Document:

Exhibit 10.3

 

Director
NOMINATION Agreement

 

THIS Director
NOMINATION Agreement (this “Agreement”) is made and entered into as of [●], 2021, by and among
InnovAge Holding Corp., a Delaware corporation (the “Company”), Ignite Aggregator LP, a Delaware limited
partnership (together with its affiliated investment entities, “Apax Partners”), Welsh, Carson, Anderson &
Stowe XII, L.P., Welsh, Carson, Anderson & Stowe XII Delaware, L.P., Welsh, Carson, Anderson & Stowe XII Delaware
II, L.P., Welsh, Carson, Anderson & Stowe XII Cayman, L.P., WCAS XII Co-Investors LLC, WCAS Management Corporation and
WCAS Co-Invest Holdco, L.P. (together with Welsh, Carson, Anderson & Stowe XII, L.P., Welsh, Carson, Anderson &
Stowe XII Delaware, L.P., Welsh, Carson, Anderson & Stowe XII Delaware II, L.P., Welsh, Carson, Anderson & Stowe
XII Cayman, L.P., WCAS XII Co-Investors LLC, WCAS Management Corporation, “WCAS” and, together with Apax Partners,
the “Sponsors”). This Agreement shall become effective (the “Effective Date”) upon the closing
of the Company’s initial public offering (the “IPO”) of shares of its common stock, par value $0.001 per
share (the “Common Stock”).

 

WHEREAS, as of the
date hereof, the Sponsors collectively own a majority of the outstanding equity interests of TCO Group Holdings, L.P.;

 

WHEREAS, the Sponsors
are contemplating causing the Company to effect the IPO;

 

WHEREAS, in consideration
of the Sponsors agreeing to undertake the IPO, the Company has agreed to permit the Sponsors to designate persons for nomination
for election to the board of directors of the Company (the “Board”) following the Effective Date on the terms
and conditions set forth herein;

 

NOW, THEREFORE, in
consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, each of the parties to this Agreement agrees as follows:

 

1.            Board
Nomination Rights.

 

		(a)	From the Effective Date, the Sponsors have the right to designate (i) all of the nominees for election to the Board for
so long as the Sponsors collectively beneficially own at least 40% of the total number of shares of the Company’s Common
Stock collectively beneficially owned by the Sponsors upon completion of the IPO (including the underwriters’ exercise of any option to purchase additional shares contemplated on the cover page of the
prospectus relating to the IPO), as adjusted for any reorganization, recapitalization,
stock dividend, stock split, reverse stock split or similar changes in the Company’s capitalization (the “Original
Amount”); (ii) 40% of the nominees for election to the Board for so long as the Sponsors collectively beneficially
own less than 40% but at least 30% of the Original Amount; (iii) 30% of the nominees for election to the Board for so long
as the Sponsors collectively beneficially own less than 30% but at least 20% of the Original Amount; (iv) 20% of the nominees
for election to the Board for so long as the Sponsors collectively beneficially own less than 20% but at least 10% of the Original
Amount; and (v) one (1) of the nominees for election to the Board for so long as the Sponsors collectively beneficially
own at least 5% of the Original Amount (such persons, the “Nominees”). If TCO Group Holdings, L.P. is dissolved
after IPO, then each of Apax Partners and WCAS will be permitted to nominate (A) up to three (3) Directors (as defined
below) so long as it owns at least 25% of the Original Amount, (B) up to two (2) Directors so long as it owns at least
15% of the Original Amount and (C) one (1) Director so long as it owns at least 5% of the Original Amount. The Sponsors
may assign such nomination rights to their Affiliates (as defined below).

 

     

     

    

 

		(b)	In the event that any Sponsor has nominated less than the total number of designees that such Sponsor shall be entitled to
nominate pursuant to Section 1(a), such Sponsor shall have the right, at any time, to nominate such additional designees
to which it is entitled, in which case, the Company and the Directors shall take all necessary corporation action, to the fullest
extent permitted by applicable law (including with respect to fiduciary duties under Delaware law), to (x) enable such Sponsor
to nominate and effect the election or appointment of such additional individuals, whether by increasing the size of the Board,
or otherwise and (y) to designate such additional individuals nominated by such Sponsor to fill such newly created vacancies
or to fill any other existing vacancies.

 

		(c)	The Company shall pay all reasonable out-of-pocket expenses incurred by any Nominee in connection with the performance of his
or her duties as a Director and in connection with his or her attendance at any meeting of the Board.

 

		(d)	“Beneficially Own” shall mean that a specified person has or shares the right, directly or indirectly, through
any contract, arrangement, understanding, relationship or otherwise, to vote shares of capital stock of the Company. “Affiliate”
of any person shall mean any other person controlled by, controlling or under common control with such person; where “control”
(including, with its correlative meanings, “controlling,” “controlled by” and “under
common control with”) means possession, directly or indirectly, of power to direct or cause the direction of management
or policies (whether through ownership of securities, by contract or otherwise).

 

		(e)	“Director” means any member of the Board.

 

		(f)	No reduction in the number of shares of Common Stock that each Sponsor Beneficially Owns shall shorten the term of any incumbent
Director. At the Effective Date, the Board shall be comprised of ten (10) members and the initial members shall be Maureen
Hewitt, John Ellis Bush, Andrew Cavanna, Caroline Dechert, Edward Kennedy, Jr., Pavithra Mahesh, Thomas Scully, Marilyn Tavenner,
Sean Traynor and Richard Zoretic. Andrew Cavanna and Pavithra Mahesh shall constitute the “Apax Nominees” and Caroline
Dechert, Thomas Scully and Sean Traynor shall constitute the “WCAS Nominees.” The Sponsors may change the respective
individuals designated as such Apax Nominees and WCAS Nominees by providing notice to the Company.

 

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		(g)	In the event that any Nominee shall cease to serve for any reason, the Sponsor that nominated such Nominee shall be entitled
to designate such person’s successor in accordance with this Agreement (regardless of each Sponsor’s Beneficial Ownership
of Common Stock at the time of such vacancy) and the Board shall promptly fill the vacancy with such successor nominee; it being
understood that any such designee shall serve the remainder of the term of the Director whom such designee replaces.

 

		(h)	If a Nominee is not appointed or elected to the Board because of such person’s death, disability, disqualification, withdrawal
as a Nominee or for other reason is unavailable or unable to serve on the Board, the applicable Sponsor shall be entitled to designate
promptly another Nominee and the director position for which the original Nominee was nominated shall not be filled pending such
designation.

 

		(i)	So long as a Sponsor has the right to nominate at least one Nominee under this Section 1 or any such Nominee is
serving on the Board, the Company shall maintain in effect at all times directors and officers indemnity insurance coverage reasonably
satisfactory to the Sponsors, and the Company’s Amended and Restated Certificate of Incorporation and Bylaws (each as may
be further amended, supplemented or waived in accordance with its terms) shall at all times provide for indemnification, exculpation
and advancement of expenses to the fullest extent permitted under applicable law.

 

		(j)	At any time that a Sponsor shall have any nomination rights under this Section 1, the Company shall not increase
or decrease the number of Directors serving on the Board without the prior written consent of the Sponsors having such rights.

 

		(k)	At such time as the Company ceases to be a “controlled company” and is required by applicable law or Nasdaq (the
 “Exchange”) listing standards to have a majority of the Board comprised of “independent directors”
(subject in each case to any applicable phase-in periods), the Nominees shall include a number of persons that qualify as “independent
directors” under applicable law and the Exchange listing standards such that, together with any other “independent
directors” then serving on the Board that are not Nominees, the Board is comprised of a majority of “independent directors”;
provided that at any time that a Sponsor shall have any nomination rights under this Section 1, (i) each
such Sponsor shall be entitled to nominate at least one (1) Nominee who does not qualify as an “independent director”
and (ii) the number of “independent directors” required to be nominated by any Sponsor pursuant to this provision
shall not be greater than the number of Nominees required to be “independent directors” pursuant to this provision
to be nominated by any other Sponsor with the right to nominate the same number of, or more, Nominees as such Sponsor; provided,
however, in the event that the number of required “independent directors” is odd, the Sponsors agree to work
in good faith to collectively nominate one such “independent director;” provided, further, however,
that to the extent a mutually agreeable “independent director” cannot be agreed upon, that the Board shall have the
right to expand its size by one and to nominate and appoint such required “independent director” to fill the resulting
vacancy, provided that such nominee is acceptable to each Sponsor.

