EX-10.1



 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

This Employment Agreement (this “Agreement”) is made and entered into effective as of January 22, 2017 (the
“Effective Date”), by and between Robert D. Oros (the “Executive”), Blucora, Inc. (the “Company”) and H.D. Vest, Inc. (“HD Vest”). 

RECITALS 
 WHEREAS, the
Company and HD Vest desire to employ the Executive as the Chief Executive Officer of HD Vest, with an employment commencement date of February 28, 2017 (“Commencement Date”), and the Executive desires to serve in
such capacity on such timeline; 
 NOW THEREFORE, in consideration of the foregoing, the mutual covenants contained herein, the employment
of the Executive by the Company, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  


	1.	Certain Definitions 

 (a) “Additional Employee Agreement” means
the Supplementary Terms of Employment attached hereto as Exhibit A. 
 (b) “Base Salary” has the
meaning set forth in Section 5(a). 
 (c) “Board” means the Board of Directors of the Company. 

(d) “Cause” means, as determined by the Board in its reasonable discretion: (i) the Executive’s conviction
of, or plea of guilty or nolo contendere to, a misdemeanor involving dishonesty, wrongful taking of property, immoral conduct, bribery or extortion or any felony; (ii) willful material misconduct by the Executive in connection with the
business of the Company; (iii) the Executive’s continued and willful failure to perform substantially his responsibilities to the Company under this Agreement, after written demand for substantial performance has been given by the Board
that specifically identifies how the Executive has not substantially performed his responsibilities; (iv) the Executive’s improper disclosure of confidential information or other material breach of this Agreement, including the Additional
Employee Agreement; (v) the Executive’s material fraud or dishonesty against the Company; (vi) the Executive’s willful and material breach of the Company’s written code of conduct and business ethics or other material
written policy, procedure or guideline in effect from time to time (provided that the Executive was given access to a copy of such policy, procedure or guideline prior to the alleged breach) relating to personal conduct; or (vii) the
Executive’s willful attempt to obstruct or willful failure to cooperate with any investigation authorized by the Board or any governmental or self-regulatory entity. Any determination of Cause by the Company shall be made by a resolution
approved by a majority of the members of the Board, provided that, with respect to Section 1(d)(iii), the Board must give the Executive notice and 60 days to cure the substantial nonperformance. 

(e) “Change of Control” means the occurrence of any of the following: 

(i) any “person” (as defined in Sections 13(d) and 14(d) of the Exchange Act), excluding for this purpose, (A) the Company
or any subsidiary of the Company or (B) any employee benefit plan of the Company or any subsidiary of the Company, or any person or entity organized, 







 
appointed or established by the Company for or pursuant to the terms of any such plan that acquires beneficial ownership of voting securities of the Company, is or becomes the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding securities; 

(ii) consummation of a reorganization, merger or consolidation of the Company, in each case, unless, following such transaction, all or
substantially all the individuals and entities who were the beneficial owners of outstanding voting securities of the Company immediately prior to such transaction beneficially own, directly or indirectly, more than 50% of the combined voting
power of the then outstanding voting securities entitled to vote generally in the election of directors of the company resulting from such transaction (including, without limitation, a company that, as a result of such transaction, owns the Company
or all or substantially all the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such transaction of the outstanding voting securities of the
Company; 
 (iii) any sale or disposition by the Company, in one transaction or a series of related transactions, of all or substantially
all the Company’s assets; 
 (iv) a “Board Change” which, for purposes of this Agreement, shall have occurred
if a majority of the seats on the Board are occupied by individuals who were neither (A) nominated by a majority of the Incumbent Directors nor (B) appointed by directors so nominated (“Incumbent Director” means a
member of the Board who has been either (1) nominated by a majority of the directors of the Company then in office or (2) appointed by directors so nominated, but excluding, for this purpose, any such individual whose initial assumption of
office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on
behalf of a person other than the Board); or 
 (v) an approval by the stockholders of the Company of a complete liquidation or dissolution
of the Company. 
 (f) “Code” means the Internal Revenue Code of 1986, as amended. 

(g) “Compensation Committee” means the Compensation Committee of the Board. 

(h) “Constructive Termination” means the occurrence, on a date that is prior to the two-month period prior to the
consummation of a Change of Control or after the 12-month period following the consummation of a Change of Control, of any of the following without the Executive’s express prior written consent: (i) a material reduction of or to the
Executive’s duties, authority or responsibilities (a change in reporting relationship alone does not constitute such a material reduction); (ii) a material reduction by the Company of the Executive’s Base Salary, unless similarly
situated executives also experience a reduction; or (iii) a requirement that the Executive relocate his primary work location more than 25 miles from Irving, Texas or from any work location to which the Company transfers the Executive during
the course of his employment and to which such transfer the Executive has consented. Notwithstanding the foregoing, a Constructive Termination shall not exist unless (x) the Executive delivers written notice to the Company (the
“Constructive Termination Notice”) of the existence of the condition which the Executive believes constitutes a 

  
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Constructive Termination within 30 days of the initial existence of such condition (which Constructive Termination Notice specifically identifies such condition), (y) the Company fails
to remedy such condition within 30 days after the date on which it receives such notice (the “Constructive Termination Cure Period”), and (z) the Executive actually terminates employment within 30 days after
the expiration of the Constructive Termination Cure Period. 
 (i) “Disability” means the Executive’s inability
to perform his employment duties to the Company hereunder, with or without reasonable accommodation, for 180 days (in the aggregate) in any one-year period as determined by an independent physician selected by the Company. 

(j) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(k) “Good Reason” means the occurrence of any of the following without the Executive’s express prior written
consent: (i) a material reduction of or to the Executive’s duties, authority, responsibilities or reporting relationship; (ii) a material reduction of the Executive’s Base Salary; (iii) a material reduction of the
Executive’s Target Bonus; (iv) a material reduction in the kind or level of employee benefits to which the Executive is entitled that occurs within 12 months following a Change of Control, unless similarly situated employees also
experience a reduction; (v) a requirement that the Executive relocate his primary work location more than 25 miles from Irving, Texas or from any work location to which the Company transfers the Executive during the course of his employment and
to which such transfer the Executive has consented; (vi) in connection with a Change of Control, the failure of the Company to assign this Agreement to a successor to the Company or the failure of a successor to the Company to explicitly assume
and agree to be bound by this Agreement in a writing delivered to the Executive; or (vii) a material breach of this Agreement by the Company. 

Notwithstanding the foregoing, termination of employment by the Executive will not be for Good Reason unless (x) the Executive delivers
written notice to the Company (the “Good Reason Notice”) of the existence of the condition which the Executive believes constitutes Good Reason within 30 days of the initial existence of such condition (which Good Reason
Notice specifically identifies such condition), (y) the Company fails to remedy such condition within 30 days after the date on which it receives such notice (the “Good Reason Cure Period”), and (z) the
Executive actually terminates employment within 30 days after the expiration of the Good Reason Cure Period. 
 (l)
“Release” means a full release of claims against the Company substantially in the form attached hereto as Exhibit B; provided, however, that notwithstanding the foregoing, such Release is not intended to
and will not waive the Executive’s rights: (i) to indemnification pursuant to any applicable provision of the Company’s Bylaws or Certificate of Incorporation, as amended, pursuant to any written indemnification agreement between the
Executive and the Company, or pursuant to applicable law; (ii) to vested benefits or payments specifically to be provided to the Executive under this Agreement or any Company employee benefit plans or policies; or (iii) respecting any
claims the Executive may have solely by virtue of the Executive’s status as a stockholder of the Company. The Release also shall not include claims that an employee cannot lawfully release through execution of a general release of claims. 

