EX-10.17





 Exhibit 10.17 

ACKNOWLEDGEMENT AGREEMENT 

This Acknowledgement Agreement (this “Agreement”) is made effective as of October ____, 2021, by and among SM Midco L.P., a
Guernsey limited partnership (the “Partnership”), Dion GP Co. Limited, a Guernsey limited liability company and the general partner of the Partnership (the “General Partner”), Candela Medical, Inc., a Delaware
corporation (the “Company”), and the management unitholder identified on the signature page (the “Signature Page”) attached hereto (“Management Unitholder”). Capitalized terms used but not otherwise
defined herein shall have the meanings ascribed to them in the Partnership Agreement (as defined below). 
 WHEREAS, Management Unitholder
holds a number of vested and/or unvested Class B Units of the Partnership (the “Partnership Class B Units”), in each case as specified in the Equity Schedule set forth on the Signature Page, which Partnership
Class B Units are subject to the Third Amended and Restated Limited Partnership Agreement of the Partnership, dated as of November 30, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the
“Partnership Agreement”), the Partnership’s Amended and Restated Executive Equity Incentive Plan (as amended from time to time, the “Equity Incentive Plan”) and one or more Class B Unit Award Agreements,
including any exhibits attached thereto (collectively, the “Unit Award Agreements”); 
 WHEREAS, in connection with the
initial public offering of the Company (the “IPO”) and on or around the IPO pricing date, the Partnership will distribute shares of common stock, par value $0.01 per share, of the Company (the “Common Stock”) to its
partners, which will be effected as a distribution of assets pursuant to the waterfall in the Partnership Agreement followed by a liquidation of the Partnership (the “Distribution” and, the date of such Distribution, the
“Distribution Time”), upon the terms and subject to the conditions set forth herein and as otherwise determined by the General Partner; 

WHEREAS, as set forth herein (including Appendix A), specified shares of Common Stock received by the Management Unitholder in the
Distribution will be subject to vesting and/or forfeiture conditions, (such shares of Common Stock, “Restricted Stock”); and 

WHEREAS, this Agreement shall become effective upon, and subject to, the pricing of the IPO. 

NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto acknowledge and agree as follows: 

1. Distribution in Respect of Partnership Class B Units. 

(a) Subject to the terms and conditions set forth herein and effective as of the Distribution Time, the General Partner will cause the
Partnership to distribute shares of Restricted Stock to the Management Unitholder in respect of his or her Partnership Class B Units, which will be effected as a distribution of assets pursuant to the waterfall in the Partnership Agreement.
Once the price at which shares of Common Stock are initially offered to the public in connection with the IPO (the “IPO Price”) is conclusively determined, the actual number of shares of Restricted Stock to be received will be
determined and the Company will communicate such final number to the Management Unitholder. 
 (b) Effective as of the Distribution, the
shares of Restricted Stock shall be subject to the terms of Appendix A attached hereto. Notwithstanding the foregoing, effective as of the Distribution Time and subject to the other provisions of this Agreement (including Section 6), any
shares of Restricted Stock received in respect of the Management Unitholder’s vested Partnership Class B Units shall be vested and shall not be subject to the terms of Appendix A. 

 












 (c) Management Unitholder shall provide the Company with a copy of a completed election
under Section 83(b) of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder in the form of Exhibit A attached hereto, with respect to the shares of Restricted Stock. Management Unitholder shall timely
(within 30 days following the Distribution Time) file (via certified mail, return receipt requested) such election with the Internal Revenue Service, and thereafter shall certify to the Company that Management Unitholder has made such timely filing
and furnish a copy of such filing to the Company. Management Unitholder should consult his or her tax advisor regarding the consequences of a Section 83(b) election, as well as the receipt, vesting, holding and sale of the shares of Restricted
Stock. 
 (d) Management Unitholder acknowledges that the shares of Restricted Stock have not been registered under the Securities Act of
1933, as amended (the “Securities Act”), and accordingly, may not be sold or transferred except pursuant to an effective registration statement under the Securities Act or pursuant to an applicable exemption therefrom, subject to
Section 6 below and the Company’s then effective securities trading policy. 
 2. Restrictive Covenants Agreement. For
purposes of the Restrictive Covenants Agreement (as defined in the Equity Incentive Plan) to which Management Unitholder is a party, it is acknowledged and agreed that, from and after the Distribution, references to the “Partnership” will
instead refer to the Company and references to the “Partnership Group” will refer to the Company and its subsidiaries. 
 3.
Book Entry. The Company shall recognize Management Unitholder’s ownership of shares of Restricted Stock through uncertificated book entry. 

4. Rights as a Stockholder. Management Unitholder shall be the record owner of the shares of Restricted Stock until or unless such
shares of Restricted Stock are forfeited pursuant to the terms of this Agreement, and as record owner shall be entitled to all rights of a common stockholder of the Company, including, without limitation, voting rights with respect to the shares of
Restricted Stock and rights to dividends or other distributions, subject to Section 6 below. 
 5. Book Entry Notations. To the
extent applicable, all book entries representing the shares of Restricted Stock delivered to Management Unitholder as contemplated by Section 3 above shall be subject to the rules, regulations, and other requirements of the Securities and
Exchange Commission, any stock exchange upon which such shares of Restricted Stock are listed, and any applicable Federal or state laws, and the Company may cause notations to be made next to the book entry to make appropriate reference to such
restrictions. Any such book entry notations may include a description of the restrictions set forth in Appendix A attached hereto. 

6. Transfer Restrictions. The shares of Restricted Stock are subject to the restrictions and obligations set forth in the Candela
Medical, Inc. Stockholders Agreement to be entered into by the Company and the other parties thereto on the date of the Distribution (the “Stockholders Agreement”), any lock-up agreement
between the Management Unitholder and the underwriters of the IPO and, as applicable, Appendix A attached hereto. 
 7. No Right to
Continued Employment or Service. Neither this Agreement nor Management Unitholder’s receipt of the shares of Restricted Stock hereunder shall impose any obligation on the Company or any of its affiliates to continue the employment or
engagement of Management Unitholder. Further, the Company or any of its affiliates (as applicable) may at any time terminate the employment or engagement of Management Unitholder, free from any liability or claim under the Equity Incentive Plan or
this Agreement, except as otherwise expressly provided herein. 

  
 - 2 - 













 8. Cooperation. Management Unitholder acknowledges that (i) the IPO constitutes
an Initial Public Offering and the Company constitutes the IPO Corporation, in each case, as set forth in the Partnership Agreement, and the Distribution of Restricted Stock in respect of unvested Partnership Class B Units is being effected
pursuant to Section 4.6 of the Partnership Agreement and (ii) that Management Unitholder has obligations to cooperate with the General Partner and take all actions as may be reasonably required by the General Partner in connection with the
consummation of the IPO under the Partnership Agreement. Without limiting the foregoing, Management Unitholder further agrees to cooperate with the General Partner, the Partnership, the Company and their respective affiliates in taking any actions
as may be reasonably required by the General Partner, the Partnership, the Company and their respective affiliates to consummate the transactions contemplated by this Agreement. 

