Document:

New Employment Agreement

  
 Exhibit 10.59

 September 29, 2010 

Mr. Gregory Weishar 
 14505 Clearlake Place

 Louisville, Kentucky 40245 
 Dear
Greg: 
 This letter agreement (the “Letter Agreement”), entered into on the date hereof by PharMerica Corporation
(“Company”) sets forth the terms and conditions of your employment with the Company on and after the Start Date (as defined below). This Letter Agreement is intended to be a binding obligation upon the Company and you, enforceable in
accordance with its express terms, and, as of the Start Date, supersedes in its entirety your existing agreement with the Company dated January 14, 2007 (the “Prior Agreement”); provided, however, that nothing in this Letter Agreement
shall operate to waive any rights or entitlements that have vested or accrued to you under the Prior Agreement as of the Start Date. 
 1. Term of Employment. Your employment under this Letter Agreement shall commence on January 1, 2011 (the “Start Date”), and shall continue through the end of the Term. The Term
shall commence as of the Start Date and shall end on December 31, 2013; provided, however, that the Term shall thereafter be automatically extended for unlimited additional one-year periods unless, at least 120 days before the
then-scheduled expiration of the Term, you notify the Company, or the Company notifies you, that the Term shall not so extend. Notwithstanding the foregoing, the Term (and hence your employment hereunder) may be earlier terminated in strict
accordance with the provisions of Section 10, below. 
 2. Title and Duties. 

(a) Position. During the Term, you will serve as the Chief Executive Officer of the Company and will report solely and directly
to the Board of Directors of the Company (the “Board”). You will also be nominated to serve as a member of the Board. You will have all duties, responsibilities and authorities that are customary for the chief executive officer of a
corporation of the Company’s size and nature, plus such additional duties, consistent with the foregoing, as may be from time to time reasonably be assigned to you by the Board. 

(b) Exclusive Duties. During the Term, you will devote substantially all your working time, attention and energies to the
business of the Company and its affiliates. However, nothing in this Letter Agreement shall preclude you from: (i) serving on the boards of a reasonable number of business entities, trade associations and charitable organizations (with service
on such boards being subject to the prior approval by the Board or its Compensation Committee (the “Committee”), such approval not to be unreasonably withheld or delayed), (ii) engaging in charitable activities and community affairs,
(iii) accepting and fulfilling a reasonable number of speaking engagements, and (iv) managing your personal investments and affairs; provided that such activities do not either individually or in the aggregate materially interfere with the
proper performance of your duties and responsibilities hereunder. 

  
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 (c) Place of
Employment. During the Term, your principal place of employment, and principal office, shall be at the Company’s headquarters in Louisville, Kentucky. 
 3. Base Salary. During the Term, the Company will pay you a base salary at the annual rate of $750,000, payable not less frequently than monthly (subject to deferral, at your election, as provided
under Section 9(c) below) in accordance with the Company’s regular payroll practices. Your annualized base salary (“Base Salary”) may not be decreased at any time during the Term, including for the purpose of determining amounts
payable to you, if any, under Section 10, or otherwise, in connection with any termination of your employment hereunder. 

4. Annual Bonus. During the Term, you will be entitled to participate in an annual bonus plan of the Company under which you will
be entitled to receive an annual incentive bonus (the “Annual Bonus”), with a target bonus of 125% of your Base Salary (the “Target Bonus”) for each calendar year ending during the Term to the extent that the performance
objectives, including quantitative performance objectives, established annually by the Board or the Committee in consultation with you, are attained; provided, for the avoidance of doubt, that to the extent that such Annual Bonus is based on the
attainment of such quantitative performance objectives, you will be entitled to receive such portion of the Annual Bonus to the extent such quantitative performance objectives have been attained without regard to attainment of any other performance
objectives. For the further avoidance of doubt, all performance objectives established for the Annual Bonus, whether quantitative or qualitative, shall be established by the Board or the Committee in consultation with you. The actual amount of the
Annual Bonus will be based on the achievement of the performance objectives established for the relevant year as reasonably determined by the Board or the Committee. Your Annual Bonus for any year shall be paid, in cash (subject to deferral, at your
election, as provided under Section 9(c) below), no later than the date that other senior executives of the Company receive their corresponding annual bonus payments; provided that in all events your Annual Bonus will be paid to you (subject,
again, to your deferral elections) no later than the fifteenth day of the third month following the end of the calendar year with respect to which it was earned. 
 5. Intentionally Left Blank 
 6. Intentionally Left Blank

 7. Existing Initial Equity Grants. 
 (a) Existing Initial Grant of Stock Options. 

  
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 (i) The following
Terms and Conditions shall apply to the stock options granted to you under Section 7(a)(i) of the Prior Agreement (the “Existing Initial Grant of Stock Options”) that are outstanding as of the Start Date. 

(A) Vesting. The Existing Initial Grant of Stock Options is fully vested and exercisable as of the Start Date. 

(B) Exercise. You may exercise the Existing Initial Grant of Stock Options, in whole or in part, by making payment of the aggregate
option exercise price for the portion of such options being exercised, and of any associated withholding tax obligations, in any of the following manners: (1) in cash (including by wire transfer or by a personal check backed by sufficient
funds); (2) by surrendering or attesting to ownership of vested and nonforfeitable securities of the class then subject to the option with an aggregate Fair Market Value on the date of exercise equal to total amount owed; (3) by electing
to receive securities of the class then subject to such options having a Fair Market Value, as of the date of exercise, equal to the excess, if any, of (x) the Fair Market Value on the date of exercise of the securities subject to your exercise
over (y) the sum of the aggregate option exercise price, and the applicable tax withholding amounts, for such exercise; (4) in any other manner previously approved by the Board or the Committee; or (5) through any combination of the
foregoing. Securities purchased by you, by exercising such options, shall be delivered to you as promptly as reasonably practicable after the exercise. 
 (C) Change in Control. The Company shall give you at least 30 days’ notice (or, if not practicable, such shorter notice as may be reasonably practicable) prior to the anticipated date of the
consummation of any Change in Control pursuant to which holders of securities of any class then subject to the Existing Initial Grant of Stock Options receive cash, securities, or other property in respect of such securities in connection with the
Change in Control transaction. Upon receipt of such notice and for the period through the consummation of the Change in Control (or such shorter period as the Board, or the Committee, shall reasonably determine and notify to you), you shall be
permitted to exercise the Existing Initial Grant of Stock Options, effective immediately before the consummation of the Change in Control, with respect to all securities then remaining subject to it, in a fashion, that allows you to participate in
the Change in Control transaction. Upon the close of such exercise period, if, in connection with the consummation of the Change in Control transaction, all other compensatory stock options granted by the Company cease to be exercisable, your
Existing Initial Grant of Stock Options will expire. Notwithstanding the foregoing, if the Change in Control is not consummated and you have exercised the Existing Initial Grant of Stock Options pursuant to this Section 7(a)(ii)(C), the
Existing Initial Grant of Stock Options shall continue to be exercisable thereafter to the extent it would have been exercisable if no such notice had been given. 
 (D) Changes in Capitalization. In the event of any stock dividend, recapitalization, reorganization, merger, consolidation, stock split, combination or exchange of shares or any other significant
corporate event affecting the Common Stock or other securities then subject to the Existing Initial Grant of Stock Options, the Board, or the Committee, shall make appropriate adjustments to prevent diminution or enlargement of your rights under the
Existing Initial Grant of Stock Options with respect to the number and type of securities covered by your grant, and the exercise price in respect thereof, all on no less favorable a basis than that which applies to other then-outstanding
compensatory options generally. In addition, in connection with a Change in Control immediately after the consummation of which the Company has merged with, or is a direct or indirect subsidiary of, an entity whose common stock (or equivalent) is
publicly traded, the Company shall undertake its commercially reasonable best efforts to arrange for a roll over of the Existing Initial Grant of Stock Options (to the extent not previously exercised) into an option on publicly-traded common stock
(or equivalent) of the successor entity (or its publicly-traded parent), such that immediately after the transaction, the ratio of the aggregate option exercise price to the aggregate Fair Market Value of the securities then subject to the Existing
Initial Grant of Stock Options is the same as it was immediately before the transaction, and the excess of the Fair Market Value of the securities then subject to the option over the aggregate option exercise price is the same as it was immediately
before the transaction, and with the roll-over option agreement otherwise containing terms and conditions that are no less favorable to you than the those that applied immediately prior to the transaction. 

  
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 (E) The term of the
Existing Initial Grant of Stock Options shall be 10 years from the Grant Date (as such term is defined in the Prior Agreement), subject to earlier expiration to the extent provided in this Letter Agreement. 

(F) Other Provisions. To the extent that any provision in the award agreement for the Existing Initial Grant of Stock Options is less
favorable to you than a corresponding provision in this Letter Agreement, the provisions in this Letter Agreement shall control. 
 (b) The restricted stock granted to you under Section 7(b)(i) of the Prior Agreement (the “Initial Grant of Restricted Stock”) was fully vested and non-forfeitable immediately prior to the
Start Date. 
 (c) At all times following any vesting of your Existing Initial Grant of Stock Options and Initial Grant of
Restricted Stock, the securities that are the subject of the vested portions of the awards: will be registered with the Securities and Exchange Commission; listed for trading on the principal stock exchange on which securities of the class subject
to the award are then listed (if any); and will be free from contractual restrictions on sale, subject to the Company’s trading policies for executive officers of the Company. 

8. Intentionally Left Blank  
 9. Other Benefits. 
 (a) Employee Benefits. You will be entitled to
participate in all employee benefit and perquisite arrangements that are from time to time made available to senior executives of the Company generally, such participation to be on a basis no less favorable to you than to other senior executives of
Company. The Company reserves the right to modify, amend and/or terminate any such employee benefit and perquisite arrangement at any time and for any reason, in accordance with its terms, except as otherwise provided in an applicable governing
document (including, without limitation, this Letter Agreement). 

  
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 (b) Annual Equity
Awards. You will be eligible to receive annual equity and other long-term incentive grants, at levels commensurate with your responsibilities and your performance as determined by the Board, or the Committee, in its reasonable discretion, and on
terms and conditions no less favorable to you than those applicable to corresponding grants to other senior executives of the Company generally. 
 (c) Deferral of Compensation. You shall be entitled to participate in a Company-sponsored elective non-qualified deferred compensation program, that is designed to permit you to elect to defer the
receipt of a portion of your salary payments, and annual and other cash bonus and incentive payments, otherwise payable by the Company, consistent with applicable legal and tax requirements necessary to defer the recognition of income with respect
to such deferrals for federal income tax purposes, as determined and adopted by the Board or the Committee. 
 (d)
Vacation. You will be entitled to participate in the Company’s Paid Time Off program and are entitled to 27 days Paid Time Off, with unused days as of the Start Date subject to carryover in accordance with the terms of the Paid Time Off
program. 
 (e) Reimbursement. The Company will pay (or, at your election, reimburse you for) all expenses reasonably
incurred by you in carrying out your duties and responsibilities under this Letter Agreement in accordance with Company policy as in effect from time to time. 
 10. Termination of Employment. 
 (a) Termination Without Cause. The
Company, acting through its Board, may terminate your employment hereunder (and, hence, the Term) without Cause (as defined below) at any time on written notice to you. If your employment hereunder is terminated by the Company without Cause during
the then-scheduled Term (and not for Disability in accordance with Section 10(c)) you will be provided with the following amounts and benefits: 
 (i) As soon as reasonably practicable following the date that your employment hereunder terminates (the “Termination Date”) (or, in the case of Clause (B), on the date that the Annual Bonus for
the year of termination is payable to other senior executives, but subject to the Mutual Release Requirement described in Section 10(g)(vi)), a lump-sum cash payment in respect of each of the following: 

(A) Any Base Salary earned but unpaid through the Termination Date; 

  
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 (B) Subject to
satisfaction of the Mutual Release Requirement, a Pro-Rata Annual Bonus for the calendar year of termination; 
 (C) Any
expense reimbursement/payment then due under Sections 9(e) or 14; and 
 (D) A payment in respect of earned but unused Paid
Time Off through the Termination Date (including, for avoidance of doubt, unused Paid Time Off carried forward from prior calendar years as provided under the Paid Time Off program in effect at time of termination) (collectively with amounts
referred to in clauses (i)(A), (i)(B) and (i)(C) (the “Accrued Obligations”); 
 (ii) As soon as reasonably
practicable following the date that the Mutual Release Requirement is satisfied (and, except as provided in Section 15(h), in no event more than 3 business days after such date), and provided you have not materially breached the covenants,
obligations and agreements contained in Section 12 (after notice of a breach of such obligations from the Company and without cure by you after such notice), either: 
 (1) In the event a Change in Control has occurred within 12 months prior to the Termination Date, a lump-sum cash payment equal to three (3) times the sum of: 

(A) Your Base Salary as of the Termination Date, plus 
 (B) Your Target Bonus for the calendar year in which the Termination Date occurs. 

