Document:

Exhibit 10.10

  

EMPLOYMENT AGREEMENT

 

This Employment Agreement
(the “Agreement”) is made as of this 26 day of June, 2018 (the “Effective Date”), by Simulations
Plus, Inc., a California corporation (the “Company”) and Shawn O’Connor, an individual (the “Employee”)
with reference to the following facts:

 

A.          The Company desires to secure the services of the Employee as Chief Executive Officer (“CEO”).

 

B.          The
Employee agrees to perform such services for the Company under the terms and conditions set forth in this Agreement.

 

In consideration of the mutual promises,
covenants, and conditions set forth herein and for other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, it is hereby agreed by and between the Company and the Employee as follows:

 

1.              
Representations and Warranties. The Company represents and warrants that it is empowered under its Articles
or Certificate of Incorporation and Bylaws to enter into this Agreement. The Employee represents and warrants that he is under
no employment contract, bond, confidentiality agreement, or any other obligation that would violate or be in conflict with the
terms and conditions of this Agreement or encumber his performance of duties assigned to him by the Company. The Employee further
represents and warrants that he has not signed or committed to any employment or consultant duties or other obligations that would
divert his full attention from the duties assigned to him by this Agreement; provided, that the foregoing limitations shall not
be construed as prohibiting Employee from making personal investments or participating in business activities or community affairs
in such form or manner as will not prevent Employee from performing his duties and responsibilities hereunder or cause Employee
to violate the terms of Section 6 hereof.

 

2.              
Employment and Duties. The Company hereby employs the Employee as Chief Executive Officer and the Employee
hereby accepts such employment during the Term.

 

As CEO the Employee shall have such duties,
authority and responsibility as shall be consistent with the Employee’s position and such other duties as assigned by the
Board of Directors of the Company (the “Board of Directors”).

 

3.              
Term. Subject to the provisions of Section 5, the term of this Agreement shall commence on June 26, 2018
and end on August 31, 2021 (“Term”).

 

4.              
Compensation. In full and complete consideration for the employment of Employee hereunder, each and all
of the services to be rendered to the Company by the Employee, and each and all of the representations, warranties, covenants,
agreements and promises undertaken by the Employee pursuant to this Agreement, the Employee shall be entitled to receive compensation
as follows:

 

4.1           
Base Salary. The Employee shall receive from the Company a base salary of three hundred twenty-five thousand
dollars ($325,000) per year, payable in equal, bi-monthly installments. From each payment of Base Salary, the Company will withhold
and pay to the proper governmental authorities any and all amounts required by law to be withheld for federal income tax, state
income tax, federal Social Security tax, state disability insurance premiums, and any and all other amounts required by law to
be withheld from the Employee's salary.

 

4.2           
Stock Options. Upon joining, the Employee will receive forty thousand stock options under the 2017 Equity
Incentive Plan. Thereafter, the Employee shall be eligible to receive an annual grant of up to twenty-five thousand stock options
under the 2017 Equity Incentive Plan, based on the employee’s and the Company’s performance, as determined by the Board
of Directors. Performance Bonus.

 

4.3           
Performance Bonus.

 

(a)            
Initial Year. For the period commencing with the Employee’s start date until the ending of the 2019
fiscal year (ending August 31, 2019) the Employee shall be eligible to receive a performance bonus in an amount not to exceed the
amount of $150,000, at the discretion of the Compensation Committee of the Board of Directors. Employee must be employed by the
Company on the last date of the calendar year to be eligible for the bonus related to the previous fiscal year.

 

 

 

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(b)            
Subsequent Years. For each subsequent fiscal year during the Term, the Employee shall be eligible to receive:

 

(i)             
A performance bonus in an amount not to exceed $100,000 at the end of each calendar year. The specific amount of
the performance bonus shall be determined by the Compensation Committee of the Board of Directors, based on the financial performance
and achievements of the Company for the previous fiscal year. Payout of the bonus will be tied to the Corporate EBITDA performance.
If the EBITDA yr/yr increase is less than or equal to 10%, there will be no bonus. If the increase in EBITDA is greater than or
equal to 11%, then the bonus is paid out on a linear scale based on the increase from 11% to 40%. That is, for 100% of the bonus
to be achieved, the yr/yr increase in EBITDA must be at least 40%. Employee must be employed by the Company on the last date of
the calendar year to be eligible for the bonus related to the previous fiscal year.

 

(ii)           
In addition, the Board of Directors will have at its discretion the ability to award an additional bonus up to $50,000,
based on the CEO’s and the Company’s performance. This could be tied to M&A or other activities (at the Board’s
discretion). Employee must be employed by the Company on the last date of the calendar year to be eligible to receive this bonus.

 

4.4           
Benefits. The Company shall provide to the Employee at the sole cost to the Company, and the Employee shall
be entitled to receive from the Company, such health insurance and other benefits which are appropriate to the office and position
of Employee, adequate to the performance of his duties and not inconsistent with that which the Company customarily provides at
the time to their other management employees. The Employee's right to vacation and sick leave shall be determined in accordance
with the policies of the Company as may be in effect from time to time and as are approved by the Board of Directors. Employee
shall have the right to reimbursement of customary, ordinary, and necessary business expenses, including travel, incurred in connection
with the rendering of services and performance of the functions required hereunder in accordance with the policies of the Company
as may be in effect from time to time and as are approved by the Company’s Board of Directors. Such expenses are reimbursable
only upon presentation by Employee of appropriate documentation pursuant to the policies adopted by the Company’s Board of
Directors. Employee will be based primarily at the Company’s main office in Lancaster, California, even though Employee has
indicated that at present he wishes to retain his home in Danville, California for personal reasons. Employee understands and agrees
that he is expected to spend at least 75% of his time working in the Lancaster office or on official travel. Employee further agrees
that he will not be reimbursed by the Company for any expenses associated with commuting to and living in Lancaster.

 

5.              
Termination of Employment.

 

5.1           
Expiration of the Term of Agreement. This Agreement shall be automatically terminated upon the expiration
of the Term, or as sooner agreed to by both the Employee and the Company in writing in the event this Agreement is superseded by
a new agreement. Upon such termination, the Company shall have no further liability to the Employee for any payment, compensation
or benefit whatsoever under this Agreement except with respect to (a) the Employee's salary and benefits through the effective
date of the Employee's termination, and (b) such other compensation or benefits (if any) which, by the terms of the applicable
plan or policy, is payable to the Employee after termination of employment.

 

5.2           
By Death. This Agreement shall be terminated upon the death of the Employee. The Company's total liability
in such event shall be limited to payment of (a) the Employee's salary and benefits through the date of the Employee's death, and
(b) such other compensation or benefits (if any) which, by the terms of the applicable plan or policy, is payable after the Employee's
death.

 

5.3           
By Permanent Disability. Employee’s employment may be terminated due to his permanent disability. A
permanent disability will exist when the Company has determined that Employee suffers from a condition of mind or body that indefinitely
prevents him from further performance of his essential duties, with or without reasonable accommodation. The Company’s total
liability in such event shall be limited to payment of the Employee’s salary and benefits through the effective date of termination
upon permanent disability.

 

5.4           
For Cause. The Company reserves the right to terminate this Agreement immediately, at any time, by providing
written notice to Employee that his employment is being terminated for “Cause”. The Company has “Cause”
to terminate Employee’s employment if, in the reasonable opinion of the Company’s Board of Directors: the Employee
fails or refuses to faithfully and diligently perform the usual and customary duties of his employment, which failure or refusal
is not cured within thirty (30) days after written notice thereof is given to Employee; commits any material act of dishonesty,
fraud, misrepresentation, or other act of moral turpitude; is guilty of gross carelessness or misconduct; fails to obey the lawful
direction of the Company’s Board of Directors; fails or refuses to comply with the material policies, standards and/or rules
of the Company which from time to time may be established; violates any term or condition of this Agreement; or acts in any way
that has a direct, substantial, and adverse effect on the Company’s reputation. The Company’s total liability to the
Employee in the event of termination of the Employee's employment under this paragraph shall be limited to the payment of the Employee's
salary and benefits through the effective date of termination.

 

 

 

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5.5           
Without Cause. The Company reserves the right to terminate this Agreement without cause for any reason whatsoever
upon thirty (30) days' written notice to the Employee. Upon termination under this subsection, Employee shall be paid his salary
and benefits through the effective date of termination. In addition, the Employee shall receive payment of an amount equal to six
(6) months of the Employee's base salary, so long as he signs a release of all claims against the Company on a release form provided
by the Company to him at that time. Other than payment of the amount as described in this paragraph, the Company shall have no
further obligation to pay the Employee any other compensation or benefits whatsoever. The Employee hereby agrees that the Company
may dismiss him under this Section 5.5 without regard (i) to any general or specific policies (whether written or oral) of the
Company relating to the employment or termination of its employees, or (ii) to any statements made to the Employee, whether made
orally or contained in any document, pertaining to the Employee's relationship with the Company.

 

5.6           
Mutual Consent. This Agreement shall be terminated upon mutual written consent of the Company and the Employee.
The Company’s total liability to the Employee in the event of termination of the Employee's employment under this Section
5.6 shall be limited to the payment of

 

(a)            
The Employee's salary and benefits through the effective date of termination; and

 

(b)            
Such other compensation or benefits (if any) which, by the terms of the applicable plan or policy, is payable to
the Employee after termination of employment, except as otherwise agreed by the parties in writing.

 

5.7           
Termination of Offices and Board. Upon termination of employment for any reason whatsoever, the Employee shall
be deemed to have resigned from all offices, including the Board of Directors then held with the Company, if any.

 

6.              
Restrictions on Use or Disclosure of Confidential Matters, Proprietary Information and Trade Secrets.

 

6.1           
During the Term of this Agreement, Employee will have access to confidential information of the Company and its customers.
“Confidential Information” is information that is not generally known to the public and, as a result, is of economic
benefit to the Company or its customers in the conduct of its business. The Company and Employee agree that Confidential Information
shall include, but not be limited to, all information developed or maintained by the Company and/or its customers and comprising
the following items, whether or not such items have been reduced to tangible form (e.g., physical writing): techniques, designs,
drawings, processes, inventions, development, equipment, prototypes, methods, databases, consulting agreements, product research,
sales, marketing and strategic plans, programming plans, advertising and promotion plans, products and “availability”
information, existing and developing software products, source code, object code, technical documentation, flow charts, test results,
models, data, research, formulas, ideas, trade names, service marks, slogans, forms, customer lists, client contacts, pricing structures,
business forms, marketing programs and plans, business plans and strategies, layout and design, financial information, financial
structure, operational methods and tactics, cost information, the identity of suppliers or customers of the Company, accounting
procedures, details, and any document, record or other information of the Company relating to the above. Confidential Information
includes not only information belonging to the Company or its customers which existed before the date of this Agreement, but also
information developed by Employee for the Company or its customers during the term of this Agreement and thereafter. The Employee
will not disclose to anyone, directly or indirectly, any of such Confidential Information or use any Confidential Information other
than as necessary in the course of his duties with the Company. All documents that the Employee prepares, or Confidential Information
that might be given to him or that Employee himself might create in the course of his employment by the Company, are the exclusive
property of the Company. During the Term and at any time thereafter, the Employee shall not publish, communicate, divulge, disclose
or use any of such Confidential Information which has been reasonably designated by the Company as proprietary or confidential
or which from the surrounding circumstances the Employee knows, or has good reason to know, or should reasonably know, ought to
be treated by the Employee as proprietary or confidential without the prior written consent of the Company, which consent may not
be unreasonably withheld by the Company.

 

6.2           
In the course of his employment for the Company, Employee will develop a personal relationship with the Company’s
customers and knowledge of those customers’ affairs and requirements, which may constitute the Company’s only contact
with such customers. The Employee consequently agrees that it is reasonable and necessary for the protection of the goodwill and
business of the Company that the Employee make the covenants contained herein. Accordingly, the Employee agrees that while he is
in the Company’s employ, he will not directly or indirectly:

 

 

 

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(a)            
Attempt in any manner, to solicit from any customer (except on behalf of the Company) business of the type performed
by the Company or to persuade any customer of the Company to cease to do business or reduce the amount of business which any such
customer has customarily done or contemplates doing with the Company, whether or not the relationship with the Company and such
customer was originally established in whole or in part through the Employee's efforts; or

 

(b)            
Engage in any business as, or own an interest in, directly or indirectly, any individual proprietorship, partnership,
corporation, joint venture, trust, or any other form of business entity if such business form or entity is engaged in the business
in which the Company is engaged;

 

(c)            
Render any services of the type rendered by the Company to or for any customer of the Company, except as an employee
of the Company in the normal performance of his duties;

 

(d)            
Employ or attempt to employ or assist anyone else to employ any person who is then or at any time during the preceding
year in the Company’s employ.

 

6.3           
For a one-(1-)year period after the termination of this Agreement for any reason, Employee shall not, directly or
indirectly, ask or encourage any employee(s) of the Company to leave their employment with the Company or solicit any employee(s)
of the Company for employment elsewhere. The Employee further agrees that he shall make any subsequent employer aware of this nonsolicitation
obligation.

 

6.4           
Notice of Rights. Notwithstanding any provisions in this Agreement or Company policy applicable to the unauthorized
use or disclosure of trade secrets or Confidential Information, Employee is hereby notified that Employee may not be held criminally
or civilly liable, under any applicable federal or state trade secret law, for the disclosure of a trade secret that is made in
confidence to a federal, state, or local government official, or to an attorney, solely for the purpose of reporting or investigating
a suspected violation of law.  Employee also may not be held so liable for such disclosures made in a complaint or other document
filed in a lawsuit or other proceeding, if such filing is made under seal.  In addition, Employee is advised that individuals
who file a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the
attorney of the individual and use the trade secret in the court proceeding, if the individual files any document containing the
trade secret under seal and does not disclose the trade secret, except pursuant to court order.

 

6.5           
This entire Section 6 shall survive termination of this Agreement.

 

7.              
The Company’s Property.

 

7.1           
Any patents, inventions, discoveries, applications or processes, software, and computer programs devised, planned,
applied, created, discovered or invented by the Employee in the course of his employment by the Company and which pertain to any
aspect of the business of the Company, or their respective subsidiaries, affiliates or customers, shall be the sole and exclusive
property of the Company, and the Employee shall make prompt report thereof to the Company and promptly execute any and all documents
reasonably requested to assure the Company the full and complete ownership thereof.

 

7.2           
All records, files, lists, drawings, documents, equipment, and similar items relating to the Company’s business
which the Employee shall prepare or receive from the Company in the course of his employment by the Company shall remain the Company’s
sole and exclusive property. Upon termination of this Agreement, the Employee shall return promptly to the Company all property
of the Company in his possession and the Employee represents and warrants that he will not copy, or cause to be copied, printed,
summarized or compiled, any software, documents, or other materials originating with and/or belonging to the Company, including,
without limitation, documents or other materials created by the Employee for, or on behalf of, the Company. The Employee further
represents and warrants that he will not retain in his possession any such software, documents, or other materials in machine or
human readable form.

 

7.3           
This Section 7 shall survive termination of this Agreement.

 

8.              
Outside Activities. During the Term, the Employee shall not, directly or indirectly, either as an officer,
director, employee, representative, principal, partner, shareholder, employee, agent or in any other capacity, engage or assist
any third party in engaging in any business competitive, or potentially competitive, with the business of the Company, or engage
in any other gainful occupation which requires his personal attention, without the prior written consent of the Company, which
consent may be withheld by the Company in its sole and absolute discretion. Following his employment with the Company, the Employee
shall not engage in unfair competition with the Company, aid others in any unfair competition with the Company, in any way breach
the confidence that the Company has placed in the Employee, or misappropriate any proprietary information of the Company.

 

 

 

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9.              
Reports. The Employee, when directed, shall provide written reports to the Company with respect to the
services provided hereunder.

 

10.           
Strict Loyalty. The Employee hereby covenants and agrees to avoid all circumstances and actions that reasonably
would place the Employee in a position of divided loyalty with respect to his obligations under this Agreement.

 

11.           
Assignment. This Agreement may not be assigned to another party by the Employee without the prior written
consent of the Company, which consent may be withheld by the Company, in its sole and absolute discretion.

 

12.           
Arbitration. In the event of any dispute between the Company and the Employee concerning any aspect of
the employment relationship, including any disputes relating to its termination, all such disputes shall be resolved by binding
arbitration before a single neutral arbitrator pursuant to the following terms. This provision shall supersede any prior arbitration
agreement, policy, or understanding between the parties. The parties intend to revoke any prior arbitration agreement.

