Document:

EX-10.1

 Exhibit 10.1 

DIRECTOR’S IRREVOCABLE UNDERTAKING 

PRIVATE AND CONFIDENTIAL 
  

	To	 Aon plc 

122 Leadenhall Street 
 London,
England EC3V 4AN 
  

	From	 [Director] 

9 March 2020 
 Dear Sirs, 

 

	1.	 Interpretation 

In this Deed, unless the context otherwise requires: 

Act means the Companies Act 2014; 

Business Combination Agreement means the business combination agreement governing the Proposed Combination to be dated on or around the
date of this Deed between WTW and Aon UK; 
 Committed Shares means the shares in the capital of WTW specified in Schedule 1
(including, for the avoidance of doubt, any other shares in the capital of WTW issued after the date hereof and attributable to or derived from such shares) and any other shares in the capital of WTW of which I may hereafter become the beneficial
owner (whether: (i) on the conversion of any of the WTW Options set out in paragraph 2 of Schedule 1, or that are awarded after the date of this Deed; (ii) pursuant to a WTW Share Award held by me now or in the future; or
(iii) otherwise), including any shares in the capital of WTW that I hold in “street name” beneficially through a bank, broker or other nominee within the facilities of DTC; 

Conditions means the conditions to the Proposed Combination set out in Appendix 3 to the Rule 2.5 Announcement and to be set out in the
Scheme Document and Condition means any one of the Conditions; 
 Court Meeting means the meeting or meetings of the WTW
Shareholders or any class thereof (and any adjournment thereof) convened by order of the High Court, or by the board of WTW, pursuant to Section 450, Chapter 1, Part 9 of the Act to consider and, if thought fit, approve the Scheme (with or
without amendment); 
 Aon means, prior to the consummation of the Required Assignment, Aon UK and, from and after consummation of the
Required Assignment, Aon Ireland; 
 Aon CSA means the transaction pursuant to which, after Aon Ireland converts to a public limited
company in Ireland, Aon UK will become a wholly-owned subsidiary of Aon Ireland, and Aon Ireland will become the publicly traded parent company of Aon UK, by means of a cancellation scheme of arrangement implemented under Part 26 of the English
Companies Act 2006, as set forth in the proxy statement filed by Aon UK with the SEC on December 20, 2019; 
 Aon Group means Aon
and any holding company or subsidiary of Aon from time to time; 

 Aon Ireland means, prior to the completion of the Aon CSA, Aon Limited, a company
incorporated in Ireland with registered number 604607, which is intended to be re-registered as an Irish public limited company, renamed Aon plc and become the parent of Aon UK on completion of the Aon CSA;

 Aon UK means Aon plc, a company incorporated in the United Kingdom with registered number 07876075; 

DTC means the relevant system to facilitate the transfer of title to shares in uncertificated form in respect of which the Depository
Trust & Clearing Corporation is the operator; 
 Exchange Act means the United States Securities Exchange Act of 1934, as
amended; 
 Family Trust means a trust, discretionary or otherwise, established by or for the benefit of me or a Relevant Family
Member; 
 WTW means WTW Public Limited Company a company incorporated in Ireland with registered number 561949 having its registered
office at 51 Lime Street, London EC3M 7DQ, England; 
 WTW Directors means the members of the board of directors of WTW; 

WTW Optionholders means the holders of WTW Options; 

WTW Options means all options to purchase WTW Shares, whether granted pursuant to the WTW Share Plans or otherwise; 

WTW General Meeting means the extraordinary general meeting of the WTW Shareholders (and any adjournment or postponement thereof) to be
convened in connection with the Proposed Combination, expected to be held as soon as the preceding Court Meeting shall have been concluded (it being understood that if the Court Meeting is adjourned or postponed, the WTW General Meeting shall be
correspondingly adjourned or postponed); 
 WTW Shareholders means the holders of WTW Shares; 

WTW Share Award means an award denominated in WTW Shares, other than a WTW Option; 

WTW Share Plans means any equity-based incentive plan maintained by WTW or assumed by WTW in connection with prior acquisitions; 

WTW Shares means the ordinary shares of WTW with a nominal value of US$0.000304635 per share; 

Longstop Date has the meaning given to the term “Outside Date” in the Business Combination Agreement; 

Offer Document means, if following the date of this Deed, Aon elects to implement the Proposed Combination by way of the Takeover Offer,
the document to be despatched to WTW Shareholders and others by Aon containing, amongst other things, the Takeover Offer, the Conditions (except as Aon determines pursuant to and in accordance with Section 3.6 of the Business Combination
Agreement not to be appropriate in the case of a Takeover Offer) and certain information about Aon and WTW and, where the context so admits, includes any form of acceptance, election, notice or other document reasonably required in connection with
the Takeover Offer; 

  
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 Panel means The Irish Takeover Panel; 

Proposed Combination means the proposed acquisition by Aon of WTW (whether by way of the Scheme or a Takeover Offer), as
described in the Rule 2.5 Announcement and shall include any revised, extended or renewed offer or offers (whether voluntary or mandatory and including, for the avoidance of doubt, any revised offer made in consequence of any decision or ruling of
any regulatory body, provided such revised, extended or renewed offer or offers are made on terms, in the opinion of WTW’s financial advisor, at least as favourable to WTW Shareholders as those described in the Rule 2.5 Announcement); 

Relevant Family Member means, if any, my spouse (including a husband, wife or civil partner), child, grandchild (including step children
and step grandchildren), parent, brother, sister, niece, nephew, and for so long as they remain so, my brother-in-law or sister-in-law; 
 Required Assignment means the assignment by Aon UK to Aon Ireland, and Aon
Ireland’s assumption from Aon UK, of all of Aon UK’s rights and obligations under the Business Combination Agreement; 
 Rule
2.5 Announcement means the announcement of the Proposed Combination to be made by Aon and WTW pursuant to Rule 2.5 of the Takeover Rules, substantially on the terms and conditions set out in the draft announcement attached hereto at Appendix 1;

 Scheme means the proposed scheme of arrangement under Section 453 of the Act and the capital reduction under Sections 84 to 86
of the Act to effect the Proposed Combination; 
 Scheme Document means the document to be distributed to WTW Shareholders and, for
information only, to the WTW Optionholders containing (i) the Scheme, (ii) the notice or notices of the Court Meeting and the WTW General Meeting, (iii) an explanatory statement as required by Section 452 of the Act with respect
to the Scheme, (iv) such other information as may be required or necessary pursuant to the Act, the Exchange Act or the Takeover Rules; and (v) such other information as WTW and Aon shall agree; 

Takeover Offer means an offer for the entire issued and to be issued share capital of WTW (other than any WTW Shares held by Aon (if
any)), not being a Scheme, including any amendment or revision thereto, (provided such offer and/or amended or revised offer is made on terms, in the opinion of WTW’s financial advisor, at least as favourable to WTW Shareholders as those
described in the Rule 2.5 Announcement), the full terms of which will be set out in the Offer Document or (as the case may be) any revised offer document(s); and 

Takeover Rules means The Irish Takeover Panel Act, 1997, Takeover Rules, 2013 and The Irish Takeover Panel Act, 1997, Substantial
Acquisition Rules, 2007. 
  