(m) “Section 409A” means Section 409A of the Code and the Treasury Regulations and official guidance issued
in respect of Section 409A of the Code. 

  
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 (n) “Target Bonus” has the meaning set forth in Section 5(b). 

 

	2.	Duties and Scope of Employment 

 The Company shall employ the Executive in the position
of Chief Executive Officer of HD Vest. The Executive shall report directly to the Company’s Chief Executive Officer. The Executive will render such business and professional services in the performance of the Executive’s duties, consistent
with the Executive’s position(s) within the Company, as shall be reasonably assigned to the Executive at any time and from time to time by the Chief Executive Officer. Upon termination of the Executive’s employment for any reason, unless
otherwise requested by the Chief Executive Officer, the Executive will be deemed to have resigned from all positions held at the Company and its affiliates voluntarily, without any further action by the Executive, as of the end of the
Executive’s employment, and the Executive, at the Chief Executive Officer’s request, will execute any documents necessary to reflect his resignation. 
  

	3.	Obligations 

 While employed hereunder, the Executive will perform his duties ethically,
faithfully and to the best of the Executive’s ability and in accordance with law and Company policy. The Executive agrees not to actively engage in any other employment, occupation or consulting activity for any direct or indirect remuneration
without the express prior written approval of the Company’s Chief Executive Officer; provided, however, that notwithstanding anything to the contrary in the Additional Employee Agreement, the Executive may engage in charitable activities so
long as such activities do not materially interfere with the Executive’s responsibilities to the Company. 
  

	4.	Agreement Term 

 Unless earlier terminated as provided herein, the term of this
Agreement (the “Agreement Term”) shall be for a period of three years commencing on the Commencement Date, and may be extended thereafter upon the written mutual agreement of the Executive and the Company. 

 

	5.	Compensation and Benefits 

 (a) Base Salary. The Company agrees to pay the
Executive a base salary (the “Base Salary”) at an annual rate of not less than $375,000, payable in accordance with the regular payroll practices of the Company, but not less frequently than monthly. The Executive’s Base
Salary shall be subject to annual review by the Board (or a committee thereof). 
 (b) Commuting, Relocation and Other Expenses. The
Company will reimburse Executive for certain commuting, relocation and other expenses, as set forth on Exhibit C. 
 (c) Annual
Bonus. Beginning in 2017, the Executive shall be eligible to participate in the Company’s bonus and other incentive compensation plans and programs for the Company’s senior executives at a level commensurate with his position. The
Executive shall have the opportunity to earn an annual target bonus (the “Target Bonus”) measured against criteria to be determined by the Board (or a committee thereof) of at least 100% of Base Salary. Executive’s bonus
for 2017 will be pro-rated to reflect the number of days of his employment in 2017 and will be no lower than the pro-rated amount of Executive’s Target Bonus (i.e., if Executive is employed in 2017 for 75% of the year, Executive’s annual
bonus will be $281,250 (75% of $375,000)). 

  
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 (d) Equity Awards. Beginning in 2018, the Executive will be eligible participate in all
Company long-term equity incentive programs extended to senior executives of the Company generally at levels commensurate with the Executive’s position, which participation and levels shall be determined by the Board (or a committee thereof) in
its sole discretion. 
 (e) Benefits. The Executive and his eligible dependents shall be eligible to participate in the employee
benefit plans that are available or that become available to other employees of the Company, with the adoption or maintenance of such plans to be in the discretion of the Company, subject in each case to the generally applicable terms and conditions
of the plan or program in question and to the determination of any committee administering such plan or program. Such benefits shall include participation in the group medical, life, disability, and retirement plans that are made generally available
to employees of the Company, and any supplemental plans available to senior executives of the Company from time to time. The Company reserves the right to change or terminate its employee benefit plans and programs at any time. 

(f) Expenses. The Company shall reimburse the Executive for reasonable business expenses incurred by the Executive in the furtherance
of or in connection with the performance of the Executive’s duties hereunder, in accordance with the Company’s expense reimbursement policy as in effect from time to time. 

(g) Initial Equity Awards. As a material inducement to Executive’s willingness to accept employment with the Company, on or
shortly following the Effective Date, the Executive shall be granted restricted stock units with a value of $450,000 on the grant date, and a nonqualified stock option with a value of $1,050,000 on the grant date. The number of restricted stock
units granted to the Executive shall be determined by dividing $450,000 by the closing price of the Company’s common stock on the grant date. The number of shares of the Company’s common stock subject to the option shall be based on the
Company’s option valuation methodology. These equity awards will be granted under the Company’s 2015 Incentive Plan, as amended and restated (the “2015 Plan”) and will vest in accordance with, and have such other
terms and conditions as are specified in, the Restricted Stock Unit Notice and Letter Agreement and the Nonqualified Stock Option Letter Agreement approved by the Compensation Committee with respect to such awards (the “Restricted Stock
Unit Agreement” and the “NSO Agreement”) and shall otherwise be subject to the terms and conditions of the 2015 Plan and the Restricted Stock Unit Agreement and the NSO Agreement; provided, however, that
notwithstanding the foregoing, in the event of a conflict between the terms and conditions of the Restricted Stock Unit Agreement or the NSO Agreement and this Agreement, the terms and conditions of this Agreement shall prevail. 

 

	6.	Termination of Employment 

 (a) General Provisions. This Agreement and the
Executive’s employment with the Company may be terminated by either the Executive or the Company at will at any time with or without Cause; provided, however, that the parties’ rights and obligations upon such termination during the
Agreement Term shall be as set forth in applicable provisions of this Agreement; and provided, further, that Section 6(d) provides for payments in the event of certain terminations of employment after the expiration of the Agreement Term. 

(b) Any Termination by Company or Executive. In the event of any termination of the Executive’s employment with the Company,
whether by the Company or by the Executive, (i) the Company shall pay the Executive any unpaid Base Salary due for periods prior to the date of termination of employment (“Termination Date”); (ii) the Company shall
pay the Executive any 

  
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unpaid bonus compensation pursuant to Section 5(b), to the extent earned through the Termination Date; (iii) ; and (iii) following submission of proper expense reports by the
Executive, the Company shall reimburse the Executive for all expenses reasonably and necessarily incurred by the Executive in connection with the business of the Company through the Termination Date (collectively, the “Accrued
Obligations”). The Accrued Obligations shall be paid promptly upon termination and within the period of time mandated by applicable law (but, in any event, within 30 days after the Termination Date). The Accrued Obligations paid or
provided pursuant to this Section 6(b) shall be in addition to the payments and benefits, if any, to be provided to the Executive upon her termination of employment pursuant to Section 6(c), 6(d), 6(e), or 6(f). Except as expressly stated
above or as required by law or this Agreement, the Executive shall receive no further compensation in any form other than as set forth in this Section 6(b). 