 

12.1        
Claims Covered by the Agreement. The Employee and the Company mutually consent to the resolution by final
and binding arbitration of all claims or controversies (“claims”) that the Company may have against the Employee
or that the Employee may have against the Company or against its officers, directors, partners, employees, agents, pension or benefit
plans, administrators, or fiduciaries, franchisors, or any parent, subsidiary or affiliated companies or corporation (collectively
referred to for purposes of this Section 12 as “Company’s Parties”), relating to, resulting from, or in
any way arising out of Employee’s employment relationship with Company and/or the termination of Employee’s employment
relationship with Company, to the extent permitted by law. The claims covered by this Agreement include, but are not limited to,
claims for wages or other compensation due; claims for breach of any contract or covenant (express or implied); tort claims; claims
for discrimination and harassment (including, but not limited to, race, sex, religion, national origin, age, marital status or
medical condition, disability, or sexual orientation); claims for benefits (except where an employee benefit or pension plan specifies
claims procedures different from the ones described in this Section 12); claims for breach of any duties or obligations; and claims
for violation of any public policy, federal, state or other governmental law, statute, regulation, or ordinance, except claims
excluded in the following section.

 

12.2        
Claims Not Covered by the Agreement. Claims the Employee may have for workers’ compensation (excluding
discrimination claims under workers’ compensation statutes), unemployment compensation benefits, or claims under the Private
Attorney General Act of 2014 (“PAGA”), California Labor Code Sections 2699 et seq., are not covered by this Arbitration
section.

 

12.3        
Required Notice of Claims and Statute of Limitations. Arbitration may be initiated by the Employee by serving
or mailing a written notice to the Chairman of the Board of the Company. Arbitration may be initiated by the Company’s Parties
by serving or mailing a written notice to the Employee at his last known address. The notice shall identify and describe the nature
of all claims asserted and the facts upon which such claims are based. The written notice shall be served or mailed within the
applicable statute of limitations period set forth by federal or state law.

 

12.4        
Arbitration Procedures.

 

(a)            
After demand for arbitration has been made by serving written notice under the terms of Section 12.3 of this Agreement,
the party demanding arbitration shall file a demand for arbitration with the office of Judicial Arbitration and Mediation Services
(“JAMS”) located in Los Angeles, California. The arbitrator shall be selected from the JAMS panel and the arbitration
shall be conducted pursuant to JAMS policies and procedures. All rules governing the arbitration shall be the rules as set forth
by JAMS. If the dispute is employment-related, the dispute shall be governed by JAMS’ then-current version of the national
rules for the resolution of employment disputes. JAMS’ then-applicable rules governing the arbitration may be obtained from
JAMS’ website which currently is www.jamsadr.com.

 

(b)            
The arbitrator shall apply the substantive law (and the law of remedies, if applicable) of California, or federal
law, or both, as applicable to the claim(s) asserted. The arbitrator shall have exclusive authority to resolve any dispute relating
to the interpretation, applicability, enforceability, or formation of this Agreement, including but not limited to any claim that
all or any part of this Agreement is void or voidable.

 

(c)            
Either party may file a motion for summary judgment with the arbitrator. The arbitrator is entitled to resolve some
or all of the asserted claims through such a motion. The standards to be applied by the arbitrator in ruling on a motion for summary
judgment shall be the applicable laws as specified in Section 12.4(b) of this Agreement.

 

 

 

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(d)            
Discovery shall be allowed and conducted pursuant to the then-applicable arbitration rules of JAMS, provided that
the parties shall be entitled to discovery sufficient to adequately arbitrate their claims and defenses. The arbitrator is authorized
to rule on discovery motions brought under the applicable discovery rules.

 

12.5        
Arbitration Decision. The arbitrator’s decision will be final and binding. The arbitrator shall issue
a written arbitration decision revealing the essential findings and conclusions upon which the decision and/or award is based.
A party’s right to appeal the decision is limited to grounds provided under applicable federal or California law.

 

12.6        
Application for Emergency Injunctive and/or Other Equitable Relief. Claims by the Company or Employee for
emergency injunctive and/or other equitable relief relating to unfair competition and/or the use and/or unauthorized disclosure
of trade secrets or confidential information and/or a breach of the provisions of Sections 6, 7, and 8 of this Agreement shall
be submitted to JAMS for emergency treatment. The parties agree that the JAMS administrator may select a neutral hearing officer
(subject to conflicts) to hear the emergency request only. The hearing officer should be experienced in considering requests for
emergency injunctive and/or other equitable relief. The hearing officer shall conform his or her consideration and ruling with
the applicable legal standards as if this matter were heard in a court of law in the applicable jurisdiction for such a dispute.

 

12.7        
Place of Arbitration. The arbitration will be at a mutually convenient location in Los Angeles, California.
If the parties cannot agree upon a location, then the arbitration will be held at a JAMS’ office in Los Angeles.

 

12.8        
Representation, Fees and Costs. Each party may be represented by an attorney or other representative selected
by the party. Each party shall be responsible for its own attorneys’ or representatives’ fees. However, if any party
prevails on a statutory claim that affords the prevailing party’s attorneys’ fees, or if there is a written agreement
providing for fees, the arbitrator may award reasonable fees to the prevailing party. The Company shall be responsible for the
arbitrator’s fees and costs to the extent they exceed any fee or cost that the Employee would be required to bear if the
action were brought in court.

 

12.9        
Waiver Of Jury Trial/Exclusive Remedy. The Employee and the Company knowingly and voluntarily waive any constitutional
right to have any dispute between them decided by a court of law and/or by a jury in court.

 

12.10    
Waiver of Representative/Class Action Proceedings. Employee and Company knowingly and voluntarily agree to
bring any claims governed by this Agreement in his/its individual capacity and not as a plaintiff, class member, or representative
in any purported class or representative action. They further agree to waive any right to participate in any representative or
class action proceeding related to any claims governed by this Agreement. The Company and Employee also agree that the arbitrator
may not consolidate more than one individual’s claims, and may not otherwise preside over any form of representative or class
action proceeding, including, but not limited to, any representative action under California Business and Professions Code Sections
17200 et seq. For purposes of this Agreement, the term “representative” used in this section specifically excludes
any claims, causes of action, or actions brought under PAGA (“PAGA claims”). Accordingly, any PAGA claims must be pursued
in the appropriate court of law. However, if either Employee or the Company have other claims or actions against each other covered
by this Agreement, then they agree that those non-PAGA claims must first be pursued in arbitration, regardless of which claims
or actions were filed first. The pending court PAGA action shall be stayed pending full and final resolution of the arbitration
pursuant to California Code of Civil Procedure Section 1281.2 and related law.

 

13.           
The Company’s Bylaws, Directions, Policies, Practices, Rules, Regulations, and Procedures. The Employee
agrees to become and remain thoroughly familiar with each and all of the Company’s bylaws, directions, policies, practices,
rules, regulations, and procedures that relate to the employment and/or to any of Employee's duties and/or responsibilities as
an employee of the Company, and to abide fully and by each and all of such bylaws, directions, policies, practices, rules, regulations,
and procedures. During the Term, the Employee shall be fully bound by and employed pursuant to each and all of the Company’s
bylaws, directions, policies, practices, rules, regulations, and procedures as now in effect or as may be implemented, modified,
or otherwise put into effect by the Company during the term of employment, regardless of whether such bylaws, directions, policies,
practices, rules, regulations, and procedures are oral or are set forth in any manual, handbook, or other document, and it is solely
the responsibility of Employee to become and remain fully aware of and familiar with each and all such directions, policies, practices,
rules, regulations, and/or procedures. In the event of any conflict between any provision of this Agreement and any provision of
the Company’s directions, policies, practices, rules, regulations, and/or procedures, the provisions of this Agreement govern
for any and all purposes whatsoever.

 

 

 

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14.           
Indemnification. The Company shall indemnify and hold the Employee harmless from any and all claims, demands,
judgments, liens, subrogation, or costs incurred by the Employee with respect to any shareholder derivative action or other claims
or suits against the Company and/or their respective Boards of Directors by individuals, firms, or entities not a party to this
Agreement to the maximum extent permitted under California law.

 

15.           
General.

 

15.1        
Further Documents. Each party shall execute and deliver all further instruments, documents, and papers, and
shall perform any and all acts necessary reasonably requested by the other party, to give full force and effect to all of the terms
and provisions of this Agreement.

 

15.2        
Successors and Assigns. Except where expressly provided to the contrary, this Agreement, and all provisions
hereof, shall inure to the benefit of and be binding upon the parties hereto, their successors in interest, assigns, administrators,
executors, heirs, and devises.

 

15.3        
Severability. Whenever possible, each provision of this Agreement shall be interpreted in such a manner as
to be effective and valid under applicable law. If any provision of this Agreement, as applied to any party or to any circumstance,
shall be found by a court or arbitrator to be invalid or unenforceable under applicable law, such provision will be ineffective
only to the extent of such invalidity or unenforceability, without invalidating or rendering unenforceable the remainder of such
provision, and any such invalidity or unenforceability shall in no way affect any other provision of this Agreement, the application
of any provision in any other circumstance or the validity or enforceability of this Agreement.

 

15.4        
Notices. All notices or demands shall be in writing and shall be served personally, telegraphically, or by
express or certified mail. Service shall be deemed conclusively made at the time of service if personally served, 24 hours after
deposit thereof in the United States mail properly addressed and postage prepaid, return receipt requested, if served by express
Mail, and five days after deposit thereof in the United States mail, properly addressed and postage prepaid, return receipt requested,
if served by certified mail. Any notice or demand to the Company shall be given to:

 

Simulations Plus, Inc.

42505 10th Street West

Lancaster, CA 93534-7059

Attention: Compensation Committee

 

and any notice or demand to the Employee
shall be given to:

 

Shawn O’Connor

PO Box 3360

San Ramon, CA 94583

 

 

Any party may, by virtue of a written notice
in compliance with this Section, alter or change the address or the identity of the person to whom any notice, or copy thereof,
is to be sent.

 

15.5        
Waiver. A waiver by any party of any of the terms and conditions of this Agreement in any one instance shall
not be deemed or construed to be a waiver of the term or condition for the future, or of any subsequent breach thereof or of any
other term or condition thereof. Any party may waive any term, provision or condition included for the benefit of that party. Any
and all waivers shall be in writing.

 

15.6        
Construction. This Agreement shall be governed by and construed in accordance with the laws of the State of
California applicable to contracts entered into and fully to be performed therein without regard to its principles of choice of
law or conflicts of law. In all matters of interpretation, whenever necessary to give effect to any provision of this Agreement,
each gender shall include the others, the singular shall include the plural, the plural shall include the singular and the terms
“and” and “or” may be used interchangeably as the context so requires or implies. The title of the sections
of this Agreement are for convenience only and shall not in any way affect the interpretation of any provision or condition of
this Agreement. All remedies, rights, undertakings, obligations, and agreements contained in this Agreement shall be cumulative
and none of them shall be in limitation of any other remedy, right, undertaking, obligation, or agreement of any party.

 

 

 

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15.7        
Entire Understanding. This Agreement contains the entire understanding of the parties hereto relating to the
subject matter contained herein and supersedes all prior and collateral agreements, understandings, statements, and negotiation
of the parties. Each party acknowledges that no representations, inducements, or promises, oral or written, with reference to the
subject matter hereof have been made other than as expressly set forth herein. This Agreement cannot be changed, rescinded, or
terminated orally.

 

15.8        
Third Party Rights. The parties hereto do not intend to confer any rights or remedies upon any person other
than the parties hereto and those referred to in Section 15.2 hereof so long as any such assignment by Employee was approved by
the Company as provided in Section 11 hereof.

 

15.9        
Attorneys' Fees. In the event of any litigation between the parties respecting or arising out of this Agreement,
the prevailing party shall be entitled to recover reasonable legal fees and costs, whether or not the litigation proceeds to final
judgment or determination.

 

15.10    
Place of Litigation. Any litigation between the parties shall occur in the County of Los Angeles, California.

 

15.11    
Counterparts. This Agreement may be executed in counterparts which, taken together, shall constitute the whole
of the agreement between the parties.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

 

 

 

 

 

 

    	 	8	 

     

    

 

IN WITNESS THEREOF, the parties have executed
this Agreement as of the day and year first above written.

 

	
        Company:

         

        SIMULATIONS PLUS, INC.

         

         

        By: /s/ Walter S. Woltosz

        Walter S. Woltosz, Chairman and CEO

        Date: June 25, 2018
	
        Employee:

         

        Shawn O’Connor

         

         

        /s/ Shawn O’Connor

        Shawn O’Connor

        Date: June 25, 2018

	 	 

 

 

 

 

 

 

 

 

 

 

    	 	9EX-10.1

 Exhibit 10.1 
  

 
  

INVESTOR RIGHTS AGREEMENT 

by and among 
 KEURIG DR
PEPPER INC. 
 and 

THE HOLDERS LISTED ON SCHEDULE A HERETO 

Dated as of July 9, 2018 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
	1.	    	Definitions and Interpretation	  	 	2	 
	2.	    	Demand Registration	  	 	9	 
	3.	    	Shelf Registration	  	 	12	 
	4.	    	Piggyback Registration	  	 	16	 
	5.	    	Standstill; Lock-up Agreements	  	 	18	 
	6.	    	Other Registration Rights	  	 	19	 
	7.	    	Registration Procedures	  	 	19	 
	8.	    	Indemnification by the Company	  	 	23	 
	9.	    	Indemnification by Participating Shareholders	  	 	24	 
	10.	    	Conduct of Indemnification Proceedings	  	 	24	 
	11.	    	Survival	  	 	25	 
	12.	    	Contribution	  	 	25	 
	13.	    	Participation in Public Offering	  	 	26	 
	14.	    	Compliance with Rule 144 and Rule 144A	  	 	26	 
	15.	    	Selling Expenses	  	 	27	 
	16.	    	Prohibition on Requests; Holders’ Obligations	  	 	27	 
	17.	    	Corporate Governance	  	 	28	 
	18.	    	Information Rights	  	 	30	 
	19.	    	Miscellaneous	  	 	31	 

 This INVESTOR RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of
July 9, 2018, by and among Keurig Dr Pepper Inc., a Delaware corporation (the “Company”), and the persons listed on Schedule A hereto (such persons, in their capacity as holders of Registrable Securities, including any
permitted transferees hereunder, the “Holders” and each a “Holder” and, the Holders together with the Company, the “Parties”). 

RECITALS 
 WHEREAS, Maple
Parent Holdings Corp., a Delaware corporation (“Maple Parent”), the Company and Salt Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of Sea Salt (“Merger Sub”), have entered into an Agreement
and Plan of Merger, dated as of January 29, 2018 (as the same may be amended or supplemented from time to time, the “Merger Agreement”), pursuant to which, on the date of the Closing, subject to certain terms and conditions,
Merger Sub shall be merged with and into Maple Parent, with Maple Parent surviving the merger as a wholly-owned subsidiary of the Company (the “Merger”); 

WHEREAS, in connection with the Merger, the Holders will have the right to receive shares of Common Stock representing the Merger
Consideration in accordance with Section 3.01 of the Merger Agreement; and 
 WHEREAS, the Company desires to enter into this Agreement
with the Holders in order to provide the Holders the investor rights described herein. 
 NOW, THEREFORE, in consideration of the foregoing
Recitals and the representations, warranties, covenants and agreements set forth in this Agreement, and intending to be legally bound by this Agreement, the Parties agree as follows: 

 

	1.	Definitions and Interpretation. 

 (a)    Definitions. As used
in this Agreement, each of the following capitalized terms has the meaning specified in this Section 1(a). 

“Adverse Disclosure” means public disclosure of material non-public information that,
in the Board’s good faith judgment, after consultation with outside counsel to the Company, (i) would be required to be made in any Registration Statement filed with the SEC by the Company so that such Registration Statement would not be
materially misleading; (ii) would not be required to be made at such time but for the filing of such Registration Statement and (iii) the Company has a bona fide business purpose for not disclosing publicly. 

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly Controls, is Controlled by, or is
under common Control with, such Person; provided, that no shareholder of the Company shall be deemed an Affiliate of any other shareholder solely by reason of any investment in the Company; provided, further, that
“Affiliate” shall not include the portfolio companies of any of the Holders or any Affiliate of such portfolio companies (other than the Company and its Subsidiaries). 

