Exhibit 10.1


 


	
    TERMINATION AGREEMENT

    dated as of April [__], 2022

	Between RH and [DEALER]





 


THIS TERMINATION AGREEMENT
(this “Agreement”) with respect to the Base Warrants Confirmation and Additional Warrants Confirmation (each as
defined below) is made as of April [__], 2022, between RH (“Company”) and [Dealer] (“Dealer”).


 


WHEREAS, Dealer and Company
entered into a Base Issuer Warrant Transaction (the “Base Warrants Transaction”) pursuant to an ISDA confirmation
dated as of [June 13, 2018] [September 12, 2019], which supplements, forms a part of, and is subject to an agreement in the
form of the 2002 ISDA Master Agreement, pursuant to which Dealer purchased from Company [_____] warrants (as amended, modified, terminated
or unwound from time to time, the “Base Warrants Confirmation”);


 


WHEREAS, Dealer and Company
entered into an Additional Issuer Warrant Transaction (the “Additional Warrants Transaction” and, together with
the Base Warrants Transaction, the “Warrants Transactions”) pursuant to an ISDA confirmation dated as of [June 22,
2018] [September 13, 2019], which supplements, forms a part of, and is subject to an agreement in the form of the 2002 ISDA Master
Agreement, pursuant to which Dealer purchased from Company [_____] warrants (as amended, modified, terminated or unwound from time to
time, the “Additional Warrants Confirmation” and, together with the Base Warrants Confirmation, the “Warrants
Confirmations”); [and]


 


[WHEREAS, Company and Dealer
have previously agreed [to partially terminate the Base Warrants Transaction with respect to a total of [_____] Shares] and to partially
terminate the Additional Warrants Transaction with respect to a total of [_____] Shares;]


 


WHEREAS, Company has requested,
and Dealer has agreed, subject to the terms hereof, to fully terminate the [Base Warrants Transaction and the Additional Warrants Transaction]
with respect to all remaining Shares, an amount equal to [_____] Shares;


 


NOW, THEREFORE, in consideration
of their mutual covenants herein contained, the parties hereto, intending to be legally bound, hereby mutually covenant and agree as follows:


 


1.            Defined
Terms. Any capitalized term not otherwise defined herein shall have the meaning set forth for such term in the Warrants Confirmations.
In the event of any inconsistency between the definitions set forth in the Warrant Confirmations and this Agreement, this Agreement shall
govern.


 


2.            Settlement.
Notwithstanding anything to the contrary in the Warrants Confirmations, in consideration of the payment described in Section 4
below, on the Cash Settlement Date (as defined below): (1) the Base Warrants Confirmation shall be fully terminated with respect
to all remaining Shares, an amount equal to [_____] Shares (the “Terminated Base Warrants”); (2) the Additional
Warrants Confirmation shall be fully terminated with respect to all remaining Shares, an amount equal to [__] Shares (the “Terminated
Additional Warrants” and together with the “Terminated Base Warrants,” the “Designated Warrants
Transactions”; (3) all of the respective rights and obligations of the parties under the Base Warrants Confirmation and
the Additional Warrants Confirmation with respect to the Designated Warrants Transactions shall be cancelled and terminated; and (4) each
party shall be released and discharged by the other party, and agrees not to make any claim with respect to any obligations of the other
party, in connection with the Designated Warrants Transactions; provided that the representations and warranties contained
or incorporated by reference in the Base Warrants Confirmation and the Additional Warrants Confirmation, and any indemnification or contribution
obligations contained therein arising as a result of events occurring on or prior to the Cash Settlement Date, shall survive such termination.


 


3.            Procedures
for Hedge Unwind. On each day during the period of [_____] [(__)] consecutive Trading Days beginning on, and including, April [__],
2022 (the “Hedge Unwind Period”) Dealer (or an agent or affiliate of Dealer), for the account of Dealer, may unwind
a portion of its hedge with respect to the Designated Warrants Transactions being terminated hereunder. “Trading Day”
means a day on which (i) there is no Market Disruption Event and (ii) trading in the Shares generally occurs on The New York
Stock Exchange. “Market Disruption Event” means (i) a failure by The New York Stock Exchange to open for trading
during its regular trading session or (ii) a Trading Halt. “Trading Halt” means the occurrence or existence prior
to 1:00 p.m. (New York City time) on any scheduled trading day for the Shares for more than one 45 minute period in the aggregate
during regular trading hours of any suspension of trading (by reason of movements in price exceeding limits permitted by The New York
Stock Exchange or otherwise) in the Shares.


