that if the termination is (or was) voluntary on the part of the NEO or by Innventure or Accelsius, as

applicable, for cause (as defined in the applicable award agreements pursuant to which Incentive Units were

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granted), such vested Incentive Units may be repurchased (or could have been repurchased) for their fair market

value.

As described above, Innventure Incentive Units held by the NEOs vested (to the extent unvested) at the time of

the Business Combination and were cancelled in exchange for shares of Common Stock.

With respect to Refinity Incentive Units, if an NEO’s employment or service is terminated, then Refinity

Holdings, LLC may redeem such NEO’s vested Refinity Incentive Units for their fair market value (as defined in the

applicable award agreements pursuant to which Refinity Incentive Units are granted), except that if the termination

is by Refinity Holdings, LLC for cause (as defined in the Refinity Holdings, LLC PI Unit Incentive Plan), such

vested and unvested Refinity Incentive Units may be redeemed by Refinity Holdings, LLC for $0.

Treatment of Accelsius Incentive Units and Refinity Incentive Units upon a Change in Control

With respect to Accelsius Incentive Units and Refinity Incentive Units if Accelsius or Ref