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Exhibit 10.1
TAX PROTECTION AGREEMENT

This TAX PROTECTION AGREEMENT (this “Agreement”) is entered into as of July 19, 2021 (the “Signing Date”), by and among Phillips Edison & Company, Inc., a Maryland corporation (the “REIT”), Phillips Edison Grocery Center Operating Partnership I, L.P., a Delaware limited partnership (the “Operating Partnership”), Jeffrey S. Edison (“Edison”), Devin I. Murphy (“Murphy”), Robert F. Myers (“Myers”) and each other signatory hereto identified as a Protected Partner on Schedule I, as amended from time to time.  

RECITALS

WHEREAS, the REIT is a real estate investment trust within the meaning of Section 856 of the Code;

WHEREAS, the REIT is the sole member of Phillips Edison Grocery Center OP GP I LLC, a Delaware limited liability company and general partner of the Operating Partnership, and a limited partner of the Operating Partnership;

WHEREAS, the REIT and the Operating Partnership are parties to that certain Tax Protection Agreement, dated as of October 4, 2017 (the “Existing TPA”), by and among the REIT, the Operating Partnership and certain limited partners of the Operating Partnership; 

WHEREAS, the REIT is preparing for its initial public offering and the listing of its common stock on the Nasdaq Stock Market, and as part of that process Edison, in his capacity as the REIT’s largest stockholder, has supported certain governance enhancements; 

WHEREAS, the REIT, the Operating Partnership and Edison are parties to the Equity Holder Agreement dated October 4, 2017, by and among the REIT, the Operating Partnership and Edison (the “Equity Holder Agreement”), which provides Edison rights to nominate a director to the REIT’s board of directors; and

WHEREAS, the REIT, the Operating Partnership and the Protected Partners desire to enter into this Agreement, among other reasons, to extend the effective period of certain tax liability protections under the Existing TPA with respect to the Protected Partners for a period of time after the expiration of the Existing TPA, subject to the terms and conditions set forth below; 

NOW, THEREFORE, in consideration of the promises and mutual agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE I

 DEFINED TERMS

For purposes of this Agreement the following terms shall apply:

Section 1.1“65% Termination” means, with respect to any Covered Executive, that such Covered Executive owns less than sixty-five percent (65%) of the OP Units held by such Covered Executive as of the Signing Date.

Section 1.2“Affiliate” means, with respect to any Person, any Person directly or indirectly controlling or controlled by or under common control with such Person. For the purposes of this definition, “control” when used with respect to any Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

Section 3.3“Allocation Shortfall” has the meaning set forth in Section 2.4(b).

Section 1.4“Agreement” has the meaning set forth in the preamble.

Section 1.5“Approval of the Partners’ Representative” means the written approval of the Partners’ Representative with respect to any matter or transaction (for the avoidance of doubt, no vote in favor of any transaction by the Partners’ Representative or any of its Affiliates in its capacity as owner of shares of the REIT or OP Units shall constitute such approval).

Section 1.6“Approved Liability” means:

(a)A liability of the Operating Partnership (or of an entity whose separate existence from the Operating Partnership is disregarded for U.S. federal income tax purposes) with respect to which all of the following requirements are satisfied: 

(i)the liability is secured by real property or other assets (the “Collateral”) owned directly by the Operating Partnership or by an entity whose separate existence from the Operating Partnership is disregarded for U.S. federal income tax purposes; 

(ii)on the date on which the Operating Partnership designated such liability as an Approved Liability, the outstanding principal amount (and any accrued and unpaid interest) of the liability and any other Approved Liabilities secured by such Collateral at such time was no more than 65% of the fair market value (as reasonably determined in good faith by the Operating Partnership) of the Collateral at such time, provided that if interest on such liability is “pay in kind” or otherwise not required to be paid (in cash) at least annually or if the documents evidencing such liability permit the borrower to borrow additional amounts that are secured by the Collateral, the outstanding principal amount of such liability shall include the maximum amount that could be so added to the principal amount of such liability without a default; 

(iii)no other Person has executed any guarantees with respect to such liability other than: (A) guarantees by the Protected Partners; (B) guarantees by Affiliates of the Operating Partnership, provided that each applicable Protected Partner indemnifies each such Affiliate against any liability of such Affiliate (to the extent such liability does not exceed such Protected Partner’s Required Liability Amount) arising solely from the existence or performance of such guarantee; and (C) non-recourse carve out guarantees (i.e., bad-boy guarantees); 

(iv)the Collateral does not provide security for another liability (other than another Approved Liability) that ranks senior to, or pari passu with, the liability described in clause (i) above; and

(v)the liability is a Guarantee Permissible Liability. 

For purposes of determining whether clause (ii) has been satisfied in situations where one or more potential Approved Liabilities are secured by more than one item of Collateral, the Operating Partnership shall allocate such liabilities among such items of Collateral in proportion to their relative fair market values (as reasonably determined in good faith by the Operating Partnership); or   

(b)Any other indebtedness approved by the Partners’ Representative (or its successor or designee) in its sole and absolute discretion.
Section 1.7“Board” means the board of directors of the REIT.

Section 1.8“Code” means the Internal Revenue Code of 1986, as amended.

Section 1.9“Collateral” has the meaning set forth in the definition of “Approved Liability.” 

Section 1.10“Contribution Agreement” means the Contribution Agreement by and among the REIT, the Operating Partnership, PELP and certain other parties, dated as of May 18, 2017, pursuant to which the Operating Partnership acquired, among other things, a portfolio of properties owned, directly or indirectly, by certain entities as set forth in such agreement.

Section 1.11“Contribution Transactions” means the acquisition of a portfolio of properties pursuant to the Contribution Agreement.

Section 1.12“Covered Executive” means each of Edison, Murphy and Myers. For the avoidance of doubt, any OP Units held by a Covered Executive shall be deemed to include OP Units held by (a) any trusts or other Pass Through Entities affiliated with the Covered Executive as identified on Schedule I hereto and (b) any Person who acquires OP Units from or through a Covered Executive or other Person described in the preceding clause (a) in a Permitted Disposition (subject to the limitations set forth in the definition thereof).

Section 1.13“Debt Gross Up Amount” has the meaning set forth in the definition of “Make Whole Amount.”

Section 1.14“Debt Notification Event” means, with respect to a Nonrecourse Liability or an Approved Liability, any transaction (a) in which such liability shall be refinanced, otherwise repaid, or guaranteed by any of the REIT, the Operating Partnership, or one or more of their Affiliates, or guaranteed by one or more partners of the Operating Partnership, or (b) that would otherwise result in any reduction in the amount of Nonrecourse Liabilities or Approved Liabilities allocated to a Protected Partner; in each case other than fixed scheduled payments of principal occurring prior to the maturity date of such liability.

Section 1.15“Deficit Restoration Obligation” means, with respect to a Protected Partner, a written obligation by such Person, on a form provided by Edison and approved by the Operating Partnership (which approval shall not be unreasonably withheld), to restore part or all of any deficit balance in such Person’s capital account in the Operating Partnership upon the occurrence of certain events.     

Section 1.16“DownREIT OP Units” has the meaning set forth in Section 3.2(a)(ii).

Section 1.17“Edison” has the meaning set forth in the preamble.

Section 1.18“Effective Date” means the expiration date of the Existing TPA, which is October 4, 2027.

Section 1.19“Equity Holder Agreement” has the meaning set forth in the recitals.

Section 1.20“Exchange” has the meaning set forth in Section 2.1(b).

Section 1.21“Existing TPA” has the meaning set forth in the recitals.

Section 1.22“Fundamental Transaction” means, with respect to any entity, a merger, combination, consolidation or similar transaction (including a transfer of all or substantially all of the assets of such entity).

Section 1.23“Fundamental Transaction Gross Up Amount” has the meaning set forth in the definition of “Make Whole Amount.”

Section 1.24“Gain Transaction” has the meaning set forth in Section 2.1(a).

Section 1.25“Gross Up Amount” has the meaning set forth in the definition of “Make Whole Amount.”

Section 1.26“Guarantee” has the meaning set forth in Section 2.4(b).

Section 1.27“Guarantee Opportunity” has the meaning set forth in Section 2.4(b).

Section 1.28“Guarantee Permissible Liability” means a liability with respect to which the lender permits a guarantee.

Section 1.29“Make Whole Amount” means: 

(a)with respect to any Protected Partner that recognizes income or gain under Section 704(c) of the Code as a result of a Tax Protection Period Transfer, the sum of (i) the product of (A) the amount of income or gain recognized by such Protected Partner under Section 704(c) of the Code in respect of such Tax Protection Period Transfer (taking into account any adjustments under Section 743 of the Code to which such Protected Partner is entitled) multiplied by (B) the Make Whole Tax Rate, plus (ii) an amount equal to the combined U.S. federal and applicable state income taxes (calculated using the Make Whole Tax Rate) imposed on such Protected Partner as a result of the receipt by such Protected Partner of a payment under Section 2.2 (the “Gross Up Amount”); 

(b)with respect to any Protected Partner that recognizes income or gain as a result of a breach by the Operating Partnership of the provisions of Section 2.4 hereof, the sum of (i) the product of (A) the amount of income or gain recognized by such Protected Partner by reason of such breach, multiplied by (B) the Make Whole Tax Rate, plus (ii) an amount equal to the combined U.S. federal and applicable state income taxes (calculated using the Make Whole Tax Rate) imposed on such Protected Partner as a result of the receipt by such Protected Partner of a payment under Section 2.4 (the “Debt Gross Up Amount”); and

(c)with respect to any Protected Partner that recognizes income or gain as a result of a Fundamental Transaction described in clause (ii) of Section 2.1(a) or as a result of the receipt of consideration payable pursuant to Section 3.5, the sum of (i) the product of (A) the amount of income or gain recognized by such Protected Partner in respect of such transaction, multiplied by (B) the Make Whole Tax Rate, plus (ii) an amount equal to the combined U.S. federal and applicable state income taxes (calculated using the Make Whole Tax Rate) imposed on such Protected Partner as a result of the receipt by such Protected Partner of a payment under Section 2.2 or Section 3.5, as applicable (the “Fundamental Transaction Gross Up Amount”).  

For the avoidance of doubt, each Make Whole Amount shall be calculated pursuant to the formula set forth above, and the actual taxes or tax attributes of the Protected Partners shall not be taken into account. For purposes of calculating the amount of Section 704(c) gain that is allocated to a Protected Partner, (i) subject to clause (ii) below, any “reverse Section 704(c) gain” allocated to such Protected Partner pursuant to Treasury Regulations Section 1.704-3(a)(6) shall not be taken into account, provided, however, that (ii) if, as a result of adjustments to the Gross 

Asset Value (as defined in the OP Agreement) of the Protected Properties pursuant to clause (b) of the definition of Gross Asset Value as set forth in the OP Agreement, all or a portion of the gain recognized by the Operating Partnership that would have been Section 704(c) gain without regard to such adjustments becomes or is treated as “reverse Section 704(c) gain” or Section 704(b) gain under Section 704 of the Code, then such gain shall continue to be treated as Section 704(c) gain.

Section 1.30“Make Whole Tax Rate” means, with respect to a Protected Partner who is entitled to receive a payment under Section 2.2, Section 2.4 or Section 3.5, the highest combined statutory U.S. federal and state tax rate in respect of the income or gain that gave rise to such payment, taking into account the character of the income and gain in the hands of such Protected Partner, for the taxable year in which such gain or income is recognized. 

