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MATTERPORT, INC.
EXECUTIVE SEVERANCE PLAN
Matterport, Inc. (the “Company”), has adopted this Matterport, Inc. Executive Severance Plan, including the attached Exhibits (the “Plan”), for the benefit of Participants (as defined below) on the terms and conditions hereinafter stated.  The Plan, as set forth herein, is intended to provide severance protections to a select group of management or highly compensated employees (within the meaning of ERISA (as defined below)) in connection with qualifying terminations of employment.
1.           Defined Terms.  Capitalized terms used but not otherwise defined herein shall have their respective meanings set forth below:
1.1“Base Salary” means, with respect to any Participant, the Participant’s annual base salary rate in effect immediately prior to a Qualifying Termination.  
1.2“Board” means the Board of Directors of the Company
1.3“Cause” means, with respect to any Participant, the occurrence of any one or more of the following events:
(a)the Participant’s willful failure to perform the Participant’s duties and responsibilities to the Company and/or its Subsidiaries after written notice thereof and a failure to remedy such failure within thirty (30) days of such notice;
(b)the Participant’s commission of any act of fraud, embezzlement, dishonesty or any other willful misconduct that has caused or is reasonably expected to cause material injury to the Company and/or any of its Subsidiaries, including conviction of a felony;
(c)the Participant’s material unauthorized use or disclosure of any confidential information of the Company and/or any of its Subsidiaries; or
(d)the Participant’s material breach of any of the Participant’s obligations under any written agreement with the Company and/or any of its Subsidiaries.
1.4“Change in Control” means and includes each of the following:
(a)A transaction or series of transactions (other than an offering of Common Stock to the general public through a registration statement filed with the Securities and Exchange Commission or a transaction or series of transactions that meets the requirements of clauses (i) and (ii) of subsection (c) below) whereby any “person” or related “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than the Company, any of its Subsidiaries, an employee benefit plan maintained by the Company or any of its Subsidiaries or a “person” that, prior to such transaction, directly or indirectly controls, is controlled by, or is under common control with, the Company) directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more than 50% of the total combined voting power of the Company’s securities outstanding immediately after such acquisition;
(b)During any period of two consecutive years, individuals who, at the beginning of such period, constitute the Board together with any new Director(s) (other than a Director designated by a person who shall have entered into an agreement with the Company to effect a transaction described in subsections (a) or (c)) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the Directors then still in office who either were Directors at the beginning of the two-year period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or
(c)The consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more intermediaries) of (x) a merger, consolidation, reorganization, or business combination, (y) a sale or other disposition of 

all or substantially all of the Company’s assets in any single transaction or series of related transactions or (z) the acquisition of assets or stock of another entity, in each case other than a transaction:
(i)which results in the Company’s voting securities outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction, controls, directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”)) directly or indirectly, at least a majority of the combined voting power of the Successor Entity’s outstanding voting securities immediately after the transaction, and
(ii)after which no person or group beneficially owns voting securities representing 50% or more of the combined voting power of the Successor Entity; provided, however, that no person or group shall be treated for purposes of this clause (ii) as beneficially owning 50% or more of the combined voting power of the Successor Entity solely as a result of the voting power held in the Company prior to the consummation of the transaction.
Notwithstanding the foregoing, if a Change in Control constitutes a payment event with respect to any payment under this Plan (or portion thereof) 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, the transaction or event described in subsection (a), (b) or (c) with respect to such payment (or portion thereof) shall only constitute a Change in Control for purposes of the payment timing of such payment if such transaction also constitutes a “change in control event,” as defined in Treasury Regulation Section 1.409A-3(i)(5).
The Administrator shall have full and final authority, which shall be exercised in its discretion, to determine conclusively whether a Change in Control has occurred pursuant to the above definition, the date of the occurrence of such Change in Control and any incidental matters relating thereto; provided that any exercise of authority in conjunction with a determination of whether a Change in Control is a “change in control event” as defined in Treasury Regulation Section 1.409A-3(i)(5) shall be consistent with such regulation.
1.5“CIC Protection Period” means the period beginning three (3) months prior to (and including) the date on which a Change in Control is consummated and ending on (and including) the twelve (12)-month anniversary of the date on which such Change in Control is consummated.
1.6“CIC Termination” means a Qualifying Termination which occurs during the CIC Protection Period.
1.7“COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985.
1.8“Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto.
1.9“Committee” means the Compensation Committee of the Board, or such other committee as may be appointed by the Board to administer the Plan.
1.10“Common Stock” means the common stock of the Company.  
1.11“Date of Termination” means the effective date of the termination of the Participant’s employment.
1.12“Director” means a Board member.
1.13“Employee” means an individual who is an employee (within the meaning of Code Section 3401(c)) of the Company or any of its Subsidiaries.

1.14“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder.
1.15“Equity Award” means any equity-based award granted by the Company covering shares of the Company’s common stock (“Shares”).  
1.16“Exchange Act” means the Securities Exchange Act of 1934, as amended.
1.17“Good Reason” means the Participant’s resignation due to the occurrence of any of the following conditions which occurs without the Participant’s written consent, provided that the requirements regarding advance notice and an opportunity to cure set forth below are satisfied:  
(a)a material adverse change in the Participant’s authority, duties or responsibilities to the Company and its Subsidiaries, provided that neither a mere change in title alone nor reassignment following a Change in Control to a position that is substantially similar to the Participant’s prior position (whether with the Company, a successor or a division or unit thereof created out of the Company or its assets) shall constitute a material adverse change hereunder, provided further that a mere change in reporting relationship alone shall not constitute a material adverse change hereunder;
(b)a requirement that the Participant relocate the Participant’s principal place of work (including an approved home or other remote work location) to a location that is more than fifty (50) miles from the Participant’s then-current principal place of work (other than a relocation that decreases the Participant’s one-way commute); or
(c)a material reduction in the Participant’s then-current annual base salary or Target Bonus, unless such reduction is part of a generalized salary or Target Bonus reduction affecting similarly situated Participants.       
In order for the Participant to resign for Good Reason, the Participant must provide written notice to the Company of the existence of the Good Reason condition within sixty (60) days after the initial existence of such Good Reason condition. Upon receipt of such notice, the Company will have thirty (30) days during which it may remedy the Good Reason condition. If the Good Reason condition is not remedied within such thirty (30)-day period, the Participant may resign based on the Good Reason condition specified in the notice effective no later than thirty (30) days following the expiration of the Company’s thirty (30)-day cure period.
1.18“Participant” means the Company’s Chief Executive Officer and each executive Employee who reports directly to the Company’s Chief Executive Officer, in each case, who is selected by the Administrator (or designee thereof in accordance with Section 3 hereof) to participate in the Plan and is provided with and countersigns a Participation Notice (as defined in Section 13.2 hereof) in accordance with Section 13.2 hereof. 
1.19“Performance-Based Equity Award” means an Equity Award which vests based on satisfaction of performance goals.
1.20“Prior Period Bonus” means, with respect to any Participant, the Participant’s earned but unpaid cash performance bonus, if any, for the Company’s applicable performance period (whether based on fiscal year, fiscal quarter, or another measure) (in any case, a “Performance Period”) ending immediately prior to the Performance Period in which the Date of Termination occurs.  For clarity, if the Date of Termination occurs on or after the date on which the Company pays cash performance bonuses for the Performance Period ending immediately prior to the Performance Period in which the Date of Termination occurs, then there shall be no Prior Period Bonus.  
1.21“Pro-Rata Bonus” means, with respect to any Participant, a pro-rated portion of the Participant’s cash performance bonus for the Performance Period in which the Date of Termination occurs, based on (a) actual performance results for such Performance Period for elements of such bonus unrelated to the Participant’s individual performance, and (b) full satisfaction of elements of such bonus relating to the Participant’s individual performance, and determined by multiplying the amount of the bonus that would have otherwise been payable to 

such Participant in respect of such Performance Period (as determined under the foregoing clauses (a) and (b)) by a fraction, the numerator of which equals the number of days in such Performance Period during which the Participant was employed by the Company or its Subsidiaries, and the denominator of which equals the total number of days in such Performance Period.
1.22“Qualifying Termination” means a termination of the Participant’s employment with the Company or a Subsidiary thereof, as applicable, (a) by the Company or such Subsidiary, as applicable, without Cause or (b) by the Participant for Good Reason.  Notwithstanding anything contained herein, in no event shall a Participant be deemed to have experienced a Qualifying Termination if (a)  such Participant is offered and accepts an employment position with the Company or any Subsidiary, or (b) in connection with a Change in Control or any other corporate transaction or sale of assets involving the Company or any Subsidiary, such Participant is offered and accepts an employment position with the successor or purchaser entity (or an affiliate thereof), as applicable.  A Qualifying Termination shall not include a termination due to the Participant’s death or disability. 
1.23“Severance Benefits” means the CIC Severance Benefits or the Non-CIC Severance Benefits, as applicable. 
1.24“Severance Classification” means, with respect to any Participant, the Participant’s designation as a Tier 1 Participant or a Tier 2 Participant.
1.25“Severance Period” means, with respect to any Participant, the number of months  determined in accordance with Exhibit A or Exhibit B, as applicable, attached hereto (based on the Participant’s Severance Classification).  
1.26“Subsidiary” means any entity (other than the Company), whether domestic or foreign, in an unbroken chain of entities beginning with the Company if each of the entities other than the last entity in the unbroken chain beneficially owns, at the time of the determination, securities or interests representing at least 50% of the total combined voting power of all classes of securities or interests in one of the other entities in such chain.
1.27“Target Bonus” means, with respect to any Participant, the Participant’s annualized target cash performance bonus, if any, for the year in which the Date of Termination occurs.  For clarity, (i) with respect to any Participant who is not eligible to receive a cash performance bonus as part of the Participant’s compensation, such Participant’s Target Bonus shall equal zero, (ii) with respect to any Participant who is eligible for an annual cash performance bonus, the Target Bonus for such Participant shall be such target annual bonus for the year in which the Date of Termination occurs, and (iii) with respect to any Participant who is eligible for quarterly or monthly (and not annual) cash performance bonuses, the Target Bonus for such Participant shall be the sum of such target quarterly or monthly (as applicable) bonuses for the year in which the Date of Termination occurs.
1.28“Tier 1 Participant” means a Participant who has been designated as a “Tier 1 Participant” by the Administrator in a Participation Notice.
1.29“Tier 2 Participant” means a Participant who has been designated as a “Tier 2 Participant” by the Administrator in a Participation Notice.
2.Effectiveness of the Plan; Notification.  The Plan shall become effective on the date on which it is adopted by the Board or the Committee.  The Administrator shall, pursuant to a Participation Notice, notify each Participant that such Participant has been selected to participate in the Plan and of such Participant’s Severance Classification.
3.Administration.  The Plan shall be interpreted, administered and operated by the Committee (the “Administrator”), which shall have complete authority, subject to the express provisions of the Plan, to interpret the Plan, to prescribe, amend and rescind rules and regulations relating to the Plan, and to make all other determinations necessary or advisable for the administration of the Plan.  The Administrator may 

delegate any of its duties hereunder to a subcommittee, or to such person or persons from time to time as it may designate (other than to any Participant in the Plan).  All decisions, interpretations and other actions of the Administrator (including with respect to whether a Qualifying Termination has occurred) shall be final, conclusive and binding on all parties who have an interest in the Plan. In its absolute discretion, the Board may at any time exercise any and all rights and duties of the Administrator under the Plan.
4.Severance Benefits. 
4.1Eligibility.  Each Employee who qualifies as a Participant and who experiences a Qualifying Termination is eligible to receive Severance Benefits under the Plan.
4.2Qualifying Termination Payment.  In the event that a Participant experiences a Qualifying Termination (other than a CIC Termination), then, subject to Section 4.5 and Section 6.2 hereof and further subject to the Participant’s execution of a Release that becomes effective and irrevocable in accordance with Section 4.4 hereof, and subject to any additional requirements specified in the Plan (including Sections 7.1, 7.2, 12.1, 12.2, 13.6, 13.7 and 13.13 of the Plan), the Company shall pay or provide to the Participant the following payments and benefits (collectively, the “Non-CIC Severance Benefits”):
(a)Prior Period Bonus.  The Company shall pay to the Participant an amount equal to the Participant’s Prior Period Bonus, payable within seventy (70) days following the Date of Termination; provided, that if the aggregate period during which the Participant is entitled to consider and/or revoke the Release spans two calendar years, the Prior Period Bonus shall be paid in the second (2nd) such calendar year.
(b)Cash Salary Severance.  The Company shall pay to the Participant an amount in cash equal to a number of months of the Participant’s Base Salary equal to the number of months of such Participant’s Severance Period (as determined in accordance with Exhibit A attached hereto based on the Participant’s Severance Classification) (the “Cash Salary Severance”).  The Cash Salary Severance shall be paid to the Participant in a lump sum amount within seventy (70) days following the Date of Termination; provided, that if the aggregate period during which the Participant is entitled to consider and/or revoke the Release spans two calendar years, the Cash Salary Severance shall be paid in the second (2nd) such calendar year.
(c)COBRA Benefits. Subject to the Participant’s valid election to continue health care coverage under Section 4980B of the Code, to the extent that the Participant is eligible to do so, then the Company shall reimburse the Participant  for the Participant and the Participant’s eligible dependents with coverage under its group health plans at the same levels and at the same cost to Participant as would have applied if the Participant’s employment had not been terminated based on Participant’s elections in effect on the Date of Termination until the earlier of the end of the month during which the Participant’s Severance Period (as determined in accordance with Exhibit A attached hereto based on the Participant’s Severance Classification) ends or the date the Participant becomes covered by a group health insurance program  provided by a subsequent employer.  Notwithstanding the foregoing, (i) if any plan pursuant to which such continued healthcare benefits are provided is not, or ceases prior to the expiration of the period of continuation coverage to be, exempt from the application of Code Section 409A under Treasury Regulation Section 1.409A-1(a)(5), or (ii) the Company is otherwise unable to continue to cover the Participant under its group health plans without incurring penalties (including without limitation, pursuant to Section 2716 of the Public Health Service Act or the Patient Protection and Affordable Care Act), then, in either case, an amount equal to each remaining Company reimbursement shall thereafter be paid to the Participant in substantially equal monthly installments over the Participant’s Severance Period (or the remaining portion thereof). The benefits described in this Section 4.2(c) are referred to herein as “COBRA Benefits”.  

(d)Pro-Rata Bonus.  The Company shall pay to the Participant an amount equal to the Participant’s Pro-Rata Bonus, payable at the same time bonuses are paid to the Company’s other executives for the Performance Period to which the Pro-Rata Bonus relates (but in no event later than March 15th of the calendar year following the year in which the Date of Termination occurs); provided, that if the aggregate period during which the Participant is entitled to consider and/or revoke the Release spans two calendar years, the Pro-Rata Bonus shall be paid in the second (2nd) such calendar year.
(e)Vesting Acceleration. If the Participant has remained continuously employed with the Company or its Subsidiaries for at least four (4) full years as of the Participant’s Date of Termination, then each unvested Equity Award held by the Participant as of the Date of Termination shall vest (and, if applicable, become exercisable) on the date on which the Release becomes effective and, if applicable, irrevocable as to that number of Shares that would have otherwise vested during the Severance Period if the Participant’s employment with the Company had continued immediately following the Participant’s Date of Termination for the duration of the Participant’s Severance Period (as determined in accordance with Exhibit A attached hereto based on the Participant’s Severance Classification); provided that any performance goals subject to any Performance-Based Equity Award shall be deemed achieved at “target” levels (the vesting acceleration referred to in this Section 4.2(e), the “Non-CIC Vesting Acceleration”).
(f)Extended Exercise Period for Options. The vested portion (after giving effect to Section 4.2(e)) of each option covering shares of Company common stock (each, an “Option”) held by the Participant as of the Date of Termination (if any) shall remain outstanding and exercisable until the earlier of (i) the first anniversary of the Participant’s Date of Termination, and (ii) the original expiration date of the Option as set forth in the applicable award agreement between the Company and the Participant evidencing the grant of the Option (the “Option Agreement”), subject to earlier termination in the event of a Change in Control in accordance with the applicable Company equity incentive plan under which the Option was granted.  Except as otherwise provided in this Section 4.2(f), following the Date of Termination, any such Option shall remain subject to the terms and conditions of the applicable Option Agreement and the applicable Company equity incentive plan under which the Option was granted.
4.3CIC Termination Payment.  In the event that a Participant experiences a CIC Termination, then, subject to Section 4.5 and Section 6.2 hereof and further subject to the Participant’s execution of a Release that becomes effective and irrevocable in accordance with Section 4.4 hereof, and subject to any additional requirements specified in the Plan (including Sections 7.1, 7.2, 12.1, 12.2, 13.6, 13.7 and 13.13 of the Plan), then the Company shall pay or provide to the Participant, as applicable, the following payments and benefits (collectively, the “CIC Severance Benefits”): 
(a)Prior Period Bonus; Cash Salary Severance; COBRA Benefits. The Company shall pay or provide to the Participant, as applicable, the Prior Period Bonus, the Cash Salary Severance and the COBRA Benefits set forth in Sections 4.2(a)-(c) hereof; provided, however, that the Severance Period shall be determined in accordance with Exhibit B attached hereto (instead of in accordance with Exhibit A) based on the Participant’s Severance Classification; provided further, that in the event the CIC Termination occurs prior to a Change in Control, then the Cash Salary Severance payable upon the Participant’s CIC Termination shall equal the Cash Salary Severance that would have been payable upon a Qualifying Termination that is not a CIC Termination (determined in accordance with Exhibit A attached hereto based on the Participant’s Severance Classification) and any additional Cash Salary Severance that the Participant is entitled to receive upon a CIC Termination (i.e., the excess of the Cash Salary Severance payable upon a CIC Termination over the Cash Salary Severance payable upon a Qualifying Termination that is not a CIC Termination) shall be paid in a single lump sum on the date that the initial portion of the Cash Salary Severance is paid or, if later, on the 

date of the Change in Control (but in no event later than March 15th of the calendar year following the calendar year in which the Date of Termination occurs).  
(b)Target Bonus. The Company shall pay to the Participant a lump sum amount in cash equal to the Participant’s Target Bonus (or, for a Tier 1 Participant, 150% of the Participant’s Target Bonus) within seventy (70) days following the Date of Termination or, if later, on the date on which the Change in Control occurs (but in no event later than March 15th of the calendar year following the calendar year in which the Date of Termination occurs); provided, that if the aggregate period during which the Participant is entitled to consider and/or revoke the Release spans two calendar years, the Target Bonus shall be paid in the second (2nd) such calendar year.
(c)Vesting Acceleration. Each outstanding and unvested Equity Award held by the Participant as of the Date of Termination shall vest (and, if applicable, become exercisable) in full on the date on which the Release becomes effective and, if applicable, irrevocable; provided, that any performance goals applicable to any Performance-Based Equity Award shall be deemed achieved at “target” levels; provided further, that in the event the CIC Termination occurs prior to a Change in Control, then upon the Participant’s CIC Termination, the Participant shall only be entitled to the Non-CIC Vesting Acceleration in accordance with Section 4.2(e) above upon such CIC Termination and each outstanding and unvested Equity Award held by the Participant as of the Date of Termination (after taking into account the Non-CIC Vesting Acceleration) shall remain outstanding and eligible to vest in full in accordance with this Section 4.3(c) on the date on which the Release becomes effective and, if applicable, irrevocable or, if later, as of immediately prior to a Change in Control that is consummated within three (3) months following the Date of Termination and such Equity Award (to the extent then-unvested) shall be cancelled and forfeited without payment therefor upon the three (3) month anniversary of the Date of Termination if a Change of Control is not consummated on or prior to such three (3)-month anniversary.
4.4Release.  Notwithstanding anything herein to the contrary, no Participant shall be eligible or entitled to receive or retain any Severance Benefits under the Plan unless the Participant executes a general release of claims in a form prescribed by the Company (the “Release”) that becomes effective and, if applicable, irrevocable no more than sixty (60) days after the Date of Termination.
4.5Non-U.S. Employees. Notwithstanding anything in the Plan to the contrary, any Participant that resides outside of the United States (each, a “Non-U.S. Participant”) and is entitled to receive severance, notice or similar termination payments and/or benefits under the laws of the Participant’s country of residence upon the Participant’s termination of employment with the Company and its Subsidiaries (collectively, “Statutory Severance”) and that becomes eligible to receive Severance Benefits under the Plan shall be entitled to receive either (i) the payments and benefits described in Section 4.2 or 4.3 above, as applicable, or (ii) such Non-US Participant’s Statutory Severance, whichever is greater. 
5.Limitations.  Notwithstanding any provision of the Plan to the contrary, if a Participant’s status as an Employee is terminated for any reason other than due to a Qualifying Termination, the Participant shall not be entitled to receive any Severance Benefits under the Plan, and the Company shall not have any obligation to such Participant under the Plan.
6.Section 409A.
6.1General.  To the extent applicable, the Plan shall be interpreted and applied consistent and in accordance with Code Section 409A and Department of Treasury regulations and other interpretive guidance issued thereunder.  Notwithstanding any provision of the Plan to the contrary, to the extent that the Administrator determines that any payments or benefits under the 

Plan may not be either compliant with or exempt from Code Section 409A and related Department of Treasury guidance, the Administrator may in its sole discretion adopt such amendments to the Plan or take such other actions that the Administrator determines are necessary or appropriate to (a) exempt the compensation and benefits payable under the Plan from Code Section 409A and/or preserve the intended tax treatment of such compensation and benefits, or (b) comply with the requirements of Code Section 409A and related Department of Treasury guidance; provided, however, that this Section 6.1 shall not create any obligation on the part of the Administrator to adopt any such amendment or take any other action, nor shall the Company have any liability for failing to do so.
6.2Potential Six-Month Delay.  Notwithstanding anything to the contrary in the Plan, no amounts shall be paid to any Participant under the Plan during the six (6)-month period following such Participant’s “separation from service” (within the meaning of Code Section 409A(a)(2)(A)(i) and Treasury Regulation Section 1.409A-1(h)) to the extent that the Administrator determines that paying such amounts at the time or times indicated in the Plan would result in a prohibited distribution under Code Section 409A(a)(2)(B)(i).  If the payment of any such amounts is delayed as a result of the previous sentence, then on the first business day following the end of such six (6)-month period (or such earlier date upon which such amount can be paid under Code Section 409A without resulting in a prohibited distribution, including as a result of the Participant’s death), the Participant shall receive payment of a lump-sum amount equal to the cumulative amount that would have otherwise been payable to the Participant during such six (6)-month period without interest thereon.
6.3Separation from Service.  A termination of employment shall not be deemed to have occurred for purposes of any provision of the Plan providing for the payment of any amounts or benefits that constitute “nonqualified deferred compensation” under Code Section 409A upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of the Plan, references to a “termination,” “termination of employment” or like terms shall mean “separation from service”.
6.4Reimbursements.  To the extent that any payments or reimbursements provided to a Participant under the Plan are deemed to constitute compensation to the Participant to which Treasury Regulation Section 1.409A-3(i)(1)(iv) would apply, such amounts shall be paid or reimbursed reasonably promptly, but not later than December 31st of the year following the year in which the expense was incurred.  The amount of any such payments eligible for reimbursement in one year shall not affect the payments or expenses that are eligible for payment or reimbursement in any other taxable year, and the Participant’s right to such payments or reimbursement of any such expenses shall not be subject to liquidation or exchange for any other benefit.
6.5Installments.  For purposes of applying the provisions of Code Section 409A to the Plan, each separately identified amount to which a Participant is entitled under the Plan shall be treated as a separate payment.  In addition, to the extent permissible under Code Section 409A, the right to receive any installment payments under the Plan shall be treated as a right to receive a series of separate payments and, accordingly, each such installment payment shall at all times be considered a separate and distinct payment as permitted under Treasury Regulation Section 1.409A-2(b)(2)(iii).  Whenever a payment under the Plan specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company.
7.Limitation on Payments.  
7.1Best Pay Cap.  Notwithstanding any other provision of the Plan, in the event that any payment or benefit received or to be received by a Participant (whether pursuant to the terms of the Plan or any other plan, arrangement or agreement) (all such payments and benefits, including 

the Severance Benefits, being hereinafter referred to as the “Total Payments”) would be subject (in whole or part), to the excise tax imposed under Code Section 4999 (the “Excise Tax”), then, after taking into account any reduction in the Total Payments provided by reason of Code Section 280G in any other plan, arrangement or agreement, the cash Severance Benefits under the Plan shall first be reduced, and any non-cash Severance Benefits hereunder shall thereafter be reduced, to the extent necessary so that no portion of the Total Payments is subject to the Excise Tax but only if (a) the net amount of such Total Payments, as so reduced (and after subtracting the net amount of federal, state and local income taxes on such reduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such reduced Total Payments) is greater than or equal to (b) the net amount of such Total Payments without such reduction (but after subtracting the net amount of federal, state and local income taxes on such Total Payments and the amount of Excise Tax to which the Participant would be subject in respect of such unreduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such unreduced Total Payments).
7.2Certain Exclusions.  For purposes of determining whether and the extent to which the Total Payments will be subject to the Excise Tax, (a) no portion of the Total Payments, the receipt or retention of which the Participant has waived at such time and in such manner so as not to constitute a “payment” within the meaning of Code Section 280G(b), will be taken into account; (b) no portion of the Total Payments will be taken into account which, in the written opinion of an independent, nationally recognized accounting firm (the “Independent Advisors”) selected by the Company, does not constitute a “parachute payment” within the meaning of Code Section 280G(b)(2) (including by reason of Code Section 280G(b)(4)(A)) and, in calculating the Excise Tax, no portion of such Total Payments will be taken into account which, in the opinion of Independent Advisors, constitutes reasonable compensation for services actually rendered, within the meaning of Code Section 280G(b)(4)(B), in excess of the “base amount” (as defined in Code Section 280G(b)(3)) allocable to such reasonable compensation; and (c) the value of any non-cash benefit or any deferred payment or benefit included in the Total Payments shall be determined by the Independent Advisors in accordance with the principles of Code Sections 280G(d)(3) and (4).
8.No Mitigation.  No Participant shall be required to seek other employment or attempt in any way to reduce or mitigate any Severance Benefits payable under the Plan and the amount of any such Severance Benefits shall not be reduced by any other compensation paid or provided to any Participant following such Participant’s termination of service.
9.Successors.       
9.1Company Successors.  The Plan shall inure to the benefit of and shall be binding upon the Company and its successors and assigns.  Any successor (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or otherwise) to a majority of the Company’s business and/or assets shall assume and agree to perform the obligations of the Company under the Plan. For all purposes under this Plan, the term “Company” shall include any successor to a majority of the Company’s business and/or assets which assumes and agrees to perform the obligation of the Company under the Plan or which becomes bound by the terms of the Plan by operation of law.
9.2Participant Successors.  The Plan shall inure to the benefit of and be enforceable by each Participant’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees, legatees or other beneficiaries.  If a Participant dies while any amount remains payable to such Participant hereunder, all such amounts shall be paid in accordance with the terms of the Plan to the executors, personal representatives or administrators of such Participant’s estate.
10.Notices.  All communications relating to matters arising under the Plan shall be in writing and shall be deemed to have been duly given when hand delivered, faxed, emailed or mailed by reputable 

overnight carrier or United States certified mail, return receipt requested, addressed, if to a Participant, to the address on file with the Company or to such other address as the Participant may have furnished to the other in writing in accordance herewith and, if to the Company, to such address as may be specified from time to time by the Administrator, except that notice of change of address shall be effective only upon actual receipt.
11.Claims Procedure; Arbitration.
11.1Claims.  Generally, Participants are not required to present a formal claim in order to receive benefits under the Plan.  If, however, any person (the “Claimant”) believes that benefits are being denied improperly, that the Plan is not being operated properly, that fiduciaries of the Plan have breached their duties, or that the Claimant’s legal rights are being violated with respect to the Plan, the Claimant must file a formal claim, in writing, with the Administrator.  This requirement applies to all claims that any Claimant has with respect to the Plan, including claims against fiduciaries and former fiduciaries, except to the extent the Administrator determines, in its sole discretion that it does not have the power to grant all relief reasonably being sought by the Claimant.  A formal claim made pursuant to the second sentence of this Section 11.1 must be filed within ninety (90) days after the date the Claimant first knew or should have known of the facts on which the claim is based, unless the Administrator consents otherwise in writing.  The Administrator shall provide a Claimant, on request, with a copy of the claims procedures established under Section 11.2 hereof.  
11.2Claims Procedure.  The Administrator has adopted procedures for considering claims (which are set forth in Exhibit C attached hereto), which it may amend or modify from time to time, as it sees fit.  These procedures shall comply with all applicable legal requirements.  These procedures may provide that final and binding arbitration shall be the ultimate means of contesting a denied claim (even if the Administrator or its delegates have failed to follow the prescribed procedures with respect to the claim).  The right to receive benefits under the Plan is contingent on a Claimant using the prescribed claims and arbitration procedures to resolve any claim.  
12.Covenants.
12.1Restrictive Covenants.  A Participant’s right to receive and/or retain the Severance Benefits payable under this Plan is conditioned upon and subject to the Participant’s continued compliance with any restrictive covenants (e.g., confidentiality, non-solicitation, non-competition, non-disparagement) contained in any other written agreement between the Participant and the Company and/or its Subsidiaries, as in effect on the date of the Participant’s Qualifying Termination.
12.2Return of Property.  A Participant’s right to receive and/or retain the Severance Benefits payable under the Plan is conditioned upon the Participant’s return to the Company of all Company documents (and all copies thereof) and other Company property (in each case, whether physical, electronic or otherwise) in the Participant’s possession or control. With respect to non-physical Company property, a Participant may satisfy the requirement of the previous sentence by certifying in writing that all non-physical Company property in the Participant’s possession or control has been returned to the Company.
13.Miscellaneous.
13.1Entire Plan; Relation to Other Agreements.  The Plan, together with any Participation Notice issued in connection with the Plan, contains the entire understanding of the parties relating to the subject matter hereof and supersedes any prior agreement, arrangement and understanding between any Participant, on the one hand, and the Company and/or any Subsidiary, on the other hand, with respect to the subject matter hereof.  Severance Benefits payable under the Plan are not intended to duplicate any other severance benefits payable to a Participant by the Company. To the extent permitted under Code Section 409A (if applicable), Severance Benefits payable under the 

Plan to any Participant will be reduced by any severance benefits, pay in lieu of notice or other similar employment termination benefits required to be paid to the Participant by the Company under applicable law or government statutes, including, without limitation, the Worker Adjustment and Retraining Notification Act of 1988, as amended. By participating in the Plan and accepting the Severance Benefits hereunder, the Participant acknowledges and agrees that any prior agreement, arrangement and understanding between any Participant, on the one hand, and the Company and/or any Subsidiary, on the other hand, with respect to the subject matter hereof (including, for clarity, any offer letter or employment or similar agreement providing such Participant with severance payments and/or benefits upon termination of such Participant’s employment with the Company or its Subsidiaries) is hereby terminated, revoked and ineffective with respect to the Participant and the Participant shall not be entitled to receive any severance payments or benefits pursuant to any such agreement, arrangement or understanding.
13.2Participation Notices.  The Administrator shall have the authority, in its sole discretion, to select Employees to participate in the Plan and to provide written notice to any such Employee that the Employee is a Participant in, and eligible to receive Severance Benefits under, the Plan (a “Participation Notice”) at or any time prior to the Participant’s termination of employment.  
13.3No Right to Continued Service.  Nothing contained in the Plan shall (a) confer upon any Participant any right to continue as an employee of the Company or any Subsidiary, (b) constitute any contract of employment or agreement to continue employment for any particular period, or (c) interfere in any way with the right of the Company to terminate a service relationship with any Participant, with or without Cause.
13.4Termination and Amendment of Plan.  The Plan may be amended or terminated by the Administrator at any time and from time to time, in its sole discretion; provided, that no such amendment (other than amendments contemplated by Section 6 or required to comply with applicable law) or termination shall adversely affect the rights of any Participant that is a Participant immediately before the effectiveness of such amendment or termination without such Participant’s express written consent.  For the avoidance of doubt, with respect to any Participant who has experienced a Qualifying Termination on or prior to any termination or amendment of the Plan permitted under the preceding sentence, such amendment or termination may not adversely affect his or her rights to receive the Severance Benefits hereunder (and such Severance Benefits shall continue to be paid in accordance with the terms of the Plan as in effect immediately prior to such amendment or termination).  
13.5Survival.  Section 7 (Limitation on Payments), Section 11 (Claims Procedure; Arbitration) and Section 12 (Covenants) hereof shall survive the termination or expiration of the Plan and shall continue in effect.
13.6Severance Benefit Obligations.  Notwithstanding anything contained herein, Severance Benefits paid or provided under the Plan may be paid or provided by the Company or any Subsidiary employer, as applicable.
13.7Withholding.  The Company and its Subsidiaries shall have the authority and the right to deduct and withhold an amount sufficient to satisfy federal, state, local and foreign taxes required by law to be withheld with respect to any Severance Benefits payable under the Plan.  
13.8Benefits Not Assignable.  Except as otherwise provided herein or by law, no right or interest of any Participant under the Plan shall be assignable or transferable, in whole or in part, either directly or by operation of law or otherwise, including without limitation by execution, levy, garnishment, attachment, pledge or in any manner; no attempted assignment or transfer thereof shall be effective; and no right or interest of any Participant under the Plan shall be liable for, or subject to, any obligation or liability of such Participant. When a payment is due under the Plan to a Participant who is unable to care for the Participant’s affairs, payment may be made directly to the Participant’s legal guardian or personal representative.

13.9Applicable Law.  The Plan is intended to be an unfunded “top hat” pension plan within the meaning of U.S. Department of Labor Regulation Section 2520.104-23 and shall be interpreted, administered, and enforced as such in accordance with ERISA.  To the extent that state law is applicable, the statutes and common law of the State of Delaware, excluding any that mandate the use of another jurisdiction’s laws, will apply.  
13.10Validity.  The invalidity or unenforceability of any provision of the Plan shall not affect the validity or enforceability of any other provision of the Plan, which shall remain in full force and effect.
13.11Captions.  The captions contained in the Plan are for convenience only and shall have no bearing on the meaning, construction or interpretation of the Plan’s provisions.
13.12Expenses.  The expenses of administering the Plan shall be borne by the Company or its successor, as applicable.
13.13Unfunded Plan.  The Plan shall be maintained in a manner to be considered “unfunded” for purposes of ERISA.  The Company shall be required to make payments only as benefits become due and payable.  No person shall have any right, other than the right of an unsecured general creditor against the Company, with respect to the benefits payable hereunder, or which may be payable hereunder, to any Participant, surviving spouse or beneficiary hereunder.  If the Company, acting in its sole discretion, establishes a reserve or other fund associated with the Plan, no person shall have any right to or interest in any specific amount or asset of such reserve or fund by reason of amounts which may be payable to such person under the Plan, nor shall such person have any right to receive any payment under the Plan except as and to the extent expressly provided in the Plan.  The assets in any such reserve or fund shall be part of the general assets of the Company, subject to the control of the Company.

*  *  *  *  *

Exhibit A

Calculation of non-Change in control Severance Amounts

									
		Severance Classification	Severance Period
		Tier 1	12 months
		Tier 2	6 months

Exhibit B
Calculation of Change in control Severance Amounts

									
		Severance Classification	Severance Period
		Tier 1	18 months
		Tier 2	12 months

Exhibit C
Detailed Claims Procedures
Section 1.1.     Claim Procedure.  Claims for benefits under the Plan shall be administered in accordance with Section 503 of ERISA and the Department of Labor Regulations thereunder.  The Administrator shall have the right to delegate its duties under this Exhibit and all references to the Administrator shall be a reference to any such delegate, as well.  The Administrator shall make all determinations as to the rights of any Participant, beneficiary, alternate payee or other person who makes a claim for benefits under the Plan (each, a “Claimant”). A Claimant may authorize a representative to act on the Claimant’s behalf with respect to any claim under the Plan. A Claimant who asserts a right to any benefit under the Plan he has not received, in whole or in part, must file a written claim with the Administrator.  All written claims shall be submitted to Jean Barbagelata, Chief People Officer; 352 East Java Drive, Sunnyvale, California, 94089; jbarbagelata@matterport.com.
(a)        Regular Claims Procedure.  The claims procedure in this subsection (a) shall apply to all claims for Plan benefits.
(1)Timing of Denial.  If the Administrator denies a claim in whole or in part (an “adverse benefit determination”), then the Administrator will provide notice of the decision to the Claimant within a reasonable period of time, not to exceed ninety (90) days after the Administrator receives the claim, unless the Administrator determines that any extension of time for processing is required.  In the event that the Administrator determines that such an extension is required, written notice of the extension will be furnished to the Claimant before the end of the initial ninety (90) day review period.  The extension will not exceed a period of ninety (90) days from the end of the initial ninety (90) day period, and the extension notice will indicate the special circumstances requiring such extension of time and the date by which the Administrator expects to render the benefit decision.
(2)Denial Notice.  The Administrator shall provide every Claimant who is denied a claim for benefits with a written or electronic notice of its decision.  The notice will set forth, in a manner to be understood by the Claimant:
i.the specific reason or reasons for the adverse benefit determination;
ii.reference to the specific Plan provisions on which the determination is based;
iii.a description of any additional material or information necessary for the Claimant to perfect the claim and an explanation as to why such information is necessary; and
iv.an explanation of the Plan’s appeal procedure and the time limits applicable to such procedures, including a statement of the Claimant’s right to bring an action under Section 502(a) of ERISA after receiving a final adverse benefit determination upon appeal.
(3)Appeal of Denial.  The Claimant may appeal an initial adverse benefit determination by submitting a written appeal to the Administrator within sixty (60) days of receiving notice of the denial of the claim.  The Claimant:
i.may submit written comments, documents, records and other information relating to the claim for benefits; 
ii.will be provided, upon request and without charge, reasonable access to and copies of all documents, records and other information relevant to the Claimant’s claim for benefits; and
iii.will receive a review that takes into account all comments, documents, records and other information submitted by the Claimant relating to the appeal, without regard to whether such information was submitted or considered in the initial benefit determination.
(4)Decision on Appeal.  The Administrator will conduct a full and fair review of the claim and the initial adverse benefit determination.  If any claim is pending, the Administrator holds regularly 

scheduled meetings at least quarterly.  The Administrator shall make a benefit determination no later than the date of the regularly scheduled meeting that immediately follows the Plan’s receipt of an appeal request, unless the appeal request is filed within thirty (30) days preceding the date of such meeting.  In such case, a benefit determination may be made by no later than the date of the second (2nd) regularly scheduled meeting following the Plan’s receipt of the appeal request. The Administrator shall notify the Claimant of the benefit determination as soon as possible after it has been made (but in no event later than five (5) days thereafter).   
(5)Notice of Determination on Appeal.  The Administrator shall provide the Claimant with written or electronic notification of its benefit determination on review.  In the case of an adverse benefit determination, the notice shall set forth, in a manner intended to be understood by the Claimant:
i.the specific reason or reasons for the adverse benefit determination;
ii.reference to the specific Plan provisions on which the adverse benefit determination is based; 
iii.a statement that the Claimant is entitled to receive, upon request and without charge, reasonable access to, and copies of, all documents, records and other information relevant to the claim for benefits; 
iv.a statement describing any voluntary appeal procedures offered by the Plan and the Claimant’s right to obtain the information about such procedures; and
v.a statement of the Claimant’s right to bring an action under Section 502(a) of ERISA. 
(b)Exhaustion; Judicial Proceedings.  No action at law or in equity shall be brought to recover benefits under the Plan until the claim and appeal rights described in the Plan have been exercised and the Plan benefits requested in such appeal have been denied in whole or in part.  If any judicial proceeding is undertaken to appeal the denial of a claim or bring any other action under ERISA other than a breach of fiduciary claim, the evidence presented may be strictly limited to the evidence timely presented to the Administrator.  Any such judicial proceeding must be filed by the earlier of: (a) one (1) year after the Administrator’s final decision regarding the claim appeal or (b) one (1) year after the Participant or other Claimant commenced payment of the Plan benefits at issue in the judicial proceeding.
(c)Administrator’s Decision is Binding.  Benefits under the Plan shall be paid only if the Administrator decides in its sole discretion that a Claimant is entitled to them.  In determining claims for benefits, the Administrator has the authority to interpret the Plan, to resolve ambiguities, to make factual determinations, and to resolve questions relating to eligibility for and amount of benefits.  Subject to applicable law, any decision made in accordance with the above claims procedures is final and binding on all parties and shall be given the maximum possible deference allowed by law.  A misstatement or other mistake of fact shall be corrected when it becomes known and the Administrator shall make such adjustment on account thereof as it considers equitable and practicable.Document

TRANSITION, SEPARATION, AND GENERAL RELEASE AGREEMENT

    THIS TRANSITION, SEPARATION, AND GENERAL RELEASE AGREEMENT (this “Agreement”) is entered into by and between Eagle Shipping International (USA) LLC, a Marshall Islands limited liability company (the “Company”), its parent Eagle Bulk Shipping Inc., a Marshall Islands corporation (the “Parent”) and Frank De Costanzo (“Executive”) (the Company, Parent, and Executive, together, the “Parties”).  The Parties hereby agree as follows:

1.Termination of Employment.  The Parties mutually agree that Executive’s final date of employment will be December 31, 2023, unless terminated earlier pursuant to the terms herein (Executive’s final date of employment, whether on December 31, 2023 or earlier, the “Date of Termination”).  The Parties acknowledge and agree that Executive’s termination constitutes a termination by the Company without Cause, in accordance with Section 3(b) of the Employment Agreement between the Parties dated June 16, 2022 (the “Employment Agreement”).  After the Date of Termination, Executive no longer will be, and will not hold himself out as, an employee, agent, or representative of the Company.  Within sixty (60) days of the Date of Termination (or earlier as required by applicable law), Executive will be paid for (a) all accrued but unpaid base salary, (b) all accrued but unused vacation, and (c) Executive’s business expenses incurred through the Date of Termination.  This Agreement shall constitute the Notice of Termination, as defined in the Employment Agreement.  Effective as of the Date of Termination or earlier as requested by the Company, Executive shall immediately resign from all positions that he holds or has ever held with the Company, the Parent, and any affiliate thereof, including, without limitation, as a member of the Board (as defined in the Employment Agreement).  Executive hereby agrees to execute any and all documentation to effectuate such resignations upon request by the Parent, but he shall be treated for all purposes as having so resigned upon the Date of Termination, regardless of when or whether he executes any such documentation.  

2.CFO Transition Period.  

(a)From the Effective Date (as defined below) through March 31, 2023, unless terminated earlier pursuant to the terms herein (the “CFO Transition Period”), Executive shall continue employment with the Company in his current role and title (Chief Financial Officer), subject to the terms herein; provided that, the Company may, in its sole discretion, direct Executive (i) to transition his duties to other individuals (including assigning or naming a new Chief Financial Officer) and/or (ii) to perform other or different duties consistent with Executive’s experience and expertise as the Company reasonably deems appropriate.  Executive agrees to continue to use his best efforts, skills, and abilities to carry out Executive’s duties and to promote the interests of the Company and the Company Entities (as defined below). 
 
(b)During the CFO Transition Period, Executive will continue to receive his Annual Base Salary (as defined in the Employment Agreement) at the rate currently in effect as of the Effective Date, unless Executive’s employment is terminated earlier pursuant to a Disqualifying Reason (as defined below).  For the avoidance of doubt, Executive shall not be eligible for any other compensation in respect of calendar year 2022 or 2023, except as otherwise provided herein.  

(c)A “Disqualifying Reason” shall mean (i) Executive voluntarily resigns without Good Reason (as defined below); (ii) Executive’s continuing refusal to perform his duties or failure to follow a lawful direction of the Chief Executive Officer or the Board, in either 

case, following written notice from the Chief Executive Officer or the Board; (iii) Executive’s intentional act or acts of dishonesty in connection with the performance of his duties hereunder that Executive intended to result in his personal, more-than-immaterial enrichment; (iv) Executive’s documented willful malfeasance or willful misconduct in connection with his employment or Executive’s willful and deliberate insubordination following written notice from the Chief Executive Officer or the Board detailing the factual basis for conduct and a thirty (30)-day period to cure such conduct, to the extent curable; (v) Executive is convicted of a felony or Executive enters a plea of nolo contendere to a felony; or (vi) Executive’s material breach of this Agreement or the Surviving Provisions (as defined below).  Notwithstanding the foregoing, subsections (ii) through (vi) shall not be a “Disqualifying Reason” unless Executive has received written notice from the Company of the act(s) alleged to constitute a “Disqualifying Reason” and Executive fails to cure such act(s), to the extent curable, within thirty (30) days of such notice. Any act, or failure to act, by Executive, based on authority given pursuant to a resolution duly adopted by the Board, on the advice of counsel for the Company, or based on adherence to Company policy, generally accepted accounting principles, or applicable law, shall be presumed to be done, or omitted to be done, by the Executive in good faith and in the best interests of the Company and shall not serve as a basis for a “Disqualifying Reason.”  “Good Reason” means, in the absence of the Executive’s written consent, any of the following: (i) a diminution by the Company in the Executive’s Annual Base Salary; (ii) a diminution by the Company in the Executive’s Target Annual Bonus (as defined in the Employment Agreement); (iii) a requirement that Executive perform services materially inconsistent with Executive’s experience and/or expertise; (iv) a material change in the geographic location at which the Executive must perform the services to a location outside of the greater New York metropolitan area; or (v) any other action or inaction that constitutes a material breach of the terms of the Employment Agreement or this Agreement.  To terminate for “Good Reason”, Executive must comply with the timing requirements set forth in Section 3(c) of the Employment Agreement.  

(d)During the CFO Transition Period, either Party may terminate Executive’s employment for any reason or no reason, on fifteen (15) days’ prior written notice; provided that if Executive’s employment is terminated for any reason other than a Disqualifying Reason, Executive shall remain entitled to the benefits as set forth in Section 5(b).  For the avoidance of doubt, in the event Executive’s employment is terminated during the CFO Transition Period for a Disqualifying Reason (including, but not limited to, voluntary resignation by Executive), Executive shall not be eligible for the consideration set forth in Section 5(b).  

(e)Executive shall endeavor to use his accrued vacation time prior to March 31, 2023.  Within thirty (30) days of the end of the CFO Transition Period, the Company shall pay Executive for all accrued but unused vacation through March 31, 2023.  

3.Special Advisor Transition Period.  Provided the Date of Termination has not occurred prior to April 1, 2023, then from April 1, 2023 through the Date of Termination (the “Special Advisor Transition Period”, and together with the CFO Transition Period, the “Transition Period”), Executive shall serve as the “Special Advisor to the Board,” on the terms and conditions set forth in this Agreement, including on Annex B hereto.   During the Special Advisor Transition Period, Executive shall be permitted to serve on boards of directors and/or teach, so long as Executive is not engaged in any Competitive Activity (as defined in the Employment Agreement) in connection with such service.  Effective as of April 1, 2023 or earlier as requested by the Company, Executive shall be deemed to have immediately resigned from all positions that he holds or has ever held with the Company, the Parent, and any affiliate thereof, including, without limitation, as a director of Eagle Bulk PTE Ltd., Eagle Bulk Ship Management (Singapore) PTE Ltd., Eagle Bulk Europe A/S, and all other Company Entities (as defined below).  The Parties hereby agree to execute any and all documentation to effectuate 
A-2

such resignations, but Executive shall be treated for all purposes as having so resigned effective April 1, 2023, regardless of when or whether any other Party executes any such documentation.  Following April 1, 2023, the Company shall confirm in writing that Executive has been removed from all applicable entities and positions.
 
4.Benefits.  During the Transition Period, Executive will remain eligible to participate in the employee benefit plans generally available to similarly situated Company employees, as they may be in effect from time to time at the Company, subject to the terms and conditions of the relevant plans.  The Company reserves the right to modify, suspend, or discontinue any and all of such plans at any time.  As of the Date of Termination, the benefits received by Executive and Executive’s eligible dependents under the Company’s medical plan(s) will cease.  Thereafter, pursuant to governing law and independent of this Agreement, Executive will be entitled to elect benefit continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), for himself and any eligible dependents if Executive timely applies for such coverage.  Such COBRA coverage will be at Executive’s sole expense (except as otherwise expressly provided in Section 5(b), below) and will be subject to the provisions of COBRA and the Company’s medical plan(s), which may be modified from time to time.  Information regarding Executive’s eligibility for COBRA coverage, and the terms and conditions of such coverage, will be provided to Executive in a separate mailing following the Date of Termination.

5.Consideration.  
(a)In consideration for signing (and not revoking) and complying with this Agreement, in full settlement of any compensation or benefits to which Executive otherwise could claim to be entitled, and in exchange for the mutual promises, covenants, releases, and waivers set forth in this Agreement, the Company agrees, pursuant to the terms and conditions of this Agreement, including but not limited to, Sections 1 through 4, above, to continue to employ Executive through the Transition Period as set forth herein and pay Executive as set forth above.   
(b)In consideration for signing (and not revoking) and complying with this Agreement and the Post-Employment Release attached hereto as Annex A (which Post-Employment Release must be signed within the twenty-one (21) day period immediately following the Date of Termination, but not before the Date of Termination), in full settlement of any compensation or benefits to which Executive otherwise could claim to be entitled, and in exchange for the mutual promises, covenants, releases, and waivers set forth in this Agreement and its Annex A, the Company will provide Executive with the following consideration, including the consideration he would have been eligible to receive in connection with a termination without Cause as set forth in Section 4(a) of the Employment Agreement, as well as additional consideration: 
(i)The Company shall pay to Executive in a lump sum in cash within thirty (30) days after the Date of Termination (A) the Accrued Obligations (as defined in the Employment Agreement), (B) $480,000, representing the amount equal to the sum of Executive’s Annual Base Salary plus Executive’s target bonus pro-rated for the period of January 1, 2023 through March 31, 2023 (rounded to $55,000), and (C) in the event Executive’s employment terminates prior to December 31, 2023 other than for a Disqualifying Reason, an amount equal to the Annual Base Salary and Special Advisor Salary (as defined in Annex B) Executive would have received had he remained employed through December 31, 2023.  For the avoidance of doubt, in no event shall any payment made pursuant to this Section 5(b)(i) be paid later than March 15, 2024; 
(ii)To the extent Executive timely elects COBRA continuation coverage, for until the earlier of (A) the expiration of the end of the statutory COBRA 
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continuation period or (B) December 31, 2024, the Company shall pay directly to the applicable insurer for the costs of applicable COBRA premiums (which premiums will include, without limitation, medical, prescription drug, dental, and vision coverage, subject to Executive’s eligibility with respect to any such coverage); 
(iii)For the avoidance of doubt, Executive shall remain eligible to receive an Annual Bonus (as defined in the Employment Agreement) in respect of calendar year 2022 as if Executive had remained employed by the Company through the date any such bonus is paid, subject to the terms and conditions of the Company’s annual bonus plan documents and standard Company practice, and payable the earlier of when bonuses are generally paid by the Company in respect of calendar year 2022 or March 15, 2023; and 
(iv)All unvested equity awards in the Parent held by Executive (“Equity Awards”) shall vest as if Executive remained employed beyond the Date of Termination through the applicable vesting dates of the Equity Awards.  With respect to any Equity Awards which are stock options or stock appreciation rights, such Equity Awards shall remain exercisable until the original expiration date of such options or stock appreciation rights.  For the avoidance of doubt, performance share values shall be determined in 2023 at the same time/values as similarly situated executives’ grants.  
(c)For the avoidance of doubt, Executive acknowledges and agrees that, after the Effective Date, this Agreement will be effective, binding, and irrevocable regardless of whether Executive timely executes the Post-Employment Release; provided that, if Executive fails to timely execute or if Executive revokes the Post-Employment Release (each in accordance with its terms), then Executive will not receive the consideration set forth in Section 5(b), above.  For the further avoidance of doubt, Executive shall not be entitled to the consideration under Section 5(b) in the event his employment terminates for a Disqualifying Reason, death, or Disability (as defined in the Employment Agreement); provided, however, (i) Executive shall be entitled to the consideration under Section 5(b), excluding under Section 5(b)(i)(C), in the event he voluntarily resigns his employment during the Special Advisor Transition Period, and (ii) Executive (or Executive’s estate, as applicable) shall be entitled to the consideration set forth in Section 5(b)(i)(B) and 5(b)(iv) in the event his employment terminates by reason of Executive’s death or Disability.  

(d)All amounts payable hereunder are subject to applicable deductions and withholdings.  For the avoidance of doubt, except as otherwise set forth herein, Executive’s rights and obligations relating to any vested awards shall remain subject to the terms and conditions of the applicable governing award documents.    

6.Acknowledgments.  Executive acknowledges that Executive would not be entitled to the consideration set forth in this Agreement, including in Section 5, above, but for the terms of this Agreement.  Executive acknowledges and agrees that (a) the consideration provided to Executive pursuant to this Agreement (i) is in full discharge of any and all liabilities and obligations of the Company to Executive, monetarily or otherwise, with respect to his employment, and (ii) exceeds any payment, benefit, or other thing of value to which Executive might otherwise be entitled, including pursuant to the Employment Agreement; and (b) Executive is not entitled to any bonus or deferred compensation with respect to 2022, 2023, or any other year, or any other salary, wages, awards, severance, interests, profit share, commissions, overtime, paid time off, premiums, royalties, equity, carried interest, deferred compensation, or other forms of compensation, benefits, fringe benefits, perquisites, or payments of any kind or nature whatsoever (collectively, “Compensation”), except for (x) salary and benefits earned and accrued for the current payroll period but unpaid through the Effective Date and (y) as otherwise explicitly provided in this Agreement.   

A-4

7.Release of Claims.  

(a)Executive hereby voluntarily, knowingly, and willingly releases and forever discharges the Company, its Parent and their subsidiaries and affiliates (the “Company Entities”), and each of their respective officers, directors, partners, members, shareholders, employees, attorneys, representatives, and agents, and each of their predecessors, successors and assigns (collectively, the “Company Releasees”), from any and all charges, complaints, claims, promises, agreements, controversies, causes of action and demands of any nature whatsoever which against them Executive or Executive’s executors, administrators, successors or assigns ever had, now have or hereafter can, shall or may have by reason of any matter, cause or thing whatsoever (i) arising prior to the time Executive signs this Agreement; (ii) arising prior to the time Executive signs this Agreement out of or relating to Executive’s employment with the Company, service as a member of the Board or the termination thereof; or (iii) arising prior to the time Executive signs this Agreement out of or relating to (A) the Employment Agreement and (B) any relevant agreement, contract, plan, practice, policy, or program of the Company.  This release includes, but is not limited to, any rights or claims arising under any statute, including the Employee Retirement Income Security Act of 1974, Title VII of the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967, as amended by the Older Workers Benefit Protection Act (“ADEA”), the Americans with Disabilities Act, the Family and Medical Leave Act, the Fair Labor Standards Act, the New York Labor Law, the New York Wage Theft Prevention Act, Article 15 of the Executive Law of the State of New York (Human Rights Law), the New York State WARN Act, the New York City Human Rights Law, the New York City Fair Chance Act, the New York City Stop Credit Discrimination in Employment Act, the New York City Earned Safe and Sick Time Act, the Connecticut Family and Medical Leave Act, Connecticut’s whistleblower law, Connecticut’s free speech law, the Connecticut Fair Employment Practices Act, Connecticut’s minimum wage and wage payment laws, and/or the anti-retaliation provision of Connecticut’s workers’ compensation statute; or any other foreign, federal, state or local law or judicial decision, including, but not limited to, and any rights or claims under any policy, agreement, understanding or promise, written or oral, formal or informal, between Executive and any of the Company Releasees.  The foregoing release shall not apply to (i) claims that cannot be released under applicable law, including, but not limited to, any claim for workers’ compensation benefits or unemployment benefits; (ii) legally mandated benefits; (iii) vested benefits, if any, under any equity plan, qualified or nonqualified savings, pension plan, or any other applicable benefit plans in which Executive may have participated during his employment with the Company or its affiliates; (iv) any claim related to indemnification for acts performed while an officer or director of the Company or the Parent or their affiliates as permitted under applicable law and the bylaws of the Company or the Parent or their affiliates, as appropriate; (v) any claim that may be raised by Executive in his capacity as an equity-holder of the Parent or its affiliates; or (vi) any claim with respect to this Agreement (collectively, the “Company Excluded Claims”).
(b)The Company hereby voluntarily, knowingly, and willingly releases and forever discharges Executive, from any and all charges, complaints, claims, promises, agreements, controversies, causes of action and demands which the Company ever had, now has or hereafter can, shall or may have by reason of any matter, cause or thing whatsoever arising prior to the time Executive signs this Agreement.  The foregoing release shall not apply to (i) claims that cannot be released under applicable law; (ii) any claims of fraud, fraudulent activity, or otherwise illegal conduct; (iii) any actions taken by Executive outside the scope of Executive’s employment; or (iv) any claim with respect to this Agreement (collectively, the “Executive Excluded Claims”).

8.Covenant Not to Sue.  Executive represents that Executive has not filed a complaint against any of the Company Releasees.  The Company represents that the Company 
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has not filed a complaint against Executive in any court.  Except as prohibited by law or as otherwise set forth in Section 7, above, Executive further (a) represents that Executive will not initiate or cause to be initiated on his behalf a complaint in any court pursuing any claim or cause of action released herein, or participate in any such proceeding; and (b) waives any right Executive may have to benefit in any manner from any relief (whether monetary or otherwise) arising out of any proceeding before any court or administrative agency, including any proceeding conducted by or before the Equal Employment Opportunity Commission (“EEOC”).  Notwithstanding the above, nothing in this Agreement shall prevent Executive from (i) initiating or causing to be initiated on his behalf any complaint, charge, claim or proceeding against the Company before any local, state or federal agency, court or other body challenging the validity of the waiver of his claims under the ADEA contained in Section 7, above (but no other portion of such waiver); (ii) initiating or participating in an investigation or proceeding conducted by the EEOC; or (iii) enforcing any of the claims preserved in Section 7(a), above, as Company Excluded Claims.

9.Continuing Obligations.  Executive acknowledges that Sections 6-13 of the Employment Agreement will continue to survive, and remain in full force and effect, during the Transition Period and following the Date of Termination (the “Surviving Provisions”).     Notwithstanding the foregoing, in accordance with the Defend Trade Secrets Act, 18 U.S.C. § 1833(b), and other applicable law, nothing in this Agreement, or any other agreement or policy of the Company shall prevent Executive from, or expose Executive to criminal or civil liability under federal or state trade secret law for, (a) directly or indirectly sharing any Company trade secrets or other confidential information (except information protected by any Company Entity’s attorney-client or work product privilege) with an attorney or with any federal, state, or local government agencies, regulators, or officials, for the purpose of investigating or reporting a suspected violation of law, whether in response to a subpoena or otherwise, without notice to the Company, or (b) disclosing the Company’s trade secrets in a filing in connection with a legal claim, provided that the filing is made under seal.  Further, nothing herein shall prevent Executive from disclosing confidential information as required in response to a subpoena or other legal process in accordance with the terms and procedures set forth in Section 11, below.

10.Cooperation.   Executive agrees that for the two (2) year period following the Date of Termination, Executive shall provide reasonable and timely cooperation in connection with (a) supporting any transaction(s) that any Company Entity is or becomes involved in; (b) providing advice to management of the Company and otherwise assisting with historic Company matters; (c) promptly, fulsomely, and in good faith responding to the Company’s requests for knowledge or information within Executive’s possession following the Date of Termination; and (d) any actual or threatened litigation, inquiry, review, investigation, process, or other matter, action, or proceeding that relates to events occurring during Executive’s employment with the Company or about which the Company otherwise believes Executive may have relevant information.  Executive understands that if Executive’s cooperation is requested in accordance with this provision after the Date of Termination, Executive will be reimbursed solely for reasonable travel expenses approved by the Company in advance of being incurred, upon Executive’s submission of receipts, and Executive shall receive no other payments.  In all cases, any cooperation under this Section 10 shall: (i) take into account and accommodate Executive’s then-applicable business and professional commitments; and (ii) occur in mutually convenient time, location, and manner (including, to the extent available, remotely). 

11.Legal Process.  In the event Executive is served with a subpoena, discovery request, order, or any other legal process that will or may require Executive to disclose any Proprietary Information (as defined in the Employment Agreement) or other information that is confidential to the Company Entities, whether during Executive’s employment or thereafter, 
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Executive shall, to the extent permitted by law, immediately notify Michael Mitchell, General Counsel, both by email and by overnight delivery, attaching a copy of such subpoena, discovery request, order, or other process, and Executive shall thereafter cooperate with the Company, at its expense, in any lawful manner in the event it wishes to challenge such disclosure, limit such disclosure, and/or protect the confidentiality of the Proprietary Information or other confidential information.

12.Non-Disparagement.  

(a)Except as otherwise provided herein, Executive agrees not to make any material negative, derogatory, critical, damaging, or disparaging remarks (whether written or oral) to any person about the Company Releasees.  The foregoing shall not prevent Executive from making truthful disclosures or reports to the extent required by law.  
(b)Except as otherwise provided herein, the Company and Parent shall direct their officers, directors, and executives not to make any material negative, derogatory, critical, damaging, or disparaging remarks (whether written or oral) to any person about Executive.  The foregoing shall not prevent the Company from making truthful disclosures or reports to the extent required by law.  
(c)The Parties shall mutually agree to an internal and external announcement concerning Executive’s departure from the Company.  No Party shall make any statements concerning the Executive’s separation that are inconsistent with the announcements and statements agreed to in this Section.    
 
13.Effect of Breach.  Should Executive be determined by an arbitrator or court of competent jurisdiction to have materially breached this Agreement or  Section 8 (Covenants) of the Surviving Provisions, then: (a) the Company shall have no further obligations to Executive under this Agreement or otherwise (including, but not limited to, any obligation to provide the payments or other consideration set forth in Section 5 of this Agreement); (b) the Company will be entitled to recoup payments previously provided to Executive under Section 5 of this Agreement, up to a maximum of $425,000; and (c) the Company shall have all rights and remedies available to it under this Agreement and any applicable law or equitable theory.

14.Severability.  Each provision of this Agreement and its Annex A is severable from the other provisions hereof and thereof, and if any term or provision of this Agreement or its Annex A (or any portion thereof) is determined by an arbitrator or reviewing court of competent jurisdiction to be invalid, illegal, or incapable of being enforced, all other terms and provisions of this Agreement and its Annex A shall nevertheless remain in full force and effect.  Upon a determination that any term or provision (or any portion thereof) is invalid, illegal, or incapable of being enforced, the Parties agree that an arbitrator or reviewing court shall have the authority to “blue pencil” or modify this Agreement and/or its Annex A so as to render it enforceable and effect the original intent of the Parties as reflected herein and therein, to the fullest extent permitted by applicable law.
   
15.Interpretation; Governing Law; Entire Agreement; Amendment.  This Agreement, including its Annex A, (a) may be executed in identical counterparts, each of which together shall constitute a single agreement; (b) shall be fairly interpreted in accordance with its terms and without any strict construction in favor of or against any Party, notwithstanding which Party may have drafted it; (c) shall be governed by and construed in accordance with the laws of the State of Connecticut, without regard any choice of law principles; (d) together with the Surviving Provisions, constitutes the Parties’ entire agreement, arrangement, and understanding regarding the subject matter herein, superseding any prior or contemporaneous agreements, arrangements, 
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or understandings, whether written or oral, between Executive, on the one hand, and the Company, on the other hand, regarding the same subject matter; and (e) may not be modified, amended, discharged, or terminated, nor may any of its provisions be varied or waived, except by a further signed written agreement between the Parties.  Facsimile, PDF, and other true and accurate electronic copies of this document shall have the same force and effect as originals hereof.

16.409A.  This Agreement is intended to be exempt from or satisfy, the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), including current and future guidance and regulations interpreting such provisions, and it should be interpreted accordingly. Notwithstanding the foregoing, the Company does not guarantee that any payment hereunder complies with or is exempt from Section 409A of the Code and neither the Company, nor its executives, directors, officers, employees or affiliates shall have any liability with respect to any failure of this Agreement to comply with or be exempt from Section 409A of the Code.  Each payment made under this Agreement will be treated as a separate payment for purposes of Section 409A of the Code and the right to a series of installment payments under this Agreement is to be treated as a right to a series of separate payments.

17.Injunctive Relief.  Executive acknowledges and agrees that the provisions of this Agreement (including its Annex A, as applicable) are reasonable and necessary for the protection of the Company, its Parent, and the other Company Releasees and are of the essence to (a) this Agreement, and (b) the Company’s agreement to provide the consideration set forth above.  Executive further acknowledge that the Company Releasees will be irreparably harmed if this Agreement is not specifically enforced.  Accordingly, Executive agrees that, in addition to any other relief to which the Company Releasees may be entitled, they shall be entitled to obtain injunctive relief (without the requirement of posting a bond) from a court of competent jurisdiction, in aid of arbitration, as provided in Section 18, below, for the purpose of restraining Executive from an actual or threatened breach of this Agreement.  Executive hereby irrevocably consent to the exclusive jurisdiction of the federal and state courts sitting in Connecticut for the issuance of such an injunction, and waive any objection to such venue.

18.Arbitration.   

(a)Except as provided in Section 17 of this Agreement, the Parties irrevocably and unconditionally agree that any past, present, or future dispute, controversy, or claim arising under or relating to this Agreement or the Surviving Provisions; involving Executive, on the one hand, and any of the Company Releasees, on the other hand, including both claims brought by Executive and claims brought against Executive, shall be submitted for resolution to binding arbitration as provided herein; provided that nothing herein shall require arbitration of a claim or charge which, by law, cannot be the subject of a compulsory arbitration agreement.  Any such arbitration shall be conducted in accordance with the Federal Arbitration Act, 9 U.S.C. § 1 et seq. (“FAA”); shall be administered by the AAA; shall be conducted in accordance with AAA’s Employment Arbitration Rules and Procedures, as modified herein; and shall be conducted by a single arbitrator.  Such arbitration will be conducted in Stamford, Connecticut, and the arbitrator will apply Connecticut law (except to the extent Connecticut law is inconsistent with the FAA).  Except as set forth in Section 17, above, the arbitrator, and not any federal or state court, shall have exclusive authority to resolve any dispute relating to the interpretation, applicability, enforceability, and/or formation of this Agreement, including any dispute as to whether (i) a particular claim is subject to arbitration hereunder, and/or (ii) any part of this Section 18 is void or voidable.  The arbitral award shall be in writing, shall state the reasons for the award, and shall be final and binding on the Parties.  The Parties shall treat the arbitration as strictly confidential, and Executive shall not disclose the existence or nature of any 
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claim, defense, or argument; any documents, correspondence, pleadings, briefing, exhibits, arguments, testimony, evidence, or information exchanged or presented in connection with any claim, defense, or argument; or any rulings, decisions, or results of any claim, defense, or argument (collectively, “Arbitration Materials”) to any third party, with the sole exception of their legal counsel, who they shall ensure complies with these confidentiality terms.  Each party shall be responsible for their own attorneys’ fees and costs.  The arbitrator shall not have authority to award attorneys’ fees or costs, punitive damages, compensatory damages, damages for emotional distress, penalties, lost opportunities, or any other damages or relief not measured by the prevailing party’s actual out-of-pocket losses, except to the extent such relief is explicitly available under a statute, ordinance, or regulation pursuant to which a successful claim is brought.  In agreeing to arbitrate their claims hereunder, the Parties hereby recognize and agree that they are waiving Executive’s right to a trial in court and/or by a jury.
(b)In the event of any court proceeding to challenge or enforce an arbitrator’s award, the Parties hereby consent to the exclusive jurisdiction of the state and federal courts sitting in Stamford, Connecticut; agree to exclusive venue in that jurisdiction; and waive any claim that such jurisdiction is an inconvenient or inappropriate forum.  The Parties agree to take all steps necessary to protect the confidentiality of the Arbitration Materials in connection with any court proceeding, agree to use their reasonable best efforts to file any court proceeding permitted herein and all confidential information (and all documents containing confidential information) under seal, and agree to the entry of an appropriate protective order encompassing the confidentiality terms of this Agreement.

19.Third Party Beneficiaries.  The Parties agree that each of the Company Releasees is expressly intended to be a third party beneficiary of this Agreement (including its Annex A) and shall have authority to enforce the provisions applicable to it in accordance with their terms.

20.Assignment.  Except as otherwise provided herein, this Agreement shall bind and inure to the benefit of and be enforceable by Executive, the Company, the Parent, and the Company’s and/or the Parent’s respective successors and assigns.  This Agreement shall be assignable by the Company and its Parent, whether by operation of law or otherwise.

21.Representation; No Admission.  Executive represents and warrants that Executive is not aware of any facts or circumstances that Executive knows or believes to be either (a) a past or current violation of the Company’s or any of the other Company Entity’s rules and/or policies, or (b) a past or current violation of any laws, rules, and/or regulations applicable to the Company or any of the other Company Entities.  This Agreement shall not in any way be construed as an admission by any of the Company Releasees or Executive of any liability or of any wrongful acts whatsoever against the other Party or any other person.

22.Execution of Agreement. 
(a)In accordance with the ADEA, Executive has twenty-one (21) calendar days following the date he receives this Agreement to review and execute this Agreement.  Should Executive decide to accept this Agreement, Executive must sign it and return the signed Agreement to Michael Mitchell, General Counsel within such twenty-one (21) day period.  If Executive does not timely return the signed Agreement as set forth above, this Agreement shall be null, void, and of no force or effect, and Executive shall have no entitlement to the pay, benefits, or any other consideration as set forth herein. 
(b)In accordance with the ADEA, Executive has seven (7) calendar days from the date Executive signs this Agreement to revoke this Agreement (the “Revocation Period”) by providing written notice of such decision to Michael Mitchell, General Counsel.  If 
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Executive does not advise the Company in writing within the Revocation Period that Executive has revoked this Agreement, this Agreement shall be effective, enforceable, irrevocable, and binding on the eighth (8th) calendar day after Executive originally signed this Agreement (the “Effective Date”).  Executive understands that the Company will not be required to make the payments or provide the benefits set forth in this Agreement unless this Agreement becomes effective.  In the event Executive does not accept this Agreement as set forth above, or in the event Executive revokes this Agreement during the Revocation Period, this Agreement shall be deemed automatically null and void and Executive shall forfeit Executive’s right to receive any payments or benefits hereunder.

23.By signing below, Executive expressly acknowledges, represents, and warrants that Executive has carefully read this Agreement; that Executive understands this Agreement includes a release of age discrimination claims under the ADEA; that Executive fully understands the terms, conditions, and significance of this Agreement and its final and binding effect; that no other promises or representations were made to Executive other than those set forth in this Agreement; that Executive is fully competent to manage Executive’s business affairs and understands that Executive may be waiving legal rights by signing this Agreement; that Executive has executed this Agreement voluntarily, knowingly, and with an intent to be bound by this Agreement; that Executive has been advised to consult with an attorney of Executive’s own choosing in connection with Executive’s review and execution of this Agreement; and that Executive has full power and authority to release Executive’s claims as set forth herein, and has not assigned any such claims to any other individual or entity.

[Signature Page Follows]
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AGREED TO:
                    
EAGLE SHIPPING INTERNATIONAL (USA) LLC

By:     /s/ Gary Vogel
Name:     Gary Vogel
Title:      Chief Executive Officer
Date:    December 12, 2022
EAGLE BULK SHIPPING INC. 

By:     /s/ Gary Vogel
Name:     Gary Vogel
Title:      Chief Executive Officer
Date:    December 12, 2022
EXECUTIVE

By:    /s/ Frank De Costanzo
Name:     Frank De Costanzo
Date:     December 12, 2022

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ANNEX A

POST-EMPLOYMENT RELEASE

In exchange for the consideration provided to Frank De Costanzo (“Executive”) under the Transition, Separation, and General Release Agreement (the “Separation Agreement”) between Executive, Eagle Shipping International (USA) LLC, a Marshall Islands limited liability company (the “Company”), and Eagle Bulk Shipping Inc., a Marshall Islands corporation (the “Parent”) (Executive, the Company, and the Parent, together, the “Parties”) to which this Post-Employment Release is an Annex, and as a precondition to Executive’s receipt of the benefits provided in Section 5(b) of the Separation Agreement, Executive hereby agrees as follows.  All capitalized terms utilized but not defined herein shall have the same meanings ascribed to them in the Separation Agreement:

1.(a)    Executive hereby voluntarily, knowingly and willingly releases and forever discharges the Company Releasees from any and all charges, complaints, claims, promises, agreements, controversies, causes of action and demands of any nature whatsoever which against them Executive or Executive’s executors, administrators, successors or assigns ever had, now have or hereafter can, shall or may have by reason of any matter, cause or thing whatsoever (i) arising prior to the time Executive signs this Post-Employment Release; (ii) arising prior to the time Executive signs this Post-Employment Release out of or relating to Executive’s employment with the Company, service as a member of the Board or the termination thereof; or (iii) arising prior to the time Executive signs this Post-Employment Release out of or relating to (A) the Employment Agreement and (B) any relevant agreement, contract, plan, practice, policy, or program of the Company.  This release includes, but is not limited to, any rights or claims arising under any statute, including the Employee Retirement Income Security Act of 1974, Title VII of the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967, as amended by the Older Workers Benefit Protection Act (“ADEA”), the Americans with Disabilities Act, the Family and Medical Leave Act, the Fair Labor Standards Act, the New York Labor Law, the New York Wage Theft Prevention Act, Article 15 of the Executive Law of the State of New York (Human Rights Law), the New York State WARN Act, the New York City Human Rights Law, the New York City Fair Chance Act, the New York City Stop Credit Discrimination in Employment Act, the New York City Earned Safe and Sick Time Act, the Connecticut Family and Medical Leave Act, Connecticut’s whistleblower law, Connecticut’s free speech law, the Connecticut Fair Employment Practices Act, Connecticut’s minimum wage and wage payment laws, and/or the anti-retaliation provision of Connecticut’s workers' compensation statute; or any other foreign, federal, state or local law or judicial decision, including, but not limited to, and any rights or claims under any policy, agreement, understanding or promise, written or oral, formal or informal, between Executive and any of the Company Releasees.  The foregoing release shall not apply to (i) claims that cannot be released under applicable law, including, but not limited to, any claim for workers’ compensation benefits or unemployment benefits; (ii) legally mandated benefits; (iii) vested benefits, if any, under any equity plan, qualified or nonqualified savings, pension plan, or any other applicable benefit plans in which Executive may have participated during his employment with the Company or its affiliates; (iv) any claim related to indemnification for acts performed while an officer or director of the Company or the Parent or their affiliates as permitted under applicable law and the bylaws of the Company or the Parent or their affiliates, as appropriate; (v) any claim that may be raised by Executive in his capacity as an equity-holder of the Parent or its affiliates; or (vi) any claim with respect to the Separation Agreement (collectively, the “Company Excluded Claims”).

(b)The Company hereby voluntarily, knowingly, and willingly releases and forever discharges Executive, from any and all charges, complaints, claims, promises, agreements, controversies, causes of action and demands which the Company ever had, now has 
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or hereafter can, shall or may have by reason of any matter, cause or thing whatsoever (a) arising prior to the time Executive signs this Agreement.  The foregoing release shall not apply to (i) claims that cannot be released under applicable law; (ii) any claims of fraud, fraudulent activity, or otherwise illegal conduct; (iii) any actions taken by Executive outside the scope of Executive’s employment; or (iv) any claim with respect to the Separation Agreement (collectively, the “Executive Excluded Claims”).

2.Executive represents that Executive has not filed a complaint against any of the Company Releasees.  The Company represents that the Company has not filed a complaint against Executive in any court.  Except as prohibited by law or as otherwise set forth in Section 7  of the Separation Agreement or Section 1, above, Executive further (a) represents that Executive will not initiate or cause to be initiated on his behalf a complaint in any court pursuing any claim or cause of action released herein, or participate in any such proceeding; and (b) waives any right Executive may have to benefit in any manner from any relief (whether monetary or otherwise) arising out of any proceeding before any court or administrative agency, including any proceeding conducted by or before the Equal Employment Opportunity Commission (“EEOC”).  Notwithstanding the above, nothing in the Separation Agreement or this Post-Employment Release shall prevent Executive from (i) initiating or causing to be initiated on his behalf any complaint, charge, claim or proceeding against the Company before any local, state or federal agency, court or other body challenging the validity of the waiver of his claims under the ADEA contained in Section 7 of the Separation Agreement or Section 1, above (but no other portion of such waiver); (ii) initiating or participating in an investigation or proceeding conducted by the EEOC; or (iii) enforcing any of the claims preserved in Section 7(a) of the Separation Agreement, or Section 1(a), above, as Company Excluded Claims.  

3.Executive represents and warrants that, except as otherwise agreed to by the Company, (a) Executive has complied with the terms of Section 8(b)(1) of the Employment Agreement and returned to the Company all documents and data relating to Proprietary Information or other information that is confidential to the Company Entities in Executive’s possession, custody, or control; and (b) Executive no longer possesses any copies or originals of any such documents or data.

4.
(a)In accordance with the ADEA, Executive has twenty-one (21) calendar days following the Date of Termination to review and execute this Post-Employment Release.  Should Executive decide to accept this Post-Employment Release, Executive must sign it and return the signed Post-Employment Release to Michael Mitchell, General Counsel within such twenty-one (21) day period.  If Executive does not timely return the signed Post-Employment Release as set forth above, this Post-Employment Release shall be null, void, and of no force or effect, and Executive shall have no entitlement to the pay, benefits, or other consideration as set forth in Section 5(b) of the Separation Agreement. 

(b)In accordance with the ADEA, Executive has seven (7) calendar days from the date Executive signs this Post-Employment Release to revoke this Post-Employment Release (the “Revocation Period”) by providing written notice of such decision to Michael Mitchell, General Counsel.  If Executive does not advise the Company in writing within the Revocation Period that Executive has revoked this Post-Employment Release, this Post-Employment Release shall be effective, enforceable, irrevocable, and binding on the eighth (8th) calendar day after Executive originally signed this Post-Employment Release (the “Post-Employment Release Effective Date”).  Executive understands that the Company will not be required to make the payments or provide the benefits set forth Section 5(b) of the Separation Agreement unless this Post-Employment Release becomes effective.  In the event Executive does not accept this Post-Employment Release as set forth above, or in the event Executive 
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revokes this Post-Employment Release during the Revocation Period, this Post-Employment Release shall be deemed automatically null and void and Executive shall forfeit Executive’s right to receive the pay, benefits, or other consideration as set forth in Section 5(b) of the Separation Agreement (provided that the remainder of the Separation Agreement shall remain in full force and effect). 

5.This Post-Employment Release is part of the Separation Agreement and, once effective, may be enforced in accordance with the terms and conditions of the Separation Agreement, including Sections 17 and 18 thereof.  This Post-Employment Release may be executed in any number of counterparts, with all of such counterparts being deemed one original.  

6.By signing below, Executive expressly acknowledges, represents, and warrants that Executive has carefully read this Post-Employment Release; that Executive understands this Agreement includes a release of age discrimination claims under the ADEA; that Executive fully understands the terms, conditions, and significance of this Post-Employment Release and its final and binding effect; that no other promises or representations were made to Executive other than those set forth in this Post-Employment Release; that Executive is fully competent to manage Executive’s business affairs and understands that Executive may be waiving legal rights by signing this Post-Employment Release; that Executive has executed this Post-Employment Release voluntarily, knowingly, and with an intent to be bound by this Post-Employment Release; that Executive has been advised to consult with an attorney of Executive’s own choosing in connection with Executive’s review and execution of this Post-Employment Release; and that Executive has full power and authority to release Executive’s claims as set forth herein, and has not assigned any such claims to any other individual or entity.

[Signature Page Follows]
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**TO BE EXECUTED AFTER THE DATE OF TERMINATION**
To confirm the Parties’ agreement to the terms and conditions of this Post-Employment Release, the Parties have signed and dated it below:

EAGLE SHIPPING INTERNATIONAL (USA) LLC

By:        
Name:    
Title:     
Date:
EAGLE BULK SHIPPING INC. 

By:        
Name:    
Title:    
Date:
EXECUTIVE

By:        
Name:     Frank De Costanzo
Date:
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ANNEX B
(a)During the Special Advisor Transition Period, Executive shall have the title “Special Advisor to the Board.”  

(b)During the Special Advisor Transition Period, the Company may, in its sole discretion, direct Executive to reasonably perform duties consistent with Executive’s title as “Special Advisor to the Board,” Executive’s experience, expertise, and prior role as Chief Financial Officer, as the Company deems appropriate.  Executive agrees to use his best efforts, skills, and abilities to carry out Executive’s duties and to promote the interests of the Company and the Company Entities. 

(c)Executive shall be permitted to work remotely, subject to the Company’s reasonable needs. 

(d)During the Special Advisor Transition Period, Executive will receive a salary of $26,000 per month (the “Special Advisor Salary”), subject to applicable deductions and withholdings, payable in accordance with the Company’s normal payroll practices, unless Executive’s employment is terminated earlier for a Disqualifying Reason.  For the avoidance of doubt, Executive shall not be eligible for any other compensation in respect of calendar year 2022 or 2023, except as otherwise provided in the Agreement.  

(e)During the Special Advisor Transition Period, either Party may terminate Executive’s employment for any reason or no reason, on fifteen (15) days’ prior written notice; provided that if Executive’s employment is terminated for any reason other than a Disqualifying Reason, Executive shall remain entitled to the benefits as set forth in Section 5(b).

B - 1

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