(c) Termination by Company Without Cause or Constructive Termination. If, other than in connection with a Change of Control as
described in Section 6(d), the Executive’s employment with the Company is terminated by the Company without Cause or the Executive terminates employment with the Company under circumstances constituting a Constructive Termination, then
subject to Section 6(g), the Executive shall receive the following payments and benefits: 
 (i) a severance payment in an amount equal
to one times the Executive’s Base Salary in effect as of the Termination Date (or if the Executive terminates employment under circumstances constituting a Constructive Termination due to a material reduction of the Executive’s Base
Salary, in effect immediately prior to such reduction) (less applicable withholding taxes), which amount shall be payable in a single lump sum on the first payroll date that is at least 60 days following the Termination Date (but, in any event,
by no later than March 15 of the calendar year immediately following the calendar year that includes the Termination Date), in accordance with Section 13(b)(ii); and 

(ii) a lump-sum payment in an amount equal to (A) the monthly COBRA premium in effect under the Company’s group health plan as of
the Termination Date for the coverage in effect under such plan for the Executive (and the Executive’s spouse and dependent children) on such date multiplied by (B) 12 (less applicable withholding taxes), which amount shall be payable in a
single lump sum on the first payroll date that is at least 60 days following the Termination Date (but, in any event, by no later than March 15 of the calendar year immediately following the calendar year that includes the Termination
Date), in accordance with Section 13(b)(ii); provided, however, that notwithstanding the foregoing or any other provision in this Agreement to the contrary, the Company (or its successor) may unilaterally amend this Section 6(c)(ii) or
eliminate the benefit provided hereunder to the extent it deems necessary to avoid the imposition of excise taxes, penalties or similar charges on the Company or any of its subsidiaries, affiliates or successors, including, without limitation, under
Section 4980D of the Code. 
 Notwithstanding any provision to the contrary in any Company equity compensation plan or any outstanding
equity award agreement, if, during the Agreement Term, the Executive terminates employment with the Company under circumstances described in this Section 6(c), there shall be no acceleration of vesting or exercisability of any outstanding
equity awards or extension of any option post-termination exercise period. 
 For the avoidance of doubt, under no circumstances will the
Executive be entitled to payments and benefits under both this Section 6(c) and Section 6(d). 

  
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 (d) Termination of Employment in Connection With a Change of Control. If the Company
terminates the Executive’s employment without Cause or the Executive terminates employment with the Company for Good Reason (1) on the day of or during the 12-month period immediately following the consummation of a Change of Control or
(2) during the 2-month period prior to the consummation of a Change of Control but at the request of any third party participating in or causing the Change of Control or otherwise in connection with the Change of Control, then subject to
Section 6(g) and with respect to clause (2), subject to the consummation of such Change of Control, the Executive shall receive the following payments and benefits: 

(i) a severance payment in an amount equal to one times the Executive’s Base Salary in effect as of the Termination Date and his then
current Target Bonus amount (or if the Executive terminates employment for Good Reason due to a material reduction of the Executive’s Base Salary or Target Bonus, in effect immediately prior to such reduction) (in each case less applicable
withholding taxes), which amount shall be payable in a single lump sum on the first payroll date that is at least 60 days following the Termination Date (but, in any event, by no later than March 15 of the calendar year immediately
following the calendar year that includes the Termination Date), in accordance with Section 13(b)(ii); 
 (ii) a lump-sum payment in an
amount equal to (A) the monthly COBRA premium in effect under the Company’s group health plan as of the Termination Date for the coverage in effect under such plan for the Executive (and the Executive’s spouse and dependent children)
on such date multiplied by (B) 12 (less applicable withholding taxes), which amount shall be payable in a single lump sum on the first payroll date that is at least 60 days following the Termination Date (but, in any event, by no later
than March 15 of the calendar year immediately following the calendar year that includes the Termination Date), in accordance with Section 13(b)(ii); provided, however, that notwithstanding the foregoing or any other provision in this
Agreement to the contrary, the Company (or its successor) may unilaterally amend this Section 6(d)(ii) or eliminate the benefit provided hereunder to the extent it deems necessary to avoid the imposition of excise taxes, penalties or similar
charges on the Company or any of its subsidiaries, affiliates or successors, including, without limitation, under Section 4980D of the Code; and 

(iii) notwithstanding any provision to the contrary in any applicable equity compensation plan or any outstanding equity award agreement, the
treatment of the Executive’s outstanding equity awards shall be governed solely by the following provisions: (A) all of the Executive’s then-outstanding time-vesting equity awards shall fully vest and all restrictions thereon shall
lapse, and (B) to the extent vested (including as a result of the acceleration provided under this Section 6(d)(iii)), all of the Executive’s outstanding stock options shall remain exercisable until the first to occur of
12 months following the Termination Date and each such stock option’s original expiration date. 
 If a Change of Control is
consummated prior to the expiration of the Agreement Term, this Section 6(d) shall apply to a termination of the Executive’s employment by the Company without Cause or by the Executive for Good Reason during the 12-month period immediately
following the consummation of the Change of Control even if such 12-month period extends past the expiration of the Agreement Term. Moreover, notwithstanding the expiration of the Agreement Term, if a Change of Control is consummated within two
months after the expiration of the Agreement Term, then this Section 6(d) shall apply to a termination of the Executive’s employment by the Company without Cause or by the Executive for Good Reason (i) on the day of or during the
12-month period immediately following the consummation of the Change of Control or (ii) during the 2-month period prior to the consummation of the Change of Control but at the request of any third party participating in or causing the Change of
Control or otherwise in connection with the Change of Control. 

  
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 For the avoidance of doubt, the payments and benefits described under this Section 6(d) and
the Accrued Obligations shall be the only payments and benefits to which the Executive is entitled in the event that the Executive’s employment terminates under this Section 6(d). 

(e) Death. In the event of the Executive’s death while employed hereunder, and subject to Section 6(g), the Executive’s
beneficiary (or such other person(s) specified by will or the laws of descent and distribution) shall be entitled to receive a lump-sum payment in an amount equal to three months’ Base Salary in effect as of the Termination Date (less
applicable withholding taxes), which amount shall be payable in a single lump sum on the first payroll date that is at least 60 days following the Termination Date (but, in any event, by no later than March 15 of the calendar year
immediately following the calendar year that includes the Termination Date), in accordance with Section 13(b)(ii). 
 (f)
Disability. In the event of the Executive’s termination of employment with the Company due to Disability, and subject to Section 6(g), the Executive shall be entitled to receive a lump-sum payment in an amount equal to six
months’ Base Salary in effect as of the Termination Date (less applicable withholding taxes), which amount shall be payable in a single lump sum on the first payroll date that is at least 60 days following the Termination Date (but, in any
event, by no later than March 15 of the calendar year immediately following the calendar year that includes the Termination Date), in accordance with Section 13(b)(ii). 

