Document:

EX-10.4

 Exhibit 10.4 

Final Form 

TRANSACTION SUPPORT AGREEMENT 

THIS AGREEMENT is made as of February 15, 2021 

BETWEEN: 
 The person executing this
Agreement as “Shareholder” on the signature page hereof (the “Shareholder”) 
 - and - 

Peridot Acquisition Corp., a Cayman Islands exempted company (“Peridot”) 

RECITALS: 
 WHEREAS, on
February 15, 2021 Peridot, Li-Cycle Holdings Corp. (“Newco”) and Li-Cycle Corp. (the “Company”) entered into a business
combination agreement dated the date hereof (the “Business Combination Agreement”), a copy of which has been provided to the Shareholder, pursuant to which, among other things, Peridot and Newco will amalgamate (as amalgamated,
“Amalco”) and, following completion of such amalgamation, Amalco will acquire all of the issued and outstanding shares in the capital of the Company (collectively, the “Company Shares”) in exchange for common shares
of Amalco pursuant to a statutory plan of arrangement (the “Arrangement”) under the provisions of the Business Corporations Act (Ontario), upon and subject to the terms and conditions set forth in the Business Combination
Agreement; 
 WHEREAS, the Shareholder is the holder of record and beneficial owner of the Company Common Shares and/or the Company
Preferred Shares and/or the Company Options (the “Subject Options”) listed in Schedule A hereto; 
 WHEREAS,
the Shareholder is a party to a shareholders agreement dated on or about January 30, 2018, as amended, restated, supplemented or otherwise modified from time to time (the “Company Shareholders Agreement”), by and among the
Company, the Shareholder and the other Company Shareholders; 
 WHEREAS, Section 2.14 of the Company Shareholders Agreement
provides that the Company Shareholders shall exercise their powers to procure that no Group Company shall transact any business which is a Reserved Matter (as defined in the Company Shareholders Agreement) without the prior approval of Company
Shareholders holding not less than 75% of the issued Company Shares; 
 WHEREAS, the entering into by the Company of the Business
Combination Agreement and the completion of the Arrangement and the transactions contemplated therein are Reserved Matters within the meaning of the Company Shareholders Agreement; 

WHEREAS, the Shareholder approves and supports the transactions contemplated by the Business Combination Agreement and agrees to
exercise its voting rights in accordance with this transaction support agreement (this “Agreement”); 
 WHEREAS,
Section 4.3 of the Company Shareholders Agreement provides that if a proposed transfer or series of transfer of Company Shares by certain shareholders of the Company (such shareholders, the “Drag Shareholders”) would, if
registered, result in members 

 
of the purchasing group acquiring Company Shares carrying 75% of the issued Company Shares on arm’s length terms, the Drag Shareholders may give notice in writing (the “Drag
Notice”) to each minority shareholder of the Company (the “Minority Shareholders”) requiring them within a period of not less than 10 and not more than 20 days of the day of the Drag Notice to transfer all of (but not some
of) their Company Shares to the proposed transferee on the same consideration as that being offered to the Drag Shareholders (the “Drag-along Right”); 

WHEREAS, concurrently with the execution of this Agreement and the Business Combination Agreement, shareholders representing at least
75% of the issued Company Shares have executed and delivered an agreement on substantially the same terms as this Agreement, representing together, the required majority to be Drag Shareholders; 

WHEREAS, the transfer of Company Shares and the other transactions contemplated by the Business Combination Agreement are on arm’s
length terms; and 
 WHEREAS, this Agreement sets out the terms and conditions of the agreement of the Shareholder to abide by the
covenants in respect of the Subject Securities (as defined herein) and the other restrictions and covenants set forth herein. 
 NOW
THEREFORE, in consideration of the premises and the covenants and agreements herein contained, the Parties agree as follows: 

ARTICLE 1 

INTERPRETATION 
  

	1.1	 Definitions 

Capitalized terms used, and not otherwise defined, herein have the meanings ascribed thereto in the Business Combination Agreement. In this
Agreement: 
 “Parties” means the Shareholder and Peridot, and “Party” means any one of them; 

“Subject Securities” means the Subject Shares and the Subject Options; and 

“Subject Shares” means the Company Shares listed on Schedule A and any Company Shares acquired beneficially or of record
by the Shareholder subsequent to the date hereof, and includes all securities which such Subject Shares may be converted into, exchanged for or otherwise changed into, any Company Common Shares issuable upon the exercise of any Subject Options. 

 

	1.2	 Incorporation of Schedule 

Schedule A forms an integral part of this Agreement for all purposes of it. 

  
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 ARTICLE 2 

REPRESENTATIONS AND WARRANTIES 
  

	2.1	 Representations and Warranties of the Shareholder  

The Shareholder represents and warrants to and in favour of Peridot as follows and acknowledges that Peridot is relying upon such
representations and warranties in entering into this Agreement and the Business Combination Agreement: 
  

	 	(a)	 The Shareholder, if not an individual, is a corporation or other entity validly existing under the Laws of the
jurisdiction of its existence. The Shareholder, if a natural Person, has the legal capacity to enter into and perform his or her obligations under this Agreement. 