“Board” means the board of directors of the Company. 

  
 2 

 “Business Day” means any day except a Saturday, Sunday or other day on which
commercial banks in New York, New York are authorized by Law to close. 
 “Closing” has the meaning set forth in the Merger
Agreement. 
 “Closing Date” has the meaning set forth in the Merger Agreement. 

“Common Stock” means the common stock, par value $0.01 per share, of the Company and any securities issued in respect thereof,
or in substitution therefor, in connection with any share split, dividend or combination, or any reclassification, recapitalization, amalgamation, merger, consolidation, scheme of arrangement, exchange or other similar reorganization. 

“Company Securities” means (i) the Common Stock and any other stock or other equity interests or equity-linked interests
of the Company or any Subsidiary and (ii) Equity Rights that are directly or indirectly convertible into or exercisable exchangeable for Common Stock or other stock or other equity of the Company or any Subsidiary. 

“Company Shares” means the issued and outstanding shares of Common Stock. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of a Person, whether through the ownership of voting securities, by contract or otherwise, and “Controls” and “Controlled” each has a correlative meaning. 

“Derivative Instrument” means any and all derivative securities (as defined under Rule
16a-1 under the Exchange Act) that increases or decreases in value as the value of any Company Securities increases or decreases, as the case may be, including a long convertible security, a long call option
and a short put option position, in each case, regardless of whether (a) such derivative security conveys any voting rights in any Company Security, (b) such derivative security is required to be, or is capable of being, settled through
delivery of any Company Security or (c) other transactions hedge the value of such derivative security. 
 “Equity
Right” means, with respect to any Person, any security (including any debt security or hybrid debt-equity security) or obligation convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or
acquire, or any options, calls, warrants, restricted shares, restricted share units, deferred share awards, share units, “phantom” awards, dividend equivalents, participations, interests, rights or commitments relating to, or any share
appreciation right or other instrument the value of which is determined in whole or in part by reference to the market price or value of, shares of capital stock or earnings of such Person. 

“FINRA” means the Financial Industry Regulatory Authority, Inc., and any successor regulator performing comparable functions.

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor federal statute, and the rules and
regulations of the SEC thereunder, as the same shall be in effect from time to time. 

  
 3 

 “Governmental Entity” means any foreign, United States federal or state,
regional or local legislative, executive or judicial body or agency, any court of competent jurisdiction, any department, commission, political subdivision or other governmental entity or instrumentality, or any arbitral authority, in each case,
whether domestic or foreign. 
 “Group Member” means, with respect to any specified Person, any Affiliate of the specified
Person that is, directly or indirectly, Controlled by the specified Person and includes any Person with respect to which the specified Person is a direct or indirect Subsidiary. 

“JAB” means Maple Holdings B.V. 

“Judgments” means any judgments, injunctions, orders, stays, decrees, writs, rulings, or awards of any court or other judicial
authority or any other Governmental Entity. 
 “Law” means all laws (including common law), statutes, ordinances, rules,
regulations, orders, decrees or legally-binding guidance of any Governmental Entity, or Judgments. 
 “MDLZ” means
Mondelēz International Holdings LLC. 
 “Material Adverse Change” means (i) any general suspension of trading in,
or limitation on prices for, securities on any national securities exchange or in the over-the-counter market in the United States (other than ordinary course
limitations on hours or number of days of trading); (ii) a material outbreak or escalation of armed hostilities or other international or national calamity involving the United States or the declaration by the United States of a national emergency
or war or a material adverse change in national or international financial, political or economic conditions; or (iii) any event, change, circumstance or effect that is or is reasonably likely to be materially adverse to the business,
properties, assets, liabilities, condition (financial or otherwise), operations or results of operations of the Company and its Subsidiaries, taken as a whole. 

“Merger Consideration” has the meaning set forth in the Merger Agreement. 

“Mondelēz International” means Mondelēz International, Inc. 

“Notice, Agreement and Questionnaire” means a written notice, agreement and questionnaire substantially in the form of
Annex A hereto. 
 “NYSE” means the New York Stock Exchange. 

“Participating Shareholder” means, with respect to any registration, any Holder of Registrable Securities covered by the
applicable Registration Statement 
 “Person” means any individual, corporation, partnership, limited liability company,
joint venture, association, joint-stock company, trust, unincorporated organization, governmental entity or any other entity. 

  
 4 

 “Public Offering” means any public offering and sale of equity securities of the
Company or its successor for cash pursuant to an effective registration statement (other than on Form S-4, S-8 or a comparable form) under the Securities Act. 

“Qualified Shareholder” means any Holder that, together with its Affiliates, beneficially owns at least 3% of the Company
Shares. 
 “Registrable Securities” means, at any time, any Company Shares and any securities issued or issuable in respect
of such Company Shares or by way of conversion, amalgamation, exchange, share dividend, split or combination, recapitalization, merger, consolidation, other reorganization or otherwise until the earliest to occur of (i) a Registration Statement
covering such Company Shares has been declared effective by the SEC and such Shares have been sold or otherwise disposed of pursuant to such effective Registration Statement, (ii) such Company Shares are otherwise transferred (other than by a
Qualified Shareholder to an Affiliate thereof), the Company has delivered a new certificate or other evidence of ownership for such Company Shares not bearing any restricted legend and such Company Shares may be resold without subsequent
registration under the Securities Act, (iii) such Company Shares are repurchased by the Company or a Subsidiary of the Company or cease to be outstanding or (iv) such Company Shares may be resold pursuant to Rule 144, without regard to
volume or manner of sale limitations, whether or not any such sale has occurred, unless such Registrable Securities are held by a Qualified Shareholder. 

“Registration Expenses” means any and all expenses incident to the performance of or compliance with any registration or
marketing of securities, including all (i) registration and filing fees, and all other fees and expenses payable in connection with the listing of securities on any securities exchange or automated interdealer quotation system, (ii) fees
and expenses of compliance with any securities or “blue sky” Laws (including fees and disbursements of counsel in connection with “blue sky” qualifications of the securities registered), (iii) expenses in connection with the
preparation, printing, mailing and delivery of any Registration Statements, prospectuses and other documents in connection therewith and any amendments or supplements thereto, (iv) security engraving and printing expenses, (v) internal
expenses of the Company (including all salaries and expenses of its officers and employees performing legal or accounting duties), (vi) fees and disbursements of counsel for the Company and customary fees and expenses for independent certified
public accountants retained by the Company (including the expenses relating to any required audits of the financial statements of the Company or any comfort letters or costs associated with the delivery by independent certified public accountants of
any comfort letters requested pursuant to Section 7(l)), (vii) fees and expenses of any special experts retained by the Company in connection with such registration, (viii) reasonable fees and expenses of one
(1) counsel for all Holders participating in the offering, selected by the Holders holding the majority of the Registrable Securities to be sold for the account of all Holders in the offering and reasonable fees and expenses of each additional
counsel retained by any Holder for the purpose of rendering a legal opinion on behalf of such Holder in connection with any underwritten Public Offering, (ix) fees and expenses in connection with any review by FINRA of the underwriting
arrangements or other terms of the offering, and all fees and expenses of any “qualified independent underwriter,” including the fees and expenses of any counsel thereto, but excluding any underwriting fees, discounts and commissions
attributable to the sale of Registrable Securities, (x) transfer agents’ and registrars’ fees and expenses and the fees and 

  
 5 

 
expenses of any other agent or trustee appointed in connection with such offering, (xi) expenses relating to any analyst or investor presentations or any “road shows” undertaken in
connection with the registration, marketing or selling of the Registrable Securities, provided that the Company shall not be responsible for any plane chartering fees, (xii) fees and expenses payable in connection with any ratings of the
Registrable Securities, including expenses relating to any presentations to rating agencies and (xiii) all out-of-pocket costs and expenses incurred by the Company
or its appropriate officers in connection with their compliance with Section 7(r). For the avoidance of doubt, “Registration Expenses” shall include expenses of the type described in clauses (i)—(xiii) to the
extent incurred in connection with the “take down” of Company Shares pursuant to a Registration Statement previously declared effective. Except as set forth in clause (viii) above, Registration Expenses shall not include any out-of-pocket expenses of any Holders (or the agents who manage their accounts) or any Selling Expenses. 

“Registration Statement” means any registration statement of the Company that covers Registrable Securities pursuant hereto
filed with, or to be filed with, the SEC under the rules and regulations promulgated under the Securities Act, including the related prospectus, pre- and post-effective amendments and supplements to such
registration statement and all exhibits and all material incorporated by reference in such registration statement. 

“Representatives” means, with respect to any Person, (i) any of such Person’s partners, stockholders, shareholders,
members, directors, officers, employees, agents, counsel, accountants, trustees, equity financing partners, investment advisors or representatives, Affiliates and investment vehicles managed or advised by such Person, (ii) the partners,
stockholders, shareholders, members, directors, officers, employees, agents, counsel, accountants, trustees, equity financing partners, investment advisors or representatives of such Persons listed in clause (i), and (iii) any other Person
acting on behalf of such Person with respect to the Company and any of its Subsidiaries. 
 “Rule 144” means Rule 144 (or
any successor provisions) under the Securities Act. 
 “Rule 144A” means Rule 144A (or any successor provisions) under the
Securities Act. 
 “Rule 415” means Rule 415 (or any successor provisions) under the Securities Act. 

“SEC” means the United States Securities and Exchange Commission and any successor agency performing comparable functions.

 “Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations
promulgated thereunder. 
 “Selling Expenses” means all underwriting discounts, selling commissions and stock or share
transfer taxes applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any holder of Registrable Securities, except for the reasonable fees and disbursements of one counsel for the holders of Registrable
Securities set forth in clause (viii) of the definition of Registration Expenses. 

  
 6 

 “Shelf Registration Statement” means a Registration Statement of the Company
filed with the SEC on either (i) Form S-3 (or any successor form or other appropriate form under the Securities Act) or a prospectus supplement to an existing Form
S-3, or (ii) if the Company is not permitted to file a Registration Statement on Form S-3, an evergreen Registration Statement on Form S-1 (or any successor form or other appropriate form under the Securities Act), in each case for an offering to be made on a continuous basis pursuant to Rule 415 under the Securities Act (or any similar rule that
may be adopted by the SEC) covering all of the Registrable Securities, as applicable, and which may also cover any other securities of the Company. 

“Standstill Period” means the period beginning on the date of this Agreement and ending on the first Business Day following
the date that is the six (6) month anniversary of the date of the Closing. 
 “Subsidiary” means, as to a Person, any
corporation, partnership, limited liability company or other organization, whether incorporated or unincorporated, of which at least a majority of the securities or other interests having by their terms voting power to elect a majority of the board
of directors or others performing similar functions with respect to such corporation or other organization is directly or indirectly beneficially owned or controlled by such Person. 

“Underwritten Offering” means a registration in which Company Securities are sold to an underwriter or underwriters on a firm
commitment basis. 
 “Voting Securities” means the Company Shares and any other securities of the Company entitled to vote
at any meeting of stockholders of the Company. 
 (b)    Other Definitions. In addition to the defined terms set
forth in Section 1(a), as used in this Agreement, each of the following capitalized terms has the meaning specified in the Section set forth opposite such term below. 

(c) 
  

					
	 Term
	  	Section	 
		
	 Agreement
	  	 	Preamble	 
		
	 Company
	  	 	Preamble	 
		
	 Company Group
	  	 	18(a)	 
		
	 Company’s Auditors
	  	 	18(a)	 
		
	 Damages
	  	 	8(a)	 
		
	 Demand Notice
	  	 	2(a)(i)	 
		
	 Demand Period
	  	 	2(e)	 
		
	 Demand Registration
	  	 	2(a)(i)	 
		
	 Demand Suspension
	  	 	2(h)	 
		
	 Director
	  	 	17(a)	 
		
	 Holder
	  	 	Preamble	 
		
	 Holder Information
	  	 	16(b)	 
		
	 Indemnified Party
	  	 	10	 
		
	 Indemnifying Party
	  	 	10	 
		
	 Inspectors
	  	 	7(k)	 

  
 7 

					
		
	 Long-Form Registration
	  	 	2(a)(i)	 
		
	 Maple Parent
	  	 	Recitals	 
		
	 Maximum Offering Size
	  	 	2(g)	 
		
	 MDLZ Designee
	  	 	17(a)	 
		
	 Merger
	  	 	Recitals	 
		
	 Merger Agreement
	  	 	Recitals	 
		
	 Merger Sub
	  	 	Recitals	 
		
	 Mondelēz International Public Filings
	  	 	18(a)	 
		
	 Parties
	  	 	Preamble	 
		
	 Piggyback Registration
	  	 	4(a)	 
		
	 Records
	  	 	7(k)	 
		
	 Requesting Shareholder
	  	 	2(a)(i)	 
		
	 Shelf Offering Request
	  	 	3(a)	 
		
	 Shelf Period
	  	 	3(b)	 
		
	 Shelf Suspension
	  	 	3(d)	 
		
	 Short-Form Registration
	  	 	2(a)(i)	 
		
	 Underwritten Shelf Takedown
	  	 	3(e)(i)	 
		
	 Underwritten Shelf Takedown Notice
	  	 	3(e)(i)	 
		
	 Underwritten Shelf Takedown Request
	  	 	3(e)(i)	 

 (d)    Interpretation. 

(i)    When calculating the period of time before which, within which or following which any act is to be done or step
taken pursuant to this Agreement, (A) the date that is the reference date in calculating such period shall be excluded and (B) if the last day of such period is a not a Business Day, the period in question shall end on the next succeeding
Business Day. 
 (ii)    When a reference is made herein to a Section, such reference shall be to a Section of this
Agreement unless otherwise indicated. The table of contents and headings contained herein are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 

(iii)    Whenever the words “include,” “includes” or “including” are used herein, they shall
be deemed to be followed by the words “without limitation.” 
 (iv)    The words “hereof,”
“hereto,” “hereby,” “herein” and “hereunder” and words of similar import when used herein shall refer to this Agreement as a whole and not to any particular provision of this Agreement. 

(v)    The word “extent” in the phrase “to the extent” means the degree to which a subject or other
thing extends, and such phrase shall not mean simply “if.” 

  
 8 

 (vi)    Any law or regulation defined or referred to herein means such law or
regulation as from time to time amended, modified or supplemented, unless otherwise specifically indicated. 

(vii)    References to a person are also to its successors and permitted assigns. 

(viii)    The Annexes to this Agreement are incorporated and made a part hereof and are an integral part of this Agreement.
Any capitalized term used in any Annex but not otherwise defined therein shall have the meaning given to such term herein. 
  

	2.	Demand Registration. 

 (a)    Demand by Holders. 

(i)    If, at any time beginning 90 days prior to the expiration of the Standstill Period, the Company does not otherwise
have an effective registration statement on Form S-3 covering a Holder’s Registrable Securities on file with the SEC and the Company shall have received a request, subject to
Section 16, from any Qualified Shareholder (the “Requesting Shareholder”) that the Company effect the registration under the Securities Act of all or any portion of such Requesting Shareholder’s
Registrable Securities (x) on Form S-1 or any similar long-form Registration Statement (a “Long-Form Registration”) or (y) on Form S-3 or any
similar short-form Registration Statement, which shall include a prospectus supplement to an existing Form S-3 (a “Short-Form Registration”) if the Company qualifies to use such short form
Registration Statement (any such requested Long-Form Registration or Short-Form Registration, a “Demand Registration”), and specifying the kind and aggregate amount of Registrable Securities to be registered and the intended method
of disposition thereof, then the Company shall promptly, but in no event later than ten (10) Business Days prior to the effective date of the Registration Statement relating to such Demand Registration, give notice of such request (a
“Demand Notice”) to the other Holders, specifying the number of Registrable Securities for which the Requesting Shareholder has requested registration under this Section 2(a). During the ten
(10) Business Days after receipt of a Demand Notice, all Holders (other than the Requesting Shareholder) may provide a written request to the Company, specifying the aggregate amount of Registrable Securities held by such Holders requested to
be registered as part of such Demand Registration and the intended method of distribution thereof; provided that, if, on the date of any request by a Qualified Shareholder, the Company qualifies as a well-known seasoned issuer as defined in
Rule 405 under the Securities Act) eligible to file an automatic shelf registration statement on Form S-3 pursuant to Section 3 of this Agreement, the provisions of this
Section 2 shall not apply, and the provisions of Section 3 shall apply instead. 