Section 1.31“Murphy” has the meaning set forth in the preamble.

Section 1.32“Myers” has the meaning set forth in the preamble.

Section 1.33“Nonrecourse Liability” means a liability that is a “nonrecourse liability” for purposes of Section 752 of the Code and the Treasury Regulations thereunder and “qualified nonrecourse financing” as defined in Section 465(b)(6) of the Code.

Section 1.34“OP Agreement” means the Fourth Amended and Restated Agreement of Limited Partnership of the Operating Partnership, as amended from time to time. 

Section 1.35“OP Units” means common units of partnership interest in the Operating Partnership.

Section 1.36“Operating Partnership” has the meaning set forth in the preamble.

Section 1.37“Partners’ Representative” means any Person designated as the “Partners’ Representative” pursuant to Section 4.16(a).

Section 1.38“Pass Through Entity” means an entity treated as a partnership, grantor trust, or S corporation for U.S. federal income tax purposes.

Section 1.39“PELP” means Phillips Edison Limited Partnership, a Delaware limited partnership, or its permitted assigns.

Section 1.40“Permitted Disposition” means a sale, exchange or other disposition of OP Units (a) by a Protected Partner: (i) to such Protected Partner’s children, spouse or issue; (ii) to a trust solely for the benefit of (A) such Protected Partner, (B) such Protected Partner’s children, spouse or issue, and/or (C) a spouse of any of such Protected Partner’s children; (iii) in the case of a trust which is a Protected Partner, solely to its beneficiaries, or any of them, whether current or remainder beneficiaries; (iv) to an inter vivos or testamentary trust of 

which such Protected Partner and/or the spouse or child of such Protected Partner is the trustee; (v) in the case of any partnership or limited liability company which is a Protected Partner, solely to its direct partners or members; and/or (vi) in the case of any corporation which is a Protected Partner, to its shareholders, and (b) by a party described in clauses (i), (ii), (iii) or (iv) to a partnership, limited liability company or corporation of which the only partners, members or shareholders, as applicable, are parties described in clauses (i), (ii), (iii) or (iv); provided, that for purposes of a 65% Termination, such Protected Partner shall be treated as continuing to own any OP Units which were subject to a Permitted Disposition unless and until there has been a sale, exchange or other disposition of such OP Units by a permitted transferee which is not another Permitted Disposition. 

Section 1.41“Person” means an individual or a corporation, partnership, trust, unincorporated organization, association, limited liability company or other entity.

Section 1.42“Protected Partner” means: (a)  each signatory on Schedule I attached hereto, as amended from time to time; (b) any Person who holds OP Units and who acquired such OP Units from another Protected Partner in a Permitted Disposition in which such Person’s adjusted basis in such OP Units, as determined for U.S. federal income tax purposes, is determined, in whole or in part, by reference to the adjusted basis of the other Protected Partner in such OP Units; and (c) with respect to a Protected Partner that is Pass Through Entity, and solely for purposes of computing the amount to be paid under Section 2.2, Section 2.4 or Section 3.5, as applicable, with respect to such Protected Partner, any Person who (i) holds an interest in such Protected Partner, either directly or through one or more Pass Through Entities, and (ii) is required to include all or a portion of the income of such Protected Partner in its own gross income.

Section 1.43“Protected Property” means each property identified on Exhibit A hereto and each property and/or interest acquired in Exchange for a Protected Property as set forth in Section 2.1(b). On or prior to the Effective Date, the Operating Partnership shall provide to the Partners’ Representative an updated list of Protected Properties.

Section 1.44“Public DownREIT” means a real estate investment trust (within the meaning of Section 856 of the Code) (a) that holds some, but not substantially all, of its assets through a single subsidiary operating partnership that is treated as a partnership for U.S. federal income tax purposes and (b) whose common equity interests are listed on the New York Stock Exchange or another national securities exchange.

Section 1.45“Public UPREIT” means a real estate investment trust (within the meaning of Section 856 of the Code) (a) that holds all or substantially all of its assets through a single subsidiary operating partnership that is treated as a partnership for U.S. federal income tax purposes and (b) whose common equity interests are listed on the New York Stock Exchange or another national securities exchange.

Section 1.46“Required Liability Amount” means, with respect to any Protected Partner, the “Required Liability Amount” (as defined in the Existing TPA) determined for such Protected Partner under the Existing TPA.   

Section 1.47“REIT” has the meaning set forth in the preamble. 

Section 1.48“Section 2.4 Notice” has the meaning set forth in Section 2.4(c). 

Section 1.49“Tax Protection Period” means the period commencing on the Effective Date and ending on the fourth (4th) anniversary of the Effective Date; provided, however, that (a) such period shall end with respect to any Protected Partner (i) if there is a 65% Termination with respect to such Person or (ii) with respect to any OP Units acquired by such Protected Partner as a result of the death of another Protected Partner, if such death results in a step-up in the adjusted basis in such OP Units, and (b) such period shall end with respect to all Protected Partners if there is a 65% Termination with respect to Edison and his Affiliates. For the avoidance of doubt, if any event described in clause (a) or clause (b) in the preceding sentence occurs with respect to any Protected Partner, or the Existing TPA is terminated with respect to any Protected Partner, in each case prior to the Effective Date, then the Tax Protection Period shall be considered terminated with respect to such Person effective as of the date of such event.

Section 1.50“Tax Protection Period Transfer” has the meaning set forth in Section 2.1(a).

Section 1.51“Transfer” means any direct or indirect sale, exchange, transfer or other disposition, whether voluntary or involuntary.

Section 1.52“Treasury Regulations” means the income tax regulations under the Code, whether such regulations are in proposed, temporary or final form, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

ARTICLE II

  TAX MATTERS

Section 2.1 Taxable Transfers.  

(a)Unless the Operating Partnership receives the Approval of the Partners’ Representative with respect to a Tax Protection Period Transfer or an applicable Fundamental Transaction, during the Tax Protection Period, if the Operating Partnership or any entity in which the Operating Partnership holds a direct or indirect interest shall cause or permit or suffer to occur (i) any Transfer of all or any portion of a Protected Property (including any interest therein or in the entity owning, directly or indirectly, the Protected Property) in a transaction that would result in the recognition of taxable 

income or gain by any Protected Partner under Section 704(c) of the Code (a “Tax Protection Period Transfer”), or (ii) any Fundamental Transaction with respect to the Operating Partnership that would result in the recognition of taxable income or gain by any Protected Partner (a “Gain Transaction”), then subject to ARTICLE III below, the Operating Partnership shall make a payment to each applicable Protected Partner as required under Section 2.2.

(b)Subject to ARTICLE III below, Section 2.1(a) shall not apply to any Tax Protection Period Transfer of a Protected Property (including any interest therein or in the entity owning, directly or indirectly, the Protected Property) or any Fundamental Transaction with respect to the Operating Partnership, in each case in a transaction in which no income or gain is required to be recognized by a Protected Partner (an “Exchange”), including a transaction qualifying under Section 1031 or Section 721(a) (or any successor statutes) of the Code; provided, however, that any property and/or interests acquired by the Operating Partnership in any Exchange shall remain subject to the provisions of this ARTICLE II in place of the exchanged Protected Property for the remainder of the Tax Protection Period.

(c)Any successor to the Operating Partnership must expressly assume the obligations of the Operating Partnership under this ARTICLE II as a condition to becoming a successor to the Operating Partnership.

Section 2.2 Indemnification for Taxable Transfers.  

(a)Subject to ARTICLE III below, in the event of a Tax Protection Period Transfer or Fundamental Transaction described in Section 2.1(a), the Operating Partnership shall pay an amount of cash equal to the estimated Make Whole Amount to each Protected Partner (i) in the case of a Tax Protection Period Transfer, no later than the thirteenth (13th) day after the end of the quarter in which such Tax Protection Period Transfer took place, and (ii) in the case of a Fundamental Transaction, within ten (10) business days after the closing of such Fundamental Transaction. If it is later determined that the true Make Whole Amount applicable to a Protected Partner exceeds the estimated Make Whole Amount applicable to such Protected Partner, then the Operating Partnership shall pay such excess to such Protected Partner within ten (10) business days after the date of such determination, and if such estimated Make Whole Amount exceeds the true Make Whole Amount, then such Protected Partner shall pay such excess to the Operating Partnership within ten (10) business days after the date of such determination, but only to the extent such excess was actually received by such Protected Partner. 

(b)For the avoidance of doubt, a vote in favor of a Tax Protection Period Transfer or Fundamental Transaction by a Protected Partner or the Partners’ Representative in its capacity as, or acting for, an owner of OP 

Units or shares of the REIT shall not constitute a waiver of such Protected Partner’s right to indemnification pursuant to this Section 2.2 as a result of such Tax Protection Period Transfer or Fundamental Transaction.

Section 2.3 Section 704(c) Methodology.  The Operating Partnership shall use the traditional method (without curative allocations) as set forth in Treasury Regulations Section 1.704-3(b) with respect to the Protected Properties.  On or prior to the Effective Date, the Operating Partnership and the Partners’ Representative shall mutually agree upon a good faith estimate of the remaining amount of Section 704(c) gain allocable to each Protected Partner with respect to each Protected Property as of the Effective Date. The parties acknowledge that the initial amount of such Section 704(c) gain may be adjusted over time, including as required by Section 704(c) of the Code and the Treasury Regulations promulgated thereunder.

Section 2.4 Nonrecourse Liability Maintenance and Debt Guarantee.  

(a)During the Tax Protection Period, the Operating Partnership shall: (i) use its commercially reasonable best efforts to maintain on a continuous basis an amount of Nonrecourse Liabilities that would be allocated to each Protected Partner under Treasury Regulations Section 1.752-3 and for purposes of Section 465(b)(6) of the Code at least equal to the Required Liability Amount with respect to such Protected Partner (provided that from time to time, and for a specified period of time, the Operating Partnership may, with the Approval of the Partners’ Representative, maintain a lower amount of Nonrecourse Liabilities that would be allocated to each Protected Partner pursuant to this clause (i)); (ii) allocate excess nonrecourse liabilities (within the meaning of Treasury Regulations Section 1.752-3(a)(3)) in a manner that results in the greatest amount of excess nonrecourse liabilities being allocated to the Protected Partners; and (iii) provide the Partners’ Representative, promptly upon request, with a description of the nature and amount of any Approved Liabilities that are available to be guaranteed by the Protected Partners pursuant to Section 2.4(b).  

(b)During the Tax Protection Period, in the event that the amount of  Nonrecourse Liabilities allocated to any Protected Partner is, or is expected to be, less than the Required Liability Amount (unless the Operating Partnership has obtained the Approval of the Partners’ Representative for such lower amount for the applicable period of time pursuant to Section 2.4(a)(i)) with respect to such Protected Partner (such shortfall, an “Allocation Shortfall”), the Operating Partnership shall provide such Protected Partner with (i) written notice of such Allocation Shortfall, which notice shall be provided no later than thirty (30) days prior to the occurrence of such Allocation Shortfall, and (ii) the opportunity to execute an enforceable guarantee (a “Guarantee”) on a form provided by the Partners’ Representative and approved by the Operating Partnership (which approval shall not be unreasonably withheld), of one or 

more Approved Liabilities in an amount up to such Allocation Shortfall (each such opportunity, a “Guarantee Opportunity”).  The Guarantee provided by any Protected Partner shall not be subordinated (i.e., have relatively higher economic risk) to any other guarantees of the same debt covered by such Protected Partner’s Guarantee.  The Operating Partnership shall have the discretion to identify the Approved Liability or Approved Liabilities that shall be made available for guarantee by each Protected Partner.  Each Protected Partner that is a Pass Through Entity and its indirect owners may allocate the Guarantee Opportunity afforded to such Protected Partner in any manner they choose. The Operating Partnership agrees to file its tax returns allocating any debt subject to a Guarantee to the applicable Protected Partners without disclosure (relating to the avoidance of penalties), except to the extent that the Operating Partnership is required to do otherwise as a result of (i) a final determination to the contrary within the meaning of Section 1313(a) of the Code (or comparable applicable state law) or (ii) a change in applicable tax law after the date this Agreement is executed. Each Protected Partner shall bear the costs incurred by it in connection with the execution of any Guarantee to which it is a party. To the extent a Protected Partner executes a Guarantee, the Operating Partnership shall deliver a copy of such Guarantee to the applicable lender promptly after receiving such copy from the relevant Protected Partner.