(2) In the event a Change in Control has not occurred within 12 months prior to the Termination Date, an amount in cash equal to two
(2) times the sum of the following, payable in cash in substantially equal installments (not less frequently than monthly) over the 24-month period following the Termination Date in accordance with the Company’s regular payroll practices:

 (A) Your Base Salary as of the Termination Date, plus 

(B) Your Target Bonus for the calendar year in which the Termination Date occurs. 

If a Change in Control occurs after your Termination Date, (I) then notwithstanding the foregoing provisions of this subparagraph 2, the total
amount of any unpaid installments under this subparagraph (2) shall be paid as a single lump sum cash payment on the date of the Change in Control; and (II) if either (x) the Company gives you written notice of your termination after the
Company has entered into a definitive agreement for one or more transactions that would result in a Change in Control, or (y) a Change in Control occurs within six (6) months after the Termination Date and your termination occurred at the
request of a third party who had taken steps reasonably calculated to effect a Change in Control, then the Company will pay you an additional lump sum cash payment on the date of the Change in Control equal to the sum of your Base Salary as of the
Termination Date and your Target Bonus for the calendar year in which the Termination Date occurs. 

  
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 (iii) Except as
provided in Section 11, and provided you have not materially breached the covenants, obligations and agreements contained in Section 12 (after notice of a breach of such obligations from the Company and without cure by you after such
notice): (A) each compensatory stock option (and any similar award, such as a stock appreciation right) that you received prior to the Start Date (including, without limitation, the stock option described in Section 7(a)) shall, to the
extent it would have become vested or exercisable on or before the third anniversary of the Termination Date had your employment hereunder continued through such third anniversary, be fully vested as of the Termination Date and shall be, and remain,
exercisable until the earliest of a Change in Control upon which all other compensatory stock options or similar awards cease to be exercisable, the second anniversary of the Termination Date, and the expiration of its maximum stated term;
(B) each compensatory restricted stock award (and any similar award, such as a phantom share award) that you received prior to the Start Date (including, without limitation, the restricted stock award described in Section 7(b)) shall
become fully vested as of the Termination Date, to the extent that it would have become vested on or before the third anniversary of the Termination Date if your employment had continued through such third anniversary, and all contractual
restrictions on it shall lapse as of the Termination Date; (C) each performance-based equity award that you received prior to the Start Date shall be deemed vested and non-forfeitable as of the end of the applicable performance period, to the
extent that it would have become vested on or before the third anniversary of the Termination Date if your employment had continued through such third anniversary, to the extent applicable performance goals are achieved (disregarding any exercise of
negative discretion that is not similarly applied to all senior executive participants); and (D) any other equity based award that you received prior to the Start Date shall also become fully vested, and shall therefore become non-forfeitable,
as of the Termination Date, to the extent that it would have become vested on or before the third anniversary of the Termination Date if your employment hereunder had continued through such third anniversary; 

(iv) Except as provided in Section 11, and provided you have not materially breached the covenants, obligations and agreements
contained in Section 12 (after notice of a breach of such obligations from the Company and without cure by you after such notice): (A) each compensatory stock option (and any similar award, such as a stock appreciation right) that you
shall have received on or after the Start Date shall become fully vested and shall be, and remain, exercisable until the earliest of a Change in Control upon which all other compensatory stock options or similar awards cease to be exercisable, the
second anniversary of the Termination Date, and the expiration of its maximum stated term; (B) each compensatory restricted stock award (and any similar award, such as a phantom share award) that you shall have received on or after the Start
Date shall become fully vested as of the Termination Date, and all contractual restrictions on it shall lapse as of the Termination Date; (C) each performance-based equity award that you shall have received on or after the Start Date shall be
deemed vested and non-forfeitable as of the end of the applicable performance period, to the extent applicable performance goals are achieved (disregarding any exercise of negative discretion that is not similarly applied to all senior executive
participants); and (D) any other equity based award that you shall have received on or after the Start Date shall also become fully vested, and shall therefore become non-forfeitable, as of the Termination Date; 

  
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 (v) Monthly cash
payments for 24 months following the Termination Date that, on an after-tax basis, equal the cost of coverage for such period under the Company’s welfare benefit plans (within the meaning of section 3(3) of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”)), and such coverage shall be made available at your expense for 24 months following the Termination Date to the extent allowed under applicable law without penalty. Such payments (and coverage)
shall cease after you become eligible for similar benefits from a new employer; and 
 (vi) the benefits described in
Section 10(f). 
 (b) Resignation for Good Reason. If you provide written notice to the Company of the occurrence
of an event that is described in Section 10(g)(iv)(A)-(E) of this Letter Agreement (which notice shall be given within 30 days of the date you first become aware or should have become aware of such occurrence), and the Company fails to
fully cure within 30 days of your delivery of such written notice, you may resign your employment hereunder with Good Reason (as defined below), provided that your written notice of resignation is delivered within 60 days following the termination
of the period within which the Company has an opportunity to cure. If you resign your employment hereunder with Good Reason, you will be provided with the same amounts and benefits as you would have been entitled to receive under Section 10(a)
(and for avoidance of doubt, under any other Company Arrangement), if the Company had terminated your employment hereunder on your Termination Date without Cause. 
 (c) Termination of Employment Because of Death or Disability. Your employment hereunder (and hence the Term) shall automatically terminate upon your death, and the Company may terminate your
employment hereunder (and hence the Term) on written notice to you following your Disability (as defined below). If your employment hereunder terminates because of your death or Disability, you (or your successors-in-interest, as applicable) will be
provided with the following amounts and benefits: 
 (i) As soon as reasonably practicable following the Termination Date (or,
in the case of the Pro Rata Annual Bonus only, within three days after the date that the Mutual Release Requirement is satisfied), a lump-sum cash payment in respect of each of the Accrued Obligations; 

(ii) Each compensatory stock option (and any similar award, such as a stock appreciation right) that you shall have received (including,
without limitation, the stock option described in Section 7(a)) shall, to the extent that it would have become vested or exercisable on or before the first anniversary of the Termination Date had your employment hereunder continued through such
first anniversary, be fully vested as of the Termination Date and shall be, and remain, fully exercisable until the earliest of a Change in Control upon which all other compensatory stock options cease to be exercisable, the first anniversary of the
Termination Date, and the expiration of its maximum stated term; each compensatory restricted stock award (and any similar award, such as a phantom share award) that you shall have received (including, without limitation, the restricted stock award
described in Section 7(b)) shall become fully vested as of the Termination Date, to the extent that it would have become vested on or before the first anniversary of the Termination Date if your employment hereunder had continued through such
first anniversary, and all contractual restrictions on it shall lapse as of the Termination Date; each performance-based equity award that you shall have received shall be deemed vested and non-forfeitable as of the Termination Date, to the extent
that it would have become vested on or before the first anniversary of the Termination Date if your employment hereunder had continued through such first anniversary (disregarding any exercise of negative discretion that is not similarly applied to
all senior executive participants); and any other equity-based award shall also become fully vested, and shall therefore become non-forfeitable, as of the Termination Date, to the extent that it would have become vested on or before the first
anniversary of the Termination Date if your employment hereunder had continued through such first anniversary; 

  
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 (iii) Monthly cash
payments for 12 months following the Termination Date that, on an after-tax basis, equal the cost of coverage for such period under the Company’s welfare benefit plans (within the meaning of section 3(3) of ERISA), and such coverage shall be
made available at your expense for 12 months following the Termination Date to the extent allowed under applicable law without penalty; and 
 (iv) The benefits described in Section 10(f). 
 (d) Expiration of
Term. If your employment hereunder terminates because of the expiration of the Term by notice of non-renewal in accordance with Section 1 above, you will be entitled to receive: (i) as soon as reasonably practicable following the
Termination Date, the Accrued Obligations (other than the Pro-Rata Annual Bonus) and (ii) the benefits described in Section 10(f) below. In addition, (x) if the Term expires due to the Company’s delivery of written notice of
non-renewal, provided you have not materially breached the covenants, obligations and agreements contained in Section 12 (after notice of breach of such obligations from the Company and without cure by you after such notice): (I) each
compensatory stock option (and any similar award, such as a stock appreciation right) that you shall have received (including, without limitation, the stock option described in Section 7(a)) shall, to the extent that it would have become vested
or exercisable on or before the second anniversary of the Termination Date had your employment hereunder continued through such second anniversary, be fully vested as of the Termination Date and shall be, and remain, fully exercisable until the
earliest of a Change in Control upon which all other compensatory stock options cease to be exercisable, the second anniversary of the Termination Date, and the expiration of its maximum stated term; (II) each compensatory restricted stock award
(and any similar award, such as a phantom share award) that you shall have received (including, without limitation, the restricted stock award described in Section 7(b)) shall become fully vested as of the Termination Date, to the extent that
it would have become vested on or before the second anniversary of the Termination Date if your employment hereunder had continued through such second anniversary, and all contractual restrictions on it shall lapse as of the Termination Date; (III)
each performance-based equity award that you shall have received shall also become fully vested, and shall therefore become non-forfeitable, as of the end of the applicable performance period, to the extent that it would have become vested on or
before the second anniversary of the Termination Date if your employment hereunder had continued through such second anniversary (disregarding any exercise of negative discretion that is not similarly applied to all senior executive participants);
and (IV) any other equity-based award shall also become fully vested, and shall therefore become non-forfeitable, as of the Termination Date, to the extent that it would have become vested on or before the second anniversary of the Termination Date
if your employment hereunder had continued through such second anniversary; and (y) if the Term expires due to your delivery of written notice of non-renewal, provided you have not materially breached the covenants, obligations and agreements
contained in Section 12 (after notice of a breach of such obligations from the Company and without cure by you after such notice): (I) each compensatory stock option (and any similar award, such as an a stock appreciation right) that you
shall have received (including, without limitation, the stock option described in Section 7(a)) shall, to the extent that it would have become vested or exercisable on or before the first anniversary of the Termination Date had your employment
hereunder continued through such first anniversary, be fully vested as of the Termination Date and shall be, and remain, fully exercisable until the earliest of a Change in Control upon which all other compensatory stock options cease to be
exercisable, the first anniversary of the Termination Date, and the expiration of its maximum stated term; (II) each compensatory restricted stock award (and any similar award, such as a phantom share award) that you shall have received (including,
without limitation, the restricted stock award described in Section 7(b)) shall become fully vested as of the Termination Date, to the extent that it would have become vested on or before the first anniversary of the Termination Date if your
employment hereunder had continued through such first anniversary, and all contractual restrictions on it shall lapse as of the Termination Date; (III) each performance-based equity award that you shall have received shall also become fully vested,
and shall therefore become non-forfeitable, as of the end of the applicable performance period, to the extent that it would have become vested on or before the first anniversary of the Termination Date if your employment hereunder had continued
through such first anniversary (disregarding any exercise of negative discretion that is not similarly applied to all senior executive participants); and (IV) any other equity-based award shall also become fully vested, and shall therefore become
non-forfeitable, as of the Termination Date, to the extent that it would have become vested on or before the first anniversary of the Termination Date if your employment hereunder had continued through such first anniversary. 

