Document:

Exhibit 10.28
      

        THIS INVESTOR RIGHTS AGREEMENT (this “Agreement”) is made as of [●], 2021, by and between (i) Waldencast Acquisition Corp., a limited
          liability company organized under the laws of Jersey (“Waldencast”), (ii) Cedarwalk Skincare Ltd., a limited liability company organized under the laws of the Cayman Islands (“Cedarwalk”), (iii) Waldencast Long-Term Capital LLC, a limited liability company organized under the laws of the Cayman Islands (the “Sponsor”) and (iv) [●],1 a  [●] organized under the laws of [●] (the “Guarantor”) (Waldencast, Cedarwalk, the Sponsor and the Guarantor shall sometimes be herein referred to
          collectively as the “Parties,” and “Party” shall mean any of them).

        

        

        RECITALS:

        

        

        	(A)	
                The Sponsor organized Waldencast as a newly incorporated blank check company, incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or
                  similar business combination with one or more businesses.

              

        

        

        	(B)	
                The Guarantor owns all of the shares of Cedarwalk, and Cedarwalk owns and the Guarantor indirectly owns all of the shares of Obagi Global Holdings Limited, a limited liability company organized under the laws of the Cayman Islands (“Obagi Global”).

              

        

        

        	(C)	
                Obagi Global owns all of the shares of Obagi Holdings Company Limited, a limited liability company organized under the laws of the Cayman Islands (“Obagi Holdings”), which in turn owns all of the
                  shares of Obagi Hong Kong Limited, a limited liability company organized under the laws of the Hong Kong Special Administrative Region (“Obagi Hong Kong”).

              

        

        

        	(D)	
                Obagi Hong Kong owns all of the shares of Obagi (Shanghai) Cosmeceuticals Co., Ltd. (“Obagi Shanghai”) and Obagi (Xi’an) Pharmaceutical Technology Co., Ltd. (“Obagi

                    Xi’an”), each of which is a limited liability company organized under the laws of the People’s Republic of China.

              

        

        

        	(E)	
                Pursuant to the distribution agreements by and between Obagi Holdings and Obagi Global and Obagi Global and Cedarwalk, in each case, dated as of [●], 202[●], Obagi Holdings will distribute to Obagi Global and immediately thereafter,
                  Obagi Global will distribute to Cedarwalk, all of the shares of Obagi Hong Kong and a US$2.5 million promissory note by way of dividend distribution in specie to its sole shareholder Cedarwalk.

              

        

        

        	(F)	
                Waldencast entered into a merger agreement with Obagi Global, and Obagi Merger Sub Inc., a wholly owned subsidiary of Waldencast (“Merger Sub”), dated as of November 15, 2021, pursuant to which,
                  among other things and subject to the terms therein, Merger Sub will merge with and into Obagi Global with Obagi Global surviving such merger as a wholly owned subsidiary of Waldencast.  The distributions in specie referred to in recital
                  (E) above are expected to happen before the closing of such merger (the “Merger Closing”).

              

        

        

        	(G)	
                Waldencast, Cedarwalk and the Guarantor agree that substantial damage may be suffered by Waldencast in the event the controlling interests of Obagi Hong Kong, Obagi Shanghai or Obagi Xi’an are transferred from the Guarantor or
                  Cedarwalk to third-party buyers.

              

        

        

        	(H)	
                The Guarantor is entering into this Agreement for the purposes of (i) guaranteeing the obligations of Cedarwalk and (ii) undertaking to Waldencast that, subject to certain exceptions of Permitted Transfers (as defined herein), it will
                  not, without the prior written consent of Waldencast, Transfer the shares of Cedarwalk to third parties.

              

        

        

        	(I)	
                The Parties have determined that it is advisable and in each of their best interests to enter into this Agreement to establish their respective rights and obligations with respect to the shares of Obagi Hong Kong, Obagi Shanghai and
                  Obagi Xi’an.

              

        

        

        

        1 The Guarantor will be CWC Skincare Ltd. or another entity owned / controlled by the Dai Family that is creditworthy
          and able to support the guarantee based upon a review of evidence (e.g., financial statements) of such entity to demonstrate that it is a creditworthy entity.

         

        
          
            

        

        
        

        

        NOW, THEREFORE, in consideration of the foregoing premises, and other good and valuable consideration, the adequacy and receipt of which are hereby acknowledged, the Parties, intending to be legally bound, hereby
          agree as follows:

        

        

        	1.	
                Certain Definitions.

              

        

        

        	1.1	
                Definitions.  As used in this Agreement, the following terms shall have the following meanings:

              

        

        

        “Affiliate” shall mean, with respect to any Person, any other Person that directly or indirectly, through one
            or more intermediaries, controls, is controlled by or is under common control with, such first Person.

        

        

        “Board” means the board of directors of Waldencast.

        

        

        “Business Day” shall mean a day (other than a Saturday or Sunday) on which banks are generally open in Hong
            Kong Special Administrative Region and China for normal business.

        

        

        “Change of Control” shall mean the occurrence of any of the following: (i) the beneficial ownership (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), of securities representing more than 50% of the combined voting power of Waldencast is acquired by any “person” as defined in sections 13(d) and 14(d) of the Exchange Act (other
            than Waldencast or any of its subsidiaries), (ii) the merger or consolidation of Waldencast with or into another entity where the equity holders of Waldencast, immediately prior to the consolidation or merger, would not, immediately after the
            consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, securities representing in the aggregate 50% or more of the combined voting power of the securities of the entity
            issuing cash or securities in the consolidation or merger (or of its ultimate parent entity, if any) in substantially the same proportion as their ownership of Waldencast immediately prior to such merger or consolidation, (iii) the sale or
            other disposition of all or substantially all of Waldencast’s assets to an entity, other than a sale or disposition by Waldencast of all or substantially all of Waldencast’s assets to an entity, at least 50% of the combined voting power of the
            voting securities of which are owned directly or indirectly by equity holders of Waldencast, immediately prior to the sale or disposition, in substantially the same proportion as their ownership of Waldencast immediately prior to such sale or
            disposition, or (iv) the first day on which a majority of the members of Waldencast’s Board are not Continuing Directors.

        

        

        “Companies” shall mean Obagi Hong Kong, Obagi Shanghai and Obagi Xi’an, and “Company” shall mean any of them.

        

        

        “Company Equity Securities” shall mean (a) any Shares and (b) any other Equity Securities of any of the
            Companies.

        

        

        “Continuing Director” shall mean, as of any date of determination, any member of the Board who (i) was a member of such Board on the date of this Agreement or
          (ii) was nominated for election or elected to such Board with the approval of a majority of the Continuing Directors who were members of such Board at the time of such nomination or election.

        

        

        “Controlled Investment Affiliate” means, as to any Person, any other Person that (a) directly or indirectly, is in control of, is controlled by, or is under
          common control with, such Person and (b) is organized by such Person primarily for the purpose of making equity or debt investments in one or more companies.  For purposes of this definition, “control” of a Person means the power, directly or
          indirectly, to direct or cause the direction of the management and policies of such Person whether by contract or otherwise.

        

        

        “Dai Family” means Yumin Dai, Sijue (Steven) Dai, Sicong (Simon) Dai, any of their spouses, lineal descendants or ancestors, and the respective heirs, executors
          and Controlled Investment Affiliates of each of the foregoing.

        

        

        “Encumbrances” shall mean a mortgage, charge, pledge, lien, right of first refusal, right of pre-emption,
            restriction on transfer, encumbrance or security interest or any agreement to create any of the foregoing.

        

        

        
          2

          
            

        

        

        

        “Equity Securities” shall mean, with respect to any Person, any capital stock, shares, equity interests,
            membership interests, partnership interests or registered capital, joint venture or other ownership interests in such Person and any options, warrants or other securities (for the avoidance of doubt, including debt securities) that are directly
            or indirectly convertible into, or exercisable or exchangeable for, such capital stock, shares, equity interests, membership interests, partnership interests or registered capital, joint venture or other ownership interests (whether or not such
            derivative securities are issued by such Person).

        

        

        “Governmental Authority” shall mean any (a) multinational or supranational body exercising legislative,
            judicial or regulatory powers; (b) nation, state, commonwealth, province, territory, county, municipality, district or other jurisdiction of any nature; (c) federal, state, local, municipal, foreign or other government; or (d) governmental or
            quasi-governmental, statutory or quasi-statutory or regulatory authority of any nature, including any division, department, corporation, authority, agency, commission, instrumentality, official, organization, unit, body or entity, any court or
            other tribunal, taxing authority, securities exchange, public international organization or other body entitled under applicable Law to exercise executive, legislative, judicial or regulatory power of any nature.

        

        

        “Law” shall mean any applicable national, regional or local law, foreign or supranational statute, ordinance,
            rule, code, administrative interpretation or guidance, regulation, judgment, decree, injunction, directive, or other legally binding obligation imposed by or on behalf of any Governmental Authority, including rules governing the listing of
            securities on any securities exchange.

        

        

        “Organizational Documents” shall mean, with respect to any Person, the articles of association, articles or
            certificate of incorporation, by-laws, charter or other similar organizational documents of such Person.

        

        

        “Permitted Holders” shall mean any one or more members of the Dai Family.