(c)During the Tax Protection Period, the Operating Partnership shall not allow a Debt Notification Event to occur unless the Operating Partnership provides at least thirty (30) days’ written notice (a “Section 2.4 Notice”) to each Protected Partner that may be affected thereby.  The Section 2.4 Notice shall describe the Debt Notification Event and designate one or more Approved Liabilities that may be guaranteed by the Protected Partners pursuant to Section 2.4(b).  The Section 2.4 Notice shall be deemed to have been provided when delivered to the Protected Partner in accordance with Section 15.2 of the OP Agreement.  Any Protected Partner that desires to execute a Guarantee following the receipt of a Section 2.4 Notice shall provide the Operating Partnership with notice thereof within ten (10) days after the date of the Section 2.4 Notice.  

(d)If the Operating Partnership fails to comply with any provision of this Section 2.4 (and the Operating Partnership does not receive the Approval of the Partners’ Representative with respect to such failure), the Operating Partnership shall pay an amount of cash equal to the estimated Make Whole Amount to each Protected Partner no later than the thirteenth (13th) day after the end of the quarter in which in which such failure took place. If it is later determined that the true Make Whole Amount applicable to a Protected Partner exceeds the estimated Make Whole Amount applicable to such Protected Partner, then the Operating Partnership shall pay such excess to such Protected Partner within ten (10) business days after the date of such determination, and if such estimated Make Whole Amount exceeds the true Make Whole Amount, then such Protected Partner shall 

pay such excess to the Operating Partnership within ten (10) business days after the date of such determination, but only to the extent such excess was actually received by such Protected Partner.  

Section 2.5 Post-Tax Protection Period Matters.

(a)Following the Tax Protection Period, for so long as Edison (directly or indirectly through his Affiliates) holds at least $5 million in value of OP Units (as reasonably determined in good faith by the Operating Partnership) (the “Ownership Minimum”), the Operating Partnership shall offer Edison the opportunity to execute a Guarantee of debt of the Operating Partnership or to enter into a Deficit Restoration Obligation. Notwithstanding the foregoing, the Operating Partnership shall not be obligated pursuant to this Section 2.5(a) to maintain, refinance, or obtain any amount or type of existing or new indebtedness, including with respect to specific properties or loans. The Operating Partnership shall have no obligation to ensure that any particular lender is willing to accept Edison’s guarantee of any debt of the Operating Partnership and shall have no responsibilities or liabilities to Edison regarding the efficacy of any such debt guarantee or any Deficit Restoration Obligation to result in allocations of debt to Edison pursuant to Section 752 of the Code.  For the avoidance of doubt, nothing in this Section 2.5(a) shall require the REIT or the Operating Partnership to take any action that the Board, in its sole discretion, believes is or is likely to be adverse to the best interests of the REIT.

(b)Following the Tax Protection Period, for so long as Edison holds the Ownership Minimum, the Operating Partnership shall (i) provide written notice to Edison  (subject to Edison’s agreement in writing to keep such information confidential) reasonably in advance of effecting a portfolio sale of properties, a sale or liquidation of Phillips Edison Institutional REIT LLC, or a Fundamental Transaction with respect to the REIT or the Operating Partnership, in each case that is reasonably likely to result in the recognition by Edison of taxable income or gain under Section 704(c) of the Code in an amount greater than one-third (1/3) of such taxable income or gain that, with respect to Edison, was subject to indemnification under Section 2.2 of the Existing TPA as of the Signing Date (any such transaction, a “Significant Transaction”), (ii) consider in good faith any proposal made by Edison relating to structuring the disclosed Significant Transaction in a manner that would avoid or mitigate  adverse tax consequences to Edison, provided that such proposal (a) is made within ten (10) business days after a notice described in clause (i) and (b) would not, in the sole discretion of the Board, adversely affect or be reasonably likely to adversely affect the REIT (including with respect to the timing or certainty of closing such Significant Transaction), and (iii) to the extent the Board determines that any proposal made by Edison relating to structuring a Significant Transaction (as described in clause (ii)) would not adversely affect the REIT, present such proposal to the counterparty 

involved in the Significant Transaction and thereafter use commercially reasonable efforts to implement the proposal made by Edison.  The Operating Partnership shall have no obligation to ensure that the counterparty in a Significant Transaction accepts any alternative structure proposed by Edison, and the Operating Partnership shall have no responsibilities or liabilities to Edison regarding the efficacy of any alternative structure proposed by Edison to mitigate or avoid any gain recognition. For the avoidance of doubt, nothing in this Section 2.5(b) is intended to constitute or be interpreted as a “right of first offer,” “tag along” or any similar restriction on the sale of any assets of the REIT or the Operating Partnership, including those covered by the Existing TPA.

(c)If the Existing TPA is terminated with respect to any Protected Partner prior to the Effective Date, then the covenants set forth in this Section 2.5 shall be considered terminated with respect to such Person effective as of the date of such event.

ARTICLE III 

FUNDAMENTAL TRANSACTION MATTERS

Section 3.1 Public UPREIT Surviving Company.  

(a)In the case of any Fundamental Transaction in which the REIT or the Operating Partnership is acquired by or merged with or into a Public UPREIT, each Protected Partner shall be provided with at least the following choices of consideration for each OP Unit held by such Protected Partner immediately prior to the transaction:

(i)the same consideration that is paid with respect to each share of the REIT’s common stock in the transaction in accordance with Section 11.2(c)(i) of the OP Agreement; and

(ii)common units of partnership interest in the operating partnership of such Public UPREIT, with terms that are at least as favorable as the terms of the OP Units and otherwise in accordance with Section 11.2(c)(ii) of the OP Agreement.  

(b)For the avoidance of doubt, subject to compliance with the ongoing terms of this Agreement by the Public UPREIT, if the consideration choices described in Section 3.1(a) are offered to the Protected Partners and, in the case of clause (a)(ii) above, in a transaction that is not a Gain Transaction, the Operating Partnership shall not be required to pay any Make Whole Amount pursuant to Section 2.2 or Section 3.5, and no consent of OP Unit holders shall be required for the consummation of the Fundamental Transaction other than the consent described in Article 11 of the OP Agreement.

Section 3.2 Public DownREIT Surviving Company.  

(a)In the case of any Fundamental Transaction in which the REIT or the Operating Partnership is acquired  by or merged with or into a Public DownREIT, each Protected Partner shall be provided with at least the following choices of consideration for each OP Unit held by such Protected Partner immediately prior to the transaction:

(i)the same consideration that is paid with respect to each share of the REIT’s common stock in the transaction in accordance with Section 11.2(c)(i) of the OP Agreement; and

(ii)common units of partnership interest in the operating partnership of such Public DownREIT (“DownREIT OP Units”), with terms that are at least as favorable as the terms of the OP Units and otherwise in accordance with Section 11.2(c)(ii) of the OP Agreement; provided that such partnership must (A) have and maintain at all times subordinate units of partnership interest (e.g., owned by the Public DownREIT) with a value equal to at least 100% of the value of the OP Units exchanged for DownREIT OP Units; and (B) not have at closing, or thereafter incur, debt (including debt-like preferred or senior units) that would, at the time incurred, cause such partnership to have aggregate leverage on a consolidated basis in excess of 65% of the fair market value of such partnership’s assets; provided, further, that no distribution may be made by such partnership with respect to such subordinate units of partnership interest to the extent the requirement described in clause (B) of the preceding proviso would not be met immediately after such distribution.  

(b)For the avoidance of doubt, subject to compliance with the ongoing terms of this Agreement by the Public DownREIT, if the consideration choices described in Section 3.2(a) are offered to the Protected Partners and, in the case of clause (a)(ii) above, in a transaction that is not a Gain Transaction, and the leverage and distribution limitations described in Section 3.2(a) are complied with, the Operating Partnership shall not be required to pay any Make Whole Amount pursuant to Section 2.2 or Section 3.5, and no consent of OP Unit holders shall be required for the consummation of the Fundamental Transaction other than the consent described in Article 11 of the OP Agreement.

Section 3.3 Other Surviving Company.

(a)In the case of any Fundamental Transaction (1) in which the REIT or the Operating Partnership is acquired  by or merged with or into an entity other than a Public UPREIT or Public DownREIT or (2) after which the REIT’s common stock will not be listed on the New York Stock Exchange or other national securities exchange, each Protected Partner shall be 

provided with at least the following choices of consideration for each OP Unit held by such Protected Partner immediately prior to the transaction:

(i)the same consideration that is paid with respect to each share of the REIT’s common stock in the transaction in accordance with Section 11.2(c)(i) of the OP Agreement; 

(ii)common units in an acquiror partnership that initially acquires all or substantially all of the assets of the Operating Partnership with the following terms and conditions:

(A)the Protected Partner(s) must receive common units based on a value per unit equal to the value of the consideration paid by the acquiror for each share of the REIT’s common stock; 

(B)the terms of such common units are at least as favorable as the terms of the OP Units and otherwise in accordance with Section 11.2(c)(ii) of the OP Agreement;

(C)the acquiror partnership must (x) not have at closing, or thereafter incur, debt (including debt-like preferred or senior units) that would, at the time incurred, cause such partnership to have aggregate leverage on a consolidated basis in excess of 65% of the fair market value of such partnership’s assets, and (y) not make any distribution to the extent the leverage limitation described in clause (x) would not be met immediately after such distribution; and

(D)until the second anniversary of the expiration of the Tax Protection Period, upon the earlier of (x) the fifth anniversary of the consummation of the relevant Fundamental Transaction or (y) the expiration of the Tax Protection Period, the holder must have a put right to the acquiror partnership for cash in an amount equal to the fair market value of such common units at the time of the exercise of the put right (without liquidity discount or minority interest discount); provided, however, that the exercise of such put right during the Tax Protection Period will not trigger the payment of any Make Whole Amount pursuant to Section 2.2 or Section 3.5, unless the acquiror partnership is in breach of the covenants set forth in clause (C) above, the Partners’ Representative provides to the acquiror partnership written notice of such breach, and such breach has not been cured within ten (10) days of the date of such notice; provided, further, that after the expiration of the Tax Protection Period, the exercise of such put right 

will not trigger any payment of any Make Whole Amount pursuant to Section 2.2 or Section 3.5; and

(iii) preferred units in an acquiror partnership that initially acquires all or substantially all of the assets of the Operating Partnership with the following terms and conditions:

(A)the liquidation preference of each preferred unit must be equal to the value of the consideration paid by the acquiror for each share of the REIT’s common stock;

(B)the distribution rate on the preferred units will be set at market for the terms of the units and the acquiror partnership; 

(C)the partnership that issues the preferred units must (x) have and maintain at all times subordinate or common units with a value equal to at least 100% of the value of the OP Units exchanged for preferred units; (y) not have at closing, or thereafter incur, debt (including debt-like preferred or senior units) that would, at the time incurred, cause it to have aggregate leverage on a consolidated basis in excess of 65% of the fair market value of the issuing partnership’s assets; and (z) not make any distribution with respect to subordinate or common  partnership interests to the extent the leverage limitation described in clause (y) would not be met immediately after such distribution; and 

(D)until the second anniversary of the expiration of the Tax Protection Period, upon the earlier of (x) the fifth anniversary of the consummation of the relevant Fundamental Transaction or (y) the expiration of the Tax Protection Period, the holder must have a put right to the acquiror partnership for cash in an amount equal to the liquidation preference of such preferred units plus any accrued and unpaid distributions; provided, however, that the exercise of such put right during the Tax Protection Period will not trigger the payment of any Make Whole Amount pursuant to Section 2.2 or Section 3.5, unless the acquiror partnership is in breach of the covenants set forth in clause (C) above, the Partners’ Representative provides to the acquiror partnership written notice of such breach, and such breach has not been cured within ten (10) days of the date of such notice; provided, further, that after the expiration of the Tax Protection Period, the exercise of such put right will not trigger any payment of any Make Whole Amount pursuant to Section 2.2 or Section 3.5.