(g) Release and Other Conditions. The payments and benefits described in Sections 6(c) through 6(f) are expressly conditioned on
(i) the Executive (or, in the case of the Executive’s death, the Executive’s representative) signing and delivering (and not revoking thereafter) a Release to the Company (which, in the case of the Executive’s death, also
releases any claims by the Executive’s estate or survivors), which Release is executed, delivered and effective no later than 60 days following the Termination Date and (ii) the Executive continuing to satisfy any obligations to the
Company under this Agreement, the Release and the Additional Employee Agreement that are incorporated herein by reference, and any other agreement(s) between the Executive and the Company. In the event the Release described in Section 6(g)(i)
is not executed, delivered and effective by the 60th day after the Termination Date, none of such payments or benefits shall be provided to the Executive. 
  

	7.	Section 280G 

 (a) Amount of Payments and Benefits. Notwithstanding anything
to the contrary herein, in the event that the Executive becomes entitled to receive or receives any payments, options, awards or benefits (including, without limitation, the monetary value of any noncash benefits and the accelerated vesting of
equity-based awards) under this Agreement or under any other plan, agreement or arrangement with the Company or any person affiliated with the Company (collectively, the “Payments”), that may separately or in the aggregate
constitute “parachute payments” within the meaning of Section 280G of the Code and the Treasury Regulations promulgated thereunder (or any similar or successor provision) (collectively, “Section 280G”) and
it is determined that, but for this Section 7(a), any of the Payments will be subject to any excise tax pursuant to Section 4999 of the Code or any similar or successor provision (the “Excise Tax”), the Company
shall pay to the Executive either (i) the full amount of the Payments or (ii) an amount equal to the Payments, reduced by the minimum amount necessary to prevent any portion of the 

  
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Payments from being an “excess parachute payment” (within the meaning of Section 280G) (the “Capped Payments”), whichever of the foregoing amounts results
in the receipt by the Executive, on an after-tax basis, of the greatest amount of Payments notwithstanding that all or some portion of the Payments may be subject to the Excise Tax. For purposes of determining whether the Executive would receive a
greater after-tax benefit from the Capped Payments than from receipt of the full amount of the Payments, (i) there shall be taken into account any Excise Tax and all applicable federal, state and local taxes required to be paid by the Executive
in respect of the receipt of such payments and (ii) such payments shall be deemed to be subject to federal income taxes at the highest rate of federal income taxation applicable to individuals that is in effect for the calendar year in which
the payments and benefits are to be paid, and state and local income taxes at the highest rate of taxation applicable to individuals in the state and locality of the Executive’s residence on the effective date of the relevant transaction
described under Section 280G(b)(2)(A)(i) of the Code, net of the maximum reduction in federal income taxes that could be obtained from deduction of such state and local taxes (as determined by assuming that such deduction is subject to the
maximum limitation applicable to itemized deductions under Section 68 of the Code and any other limitations applicable to the deduction of state and local income taxes under the Code). 

(b) Computations and Determinations. All computations and determinations called for by this Section 7 shall be made by an
independent accounting firm or independent tax counsel appointed by the Company (the “Tax Counsel”), and all such computations and determinations shall be conclusive and binding on the Company and the Executive. For purposes
of such calculations and determinations, the Tax Counsel may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Tax Counsel shall submit its determination and detailed supporting
calculations to both the Executive and the Company within 15 days after receipt of a notice from either the Company or the Executive that the Executive may receive payments which may be considered “parachute payments.” The Company and
the Executive shall furnish to the Tax Counsel such information and documents as the Tax Counsel may reasonably request in order to make the computations and determinations called for by this Section 7. The Company shall bear all costs that the
Tax Counsel may reasonably incur in connection with the computations and determinations called for by this Section 7. 
 (c)
Reduction Methodology. In the event that Section 7(a) applies and a reduction is required to be applied to the Payments thereunder, the Payments shall be reduced by the Company in its reasonable discretion in the following order:
(i) reduction of any Payments that are subject to Section 409A on a pro-rata basis or such other manner that complies with Section 409A, as determined by the Company, and (ii) reduction of any Payments that are exempt from
Section 409A. 
  

	8.	No Impediment to Agreement 

 The Executive hereby represents to the Company that the
Executive is not, as of the date hereof, and will not be, during the Executive’s employment with the Company, employed under contract, oral or written, by any other person, firm or entity, and is not and will not be bound by the provisions of
any restrictive covenant or confidentiality agreement that would constitute an impediment to, or restriction upon, the Executive’s ability to enter this Agreement and to perform the duties of the Executive’s employment. 

  
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	9.	Additional Employee Agreement 

 The Additional Employee Agreement is incorporated herein
by reference. The Additional Employee Agreement shall survive the termination of this Agreement and/or the Executive’s employment with the Company. 
  

	10.	Arbitration 

 (a) Executive agrees that any dispute and/or claim between the Company
(including without limitation its officers, directors, employees agents or shareholders and its subsidiaries) and Executive that underlies, relates to and/or results from Executive’s employment relationship with the Company or the termination
of that relationship or any of the terms of this Agreement, including the Additional Employee Agreement, that cannot be resolved by mutual agreement of the Company and Executive will be submitted to final, binding arbitration to the maximum extent
permitted by law in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association that are then in effect. This arbitration provision includes, but is not limited to, claims of wrongful
discharge, infliction of emotional distress, breach of contract (including breach of this Agreement), breach of any covenant of good faith and fair dealing, and claims of retaliation and/or discrimination in violation of any local, state or federal
law. Examples of such laws include Title VII of the Civil Rights Act of 1964; the Age Discrimination in Employment Act of 1967; the Americans with Disabilities Act of 1990; and the Family and Medical Leave Act of 1993, and all amendments to each
such law as well as the regulations issued thereunder. This arbitration provision does not affect the Executive’s right to pursue worker’s compensation or unemployment compensation benefits for which he may be eligible in accordance with
state law, nor does it affect the Executive’s right to file and/or to cooperate in the investigation of an administrative charge of discrimination. 

(b) Notwithstanding this arbitration provision, either the Executive or the Company may apply to any court of competent jurisdiction for a
temporary restraining order, preliminary injunction, or other interim or conservatory relief, as necessary, without breach of this Agreement and without abridgement of the powers of the arbitrator. 

(c) The Company, as further consideration for Executive’s agreement to arbitrate covered disputes, agrees to pay for the
arbitrator’s fees and other costs directly associated with the arbitration that would not otherwise be charged if the parties pursued civil litigation in court. 
  

	11.	Successors; Personal Services 

 The services and duties to be performed by the Executive
hereunder are personal and may not be assigned or delegated. This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns, and the Executive and the Executive’s heirs and representatives. 

 

	12.	Notices 

 Notices and all other communications contemplated by this Agreement shall be
in writing and shall be deemed to have been duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid. In the case of the Executive, mailed notices shall be addressed
to the Executive at the home address the Executive most recently communicated to the Company in writing. In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed to the attention
of its General Counsel. 