 

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		(l)	At any time that a Sponsor shall have any nomination rights under this Section 1, the Company shall not take any
action, including making or recommending any amendment to Company’s Amended and Restated Certificate of Incorporation or
Bylaws (each as may be further amended, supplemented or waived in accordance with its terms) that could reasonably be expected
to adversely affect a Sponsor’s rights under this Agreement, in each case without the prior written consent of the adversely
affected Sponsor.

 

		(m)	Each Sponsor hereby agrees to be present in person or by proxy and vote or cause to be voted all Common Stock Beneficially
Owned by such Sponsor at each annual or special meeting of the Company at which Directors of the Company are to be elected, in
favor of, or to take all actions by written consent in lieu of any such meeting as are necessary, or other necessary action, to
cause the election of the Nominees described in Section 1(a) in accordance with, and otherwise to achieve the
composition of the Board and effect the intent of, the provisions of this Section 1.

 

		(n)	The Company recognizes that Nominees (i) will from time to time receive non-public information concerning the
Company, and (ii) may share such information with other individuals associated with the Sponsor that designated such Nominee.
The Company hereby irrevocably consents to such sharing. Each Sponsor agrees that it will keep confidential and not disclose or
divulge to any third party any confidential information regarding the Company it receives from the Company or a Nominee, unless
such information (x) is known or becomes known to the public in general, (y) is or has been independently developed or
conceived by such Sponsor without use of the Company’s confidential information or (z) is or has been made known or
disclosed to such Sponsor by a third party without a breach of any obligation of confidentiality such third party may have; provided,
however, that a Sponsor may disclose confidential information (I) to its Affiliates (other than portfolio companies),
(II) to each of its and its Affiliate’s (other than portfolio companies) attorneys, accountants, consultants, advisors
and other professionals to the extent necessary to obtain their services in connection with evaluating the information, or (III) as
may be required by law or legal, judicial or regulatory process or requested by any regulatory or self-regulatory authority or
examiner, provided that such Sponsor takes reasonable steps to minimize the extent of any required disclosure described
in this clause (III).

 

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2.            Company
Obligations. The Company agrees that prior to the date that each Sponsor and its Affiliates cease to Beneficially Own shares
of Common Stock representing at least 5% of the Original Amount, (i) each Nominee is included in the Board’s slate of
nominees to the stockholders (the “Board’s Slate”) for each election of Directors; and (ii) each
Nominee is included in the proxy statement prepared by management of the Company in connection with soliciting proxies for every
meeting of the stockholders of the Company called with respect to the election of members of the Board (each, a “Director
Election Proxy Statement”), and at every adjournment or postponement thereof, and on every action or approval by written
consent of the stockholders of the Company or the Board with respect to the election of members of the Board. Each Sponsor will
promptly report to the Company after such Sponsor ceases to Beneficially Own shares of Common Stock representing at least 5% of
the total voting power of the Original Amount, such that Company is informed of when this obligation terminates. The calculation
of the number of Nominees that each Sponsor is entitled to nominate to the Board’s Slate for any election of Directors shall
be based on the percentage of the Original Amount Beneficially Owned by each Sponsor immediately prior to the mailing to shareholders
of the Director Election Proxy Statement relating to such election (or, if earlier, the filing of the definitive Director Election
Proxy Statement with the U.S. Securities and Exchange Commission). Unless a Sponsor notifies the Company otherwise prior to the
mailing to shareholders of the Director Election Proxy Statement relating to an election of Directors, the Nominees for such election
shall be presumed to be the same Nominees currently serving on the Board, and no further action shall be required of any Sponsor
for the Board to include such Nominees on the Board’s Slate; provided that, in the event a Sponsor is no longer entitled
to nominate the full number of Nominees then serving on the Board, such Sponsor shall provide advance written notice to the Company,
of which currently servicing Nominee(s) shall be excluded from the Board’s Slate, and of any other changes to the list
of Nominees. If a Sponsor fails to provide such notice prior to the mailing to shareholders of the Director Election Proxy Statement
relating to such election (or, if earlier, the filing of the definitive Director Election Proxy Statement with the U.S. Securities
and Exchange Commission), a majority of the independent directors then serving on the Board shall determine which of the Nominees
of such Sponsor then serving on the Board will be included in the Board’s Slate. Furthermore, the Company agrees for so long
as the Company qualifies as a “controlled company” under the rules of the Exchange the Company will elect to be
a “controlled company” for purposes of the Exchange and will disclose in its annual meeting proxy statement that it
is a “controlled company” and the basis for that determination. The Company and the Sponsors acknowledge and agree
that, as of the Effective Date, the Company is a “controlled company.” The Company agrees to provide written notice
of the preparation of a Director Election Proxy Statement to the Sponsors at least 20 business days, but no more than 40 business
days, prior to the earlier of the mailing and the filing date of any Director Election Proxy Statement.

 

3.            Governance.

 

		(a)	Protective Provisions. Notwithstanding any other provision of this Agreement and to the fullest extent permitted by
applicable law, in addition to the approval of the Directors, the following actions described in this Section 3(a) (collectively,
the “Consent Matters”) shall require the prior written consent of Apax Partners and/or WCAS as set out below:

 

		i.	none of the following actions shall be taken by the Company, including any proposal by the Board to be put to the vote of the
stockholders of the Company with respect thereto, without (A) the prior written consent of Apax Partners for so long as Apax
Partners owns at least 5% of the Original Amount and (B) the prior written consent of WCAS for so long as WCAS owns at least
5% of the Original Amount (except as set forth in the proviso in Section 3(a)(I)):

 

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		I.	amending, altering or changing, or waiving any rights under, this Agreement, the organizational documents, including the Amended
and Restated Certificate of Incorporation or the Bylaws of the Company, (which shall also be subject to Section 5)
and/or the organizational documents of any subsidiary of the Company; provided that, notwithstanding the foregoing, for
so long as Apax Partners or WCAS, as applicable, own any outstanding Common Stock, any amendment, alteration, or change to, or
waiver under, other organizational documents, including the Amended and Restated Certificate of Incorporation or the Bylaws of
the Company, and/or the organizational documents of any subsidiary of the Company that would adversely affect in any respect any
rights specific to Apax Partners or WCAS shall (subject to applicable law) require the written consent of Apax Partners or WCAS,
as applicable;

 

		II.	authorizing or issuing any equity securities of the Company having rights, preferences or privileges that are superior or senior
to the outstanding Common Stock (or any securities convertible or exchangeable therefor pursuant to their terms);

 

		III.	any transaction with any stockholder or Affiliate of a stockholder or any Director or officer of the Company or any of its
subsidiaries (other than employment agreements with officers not otherwise affiliated with a stockholder);

 

		IV.	winding up the Company; and

 

		V.	entering into any agreement with respect to the matters described in the foregoing clauses (I) through (IV) or taking
any such action indirectly.

 

		ii.	none of the following actions shall be taken by the Company, including any proposal by the Board to be put to the vote of the
stockholders of the Company with respect thereto, without (A) the prior written consent of Apax Partners for so long as Apax
Partners owns at least 20% of the Original Amount and (B) the prior written consent of WCAS for so long as WCAS owns at least
20% of the Original Amount:

 

		I.	the declaration or payment of any dividend or other distribution to the stockholders by the Company or redemption, repurchase
or exchange (as applicable) of any equity securities of the Company;

 

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		II.	issuing or granting any equity securities of the Company or its subsidiaries, other than grants under the Company’s 2021
Omnibus Incentive Plan;

 

		III.	engaging in any mergers, acquisitions, business combinations or similar transactions or entering into any arrangements or agreements
relating to joint ventures or strategic partnerships with a value of such transaction or arrangement exceeding $10.0 million; and

 

		IV.	entry by the Company into any agreement with respect to the matters described in the foregoing clauses (I) through (III) or
taking any such action indirectly.