  
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 (e) Other
Terminations. If your employment hereunder terminates in circumstances to which Sections 10(a)-(d) above do not apply, you will be entitled to receive, as soon as reasonably practicable following the Termination Date, only (i) the
Accrued Obligations (other than the Pro-Rata Annual Bonus) and (ii) the benefits described in Section 10(f). For avoidance of doubt, a voluntary termination by you, on written notice to the Company, shall not be deemed to be a breach of
this Letter Agreement. 
 (f) All Terminations. On any termination of your employment hereunder: 

(i) In the event of any termination of your employment hereunder, you shall be under no obligation to seek other employment or otherwise
mitigate the obligations of any person or entity under this Letter Agreement, and there shall be no offset against amounts or benefits due you under this Letter Agreement or otherwise on account of any remuneration or other benefit that you earn or
receive after such termination. Any amounts due to you under this Section 10 are considered to be reasonable by the Company and are not in the nature of a penalty. 

  
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 (ii) You will be
entitled to additional benefits (if any) in accordance with the then-applicable terms of any applicable Company Arrangement (including, without limitation, any bonus earned with respect to a previously completed period under Section 4 above),
provided that you hereby acknowledge and agree that, in connection with any termination of your employment hereunder, you will not be eligible to receive severance or termination benefits under any plan, policy, program or practice of the Company,
except as expressly contemplated by this Letter Agreement or otherwise approved by the Board. 
 (iii) The value of unused Paid
Time Off shall be determined based on the quotient of (A) your annual Base Salary rate divided by (B) 250. 
 (iv)
Each of you and the Company, upon reasonable request by the other, shall provide reasonable post-termination assistance and cooperation to the other party. 
 (v) There shall be no restrictions on your post-employment activities other than those expressly set forth in this Letter Agreement, and the post-employment restriction set forth in this Letter Agreement
shall be enforceable only through claims for equitable relief in accordance with Section 12(d) below and claims for damages in accordance with Section 15(f) below. 
 (g) Definitions. For purposes of this Letter Agreement: 
 (i)
“Cause.” 
 (A) “Cause” shall mean any of the following: (1) your conviction of, or plea of guilty or
nolo contendere to, a felony; (2) your commission of intentional acts of gross misconduct (including, without limitation, theft, fraud, embezzlement or dishonesty) that significantly impair the business of the Company or cause significant
damage to its property, reputation or business; (3) your willful refusal to perform, or willful failure to use good faith efforts to perform, material duties that remains uncured after 14 days reasonable written request from the Board for cure;
(4) your willful and material breach of any material provision of the Company’s code of ethics, or of any other material policy governing the conduct of its employees generally, that remains uncured after 14 days reasonable written request
from the Board for cure; or (5) willful and material breach of the Letter Agreement that remains uncured after 14 days reasonable written request from the Board for cure. 

  
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 (B) Your employment
hereunder may not be terminated for Cause unless and until (1) written notice has been delivered to you by the Company which specifically identifies the circumstances that the Company believes may constitute Cause, (2) if the circumstances
are capable of cure, you have failed to fully cure or fully remedy the circumstances so identified within 14 calendar days after such written notice is delivered to you, (3) the Board has convened a meeting for the purpose of determining
whether, in its judgment, Cause exists, at which you are permitted to make a presentation and be represented by counsel, and (4) at least two-thirds of the members of the Board, other than you, vote at, or after, the conclusion of such meeting
to terminate your employment for Cause. For avoidance of doubt, any determination by the Board that Cause exists (or by you that Good Reason exists) shall be subject to de novo review in arbitration pursuant to Section 15(f). 

(ii) “Company Arrangement” shall mean any plan, program, agreement, corporate governance document, or arrangement of the
Company or any of its affiliates including without limitation, the arrangements set forth in Section 4, 11(c) and 15(e) of this Letter Agreement. 
 (iii) “Disability” shall mean your inability, due to physical or mental incapacity, to substantially perform your duties and responsibilities under this Letter Agreement for 180 days out of any
270 consecutive days. 
 (iv) “Good Reason” shall mean the occurrence of any of the following events without either
(x) your prior written consent or (y) full cure within 30 days after you give written notice to the Company describing the event and requesting cure: 
 (A) any material diminution in your authorities, titles or offices, or the assignment to you of duties that materially impair your ability to perform the duties normally assigned to the CEO of a
corporation of the size and nature of the Company, provided that your failure to be re-elected to the Board after being nominated for election by the Company shall not constitute Good Reason; 

(B) any change in the reporting structure so that you report to someone other than the Board; 

(C) any relocation of the Company’s principal office, or of your own principal place of employment, to a location more than 50
miles from the existing principal office or principal place of employment; 
 (D) any material breach by the Company, or any of
its affiliates, of any material obligation to you under this Letter Agreement; or 
 (E) any failure of the Company to obtain
the assumption in writing of its obligations to perform this Letter Agreement by any successor to all or substantially all of the business and assets of the Company within 15 days after any merger, consolidation, sale or similar transaction.

  
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 (v) “Pro-Rata
Annual Bonus” shall mean 
 (A) for purposes of Section 10(c) of this Agreement, a cash amount determined by
multiplying your Target Bonus for the year in which the Termination Date occurs times a fraction, the numerator of which is the excess of 365 over the number of days then remaining in the calendar year of termination, and the denominator of which is
365, and 
 (B) for purposes of Sections 10(a) and 10(b) of this Agreement, a cash amount equal to the product of (1) the
lesser of (x) your Target Bonus for the year in which the Termination Date occurs or (y) your “maximum award” earned under the Compensation Committee resolutions that establish the negative discretion approach under the 2007
Omnibus Incentive Plan (or its successor) for the year of termination, determined based on actual performance during the entire year and without regard to any discretionary adjustments that have the effect of reducing the amount of such maximum
award, and (2) a fraction, the numerator of which is the excess of 365 over the number of days then remaining in the calendar year of termination, and the denominator of which is 365. 

(vi) The “Mutual Release Requirement” shall be deemed satisfied as follows: (x) in the event that the Company delivers to
you, promptly after your Termination Date and in no event more than seven days after such date, a mutual release of claims that is (1) substantially in the form attached hereto as Exhibit A and (2) fully executed by the Company, then the
Mutual Release Requirement shall be deemed satisfied on the date, after such release has been executed by you and returned to the Company, on which the seven day revocation period specified in such release expires; and (y) in the event the
Company has not delivered such a signed mutual release of claims to you within seven days after your Termination Date, then (unless the parties otherwise agree) the Mutual Release Requirement shall be deemed satisfied on the eighth day after your
Termination Date. 
 11. Change in Control. 
 (a) (a) In the event of the termination of your employment within twenty-four (24 ) months after a Change in Control (as defined below), either by the Company without Cause or due to your resignation with
Good Reason in accordance with the provisions of Section 10(b), (i) each compensatory stock option (and any similar award, such as a stock appreciation right) that you shall have received (including, without limitation, the stock option
described in Section 7(a)) shall become fully vested, and shall be exercisable until the earlier of the second anniversary of the Termination Date and its maximum stated term; (ii) each compensatory restricted stock award (and any similar
award, such as a phantom share award) that you shall have received (including, without limitation, the restricted stock award described in Section 7(b)) shall become fully vested as of the Termination Date, and all contractual restrictions on
it shall lapse as of the Termination Date; (iii) each unvested performance-based equity award that you shall have received shall also become fully vested, and shall therefore become non-forfeitable, as of the Termination Date to the extent of
the target number of shares subject to the award; and (iv) any other equity-based award shall also become fully vested, and shall therefore become non-forfeitable, as of the Termination Date. Notwithstanding the foregoing, if any award referred
to in the preceding sentence is not assumed, converted or continued by the successor company (or, if applicable, the Company), then immediately prior to the Change in Control all such awards shall become fully vested and non-forfeitable; provided,
however, that each unvested performance-based equity awards shall become fully vested and non-forfeitable to the extent of the target number of shares subject to the award. 

  
 13 

  
 (b) For purposes of
this Letter Agreement, 
 (i) “Change in Control” means the first to occur of any of the following events:

 (A) Any Person or Group (as such terms are defined below) acquires stock of the Company that, together with stock held by
such Person or Group, constitutes more than 50% of the total fair market value or total voting power of the stock of the Company. However, if any Person or Group is considered to own more than 50% of the total fair market value or total voting power
of the stock of the Company, the acquisition of additional stock by the same Person or Group is not considered to cause a Change in Control. An increase in the percentage of stock owned by any Person or Group as a result of a transaction in which
the Company acquires its stock in exchange for property will be treated as an acquisition of stock for purposes of this subsection. This paragraph applies only when there is a transfer of stock of the Company (or issuance of stock of the Company)
and stock in the Company remains outstanding immediately after the transaction; 
 (B) Any Person or Group acquires (or has
acquired during the 12-month period ending on the date of the most recent acquisition by such Person or Group) ownership of stock of the Company possessing 30% or more of the total voting power of the stock of the Company. However, if any Person or
Group is considered to own 30% of the total voting power of the stock of the Company, the acquisition of additional stock by the same Person or Group is not considered to cause a Change in Control; 

(C) The consummation of a merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company
that requires the approval of the Company’s stockholders, whether for such transaction or the issuance of securities in the transaction (a “Business Combination”), unless immediately following such Business Combination either:
(i) more than 50% of the total fair market value of the stock of the corporation resulting from such Business Combination (the “Surviving Corporation”) or the ultimate parent corporation of the Surviving Corporation (the “Parent
Corporation”) is represented by stock of the Company that was outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares of the Surviving Corporation or Parent Corporation into which stock of the
Company was converted pursuant to such Business Combination) or (ii) 50% or more of the total voting power of Surviving Corporation or Parent Corporation is represented by stock of the Company that was outstanding immediately prior to such
Business Combination (or, if applicable, is represented by shares of the Surviving Corporation or Parent Corporation into which stock of the Company was converted pursuant to such Business Combination); 

  
 14 

  
 (D) During any twelve
(12) month period a majority of the individuals who were members of the Board at the beginning of such period (the “Incumbent Directors”) are replaced, provided that any person becoming a director subsequent to the beginning of such
period whose election or nomination for election was approved by a vote of at least a majority of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named
as a nominee for director, without written objection to such nomination) shall be an Incumbent Director; 
 (E) Any Person or
Group acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such Person or Group) assets from the Company that have a total gross fair market value equal to or more than 50% of the total gross fair
market value of all of the assets of the Company immediately prior to such acquisition or acquisitions. For this purpose, gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined
without regard to any liabilities associated with such assets. However, no Change in Control shall be deemed to occur under this paragraph as a result of a transfer to: 
 (1) A stockholder of the Company (immediately before the asset transfer) in exchange for or with respect to its stock; 
 (2) An entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company; 
 (3) A Person or Group that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company; or 

(4) An entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a person described in
clause (3) above. 
 For purposes of this subsection: the term “Person” shall mean an individual, corporation, association, joint
stock company, business trust or other similar organization, partnership, limited liability company, joint venture, trust, unincorporated organization or government or agency, instrumentality or political subdivision thereof; and the term
“Group” shall have the meaning set forth in Treasury Regulation Section 1.409A-3(i)(5), or any successor thereto in effect at the time a determination of whether a Change in Control has occurred is being made. 