  
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	13.	Section 409A 

 (a) The parties intend that this Agreement and the payments and
benefits provided hereunder be exempt from the requirements of Section 409A, to the maximum extent possible, whether pursuant to the short-term deferral exception described in Treasury Regulation Section 1.409A-1(b)(4), the involuntary
separation pay plan exception described in Treasury Regulation Section 1.409A-1(b)(9)(iii), or otherwise. To the extent Section 409A is applicable to this Agreement, the parties intend that this Agreement and any payments and benefits
thereunder comply with the deferral, payout and other limitations and restrictions imposed under Section 409A. Notwithstanding anything herein to the contrary, this Agreement shall be interpreted, operated and administered in a manner
consistent with such intentions. 
 (b) Without limiting the generality of the foregoing, and notwithstanding any other provision of this
Agreement to the contrary: 
 (i) if the Executive is deemed on the date of termination to be a “specified employee” within the
meaning of that term under Section 409A, then with regard to any payment that is considered a “deferral of compensation” under Section 409A payable on account of a “separation from service,” such payment shall be made
on the date which is the earlier of (A) the date that is six months and one day after the date of such “separation from service” of the Executive and (B) the date of the Executive’s death (the “Delay
Period”), to the extent required under Section 409A. Within ten business days following the expiration of the Delay Period, all payments delayed pursuant to this Section 13(b)(i) (whether they would have otherwise been payable
in a single sum or in installments in the absence of such delay) shall be paid to the Executive in a lump sum, and all remaining payments due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for
those payments in this Agreement; 
 (ii) to the extent that any payments or benefits under this Agreement are conditioned on a Release, if
the Release is executed and delivered by the Executive to the Company and becomes irrevocable and effective within the specified 60-day post-termination period, then, subject to Section 13(b)(i) and to the extent not exempt under
Section 409A, such payments or benefits shall be made or commence on the first payroll date after the date that is 60 days after the Termination Date (but, in any event, by no later than March 15 of the calendar year immediately
following the calendar year that includes the Termination Date). If a payment or benefit under this Agreement is conditioned on a Release and such Release is not executed, delivered and effective by the 60th day after the Termination Date, such
payment or benefit shall not be paid or provided to the Executive; 
 (iii) all expenses or other reimbursements under this Agreement shall
be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Executive. No such reimbursement or expenses eligible for reimbursement in any taxable year shall in any way affect the
expenses eligible for reimbursement in any other taxable year, and the Executive’s right to reimbursement shall not be subject to liquidation or exchange for any other benefit; 

(iv) for purposes of Section 409A, the Executive’s right to receive a series of installment payments pursuant to this Agreement
shall be treated as a right to receive a series of 

  
 -11- 








 
separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within
30 days”), the actual date of payment within the specified period shall be within the sole discretion of the Company; 
 (v) in no
event shall any payment under this Agreement that constitutes a “deferral of compensation” for purposes of Section 409A be offset by any other payment pursuant to this Agreement or otherwise; and 

(vi) to the extent required for purposes of compliance with Section 409A, 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 upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of
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.” 

(c) The Company and the Executive agree to work together in good faith to consider amendments to this Agreement and to take such reasonable
actions that may be necessary, appropriate, or desirable to avoid imposition of additional tax or income recognition on the Executive under Section 409A, in each case to the maximum extent permitted by applicable law. Notwithstanding any
provision of this Agreement to the contrary, (i) in no event will the Company be liable for any additional tax, interest or penalty that may be imposed on the Executive by Section 409A or damages for failing to comply with
Section 409A and (ii) the Executive acknowledges and agrees that the Executive will not have any claim or right of action against the Company or any of its employees, officers, directors or agents in the event it is determined that any
payment or benefit provided hereunder does not comply with Section 409A. 
  

	14.	Miscellaneous Provisions 

 (a) Waiver. No provision of this Agreement shall be
modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by the Executive and by an authorized officer of the Company (other than the 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 shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

(b) Entire Agreement. This Agreement (including the recitals and exhibits) shall supersede and replace all prior agreements or
understandings relating to the subject matter hereof, and no agreements, representations or understandings (whether oral or written or whether express or implied) that are not expressly set forth in this Agreement have been made or entered into by
either party with respect to the relevant matters hereof. This Agreement may not be modified except expressly in a writing signed by both parties. 

(c) Choice of Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the internal
substantive laws of the State of Texas without reference to any choice of law rules. 
 (d) Severability. The invalidity or
unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect. 

  
 -12- 








 (e) No Assignment of Benefits. The rights of any person to payments or benefits under this
Agreement shall not be made subject to option or assignment, either by voluntary or involuntary assignment or by operation of law, in respect of bankruptcy, garnishment, attachment or other creditor’s process, and any action in violation of
this Section 14(e) shall be void. 
 (f) No Duty to Mitigate. The Executive shall not be required to mitigate the amount of any
payment contemplated by this Agreement, nor shall any such payment be reduced by any earnings that the Executive may receive from any other source. 

(g) Employment Taxes. All payments made pursuant to this Agreement will be subject to withholding of all applicable income, employment
and other taxes. 
 (h) Assignment by Company. The Company may assign its rights under this Agreement to an affiliate (as defined
under the Exchange Act), and an affiliate may assign its rights under this Agreement to another affiliate of the Company or to the Company. In the case of any such assignment, the term “Company” when used in a section of this Agreement
shall mean the corporation that actually employs the Executive. 
 (i) Counterparts. This Agreement may be executed in counterparts,
each of which shall be deemed an original, but all of which together will constitute one and the same instrument. 
 IN WITNESS WHEREOF,
each of the parties has executed this Agreement, in the case of the Company by its duly authorized officer, as of the day and year first above written. 
  

			
	BLUCORA, INC.
		
	By:	 	/s/ John S. Clendening
	Name:  	 	John S. Clendening
	Title:	 	Chief Executive Officer & President
	
	  
 H.D. VEST, INC.

		
	By:	 	/s/ Scott Rawlins
	Name:	 	Scott Rawlins
	Title:	 	President
	
	  
 EXECUTIVE:

	
	 /s/ Robert D. Oros

	Robert D. Oros



  
 -13- 








 EXHIBIT A 

Supplementary Terms of Employment — Chief Executive Officer, H.D. Vest, Inc. 