 

4.            Committees.
From and after the Effective Date hereof until such time as each Sponsor and its Affiliates cease to Beneficially Own Common Stock
representing at least 5% of the Original Amount, each Sponsor shall have the right to designate one member of each committee of
the Board, provided that any such designee shall be a Director and shall be eligible to serve on the applicable committee
under applicable law or listing standards of the Exchange, including any applicable independence requirements (subject in each
case to any applicable exceptions, including those for newly public companies and for “controlled companies,” and any
applicable phase-in periods). Any additional members shall be determined by the Board. Nominees designated to serve on a Board
committee shall have the right to remain on such committee until the next election of Directors, regardless of the number of shares
of Common Stock the Sponsor Beneficially Owns following such designation. Unless a Sponsor notifies the Company otherwise prior
to the time the Board takes action to change the composition of a Board committee, and to the extent the applicable Sponsor Beneficially
Owns the requisite percentage of the Original Amount for such Sponsor to nominate a Board committee member at the time the Board
takes action to change the composition of any such Board committee, any Nominee currently designated by the applicable Sponsor
to serve on a committee shall be presumed to be re-designated for such committee.

 

5.            Amendment
and Waiver. Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing
and is signed, in the case of an amendment, by the Company and each Sponsor owning at least 5% of the Original Amount, or in the
case of a waiver, by the party against whom the waiver is to be effective. No failure or delay by any party in exercising any right,
power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other
or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall
be cumulative and not exclusive of any rights or remedies provided by law. The Sponsors shall not be obligated to nominate all
(or any) of the Nominees they are entitled to nominate pursuant to this Agreement for any election of Directors but the failure
to do so shall not constitute a waiver of their rights hereunder with respect to future elections; provided, however,
that in the event a Sponsor fails to nominate all (or any) of the Nominees it is entitled to nominate pursuant to this Agreement
prior to the mailing to shareholders of the Director Election Proxy Statement relating to such election (or, if earlier, the filing
of the definitive Director Election Proxy Statement with the U.S. Securities and Exchange Commission), the Compensation, Nominating
and Governance Committee of the Board shall be entitled to nominate individuals in lieu of such Nominees for inclusion in the Board’s
Slate and the applicable Director Election Proxy Statement with respect to the election for which such failure occurred and such
Sponsor shall be deemed to have waived its rights hereunder with respect to such election; provided, further, however,
that any such waiver shall only be effective if the Company has provided written notice to such Sponsor of such Director Election
Proxy Statement no less than 20 business days, and no more than 40 business days, prior to the earlier of the mailing or filing
date of such Director Election Proxy Statement. The rights and remedies herein provided shall be cumulative and not exclusive of
any rights or remedies provided by law.

 

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6.            Benefit
of Parties. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
permitted successors and assigns. Notwithstanding the foregoing, the Company may not assign any of its rights or obligations hereunder
without the prior written consent of each Sponsor that Beneficially Own shares of Common Stock representing at least 5% of the
Original Amount. Except as otherwise expressly provided in Section 7, nothing herein contained shall confer or is intended
to confer on any third party or entity that is not a party to this Agreement any rights under this Agreement.

 

7.            Assignment.
Upon written notice to the Company, each Sponsor may assign to any Affiliate (other than a portfolio company) all of its rights
hereunder and, following such assignment, such assignee shall be deemed to be a “Sponsor” for all purposes hereunder.

 

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8.            Indemnification.

 

(a)            The
Company shall defend, indemnify and hold harmless the Sponsors, their respective Affiliates, partners, employees, agents, directors,
managers, officers and controlling Persons (collectively, the “Indemnified Parties”) from and against any and
all actions, causes of action, suits, claims, liabilities, losses, damages, costs, expenses, or obligations of any kind or nature
(whether accrued or fixed, absolute or contingent) in connection therewith (including reasonable attorneys’ fees and expenses)
incurred by the Indemnified Parties before or after the date of this Agreement (each, an “Action”) arising directly
or indirectly out of, or in any way relating to, (i) any Sponsor’s or its respective Affiliates’ Beneficial Ownership
of Common Stock or other equity securities of the Company or control or ability to influence the Company or any of its subsidiaries
(other than any such Actions (x) to the extent such Actions arise out of any breach of this Agreement by an Indemnified Party
or its Affiliates or the breach of any fiduciary or other duty or obligation of such Indemnified Party to its direct or indirect
equity holders, creditors or Affiliates or (y) to the extent such Actions are directly caused by such Person’s willful
misconduct), (ii) the business, operations, properties, assets or other rights or liabilities of the Company or any of its
subsidiaries or (iii) any services provided prior, on or after the date of this Agreement by any Sponsor or its respective
Affiliates to the Company or any of its subsidiaries. The Company shall defend at its own cost and expense in respect of any Action
which may be brought against the Company and/or its Affiliates and the Indemnified Parties. The Company shall defend at its own
cost and expense any and all Actions which may be brought in which the Indemnified Parties may be impleaded with others upon any
Action by the Indemnified Parties, except that if such damage shall be proven to be the direct result of gross negligence, bad
faith or willful misconduct by any of the Indemnified Parties, then such Indemnified Party shall reimburse the Company for the
costs of defense and other costs incurred by the Company in proportion to such Indemnified Party’s culpability as proven.
In the event of the assertion against any Indemnified Party of any Action or the commencement of any Action, the Company shall
be entitled to participate in such Action and in the investigation of such Action and, after written notice from the Company to
such Indemnified Party, to assume the investigation or defense of such Action with counsel of the Company’s choice at the
Company’s expense; provided, however, that such counsel shall be reasonably satisfactory to the Indemnified
Party. Notwithstanding anything to the contrary contained herein, the Company may retain one firm of counsel to represent all Indemnified
Parties in such Action; provided, however, that the Indemnified Party shall have the right to employ a single firm
of separate counsel (and any necessary local counsel) and to participate in the defense or investigation of such Action and the
Company shall bear the expense of such separate counsel (and local counsel, if applicable), if (x) in the opinion of counsel
to the Indemnified Party use of counsel of the Company’s choice could reasonably be expected to give rise to a conflict of
interest, (y) the Company shall not have employed counsel satisfactory to the Indemnified Party to represent the Indemnified
Party within a reasonable time after notice of the assertion of any such Action or (z) the Company shall authorize the Indemnified
Party to employ separate counsel at the Company’s expense. The Company further agrees that with respect to any Indemnified
Party who is employed, retained or otherwise associated with, or appointed or nominated by, the Sponsors or any of their respective
Affiliates and who acts or serves as a director, officer, manager, fiduciary, employee, consultant, advisor or agent of, for or
to the Company or any of its subsidiaries, that the Company or such subsidiaries, as applicable, shall be primarily liable for
all indemnification, reimbursements, advancements or similar payments (the “Indemnity Obligations”) afforded
to such Indemnified Party acting in such capacity or capacities on behalf or at the request of the Company, whether the Indemnity
Obligations are created by law, organizational or constituent documents, contract (including this Agreement) or otherwise. The
Company hereby agrees that in no event shall the Company or any of its subsidiaries have any right or claim against any Sponsor
for contribution or have rights of subrogation against any Sponsor through an Indemnified Party for any payment made by the Company
or any of its subsidiaries with respect to any Indemnity Obligation. In addition, the Company hereby agrees that in the event that
any Sponsor pay or advance an Indemnified Party any expenses with respect to an Indemnity Obligation, the Company will, or will
cause its subsidiaries to, as applicable, promptly reimburse any such Sponsor, respectively, for such payment or advance upon request;
subject to the receipt by the Company of a written undertaking executed by the Indemnified Party and the Sponsors, as applicable,
that makes such payment or advance to repay any such amounts if it shall ultimately be determined by a court of competent jurisdiction
that such Indemnified Party was not entitled to be indemnified by the Company. The foregoing right to indemnity shall be in addition
to any rights that any Indemnified Party may have at common law or otherwise and shall remain in full force and effect following
the completion or any termination of the engagement. If for any reason the foregoing indemnification is unavailable to any Indemnified
Party or insufficient to hold it harmless as and to the extent contemplated by this Section 8, then the Company shall
contribute to the amount paid or payable by the Indemnified Party as a result of such Action in such proportion as is appropriate
to reflect the relative benefits received by the Company, on the one hand, and the Indemnified Party, as the case may be, on the
other hand, as well as any other relevant equitable considerations.