(b)For the avoidance of doubt, subject to compliance with the ongoing terms of this Agreement by the surviving entities, if the consideration choices described in Section 3.3(a) are offered to the Protected Partners and, in the case of clauses (a)(ii) and (a)(iii) above, as applicable, in a transaction that is not a Gain Transaction, and the leverage and distribution limitations described in Section 3.3(a) are complied with, the Operating Partnership shall not be required to pay any Make Whole Amount pursuant to Section 2.2 or Section 3.5, and no consent of OP Unit holders shall be required for the consummation of the Fundamental Transaction other than the consent described in Article 11 of the OP Agreement.

Section 3.4 Continuation of Protections.  If a Protected Partner elects to receive the units described in Section 3.1(a)(ii), Section 3.2(a)(ii), Section 3.3(a)(ii) or Section 3.3(a)(iii) with respect to a Fundamental Transaction, such Protected Holder shall be entitled to the continuation of the protections set forth in this Agreement with respect to the equity interests received in the acquiror partnership, including with respect to the covenants set forth in ARTICLE II and this ARTICLE III. Any successor to the Operating Partnership must expressly assume the obligations of the Operating Partnership under this ARTICLE III as a condition to becoming a successor to the Operating Partnership.

Section 3.5 Indemnification.  During the Tax Protection Period, if a Protected Partner elects to receive the units described in Section 3.1(a)(ii), Section 3.2(a)(ii), Section 3.3(a)(ii) or Section 3.3(a)(iii) with respect to a Fundamental Transaction and thereafter the REIT, the Operating Partnership or their successors fail to comply with their equity, leverage or distribution obligations set forth in this ARTICLE III (after taking into account applicable cure periods set forth in this ARTICLE III) (and the Operating Partnership does not receive the Approval of the Partners’ Representative with respect to such failure), then to the extent any Protected Partner elects to, or is required to, receive the consideration payable with respect to the redemption, exchange or other liquidity rights relating to such units, the Operating Partnership shall pay, within ten (10) business days after the expiration of the applicable cure periods, to each Protected Partner an amount of cash equal to the estimated Make Whole Amount applicable to such transaction. If it is later determined that the true Make Whole Amount applicable to a Protected Partner exceeds the estimated Make Whole Amount applicable to such Protected Partner, then the Operating Partnership shall pay such excess to such Protected Partner within ten (10) business days after the date of such determination, and if such estimated Make Whole Amount exceeds the true Make Whole Amount, then such Protected Partner shall pay such excess to the Operating Partnership within ten (10) business days after the date of such determination, but only to the extent such excess was actually received by such Protected Partner.  For the avoidance of doubt, a vote in favor of a Fundamental Transaction by a Protected Partner or the Partners’ Representative in its capacity as, or acting for, an owner of OP Units or shares of the REIT shall not constitute a waiver of such Protected Partner’s right to indemnification pursuant to this Section 3.5 as a result of such Fundamental Transaction.

ARTICLE IV

GENERAL PROVISIONS 

Section 4.1 Changes in Law; Voluntary Redemptions.  

(a)Notwithstanding any provision of this Agreement to the contrary, the Operating Partnership shall not be required to make an indemnification payment to a Protected Partner pursuant to this Agreement if such obligation arises solely as a result of a change in any provision of the Code, the Treasury Regulations or any other applicable tax law or any administrative or judicial interpretation thereof (and not, for example, as a result of any Tax Protection Period Transfer or Fundamental Transaction, or any change with respect to Operating Partnership liabilities allocated to any Protected Partner if such change is attributable to any act or omission by the Operating Partnership).

(b)For the avoidance of doubt, a Protected Partner shall not be entitled to the protections set forth in ARTICLE II and ARTICLE III with respect to a full or partial redemption of the Protected Partner’s interest in the Operating Partnership pursuant to Section 15.1 of the OP Agreement; provided, however, that the foregoing limitation in this Section 4.1(b) shall not apply to such Protected Partner, and such Protected Partner shall be entitled to any Make Whole Amount payable to such Protected Partner in an amount determined under Section 3.5, in the event the REIT or the Operating Partnership engages in a Fundamental Transaction described in Section 3.1(a), Section 3.2(a) or Section 3.3(a) and either a Protected Partner is not offered the consideration described in such provisions, as applicable, or one or more compliance failures described in Section 3.5 occurs.      

Section 4.2 Cooperation. The Operating Partnership and the Partners’ Representative agree to furnish or cause to be furnished to the other, upon request, as promptly as practicable, such information and assistance as is reasonably necessary to effectuate the provisions of this Agreement.  In the event any change in any applicable provision of the Code, the Treasury Regulations or any other applicable tax law or any administrative or judicial interpretation thereof would result in the recognition of taxable income or gain by any Protected Partner, the parties shall reasonably cooperate to minimize or avoid any resulting tax on such Protected Partner.  Prior to any anticipated change (or as soon as reasonably possible following any unanticipated change) in any applicable provision of the Code, the Treasury Regulations or any other applicable tax law or any administrative or judicial interpretation thereof, or the consummation of any spin-off transaction, reorganization transaction or other transaction that would affect the Operating Partnership and the Protected Partners, the parties shall cooperate in good faith to amend this Agreement as may be necessary or appropriate to preserve the intent and effect of this Agreement.

Section 4.3 Dispute Resolution.  Any controversy, dispute, or claim of any nature arising out of, in connection with, or in relation to the interpretation, performance, enforcement or breach of this Agreement (and any closing document executed in connection herewith) shall be governed by the dispute resolution provisions set forth in Section 11.11 of the Contribution Agreement.

Section 4.4 Notices.  All notices, demands, declarations, consents, directions, approvals, instructions, requests and other communications required or permitted by the terms of this Agreement shall be given in the same manner as in the OP Agreement.

Section 4.5 Titles and Captions.  All Article or Section titles or captions in this Agreement are for convenience only.  They shall not be deemed part of this Agreement and in no way define, limit, extend or describe the scope or intent of any provisions hereof.  Except as specifically provided otherwise, references to “Articles” and “Sections” are to Articles and Sections of this Agreement.

Section 4.6 Pronouns and Plurals.  Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa.

Section 4.7 Further Action.  The parties shall execute and deliver all documents, provide all information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 

Section 4.8 Binding Effect.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives and permitted assigns.

Section 4.9 Creditors.  Other than as expressly set forth herein, none of the provisions of this Agreement shall be for the benefit of, or shall be enforceable by, any creditor of the Operating Partnership.

Section 4.10 Waiver.  No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach or any covenant, duty, agreement or condition.

Section 4.11 Counterparts.  This Agreement may be executed in counterparts, all of which together shall constitute one agreement binding on all of the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart.  Each party shall become bound by this Agreement immediately upon affixing its signature hereto.

Section 4.12 Applicable Law.  This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Delaware, without regard to the principles of conflicts of law.

Section 4.13 Invalidity of Provisions.  If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect, the validity, legality or enforceability of other remaining provisions contained herein shall not be affected thereby.

Section 4.14 Entire Agreement; Coordination with OP Agreement.  This Agreement contains the entire understanding and agreement among the Partners with respect to the subject matter hereof and amends, restates and supersedes the OP Agreement and any other prior written or oral understandings or agreements among them with respect thereto. The parties hereto agree that, to the extent of any conflict between the provisions of the OP Agreement and the provisions of this Agreement with respect to the rights, obligations or remedies of any such party under this Agreement, the provisions of this Agreement shall control.

Section 4.15 No Rights as Stockholders.  Nothing contained in this Agreement shall be construed as conferring upon the holders of the OP Units any rights whatsoever as stockholders of the REIT, including, without limitation, any right to receive dividends or other distributions made to stockholders of the REIT or to vote or to consent or to receive notice as stockholders in respect of any meeting of stockholders for the election of directors of the REIT or any other matter.

Section 4.16 Partners’ Representative Matters.   

(a)The Protected Partners agree that it is desirable to designate a Person to act as the Partners’ Representative for purposes of this Agreement with all powers, authority, rights, privileges and protections set forth in this Agreement.  Each Protected Partner hereby designates Edison as the initial Partners’ Representative, and each Protected Partner acknowledges such designation.  In the event the Partners’ Representative is unwilling or unable to continue to act as Partners’ Representative, the Protected Partners shall appoint the successor Partners’ Representative.  Each successor Partners’ Representative shall have all of the power, authority, rights, privileges and protections conferred by this Agreement upon the initial Partners’ Representative, and the term “Partners’ Representative” shall include any interim or successor representative. 

(b)The Partners’ Representative shall have, and each Protected Partner hereby grants to the Partners’ Representative, such power, authority, rights, privileges and protections as are necessary to carry out the functions assigned to it under this Agreement; provided, however that the Partners’ Representative shall have no obligation to act, except as expressly provided in this Agreement.  Without limiting the generality of the foregoing, the Partners’ Representative shall have full power, authority and discretion to (i) submit any Approval of the Partners’ Representative with respect to the matters specified in this Agreement, and (ii) take any and all actions, or elect not to take actions, that it believes are necessary under or contemplated by this Agreement, irrespective of whether such 

actions or election not to take actions may result in disparate outcomes for each Protected Partner, it being expressly agreed by each Protected Partner that, when exercising its authority under this Agreement, the Partners’ Representative shall have no obligation to take into consideration the specific tax or other attributes of any single Protected Partner or group of Protected Partners, but may take into consideration only such  facts, circumstances and considerations (including its own interests) as it determines in its sole and absolute discretion are relevant to such exercise of authority.  All actions taken by the Partners’ Representative under this Agreement shall be binding on the Protected Partners and their respective successors and assigns as if expressly confirmed and ratified in writing by each of them.   The parties hereto may rely upon any decision, act, consent or instruction of the Partners’ Representative as being the decision, act, consent or instruction of each of the Protected Partners. 