9. Notices. Any notice necessary under this Agreement shall be addressed to the General Partner, the Partnership or the Company in care
of its Chief Legal Officer at its principal executive office and to Management Unitholder at the address appearing in the personnel records of the Company for such Management Unitholder or to either party at such other address as either party hereto
may hereafter designate in writing to the other. Any such notice shall be deemed effective upon receipt thereof by the addressee. 
 10.
Choice of Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware applicable to contracts made and performed wholly within the State of Delaware, without giving effect to the
conflict of laws provisions thereof. 
 11. Amendment. Prior to the consummation of the IPO, the General Partner and, after
consummation of the IPO, the Company, may waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate this Agreement, but no such waiver, amendment, alteration, suspension, discontinuance,
cancellation or termination shall adversely affect the rights of Management Unitholder hereunder without the consent of Management Unitholder. 

12. Electronic Delivery and Acceptance. The Company may, in its sole discretion, decide to deliver any documents related to the shares
of Restricted Stock by electronic means. The Management Unitholder hereby consents to receive such documents by electronic delivery and agrees to receive information related to the shares of Restricted Stock through an
on-line or electronic system established and maintained by the Company or a third party designated by the Company. 

13. Entire Agreement. This Agreement constitutes the entire agreement of the parties hereto in respect of the subject matter contained
herein and supersedes all prior agreements and understandings of the parties, oral and written, with respect to such subject matter. 
 14.
Binding Effect. This Agreement shall be binding upon the heirs, executors, administrators and successors of the parties hereto. 
 15.
Other Rights. Management Unitholder acknowledges that, upon consummation of the Distribution, Management Unitholder will no longer hold any Partnership Class B Units and will have no surviving rights or obligations under the Partnership
Agreement or any other governing documents of the Partnership or any other agreements related to ownership of any such Partnership Class B Units, other than as expressly set forth herein. For the avoidance of doubt, following the consummation
of the IPO, the Company shall not have any repurchase rights with respect to the Restricted Shares under the Partnership Agreement. 

[Signatures on next page.] 

  
 - 3 - 













 IN WITNESS WHEREOF, Management Unitholder acknowledges and accepts the terms of this
Agreement. 
  

	
	Management Unitholder
	
	  

	Name: Ernest Orticerio


  

	
	Equity Schedule:
	
	Orticerio:

  

							
	 PARTNERSHIP CLASS B

UNITS 
	  	 DATE OF

ACQUISITION OF

PARTNERSHIP CLASS

B UNITS 
	  	 NUMBER OF

VESTED

PARTNERSHIP

CLASS B UNITS AT

IPO 
	  	 NUMBER OF

UNVESTED
PARTNERSHIP
CLASS B UNITS AT
IPO


	Time Vesting Class B Units	  		  		  	
				
	Performance Vesting Class B Units	  		  		  	













 Agreement acknowledged and confirmed: 

 

			
	SM Midco L.P.
	By Dion GP Co. Limited, its general partner
		
	By:	 	          

	Name:
	Its:	 	
	
	Dion GP Co. Limited
		
	By:	 	  

	Name:
	Its:	 	
	
	Candela Medical, Inc.
		
	By:	 	  

	Name:
	Its:	 	














 APPENDIX A 

to the 

Exchange Acknowledgement and Agreement 

TERMS AND CONDITIONS 
 1.
General. Capitalized terms not otherwise defined herein shall have the meaning set forth in the Company’s 2021 Equity Incentive Plan. 

2. Vesting Conditions. Upon receipt, shares of Restricted Stock received in respect of unvested Partnership Class B Units shall
initially be unvested. All of the existing terms and conditions applicable to the Partnership Class B Units (as set forth in the applicable Unit Award Agreement attached hereto as Exhibit B) shall continue to apply to the shares of
Restricted Stock received in respect of such unvested Partnership Class B Units, except to the extent amended by this Appendix A; provided, that, on and following the IPO Closing (as defined below) references to the
“Partnership” in each such Unit Award Agreement shall be deemed to refer instead to the Company and “Partnership Group” to the Company and its Subsidiaries). Restricted Stock (i) will not be subject to the Partnership
Agreement but (ii) will be subject to the Stockholders Agreement. 
 a. Time Vesting Restricted Shares. Shares of Restricted
Stock received in exchange for unvested Time Vesting Class B Units (as set forth on the Signature Page) (the “Time Vesting Restricted Shares”) will continue to vest based upon the same vesting conditions as were applicable to
the Time Vesting Class B Units to which the Time Vesting Restricted Shares relate, as set forth in the applicable Unit Award Agreement on Exhibit B hereto; provided, that, notwithstanding the foregoing, to the extent that the
existing ordinary course vesting schedule set forth in the Unit Award Agreement applicable to such Time Vesting Restricted Shares would result in full vesting following the Second Anniversary, subject to the Management Unitholder’s continued
employment or service on each vesting date, such Time Vesting Restricted Shares will instead vest in equal monthly installments commencing on the IPO Closing and ending on the Second Anniversary. For the avoidance of doubt, Time Vesting Restricted
Shares will fully vest upon the occurrence of a Change of Control (as defined in the Unit Award Agreement) in accordance with the existing terms and conditions set forth in the applicable Unit Award Agreement. 

b. Performance Vesting Restricted Shares. 

i. Shares of Restricted Stock received in exchange for Performance Vesting Class B Units (as set forth on the Signature
Page) (the “Performance Vesting Restricted Shares”) will continue to vest based upon the vesting conditions as were applicable to the Class B Units to which the Performance Vesting Restricted Shares relate, as set forth in the
applicable Unit Award Agreement on Exhibit B hereto. 
 ii. In addition to being eligible to vest in accordance with
the existing vesting conditions, the Performance Vesting Restricted Shares shall also be eligible for earlier vesting pursuant to additional vesting provisions, subject to the Management Unitholder’s continued employment or service through the
applicable Testing Date, Additional Testing Date or any testing date during the Continuous Testing Period (as described or defined below): 

1. If on the IPO Closing, the hypothetical multiple of invested capital (“MOIC”) that Sponsor would have
achieved in respect of its Class A-1 Interests (as defined in the Partnership Agreement) (or securities issued in respect thereof) (collectively, the “Sponsor Securities”), assuming the
sale of all the Sponsor Securities held as of the IPO Closing at a price per share equal to the Testing Date Sale Price, is equal to or greater than a 1.2x MOIC, any Performance Vesting Restricted Shares that would vest upon Sponsor’s actual
receipt of proceeds representing a 1.2x MOIC (in accordance with the vesting criteria set forth in the applicable Unit Award Agreement 












 
on Exhibit B hereto) shall vest on the date immediately following the First Testing Date. For the avoidance of doubt, only one tranche of the Performance Vesting Restricted Shares (i.e.,
Performance Vesting Restricted Shares that would vest upon Sponsor’s actual receipt of proceeds representing a 1.2x MOIC (to the extent not already vested)) shall be eligible to vest on the IPO Closing. 

