EX-10.1





 Exhibit 10.1 

EXECUTION VERSION 

EMPLOYMENT AGREEMENT 

(David Bywater) 

EMPLOYMENT AGREEMENT (the “Agreement”) dated June 6, 2021 (the “Effective Date”) by and among Vivint
Smart Home, Inc., a Delaware corporation (the “Company”) and David Bywater (“Executive”). 
 WHEREAS, the
Company desires for one or more of the Company or its subsidiaries to employ Executive and Executive desires to be employed; and 
 WHEREAS,
the Company and Executive desire to enter into this Agreement embodying the terms of such employment. 
 NOW, THEREFORE, in consideration of
the premises and mutual covenants herein and for other good and valuable consideration, the parties agree as follows: 

1.    Term of Employment. Subject to the provisions of Section 5 of this Agreement, Executive shall be
employed by the Company and/or one or more of its subsidiaries commencing on or around June 15, 2021 (such date, the “Commencement Date”) and ending on the third anniversary of the Commencement Date (the “Employment
Term”) on the terms and subject to the conditions set forth in this Agreement; provided, however, the Employment Term shall be automatically extended for an additional one-year period
commencing with the third anniversary of the Commencement Date and, thereafter, on each such successive anniversary of the Commencement Date thereafter (each an “Extension Date”), unless the Company or Executive provides the other
party hereto at least 90 days prior written notice before the next Extension Date that the Employment Term shall not be so extended (a “Non-Renewal”). Executive’s termination of
employment upon expiration of the Employment Term due to the Company’s notice of Non-Renewal will be treated as a termination by the Company without Cause for purposes of Section 5 of this Agreement.
Executive shall be employed at the Company’s headquarters in Provo, Utah, subject to any restrictions related to Covid-19 that the Company may implement from time to time, although Executive understands
and agrees that he may be reasonably required to travel from time to time for business reasons in the course of the performance of his duties and responsibilities hereunder. 

2.    Position, Duties and Authority. 

(a)    During the Employment Term, Executive shall serve as the Company’s Chief Executive Officer. In such position,
Executive shall have such duties, functions, responsibilities and authority as shall be determined from time to time by the Board of Directors of the Company (the “Board”) and be consistent with the duties, functions,
responsibilities and authority of an individual in Executive’s position. Executive shall report directly and solely to the Board. Executive shall also serve as a member of the Board without additional compensation. 

(b)    Executive will devote substantially all of Executive’s business time and reasonable best efforts to the
operation and oversight of the Company’s businesses and performance of Executive’s duties hereunder (excluding periods of vacation and sick leave) and will not engage in any other business activities that could conflict with his duties or
services to the Company; provided that nothing herein shall preclude Executive, subject to obtaining consent of the Board 












 
(not to be unreasonably withheld), from (i) accepting appointment to or continuing to serve on any board of directors or trustees of any business corporation, (ii) serving as an officer
or director or otherwise participating in non-profit educational, welfare, social, religious and civil organizations, (iii) managing Executive’s personal investments, (iv) continuing to sit on
the boards of SavATree, Mariani, and the national advisory board of Brigham Young University, and (v) continuing to provide limited advisory time to another chief executive officer as previously disclosed to and approved by the Board; provided,
that such activities do not (x) violate the terms of this Agreement, (y) interfere, either individually or in the aggregate, with the performance of Executive’s duties under this Agreement or (z) create a potential business or
fiduciary conflict. 
 3.    Compensation. 

(a)    Base Salary. During the Employment Term, the Company shall pay Executive a base salary (“Base
Salary”) at the annual rate of $1,021,200, payable in regular installments in accordance with the Company’s usual payment practices. Executive’s Base Salary shall be subject to annual review and subject to increase, if any, as may
be determined from time to time in the sole discretion of the Board or the Compensation Committee of the Board, but in no event shall the Company reduce Executive’s Base Salary. 

(b)    Annual Bonus. During the Employment Term, Executive shall be eligible to earn an annual bonus award (an
“Annual Bonus”) with a target amount equal to 100% of Executive’s Base Salary at the end of the performance period (the “Annual Target Bonus”). The percentage for Executive’s Annual Target Bonus shall be
subject to annual review and subject to increase, if any, as may be determined from time to time in the sole discretion of the Board or the Compensation Committee of the Board, but in no event shall the Company be entitled to reduce such percentage.
Each Annual Bonus shall be determined based on the achievement of performance objectives and targets established by the Board for the applicable year. For 2021, the Company shall pay Executive an Annual Bonus in a cash lump sum no later than
December 31, 2021 of not less than $1,021,200 (the “2021 Guaranteed Bonus”). Except as provided above, the Annual Bonus (which may include amounts for 2021 in excess of the 2021 Guaranteed Bonus based on the achievement
of performance objectives and targets established by the Board for 2021), if any, shall be paid to Executive within two and one-half months after the end of the applicable fiscal year. Except as provided in
Section 5, no Annual Bonus shall be payable in respect of any fiscal year in which Executive’s employment is terminated. 

(c)    Sign-on Equity Grant. In recognition of the commencement of
Executive’s employment and the value of forfeited incentive compensation from Executive’s prior employer, the Company shall, within thirty days following the Commencement Date, award to Executive a
one-time equity-based stock incentive grant (the “Sign-on Grant).” 

(i)    The Sign-on Grant shall consist of a number of shares of the
Company’s Class A common stock (each, a “Share”) equal to the quotient of (x) $15,000,000 divided by (y) the closing price per Share, as reported on the New York Stock Exchange (the “NYSE”), on the
last trading day prior to the announcement of Executive’s employment with the Company (the “Share Price”). 

  
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(ii)    One-third
(1/3rd) of the Sign-on Grant shall vest based upon Executive’s continued service with the Company through the applicable vesting dates (the
“Time-Based Sign-on Grant”), except as provided below, with 33.34% of the Time-Based Sign-on Grant vesting on the
one-year anniversary of the Commencement Date, and 33.33% vesting on each of the second and third anniversaries of the Commencement Date. Any portion of the Time-Based
Sign-on Grant that becomes vested shall be settled as soon as practicable, but no later than thirty (30) days following the applicable vesting date. 

(iii)    Two-thirds (2/3rd) of the Sign-on Grant shall become earned based upon certain performance targets being satisfied as set forth below and shall be subject to certain vesting
conditions (the “Performance-Based Sign-on Grant”). 

(A)    Fifty percent (50%) of the Shares underlying the Performance-Based
Sign-on Grant shall become “earned shares” in the event both (x) the average closing price of a Share (as listed on the NYSE) exceeds 200% of the Share Price for 20 consecutive trading days
during Executive’s employment and (y) the Company’s consolidated adjusted EBITDA (as determined by the Compensation Committee as part of the Company’s annual compensation review process) for any fiscal year during which such 20
consecutive trading days begins or ends equals or exceeds the Company’s consolidated target adjusted EBITDA (with the Compensation Committee establishing such targets as part of the annual compensation review process no later than the 90th day following the start of such fiscal year). 

(B)    The remaining fifty percent (50%) of the Shares underlying the Performance-Based Sign-on Grant shall become “earned shares” in the event both (x) the average closing price of a Share (as listed on the NYSE) exceeds 300% of the Share Price for 20 consecutive trading days during
Executive’s employment and (y) the Company’s consolidated adjusted EBITDA (as determined by the Compensation Committee as part of the Company’s annual compensation review process) for any fiscal year during which such 20
consecutive trading days begins or ends equals or exceeds the Company’s consolidated target adjusted EBITDA (with the Compensation Committee establishing such targets as part of the annual compensation review process no later than the 90th day following the start of such fiscal year). 