        

        

        “Person” shall mean any individual, firm, corporation, partnership, limited liability company, incorporated
            or unincorporated association, joint venture, joint stock company, trust, Governmental Authority or instrumentality or other entity of any kind, its successors and assigns.

        

        

        “Requisite Time Period” shall mean (i) sixty (60) days if the Transfer of the ROFO Offer Shares described in the ROFO Sale Notice is proposed to involve less
          than 50% of the Equity Securities of a Subject Company and (ii) one hundred twenty (120) days if the Transfer of the ROFO Offer Shares described in the ROFO Sale Notice is proposed to involve 50% or more of the Equity Securities of a Subject
          Company.

        

        

        “Share” shall mean a common share in the issued voting share capital of any Company, including any
            subdivisions, combinations or splits thereof.

        

        

        “Subsidiary” shall mean, with respect to any Person, (i) any Person which that Person owns or controls
            (either directly or through one or more other Subsidiaries) more than 50% of the issued share capital or other ownership interest having ordinary voting power to elect directors, managers or trustees of such Person; or (ii) any Person which at
            any time has its financial statements consolidated with those of that Person or which, under the Law or generally accepted accounting principles of the jurisdiction of incorporation of such Person from time to time, should have its financial
            statements consolidated with those of that Person.

        

        

        “Transfer” shall mean to sell, transfer or otherwise dispose of, or grant an option, interest, charge,
            pledge, security interest or lien in respect of, Equity Securities in a Person, and “Transfers,” “Transferred” and “Transferee” shall have correlative meanings.

        

        

        
          3

          
            

        

        

        

        “Waldencast Competitor” shall mean (a) any Person who is “engaged” in the beauty or personal care business
            having aggregate net revenue in its beauty or personal care business for the fiscal year immediately preceding the year of the proposed entry into the relevant transaction in excess of US$300,000,000 if such transaction were entered into within
            three years of the date hereof or in excess of US$500,000,000 if such transaction were entered into after the third anniversary of the date hereof or (b) any private equity fund having a controlled Affiliate or a majority-owned or controlled
            portfolio company (i) described in (a) or (ii) “engaged” in the beauty, personal care or wellness business that has a line of business in the dermal aesthetics skincare channel having aggregate net revenue of at least US$75,000,000 in the
            dermal aesthetics skincare channel for the fiscal year immediately preceding the year of the proposed entry into the relevant transaction.  For the avoidance of doubt, a Person is deemed to be “engaged” in the beauty, personal care of wellness
            business of Waldencast or any of its subsidiaries if it is directly engaged in such business.

        

        

        	2.	
                Right of First Offer/Right of First Refusal.

              

        

        

        	2.1	
                Proposed ROFO Offer.  In the event Cedarwalk or any of its Subsidiaries or controlled Affiliates (a “Transferring Shareholder”) proposes to Transfer any of the Equity Securities of a
                  Company (a “Subject Company”) held (directly or indirectly) by it in a transaction or a series of transactions, Cedarwalk must first offer to Transfer such Company Equity Securities to Waldencast by
                  serving a written offer notice (the “ROFO Sale Notice”) on it, which notice shall set forth:

              

        

        

        	

              	2.1.1	
                the number of the Company Equity Securities (including the identity of the Companies) proposed to be Transferred (the “ROFO Offer Shares”) and the minimum purchase price at which Cedarwalk would agree to Transfer the ROFO Offer Shares (the “Minimum Purchase Price”), provided that no such Transfer of Company Equity Securities to a third party (other than Waldencast) may be for less than the Minimum Purchase Price; and

              

        

        

        	

              	2.1.2	
                the audited financial statements of each of the Companies for the three most recent financial years to the extent available and unaudited financial statements for such periods in which audited financial
                  statements are not available.

              

        

        

        	2.2	
                ROFO Acceptance Period.  The ROFO Sale Notice will be valid for the Requisite Time Period from the date of receipt by Waldencast of the ROFO Sale Notice (the “ROFO Acceptance Period”). 
                  Waldencast may, during the ROFO Acceptance Period, (i) subject to its delivering to Cedarwalk a confidentiality agreement in form and substance reasonably satisfactory to Cedarwalk, conduct due diligence and raise questions with Cedarwalk
                  relating to the Companies and their respective businesses, and (ii) provide a binding offer to Cedarwalk for the purchase of the ROFO Offer Shares at a purchase price at least equal to the Minimum Purchase Price (the “ROFO Offer”) or decline to provide the ROFO Offer to Cedarwalk.  The ROFO Offer must state that it will remain open for sixty (60) days. Cedarwalk may seek other offers to purchase the ROFO Offer Shares
                  at a price greater than the purchase price set forth in the ROFO Offer provided that, if Cedarwalk seeks such other offers, Cedarwalk shall be bound by the ROFR mechanism contained in Article 2.6
                  below for the sale of the ROFO Offer Shares. Cedarwalk shall use its reasonable best efforts to assist with the due diligence investigation carried out by Waldencast and provide answers to any questions reasonably raised by Waldencast. 
                  In the event the due diligence investigation is not completed within the ROFO Acceptance Period, Waldencast may, at its option, extend the ROFO Acceptance Period by a period of thirty (30) days. If at any time during the Requisite Time
                  Period Waldencast determines not to submit a ROFO Offer, Waldencast shall promptly notify Cedarwalk of such determination, whereupon Cedarwalk may seek other offers to purchase the ROFO Offer Shares at a price at least equal to the
                  Minimum Purchase Price subject to compliance with any applicable provisions of Article 2.6 below.

              

        

        

        	2.3	
                No ROFO Offer.  In the event Waldencast notifies Cedarwalk that it is not providing a binding offer for the purchase of the ROFO Offer Shares or fails to make a binding offer prior to the end of the ROFO Acceptance Period,
                  Cedarwalk may solicit interests from one or more third-party buyers for the ROFO Offer Shares in accordance with Article 2.5 below; provided that Cedarwalk shall be bound by the ROFR mechanism
                  contained in Article 2.6 below for the sale of the ROFO Offer Shares.

              

        

        

        
          4

          
            

        

        

        

        	2.4	
                ROFO Offer.  In the event Waldencast elects to submit the ROFO Offer for the purchase of the ROFO Offer Shares prior to the end of the ROFO Acceptance Period, it shall serve a written notice to Cedarwalk, which notice shall set
                  forth:

              

        

        

        	

              	2.4.1	
                the number of the Company Equity Securities (including the identity of the Companies) proposed to be purchased by Waldencast or its Permitted Designee; and

              

        

        

        	

              	2.4.2	
                the purchase price for such Company Equity Securities proposed to be so purchased which must equal or exceed the Minimum Purchase Price.

              

        

        

        	2.5	
                Acceptance or Rejection of the ROFO Offer.  Cedarwalk shall have a period of one hundred twenty (120) days following the receipt of the ROFO Offer to either (i) accept the ROFO Offer or (ii) procure a bona fide binding third
                  party offer for such Company Equity Securities at a price higher than the ROFO Offer.  Any such bona fide binding third party offer (the “Third Party Offer”) shall (a) state the identity and
                  background (including the ultimate controller) of the offeror, (b) be for cash, equity securities, debt, any other form of securities, or a combination thereof (including, without limitation, earn-out provisions), with closing to happen
                  no later than ninety (90) days from the date of such offer (subject to any regulatory approval or filing requirements), (c) state that such offeror is not an Affiliate of Cedarwalk or the Guarantor, (d) represent that the Third Party
                  Offer was obtained through an arms’ length process between such third party and the Guarantor, Cedarwalk or any of their Affiliates (e) equal or exceed the Minimum Purchase Price and (f) state that the offeror has been informed of
                  Waldencast’s right of first refusal provided for in this Agreement.  From time to time, during such one hundred twenty (120) day period, subject to requirements of applicable Law and contractual obligations of Cedarwalk, Cedarwalk shall
                  provide updates to Waldencast as to the status of its efforts to procure a Third Party Offer.

              

        

        

        	2.6	
                ROFR Offer.  In the event (i) the Transfer of the ROFO Offer Shares, if consummated, would result in Cedarwalk ceasing to control 50% or more of the Equity Securities of any of the Companies, and (ii) Cedarwalk submits a Third
                  Party Offer at a price higher than the ROFO Offer (which must equal or exceed the Minimum Purchase Price) to Waldencast, Cedarwalk must at the same time of such submission provide to Waldencast an offer for Waldencast to purchase the ROFO
                  Offer Shares for the same consideration and on substantially equal terms as set out in the Third Party Offer (the “ROFR Offer”).  Waldencast shall have a period of forty-five (45) days from the date
                  of receipt of the ROFR Offer to accept the offer contained therein.  In the event Waldencast elects not to submit the ROFO Offer to Cedarwalk, Waldencast shall still be provided with the ROFR Offer and may choose to accept the ROFR Offer
                  in its sole discretion.

              

        

        

        	2.7	
                Rejection of the ROFR Offer.  In the event Waldencast elects not to accept the terms of the ROFR Offer and notifies Cedarwalk of such election or fails to accept such terms within such forty-five (45) day-period, Cedarwalk may
                  proceed to Transfer the ROFO Offer Shares to the relevant third party offeror stated in the Third Party Offer; provided that the requirements set forth in Article 2.5 are complied with.  Any
                  Transfer in violation of this Article 2 shall be null and void and shall not be recorded by the corporate secretary of the Companies in the books and records of the Companies, and Cedarwalk shall use its best efforts to unwind any such
                  Transfer.