(ii)    The Company shall file such Registration Statement with the SEC within ninety (90) days of such request, in
the case of a Long-Form Registration, and thirty (30) days of such request, in the case of a Short-Form Registration; provided, however, that in no event shall the Company be obligated to file such Registration Statement prior to
the first Business Day after the expiration of the Standstill Period, and shall use its reasonable best efforts to cause such Registration Statement to be declared effective under the Securities Act and the “blue sky” Laws of such
jurisdictions as any Participating Shareholder or any underwriter, if any, reasonably requests, as expeditiously as possible, all to the extent necessary to permit the disposition (in accordance with the intended methods thereof) of the Registrable
Securities so to be registered. 

  
 9 

 (iii)    Notwithstanding anything to the contrary in this
Section 2(a), (A) the Company shall not be obligated to effect more than two (2) Long-Form Registrations over any three (3) year period at the request of any Holder, (B) from and after the time the Company
becomes eligible for a Short-Form Registration, the Holders shall be entitled to effect three (3) Short-Form Registrations per calendar year in the aggregate in addition to the Long-Form Registrations to which they are entitled (which Long-Form
Registrations, at the election of the Requesting Shareholder, may be effected as Short-Form Registrations, in which case they will count as Long-Form Registrations for purposes of the preceding clause (A)) and (C) the Company shall not be
obligated to effect a Demand Registration unless the aggregate proceeds expected to be received from the sale of the Registrable Securities requested to be included in such Demand Registration equals or exceeds five hundred million dollars
($500,000,000) if pursuant to a Long-Form Registration, or three hundred million dollars ($300,000,000) if pursuant to a Short-Form Registration. 

(b)    Demand Withdrawal. A Participating Shareholder may withdraw its Registrable Securities from a Demand
Registration at any time prior to the effectiveness of the applicable Registration Statement. Upon receipt of a notice from all of the Participating Shareholders to such effect, the Company shall cease all efforts to secure effectiveness of the
applicable Registration Statement, and such registration shall nonetheless be deemed a Demand Registration for purposes of Section 2(a) unless (i) the withdrawing Participating Shareholders shall have paid or
reimbursed the Company for their pro rata share of all reasonable and documented out-of-pocket fees and expenses incurred by the Company in connection with the
registration of the withdrawing Participating Shareholders’ withdrawn Registrable Securities (based on the number of Registrable Securities such withdrawing Participating Shareholders sought to register, as compared to the total number of
Company Securities included on such Registration Statement), (ii) the withdrawal is made following the occurrence of a Material Adverse Change, because the registration would require the Company to make an Adverse Disclosure or because the Company
otherwise requests withdrawal or (iii) the withdrawal arose out of the fault of the Company (in each such case the Company shall be obligated to pay all Registration Expenses in connection with such revoked request except to the extent
otherwise paid pursuant to clause (i)). 
 (c)    Company Notifications. Within ten (10) Business Days after
the receipt by the Participating Shareholders of the Demand Notice, the Company will notify all Participating Shareholders of the identities of the other Participating Shareholders and the number of Registrable Securities requested to be included
therein. 
 (d)    Registration Expenses. The Company shall be liable for and pay all Registration Expenses in
connection with any Demand Registration, regardless of whether such registration is effected, subject to reimbursement pursuant to Section 2(b)(i), if applicable. 

(e)    Effective Registration. A Demand Registration shall be deemed to have occurred if the Registration Statement
relating thereto (i) has become effective under the Securities Act and (ii) has remained effective for a period of at least 180 calendar days (or such shorter period 

  
 10 

 
in which all Registrable Securities of the Participating Shareholders included in such registration have actually been sold thereunder or withdrawn) or, if such Registration Statement relates to
an Underwritten Offering, such longer period as, in the opinion of counsel for the underwriter or underwriters, a prospectus is required by Law to be delivered in connection with sales of Registrable Securities by an underwriter or dealer (the
applicable period, the “Demand Period”); provided, that a Demand Registration shall not be deemed to have occurred if, (A) during the Demand Period, such Registration Statement is interfered with by any stop order,
injunction or other order or requirement of the SEC or other Governmental Entity or court, (B) the conditions to closing specified in the underwriting agreement, if any, entered into in connection with such registration are not satisfied other
than by reason of a wrongful act, misrepresentation or breach of such applicable underwriting agreement by any Participating Shareholder or (C) the Maximum Offering Size (as defined below) is reduced in accordance with
Section 2(g) such that less than seventy-five percent (75%) of the Registrable Securities that the Requesting Shareholder sought to be included in such registration are included. 

(f)    Underwritten Offerings. If any Participating Shareholder that is a Qualified Shareholder so requests, an
offering of Registrable Securities pursuant to a Demand Registration shall be in the form of an Underwritten Offering. 

(g)    Priority of Securities Registered Pursuant to Demand Registrations. If the managing underwriter or
underwriters of a proposed Underwritten Offering advise the Board (or, in the case of a Demand Registration not being underwritten, the Board determines in its reasonable discretion) that, in its view, the number of Registrable Securities requested
to be included in such registration (including any securities that the Company proposes to be included that are not Registrable Securities) exceeds the largest number of shares that can be sold without being likely to have an adverse effect on the
price, timing or distribution of the shares offered in such offering (the “Maximum Offering Size”), the Company shall include in such registration, in the priority listed below, up to the Maximum Offering Size: 

(i)    (1) if the Requesting Shareholder is JAB, first, all Registrable Securities requested to be registered by JAB
and all other Participating Shareholders (allocated, if necessary for the offering not to exceed the Maximum Offering Size, pro rata among JAB and such other Participating Shareholders on the basis of the relative number of Registrable Securities
owned by JAB and the other Participating Shareholders; provided, that any securities thereby allocated to JAB or another Participating Shareholder that exceed such Holder’s request shall be reallocated among the remaining Participating
Shareholders in like manner), or 
 (2) if the Requesting Shareholder is MDLZ, (A) first, all Registrable Securities requested
to be included in such registration by MDLZ, and (B) second, and only if all the securities referred to in clause 2(A) have been included, all Registrable Securities requested to be registered by the other Participating Shareholders
(allocated, if necessary for the offering not to exceed the Maximum Offering Size, pro rata among such Participating Shareholders on the basis of the relative number of Registrable Securities owned by the Participating Shareholders; provided,
that any securities thereby allocated to a Participating Shareholder that exceed such Participating Shareholder’s request shall be reallocated among the remaining Participating Shareholders in like manner), and 

  
 11 

 (ii)    thereafter, and only if all the securities referred to in clause
(i)(1) or (2), as applicable, have been included, any securities proposed to be registered by the Company or any securities proposed to be registered for the account of any other Persons (including the Company), with such priorities among them as
the Company shall determine. 
 (h)    Delay in Filing; Suspension of Registration. If, upon the determination of
a majority of the disinterested members of the Board, the filing, initial effectiveness or continued use of a Registration Statement in respect of a Demand Registration at any time would require the Company to make an Adverse Disclosure, the Company
may, upon giving prompt written notice of such action to the Participating Shareholders, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement (a “Demand Suspension”); provided, that
(x) the Company shall not be permitted to exercise a Demand Suspension (i) more than three (3) times during any 12-month period or (ii) for more than one hundred (100) days in
aggregate during any 12-month period and (y) such Demand Suspension shall terminate at such time as the Company would no longer be required to make any Adverse Disclosure; and provided,
further, that in the event of a Demand Suspension, if a Participating Shareholder has not sold any Company Securities under such Registration Statement, it shall be entitled to withdraw Registrable Securities from such Demand Registration
and, if all Participating Shareholders so withdraw, such Demand Registration shall not be counted for purposes of the limit on Long-Form Registrations requested by such Participating Shareholders in Section 2(a). In the
case of a Demand Suspension, the Participating Shareholders agree to suspend use of the applicable prospectus and any issuer free writing prospectuses in connection with any sale or purchase of, or offer to sell or purchase, Registrable Securities,
upon receipt of the notice referred to above. The Company shall immediately notify the Participating Shareholders upon the termination of any Demand Suspension, amend or supplement the prospectus and any issuer free writing prospectus, if necessary,
so it does not contain any untrue statement or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading and furnish to the Participating Shareholders such numbers of copies of the
prospectus and any issuer free writing prospectus as so amended or supplemented as the Participating Shareholders may reasonably request. The Company agrees, if necessary, to supplement or make amendments to the applicable Registration Statement if
required by the registration form used by the Company for the applicable Demand Registration or by the instructions applicable to such registration form or by the Securities Act or the rules or regulations promulgated thereunder, or as may
reasonably be requested by the Participating Shareholder. Notwithstanding anything in this Agreement to the contrary, the Company shall not be permitted to file a registration statement to register for sale, or to conduct any registered securities
offerings (including any “take-downs” off of an effective shelf registration statement) of, any of its securities either for its own account or the account of any security holder or holders during any Demand Suspension. 

 

	3.	Shelf Registration. 

 (a)    Filing. If, at any time beginning
90 days prior to the expiration of the Standstill Period, the Company shall have received a request, subject to Section 16, by a Qualified Shareholder (a “Shelf Offering Request”), for the filing of a Shelf
Registration Statement pursuant to this Section 3, and at such time the Company is eligible to file a registration statement on Form S-3, the Company shall, within sixty
(60) days of such Shelf Offering Request, but in no event prior to the first Business Day after the expiration of the Standstill 

  
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Period, file with the SEC a Shelf Registration Statement relating to the offer and sale of all Registrable Securities by the Holders from time to time in accordance with the methods of
distribution elected by such Holders and set forth in the Shelf Registration Statement and, as promptly as practicable thereafter, the Company shall use its reasonable best efforts to cause such Shelf Registration Statement to be declared effective
under the Securities Act (or if the Company qualifies to do so, it shall file an automatic Shelf Registration Statement in response to any such request). If, on the date of any such Shelf Offering Request, the Company does not qualify to file a
Shelf Registration Statement under the Securities Act, the provisions of this Section 3 shall not apply, and the provisions of Section 2 shall apply instead. 

(b)    Continued Effectiveness. The Company shall use its reasonable best efforts to keep such Shelf Registration
Statement continuously effective under the Securities Act (including, if necessary, by renewing or refiling a Shelf Registration Statement prior to expiration of the existing Shelf Registration Statement or by filing with the SEC a post-effective
amendment or a supplement to the Shelf Registration Statement or any document incorporated therein by reference or by filing any other required document or otherwise supplementing or amending the Shelf Registration Statement, if required by the
rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act, the Exchange Act, any state securities or blue sky Laws, or any rules and regulations
thereunder) in order to permit the prospectus forming a part thereof to be usable by Holders until the earlier of (i) the date as of which all Registrable Securities have been sold pursuant to the Shelf Registration Statement or another
Registration Statement filed under the Securities Act (but in no event prior to the applicable period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder) and (ii) the date as of which each of the Holders is
permitted to sell its Registrable Securities without Registration pursuant to Rule 144 under the Securities Act without volume limitation or other restrictions on transfer thereunder (such period of effectiveness, the “Shelf
Period”). Subject to Section 3(d), the Company shall not be deemed to have used its reasonable best efforts to keep the Shelf Registration Statement effective during the Shelf Period if the Company voluntarily
takes any action or omits to take any action that would result in Holders of Registrable Securities covered thereby not being able to offer and sell any Registrable Securities pursuant to such Shelf Registration Statement during the Shelf Period,
unless such action or omission is required by applicable Law or is in connection with a Shelf Suspension. 

(c)    Shelf Notice. Promptly upon receipt of any request to file a Shelf Registration Statement pursuant to
Section 3(a) (but in no event more than five (5) Business Days thereafter), the Company shall deliver a written notice of any such request to all other Holders. 

(d)    Suspension of Registration. If, upon the determination of a majority of the disinterested members of the
Board, the continued use of such Shelf Registration Statement at any time would require the Company to make an Adverse Disclosure, the Company may, upon giving at least 10 calendar days’ prior written notice of such action to the Holders,
suspend use of the Shelf Registration Statement (a “Shelf Suspension”); provided, that (x) the Company shall not be permitted to exercise a Shelf Suspension (i) more than three (3) times during any 12-month period, or (ii) for more than one hundred (100) days in aggregate during any 12-month period and (y) such Shelf Registration shall terminate at such
time as the Company would no longer be required to make any Adverse Disclosure. In the case of a Shelf Suspension, the 

  
 13 

 
Holders agree to suspend use of the applicable prospectus and any issuer free writing prospectus in connection with any sale or purchase of, or offer to sell or purchase, Registrable Securities,
upon receipt of the notice referred to above. The Company shall immediately notify the Holders upon the termination of any Shelf Suspension, amend or supplement the prospectus and any issuer free writing prospectus, if necessary, so it does not
contain any untrue statement or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading and furnish to the Holders such numbers of copies of the prospectus and any issuer free writing
prospectus as so amended or supplemented as the Holders may reasonably request. The Company agrees, if necessary, to supplement or make amendments to the Shelf Registration Statement, if required by the registration form used by the Company for the
Shelf Registration or by the instructions applicable to such registration form or by the Securities Act or the rules or regulations promulgated thereunder or as may reasonably be requested by the Holders. Notwithstanding anything in this Agreement
to the contrary, the Company shall not be permitted to file a registration statement to register for sale, or to conduct any registered securities offerings (including any “take-downs” off of an effective shelf registration statement) of,
any of its securities either for its own account or the account of any security holder or holders during any Shelf Suspension. 

(e)    Underwritten Shelf Takedown. 

(i)    For any offering of Registrable Securities pursuant to the Shelf Registration Statement for which the value of
Registrable Securities proposed to be offered is at least three hundred million dollars ($300,000,000), if any Participating Shareholder that is a Qualified Shareholder so elects, such offering shall be in the form of an Underwritten Offering, and
the Company shall amend or supplement the Shelf Registration Statement for such purpose. Subject to the immediately preceding sentence, if at any time during which the Shelf Registration Statement is in effect a Participating Shareholder elects to
offer Registrable Securities pursuant to the Shelf Registration Statement in the form of an Underwritten Offering, then such Participating Shareholder shall give written notice (which notice may be given by email) to the Company of such intention at
least two (2) Business Days prior to the date on which such Underwritten Offering is anticipated to launch, specifying the number of Registrable Securities for which the Participating Shareholder is requesting registration under this
Section 3(e) and the other material terms of such Underwritten Offering to the extent known (such request, an “Underwritten Shelf Takedown Request,” and any Underwritten Offering conducted pursuant thereto,
an “Underwritten Shelf Takedown”), and the Company shall promptly, but in no event later than the Business Day following the receipt of such Underwritten Shelf Takedown Request, give written notice (which notice may be given by
email to the email address for each other Holder on file with the Company from time to time) of such Underwritten Shelf Takedown Request (such notice, an “Underwritten Shelf Takedown Notice”) to the other Holders and such
Underwritten Shelf Takedown Notice shall offer the other Holders the opportunity to register as part of such Underwritten Shelf Takedown such number of Registrable Securities as each such other Holder may request in writing (which request may be
made by email to the Company). Subject to Section 3(e)(ii) and Section 3(e)(iii), the Company and the Participating Shareholder(s) making the Underwritten Shelf Takedown Request shall cause the
underwriter(s) to include as part of the Underwritten Shelf Takedown all Registrable Securities that are requested to be included therein by any of the other Holders within twenty-four (24) hours after the receipt by such other Holders of any
such notice, all to the extent necessary to permit the 

  
 14 

 
disposition of the Registrable Securities to be so sold; provided, that all such other Holders requesting to participate in the Underwritten Shelf Takedown must sell their Registrable
Securities to the underwriters selected on the same terms and conditions as apply to the Participating Shareholder(s) requesting the Underwritten Shelf Takedown; provided, further, that, if at any time after making an Underwritten
Shelf Takedown Request and prior to the launch of the Underwritten Shelf Takedown, the Participating Shareholder(s) requesting the Underwritten Shelf Takedown shall determine for any reason not to proceed with or to delay such Underwritten Shelf
Takedown, the Participating Shareholder(s) shall give written notice to the Company of such determination and the Company shall give written notice of the same to each other Holder and, thereupon, (A) in the case of a determination not to
proceed, the Company and such Participating Shareholder(s) shall be relieved of their respective obligations to cause the underwriter(s) to include any Registrable Securities of the other Holders as part of such Underwritten Shelf Takedown (but the
Company shall not be relieved from its obligation to pay the Registration Expenses in connection therewith), without prejudice, however, to the other registration rights contained herein, and (B) in the case of a determination to delay such
Underwritten Shelf Takedown, the Company and such Participating Shareholder(s) shall be relieved of their respective obligations to cause the underwriter(s) to include any Registrable Securities of the other Holders as part of such Underwritten
Shelf Takedown for the same period as the Participating Shareholder(s) determine(s) to delay such Underwritten Shelf Takedown. 