	2.	 Warranties and undertakings 

Subject to the announcement of the Proposed Combination pursuant to the Rule 2.5 Announcement by seven p.m. (Eastern time) on March 11, 2020
(or such later date as Aon and WTW may agree in writing) (the “Release Date”), I, the undersigned, hereby irrevocably and unconditionally: 
  

	 	2.1	 warrant that I am the registered holder and/or beneficial owner of (or am otherwise able to control the
exercise of all rights, including voting rights attaching to) the Committed Shares and have, and will continue to have, all relevant authority to vote in favour of, and/or accept or procure the acceptance of, the Proposed Combination in respect of
the Committed Shares, and there are no other WTW Shares owned or controlled by me. Such warranty and undertaking will not be extinguished or affected by completion of the Proposed Combination; 

  
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	 	2.2	 warrant that I have no other rights or interests in relation to, or any rights, warrants, convertible
securities or options to acquire or subscribe for, any shares or other securities of WTW (other than any WTW Options set out in paragraph 2 of Schedule 1 and save for any rights provided for in the WTW articles of association and/or pursuant to the
Act in favour of the holders of WTW Shares generally) and I undertake that I will not deal in such shares or securities during the offer period (other than on the valid award, vesting or exercise of any WTW Options or any WTW Share Award to which
the Panel has consented, or as otherwise permitted by this Deed); 

  

	 	2.3	 warrant that I am able to transfer, or procure the transfer of, the Committed Shares free from all liens,
equities, charges, encumbrances, options, rights of pre-emption, and any other third party rights and interests of any nature; 

 

	 	2.4	 undertake that unless and until this Deed ceases to have any effect in accordance with paragraph 6.6, I shall
not (and shall procure that my relevant bank, broker or other nominee shall not): 

  

	 	(a)	 except pursuant to the Proposed Combination, sell, transfer, encumber, grant any option over or otherwise
dispose of or permit the sale, transfer, charging or other disposition or the creation or grant of any other encumbrance or option over all or any of the Committed Shares or any interest in all or any thereof; 

 

	 	(b)	 accept or agree to accept any other offer by any person other than Aon (or its nominee) in respect of all or
any of the Committed Shares whether conditional or unconditional (by whatever means the same is to be implemented); 

  

	 	(c)	 enter into any deed or arrangement with any other person whether conditional or unconditional to do all or any
of the acts referred to in paragraphs 2.4(a) to 2.4(c); 

  

	 	(d)	 enter into any deed or arrangement with any other person whether conditional or unconditional which would
restrict the acquisition of the Committed Shares by Aon under the Proposed Combination; 

  

	 	(e)	 acquire any shares or other securities (including securities convertible into shares) of WTW (or any interest
therein) other than on the valid exercise of any WTW Options as set out in paragraph 2 of Schedule 1, an award of shares, other securities, WTW Options or WTW Share Awards made with Panel consent, or pursuant to the vesting of any WTW Share Award,
and, if any such shares, securities or interest (including for these purposes shares arising on exercise or vesting of options or share awards) is acquired by me, such shares, securities or interest (as the case may be) shall be deemed to be
included in the expression “Committed Shares” for the purposes of this Deed; 

  

	 	2.5	 undertake that prior to this Deed ceasing to have any effect in accordance with paragraph 6.6, I shall not, in
my capacity as a shareholder of WTW, and without prejudice to my powers as a director, without the consent of WTW take any step for the purpose of impeding the Scheme becoming effective or, as the case may be, the Takeover Offer becoming
unconditional, including voting my WTW Shares, requisitioning, or joining in requisitioning of, any general or class meeting of WTW, or taking any other action whatsoever; and 

  
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	 	2.6	 I warrant that I have full power and authority and the right (free from any legal or other restrictions) to
enter into and perform my obligations under this Deed in accordance with its terms; 

 provided that, nothing in this
paragraph 2 shall restrict me from (i) receiving, acquiring or exercising any WTW Options, (ii) selling such number of Committed Shares as may be required to cover my liability for income tax and/or employee social security contributions
in respect of the exercise of any WTW Options; or (iii) transferring my Committed Shares to a Family Trust (or constituting or settling such a trust in respect of my Committed Shares), in each case, with the consent of the Panel, if required by
the Takeover Rules. 
  

	3.	 Undertaking to vote in favour of the Scheme 

Unless and until this Deed ceases to have any effect in accordance with paragraph 6.6: 

 

	 	3.1	 I irrevocably and unconditionally undertake to Aon that, if the Proposed Combination is to be implemented by
way of the Scheme, I shall exercise, or, where applicable, procure the exercise of, all voting rights attaching to the Committed Shares on any resolution (whether or not amended and whether put on a show of hands or a poll) which is proposed at the
WTW General Meeting or at the Court Meeting (including any adjournment thereof) which: 

  

	 	(a)	 is necessary to implement the Scheme; 

 

	 	(b)	 would approve a scheme of arrangement relating to the acquisition of any shares in WTW by a person other than
Aon; or 

  

	 	(c)	 might otherwise impact on the success of the Scheme, 

only in accordance with Aon’s instructions or as otherwise provided in this Deed; 

 

	 	3.2	 for the purpose of voting on any resolution referred to under paragraph 3.1 above, I shall, if required by Aon,
but without prejudice to my right to attend and vote in person at the WTW General Meeting, execute, or procure that my relevant bank, broker or other nominee shall execute, any form of proxy required by Aon appointing any person nominated by Aon to
attend and vote at the relevant meetings in respect of any Committed Shares registered in my name; and 

  

	 	3.3	 without prejudice to paragraph 3.2, and in the absence of any such requirement by Aon, I shall after the
posting of the Scheme Document (and without prejudice to any right I have to attend and vote in person at the Court Meeting and the WTW General Meeting to implement the Scheme), return, or procure the return of, if applicable, the signed forms of
proxy enclosed with the Scheme Document (completed and signed and voting in favour of the resolutions to implement the Scheme) in accordance with the instructions printed on those forms of proxy and, if applicable, in respect of any Committed Shares
held in uncertificated form, take or procure the taking of any action which may be required by WTW or its nominated representative in order to make a valid proxy appointment and give valid proxy instructions (voting in favour of the resolutions to
implement the Scheme), as soon as possible and in any event to be received by WTW’s registrar not later than 3.00 p.m. on the fourteenth (14th) calendar day after the posting of the Scheme
Document; 

  

	 	3.4	 I shall not revoke or withdraw, and shall procure that my relevant bank, broker or other nominee shall not
revoke or withdraw, the forms of proxy once they have been returned in accordance with paragraph 3.3 above; and 

  
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	 	3.5	 I shall not, and shall procure that my relevant bank, broker or other nominee shall not, exercise any voting
rights attaching to the Committed Shares to vote in favour of any competing scheme of arrangement. 