              

        

        

        	2.8	
                Subsequent Transfers.  In the event closing for the sale of the ROFO Offer Shares does not occur as a result of (i) the terms of the Third Party Offer not having been met or (ii) the requirements of Article 3.1 not having been
                  met, Cedarwalk shall be required to follow the requirements of this Article 2 again in subsequent proposals to Transfer the Company Equity Securities.  The terms of this Article 2 shall not apply with respect to a Company after any
                  Transfer of Equity Securities of such Company made in compliance with this Article 2.

              

        
          5

          
            

        

        

        

        	2.9	
                Inapplicability of this Article.  Notwithstanding any provision of this Agreement to the contrary, this Article 2 and Article 3 shall not apply to or in any way restrict any Transfer or series of Transfers of Equity Securities
                  of any of the Companies (i) pursuant to any Encumbrance in favor of any one or more bona fide financial institutions licensed to operate as commercial banks in connection with any loan or credit
                  facility obtained by Cedarwalk or any realization upon any such Encumbrance, provided that in the case of (i), such loan or credit facility or any realization upon any Encumbrance is entered into
                  in the ordinary course of business of the financial institution, the terms of such transaction are made at arms’ length and on normal commercial terms, (ii) by way of gift or other Transfer to any Permitted Holder; provided that in the case of (ii), any such transferee shall agree in writing, as a condition to such Transfer, to be bound by all of the provisions of this Article 2 and 3 to the same extent as if
                  such transferee were Cedarwalk transferring such Equity Securities; (iii) by the will of Steven Dai or the laws of descent and distribution applicable to Steven Dai upon his death; provided that
                  in the case of (iii), such Equity Securities shall thereafter remain subject to the provisions of this Agreement to the same extent they would be if held by Steven Dai; and (iv) any requirement of applicable Law or order of any
                  Governmental Authority (the Transfers referred to in this Article 2.9 being referred to as “Permitted Transfers”).

              

        

        

        	3.	
                Closing.

              

        

        

        	3.1	
                Closing.  In the event either (i) Cedarwalk elects to accept the ROFO Offer in accordance with Article 2.5 or (ii) Waldencast elects to accept the ROFR Offer in accordance with Article 2.6, Cedarwalk and Waldencast shall use
                  their respective best efforts to ensure that closing of the ROFO Offer Shares (“Closing”) will take place on a date that is no later than the time period set forth in Article 2.5 or 2.6, as
                  applicable; provided that such applicable period may be extended for up to another sixty (60) days by either Waldencast or Cedarwalk if closing cannot occur due to one or more regulatory approvals
                  not having been issued.  If closing cannot occur notwithstanding such extension, Cedarwalk shall be required to reinitiate the process set forth in Article 2 for any subsequent Transfer of the Equity Securities of such Company.

              

        

        

        	4.	
                Sale and Voluntary Liquidation.

              

        

        

        	4.1	
                Waldencast Competitor.  Notwithstanding Article 2 hereof, in the event Cedarwalk proposes to Transfer any of the Company Equity Securities to a Waldencast Competitor, Cedarwalk shall be required to seek the prior written consent
                  of Waldencast (such consent may be given or withheld in Waldencast’s reasonable discretion).

              

        

        

        	4.2	
                Voluntary Liquidation.  In the event Cedarwalk or any of its Subsidiaries proposes to wind up, liquidate or dissolve one or more of the Companies, Cedarwalk shall provide written notice thereof to Waldencast no later than ninety
                  (90) days prior to the initiation of such winding up, liquidation or dissolution, and Waldencast shall have the right, exercisable within sixty (60) days of receipt of such notice, to purchase each such Company proposed to be wound up
                  liquidated or dissolved at an amount equal to its net asset value as determined by an independent financial expert appointed by Waldencast; provided that if Waldencast offers to acquire any such
                  Companies at its net asset value, Cedarwalk must sell such Company to Waldencast, and Waldencast shall be required to purchase such Company, for an amount equal to such Company’s net asset value.

              

        

        

        	5.	
                Governance.

              

        

        

        	5.1	
                Board of Directors.  At and following the Closing, for so long as Cedarwalk holds of record or beneficially owns common stock of Waldencast equal to or exceeding the Minimum Ownership Threshold (as defined below), Waldencast
                  will take all necessary action to cause the Board to be comprised one (1) director nominated by Cedarwalk (the “Cedarwalk Director”).  Mr. Simon Dai shall be nominated for election to the Board as
                  the initial Cedarwalk Director and shall be nominated to serve in the class of Waldencast directors having the longest prospective term (i.e., at least three years).  For so long as the Permitted Holders hold of record or beneficially own
                  common stock of Waldencast in an aggregate amount equal to or exceeding the Minimum Ownership Threshold, Waldencast shall cause the Cedarwalk Director to be nominated as a director of Waldencast and Waldencast shall take all action
                  necessary or appropriate to cause the Cedarwalk Director to be nominated for election to the Board and shall use substantially the same efforts to support the Cedarwalk Director’s election to the Board as the other Board nominees.

              

        

        

        
          6

          
            

        

        

        

        	5.2	
                Replacement Directors.  If the then current Cedarwalk Director is unable or unwilling to serve as a director, resigns as a director, is removed as a director or is otherwise not serving as a director prior to termination of this
                  Agreement, and at such time (A) the Permitted Holders’ aggregate beneficial ownership of Waldencast common stock (which, for purposes of this Agreement, shall be determined under Rule 13d-3 promulgated under the Exchange Act is at least
                  5.0% of the then-outstanding common stock of Waldencast (the “Minimum Ownership Threshold”)  and (B) Cedarwalk or the Guarantor has not committed a material breach of this Agreement, Cedarwalk shall
                  have the ability to name a replacement director, subject to the approval of the Board of Directors of Waldencast (such approval not to be unreasonably withheld, conditioned or delayed) (any such replacement director shall be referred to
                  as the “Replacement Director”).  Any Replacement Director named by Cedarwalk shall be required to satisfy the guidelines and policies with respect to service on the Board applicable to all
                  non-management directors.  Subject to applicable rules of Nasdaq and the rules and regulations of the SEC, Waldencast shall take all necessary action to nominate or cause the Board to appoint, as applicable, the Replacement Director to
                  the Board and to any applicable committee of the Board of which the Cedarwalk Director was a member of immediately prior to such director’s resignation or removal; provided that such Replacement
                  Director is qualified to serve on any such committee of the Board.  The terms and conditions applicable to the Cedarwalk Director under this Agreement shall apply to any such Replacement Director as if such person were the Cedarwalk
                  Director.

              

        

        

        	5.3	
                Indemnification.  Waldencast shall provide each of its directors with the same expense reimbursement, benefits, indemnity, exculpation and other arrangements provided to the other directors of Waldencast and Waldencast shall not
                  amend, alter or repeal any right to indemnification or exculpation covering or benefiting any director nominated or appointed pursuant to this Agreement as and to the extent consistent with applicable Law, the Organizational Documents of
                  Waldencast and any indemnification agreements with directors (whether such right is contained in the Organizational Documents or another document) (except to the extent such amendment or alteration permits Waldencast to provide broader
                  indemnification or exculpation rights on a retroactive basis than permitted prior thereto).  Waldencast shall at all times purchase and maintain directors’ and officers’ liability insurance with liability limits, exclusions and
                  self-retention amounts substantially comparable to those maintained by public companies of a similar size, industry and risk profile as Waldencast.

              

        

        

        	5.4	
                Reimbursement of Expenses.  Waldencast shall reimburse the directors for all reasonable out-of-pocket expenses incurred in connection with their attendance at meetings of the Board and any committees thereof, including travel,
                  lodging and meal expenses.

              

        

        

        	6.	
                Termination.

              

        

        

        	6.1	
                Termination Generally.  This Agreement shall terminate in its entirety immediately upon the occurrence of any of the following events:

              

        

        

        	

              	6.1.1	
                on the date on which this Agreement is terminated by the written agreement of the Parties;

              

        

        

        	

              	6.1.2	
                with respect to any Company, on the date on which such Company is wound up, liquidated or dissolved or a Transfer of the Equity Securities of such Company directly or indirectly owned by Waldencast has been
                  effected in accordance with the terms of this Agreement, provided that this Article 6.1.2 shall not apply in the event Waldencast chooses to exercise its right of purchase provided under Article
                  4.2;

              

        

        

        	

              	6.1.3	
                on the date on which Waldencast is wound up, liquidated or dissolved; or

              

        

        

        	

              	6.1.4	
                on the date on which a Change of Control shall have occurred.

              

        

        

        
          7

          
            

        

        

        

        	6.2	
                Consequences of Termination.  In the event of termination of this Agreement pursuant to this Article 6, this Agreement shall become null and void and have no effect, and the further obligations of the Parties under this
                  Agreement shall terminate, and there will be no liability on the part of any Party; provided that:

              

        

        

        	

              	6.2.1	
                Articles 9, 10 and 11 and this Article 6 shall survive any termination of this Agreement; and

              

        

        

        	

              	6.2.2	
                no Party shall be relieved or released from any liability arising (i) as a result of a breach occurring at or before termination or (ii) out of fraud.