 

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(b)            The
Company hereby acknowledges that the certain of the Indemnified Parties have certain rights to indemnification, advancement of
expenses and/or insurance provided by investment funds managed by Apax Partners and WCAS and certain of their Affiliates (collectively,
the “Fund Indemnitors”). The Company hereby agrees with respect to any indemnification, hold harmless obligation,
expense advancement or reimbursement provision or any other similar obligation whether pursuant to or with respect to this Agreement,
the organizational documents of the Company or any of its subsidiaries or any other agreement, as applicable, (i) that the
Company and its subsidiaries are the indemnitor of first resort (i.e., their obligations to the Indemnified Parties are primary
and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for claims, expenses or obligations
arising out of the same or similar facts and circumstances suffered by any Indemnified Party are secondary), (ii) that the
Company shall be required to advance the full amount of expenses incurred by any Indemnified Party and shall be liable for the
full amount of all expenses, liabilities, obligations, judgments, penalties, fines, and amounts paid in settlement to the extent
legally permitted and as required by the terms of this Agreement, the organizational documents of the Company or any of its subsidiaries
or any other agreement, as applicable, without regard to any rights any Indemnified Party may have against the Fund Indemnitors,
and (iii) that the Company, on behalf of itself and each of its subsidiaries, irrevocably waives, relinquishes and releases
the Fund Indemnitors from any and all Actions against the Fund Indemnitors for contribution, subrogation or any other recovery
of any kind in respect thereof. The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of
any Indemnified Party with respect to any Action for which any Indemnified Party has sought indemnification from the Company shall
affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement
or payment to all of the rights of recovery of any Indemnified Party against the Company. The Company agrees that the Fund Indemnitors
are express third-party beneficiaries of the terms of this Section 8(b).

 

9.            Headings.
Headings are for ease of reference only and shall not form a part of this Agreement.

 

10.          Governing
Law. This Agreement shall be construed in accordance with and governed by the law of the State of Delaware without giving effect
to the principles of conflicts of laws thereof.

 

11.          Jurisdiction.
Any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with,
this Agreement may be brought against any of the parties in any federal court located in the State of Delaware or any Delaware
state court, and each of the parties hereby consents to the exclusive jurisdiction of such court (and of the appropriate appellate
courts) in any such suit, action or proceeding and waives any objection to venue laid therein. Process in any such suit, action
or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without
limiting the foregoing, each of the parties agrees that service of process upon such party at the address referred to in Section 18,
together with written notice of such service to such party, shall be deemed effective service of process upon such party.

 

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12.            WAIVER
OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT.

 

13.            Entire
Agreement. This Agreement constitutes the entire agreement among the parties with respect to the subject matter hereof and
supersedes all prior agreements, understandings and negotiations, both written and oral among the parties with respect to the subject
matter hereof.

 

14.            Counterparts;
Effectiveness. This Agreement may be signed in any number of counterparts, each of which shall be deemed an original. This
Agreement shall become effective when each party shall have received a counterpart hereof signed by each of the other parties.
An executed copy or counterpart hereof delivered by facsimile shall be deemed an original instrument.

 

15.            Severability.
If any provision of this Agreement or the application thereof to any person or circumstance shall be invalid or unenforceable to
any extent, the remainder of this Agreement and the application of such provisions to other persons or circumstances shall not
be affected thereby and shall be enforced to the greatest extent permitted by law.

 

16.            Further
Assurances. Each of the parties hereto shall execute and deliver such further instruments and do such further acts and things
as may be required to carry out the intent and purpose of this Agreement.

 

17.            Specific
Performance. Each of the parties hereto agree that irreparable damage would occur if any provision of this Agreement were not
performed in accordance with the terms hereof and that the parties shall be entitled to an injunction or injunctions to prevent
breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof in any federal or state
court located in the State of Delaware, in addition to any other remedy to which they are entitled at law or in equity.

 

18.            Notices.
All notices, requests and other communications to any party or to the Company shall be in writing (including telecopy or similar
writing) and shall be given,

 

If
to the Company:

 

InnovAge Holding Corp.

8950 E. Lowry Boulevard

Denver, Colorado 80230

Attention: Chief Legal
Officer

 

With
a copy to (which shall not constitute notice):

 

Kirkland &
Ellis LLP

300 N. LaSalle

Chicago, IL 60654

Attention: Robert
M. Hayward, P.C.

   Robert E. Goedert, P.C.

Facsimile: (312) 862-2200

 

    11 

     

    

 

If
to any member of Apax Partners or any of its Nominees:

 

c/o Apax Partners, L.P.

601 Lexington Avenue

53rd Floor

New York, New York 10022

Attention: Andrew Cavanna

Email:
andrew.cavanna@apax.com

 

If
to any member of WCAS or any of its Nominees:

 

c/o Welsh, Carson,
Anderson & Stowe, L.P.

599 Lexington Avenue

Suite 1800

New York, New York
10022

Attention: Tom Scully

Email:
tscully@wcas.com

 

With
a copy to (which shall not constitute notice):

 

Kirkland &
Ellis LLP

300 N. LaSalle

Chicago, IL 60654

Attention: Robert
M. Hayward, P.C.

   Robert E. Goedert,
P.C.

Facsimile: (312) 862-2200

 

or to such other address or telecopier
number as such party or the Company may hereafter specify for the purpose by notice to the other parties and the Company. Each
such notice, request or other communication shall be effective when delivered at the address specified in this Section 18
during regular business hours.

 

19.            Enforcement.
Each of the parties hereto covenants and agrees that the disinterested members of the Board have the right to enforce, waive or
take any other action with respect to this Agreement on behalf of the Company.

 

	 	*	*	*	*	*	 

 

    12 

     

    

 

IN WITNESS WHEREOF, the parties hereto have
executed this Agreement on the date first above written.

 

	 	INNOVAGE HOLDING CORP.
	 	 	 
	 	By:	                                
	 	Name:
	 	Title:

 

[Signature Page to Sponsor Director
Nomination Agreement]

 

     

     

    

 

	 	ignite aggregator lp
	 	 
	 	By:     Ignite GP Inc., its general partner
	 	 	 
	 	By:	                                
	 	Name: Andrew Cavanna
	 	Title: President

 

[Signature Page to Sponsor Director
Nomination Agreement]

 

     

     

    

 

	 	Welsh, Carson, Anderson & Stowe XII, L.P.
	 	 
	 	By: WCAS XII Associates LLC, its general partner
	 	 	 
	 	By: 	                                
	 	Name: Thomas Scully
	 	Title: Managing Member

 

	 	Welsh, Carson, Anderson & Stowe XII Delaware, L.P.
	 	 
	 	By: WCAS XII Associates Cayman, L.P., its general partner
	 	 
	 	By: WCAS XII Associates LLC, its general partner
	 	 	 
	 	By: 	                                
	 	Name: Thomas Scully
	 	Title: Managing Member

 

	 	Welsh, Carson, Anderson & Stowe XII Delaware II, L.P.
	 	 
	 	By:     WCAS XII Associates LLC, its general partner
	 	 
	 	By: 	                                
	 	Name: Thomas Scully
	 	Title: Managing Member
	 	 

 

[Signature Page to Sponsor Director
Nomination Agreement]

 

     

     

    

 

	 	Welsh, Carson, Anderson & Stowe XII Cayman, L.P.
	 	 
	 	By: WCAS XII Associates Cayman, L.P., its general partner
	 	 
	 	By: WCAS XII Associates LLC, its general partner
	 	 	 
	 	By: 	                                
	 	Name: Thomas Scully
	 	Title: Managing Member

 

	 	WCAS XII Co-Investors LLC
	 	 	 
	 	By: 	                                
	 	Name: Jonathan Rather
	 	Title: Managing Member

 

	 	WCAS Management Corporation
	 	 	 
	 	By: 	                                
	 	Name: Jonathan Rather
	 	Title: Treasurer

 

	 	WCAS Co-Invest Holdco, L.P.
	 	 