2. If on the First Anniversary, the hypothetical MOIC that the Sponsor would have achieved in respect of the Sponsor
Securities, assuming the sale of all the Sponsor Securities held as of the First Anniversary at a price per share equal to the Testing Date Sale Price, is equal to or greater than a 1.6x MOIC, any Performance Vesting Shares that would vest upon
Sponsor’s actual receipt of proceeds representing a 1.6x MOIC (in accordance with the vesting criteria set forth in the applicable Unit Award Agreement on Exhibit B hereto) shall vest on the date immediately following the First
Anniversary. For the avoidance of doubt, up to two tranches of the Performance Vesting Restricted Shares (i.e., Performance Vesting Restricted Shares that would vest upon Sponsor’s actual receipt of proceeds representing a 1.2x MOIC and a 1.6x
MOIC (in each case, to the extent not already vested)) shall be eligible to vest on the First Anniversary. 
 3. During the
First Additional Testing Period, the hypothetical MOIC that the Sponsor would have achieved in respect of its Sponsor Securities shall continue to be tested, to be calculated based on the volume weighted average price of the Common Stock on a
rolling 90 consecutive trading day period basis (each such date, an “Additional Testing Date”), and any Performance Vesting Restricted Shares that would vest upon Sponsor’s actual receipt of proceeds representing a hypothetical
MOIC (in accordance with the vesting criteria set forth in the applicable Unit Award Agreement on Exhibit B hereto) equal to or greater than a 1.2x MOIC or equal to or greater than a 1.6x MOIC shall vest on the date immediately following the
end of the applicable 90-day period. For the avoidance of doubt, up to two tranches of the Performance Vesting Restricted Shares (i.e., Performance Vesting Restricted Shares that would vest upon Sponsor’s
actual receipt of proceeds representing a 1.2x MOIC and 1.6x MOIC (in each case, to the extent not already vested)) shall be eligible to vest on any Additional Testing Date during the First Additional Testing Period. 

4. If on the Second Anniversary the hypothetical MOIC that the Sponsor would have achieved in respect of its Sponsor
Securities, assuming the sale of all the Sponsor Securities held as of the Second Anniversary at a price per share equal to the Testing Date Sale Price, is equal to or greater than a 2.0x MOIC, any Performance Vesting Restricted Shares that would
vest upon Sponsor’s actual receipt of proceeds representing a 2.0x MOIC (in accordance with the vesting criteria set forth in the applicable Unit Award Agreement) shall vest on the date immediately following the Second Anniversary. For the
avoidance of doubt, up to three tranches of the Performance Vesting Restricted Shares (i.e., Performance Vesting Restricted Shares that would vest upon Sponsor’s actual receipt of proceeds representing a 1.2x MOIC and 1.6x MOIC and a 2.0x MOIC
(in each case, to the extent not already vested)) shall be eligible to vest on the Second Anniversary. 
 5. During the
Continuous Testing Period, the hypothetical MOIC that the Sponsor would have achieved in respect of its Sponsor Securities shall continue to be tested, to be calculated based on the volume weighted average price of the Common Stock on a rolling 90
consecutive trading day period basis, and any Performance Vesting Restricted Shares that would vest upon Sponsor’s actual receipt of proceeds 

  
 A-2 













 
representing such hypothetical MOIC (in accordance with the vesting criteria set forth in the applicable Unit Award Agreement) shall vest on the date immediately following the end of the
applicable 90-day period. For the avoidance of doubt, up to three tranches of the Performance Vesting Restricted Shares (i.e., Performance Vesting Restricted Shares that would vest upon Sponsor’s actual
receipt of proceeds representing a 1.2x MOIC, 1.6x MOIC and 2.0x MOIC (in each case, to the extent not already vested)) shall be eligible to vest on any Additional Testing Date that occurs during the Continuous Testing Period. 

6. For purposes of the hypothetical MOIC testing on each Testing Date, Performance Vesting Restricted Shares received in
exchange for Performance Vesting Class B Units granted during 2020 (“2020 Awards”) that vest based upon Sponsor’s actual receipt of proceeds representing a 1.5x MOIC, a 2.0x MOIC or a 2.5x MOIC will be subject to the same
Testing Date vesting provisions as Performance Vesting Restricted Shares received in exchange for Performance Vesting Class B Units granted prior to 2020. For example, the 1.5x tranche of a 2020 Award will vest if the hypothetical MOIC on the
IPO Closing is equal to or greater than 1.2x; the 2.0x tranche of a 2020 Award will vest if the hypothetical MOIC on the First Anniversary is equal to or greater than 1.6x; the 2.5x tranche of a 2020 Award will vest if the hypothetical MOIC on the
Second Anniversary is equal to or greater than 2.0x. 
 7. For the avoidance of doubt, no hypothetical MOIC testing will
apply to any Performance Vesting Restricted Shares to the extent the Management Unitholder does not remain an employee of the Company or any of its Subsidiaries as of a Testing Date, any Additional Testing Date or any testing date during the
Continuous Testing Period, as applicable, regardless of whether any “tail” or similar post-employment vesting provisions (to the extent provided for in the applicable Unit Award Agreement) apply to any Performance Vesting Restricted
Shares. For the avoidance of doubt, “tail” vesting provisions that would apply to any post-termination vesting as a result of Sponsor’s actual receipt of proceeds shall continue to apply in accordance with the applicable Unit Award
Agreement. 
 iii. Notwithstanding anything herein to the contrary, to the extent any Performance Vesting Restricted Stock
has not otherwise vested prior to the Final Vesting Date, such Performance Vesting Restricted Stock will, subject to the Management Unitholder’s continued employment or service on the Final Vesting Date, vest in full on the Final Vesting Date.

 iv. Notwithstanding anything herein or in the applicable Unit Award Agreement to the contrary, for purposes of determining
whether an applicable MOIC hurdle has been achieved, (i) if a Deemed Sale occurs, the aggregate value received by Sponsor in respect of the Sponsor Securities in such Deemed Sale shall count towards the MOIC calculation and (ii) if an LP
Distribution occurs, the aggregate value of the Sponsor Securities distributed by Sponsor in such LP Distribution shall count towards the MOIC calculation. 