(c) Effect of Golden Parachute Tax. 
 (i) If (w) the aggregate of payments, awards, benefits and distributions (or any acceleration of any payments, awards, benefits or distributions) due to you, under this Letter Agreement or under any
other plan, program, agreement or arrangement of the Company (or of any of its affiliated entities) or any entity which effectuates a Change in Control (or any of its affiliated entities), would, if received by you in full and valued under
Section 280G of the Code, constitute “parachute payments” as such term is defined in and under Section 280G of the Code (collectively, “280G Benefits”), and if (x) such aggregate would, if reduced by all federal,
state and local taxes applicable thereto, including the excise tax imposed pursuant to Section 4999 of the Code (the “Excise Tax”) (all of which taxes shall in any case be solely your responsibility), be less than the amount you would
receive, after all taxes, if you received aggregate 280G Benefits equal (as valued under Section 280G of the Code) to only three (3) times your “base amount,” as defined in and under Section 280G of the Code, less $1.00 (the
“Safe Harbor Cap”), then (y) the cash 280G Benefits (other than cash benefits relating to the acceleration of equity awards) that do not constitute “deferred compensation” for purposes of Section 409A of the Code shall
(to the extent that the reduction of such 280G Benefits can achieve the intended result) be reduced, pro rata, or eliminated, to the extent necessary so that the 280G Benefits received by you will not constitute parachute payments; and (z) if
elimination of the cash 280G Benefits (other than cash benefits relating to the acceleration of equity awards) that do not constitute such “deferred compensation” is insufficient to achieve the intended result, then the remaining cash 280G
Benefits (other than cash benefits relating to the acceleration of equity awards) shall (to the extent that reduction of all such 280G Benefits can achieve the intended result) be reduced (on such pro rata or other basis as complies with
Section 409A of the Code) or eliminated to the extent necessary so that the 280G Benefits received by you will not constitute parachute payments. If the reduction of the 280G Benefits would not result in a greater after-tax result to you, no
amounts payable to you shall be reduced pursuant to this provision. 

  
 15 

  
 (ii) All
determinations required to be made under this Section shall be made by the public accounting firm that is retained by the Company as of the date immediately prior to the Change in Control (the “Accounting Firm”) which shall provide
detailed supporting calculations both to the Company and you within fifteen (15) business days before any 280G Benefits are scheduled to be paid or provided, or such earlier time as is requested by the Company. Notwithstanding the foregoing, in
the event (x) the Board shall determine prior to the Change in Control that the Accounting Firm is precluded from performing such services under applicable auditor independence rules or (y) the Audit Committee of the Board determines that
it does not want the Accounting Firm to perform such services because of auditor independence concerns or (z) the Accounting Firm is serving as accountant or auditor for the person(s) effecting the Change in Control, the Board shall appoint
another nationally recognized public accounting firm to make the determinations required hereunder (which accounting firm shall then be referred to as the Accounting Firm hereunder). All fees, costs and expenses (including, but not limited to, the
costs of retaining experts) of the Accounting Firm shall be borne by the Company. If 280G Benefits are reduced to the Safe Harbor Cap, or the Accounting Firm determines that no Excise Tax is payable by you without any reduction, the Accounting Firm
shall provide a written opinion to you to such effect, that you are not required to report any Excise Tax on your federal income tax return, and that the failure to report the Excise Tax, if any, on your applicable federal income tax return will not
result in the imposition of a negligence or similar penalty. A reasonable determination by the Accounting Firm shall be binding upon the Company and you (except as provided in subparagraph (c)(iii) below). 

  
 16 

  
 (iii) If it is
established pursuant to a final determination of a court or an Internal Revenue Service (the “IRS”) proceeding which has been finally and conclusively resolved, that 280G Benefits have been made to you or provided for your benefit by the
Company, which are in excess of the limitations provided in this Section (referred to hereinafter as an “Excess Payment”), you shall repay the Excess Payment to the Company on demand, together with interest on the Excess Payment at the
applicable federal rate (as defined in Section 1274(d) of the Code) from the date of your receipt of such Excess Payment until the date of such repayment. As a result of the uncertainty in the application of Section 4999 of the Code at the
time of the determination, it is possible that Payments which will not have been made by the Company should have been made (an “Underpayment”), consistent with the calculations required to be made under this Section. In the event that it
is determined (i) by the Accounting Firm, the Company (which shall include the position taken by the Company, or together with its consolidated group, on its federal income tax return) or the IRS or (ii) pursuant to a determination by a
court, that an Underpayment has occurred, the Company shall pay an amount equal to such Underpayment to you within ten (10) days of such determination together with interest on such amount at the applicable federal rate from the date such
amount would have been paid to you until the date of payment. You shall cooperate, to the extent your expenses are reimbursed by the Company, with any reasonable requests by the Company in connection with any contests or disputes with the IRS in
connection with the Excise Tax or the determination of the Excess Payment. 
 12. Covenants. In exchange for the
remuneration outlined above, in addition to providing service to the Company as set forth in this Letter Agreement, you agree to the following covenants, provided that there has been no material uncured breach by the Company of any of its payment
obligations to you under this Letter Agreement (after notice by you and reasonable opportunity by the Company to cure such breach). For purposes of this Section 12, “Company” means the Company and its subsidiaries. 

(a) Confidentiality. Except as may be required by the lawful order of a court or agency of competent jurisdiction or an
investigation demand from a governmental body or self-regulatory organization, or except to the extent that you have express authorization from the Company, you agree to keep secret and confidential indefinitely all Confidential Information as
defined below (including, without limitation, information regarding litigation and pending litigation) concerning the Company which was acquired by or disclosed to you during the course of your employment with the Company and not to disclose the
same, either directly or indirectly, to any other person, firm, or business entity, or to use it in any way, other than in connection with carrying out your duties for the Company or its affiliates. Nothing in the foregoing provisions of this
Section 12 shall be construed so as to prevent you from using, in connection with your employment for yourself or an employer other than the Company, knowledge that was acquired by you during the course of your employment with the Company and
which is generally known to persons of your experience in other companies in the same industry (other than as a result of your direct or indirect breach of this Letter Agreement). For purposes of this Section 12, “Confidential
Information” shall include information concerning the financial data, strategic business plans, product development (or other proprietary product data), customer lists, marketing plans and other proprietary and confidential information relating
to the business of the Company or its customers, that, in any case, is not otherwise available to the public (other than by your direct or indirect breach of the terms hereof). Upon termination of your employment with the Company for any reason, you
shall return all Company property, including, without limitation, files, records, disks and any media containing Confidential Information, including all copies thereto; provided, however, that you shall be permitted to retain and use all personal
files, including any such files that are otherwise included on Company property (such as on Company computers). 

  
 17 

  
 (b)
Non-Disparagement. Other than in connection with carrying out your duties for the Company or its affiliates, you will refrain from making any statements about the Company or their respective parents, subsidiaries, officers and directors or
employees that would disparage or reflect unfavorably upon the image or reputation of such entity, officer, director or employee. The Company also agrees that its officers and directors will use their reasonable best efforts from making any
statements about you that would disparage, or reflect unfavorably upon, your image or reputation. Nothing in this provision prohibits you or the Company from complying with applicable law, or responding truthfully to a subpoena or an investigation
demand of a governmental entity or self-regulatory organization. 
 (c) Non-Competition and Non-Solicitation. For
purposes of this Letter Agreement, the term “Restricted Period” means the two-year period immediately following your Termination Date during which the Company is not in material uncured breach of its post-termination obligations to you
under this Letter Agreement 
 (i) Non-Competition. You hereby acknowledge and agree that the Company is engaged in a highly
competitive business, and by virtue of your position and responsibilities with the Company, and your access to Confidential Information, engaging in any business worldwide which is directly or indirectly materially competitive with the Company will
cause the Company great and irreparable harm. As a result, you further covenant that during your employment and during the Restricted Period (as defined below), you will not, for yourself or on behalf of any other person, partnership, company or
corporation, directly or indirectly, engage in, acquire any significant financial or beneficial interest in, be employed by, participate materially in, own, manage, operate or control or be materially connected with, in any relevant manner (whether
as a principal, partner, director, employee, consultant, independent contractor, agent or otherwise, and whether or not for compensation) any entity that competes materially with the business of the Company (after giving effect to the Transaction
and considering only business conducted by the Company during the Term, or being actively planned by the Company as of your Termination Date) in the United States of America. Notwithstanding the preceding sentence, you will not be prohibited from
being the passive owner, directly or indirectly, of less than 2% of any publicly traded entity, whether or not such entity is in competition with the Company. 

  
 18 

  
 (ii) Non-Solicitation
of Employees. You further covenant that during your employment and during the Restricted Period, you will not personally, other than in the course of performing your duties for the Company or its affiliates, directly or indirectly (including,
without limitation, by instructing others or by taking other action reasonably expected to induce others), for your own account or for the account of any other person, solicit for employment, hire, or otherwise interfere with the relationship of the
Company with, any person who is an employee of, or a consultant to, the Company at the time of solicitation, hiring or interference. 
 (iii) Non-Solicitation of Customers. You further covenant that during your employment and during the Restricted Period, you will not personally, in competition with the Company, directly or indirectly
(including, without limitation, by instructing others or by taking other action reasonably expected to induce others), individually or on behalf of other persons solicit or seek to do business with any entity which, as of the earlier of the
Termination Date or the date of solicitation, was a customer or a client of the Company or was, to your knowledge, being actively solicited by the Company to be a customer or client of the Company. 

(d) Equitable Relief and Other Remedies. You acknowledge and agree that you have carefully read and considered the covenants,
obligations and agreements contained in this Section 12, that said covenants, obligations and agreements relate to special, unique and extraordinary matters, are necessary for the reasonable and proper protection of the Company, that each is
reasonable in respect to subject matters, length of time and geographic area, and that a breach, threatened breach or other violation of any of the terms of such covenants, obligations or agreements will cause the Company irreparable injury for
which adequate remedies are not available at law. In recognition of this fact, you agree that, in the event of such a breach or threatened breach, in addition to the Company’s rights to cease the payments and benefits provided under Sections 10
and 11 of this letter agreement (under the conditions described therein) and any remedies at law, the Company, without posting any bond, will be entitled to obtain, from any court of competent jurisdiction, equitable relief in the form of specific
performance, temporary restraining order, a temporary or permanent injunction or any other similar equitable remedy which may then be available. 
 (e) Reformation. If it is determined by a court of competent jurisdiction that any restriction in this Section 12 is excessive in duration or scope or is unreasonable or unenforceable under
the law of that jurisdiction, it is the intention of the parties that such restriction may be modified or amended by the court to render it enforceable to the maximum extent permitted by the law of that jurisdiction. 

(f) Survival of Provisions. Without effect as to the survival of other provisions of this Letter Agreement intended to survive
the termination or expiration of your employment, and solely for the avoidance of doubt, the obligations contained in this Section 12 will survive the termination or expiration of your employment with the Company in accordance with their terms
and will be fully enforceable thereafter. 

  
 19 

  
 13.
Representations. By signing this Letter Agreement where indicated below, you represent that you are not subject to any employment agreement or non-competition agreement that would subject the Company or any of its affiliates to any future
liability or obligation to any third party as a result of the execution of this Letter Agreement and your employment by the Company. 
 14. Legal Fees. The Company will pay (or reimburse you for) any legal fees and costs you reasonably incur in connection with entering into this Letter Agreement, promptly following your submission
of one (or more) itemized invoices, each accompanied by such additional “back-up” as the Company may reasonably request. 
 15. Miscellaneous Provisions. 
 (a) The parties hereto hereby agree and
acknowledge that the Company will be responsible for all fees, expenses, costs and other obligations (including, without limitation, any payment of compensation) incurred with respect to this Letter Agreement 

(b) No provision of this Letter Agreement may be amended, nor may application of any of its provisions be waived, without the prior
written consent of you and the Company; such written consent to specifically identify the provision(s) of this Letter Agreement that is (are) the subject of the amendment/waiver. 