(c)Each Protected Partner agrees that (i) this Agreement is not intended to, and does not, create or impose any fiduciary or other similar duty on the Partners’ Representative, (ii) such Protected Partner hereby disclaims and waives any and all duties owed to such Protected Partner by the Partners’ Representative (including those duties that, absent such waiver, may be implied by law), (iii) the only duties and obligations of the Partners’ Representative (in such capacity) to any Person are only as expressly set forth in this Agreement, (iv) actions taken (or elected not to be taken) by the Partners’ Representative that are consistent with the authority and discretion granted in this Agreement shall be deemed to satisfy any covenant or good faith and/or fair dealing implied by law,  (v) the Partners’ Representative shall have no liability to such Protected Partner or any other party hereto with respect to actions taken or omitted to be taken in its capacity as the Partners’ Representative that are consistent with the grant of authority made under this Agreement, (vi) the Partners’ Representative shall at all times be entitled to rely on any directions received from the Protected Partners or any other party hereto; provided, however, that the Partners’ Representative shall not be required to follow any such direction, (vii)  the Partners’ Representative shall have no liability for any actions (or elections not to act) taken under this Agreement, and shall be indemnified by the Protected Partners for and shall be held harmless against any loss, liability or expense incurred by the Partners’ Representative relating to the Partners’ Representative’s conduct as Partners’ Representative, in each case, other than losses, liabilities or expenses resulting from the bad faith or fraud of the Partners’ Representative resulting in material harm to the Protected Partners as a whole, it being agreed that such exculpation indemnification shall survive the termination of this Agreement, (viii) the Partners’ Representative shall be entitled to engage counsel, experts, accountants and advisors as it shall deem necessary in connection with exercising its powers and performing its function hereunder and shall be entitled to rely conclusively on the opinions and advice of such Persons and shall have no liability for any actions (or elections not to act) taken after consultation with such counsel, 

experts, accountants and/or advisors and (ix) such Protected Partner expressly disclaims any right to bring any legal or regulatory action, and agrees for itself and its successors and assigns that such Protected Partner will not bring any such legal or regulatory action against,  any representative, member, shareholder, employee, partner, affiliate, controller, officer or other agent of the Partners’ Representative.

Section 4.17 Termination of Board Nomination Rights.  The REIT, the Operating Partnership and Edison agree that Edison’s rights set forth in Section 3.1 of the Equity Holder Agreement are hereby terminated.
Section 5.17 
[Remainder of Page Left Blank Intentionally]

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

REIT:  

PHILLIPS EDISON & COMPANY, INC.,  
a Maryland corporation

By:      /s/ John P. Caulfield                                                    
Name:  John P. Caulfield 
Title:  Chief Financial Officer

OPERATING PARTNERSHIP:  
PHILLIPS EDISON GROCERY CENTER OPERATING
PARTNERSHIP I, L.P., 
a Delaware limited partnership

By:      PHILLIPS EDISON GROCERY CENTER 
OP GP I LLC, a Delaware limited liability company, 
its general partner

By:      /s/ John P. Caulfield                                                    
Name:  John P. Caulfield 
Title :  Chief Financial Officer

PROTECTED PARTNERS LISTED ON SCHEDULE I
HERETO:

By:      /s/ Jeffrey S. Edison                                                    
Jeffrey S. Edison, on behalf of the Protected 
Partners listed under the heading “Edison” on
Schedule I hereto  

PROTECTED PARTNERS LISTED ON SCHEDULE I
HERETO:

By:      /s/ Devin I. Murphy                                                    
Devin I. Murphy, on behalf of the Protected
Partners listed under the heading “Murphy” on 
Schedule I hereto  

PROTECTED PARTNERS LISTED ON SCHEDULE I
HERETO:

By:      /s/ Robert F. Myers                                                     
Robert F. Myers, on behalf of the Protected
Partners listed under the heading “Myers” on
Schedule I hereto

SCHEDULE I

PROTECTED PARTNERS

[Attached]

EXHIBIT A  

PROTECTED PROPERTIES

[Attached]EX-10.14

 Exhibit 10.14 

 
  

 
 SHARE PURCHASE AGREEMENT 

by and between 
 SOPHiA GENETICS
SA 
 and 
 The Investors Named
Herein 
 Dated as of July 17, 2021 
  

 
  

							
		 	TABLE OF CONTENTS	  			
			
	 	 	 	  	PAGE	 
			
		 	ARTICLE 1	  			
		 	DEFINITIONS	  			
	Section 1.01.	 	Definitions	  	 	1	 
			
		 	ARTICLE 2	  			
		 	PURCHASE AND SALE	  			
			
	Section 2.01.	 	Purchase and Sale	  	 	4	 
	Section 2.02.	 	Closing	  	 	4	 
			
		 	ARTICLE 3	  			
		 	REPRESENTATIONS AND WARRANTIES OF THE COMPANY	  			
			
	Section 3.01.	 	Organization; Standing; Subsidiaries	  	 	5	 
	Section 3.02.	 	Description of Share Capital; Valid Issuance	  	 	5	 
	Section 3.03.	 	Authority; Noncontravention	  	 	5	 
	Section 3.04.	 	Governmental Approvals	  	 	6	 
	Section 3.05.	 	Registration Statement	  	 	6	 
	Section 3.06.	 	Compliance with Laws; Permits	  	 	6	 
	Section 3.07.	 	Brokers and Other Advisors	  	 	7	 
	Section 3.08.	 	Sale of Securities	  	 	7	 
	Section 3.09.	 	Regulatory Filings	  	 	7	 
	Section 3.10.	 	Investment Company	  	 	7	 
	Section 3.11.	 	Foreign Corrupt Practices Act	  	 	7	 
	Section 3.12.	 	OFAC	  	 	7	 
	Section 3.13.	 	Money Laundering Laws	  	 	8	 
	Section 3.14.	 	No Other Company Representations or Warranties	  	 	8	 
			
		 	ARTICLE 4	  			
		 	REPRESENTATIONS AND WARRANTIES OF THE INVESTOR	  			
			
	Section 4.01.	 	Organization; Standing	  	 	8	 
	Section 4.02.	 	Authority; Noncontravention	  	 	8	 
	Section 4.03.	 	Brokers and Other Advisors	  	 	8	 
	Section 4.04.	 	Private Placement Matters	  	 	8	 
	Section 4.05.	 	No Other Company Representations or Warranties	  	 	9	 
	Section 4.06.	 	No Other Investor Representations or Warranties	  	 	9	 
			
		 	ARTICLE 5	  			
		 	ADDITIONAL AGREEMENTS	  			
			
	Section 5.01.	 	Further Action	  	 	9	 
	Section 5.02.	 	Public Disclosure	  	 	9	 
	Section 5.03.	 	Tax Matters	  	 	9	 
	Section 5.04.	 	Furnishing of Information	  	 	10	 
	Section 5.05.	 	Delivery of Issued Shares After Closing	  	 	10	 
	Section 5.06.	 	Delivery of a Lock-Up Agreement	  	 	10	 
	Section 5.07.	 	Transfer of Issued Shares	  	 	10	 

  
 i 

							
		 	ARTICLE 6	  			
		 	CONDITIONS TO CLOSING	  			
			
	Section 6.01.	 	Conditions to the Obligations of the Company and the Investors	  	 	10	 
	Section 6.02.	 	Conditions to the Obligations of the Company	  	 	10	 
	Section 6.03.	 	Conditions to the Obligations of the Investors	  	 	11	 
			
		 	ARTICLE 7	  			
		 	TERMINATION; SURVIVAL	  			
			
	Section 7.01.	 	Termination	  	 	11	 
	Section 7.02.	 	Effect of Termination	  	 	12	 
	Section 7.03.	 	Survival	  	 	12	 
			
		 	ARTICLE 8	  			
		 	MISCELLANEOUS	  			
			
	Section 8.01.	 	Amendments; Waivers	  	 	12	 
	Section 8.02.	 	Extension of Time, Waiver, Etc	  	 	12	 
	Section 8.03.	 	Assignment	  	 	12	 
	Section 8.04.	 	Counterparts	  	 	13	 
	Section 8.05.	 	Entire Agreement; No Third-Party Beneficiaries	  	 	13	 
	Section 8.06.	 	Governing Law; Jurisdiction	  	 	13	 
	Section 8.07.	 	Specific Enforcement	  	 	13	 
	Section 8.08.	 	WAIVER OF JURY TRIAL	  	 	13	 
	Section 8.09.	 	Notices	  	 	14	 
	Section 8.10.	 	Severability	  	 	14	 
	Section 8.11.	 	Expenses	  	 	14	 
	Section 8.12.	 	Interpretation	  	 	14	 

  

  
 ii 

 SHARE PURCHASE AGREEMENT, dated as of July 17, 2021 (this
“Agreement”), by and between SOPHiA GENETICS SA, a société anonyme domiciled in Saint-Sulpice, Canton of Vaud, Switzerland, and organized under the laws of Switzerland (the “Company”), and the
investors named on Schedule I hereto (each, an “Investor”, and collectively, the “Investors”). 
 In
consideration of the mutual representations, warranties, covenants and agreements contained in this Agreement, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 

ARTICLE 1 

DEFINITIONS 

Section 1.01.    Definitions. (a) As used in this Agreement (including the recitals hereto), the
following terms shall have the following meanings: 
 “Affiliate” means, 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 Person. The term “control” means the possession, directly or indirectly, of the power to direct or cause
the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise, including the ability to elect at least a majority of the members of the board of directors or other governing
body of a Person, and the terms “controlled” and “controlling” have correlative meanings. 

“Aggregate Purchase Price” means, with respect to each Investor, the dollar amount set forth opposite such Investor’s
name on Schedule I hereto. 
 “Business Day” means any day except a Saturday, a Sunday or any other day on which the SEC or
banks in the City of New York or Canton of Vaud are authorized or required by Law to be closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized or required by Law to remain closed due to
“stay at home”, “shelter-in-place”, “non-essential employee” or any other similar orders or
restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in the City of New York and the Canton of
Vaud generally are open for use by customers on such day. 
 “Company Organizational Documents” means the Company’s
Amended and Restated Articles of Association. 
 “COVID-19” means SARS-CoV-2 or COVID-19, and any evolutions thereof or related or associated epidemics, pandemics or disease outbreaks. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 “Fraud” means actual common law fraud in the making of a representation, warranty or other statement committed by a
Person making such representation, warranty or statement with the intent to deceive another Person, and to induce any Person to enter into this Agreement or any Transaction Document, and requires (a) a false representation, warranty or
statement of material fact; (b) actual knowledge or belief that such representation, warranty or statement is false; (c) an intention to induce such other Person to whom such representation, warranty or statement was made to act or refrain
from acting in reliance upon it; (d) causing that Person, in justifiable reliance upon such false representation, warranty or statement, to take or refrain from taking action; and (e) causing such Person or any party hereto to suffer
damage by reason of such reliance. For clarity, a claim for Fraud may only be made against such Person committing such Fraud, it being understood that if a Representative of a party commits Fraud, then such party shall be deemed to have committed
such Fraud. 
 “Governmental Authority” means any government, court, regulatory or administrative agency, arbitrator
(public or private), commission or authority or other legislative, executive or judicial governmental entity (in each case, including any self-regulatory organization), whether federal, state or local, domestic, foreign or multinational. 