  

	4.	 Undertaking to accept a Takeover Offer 

I acknowledge that Aon shall have the right and may elect at any time, in accordance with the terms of the Business Combination Agreement and
with the Panel’s consent if required and whether or not the Scheme Document has then been despatched, to implement the Proposed Combination by way of a Takeover Offer. Provided that (i) Aon has made that election in accordance with the
terms of the Business Combination Agreement; (ii) such Takeover Offer is made on terms at least as favourable to WTW Shareholders as the terms of the Scheme and provided such Takeover Offer is recommended by the WTW Directors; and
(iii) unless and until this Deed ceases to have any effect in accordance with paragraph 6.6, 
 I irrevocably and unconditionally
undertake to Aon that, if the Proposed Combination is implemented by way of a Takeover Offer: 
  

	 	4.1	 upon the Takeover Offer being made, I will be able to accept or, where applicable, procure the acceptance of
the Takeover Offer in respect of the Committed Shares and to transfer, or procure the transfer of, the Committed Shares free from all liens, equities, charges, encumbrances, options, rights of pre-emption and
any other third party rights and interests of any nature and together with all rights now or hereafter attaching or accruing to them, including voting rights and the right to receive and retain in full all dividends of any nature and other
distributions (if any) hereafter declared, made or paid, provided however that this shall not include any rights, dividends of any nature or other distributions which accrue to or are payable to WTW Shareholders by reference to a record date which
is on or before the Proposed Combination is declared or becomes unconditional in all respects; 

  

	 	4.2	 I shall as soon as possible and in any event not less than seven (7) calendar days before the first
closing date of the Takeover Offer (or, in respect of any shares allotted to me after the posting of the Offer Document, within seven (7) calendar days of such allotment or acquisition) duly accept or procure acceptance of the Takeover Offer in
accordance with its terms in respect of the Committed Shares and, in respect of any Committed Shares held in certificated form, shall forward the relevant share certificate(s) to Aon or its nominated representative (or a form of indemnity acceptable
to Aon in respect of any lost certificate(s)) at the time of acceptance or as soon as practicable thereafter and, in respect of any WTW Shares held in uncertificated form, shall take such action (and shall procure that my relevant bank, broker or
other nominee shall take such action) as may be required by Aon or its nominated representative to the extent that such action is in accordance with the procedures set out in the Takeover Offer for the acceptance of the Takeover Offer by WTW
Shareholders holding their WTW Share in uncertificated form. I further undertake, if so required by Aon, to execute, or procure the execution (including by my relevant bank, broker or other nominee) of, all such other documents as may be necessary
for the purpose of giving Aon the full benefit of my obligations pursuant to this Deed with respect to the Takeover Offer; 

  

	 	4.3	 notwithstanding that the terms of the Offer Document will confer rights of withdrawal on accepting
shareholders, I shall not withdraw any acceptance of the Takeover Offer in respect of the Committed Shares or any of them and shall procure that no rights to withdraw any acceptance in respect of such Committed Shares are exercised; and

  
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	 	4.4	 the Committed Shares shall be acquired by Aon free from all liens, equities, charges, encumbrances, options,
rights of pre-emption and any other third party rights and interests of any nature and together with all rights now or hereafter attaching or accruing to them, including voting rights and the right to receive
and retain in full all dividends of any nature and other distributions (if any) hereafter declared, made or paid provided however that this shall not include any rights, dividends of any nature or other distributions which accrue to or are payable
to WTW Shareholders by reference to a record date which is on or before the Proposed Combination is declared or becomes unconditional in all respects. 

  

	5.	 Power of Attorney 

 

	 	5.1	 In order to secure the performance of my obligations under this Deed, I irrevocably appoint any director of Aon
jointly and severally to be my attorney in my name and on my behalf to sign or execute forms of proxy and/or such other deeds or documents and to do such other acts and things as may be necessary for the purpose of giving effect to my obligations
under this Deed in respect of the Committed Shares. 

  

	 	5.2	 I acknowledge that this power of attorney is given by way of security and is irrevocable until this Deed ceases
to have effect in accordance with paragraph 6.6. 

  

	6.	 Miscellaneous 

 

	 	6.1	 The obligations and provisions set out in this Deed apply equally to the persons from whom I am to procure
votes in favour of the resolutions to implement the Scheme pursuant to paragraph 3.1 above or acceptance of the Takeover Offer pursuant to the terms of paragraph 4.1 above (as the case may be) and I shall procure the observance by such persons of
the terms hereof as if they were each specifically a party hereto. 

  

	 	6.2	 I consent to the issue of an announcement incorporating references to me and to this Deed substantially in the
terms set out in the Rule 2.5 Announcement. I understand that, if the Proposed Combination proceeds, this Deed will be made available for inspection during the offer period (as defined in the Takeover Rules) and that particulars of it will be
contained in the Scheme Document or the Offer Document (as the case may be), and in any related circular or equivalent document. I further consent to this Deed being published on a website as required by Rule 26 of the Takeover Rules. Solely in my
capacity as a shareholder (and not in my capacity as a director of WTW), I undertake to provide you with all such further information in relation to my interests in the share capital of WTW and that of any person connected with me as you may
reasonably require in order to comply with the rules and regulations of the Nasdaq Stock Market, the Takeover Rules, the Exchange Act, the Act, and any other legal or regulatory requirements for inclusion in the Scheme Document or the Offer Document
(as the case may be) (or any other document required in connection with the Proposed Combination). 

  

	 	6.3	 Without prejudice to any other rights or remedies which Aon may have, I acknowledge that damages would not be
an adequate remedy if I fail to fulfil or otherwise breach any of my obligations pursuant to this Deed, and accordingly Aon shall be at liberty to use the remedies of injunction, specific performance or other equitable relief for any threatened or
actual breach of any such obligation and no proof of special damages shall be necessary for the enforcement by Aon of such rights. 

  

	 	6.4	 The covenants and undertakings contained in this Deed and each part of them are entirely severable and
separately enforceable so that each covenant and undertaking and each part of them shall be deemed to be a separate covenant and undertaking. 

  
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	 	6.5	 In the case where the WTW Shares are registered in the name of a nominee, I shall direct the nominee to act as
if the nominee were bound by the terms of this Deed and I shall use my best endeavours to do all acts and things necessary to carry the terms hereof into effect as if I had been the registered holder of the WTW Shares registered in the name of such
nominee. 

  

	 	6.6	 The undertakings given and other obligations entered into by me as set out in this Deed will terminate and
cease to have any effect whatsoever with immediate effect on the earlier to occur of the following: 

  

	 	(a)	 the Scheme becomes effective; 

 

	 	(b)	 the Rule 2.5 Announcement is not released by seven p.m. (Eastern time) on the Release Date;

  

	 	(c)	 the Proposed Combination is not completed by the Longstop Date; 

 

	 	(d)	 the Proposed Combination lapses or is withdrawn; 

 

	 	(e)	 the WTW Directors withdraw their recommendation that the WTW Shareholders vote in favour of the Proposed
Combination; or 

  

	 	(f)	 the Business Combination Agreement is terminated in accordance with its terms. 

 

	 	6.7	 Any time, date or period mentioned in this Deed may be extended by agreement between the parties but as regards
any time, date or period originally fixed or so extended, time shall be of the essence. 