              

        

        

        	7.	
                Guarantee and Covenant to Own Cedarwalk.

              

        

        

        	7.1	
                Guarantee.  The Guarantor hereby guarantees as principal obligor to Waldencast the due and punctual payment of all amounts payable by Cedarwalk under this Agreement.  The Guarantor will maintain at all times assets sufficient to
                  satisfy its obligations under this Agreement including in accordance with this Section 7.1.  The obligations of the Guarantor hereunder are unconditional and absolute and will not be released, discharged or otherwise affected by (i) any
                  change in the corporate existence, structure or ownership of Cedarwalk or any insolvency, bankruptcy, reorganization or other similar proceeding affecting Cedarwalk or its assets or any resulting release or discharge of any obligation of
                  Cedarwalk contained in this Agreement; (ii) the existence of any claim, set-off or other rights which the Guarantor may have at any time against Cedarwalk or Waldencast, whether in connection with this Agreement or any unrelated
                  transactions; (iii) any invalidity, irregularity or unenforceability relating to or against Cedarwalk for any reason of this Agreement; (iv) any Permitted Transfers; or (v) any other act or omission to act or delay of any kind by
                  Cedarwalk or Waldencast.

              

        

        

        	7.2	
                Covenant to Own Cedarwalk.  Except for (i) Permitted Transfers and (ii) Transfers made in accordance with this Agreement, the Guarantor hereby undertakes to directly or indirectly own and control at least 60% of the outstanding
                  shares of Cedarwalk, to control voting power over all outstanding shares of Cedarwalk and to vote all such shares in a block for so long as this Agreement shall remain effective.

              

        

        

        	7.3	
                Non-Disparagement.  Subject to any applicable legal obligation to do so in response to or compliance with a subpoena, a validly issued legal process or a request by a Governmental Authority, each of the Parties covenants and
                  agrees that, during the term of this Agreement, or until such earlier time as Waldencast and the Sponsor, on the one hand, and the Guarantor and Cedarwalk on the other hand, or any of their respective Representatives (as defined below)
                  shall have breached this Article 7.3, none of the Parties nor any of their respective agents, Subsidiaries, Affiliates, successors, assigns, principals, equityholders, officers, employees or directors (collectively, “Representatives”) shall publicly criticize, attempt to discredit, disparage, call into disrepute, or otherwise defame or slander, with respect to Waldencast and the Sponsor, the brands or products, of
                  the Guarantor, Cedarwalk, or their respective Subsidiaries and Affiliates, and with respect to Cedarwalk and the Guarantor, the brands or products of Waldencast, the Sponsor or their respective subsidiaries, except that the Parties may
                  (i) make any factual statement required by law or (ii) respond to any breach by the other Parties of this Article 7.3.

              

        

        

        	7.4	
                Non-Solicitation.  During the term of this Agreement, Waldencast and the Sponsor, and their respective Subsidiaries, on the one hand, and the Guarantor and Cedarwalk and their respective Subsidiaries (including the Companies),
                  on the other hand, shall not (i) solicit, induce or attempt to solicit or induce any employee, consultant or independent contractor of the other Parties to leave the employ or engagement of such Parties, or in any way materially interfere
                  with the relationship between such Parties and any employees, consultant or independent contractor thereof, or (ii) hire or engage any person who was an employee, or known by such Person to be a consultant or independent contractor of any
                  of the other Parties at any time during the three (3) month period immediately prior to the date on which such hiring or engagement would take place; provided that the foregoing shall not prohibit soliciting by general advertisements or
                  other general recruitment techniques so long as such advertisements or techniques are not specifically directed at the employees, consultants or independent contractors of such other Party or Parties or any hiring resulting from such
                  general advertisements or recruitment techniques.

              

        

        

        
          8

          
            

        

        

        

        	8.	
                Representations and Warranties.

              

        

        

        	8.1	
                Representations and Warranties.  Each Party severally warrants to each of the other Parties that:

              

        

        

        	

              	8.1.1	
                such Party is duly organized and validly existing under the Laws of the jurisdiction of its organization.

              

        

        

        	

              	8.1.2	
                such Party has the requisite organizational power and authority to enter into and to perform its obligations under this Agreement.

              

        

        

        	

              	8.1.3	
                all organizational actions on the part of such Party necessary for the authorization of this Agreement have been taken.

              

        

        

        	

              	8.1.4	
                assuming the due authorization, execution and delivery of this Agreement by the other Parties, this Agreement constitutes legally binding and enforceable obligations of such Party (i) except as limited by
                  applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or other Laws of general application affecting enforcement of creditors’ rights, and (ii) subject to general principles of equity.

              

        

        

        	

              	8.1.5	
                the execution, delivery and performance by such Party of this Agreement will not: (i) breach or violate any provision of such Party’s Organizational Documents; (ii) result in a breach or violation of any
                  applicable Law; or (iii) result in a breach of, or constitute a default under, any contract or agreement to which such Party is a party or by which such Party is bound, except in any of the cases under sub-clauses (ii) or (iii) where such
                  breach, violation or default would not materially and adversely affect such Party’s ability to enter into or perform its obligations under this Agreement.

              

        

        

        	

              	8.1.6	
                all necessary consents, licenses, approvals or authorizations of, exemptions by or registrations with or declarations by, any Governmental Authority required by such Party for the execution and delivery of this
                  Agreement have been obtained or made, are valid and subsisting and will not be contravened by the execution and delivery of this Agreement.

              

        

        

        
          
            	8.2	
                    Other Guarantor Representations and Warranties. 

                  

          

        

        

        

        
          	

                	8.2.1	The Guarantor is a creditworthy entity and has assets sufficient to satisfy its obligations under this Agreement, including in accordance with Section 7.1.

        

        

        

        
          	8.2	
                  Governing Law.  This Agreement shall be governed by the laws of the Hong Kong Special Administrative Region, without reference to any choice of law principle or rule that would require the application of the law of any other
                    jurisdiction.

                

        

        

        

        	9.	
                Governing Law; Dispute Resolution.

              

        

        

        	9.1	
                Governing Law.  This Agreement shall be governed by the laws of the Hong Kong Special Administrative Region, without reference to any choice of law principle or rule that would require the application of the law of any other
                  jurisdiction.

              

        

        

        	9.2	
                Dispute Resolution.  Any dispute, controversy, difference or claim arising out of or relating to this Agreement, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute
                  regarding non-contractual obligations arising out of or relating to it (each, a “Dispute”) that is not resolved by negotiation between the parties shall be submitted to mediation pursuant to the
                  Mediation Rules of the Hong Kong International Arbitration Centre (“HKIAC”).  The submission or reference to mediation does not prevent the parties from seeking any urgent interim measure or urgent
                  relief in any court or before any arbitral tribunal as referred to in clause 7 below.  Any Dispute that is not resolved in writing within 60 days following submission to mediation (and any question of the arbitral tribunal’s jurisdiction)
                  shall be referred to and finally resolved by arbitration administered by the Hong Kong International Arbitration Centre (“HKIAC”) under the HKIAC Administered Arbitration Rules in force when the
                  Notice of Arbitration is submitted (the “Rules”), except as modified herein.

              

        

        

        
          9

          
            

        

        

        

        	9.3	
                The seat of arbitration shall be Hong Kong, and the arbitration shall be conducted in the English language.  The arbitration proceedings shall be governed by, and the law of the arbitration clause shall be, Hong
                  Kong law.

              

        

        

        	9.4	
                The arbitration shall be conducted by three arbitrators, two of whom who shall be designated by the parties in Notice of Arbitration and the Answer to the Notice of Arbitration.  If there are two or more than
                  two parties to an arbitration, then any of Waldencast or Sponsor that are parties to the arbitration shall designate one arbitrator, and any of Cedarwalk or Guarantor that are parties to the arbitration shall designate one arbitrator. 
                  The two arbitrators so designated shall designate the third and presiding arbitrator within twenty (20) days of the confirmation of the second arbitrator.  Any arbitrator not timely designated as provided herein shall be appointed by
                  HKIAC in accordance with the Rules.

              

        

        

        	9.5	
                The parties agree that any claims arising under this Agreement and any of the Obagi China Distribution Agreement, dated as of [_], by and between Obagi Holdings and Cedarwalk; the Transition Services Agreement,
                  dated as of [_], by and between Obagi Cosmeceuticals LLC, a Delaware limited liability company (“Obagi Cosmeceuticals”) Obagi Netherlands B.V., (“Obagi Netherlands”), Obagi Holdings and Obagi Hong Kong (the “TSA”);  the Global Supply Services Agreement dated as of [_] by and between Obagi Cosmeceuticals and Obagi Hong Kong (the “Supply Agreement”); the Intellectual Property License
                  Agreement by and between Obagi Cosmeceuticals, Obagi Holdings and Obagi Hong Kong (the “License Agreement”); and the Letter Agreement dated as of [_] by and between Obagi Holdings, Obagi
                  Cosmeceuticals and Cedarwalk (the “Obagi License Letter Agreement”), can be made in a single arbitration as though all of the claims had arisen under the same agreement.  The parties agree that when
                  two or more arbitrations have been commenced pursuant to this Agreement and any of such agreements referenced in the preceding sentence, they can be consolidated in a single arbitration as though all of the claims in the arbitrations were
                  made under the same arbitration agreement.