	 	By: WCAS Co-Invest Associates LLC, its general partner
	 	 	 
	 	By: 	                                
	 	Name: Jonathan Rather
	 	Title: Managing Member

 

[Signature Page to Sponsor Director
Nomination Agreement]Exhibit 10.4

 

TCO GROUP HOLDINGS, INC.

2016 EQUITY INCENTIVE PLAN

 

1.           DEFINED
TERMS

 

Exhibit A,
which is incorporated by reference, defines the terms used in the Plan and sets forth certain operational rules related to
those terms.

 

2.           PURPOSE

 

The Plan has been established
to advance the interests of the Company by providing for the grant to Participants of Stock-based and other incentive Awards.

 

3.           ADMINISTRATION

 

The Administrator has
discretionary authority, subject only to the express provisions of the Plan, to interpret the Plan; determine eligibility for and
grant Awards; determine, modify or waive the terms and conditions of any Award; prescribe forms, rules and procedures; and
otherwise do all things necessary to carry out the purposes of the Plan. Determinations of the Administrator made under the Plan
will be conclusive and will bind all parties.

 

4.           LIMITS
ON AWARDS UNDER THE PLAN

 

(a)       Number
of Shares. The maximum number of shares of Stock that may be delivered in satisfaction of Awards under the Plan is 17,836,636
shares. Up to the total number of shares available for Awards to employee Participants may be issued in satisfaction of ISOs,
but nothing in this Section 4(a) will be construed as requiring that any, or any fixed number of, ISOs be awarded
under the Plan. The limits set forth in this Section 4(a) shall be construed to comply with Section 422 of the
Code. For purposes of this Section 4(a), the number of shares of Stock delivered in satisfaction of Awards will be determined
net of shares of Stock withheld by the Company in payment of the exercise price or purchase price of the Award or in satisfaction
of tax withholding requirements with respect to the Award and, for the avoidance of doubt, without including any shares of Stock
underlying Awards that are settled in cash. Notwithstanding the foregoing, shares of Stock underlying Awards that otherwise expire
or become unexercisable without having been exercised, or that are forfeited to or repurchased by the Company due to failure to
vest, shall again be eligible to be delivered in satisfaction of Awards under the Plan. To the extent consistent with the requirements
of Section 422 and the regulations thereunder, Stock issued under awards of an acquired company that are converted, replaced
or adjusted in connection with the acquisition will not reduce the number of shares available for Awards under the Plan.

 

(b)      Type
of Shares. Stock delivered by the Company under the Plan may be authorized but unissued Stock or previously issued Stock
acquired by the Company. No fractional shares of Stock will be delivered under the Plan.

 

     

     

    

 

5.           ELIGIBILITY
AND PARTICIPATION

 

The Administrator will
select Participants from among those key Employees and directors of, and consultants and advisors to, the Company and its subsidiaries
who, in the opinion of the Administrator, are in a position to make a significant contribution to the success of the Company and
its subsidiaries. Eligibility for ISOs is limited to individuals described in the first sentence of this Section 5 who are
employees of the Company or of a “parent corporation” or “subsidiary corporation” of the Company as those
terms are defined in Section 424 of the Code. Eligibility for Stock Options other than ISOs is limited to individuals described
in the first sentence of this Section 5 who are providing direct services on the date of grant of the Stock Option to the
Company or to a subsidiary of the Company that would be described in the first sentence of Treas. Reg. §1.409A-1(b)(5)(iii)(E).

 

6.           RULES
APPLICABLE TO AWARDS

 

(a)       All
Awards.

 

(1)       Award
Provisions. The Administrator will determine the terms of all Awards, subject to the limitations provided herein. By accepting
(or, under such rules as the Administrator may prescribe, being deemed to have accepted) an Award, the Participant shall be
deemed to have agreed to the terms of the Award and the Plan. Notwithstanding any provision of this Plan to the contrary, awards
of an acquired company that are converted, replaced or adjusted in connection with the acquisition may contain terms and conditions
that are inconsistent with the terms and conditions specified herein, as determined by the Administrator.

 

(2)       Term
of Plan. No Awards may be made after ten (10) years from the Date of Adoption, but previously granted Awards may
continue beyond that date in accordance with their terms.

 

(3)       Transferability.
Neither ISOs nor, except as the Administrator otherwise expressly provides in accordance with the second sentence of this Section 6(a)(3),
other Awards may be transferred other than by will or by the laws of descent and distribution, and during a Participant’s
lifetime ISOs (and, except as the Administrator otherwise expressly provides in accordance with the second sentence of this Section 6(a)(3),
other Awards requiring exercise) may be exercised only by the Participant. The Administrator may permit Awards other than ISOs
to be transferred by gift, subject to the terms of the Stockholders Agreement, to the extent applicable, and such other limitations
as the Administrator may impose.

 

(4)       Vesting, etc.
The Administrator may determine the time or times at which an Award will vest or become exercisable and the terms on which an Award
requiring exercise will remain exercisable. Without limiting the foregoing, the Administrator may at any time (but need not) accelerate
the vesting or exercisability of an Award, regardless of any adverse or potentially adverse tax or other consequences resulting
from such acceleration. Unless the Administrator expressly provides otherwise, however, the following rules will apply if
a Participant’s Employment ceases:

 

(A)        Immediately
upon the cessation of the Participant’s Employment, each Award requiring exercise that is then held by the Participant or
by the Participant’s permitted transferees, if any, will cease to be exercisable and will terminate, except to the extent
otherwise provided in (B), (C), (D) or (E) below, and all other Awards that are then held by the Participant or by the
Participant’s permitted transferees, if any, to the extent not already vested will be forfeited.

 

    -2-

     

    

 

(B)        Subject
to (C), (D), and (E) below, all Stock Options and SARs held by the Participant or the Participant’s permitted transferees,
if any, immediately prior to the cessation of the Participant’s Employment, to the extent then exercisable, will remain exercisable
for the lesser of (i) a period of 75 days and (ii) the period ending on the latest date on which such Stock Option or
SAR, as the case may be, could have been exercised without regard to this Section 6(a)(4), and will thereupon immediately
terminate

 

(C)        Subject
to (D) and (E) below, all Stock Options and SARs held by the Participant or the Participant’s permitted transferees,
if any, immediately prior to the cessation of the Participant’s Employment by the Company other than for Cause or by the
Participant for Good Reason, to the extent then exercisable, will remain exercisable for the lesser of (i) a period of 90
days or (ii) the period ending on the latest date on which such Stock Option or SAR could have been exercised without regard
to this Section 6(a)(4), and will thereupon immediately terminate.

 

(D)       All
Stock Options and SARs held by a Participant or the Participant’s permitted transferees, if any, immediately prior to the
cessation of the Participant’s Employment due to his or her death or due to the termination of the Participant’s Employment
by the Company due to his or her Disability, to the extent then exercisable, will remain exercisable for the lesser of (i) a
period of one year ending with the first anniversary of the termination of the Participant’s Employment as a result of such
death or Disability, or (ii) the period ending on the latest date on which such Stock Option or SAR could have been exercised
without regard to this Section 6(a)(4), and will thereupon immediately terminate.

 

(E)       All
Stock Options and SARs (whether or not vested) held by a Participant or the Participant’s permitted transferees, if any,
immediately prior to the cessation of the Participant’s Employment will immediately terminate upon such cessation of Participant’s
Employment due to a termination for Cause.

 

(5)nbsp;     Additional
Restrictions. The Administrator may cancel, rescind, withhold or otherwise limit or restrict any Award at any time if the
Participant is not in compliance with all applicable provisions of the Award agreement and the Plan, or if the Participant breaches
any agreement with the Company or its Affiliates with respect to non-competition, non-solicitation or confidentiality.

 

(6)      Taxes.
The delivery, vesting and retention of Stock under an Award are conditioned upon full satisfaction by the Participant of all tax
withholding requirements with respect to the Award. The Administrator will prescribe such rules for the withholding of taxes
as it deems necessary. The Administrator may, but need not, hold back shares of Stock from an Award or permit a Participant to
tender previously owned shares of Stock in satisfaction of tax withholding requirements (but not in excess of the minimum withholding
required by law).

 

    -3-

     

    

 

(7)      Dividend
Equivalents, etc. The Administrator may provide for the payment of amounts (on terms and subject to conditions
established by the Administrator) in lieu of cash dividends or other cash distributions with respect to Stock subject to an Award
whether or not the holder of such Award is otherwise entitled to share in the actual dividend or distribution in respect of such
Award. Any entitlement to dividend equivalents or similar entitlements shall be established and administered either consistent
with an exemption from, or in compliance with, the requirements of Section 409A. In addition, any amounts payable in respect
of Restricted Stock or Restricted Stock Units may be subject to such limits or restrictions as the Administrator may impose.

 

(8)     Rights
Limited. Nothing in the Plan will be construed as giving any person the right to continued employment or service with the
Company or its Affiliates, or any rights as a stockholder except as to shares of Stock actually issued under the Plan. The loss
of existing or potential profit in Awards will not constitute an element of damages in the event of a termination of Employment
for any reason, even if the termination is in violation of an obligation of the Company or any Affiliate to the Participant.

 

(9)      Coordination
with Other Plans. Awards under the Plan may be granted in tandem with, or in satisfaction of or substitution for, other
Awards under the Plan or awards made under other compensatory plans or programs of the Company or its Affiliates. For example,
but without limiting the generality of the foregoing, awards under other compensatory plans or programs of the Company or its subsidiaries
may be settled in Stock (including, without limitation, Unrestricted Stock) if the Administrator so determines, in which case the
shares delivered will be treated as awarded under the Plan (and will reduce the number of shares thereafter available under the
Plan in accordance with the rules set forth in Section 4).

 

(10)    Section 409A.
Each Award may contain such terms as the Administrator determines, and shall be construed and administered, such that the Award
either (i) qualifies for an exemption from the requirements of Section 409A, or (ii) satisfies such requirements.

 

(11)    Certain
Requirements of Corporate Law. Awards shall be granted and administered consistent with the requirements of applicable
Delaware law relating to the issuance of stock and the consideration to be received therefor, and with the applicable requirements
of the stock exchanges or other trading systems on which the Stock is listed or entered for trading, in each case as determined
by the Administrator.

 

(12)    Fair
Market Value. In determining the fair market value of any share of Stock under the Plan, the Administrator shall make the
determination in good faith consistent with the rules of Section 422 and Section 409A to the extent applicable.

 

(13)    Stockholders
Agreement. Unless otherwise specifically provided, all Awards issued under the Plan and all Stock issued thereunder will
be subject to the Stockholders Agreement to the extent applicable. No Award will be granted to a Participant and no Stock will
be delivered to a Participant, in either case, until the Participant has executed the Stockholders Agreement.

 

    -4-

     

    

 

(b)         Stock
Options and SARs.

 

(1)       Time
And Manner Of Exercise. Unless the Administrator expressly provides otherwise, no Stock Option or SAR will be deemed to
have been exercised until the Administrator receives a notice of exercise (in form acceptable to the Administrator), which may
be an electronic notice, signed (including electronic signature in form acceptable to the Administrator) by the appropriate person
and accompanied by any payment required under the Award. A Stock Option or SAR exercised by any person other than the Participant
will not be deemed to have been exercised until the Administrator has received such evidence as it may require that the person
exercising the Award has the right to do so. The Administrator may impose conditions on the exercisability of Awards, including
limitations on the time periods during which Awards may be exercised or settled.

 

(2)        Exercise
Price. The exercise price (or the base value from which appreciation is to be measured) of each Award requiring exercise
will be 100% (in the case of an ISO granted to a ten-percent shareholder within the meaning of subsection (b)(6) of Section 422,
110%) of the fair market value of the Stock subject to the Award, determined as of the date of grant, or such higher amount as
the Administrator may determine in connection with the grant. No such Awards, once granted, may be repriced other than in accordance
with the applicable requirements of this Plan, including Section 9.

 

(3)        Payment
Of Exercise Price. Where the exercise of an Award is to be accompanied by payment, payment of the exercise price shall
be by cash or check acceptable to the Administrator, or, if so permitted by the Administrator and if legally permissible, (i) through
the delivery of unrestricted shares of Stock that have a fair market value equal to the exercise price, subject to such minimum
holding period requirements, if any, as the Administrator may prescribe, (ii) at such time, if any, as the Stock is publicly
traded, through a broker-assisted exercise program acceptable to the Administrator, (iii) by other means acceptable to the
Administrator, or (iv) by any combination of the foregoing permissible forms of payment. No Award requiring exercise or portion
thereof may be exercised unless, at the time of exercise, the fair market value of the shares of Stock subject to such Award or
portion thereof exceeds the exercise price for the Award or such portion. The delivery of shares in payment of the exercise price
under clause (i) above may be accomplished either by actual delivery or by constructive delivery through attestation of ownership,
subject to such rules as the Administrator may prescribe.

 

(4)       Maximum
Term. Awards requiring exercise will have a maximum term not to exceed ten (10) years from the date of grant (five
(5) years from the date of grant in the case of an ISO granted to a ten-percent shareholder described in Section 6(b)(2) above).

 

7.            EFFECT
OF CERTAIN TRANSACTIONS

 

(a)        Mergers, etc.
Except as otherwise provided in an Award, the Administrator shall, in its sole discretion, determine the effect of a Covered
Transaction on Awards, which determination may include, but is not limited to, taking the following actions:

 

(1)        Assumption
or Substitution. If the Covered Transaction is one in which there is an acquiring or surviving entity, the Administrator
may provide for the assumption or continuation of some or all outstanding Awards or for the grant of new awards in substitution
therefor by the acquiror or survivor or an affiliate of the acquiror or survivor.

 

    -5-

     

    

 

(2)       Cash-Out
of Awards. If the Covered Transaction is one in which holders of Stock will receive upon consummation a payment (whether
cash, non-cash or a combination of the foregoing), then subject to Section 7(a)(5) below the Administrator may provide
for payment (a “cash-out”), with respect to some or all Awards or any portion thereof, equal in the case of each affected
Award or portion thereof to the excess, if any, of (A) the fair market value of one share of Stock (as determined by the
Administrator in its reasonable discretion) times the number of shares of Stock subject to the Award or such portion, over (B) the
aggregate exercise or purchase price, if any, under the Award or such portion (in the case of an SAR, the aggregate base value
above which appreciation is measured), in each case on such payment terms (which need not be the same as the terms of payment
to holders of Stock) and other terms, and subject to such conditions, as the Administrator determines; it being understood that
if the exercise or purchase price (or base value) of an Award is equal to or greater than the fair market value of one share of
Stock, the Award may be cancelled with no payment due hereunder. The Administrator may not exercise its discretion under this
Section 7(a)(2) with respect to an Award or portion thereof providing for “nonqualified deferred compensation”
subject to Section 409A in a manner that would constitute an extension or acceleration of, or other change in, payment terms
if such change would be inconsistent with the applicable requirements of Section 409A.

 

(3)      Acceleration
of Certain Awards. If the Covered Transaction (whether or not there is an acquiring or surviving entity) is one in which
there is no assumption, continuation, substitution or cash-out, then subject to Section 7(a)(5) below the Administrator
may provide that each Award requiring exercise will become fully exercisable, and the delivery of any shares of Stock remaining
deliverable under each outstanding Award of Stock Units (including Restricted Stock Units and Performance Awards to the extent
consisting of Stock Units) will be accelerated and such shares will be delivered, prior to the Covered Transaction, in each case
on a basis that gives the holder of the Award a reasonable opportunity, as determined by the Administrator, following exercise
of the Award or the delivery of the shares, as the case may be, to participate as a stockholder in the Covered Transaction; provided,
that to the extent acceleration pursuant to this Section 7(a)(3) of an Award subject to Section 409A would cause
the Award to fail to satisfy the requirements of Section 409A, the Award may not be accelerated and the Administrator in lieu
thereof shall take such steps as are necessary to ensure that payment of the Award is made in a medium other than Stock and on
terms that as nearly as possible, but taking into account adjustments required or permitted by this Section 7, replicate the
prior terms of the Award.

 

(4)       Termination
of Awards Upon Consummation of Covered Transaction. Each Award will terminate upon consummation of the Covered Transaction,
other than the following: (i) Awards assumed pursuant to Section 7(a)(1) above; (ii) Awards converted pursuant
to the proviso in Section 7(a)(3) above into an ongoing right to receive payment other than in Stock; and (iii) outstanding
shares of Restricted Stock (which will be treated in the same manner as other shares of Stock, subject to Section 7(a)(5) below).

 

(5)      Additional
Limitations. Any share of Stock and any cash or other property delivered pursuant to Section 7(a)(2) or Section 7(a)(3) above
with respect to an Award may, in the discretion of the Administrator, contain such restrictions, if any, as the Administrator deems
appropriate to reflect any performance or other vesting conditions to which the Award was subject and that did not lapse (and were
not satisfied) in connection with the Covered Transaction. For purposes of the immediately preceding sentence, a cash-out under
Section 7(a)(2) above or the acceleration of exercisability of an Award under Section 7(a)(3) above shall not,
in and of itself, be treated as the lapsing (or satisfaction) of a performance or other vesting condition. In the case of Restricted
Stock that does not vest in connection with the Covered Transaction, the Administrator may require that any amounts delivered,
exchanged or otherwise paid in respect of such Stock in connection with the Covered Transaction be placed in escrow or otherwise
made subject to such restrictions as the Administrator deems appropriate to carry out the intent of the Plan.

 

    -6-

     

    

 

(b)         Changes
in and Distributions With Respect to Stock.

 

(1)       Basic
Adjustment Provisions. In the event of a stock dividend, stock split or combination of shares (including a reverse stock
split), recapitalization or other change in the Company’s capital structure that constitutes an equity restructuring within
the meaning of SFAS No. 123(R), the Administrator shall make appropriate adjustments to the maximum number of shares specified
in Section 4(a) that may be delivered under the Plan and shall also make appropriate adjustments to the number and kind
of shares of stock or securities subject to Awards then outstanding or subsequently granted, any exercise prices relating to Awards
and any other provision of Awards affected by such change.

 

(2)        Certain
Other Adjustments. The Administrator may also make adjustments of the type described in Section 7(b)(1) above
to take into account distributions to stockholders other than those provided for in Section 7(a) and 7(b)(1), or any
other event, if the Administrator determines that adjustments are appropriate to avoid distortion in the operation of the Plan
and to preserve the value of Awards made hereunder, having due regard for the qualification of ISOs under Section 422 and
the requirements of Section 409A, where applicable.

 

(3)       Continuing
Application of Plan Terms. References in the Plan to shares of Stock will be construed to include any stock or securities
resulting from an adjustment pursuant to this Section 7.

 

8.            LEGAL
CONDITIONS ON DELIVERY OF STOCK

 

The Company will not
be obligated to deliver any shares of Stock pursuant to the Plan or remove any restriction from shares of Stock previously delivered
under the Plan until: (i) the Company is satisfied that all legal matters in connection with the issuance and delivery of
such shares have been addressed and resolved; (ii) if the outstanding Stock is at the time of delivery listed on any stock
exchange or national market system, the shares to be delivered have been listed or authorized to be listed on such exchange or
system upon official notice of issuance; and (iii) all conditions of the Award have been satisfied or waived. If the sale
of Stock has not been registered under the Securities Act, the Company may require, as a condition to exercise of the Award, such
representations or agreements as counsel for the Company may consider appropriate to avoid violation of the Securities Act or any
applicable state or foreign securities laws. The Company may require that certificates evidencing Stock issued under the Plan bear
an appropriate legend reflecting any restriction on transfer applicable to such Stock, and the Company may hold the certificates
pending lapse of the applicable restrictions.

 

    -7-

     

    

 

		9.	AMENDMENT AND TERMINATION

 

The Administrator may
at any time or times amend the Plan or any outstanding Award for any purpose which may at the time be permitted by law, and may
at any time terminate the Plan as to any future grants of Awards; provided, that except as otherwise expressly provided
in the Plan the Administrator may not, without the Participant’s consent, alter the terms of an Award so as to affect materially
and adversely the Participant’s rights under the Award, unless the Administrator expressly reserved the right to do so at
the time the Award was granted and such reservation of right is set forth in the Award. Any amendments to the Plan will be conditioned
upon stockholder approval only to the extent, if any, such approval is required by law (including the Code), as determined by the
Administrator.

 

		10.	OTHER COMPENSATION ARRANGEMENTS

 

The existence of the
Plan or the grant of any Award will not in any way affect the Company’s right to award a person bonuses or other compensation
in addition to Awards under the Plan.

 

		11.	MISCELLANEOUS

 

(a)       Waiver
of Jury Trial. By accepting an Award under the Plan, each Participant waives any right to a trial by jury in any action,
proceeding or counterclaim concerning any rights under the Plan and any Award, or under any amendment, waiver, consent, instrument,
document or other agreement delivered or which in the future may be delivered in connection therewith, and agrees that any such
action, proceedings or counterclaim shall be tried before a court and not before a jury. By accepting an Award under the Plan,
each Participant certifies that no officer, representative, or attorney of the Company has represented, expressly or otherwise,
that the Company would not, in the event of any action, proceeding or counterclaim, seek to enforce the foregoing waivers.

 

(b)       Limitation
of Liability. Notwithstanding anything to the contrary in the Plan, neither the Company, nor any Affiliate, nor the Administrator,
nor any person acting on behalf of the Company, any Affiliate, or the Administrator, will be liable to any Participant or to the
estate or beneficiary of any Participant or to any other holder of an Award by reason of any acceleration of income, or any additional
tax (including any interest and penalties), asserted by reason of the failure of an Award to satisfy the requirements of Section 422
or Section 409A or by reason of Section 4999 of the Code, or otherwise asserted with respect to the Award.

 

		12.	ESTABLISHMENT OF SUB-PLANS

 

The Board may from
time to time establish one or more sub-plans under the Plan for purposes of satisfying applicable blue sky, securities or tax laws
of various jurisdictions. The Board will establish such sub-plans by adopting supplements to the Plan setting forth (i) such
limitations on the Administrator’s discretion under the Plan as the Board deems necessary or desirable and (ii) such
additional terms and conditions not otherwise inconsistent with the Plan as the Board deems necessary or desirable. All supplements
adopted by the Board will be deemed to be part of the Plan, but each supplement will apply only to Participants within the affected
jurisdiction and the Company will not be required to provide copies of any supplement to Participants in any jurisdiction that
is not affected.

 

    -8-

     

    

 

		13.	GOVERNING LAW

 

Except as otherwise
provided by the express terms of an Award agreement or under a sub-plan described in Section 12, the provisions of the Plan
and of Awards under the Plan and all claims or disputes arising out of our based upon the Plan or any Award under the Plan or relating
to the subject matter hereof or thereof will be governed by and construed in accordance with the domestic substantive laws of the
State of Delaware without giving effect to any choice or conflict of laws provision or rule that would cause the application
of the domestic substantive laws of any other jurisdiction.

 

    -9-

     

    

 

EXHIBIT A

 

Definition of Terms

 

The following terms,
when used in the Plan, will have the meanings and be subject to the provisions set forth below:

 

“Administrator”:
The Board, except that the Board may delegate its authority under the Plan to a committee of the Board (or one or more members
of the Board), in which case references herein to the Board will refer to such committee (or members of the Board). The Board may
delegate (i) to one or more of its members such of its duties, powers and responsibilities as it may determine; (ii) to
one or more officers of the Company the power to grant rights or options to the extent permitted by Section 157(c) of
the Delaware General Corporation Law; and (iii) to such Employees or other persons as it determines such ministerial tasks
as it deems appropriate. In the event of any delegation described in the preceding sentence, the term “Administrator”
will include the person or persons so delegated to the extent of such delegation.

 

“Affiliate”:
Any corporation or other entity that would be treated as an “Affiliate” of the Company under the terms of the Stockholders
Agreement.

 

“Award”:
Any or a combination of the following:

 

		(i)	Stock Options.

 

		(ii)	SARs.

 

		(iii)	Restricted Stock

 

		(iv)	Unrestricted Stock.

 

		(v)	Stock Units, including
Restricted Stock Units.

 

		(vi)	Performance Awards.

 

		(vii)	Awards (other than Awards
described in (i) through (vi) above) that are convertible into or otherwise based on Stock.

 

“Board”:
The Board of Directors of the Company.

 

    -10-

     

    

 

“Cause”:
means, with respect to any Participant, any of the following: (a) the material breach by such Participant under the Plan or
any Award thereunder which is not cured within thirty (30) days following notice of such breach to such Participant; provided,
that if such breach is not capable of being cured, no such cure period shall be applicable, (b) the material breach by such
Participant of any agreement relating to employment, non-competition or non-solicitation with the Company or any of its subsidiaries
which is not cured within thirty (30) days following notice of such breach to such Participant; provided, that if such breach
is not capable of being cured, no such cure period shall be applicable, (c) the repeated failure, after notice, to follow
the reasonable directives of a supervisor or the Board (or the equivalent governing body of any subsidiary of the Company that
is the employer of such Participant), (d) the repeated failure, after notice, to observe all material policies of the Company
or any of its subsidiaries generally applicable to employees of the Company or any of its subsidiaries, as the case may be, (e) the
gross negligence or intentional misconduct by such Participant in the performance of his or her duties which is harmful to the
Company or any of its subsidiaries, including conduct that is harassing or discriminating to or against other employees of the
Company or any of its subsidiaries, or (f) the commission of any act of fraud, embezzlement, misappropriation of property
or dishonesty against the Company or any of its Subsidiaries or any felony or act involving moral turpitude; provided, that,
in the event that such Participant is a party to a written employment agreement with the Company or any Subsidiary thereof and
there are any terms of any definition of “Cause” contained such employment agreement then such definition of “Cause”
contained in such employment agreement shall control and shall be incorporated herein by reference.

 

“Code”:
The U.S. Internal Revenue Code of 1986 as from time to time amended and in effect, or any successor statute as from time to time
in effect.

 

“Company”:
TCO Group Holdings, Inc., a Delaware corporation.

 

“Covered
Transaction”: Any of (i) a consolidation, merger, or similar transaction or series of related transactions,
including a sale or other disposition of stock, in which the Company is not the surviving corporation or which results in the acquisition
of all or substantially all of the Company’s then outstanding common stock by a single person or entity or by a group of
persons and/or entities acting in concert, (ii) a sale or transfer of all or substantially all the Company’s assets,
or (iii) a dissolution or liquidation of the Company. Where a Covered Transaction involves a tender offer that is reasonably
expected to be followed by a merger described in clause (i) (as determined by the Administrator), the Covered Transaction
will be deemed to have occurred upon consummation of the tender offer.

 

“Date of Adoption”:
The date the Plan was adopted by the Board.

 

“Disability”:
In the case of any Participant who is a party to an employment or severance-benefit agreement that contains a definition of “Disability,”
the definition set forth in such agreement will apply with respect to such Participant under the Plan. In the case of any other
Participant, “Disability” will mean a disability that would entitle a Participant to long-term disability benefits
under the Company’s long-term disability plan to which the Participant participates. Notwithstanding the foregoing, in any
case in which a benefit that constitutes or includes “nonqualified deferred compensation” subject to Section 409A
would be payable by reason of Disability, the term “Disability” will mean a disability described in Treas. Regs. Section 1.409A-3(i)(4)(i)(A).

 

“Employee”:
Any person who is employed by the Company or by a subsidiary of the Company.

 

    -11-

     

    

 

“Employment”:
A Participant’s employment or other service relationship with the Company and its subsidiaries. Employment will be deemed
to continue, unless the Administrator expressly provides otherwise, so long as the Participant is employed by, or otherwise is
providing services in a capacity described in Section 5 to the Company or one of its subsidiaries. If a Participant’s
employment or other service relationship is with a subsidiary and that entity ceases to be a subsidiary of the Company, the Participant’s
Employment will be deemed to have terminated when the entity ceases to be a subsidiary of the Company unless the Participant transfers
Employment to the Company or one of its remaining subsidiaries. Notwithstanding the foregoing, in construing the provisions of
any Award relating to the payment of “nonqualified deferred compensation” (subject to Section 409A) upon a termination
or cessation of Employment, references to termination or cessation of employment, separation from service, retirement or similar
or correlative terms shall be construed to require a “separation from service” (as that term is defined in Section 1.409A-1(h) of
the Treasury Regulations) from the Company and from all other corporations and trades or businesses, if any, that would be treated
as a single “service recipient” with the Company under Section 1.409A-1(h)(3) of the Treasury Regulations.
The Company may, but need not, elect in writing, subject to the applicable limitations under Section 409A, any of the special
elective rules prescribed in Section 1.409A-1(h) of the Treasury Regulations for purposes of determining whether
a “separation from service” has occurred. Any such written election shall be deemed a part of the Plan.

 

“Good
Reason”: In the case of any Participant who is party to an employment, severance-benefit, change in control or
similar agreement that contains a definition of “Good Reason,” the definition set forth in such agreement will
apply with respect to such Participant under the Plan. In the case of any other Participant, “Good Reason” will
mean (i) a material diminution in the nature or scope of the
Participant’s duties, authority and/or responsibilities, (ii) a requirement that the Participant relocate to a
location more than fifty (50) miles from the location where the Participant is then providing services, (iii) a material
reduction in Participant’s base salary, unless a similar reduction is made across the board to similarly situated
employees; or (iv) a material breach of any written agreement between the Company and the Executive; provided, in each
case, that the Participant shall have given notice of such event or condition within a period not to exceed thirty (30) days
of the initial existence of such event or condition and the Company shall not have remedied such event or condition within
thirty (30) days after receipt of such notice.

 

“ISO”:
A Stock Option intended to be an “incentive stock option” within the meaning of Section 422. Each Stock Option
granted pursuant to the Plan will be treated as providing by its terms that it is to be a non-incentive Stock Option unless, as
of the date of grant, it is expressly designated as an ISO.

 

“Participant”:
A person who is granted an Award under the Plan.

 

“Performance
Award”: An Award subject to specified criteria, other than the mere continuation of Employment or the mere passage
of time, the satisfaction of which is a condition for the grant, exercisability, vesting or full enjoyment of the Award.

 

“Plan”:
The TCO Group Holdings, Inc., 2015 Equity Incentive Plan as from time to time amended and in effect.

 

“Restricted
Stock”: Stock subject to restrictions requiring that it be redelivered or offered for sale to the Company if specified
conditions are not satisfied.

 

    -12-

     

    

 

“Restricted
Stock Unit”: A Stock Unit that is, or as to which the delivery of Stock or cash in lieu of Stock is, subject to the satisfaction
of specified performance or other vesting conditions.

 

“SAR”:
A right entitling the holder upon exercise to receive an amount (payable in cash or in shares of Stock of equivalent value) equal
to the excess of the fair market value of the shares of Stock subject to the right over the base value from which appreciation
under the SAR is to be measured.

 

“Section 409A”:
Section 409A of the Code.

 

“Section 422”:
Section 422 of the Code.

 

“Securities
Act”: Securities Act of 1933, as amended.

 

“Stock”:
Common Stock of the Company, par value $0.01 per share.

 

“Stockholders
Agreement”: the Stockholders Agreement dated as of May 13, 2016 among the Company and certain affiliates, stockholders
and Participants, as amended or modified from time to time.

 

“Stock Option”:
An option entitling the holder to acquire shares of Stock upon payment of the exercise price.

 

“Stock Unit”:
An unfunded and unsecured promise, denominated in shares of Stock, to deliver Stock or cash measured by the value of Stock in the
future.

 

“Unrestricted
Stock”: Stock not subject to any restrictions under the terms of the Award.

 

    -13-

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