  

	 	6.8	 This Deed shall not oblige Aon to announce or proceed with the Proposed Combination. 

 

	 	6.9	 This Deed shall not oblige me to do anything (i) in my capacity as a director of WTW in respect of the
Proposed Combination; nor (ii) which would in any way impede, prejudice or cause me to be in breach of my obligations and duties, or fetter my discretion, as a director of WTW, or prevent me from taking an action where such failure to act would
cause me to breach such obligations and duties. The undertakings in this Deed are given by me solely in my capacity as a shareholder of WTW. 

  

	 	6.10	 Aon may assign all rights and obligations under this Deed to any other company under the same ultimate
ownership of Aon. 

  

	 	6.11	 I agree that this Deed (and any dispute, controversy, proceedings or claim of whatever nature arising out of or
in any way relating to this Deed or any act performed or claimed to be performed under it) will be governed by and construed in accordance with Irish law and that the Irish courts are to have exclusive jurisdiction for all purposes in connection
herewith. 

  
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 IN WITNESS whereof this Deed has been entered into as a deed the day and year first herein written.

  

					
	 SIGNED AND DELIVERED as a Deed
 by
[insert name of director]
 in the presence of:
	  	                    	  	
		  		  	  

		  		  	Signature
			
	  
	  		  	
	Signature of Witness	  		  	
			
	  
	  		  	
	Name of Witness	  		  	
			
	  
	  		  	
	Occupation of Witness	  		  	
			
	  
	  		  	
	Address of Witness	  		  	

  
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 SCHEDULE 1 

Holdings of, and dealings in, WTW 
  

	1.	 Holdings 

  

					
	No. of ordinary shares in the capital of WTW	  	 Registered owner

(name)
	  	 Beneficial owner

(name)

  

	2.	 WTW Options 

  
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 APPENDIX 1 

Draft Rule 2.5 AnnouncementEx 10.1 Darrow CEO Agreement

Exhibit 10.1

TRUECAR, INC.
AMENDED AND RESTATED EMPLOYMENT AGREEMENT
This Amended and Restated Employment Agreement (the “Agreement”) is entered into as of the latest date indicated on the signature page of this Agreement (the “Effective Date”), by and between TrueCar, Inc. (the “Company”), and Michael Darrow (“Executive” and, together with the Company, the “Parties”).  This Agreement acts as an amendment and restatement of, and supersedes in its entirety, the Employment Agreement entered into between the Parties effective February 28, 2017 (the “Prior Employment Agreement”). 
RECITALS
WHEREAS, the Company wishes to continue to retain the services of Executive and Executive wishes to remain employed by the Company on the terms and subject to the conditions set forth in this Agreement.
NOW THEREFORE, in consideration of the foregoing recital and the respective undertakings of the Company and Executive set forth below, the Company and Executive agree as follows:
1.Duties and Obligations.
(a)Duties and Scope of Employment.  As of the Effective Date, Executive will continue serving as the Company’s President and Chief Executive Officer reporting directly to the Company’s Board of Directors (the “Board”).  Executive will have the authority generally allowed to persons discharging the duties of such positions.  Executive will render such business and professional services in the performance of his duties, consistent with Executive’s position within the Company, as will reasonably be assigned to him by the Board.  The period of Executive’s employment under this Agreement is referred to herein as the “Employment Term.”  
(b)Board Membership.  Executive will be appointed to serve as a member of the Board effective as of the Effective Date.  Thereafter, at each annual meeting of the Company’s stockholders during the Employment Term at which Executive’s term as a member of the Board has otherwise expired, the Company will nominate Executive to serve as a member of the Board.  Executive’s service as a member of the Board will be subject to any required stockholder approval.  Upon the termination of Executive’s employment for any reason, unless otherwise requested by the Board, Executive will be deemed to have resigned from the Board (and all other positions held at the Company and its affiliates) voluntarily, without any further required action by Executive, as of the end of Executive’s employment and Executive, at the Board’s request, will execute any documents necessary to reflect his resignation(s).
(c)Obligations.  During the Employment Term, Executive will perform his duties faithfully and to the best of his ability and will devote his full business efforts and time to the Company.  For the duration of the Employment Term, Executive agrees not to actively engage in any other employment, occupation, consulting or other business activity directly related to the business in which the Company is now involved or becomes involved during the Employment Term for any direct or indirect remuneration without the prior approval of the Board, and Executive will not engage in any other activities that conflict with Executive’s obligations to the Company. 
2.At-Will Employment.  Subject to the terms hereof, Executive’s employment with the Company remains “at-will” employment and may be terminated by either party at any time with or without cause or 

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with or without notice.  However, as described in this Agreement, Executive may be entitled to severance benefits depending upon the circumstances of Executive’s termination of employment.
3.Compensation.
(a)Base Salary.  During the Employment Term, the Company will pay Executive an annual base salary of $590,000 as compensation for his services (the “Base Salary”).  The Base Salary will be paid periodically in accordance with the Company’s normal payroll practices and be subject to the usual, required withholding.  Executive’s Base Salary will be subject to review and adjustments may be made based upon the Company’s normal performance review practices.
(b)Annual Bonus.  Executive will be eligible to receive a bonus targeted annually at 100% of Executive’s then-current Base Salary (the “Bonus”).  The target bonus will be based on the Company’s results and taking into consideration the evaluation of Executive’s individual performance and attainment of the objectives set each year by the Board or the Compensation and Workforce Committee of the Board (the “Compensation Committee”) in consultation with Executive, and will be paid in the sole discretion of the Board or the Compensation Committee.  Because a primary objective of the Bonus is employee retention, Executive will only be eligible to earn a Bonus if Executive remains employed by the Company in good standing on the date that the Bonus is paid.  However, as described in this Agreement, Executive may be entitled to severance benefits depending upon the circumstances of Executive’s termination of employment.  The Bonus, if awarded, is generally paid, less the usual, required withholding, on an annual basis and generally paid to employees during the quarter immediately following the end of the annual performance period to which the Bonus relates, and in all cases, not later than March 15th of the year after the year to which the Bonus relates.  All or a portion of the Bonus may, at the discretion of the Company, instead of  annual payment be paid in the form of quarterly, “spot” or other periodic bonuses that may be paid throughout the year or in such other form as the Company determines.  The Company’s bonus program is subject to change at the Company’s discretion.  In addition, the Company may, in its discretion, grant additional discretionary bonus amounts to Executive.
(c)Equity.  
(i)2020 Stock Option Grant.  Effective as of the Effective Date, Executive will be granted a stock option to purchase 323,000 shares of the Company’s common stock  with an exercise price equal to the per share fair market value of the Company’s common stock on the date of grant (the “Option”).  Subject to the accelerated vesting provisions set forth herein, the shares subject to the Option shall vest in forty-eight (48) approximately equal monthly installments, subject to Executive’s continued service with the Company through each vesting date, with the first vesting date occurring on the one (1)-month anniversary of the Effective Date.  The Option will be subject to the terms, definitions and provisions of the Company’s 2014 Equity Incentive Plan and a stock option agreement by and between Executive and the Company, which will control the Option grant, and both of which documents are incorporated herein by reference.  
(ii)2020 RSU Award.  Effective as of the Effective Date, Executive will be granted 188,000 restricted stock units (the “RSUs”).  The RSUs will have a vesting commencement date of March 15, 2020 and will vest in approximately equal quarterly amounts over sixteen (16) quarters, subject to Executive’s continued service with the Company through each vesting date, with the first vesting date occurring on the three (3)-month anniversary of the vesting commencement date. All RSUs will be subject to the terms and conditions of the Company’s 2014 Equity Incentive Plan and restricted stock unit agreement provided by the Company, which will control the RSU grant, and both of which documents are incorporated herein by reference.  