(c) This Letter Agreement may be executed in any number of counterparts which together will constitute one agreement. Signatures
delivered via facsimile (including, without limitation, by e-mail) shall be effective for all purposes. 
 (d) This Letter
Agreement will be binding on and inure to the benefit of our respective successors and permitted assigns and, in your case, your heirs and other legal representatives. The rights and obligations described in this Letter Agreement may not be assigned
by either party without the prior written consent of the other party. In the event of your death or a judicial determination of your incompetence, references in this Letter Agreement to you shall be deemed, where appropriate, to refer to your
beneficiaries, estate or other legal representative(s). 
 (e) The Company shall, to the full extent permitted by law,
indemnify and hold you harmless from and against any liability, damage, claim or expense incurred by reason of any act performed or omitted to be performed by you in connection with your employment with, or services for, the Company, such
indemnification to include, without limitation, the advance payment of attorneys fees and other expenses reasonably incurred by you in connection with defending, or otherwise resolving, any claim based on any such act or omission. You shall be
covered under any directors’ and officers’ liability insurance policies maintained by or for officers or directors of the Company on no less favorable a basis than that applying to any of the Company’s officers or directors in
general. Your coverage under such policies shall continue during the Term, and for not less than six years thereafter, at the highest level then in effect for any other present or former officer or director of the Company. 

  
 20 

  
 (f) Except to the
extent otherwise provided in Section 12(d) with respect to certain claims for equitable relief, all disputes arising under or related to this Letter Agreement will be settled by arbitration under the Commercial Arbitration Rules of the American
Arbitration Association then in effect, such arbitration to be held in the Louisville metropolitan area, as the sole and exclusive remedy of either party. Any judgment on the award rendered by the arbitrator(s) may be entered in any court of
competent jurisdiction. 
 (g) The Company may withhold from any amounts payable under this Letter Agreement such federal,
state and local taxes as may be required to be withheld pursuant to any applicable law or regulation. 
 (h) (A) It is intended
that the payments and benefits provided pursuant to this Letter Agreement be exempt from, or comply with, the requirements of Section 409A of the Code. This Letter Agreement shall be construed, administered and governed in a manner that effects
such intent, and the Company shall not take any action that would be inconsistent with such intent. Specifically, any taxable benefits or payments provided under this Letter Agreement are intended to be separate payments that qualify for the
“short-term deferral” exception to Section 409A of the Code to the maximum extent possible, and to the extent they do not so qualify, are intended to qualify for one or more of the separation pay exceptions to Section 409A of the
Code, to the maximum extent possible. To the extent that none of these exceptions (or any other available exception) applies, then notwithstanding anything contained herein to the contrary, and to the extent required to comply with Section 409A
of the Code, (x) the date of your “separation from service” within the meaning of Section 409A of the Code shall be your Termination Date, and (y) if you are a “specified employee,” as determined under the
Company’s policy for identifying specified employees on your Termination Date, then all amounts due under this Plan that constitute a “deferral of compensation” within the meaning of Section 409A of the Code, that are provided as
a result your separation from service, and that would otherwise be paid or provided during the first six months following your Termination Date, shall be accumulated through and paid or provided on the first business day that is more than six months
after your Termination Date (or, if you die during such six-month period, within 90 days after your death). 
 (B) With regard
to any provision of this Letter Agreement that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Section 409A of the Code: (x) the right to reimbursement or in-kind benefits shall not be subject
to liquidation or exchange for another benefit; (y) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be
provided, in any other taxable year; and (z) such payments shall be made on or before the last day of the your taxable year following the taxable year in which the expense is occurred, or such earlier date as required hereunder. 

(i) Notwithstanding any provision in this Letter Agreement to the contrary, any portion of the payments and benefits provided under this
Letter Agreement, as well as any other payments and benefits which you receive after the Start Date pursuant to any other Company plan or other arrangement, shall be subject to forfeiture or repayment to the extent required to comply with the
Dodd-Frank Wall Street Reform and Consumer Protection Act or any rules or regulations issued by the Securities and Exchange Commission rule or applicable securities exchange. 

  
 21 

  
 (j) All notices under
this Letter Agreement will be in writing and will be deemed effective when delivered in person, by courier service, or five days after deposit in the U.S. mail, postage prepaid, for delivery as registered or certified mail, addressed (in the case of
you and the Company) to the address set forth below or to such other address as may hereafter be designated by like notice. Notice not delivered to you or the Company in person will be sent as follows: 

If to you, to your principal home address as is maintained in the Company’s records, with a copy to you, during the Term, at your
principal office in Louisville, and a copy to: 
 MORRISON COHEN, LLP 

909 THIRD AVENUE 
 NEW YORK, NY 10022-4784 
 ATTENTION: ROBERT M. SEDGWICK, ESQ. 

If to the Company, to: 
 PHARMERICA CORPORATION 
 1901 CAMPUS PLACE 

LOUISVILLE, KY 40299 
 ATTENTION: GENERAL COUNSEL 
 (k) This Letter Agreement will be governed by, and
construed and enforced in accordance with, the laws of the State of Delaware without reference to rules relating to conflict of laws. 
 (l) This Letter Agreement constitutes the entire agreement of the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, both written and oral
(including any term sheet) among the parties with respect to the subject matter hereof; provided, however, that nothing in this Letter Agreement shall operate to waive rights and entitlements that have been granted, vested and/or accrued to you
under any Company Arrangement as of the Start Date. In the event of any inconsistency between the provisions of this Letter Agreement and the provisions of any other Company Arrangement, the provisions of this Letter Agreement shall, at your
election, control. 
 (m) The headings of the Sections and sub-sections contained in this Letter Agreement are for convenience
only and shall not be deemed to control or affect the meaning or construction of any provision of this Letter Agreement. 

  
 22 

  
 If this Letter
Agreement correctly reflects your understanding, please sign and return one copy to the Company. 
  

			
	PHARMERICA CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	

 The above Letter Agreement accurately reflects our understanding, and I hereby confirm my
agreement to the same. 
  

							
	Dated:	 	  
	 		 	  

		 		 		 	GREGORY WEISHAR

  
 23 

  
 EXHIBIT A

 FORM OF MUTUAL RELEASE OF CLAIMS 
 FOR AND IN CONSIDERATION OF the benefits to be provided to Gregory Weishar (“Executive”) in connection with the termination of his employment, as set forth in that certain Letter Agreement
between PharMerica Corporation (the “Company”) and Executive dated                     , 2010 (the “Employment
Agreement”), which are conditioned on Executive signing this Release of Claims and to which Executive is not otherwise entitled, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
Executive does hereby REMISE, RELEASE, AND FOREVER DISCHARGE the Company and each of its past or present subsidiaries and affiliates, its and their past or present officers, directors, stockholders, employees and agents, their respective successors
and assigns, heirs, executors and administrators, the pension and employee benefit plans of the Company, or of its past or present subsidiaries or affiliates, and the past or present trustees, administrators, agents, or employees of the pension and
employee benefit plans (hereinafter collectively included within the term the “Company”), acting in any capacity whatsoever, of and from any and all manner of actions and causes of actions, suits, debts, claims and demands whatsoever in
law or in equity, which Executive ever had, now have, or hereafter may have, or which Executive’s heirs, executors or administrators hereafter may have, by reason of any matter, cause or thing whatsoever from the beginning of Executive’s
employment with the Company to the date of this Release of Claims that arises from, or relates in any way to, Executive’s employment relationship and/or the termination of Executive’s employment relationship with the Company, including but
not limited to, any such claims which have been asserted, could have been asserted, or could be asserted now or in the future under any federal, state or local laws, including any claims under the Rehabilitation Act of 1973, 29 USC §§ 701
et seq., as amended, Title VII of the Civil Rights Act of 1964, 42 USC §§ 2000e et seq., as amended, the Civil Rights Act of 1991, 2 USC §§ 60 et seq., as applicable, the Age Discrimination in Employment Act of 1967, 29 USC
§§ 621 et seq., as amended ( “ADEA”), the Americans with Disabilities Act, 29 USC §§ 706 et seq., and the Employee Retirement Income Security Act of 1974, 29 USC §§ 301 et seq., as amended, any contracts
between the Company and Executive and any common law claims now or hereafter recognized and all claims for counsel fees and costs; provided, however, that this Release of Claims shall not apply to any entitlements arising under, or preserved by,
Section 10 of the Employment Agreement and provided, further, that this Release of Claims shall not apply to any claims Executive may have as a holder of securities of the Company so long as Executive is not the moving, initiating or lead party
or that are based on criminal acts by any of the releasees. 
 The Executive expressly waives all rights afforded by any statute
that expressly limits the effect of a release with respect to unknown claims. The Executive acknowledges the significance of this release of unknown claims and the waiver of statutory protection against a release of unknown claims which provides
that a general release does not extend to claims that the Executive does not know or suspect to exist in his favor at the time of executing the release, which if known by it may have materially affected his settlement with the Company. 

  
 24 

  
 The Executive
acknowledges that the restrictive covenants contained in Section 12 of the Employment Agreement will survive the termination of his employment to the extent set forth therein. The Executive affirms that those restrictive covenants are
reasonable and necessary to protect the legitimate interests of the Company, that he received adequate consideration in exchange for agreeing to those restrictions and that he will abide by those restrictions. 

In signing this Release of Claims, Executive acknowledges his understanding that he may not sign it prior to the termination of his
employment under the Employment Agreement, but that he may consider the terms of this Release of Claims for up to twenty-one (21) days (or such longer period as may be required by law) from the date Executive’s employment with the Company
under the Employment Agreement terminates. Executive also acknowledges that he is advised by the Company and its subsidiaries and other affiliates to seek the advice of an attorney prior to signing this Release of Claims; that Executive has had
sufficient time to consider this Release of Claims and to consult with an attorney, if he wished to do so, or to consult with any other person of his choosing before signing; and that he is signing this Release of Claims voluntarily and with a full
understanding of its terms. Executive further acknowledge that, in signing this Release of Claims, he has not relied on any promises or representations, express or implied, that are not set forth expressly in the Employment Agreement. Executive
understands that he may revoke this Release of Claims at any time within seven (7) days of the date of his signing by written notice to the Company and that this Release of Claims will take effect only upon the expiration of such seven-day
revocation period and only if Executive has not timely revoked it. 
 In further consideration of Executive’s execution of
this Release and other consideration provided to the Company by Executive pursuant to the Employment Agreement, the Company hereby executes this Release and does hereby REMISE, RELEASE, AND FOREVER DISCHARGE Executive and his successors and assigns,
heirs, executors and administrators (hereinafter collectively included within the term “Executive”), acting in any capacity whatsoever, of and from any and all manner of actions and causes of actions, suits, debts, claims and demands
whatsoever in law or in equity, which they ever had, now have, or hereafter may have, by reason of any matter, cause or thing whatsoever from the beginning of Executive’s employment with the Company to the date of this Release that arises from,
or relates in any way to, Executive’s employment relationship with the Company or the termination thereof, including but not limited to, any such claims which have been asserted, could have been asserted, or could be asserted now or in the
future under any federal, state or local laws, any such claims that are based on contracts between the Company and Executive and any such claims that are now or hereafter recognized under the common law and any such claims for counsel fees and
costs, but in no event shall this release apply to any claim based on any criminal act by Executive or on any act of Executive wholly outside the scope of his duties and employment. 