              

        

        

        	9.6	
                In addition to monetary damages, the arbitral tribunal shall be empowered to award equitable relief, including, but not limited to an injunction and specific performance of any obligation under this Agreement.

              

        

        

        	9.7	
                By agreeing to arbitration, the parties do not intend to deprive any court of its jurisdiction to issue a pre-arbitral injunction, pre-arbitral attachment or other order in aid of arbitration proceedings. 
                  With-out prejudice to such provisional remedies that may be granted by a court, the arbitral tribunal shall have full authority to grant provisional reme-dies, to order a party to request that a court modify or vacate any temporary or
                  preliminary relief issued by such court, and to award damages for the failure of any party to respect the arbitrator’s orders to that effect.

              

        

        

        	9.8	
                The award of the arbitral tribunal shall be final and binding upon the parties thereto, and shall be the sole and exclusive remedy between the parties regarding any disputes presented to the arbitrators. 
                  Judgment upon any award may be entered in any court having jurisdiction over any party or any of its assets.

              

        

        

        	9.9	
                Any arbitration hereunder shall be confidential, and the parties and their agents agree not to disclose to any third party (i) the existence or status of the arbitration, (ii) all information made known and
                  documents produced in the arbitration not otherwise in the public domain, and (iii) all awards arising from the arbitration, except and to the extent that disclosure is required by applicable Law or is required to protect or pursue a
                  legal right.

              

        

        

        	9.10	
                Notwithstanding any provision of this Agreement or rules of HKIAC to the contrary, each party shall be solely responsible for all costs and expenses of such party (including without limitation attorneys’ and
                  experts’ fees and expenses and costs of investigation)  relating to any mediation or arbitration relating to this Agreement.

              

        

        

        
          10

          
            

        

        

        

        	10.	
                Notices.

              

        

        

        	10.1	
                Form of Notice.  Unless otherwise expressly stated, any notice to be given hereunder shall be in writing and signed by or on behalf of the Person giving it.  Any such notice shall be given either:

              

        

        

        	

              	10.1.1	
                by email;

              

        

        

        	

              	10.1.2	
                by hand delivery; or

              

        

        

        	

              	10.1.3	
                by sending it via reputable international courier service to the Party to be served.

              

        

        

        	10.2	
                Notice Addresses.  The addresses for notices for the Parties are set forth as follows:

              

        

        

        If to Waldencast, to

        

        

        	 	
                Address:

              	
                Waldencast Acquisition Corp.

                10 Bank Street, Suite 560, White Plains, NY 10606

              

        

        

        	 	
                Attention:

              	
                Tassilo Festetics

              

        

        

        	 	
                Email:

              	
                tassilo@waldencast.com

              

        

        

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

              

        

        

        	 	
                Skadden, Arps, Slate, Meagher & Flom LLP

                One Manhattan West

                New York, New York 10001

              
	 	
                Attention:

              	
                Paul T. Schnell

                Maxim Mayer-Cesiano

              
	 	
                Email:

              	
                paul.schnell@skadden.com

                maxim.mayercesiano@skadden.com

              

        

        

        If to Sponsor, to

        

        

        	 	
                Address:

              	
                Maples Corporate Services Limited

                PO Box 309, Ugland House Grand Cayman E9

                KY1-1104

              

        

        

        	 	
                Attention:

              	
                Emerson Melo

              

        

        

        	 	
                Email:

              	
                emersonm@dynamo.com.br

              

        

        

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

              

        

        

        	 	
                Skadden, Arps, Slate, Meagher & Flom LLP

                One Manhattan West

                New York, New York 10001

              
	 	
                Attention:

              	
                Paul T. Schnell

                Maxim Mayer-Cesiano

              

        

        

        	 	
                Email:

              	
                paul.schnell@skadden.com

                maxim.mayercesiano@skadden.com

              

        

        

        
          11

          
            

        

        

        

        If to Cedarwalk, to:

        

        

        	 	
                Address:

              	
                Cedarwalk Skincare Limited

                Rm 3001-3010

                30/F, China Resource Building

                26 Harbour Rd

                Wanchai, Hong Kong

              

        

        

        	 	
                Attention:

              	
                Mr. Simon Dai

              

        

        

        	 	
                Email:

              	
                Simon-dsc@hotmail.com

              

        

        

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

              

        

        

        	 	
                Nixon Peabody LLP

                Tower 46

                55 West 46th Street

                New York, New York 10036-4120

              
	 	
                Attention:

              	
                David Cheng, Esq.

                Richard F. Langan, Jr., Esq.

              

        

        

        	 	
                Email:

              	
                dcheng@nixonpeabody.com

                rlangan@nixonpeabody.com

              

        

        

        If to the Guarantor, to:

        

        

        	 	
                Address:

              	
                [Name of Guarantor]

                Rm 3001-3010

                30/F, China Resource Building

                26 Harbour Rd

                Wanchai, Hong Kong

              

        

        

        	 	
                Attention:

              	
                Mr. Steven Dai

              

        

        

        	 	
                Email:

              	
                steve.dai@zhfinh.com

              

        

        

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

              

        

        

        	 	
                Nixon Peabody LLP

                Tower 46

                55 West 46th Street

                New York, New York 10036-4120

              
	 	
                Attention:

              	
                David Cheng, Esq.

                Richard F. Langan, Jr., Esq.

              

        

        

        	 	
                Email:

              	
                dcheng@nixonpeabody.com

                rlangan@nixonpeabody.com

              

        

        

        
          12

          
            

        

        

        

        Any Party’s address may be changed by such Party by notification to the Company and the other Parties in accordance with this Article 10.  Any notice or communication given by email shall be promptly confirmed by
          delivery of a copy of such notice or communication by hand or overnight delivery service; provided that for purposes of determining time of receipt of the notice, Article 10.3.1 shall apply.

        

        

        	10.3	
                Service of Notice.  Any notice given pursuant to:

              

        

        

        	

              	10.3.1	
                Article 10.1.1 shall be deemed to be given at the time the email containing or attaching the notice was sent to the email address referred to in Article 10.2, as recorded on the email account on the sender’s
                  machine; provided that (i) if such time shall not be during a Business Day or is after 5:30 p.m. on a Business Day (addressee’s local time), such notice shall be deemed to be given at 9:00 a.m. (addressee’s local time) on the next
                  following Business Day and (ii) receipt shall not occur if the sender receives an automated message indicating that the message has not been delivered to the recipient; and

              

        

        

        	

              	10.3.2	
                Article 10.1.2 or Article 10.1.3 shall be deemed to be given at the time of delivery (with proof of receipt), unless such time shall not be during a Business Day or is after 5:30 p.m. on a Business Day
                  (addressee’s local time), in which event it shall be deemed to be given at 9:00 a.m. (addressee’s local time) on the next following Business Day.

              

        

        

        	11.	
                Miscellaneous.

              

        

        

        	11.1	
                Entire Agreement.  This Agreement supersedes all prior agreements, whether written or oral, between the Parties with respect to its subject matter and constitutes a complete and exclusive statement of the
                  terms of the agreement between the Parties with respect to the subject matter of this Agreement.

              

        

        

        	11.2	
                Specific Performance.  The Parties hereby acknowledge and agree that the failure of a Party to perform its agreements and covenants hereunder may cause irreparable injury to the other Parties, for which
                  damages alone, even if available, will not be an adequate remedy.  Accordingly, each Party hereby consents that, notwithstanding Article 9.2, the Parties shall be entitled to seek the remedies of injunction, specific performance or other
                  equitable relief from any court or tribunal of competent jurisdiction for any threatened or actual breach of the terms of this Agreement, to enforce specifically the terms and provisions hereof and to compel performance of such Party’s
                  obligations, this being in addition to and without prejudice to any other rights or remedies to which any Party is entitled under this Agreement.  The Parties further agree to waive any requirement for the securing or posting of any bond
                  in connection with any such remedy, and that, such remedy shall be in addition to any other remedy to which a Party is entitled at law or in equity.

              

        

        

        	11.3	
                No Assignments Generally.  Except in connection with Permitted Transfers, no Party may assign the benefit of this Agreement (in whole or in part) or transfer, declare a trust over or otherwise
                    dispose of in any manner whatsoever its rights or obligations under this Agreement or subcontract or delegate in any manner whatsoever its performance under this Agreement (each of the above, a “dealing”) without the prior written consent of the other Parties.  Except as expressly permitted by this Article 11.3, any dealing or purported dealing with respect to the whole or any part of this Agreement shall be
                    void.

              

        

        

        	11.4	
                Amendments and Waivers.  No variation of this Agreement shall be effective unless in writing and signed by or on behalf of the Parties.  Any amendment, termination or waiver of any term of this Agreement
                  effected in accordance with this Article 11.4 shall be binding upon each of the Parties hereto and their respective successors and assigns.

              

        

        

        
          13

          
            

        

        

        

        	11.5	
                Remedies and Waivers.

              

        

        

        	

              	11.5.1	
                No waiver of any right under this Agreement shall be effective unless in writing.  Unless expressly stated otherwise a waiver shall be effective only in the circumstances for which it is given.

              

        

        

        	

              	11.5.2	
                No delay or omission by any Party in exercising any right or remedy provided by law or under this Agreement shall constitute a waiver of such right or remedy.