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(iii)2020 PRSU Award.  Subject to Executive’s continued employment on the grant date and at the same time that the Company grants 2020 equity awards to its other executives, the Company will recommend that Executive be granted 326,000 performance-based restricted stock units (at target performance) (the “PRSUs”) with terms substantially similar to performance-based restricted stock units granted to other executives of the Company.  All PRSUs will be subject to the terms and conditions of the Company’s 2014 Equity Incentive Plan and performance-based restricted stock unit agreement provided by the Company, which will control the PRSU grant, and both of which documents are incorporated herein by reference.
(iv)Promotion RSU Award.  Effective as of the Effective Date, Executive will be granted 300,000 restricted stock units (the “Promotion RSUs”).  The Promotion RSUs will have a vesting commencement date of March 15, 2020 and will vest in approximately equal quarterly amounts over eight (8) quarters, subject to Executive’s continued service with the Company through each vesting date, with the first vesting date occurring on the three (3)-month anniversary of the vesting commencement date. All Promotion RSUs will be subject to the terms and conditions of the Company’s 2014 Equity Incentive Plan and restricted stock unit agreement provided by the Company, which will control the Promotion RSU grant, and both of which documents are incorporated herein by reference.
(v)Executive will be eligible to receive additional awards of stock options, restricted stock, restricted stock units, performance-based equity awards or other equity awards pursuant to any plans or arrangements the Company may have in effect from time to time.  The Board or the Compensation Committee will determine in its discretion whether Executive will be granted any such equity awards and the terms of any such award in accordance with the terms of any applicable plan or arrangement that may be in effect from time to time.  
4.Employee Benefits.  During the Employment Term, Executive will be entitled to participate in benefit plans and programs of the Company (including vacation and/or paid-time off), maintained by the Company for the benefit of its employees, if any, on the same terms and conditions as other similarly-situated employees to the extent that Executive’s position, tenure, salary, age, health and other qualifications make Executive eligible to participate in such plans or programs, subject to the rules and regulations applicable thereto.  The Company reserves the right to modify employee compensation and cancel or change the benefit plans and programs it offers to its employees at any time in its discretion.
5.Expenses.  The Company will reimburse Executive for reasonable travel, entertainment or other expenses incurred by Executive in the furtherance of or in connection with the performance of Executive’s duties hereunder, in accordance with the Company’s expense reimbursement policy as in effect from time to time.    
6.Severance Benefits.
(a)Termination without Cause or Resignation for Good Reason Prior to a Change in Control.  If the Company terminates Executive’s employment with the Company for a reason other than Cause (and not by reason of Executive’s death or Disability), or Executive resigns from employment with the Company for Good Reason, and in each case, such termination occurs prior to a Change in Control, then subject to Section 8 of this Agreement, Executive will receive as severance from the Company: (i) continuing payments of Executive’s Base Salary as in effect on the date of Executive’s termination, payable in accordance with the Company’s standard payroll procedures during the Severance Period; (ii) Executive’s full target Bonus compensation for the year in which the termination occurs, payable, less the usual, required withholding, on the same date(s) the Company pays annual bonuses to other similarly-situated executives, but in no event later than March 15th of the year after the year in which the termination occurs; (iii) the 

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immediate vesting of each of Executive’s then-outstanding and unvested Equity Awards as to the number of shares subject to each such Equity Award that otherwise would have vested had he remained an employee of the Company through the twelve (12)-month anniversary of Executive’s termination of employment; provided, however, that any Equity Award that, at any time such Equity Award was outstanding, was subject to performance-based vesting, will instead be treated as provided in the award agreement related to such Equity Award; and (iv) subject to Section 6(d) below, the Company will either, at the Company’s election, reimburse Executive for the payments Executive makes, or pay directly to the insurance provider the premiums, for medical, vision and dental coverage for Executive and Executive’s eligible dependents under Title X of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended or comparable state law (“COBRA”) during the Severance Period or until Executive has secured other employment that provides group health insurance coverage, whichever occurs first provided Executive timely elects COBRA coverage, remains eligible for COBRA continuation coverage and, with respect to reimbursements, pays for COBRA coverage.  With respect to Equity Awards granted on or after the Effective Date, the same vesting acceleration provisions provided in the prior sentence will apply to such Equity Awards except to the extent provided in the applicable equity award agreement by explicit reference to this Agreement or to a later employment or other agreement providing for similar vesting acceleration provisions.  Executive agrees and acknowledges that the terms of this Agreement may restrict the Company’s ability to make future modifications, including but not limited to the vesting schedule and/or payment timing, to Executive’s restricted stock units, performance shares and performance units without risking a violation of Section 409A (as defined below).  
(b)Termination due to Death or Disability.  If Executive’s employment with the Company terminates due to Executive’s death or Disability, regardless of whether before, on or after a Change in Control, then subject to Section 8 of this Agreement, Executive or, if applicable, his estate (in which case references to “Executive” in this Section 6(b) and in Section 6(d) will be deemed to refer to Executive’s estate) will receive as severance from the Company: (i) the immediate vesting as to 100% of each of Executive’s then-outstanding Equity Awards; provided, however, that any Equity Award that, at any time such Equity Award was outstanding, was subject to performance-based vesting, will instead be treated as provided in the award agreement related to such Equity Award; and (ii) subject to Section 6(d) below, the Company will, at the Company’s election, either reimburse Executive for the payments Executive makes, or pay directly to the insurance provider the premiums, for medical, vision and dental coverage for Executive and Executive’s eligible dependents under COBRA during the Severance Period, provided Executive timely elects COBRA coverage, remains eligible for COBRA continuation coverage and, with respect to reimbursements, pays for COBRA coverage.  With respect to Equity Awards granted on or after the Effective Date, the same vesting acceleration provisions provided in the prior sentence will apply to such Equity Awards except to the extent provided in the applicable equity award agreement by explicit reference to this Agreement or to a later employment or other agreement providing for similar vesting acceleration provisions.
(c)Termination Without Cause or Resignation for Good Reason on or after a Change in Control.  If the Company terminates Executive’s employment with the Company for a reason other than Cause (and not by reason of Executive’s death or Disability), or Executive resigns from employment with the Company for Good Reason, and in each case, such termination occurs upon or after a Change in Control, then subject to Section 8 of this Agreement, Executive will receive as severance from the Company: (i) continuing payments of Executive’s Base Salary as in effect on the date of Executive’s termination, payable in accordance with the Company’s standard payroll procedures during the Severance Period; (ii) Executive’s full target Bonus compensation for the year in which the termination occurs, payable, less the usual, required withholding; (iii) the immediate vesting as to 100% of each of Executive’s outstanding Equity Awards that both are outstanding as of the date of the termination of Executive’s employment and were granted at least sixty (60) days prior to the applicable Change in Control; provided, however, that any Equity Award that, at 