  
 A-3 













 3. Defined Terms. For purposes of this Appendix A: 

a. “Continuous Testing Period” means the period following the Third Testing Date but prior to the Final Vesting Date. 

b. “Deemed Sale” means the sale or transfer for value of the Sponsor Securities from Sponsor to one or more funds or entities
affiliated with Sponsor following the IPO Closing for purposes of liquidity (e.g., sales to a “continuation fund”). For the avoidance of doubt, a sale or transfer of the Sponsor Securities from Sponsor to one or more funds or
entities affiliated with Sponsor following the IPO Closing for the purposes of rebalancing investments among Sponsor and its affiliates, consolidation with other operating companies (e.g., common-control mergers), any transfer to an
alternative investment vehicle and other similar purposes and/or any transfer not involving a disposition for value shall not constitute a Deemed Sale hereunder. 

c. “Final Vesting Date” means the fifth anniversary of the IPO Closing. 

d. “First Additional Testing Period” means the period following the First Anniversary but prior to the Second Anniversary.

 e. “First Anniversary” means the first anniversary of the IPO Closing. 

f. “IPO Closing” means the date of the closing of the IPO. 

g. “LP Distribution” any in-kind distribution by any Sponsor entity of Sponsor
Securities to its limited partners. 
 h. “Second Anniversary” means the second anniversary of the IPO Closing. 

i. “Sponsor” means Apax Partners LLP, Apax Partners, L.P., Apax IX USD L.P., Apax IX EUR L.P., Apax IX EUR Co-Investment L.P., Apax IX USD Co-Investment L.P., Apax IX – AIV USD L.P. and Apax IX AIV EUR L.P. and any other parallel vehicle, from time to time, and their permitted
transferees and successors and assigns. 
 j. “Testing Date” means each of the IPO Closing, First Anniversary and Second
Anniversary and any Additional Testing Date. 
 k. “Testing Date Sale Price” shall mean (i) for the IPO Closing, the
IPO Price and (ii) for each other Testing Date, the volume weighted average price of the Common Stock for the 90 consecutive trading day period ending with the close of business on the national securities exchange on which the Common Stock is
listed on the day immediately preceding the Testing Date. 
 4. Amendment to Vesting Terms. The vesting conditions applicable to the
shares of Restricted Stock as set forth in Section 2 of this Appendix A constitute an amendment to the original vesting terms applicable to the Class B Units for which such shares of Restricted Stock are exchanged. Management
Unitholder hereby consents to such amended vesting terms in accordance with the Equity Incentive Plan. 
 5. Treatment of Shares of
Restricted Stock Upon Termination. Except as set forth in the applicable Unit Award Agreement, as amended by this Section 2 of this Appendix A, in the event of the Management Unitholder’s Termination for any reason prior to the
time that all of the shares of Restricted Stock have vested, (A) all vesting with respect to such shares of Restricted Stock shall cease and (B) unvested shares of Restricted Stock shall be forfeited to the Company by the Management Unitholder
for no consideration as of the date of such Termination. 

  
 A-4 













 6. Non-Transferability. The shares of
Restricted Stock are not transferable by the Unitholder while the shares of Restricted Stock are unvested (such period, the “Restricted Period”), unless such transfer is specifically required pursuant to a domestic relations order
or by Applicable Law or if otherwise permitted by the board of directors of the Company. During the Restricted Period, no impermissible assignment or transfer of the shares of Restricted Stock, or of the rights represented thereby, whether voluntary
or involuntary, by operation of law or otherwise, shall vest in the assignee or transferee any interest or right herein whatsoever, but immediately upon such assignment or transfer the shares of Restricted Stock shall be forfeited to the Company.


  
 A-5 













 Exhibit A 

SECTION 83(b) ELECTION FORM 

, 2021 
 CERTIFIED MAIL 

RETURN RECEIPT REQUESTED 
 Internal Revenue Service Center

 Re: Election Under §83(b) of the Internal Revenue Code 

Dear Sir or Madam: 
 The undersigned hereby
elects under Section 83(b) of the Internal Revenue Code to include in the taxpayer’s gross income for the taxable year in which the property described below was transferred, the excess (if any), of the fair market value of such property at
the time of its transfer, over the amount (if any) paid for such property. Pursuant to Treas. Reg. § 1.83-2(e), the following information is submitted: 

 

	 	1.	 Name of taxpayer: _________________ 



 

	 	2.	 Address of taxpayer: _________________ 



 

	 	3.	 Social Security Number: _________________ 



 

	 	4.	 Property with respect to which the election is being
made:                shares of Common Stock of Candela Medical, Inc. 


  

	 	5.	 Date Interest
Acquired:                , 2021 


  

	 	6.	 Taxable Year for which election is being made: calendar year 2021 



 

	 	7.	 Nature of the restriction or restrictions to which the property is subject: While the shares of Common Stock
described in Paragraph 4 are held by the undersigned, such shares remain subject to vesting based upon the continued performance of substantial services and/or applicable performance conditions. 



 

	 	8.	 Fair Market Value of the property at the time of transfer/acquisition, determined without regard to any lapse
restrictions and in accordance with Revenue Procedure 93-27: $ 


  

	 	9.	 Amount paid for the property: $ 



Pursuant to Treas. Reg. § 1.83-2(e), a copy of this election has been furnished to the person for whom the
undersigned’s services are performed. 
  

	
	Very truly yours,
	
	  

	Ernest Orticerio













 Exhibit B 

Unit Award Agreements 

[See attached] 












 SM MIDCO L.P. 

AMENDED AND RESTATED 

CLASS B PROFITS INTEREST UNIT AWARD AGREEMENT 

This Amended and Restated Class B Profits Interest Unit Award Agreement (this “Agreement”), is made as of
December 8, 2020 (the “Effective Date”), between SM Midco L.P., a Guernsey limited partnership (the “Partnership”), and Ernest Orticerio (the
“Participant”). 
 Reference is made to the Class B Profits Interest Unit Award Agreement dated
as of November 19, 2019 (the “Date of Grant”) between the Participant and the Partnership (the “Original Award Agreement”) pursuant to which the Partnership granted
Participant Class B Profits Interest Units in accordance with the terms of the Plan. Each of the Partnership and the Participant hereby agrees to amend and restate the terms of the Original Award Agreement in its entirety on the terms below,
effective as of the Effective Date. The Partnership and the Participant each acknowledge that the Class B Profits Interest Units were granted as of the Date of Grant. 

R E C I T A L S: 

WHEREAS, the Partnership has adopted the Amended and Restated SM Midco L.P. Executive Equity Incentive Plan, as amended from time to time (the
“Plan”), which Plan is incorporated herein by reference and made a part of this Agreement (capitalized terms used and not otherwise defined in this Agreement shall have the meanings set forth in the Plan or in the LP
Agreement, as applicable); 
 WHEREAS, the Participant is employed by or otherwise provides services to the Partnership or an Affiliate
thereof; and 
 WHEREAS, the General Partner has determined that it would be in the best interests of the Partnership to make the award of
Class B Profits Interest Units provided for herein to the Participant pursuant to the Plan and the terms set forth herein. 
 NOW
THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows: 
 1. Award of
Class B Profits Interest Units. 
 (a) Class B Profits Interest Units. Subject to the terms
and conditions of this Agreement and the Plan, the Partnership hereby grants to the Participant 4,416,099 Class B Profits Interest Units as of the Date of Grant, with a Distribution Threshold of $1.097 per Unit, in each case subject to
adjustment as set forth in the Plan and this Agreement. The Class B Profits Interest Units shall vest in accordance with Section 2 of this Agreement. 