  
 25 

  
 [THIS SPACE
INTENTIONALLY LEFT BLANK] 
  

			
	PHARMERICA CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	

 Intending to be legally bound, Executive has signed this Release under seal as of the date written below.

  

			
	Signature:	 	  

	Name (please print): Gregory Weishar

			
	Date Signed:	 	  

  
 26Development Agreement, by and between the Registrant and ICM, Inc.

  
 Exhibit 10.3

 *** Text Omitted and Filed Separately 
 Confidential Treatment Requested 
 Under 17 C.F.R. §§
200.80(b)(4) 
 and 203.406 
 DEVELOPMENT AGREEMENT 
 This Development Agreement (this “Agreement”) is
effective as of October 16, 2008 (the “Effective Date”) by and between ICM, Inc., a Kansas corporation with its principal place of business at 310 N. First Street, Colwich, KS 67030 (“ICM”) and Gevo, Inc., a Delaware
corporation with offices at 345 Inverness Drive South, Building C, Suite 310, Englewood, CO 80112 (“Gevo”) (Gevo and ICM are collectively referred to as the “Parties” and each individually as a “Party”). As used in this
Agreement, the term “Affiliates” means and refers to any entity that controls, or is controlled by, or is under common control with, that entity. 
 WHEREAS, Gevo owns or has rights to certain technology, which allows for the development and production of butanol, propanol, pentanol and their respective isomers (the “Process”); 

WHEREAS, ICM has pilot plant facilities for ethanol production and the capability to modify the pilot plant to perform commercial-scale isobutanol
production trials in those facilities; and 
 WHEREAS, the Parties desire to set forth certain parameters of a commercial relationship between
them beyond the plant trial; and 
 WHEREAS, Gevo and ICM desire to enter into an agreement for such isobutanol plant trial and such commercial
relationship as further described below. 
 NOW, THEREFORE, for and in consideration of the foregoing and the mutual promises and covenants set
forth herein, the Parties hereto agree as follows: 
 1. Plant Trial Project. The Parties agree to perform the work described in
the Plant Trial Protocol attached as Appendix I intending to meet the stated objectives outlined in the Plant Trial Protocol (the “Project”). The Parties agree to conduct the Project using competent and trained personnel, proper equipment,
safe procedures and conditions at all times in the conduct of such work. Gevo will provide ICM with process technology and suitable quantities of microorganisms (the “Test Materials”) as described in Appendix I. ICM will use the Test
Materials solely for the Project and will not provide the Test Materials to any third party without the prior written consent of Gevo. Because the Test Materials have not received the appropriate regulatory approval, ICM agrees that the Test
Materials, and any residues, by-products or co-products from the Test Materials (including, but not limited to distiller’s dried grains with solubles), will not be commercially sold or used by ICM but will be disposed of as directed by Gevo at
Gevo’s cost, pursuant to Section 7 hereof. The Project will be conducted at ICM’s St. Joseph, Missouri, pilot plant facility (the “Plant”). During the Project Term (as defined in Section 9), (i) ICM shall
provide Gevo with reasonable access to areas of the Plant where the Project is being performed, subject, however, to ICM’s site security and safety procedures; and (ii) ICM will not allow any third parties access to the area of the Plant
where the Project is being conducted unless they are necessary to perform the Project or unless ICM receives the Gevo Project Leader’s consent. ICM will conceal or cover the Equipment (as defined in Section 23.2), using a mutually
agreeable method, at all times when the Project is not being conducted. 

  
 1 

  
 2. Data. ICM shall provide Gevo
with all data generated in connection with this Project including, but not limited to, process data and analytical results for this Project and as further described in the Plant Trial Protocol (“Data”). Data will be provided to Gevo when
it is recorded and will be deemed at all times to be the sole property of Gevo, subject to ICM’s rights as described in Sections 10.2 and 11. Nothing in this Agreement shall prevent ICM from maintaining the Data as part of its historical
database, provided that ICM complies with the provisions of this Agreement, including but not limited to Section 10 hereof. 
 3.
Scheduling. The Parties shall perform the Project in accordance with the scheduling described in the Plant Trial Protocol. The schedule can be modified as needed by mutual written agreement of the Parties. 

4. Dispute Resolution. Except for any payment obligations hereunder, if an unresolved dispute arises out of or relates to this Agreement, or
breach thereof, either Party may refer such dispute to the Chief Executive Officer of ICM and Gevo’s Chief Executive Officer or their nominees for good faith negotiation toward a resolution. If such dispute is not resolved within forty-five
(45) days after such referral, then either Party may thereafter pursue other remedies. 
 5. Project Leader. Each Party will appoint
a project leader (“Project Leader”) to coordinate its part of the Project. The Project Leaders will be the primary contacts between the Parties with respect to the pilot plant modifications and the subsequent research conducted under the
Project. Either Party may change its Project Leader upon written notice to the other Party. It is anticipated that a certain amount of training and technical transfer may be required to facilitate the effectuation of the Project. The Project Leaders
will facilitate this training and technical transfer. The Project Leader for Gevo will be [...***...] and the Project Leader for ICM will be [...***...]. 
 6. Excusable Delays. Except for any payment obligations hereunder, neither Party shall be liable to the other for any delay or failure in performance on its part if and to the extent such failure
or delay is due to circumstances beyond such party’s reasonable control, including but not limited to, acts of God, strikes, slow-downs, errors in manufacture of materials, fire, shortage of materials, shortage of labor, government orders, or
changes to the Project or its protocols hereunder which are not approved in advance by such Party, and such Party shall not be liable in any event for consequential or special damages on account of any such delay or failure in performance. ICM shall
be excused from continued performance of the Project for the duration of any such delay, and the period of performance shall be extended as may be necessary to enable ICM to perform after the cause of the delay has been removed. 

7. Ownership and Disposal of Test Materials. All Test Materials are the sole property of Gevo, and any unused Test Materials shall be returned to
Gevo or destroyed (at Gevo’s cost and election and as communicated to ICM in writing by Gevo) upon the conclusion of the Project. Gevo shall own all isobutanol process streams, distiller’s dried grains with solubles, and waste materials.
In performing the Project, ICM shall comply with all applicable local, state, and federal rules and regulations, including but not limited to those required by the USDA and FDA. 

  

*    Confidential Treatment Requested 
 2 

  
 8. Governing Law. This
Agreement shall be governed by, and construed in accordance with, the laws of the State of Colorado, without reference to its conflict of laws principles. 
 9. Project Term. With respect to the Project, this Agreement is effective as of the Effective Date set forth above and will terminate on December 31, 2010 (the “Project Term”),
unless otherwise agreed by the Parties in writing. Gevo may terminate the Project without cause at any time, with termination effective thirty (30) days after Gevo’s delivery to ICM of written notice of termination. Gevo or ICM also may
terminate the Project immediately upon the other party’s material breach of Article 10 (“Confidentiality”) or Article 11 (“Intellectual Property”) or any time prior to the start of the Project. If Gevo terminates this
Agreement prior to the start of the Project, or at any time during the Project Term, it will remain responsible to pay to ICM all amounts owed pursuant to Section 23 as of the effective date of such termination, including but, not limited to,
all costs incurred by ICM for construction and modification of the Plant for purposes of the Project. 
 10. Confidentiality. 

10.1 General. The confidentiality provisions set forth on Appendix III shall govern the transfer of information between the Parties with respect to
the transactions contemplated by this Agreement. 
 10.2 License Agreement. Gevo hereby grants a perpetual, non-exclusive and fully paid
up license to ICM to use and disclose any data that ICM uses, maintains, and/or records on a regular or routine basis to manage, operate, supervise and or modify ICM’s Plant related to [...***...], that would otherwise be deemed
“Confidential Information” of Gevo, provided that (a) Gevo has consented in writing to any such specific disclosure (which consent will not be unreasonably withheld) and (b) any third party to whom ICM desires to disclose such
information after the termination of this Agreement has, prior to such disclosure, consented in writing to be bound by the specific confidentiality provisions of this Section 10, in each instance to the benefit of the Parties hereto.

 11. Intellectual Property Developed During Project. Right, title and interest to any intellectual property, including intellectual
property rights to Test Materials, Data, any invention, know-how, data and information developed by ICM in connection with the Process at the Plant during the Project Term and while performing the Project shall accrue to the benefit of Gevo (the
“Gevo IP”). Gevo will control, in its sole discretion, the preparation, filing, prosecution, maintenance and enforcement of all intellectual property rights in the Gevo IP. 
 The Parties agree that intellectual property jointly developed during the Project Term, beyond the scope of the Project, will be jointly owned (the “Project Joint IP”). To the extent that joint
inventorship or joint ownership of Project Joint IP does not automatically vest jointly in both Parties by operation of law, each Party does hereby assign to the other Party joint rights in all Project Joint IP. Each Party shall disclose promptly in
writing to the other any Project Joint IP of which it becomes aware. 

  

*    Confidential Treatment Requested 
 3 

  
 In the event that a Party desires to
seek a patent or other governmental registration for any of the Project Joint IP, the Parties shall promptly meet to discuss and determine whether to seek any such registration. If the Parties decide to seek such registration(s), then Gevo shall
have the primary obligation to prepare, file, prosecute, and maintain any applications and registrations in such jurisdictions and using counsel selected by Gevo and agreed to by ICM, such agreement not to be unreasonably withheld, or conditioned.
Gevo shall consult with and give ICM a reasonable opportunity to review and comment on the text of any application for registration before filing, shall reasonably consider and address any such comments as ICM may supply, and shall supply ICM with a
copy of each such application as filed, together with notice of its filing date and application number. Gevo shall keep ICM advised of the status of the actual and prospective filings with respect to any applications or registrations (including,
without limitation, administrative office actions, comment, and requirements, the filing of interferences or other third-party proceedings, and the grant of any patents or other registrations), shall consult with and provide ICM with a reasonable
opportunity to comment on all correspondence received from and all proposed submissions to be made to any government patent office or authority related to the filing, prosecution, and maintenance of such patent filings, and shall reasonably consider
and address any such comments, all to be conducted and accomplished using Gevo’s reasonable commercial efforts. 
 ICM shall reimburse Gevo
for [...***...] incurred by Gevo in connection with preparing, filing, prosecuting, and maintaining such applications and registrations (other than out-of-pocket expenses for inventorship and ownership determinations and disputes as between
the Parties), which reimbursement will be made within thirty (30) days of receiving invoices, such invoices to be submitted by Gevo no more often than once per calendar quarter. Upon request, Gevo shall provide ICM with supporting documentation
demonstrating and detailing the expenses so incurred. 
 If Gevo elects not to file an application for registration for any such Project Joint
IP, or to cease the prosecution and/or maintenance of any such applications or registrations (except for abandonment of a patent application in favor of a patent application subsequently filed for purposes of continuing the prosecution of patent
rights claiming the inventions included in the abandoned patent application), Gevo shall provide ICM with written notice immediately upon the decision to not file or continue the prosecution or maintenance of such applications or registrations. In
such event, Gevo shall permit ICM, at ICM’s sole discretion, to file and/or continue prosecution and/or maintenance of such applications and/or registrations at ICM’s own expense. If ICM elects to continue such prosecution or maintenance,
Gevo shall do such things that are reasonably necessary to enable ICM to continue such prosecution or maintenance. 
 12.
Representations and Warranties. While performing their respective obligations under the Project, ICM and Gevo represent and warrant that they will comply with all applicable state and governmental regulatory requirements, the Plant Trial
Protocol, any written standard operating procedures mutually agreed upon by the Parties, and the terms of this Agreement. Each Party represents and warrants to the other Party that it has the legal power, authority and right to enter into this
Agreement and to perform its respective obligations set forth herein. Each Party represents and warrants that as of the Effective Date neither it nor any of its Affiliates is a 

  

*    Confidential Treatment Requested 
 4 

  
 party to any agreement or arrangement
with any third party or under any obligation or restriction, including pursuant to its organizational documents which in any way limits or conflicts with its ability to fulfill any of its obligations under this Agreement, and that none of them shall
enter into any such agreement, or so modify any existing agreement, during the term of this Agreement which would conflict with its ability to fulfill any of its obligations under this Agreement. 