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any time such Equity Award was outstanding, was subject to performance-based vesting, will instead be treated as provided in the award agreement related to such Equity Award; and (iv) subject to Section 6(d) below, the Company will either, at the Company’s election, reimburse Executive for the payments Executive makes, or pay directly to the insurance provider the premiums, for medical, vision and dental coverage for Executive and Executive’s eligible dependents under COBRA during the Severance Period or until Executive has secured other employment that provides group health insurance coverage, whichever occurs first, provided Executive timely elects COBRA coverage, remains eligible for COBRA continuation coverage and, with respect to reimbursements, pays for COBRA coverage.  With respect to Equity Awards granted on or after the Effective Date, the same vesting acceleration provisions provided in the prior sentence will apply to such Equity Awards except to the extent provided in the applicable equity award agreement by explicit reference to this Agreement or to a later employment or other agreement providing for similar vesting acceleration provisions.
(d)COBRA Benefits.  Any COBRA reimbursements under this Agreement will be made by the Company to Executive consistent with the Company’s normal expense reimbursement policy, provided that Executive submits documentation to the Company substantiating his payments for COBRA coverage.  However, if the Company determines in its sole discretion that it cannot, without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), provide any COBRA reimbursements or direct payments of COBRA premiums under this Agreement (either, the “COBRA Benefits”) that otherwise would be due to Executive under this Section 6, the Company will not provide, and Executive will not be entitled to, COBRA Benefits or any payments in lieu of any such COBRA Benefits, in each case, to which Executive is entitled under Section 6(b), but the Company will, in lieu of any such COBRA Benefits to which Executive is entitled under Section 6(a) or Section 6(c) of this Agreement, provide to Executive a taxable monthly payment (“Healthcare Premium Payment”) in an amount equal to the monthly COBRA premium that Executive would be required to pay to continue his group health coverage at coverage levels in effect immediately prior to Executive’s termination (which amount will be based on the premium for the first month of COBRA coverage), which payments will be made regardless of whether Executive elects COBRA continuation coverage.  At the same time each monthly Healthcare Premium Payment (if any is due) is paid to Executive, the Company also will provide Executive with a gross-up amount, determined by the Company, necessary to pay federal and state income and employment taxes incurred by Executive with respect to such Healthcare Premium Payment (with such gross-up to be calculated by the Company based on the withholding rates the Company has in effect for Executive at the time the Healthcare Premium Payment is paid to Executive).  Any Healthcare Premium Payments and any related gross-up payments will cease to be provided when, and under the same terms and conditions, COBRA Benefits would have ceased under this Section 6.  For the avoidance of doubt, the taxable payments in lieu of COBRA Benefits may be used for any purpose, including, but not limited to, continuation coverage under COBRA, and will be subject to all applicable withholdings.  Notwithstanding anything to the contrary under this Agreement, if at any time the Company determines in its sole discretion that it cannot provide the payments contemplated by this Section 6(d) without violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), Executive will not receive such payment, any further COBRA Benefits or any payments or benefits in lieu thereof.
(e)Voluntary Resignation; Termination for Cause.  If Executive’s employment with the Company terminates (i) voluntarily by Executive (other than for Good Reason and other than due to Executive’s death or Disability), or (ii) for Cause by the Company, then Executive will not be entitled to receive severance or other benefits (including continued vesting) except for those (if any) as may then be established under the Company’s then-existing severance and benefits plans and practices or pursuant to other then-effective written agreements with the Company that have not been superseded by this Agreement.

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(f)Exclusive Remedy.  In the event of a termination of Executive’s employment as set forth in Section 6 of this Agreement, the provisions of Section 6 are intended to be and are exclusive and in lieu of and supersede any other rights or remedies to which Executive or the Company otherwise may be entitled, whether at law, tort or contract or in equity, or under this Agreement (other than the payment of accrued but unpaid wages, as required by law, and any unreimbursed reimbursable expenses).  Executive will be entitled to no benefits, compensation or other payments or rights upon a termination of employment other than those benefits expressly set forth in Section 6 of this Agreement.
7.Change in Control Benefits.  In the event of a Change in Control that occurs while Executive remains an employee of the Company, if Executive remains employed with the Company (or any successor of the Company or subsidiary thereof) as of the first day immediately following the twelve (12)-month anniversary of the Closing of the Change in Control (such day, the “Post-CIC Anniversary Date”), then 100% of any Equity Awards that both are outstanding as of the Post-CIC Anniversary Date and were granted to Executive at least sixty (60) days prior to the applicable Change in Control will vest and become fully exercisable (to the extent applicable) at such time; provided, however, that any such Equity Award that, at any time such Equity Award was outstanding, was subject to performance-based vesting, will instead be treated as provided in the award agreement related to such Equity Award.  With respect to Equity Awards granted on or after the Effective Date, but granted prior to the Closing, the same vesting acceleration provisions provided in the prior sentence will apply to such Equity Awards except to the extent provided in the applicable equity award agreement by explicit reference to this Agreement or to a later employment or other agreement providing for similar vesting acceleration provisions.
8.Conditions to Receipt of Severance; No Duty to Mitigate.  
(a)Separation Agreement and Release of Claims.  The payment of any severance set forth in Section 6(a), Section 6(b), Section 6(c) and Section 6(d) above is contingent upon Executive signing and not revoking a separation and release of claims agreement with the Company (which may include an agreement not to disparage the Company and/or other standard terms and conditions) in a form reasonably acceptable to the Company (the “Release”) upon or following Executive’s separation from service and such Release becoming effective no later than sixty (60) days following Executive’s separation from service (such deadline, the “Release Deadline”).  The Company shall provide Executive its draft form of Release within seven (7) days of any qualifying termination, and if the Release does not become effective by the Release Deadline, Executive will forfeit any rights to severance under this Agreement.  In no event will severance payments or benefits be paid or provided until the Release actually becomes effective.  Any severance payments and benefits under this Agreement will be paid on, or, in the case of installments, will not commence until, the sixtieth (60th) day following Executive’s separation from service (or, with respect to the payment of target bonus amounts under Section 6(a)(ii), if later, such time provided for under Section 6(a)(ii) that is no later than March 15th of the year after the year in which the separation from service occurs), or, if later, such time as required by Section 8(b)(ii); provided, however, that any acceleration of vesting of options and restricted stock will be provided on the Release effectiveness date.  Except as required by Section 8(b)(ii), any payments and benefits that would have been made to Executive during the sixty (60)-day period immediately following Executive’s separation from service but for the preceding sentence will be paid to Executive on the sixtieth (60th) day following Executive’s separation from service and the remaining payments will be made as provided in this Agreement.  In no event will Executive have discretion to determine the taxable year of payment of any severance payments or benefits.
(b)Section 409A.  
(i)Notwithstanding anything to the contrary in this Agreement, no Deferred Payments, if any, payable to Executive pursuant to this Agreement will be payable until Executive has a “separation from service” within the meaning of Section 409A of the Internal Revenue Code of 1986, as 