 2 
  

 (b) Distributions. Distributions in respect of Class B Profits Interest Units
shall be made to the Participant in accordance with the provisions of the LP Agreement. 
 2. Vesting. The Class B Profits
Interest Units granted to the Participant shall vest in accordance with this Section 2. All such Class B Profits Interest Units shall be unvested on the Date of Grant shall vest as follows: 

(a) Time Vesting Units: 60% of the Class B Profits Interest Units subject to this Agreement shall be
“Time Vesting Units”. Subject to a Participant’s continued employment through each applicable vesting date, 2.083% of the Time Vesting Units will vest on each monthly anniversary of the
Effective Date. All Time Vesting Units, not previously forfeited will vest upon the consummation of a Change of Control, subject to the Participant’s continued employment through such date. 

(b) Performance Vesting Units: With respect to the remaining 40% of the Class B Profits Interest Units subject to this Agreement
(the “Performance Vesting Units”), the Performance Vesting Units will vest as follows, subject to a Participant’s continued employment through the applicable vesting date (except as otherwise provided in
Section 3 below): 
  

	 	•	 	 1/3 of the Performance Vesting Units will vest upon the earlier of (x) the Sponsor receiving
aggregate cash amounts in respect of its investment in the Partnership representing a multiple of cumulative Sponsor invested capital (“MOIC”) equal to 1.2x and (y) the occurrence of a Change of Control in which the
Hypothetical Sale MOIC is at or in excess of 1.2X; 


  

	 	•	 	 1/3 of the Performance Vesting Units will vest upon the earlier of (x) the Sponsor receiving
aggregate cash amounts in respect of its investment in the Partnership representing a MOIC equal to 1.6x and (y) the occurrence of a Change of Control in which the Hypothetical Sale MOIC is at or in excess of 1.6x; and 



 

	 	•	 	 1/3 of the Performance Vesting Units will vest upon the earlier of (x) the Sponsor receiving
aggregate cash amounts in respect of its investment in the Partnership representing a MOIC equal to 2.0x and (y) the occurrence of a Change of Control in which the Hypothetical Sale MOIC is at or in excess of 2.0x. 



For purposes of this Agreement, “Hypothetical Sale MOIC” means on a Change of Control, the hypothetical MOIC based upon
the amount that Sponsor would have received in respect of its Class A-l Interests assuming the sale of all of the assets and liabilities of the Partnership at the equity value implied by the Change of
Control price, and the net proceeds of such sale were distributed to the Limited Partners pursuant to Section 7.1(a) of the LPA. 
 For
the avoidance of doubt, a portion of the Performance Vesting interests will vest when the applicable MOIC vesting condition in clauses (x) above are satisfied even if a Change of Control does not earlier occur. If not previously forfeited,
unvested Performance Vesting Units shall be forfeited upon the final disposition by the Sponsor (including, for the avoidance of doubt, affiliates of Sponsor) of all of their Class A Interests of the Partnership. 













 3 
  

 3. General Termination of Employment Provisions; Breach of Restrictive Covenants
Agreement. 
 (a) All vesting of Class B Profits Interest Units will cease immediately upon a Participant no longer being employed
by the Employer for any reason other than due to termination by the Employer without Cause or resignation by the Participant for Good Reason, and in such case all unvested Class B Profits Interest Units will be automatically canceled without
consideration and forfeited on such date. Notwithstanding the foregoing, in the event a Participant’s employment terminates for Cause, all Class B Profits Interest Units (vested or unvested) will be immediately cancelled and forfeited
without consideration. 
 (b) Termination without Cause or by the Participant for Good Reason: All vesting of Class B Profits
Interest Units will cease immediately upon a Participant’s termination of employment by the Employer without Cause or by the Participant for Good Reason and all unvested Class B Profits Interest Units will be automatically cancelled
without consideration and forfeited on such date except that, in the event that a transaction or transactions is consummated within the 6 month period following such a termination of employment which would have resulted in vesting of any portion of
the Time Vesting Interests and Performance Vesting Interests, the Participant shall be deemed vested in those interests. 
 (c) Breach of
Restrictive Covenants Agreement: Notwithstanding any other provision of this Agreement, in the event an RC Breach (as defined in the Plan), all Class B Profits Interest Units (vested or unvested) will immediately be cancelled and forfeited
without consideration. 
 4. Rights as Holder of Class B Profits Interest Units. The Participant shall be the
record owner of the Class B Profits Interest Units granted hereunder unless and until such Class B Profits Interest Units are forfeited pursuant to Section 3, repurchased pursuant to Section VI(F) of the Plan or Section 9 hereof
or transferred in accordance with Section 6, and as record owner shall be entitled to all rights of a holder of Class B Profits Interest Units; provided, that the Class B Profits Interest Units shall be subject to the
limitations on transfer and encumbrance set forth in this Agreement, the Plan and the LP Agreement. 
 5. Investment Intent; Other
Representations of Participant. 
 (a) Investment Intent. The Participant hereby represents and warrants that the Class B
Profits Interest Units must be held for investment purposes and are not being received with a view to distribution thereof, and covenants and agrees to make such other reasonable and customary representations as requested by the Partnership
regarding matters relevant to compliance with applicable securities laws as are deemed necessary by counsel to the Partnership; and 













 4 
  

 (b) No Reliance on the Partnership. In making his or her investment decision with
respect to the receipt of the Class B Profits Interest Units, the Participant has not relied upon the Partnership or any of its Affiliates, or any representative thereof for any advice of any sort, including, but not limited to tax or
securities law advice. 
 6. Transferability. The Participant may Transfer, directly or indirectly, any Class B Profits Interest
Unit or any interest in any Class B Profits Interest Unit to a Permitted Transferee or otherwise only with the prior written consent of the General Partner, which consent shall be withheld or granted in the sole discretion of the General
Partner, or as otherwise expressly permitted or required under the LP Agreement. Any purported assignment, transfer or grant by the Participant, directly or indirectly, of any Class B Profits Interest Unit or any interest in any Class B
Profits Interest Unit which is made other than to a Permitted Transferee or without such prior written consent or pursuant to the terms of the LP Agreement shall be entirely null and void, ab initio. 