13. Press Release. Neither Party shall issue any press release or public announcement relating to the subject matter of this Agreement
prior to obtaining the written consent of the other Party as to the content and making of such release. Such consent shall not be unreasonably withheld. 
 14. Liability. Excluding breaches of Article 10 (Confidentiality), in no event shall any Party be liable to any other Party for any loss of profits, downtime costs, loss of use of equipment
or facilities, lost business revenue or for any special incidental, indirect or consequential damages directly or indirectly related to this Agreement, whether such claim for damages is based in contract, tort (including negligence) or at equity.

 15. Disclaimer of Warranties. Except for the warranties set forth in Section 12 of this Agreement, neither Party makes any
warranties, written, oral, express or implied, with respect to its performance under this Agreement or the results thereof. EACH PARTY DISCLAIMS ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, THE IMPLIED WARRANTIES OF
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. 
 16. Indemnification. ICM shall indemnify, defend and
hold Gevo, its employees, contractors and/or agents (together “Gevo’s Agents”) harmless from any claims, demands, liabilities, damages, penalties, costs and expenses, including reasonable attorney’s fees and costs which may be
incurred by Gevo as a result of or related to (a) a breach by ICM of any representation and warranty set forth in Section 12, or (b) the negligence or willful misconduct of ICM, its employees, contractors and/or agents (together
“ICM’s Agents”) related to ICM’s duties under this Agreement; provided, however, that Gevo shall not be entitled to indemnification for any damages incurred to the extent they result from the negligent acts, willful misconduct or
omissions of Gevo or Gevo’s Agents. 
 Gevo shall indemnify, defend and hold ICM, its employees and ICM’s Agents harmless from any
claims, demands, liabilities, damages, penalties, costs and expenses, including reasonable attorney fees and costs, which may be incurred by ICM as a result of or related to (a) a breach by Gevo of any representation and warranty set forth in
Section 12, (b) the negligence or willful misconduct of Gevo or Gevo’s Agents related to Gevo’s duties under this Agreement, or (c) which are based on any claims that the Gevo technology used in the Process infringes on any
third party rights, including patent, trade secret, or other intellectual property rights; provided, however, that ICM shall not be entitled to indemnification for any damages incurred to the extent they result from the negligent acts, willful
misconduct, or omissions of ICM or ICM’s Agents. 

  
 5 

  
 17. Status of Parties.
The Parties acknowledge and agree that the relationship between the Parties is not that of agent and principal or employer and employee, but rather the Parties are each independent contractors. 

18. Injunctive Relief. The obligations under Sections 10, 11, 12 and 24 of this Agreement are of a unique character that gives them
particular value; breach of any of such obligations will result in irreparable and continuing damage for which there is no adequate remedy at law; and, in the event of such breach, the non-breaching Party will be entitled to injunctive relief and/or
a decree for specific performance, and such other and further relief as may be proper. 
 19. Unenforceability. The invalidity or
unenforceability of any particular provision of this Agreement shall not affect its other provisions, and this Agreement shall be construed in all respects as if such invalid or unenforceable provision were omitted. 

20. Assignment. This Agreement may not be assigned by either Party without the expressed prior written consent of the other Party. Such
consent shall not be unreasonably withheld. Notwithstanding the foregoing, either Party may assign or otherwise transfer any and all rights and obligations under this Agreement to any successor in interest of over fifty percent (50%) of its
entire business or its Affiliates at such Party’s sole discretion, without the prior consent of the other Party. Any successor in interest under this Agreement will assume and be bound by the same obligations and responsibilities the assigning
Party has assumed herein. Any attempted assignment in violation of this Section 20 shall be null and void. 
 21. Entire
Agreement. This Agreement constitutes the entire agreement between the Parties with respect to the subject matter of this Agreement and supersedes all previous negotiations, communications, and other agreements whether written or verbal, between
the Parties. This Agreement and the Plant Trial Protocol shall not be modified without the prior written consent of each Party. In the event that the terms of the Plant Trial Protocol are inconsistent with the terms of this Agreement, this Agreement
shall control, unless otherwise explicitly agreed to in writing by the Parties. All appendices are incorporated herein by reference and made a part of this Agreement. 
 22. Notices. All notices and other communications required or permitted hereunder shall be in writing and shall be deemed given (a) on receipt, if delivered personally or by facsimile
transmission (receipt verified), (b) three days after deposit, if mailed by registered or certified mail (return receipt requested), postage prepaid, or (b) the next business days, if sent by nationally recognized express courier service,
to the Parties at the following addresses (or at such other address for a Party as shall be specified by like notice): 
  

			
	If to Gevo:	  	Brett K.E. Lund, J.D, M.B.A.
		  	Vice President & General Counsel
		  	Gevo, Inc.
		  	345 Inverness Drive South
		  	Building C, Suite 310
		  	Englewood, Colorado 80112

  
 6 

			
		  	Telefacsimile: (303) 858-8431
		
	If to ICM:	  	ICM, Inc.
		  	Attn: General Counsel
		  	310 N. First Street
		  	Colwich, KS 67030
		  	Telefacsimile (316) 796-0570

 23. Project Costs. The Parties agree to share the costs of the Project as follows: 

23.1 Engineering Fees. ICM agrees to provide the engineering services necessary for the Project at a rate of [...***...]. A schedule of
ICM’s current standard rates is attached hereto as Appendix II. Gevo will pay ICM such engineering fees [...***...]. 
 23.2
Equipment. Any additional equipment required for the Project will be ordered and installed in the Plant by ICM (the “Equipment”). The Equipment will be installed on skids or such other mutually agreeable manner as to facilitate its
removal at the conclusion of the Project. Gevo will pay all costs associated with the purchase, shipping and installation of the Equipment and will own all right, title and interest in the Equipment. Gevo will remove the Equipment at the conclusion
of the Project and pay all costs associated with its removal and shipping. 
 23.3 Plant Modification Costs. ICM shall be responsible for
any necessary modifications to the Plant for purposes of the Project. The costs of any such modifications shall be paid entirely by Gevo, at [...***...]. For purposes of this provision, the Parties agree that the term “cost” shall
include, but not be limited to, the following: (i) the actual third party invoices to ICM for services, labor, equipment, material and suppliers, at the agreed billing rate between ICM and each services provider, subcontractor, and supplier;
(ii) the applicable billing rate for ICM labor and expenses; and (iii) the sales/use tax owed pursuant to applicable law on all materials and equipment incorporated in the Project. 
 23.4 Project Fee. Gevo will pay to ICM a project fee (“Project Fee”) that will be based on [...***...]. [...***...] At the inception of each plant trial run or experiment, the
ICM and Gevo Project Leaders will determine the labor, equipment, and material resources required for a particular experiment, and agree to an expense plan (“Expense Plan”) to go along with the experimental plan. ICM will invoice Gevo
based on the Expense Plan; provided that the Expense Plan shall be modified for stopping an experiment early, extending an experiment during progress, altering the experimental scope, use of raw materials in different quantities than planned, or for
other events that are not specifically contemplated when the Expense Plan was set. All modifications will be based on the actual resources utilized using the Appendix IV rates. 
 23.5 Payment. Gevo agrees to pay all Project Costs described in Sections 23.1, 23.2, 23.3 and 23.4 within thirty (30) days after receiving an invoice from ICM. The Project Fee described in

  

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 7 

  
 Section 23.4 will be paid by Gevo
to ICM at the beginning of each week with the necessity of ICM providing Gevo with an invoice. If any payment owed by Gevo to ICM is not paid when due, ICM, at its option, may charge Gevo interest on such past due amount at the rate of
[...***...]. 
 24. Headings. Headings are for convenience only and shall not affect the interpretation of this Agreement.

 25. Survival. Sections 2, 4, 7, 8, 10-12, 14-16, 18, 22-23 and 25 shall survive the termination or expiration of this Agreement
(except in each case to the extent such provisions are self-limiting in duration). 
 26. Counterparts. This Agreement may be
executed in multiple counterparts, which together shall constitute one agreement. Signatures received by facsimile shall be considered original signatures. 
 27. Interpretation. The interpretation of this Agreement shall be governed by the following rules: 
  

	 	(A)	all dollar figures shall mean the lawful currency of the U.S.A., unless expressly stated otherwise; 

 

	 	(B)	words importing the singular include the plural, and vice versa; 

  

	 	(C)	words importing the masculine gender, include the feminine and neuter, and vice versa; 

 

	 	(D)	where a reference is made to a “day”, “week”, “month” or “year”, the reference is to the calendar period;

  

	 	(E)	in the calculation of time, the first day shall be excluded and the last day shall be included; 

 

	 	(F)	a reference in this Agreement to an article or section shall mean an article or section of this Agreement, as the case may be. Article and section headings in this
Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement; and 

  

	 	(G)	the word “including” means without limitation; and the words “herein”, “hereof”, “hereby”, “hereto” and
“hereunder” refer to this Agreement as a whole. 

 28. Drafted Jointly. The Parties have participated
jointly in the negotiations and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, there shall be no presumption or burden of proof which arises favoring or disfavoring any party by virtue of the
authorship of any of the provisions of this Agreement. 

  

*    Confidential Treatment Requested 
 8 

  
 IN WITNESS WHEREOF, the Parties
hereto have caused this Agreement to be executed as of the Effective Date. 
  

									
	ICM, Inc.	 		 	Gevo, Inc.
					
	By:	 	 /s/ Christopher M. Mitchell
	 		 	By:	 	 /s/ Patrick Gruber

		 	 Christopher M. Mitchell,

Vice-President
	 		 		 	 Patrick Gruber,
 Chief
Executive Officer

  
 9 

  
 Appendix I: Plant
Trial Protocol 
 INTRODUCTION  
 Gevo, Inc.’s industry focus is on the next generation of advanced biofuels. To create advanced biofuels, GEVO has developed a proprietary process to convert sugars based on crops and agricultural
waste products into different types of renewable, alcohol-based, liquid fuels. A pilot plant for the production of iso-Butanol has been installed in the Englewood, CO facility and GEVO is now looking at installing their proprietary process for
producing iso-Butanol in an ICM 1 million gallon per year corn drying ethanol demonstration facility. 
 SCOPE OF WORK 

 ICM will lead Engineering, Procurement, General Construction Management and Qualification / Startup activities. Delivery of a complete
engineering package including equipment sizing, specifications, and drawings will be delivered to Gevo at the end of the construction phase after as-built drawings are completed. 
 Additionally ICM will supply operations support including operators and technicians in conjunction with Gevo technical staff to operate the facility during the demonstration run activities. 

Gevo will supply process technology information, engineering, design, and startup support as necessary to meet project objectives. Gevo personnel will be
present to lead demonstration trials. 
 Gevo will need to maintain ownership during the trials and will be responsible for the cost of removing
the equipment. 
 PILOT EQUIPMENT REQUIRED FOR GEVO’s PROCESS  
 Below is a table outlining the major equipment required to integrate the Gevo butanol process into a corn dry mill ethanol facility. As engineering details are developed additional equipment will be
indentified and detailed. Included at the end of this appendix is an Equipment Specification working document that will be used to communicate equipment design criteria and comments. 

  
 10 

  
 Major Equipment Summary

  

									
	  	 	 Description
	 	     Quantity    
	  	 Comments
	  	 
		 	 [...***...]
	 	[...***...]	  	[...***...]	  	