In consideration of my employment by Blucora, Inc., a Delaware corporation and H.D. Vest, Inc., a Texas corporation, and their subsidiaries,
affiliates, successors or assigns (collectively herein the “Company”), and in consideration of the compensation now and hereafter paid to me, I agree to the following terms and conditions of my employment relationship with
the Company (the “Agreement”) which supplement the terms of my employment agreement with the Company, dated as of January 22, 2017 (the “Employment Agreement”): 

Section I — General Terms 
 1. At-Will
Employment: I acknowledge that my employment will be of indefinite duration and that either the Company or I will be free to terminate this employment relationship at will at any time with or without cause. I also acknowledge that any
representations to the contrary are unauthorized and void, unless contained in a separate written employment contract approved by the Board of Directors of the Company or a Committee thereof. I further acknowledge that the terms and conditions of
this Agreement shall survive termination of my employment. 
 2. Outside Activities and Investments: I will devote my best efforts to furthering the
best interests of the Company. During my employment, I will not engage in any activity or investment (other than an investment of less than one percent (1%) of the shares of a company traded on a registered stock exchange), that
(a) conflicts with the Company’s business interest, including without limitation, any business activity contemplated by this Agreement, (b) occupies my attention so as to interfere with the proper and efficient performance of my
duties at the Company, or (c) interferes with the independent exercise of my judgment in the Company’s best interests. 
 Also,
during my employment by the Company, I will not actively engage in any other employment, occupation or consulting activity for any direct or indirect remuneration without the prior approval of the Company’s Board of Directors or a duly
authorized Committee thereof. I have listed on the Company’s Outside Activity Disclosure form, attached hereto as Exhibit A, any business activities or ventures with which I am currently involved. 

3. Return of Company Property: At the time I leave the employ of the Company or at the Company’s request, I will return to the Company all papers,
drawings, notes, memoranda, manuals, specifications, designs, devices, documents, diskettes and tapes, and any other material on any media containing or disclosing any confidential or proprietary technical or business information of the Company or
any third party to whom the Company owes a duty of confidentiality. I will also return any keys, pass cards, identification cards or any other property belonging to the Company. Anything to the contrary notwithstanding, I shall be entitled to retain
(i) papers and other materials of a personal nature, including, but not limited to, photographs, correspondence, personal diaries, calendars and rolodexes, personal files and phone books, (ii) information showing my compensation or
relating to reimbursement of expenses, and (iii) copies of compensatory plans, programs and agreements with the Company. 
 4. Obligation to
Disclose This Agreement: For a period of one (1) year after termination of my employment for any reason (the “Post-Employment Year”), I agree to inform any new employer, prior to accepting any such new employment, of
the existence and terms of this Agreement and to provide such new employer with a copy of this Agreement. 







 Section II — Non-Disclosure 

5. Non-Disclosure of the Company Information: During my employment with the Company and at any time thereafter, I will not disclose to anyone outside
the Company nor use for any purpose other than my work for the Company any confidential or proprietary technical, financial, marketing, distribution or business information or trade secrets of the Company, including without limitation, concepts,
techniques, processes, methods, systems, designs, cost data, computer programs, formulas, development or experimental work, work in progress, or information or details regarding the Company’s relationships with customers, vendors, partners and
suppliers (collectively “The Company Confidential Information”). I will also not disclose any The Company Confidential Information inside the Company except on a “need to know” basis. If I have any questions as to
what comprises such The Company Confidential Information, or to whom, if anyone, inside the Company, it may be disclosed, I will consult the Company’s Chief Legal & Administrative Officer. Anything herein to the contrary
notwithstanding, The Company Confidential Information does not include information which (i) is disclosed as required by law, provided that I give the Company prompt written notice of such requirement prior to such disclosure and assistance in
obtaining an order protecting the information from public disclosure and (ii) as to information that becomes generally known to the public other than due to my violation of any legal contractual or fiduciary confidentiality obligation. 

6. Non-Disclosure of Third-Party Information Obtained through the Company: The Company has received and will receive confidential and proprietary
information from third parties subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes. During my employment with the Company and thereafter, I will not
disclose such confidential or proprietary information to anyone except as necessary in carrying out my work for the Company and consistent with the Company’s agreement with such third party. I will not use such information for the benefit of
anyone other than the Company or such third party, or in any manner inconsistent with any agreement between the Company and such third party of which I am made aware. 

7. Non-Disclosure of Third-Party Information Obtained Elsewhere: During my employment at the Company I will not improperly use or disclose any
confidential or proprietary information or trade secrets of my former or current employers, principals, partners, co-ventures, clients, customers, or suppliers, or the vendors or customers of such persons or entities, unless such persons or entities
have given consent to my use or disclosure. I will not violate any non-disclosure or proprietary rights agreement I might have signed in connection with any such person or entity. 

Section III — Invention Assignment, Release and Cooperation 

8. Invention Assignment and Release: I will make prompt and full disclosure to the Company, will hold in trust for the sole benefit of the Company, and
will assign and hereby do assign exclusively to the Company all my right, title and interest in and to any and all inventions, discoveries, designs, developments, improvements, copyrightable material, and trade secrets (collectively herein
“Inventions”) that I, solely or jointly, may conceive, develop, or reduce to practice during the period of time I am in the employ of the Company. I hereby waive and quitclaim to the Company any and all claims of any nature
whatsoever that I now or hereafter may have for infringement of any patent resulting from any patent applications for any Inventions so assigned to the Company. I will assign to the Company or its designee all right, title and interest in and to any
and all Inventions full title to which may be required to be in the United States by any contract between the Company and the United States or any of its agencies. 







 My obligation to assign shall not apply to any Invention about which I can prove that it was
developed entirely on my own time; and 
  

	 	a)	No equipment, supplies, facility, or trade secret information of the Company was used in its development; and 

  

	 	b)	It does not relate (1) directly to the business of the Company or (2) to the actual or demonstrably anticipated research or development of the Company; and 


 

	 	c)	It does not result from any work performed by me for the Company. 

 9. Prior Inventions: I have listed
and described on Exhibit B, attached hereto, all Inventions belonging to me and made by me prior to my employment at the Company that I wish to have excluded from this Agreement. If Exhibit B is left blank, I represent that there are no such
Inventions. If, in the course of my employment at the Company, I use in or incorporate into an the Company product, process, or machine an Invention owned by me or in which I have an interest that is not on Exhibit B and is related (1) directly
to the business of the Company or (2) to the actual or demonstrably anticipated research or development of the Company, the Company is hereby granted and shall have a non-exclusive, fully-paid up, royalty-free, irrevocable, worldwide license to
make, have made, use and sell that Invention without restriction as to the extent of my ownership or interest. 
 10. Cooperation: I will execute any
proper oath or verify any proper document in connection with carrying out the terms of this Agreement. If, because of my mental or physical incapacity or for any other reason whatsoever, the Company is unable to secure my signature to apply for or
to pursue any application for any United States or foreign patent or copyright covering Inventions assigned to the Company as stated above, I hereby irrevocably designate and appoint the Company and its duly authorized officers and agents as my
agent and attorney in fact, to act for me and in my behalf and stead to execute and file any such applications and to all other lawfully permitted acts to further the prosecution and issuance of U.S. and foreign patents and copyrights thereon with
the same legal force and effect as if executed by me. I will testify at the Company’s request and expense in any interference, litigation, or other legal proceeding that may arise during or after my employment. Notwithstanding anything to the
contrary contained herein, (i) in requesting your cooperation under this Section 10 following the termination of your employment, the Company shall take into account your personal and business commitments and (iii) in any event, in
complying with your obligations under this Section 10, you shall not be required to act against your own legal interests. 
 Section IV —
Non-Competition and Non-Solicitation 
 11. Non-Competition: During the Post-Employment Year, I will not, within the United States, Canada,
and any other region where the Company engages in the Company’s business (as defined below) during my employment with the Company, accept employment with any entity whose business is, or engage in any activities that are, competitive with the
Company’s business. For purposes of this paragraph 11, “the Company’s business” shall mean (a) tax preparation and tax preparation-related products and services provided to consumers and small businesses, and to or through
tax professionals; (b) investment and insurance products or services, and related advice and brokerage services, provided to or through tax professionals or in conjunction with tax preparation services and (c) any other business the
Company engages in or develops during Executive’s employment with the Company. 