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amended (the “Code”) and the final regulations and official guidance thereunder (“Section 409A”).  Similarly, no severance payable to Executive, if any, pursuant to this Agreement that otherwise would be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9) will be payable until Executive has a “separation from service” within the meaning of Section 409A.
(ii)Notwithstanding anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of Section 409A at the time of Executive’s separation from service (other than due to death), then the Deferred Payments, if any, that are payable within the first six (6) months following Executive’s separation from service, will become payable on the date six (6) months and one (1) day following the date of Executive’s separation from service.  All subsequent Deferred Payments, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit.  Notwithstanding anything herein to the contrary, if Executive dies following his separation from service, but prior to the six (6) month anniversary of the separation from service, then any payments delayed in accordance with this Section 8(b)(ii) will be payable to Executive’s estate or beneficiaries in a lump sum as soon as administratively practicable after the date of Executive’s death and all other Deferred Payments will be payable in accordance with the payment schedule applicable to each payment or benefit.  Each payment, installment and benefit payable under this Agreement is intended to constitute a separate payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations.
(iii)Any severance payment that satisfies the requirements of the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations will not constitute Deferred Payments for purposes herein.  Any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit (as defined below) will not constitute Deferred Payments for purposes herein.  Any payments or benefits due under Section 6 of this Agreement will be paid as provided under this Agreement, but in no event later than the last day of the second taxable year of Executive following Executive’s taxable year in which Executive’s separation from service from the Company occurs.
(iv)For purposes of this Agreement, “Section 409A Limit” means two (2) times the lesser of: (x) Executive’s annualized compensation based upon the annual rate of pay paid to Executive during Executive’s taxable year preceding Executive’s taxable year of Executive’s termination of employment as determined under, and with such adjustments as are set forth in, Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto, or (y) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which Executive’s employment is terminated.
(v)The foregoing provisions are intended to comply with or be exempt from the requirements of Section 409A so that none of the severance or other payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms herein will be interpreted to so comply or be exempt.  In no event will the Company have any liability or obligation to reimburse, indemnify or hold harmless  Executive for any taxes or costs that may be imposed on or incurred by Executive as a result of Section 409A.  Executive and the Company agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Executive under Section 409A.
(c)Confidential Information Agreement.  Executive’s receipt of any payments or benefits under Section 6 will be subject to Executive continuing to comply with: (i) the terms of the Confidential Information Agreement (as defined in Section 11, other than the post-termination employee non-solicitation obligation found in Section 8 of that agreement which the Company agrees not to enforce), and (ii) the 

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provisions of this Agreement. In the event Executive breaches the provisions of this Section 8(c), all continuing payments and benefits to which Executive may otherwise be entitled to pursuant to Section 6 will immediately cease.
(d)No Duty to Mitigate.  Executive will not be required to mitigate the amount of any payment contemplated by this Agreement, nor will any earnings that Executive may receive from any other source reduce any such payment.
9.Limitation on Payments.  In the event that the severance or change in control-related or other payments or benefits provided for in this Agreement or otherwise payable to Executive (i) constitute “parachute payments” within the meaning of Section 280G of the Code, and (ii) but for this Section 9, would be subject to the excise tax imposed by Section 4999 of the Code, then such payments or benefits will be either:
(a)delivered in full, or
		
	(b)
	delivered as to such lesser extent which would result in no portion of such benefits being subject to excise tax under Section 4999 of the Code,

whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999, results in the receipt by Executive on an after-tax basis, of the greatest amount of severance or change in control-related or other payments or benefits, notwithstanding that all or some portion of such payments or benefits may be taxable under Section 4999 of the Code.  If a reduction in severance and/or other payments or benefits constituting “parachute payments” is necessary so that payments or benefits are delivered to a lesser extent, reduction will occur in the following order: (i) reduction of cash payments, which will occur in reverse chronological order such that the cash payment owed on the latest date following the occurrence of the event triggering such excise tax will be the first cash payment to be reduced; (ii) reduction of acceleration of vesting of equity awards, which will occur in the reverse order of the date of grant for such stock awards (i.e., the vesting of the most recently granted stock awards will be reduced first); and (iii) reduction of other benefits paid or provided to Executive, which will occur in reverse chronological order such that the benefit owed on the latest date following the occurrence of the event triggering such excise tax will be the first benefit to be reduced.  If more than one equity award was made to Executive on the same date of grant, all such awards will have their acceleration of vesting reduced pro rata.  In no event will Executive have any discretion with respect to the ordering of payment reductions.  
Unless the Company and Executive otherwise agree in writing, any determination required under this Section will be made in writing by a nationally recognized firm of independent public accountants selected by the Company (the “Accountants”), whose determination will be conclusive and binding upon Executive and the Company for all purposes.  For purposes of making the calculations required by this Section 9, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code.  The Company and Executive will furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Section.  The Company will bear all costs the Accountants may reasonably incur in connection with any calculations contemplated by this Section 9.
10.Definitions.
(a)Cause.  For purposes of this Agreement, “Cause” means: (i) Executive’s failure to 

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perform his assigned duties or responsibilities as an employee (other than a failure resulting from Executive’s Disability) after written notice thereof from the Company describing Executive’s failure to perform such duties or responsibilities; (ii) Executive engaging in any act of dishonesty, fraud or misrepresentation with respect to the Company; (iii) Executive’s violation of any federal or state law or regulation applicable to the business of the Company or its affiliates; (iv) Executive’s breach of any confidentiality agreement or invention assignment agreement (including, but not limited to, the Confidential Information Agreement) between Executive and the Company (or any affiliate of the Company); or (v) Executive being convicted of, or entering a plea of nolo contendere to, any crime.  For purposes of clarity, Executive’s termination of employment due to death or Disability is not, by itself, deemed to be a termination by the Company other than for Cause or a resignation for Good Reason.
(b)Change in Control.  For purposes of this Agreement, “Change in Control” means the occurrence of any of the following:
(i)Change in Ownership of the Company.  A change in the ownership of the Company which occurs on the date that any one person, or more than one person acting as a group (“Person”), acquires ownership of the stock of the Company that, together with stock held by such Person, constitutes more than 50% of the total voting power of the stock of the Company; provided, however, that for purposes of this subsection (i), the acquisition of additional stock by any one Person, who is considered to own more than 50% of the total voting power of the stock of the Company will not be considered a Change in Control and, provided, further, that the Board may, in its reasonable judgment, determine that any change in the ownership of the stock of the Company as a result of a financing of the Company or otherwise, in the determination of the Board, for fundraising purposes, in each case  that is approved by the Board prior to such change in ownership also will not be considered a Change in Control; or 
(ii)[RESERVED]; or
(iii)Change in Ownership of a Substantial Portion of the Company’s Assets.  A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (iii), the following will not constitute a change in the ownership of a substantial portion of the Company’s assets: (A) a transfer to an entity that is controlled by the Company’s stockholders immediately after the transfer, or (B) a transfer of assets by the Company to: (1) a stockholder of the Company (immediately before the asset transfer) in exchange for or with respect to the Company’s stock, (2) an entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company, (3) a Person, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company, or (4) an entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a Person described in this subsection (iii)(B)(3) and, provided, further; that the Board may determine that certain asset transfers that should not, in the reasonable judgment of the Board (as constituted immediately prior to such asset transfers), be considered to be a “Change in Control” due to extenuating factors such as, for example, a determination being made to continue its business using only a certain subset of its assets rendering the remainder obsolete or retention of the proceeds from such sale by the Company for subsequent business use.  For purposes of this subsection (iii), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.