(iv)    Any “earned shares” underlying the Performance-Based
Sign-on Grant shall become vested and settled on the third anniversary of the Commencement Date (or, if such underlying shares became “earned shares” after such third anniversary, immediately upon
becoming “earned shares”). 
 (v)    Upon a termination of Executive’s employment by the
Company without Cause (including a termination of employment upon expiration of the Employment Term due to the Company’s notice of Non-Renewal), due to Executive’s death or Disability or
Executive’s resignation with Good Reason (each, a “Good Leaver Termination”), (A) the Time-Based Sign-On Grant will, upon such employment termination date, fully vest as to one-hundred percent (100%) of the underlying Shares 

  
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and (B) the Performance-Based Sign-on Grant shall become “earned shares” and vested to the extent that both (i) the average closing
price of a Share (as listed on the NYSE) during the 20 consecutive trading days immediately preceding the date of termination of Executive’s employment (the “Termination Price”) exceeds the Share Price, and (ii) (x) in the
event that the Company’s consolidated target adjusted EBITDA for the fiscal year in which such termination occurs has been established by the Compensation Committee as of the termination date, the Company’s consolidated adjusted EBITDA for
the period from the beginning of the fiscal year in which such termination occurs through the termination date (as determined reasonably and in good faith by the Compensation Committee) equals or exceeds the Company’s consolidated target
adjusted EBITDA for the period through the termination date (as established by the Compensation Committee pursuant to the terms of Section 3(c)(iii) above), or (y) in the event that the Company’s consolidated target adjusted EBITDA
for the fiscal year in which such termination occurs has not been established by the Compensation Committee as of the termination date, the Company’s consolidated adjusted EBITDA for the fiscal year to the date of termination (as determined
reasonably and in good faith by the Compensation Committee) equals or exceeds the Company’s consolidated target adjusted EBITDA for such immediately preceding fiscal year applied to the fiscal year in which the termination occurs through the
termination date (as established by the Compensation Committee pursuant to the terms of Section 3(c)(iii) above), with the percentage of the Shares earned under the Performance-Based Sign-on Grant (not to
exceed 100%) equal to the quotient of (I) the excess of (x) the Termination Price less (y) the Share Price, divided by (II) the product of (x) two (2) times (y) the Share Price (the Shares earned based upon such
calculation, the “Earned Performance-Based Termination Shares”). Any such Earned Performance-Based Termination Shares will be settled within sixty (60) days following the termination date. 

(vi)    Immediately prior to a Change in Control of the Company (as defined under the Company’s 2020
Omnibus Incentive Plan) (a “Change in Control”), the Performance-Based Sign-on Grant shall become “earned shares” and vested to the extent that the last closing price of a Share
immediately prior to the closing of the Change in Control (the “CIC Price”) exceeds 100% of the Share Price (and without regard to the Company’s consolidated adjusted EBITDA), with the percentage of the Shares earned under the
Performance-Based Sign-on Grant (not to exceed 100%) equal to the quotient of (I) the excess of (x) the CIC Price less (y) the Share Price, divided by (II) the product of (x) two (2)
times (y) the Share Price (the Shares earned pursuant to such calculation, the “Earned Performance-Based CIC Shares”). Any Earned Performance-Based CIC Shares shall be delivered to Executive when other Company PSUs or RSUs
are settled upon a Change in Control, but no later than ten (10) days following the consummation of such Change in Control. 

(d)    Annual Equity Grants. During the Employment Term, Executive shall be eligible to receive annual grants of
equity under the Company’s long-term equity incentive plan in place from time to time (“LTI”), as determined by the Board in its sole discretion. Notwithstanding the foregoing, for each of calendar years 2021, 2022, and 2023
(each, an “Award Year”), subject to continued employment, the Company shall grant Executive LTI grants of a number of Shares equal to the quotient of (x) $10,000,000 divided by (y) the applicable share price on the date of
grant. For each of calendar years 2021, 2022 and 2023, the LTI shall be in the form of (i) 50% 

  
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restricted stock units (the “LTI RSUs”) that vest annually over three years, subject to continued employment (except as provided herein), and (ii) 50% performance stock units
(assuming target performance) that vest annually subject to the achievement of performance metrics determined by the Board and/or Compensation Committee (such targets established in a manner consistent with other senior executives of the Company),
which performance metrics shall be consistent with the performance metrics established for other senior executives of the Company and shall be established and delivered to Executive in a manner consistent with the process for other senior executives
of the Company. For the avoidance of doubt and notwithstanding the foregoing, the number of shares comprising Executive’s 2021 LTI grant will not be pro-rated on account of periods prior to the
Commencement Date. Executive’s 2021, 2022 and 2023 outstanding LTI RSUs shall fully vest one-hundred percent (100%) upon a Good Leaver Termination, and, for each Award Year for which Executive’s LTI
RSUs have not been granted to Executive prior to the date of such Good Leaver Termination, Executive shall receive from the Company, on or within 30 days following the termination date, fully vested Shares having an aggregate fair market value equal
to the quotient of (x) $5,000,000 divided by (y) the applicable Share price on the last trading date immediately prior to Executive’s termination date. The annual grant for 2021 shall be made upon the Commencement Date and the annual
grants for 2022 and 2023 shall be made at the same time annual equity grants are made to senior executives of the Company. Following 2023 and during the Employment Term, the Company shall grant Executive equity awards commensurate with his position
as Chief Executive Officer of the Company. 
 (e)    Sign-on Cash Award. The Company shall pay Executive a lump
sum cash amount of $7,000,000 on the Commencement Date (the “Sign-On Cash Award”); provided, that in the event that Executive’s employment is terminated by the Company for Cause (as
defined below) or Executive resigns without Good Reason (as defined below), in either case, on or prior to December 31, 2021, Executive shall repay to the Company the net after-tax amount of the Sign-On Cash Award within thirty (30) days following the date of termination. 

4.    Benefits. 

(a)    General. During the Employment Term, Executive shall be entitled to participate in the Company’s
employee benefit, fringe and perquisite plans, practices, policies and arrangements as in effect from time to time (collectively, “Employee Benefits”), on generally the same terms and conditions as each of the Employee Benefits are
made available to other senior executives of the Company (other than with respect to annual bonuses, incentive plans and severance plans (as well as any other terms and conditions specifically determined under this Agreement), the benefits for each
which shall be determined instead in accordance with this Agreement); provided that Executive shall be entitled to no less than four (4) weeks’ vacation per calendar year, with unused vacation accruing in accordance with the Company policy
that applies to its senior executives. The Company shall provide Executive with perquisites no less favorable than provided to other senior executives of the Company and which under all circumstances shall include an automobile allowance in
accordance with the Company’s policies as in effect from time to time for its senior executives. 
 (b)    The
Company shall permit Executive to establish a 10b5-1 trading plan and sell Company securities in accordance therewith and all applicable securities laws, subject to the Company’s stock ownership
guidelines and Executive’s obligations thereunder.  

  
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 (c)    Reimbursement of Business Expenses. During the Employment
Term, the Company shall reimburse Executive for reasonable and necessary business expenses incurred by Executive in the performance of Executive’s duties hereunder in accordance with its then prevailing policy for senior executives (which shall
include appropriate itemization and substantiation of expenses incurred). 
 (d)    Indemnification. Without
limit on Section 9(a) of this Agreement, the Company agrees to the indemnification terms set forth on Exhibit I hereto (the “Indemnification Agreement”). 

5.    Termination. 

(a)    The Employment Term and Executive’s employment hereunder may be terminated by either party at any time and for
any reason, subject to the notice and cure provisions set forth below. Notwithstanding any other provision of this Agreement, the provisions of this Section 5 shall exclusively govern Executive’s severance rights upon termination of
employment with the Company and its affiliates. 
 (b)    By the Company for Cause or by Executive other than with
Good Reason. 
 (i)    The Employment Term and Executive’s employment hereunder may be
terminated by the Company for Cause and shall terminate automatically upon the effective date of Executive’s resignation other than with Good Reason (as defined in Section 5(d)(i)). 