 






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4.            Payment.
On the second business day following the final Trading Day of the Hedge Unwind Period (the “Cash Settlement Date”),
Company shall pay to Dealer an amount in USD equal to the Cash Settlement Amount. The “Cash Settlement Amount”
shall mean an amount determined in accordance with the following formula:


 


Cash
Settlement Amount = Max {[Base Premium + (Delta % * (Average Price - Closing Price))],0}* Number of Designated Warrants Transactions


 


For these purposes:


 


“Average
Price” means the average price per share at which Dealer unwinds its Hedge Positions in respect of the Designated Warrants Transactions,
as determined by the Calculation Agent.


 


“Base
Premium” means [____].


 


“Closing
Price” means $346.60


 


“Delta
%” means [______].


 


If
Dealer determines, in the case of clause (x) below, in its commercially reasonable judgment or, in the case of clause (y) below,
based on advice of counsel, that during the Hedge Unwind Period an extension of the Hedge Unwind Period is reasonably necessary or appropriate
(x) to preserve Dealer’s hedge unwind activity hereunder in light of existing liquidity conditions or (y) to enable Dealer
to effect sales of Shares in connection with its hedge unwind activity hereunder in a manner that would be in compliance with applicable
legal, regulatory or self-regulatory requirements of organizations with jurisdiction over Dealer or its affiliates, or with related policies
and procedures adopted by Dealer in good faith so long as such policies and procedures would generally be applicable to counterparties
similar to Company and transactions similar to those contemplated by this Agreement, then the number of Trading Days in the Hedge Unwind
Period and the Cash Settlement Amount shall be adjusted by Dealer in its good faith, commercially reasonable discretion to account for
such extension. Dealer shall promptly (but in no event later than 8:00 p.m. (New York City time) on the day on which it makes
a determination described in clause (x) or clause (y) of the preceding sentence, provide notice to Company of such determination,
which notice shall describe in reasonable detail the reason for such determination and the related adjustment made by Dealer.


 


5.            [Reserved.]


 


6.            Agreements,
Representations and Warranties of Company. Company represents and warrants to Dealer (and agrees with Dealer in the case of Sections 6(g) through
6(m)) on the date hereof that:


 


(a)  it has the power to
execute this Agreement and any other documentation relating to this Agreement to which it is a party, to deliver this Agreement and to
perform its obligations under this Agreement and has taken all necessary action to authorize such execution, delivery and performance;


 


(b)  such execution, delivery
and performance do not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or
judgment of any court or other agency of government applicable to it or any of its assets or any material contractual restriction binding
on or affecting it or any of its assets;


 


(c)  all governmental and
other consents that are required to have been obtained by it with respect to this Agreement have been obtained and are in full force and
effect and all conditions of any such consents have been complied with;


 


(d)  its obligations under
this Agreement constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to
applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject,
as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity
or at law));


 






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(e) 
none of Company and its officers and directors is aware of any material nonpublic information regarding Company or the Shares;


 


(f) 
it is not entering into this Agreement to create actual or apparent trading activity in the Shares (or any security convertible
into or exchangeable for the Shares) or to manipulate the price of the Shares (or any security convertible into or exchangeable for the
Shares) or otherwise in violation of the Securities Exchange Act of 1934, as amended (the “Exchange Act”);


 


(g)  neither Company nor
any of its Affiliates or agents shall take any action that would cause Regulation M under the Exchange Act (“Regulation
M”) to be applicable to any purchases of Shares, or any security for which the Shares are a reference security (as defined in
Regulation M), by Company or any of its affiliated purchasers (as defined in Regulation M) on any Trading Day during the Hedge
Unwind Period;


 


(h)  none of Company, its
affiliates or its affiliated purchasers has engaged in Rule 10b-18 purchases of blocks (“affiliates”, “affiliated
purchaser”, “Rule 10b-18 purchase” and “blocks” each as defined in Rule 10b-18) pursuant to the
once-a-week block exception contained in Rule 10b-18(b)(4) by or for Company or any of its affiliated purchasers during each
of the four calendar weeks preceding the date hereof and during the calendar week in which the date hereof occurs and none shall engage
in purchases of such blocks prior to the end of the Hedge Unwind Period;


 