              

        

        

        	

              	11.5.3	
                The single or partial exercise of a right or remedy under this Agreement shall not preclude any other nor restrict any further exercise of any such right or remedy.

              

        

        

        	

              	11.5.4	
                The rights and remedies provided in this Agreement are cumulative and do not exclude any rights or remedies provided by law.

              

        

        

        	

              	11.5.5	
                Without prejudice to any other rights or remedies that a Party may have, the Parties acknowledge and agree that damages may not be an adequate remedy for any breach of this Agreement and that the remedies of
                  injunction, specific performance and other equitable remedies will be available where appropriate.

              

        

        

        	11.6	
                Counterparts.  This Agreement may be executed in two or more counterparts, and by different parties in separate counterparts, with the same effect as if all parties hereto had signed the same document,
                  but all of which together shall constitute one and the same instrument.  Copies of executed counterparts of this Agreement transmitted by electronic transmission (including by email or in .pdf format) or facsimile as well as
                  electronically or digitally executed counterparts (such as DocuSign) shall have the same legal effect as original signatures and shall be considered original executed counterparts of this Agreement.

              

        

        

        	11.7	
                Severability and Validity.  If any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the Law of any jurisdiction, it shall be deemed to be severed from this
                  Agreement and the Parties shall use all reasonable endeavors to replace such provision with one having an effect as close as possible to the deficient provision.  The remaining provisions will remain in full force in that jurisdiction and
                  all provisions will continue in full force in any other jurisdiction.

              

        

        

        	11.8	
                Costs and Expenses.  Save as otherwise expressly provided in this Agreement, each Party shall pay its own costs, charges and expenses (including legal fees) in relation to the negotiation, preparation,
                  execution and implementation of this Agreement and all other documents mentioned herein.

              

        

        

        	11.9	
                Third Parties.  This Agreement is binding upon, inures to the benefit of and is enforceable by, the Parties and their respective successors and assigns.  A Person who is not a Party to this Agreement
                  shall have no right under this Agreement to enforce any of the terms of this Agreement.  The Parties may amend or vary this Agreement in accordance with its terms without the consent of any other Person.

              

        

        

        	11.10	
                Further Assurance.  Each of the Parties severally undertakes that it shall take all reasonable steps within their powers to perform or procure the performance of all such acts and execute and deliver or
                  procure the execution and delivery of all such documents (in each case at its own expense), as may be required by applicable Law or as any other Party may reasonably require in order to secure to the other Parties the full benefit of this
                  Agreement.

              

        

        

        	11.11	
                Designee.  Where Waldencast has the right to designate a designee under this Agreement, it may designate any of its controlled Affiliates (a “Permitted
                    Designee”) as its designee to accept or exercise the applicable right or power hereunder for such designee’s own account; provided, however, that no such designation shall relieve Waldencast of any of its obligations under this Agreement.

              

        

        

        [Remainder of Page Intentionally Left Blank]

        

        

        
          14

          
            

        

        

        

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

        

        

        

        

        	 	
                Waldencast Acquisition Corp.

              
	 	 
	 	 
	 	
                By:

              	 
	 	 	
                Name:

              	
                [●]

              
	 	 	
                Title:

              	
                [●]

              

        

        

        

        

        

        

        	 	
                Waldencast Long-Term Capital LLC

              
	 	 
	 	 
	 	
                By:

              	 
	 	 	
                Name:

              	
                [●]

              
	 	 	
                Title:

              	
                [●]

              

        

        

        
          
            

        

        

        

        	 	
                Cedarwalk Skincare Ltd.

              
	 	 
	 	 
	 	
                By:

              	 
	 	 	
                Name:

              	
                [●]

              
	 	 	
                Title:

              	
                [●]

              

        

        

        

        

        

        

        	 	
                [The Guarantor]

              
	 	 
	 	 
	 	
                By:

              	 
	 	 	
                Name:

              	
                [●]

              
	 	 	
                Title:

              	
                [●]EX-10.18

 Exhibit 10.18 

AKILI INTERACTIVE LABS, INC. 

EXECUTIVE SEVERANCE PLAN 

1.    Introduction. This document serves as the Plan document for the Severance Benefits provided under the Akili
Interactive Labs, Inc. Executive Severance Plan (the “Plan”). It contains information that will help Covered Employees understand their Severance Benefits. The Company encourages all Covered Employees to read through the Plan
carefully. Note that initially capitalized words and phrases used throughout this document are generally defined in Section 5. If you have any questions regarding the Plan, contact Human Resources. 

2.    Establishment of Plan. Akili Interactive Labs, Inc. (the “Company”) hereby
establishes the Plan for the purpose of providing Severance Benefits to the individuals and subject to the terms and conditions set forth in this Plan. The executives and officers of the Company, including any executives and officers of any
subsidiary of the Company, covered by this Plan (each such executive or officer, a “Covered Employee” and collectively, the “Covered Employees”) will be those executives and officers holding the titles identified by
the Administrator and set forth on Exhibit A attached hereto. The Plan is in effect for Covered Employees who experience a Covered Termination after the Effective Date. This Plan supersedes any and all (i) severance plans or
separation policies or provisions applying to a Covered Employee that may have been in effect before the Effective Date and (ii) provisions of any agreement between a Covered Employee and the Company that provides for severance pay or
benefits. 
 3.    Purpose. The purpose of the Plan is to establish the conditions under which Covered
Employees will receive the Severance Benefits (defined below) if employment with the Company (or its successor, following a Change in Control) terminates under the circumstances specified herein. 

4.    Coverage. A Covered Employee will be eligible to receive the Severance Benefits under the Plan if such
Covered Employee experiences a Covered Termination. In order to receive the Severance Benefits under the Plan, Covered Employees must meet the eligibility requirements, including with respect to a Separation Agreement and Release (as defined below)
and other requirements as provided herein. 
 5.    Definitions. For purposes of this Plan: 

A.    “Administrator” shall mean the Board or a committee thereof designated by the Board. 

B.    “Applicable Bonus Multiple” shall mean, (i) 1.0x, in the case of the Company’s Chief
Executive Officer, (ii) 0.75x, in the case of a Covered Employee at the Senior Vice President level and (iii) 0.5x in the case of a Covered Employee at the Vice President level. 

C.    “Applicable Severance Period” shall mean, in the event of a Qualified Termination that occurs at
any time other than the Change in Control Period, the period set forth in Table I and, in the event of a Qualified Termination that occurs within the Change in Control Period, the period set forth in Table II. 

Akili Interactive Labs, Inc. Confidential & Proprietary 

 TABLE I 

 

			
	 JOB TITLE
OF COVERED EMPLOYEE
	  	 SEVERANCE
PERIOD

	Chief Executive Officer	  	Nine (9) months
	Senior Vice President	  	Six (6) months
	Vice President	  	Three (3) months

 TABLE II 
  

			
	 JOB TITLE
OF COVERED EMPLOYEE
	  	 SEVERANCE
PERIOD

	Chief Executive Officer	  	Twelve (12) months
	Senior Vice President	  	Nine (9) months
	Vice President	  	Six (6) months

 D.    “Base Salary” shall mean, for any Covered Employee, such Covered
Employee’s annualized base salary as in effect immediately before a Covered Termination (or base salary as in effect immediately prior to the Change in Control, if greater), exclusive of any bonuses, overtime pay, shift differentials,
“adders,” any other form of premium pay, or other forms of compensation. 
 E.    “Board”
shall mean the Board of Directors of the Company. 
 F.    “Cause” shall mean, as determined by the
Board (excluding the Covered Employee, if such Covered Employee is then a member of the Board) based on the information then known to it, that one or more of the following has occurred: (i) the Covered Employee’s arrest for or conviction
of a crime; or (ii) the Covered Employee’s material breach of any employment agreement or other obligation to the Company, including without limitation a breach by the Covered Employee of the Company’s written employment
policies; or (iii) the Covered Employee’s willful failure or refusal to accept, acknowledge or carry out the Company’s lawful and reasonable written direction; or (iv) the Covered Employee’s conduct which is
unlawful, fraudulent, dishonest, creates a conflict of interest with the Company, causes damage to the Company or interferes with the Company’s business operations. 

G.    “Change in Control” shall mean: (i) the sale of all or substantially all of the assets of the
Company on a consolidated basis to an unrelated person or entity; (ii) a merger, reorganization or consolidation pursuant to which the holders of the Company’s outstanding voting power and outstanding stock immediately prior to such
transaction do not own a majority of the outstanding voting power and outstanding stock or other equity interests of the resulting or successor entity (or its ultimate parent, if applicable) immediately upon completion of such transaction;
(iii) the sale of all of the outstanding stock of the Company to an unrelated person, entity or group thereof acting in concert; or (iv) any other transaction in which the owners of the Company’s outstanding voting power
immediately prior to such transaction do not own at least a majority of the outstanding voting power of the Company or any successor entity immediately upon completion of the transaction other than as a result of the acquisition of securities
directly from the Company. 

  
 2 

 H.    “Change in Control Period” shall
mean the 12-month period immediately following the occurrence of the first event constituting a Change in Control of Parent. 