(ii)    Definition of Cause. For purposes of this Agreement, “Cause” shall mean
(A) Executive’s continued refusal to perform Executive’s employment duties (other than as a result of total or partial incapacity due to physical or mental illness) for a period of 10 days following written notice by the Company to
Executive of such failure, (B) dishonesty in the performance of Executive’s employment duties that is materially injurious to the Company, (C) (x) conviction of or plea of nolo contendere to a felony charge under the laws of
the United States or any state thereof (other than (1) an offense solely related to operation of a motor vehicle resulting in only a fine, license suspension or other non-custodial penalty or (2) any
vicarious liability solely as a result of Executive’s position as Chief Executive Officer and not due to any willful acts or omissions by Executive) or (y) a misdemeanor charge involving moral turpitude, (D) Executive’s willful
malfeasance or willful misconduct in connection with Executive’s employment duties which causes substantial injury to the financial condition or business reputation of the Company or any of its subsidiaries or affiliates or
(E) Executive’s material breach of any of the covenants set forth in Section 6 (other than any action taken in good faith and in a manner not opposed to the best interests of the Company, and which is promptly remedied by Executive
upon notice by the Board); provided that none of the foregoing events shall constitute Cause unless (x) Executive is given the reasonable opportunity to be heard before the Board with his counsel present and (y) Executive fails to
cure such event and remedy any adverse or injurious consequences arising from such events within 10 days after receipt from the Company of written notice of the event which constitutes Cause (except that no cure or remedy period shall be provided if
the event or such 

  
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consequences are not capable of being cured and remedied). No action or inaction shall be treated as willful unless done or not done in bad faith and without reasonable belief it was in the best
interests of the Company or its affiliates. Neither poor performance by itself nor actions or inactions based upon the lawful direction of the Board shall constitute Cause. 

(iii)    If Executive’s employment is terminated by the Company for Cause, the Company shall provide
Executive with: 
 (A)    no later than 10 days following the date of termination, the Base Salary
through the date of termination; 
 (B)    reimbursement, within 60 days following receipt by the Company
of Executive’s claim for such reimbursement (including appropriate supporting documentation), for any unreimbursed business expenses properly incurred by Executive in accordance with Company policy prior to Executive’s termination;
provided that such claims for such reimbursement are submitted to the Company within 90 days following the date of Executive’s termination of employment; and 

(C)    such Employee Benefits, if any, as to which Executive may be entitled under the employee benefit
plans of the Company, payable in accordance with the terms and conditions of such tax qualified employee benefit plans including accrued vacation to be payable on the next scheduled payroll date (the amounts described in clauses (A) through (C)
hereof being referred to as the “Accrued Rights”). 
 For the avoidance of doubt, in any legal proceeding to
determine whether grounds for Cause existed on any date that the Company took action on the basis of the existence of Cause, the Company shall bear the burden of demonstrating grounds for Cause existed on such date. 

Following such termination of Executive’s employment by the Company for Cause, except as set forth in this Section 5(b)(iii),
Executive shall have no further rights to any compensation or any other benefits under this Agreement. 

(iv)    If Executive resigns other than with Good Reason (which shall include, for the avoidance of doubt,
Executive’s termination of employment due to Executive’s notice of Non-Renewal to terminate the Employment Term), provided that Executive will be required to give the Company at least 60 days advance
written notice of any resignation of Executive’s employment (other than with Good Reason), Executive shall be entitled to receive the Accrued Rights and any earned but unpaid Prior Year Bonus (as defined below). Following such resignation by
Executive other than with Good Reason, except as set forth in this Section 5(b)(iv), Executive shall have no further rights to any compensation or any other benefits under this Agreement. 

  
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 (c)    Disability or Death. 

(i)    Disability. During any period that Executive fails to perform his duties hereunder as a
result of incapacity due to physical or mental illness or injury (the “Disability Period”), Executive shall continue to receive his full Base Salary set forth in Section 3(a) until his employment is terminated pursuant to
Section 5(a). The Employment Term and Executive’s employment hereunder may be terminated immediately by the Company due to Executive’s Disability and will terminate immediately upon Executive’s death. For purposes of this
Agreement, “Disability” shall mean Executive’s inability to perform, with or without reasonable accommodation, Executive’s duties under this Agreement due to a physical or mental illness or injury for a period of six
consecutive months or for an aggregate of 12 months in any consecutive 24-month period. Any question as to the existence of the Disability of Executive as to which Executive and the Company cannot agree shall
be determined in writing by a qualified independent physician mutually acceptable to Executive and the Company. If Executive and the Company cannot agree as to a qualified independent physician, each shall appoint such a physician and those two
physicians shall select a third physician who shall make such determination in writing. The determination of Disability made in writing to the Company and Executive shall be final and conclusive for all purposes of this Agreement. 

(ii)    Upon termination of Executive’s employment hereunder for either Disability or death, Executive
or Executive’s estate, survivors or beneficiaries (as the case may be) shall be entitled to receive: 

(A)    the Accrued Rights; 

(B)    any Annual Bonus earned, but unpaid, as of the date of termination for the immediately preceding
fiscal year (with any subjective and/or individual performance targets determined in a manner consistent with other senior executives of the Company), paid in accordance with Section 3(b) (the “Prior Year Bonus”) (except to the
extent payment is otherwise deferred pursuant to any applicable deferred compensation arrangement with the Company, in which case such payment shall be made in accordance with the terms and conditions of such deferred compensation arrangement); 

(C)    no later than 10 days following the date of termination, a pro rata portion of the Annual Target
Bonus payable for the fiscal year in which such termination occurs, based on a fraction, the numerator of which is the number of days during the fiscal year up to and including the date of termination of Executive’s employment and the
denominator of which is the number of days in such fiscal year (the “Pro-Rated Bonus”); 

(D)    no later than 10 days following the date of termination, a lump sum in cash equal to the product of
(x) the monthly COBRA costs of providing health and welfare benefits for Executive and Executive’s dependents under the plans in which Executive was participating on the date of the applicable “COBRA qualifying event” at the time
of such event, times (y) 24; and 

  
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 (E)    death or disability benefits under any applicable
plans and programs of the Company in accordance with the terms and provisions of such plans and programs (with treatment of equity awards as set forth above). 

(d)    By the Company Without Cause, Expiration following Company Notice of
Non-Renewal of Employment Term or Resignation by Executive with Good Reason. 

(i)    “Good Reason” shall be deemed to exist upon the occurrence of (A) a reduction
in Executive’s Base Salary or Annual Target Bonus; (B) a material diminution in Executive’s title or Executive’s duties, authority or responsibilities (including Executive being required to report to anyone other than directly
and solely to the Board, removal of Executive from the Board or failure to nominate Executive to the Board); (C) the relocation of Executive’s primary office location to a location that is more than 50 miles from Executive’s primary office
location, in each case without Executive’s prior written consent; or (D) the Company’s material breach of any of the provisions of this Agreement or any other material agreement to which Executive is party with the Company; provided that none of the foregoing events shall constitute Good Reason unless the Company fails to cure such event within 30 days after receipt from Executive of written notice of the event
which constitutes Good Reason and Executive actually terminates employment within thirty (30) days following the expiration of the Company’s thirty (30)-day cure period (otherwise, any claim of such
circumstances as Good Reason shall be deemed irrevocably waived by Executive); and provided, further, that “Good Reason” shall cease to exist for an event on the 60th day following Executive’s knowledge of its
occurrence, unless Executive has given the Company written notice thereof prior to such date. Notwithstanding the foregoing and any terms of this Agreement, if the Company modifies Executive’s duties or responsibilities pursuant to a Changed
Role Period as set forth in Exhibit I it is understood and agreed that such modification will not constitute Good Reason or a breach of this Agreement and that Executive’s compliance with such modification will not constitute Cause or a breach
of this Agreement. 
 (ii)    If Executive’s employment is terminated by the Company without Cause
(other than by reason of death or Disability), upon expiration of the Employment Term following the Company’s notice of Non-Renewal under Section 1) or if Executive resigns with Good Reason, then the
Company shall provide Executive with: 
 (A)    the Accrued Rights and the Prior Year Bonus; 

(B)    the Pro-Rated Bonus; 

(C)    subject to Executive’s continued material compliance with Section 6 and material
compliance with Section 7 hereof, and the execution and non-revocation of the Release (as defined below), a lump-sum cash payment within 55 days after such
termination and effectiveness of the Release equal to the sum of (x) 200% of Executive’s Base Salary as of the date immediately prior to Executive’s 

  
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termination of employment (not taking into account any reductions which would constitute Good Reason or which were made within six months prior to Executive’s employment termination) and (y)
200% of the actual Annual Bonus paid in respect of the immediately preceding fiscal year (or, if such termination occurs prior to the first date on which an Annual Bonus would have been paid had any payment been due, the Annual Target Bonus for the
immediately preceding fiscal year), and (z) the monthly COBRA costs of providing health and welfare benefits for Executive and Executive’s dependents under the plans in which Executive was participating on the date of the applicable
“COBRA qualifying event” at the time of such event, times 24; and 
 (D)    Executive’s
equity awards will be treated as set forth in Section 3 above. 
 (iii)    Release. Amounts
payable to Executive under Section 5(c)(ii)(C) or Sections 5(d)(ii)(B) and 5(d)(ii)(C) (collectively, the “Conditioned Benefits”) are subject to (i) Executive’s execution and
non-revocation of a release of claims, substantially in the form attached hereto as Exhibit II (the “Release”), within 60 days of the date of termination and (ii) the expiration of
any revocation period contained in such Release. Further, to the extent that any of the Conditioned Benefits constitutes “nonqualified deferred compensation” for purposes of Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”), any payment of any amount or provision of any benefit otherwise scheduled to occur prior to the sixtieth (60th) day following the date of Executive’s
termination of employment hereunder, but for the condition on executing the Release as set forth herein, shall not be made until the first regularly scheduled payroll date following such sixtieth
(60th) day, after which any remaining Conditioned Benefits shall thereafter be provided to Executive according to the applicable schedule set forth herein. 

(e)    Expiration of Employment Term. Unless the parties otherwise agree in writing, continuation of
Executive’s employment with the Company following the expiration of the Employment Term following a notice of Non-Renewal by Executive shall be deemed an employment
at-will and shall not be deemed to extend any of the provisions of this Agreement and Executive’s employment may thereafter be terminated at will by either Executive or the Company; provided that
the provisions of Sections 6, 7 and 8 of this Agreement shall survive any termination of this Agreement or Executive’s termination of employment hereunder. 

(f)    Notice of Termination; Board/Committee Resignation. Any purported termination of employment by the Company
or by Executive (other than due to Executive’s death) pursuant to Section 5 of this Agreement shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of
Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of employment
under the provision so indicated. Upon termination of Executive’s employment for any reason, Executive agrees to resign, as of the date of such termination and to the extent applicable, from the Board (and any committees thereof) and the Board
of Directors (and any committees thereof) of any of the Company’s affiliates (except to the extent Executive is otherwise entitled pursuant to a separate contractual arrangement to continue to serve as a member of the Board). 

  
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 6.    Non-Competition; Non-Solicitation. Executive acknowledges and recognizes the highly competitive nature of the businesses of the Company and its affiliates and accordingly agrees as follows: 

(a)    Non-Competition.  

(i)    During Executive’s employment hereunder and, for a period of two years following the date
Executive ceases to be employed by the Company (the “Restricted Period”), Executive will not, whether on Executive’s own behalf or on behalf of or in conjunction with any person, firm, partnership, joint venture, association,
corporation or other business organization, entity or enterprise whatsoever (“Person”), directly or indirectly, solicit or assist in soliciting in competition with the Restricted Group in the Business, the business of any then
current or prospective client or customer with whom Executive (or Executive’s direct reports) had personal contact or dealings on behalf of the Company during the one-year period preceding
Executive’s termination of employment. 
 (ii)    During the Restricted Period, Executive will not
directly or indirectly: 
 (A)    engage in the Business anywhere in the United States, or in any
geographical area that is within 100 miles of any geographical area where the Restricted Group engages in the Business, including, for the avoidance of doubt, by entering into the employment of or rendering any services to a Core Competitor, except
where such employment or services do not relate in any manner to the Business; 
 (B)    acquire a
financial interest in, or otherwise become actively involved with, any Person engaged in the Business, directly or indirectly, as an individual, partner, shareholder, officer, director, principal, agent, trustee or consultant; or 

(C)    intentionally and adversely interfere with, or attempt to adversely interfere with, business
relationships between the members of the Restricted Group and any of their clients, customers, suppliers, partners, members or investors. 

(iii)    Notwithstanding anything to the contrary in this Agreement, Executive may, directly or indirectly
own, solely as an investment, securities of any Person engaged in a Business (including, without limitation, a Core Competitor) which are publicly traded on a national or regional stock exchange or on the over-the-counter market (or which are not publicly traded, but are owned solely on a passive basis) if Executive (i) is not a controlling person of, or a member of a group which controls, such person and
(ii) does not, directly or indirectly, own 2% or more of any class of securities of such Person. 

  
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 (b)    Non-Solicitation.
During Executive’s employment hereunder and the Restricted Period, Executive will not, whether on Executive’s own behalf or on behalf of or in conjunction with any Person, directly or indirectly: 

(i)    solicit or encourage any employee of the Restricted Group to leave the employment of the Restricted
Group; 
 (ii)    hire any executive-level employee who was employed by the Restricted Group as of the
date of Executive’s termination of employment with the Company or who left the employment of the Restricted Group coincident with, or within one year prior to or one year after, the date of Executive’s termination of employment with the
Company; or 
 (iii)    encourage any material consultant of the Restricted Group to cease working with
the Restricted Group. 
 (iv)    For purposes of this Agreement: 

(A)    “Business” shall mean (1) origination, installation, or monitoring services
related to residential or commercial security, life-safety, energy management, cloud storage or smart home automation services, including cloud-enabled software solutions related thereto, (2) installation or servicing of residential or
commercial solar panels or sale of electricity generated by solar panels, (3) design, engineering or manufacturing of technology or products related to residential or commercial security, life-safety, energy management or cloud storage, smart
home automation services, including cloud-enabled software solutions related thereto, and/or (4) provision of wireless voice or data services and cloud storage, including internet, into the home. 

(B)    “Core Competitor” shall mean ADT Inc. , Protection 1, Inc., Protect America, Inc.,
Stanley Security Solutions, Inc., Vector Security, Inc., Slomins, Inc., Monitronics International, Inc. (Brinks Home Security), Life Alert, Comcast Corporation, AT&T Inc., Verizon Communications, Inc., DISH Network Corp., Pinnacle, Microsoft
Corporation, Amazon.com, Inc., Alphabet, Inc., Arlo Technologies, Inc., SimpliSafe, Inc. Control4 Corp., Alarm.com, Inc., Tyco Integrated Security, Resideo Technologies, Inc., Honeywell International Inc., Sungevity, Inc., RPS, Solar City, Clean
Power Finance, SunPower Corporation, Corbin Solar Solutions LLC and Galkos Construction, Inc, and each of their respective affiliates, provided that Executive will not be deemed to be working for a Core Competitor in violation of this Agreement
solely as a result of any company he is affiliated with being acquired by or merged with any of the foregoing. 