(i) 
Company (A) will not during the Hedge Unwind Period make, or (to the extent within Company’s control) permit to be made,
any public announcement (as defined in Rule 165(f) under the Securities Act of 1933, as amended (the “Securities
Act”)) of any Merger Transaction or potential Merger Transaction unless such public announcement is made prior to the opening
or after the close of the regular trading session on the Exchange for the Shares; (B) shall promptly (but in any event prior to the
next opening of the regular trading session on the Exchange) notify Dealer following any such announcement that such announcement has
been made; and (C) shall promptly (but in any event prior to the next opening of the regular trading session on the Exchange) provide
Dealer with written notice specifying (x) Company’s average daily Rule 10b-18 purchases (as defined in Rule 10b-18)
during the three full calendar months immediately preceding the announcement date that were not effected through Dealer or its affiliates
and (y) the number of Shares purchased pursuant to the proviso in Rule 10b-18(b)(4) under the Exchange Act for the three
full calendar months preceding the announcement date. Such written notice shall be deemed to be a certification by Company to Dealer that
such information is true and correct. In addition, Company shall promptly notify Dealer of the earlier to occur of the completion of such
transaction and the completion of the vote by target shareholders. “Merger Transaction” means any merger, acquisition
or similar transaction involving a recapitalization as contemplated by Rule 10b-18(a)(13)(iv) under the Exchange Act;


 


(j) 
without the prior written consent of Dealer, Company shall not, and shall cause its affiliates and affiliated purchasers (each as defined
in Rule 10b-18) not to, directly or indirectly (including, without limitation, by means of a cash-settled or other derivative instrument)
purchase, offer to purchase, place any bid or limit order that would effect a purchase of, or commence any tender offer relating to, any
Shares (or an equivalent interest, including a unit of beneficial interest in a trust or limited partnership or a depository share) or
any security convertible into or exchangeable or exercisable for Shares during the Hedge Unwind Period, except for purchases from
its employees that are not “Rule 10b-18 purchases” as defined in Rule 10b-18(a)(13) under the Exchange Act;


 


(l)  Company has entered
into with each of [_____], [_____] and [_____],

a Termination Agreement with respect to warrants (each, an “Other Dealer Warrant Termination Agreement”), each
of which is substantially in the form of this Agreement; and


 


(m)  on the date hereof,
and on each day during the Hedge Unwind Period, and on the Cash Settlement Date, Company is not, or will not be, “insolvent”
(as such term is defined under Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code) and Company
would be able to purchase a number of Shares equal to the aggregate Number of Shares under the Warrants Transactions in compliance with
the corporate laws of the jurisdiction of its incorporation.


 


7.            Representations
and Warranties of Dealer. Dealer represents and warrants to Company on the date hereof that:


 


(a)  it has the power to
execute this Agreement and any other documentation relating to this Agreement to which it is a party, to deliver this Agreement and to
perform its obligations under this Agreement and has taken all necessary action to authorize such execution, delivery and performance;


 






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(b)  such execution, delivery
and performance do not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or
judgment of any court or other agency of government applicable to it or any of its assets or any material contractual restriction binding
on or affecting it or any of its assets;


 


(c)  all governmental and
other consents that are required to have been obtained by it with respect to this Agreement have been obtained and are in full force and
effect and all conditions of any such consents have been complied with; and


 


(d)  its obligations under
this Agreement constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to
applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject,
as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity
or at law)).


 


8.            Purchases
During Hedge Unwind Period. During the Hedge Unwind Period, Dealer shall not, and shall cause its affiliates and agents (if any) not
to, make any purchases of Shares in connection with the Warrants Transactions or any other option transaction to which it is a party,
other than purchases made to dynamically hedge for Dealer’s own account or the account of its affiliate(s) the optionality
arising under the Warrants Transactions or such other option transaction.


 


9.            Account
for Payment to Dealer:


 


To be provided separately


 


10.            Governing
Law; Jurisdiction; Waiver of Trial by Jury.


 


(a)            This
Agreement and any claim, controversy or dispute arising under or related to this Agreement shall be governed by the laws of the State
of New York (without reference to choice of law doctrine). The parties hereto irrevocably submit to the exclusive jurisdiction of the
courts of the State of New York and the United States Court for the Southern District of New York in connection with all matters relating
hereto and waive any objection to the laying of venue in, and any claim of inconvenient forum with respect to, these courts.


 


(b)            Each
of Company and Dealer hereby irrevocably waives (on its own behalf and, to the extent permitted by applicable law, on behalf of its stockholders)
all right to trial by jury in any action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or
relating to this Agreement or the actions of Dealer, Company or Dealer’s or Company’s Affiliates in the negotiation, performance
or enforcement hereof.


 


11.            Counterparts.
This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if all of the
signatures thereto and hereto were upon the same instrument. Counterparts may be delivered via facsimile, electronic mail (including
any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures
and Records Act or other applicable law, e.g., DocuSign and AdobeSign (any such signature, an “Electronic Signature”))
or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and
effective for all purposes.  The words “execution,” “signed,” “signature” and words of like import
in this Confirmation or in any other certificate, agreement or document related to this Agreement shall include any Electronic Signature.