I.    “Code” shall mean the Internal Revenue Code of 1986, as amended. 

J.    “Covered Termination” shall mean a termination of the Covered Employee’s
employment by the Company (or any successor thereto following a Change in Control) without Cause or by the Covered Employee for Good Reason. Notwithstanding the foregoing, a Covered Employee’s employment shall not be deemed to have been
terminated solely as a result of the Covered Employee becoming an employee of any subsidiary of the Company or any direct or indirect successor to the business or assets of the Company, nor shall any intercompany transfer be deemed a termination of
the employment relationship unless otherwise specified at the time of transfer. 
 K.    “Date of
Termination” shall mean the date that a Covered Employee’s employment with the Company (or any successor) ends. 

L.    “Effective Date” shall mean August 28, 2019. 

M.    “Good Reason” shall mean that the Covered Employee has complied with the “Good
Reason Process” (hereinafter defined) following the occurrence of any of the following events after a Change in Control without the Covered Employee’s express consent: (i) a material diminution in the Covered Employee’s
responsibilities, authority or duties ; (ii) a material diminution in the Covered Employee’s Base Salary except for across-the-board salary reductions based on the
Company’s financial performance similarly affecting all or substantially all senior management employees of the Company; (iii) a material change in the geographic location at which the Covered Employee provides services to the Company; or
(iv) the material breach of this Agreement by the Company. 
 N.    “Good Reason
Process” shall mean that (i) the Covered Employee reasonably determines in good faith that a “Good Reason” condition has occurred; (ii) the Covered Employee notifies the Company in writing of the first occurrence
of the Good Reason condition within 60 days of the first occurrence of such condition; (iii) the Covered Employee cooperates in good faith with the Company’s efforts, for a period not more than 30 days following such notice (the
“Cure Period”), to remedy the condition; (iv) notwithstanding such efforts, the Good Reason condition continues to exist after the Cure Period; and (v) the Covered Employee terminates his employment within 60
days after the end of the Cure Period. If the Company cures the Good Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred. 

O.    “Proprietary Information” means all information, whether or not in writing,
concerning the Company’s business, technology, business relationships or financial affairs that the Company has not released to the general public. All tangible embodiments of Proprietary Information are and will be the exclusive property of
the Company. By way of illustration, Proprietary Information may include information or material that has not been made generally available to the public, such as: (a) corporate information, including plans, strategies,
methods, policies, resolutions, negotiations or litigation; (b) marketing information, including 

  
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strategies, methods, customer or business partner identities or other information about customers, business partners, prospect identities or other information about prospects, or market analyses
or projections; (c) financial information, including cost and performance data, debt arrangements, equity structure, investors and holdings, purchasing and sales data and price lists; (d) operational,
technological, and scientific information, including plans, specifications, manuals, forms, templates, software, pre-clinical and clinical testing data and strategies, research and development
strategies, designs, methods, procedures, formulae, data, reports, discoveries, inventions, improvements, concepts, ideas, and other developments, know-how and trade secrets; and (e) personnel
information, including personnel lists, reporting or organizational structure, resumes, personnel data, performance evaluations and termination arrangements or documents. Proprietary Information also includes information received in
confidence by the Company from its customers, suppliers, business partners or other third parties. 

P.    “Restrictive Covenants Agreement” shall mean, as applicable to each Covered
Employee, the Employee Confidentiality, Assignment and Noncompetition Agreement or the Employee Confidentiality, Assignment and Nonsolicitation Agreement between the Covered Employee and the Company, as either may be amended from time to time. 

Q.    “Severance Benefits” shall mean (i) the benefits set forth in Section 7 if
the Covered Termination occurs outside the Change in Control Period, or (ii) the benefits set forth in Section 8 if the Covered Termination occurs within the Change in Control Period. In no event shall a Covered Employee be eligible for
the benefits set forth in both Section 7 and Section 8. 
 R.    “Target
Bonus” shall mean for any Covered Employee, such Covered Employee’s target annual incentive compensation as in effect immediately before a Covered Termination (or the target annual incentive compensation as in effect immediately
prior to the Change in Control, if greater). 
 6.    Eligibility Requirements. Receipt of any Severance
Benefits under the Plan requires that the Covered Employee: (1) comply with the provisions of any applicable confidentiality, noncompetition, nonsolicitation, and other continuing obligations to the Company, including without limitation, the
terms of the Restrictive Covenants Agreement; and (2) execute and deliver a waiver and release agreement in a form provided by the Company under which the Covered Employee releases and discharges the Company and related persons and
entities from and on account of any and all claims including without limitation any claims that relate to or arise out of the employment relationship between the Company and the Covered Employee (the “Separation Agreement and
Release”). To be eligible for the receipt of Severance Benefits under the Plan, the Separation Agreement and Release must be executed by the Covered Employee and any applicable revocation period with respect thereto must lapse within the
time frame set forth in the Separation Agreement and Release but in no event to exceed 60 days following the Covered Employee’s termination of employment. 

Notwithstanding anything to the contrary in the definition of “Covered Employee,” “Covered Termination” or otherwise in
this Plan, the following employees will not be eligible for Severance Benefits hereunder, except to the extent specifically determined otherwise by the Administrator: (1) an employee who is terminated for Cause; (2) an employee who
retires, 

  
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terminates employment as a result of an inability to perform his or her duties due to physical or mental disability or dies (provided that, for the avoidance of doubt, an employee who dies or
becomes disabled after incurring a Covered Termination shall remain eligible to continue to receive benefits hereunder); (3) an employee who terminates his or her employment for any reason other than for Good Reason within the Change in Control
Period; and (4) an employee who is party to a written employment agreement with the Company that provides for severance benefits upon a termination by the Company or other contractual severance arrangement, in either event entered into after
the Effective Date. 
 7.    Severance Benefits Upon a Covered Termination Outside the
Change in Control Period. If the Covered Employee has a Covered Termination outside the Change in Control Period, then, subject to the terms and conditions of the Plan, the Covered Employee shall be entitled to the following severance
payments and benefits: 
 A.    the Company shall pay the Covered Employee an amount equal to (i) the amount of
the Covered Employee’s monthly Base Salary multiplied by the Applicable Severance Period (the “Severance Amount”), provided in the event the Covered Employee is entitled to any payments pursuant to the Restrictive
Covenants Agreement, the Severance Amount received in any calendar year will be reduced by the amount the Covered Employee is paid in the same such calendar year pursuant to the Restrictive Covenants Agreement (the “Restrictive
Covenants Agreement Setoff”); and 
 B.    if the Covered Employee was participating in the
Company’s group health plan immediately prior to the Date of Termination and elects COBRA health continuation, then the Company shall pay the monthly employer COBRA premium for the same level of group health coverage as in effect for the
Covered Employee on the Date of Termination until the earliest of the following: (i) the expiration of the Applicable Severance Period; (ii) the Covered Employee’s eligibility for group health coverage through other employment; or
(iii) the end of the Covered Employee’s eligibility under COBRA for continuation coverage for health care. Notwithstanding the foregoing, if the Company determines at any time that its payments pursuant to this paragraph may be taxable
income to the Covered Employee, it may convert such payments to payroll payments directly to the Covered Employee on the Company’s regular payroll dates, which shall be subject to tax-related deductions
and withholdings. 
 The amounts payable under this Section 7 shall be paid out in substantially equal installments in accordance with the
Company’s payroll practice over the Applicable Severance Period commencing within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends
in a second calendar year, the Severance Amount shall begin to be paid in the second calendar year by the last day of such 60-day period; provided, further, that the initial payment shall include a catch-up payment to cover amounts retroactive to the day immediately following the Date of Termination. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury
Regulation Section 1.409A-2(b)(2). 

  
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 8.    Severance Benefits Upon a Covered
Termination Within the Change in Control Period. If the Covered Employee has a Covered Termination within the Change in Control Period, then, subject to the terms and conditions of the Plan, the Covered Employee shall be entitled to the
following severance payments and benefits: 
 A.    the Company shall pay the Covered Employee a lump sum in cash in an
amount equal to the sum of (A) the amount of the Covered Employee’s monthly Base Salary (or the Covered Employee’s Base Salary in effect immediately prior to the Change in Control, if higher) multiplied by the Applicable Severance
Period plus (B) the Applicable Bonus Multiple multiplied by the Covered Employee’s Target Bonus (the “Change in Control Payment”), provided the Change in Control Payment shall be reduced by the amount of the
Restrictive Covenants Agreement Setoff, if applicable, paid or to be paid in the same calendar year; and 

B.    notwithstanding anything to the contrary in any applicable option agreement or other stock-based award agreement,
all time-based stock options and other time-based stock-based awards held by the Covered Employee (the “Equity Awards”) shall immediately accelerate and become fully exercisable or nonforfeitable as of the later of (i) the Date
of Termination or (ii) the Effective Date of the Separation Agreement and Release (the “Accelerated Vesting Date”); provided that any termination or forfeiture of the unvested portion of such Equity Awards that would otherwise
occur on the Date of Termination in the absence of this Agreement will be delayed until the Effective Date of the Separation Agreement and Release and will only occur if the vesting pursuant to this subsection does not occur due to the absence of
the Separation Agreement and Release becoming fully effective within the time period set forth therein. Notwithstanding the foregoing, no additional vesting of the Equity Awards shall occur during the period between the Covered Employee’s Date
of Termination and the Accelerated Vesting Date; and 
 C.    if the Covered Employee was participating in the
Company’s group health plan immediately prior to the Date of Termination and elects COBRA health continuation, then the Company shall pay the monthly employer COBRA premium for the same level of group health coverage as in effect for the
Covered Employee on the Date of Termination until the earliest of the following: (i) the expiration of the Applicable Severance Period; (ii) the Covered Employee’s eligibility for group health coverage through other employment;
or (iii) the end of the Covered Employee’s eligibility under COBRA for continuation coverage for health care. Notwithstanding the foregoing, if the Company determines at any time that its payments pursuant to this paragraph may be
taxable income to the Covered Employee, it may convert such payments to payroll payments directly to the Covered Employee on the Company’s regular payroll dates, which shall be subject to tax-related deductions and withholdings. 