(ii)    If the managing underwriter of an Underwritten Shelf Takedown advises the Company or the Participating
Shareholder(s) requesting the Underwritten Shelf Takedown that, in its view, the number of Company Shares that the Participating Shareholder(s) and such other Holders intend to include in such registration exceeds the Maximum Offering Size, the
Company and the Participating Shareholder(s) making the Underwritten Shelf Takedown Request shall cause the underwriter(s) to include in such Underwritten Shelf Takedown, in the following priority, up to the Maximum Offering Size: 

(A)    (1) if the Participating Shareholder requesting the Underwritten Shelf Takedown is JAB, first
to JAB and all other Holders who requested to include Registrable Securities in such registration pursuant to Section 3(e)(i) (allocated, if necessary for the offering not to exceed the Maximum Offering Size, pro rata among
JAB and such other Holders on the basis of the relative number of Registrable Securities owned by JAB and such other Holders; provided, that any securities thereby allocated to a Holder that exceed such Holder’s request shall be
reallocated among the remaining Holders in like manner), or 
         (2) if the
Participating Shareholder requesting the Underwritten Shelf Takedown is MDLZ, (x) first, all Registrable Securities requested to be included in such registration by MDLZ, and (y) second, and only if all of the securities referred to
in clause 2(x) have been included, all Registrable Securities requested to be included in such registration by any other Holders pursuant to Section 3(e)(i) (allocated, if necessary for the offering not to exceed the
Maximum Offering Size, pro rata among such Holders on the basis of the relative number of Registrable Securities owned by such Holders; provided, that any securities thereby allocated to a Holder that exceed such Holder’s request shall
be reallocated among the remaining Holders in like manner), and 

  
 15 

 (B)    thereafter, and only if all of the securities referred
to in clause (A)(1) or (2), as applicable, have been included, any securities proposed to be registered for the account of the Company any other Persons with such priorities among them as the Participating Shareholder(s) requesting the Underwritten
Shelf Takedown shall determine. 
 (iii)    Each Holder shall be permitted to withdraw all or part of its Registrable
Securities from an Underwritten Shelf Takedown at any time prior to 7:00 a.m., New York City time, on the date on which the Underwritten Shelf Takedown is anticipated to launch. 

(f)    Payment of Expenses for Shelf Registrations. The Company shall be liable for and pay all Registration
Expenses in connection with any Shelf Registration, regardless of whether such registration is effected. 
  

	4.	Piggyback Registration. 

 (a)    Participation. If, following
the expiration of the Standstill Period, the Company at any time proposes to sell in an underwritten Public Offering (including, for the avoidance of doubt, a “take-down” pursuant to a prospectus supplement to an effective shelf
registration statement) or file a Registration Statement with respect to any offering of its Common Stock for its own account or for the account of any other Persons (other than (i) a Registration Statement under
Section 2 or 3 (it being understood that this clause (i) does not limit the rights of Holders to make written requests pursuant to Section 2(a)), (ii) a Registration Statement on Form S-4 or Form S-8 or any successor form to such forms, (iii) a registration of Common Stock solely relating to an offering and sale to employees or directors of the Company
pursuant to any employee share plan or other employee benefit plan arrangement, or (iv) a registration in connection with a direct or indirect acquisition by the Company or one of its Subsidiaries of another Person or a similar business
combination transaction, however structured) then, as soon as practicable (but in no event less than ten (10) calendar days prior to the proposed date of the launch of the underwritten Public Offering or the filing of such Registration
Statement, as applicable), the Company shall give written notice of such proposed offering or filing to the Holders, and such notice shall offer the Holders the opportunity to register under such Registration Statement or include in such
underwritten Public Offering such number of Registrable Securities as each such Holder may request in writing (a “Piggyback Registration”). Subject to Section 4(b) and
Section 4(c), the Company shall include in such Registration Statement or underwritten Public Offering all such Registrable Securities that are requested to be included therein within five (5) calendar days after the
receipt by such Holders of any such notice; provided, that if at any time after giving written notice of its intention to sell any Common Stock in an underwritten Public Offering and prior to the launch date, or to register any Common Stock
and prior to the effective date of the Registration Statement filed in connection with such registration, the Company shall determine for any reason not to sell or register or to delay such sale or registration, the Company shall give written notice
of such determination to each Holder and, thereupon, (A) in the case of a determination not to sell or register, shall be relieved of its obligation to register any Registrable Securities in connection with such sale or registration (but not
from its obligation to pay the Registration Expenses in connection therewith), without prejudice, however, to the rights of the Holders to request that such registration be effected as a Demand Registration (subject to the provisions governing

  
 16 

 
withdrawal set forth in Section 2(b)) or, if applicable, a Shelf Offering Request and any Underwritten Shelf Takedown related thereto (subject to the provisions
governing withdrawal set forth in Section 3(e)(i)), and (B) in the case of a determination to delay selling or registering, in the absence of a request for a Demand Registration, Shelf Offering Request or Underwritten
Shelf Takedown, shall be permitted to delay selling or registering any Registrable Securities, for the same period as the delay in registering such other Common Stock; provided, that if such registration or sale involves an underwritten
Public Offering, all such Holders requesting to be included in the Company’s registration or sale must sell their Registrable Securities to the underwriters selected as provided in Section 7(j) on the same terms and
conditions as apply to the Company or the other Person requesting such registration or sale, as applicable, with, in the case of a combined primary and secondary offering, such differences, including any with respect to representations and
warranties and indemnification, as may be customary or appropriate in combined primary and secondary offerings, and the Company shall make arrangements with the managing underwriter so that each such Holder may participate in such Underwritten
Offering. 
 (b)    Priority of Registrations Pursuant to a Piggyback Registration. If a Piggyback Registration
involves an underwritten Public Offering (other than any Demand Registration or Underwritten Shelf Takedown, in which case the provisions with respect to priority of inclusion in such offering set forth in Section 2(g) or
Section 3(e)(ii), respectively, shall apply) and the managing underwriter advises the Board in writing (a copy of which shall be provided to each Holder) that, in its view, the number of Company Shares that the Company and
such Holders intend to include in such registration exceeds the Maximum Offering Size, the Company shall include in such registration, in the following priority, up to the Maximum Offering Size: 

(i)    first, so much of the Company Securities proposed to be registered for the account of the Company (or for the
account of such other initiating Person) as would not cause the offering to exceed the Maximum Offering Size; 

(ii)    second, and only if all of the securities referred to in clause (i) have been included, all Registrable
Securities requested to be included in such registration by any Holders pursuant to this Section 4 (allocated, if necessary for the offering not to exceed the Maximum Offering Size, pro rata among such Holders and such
other holders of Registrable Securities on the basis of the relative number of Registrable Securities owned by such Holders and such other holders; provided, that any securities thereby allocated to a Holder that exceed such Holder’s
request shall be reallocated among the remaining Holders and other holders in like manner); and 
 (iii)    third, and
only if all of the securities referred to in clauses (i) and (ii) have been included, any securities proposed to be registered for the account of any other Persons with such priorities among them as the Company shall determine. 

(c)    Piggyback Withdrawal. Each Holder shall be permitted to withdraw all or part of its Registrable Securities
from a Piggyback Registration at any time prior to the effectiveness of such Registration Statement or at any time prior to 7:00 a.m., New York City time, on the date on which the underwritten Public Offering is anticipated to launch, as the case
may be. Subject to Section 16, no registration effected under this Section 4 shall relieve the Company of its obligations to effect a Demand Registration to the extent required by
Section 2 or a Shelf Offering Request or Underwritten Shelf Takedown to the extent required by Section 3. 

  
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 (d)    Payment of Expenses for Piggyback Registrations. The Company
shall pay all Registration Expenses in connection with each Piggyback Registration, regardless of whether such registration is effected. 
  

	5.	Standstill; Lock-up Agreements. 

(a)    Standstill. During the Standstill Period, each Holder shall not, directly or indirectly, and shall cause its
Representatives (to the extent acting on behalf of the Holder) and Group Members directly or indirectly not to, without the prior written consent of, or waiver by, the Company, (i) sell or offer to sell any Company Securities (including any
Voting Securities, ) or Derivative Instruments, or direct or indirect rights to acquire any Company Securities (including any Voting Securities) or Derivative Instruments, or any securities or indebtedness convertible or exchangeable for any such
securities, (ii) cause to be filed or submitted a registration statement, prospectus or prospectus supplement (or amendment or supplement thereto) with respect to any such registration, or (iii) publicly announce any intention to do any of
the foregoing. 
 (b)    Lock-up Agreements. 

(i)    To the extent requested by the lead underwriter in connection with each Underwritten Offering, the Company and each
Participating Holder shall agree not to effect any public sale or distribution of any Company Securities or other security of the Company (except as part of such Underwritten Offering) during the period beginning on the date that is estimated by the
Company, in good faith and provided in writing to such Holder, to be the seventh (7th) calendar day prior to the effective date of the applicable Registration Statement (or the anticipated launch date in the case of a “take-down” off of an
already effective Shelf Registration Statement) until the earlier of (i) such time as the Company and the lead managing underwriter shall agree and (ii) sixty (60) calendar days after the effective date of the applicable Registration
Statement (or the pricing date in the case of a “take-down” off of an already effective Shelf Registration Statement); provided, that the Company shall cause all directors and executive officers of the Company, and all other Persons
with registration rights with respect to the Company’s securities (whether or not pursuant to this Agreement) to enter into agreements similar to those contained in this Section 5(b)(i) (without regard to this
proviso), subject to exceptions for gifts, sales pursuant to pre-existing 105-1 plans and other customary exclusions agreed to by such managing underwriter;
provided further, that the lead managing underwriter may extend such period as necessary to comply with applicable FINRA rules. 

(ii)    Notwithstanding the foregoing, the Company may effect a public sale or distribution of securities of the type
described above and during the periods described above if such sale or distribution is made pursuant to registrations on Form S-4 or Form S-8 or any successor form to
such forms or as part of any registration of securities for offering and sale to employees or directors of the Company pursuant to any employee share plan or other employee benefit plan arrangement. The Company agrees to use its commercially
reasonable efforts to obtain from each holder of restricted securities of the Company which securities are the same as or similar to the Registrable Securities being registered, or any restricted securities convertible into or exchangeable or
exercisable for any of such securities, an agreement not to effect any public sale or distribution of such securities during any such period referred to in this Section 5, except as part of any such registration, if
permitted. 

  
 18 

 6.     Other Registration Rights. The Company represents and warrants that it is
not a party to, or otherwise subject to, any agreement (other than as provided herein) granting registration rights to any other Person with respect to any equity securities of the Company. The Company shall not grant to any Person the right, other
than as set forth herein, and except to employees of the Company with respect to registrations on Form S-8, to request the Company to register any Company Securities except such rights as are not more
favorable than or inconsistent with the rights granted to the Holders and that do not violate the rights or adversely affect the priorities of the Holders set forth herein. 

7.     Registration Procedures. In connection with any registration pursuant to Section 2,
Section 3 or Section 4, subject to the provisions of such Sections: 

(a)    Prior to filing a Registration Statement covering Registrable Securities or prospectus or any amendment or
supplement thereto, the Company shall furnish to each Participating Shareholder and each underwriter, if any, of the Registrable Securities covered by such Registration Statement copies of such Registration Statement as proposed to be filed, and
thereafter the Company shall furnish to such Participating Shareholder and underwriter, if any, without charge such number of copies of such Registration Statement, each amendment and supplement thereto (in each case including all exhibits thereto
and documents incorporated by reference therein), the prospectus included in such Registration Statement (including each preliminary prospectus and any summary prospectus) and any other prospectus filed under Rule 424 or Rule 430A under the
Securities Act and such other documents as such Participating Shareholder or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Participating Shareholder. Each Participating
Shareholder shall have the right to request that the Company modify any information contained in such Registration Statement, amendment and supplement thereto pertaining to such Participating Shareholder and the Company shall use all reasonable
efforts to comply with such request; provided, that the Company shall not have any obligation to so modify any information if the Company reasonably expects that so doing would cause the prospectus to contain an untrue statement of a material
fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading. 

(b)    In connection with any filing of any Registration Statement or prospectus or amendment or supplement thereto, the
Company shall cause such document (i) to comply in all material respects with the requirements of the Securities Act and the rules and regulations of the SEC thereunder and (ii) with respect to information supplied by or on behalf of the
Company for inclusion in the Registration Statement, to not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. 

(c)    The Company shall promptly notify each Holder of such Registrable Securities and the underwriter(s) and, if
requested by such Holder or the underwriter(s), confirm in writing, when a Registration Statement has become effective and when any post-effective amendments and supplements thereto become effective. 

  
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 (d)    The Company shall furnish counsel for each underwriter, if any, and
for the Holders of such Registrable Securities with copies of any written comments from the SEC or any state securities authority or any written request by the SEC or any state securities authority for amendments or supplements to a Registration
Statement or prospectus or for additional information generally. 
 (e)    After the filing of the Registration
Statement, the Company shall (i) cause the related prospectus to be supplemented by any required prospectus supplement, and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act, (ii) comply with the provisions of
the Securities Act with respect to the disposition of all Registrable Securities covered by such Registration Statement during the applicable period in accordance with the intended methods of disposition by the Participating Shareholders set forth
in such Registration Statement or supplement to such prospectus and (iii) promptly notify each Participating Shareholder holding Registrable Securities covered by such Registration Statement of any stop order issued or threatened by the SEC or
any state securities commission and use commercially reasonable best efforts to prevent the entry of such stop order or to remove it if entered. 

(f)    The Company shall use all reasonable best efforts to (i) register or qualify the Registrable Securities covered
by such Registration Statement under such securities or “blue sky” Laws of such jurisdictions in the United States as any Participating Shareholder holding such Registrable Securities reasonably (in light of such Participating
Shareholder’s intended plan of distribution) requests and (ii) cause such Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and
operations of the Company and do any and all other acts and things that may be reasonably necessary or advisable to enable such Participating Shareholder to consummate the disposition of the Registrable Securities owned by such Participating
Shareholder, provided, that the Company shall not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 7(f), (B)
subject itself to taxation in any such jurisdiction or (C) consent to general service of process in any such jurisdiction. 

(g)    The Company shall use reasonable best efforts to list such Registrable Securities on the principal securities
exchange on which the Company’s common stock is then listed and provide a transfer agent, registrar and CUSIP number for all such Registrable Securities not later than the effective date of such Registration Statement. 

(h)    The Company shall use reasonable best efforts to cooperate with each Holder and the underwriter or managing
underwriter, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends; and enable such Registrable Securities to be in such denominations
(consistent with the provisions of the governing documents thereof) and registered in such names as each Holder or the underwriter or managing underwriter, if any, may reasonably request at least two (2) Business Days prior to any sale of
Registrable Securities. 
 (i)    The Company shall immediately notify each Participating Shareholder holding such
Registrable Securities covered by such Registration Statement, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the occurrence 

  
 20 

 
of an event requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not
contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading and promptly prepare and make available to each such Participating Shareholder
and file with the SEC any such supplement or amendment subject to any suspension rights contained herein. 
 (j)    (1)
The requesting Holder(s) shall have the right to select an underwriter or underwriters in connection with any underwritten Public Offering resulting from the exercise of a Demand Registration or Underwritten Shelf Takedown upon consultation with the
Company and (2) the Company shall have the right to select an underwriter or underwriters in connection with any other underwritten Public Offering. In connection with any Public Offering, the Company shall enter into customary agreements
(including an underwriting agreement in customary form) and take all other actions as are reasonably required and customary in order to expedite or facilitate the disposition of such Registrable Securities in any such Public Offering, including the
engagement of a “qualified independent underwriter” in connection with the qualification of the underwriting arrangements with FINRA. 