(C)    “Restricted Group” shall mean, collectively, the Company and its subsidiaries and,
to the extent engaged in the Business, their respective affiliates. 

  
 12 













 (c)    During the Restricted Period, Executive agrees not to make, or
cause any other person to make, any communication that is intended to criticize or disparage, or has the effect of criticizing or disparaging, the Company or any of its affiliates, agents or advisors, or any of its or their respective employees,
officers or directors (it being understood that comments made in Executive’s good faith performance of his duties hereunder shall not be deemed disparaging or defamatory for purposes of this Agreement). During the Restricted Period, the Company
shall instruct its executive officers and directors to refrain from intentionally making any communication that is intended to criticize or disparage, or has the effect of criticizing or disparaging, Executive (it being understood that comments made
in the good faith performance of their ordinary course duties to the Company or its affiliates shall not be deemed disparaging or defamatory for purposes of this Agreement), and the Company agrees not to make, or cause any other person to make, any
official communication, press release or other public statement that criticizes or disparages Executive. Nothing set forth herein shall be interpreted to prohibit either party from responding truthfully to incorrect public statements, making
truthful statements when reasonably appropriate in connection with any litigation Executive and the Company or any of its affiliates or required by law, subpoena or court order and/or from responding to any inquiry by any regulatory or investigatory
organization. 
 (d)    It is expressly understood and agreed that although Executive and the Company consider the
restrictions contained in this Section 6 to be reasonable, if a final judicial determination is made by a court of competent jurisdiction that the time or territory or any other restriction contained in this Section 6 is an unenforceable
restriction against Executive, the provisions of this Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such court may judicially determine or indicate to be
enforceable. Alternatively, if any court of competent jurisdiction finds that any restriction contained in this Section 6 is unenforceable, and such restriction cannot be amended so as to make it enforceable, such finding shall not affect the
enforceability of any of the other restrictions contained herein. 
 (e)    The period of time during which the
provisions of this Section 6 shall be in effect shall be extended by the length of time during which Executive is in breach of the terms hereof as determined by any court of competent jurisdiction on the Company’s application for
injunctive relief. 
 (f)    The provisions of this Section 6 shall survive the termination of Executive’s
employment for any reason, including but not limited to, any termination other than for Cause. 

7.    Confidentiality; Intellectual Property. 

(a)    Confidentiality. 

(i)    Executive will not at any time (whether during or after Executive’s employment with the
Company), (x) retain or use for the benefit, purposes or account of Executive or any other Person; or (y) disclose, divulge, reveal, communicate, share, transfer or provide access to any Person outside the Company (other than Executive’s
professional advisers who are bound by confidentiality obligations or otherwise in performance of Executive’s duties under Executive’s employment and pursuant to customary industry practice), any
non-public, proprietary or confidential information —including, without limitation, trade secrets, know-how, research and development,


  
 13 













 
software, databases, inventions, processes, formulae, technology, designs and other intellectual property, information concerning finances, investments, profits, pricing, costs, products,
services, vendors, customers, clients, partners, investors, personnel, compensation, recruiting, training, advertising, sales, marketing, promotions, government and regulatory activities and approvals — concerning the past, current or future
business, activities and operations of the Company, its subsidiaries or affiliates and/or any third party that has disclosed or provided any of same to the Company, its subsidiaries or affiliates on a confidential basis (“Confidential
Information”) without the prior written authorization of the Board. 
 (ii)    
“Confidential Information” shall not include any information that is (a) generally known to the industry or the public other than as a result of Executive’s breach of this covenant; (b) made legitimately available to
Executive by a third party without breach of any confidentiality obligation of which Executive has knowledge; or (c) required by law, court order or subpoena, or inquiry by any regulatory or investigatory organization, to be disclosed; provided
that with respect to subsection (c) Executive shall, to the extent legally permitted, give prompt written notice to the Company of such requirement, disclose no more information than is so required, and reasonably cooperate with any attempts by
the Company to obtain a protective order or similar treatment. Subject to Executive using reasonable efforts to ensure that all Confidential Information is properly protected from public disclosure, Executive may also disclose Confidential
Information if and to the extent reasonably appropriate pursuant to any litigation or arbitration between Executive and the Company or any of its affiliates. 

(iii)    Upon termination of Executive’s employment with the Company for any reason, Executive shall
(A) except as provided above, cease and not thereafter commence use of any Confidential Information or intellectual property (including without limitation, any patent, invention, copyright, trade secret, trademark, trade name, logo, domain name
or other source indicator) owned or used by the Company, its subsidiaries or affiliates; and (B) immediately destroy, delete, or return to the Company, at the Company’s option, all originals and copies in any form or medium (including
memoranda, books, papers, plans, computer files, letters and other data) in Executive’s possession or control (including any of the foregoing stored or located in Executive’s office, home, laptop or other computer, whether or not Company
property) that contain Confidential Information, except that Executive may retain only those portions of any personal notes, notebooks and diaries that do not contain any Confidential Information. Notwithstanding the foregoing, Executive shall be
permitted to retain his contacts, calendar and personal correspondence and any information needed for personal tax preparation purposes, and any iPads or mobile phones or similar equipment and his mobile number that, in each case, has been wiped of
all Confidential Information by the Company. 
 (v)    Nothing in this Agreement shall prohibit or impede
Executive from communicating, cooperating or filing a complaint with any U.S. federal, state or local governmental or law enforcement branch, agency or entity (collectively, a “Governmental Entity”) with respect to possible
violations of any U.S. federal, state or local law or regulation or otherwise making disclosures to any Governmental Entity, in each case, that are protected under the whistleblower provisions of any such law or regulation; provided,


  
 14 













 
that in each case such communications and disclosures are consistent with applicable law. Executive understands and acknowledges that an individual shall not be held criminally or civilly liable
under any federal or state trade secret law for the disclosure of a trade secret that is made: (a) in confidence to a federal, state or local government official or to an attorney solely for the purpose of reporting or investigating a suspected
violation of law or (b) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Executive understands and acknowledges further that an individual who files a lawsuit for retaliation by an
employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under
seal, and does not disclose the trade secret, except pursuant to court order. Except as otherwise provided in this paragraph, paragraph (ii) above or under applicable law, under no circumstance is Executive authorized to disclose any
information covered by the Company’s attorney-client privilege or attorney work product or the Company’s trade secrets, without the prior written consent of the Company. Executive does not need the prior authorization of (or to give notice
to) the Company regarding any communication, disclosure or activity described in this paragraph. 

(b)    Intellectual Property. 

(i)    If Executive creates, invents, designs, develops, contributes to or improves any works of
authorship, inventions, intellectual property, materials, documents or other work product (including without limitation, research, reports, software, databases, systems, applications, presentations, textual works, content, or audiovisual materials)
(“Works”), either alone or with third parties, at any time during Executive’s employment by the Company (or any of its subsidiaries) and within the scope of such employment and/or with the use of any of the Company resources
(such Works, “Company Works”), Executive shall promptly disclose same to the Company and hereby irrevocably assigns, transfers and conveys, to the maximum extent permitted by applicable law, all of Executive’s right, title, and
interest therein (including rights under patent, industrial property, copyright, trademark, trade secret, unfair competition, other intellectual property laws, and related laws) to the Company to the extent ownership of any such rights does not vest
originally in the Company. If Executive creates any written records (in the form of notes, sketches, drawings, or any other tangible form or media) of any Company Works, Executive will keep and maintain same. The records will be available to and
remain the sole property and intellectual property of the Company at all times. 
 (ii)    Executive
shall take all requested actions and execute all requested documents (including any licenses or assignments required by a government contract) reasonably requested by the Company and at the Company’s expense (but without further remuneration)
to assist the Company in validating, maintaining, protecting, enforcing, perfecting, recording, patenting or registering any of the Company’s rights in the Company Works. 