  
 1 

 “IFRS” means International Financial Reporting Standards as issued by the
International Accounting Standards Board. 
 “Investor Material Adverse Effect” means, with respect to an Investor, any
effect, change, event or occurrence that would prevent or materially delay, interfere with, hinder or impair (i) the consummation by such Investor of any of the Transactions on a timely basis in accordance with the terms of this Agreement or
(ii) the compliance by such Investor with its obligations under this Agreement. 
 “IPO” means the Company’s
initial public offering of Ordinary Shares pursuant to the Company’s Registration Statement. 
 “Issued Shares” means,
with respect to each Investor, the number of Ordinary Shares equal to the quotient of such Investor’s Aggregate Purchase Price divided by the Purchase Price, rounded down to the nearest whole share. 

“Knowledge” means, with respect to the Company, the actual knowledge of Jurgi Camblong, Ross Muken and Daan van Well, after
reasonable inquiry by such individuals of direct reports who would reasonably be expected to have actual knowledge. 
 “Letter of
Intent” means that certain Letter of Intent, dated as of July 2, 2021, between the Company and GE Precision Healthcare LLC regarding a proposed collaboration agreement between the parties. 

“Material Adverse Effect” means any effect, change, event or occurrence that has a material adverse effect on the business,
results of operations, assets or financial condition of the Company and its Subsidiaries, taken as a whole, or that individually or in the aggregate has a material adverse effect on the performance of the Transaction Documents or the consummation of
the Transactions; provided, however, that none of the following, and no effect, change, event or occurrence arising out of, or resulting from, the following, shall constitute or be taken into account in determining whether a Material
Adverse Effect has occurred or would reasonably be expected to occur: any effect, change, event or occurrence (A) generally affecting (1) the industry in which the Company and its Subsidiaries operate or (2) the economy, credit or
financial or capital markets in the United States, Switzerland or elsewhere in the world, including changes in interest or exchange rates, or (B) to the extent arising out of, resulting from or attributable to (1) changes or prospective
changes in, or issuances of new, Laws or IFRS or accounting standards, or any changes or prospective changes in the interpretation or enforcement of any of the foregoing, or any changes or prospective changes in general legal, regulatory or
political conditions, (2) the execution, announcement or performance of this Agreement or the consummation of the Transactions or the execution, announcement or performance of any definitive agreement resulting from the Letter of Intent,
including the impact thereof on relationships, contractual or otherwise, with Customers, suppliers, distributors, partners, employees or regulators, or any claims or litigation arising from allegations of breach of fiduciary duty or violation of Law
relating to this Agreement, the Transactions or any definitive agreement resulting from the Letter of Intent, (3) acts of war (whether or not declared), sabotage or terrorism, or any escalation or worsening of any such acts of war (whether or
not declared), sabotage or terrorism, (4) volcanoes, tsunamis, epidemics, pandemics or disease outbreaks (including the COVID-19 pandemic), earthquakes, hurricanes, tornados or other natural disasters,
(5) any action taken by the Company or its Subsidiaries that is required by this Agreement or with the Investors’ written consent or at an Investor’s written request, or the failure to take any action by the Company or its
Subsidiaries if that action is prohibited by this Agreement, (6) the undertaking or completion of, or any action taken by the Company or its Subsidiaries relating to, the IPO, (7) any decline in the market price, or change in trading
volume, of securities of the Company or (8) any failure to meet any internal or public projections, forecasts, guidance, estimates, milestones, budgets or internal or published financial or operating predictions of revenue, earnings, cash flow
or cash position (it being understood that the exceptions in clauses (7) and (8) shall not prevent or otherwise affect a determination that the underlying cause of any such change, decline or failure referred to therein (if not otherwise
falling within any of the exceptions provided by clause (A) and clauses (B)(1) through (6) hereof) is a Material Adverse Effect); provided further, however, that any effect, change, event or occurrence referred to in
clause (A) or clauses (B)(1), (3) or (4) may be taken into account in determining whether there has been, or would reasonably be expected to be, a Material Adverse Effect if such effect, change, event or occurrence has a disproportionate
adverse effect on the business, results of operations, assets or financial condition of the Company and its Subsidiaries, taken as a whole, as compared to other participants in the industry in which the Company and its Subsidiaries operate (in which
case, only the incremental disproportionate impact or impacts may be taken into account in determining whether there has been, or would reasonably be expected to be, a Material Adverse Effect). 

  
 2 

 “Nasdaq” means the Nasdaq Global Select Market, the Nasdaq Global Market or
the Nasdaq Capital Market. 
 “Ordinary Shares” means the ordinary shares of the Company as will be outstanding upon the
completion of the IPO. 
 “Outside Date” means August 31, 2021. 

“Person” means an individual, corporation, limited liability company, partnership, joint venture, association, trust,
unincorporated organization or any other entity, including a Governmental Authority. 
 “Purchase Price” means a dollar
amount per Issued Share equal to the initial public offering price per Ordinary Share sold by the Company in the IPO (before any underwriting discounts and commissions). 

“Registration Statement” means the Company’s Registration Statement on Form F-1
pursuant to which the Company is registering the offer and sale of the Ordinary Shares to be offered and sold in the IPO, including any amendment thereto and any information deemed to be included therein pursuant to the rules and regulations of the
SEC promulgated under the Securities Act. 
 “Representatives” means, with respect to any Person, its officers, directors,
principals, partners, managers, members, employees, consultants, agents, financial advisors, investment bankers, attorneys, accountants, other advisors, Affiliates and other representatives. 

“SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

“Subsidiary”, when used with respect to any Person, means any corporation, limited liability company, partnership,
association, trust or other entity of which (x) securities or other ownership interests representing more than 50% of the ordinary voting power (or, in the case of a partnership, more than 50% of the general partnership interests) or
(y) sufficient voting rights to elect at least a majority of the board of directors or other governing body are, as of such date, owned by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of
such Person. 
 “Transaction Documents” means this Agreement and all other documents, certificates or agreements executed
in connection with the transactions contemplated by this Agreement; provided that, for purposes of this Agreement, in no event shall “Transaction Documents” be deemed to include any definitive agreement resulting from the Letter of
Intent or any agreements or other documents relating to the IPO. 
 “Transactions” means the Purchase and the other
transactions contemplated by the Transaction Documents; provided that, for purposes of this Agreement, in no event shall “Transactions” be deemed to include any transactions contemplated by the definitive agreement resulting from
the Letter of Intent or any actions relating to the IPO. 
 “Transfer” by any Person means, directly or indirectly, to
sell, transfer, assign, pledge, encumber, hypothecate or otherwise dispose of or transfer (by the operation of Law or otherwise), either voluntarily or involuntarily, or to enter into any contract, option or other arrangement, agreement or
understanding with respect to the sale, transfer, assignment, pledge, encumbrance, hypothecation or other disposition or transfer (by the operation of Law or otherwise), of any shares of equity securities beneficially owned by such Person or of any
interest in any shares of equity securities beneficially owned by such Person. The terms “Transfers”, “Transferred” and “Transferring” shall have correlative meanings. 

“Underwriters” means the several underwriters named in the Underwriting Agreement. 

  
 3 

 “Underwriting Agreement” means the underwriting agreement in the form
executed by the Company and the representatives of the Underwriters in connection with the IPO. 
 (b)    In addition to
the terms defined in Section 1.01(a), the following terms have the meanings assigned thereto in the Sections set forth below: 
  

			
	 Term
	  	Section
	 Action
	  	3.13
	 Agreement
	  	Preamble
	 Bankruptcy and Equity Exception
	  	3.03(a)
	 Closing
	  	2.02
	 Closing Date
	  	2.02
	 Company
	  	Preamble
	 Company Board
	  	3.03(a)
	 Contract
	  	3.03(b)
	 Investor
	  	Preamble
	 Judgments
	  	3.06
	 Laws
	  	3.06
	 Lock-Up Agreement
	  	5.06
	 Money Laundering Laws
	  	3.13
	 OFAC
	  	3.12
	 Permits
	  	3.06
	 Purchase
	  	2.01
	 Restraints
	  	6.01(a)
	 Restricted Period
	  	5.07

 ARTICLE 2 

PURCHASE AND SALE 

Section 2.01.    Purchase and Sale. On the terms of this Agreement and subject to the satisfaction (or, to the
extent permitted by applicable Law, waiver by the party entitled to the benefit thereof) of the conditions set forth in Article 6, at the Closing, each Investor, severally and not jointly, shall purchase from the Company, and the Company shall issue
and sell to such Investor, the Issued Shares for the Aggregate Purchase Price. The purchase and sale of the Issued Shares pursuant to this Section 2.01 is referred to as the “Purchase”. 

Section 2.02.    Closing. (a) On the terms of this Agreement, the closing of the Purchase (the
“Closing”) shall occur at the location and at the time of the closing of the IPO or at such other place, time or date as shall be agreed between the Company and all Investors (the “Closing Date”). 

(b)    At the Closing: 

(i)    each Investor shall pay the Aggregate Purchase Price to the Company by wire transfer in immediately
available U.S. federal funds to an account designated by the Company in writing not later than three (3) Business Days prior to the Closing Date; and 

(ii)    the Company shall deliver to such Investor the Issued Shares, free and clear of all liens, except
restrictions imposed by applicable securities Laws. 

  
 4 

 ARTICLE 3 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

The Company represents and warrants to each Investor, as of the date hereof and as of the Closing Date (except to the extent made only as of a
specified date, in which case such representation and warranty is made as of such date): 

Section 3.01.    Organization; Standing; Subsidiaries. (a) The Company has been duly incorporated and is
validly existing as a Swiss stock corporation (société anonyme) in good standing (to the extent this concept is recognized under applicable Law) under the laws of Switzerland, has the corporate power
and authority to carry on its business as it is now being conducted, and is not in liquidation or receivership or the subject of any insolvency or bankruptcy proceedings. The Company is duly licensed or qualified to do business and is in good
standing (where such concept is recognized under applicable Law) in each jurisdiction in which the nature of the business conducted by it or the character or location of the properties and assets owned or leased by it makes such licensing or
qualification necessary, except where the failure to be so licensed, qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(b)    Each of the Company’s Subsidiaries is duly organized, validly existing and in good standing (where such
concept is recognized under applicable Law) under the Laws of the jurisdiction of its organization, except where the failure to be so organized, existing and in good standing would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect. Each of the Company’s Subsidiaries is duly licensed or qualified to do business and is in good standing (where such concept is recognized under applicable Law) in each jurisdiction in which the nature of the
business conducted by it or the character or location of the properties and assets owned or leased by it makes such licensing or qualification necessary, except where the failure to be so licensed, qualified or in good standing would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 3.02.    Description of Share Capital; Valid Issuance. (a) Immediately prior to the Closing, the
statements set forth in the Pricing Disclosure Package (as defined in the Underwriting Agreement) and the Prospectus (as defined in the Underwriting Agreement) under the caption “Description of Share Capital and Articles of Association”,
insofar as they purport to constitute a summary of the terms of the Company’s share capital or articles of association, are accurate and complete in all material respects. 

(b)    The Issued Shares, when issued, paid for and delivered in accordance with the terms of this Agreement, will be duly
authorized, validly issued, fully paid and non-assessable and be free of restrictions on transfer other than restrictions on transfer under the Transaction Documents, applicable state and federal securities
laws and liens or encumbrances created by or imposed by the Investor, and as of the Closing Date will conform to the description of the Ordinary Shares contained in the Prospectus. 