(k)    Upon execution of confidentiality agreements in form and substance reasonably satisfactory to the Company, the
Company shall make available during regular business hours for inspection by any Participating Shareholder and any underwriter participating in any disposition pursuant to a Registration Statement being filed by the Company pursuant to this
Section 7 and any attorney, accountant or other professional retained by any such Participating Shareholder or underwriter (collectively, the “Inspectors”), all financial and other records, pertinent
corporate documents and properties of the Company (collectively, the “Records”) as shall be reasonably necessary or desirable to enable them to exercise their due diligence responsibility, and cause the Company’s officers,
directors and employees to supply all information reasonably requested by any Inspectors in connection with such Registration Statement (including by participation in a reasonable number of diligence calls). Records that the Company determines, in
good faith, to be confidential and that it notifies the Inspectors are confidential shall not be disclosed by the Inspectors unless (i) the disclosure of such Records is necessary to avoid or correct a misstatement or omission in such
Registration Statement or (ii) the release of such Records is required pursuant to applicable Law or regulation or judicial process. Each Participating Shareholder agrees that information obtained by it as a result of such inspections shall be
deemed confidential and shall not be used by it or its Affiliates as the basis for any market transactions in the Company Securities unless and until such information is made generally available to the public. Each Participating Shareholder further
agrees that, upon learning that disclosure of such Records is sought in a court of competent jurisdiction, it shall give notice to the Company and allow the Company, at its expense, to undertake appropriate action to prevent disclosure of the
Records deemed confidential. 
 (l)    The Company shall furnish to each Participating Shareholder and to each such
underwriter, if any, a signed counterpart, addressed to such Participating Shareholder or underwriter, of (i) an opinion or opinions of counsel to the Company and (ii) a comfort letter or comfort letters from the Company’s independent
certified public accountants, each in customary form and covering such matters of the kind customarily covered by opinions or comfort letters, as the case may be, as the managing underwriter therefor reasonably requests. 

  
 21 

 (m)    The Company shall take all commercially reasonable actions to ensure
that any free-writing prospectus utilized in connection with any Demand Registration, Underwritten Shelf Takedown or other offering off of a Shelf Registration Statement or Piggyback Registration hereunder complies in all material respects with the
Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance with the Securities Act to the extent required thereby and, when taken together with the related prospectus, shall not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 

(n)    The Company shall otherwise use all commercially reasonable efforts to comply with all applicable rules and
regulations of the SEC, and make available to its security holders, as soon as reasonably practicable, an earnings statement or such other document that shall satisfy the provisions of Section 11(a) of the Securities Act
and Rule 158 thereunder. 
 (o)    The Company may require each such Participating Shareholder promptly to furnish in
writing to the Company the Notice, Agreement and Questionnaire and such other information regarding the distribution of the Registrable Securities as the Company may from time to time reasonably request and such other information as may be legally
required or the Company may deem reasonably advisable in connection with such registration and shall not have any obligation to include a Participating Shareholder on any Registration Statement if the Notice, Agreement and Questionnaire or such
other information is not promptly provided; provided, that, prior to excluding such Participating Shareholder on the basis of its failure to provide the Notice, Agreement and Questionnaire or such other information, the Company must furnish
in writing a reminder to such Participating Shareholder requesting the Notice, Agreement and Questionnaire and such other information at least three (3) days prior to filing the applicable Registration Statement. 

(p)    Each such Participating Shareholder agrees that, upon receipt of any notice from the Company of the happening of any
event of the kind described in Section 7(i), such Participating Shareholder shall forthwith discontinue disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until
such Participating Shareholder’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 7(i), and, if so directed by the Company, such Participating Shareholder shall deliver to the
Company all copies, other than any permanent file copies then in such Participating Shareholder’s possession, of the most recent prospectus covering such Registrable Securities at the time of receipt of such notice. If the Company shall give
such notice, the Company shall extend the period during which such Registration Statement shall be maintained effective by the number of days during the period from and including the date of the giving of notice pursuant to
Section 7(i) to the date when the Company shall make available to such Participating Shareholder a prospectus supplemented or amended to conform with the requirements of Section 7(i). 

(q)    The Company shall use its commercially reasonable efforts to list all Registrable Securities covered by such
Registration Statement on any securities exchange or quotation system on which any of the Registrable Securities are then listed or traded. 

  
 22 

 (r)    The Company shall have appropriate officers of the Company
(i) prepare and make presentations at any “road shows” and before analysts and rating agencies, as the case may be, (ii) otherwise use their commercially reasonable efforts to cooperate as reasonably requested by the underwriters
in the offering, marketing or selling of the Registrable Securities, including, by executing customary underwriting agreements and (iii) otherwise use their commercially reasonable efforts to cooperate as reasonably requested by the Holders in
the marketing of the Registrable Securities. 
  

	8.	Indemnification by the Company. 

 (a)    The Company agrees to
indemnify and hold harmless each Participating Shareholder holding Registrable Securities covered by a Registration Statement, each member, trustee, limited or general partner thereof, each member, trustee, limited or general partner of each such
member, limited or general partner, each of their respective Affiliates, officers, directors, stockholders, shareholders, employees, advisors and agents, each Person, if any, who controls such Person within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act and each of their Representatives from and against any and all losses, claims, damages, liabilities and expenses (including reasonable expenses of investigation and reasonable attorneys’
fees and expenses) (“Damages”) caused by or relating to (i) any untrue statement or alleged untrue statement of a material fact contained in (A) any Registration Statement or prospectus relating to the Registrable
Securities (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto), any preliminary prospectus or any “issuer free writing prospectus” (as defined in Rule 433 of the Securities Act) or
(B) any application or other document or communication executed by or on behalf of the Company or based upon written information furnished by or on behalf of the Company filed in any jurisdiction in order to qualify any securities covered by
such registration under the securities Laws thereof, (ii) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or (iii) any violation or
alleged violation by the Company of the Securities Act or any other similar federal or state securities Laws or any rule or regulation promulgated thereunder applicable to the Company and relating to action or inaction required of the Company in
connection with any such registration, qualification or compliance, except in all cases insofar as such Damages are caused by or related to any such untrue statement or omission or alleged untrue statement or omission so made based upon or contained
in any information furnished in writing to the Company by such Participating Shareholder expressly for use therein or by such Participating Shareholder’s failure to deliver a copy of the prospectus, the issuer free writing prospectus or any
amendments or supplements thereto after the Company has furnished such Participating Shareholder with a sufficient number of copies of the same. 

(b)    The Company also agrees to indemnify any underwriters of the Registrable Securities, their officers and directors
and each Person who controls such underwriters within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act on substantially the same basis as that of the indemnification of the Participating Shareholders
provided in this Section 8 or otherwise on commercially reasonable terms negotiated on an aim’s length basis with such underwriters. 

  
 23 

 9.      Indemnification by Participating Shareholders. Each Participating
Shareholder holding Registrable Securities included in any Registration Statement agrees, severally but not jointly, to indemnify and hold harmless the Company, its officers, directors and agents and each Person, if any, who controls the Company
within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity from the Company contained in Section 8(a)(i) and
Section 8(a)(ii) to such Participating Shareholder, but only with respect to information furnished in writing by such Participating Shareholder or on such Participating Shareholder’s behalf expressly for use in any
Registration Statement or prospectus relating to the Registrable Securities, or any amendment or supplement thereto, any preliminary prospectus or any “issuer free writing prospectus.” Each such Participating Shareholder also agrees to
indemnify and hold harmless any underwriters of the Registrable Securities, their officers and directors and each Person who controls such underwriters within the meaning of either Section 15 of the Securities Act or Section 20 of the
Exchange Act on substantially the same basis as that of the indemnification of the Company provided in this Section 9. As a condition to including Registrable Securities in any Registration Statement filed in accordance
herewith, the Company may require that it shall have received an undertaking reasonably satisfactory to it from any underwriter to indemnify and hold it harmless to the extent customarily provided by underwriters with respect to similar securities.
No Participating Shareholder shall be liable under this Section 9 for any Damages in excess of the gross proceeds realized by such Participating Shareholder in the sale of Registrable Securities of such Participating
Shareholder to which such Damages relate. 
 10.    Conduct of Indemnification Proceedings. If any proceeding (including any
governmental investigation) shall be instituted involving any Person in respect of which indemnity may be sought pursuant to Section 8 or Section 9, such Person (an “Indemnified
Party”) shall promptly notify the Person against whom such indemnity may be sought (the “Indemnifying Party”) in writing and the Indemnifying Party shall assume the defense thereof, including the employment of counsel
reasonably satisfactory to such Indemnified Party, and shall assume the payment of all fees and expenses; provided, that the failure of any Indemnified Party to so notify the Indemnifying Party shall not relieve the Indemnifying Party of its
obligations hereunder except to the extent and only to the extent that the Indemnifying Party is materially prejudiced by such failure to notify. In any such proceeding, any Indemnified Party shall have the right to retain its own counsel, but the
fees and expenses of such counsel shall be at the expense of such Indemnified Party unless (i) the Indemnifying Party and the Indemnified Party shall have mutually agreed in writing to the retention of such counsel, (ii) the Indemnifying
Party shall have failed to assume the defense of such claim or to employ counsel reasonably satisfactory to the Indemnified Party, or (iii) in the reasonable judgment of such Indemnified Party representation of both parties by the same counsel
would be inappropriate due to actual or potential differing interests between them. It is understood that, in connection with any proceeding or related proceedings in the same jurisdiction, the Indemnifying Party shall not be liable for the
reasonable fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) at any time for all such Indemnified Parties, and that all such fees and expenses shall be reimbursed as they are incurred. In the case of
any such separate firm for the Indemnified Parties, such firm shall be designated in writing by the Indemnified Parties. The Indemnifying Party shall not be liable for any settlement of any proceeding effected without its written consent, but if
settled with such consent, or if there be a final judgment for the plaintiff, the Indemnifying Party shall indemnify and hold harmless such Indemnified Parties from and against any loss or liability 

  
 24 

 
(to the extent stated above) by reason of such settlement or judgment. Without the prior written consent of the Indemnified Party (which consent shall not be unreasonably withheld or delayed), no
Indemnifying Party shall effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such
settlement includes an unconditional release of such Indemnified Party from all liability arising out of such proceeding. 

11.    Survival. Subject to a Holder delivering a properly completed (as solely determined by the Company), executed and
acknowledged Notice, Agreement and Questionnaire to the Company, Section 8, Section 9, Section 10 and Section 12 hereto will remain in full force
and effect regardless of any investigation made by or on behalf of the Indemnified Party or any officer, director or controlling Person of such Indemnified Party and will survive the transfer of securities. 

 

	12.	Contribution. 

 (a)    If the indemnification provided for herein is
unavailable to the Indemnified Parties in respect of any Damages, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Damages
(i) as between the Company and the Participating Shareholders holding Registrable Securities covered by a Registration Statement on the one hand and the underwriters on the other, in such proportion as is appropriate to reflect the relative
benefits received by the Company and such Participating Shareholders on the one hand and the underwriters on the other, from the offering of the Registrable Securities, or if such allocation is not permitted by applicable Law, in such proportion as
is appropriate to reflect not only the relative benefits but also the relative fault of the Company and such Participating Shareholders on the one hand and of such underwriters on the other in connection with the statements or omissions that
resulted in such Damages, as well as any other relevant equitable considerations, and (ii) as between the Company on the one hand and each Participating Shareholder on the other, in such proportion as is appropriate to reflect the relative
fault of the Company and of each Participating Shareholder in connection with such statements or omissions, as well as any other relevant equitable considerations. The relative benefits received by the Company and Participating Shareholders on the
one hand and such underwriters on the other shall be deemed to be in the same proportion as the total proceeds from the offering (net of underwriting discounts and commissions but before deducting expenses) received by the Company and Participating
Shareholders bear to the total underwriting discounts and commissions received by such underwriters, in each case as set forth in the table on the cover page of the applicable prospectus. The relative fault of the Company and Participating
Shareholders on the one hand and of such underwriters on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material
fact relates to information supplied by the Company and Participating Shareholders or by such underwriters. The relative fault of the Company on the one hand and of each Participating Shareholder on the other shall be determined by reference to,
among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by such party, and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or omission. 

  
 25 

 (b)    The Company and the Participating Shareholders agree that it would not
be just and equitable if contribution pursuant to this Section 12 were determined by pro rata allocation (even if the underwriters were treated as one entity for such purpose) or by any other method of allocation that does
not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an Indemnified Party as a result of the Damages referred to in the immediately preceding paragraph shall be deemed to
include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this
Section 12, no Participating Shareholder shall be required to contribute any amount for Damages in excess of the gross proceeds realized by Participating Shareholder in the sale of Registrable Securities of Participating
Shareholder to which such Damages relate. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of
such fraudulent misrepresentation. Each Participating Shareholder’s obligation to contribute pursuant to this Section 12 is several in the proportion that the net proceeds of the offering received by Participating
Shareholder bears to the total net proceeds of the offering received by all such Participating Shareholders and not joint. 
  

	13.	Participation in Public Offering. 

 (a)    No Person may participate
in any Public Offering hereunder unless such Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements
(provided, that no Holder of Registrable Securities will be required to sell more than the number of Registrable Securities that such Holder has requested the Company include in any Registration Statement) and (ii) completes and executes
all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements and the provisions set forth herein in respect of registration rights. 

(b)    Each Person that is participating in any registration hereunder agrees that, upon receipt of any notice from the
Company of the occurrence of any event of the kind described in Section 7(i) above, such Person shall immediately discontinue the disposition of its Registrable Securities pursuant to the Registration Statement until such
Person’s receipt of the copies of a supplemented or amended prospectus as contemplated by Section 7(i). In the event the Company has given any such notice, the applicable time period during which a Registration
Statement is to remain effective shall be extended (provided, that the Company shall not cause any Registration Statement to remain effective beyond the latest date allowed by applicable Law) by the number of days during the period from and
including the date of the giving of such notice pursuant to this paragraph to and including the date when each Holder of Registrable Securities covered by such Registration Statement shall have received the copies of the supplemented or amended
prospectus contemplated by Section 7(i). 
 14.    Compliance with Rule 144 and Rule 144A. At the
request of any Holder who proposes to sell securities in compliance with Rule 144 of the Securities Act, the Company shall (i) cooperate, to the extent commercially reasonable, with such Holder, (ii) forthwith furnish to such Holder a
written statement of compliance with the filing requirements of the SEC as set forth in Rule 144, as such rule may be amended from time to time, (iii) make available to the public and 

  
 26 

 
such Holders such information, and take such action as is reasonably necessary, to enable the Holders of Registrable Securities to make sales pursuant to Rule 144, and (iv) use its
reasonable best efforts to list such Holder’s Company Shares on the NYSE. Unless the Company is subject to Section 13 or 15(d) of the Exchange Act, the Company will provide to the holder of Registrable Securities and to any prospective
purchaser of Registrable Securities under Rule 144A of the Securities Act, the information described in Rule 144A(d)(4) of the Securities Act. 

15.    Selling Expenses. All Selling Expenses relating to the offer and sale of Registrable Securities registered under the
Securities Act pursuant to this Agreement shall be borne and paid by the Holders of such Registrable Securities, in proportion to the number of Registrable Securities included in such registration for each such Holder. 

 

	16.	Prohibition on Requests; Holders’ Obligations. 

(a)    No Holder shall, without the Company’s consent, be entitled to deliver a request for a Demand Registration or a
Shelf Offering Request or Underwritten Shelf Takedown if less than 90 calendar days have elapsed since (A) the effective date of a prior Registration Statement in connection with a Demand Registration, Shelf Registration or Piggyback
Registration, (B) the date of withdrawal by the Participating Shareholders of a Demand Registration or Underwritten Shelf Takedown or (C) the pricing date of any Underwritten Offering effected by the Company; provided, in each case,
that such Holder has been provided with an opportunity to participate in the prior offering and either (i) has refused or not promptly accepted such opportunity or (ii) has not been cut back to less than 50% of the Registrable Securities
requested to be included by such Holder. 
 (b)    No Holder of Registrable Securities shall be entitled to sell any of
such Registrable Securities pursuant to this Agreement, unless such Holder has timely furnished the Company with all information required to be disclosed in order to make the information previously furnished to the Company by such Holder not
misleading and any other information regarding such Holder and the distribution of such Registrable Securities as the Company may from time to time reasonably request pursuant to Section 7(o). Any sale of any Registrable
Securities by any Holder shall constitute a representation and warranty by such Holder that the information of such Holder furnished in writing by or on behalf of such Holder, including in such Holder’s Notice, Agreement and Questionnaire (all
such information, “Holder Information”), to the Company does not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements in such Holder Information, in the light of
the circumstances under which they were made, not misleading. Furthermore, if the Company is required to file a subsequent Registration Statement upon expiration of effectiveness of the Registration Statement naming a Holder, the Company shall be
under no obligation to include such Holder as a selling securityholder if such Holder does not timely deliver an updated properly completed (as solely determined by the Company), executed and acknowledged Notice, Agreement and Questionnaire and
other information upon request by the Company therefore pursuant to Section 7(o). 