(iii)    Executive shall not improperly use for the benefit of, bring to any premises of, divulge,
disclose, communicate, reveal, transfer or provide access to, or share with the Company any confidential, proprietary or non-public information or intellectual


  
 15 













 
property relating to a former employer or other third party without the prior written permission of such third party. Executive shall comply with all relevant policies and guidelines of the
Company that are from time to time previously disclosed to Executive, including regarding the protection of Confidential Information and intellectual property and potential conflicts of interest. 

(iv)    The provisions of Section 7 hereof shall survive the termination of Executive’s
employment for any reason. 
 8.    Specific Performance. Executive acknowledges and agrees that the
Company’s remedies at law for a breach or threatened breach of any of the provisions of Section 6 and Section 7 of this Agreement could be inadequate and the Company could suffer irreparable damages as a result of such breach or
threatened breach. In recognition of this fact, Executive agrees that, in the event of such a breach, in addition to any remedies at law, the Company, without posting any bond, shall be entitled, in addition to any other remedy available at law or
equity, to cease making any payments or providing any benefit otherwise required by this Agreement and, in the event of such a breach or threatened breach, to obtain equitable relief in the form of specific performance, temporary restraining order,
temporary or permanent injunction or any other equitable remedy which may then be available. In addition, upon any final judicial determination of any breach of Section 6 or any material breach of Section 7 of this Agreement which occurs
during the Restricted Period, Executive shall promptly return to the Company upon request all cash payments made to Executive pursuant to Section 5 (if any), less any amounts paid by Executive as taxes in respect of such payments (unless such
taxes are actually recovered by Executive from the relevant governmental authority, in which case such tax amounts also shall be returned to the Company). Any determination under this Section 8 of whether Executive is in compliance with
Section 6 hereof and material compliance with Section 7 hereof shall be determined based solely on the contractual provisions provided therein and the facts and circumstances of Executive’s actions without regard to whether the
Company could obtain an injunction or other relief under the law of any particular jurisdiction. 

9.    Miscellaneous. 

(a)    Indemnification; Directors’ and Officers’ Insurance. The Company shall indemnify and hold
Executive harmless for all acts and omissions occurring during his employment with the Company and/or its affiliates or service as a member of the Board to the extent provided under the Company’s charter,
by-laws and applicable law, and shall promptly advance to Executive or Executive’s heirs or representatives all damages, costs, liabilities, losses and expenses (including reasonable attorneys’ fees
and expenses) (collectively, “Expenses”) as a result of any claim, demand, request, investigation, dispute, controversy, threat, discovery request or request for testimony or information (collectively, a “Claim”) or
any proceeding (whether civil, criminal, administrative or investigative), or any threatened Claim or proceeding (whether civil, criminal, administrative or investigative), against Executive that arises out of or relates to Executive’s service
as an officer, director or employee, as the case may be, of the Company, or Executive’s service in any such capacity or similar capacity with an affiliate of the Company or other entity at the request of the Company, upon receipt by the Company
of a written request with appropriate documentation of such Expenses, and an undertaking by Executive to repay the amount advanced if it shall ultimately be determined by final judicial determination that Executive is not entitled to be


  
 16 













 
indemnified by the Company against such Expenses. During the Employment Term and for a term of six years thereafter (or later while potential liability exists), the Company, or any successor to
the Company, shall purchase and maintain, at its own expense, directors and officers liability insurance providing coverage for Executive in the same amount as for members of the Board. 

(b)    Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of
Utah, without regard to conflicts of laws principles thereof. 
 (c)    Jurisdiction; Venue. Except as otherwise
provided in Section 8 in connection with equitable remedies, each of the parties hereto hereby irrevocably submits to the exclusive jurisdiction of any federal or state court sitting in the State of Utah over any suit, action or proceeding
arising out of or relating to this Agreement and each of the parties agrees that any action relating in any way to this Agreement must be commenced only in the courts of the State of Utah, federal or state. Each of the parties hereto hereby
irrevocably waives, to the fullest extent permitted or not prohibited by law, any objection which it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in such a court and any claim that any such
suit, action or proceeding brought in such a court has been brought in an inconvenient forum. Each of the parties hereto hereby irrevocably consents to the service of process in any suit, action or proceeding by sending the same by certified mail,
return receipt requested, or by recognized overnight courier service, to the address of such party set forth in Section 9(j). The Company shall promptly (and in any event within thirty (30) days following receipt of an invoice) reimburse
Executive’s reasonably incurred legal fees if Executive prevails on a material issue in any such dispute. 

(d)    Entire Agreement; Amendments. This Agreement (including, without limitation, the schedules and exhibits
attached hereto) contains the entire understanding of the parties with respect to the employment of Executive by the Company and/or its affiliates, and supersedes all prior agreements and understandings (including verbal agreements) between
Executive and the Company and/or its current or former affiliates regarding the terms and conditions of Executive’s employment with the Company and/or its current or former affiliates. There are no restrictions, agreements, promises,
warranties, covenants or undertakings between the parties with respect to the subject matter herein other than those expressly set forth herein. This Agreement (including, without limitation, the schedules and exhibits attached hereto) may not be
altered, modified, or amended except by written instrument signed by the parties hereto. 
 (e)    No Waiver. The
failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that term
or any other term of this Agreement. 
 (f)    Severability. In the event that any one or more of the provisions
of this Agreement shall be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby. 

(g)    Assignment. This Agreement, and all of Executive’s rights and duties hereunder, shall not be assignable
or delegable by Executive (other than amounts owed to Executive which to be payable to his estate or beneficiaries following his death). Any purported assignment 

  
 17 













 
or delegation by Executive in violation of the foregoing shall be null and void ab initio and of no force and effect. This Agreement shall be assigned by the Company to a person or entity
which is a successor in interest to substantially all of the business operations of the Company. Upon such assignment, the rights and obligations of the Company hereunder shall become the rights and obligations of such affiliate or successor person
or entity. 
 (h)    Set Off; No Mitigation. Executive shall not be required to mitigate the amount of any
payment provided for pursuant to this Agreement by seeking other employment, and such payments shall not be reduced by any compensation or benefits received from any subsequent employer or other endeavor. Any amounts due under Section 5 of this
Agreement are considered reasonable by the Company and are not in the nature of a penalty. 
 (i)    Compliance with
Code Section 409A. 
 (i)    The intent of the parties is that payments and
benefits under this Agreement comply with or be exempt from Code Section 409A and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. If any provision of this Agreement (or of any
award of compensation, including equity compensation or benefits) would cause Executive to incur any additional tax or interest under Code Section 409A, the Company shall, after consulting with and receiving the approval of Executive, reform
such provision in a manner intended to avoid the incurrence by Executive of any such additional tax or interest while endeavoring to retain the intended economic benefits of this Agreement. 

(ii)    A termination of employment shall not be deemed to have occurred for purposes of any provision of
this Agreement providing for the payment of any amounts or benefits that are considered nonqualified deferred compensation under Code Section 409A upon or following a termination of employment unless such termination is also a “separation
from service” within the meaning of Code Section 409A, and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from
service.” The determination of whether and when a separation from service has occurred for proposes of this Agreement shall be made in accordance with the presumptions set forth in
Section 1.409A-1(h) of the Treasury Regulations. 