 

	 	(b)	 The Shareholder, if not an individual, has the requisite corporate power, authority and capacity to enter into
this Agreement and to perform its obligations hereunder and to complete the transactions contemplated by this Agreement. This Agreement has been duly executed and delivered by the Shareholder and constitutes a legal, valid and binding obligation of
the Shareholder (assuming that this Agreement has been duly authorized, executed and delivered by Peridot) enforceable against the Shareholder in accordance with its terms, subject to bankruptcy, insolvency, reorganization, fraudulent transfer,
moratorium and other Laws relating to or affecting the availability of equitable remedies and the enforcement of creditors’ rights generally and general principles of equity and public policy and to the qualification that equitable remedies
such as specific performance and injunction may be granted only in the discretion of a court of competent jurisdiction. 

  

	 	(c)	 The Shareholder is the sole holder of record and beneficial owner of, or exercises control or direction over,
all the Subject Securities set forth in Schedule A, with good and marketable title thereto, free and clear of all Liens (other than transfer restrictions under this Agreement, applicable Securities Laws and under the Company Shareholders Agreement,
respectively). Other than the Subject Securities set forth in Schedule A, the Shareholder does not own, beneficially or of record, and is not a party to or bound by any agreement or option, or right or privilege (whether by law, pre-emptive or contractual) capable of becoming an agreement or option, for the purchase or acquisition by the Shareholder of, any additional securities, or any securities convertible or exchangeable into any
additional securities, of the Company. 

  

	 	(d)	 Except for the Company Shareholders Agreement and except as contemplated by the Business Combination Agreement,
no Person has any contractual right or privilege for the purchase or acquisition from the Shareholder of any of the Subject Securities or for the right to vote any of the Subject Securities. 

 

	 	(e)	 There are no legal proceedings in progress or pending before any Governmental Entity or, to the knowledge of
the Shareholder, threatened against the Shareholder that would adversely affect in any manner the ability of the Shareholder to enter into this Agreement and to perform its obligations hereunder in any material respect. 

  
 - 3 - 

	 	(f)	 No consent, approval, order or authorization of, or declaration or filing with, any Person is required to be
obtained by the Shareholder with respect to the execution and delivery of this Agreement by the Shareholder, the performance by the Shareholder of its obligations under this Agreement and the completion of the transactions contemplated by this
Agreement, other than those which are contemplated by the Business Combination Agreement, except for any consents, approvals, orders, authorizations, declarations or filings, the absence of which would not adversely affect the ability of the
Shareholder to perform, or otherwise comply with, any of its covenants, agreements or obligations hereunder in any material respect, or which have already been obtained in advance of the Shareholder’s entry into this Agreement.

  

	 	(g)	 None of the execution and delivery by the Shareholder of this Agreement or the completion of the transactions
contemplated hereby or pursuant to the Business Combination Agreement, or the compliance by the Shareholder with its obligations hereunder, will cause a breach or violation of the terms of any agreement, Law or judgment, order or decree of any
Governmental Entity by which the Shareholder is subject or bound, except in each case as would not adversely affect the ability of the Shareholder to perform, or otherwise comply with, any of its covenants, agreements or obligations hereunder in any
material respect. 

  

	2.2	 Representations and Warranties of Peridot 

Peridot represents and warrants to and in favour of the Shareholder as follows and acknowledges that the Shareholder is relying upon such
representations and warranties in entering into this Agreement: 
  

	 	(a)	 Peridot is an exempted company, corporation, limited liability company or other applicable business entity duly
organized, incorporated or formed, as applicable, validly existing and in good standing (or the equivalent thereof, if applicable, in each case, with respect to the jurisdictions that recognize the concept of good standing or any equivalent thereof)
under the Laws of its jurisdiction of organization, incorporation or formation (as applicable). 

  

	 	(b)	 Peridot has the requisite exempted company, corporate, limited liability company or other similar power and
authority to execute and deliver each of this Agreement and the Business Combination Agreement and to consummate the transactions contemplated hereby and thereby. Each of this Agreement and the Business Combination Agreement has been duly authorized
by all necessary exempted company, corporate, limited liability company or other similar action on the part of Peridot. Each of this Agreement and the Business Combination Agreement has been duly executed and delivered by Peridot and constitutes a
legal, valid and binding obligation of Peridot (assuming that this Agreement or the Business Combination Agreement, as applicable, has been duly authorized, executed and delivered by the other parties thereto) enforceable against it in accordance
with its terms, subject to bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium and other Laws relating to or affecting the availability of equitable remedies and the enforcement of creditors’ rights generally and general
principles of equity and public policy and to the qualification that equitable remedies such as specific performance and injunction may be granted only in the discretion of a court of competent jurisdiction. 