7. Section 83(b) Election and Certain Related Income Tax Considerations. As a condition subsequent to the issuance of
the Class B Profits Interest Units pursuant to this Agreement, the Participant shall execute and deliver to the Partnership, the entity to whom the Participant provides services and the Internal Revenue Service (the
“IRS”) a timely, valid election under Section 83(b) of the Code (the “83(b) Election”). The Participant hereby acknowledges that (x) the Partnership has not
provided, and is not hereby providing, the Participant with tax advice regarding the 83(b) Election and has urged the Participant to consult the Participant’s own tax advisor with respect to the income taxation consequences thereof, and
(y) the Partnership has not advised the Participant to rely on any determination by it or its representatives as to the fair market value specified in the 83(b) Election and will have no liability to the Participant if the actual fair market
value of the Class B Profits Interest Units on the date hereof exceeds the amount specified in the 83(b) Election. 
 8. Becoming a
Partner of The Partnership; No Access to Information Regarding The Partnership. As a further condition to the issuance of the Class B Profits Interest Units pursuant to this Agreement, the Participant shall execute and deliver to the
Partnership a copy of the LP Agreement, together with such other documents as the General Partner may reasonably require, evidencing such Participant’s status as a “Partner” (as defined in the LP Agreement) of the Partnership.
Notwithstanding the Participant’s status as a Partner of the Partnership, the Participant shall have no right, solely by virtue of holding a Class B Profits Interest Unit, to (a) examine the books and records of or any other
information of the Partnership or (b) obtain any information about the identities of the other Partners of the Partnership (or of the size or nature of such other Partners’ interests in the Partnership). 

9. Right to Repurchase Class B Profits Interest Units on Termination of Employment. The Class B Profits Interest
Units are subject to the Partnership’s, the Employer’s and the Sponsor’s right of repurchase pursuant to Section VI (F) of the Plan. 













 5 
  

 10. LP Agreement. Neither the adoption of the Plan nor the grant of any Class B
Profits Interest Units pursuant to this Agreement shall restrict in any way the adoption of any amendment to the LP Agreement in accordance with the terms of such agreement. 

11. Notices. Any notice necessary under this Agreement shall be addressed to the Partnership at the principal executive office of the
Partnership and to the Participant at the address appearing in the personnel records of the Partnership (or one of the Partnership’s Affiliates) for the Participant or to either party at such other address as either party hereto may hereafter
designate in writing to the other. Any such notice shall be deemed effective upon receipt thereof by the addressee. 
 12. Choice of Law;
Forum. ALL ISSUES AND QUESTIONS CONCERNING THE APPLICATION, CONSTRUCTION, VALIDITY, INTERPRETATION AND ENFORCEMENT OF THIS AGREEMENT AND THE EXHIBITS AND SCHEDULES TO THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW RULES OR PROVISIONS (WHETHER OF THE STATE OF DELAWARE OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN
THE STATE OF DELAWARE. EACH OF THE PARTIES HERETO HEREBY (I) IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY COURT LOCATED IN THE STATE OF DELAWARE FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT;
(II) AGREES THAT THE SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH PERSON’S ADDRESS SET FORTH HEREIN SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING IN THE STATE OF DELAWARE
WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION AS SET FORTH HEREIN IN THE IMMEDIATELY PRECEDING CLAUSE (I); AND (III) IRREVOCABLY AND UNCONDITIONALLY WAIVES (AND AGREES NOT TO PLEAD OR CLAIM) ANY OBJECTION TO THE LAYING
OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT IN ANY STATE OR FEDERAL COURT LOCATED IN THE STATE OF DELAWARE, OR THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 13. WAIVER OF JURY TRIAL. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES, AND SHALL CAUSE ITS AFFILIATES TO WAIVE,
ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER AGREEMENTS AND INSTRUMENTS DELIVERED HEREUNDER OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 













 6 
  

 14. Class B Profits Interest Units Subject to Plan and LP
Agreement. By entering into this Agreement the Participant agrees and acknowledges that (i) the Participant has received and read a copy of the Plan and the LP Agreement and (ii) the Class B Profits Interest Units are subject to
the Plan and the LP Agreement, the terms and provisions of such Plan and LP Agreement are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein or therein, the LP Agreement shall govern
and prevail, and then in decreasing order of seniority, the Plan and lastly, this Agreement. 
 15. Rules of Construction. The parties
hereto agree that they have been represented by counsel during the negotiation and execution of this Agreement and have participated jointly in the drafting of this Agreement and, therefore, waive the application of any Law, holding or rule of
construction providing that ambiguities in an agreement or other document will be construed against the party drafting such agreement or document. 

16. Definitional Provisions. Defined terms used in this Agreement in the singular shall import the plural and vice versa. Whenever the
context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. All references herein to Sections shall be deemed to be references to Sections of this Agreement unless the context shall otherwise require. The
words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The words “hereof,” “herein” and “hereunder” and words of similar
import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Any statute or laws defined or referred to herein shall include any rules, regulations or forms promulgated thereunder
from time to time and as from time to time amended, modified or supplemented, including by succession of successor rules, regulations or forms. Unless otherwise expressly provided herein, any agreement, instrument or statute defined or referred to
herein or in any agreement or instrument that is referred to herein means such agreement, instrument or statute as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in
the case of statutes) by succession of comparable successor statutes and references to all attachments thereto and instruments incorporated therein. Any reference to the number of Class B Profits Interest Units means such Class B Profits
Interest Units as appropriately adjusted to give effect to any share combinations, restructuring or other capitalizations of the Partnership or its capital structure. Any reference herein to the holder of a particular class or series of Class B
Profits Interest Units shall be a reference to such Person solely in its capacity as a holder of that particular class or series of such Class B Profits Interest Units. Any reference herein to the Partnership shall, where the context requires,
mean the Partnership acting by the General Partner. 
 17. Signature in Counterparts. This Agreement may be signed in counterparts,
each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 
 [Signature
page follows] 












 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set
forth above. 
  

			
	SM MIDCO L.P.
	
	By: Dion GP Co, Limited, its General Partner
		
	By:	 	              

		 	Name:
		 	Title:


 [Signature Page to Class B Profits Interest Unit Award Agreement] 












 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set
forth above. 
  

	
	Ernest Orticerio
	
	/s/ Ernest Orticerio


 [Signature page to Class B Profits Interest Unit Award Agreement] 












 SM MIDCO L.P. 