Section 3.03.    Authority; Noncontravention. (a) The Company has all necessary corporate power and
corporate authority to execute and deliver this Agreement and the other Transaction Documents and to perform its obligations hereunder and thereunder and to consummate the Transactions. The execution, delivery and performance by the Company of this
Agreement and the other Transaction Documents, and the consummation by the Company of the Transactions, have been duly authorized by the Board of Directors of the Company (the “Company Board”) and the shareholders of the Company (if
such authorization is required) and no other corporate action on the part of the Company is necessary to authorize the execution, delivery and performance by the Company of this Agreement and the other Transaction Documents and the consummation by
the Company of the Transactions, subject only to the registration of the capital increase relating to the Transactions (which shall be undertaken no later than 9:00 a.m. (New York City time) on the Closing Date). This Agreement has been, and at the
Closing the other Transaction Documents to which the Company is party will be, duly executed and delivered by the Company, and assuming due authorization, execution and delivery hereof or thereof, as applicable, by the Investors constitutes (or in
the case of such other Transaction Documents, at the Closing will constitute) a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except that such enforceability (i) may be limited
by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar Laws of general application affecting or relating to the enforcement of creditors’ rights generally and (ii) is subject to general principles of
equity, whether considered in a proceeding at law or in equity (the “Bankruptcy and Equity Exception”). 

(b)    Neither the execution and delivery of this Agreement by the Company, nor the consummation by the Company of the
Transactions, nor performance or compliance by the Company with any of the terms or provisions hereof or thereof, will (i) conflict with or violate any provision of the Company Organizational Documents as in effect on the date hereof or as will
be in effect on the Closing Date, or (ii) assuming that the authorizations, consents and approvals referred to in Section 3.04 are obtained prior to the Closing Date and the filings referred to in Section 3.04 are made,
(x) violate any Law or Judgment applicable to the Company or (y) 

  
 5 

 
violate or constitute a default (or constitute an event which, with notice or lapse of time or both, would violate or constitute a default) under any of the terms, conditions or provisions of any
loan or credit agreement, indenture, debenture, note, bond, mortgage, deed of trust, lease, sublease, license, contract or other agreement (each, a “Contract”) to which the Company or any of its Subsidiaries, as applicable, is a
party or accelerate the Company’s or, if applicable, any of its Subsidiaries’ obligations under any such Contract, except in the case of clause (ii)(y), as would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. 
 Section 3.04.    Governmental Approvals. Except for (a) the registration of
the capital increase relating to the Transactions, (b) filings required under, and compliance with other applicable requirements of, the Securities Act and the Exchange Act, (c) compliance with the rules and regulations of Nasdaq and
(d) compliance with any applicable state securities or “Blue Sky” laws, no consent or approval of, or filing, license, permit or authorization, declaration or registration with, any Governmental Authority is necessary for the
execution and delivery of this Agreement and the other Transaction Documents by the Company, the performance by the Company of its obligations hereunder and thereunder and the consummation by the Company of the Transactions, other than such other
consents, approvals, filings, licenses, permits or authorizations, declarations or registrations that, if not obtained, made or given, would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 3.05.    Registration Statement. (a) The Registration Statement, and any amendment thereto,
including any information deemed to be included therein pursuant to the rules and regulations of the SEC promulgated under the Securities Act, complied (or, in the case of amendments filed after the date hereof, will comply) as of its filing date in
all material respects with the requirements of the Securities Act and the rules and regulations of the SEC promulgated thereunder, and did not (or, in the case of amendments filed after the date hereof, will not) contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading. As of the date it is declared effective by the SEC, the Registration Statement, as so amended, and any
related registration statements, will comply in all material respects with the requirements of the Securities Act and the rules and regulations of the SEC promulgated thereunder, and will not contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading. The preliminary prospectus included in the Registration Statement as of the date the Registration Statement is declared
effective by the SEC, and any free writing prospectus related to the Registration Statement and any final prospectus related to the Registration Statement filed pursuant to Rule 424 promulgated under the Securities Act, in each case as of its date,
will comply in all material respects with the requirements of the Securities Act and the rules and regulations promulgated thereunder, and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in light of the circumstances under which they were made, not misleading. 
 (b)    The
consolidated financial statements of the Company (including all related notes or schedules) included in the Registration Statement complied (or, in the case of amendments filed after the date hereof, will comply) as to form in all material respects
with the published rules and regulations of the SEC with respect thereto, have been prepared in all material respects in accordance with IFRS (except, in the case of unaudited quarterly statements, as permitted by rules and regulations of the SEC)
applied on a consistent basis during the periods involved (except (i) as may be indicated in the notes thereto or (ii) as permitted by Regulation S-X) and fairly present in all material respects the
consolidated financial position of the Company and its consolidated Subsidiaries as of the dates thereof and the consolidated results of their operations and cash flows for the periods shown (subject, in the case of unaudited quarterly financial
statements, to normal year-end adjustments which are not material, individually or in the aggregate, and the absence of footnote disclosures which, if presented, would not reasonably be expected to differ
materially from those presented in the audited financial statements included in the Registration Statement). 

Section 3.06.    Compliance with Laws; Permits. The Company and each of its Subsidiaries, and its and their
business and operations, are in compliance with all local, state, federal, national and foreign laws, common law, statutes, ordinances, codes, rules or regulations (“Laws”), or order, judgment, injunction, ruling, writ or decree of
any Governmental Authority (“Judgments”), applicable to the Company or any of its Subsidiaries, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and each of
its Subsidiaries holds and maintains all licenses, registrations, franchises, permits, certificates, approvals and authorizations from Governmental Authorities (“Permits”) necessary for the lawful conduct of their respective
businesses, except where the failure to hold or maintain the same would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

  
 6 

 Section 3.07.    Brokers and Other Advisors. No broker,
investment banker, financial advisor or other Person is entitled to any broker’s, finder’s, financial advisor’s or other similar fee or commission, or the reimbursement of expenses in connection therewith, in connection with the
Transactions based upon arrangements made by or on behalf of the Company or any of its Subsidiaries. 

Section 3.08.    Sale of Securities. Assuming the accuracy of the representations and warranties of the
Investor set forth in Section 4.04, the offer, sale and issuance of the Issued Shares pursuant to this Agreement is exempt from the registration and prospectus delivery requirements of the Securities Act. Without limiting the foregoing, neither
the Company nor, to the Knowledge of the Company, any other Person authorized by the Company to act on its behalf has engaged in a general solicitation or general advertising (within the meaning of Regulation D of the Securities Act) of investors
with respect to offers or sales of the Issued Shares pursuant to this Agreement, and neither the Company nor, to the Knowledge of the Company, any Person acting on its behalf has made any offers or sales of any security or solicited any offers to
buy any security under circumstances that would cause the offering or issuance of the Issued Shares under this Agreement to be integrated with prior offerings by the Company for purposes of the Securities Act that would result in none of Regulation
D or any other applicable exemption from registration under the Securities Act to be available, nor will the Company take any action or steps that would cause the offering or issuance of the Issued Shares under this Agreement to be integrated with
other offerings by the Company. 
 Section 3.09.    Regulatory Filings. Neither the Company nor any of its
Subsidiaries has failed to file with the applicable Governmental Authority any required filing, declaration, listing, registration, report or submission, except for such failures that would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. All such filings, declarations, listings, registrations, reports or submissions were in compliance with applicable Laws when filed, and no deficiencies have been asserted by any applicable Governmental
Authority with respect to any such filings, declarations, listings, registrations, reports or submissions, except for any deficiencies that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 

Section 3.10.    Investment Company. The Company is not, and will not be after giving effect to the offer and
sale of the Issued Shares, required to register as an “investment company” (within the meaning of the Investment Company Act of 1940, as amended). 

Section 3.11.    Foreign Corrupt Practices Act. Neither the Company nor any of its Subsidiaries nor, to the
Knowledge of the Company, any director, officer, agent, employee or other person acting on behalf of the Company or any of its Subsidiaries has: (a) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful
expense relating to political activity; (b) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (c) violated, or is in violation of, any provision of the U.S.
Foreign Corrupt Practices Act of 1977, applicable legislation implementing the Organization for Economic Co-operation and Development Convention on Bribery of Foreign Public Officials in International Business
Transactions, and the rules and regulations thereunder, or any other similar applicable foreign or domestic law or regulation; or (d) made any illegal bribe, payoff, influence payment, kickback or other unlawful payment. The Company has
instituted and maintains policies requiring continued compliance with the laws and regulations referenced in clause (c) of this paragraph. 

Section 3.12.    OFAC. Neither the Company nor any of its Subsidiaries nor, to the Knowledge of the Company,
any director, officer, agent, employee or controlled affiliate of the Company or any of its Subsidiaries is currently subject to any sanctions administered by the U.S. Department of Treasury’s Office of Foreign Assets Control or other relevant
sanctions authority (collectively, “Sanctions”); and the Company will not directly or indirectly use the proceeds of the offering of the Issued Shares, or lend, contribute or otherwise make available such proceeds to any subsidiary,
joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any Sanctions. 

  
 7 

 Section 3.13.    Money Laundering Laws. The operations of
the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable money laundering laws of all jurisdictions to which the Company or its subsidiaries are subject and the rules and regulations thereunder issued,
administered or enforced by any Governmental Authority (collectively, the “Money Laundering Laws”) and no legal or administrative proceeding, suit, investigation, arbitration or action (“Action”), by or before any
Governmental Authority involving the Company or any of its Subsidiaries with respect to the Money Laundering Laws is pending or, to the Knowledge of the Company, threatened in writing. 

Section 3.14.    No Other Company Representations or Warranties. Except for the representations and warranties
made by the Company in this Article 3, neither the Company, any of its Affiliates nor any other Person acting on its behalf makes any other express or implied representation or warranty with respect to its securities, the Company or any of its
Subsidiaries or their respective businesses, operations, properties, assets, liabilities, condition (financial or otherwise) or prospects, and the Investor acknowledges the foregoing. 

ARTICLE 4 

REPRESENTATIONS AND WARRANTIES OF THE INVESTOR 

Each Investor, severally and not jointly, represents and warrants to the Company, as of the date hereof and as of the Closing Date (except to
the extent made only as of a specified date, in which case such representation and warranty is made as of such date): 

Section 4.01.    Organization; Standing. The Investor is duly organized, validly existing and in good standing
under the Laws of the jurisdiction of its organization and is not in liquidation or receivership or the subject of any insolvency or bankruptcy proceedings. 

Section 4.02.    Authority; Noncontravention. (a) The Investor has all necessary power and authority to
execute and deliver this Agreement and the other Transaction Documents, as applicable, and to perform its and their obligations hereunder and thereunder and to consummate the Transactions. This Agreement has been, and at the Closing the other
Transaction Documents to which the Investor is a party will be, duly executed and delivered by the Investor and, assuming due authorization, execution and delivery hereof or thereof, as applicable, by the Company and each other Investor, constitutes
(or in the case of such other Transaction Documents, at the Closing will constitute) a legal, valid and binding obligation of the Investor and its applicable Affiliates, enforceable against the Investor, in accordance with its terms, subject to the
Bankruptcy and Equity Exception. 
 (b)    Neither the execution and delivery of this Agreement or the other Transaction
Documents by the Investor, nor the consummation by the Investor of the Transactions, nor performance or compliance by the Investor with any of the terms or provisions hereof or thereof, will (i) conflict with or violate any provision of the
certificate or formation, operating agreement or other comparable charter or organizational documents of the Investor, or (ii) violate or constitute a default (or constitute an event which, with notice or lapse of time or both, would violate or
constitute a default) under any of the terms, conditions or provisions of any Contract to which the Investor or any of its Subsidiaries is a party, or accelerate the Investor’s or, if applicable, any of its Subsidiaries’ obligations under
any such Contract, except, in the case of clause (ii), as would not, individually or in the aggregate, reasonably be expected to have an Investor Material Adverse Effect. 