  
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	 	(c)	 None of the execution and delivery by Peridot of this Agreement or the Business Combination Agreement or the
compliance by Peridot with its obligations hereunder or thereunder will cause a breach or violation of the terms of any agreement, Law or judgment, order or decree of any court or Governmental Body by which Peridot is subject or bound, except in
each case as would not adversely affect the ability of Peridot to perform, or otherwise comply with, any of its covenants, agreements or obligations hereunder or thereunder in any material respect. 

ARTICLE 3 

SHAREHOLDER ACKNOWLEDGMENT AND CONSENT 
  

	3.1	 Acknowledgment and Consent of the Shareholder 

Until the termination of this Agreement in accordance with its terms, the Shareholder: 

 

	 	(a)	 acknowledges that the entering into by the Company and Newco of the Business Combination Agreement and the
completion of the Arrangement and the transactions contemplated thereby are Reserved Matters within the meaning of the Company Shareholders Agreement; 

  

	 	(b)	 consents to and approves the entering into and execution by the Company and Newco of the Business Combination
Agreement and all Ancillary Documents to which the Company and or Newco is or will be a party and the consummation of the Arrangement and the transactions contemplated by the Business Combination Agreement; and 

 

	 	(c)	 consents to the details of this Agreement being set out in the Company Information Circular to be prepared in
connection with the Company Shareholders Meeting. 

 ARTICLE 4 

COVENANTS 
  

	4.1	 Covenants of the Shareholder  

 

	 	(a)	 The Shareholder hereby covenants, undertakes and agrees from time to time, until the termination of this
Agreement in accordance with its terms: 

  

	 	(i)	 to cause to be counted as present for purposes of establishing quorum all the Subject Shares and, if
applicable, Subject Options at any meeting of any of the securityholders of the Company at which the Shareholder is entitled to vote, including the Company Shareholders Meeting, or in any action by written consent of the securityholders of the
Company, in favour of the approval, consent, ratification and adoption of the Company Arrangement Resolution and the transactions contemplated by the Business Combination Agreement; 

 

	 	(ii)	 to vote or cause to be voted (in person, by proxy, by action by written consent, as applicable or as otherwise
may be required under the Company Shareholders Agreement or the Company Articles of Incorporation) all the Subject Shares and, if applicable, the Subject Options, in favour of the Company Arrangement Resolution and the transactions contemplated by
the Business Combination Agreement; 

  
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	 	(iii)	 to vote (in person, by proxy or by action by written consent, as applicable) all the Subject Shares and, if
applicable, Subject Options in opposition to (A) any Company Acquisition Proposal; and (B) any other matter, action or proposal which would reasonably be expected to result in a breach of any representation, warranty, covenant or other
obligation of the Company under the Business Combination Agreement if such breach requires securityholder approval and is communicated as being such a breach in a notice in writing delivered by Peridot to the Shareholder; provided that, in the case
of either clause (A) or clause (B) of this Section, the Business Combination Agreement shall not have been amended or modified without the Shareholder’s written consent to decrease, or change the form of, the consideration payable
under the Business Combination and the Plan of Arrangement; 

  

	 	(iv)	 except pursuant to the Plan of Arrangement or otherwise as contemplated by the Business Combination Agreement,
not to option, sell, transfer, pledge, encumber, grant a security interest in, hypothecate or otherwise convey or enter into any forward sale, repurchase agreement or other monetization transaction with respect to any of the Subject Securities, or
any right or interest therein, to any Person or group or agree to do any of the foregoing; provided that, notwithstanding the foregoing, the Shareholder may transfer Subject Shares to any of its Affiliates with prior written notice to, but without
the consent of, Peridot subject to such Affiliate transferee signing a joinder to this Agreement pursuant to which, such Affiliate transferee (a) agrees to be bound by all provisions hereof to the same extent as the Shareholder, and
(b) confirms the accuracy of the Shareholder’s representations and warranties provided herein as if it was the Shareholder hereunder; 

  

	 	(v)	 not to exercise any dissent rights in respect of any transaction contemplated by the Business Combination
Agreement; 

  

	 	(vi)	 if requested by Peridot, to deliver (or cause to be delivered) to the Company duly executed proxies directing
those individuals as may be designated by the Company to vote in favour of the Company Arrangement Resolution and the transactions contemplated by the Business Combination Agreement; 

 

	 	(vii)	 to execute and deliver all related documentation and take such other actions in support of the Arrangement and
the transactions contemplated by the Business Combination Agreement as shall reasonably be requested by the Company or Peridot to consummate the Transactions; 

 

	 	(viii)	 the Shareholder hereby revokes any and all previous proxies granted or voting instruction forms or other voting
documents delivered that conflict, or are inconsistent, with the matters set forth in this Agreement; 

  
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	 	(ix)	 except as expressly contemplated by this Agreement or the Company Shareholders Agreement, not to deposit any
Subject Shares or, if applicable, Subject Options, in a voting trust or subject any such Subject Shares or, if applicable, Subject Options to any arrangement or agreement with respect to the voting of such Subject Shares or, if applicable, Subject
Options; and 

  

	 	(x)	 the Shareholder shall be bound by and subject to Section 5.6(a) (Exclusive
Dealing) of the Business Combination Agreement to the same extent that Section 5.6(a) (Exclusive Dealing) of the Business Combination Agreement applies to the Company, mutatis, mutandis,
as if the Shareholder is directly party thereto; provided that, notwithstanding anything in this Agreement to the contrary, any breach by the Company of its obligations under the Business Combination Agreement shall not be considered a breach of
this Section 4.1(a)(x). 