 12. Non-Solicitation: While employed at the Company and during the Post-Employment Year, on my own behalf
or on behalf of any other person or entity, I will not solicit, induce or attempt to influence directly or indirectly any employee of the Company to work for me or any other person or entity for whom I work or intend to work, nor will I solicit,
induce or attempt to influence directly or indirectly any customer, business partner, supplier or vendor of the Company to terminate his/her/its business relationship with the Company. 

Section V — Arbitration 
 13. Mutual
Agreement to Arbitrate: I understand that the Company is committed to resolving any employment related disputes and claims efficiently and effectively, while preserving due process safeguards, through the use of binding arbitration. I agree that
any dispute and/or claim between the Company (including without limitation its officers, directors, employees agents or shareholders) and me that underlies, relates to and/or results from my employment relationship with the Company or any of the
terms of this Agreement, including the confidentiality, non-compete and non-solicitation requirements, that cannot be resolved by mutual agreement of the Company and me will be submitted to final, binding arbitration to the maximum extent permitted
by law in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association that are then in effect. 

I understand that this Agreement governs any claim I have that underlies, relates to and/or results from my employment relationship with the
Company or the termination of that relationship, including, but not limited to, claims of wrongful discharge, infliction of emotional distress, breach of contract (including breach of this Agreement), breach of any covenant of good faith and fair
dealing, and claims of retaliation and/or discrimination in violation of any local, state or federal law. Examples of such laws include Title VII of the Civil Rights Act of 1964; the Age Discrimination in Employment Act of 1967; the Americans with
Disabilities Act of 1990; the Family and Medical Leave Act of 1993; RCW Chapter 49.60, and all amendments to each such Act as well as the regulations issued thereunder. 

14. Excluded from Arbitration: This Agreement does not affect my right to pursue worker’s compensation or unemployment compensation benefits for
which I may be eligible in accordance with state law, nor does it affect my right to file and/or to cooperate in the investigation of an administrative charge of discrimination. 

15. Arbitration Remedies and Awards: I understand that I may seek in arbitration any remedy or award that would be available to me through civil
litigation and the arbitrator has authority to grant any such remedy or award. I agree that such remedies include monetary damages but do not include reinstatement unless authorized by statute. 

16. Arbitration Fees: I understand that the Company, as further consideration for my agreement to arbitrate covered disputes, agrees to pay for the
arbitrator’s fees and other costs directly associated with the arbitration that would not otherwise be charged if the parties pursued civil litigation in court. 

17. Injunctive or Other Relief: I understand that, pursuant to this Agreement, I and the Company forego and waive the right to take any covered dispute
or claim to civil litigation in court. However, I understand that either I or the Company may apply to any court of competent jurisdiction for a temporary restraining order, preliminary injunction, or other interim or conservatory relief, as
necessary, without breach of this Agreement and without abridgement of the powers of the arbitrator. 







 Section VI — Miscellaneous Terms 

18. Choice of Law and Venue: I agree that this Agreement shall be governed for all purposes by the laws of the state of Texas, and that venue for any
action arising out of this Agreement shall be exclusively laid in the Federal District Court of Texas. In any matter that is presented to an arbitrator under this Agreement, I agree that the location of the arbitration hearing(s) will be in Dallas
County, Texas, unless another location is mutually agreed upon. 
 19. Conflicting Provisions: If any provision of this Agreement shall be declared
excessively broad, it shall be construed or modified so as to afford the Company the maximum protection permissible by law. If any provision of this Agreement is void or so declared, such provision shall be severed from this Agreement, which shall
otherwise remain in full force and effect. 
 20. Entire Agreement: This Agreement sets forth the entire Agreement of the parties as to the subject
matter hereof and any representations, promises, or conditions in connection therewith not in writing and signed by both parties shall not be binding upon either party. 

21. Acknowledgment: I acknowledge that I have had a full opportunity to read this Agreement before signing it. I confirm that I understand its terms
and believe them to be reasonable, and I agree that the Company’s offer of employment is sufficient consideration for this Agreement. 
 HAVING READ
AND FULLY UNDERSTOOD THIS AGREEMENT, I have signed my name this date. 
 Signature of Employee:    /s/ Robert D. Oros 

Name of Employee:    Robert D. Oros 
 Date:
January 22, 2017 







 EXHIBIT B 

GENERAL RELEASE OF ALL CLAIMS 

This General Release and Waiver of Claims (this “Release”) is executed by Robert D. Oros (“Executive”) as of the date set
forth below, and will become effective as of the “Effective Date” as defined below. This Release is in consideration of severance benefits to be paid to Executive by Blucora, Inc., a Delaware corporation (the “Company”), pursuant
to the Employment Agreement between Executive, the Company and H.D. Vest, Inc. dated January 22, 2017 (the “Employment Agreement”). Execution of this Release without revocation by Executive will satisfy the requirement, set forth in
Section 6(g) of the Employment Agreement, that Executive execute a general release and waiver of claims in order to receive severance benefits pursuant to the Employment Agreement. 

 

	 	1.	Termination of Employment 

 Executive acknowledges that his employment
with the Company and any of its subsidiaries (collectively, the “Company Group”) and any and all appointments he held with any member of the Company Group, whether as officer, director, employee, consultant, agent or otherwise, terminated
as of                  (the “Termination Date”). Effective as of the Termination Date, Executive has not had or exercised or purported to have or
exercise any authority to act on behalf of the Company or any other member of the Company Group, nor will Executive have or exercise or purport to have or exercise such authority in the future. 

 

	 	2.	Waiver and Release 

  

	 	(a)	Executive, for and on behalf of himself and his heirs and assigns, hereby waives and releases any common law, statutory or other complaints, claims, charges or causes of action arising out of or relating to
Executive’s employment or termination of employment with, or Executive’s serving in any capacity in respect of any member of the Company Group (collectively, “Claims”). The Claims waived and released by this Release include any
and all Claims, whether known or unknown, whether in law or in equity, which Executive may now have or ever had against any member of the Company Group or any shareholder, employee, officer, director, agent, attorney, representative, trustee,
administrator or fiduciary of any member of the Company Group (collectively, the “Company Releasees”) up to and including the date of Executive’s execution of this Agreement. The Claims waived and released by this Release
include, without limitation, any and all Claims arising out of Executive’s employment with the Company Group under, by way of example and not limitation, the Age Discrimination in Employment Act of 1967 (“ADEA”, a law which
prohibits discrimination on the basis of age against persons age 40 and older), the National Labor Relations Act, the Civil Rights Act of 1991, the Americans With Disabilities Act of 1990, Title VII of the Civil Rights Act of 1964, the Employee
Retirement Income Security Act of 1974, the Family Medical Leave Act, the Securities Act of 1933, the Securities Exchange Act of 1934, and the Texas Labor Code Chapter 21, all as amended, and all other federal, state and local statutes, ordinances,
regulations and the common law, and any and all Claims arising out of any express or implied contract, except as described in Paragraphs 2(b) and 2(c) below. 