The amounts payable under this Section 8 shall be paid or commence to be paid within 60 days after the Date of Termination; provided, however, that if
the 60-day period begins in one calendar year and ends in a second calendar year, such payment shall be paid or commence to be paid in the second calendar year by the last day of such 60-day period. 
 9.    Death. If a Covered Employee dies after the Date
of Termination, but before all payments or benefits to which such Covered Employee is entitled pursuant to the Plan have been paid or provided, any remaining payments and benefits will be made to any beneficiary designated by the Covered Employee
prior to or in connection with such Covered Employee’s Covered Termination or, if no such beneficiary has been designated, to the Covered Employee’s estate. 

  
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 10.    Withholding. The Company may withhold from any
payment or benefit under the Plan (a) any federal, state, or local income or payroll taxes required by law to be withheld with respect to such payment and (b) such other amounts as appropriately may be withheld under the
Company’s payroll policies and procedures from time to time in effect. Nothing in this Plan shall be construed to require the Company to make any payments to compensate the Covered Employee for any adverse tax effect associated with any
payments or benefits or for any deduction or withholding from any payment or benefit. 
 11.    Plan
Administration. 
 A.    Administrator. The Administrator shall be the Board or a committee thereof
designated by the Board; provided, however, that the Administrator may in its sole discretion appoint a new Administrator to administer the Plan at any time. 

B.    Decisions, Powers and Duties. The general administration of the Plan and the responsibility for
carrying out its provisions shall be vested in the Administrator. The Administrator shall have such powers and authority as are necessary to discharge such duties and responsibilities which also include, but are not limited to, interpretation and
construction of the Plan, the determination of all questions of fact, including, without limitation, eligibility, participation and benefits, the resolution of any ambiguities and all other related or incidental matters, and such duties and powers
of the Plan administration which are not assumed from time to time by any other appropriate entity, individual or institution. The Administrator may adopt rules and regulations of uniform applicability in its interpretation and implementation of the
Plan. 
 The Administrator shall discharge its duties and responsibilities and exercise its powers and authority in its sole discretion and
in accordance with the terms of the controlling legal documents and applicable law, and its actions and decisions shall be binding on any employee, and employee’s spouse or other dependent or beneficiary and any other interested parties whether
or not in being or under a disability. Not in limitation, but in amplification of the foregoing, the Administrator shall have the power and authority in its discretion to: 

(i)    construe the Plan to determine all questions that shall arise as to interpretations of the
Plan’s provisions; 
 (ii)    determine which individuals are and are not Covered Employees,
determine the benefits to which any Covered Employees may be entitled, the eligibility requirements for participation in the Plan and all other matters pertaining to the Plan; 

(iii)    adopt amendments to the Plan which are deemed necessary or desirable to comply with all applicable
laws and regulations, including but not limited to Section 409A of the Code and the guidance thereunder; 

  
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 (iv)    make all determinations it deems advisable for
the administration of the Plan, including the authority and ability to delegate administrative functions to a third party; 

(v)    decide all disputes arising in connection with the Plan; and 

(vi)    otherwise supervise the administration of the Plan. 

All decisions and interpretations of the Administrator shall be conclusive and binding on all persons, including the Company and Covered
Employees. 
 12.    Section 409A. 

A.    Anything in this Plan to the contrary notwithstanding, if at the time of the Covered Employee’s
“separation from service” within the meaning of Section 409A of the Code, the Company determines that the Covered Employee is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the
Code, then to the extent any payment or benefit that the Covered Employee becomes entitled to under this Plan would be considered deferred compensation subject to the 20 percent additional tax imposed pursuant to
Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of
(A) six months and one day after the Covered Employee’s separation from service, or (B) the Covered Employee’s death. 

B.    It is intended that this Plan will be administered in accordance with Section 409A of the Code. To the extent
that any provision of this Plan is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code. 

C.    To the extent that any payment or benefit described in this Plan constitutes
“non-qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Covered Employee’s termination of employment, then
such payments or benefits shall be payable only upon the Covered Employee’s “separation from service.” The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set
forth in Treasury Regulation Section 1.409A-1(h). 
 D.    The
Company makes no representation or warranty and shall have no liability to the Covered Employee or any other person if any provisions of this Plan are determined to constitute deferred compensation subject to Section 409A of the Code but
do not satisfy an exemption from, or the conditions of, such Section. 
 13.    Indemnification. To the
extent permitted by law, all employees, officers, directors, agents and representatives of the Company shall be indemnified by the Company and held harmless against any claims and the expenses of defending against such claims, resulting from any
action or conduct relating to the administration of the Plan, whether as a member of the Administrator or otherwise, except to the extent that such claims arise from gross negligence, willful neglect, or willful misconduct. 

  
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 14.    Plan Not an Employment Contract. The Plan is not a
contract between the Company and any employee, nor is it a condition of employment of any employee. Nothing contained in the Plan gives, or is intended to give, any employee the right to be retained in the service of the Company, or to interfere
with the right of the Company to discharge or terminate the employment of any employee at any time and for any reason. No employee shall have the right or claim to benefits beyond those expressly provided in this Plan, if any. All rights and claims
are limited as set forth in the Plan. 
 15.    Severability. In case any one or more of the provisions of
this Plan (or part thereof) shall be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect the other provisions hereof, and this Plan shall be construed as if such invalid,
illegal or unenforceable provisions (or part thereof) never had been contained herein. 
 16.    Unfunded
Plan. This Plan shall be unfunded and shall not create (or be construed to create) a trust or separate fund. Likewise, the Plan shall not establish any fiduciary relationship between the Company or any of its subsidiaries or affiliates and any
Covered Employee. 
 17.    Relief. If a Covered Employee violates the provisions of the Restrictive
Covenants Agreement, (i) the Covered Employee will not be eligible for Severance Benefits, and (ii) to the extent any Severance Benefits have already been provided to the Covered Employee pursuant to this Plan, the Company
shall have the right to terminate the Severance Benefits and demand immediate repayment of any amounts of the Severance Benefits previously paid to the Covered Employee or for the Covered Employee’s benefit under the Separation Agreement and
Release. Any such actions in the event of a violation by the Covered Employee will not affect the Covered Employee’s applicable continuing obligations to the Company pursuant to the Restrictive Covenants Agreement, the Separation Agreement and
Release or otherwise. 
 18.    Non-Assignability by Covered Employee;
Assignability by Company. No right or interest of any Covered Employee in the Plan shall be assignable or transferable in whole or in part either directly or by operation of law or otherwise, including, but not limited to, execution, levy,
garnishment, attachment, pledge or bankruptcy. The Company may assign or otherwise transfer this Plan to any other person or entity without any Covered Employee’s consent. 

19.    Integration With Other Pay or Benefits Requirements. The Severance Benefits provided for in the Plan
are the maximum benefits that the Company will pay to Covered Employees on a Covered Termination. To the extent that the Company owes any amounts in the nature of severance benefits to any Covered Employee under any other program, policy or plan of
the Company that is not otherwise superseded by this Plan, or to the extent that any federal, state or local law, including, without limitation, so-called “plant closing” laws, requires the Company
to give advance notice or make a payment of any kind to an employee because of that Covered Employee’s involuntary termination due to a layoff, reduction in force, plant or facility closing, sale of business, or similar event, the benefits
provided under this Plan or the other arrangement shall either be reduced or eliminated to avoid any duplication of payment. The Company intends for the benefits provided under this Plan to partially or fully satisfy any and all statutory
obligations that may arise out of a Covered Employee’s involuntary termination for the foregoing reasons and the Company shall so construe and implement the terms of the Plan. 

  
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 20.    Amendment or Termination. The Board may amend,
modify, or terminate the Plan at any time in its sole discretion; provided, however, that any such amendment, modification or termination that may adversely affect the rights of any Covered Employee shall not be made without the consent of such
person. 
 21.    Governing Law. The Plan and the rights of all persons hereunder shall be construed in
accordance with and under applicable provisions of the Commonwealth of Massachusetts (without regard to conflict of laws provisions). This Plan is not intended to be subject to the Employee Retirement Income Security Act of 1974, as amended. 

22.    Obligations of Successors. In addition to any obligations imposed by law upon any successor to the
Company, any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company shall expressly assume and agree to perform this Plan in the same manner and to
the same extent that the Company would be required to perform if no such succession had taken place. 

  
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 EXHIBIT A TO AKILI INTERACTIVE LABS, INC. 

EXECUTIVE SEVERANCE PLAN 
 Chief
Executive Officer 
 Senior Vice President 
 Vice President

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