  

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 MILESTONES & SCHEDULE
 
 Gevo desires to have the demonstration facility operational in 2009 to support commercialization activities. Ideally the schedule
would be: 
 This proposed schedule will be adjusted as required by the Project Managers. Gevo desires to engineer, procure & install
the equipment as soon as is practically feasible. 
  

					
	 Activity Schedule for 1 Million Gallon

Demonstration Facility
	  	Planned
Start	  	Planned
Completion
	 Basic Design completed (P&ID’s, control loops, major equipment sized)
	  	7/15/2008	  	11/7/2008
	 Detailed Design
	  	11/8/2008	  	12/15/2008
	 Major equipment specification sheets completed
	  	10/13/2008	  	10/27/2008
	 Major equipment quotes received
	  	11/3/2008	  	11/28/2008
	 Major equipment orders placed
	  	11/24/2008	  	12/7/2008
	 Major equipment orders placed
	  	11/24/2008	  	1/20/2009
	 Construction
	  	TBD	  	TBD
	 Mechanical Completion
	  		  	3/20/2009
	 Qualification and Water Batch Startup
	  	3/21/2009	  	4/5/2009
	 Demonstration Operational
	  		  	4/5/09

 PLANT TRIAL PROTOCAL

  

																					
	 2. Operation of

Fermentation and
 Recovery
in
 Semi-commercial scale
 equipment
	  	Planned
Start	 	  	Planned
Completion	 	  	Biocatalyst	 	  	Carbohydrate
Source	 	  	 	 
	 [...***...]
	  	 	[...***...]	  	  	 	[...***...]	  	  	 	[...***...]	  	  	 	[...***...]	  	  			

  

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	 2. Operation of

Fermentation and
 Recovery
in
 Semi-commercial scale
 equipment
	  	Planned
Start	 	  	Planned
Completion	 	  	Biocatalyst	 	  	Carbohydrate
Source	 	  	 	 
	 [...***...]
	  	 	[...***...]	  	  	 	[...***...]	  	  	 	[...***...]	  	  	 	[...***...]	  	  			

 The schedule and timing for all trials is subject to the agreement of the ICM pilot plant manager. The details for
each trial shall be mutually agreed upon by the Gevo and ICM pilot plant managers. 
 GEVO, INC. – ISOBUTANOL PROCESS
EQUIPMENT DESCRIPTION 
 CONFIDENTIAL INFORMATION 

TABLE OF CONTENTS 
  

									
	 1.
	  	EXECUTIVE SUMMARY	  	 	15	  
			
	 2.
	  	DOCUMENT DESCRIPTION	  	 	15	  
			
	 3.
	  	FEED STOCK VARIATIONS	  	 	15	  
				
		  	3.1	  	CORN	  	 	15	  
		  	3.2	  	FRUCTOSE / SUCROSE / DEXTROSE / OTHER LIQUID SUGARS	  	 	15	  
		  	3.3	  	CELLULOSE / FIBER	  			
			
	 4.
	  	FERMENTATION	  			
				
		  	4.1	  	E-COLI	  			
		  	4.2	  	YEAST	  			
		
	 [...***...]
	  			

  

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		  	[....***...]	  			
			
	 13.
	  	MATERIAL OF CONSTRUCTION	  			
			
	 14.
	  	STERILIZATION	  			
			
	 15.
	  	STORAGE TANKS	  			
			
	 16.
	  	CONTROLS	  			

  

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	1.	Executive Summary 

 Gevo,
Inc.’s industry focus is on the next generation of advanced biofuels. To create advanced biofuels, GEVO has developed a proprietary process to convert sugars based on crops and agricultural waste products into different types of renewable,
alcohol-based, liquid fuels. A pilot plant for the production of iso-Butanol has been installed in the Englewood, CO facility and GEVO is now looking at installing their proprietary process for producing iso-Butanol in a HOST FACILITY 1 million
gallon per year corn drying ethanol demonstration facility. 
  

	2.	Document Description 

 This
document describes the overall conceptual design of the Corn Drying Ethanol Demonstration Facility and specifically the equipment required to produce iso-Butanol. The specification will include equipment that is required for iso-Butanol production
and also equipment that GEVO assumes is installed for ethanol production at the host facility. It will also list general utilities that are required at the site. 
 In addition to providing the general equipment requirements, this document will also outline equipment required for various feed stocks and fermenting microorganisms. 

 

	3.	Feed Stock Variations 

  

	 	3.1	Corn 

 It is
anticipated that the Corn Starch Pretreatment process block will include liquefaction utilizing a mixing box and liquefaction slurry tank and/or loop producing corn mash with enzymes suitable for Simultaneous Saccharification and Fermentation (SFF).

 It is assumed that the host facility process to be installed for corn pretreatment is suitable as is for the Gevo process.

  

	 	3.2	Fructose / Sucrose / Dextrose / Other Liquid Sugars  

 It is desirable to install equipment that would allow for fermentation using alternate liquid based sugars. The proposal is to modify one of the four 10,000 gallon fermentors to allow for liquid sugar
feed. Sterilization would be done with filtration or in-vessel sterilization (depending on costs and existing equipment capability). 
 Sugars to be delivered by tank trucks and pumped to (1) dedicated 10,000 gallon fermentor via an unloading pipeline. Length and size of line TBD. Transfer material to second fermentor which is
outfitted for the sugar source feed. Alternately the sugar could be fed directly from the tanker to the fermentation vessel, but demurrage charges will apply. Simple batch or fed batch fermentations are adequate to demonstrate the feasibility.

 Alternate liquid based sugars to be processed may include cane molasses, dextrose, fructose, cellulose hydrolizate, or other
available biomass based liquid carbohydrate sources. Gevo is responsible for identifying the source and supplying the alternate liquid based sugars. 

  
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	 [...***...]
	  			

  

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 [...***...] 

 

	 	8.	Beer Still 

 The existing HOST FACILITY beer
still will be utilized. 
 Beer still feed streams will be from fermentor and liquid / liquid separator #1. 

Size: to be reviewed. 
 Temperature: to be
reviewed. 
 Pressure: to be reviewed. 
  

					
	 [...***...]
	  			

  

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 [...***...] 

 

	 	14.	Storage Tanks 

 Feed stock – from tankers or
hold in 10,000 gallon fermentor. 
 Media: TBD 
 Microorganisms: TBD 
 Iso-Butanol product: TBD 

 

					
	 [...***...]
	  			

  

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 Appendix II: ICM
Standard Rate Schedule 
 [SEE ATTACHED] 

  
 22 

  
 PROFESSIONAL

 SERVICES 
 SCHEDULE 
 Effective January 1, 2008 

 

 

 

 310 N. First Street 
 P.O. Box 397 
 Colwich, KS 67030 USA 

Phone: (316) 796-0900 
 Fax: (316) 796-0570 
 www.icminc.com 

 
 This document contains confidential and proprietary
information and constitutes a trade secret under federal and state law. © 2008 ICM, Inc. All rights
reserved. 

  
 23 

  

					
	This Professional Services Schedule (“Schedule”) is effective for charges incurred on and after January 1, 2008. All amounts are quoted in U.S. dollars and are to be
paid in U.S. dollars by ACH or wire transfer. Unless changed in a written notification from an executive officer of ICM, Inc. (“ICM”), ICM’s wire transfer instructions are as follows: Institution: Intrust Bank; ABA Routing
Number: 101100029; Account Name: Operating Account; Account Number: [...***...]. All wire transfer instructions must reference the invoice number(s) being paid.	  			

 PERSONNEL RATES 
 All personnel are charged to each ICM project for actual time spent in direct support of the project. ICM’s invoice will list the specific individuals who have worked on the project and the number of
hours worked by each listed individual. Labor charged to projects is invoiced based upon personnel classification. A listing of individuals within each classification will be provided at the Owner’s request. The rate per hour for each
classification follows. 
  

					
	 Expert Witness
                                         
   [...***...]
 Consultant II

Consultant I
 Principal III
 Principal II

Principal I
 Project Manager III
 Project Manager II

Project Manager I
 Engineer/Associate/Specialist V

Engineer/Associate/Specialist IV

Engineer/Associate/Specialist III

Engineer/Associate/Specialist II

Engineer/Associate/Specialist I

General Superintendent

Superintendent
 Shutdown Coordinator
 Programmer II

Programmer I
 Trainer IV
 Trainer III

Trainer II
 Trainer I
 Maintenance II

Maintenance I
 Safety II
 Safety I

Field Representative

Field Support
 Designer III
 Designer II

Designer I
 Principal Scientist
 Scientist

Lab Technician
 Pilot Plant Operator
 Administrative

Craftsman III
 Craftsman II
 Craftsman I
	  			

 Professional Services Schedule 01/01/2008 
 This document contains confidential and proprietary information and constitutes a trade secret under federal and state law. 
 © 2008 ICM, Inc. All rights reserved. 

  

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 AIRCRAFT RATES

  

					
	The use of ICM’s privately owned aircraft is invoiced at [...***...]. Current rates will be provided at the Owner’s request.	  			

 OTHER PROJECT COSTS 
  

					
	Other project costs are invoiced at [...***...], unless a different fee is specified in a separate written agreement between ICM and the invoiced party. These costs may
include, but are not limited to, the following:	  			

  

	 	•	 	 Travel expenses, including commercial airfare, lodging, ground transportation, meals and incidentals related to the foregoing.

  

	 	•	 	 Priority mail, delivery/courier service, express mail and regular postage. 

 

	 	•	 	 Third party legal services and other professional services. 

 

	 	•	 	 Rent of offices other than ICM’s corporate offices. 

 

	 	•	 	 Outside reproduction, blueprint, printing, photographic supplies and services. 

 

	 	•	 	 Additional insurance coverage limits beyond the standard limits and coverages provided by ICM. Coverages and limits will be provided at the
Owner’s request. 

  

	 	•	 	 Losses not covered by insurance maintained to jointly protect Owner and ICM. 

 

	 	•	 	 Permits, licenses, inspections and other fees. 

  

	 	•	 	 All amounts paid pursuant to subcontracts. 

  

	 	•	 	 All costs incurred for rental equipment and tools, including delivery, set-up and demobilization expenses. 

 

	 	•	 	 Utilities incurred at the project site. 

  

	 	•	 	 Specialty manufacturing supplies and small tools. 

 Equipment purchased by ICM for a particular project will be invoiced at the rate specified in a separate written agreement between ICM and the invoiced party. 

TAXES 
  

					
	Taxes on labor, materials or services assessed by any taxing authority will be invoiced as a separate line item [...***...].	  			

 INVOICING 
 Invoices for project costs under this Schedule will generally be issued monthly and/or at the completion of the project. 
 SCHEDULE REVISIONS 
 This Schedule is subject to revision at ICM’s discretion,
unless otherwise provided by written agreement. 
 Professional Services Schedule 01/01/2008 

This document contains confidential and proprietary information and constitutes a trade secret under federal and state law. 

© 2008 ICM, Inc. All rights reserved. 

  

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 Appendix IV: Expense
Plan Rates 
  

	1.	Labor Rates: 

					
	           Operators
                           [...***...]
           Lab Technicians

          Scientist
           Plant Manager

          DCS – Software Controls
           Engineer 1

          Principal Scientist
	  			

  

	2.	Facilities Fee:                     [...***...] per day

  

							
		 	The Facilities Fee is based on the usage of 100% of the pilot plant for 24 hours of operation and includes costs for equipment and utilities. The Facilities Fees may be prorated as
agreed in the Expense Plan.	  			

  

	3.	Raw Materials and Consumables: 

  

							
		 	Raw materials and consumables supplied by ICM will be charged to Gevo on a [...***...] basis. [...***...]. The raw materials and consumables expected to be used in the
experiment shall be listed in the Expense Plan. Only raw materials and consumables actually used will be included in the ICM invoices.	  			

  

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