(iii)    Any provision of this Agreement to the contrary notwithstanding, if at the time of
Executive’s separation from service, the Company determines that Executive is a “specified employee,” within the meaning of Code Section 409A, then to the extent any payment or benefit that Executive becomes entitled to under
this Agreement on account of such separation from service would be considered nonqualified deferred compensation under Code Section 409A, such payment or benefit shall be paid or provided at the date which is the earlier of (i) six
(6) months and one day after such separation from service and (ii) the date of Executive’s death (the “Delay Period”). Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this
Section 9(i) (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or provided to Executive in a lump-sum, and any remaining
payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein. 

  
 18 













 (iv)    Any reimbursements and in-kind benefits provided under this Agreement that constitute deferred compensation within the meaning of Code Section 409A shall be made or provided in accordance with the requirements of Code
Section 409A, including that (A) in no event shall any fees, expenses or other amounts eligible to be reimbursed by the Company under this Agreement be paid later than the last day of the calendar year next following the calendar year in
which the applicable fees, expenses or other amounts were incurred; (B) the amount of expenses eligible for reimbursement, or in-kind benefits that the Company is obligated to pay or provide, in any given
calendar year shall not affect the expenses that the Company is obligated to reimburse, or the in-kind benefits that the Company is obligated to pay or provide, in any other calendar year, provided that the
foregoing clause (B) shall not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such expenses are subject to a limit related to the period the arrangement is in
effect; and (C) Executive’s right to have the Company pay or provide such reimbursements and in-kind benefits may not be liquidated or exchanged for any other benefit. 

(v)    For purposes of Code Section 409A, Executive’s right to receive any installment payments
shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days (for example, “payment shall be made within thirty
(30) days following the date of termination”), the actual date of payment within the specified period shall be within the sole discretion of the Company. In no event may Executive, directly or indirectly, designate the calendar year of any
payment to be made under this Agreement, to the extent such payment is subject to Code Section 409A. 

(j)    Notice. For the purpose of this Agreement, notices and all other communications provided for in the
Agreement shall be in writing and shall be deemed to have been duly given when delivered by hand or overnight courier or three days after it has been mailed by United States registered mail, return receipt requested, postage prepaid, addressed to
the respective addresses set forth below in this Agreement, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon receipt.

 If to the Company: 

Vivint Smart Home, Inc. 
 4931
North 300 West 
 Provo, Utah 84604 

Attention: General Counsel 
 If
to Executive: 
 To the most recent address of Executive set forth in the personnel records of the Company. 

  
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 (k)    Section 280G. If any payment or benefit Executive
will or may receive from the Company under this Agreement or otherwise would (a) constitute a “parachute payment” within the meaning of Section 280G of the Code (a “280G Payment”) and, (b) but for this
sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Company shall cause to be determined, before any amounts of the 280G Payment are paid to Executive, which of the following
two amounts would maximize Executive’s after-tax proceeds: (i) payment in full of the entire amount of the 280G Payment (a “Full Payment”), or (ii) payment of only a part of the
280G Payment, so that Executive receives the largest payment possible without the imposition of the Excise Tax (a “Reduced Payment”), whichever amount results in Executive’s receipt, on an
after-tax basis, of the greater amount of the 280G Payment notwithstanding that all or some portion of the 280G Payment may be subject to the Excise Tax. For purposes of determining whether to make a Full
Payment or a Reduced Payment, the Company shall cause to be taken into account all applicable federal, state and local income and employment taxes and the Excise Tax (all computed at the highest applicable marginal rate, net of the maximum reduction
in federal income taxes which could be obtained from a deduction of such state and local taxes). If a Reduced Payment is made, (A) the 280G Payment shall be paid only to the extent permitted under the Reduced Payment alternative, and Executive
shall have no rights to any additional payments and/or benefits constituting the 280G Payment, and (B) reduction in payments and/or benefits shall occur in the manner that results in the greatest economic benefit for Executive, as determined in
the Company’s reasonable good faith discretion. All determinations required to be made under this Section 9(k), including whether an Excise Tax would otherwise be imposed, whether the Payments shall be reduced, the amount of any such
reduction and the assumptions to be utilized in arriving at such determinations not expressly provided for herein, shall be made by an independent, nationally recognized accounting firm or compensation consulting engaged by the Company and
reasonably acceptable to Executive (the “Determination Firm”) which shall provide detailed supporting calculations both to the Company and Executive. All reasonable fees and expenses of the Determination Firm shall be borne solely
by the Company. Any determination by the Determination Firm shall be binding upon the Company and Executive, absent manifest error. For purposes of determining whether and the extent to which the payments will be subject to the Excise Tax:
(i) no portion of the payments shall be taken into account which does not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the Code (including, without limitation, by reason of
Section 280G(b)(4)(A) of the Code) and (ii) in calculating the Excise Tax, no portion of such payments shall be taken into account which constitutes reasonable compensation for services actually rendered, within the meaning of
Section 280G(b)(4)(B) of the Code, in excess of the “base amount” (as set forth in Section 280G(b)(3) of the Code) that is allocable to such reasonable compensation. 

(l)    Withholding Taxes. The Company shall withhold from any amounts payable under this Agreement such Federal,
state and local taxes as may be required to be withheld pursuant to any applicable law or regulation. 
 (m)    Legal
Fees. The Company shall pay directly or reimburse Executive within 30 days following receipt of an invoice for Executive’s legal fees reasonably incurred in connection with the negotiation of this Agreement and any ancillary agreements, in
an amount not to exceed $100,000. 

  
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 (n)    Counterparts. This Agreement may be signed in
counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

[Signatures Follow] 

  
 21 













 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and
year first above written. 
  

	
	VIVINT SMART HOME, INC.
	
	 /s/ Shawn J. Lindquist

	By: Shawn J. Lindquist
	Title: Chief Legal Officer & Secretary


 [Signature Page to Employment Agreement] 












 
	
	EXECUTIVE
	
	 /s/ David Bywater

	David Bywater


 [Signature Page to Employment Agreement] 












 Exhibit I 

PRIOR EMPLOYER INDEMNIFICATION PROVISIONS 

(a)    Executive will not take any grossly negligent action or inaction if such action or inaction would be reasonably
expected to violate any restrictive covenants with his prior employer. (The Company and Executive acknowledge and agree that accepting the CEO position with the Company and being employed with the Company is not an action or inaction that would be
reasonably expected to violate any restrictive covenants with his prior employer.) The Company shall not knowingly cause Executive to take any action or inaction that would be reasonably expected to violate any restrictive covenant with his prior
employer. Any act, or failure to act, by Executive based upon (A) authority given pursuant to a resolution duly adopted by the Board or (B) the advice of counsel for the Company shall be conclusively presumed to be in compliance with the
first sentence of this subsection. The Company shall indemnify, defend, and hold Executive harmless from and against any claims (and any resulting liabilities, forfeitures, claw backs and/or damages, including legal fees and reasonable out of pocket
expenses) by Executive’s prior employer that Executive, in connection with his employment with the Company, has breached any restrictive covenant owed by Executive to his prior employer (collectively, the “Indemnified Claims”), and
any Indemnified Claims shall be paid by the Company to Executive within 30 days of written demand by Executive; provided, however, that no grossly negligent action or inaction by Executive in breach of any such restrictive covenants shall be an
Indemnified Claim. With respect to any Indemnified Claim, Executive agrees to the following terms: (1) the Company shall have control of the defense, provided such defense is diligently made with reasonably sophisticated counsel;
(2) separate counsel for Executive may be engaged by the Company, either in the Company’s discretion or by Executive’s request, which the Company shall not unreasonably deny, and in either event such separate counsel shall be at the
expense of the Company and pursuant to a mutually agreeable joint defense agreement between Executive and the Company; and (3) both Executive and the Company shall mutually cooperate in good faith in the operation of this Exhibit I,
including with respect to the defense and/or settlement of any such Indemnified Claim. This Exhibit I shall survive the termination of Executive’s employment. 

(b)    Notwithstanding anything in this Agreement to the contrary, the Company and Executive may reasonably determine in
good faith after discussions that it is reasonably necessary and advisable for (x) the Company to disengage from any businesses which would result in Executive violating any restrictive covenants from Executive’s prior employer and/or
(y) (i) for Executive to serve in a role within the Company that has duties, positions, authority or responsibilities different from Executive’s duties, positions, authority or responsibilities as chief executive officer, but at a senior
executive level, for a period of time equal to the applicable period of the restrictions from Executive’s prior employer related to non-competition, but not longer than such period of time (such period,
“Changed Role Period”) provided, that, in all circumstances Executive shall report to the Board, (ii) the Company acknowledges and agrees that for any such Changed Role Period, Executive shall continue to receive the
compensation and vesting as set forth in this Agreement and any applicable equity award agreement; (iii) immediately upon expiration of the Changed Role Period, Executive shall be reinstated to the duties, positions, authority and
responsibilities set forth in this Agreement and (iv) in the event Executive is terminated by the Company without Cause during any such Changed Role Period 












 
(including if the Company does not permit Executive to commence employment in such changed role), Executive will be entitled to the severance payments in the Agreement and the immediate grant and
vesting of the Sign-on Grants and the Sign-on Cash Award. 

  
 2 













 Exhibit II 

RELEASE AND WAIVER OF CLAIMS 
 This
Release and Waiver of Claims (this “Release”) is entered into and delivered to Vivint Smart Home, Inc. (the “Company”) as of this [●] day of
                    , 202[    ], by David Bywater (the “Executive”). The Executive agrees as
follows: 
 1.    The employment relationship between the Executive and the Company and its subsidiaries and affiliates,
as applicable, terminated on the [●] day of                     , 202[    ] (the “Termination
Date”) pursuant to Section [    ] of the Employment Agreement between the Company and Executive dated June 6, 2021 (“Employment Agreement”). 

2.    In consideration of the payments, rights and benefits provided for in Section [5(c)(ii)(C) or Sections 5(d)(ii)(B)
and 5(d)(ii)(C)] of the Employment Agreement (collectively, as applicable, the “Separation Terms”) and this Release, the sufficiency of which the Executive hereby acknowledges, the Executive, on behalf of himself and his agents,
representatives, attorneys, administrators, heirs, executors and assigns (collectively, the “Employee Releasing Parties”), hereby releases and forever discharges the Company Released Parties (as defined below), from all claims,
charges, causes of action, obligations, expenses, damages of any kind (including attorneys’ fees and costs actually incurred) or demands, in law or in equity, whether known or unknown, which may have existed or which may now exist from the
beginning of time to the date of this Release, arising from or relating to Executive’s employment or termination from employment with the Company or otherwise, including a release of any rights or claims the Executive may have under Title VII
of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (the “ADEA”); the Older Workers Benefit Protection Act; the Americans with Disabilities Act of 1990; the
Rehabilitation Act of 1973; the Family and Medical Leave Act of 1993; Section 1981 of the Civil Rights Act of 1866; Section 1985(3) of the Civil Rights Act of 1871; the Employee Retirement Income Security Act of 1974; the Fair Labor
Standards Act; any other federal, state or local laws against discrimination; or any other federal, state, or local statute, regulation or common law relating to employment, wages, hours, or any other terms and conditions of employment. This
includes a release by the Executive of any and all claims or rights arising under contract (whether written or oral, express or implied), covenant, public policy, tort or otherwise. For purposes hereof, “Company Released Parties”
shall mean the Company and any of its past or present employees, agents, insurers, attorneys, administrators, officials, directors, shareholders, divisions, parents, members, subsidiaries, affiliates, predecessors, successors, employee benefit
plans, and the sponsors, fiduciaries, or administrators of the Company’s employee benefit plans; provided, that, Company Released Parties in respect of any past or present employees, agents, insurers, attorneys, administrators, shareholders,
sponsors, fiduciaries, and administrators shall only be in their capacities as such. 
 3.    The Executive acknowledges
that the Executive is waiving and releasing rights that the Executive may have under the ADEA and other federal, state and local statutes contract and the common law and that this Release is knowing and voluntary. The Executive and the Company agree
that this Release does not apply to any rights or claims that may arise after the date of execution by Executive of this Release. The Executive acknowledges that the consideration given 












 
for this Release is in addition to anything of value to which the Executive is already entitled. The Executive further acknowledges that the Executive has been advised by this writing that:
(i) the Executive should consult with an attorney prior to executing this Release; (ii) the Executive has up to 21 days within which to consider this Release, although the Executive may, at the Executive’s discretion, sign and return
this Release at an earlier time, in which case the Executive waives all rights to the balance of this 21 day review period; and (iii) for a period of seven days following the execution of this Release in duplicate originals, the Executive may
revoke this Release in a writing delivered to the Chairman of the Board of Directors of the Company, and this Release shall not become effective or enforceable until the revocation period has expired. 

4.    This Release does not release the Company Released Parties from (i) any obligations due to the Executive under
the Separation Terms, (ii) any rights Executive has to indemnification by the Company and to directors and officers liability insurance coverage, (iii) any vested rights the Executive has under the Company’s employee pension benefit
and group healthcare benefit plans as a result of Executive’s actual service with the Company, (iv) any fully vested and nonforfeitable rights of the Executive as a shareholder or member of the Company or its affiliates, (v) any
rights of the Executive pursuant to any equity or incentive award agreement with the Company, or (vi) any rights which cannot be waived by an employee under applicable law. 

5.    Nothing in this Release shall prohibit or impede Executive from communicating, cooperating or filing a complaint
with any U.S. federal, state or local governmental or law enforcement branch, agency or entity (collectively, a “Governmental Entity”) with respect to possible violations of any U.S. federal, state or local law or regulation or
otherwise making disclosures to any Governmental Entity, in each case, that are protected under the whistleblower provisions of any such law or regulation; provided, that in each case such communications and disclosures are consistent with
applicable law. Executive understands and acknowledges that an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made: (a) in confidence to a
federal, state or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law or (b) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is
made under seal. Executive understands and acknowledges further that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use
the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade secret, except pursuant to court order. Except as otherwise provided in this paragraph
or under applicable law, under no circumstance is Executive authorized to disclose any information covered by the Company’s attorney-client privilege or attorney work product or the Company’s trade secrets, without the prior written
consent of the Company. Executive does not need the prior authorization of (or to give notice to) the Company regarding any communication, disclosure or activity described in this paragraph. 

6.    The Executive represents and warrants that he has not filed any action, complaint, charge, grievance, arbitration or
similar proceeding against the Company Released Parties relating to the claims released under Section 2. 

7.    This Release is not an admission by the Company Released Parties or the Employee Releasing Parties of any
wrongdoing, liability or violation of law. 

  
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 8.    The Executive shall continue to be bound by the restrictive
covenants contained in the Employment Agreement which are incorporated herein by reference. 
 9.    This Release shall
be governed by and construed in accordance with the laws of the State of Utah, without reference to the principles of conflict of laws. 

10.    Each of the sections contained in this Release shall be enforceable independently of every other section in this
Release, and the invalidity or unenforceability of any section shall not invalidate or render unenforceable any other section contained in this Release. 

11.    The Executive acknowledges that the Executive has carefully read and understands this Release, that the
Executive has the right to consult an attorney with respect to its provisions and that this Release has been entered into knowingly and voluntarily. The Executive acknowledges that no representation, statement, promise, inducement, threat or
suggestion has been made by any of the Company Released Parties to influence the Executive to sign this Release except such statements as are expressly set forth herein or in the Employment Agreement. 

  
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 Executive has executed this Release as of the day and year first written above. 

 

	
	EXECUTIVE
	
	  

	David Bywater



  
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