  

	 	(b)	 If the Shareholder acquires any additional Subject Securities following the date hereof, the Shareholder
acknowledges that such additional Subject Securities shall be deemed to be Subject Securities for the purposes of this Agreement. 

  

	 	(c)	 Notwithstanding anything in this Agreement to the contrary, (i) the Shareholder shall not be responsible
for the actions of the Company or the board of directors of the Company (or any committee thereof) or any officers, directors (in their capacity as such), employees or professional advisors of any of the foregoing (the “Company
Parties”), including with respect to any of the matters contemplated by Section 4.1(a)(x), and (ii) the Shareholder is not making any representations or warranties with respect to the actions of any of the Company Parties.

  

	4.2	 Exercise of Drag-along Right 

 

	 	(a)	 The Shareholder hereby covenants, undertakes and agrees that, in the event that a Final Order approving the
Arrangement as contemplated by the terms of the Business Combination Agreement is not obtained (for any reason or no reason other than (i) as a result of (A) Peridot having not performed and complied in all material respects with the
covenants and agreements required to be performed or complied with by Peridot under the Business Combination Agreement or (B) the Sponsor having not performed and complied in all material respects with the covenants and agreements required to
be performed or complied with by the Sponsor under the Sponsor Letter Agreement, or (ii) the Peridot Shareholder Approval having not been obtained), the Shareholder shall: 

 

	 	(i)	 upon receipt by the Shareholder of a written notice (the “Alternative Transaction Notice”)
from Peridot to the effect that it wishes to complete the Transactions upon and subject to the terms and conditions of the fully executed documentation (the “Alternative Transaction Documentation”) contemplated by
Section 8.1(a) of the Business Combination Agreement (which Alternative Transaction Notice shall include complete copies of such Alternative Transaction Documentation), exercise, together (but not alone) with the other Drag Shareholders, the
Drag-along Right as it relates to the transactions set forth in the Alternative Transaction Documentation (the “Drag Transactions”) upon and subject to the terms and conditions of the

  
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Alternative Transaction Documentation and shall execute and deliver all related documentation and take such other actions in connection therewith as shall reasonably be requested by the Company
and/or Peridot to consummate the Drag Transactions; provided that, notwithstanding anything contained herein or in the Business Combination Agreement or in the Alternative Transaction Notice, the obligations of the Shareholder under this
Section 4.2 shall be subject to the following conditions: (A) the Shareholder receiving pursuant to the Drag Transactions the same consideration as set out in the Business Combination Agreement, (B) the Drag Transactions not resulting
in any material adverse Tax treatment to the Shareholder as compared to what is expected to result from the Transactions contemplated in the Business Combination Agreement (other than under Section 8.1(a) thereof), (C) the Minority Shareholders
receiving the same consideration as the Drag Shareholders, (C) the other terms and conditions of the Business Combination Agreement remaining applicable, mutatis, mutandis, and (D) the Drag Notice reflecting the foregoing.

 ARTICLE 5 

GENERAL 
  

	5.1	 Termination 

This Agreement shall automatically terminate, without any notice or other action by any on the party of any Party, upon the earliest to occur
of the following: 
  

	 	(a)	 the Closing; 

  

	 	(b)	 the date upon which the Parties agree in writing to terminate this Agreement; 

 

	 	(c)	 the date of earlier termination of the Business Combination Agreement in accordance with its terms; and

  

	 	(d)	 the amendment or modification of the Business Combination Agreement without the Shareholder’s written
consent to decrease, or change the form of, the consideration payable under the Business Combination Agreement and the Plan of Arrangement. 

  

	5.2	 Fiduciary Duties 

Notwithstanding anything in this Agreement to the contrary, (a) the Shareholder makes no agreement or understanding herein in any capacity
other than in the Shareholder’s capacity as a record holder and beneficial owner of the Subject Securities, and, without limiting the generality of the foregoing, the Shareholder makes no agreement or understanding herein in the
Shareholder’s capacity as a director, officer or employee of the Company or any of the Company’s Subsidiaries, as applicable, and (b) nothing herein will be construed to limit or affect any action or inaction by the Shareholder in its
capacity as a member of the board of directors of the Company or as an officer, employee or fiduciary of the Company, in each case, acting in such person’s capacity as a director, officer, employee or fiduciary of the Company. 

  
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	5.3	 Effect of Termination 

If this Agreement is terminated pursuant to Section 5.1, this Agreement shall become void and of no force and effect and no Party will
have any liability or further obligation to the other Party hereunder; provided that neither the termination of this Agreement nor anything contained in Section 5.1 will relieve any Party from any liability for any intentional breach by it of
this Agreement, including any intentional making of a misrepresentation in this Agreement prior to such termination. 
  

	5.4	 Injunctive Relief 

The Parties agree that irreparable harm would occur in the event that either Party does not perform its respective obligations under any of the
provisions of this Agreement in accordance with their specific terms or were otherwise breached for which money damages would not be an adequate remedy at Law. It is accordingly agreed that each Party will be entitled to an injunction or injunctions
and other equitable relief to prevent breaches of this Agreement, any requirement for the securing or posting of any bond in connection with the obtaining of any such injunctive or other equitable relief hereby being waived, this being in addition
to any other remedy to which either Party may be entitled at law or in equity. 
  

	5.5	 Waiver and Modifications 

Any Party may: (a) extend the time for the performance of any of the obligations or other acts of the other Party set forth herein,
(b) waive any inaccuracies in the representations and warranties of the other Party set forth herein, or (c) waive compliance by the other Party with any of the agreements or conditions set forth herein. Any agreement on the part of any
such Party to any such extension or waiver shall be valid only if set forth in a written instrument signed on behalf of such Party. Any waiver of any term or condition shall not be construed as a waiver of any subsequent breach or a subsequent
waiver of the same term or condition, or a waiver of any other term or condition of this Agreement. The failure of any Party to assert any of its rights hereunder shall not constitute a waiver of such rights. 

 

	5.6	 Amendment 

This Agreement may be amended or modified only by a written agreement executed and delivered by the Parties. This Agreement may not be modified
or amended except as provided in the immediately preceding sentence and any purported amendment by any Party or Parties effected in a manner which does not comply with this Section 5.5 shall be void, ab initio. 

 

	5.7	 Entire Agreement 

This Agreement constitutes the entire agreement between the Parties with respect to the subject matter thereof. There are no representations,
warranties, terms, conditions, undertakings or collateral agreements, express, implied or statutory, between the Parties with respect thereto except as expressly set forth in this Agreement. 

 

	5.8	 Notices 

All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed to have
been duly given) by delivery in person, by e-mail (having obtained electronic delivery confirmation thereof), or by registered or certified 

  
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mail (postage prepaid, return receipt requested) (upon receipt thereof) to the other Parties as follows: 
  

	 	(a)	 if to Peridot: 

c/o Peridot Acquisition Corp. 

2229 San Felipe Street, Suite 1450, Houston, TX 77019 

Attention:   Alan Levande; Jeffrey Gilbert 

Email:         alan@peridotspac.com; jeffrey@carnelianec.com 

with a copy (which will not constitute notice) to: 

Kirkland & Ellis LLP 

609 Main Street 

Houston, Texas 77002 

Attention:   Debbie Yee; John Pitts; Allan Kirk 

Email:         debbie.yee@kirkland.com; john.pitts@kirkland.com; 

allan.kirk@kirkland.com 

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

Stikeman Elliott LLP 

1155 René-Lévesque Blvd. West 41st Floor 

Montréal, Quebec H3B 3V2 

Attention:   Warren Katz 

Email:         wkatz@stikeman.com 

 

	 	(b)	 if to the Shareholder, at the address set forth in Schedule A, 

or to such other address as the Party to whom notice is given may have previously furnished to the others in writing in the manner set forth above. Any
demand, notice or other communication given by personal delivery will be conclusively deemed to have been given on the day of actual delivery thereof and, if given by electronic communication, on the day of transmittal thereof if given during the
normal business hours of the recipient and on the Business Day during which such normal business hours next occur if not given during such hours on any day. 
  

	5.9	 Severability 

Whenever possible, each provision of this Agreement will be interpreted in such a manner as to be effective and valid under applicable Law, but
if any term or other provision of this Agreement is held to be invalid, illegal or unenforceable under applicable Law, all other provisions of this Agreement shall remain in full force and effect so long as the economic or legal substance of the
transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon such determination that any term or other provision of this Agreement is invalid, illegal or unenforceable under applicable Law, the Parties shall
negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the
greatest extent possible. 

  
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	5.10	 Assignment 

Neither this Agreement nor any of the rights, interests or obligations hereunder may be assigned by any Party (whether by operation of law or
otherwise) without the prior written consent of the other Party. 
  

	5.11	 Benefit of Agreement 

This Agreement will enure to the benefit of and be binding upon the respective successors (including any successor by reason of amalgamation or
statutory arrangement) and permitted assigns of the Parties. 
  

	5.12	 Non-Recourse 

This Agreement may only be enforced against, and any action, suit, claim, investigation, or proceeding based upon, arising out of or related to
this Agreement may only be brought against the Persons that are expressly named as parties to this Agreement. Except to the extent named as a party to this Agreement, and then only to the extent of the specific obligations of such parties set forth
in this Agreement, no past, present or future shareholder, member, partner, manager, director, officer, employee, Affiliate, agent or advisor of any party to this Agreement or any Group Company will have any liability (whether in contract, tort,
equity or otherwise) for any of the representations, warranties, covenants, agreements or other obligations or liabilities of any of the parties to this Agreement or for any action, suit, claim, investigation, or proceeding based upon, arising out
of or related to this Agreement. 
  

	5.13	 Further Assurances 

Subject to the provisions of this Agreement, the Parties will, from time to time, do all acts and things and execute and deliver all such
further documents and instruments, as the other Parties may, either before or after the Closing, reasonably require to effectively carry out or better evidence or perfect the full intent and meaning of this Agreement. 

 

	5.14	 Governing Law 

This Agreement shall be governed by, construed and enforced in accordance with, the laws of the Province of Ontario and the federal laws of
Canada applicable therein. 
  

	5.15	 Counterparts 

This Agreement may be executed and delivered in one or more counterparts (including by facsimile or electronic transmission), each of which will be deemed to
be an original and all of which taken together will be deemed to constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by e-mail or scanned pages
shall be effective as delivery of a manually executed counterpart to this Agreement. 
 [The remainder of this page has been
intentionally left blank.] 

  
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 IN WITNESS OF WHICH the Parties have executed this Agreement. 

 

					
	PURCHASER:	 	PERIDOT ACQUISITION CORP.
			
		 	By:	 	 
		 		 	Name:
		 		 	Title:
		
	SHAREHOLDER:	 	 Accepted and agreed to with effect from the ___

day of ______________, 2021.

  

	
	 Name:

 OR 
  

			
	 Entity Name:

		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

 [Signature Page – Transaction Support Agreement – [Shareholder]] 

 SCHEDULE A 

 

			
		
	Name of Registered Shareholder/Securityholder:	 	 
		
	  	 	 
		
	Subject Securities:	 	
		
	[indicate the number of applicable Subject Securities held]	 	
		
	                         Company Common Shares	 	
		
	                         Company Preferred Shares	 	
		
	                         Company Options	 	

 Address for Notice: 
  

			
	 Address:
	 	
		
	 	 	
		
	 	 	
		
	 	 	
		
	 Telephone:
	 	
		
	 Email:
	 	
		
	 Facsimile:
	 	

  
 A - 1Document

Exhibit 10.23

December 18, 2020

Matthew R. Moore
matthewrmoore@gmail.com

RE: Employment with Arcutis Biotherapeutics, Inc.
 
Dear Matt:

This employment letter sets forth the terms and confirms your employment as Senior Vice President and Chief Business Officer with Arcutis Biotherapeutics, Inc., a Delaware Corporation (the “Company” or “Arcutis”). You will report to me, the Company’s Chief Executive Officer. If you accept this offer, you will commence employment with the Company on January 11, 2021, or such other date mutually agreed in writing between you and the Company (the date you actually commence employment with the Company, the “Effective Date”).

1.Work Location. The Company will allow you to work primarily from your home office. However, as Arcutis’ headquarters are located in the Los Angeles, California area, you will be expected to spend a reasonable amount of time at the Company’s headquarters once COVID-19 related restrictions are lifted. The Company will provide expense reimbursement for your visits to our Los Angeles area offices as outlined in section 4 of this agreement.

2.Compensation.

a)Salary. In this position, the Company will pay you an annual base salary of $365,000 per year, payable in accordance with the Company’s standard payroll schedule. Your pay will be periodically subject to adjustment pursuant to the Company’s policies as in effect from time to time and pro-rated for any partial employment hereunder.

b)Bonus. You will be eligible to receive a cash incentive annual bonus of up to 40% of your base salary, based upon the achievement of both annual and personal goals. Any annual bonus earned will be paid no later than March 15th of the year following the year in which such bonus was earned and will be contingent upon your continued employment through the applicable payment date. Please note that bonus programs, payouts and criterion are subject to change or adjustment as the business needs at the Company may require.

c)Equity Awards. In connection with entering into this employment letter agreement, following the Effective Date, the Company will recommend to the Board of Directors that it grant you:

i.Stock Option. An option to purchase 160,000 shares of the Company’s common stock (the “Stock Option”) at a per-share exercise price equal to the fair market value of a share of the

Company’s common stock on the date of grant (the closing price of the Company’s common stock as reported on the Nasdaq Global Select Market on the date of grant). Fifty percent (50%) of the shares subject to the Stock Option will vest and become exercisable at the rate of twenty-five percent (25%) on the first anniversary of the Effective Date, and an additional 2.0833% per month thereafter, so long as you remain employed by the Company through the applicable vesting date. Fifty percent (50%) of the shares subject to the Stock Option will vest and become exercisable at the rate of twenty-five percent (25%) on the first anniversary of the effective date of the Advisory Agreement by and between the Company and you (namely July 20, 2020) and an additional 2.0833% per month thereafter, so long as you remain employed by the Company through the applicable vesting date.

ii. Performance-Based Stock Option. An option to purchase 25,000 shares of the Company’s common stock (the “Performance Based Stock Option”) at a per-share exercise price equal to the fair market value of a share of the Company’s common stock on the date of grant (the closing price of the Company’s common stock as reported on the Nasdaq Global Select Market on the e date of grant. The shares subject to the Stock Option will vest and become exercisable as follows:

1)Upon the conclusion of a deal to out-license roflumilast in Japan, 12,500 options will commence vesting at a rate of 2.0833% per month so long as you remain employed by the Company through the applicable vesting date; and

2)Upon conclusion of a deal for another major geography (e.g., China or Europe), 12,500 options will commence vesting at a rate of 2.0833% per month so long as you remain employed by the Company through the applicable vesting date; or

3)Upon conclusion of a global ex-U.S. deal, 25,000 options will commence vesting at a rate of 2.0833% per month so long as you remain employed by the Company through the applicable vesting date.

For purposes of clarity, no more than 25,000 Performance-Based Stock Options will be available to you per this section 1 (C) (ii).

The Stock Options and Performance-Based Stock Options will otherwise be subject to the terms and conditions of the Company’s 2020 Equity Incentive Plan (the “Plan”) and a stock option agreement and/or performance-based stock option agreement(s) to be entered into between you and the Company. You may be eligible to receive such future stock options or restricted stock unit grants as the Board of  Directors of the Company shall deem appropriate; however, the grant of such options or restricted stock units by the Company is not a promise of compensation and is not intended to create any obligation on the part of the Company.

d)Withholdings. All forms of compensation paid to you as an employee of the Company shall be less all applicable withholdings.

3.Employee Benefits. You will be entitled to participate in employee benefit plans currently and hereafter maintained by the Company of general applicability to other employees of the Company subject to the eligibility requirements of each such benefit plan. The Company, in its sole discretion, may amend, suspend or terminate its employee benefits at any time, with or without notice. In addition, you will be entitled to paid vacation in accordance with the Company’s vacation policy, as in effect from time to time. We also acknowledge that you have entered, or will enter, into the Severance and Change in Control Agreement with the Company (the “Severance & Change in Control Agreement”).

4.Expenses.

a)The Company will reimburse Employee for reasonable travel, entertainment or other expenses incurred by Employee in the furtherance of or in connection with the performance of Employee’s duties hereunder, in accordance with the Company’s expense reimbursement policy as in effect from time to time.

b)The Company will reimburse Employee for actual expenses, as evidenced by receipts, incurred for travel to and from and housing at the corporate headquarters, up to a maximum of $5,000 per month. No other reimbursement will be made for these costs.

5.Confidentiality Agreement. As an employee of the Company, you will have access to certain confidential information of the Company and you may, during the course of your employment, develop certain information or inventions that will be the property of the Company. To protect the interests of the Company, you will need to sign the Company’s standard “Employee Invention Assignment and Confidentiality Agreement” as a condition of your employment. We wish to impress upon you that we do not want you to, and we hereby direct you not to, bring with you any confidential or proprietary material of any former employer or to violate any other obligations you may have to any former employer. During the period that you render services to the Company, you agree to not engage in any employment, business or activity that is in any way competitive with the business or proposed business of the Company. You will disclose to the Company in writing any other gainful employment, business or activity that you are currently associated with or participate in that competes with the Company. You will not assist any other person or organization in competing with the Company or in preparing to engage in competition with the business or proposed business of the Company.

6.No Conflicting Obligations. You understand and agree that by signing this letter agreement, you represent to the Company that your performance will not breach any other agreement to which you are a party, including, without limitation, any agreement currently in place between your current or past employers, and that you have not, and will not during the term of your employment with the Company, enter into any oral or written agreement in conflict with any of the provisions of this letter or the Company’s policies. You are not to bring with you to the Company, or use or disclose to any person associated with the Company, any confidential or proprietary information belonging to any former employer or other person or entity with respect to which you owe an obligation of confidentiality under any agreement or otherwise. The Company does not need and will not use such information and we will assist you in any way possible to preserve and protect the confidentiality of proprietary information belonging to third parties. Also, we expect you to abide by any obligations to refrain from soliciting any person employed by or otherwise associated with any former employer and suggest that you refrain from having any contact with such persons until such time as any non-solicitation obligation expires.

7.Outside Activities. While you render services to the Company, you agree that you will not engage in any other employment, consulting or other business activity without the written consent of the Company. In addition, while you render services to the Company, you will not assist any person or entity in competing with the Company, in preparing to compete with the Company or in hiring any employees or consultants of the Company.

8.General Obligations. As an employee, you will be expected to adhere to the Company’s standards of professionalism, loyalty, integrity, honesty, reliability and respect for all. You will also be expected to comply with the Company’s policies and procedures. The Company is an equal opportunity employer.

9.At-Will Employment. Employment with the Company is for no specific period of time. Your employment with the Company will be on an “at will” basis, meaning that either you or the Company may terminate your employment at any time for any reason or no reason.  The Company also reserves the right

to modify or amend the terms of your employment at any time for any reason. Any contrary representations which may have been made to you are superseded by this letter agreement. Further, your participation in ant stock option or benefit program is not to be regarded as assuring you of continuing employment for any particular period of time. Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and the Company’s Chief Executive Officer.

10.Authorization to Work. Please note that because of employer regulations adopted in the Immigration Reform and Control Act of 1986, within three (3) business days of starting your new position you will need to present documentation demonstrating that you have authorization to work in the United States.

11.Arbitration and Class Action Waiver. You and the Company agree to submit to mandatory binding arbitration any and all claims arising out of or related to your employment with the Company and the termination thereof, including, but not limited to, claims for unpaid wages, wrongful termination, torts, stock or stock options or other ownership interest in the Company, and/or discrimination (including harassment) based upon any federal, state or local ordinance, statute, regulation or constitutional provision except that each party may, at its, his or her option, seek injunctive relief in court related to the improper use, disclosure or misappropriation of a party’s private, proprietary, confidential or trade secret information (collectively, “Arbitrable Claims”). Further, to the fullest extent permitted by law, you and the Company agree that no class or collective actions can be asserted in arbitration or otherwise. All claims, whether in arbitration or otherwise, must be brought solely in your or the Company’s individual capacity, and not as a plaintiff or class member in any purported class or collective proceeding. Nothing in this Arbitration and Class Action Waiver section, however, restricts your right, if any, to file in court a representative action under California Labor Code Sections 2698, et seq.

SUBJECT TO THE ABOVE PROVISO, THE PARTIES HEREBY WAIVE ANY RIGHTS THEY MAY HAVE TO TRIAL BY JURY IN REGARD TO ARBITRABLE CLAIMS. THE PARTIES FURTHER WAIVE ANY RIGHTS THEY MAY HAVE TO PURSUE OR PARTICIPATE IN A CLASS OR COLLECTIVE ACTION PERTAINING TO ANY ARBITRABLE CLAIMS BETWEEN YOU AND THE COMPANY.

This Agreement does not restrict your right to file administrative claims you may bring before any government agency where, as a matter of law, the parties may not restrict the employee’s ability to file such claims (including, but not limited to, the National Labor Relations Board, the Equal Employment Opportunity Commission and the Department of Labor). However, the parties agree that, to the fullest extent permitted by law, arbitration shall be the exclusive remedy for the subject matter of such administrative claims. The arbitration shall be conducted in San Francisco County, California through JAMS before a single neutral arbitrator, in accordance with the JAMS employment arbitration rules then in effect. The JAMS rules may be found and reviewed at http://www.jamsadr.com/rules-employment- arbitration. If you are unable to access these rules, please let me know and I will provide you with a hardcopy. The arbitrator shall issue a written decision that contains the essential findings and conclusions on which the decision is based. The arbitration provisions of this Agreement shall be governed by and enforceable pursuant to the Federal Arbitration Act. In all other respects for provisions not governed by the Federal Arbitration Act, this employment letter agreement shall be construed in accordance with the laws of the State of California, without reference to conflicts of law principles.

12.Entire Agreement. This employment letter agreement, once accepted, together with the Severance & Change in Control Agreement and the Employee Invention Assignment and Confidentiality Agreement, constitute the entire agreement between you and the Company with respect to the subject matter hereof and supersedes all prior offers, negotiations and agreements, if any, whether written or oral, relating to such subject matter. You acknowledge that neither the Company nor its agents have made any 

promise, representation or warranty whatsoever, either express or implied, written or oral, which is not contained in this agreement for the purpose of inducing you to execute the agreement, and you acknowledge that you have executed this agreement in reliance only upon such promises, representations and warranties as are contained herein.

13.Acceptance. This offer will remain open until Friday, December 18, 2020. If you decide to accept our offer, and I hope you will, please sign the enclosed copy of this letter in the space indicated and return it to me. Your signature will acknowledge that you have read and understood and agreed to the terms and conditions of this offer letter and the attached documents, if any. Should you have anything else that you wish to discuss, please do not hesitate to call me.

We look forward to the opportunity to welcome you to the Company.

[SIGNATURE PAGE FOLLOWS]

This letter agreement supersedes and replaces any prior understandings or agreements, whether oral, written or implied, between you and the Company regarding the matters described in this letter. This letter will be governed by the laws of California, without regard to its conflict of laws provisions.

Very truly yours,

By: /s/Todd Franklin Watanabe
Name: Todd Franklin Watanabe
Title: Chief Executive Officer
Date: December 18, 2020

ACCEPTED AND AGREED:

By: /s/ Matthew R. Moore
Name: Matthew R. Moore
Title: Senior Vice President and Chief Business Officer
Date: January 6, 2021

[Signature Page to Employment Letter Agreement]

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