 


12.            No
Reliance, etc. Company confirms that it has relied on the advice of its own counsel and other advisors (to the extent it deems
appropriate) with respect to any legal, tax, accounting, or regulatory consequences of this Agreement, that it has not relied on Dealer
or its affiliates in any respect in connection therewith, and that it will not hold Dealer or its affiliates accountable for any such
consequences.


 


13.            Designation
by Dealer. The provisions of Section 8(k) of the Warrants Confirmations shall apply to the settlement contemplated hereby.


 






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14.            Additional
Acknowledgements and Agreements. Company acknowledges and agrees that Dealer may, during the Hedge Unwind Period, purchase
Shares in connection with this Agreement. Such purchases will be conducted independently of Company. The timing of such purchases by Dealer,
the number of Shares purchased by Dealer on any day, the price paid per Share pursuant to such purchases and the manner in which such
purchases are made, including without limitation whether such purchases are made on any securities exchange or privately, shall be within
the absolute discretion of Dealer. It is the intent of the parties that this Agreement comply with the requirements of Rule 10b5-1(c)(1)(i)(B) under
the Exchange Act, and the parties agree that this Agreement shall be interpreted to comply with the requirements of Rule 10b5-1(c),
and neither Company nor Dealer shall take any action that results in this Agreement not so complying with such requirements. Without limiting
the generality of the preceding sentence, Company acknowledges and agrees that (A) Company does not have, and shall not attempt to
exercise, any influence over how, when or whether Dealer effects any purchases of Shares in connection with this Agreement, (B) during
the period beginning on (but excluding) the date hereof and ending on (and including) the last day of the Hedge Unwind Period, neither
Company nor its officers or employees shall, directly or indirectly, communicate any information regarding Company or the Shares to any
employee of Dealer or its Affiliates responsible for trading the Shares in connection with the transactions contemplated hereby, (C) Company
is entering into this Agreement in good faith and not as part of a plan or scheme to evade compliance with federal securities laws including,
without limitation, Rule 10b-5 promulgated under the Exchange Act and (D) Company will not alter or deviate from this Agreement
or enter into or alter a corresponding or hedging transaction with respect to the Shares, it being understood that the Other Dealer Warrant
Termination Agreements are not intended to be corresponding or hedging transactions. Company and Dealer also acknowledge and agree that
any amendment, modification, waiver or termination of this Agreement must be effected in accordance with the requirements for the amendment
or termination of a “plan” as defined in Rule 10b5-1(c) under the Exchange Act. Without limiting the generality
of the foregoing, any such amendment, modification, waiver or termination shall be made in good faith and not as part of a plan or scheme
to evade the prohibitions of Rule 10b-5 under the Exchange Act, and no such amendment, modification or waiver shall be made at any
time at which Company or any officer or director of Company is aware of any material nonpublic information regarding Company or the Shares.


  


15.            Agreements
and Acknowledgements Regarding Hedging. Company acknowledges and agrees that:


 


(a) 
during the Hedge Unwind Period, Dealer and its Affiliates may buy or sell Shares or other securities or buy or sell options or
futures contracts or enter into swaps or other derivative securities in order to adjust its hedge position with respect to the Warrants
Confirmations and this Agreement;


 


(b)  Dealer and its Affiliates
also may be active in the market for Shares other than in connection with hedging activities in relation to the Warrants Confirmations
and this Agreement;


 


(c)  Dealer shall make
its own determination as to whether, when or in what manner any hedging or market activities in Company’s securities shall be conducted
and shall do so in a manner that it deems appropriate to hedge its price and market risk with respect to the Average Price; and


 


(d)  any market activities
of Dealer and its Affiliates with respect to Shares may affect the market price and volatility of Shares, as well as the Average Price,
each in a manner that may be adverse to Company.


 


16.            Address
for Notices. Any notices required to be delivered by the Company to Dealer, or by Dealer to the Company, hereunder shall be delivered
as provided in the Warrants Confirmations so long as a copy of any such notice is sent concurrently by email to the following email addresses:
asomberg@rh.com; jpreston@rh.com; semo@rh.com; edwardlee@rh.com.


 


17.            Amendments.
An amendment, modification or waiver in respect of this Agreement will be effective only if in writing (including a writing evidenced
by facsimile or email transmission) and executed by each of the parties or confirmed by an exchange of telexes, by an exchange of electronic
messages on an electronic messaging system or by email.


 


[Signature Page Follows]


 






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IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be duly executed as of the date first written above.


 


	



 


	 	[DEALER]
	 	 
	 	By:	 
	 	 	Name: 	 
	 	 	Title:	 
	 	 	 	 
	 	RH 
	 	 
	 	By:	 
	 	 	Name: 	 
	 	 	Title: