Document:

Exhibit

EXECUTION COPY
BORROWER ASSUMPTION AGREEMENT
This Borrower Assumption Agreement (this “Agreement”), dated as of December 3, 2019, is between Cimpress plc, a public company with limited liability incorporated in Ireland with its registered address at Building D, Xerox Technology Park, Dundalk, Co. Louth and having registered number  607465  (“New Cimpress”) and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity and together with its successors and assigns, the “Administrative Agent”) for itself and the Lenders under the Credit Agreement referred to below (the “Lenders”).

RECITAL:

Cimpress N.V., a naamloze vennootschap organized under the laws of the Netherlands (“Cimpress N.V.”), the Subsidiary Borrowers party thereto from time to time, the Lenders party thereto from time to time and the Administrative Agent are parties to that certain Credit Agreement, dated as of October 11, 2011, as amended and restated as of February 8, 2013 and as further amended and restated as of July 13, 2017 (as amended, restated, supplemented or otherwise modified through the date hereof, the “Credit Agreement”), under which the Lenders may from time to time provide certain financial accommodations to Cimpress N.V.  Pursuant to an Order of the High Court of Ireland (the “High Court Order”) dated on or about 3 December 2019 approving the cross border merger by acquisition of Cimpress N.V. into New Cimpress under the terms and conditions set out in the common draft terms of merger dated 17 September 2019, the assets and liabilities of Cimpress N.V. were transferred by universal succession of title to New Cimpress at the Effective Time (as defined below) in consideration for the allotment and issue of ordinary shares in New Cimpress to the shareholders of Cimpress N.V. (the “Merger”).  With effect from the Effective Time, Cimpress N.V. has been dissolved and New Cimpress has remained as the surviving entity.  Immediately at the Effective Time, New Cimpress will become the Company and a Borrower under the Credit Agreement.  Pursuant to the Merger, New Cimpress will assume (the “Assumption”) all rights, obligations and liabilities of Cimpress N.V. including without limitation as the Company, a Borrower and a Loan Party under the Credit Agreement and the other Loan Documents.

AGREEMENT

In consideration of the mutual promises and covenants contained in this Agreement and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows.

SECTION 1.  Definitions.  Capitalized terms defined in the Credit Agreement and not defined herein are used herein (including in the Recital hereto) with the meanings so defined.

“Effective Time” means 4:15 p.m. Eastern Standard Time, immediately after the close of trading on NASDAQ, on 3 December 2019 or such other date as may be agreed by New Cimpress and Cimpress N.V., subject to the approval of the Irish High Court.

SECTION 2.  Assumption.  Effective immediately upon satisfaction of the conditions precedent set forth in Section 3 below (the time at which all such conditions are satisfied being the “Assumption Date”), New Cimpress acknowledges and agrees that, by operation of law and pursuant to the Merger it has succeeded to, and hereby ratifies that it assumes from Cimpress N.V., all of its rights, title and interests and duties, liabilities and obligations, including as the Company, as a Borrower and as a Loan Party under the Credit Agreement and the other Loan Documents, and New Cimpress hereby irrevocably and unconditionally accepts such rights, title and interests and assumes such duties, liabilities and obligations from Cimpress N.V. on the Assumption Date on the terms contained herein, including, without limitation, (i) any claims, liabilities or obligations arising from any failure of Cimpress N.V. to perform any of its covenants, agreements, commitments and/or obligations, as the Company, a Borrower and/or as a Loan Party, which were to be performed prior to the date hereof under the Credit Agreement or any other Loan Document and (ii) all claims or liabilities of Cimpress N.V., in its capacity as the Company, a Borrower and/or as a Loan Party, with respect to the Loans or any Commitments and other Obligations under the Credit Agreement. New Cimpress hereby confirms and agrees that (i) the Credit Agreement and the other Loan Documents are, and shall continue on and after the Assumption Date to be, in full force and effect in accordance with their respective terms and are hereby ratified and confirmed by New Cimpress in all respects, (ii) that the Collateral Documents to which Cimpress N.V. was a party and all of the Collateral described therein secure and shall continue on and after the Assumption Date to secure the payment of the Secured Obligations, (iii) that nothing in this Agreement or the transactions contemplated hereby shall constitute a novation of any of the Secured Obligations and (iv) each reference to Cimpress N.V. in the Credit Agreement or any other Loan Document as the Company, a Borrower and/or a Loan Party or otherwise shall, from and after the date hereof, be deemed a reference to New Cimpress.

SECTION 3.  Conditions of Administrative Agent’s Consent.  The Administrative Agent hereby consents to the Merger and the Assumption as being the “Permitted Corporate Reorganization” under the Credit Agreement, such consent effective as of the first date on which each of the following conditions shall have been satisfied:

3.1    Merger.  The Merger shall have occurred at the Effective Time pursuant to the Order of the High Court of Ireland on or about 3 December 2019 referred to in the Recitals.

3.2    Agreement.  The Administrative Agent shall have received counterparts of this Agreement duly executed by New Cimpress and the Administrative Agent.

3.3    Consent and Reaffirmation.  The Administrative Agent shall have received counterparts of the Consent and Reaffirmation attached as Exhibit A hereto duly executed by the Guarantors.

3.4    Legal Opinions.  The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Assumption Date) of (i) Matheson, Irish counsel for New Cimpress and (ii) Morgan Lewis Bockius LLP, U.S. counsel for New Cimpress, in form and substance reasonably satisfactory to the Administrative Agent and its counsel and covering such matters relating to New Cimpress, this Agreement, the Credit Agreement or the Transactions as the Administrative Agent shall reasonably request.  The Company hereby requests such counsels to deliver such opinions.

3.5    Certificates.  The Administrative Agent shall have received (i) such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization and existence of New Cimpress, the authorization of the Merger, the Assumption, the Transactions and any other legal matters relating to New Cimpress, the Loan Documents or the Transactions and (ii) a certificate, dated the Assumption Date and signed by a director of New Cimpress, certifying (x) the Merger has occurred pursuant to the High Court Order and (y) the Merger does not have a material adverse effect on the credit support for the Transactions and on the credit profile of the Company and the Guarantors taken as a whole, in the case of the foregoing clauses (i) and (ii) all in form and substance reasonably satisfactory to the Administrative Agent and its counsel.
    
3.6    Other Documentation.  The Administrative Agent shall have received such Irish Collateral Documents and related corporate documents and legal opinions as it shall have reasonably requested from New Cimpress and its Subsidiaries organized under the laws of Ireland.

3.7    Beneficial Ownership.  The Administrative Agent shall have received, to the extent New Cimpress qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, at least five days prior to the date hereof, a Beneficial Ownership Certification in relation to New Cimpress.

3.8    Fees.  The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Assumption Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Company under the Credit Agreement.

SECTION 4.  Representations and Warranties.  New Cimpress hereby represents and warrants that:

4.1    Organization.  It is duly organized, validly existing under the laws of the jurisdiction of its organization, as the case may be, and it has the requisite power and authority to execute, deliver and perform its obligations under this Agreement, the Credit Agreement and the other Loan Documents.

4.2    Authorization; Enforceability.  The execution, delivery and performance of this Agreement and under the Credit Agreement and the other Loan Documents are within the organizational powers of such Person, and have been duly authorized by all necessary organizational actions and, if required, actions by equity holders.  This Agreement has been duly executed and delivered by each such Person and each of this Agreement, the Credit Agreement and the other Loan Documents constitutes a legal, valid and binding obligation of such Person, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

4.3    Governmental Filings; No Conflicts.  The due execution, delivery or performance by such Person of this Agreement, the Credit Agreement and the other Loan Documents (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect and except for (i) filings necessary to perfect Liens created pursuant to the Loan Documents and (ii) registration of the particulars of the Collateral Documents dated on or about the date of this Agreement at the Companies Registration Office in Ireland, (b) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of such Person or any of its Subsidiaries or any order of any Governmental Authority, (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon the Company or any of its Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by such Person or any of its Subsidiaries, and (d) will not result in the creation or imposition of any Lien on any asset of such Person or any of its Subsidiaries, other than Liens created under the Loan Documents.

4.4    Financial Assistance.  The execution of this Agreement and the performance of the transactions contemplated hereby and by the Credit Agreement and the other Loan Documents do not involve the giving of any financial assistance by any such Person to a third party in connection with the acquisition of shares in its capital or that of its parent company that is not permitted under any relevant law or regulation.

4.5    Permitted Corporate Reorganization.  The Merger and the Assumption constitute the “Permitted Corporate Reorganization” permitted pursuant to the terms of the Credit Agreement.

SECTION 5.  Further Assurances.  New Cimpress agrees to execute and deliver such other instruments and documents and to take such other actions as the Administrative Agent may reasonably request in connection with the transactions contemplated by this Agreement, the Credit Agreement and the other Loan Documents.

SECTION 6.  Notices.  All notices and other communications required to be given or made to New Cimpress under this Agreement, the Credit Agreement or any other Loan Document shall be given or made in accordance with Section 9.01 of the Credit Agreement.

SECTION 7.  General.  This Agreement is a Loan Document. This Agreement, the Credit Agreement and the other Loan Documents constitute the entire agreement of the parties hereto with respect to the subject matter hereof and supersede all current and prior agreements and understandings, whether written or oral, with respect to such subject matter. Except as expressly set forth herein, all terms of the Credit Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed. The invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of any other term or provision hereof, and any invalid or unenforceable provision shall be modified so as to be enforced to the maximum extent of its validity or enforceability.  This Agreement is not intended to and shall not confer any rights or remedies upon any Person other than the parties hereto, the Lenders and their respective successors and assigns; provided that New Cimpress shall not have any right to assign any rights, obligations or liabilities hereunder except in accordance with the terms of the Credit Agreement. No Person other than the parties hereto, the Lenders and their respective successors and assigns will have or be construed to have any legal or equitable right, remedy or claim under, in respect of, or by virtue of this Agreement.  The execution, delivery and effectiveness of this Agreement shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement, the other Loan Documents or any other documents, instruments and agreements executed and/or delivered in connection therewith.

SECTION 8. No Novation.    This Agreement shall not extinguish the Loans or other obligations outstanding under the Credit Agreement.

SECTION 9. Headings.  Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose.

SECTION 10.  Counterparts.  This Agreement may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed counterpart of a signature page of this Agreement by telecopy, e-mailed.pdf or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement.

SECTION 11. Governing Law.  This Agreement shall be construed in accordance with and governed by the laws of the State of New York.  New Cimpress hereby submits to the exclusive jurisdiction of any United States federal or New York State court sitting in the City of New York in any action or proceeding arising out of or relating to this Agreement and New Cimpress hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in any such court and irrevocably waives any objection it may now or hereafter have as to the venue of such suit, action or proceeding brought in such a court or that such court is an inconvenient forum.

[The remainder of this page is intentionally blank.]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first written above.

CIMPRESS PLC

 
By:/s/Kathryn Leach
Name: Kathryn Leach
Title: Attorney

JPMORGAN CHASE BANK, N.A.,
as Administrative Agent

 
By:/s/Daglas P. Panchal
Name: Daglas P. Panchal
Title: Executive Director

EXHIBIT A
Consent and Reaffirmation

Each of the undersigned hereby acknowledges receipt of a copy of the foregoing Borrower Assumption Agreement in respect of the Credit Agreement, dated as of October 21, 2011, as amended and restated as of February 8, 2013 and as further amended and restated as of July 13, 2017 (as amended, restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Credit Agreement”), by and among Cimpress N.V. (“Cimpress N.V.”), Vistaprint Limited, Cimpress Schweiz GmbH, Vistaprint B.V. and Cimpress USA Incorporated (collectively, the “Subsidiary Borrowers”), the financial institutions from time to time party thereto (collectively, the “Lenders”) and JPMorgan Chase Bank, N.A., in its capacity as administrative agent for the Lenders (the “Administrative Agent”), which Borrower Assumption Agreement is dated as of December 3, 2019 and is by and among Cimpress plc (“New Cimpress”) and the Administrative Agent (the “Assumption Agreement”). Capitalized terms used in this Consent and Reaffirmation and not defined herein shall have the meanings given to them in the Credit Agreement or in the Assumption Agreement, as applicable.  
Each of the undersigned (i) acknowledges and agrees that by operation of law and pursuant to the Merger New Cimpress has succeeded to, and assumed from Cimpress N.V., all of Cimpress N.V.’s rights, title and interests and duties, liabilities and obligations, including as the Company, as a Borrower and as a Loan Party under the Credit Agreement and the other Loan Documents, and New Cimpress has irrevocably and unconditionally accepted such rights, title and interests and assumed such duties, liabilities and obligations from Cimpress N.V. on the Assumption Date, (ii) consents to the Assumption Agreement, (iii) acknowledges and agrees that each reference to Cimpress N.V. in the Credit Agreement or any other Loan Document as the Company or a Borrower shall, from and after the Assumption Date, be deemed a reference to New Cimpress, and (iv) reaffirms the terms and conditions of the Guaranty and any other Loan Document executed by it and acknowledges and agrees that the Guaranty and each and every such Loan Document executed by the undersigned in connection with the Credit Agreement remains in full force and effect and is hereby reaffirmed, ratified and confirmed.  
All references to the Credit Agreement contained in the above‐referenced documents shall be a reference to the Credit Agreement as modified by the Assumption Agreement and as the same may from time to time hereafter be amended, modified or restated.  Each party hereto hereby submits to the exclusive jurisdiction of any United States federal or New York State court sitting in the City of New York in any action or proceeding arising out of or relating to this Consent and Reaffirmation and each party hereto hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in any such court and irrevocably waives any objection it may now or hereafter have as to the venue of such suit, action or proceeding brought in such a court or that such court is an inconvenient forum.

Dated December 3, 2019

[Signature Page Follows]

IN WITNESS WHEREOF, this Consent and Reaffirmation has been duly executed and delivered as of the day and year above written.

CIMPRESS USA INCORPORATED, 
as a Guarantor
By:/s/Sean Quinn 
Name: Sean Quinn 
Title: President

CIMPRESS WINDSOR CORPORATION, 
as a Guarantor
By:/s/Sean Quinn 
Name: Sean Quinn 
Title: Treasurer

VISTAPRINT NETHERLANDS B.V., 
as a Guarantor
By: /s/Sean Quinn 
Name: Sean Quinn 
Title: Managing Director

WEBS, INC., 
as a Guarantor
By: /s/Sean Quinn 
Name: Sean Quinn 
Title: President and Treasurer

CIMPRESS INVESTMENTS B.V., 
as a Guarantor
By: /s/Sean Quinn 
Name: Sean Quinn 
Title: Managing Director

CIMPRESS JAMAICA LIMITED, 
as a Guarantor
By: /s/Sean Quinn 
Name: Sean Quinn 
Title: Managing Director

CIMPRESS DEUTSCHLAND GMBH, 
as a Guarantor
By: /s/Sean Quinn 
Name: Sean Quinn 
Title: Managing Director

NATIONAL PEN PROMOTIONAL HOLDINGS LIMITED, 
as a Guarantor
By: /s/Sean Quinn 
Name: Sean Quinn 
Title: Director

NATIONAL PEN PROMOTIONAL PRODUCTS LIMITED, 
as a Guarantor
By: /s/Sean Quinn 
Name: Sean Quinn 
Title: Director

VISTAPRINT LIMITED, 
as a Guarantor
By: /s/Sean Quinn 
Name: Sean Quinn 
Title: President and Chairman

CIMPRESS SCHWEIZ GMBH, 
as a Guarantor
By: /s/Sean Quinn 
Name: Sean Quinn 
Title: Managing Director

VISTAPRINT B.V., 
as a Guarantor
By: /s/Sean Quinn 
Title: Managing Director

	
			
	CIMPRESS AUSTRALIA PTY LIMITED, 
as a Guarantor

	 

	 

	By:
	/s/Bruce Maxwell Hamilton
	 

	 
	Name: Bruce Maxwell Hamilton
	 

	 
	Title: Managing Director
	 

	 
	 
	 

CIMPRESS IRELAND LIMITED, 
as a Guarantor
By:/s/Marcus Wisznievski 
Name: Marcus Wisznievski 
Title: Director

CIMPRESS ITALY S.R.L., 
as a Guarantor
By:/s/Douglas Glucroft 
Name: Douglas Glucroft 
Title: Executive Director

PIXARTPRINTING S.P.A., 
as a Guarantor
By:/s/Douglas Glucroft 
Name: Douglas Glucroft 
Title: Executive Director

	
		
	CIMPRESS JAPAN CO. LTD.,
as a Guarantor

	 

	 

	By:
	/s/Keiko Son

	 
	Name: Keiko Son

	 
	Title: Representative Director

	 
	 

CIMPRESS UK LIMITED, 
as a Guarantor
By:/s/Paul McDermott 
Name: Paul McDermott 
Title: Managing Director

VISTAPRINT CORPORATE SOLUTIONS INCORPORATED, 
as a Guarantor
By:/s/Paul McDermott 
Name: Paul McDermott 
Title: Vice President and Secretary

	
						
	 
	 
	CIMPRESS USA MANUFACTURING INCORPORATED,
as a Guarantor

	 
	 
	 

	 
	 
	 

	 
	 
	By:
	/s/Kevin Lane
	 

	 
	 
	 
	Name: Kevin Lane
	 

	 
	 
	 
	Title: Sr. Director of Finance
	 

	 
	 
	 
	 

	
		
	NATIONAL PEN CO. LLC, 
as a Guarantor

	 

	 

	By:
	/s/Richard Obrigawitch

	 
	Name: Richard Obrigawitch

	 
	Title: CFO/COO

	 
	 

	
		
	NATIONAL PEN TENNESSEE LLC, 
as a Guarantor

	 

	 

	By:
	/s/Richard Obrigawitch

	 
	Name: Richard Obrigawitch

	 
	Title: CFO/COO

	
			
	NP CORPORATE SERVICES LLC,
as a Guarantor

	 

	 

	By:
	/s/Richard Obrigawitch

	 
	Name: Richard Obrigawitch

	 
	Title: CFO/COO

	 
	 

TRADEPRINT DISTRIBUTION LIMITED, 
as a Guarantor
By:/s/Charlene Douglas 
Name: Charlene Douglas 
Title: Managing Director

WIRMACHENDRUCK GMBH, 
as a Guarantor
By:/s/Thomas Stönner 
Name: Thomas Stönner 
Title: CFO and Authorized Signatory

BUILD A SIGN LLC, 
as a Guarantor
By:/s/Kit Mellem 
Name: Kit Mellem 
Title: CFO

US-DOCS\110116606.6Exhibit 10.1

 

Severance Agreement

 

THIS SEVERANCE AGREEMENT (the “Severance
Agreement”) is entered into as of January 29, 2020 (the “Effective Date”) between Ribbon Communications
Inc. (“Ribbon”), Ribbon Communications Operating Company, a wholly owned subsidiary of Ribbon Communications
Inc., (“RCOC” and together with Ribbon, the “Company”) and Steven Bruny (“Executive”
or “you”).

 

		1.	Definitions. The following capitalized terms used herein shall have the following meanings:

 

(a)               
“Annual Bonus” means the annual variable cash compensation you are eligible to receive as determined
from time to time by the Company, whether acting through Ribbon’s Board of Directors (the “Board”), a
committee thereof or otherwise, based on the achievement of certain Ribbon Entity and/or individual performance objectives.

 

(b)              
“Base Pay” means your annual base compensation, as determined from time to time by the Company, whether
acting through the Board, a committee thereof or otherwise, regardless of whether all or any portion thereof may be deferred under
any deferred compensation plan or program of the Company.

 

(c)               
“Cause” means termination of your employment by the Company upon the occurrence of any of the following:
(i) your commission of bribery in violation of the Code of Conduct (or similar policy) of the Company or other Ribbon Entity employing
you at the relevant time and/or local law and regulation including, without limitation, the UK Bribery Act, (ii) your engaging
in acts in the course of your employment with any Ribbon Entity that constitute theft, fraud or embezzlement, (iii) your intentional
or negligent misconduct which materially and adversely affects any Ribbon Entity and which is not cured (to the extent curable)
within thirty (30) days following your receipt of written notice of such misconduct, (iv) your unauthorized disclosure of proprietary
information of a confidential nature relating to any Ribbon Entity, which unauthorized disclosure has a material and adverse effect
on any Ribbon Entity, (v) your material violation of any Ribbon Entity policy, agreement or procedure which is not cured (to the
extent curable) within thirty (30) days following receipt of written notice of such violation, (vi) your excessive absenteeism,
(vii) your material neglect of duty, (viii) your failure to devote substantially all of your working time to the business of the
Ribbon Entities or to otherwise perform the duties of your position to the satisfaction of the Board (or your direct supervisor)
which is not cured (to the extent curable) within thirty (30) days following receipt of written notice of such failure, (ix) your
insubordination or failure to perform and carry out any directive of the Board (or your direct supervisor), (x) your abuse of alcohol,
or unlawful use (including being under the influence) or possession of illegal drugs, at the premises of any Ribbon Entity or otherwise
while performing (or holding yourself out as performing) services for or on behalf of any Ribbon Entity, (xi) your commission of
any act that has resulted in (or could reasonably be expected to result in) conviction of a felony or crime involving moral turpitude
or pleading “no contest” to a felony charge or other criminal charge involving moral turpitude, (xii) your failure
to cooperate with any of the Ribbon Entities and/or their professional advisors in any investigation (whether internal or external)
or any formal legal or investigative proceeding, or (xiii) your engagement in any conduct, including any violation of applicable
law, that may reasonably result in material and adverse injury to the business or reputation of any Ribbon Entity. The determination
of whether a termination of your employment is for Cause shall be made by the Board (or its designee) in its sole discretion.

 

    

     

    

 

(d)               
“Change in Control” shall have the meaning set forth in the Incentive Award Plan. Notwithstanding the
foregoing, if a Change in Control constitutes a payment or benefit event with respect to any payment or benefit hereunder that
provides for the deferral of compensation that is subject to Section 409A, to the extent required to avoid the imposition of additional
taxes under Section 409A, such transaction or event will not be deemed a Change in Control unless the transaction qualifies as
a “change in control event” within the meaning of Section 409A.

 

(e)               
“Change in Control Protection Period” means the period beginning on the date of the consummation of the
Change in Control and ending on the first anniversary of such Change in Control.

 

(f)                
“Code” means the Internal Revenue Code of 1986, as amended.

 

(g)               
“Date of Termination” means the date of termination of your employment for any reason.

 

(h)               
“Disability” means an illness (mental or physical) or incapacity, which results in you being unable to
perform your duties as an employee of the Company for a period of one hundred eighty (180) days, whether or not consecutive, in
any twelve (12) month period.

 

(i)                
“Equity Awards” means all stock options, restricted stock units, performance stock units and such other
equity-based awards granted pursuant to the Incentive Award Plan. For the avoidance of doubt, “Equity Awards” shall
not include any cash or cash-based awards granted pursuant to the Incentive Award Plan.

 

(j)                
“Good Reason” means:

 

		i.	At any time other than the Change in Control Protection Period, the occurrence of one or more of
the following conditions without your prior written consent: (A) a material reduction in your then-effective Base Pay (excluding
any such reduction in connection with across-the-board Base Pay reductions for all or substantially all similarly situated employees),
or (B) the relocation of your primary place of employment to a location more than 30 miles from your then-present work location;
or

 

		ii.	during the Change in Control Protection Period, the occurrence of one or more of the following
conditions without your prior written consent: (A) a material reduction in your then-effective Base Pay or target Annual Bonus,
(B) the relocation of your primary place of employment to a location more than 30 miles from your then-present work location, (C)
a material diminution in your authority, duties or responsibilities for the Ribbon Entities, or (D) any material breach of any
written agreement by and between any Ribbon Entity and you;

 

provided that, (a) in each
case of subsections (i) and (ii), you shall not have Good Reason unless and until (x) you give the Company written notice describing
the occurrence of Good Reason within 30 days after such occurrence first occurs, (y) such occurrence is not corrected by the Company
within 30 days after the Company’s receipt of such notice, and (z) you terminate employment no later than 30 days after the
expiration of such 30-day correction period; and, (b) in the case of subsection (ii)(C), you shall not have Good Reason if your
temporary appointment as Interim Co-President and Chief Executive Officer of Ribbon Communications Inc. is terminated and you are
employed in a role substantially similar in authority, duties or responsibilities to the role you held immediately before your
temporary appointment as Interim Co-President and Chief Executive Officer

 

    2 

     

    

 

(k)               
“Incentive Award Plan” means Ribbon Communications Inc. 2019 Incentive Award Plan (or any successor equity
incentive plan of Ribbon).

 

(l)                
“Ribbon Entities” means Ribbon Communications Inc. and its direct and indirect subsidiaries.

 

		2.	Term of Agreement. The term of this Agreement will commence as of the Effective Date and
shall continue in effect until the earlier of (a) the third anniversary of the Effective Date; and (b) the date on which all payments
or benefits required to be made or provided hereunder have been made or provided in their entirety (the “Initial Term”).
Notwithstanding the foregoing, (i) on the third anniversary of the Effective Date and on each subsequent anniversary thereafter,
this Agreement shall automatically renew and extend for a period of twelve (12) additional months (each such twelve (12)-month
period, collectively with the Initial Term, the “Term”) unless written notice of non-renewal is delivered from
either party to the other not less than six (6) months prior to the applicable date on which extension of the then-existing Term
would occur, and (ii) in no event will the Term end prior to the first anniversary of the date of consummation a Change in Control.

 

		3.	Termination and Eligibility for Severance.

 

(a)               
Accrued Benefits. Upon any termination of your employment, you will be paid (i) any and all earned and unpaid portion
of your Base Pay through the Date of Termination; (ii) any accrued but unused vacation pay owed to you in accordance with Company
practices up to and including the Date of Termination; and (iii) any allowable and unreimbursed business expenses incurred through
the Date of Termination that are supported by appropriate documentation in accordance with the Company's applicable expense reimbursement
policies. Hereafter, items (i) through (iii) in this Section 3 are referred to as “Accrued Benefits.'' If termination
of your employment is for any reason other than (A) by the Company without Cause (other than due to death or Disability) or (B)
by you for Good Reason, you will be entitled to receive only the Accrued Benefits.

 

(b)              
Severance Payment. Subject to Sections 3(c), 5 and 6 of the Agreement:

 

(i)                
If the Company terminates your employment without Cause (other than as a result of your death or Disability) or if you terminate
your employment with Good Reason, in each case, outside of the Change in Control Protection Period, then, in addition to the Accrued
Benefits, the Company will provide you the following severance and related post-termination benefits:

 

(1)               
The Company shall, during the period beginning on the Date of Termination and ending on the twelve (12)-month anniversary
of the Date of Termination, pay to you an amount equal to (A) twelve (12) months of your Base Pay as in effect immediately prior
to the Date of Termination (or, in the case of termination by you with Good Reason due to material reduction in Base Pay, your
Base Pay in effect immediately prior to such reduction) (the “Non-CIC Severance Payment”), and (B) if termination
of your employment occurs more than six months following the commencement of the fiscal year in which the Date of Termination occurs,
an amount equal to the Annual Bonus you would have received, if any, had you remained employed through the end of such fiscal year,
prorated based on the number of days you worked during such fiscal year and calculated based on actual achievement of the Ribbon
Entity performance targets relating to such Annual Bonus (and assuming any individual, personal performance targets are achieved
at target) (the “Pro Rata Bonus”);

 

    3 

     

    

 

(2)            
The Company shall pay you an amount equal to the aggregate sum of the Company's share of
medical, dental and vision insurance premiums for you and your dependents for the period commencing on the Date of Termination
and ending on the first anniversary thereof (as if you had remained employed and based on coverage as of immediately prior to termination).
For the avoidance of doubt, if immediately prior to the termination of your employment you were required to contribute towards
the cost of premiums as a condition of receiving such insurance, the payment hereunder will not cover any such contributions. The
cash payment provided for in this Section 3(b)(i)(2) or Section 3(b)(ii)(2), as applicable, is referred to herein as the “Continued
Benefit Payment”; 

 

(3)            
Unless otherwise explicitly set forth in the award agreement for the applicable Equity Award, each outstanding unvested
Equity Award held by you immediately prior to the Date of Termination that is subject to vesting based solely upon your continuous
service with the Company (collectively, “Time-Based Equity Awards”) that would have vested during the twelve
(12)-month period following the Date of Termination had you remained employed shall remain outstanding and on the Severance Commencement
Date, (I) to the extent you have timely executed and not revoked the Release Agreement,
such Time-Based Equity Awards shall automatically vest and become exercisable (as applicable) or (II) to the extent you have not
timely executed or have revoked the Release Agreement, such Time-Based Equity Awards will be forfeited for no consideration; and

 

(4)            
Unless otherwise explicitly set forth in the award agreement for the applicable Equity Award, each outstanding unvested
Equity Award held by you immediately prior to the Date of Termination that is subject to vesting in whole or in part based on achievement
of performance objective(s) (collectively, “Performance-Based Equity Awards”) and is eligible to vest based
on achievement of such performance objective(s) for performance periods ending prior to the Date of Termination or in which the
Date of Termination occurs shall remain outstanding and on the Severance Commencement Date, (I) to the extent you have timely executed
and not revoked the Release Agreement, (x) the portion of such unvested Performance-Based Equity
Award that is eligible to vest based on achievement of performance objective(s) for performance periods ending prior to the Date
of Termination shall remain eligible to vest and be settled (as applicable) in accordance with its terms based on actual performance,
without regard for any requirement of continued employment, and (y) a prorated amount of the portion of such unvested Performance-Based
Equity Award that is eligible to vest based on achievement of performance objective(s) for the applicable performance periods in
which the Date of Termination occurs shall remain eligible to vest through the end of the fiscal year in which the Date of Termination
occurs and be settled (as applicable) in accordance with its terms as if the last day of such fiscal year was the last day of the
applicable performance period(s), based on performance targets established by the Company and actual performance through the end
of such fiscal year, without regard for any requirement of continued employment, or (II) to the extent you have not timely executed
or have revoked the Release Agreement, such Performance-Based Equity Awards will be forfeited for no consideration. The Company
shall prorate the portion of each unvested Performance-Based Equity Award described in subsection (y) above based on the number
of days of your employment during the performance period as compared to the total number of days in such performance period, with
such prorated portion of such Performance-Based Equity Awards eligible to vest and become exercisable at the end of the fiscal
year in which the Date of Termination occurs, based on the actual level of achievement of such performance objective(s) as of end
of the applicable fiscal year (with the applicable performance objective(s) prorated for any shortened performance period). Any
such determination by the Company shall be final and binding on all persons (including, without limitation, you). Notwithstanding
anything to the contrary herein, settlement upon vesting (if any) of such Performance-Based Equity Awards described in subsection
(ii) shall occur no later than March 15 of the calendar year immediately following the calendar year of the Date of Termination
(or otherwise in compliance with Section 409A as required by their terms). For the avoidance of doubt, any Performance-Based Equity
Award with respect to which performance vesting conditions have been determined to be fully satisfied prior to or as of the Date
of Termination (or, which, in connection with a Change in Control or otherwise, was converted into an Equity Award solely subject
to time-based vesting) shall be deemed to be a Time-Based Equity Award for purposes of this Severance Agreement.

 

    4 

     

    

 

(5)            
Subject to the provisions of Sections 3(c) and 6, (I) the Non-CIC Severance Payment shall be paid in equal installments
during the twelve (12)-month period following the Date of Termination in accordance with the Company’s normal payroll practices
beginning on the first payroll date following the 60th day following the Date of Termination (such payroll date, the “Severance
Commencement Date”), and with the first installment including any amounts that would have been paid had the Release Agreement
been effective and irrevocable on the Date of Termination, (II) the Pro Rata Bonus, if any, shall be paid at the same time as annual
bonus payments are made to similarly situated employees of the Company for the applicable year, but in no event shall be paid earlier
than January 1 or later than December 31 of the calendar year following the year of termination, and (III) the Continued Benefit
Payment shall be paid in lump sum on the Severance Commencement Date, in each case, less applicable federal, state and other applicable
withholdings.

 

(ii)              
If the Company terminates your employment without Cause (other than as a result of your death or Disability) or if you terminate
your employment with Good Reason, in each case, during the Change in Control Protection Period, then, in addition to the Accrued
Benefits, the Company will provide you the following severance and related post-termination benefits:

 

(1)               
The Company shall pay to you a cash lump sum payment in an amount equal to (A) the sum of twelve (12) months of your Base
Pay as in effect immediately prior to the Date of Termination and your target Annual Bonus for the calendar year in which the Date
of Termination occurs (or in the case of termination by you with Good Reason due to material reduction in Base Pay and/or target
Annual Bonus, your Base Pay and/or target Annual Bonus in effect immediately prior to such reduction, as applicable) (the “CIC
Severance Payment”), and (B) if termination of your employment occurs more than six months following the commencement
of the fiscal year in which the Date of Termination occurs, the Pro Rata Bonus;

 

(2)            
The Company shall pay you an amount equal to the aggregate sum of the Company's share of medical, dental and vision insurance
premiums for you and your dependents for the period commencing on the Date of Termination and ending on the first anniversary thereof
(as if you had remained employed and based on coverage as of immediately prior to termination). For the avoidance of doubt, if
immediately prior to the termination of your employment you were required to contribute towards the cost of premiums as a condition
of receiving such insurance, the payment hereunder will not cover any such contributions; and

 

    5 

     

    

 

(3)               
Unless otherwise explicitly set forth in the award agreement for the applicable Equity Award, any unvested Equity Awards
outstanding immediately prior to the Date of Termination shall automatically become fully vested and exercisable (as applicable)
as of the Date of Termination; provided that any Performance-Based Equity Award shall vest assuming a target level of achievement
for each applicable performance objective(s).

 

(4)            
Subject to the provisions of Sections 3(c) and 6, (I) the CIC Severance Payment shall be made in a lump sum on the Severance
Commencement Date, (II) the Pro Rata Bonus, if any, shall be paid at the same time as annual bonus payments are made to similarly
situated employees of the Company for the applicable year, but in no event shall be paid earlier than January 1 or later than December
31 of the calendar year following the year of termination, and (III) the Continued Benefit Payment shall be paid in lump sum on
the Severance Commencement Date, in each case, less applicable federal, state and other applicable withholdings.

 

(c)               
Release. Any amounts payable pursuant to Section 3(b)(i) or Section 3(b)(ii), as applicable (collectively, the “Severance
Benefits”), shall be in lieu of notice or any other severance benefits to which you might otherwise be entitled from
any Ribbon Entity. Notwithstanding anything to the contrary herein, the Company's provision of the Severance Benefits will be contingent
upon your timely execution and non-revocation of a general waiver and release of claims agreement in a form to be provided by the
Company (a “Release Agreement”), subject to the terms set forth herein. You will have twenty-one (21) days (or,
in the event that your termination of employment is “in connection with an exit incentive or other employment termination
program” (as such phrase is defined in the Age Discrimination in Employment Act of 1967, as amended), forty-five (45) days)
following your receipt of the Release Agreement to consider whether or not to accept it. If the Release Agreement is signed and
delivered by you to the Company, you will have seven (7) days from the date of delivery to revoke your acceptance of such agreement
(the “Revocation Period”). If you do not timely execute or if you subsequently revoke the Release Agreement,
you shall be required to pay to the Company, immediately upon demand therefor, the amount of any payments or benefits you received
in connection with any portion of Equity Awards that was eligible to vest pursuant to Section 3(b) (including, without limitation,
proceeds received or realized by you from the sale or surrender of any shares underlying such Equity Awards in connection with
applicable tax withholding).

 

(d)               
The provisions of this Section 3 shall supersede in their entirety any severance payment provisions in any severance plan,
severance policy, severance program or other severance arrangement maintained by the Company or any of its affiliates (or any of
their respective predecessors). The Company shall have no further obligation to you in the event of termination of your employment
for any reason at any time, other than those obligations specifically set forth in this Section 3.

 

4.      
Mitigation. You shall not be required to mitigate the amount of any payment or benefit provided for in Section 3
by seeking other employment or otherwise, nor shall the amount of any payment or benefit provided for in Section 3 be reduced by
any compensation earned by you as the result of employment by another employer or by retirement benefits after the Date of Termination
or otherwise, subject to Section 5; provided, however, that any loans, advances or other amounts owed by you to the
Company may be offset by the Company and its affiliates against amounts payable to you under Section 3 to the greatest extent permitted
by applicable law.

 

    6 

     

    

 

5.      
Restrictive Covenants and Other Conditions. You acknowledge and agree that you are a party to that certain Confidentiality,
Non-Competition and Assignment of Inventions Agreement, dated as of March 20, 2012, and such agreement remains in full force and
effect (the “Restrictive Covenant Agreement”). In the event of (a) your material breach of the Restrictive Covenant
Agreement, (b) your engagement in any act or omission after the Date of Termination that would have constituted “Cause”
under subsections (ii) through (iv), (xii) or (xiii) of the definition thereof (without regard for any cure periods therein) for
termination of your employment had you remained employed after the Date of Termination, or (c) the Company’s determination
in good faith that facts or circumstances existed on the Date of Termination that, if known by the Company on the Date of Termination,
would have constituted Cause, the Company shall be entitled to cease all payments and benefits pursuant to Section 3(b), all Equity
Awards that vested pursuant to Section 3(b) and any shares of Company stock you received with respect thereto shall immediately
be forfeited, without payment therefor, and you shall be required to pay to the Company, immediately upon demand therefor, the
amount of any proceeds realized by you from the sale of any such shares.

 

6.         
Section 409A Tax Implications. Any payments or benefits required to be provided under this Agreement that is subject
to Section 409A of the Code shall be provided only after the date of your “separation from service” with the Company
as defined under Section 409A of the Code and the regulations and guidance issued thereunder (collectively, “Section 409A”).
The following rules shall apply with respect to distribution of the payments and benefits, if any, to be provided to you under
this Agreement:

 

(a)       To
the extent applicable, this Agreement shall be interpreted in accordance with Section 409A. Each installment of the payments and
benefits provided hereunder shall be treated as a separate “payment” for purposes of Section 409A. If and to the extent
(i) any portion of any payment, compensation or other benefit provided to you pursuant to this Agreement in connection with your
termination of employment constitutes “nonqualified deferred compensation” within the meaning of Section 409A and (ii)
you are a specified employee as defined in Section 409A(a)(2)(B)(i) of the Code, in each case as determined by the Company in accordance
with its procedures, by which determinations you agree that you are bound, such portion of the payment, compensation or other benefit
shall not be paid until the first business day that is six (6) months plus one (1) day or more after the date of “separation
from service” (as determined under Section 409A) (the “New Payment Date”), except such earlier date as
Section 409A may then permit. The aggregate of any payments that otherwise would have been paid to you during the period between
the date of separation from service and the New Payment Date shall be paid to you in a lump sum on such New Payment Date, and any
remaining payments will be paid on their original schedule.

 

(b)              
The Company and its employees, agents and representatives make no representations or warranty
and shall have no liability to you or any other person if any provisions of or payments, compensation or other benefits under this
Agreement are determined to constitute nonqualified deferred compensation subject to Section 409A but do not satisfy the conditions
of that section. Notwithstanding any provision of this Agreement to the contrary, in the event that following the Effective Date
the Board determines that this Agreement may be subject to Section 409A, the Board may (but is not obligated to), without your
consent, adopt such amendments to this Agreement or adopt other policies and procedures (including amendments, policies and procedures
with retroactive effect), or take any other actions, that the Board determines are necessary or appropriate to (i) exempt this
Agreement from Section 409A and/or preserve the intended tax treatment of the benefits provided with respect to this Agreement
or (ii) comply with the requirements of Section 409A and thereby avoid the application of any penalty taxes under Section 409A.

 

    7 

     

    

 

7.      
Section 280G. If any payment or benefit you would receive or retain under this Severance Agreement, when combined
with any other payment or benefit you receive or retain in connection with a “change in control event” within the meaning
of Section 280G of the Code and the regulations and guidance thereunder (“Section 280G”), would (a) constitute
a “parachute payment” within the meaning of Section 280G of the Code, and (b) but for this Section 7, be subject to
the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be either payable
in full or in such lesser amount as would result in no portion of the Payment being subject to the Excise Tax, whichever of the
foregoing amounts, taking into account the applicable federal, state and local employment taxes, income taxes, and the Excise Tax,
results in your receipt, on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of
the Payment may be subject to the Excise Tax. All determinations required to be made under this Section 7, including whether and
to what extent the Payment shall be reduced and the assumptions to be utilized in arriving at such determination, shall be made
by a nationally recognized certified public accounting firm or consulting firm experience in matters regarding Section 280G of
the Code as may be designated by the Company (the “280G Advisor”). The 280G Advisor shall provide detailed supporting
calculations both to you and the Company at such time as is requested by the Company. All fees and expenses of the Accounting Firm
shall be borne solely by the Company. Any final determination by the 280G Advisor shall be binding upon you and the Company. For
purposes of making the calculations required by this Section 7, the 280G Advisor 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.

 

8.      
Withholding. The Company shall be entitled to withhold from any amounts payable under this Agreement any federal,
state, local or foreign withholding or other taxes or charges that the Company is required to withhold. The Company shall be entitled
to rely on an opinion or advice of counsel if any questions as to the amount or requirement of withholding arise.

 

		9.	Miscellaneous.

 

		(a)	This Agreement, together with any written employment agreement or offer letter to which you may
be a party and any agreements referenced herein, will constitute our entire agreement as to your employment by the Company and
will supersede any prior agreements or understandings, whether in writing or oral, with respect to the subject matter hereof, other
than with respect to any agreements between you and the Company with respect to confidential information, intellectual property,
non-competition, non-solicitation, non-disparagement, nondisclosure of proprietary information, inventions and injunctive relief,
including, without limitation, the Restrictive Covenant Agreement; provided that Section 9(f) supersedes and replaces any
prior dispute resolution provisions in any other prior agreement between you and the Company (including, without limitation, the
Restrictive Covenant Agreement).

 

		(b)	This Agreement may be executed in more than one counterpart, each of which shall be deemed to be
an original, and all such counterparts together shall constitute one and the same instrument.

 

		(c)	The provisions of this Agreement are severable and if any one or more provisions may be determined
to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions of this Agreement shall nevertheless be
binding and enforceable and except to the extent necessary to reform or delete such illegal or unenforceable provision, this Agreement
shall remain unmodified and in full force and effect.

 

    8 

     

    

 

 

		(d)	This Agreement is personal in nature and neither of the parties hereto shall, without the written
consent of the other, assign or otherwise transfer this Agreement or its obligations, duties and rights under this Agreement; provided,
however, that in the event of the merger, consolidation, transfer or sale of all or substantially all of the assets of the Company,
this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor
shall discharge and perform all of the promises, covenants, duties and obligations of the Company hereunder.

 

		(e)	All notices shall be in writing and shall be delivered personally (including by courier), sent
by facsimile transmission (with appropriate documented receipt thereof), by overnight receipted courier service (such as UPS or
Federal Express) or sent by certified, registered or express mail, postage prepaid, to the Company at the following address: Ribbon
Communications Legal Department, 3605 E. Plano Parkway, Plano, Texas 75074, Attn: Head of Legal, and to you at the most current
address we have in your employment file. Any such notice shall be deemed given when so delivered personally, or if sent by facsimile
transmission, when transmitted, or, if by certified, registered or express mail, postage prepaid mailed, forty-eight (48) hours
after the date of deposit in the mail. Any party may, by notice given in accordance with this paragraph to the other party, designate
another address or person for receipt of notices hereunder.

 

		(f)	Arbitration. Notwithstanding anything to the contrary (including, without limitation, any
other written agreement by and between you and any Ribbon Entity):

 

		i.	Any controversy, dispute or claim arising out of or relating to this Agreement or the breach hereof
(a “Dispute”) which cannot be settled by mutual agreement will be finally settled by binding arbitration in
the Commonwealth of Massachusetts, under the jurisdiction of the American Arbitration Association or other mutually agreeable alternative
arbitration dispute resolution service, before a single arbitrator appointed in accordance with the arbitration rules of the
American Arbitration Association or other selected service, modified only as herein expressly provided.  The arbitrator may
enter a default decision against any party who fails to participate in the arbitration proceedings.

 

		ii.	The decision of the arbitrator on the points in dispute will be final, non-appealable and binding,
and judgment on the award may be entered in any court having jurisdiction thereof.

 

		iii.	The fees and expenses of the arbitrator will be shared equally by the parties, and each party will
bear the fees and expenses of its own attorney in connection with any Dispute; provided that, to the extent the arbitrator
determines you have prevailed on at least one material issue involved in any Dispute commencing during the Change in Control Protection
Period, the Company shall reimburse you for all reasonable attorneys’ fees in connection with such Dispute.

 

		iv.	The parties agree that this Section 9(f) has been included to resolve any Disputes, and that
this Section 9(f) will be grounds for dismissal of any court action commenced by either party with respect to this Agreement,
other than post-arbitration actions seeking to enforce an arbitration award or actions seeking an injunction or temporary restraining
order.  In the event that any court determines that this arbitration procedure is not binding, or otherwise allows any litigation
regarding a Dispute to proceed, the parties hereto hereby waive, to the maximum extent allowed by law, any and all right to a trial
by jury in or with respect to such litigation.

 

    9 

     

    

 

		v.	The parties will keep confidential, and will not disclose to any person, except as may be required
by law or the rules and regulations of the Securities and Exchange Commission or other government agencies, the existence
of any controversy hereunder, the referral of any such controversy to arbitration or the status or resolution thereof.

 

		(g)	This Agreement shall be governed by and interpreted in accordance with the laws of the Colorado,
without regard to the conflict of laws provisions thereof or of any other jurisdiction.

 

10.  
Acceptance. You may accept the terms and conditions described herein by confirming your acceptance in writing. Please
send your countersignature to this Agreement to the Company, or via e-mail to me, which execution will evidence your agreement
with the terms and conditions set forth herein.

  

* * * * *

  

    10 

     

    

  

IN WITNESS WHEREOF,
each of the parties has executed this Severance Agreement, in the case of the Company by its duly authorized officer, as of the
day and year first above written.

  

EXECUTIVE:

  

	/s/ Steven Bruny	 

  

COMPANY:

  

	By:  	/s/ Justin Ferguson	 
	 	 
	 	Justin Ferguson	 
	 	Executive Vice President, General Counsel	 
	 	and Corporate Secretary	 

 

Signature Page to Severance Agreement

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