EXECUTIVE EQUITY INCENTIVE PLAN 

CLASS B PROFITS INTEREST UNIT AWARD AGREEMENT 

This Class B Profits Interest Unit Award Agreement (this “Agreement”), is made as of November 23, 2020
(hereinafter referred to as the “Date of Grant”), between SM Midco L.P., a Guernsey limited partnership (the “Partnership”), and Ernest Orticerio (the “Participant”): 

R E C I T A L S: 

WHEREAS, the Partnership has adopted the SM Midco L.P. Executive Equity Incentive Plan, as amended from time to time (the
“Plan”), which Plan is incorporated herein by reference and made a part of this Agreement (capitalized terms used and not otherwise defined in this Agreement shall have the meanings set forth in the Plan or in the LP
Agreement, as applicable); 
 WHEREAS, the Participant is employed by or otherwise provides services to the Partnership or an Affiliate
thereof; and 
 WHEREAS, the General Partner has determined that it would be in the best interests of the Partnership to make the award of
Class B Profits Interest Units provided for herein to the Participant pursuant to the Plan and the terms set forth herein. 
 NOW
THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows: 
 1. Award
of Class B Profits Interest Units. 
 (a)
Class B Profits Interest Units. Subject to the terms and conditions of this Agreement and the Plan, the Partnership hereby grants to the Participant 1,190,378 Class B Profits Interest Units as of the Date of Grant,
with a Distribution Threshold of $1.006 per Unit, in each case subject to adjustment as set forth in the Plan and this Agreement. The Class B Profits Interest Units shall vest in accordance with Section 2 of this Agreement. 

(b) Distributions. Distributions in respect of Class B Profits Interest Units shall be made to the Participant in accordance with
the provisions of the LP Agreement. 
 2. Vesting. The Class B Profits Interest Units granted to the Participant shall vest in
accordance with this Section 2. All such Class B Profits Interest Units shall be unvested on the Date of Grant shall vest as follows: 

(a) Time Vesting Units: With respect to 60% of the Class B Profits Interest Units subject to this Agreement (the “Time
Vesting Units”), subject to a Participant’s continued employment through the applicable vesting date, 25% of the Time Vesting Units will vest on the first annual anniversary of the Date of Grant and 6.25% will vest on a quarterly
basis thereafter. All Time Vesting Units, not previously forfeited will vest upon the consummation of a Change of Control, subject to the Participant’s continued employment through such date. 













 2 
  

 (b) Performance Vesting Units: With respect to the remaining 40% of the Class B
Profits Interest Units subject to this Agreement (the “Performance Vesting Units”), the Performance Vesting Units will vest as follows, subject to a Participant’s continued employment through the applicable vesting date
(except as otherwise provided in Section 3 below): 
  

	 	•	 	 1/3 of the Performance Vesting Units will vest upon the earlier of (x) the Sponsor receiving
aggregate cash amounts representing a multiple of cumulative Sponsor invested capital (“MOIC”) equal to 1.5x and (y) the occurrence of a Change of Control in which the Hypothetical Sale MOIC is at or in excess of 1.5X;



  

	 	•	 	 1/3 of the Performance Vesting Units will vest upon the earlier of (x) the Sponsor receiving
aggregate cash amounts representing a MOIC equal to 2.0x and (y) the occurrence of a Change of Control in which the Hypothetical Sale MOIC is at or in excess of 2.0x; and 



 

	 	•	 	 1/3 of the Performance Vesting Units will vest upon the earlier of (x) the Sponsor receiving
aggregate cash amounts representing a MOIC equal to 2.5x and (y) the occurrence of a Change of Control in which the Hypothetical Sale MOIC is at or in excess of 2.5x. 



For purposes of this Agreement, “Hypothetical Sale MOIC” means on a Change of Control, the hypothetical MOIC based upon
the amount that Sponsor would have received in respect of its Class A-1 Interests assuming the sale of all of the assets and liabilities of the Partnership at the equity value implied by the Change of
Control price, and the net proceeds of such sale were distributed to the Limited Partners pursuant to Section 7.1(a) of the LPA. 
 For
the avoidance of doubt, a portion of the Performance Vesting Interests will vest when the applicable MOIC vesting condition in clauses (x) above are satisfied even if a Change of Control does not earlier occur. If not previously forfeited,
unvested Performance Vesting Units shall be forfeited upon the final disposition by the Sponsor (including, for the avoidance of doubt, affiliates of Sponsor) of all of their Class A Interests of the Partnership. 

3. General Termination of Employment Provisions; Breach
of Restrictive Covenants Agreement. 
 (a) All vesting of Class B Profits Interest Units
will cease immediately upon a Participant no longer being employed by the Employer for any reason other than due to termination by the Employer without Cause or resignation by the Participant for Good Reason, and in such case all unvested
Class B Profits Interest Units will be automatically canceled without consideration and forfeited on such date. Notwithstanding the foregoing, in the event a Participant’s employment terminates for Cause, all Class B Profits Interest
Units (vested or unvested) will be immediately cancelled and forfeited without consideration. 













 3 
  

 (b) Termination without Cause or by the Participant for Good Reason: All vesting of
Class B Profits Interest Units will cease immediately upon a Participant’s termination of employment by the Employer without Cause or by the Participant for Good Reason and all unvested Class B Profits Interest Units will be
automatically cancelled without consideration and forfeited on such date except that, in the event that a transaction or transactions is consummated within the 6 month period following such a termination of employment which would have resulted in
vesting of any portion of the Time Vesting Interests and Performance Vesting Interests, the Participant shall be deemed vested in those interests. 

(c) Breach of Restrictive Covenants Agreement: Notwithstanding any other provision of this Agreement, in the event an RC Breach (as
defined in the Plan), all Class B Profits Interest Units (vested or unvested) will immediately be cancelled and forfeited without consideration. 

4. Rights as Holder of Class B Profits Interest Units. The Participant shall be the record owner of the Class B
Profits Interest Units granted hereunder unless and until such Class B Profits Interest Units are forfeited pursuant to Section 3, repurchased pursuant to Section VI(F) of the Plan or Section 9 hereof or transferred in accordance with
Section 6, and as record owner shall be entitled to all rights of a holder of Class B Profits Interest Units; provided, that the Class B Profits Interest Units shall be subject to the limitations on transfer and
encumbrance set forth in this Agreement, the Plan and the LP Agreement. 
 5. Investment Intent; Other
Representations of Participant. 
 (a) Investment Intent. The Participant hereby represents and
warrants that the Class B Profits Interest Units must be held for investment purposes and are not being received with a view to distribution thereof, and covenants and agrees to make such other reasonable and customary representations as
requested by the Partnership regarding matters relevant to compliance with applicable securities laws as are deemed necessary by counsel to the Partnership; and 

(b) No Reliance on the Partnership. In making his or her investment decision with respect to the receipt of the Class B Profits
Interest Units, the Participant has not relied upon the Partnership or any of its Affiliates, or any representative thereof for any advice of any sort, including, but not limited to tax or securities law advice. 

6. Transferability. The Participant may Transfer, directly or indirectly, any Class B Profits Interest Unit or any interest in any
Class B Profits Interest Unit to a Permitted Transferee or otherwise only with the prior written consent of the General Partner, which consent shall be withheld or granted in the sole discretion of the General Partner, or as otherwise expressly
permitted or required under the LP Agreement. Any purported assignment, transfer or grant by the Participant, directly or indirectly, of any Class B Profits Interest Unit or any interest in any Class B Profits Interest Unit which is made
other than to a Permitted Transferee or without such prior written consent or pursuant to the terms of the LP Agreement shall be entirely null and void, ab initio. 