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For purposes of this definition of Change in Control, persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company.
Notwithstanding the foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control event within the meaning of Section 409A.
Further and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the state of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction.
(c)Closing.  For purposes of this Agreement, “Closing” means the closing of the first transaction constituting a Change in Control that occurs on or following the Effective Date.
(d)Deferred Payments.  For purposes of this Agreement, “Deferred Payments” means any severance pay or benefits to be paid or provided to Executive (or Executive’s estate or beneficiaries) pursuant to this Agreement and any other severance payments or separation benefits to be paid or provided to Executive (or Executive’s estate or beneficiaries), that in each case, when considered together, are considered deferred compensation under Section 409A.
(e)Disability.  For purposes of this Agreement, “Disability” means Executive (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering Company employees.
(f)Equity Awards.  For purposes of this Agreement, “Equity Awards” means any of Executive’s stock options to purchase shares of the Company’s common stock, restricted shares of the Company’s common stock (including unvested shares Executive has purchased through an early exercise of a stock option grant), stock appreciation rights, restricted stock units, performance shares, performance units and any other equity compensation awards granted by the Company or any successor of the Company.
(g)Good Reason.  For purposes of this Agreement, “Good Reason” means Executive’s resignation within thirty (30) days following the expiration of any Company cure period (discussed below) following the occurrence of one or more of the following, without Executive’s consent: (i) a material reduction in Executive’s Base Salary which reduction is not applicable to a majority of the Company’s senior management, provided that any material reduction in Executive’s Base Salary for which there is a substitution with compensation and benefits that, in the aggregate, are substantially equivalent in value to the reduction in Executive’s Base Salary, will not constitute “Good Reason”; (ii) a material reduction of Executive’s authority, duties or responsibilities, unless Executive is provided with a comparable position; provided, however, that a reduction in authority, duties, or responsibilities primarily by virtue of the Company being acquired and made part of a larger entity whether as a subsidiary, business unit or otherwise (as, for example, when the Chief Executive Officer of the Company remains as such following an acquisition where the Company becomes a wholly owned subsidiary of the acquirer, but is not made the Chief Executive Officer of the acquiring corporation) will not constitute “Good Reason”; or (iii) a material change in the geographic location of Executive’s primary work facility or location; provided, that a relocation of fifty (50) miles or less from Executive’s then present location or to Executive’s home as his primary work location will not be 

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considered a material change in geographic location.  In order for an event to qualify as Good Reason, Executive must not terminate employment with the Company without first providing the Company with written notice of the acts or omissions constituting the grounds for “Good Reason” within ninety (90) days of the initial existence of the grounds for “Good Reason” and a reasonable cure period of not less than thirty (30) days following the date of such notice, and such grounds must not have been cured during such time.  Any resignation for Good Reason must occur within two (2) years of the initial existence of the acts or omissions constituting the grounds for “Good Reason.”
(h)Severance Period.  For purposes of this Agreement, “Severance Period” means the period of time commencing immediately after Executive’s separation of service from the Company through the date that is twelve (12) months following such separation date.
11.Confidential Information.  Executive confirms his continuing obligations under the Company’s At-Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement entered into between the Company and Executive dated September 20, 2018 (the “Confidential Information Agreement”), other than the post-termination employee non-solicitation obligation found in Section 8 of that agreement which the Company agrees not to enforce .  
12.Successors.
(a)The Company’s Successors.  Any successor to the Company (whether direct or indirect and whether by purchase, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets will assume the obligations under this Agreement and agree expressly to perform the obligations under this Agreement in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession.  For all purposes under this Agreement, the term “Company” will include any successor to the Company’s business and/or assets which executes and delivers the assumption agreement described in this Section 12(a) or which becomes bound by the terms of this Agreement by operation of law.
(b)Executive’s Successors.  The terms of this Agreement and all rights of Executive hereunder will inure to the benefit of, and be enforceable by, Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.  
13.Notices.  
(a)General.  Notices and all other communications contemplated by this Agreement will be in writing and will 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 or when delivered by a private courier service such as UPS, DHL or Federal Express that has tracking capability.  In the case of Executive, mailed notices will be addressed to him at the home address which he most recently communicated to the Company in writing.  In the case of the Company, mailed notices will be addressed to its corporate headquarters, and all notices will be directed to the Chair of the Board.
(b)Notice of Termination.  Any termination by the Company for Cause or by Executive for Good Reason or as a result of a voluntary resignation will be communicated by a notice of termination to the other party hereto given in accordance with Section 13(a) of this Agreement.  Such notice will indicate the specific termination provision in this Agreement relied upon, will set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so indicated, and will specify the termination date (which will be not more than thirty (30) days after the giving of such notice).  The failure by Executive to include in the notice any fact or circumstance which contributes to a showing of 

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Good Reason will not waive any right of Executive hereunder or preclude Executive from asserting such fact or circumstance in enforcing Executive’s rights hereunder.
14.Severability.  In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement will continue in full force and effect without said provision.
15.Integration.  This Agreement represents the entire agreement and understanding between the Parties as to the subject matter herein and supersedes all prior or contemporaneous agreements whether written or oral, including but not limited to the Prior Employment Agreement.  This Agreement may be modified only by agreement of the Parties by a written instrument that is designated as an amendment to this Agreement or explicitly supersedes or replaces this Agreement, and in either case, is executed by Executive and either the Chair of the Board or the Chair of the Compensation Committee.
16.Waiver of Breach.  No provision of this Agreement will be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive).  The waiver of a breach of any term or provision of this Agreement will not operate as or be construed to be a waiver of any other previous or subsequent breach of this Agreement.
17.Headings.  All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement.
18.Tax Withholding.  All payments made pursuant to this Agreement will be subject to withholding of applicable taxes.
19.Governing Law.  This Agreement will be governed by the laws of the State of California (with the exception of its conflict of laws provisions).
20.Acknowledgment.  Executive acknowledges that he has had the opportunity to discuss this matter with and obtain advice from his private attorney, has had sufficient time to, and has carefully read and fully understands all the provisions of this Agreement. 
21.Counterparts.  This Agreement may be executed in counterparts, and each counterpart will have the same force and effect as an original and will constitute an effective, binding agreement on the part of each of the undersigned.

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IN WITNESS WHEREOF, each of the Parties has executed this Agreement, in the case of the Company by their duly authorized officers, as of the day and year first above written.
COMPANY:
TRUECAR, INC.

By: /s/ Jeff Swart                        
Title: General Counsel            
Date: 3/9/2020                    

EXECUTIVE:
/s/ Michael Darrow                        
MICHAEL DARROW

Date: 3/9/2020                    

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[SIGNATURE PAGE TO AMENDED AND RESTATED MICHAEL DARROW EMPLOYMENT AGREEMENT]

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