  
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	17.	Corporate Governance. 

 (a)    Composition of the Board. 

(i)     Subject to Section 17(a)(iv) below, two directors of the Board (each, a
“Director”) shall be individuals designated in writing to the Company by MDLZ (each, a “MDLZ Designee”), which individuals shall at all times be executive officers of Mondelēz International and shall initially be the
Chairman and Chief Executive Officer and the Executive Vice President and General Counsel of Mondelēz International. 

(ii)    Upon the resignation, retirement or other removal of any MDLZ Designee, MDLZ shall be entitled, subject to
Section 17(a)(iv) below, promptly to designate a replacement MDLZ Designee to become a Director. 

(iii)    Each of the Company and the Holders shall use its reasonable best efforts to give effect to
Section 17(a)(i); in particular, (A) each Holder shall procure that the directors of the Board nominated by it shall vote in favor of appointing each MDLZ Designee and against the removal of any MDLZ Designee at each
relevant meeting of the Board or of any committee of the Board, (B) the Company shall ensure that each MDLZ Designee is proposed to serve as a Director at each annual or special meeting of the Company at which directors are to be elected,
(C) each Holder shall procure that the directors of the Board nominated by it shall recommend that the Company’s stockholders vote in favor of appointing each MDLZ Designee and against the removal of any MDLZ Designee, (D) each Holder
shall vote all the stock that it holds or controls (and shall procure that each of its Affiliates votes all stock that it holds or controls) in favor of appointing each MDLZ Designee as a Director and against the removal of any MDLZ Designee as a
Director, and (E) no Holder (other than MDLZ) shall take any action to remove, or oppose the appointment of, a MDLZ Designee as a Director. 

(iv)    If MDLZ and its Affiliates beneficially own less than 8% of the Company Shares, then MDLZ shall promptly cause one
of such MDLZ Designees to resign and the number of MDLZ Designees permissible hereunder shall be permanently reduced to one. If MDLZ and its Affiliates beneficially own less than 5% of the Company Shares, then MDLZ shall promptly cause a second MDLZ
Designee to resign and the number of MDLZ Designees permissible hereunder shall be permanently reduced to zero. 

(b)    Committees. For so long as MDLZ is permitted to appoint at least one (1) MDLZ Designee pursuant to
Section 17(a), to the extent permitted by applicable Laws (including any requirements under the Exchange Act or the rules of the New York Stock Exchange or any other applicable securities exchange on which the Common Stock
is then listed), each committee of the Board shall include at least one MDLZ Designee. 
 (c)    Board Authority
Matters. For so long as MDLZ is permitted to appoint at least one (1) MDLZ Designee pursuant to Section 17(a), the Company shall not enter into or effectuate any of the following without the prior approval of the
Board: 
 (i)    any issuance of shares of the Company or securities convertible or exchangeable for such shares,
including options or other equity awards exercisable for such shares (other than options or other equity awards granted to officers or directors of the Company that have been authorized by the Board’s Compensation Committee or Special Award
Committee), 

  
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 (ii)    the declaration or payment of any dividend or other distribution with
regard to any security of the Company, 
 (iii)    a key transaction having material financial implications for the
Company Group (as defined below), including material mergers and acquisitions, 
 (iv)    the making of a material change
in the nature of the Company’s business, 
 (v)    the adoption or amendment of any strategic business plan and
annual budget, 
 (vi)    the appointment or removal of the Company’s Auditors (as defined below), 

(vii)    the approval of the Company’s quarterly and annual consolidated financial statements, 

(viii)    the approval of a material decision relating to a material portion of the Company Group’s workforce (other
than any decision that has been authorized by the Board’s Compensation Committee, Special Award Committee or Corporate Governance and Nominating Committee), or 

(ix)    the approval of a decision which may have a material implication for the reputation of the Company Group. 

(d)    Certificate of Incorporation and Bylaws to be Consistent. Each of the Company and each Holder shall use its
reasonable best efforts to take or cause to be taken all lawful action necessary or appropriate to ensure that at all times the Certificate of Incorporation and the Bylaws of the Company contain provisions consistent with the terms of this Agreement
(including without limitation this Section 17) and none of the Certificate of Incorporation or the Bylaws of the Company or any of the corresponding constituent documents of the Company’s Subsidiaries contain any
provisions inconsistent therewith or which would in any way nullify or impair the terms of this Agreement or the rights of the Company or any Holder hereunder. 

(e)    Amendment of Related Party Transaction Policy. For so long as MDLZ is permitted to appoint at least one
(1) MDLZ Designee pursuant to Section 17(a), the Company shall not amend or terminate its related party transaction policy adopted on the Closing Date, unless such amendments are required by applicable Law (including
any requirements under the rules of the New York Stock Exchange or any other applicable securities exchange on which the Common Stock is then listed), without the prior written consent of MDLZ. 

  
 29 

	18.	Information Rights. 

 (a)    For so long as Mondelēz
International accounts for its investment in the Company under the equity method of accounting (determined in accordance with the generally accepted accounting principles as applicable to Mondelēz International from time to time), the Company
agrees that: 
 (i)    The Company shall provide MDLZ (A) within 60 days after the end of each fiscal year, with the
consolidated financial results for of the Company’s consolidated group (the “Company Group”) for such fiscal year (including a profit and loss account, balance sheet, cash flow and statement of other comprehensive income), (B)
promptly upon availability, the annual accounts for each member of the Company Group (except where such accounts or audits are not legally required), (C) within 30 days after the end of each fiscal quarter, unaudited consolidated condensed financial
results of the Company Group for such fiscal quarter (including a profit and loss account, balance sheet, cash flow and statement of other comprehensive income) and (D) with such financial information or documents in the possession of the
Company and any of its Subsidiaries as MDLZ may reasonably request in writing in connection with the preparation of Mondelēz International’s public earnings releases or other press releases, Current Reports on Form 8-K, Annual Reports to Shareholders, Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and any other proxy, information and
registration statements, reports, notices, prospectuses and any other filings made by Mondelēz International with the SEC or any other Governmental Authority, including Mondelēz International’s unaudited quarterly financial statements
and annual audited financial statements (collectively, the “Mondelēz International Public Filings”); 

(ii)    The Company shall cooperate, and use its reasonable best efforts to cause the Company’s independent certified
public accounts (the “Company’s Auditors”) to cooperate, with MDLZ to the extent reasonably requested in writing by MDLZ in the preparation of the Mondelēz International Public Filings. The Company agrees to use its
reasonable best efforts to provide to MDLZ all information that MDLZ reasonably requests in writing in connection with any Mondelēz International Public Filings that, in the reasonable judgment of MDLZ upon consultation with its legal counsel,
is required to be disclosed or incorporated by reference therein under any applicable Law. The Company shall use its reasonable best efforts to provide such information to enable Mondelēz International to prepare and release all Mondelēz
International Public Filings on a timely basis. To the extent required in such filing, the Company shall use its reasonable best efforts to cause the Company’s Auditors to consent to any reference to them as experts in any Mondelēz
International Public Filings required under applicable Law; 
 (iii)    The Company and MDLZ shall share with each other
(subject to any agreed protocols) aggregate security position information, within 60 days after the end of each fiscal quarter, for use in their respective compliance programs and shall coordinate share ownership reporting for such purpose; and 

(iv)    The Company will, within 25 days after the end of each fiscal quarter, make the Company’s controller available
for a discussion with MDLZ with regards to updates to the Company’s business and financial results with respect to such fiscal quarter. 

(b)    With respect to any information provided by the Company: 

(i)    Subject to the requirements of law and to except the extent required to be included in Mondelēz International
Public Filings, MDLZ shall keep confidential, and shall cause its Representatives (including Mondelēz International) to keep confidential, all information and documents obtained pursuant to this Section 18 unless such
information (A) is or becomes publicly available other than as a result of a breach of this Section 18(b) by it or its 

  
 30 

 
Representatives; (B) was within its possession prior to being furnished to it by or on behalf of the Company, provided that the source of such information was not known by it to be bound by
a confidentiality agreement with, or other contractual or legal obligation of confidentiality to, the Company with respect to such information; (C) is or becomes available to it or any of its Representatives on a
non-confidential basis from a source other than the Company or any of its Representatives; provided that such source was not known to it to be bound by a confidentiality agreement with, or other
contractual or legal obligation of confidentiality to, the Company with respect to such information; or (D) is independently developed by or on its behalf without violating any of its obligations under this
Section 18(b). 
 (ii)    In the event MDLZ believes, upon consultation with its legal counsel,
that it is legally required to disclose any information or documents contemplated by Section 18(b)(i) (but not including any information required to be included in Mondelēz International Public Filings), it shall to
the extent possible under the circumstances provide reasonable prior written notice to the Company so that the Company may, at its own expense, seek a protective order or otherwise take reasonable steps to protect the confidentiality of such
information. 
 (iii)    The rights of MDLZ and the obligations of the Company pursuant to this
Section 18(b) shall be subject to applicable Laws relating to the exchange of information and other applicable Laws. 
  

	19.	Miscellaneous. 

 (a)    Remedies; Specific Performance. 

(i)    Except as otherwise provided herein, any and all remedies herein expressly conferred upon a Party shall be deemed
cumulative with and not exclusive of any other remedy conferred by this Agreement, or by law or equity upon such Party, and the exercise by a Party of any one remedy shall not preclude the exercise of any other remedy. 

(ii)    The Parties acknowledge and agree that irreparable damage would occur in the event that any of the provisions of
this Agreement were not performed in accordance with their specific terms or were otherwise breached and that monetary damages, even if available, would not be an adequate remedy therefor. It is accordingly agreed that, at any time prior to the
termination of this Agreement pursuant to Section 8(j), the Parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the performance of terms and provisions
of this Agreement in any court referred to in Section 8(g), without proof of actual damages (and each Party waives any requirement for the securing or posting of any bond in connection with such remedy), this being in
addition to any other remedy to which they are entitled at law or in equity. The Parties further agree not to assert that a remedy of specific enforcement is unenforceable, invalid, contrary to law or inequitable for any reason, nor to assert that a
remedy of monetary damages would provide an adequate remedy for any such breach. 
 (b)    Amendments and Waivers.
The provisions of this Agreement (other than Sections 17 and 18), including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be

  
 31 

 
given, without the written consent of the Company and each Holder of outstanding Registrable Securities. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof
with respect to a matter that relates exclusively to the rights of Holders of Registrable Securities whose securities are being sold pursuant to a Shelf Registration Statement and that does not directly or indirectly affect the rights of other
Holders of Registrable Securities may be given by each Holder of the Registrable Securities being sold by such Holders pursuant to such Shelf Registration Statement; provided, however, that the provisions of this sentence may not be
amended, modified, or supplemented except in accordance with the provisions of the immediately preceding sentence. Each Holder of Registrable Securities outstanding at the time of any such amendment, modification, supplement, waiver or consent or
thereafter shall be bound by any such amendment, modification, supplement, waiver or consent effected pursuant to this Section 8(b), whether or not any notice, writing or marking indicating such amendment, modification,
supplement, waiver or consent appears on the Registrable Securities or is delivered to such Holder. The provisions of Sections 17 and 18 (and the provisions of this sentence) may not be amended, modified or supplemented, and waivers or
consents to departures from the provisions hereof may not be given, without the written consent of the Company and MDLZ. 

(c)    Notices. Any notice, request, instruction or other document to be given hereunder by any Party to the others
shall be in writing and delivered personally or sent by registered or certified mail, postage prepaid, by facsimile or electronic mail or overnight courier: 

(i)    if to the Company, to: 

Keurig Dr Pepper Inc. 
 5301
Legacy Drive 
 P.O. Box 869077 

Plano, Texas 75024 
 Attn:
    Chief Financial Officer 
 with a copy (which shall not constitute notice) to: 

Keurig Dr Pepper Inc. 
 5301
Legacy Drive 
 P.O. Box 869077 

Plano, Texas 75024 
 Attn:
    General Counsel 
 (ii)    if to a Holder, at the most current address given by such Holder to
the Company in a Notice, Agreement and Questionnaire or any amendment thereto or, at the Company’s option, pursuant to the Legal Notice System on DTC, or successor system thereto; 

or to such other address as such Person may have furnished to the other Persons identified in this Section 8(c) in writing in
accordance herewith. 
 (d)    Majority of Registrable Securities. For purposes of determining what constitutes
Holders of a majority of Registrable Securities, as referred to in this Agreement, a majority shall constitute a majority of the shares of Common Stock that constitute Registrable Securities. 

  
 32 

 (e)    Assignability; Third-Party Rights. Neither this Agreement nor
any of the rights, interests or obligations under this Agreement may be assigned or delegated, in whole or in part, by operation of law or otherwise, by any Party, and any such assignment shall be null and void. This Agreement shall be binding upon,
and shall be enforceable by and inure to the benefit of, the Parties and their respective successors and assigns. Nothing in this Agreement is intended to or shall confer upon any Person (other than the Parties) any right, benefit or remedy of any
nature whatsoever. 
 (f)    Counterparts. This Agreement may be executed in counterparts (each of which shall be
deemed to be an original but all of which taken together shall constitute one and the same agreement) and shall become effective when one or more counterparts have been signed by each of the Parties and delivered (by electronic communication,
facsimile or otherwise) to the other Parties. 
 (g)    Governing Law and Venue; Jurisdiction; WAIVER OF JURY
TRIAL. 
 (i)    THIS AGREEMENT SHALL BE DEEMED TO BE MADE IN AND IN ALL RESPECTS SHALL BE INTERPRETED, CONSTRUED AND
GOVERNED BY AND IN ACCORDANCE WITH THE LAW OF THE STATE OF DELAWARE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES, WHETHER OF THE STATE OF DELAWARE OR ANY OTHER JURISDICTION. Each of the Parties hereby irrevocably and unconditionally consents and
submits, for itself and with respect to its property, to the exclusive jurisdiction of the Court of Chancery of the State of Delaware and the appropriate respective appellate courts therefrom (or only if the Court of Chancery of the State of
Delaware declines to accept or does not have jurisdiction over a particular matter, any federal or other state court located in the State of Delaware and the appropriate respective appellate courts therefrom) solely in respect of the interpretation
and enforcement of the provisions of this Agreement and of the documents referred to in this Agreement, and hereby waives, and agrees not to assert, as a defense in any action, suit or proceeding for the interpretation or enforcement hereof or of
any such document, that it is not subject to jurisdiction thereto or that such action, suit or proceeding may not be brought or is not maintainable in said courts or that the venue thereof may not be appropriate or that this Agreement or any such
document may not be enforced in or by such courts, and the Parties hereto irrevocably agree that all claims with respect to such action or proceeding shall be heard and determined in the Court of Chancery of the State of Delaware (or only if the
Court of Chancery of the State of Delaware declines to accept or does not have jurisdiction over a particular matter, any federal or other state court located in the State of Delaware). The Parties hereby consent to and grant any such court
jurisdiction over the person of such Parties and, to the extent permitted by Law, over the subject matter of such dispute and agree that mailing of process or other papers in connection with any such action or proceeding in the manner provided in
Section 7(c) or in such other manner as may be permitted by Law shall be valid and sufficient service thereof. 

(ii)    EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE
COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY AND ALL RIGHT IT MAY 

  
 33 

 
HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY OR TO THE ACTIONS OF
THE PARTIES HERETO IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT HEREOF. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) EACH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (iv) EACH
PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 8(g). 

(h)    Severability. Any term or provision of this Agreement that is invalid or unenforceable in any situation in
any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction. 

(i)    Entire Agreement. This Agreement is intended by the Parties as a final expression of their agreement and is
intended to be a complete and exclusive statement of the agreement and understanding of the Parties in respect of the subject matter contained herein and the investor rights granted by the Company with respect to the Registrable Securities. There
are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein, with respect to the investor rights granted by the Company with respect to the Registrable Securities. This Agreement supersedes all prior
agreements and undertakings among the Parties with respect to such investor rights. No Party shall have any rights, duties or obligations other than those specifically set forth in this Agreement. 