 4 
  

 7. Section 83(b) Election and
Certain Related Income Tax Considerations. As a condition subsequent to the issuance of the Class B Profits Interest Units pursuant to this Agreement, the Participant shall
execute and deliver to the Partnership, the entity to whom the Participant provides services and the Internal Revenue Service (the “IRS”) a timely, valid election under Section 83(b) of the Code (the “83(b)
Election”). The Participant hereby acknowledges that (x) the Partnership has not provided, and is not hereby providing, the Participant with tax advice regarding the 83(b) Election and has urged the Participant to consult the
Participant’s own tax advisor with respect to the income taxation consequences thereof, and (y) the Partnership has not advised the Participant to rely on any determination by it or its representatives as to the fair market value specified
in the 83(b) Election and will have no liability to the Participant if the actual fair market value of the Class B Profits Interest Units on the date hereof exceeds the amount specified in the 83(b) Election. 

8. Becoming a Partner of The Partnership; No
Access to Information Regarding The Partnership. As a further condition to the issuance of the Class B Profits Interest Units pursuant to this Agreement, the Participant shall execute and deliver to
the Partnership a copy of the LP Agreement, together with such other documents as the General Partner may reasonably require, evidencing such Participant’s status as a “Partner” (as defined in the LP Agreement) of the Partnership.
Notwithstanding the Participant’s status as a Partner of the Partnership, the Participant shall have no right, solely by virtue of holding a Class B Profits Interest Unit, to (a) examine the books and records of or any other
information of the Partnership or (b) obtain any information about the identities of the other Partners of the Partnership (or of the size or nature of such other Partners’ interests in the Partnership). 

9. Right to Repurchase Class B Profits Interest Units on Termination of Employment. The Class B Profits
Interest Units are subject to the Partnership’s, the Employer’s and the Sponsor’s right of repurchase pursuant to Section VI (F) of the Plan; provided that for purposes of Fair Market Value (as defined in the Plan), if the
Participant disagrees with the General Partner’s determination, the Participant may require the Partnership to retain an independent, nationally recognized investment bank or appraiser to determine the fair market value. The Partnership will
bear the cost of such appraisal, unless the appraised value is 110% or less of the General Partner’s determination of the fair market value, in which case the Participant will bear the cost of such appraisal. 

10. LP Agreement. Neither the adoption of the Plan nor the grant of any Class B Profits Interest Units pursuant to this Agreement
shall restrict in any way the adoption of any amendment to the LP Agreement in accordance with the terms of such agreement. 













 5 
  

 11. Notices. Any notice necessary under this Agreement shall be addressed to the
Partnership at the principal executive office of the Partnership and to the Participant at the address appearing in the personnel records of the Partnership (or one of the Partnership’s Affiliates) for the Participant or to either party at such
other address as either party hereto may hereafter designate in writing to the other. Any such notice shall be deemed effective upon receipt thereof by the addressee. 

12. Choice of Law; Forum. ALL ISSUES AND QUESTIONS CONCERNING THE APPLICATION, CONSTRUCTION,
VALIDITY, INTERPRETATION AND ENFORCEMENT OF THIS AGREEMENT AND THE EXHIBITS AND SCHEDULES TO THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR
CONFLICT OF LAW RULES OR PROVISIONS (WHETHER OF THE STATE OF DELAWARE OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE. EACH OF THE PARTIES HERETO HEREBY (I) IRREVOCABLY
SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY COURT LOCATED IN THE STATE OF DELAWARE FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT; (II) AGREES THAT THE SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT
BY U.S. REGISTERED MAIL TO SUCH PERSON’S ADDRESS SET FORTH HEREIN SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING IN THE STATE OF DELAWARE WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION AS SET
FORTH HEREIN IN THE IMMEDIATELY PRECEDING CLAUSE (I); AND (III) IRREVOCABLY AND UNCONDITIONALLY WAIVES (AND AGREES NOT TO PLEAD OR CLAIM) ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT IN
ANY STATE OR FEDERAL COURT LOCATED IN THE STATE OF DELAWARE, OR THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

13. WAIVER OF JURY TRIAL. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES, AND
SHALL CAUSE ITS AFFILIATES TO WAIVE, ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER AGREEMENTS AND INSTRUMENTS DELIVERED HEREUNDER OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY. 
 14. Class B Profits Interest Units Subject to Plan and LP Agreement. By entering into this
Agreement the Participant agrees and acknowledges that (i) the Participant has received and read a copy of the Plan and the LP Agreement and (ii) the Class B Profits Interest Units are subject to the Plan and the LP Agreement, the
terms and provisions of such Plan and LP Agreement are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein or therein, the LP Agreement shall govern and prevail, and then in decreasing
order of seniority, the Plan and lastly, this Agreement. 













 6 
  

 15. Rules of Construction. The parties hereto agree that
they have been represented by counsel during the negotiation and execution of this Agreement and have participated jointly in the drafting of this Agreement and, therefore, waive the application of any Law, holding or rule of construction providing
that ambiguities in an agreement or other document will be construed against the party drafting such agreement or document. 
 16.
Definitional Provisions. Defined terms used in this Agreement in the singular shall import the plural and vice versa. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. All
references herein to Sections shall be deemed to be references to Sections of this Agreement unless the context shall otherwise require. The words “include,” “includes” and “including” shall be deemed to be followed by
the phrase “without limitation.” The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular
provision of this Agreement. Any statute or laws defined or referred to herein shall include any rules, regulations or forms promulgated thereunder from time to time and as from time to time amended, modified or supplemented, including by succession
of successor rules, regulations or forms. Unless otherwise expressly provided herein, any agreement, instrument or statute defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument or
statute as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes and references to all attachments
thereto and instruments incorporated therein. Any reference to the number of Class B Profits Interest Units means such Class B Profits Interest Units as appropriately adjusted to give effect to any share combinations, restructuring or
other capitalizations of the Partnership or its capital structure. Any reference herein to the holder of a particular class or series of Class B Profits Interest Units shall be a reference to such Person solely in its capacity as a holder of
that particular class or series of such Class B Profits Interest Units. Any reference herein to the Partnership shall, where the context requires, mean the Partnership acting by the General Partner. 

17. Signature in Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as
if the signatures thereto and hereto were upon the same instrument. 
 [Signature page follows] 












 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set
forth above. 
  

					
	SM MIDCO L.P.
	
	By: Dion GP Co. Limited, its General Partner
		
	By:	 	 /s/ Gordon Purvis

		 	Name:	 	Gordon Purvis
		 	Title:	 	Director


 [Signature Page to Class B Profits Interest Unit Award Agreement] 












 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set
forth above. 
  

			
	Ernest Orticerio
	
	 /s/ Ernest Orticerio



 [Signature page to Class B Profits Interest Unit Award Agreement]