	 	(b)	The waiver and release set forth in this Section 2 is intended to be construed as broadly and comprehensively as applicable law permits. The waiver and release shall not be construed as waiving or releasing any
claim or right that as a matter of law cannot be waived or released, including Executive’s right to file a charge with the Equal Employment Opportunity Commission or other government agency; however, Executive waives any right to recover
monetary remedies and agrees that he will not accept any monetary remedy as a result of any such charge or as a result of any legal action taken against the Company by any such agency. 


 

	 	(c)	Notwithstanding anything else in this Release, Executive does not waive or release claims with respect to: 

  

	 	(i)	Executive’s entitlement, if any, to severance benefits pursuant to the Employment Agreement; 

  

	 	(ii)	vested benefits or payments specifically to be provided to the Executive pursuant to the Employment Agreement or any Company employee benefit plans or policies; 


 

	 	(iii)	indemnification pursuant to any applicable provision of the Company’s Bylaws or Certificate of Incorporation, as amended, pursuant to any written indemnification agreement between the Executive and the Company, or
pursuant to applicable law; 

  

	 	(iv)	any claims which the Executive may have solely by virtue of the Executive’s status as a shareholder of the Company; or 

  

	 	(v)	unemployment compensation to which Executive may be entitled under applicable law. 

  

	 	(d)	Executive represents and warrants that he is the sole owner of the actual or alleged Claims that are released hereby, that the same have not been assigned, transferred, or disposed of in fact, by operation of law, or in
any manner, and that he has the full right and power to grant, execute and deliver the releases, undertakings, and agreements contained herein. 

  

	 	(e)	Executive represents that he has not filed any complaints, charges or lawsuits against the Company with any governmental agency or any court based on Claims that are released and waived by this Release.


  

	 	3.	No Admission of Wrongdoing 

 This Release shall not be construed as an
admission by either party of any wrongful or unlawful act or breach of contract. 
  

	 	4.	Binding Agreement; Successors and Assigns 

 This Release binds
Executive’s heirs, administrators, representatives, executors, successors, and assigns, and will inure to the benefit of the respective heirs, administrators, representatives, executors, successors, and assigns of any person or entity as to
whom the waiver and release set forth in Section 2 applies. 








	 	5.	Other Agreements 

 This Release does not supersede or modify in any way
Executive’s continuing obligations pursuant to the Employment Agreement (including Exhibit A thereto) or the dispute resolution provisions of the Employment Agreement (including Exhibit A thereto). 

 

	 	6.	Knowing and Voluntary Agreement; Consideration and Revocation Periods 

  

	 	(a)	Executive acknowledges that he has been given twenty-one (21) calendar days from the date of receipt of this Release to consider all of the provisions of this Release and that if he signs this Release before the
21-day period has ended he knowingly and voluntarily waives some or all of such 21-day period. 

  

	 	(b)	Executive represents that (i) he has read this Release carefully, (ii) she has hereby been advised by the Company to consult an attorney of his choice and has either done so or voluntarily chosen not to do so,
(iii) she fully understands that by signing below she is giving up certain rights which she might otherwise have to sue or assert a claim against any of the Company Releasees, and (iv) she has not been forced or pressured in any manner
whatsoever to sign this Release, and agrees to all of its terms voluntarily. 

  

	 	(c)	Executive shall have seven (7) calendar days from the date of his execution of this Release (the “Revocation Period”) in which she may revoke this Release. Such revocation must be in writing and
delivered, prior to the expiration of the Revocation Period, to the attention of the Company’s Chief Legal and Administrative Officer at the Company’s then-current headquarters address. If Executive revokes this Release during the
Revocation Period, then the Release shall be null and void and without effect. 

  

	 	7.	Effective Date 

 The Effective Date of this Release will be day after
the Revocation Period expires without revocation by Executive. 
 IN WITNESS WHEREOF, Executive has executed this Release as of the date
indicated below. 
  

			
	 _____________________________________
	 	Dated:  _______________________








 EXHIBIT C 

COMMUTING, RELOCATION AND OTHER EXPENSES 

Capitalized terms used herein but not otherwise defined shall have the meaning set forth in the employment Agreement dated January 22, 2017 between
Executive, the Company and HD Vest (the “Employment Agreement”). The Company will pay for, or reimburse Executive for, expenses incurred in connection with Executive’s commute between the Boston and Dallas areas and the
eventual relocation of Executive’s primary residence to the Dallas area, which relocation will be completed no later than July 31, 2019 (the “Relocation”). The Company’s payment and reimbursement of commuting
and relocation expenses will be limited to Executive’s actual expenses and will not exceed $525,000 in the aggregate. The following specific limits will also apply (collectively, “Moving/Commuting Expenses”): 

 

	 	•	 	Up to $210,000 (inclusive of tax gross-up) for transaction expenses incurred in connection with the sale of your existing home and the purchase of your new home; 


	 	•	 	Up to $40,000 for expenses incurred in connection with the packing and delivery of your personal possessions at the time of your relocation to Dallas; and 


	 	•	 	Up to $5,000 per month (subject to a maximum of $150,000) for temporary lodging expenses and a maximum of $125,000 for miscellaneous commuting expenses. 


In addition to the foregoing, the Company will (a) pay or reimburse Executive for up to $10,000 for legal expenses incurred by Executive in connection
with the review of Executive’s offer letter and the Employment Agreement, and (b) pay to Executive an amount equal to 50% of the unpaid bonus and performance option compensation to which Executive would have otherwise been legally entitled
as of the date of Executive’s employment separation from his immediately prior employer but for the fact that Executive terminated his employment with such employer and commenced employment with the Company and HD Vest (such amount,
“Relinquished Compensation”), provided that the amount to be paid by the Company pursuant to this provision shall not exceed $250,000 in the aggregate. Executive shall provide the Company with documentation supporting his
calculation of the Relinquished Compensation. 
 If Executive resigns his employment with HD Vest for any reason, or if Executive is terminated by HD Vest
for Cause, and such resignation or termination occurs on or before the two-year anniversary of the Commencement Date, Executive will repay to the Company all amounts paid to him under the immediately preceding paragraph, and (b) all amounts
paid or reimbursed by the Company for Moving/Commuting Expenses. If Executive resigns his employment with HD Vest for any reason, or if Executive is terminated by HD Vest or the Company for Cause, and such resignation or termination occurs on or
before the Relocation, Executive will repay to the Company all Moving/Commuting Expenses. If, prior to the Commencement Date, HD Vest or the Company decide to terminate the Employment Agreement, other than for reasons that if Executive had commenced
employment would constitute Cause under the Employment Agreement, Executive shall have no obligation to repay any Moving/Commuting Expenses.