(j)    Termination. This Agreement and the obligations of the Parties hereunder shall terminate upon such time as
there are no Registrable Securities, except for the provisions of Sections 2(d), 3(f), 4(d), 8, 9, 10, 11, 12, 15, 17, 18, 19(g) and this 19(j), which shall
survive such termination. 
 [SIGNATURE PAGE FOLLOWS] 

  
 34 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.

  

			
	COMPANY:
	
	KEURIG DR PEPPER INC.
		
	By: 	 	/s/ Ozan Dokmecioglu
		 	Name: Ozan Dokmecioglu
		 	Title: Chief Financial Officer

 [SIGNATURE PAGE TO INVESTOR
RIGHTS AGREEMENT] 

 
			
	HOLDER:
	
	MAPLE HOLDINGS B.V.
		
	By: 	 	 /s/ Merel M. Broers

		 	Name: Merel M. Broers
		 	Title: Director
		
	By: 	 	/s/ Leo Burgers
		 	Name: Leo Burgers
		 	Title: Director

 [SIGNATURE PAGE TO INVESTOR
RIGHTS AGREEMENT] 

 
			
	HOLDER:
	
	MONDELĒZ INTERNATIONAL HOLDINGS LLC

 
			
		
	By: 	 	/s/ Geraldine Llewellyn
		 	Name: Geraldine Llewellyn
		 	Title: Assistant Secretary

 [SIGNATURE PAGE TO INVESTOR
RIGHTS AGREEMENT] 

 SCHEDULE A 

HOLDERS OF REGISTRABLE SECURITIES 
 Maple
Holdings B.V. 
 Mondelēz International Holdings LLC 

 ANNEX A 

FORM OF SELLING SECURITYHOLDER NOTICE, AGREEMENT AND QUESTIONNAIRE 

The undersigned (the “Selling Securityholder”) beneficial owner of common stock, par value $0.01 (the “Common
Stock”), of Keurig Dr Pepper Inc. (the “Company”) understands that the Company intends to file with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-3 or a prospectus supplement to an existing shelf registration statement (as applicable, the “Shelf Registration Statement”) for the registration and resale under Rule 415 of the Securities Act of
1933, as amended (the “Securities Act”), of certain Registrable Securities in accordance with the terms of the Investor Rights Agreement, dated on or about July 9, 2018 (the “Investor Rights Agreement”), by and
among the Company and the persons listed on Schedule A hereto. Each capitalized term not otherwise defined herein has the meaning given to it in the Investor Rights Agreement. 

In order to sell or otherwise dispose of any Registrable Securities pursuant to the Shelf Registration Statement, the Selling Securityholder
must be named as a selling securityholder in the related prospectus and deliver a prospectus to the purchasers of Registrable Securities. To facilitate naming of the Selling Securityholder as a selling securityholder in the Shelf Registration
Statement, the Selling Securityholder must complete, execute, acknowledge and deliver this Notice, Agreement and Questionnaire prior to filing of the prospectus supplement to the Shelf Registration Statement. 

Certain legal consequences arise from being named as Selling Securityholders in the Shelf Registration Statement and the related prospectus.
Accordingly, the Selling Securityholder is advised to consult its own legal counsel regarding the consequences of being named or not being named as a Selling Securityholder in the Shelf Registration Statement and the related prospectus. 

(a)    The Selling Securityholder hereby gives notice to the Company of its intention to sell or otherwise dispose of
Registrable Securities beneficially owned by it and listed below in Item 3(b) pursuant to the Shelf Registration Statement. The Selling Securityholder, by signing and returning this Notice, Agreement and Questionnaire, understands that it shall be
bound by the terms and conditions of this Notice, Agreement and Questionnaire. 
 (b)    The Selling Securityholder
hereby provides the following information to the Company and represents and warrants that such information is accurate and complete: 

Questionnaire 
  

					
	1.	  	(a)	  	Full Legal Name of Selling Securityholder:
		  		  	  

		  		  	  

			
		  	(b)	  	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities listed in Item (3) below are held:
		  		  	  

		  		  	  

					
			
		  	 (c)
	  	Full Legal Name of DTC Participant (if applicable and if not the same as (b) above) through which Registrable Securities listed in Item (3) below are held:
		  		  	  

		  		  	  

		
	2.	  	Address for Notices to Selling
Securityholder:                                      
                                         
                                         
                
		  	  

		  	  

		
		  	Telephone:                                  
                                         
                                         
                                         
                                   
		  	Fax:                                   
                                         
                                         
                                         
                                         
     
		  	Email address:                                 
                                         
                                         
                                         
                                
		  	Contact
Person:                                        
                                         
                                         
                                         
                     
		
	3.	  	Beneficial Ownership of Registrable Securities:
		
		  	 This Item (3) covers beneficial ownership of the Company’s securities. Please consult Appendix A to this Notice,
Agreement and Questionnaire for information as to the meaning of “beneficial ownership.” Except as set forth below in this Item (3), the Selling Securityholder does not beneficially own any Registrable Securities.

			
		  	(a)	  	Number of shares of Registrable Securities beneficially owned:
			
		  	(b)	  	Number of shares of the Registrable Securities which the Selling Securityholder wishes to be included in the Shelf Registration Statement:
		
	4.	  	Beneficial Ownership of other securities of the Company owned by the Selling Securityholder.
		
		  	Except as set forth below in this Item (4), the Selling Securityholder is not the beneficial or registered owner of any securities of the Company other than the Registrable Securities listed above in Item (3).
			
		  	(a)	  	Type and amount of other securities beneficially owned by the Selling Securityholder:
		  		  	  

		  		  	  

			
		  	 (b)
	  	CUSIP No(s). of other securities beneficially owned by the Selling Securityholder:
		  		  	  

		  		  	  

					
		
	5.	  	Relationship with the Company:
			
		  	(a)	  	Have you or any of your affiliates, officers, directors or principal equity holders (owners of 5% or more of the equity securities of the Selling Securityholder) held any position or office or have you had any other material
relationship with the Company (or its predecessors or affiliates) within the past three years?
			
		  		  	☐    Yes
			
		  		  	☐    No
			
		  	(b)	  	If so, please state the nature and duration of your relationship with the Company:
		  		  	  

		  		  	  

		
	6.	  	Broker-Dealer Status:
			
		  	(a)	  	Is the Selling Securityholder a broker-dealer registered pursuant to Section 15 of the Exchange Act?
			
		  		  	☐    Yes
			
		  		  	☐    No
			
		  		  	Note that the Company shall be required to identify any registered broker-dealer as an underwriter in the prospectus.
			
		  		  	If so, please answer the remaining questions in this section.
			
		  		  	If the Selling Securityholder is a registered broker-dealer, please indicate whether the Selling Securityholder acquired its Registrable Securities for investment or acquired them as transaction-based compensation for investment
banking or similar services.
		  		  	  

		  		  	  

			
		  		  	If the Selling Securityholder is a registered broker-dealer and received its Registrable Securities other than as transaction-based compensation, the Company is required to identify you as an underwriter in the Shelf Registration
Statement and related prospectus.
		  		  	  

		  		  	  

							
			
		  	(b)	  	Affiliation with Broker-Dealers:
			
		  		  	 Is the Selling Securityholder an affiliate of a registered broker-dealer? For purposes of this Item 6(b), an
“affiliate” of a specified person or entity means a person or entity that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the person or entity
specified.

			
		  		  	☐    Yes
			
		  		  	☐    No
			
		  		  	If so, please answer the remaining questions in this section:
				
		  		  	(i)	  	Please describe the affiliation between the Selling Securityholder and any registered broker-dealers:
				
		  		  		  	  

				
		  		  		  	  

				
		  		  	(ii)	  	If the Selling Securityholder, at the time of its acquisition of the Registrable Securities, had any agreements or understandings, directly or indirectly, with any person to distribute the Registrable Securities, please describe
such agreements or understandings:
				
		  		  		  	  

				
		  		  		  	  

				
		  		  		  	Note that if the Selling Securityholder is an affiliate of a broker-dealer and at the time of the acquisition of the Registrable Securities had any agreements or understandings, directly or indirectly, to distribute the
securities, the Company must identify the Selling Securityholder as an underwriter in the prospectus.
		
	7.	  	Nature of Beneficial Holding. The purpose of this question is to identify the ultimate natural person(s) or publicly held entity that exercise(s) sole or shared voting or dispositive power over the Registrable
Securities.
			
		  	(a)	  	Is the Selling Securityholder required to file, or is it a wholly-owned subsidiary of a company that is required to file, periodic and other reports (for example, Forms 10-K, 10-Q and 8-K) with the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act?
			
		  		  	☐    Yes
			
		  		  	☐    No
			
		  	(b)	  	State whether the Selling Securityholder is an investment company, or a subsidiary of an investment company, registered under the Investment Company Act of 1940, as amended:
			
		  		  	☐    Yes
			
		  		  	☐    No
			
		  	(c)	  	If a subsidiary, please identify the publicly held parent entity:
			
		  		  	  

			
		  		  	  

					
		  	If you answered “No” to questions (a) and (b) above, please identify the controlling person(s) of the Selling Securityholder (the “Controlling Entity”). If the Controlling Entity is
not a natural person or a publicly held entity, please identify each controlling person(s) of such Controlling Entity. This process should be repeated until you reach natural persons or a publicly held entity that exercise sole or shared voting or
dispositive power over the Registrable Securities:
		  	  

		  	  

		
		  	***PLEASE NOTE THAT THE SEC REQUIRES THAT THESE NATURAL PERSONS BE NAMED IN THE PROSPECTUS***
		
		  	If you need more space for this response, please attach additional sheets of paper. Please be sure to indicate your name and the number of the item being responded to on each such additional sheet of paper, and to sign
each such additional sheet of paper before attaching it to this Notice, Agreement and Questionnaire. Please note that you may be asked to answer additional questions depending on your responses to the above questions.
		
	8.	  	Plan of Distribution:
		
		  	Except as set forth below, the Selling Securityholder (including its donees or pledgees) intends to distribute the Registrable Securities listed above in Item (3) pursuant to the Shelf Registration Statement only as
follows (if at all): such Registrable Securities may be sold from time to time directly by the Selling Securityholder or alternatively through underwriters, broker-dealers or agents. If the Registrable Securities are sold through underwriters,
broker-dealers or agents, the Selling Securityholder shall be responsible for underwriting discounts or commissions or agent’s commissions. Such Registrable Securities may be sold in one or more transactions at fixed prices, at prevailing
market prices at the time of sale, at varying prices determined at the time of sale or at negotiated prices. Such sales may be effected in transactions (which may involve crosses or block transactions) (i) on any national securities exchange or
quotation service on which the Registrable Securities may be listed or quoted at the time of sale, (ii) in the over-the-counter market, (iii) in transactions
otherwise than on such exchanges or services or in the over-the-counter market or (iv) through the writing of options. The Selling Securityholder may pledge or
grant a security interest in some or all of the Registrable Securities owned by it and, if it defaults in the performance of its secured obligations, the pledgees or secured parties may offer and sell the Registrable Securities from time to time
pursuant to the prospectus. The Selling Securityholder also may transfer and donate shares in other circumstances in which certain cases the transferees, donees, pledgees or other successors in interest shall be the selling Securityholder for
purposes of the prospectus.
		
		  	State any exceptions here:
			
		  		  	  

			
		  		  	  

 Note: In no event may such method(s) of distribution take the form of an underwritten offering of the
Registrable Securities without the prior agreement of the Company. 
 (i)    The Selling Securityholder acknowledges that
it understands its obligation to comply with the provisions of the Exchange Act and the rules thereunder relating to stock manipulation, particularly Regulation M thereunder (or any successor rules or regulations), in connection with any offering of
Registrable Securities pursuant to the Shelf Registration Statement. The Selling Securityholder agrees that neither it nor any person acting on its behalf shall engage in any transaction in violation of such provisions. 

(j)     In accordance with the Selling Securityholder’s obligation under the Investor Rights Agreement to provide such
information as may be required by law for inclusion in the Shelf Registration Statement, the Selling Securityholder agrees to provide any additional information the Company may reasonably request and to promptly notify the Company of any
inaccuracies or changes in the information provided that may occur at any time while the Shelf Registration Statement remains effective. All notices hereunder and pursuant to the Investor Rights Agreement shall be made in writing by hand-delivery,
first-class mail, or air courier guaranteeing overnight delivery as follows: 
 To the Company : 

Keurig Dr Pepper Inc. 
 5301
Legacy Drive 
 P.O. Box 869077 

Plano, Texas 75024 
 Attn:
    Chief Financial Officer 
 with a copy (which shall not constitute notice) to: 

Keurig Dr Pepper Inc. 
 5301
Legacy Drive 
 P.O. Box 869077 

Plano, Texas 75024 
 Attn:
    General Counsel 
 (k)     In the event any Selling Securityholder transfers all or any portion
of the Registrable Securities listed in Item (3) above after the date on which such information is provided to the Company, the Selling Securityholder shall notify the transferee(s) at the time of transfer of its rights and obligations under
this Notice, Agreement and Questionnaire and the Investor Rights Agreement. 
 (l)     By signing this Notice, Agreement
and Questionnaire, the Selling Securityholder consents to the disclosure of the information contained herein in its answers to Items (1) through (8) above and the inclusion of such information in the Shelf Registration Statement, the related
prospectus and any state securities or Blue Sky applications. The Selling Securityholder understands that such information shall be relied upon by the Company without independent investigation or inquiry in connection with the preparation or
amendment of the Shelf Registration Statement, the related prospectus and any state securities or Blue Sky applications. 

 (m)    Once this Notice, Agreement and Questionnaire is executed by the
Selling Securityholder and received and acknowledged by the Company, the terms of this Notice, Agreement and Questionnaire and the representations, warranties and indemnification contained herein shall be binding on, shall inure to the benefit of,
and shall be enforceable by the respective successors, heirs, personal representatives and assigns of the Company and the Selling Securityholder with respect to the Registrable Securities beneficially owned by such Selling Securityholder and listed
in Item (3) above. This Notice, Agreement and Questionnaire shall be governed by, and construed in accordance with, the laws of the State of Delaware without regard to the
conflicts-of-laws provisions thereof. 

[SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Notice, Agreement
and Questionnaire to be executed and delivered either in person or by its authorized agent. 
 Dated: 

 

			
	Selling Securityholder:
		
	By:	 	 
		 	Name:
		 	Title:

 Please return the completed and executed Notice, Agreement and Questionnaire to: 

Keurig Dr Pepper Inc. 
 5301 Legacy
Drive 
 P.O. Box 869077 
 Plano,
Texas 75024 
 Attn: Chief Financial Officer 

The Company hereby acknowledges that it has received and read and understands this Notice, Agreement and Questionnaire and agrees to be bound
by the obligations and terms contained herein. 
  

			
	Keurig Dr Pepper Inc.:
		
	By:	 	 
		 	Name:
		 	Title:

 Appendix A 

DEFINITION OF “BENEFICIAL OWNERSHIP” 
  

	1.	A “Beneficial Owner” of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise has or shares: 

(a) Voting power which includes the power to vote, or to direct the voting of, such security; and/or 

(b) Investment power which includes the power to dispose, or direct the disposition of, such security. 

Please note that either voting power or investment power, or both, is sufficient for you to be considered the beneficial owner of shares. 

 

	2.	Any person who, directly or indirectly, creates or uses a trust, proxy, power of attorney, pooling arrangement or any other contract, arrangement or device with the purpose or effect of divesting such person of
beneficial ownership of a security or preventing the vesting of such beneficial ownership as part of a plan or scheme to evade the reporting requirements of the federal securities acts shall be deemed to be the beneficial owner of such security.

  

	3.	Notwithstanding the provisions of paragraph (1), a person is deemed to be the “beneficial owner” of a security if that person has the right to acquire beneficial ownership of such security within 60 days,
including but not limited to any right to acquire: (a) through the exercise of any option, warrant or right; (b) through the conversion of a security; (c) pursuant to the power to revoke a trust, discretionary account or similar
arrangement; or (d) pursuant to the automatic termination of a trust, discretionary account or similar arrangement; provided, however, any person who acquires a security or power specified in (a), (b) or (c) above, with the
purpose or effect of changing or influencing the control of the issuer, or in connection with or as a participant in any transaction having such purpose or effect, immediately upon such acquisition shall be deemed to be the beneficial owner of the
securities which may be acquired through the exercise or conversion of such security or power.

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