Section 4.03.    Brokers and Other Advisors. No broker, investment banker, financial advisor or other Person
is entitled to any broker’s, finder’s, financial advisor’s or other similar fee or commission, or the reimbursement of expenses in connection therewith, in connection with the Transactions based upon arrangements made by or on behalf
of the Investor or any of its Subsidiaries, except for Persons, if any, whose fees and expenses will be paid by the Investor. 

Section 4.04.    Private Placement Matters. The Investor acknowledges that the offer and sale of the Issued
Shares have not been registered under the Securities Act or under any state or other applicable securities Laws. The Investor (a) acknowledges that it is acquiring the Issued Shares pursuant to an exemption from registration under the
Securities Act solely for investment with no intention to distribute any of the foregoing to any Person, (b) will not sell, transfer or otherwise dispose of any of the Issued Shares except in compliance with the Transaction Documents and the
registration requirements or exemption provisions of the Securities Act and any other applicable securities Laws, (c) has such knowledge and experience in financial and business matters and in investments of this type that it is capable of
evaluating the merits and risks of its investment in the Issued Shares and of making an informed investment decision, (d) is an “accredited investor” (as that term is defined by Rule 501 of

  
 8 

 
the Securities Act), (e) is a “qualified institutional buyer” (as that term is defined in Rule 144A of the Securities Act) and (f) has had an opportunity to discuss with the
Company and its Representatives the intended business and financial affairs of the Company and to obtain information necessary to verify any information furnished to it or to which it had access and (g) can bear the economic risk of (A) an
investment in the Issued Shares and (B) a total loss in respect of such investment. 
 Section 4.05.    No
Other Company Representations or Warranties. Except for the representations and warranties expressly set forth in Article 3, the Investor hereby acknowledges that neither the Company nor any of its Subsidiaries or Affiliates, nor any other
Person, has made or is making any other express or implied representation or warranty with respect to the Company or any of its Subsidiaries or their respective businesses, operations, assets, liabilities, condition (financial or otherwise) or
prospects. The Investor hereby acknowledges (for itself and on behalf of its Affiliates and Representatives) that it has conducted, to its satisfaction, its own independent investigation of the business, operations, assets and financial condition of
the Company and its Subsidiaries, and in making its determination to proceed with the Transactions and the transactions contemplated by the Transaction Documents, the Investor and its Representatives have relied on the results of their own
independent investigation. 
 Section 4.06.    No Other Investor Representations or Warranties. Except for
the representations and warranties expressly set forth in this Article 4, neither the Investor nor any other Person on its behalf has made or is making any other express or implied representation or warranty. 

ARTICLE 5 

ADDITIONAL AGREEMENTS 

Section 5.01.    Further Action. Subject to the terms and conditions of this Agreement, each party shall use
its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, and to assist and cooperate with the other parties in doing, all things reasonably necessary, proper or advisable under applicable Law to
consummate and make effective the Transactions as promptly as practicable, including (i) the obtaining of all necessary actions, waivers, registrations, permits, authorizations, orders, consents and approvals from Governmental Authorities, the
expiry or early termination of any applicable waiting periods, and the making of all necessary registrations and filings (including filings with Governmental Authorities, if any) and the taking of all steps as may be reasonably necessary to obtain
an approval or waiver from, or to avoid an Action by, any Governmental Authorities, (ii) the delivery of required notices to, and the obtaining of required consents or waivers from, any third parties necessary, proper or advisable to consummate
the Transactions and (iii) the execution and delivery of any additional instruments necessary to consummate the Transactions and to fully carry out the purposes of this Agreement. 

Section 5.02.    Public Disclosure. Each party shall, and shall cause their Affiliates to, consult with each
other party before issuing, and give each other party the opportunity to review and comment upon, any press release or other public statements with respect to the Transaction Documents or the Transactions, and shall not issue any such press release
or make any such public statement without the consent of each other party, which shall not be unreasonably withheld, conditioned or delayed, except as such release or announcement that a party determines, after consultation with outside legal
counsel, is required by applicable Law, Judgment, court process or the rules and regulations of any national securities exchange or national securities quotation system, in which case the party required to make the release or announcement shall, if
reasonably practicable, consult with the other party about, and allow the other party reasonable time (taking into account the circumstances) to comment on, such release or announcement in advance of such issuance, and the party required to make the
release or announcement will consider such comments in good faith. Notwithstanding the forgoing, this Section 5.02 shall not apply to any press release or other public statement made by the Company or an Investor (or any of their respective
Affiliates) which (a) does not contain any information relating to the Transactions that has not been previously announced or made public in accordance with the terms of this Agreement or (b) is made in the ordinary course of business and
does not relate specifically to the signing of the Transaction Documents or the Transactions. 

Section 5.03.    Tax Matters. The Company shall pay any and all documentary, stamp and similar issuance or
transfer tax due on the issuance of the Issued Shares and timely file any return or other report required in connection therewith. 

  
 9 

 Section 5.04.    Furnishing of Information. For a period of
two (2) years after the Closing Date, the Company shall use best efforts to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof
as required by the Exchange Act (after giving effect to any grace period provided by Rule 12b-25 under the Exchange Act or any successor rule under the Exchange Act or any special order of the SEC). 

Section 5.05.    Delivery of Issued Shares After Closing. The Company shall deliver, or cause to be delivered,
a book-entry statement evidencing the Issued Shares within one (1) Business Day after the Closing Date. 

Section 5.06.    Delivery of a Lock-Up Agreement. Each Investor shall
deliver, or cause to be delivered, a lock-up agreement in the form reasonably required by the Underwriters (the “Lock-Up Agreement”). 

Section 5.07.    Transfer of Issued Shares. Each Investor hereby agrees that it shall not Transfer any of the
Issued Shares, other than to Affiliates of such Investor who agree to be similarly bound in writing, until the earlier of the date that is the 6-month anniversary of the date hereof (the “Restricted
Period”). In order to enforce this covenant, the Company shall have the right to place restrictive legends on the book-entry accounts representing the Issued Shares and to impose stop transfer instructions with respect to the Issued Shares
until the end of the Restricted Period. 
 ARTICLE 6 

CONDITIONS TO CLOSING 

Section 6.01.    Conditions to the Obligations of the Company and the Investors. The respective obligations of
the Company and each Investor to effect the Closing shall be subject to the satisfaction (or waiver, if permissible under applicable Law) on or prior to the Closing Date of the following conditions: 

(a)    no Judgment enacted, promulgated, issued, entered, amended or enforced by any Governmental Authority or any
applicable Law (collectively, “Restraints”) shall be in effect enjoining or otherwise prohibiting consummation of the Transactions; 

(b)    the offer and sale of the Securities to such Investor pursuant to this Agreement shall be exempt from the
registration requirements of the Securities Act and the registration and/or qualification requirements of all applicable state securities laws; and 

(c)    the Underwriters shall have purchased, immediately prior to the Purchase, the Underwritten Shares (as defined in
the Underwriting Agreement) at the initial public offering price (less any underwriting discounts or commissions). 

Section 6.02.    Conditions to the Obligations of the Company. The obligations of the Company to effect the
Closing with respect to an Investor shall be further subject to the satisfaction (or waiver, if permissible under applicable Law) on or prior to the Closing Date of the following conditions: 

(a)    the representations and warranties of such Investor set forth in this Agreement shall be true and correct
(disregarding all qualifications or limitations as to “materiality”, “Material Adverse Effect” and words of similar import) as of the date of this Agreement and as of the Closing Date with the same effect as though made on and as
of such date (except to the extent expressly made as of an earlier date, in which case as of such earlier date), except where the failure to be true and correct would not, individually or in the aggregate, reasonably be expected to have an Investor
Material Adverse Effect; 
 (b)    such Investor shall have complied with or performed in all material respects its
obligations and covenants required to be complied with or performed by it pursuant to this Agreement at or prior to the Closing; and 

(c)    such Investor shall have duly executed and delivered the Lock-Up Agreement,
and such Lock-Up Agreement shall be in full force and effect. 

  
 10 

 Section 6.03.    Conditions to the Obligations of the
Investors. The obligations of an Investor to effect the Closing shall be further subject to the satisfaction (or waiver if permissible under applicable Law), on or prior to the Closing Date, of the following conditions: 

(a)    the representations and warranties of the Company set forth in this Agreement shall be true and correct
(disregarding all qualifications or limitations as to “materiality”, “Material Adverse Effect” and words of similar import) as of the date of this Agreement and as of the Closing Date with the same effect as though made on and as
of such date (except to the extent expressly made as of an earlier date, in which case as of such earlier date), except where the failure to be true and correct would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect; 
 (b)    the Company shall have complied with or performed in all material respects its obligations and
covenants required to be complied with or performed by it pursuant to this Agreement at or prior to the Closing; 

(c)    the Company shall have obtained any and all consents, permits, approvals, registrations and waivers necessary for
consummation of the Purchase and the consummation of the Transactions, all of which shall be in full force and effect; and 

(d)    solely with respect to the obligations of Instrumentarium Holdings, Inc., the Letter of Intent, or, if a definitive
agreement resulting from the Letter of Intent is executed prior to the Closing, such definitive agreement, shall be in full force and effect. 

ARTICLE 7 

TERMINATION; SURVIVAL 

Section 7.01.    Termination. This Agreement may be terminated and the Transactions abandoned at any time
prior to the Closing: 
 (a)    by the mutual written consent of the Company and an Investor; 

(b)    by either the Company or an Investor, upon written notice to the other, if the closing of the IPO has not occurred
on or prior to the Outside Date; 
 (c)    by either the Company or any Investor if the Underwriting Agreement has been
terminated in accordance with its terms following its execution (or if the Underwriting Agreement has not been executed, if the Company provides written notice to the Investors that it does not intend to proceed with the IPO prior to the Termination
Date); 
 (d)    by either the Company or an Investor if any Restraint enjoining or otherwise prohibiting consummation
of the Transactions by the Company or such Investor shall be in effect and shall have become final and nonappealable; provided that the party seeking to terminate this Agreement pursuant to this Section 7.01(d) shall have used the
required efforts to cause the conditions to Closing to be satisfied in accordance with Section 5.01; 
 (e)    by
an Investor if the Company shall have breached any of its representations or warranties or failed to perform any of its covenants or agreements set forth in this Agreement, which breach or failure to perform (i) would give rise to the failure
of a condition set forth in Section 6.03(a) or Section 6.03(b) and (ii) is incapable of being cured prior to the Termination Date, or if capable of being cured, shall not have been cured within fourteen (14) calendar days (but in
no event later than the Termination Date) following receipt by the Company of written notice of such breach or failure to perform from such Investor stating such Investor’s intention to terminate this Agreement pursuant to this
Section 7.01(e), and the basis for such termination; provided that an Investor shall not have the right to terminate this Agreement pursuant to this Section 7.01(e) if such Investor is then in material breach of any of its
representations, warranties, covenants or agreements hereunder, which breach would give rise to the failure of any condition set forth in Section 6.02(a) or Section 6.02(b) to be satisfied; or 

(f)    by the Company if an Investor shall have breached any of its representations or warranties or failed to perform any
of its covenants or agreements set forth in this Agreement, which breach or failure to perform (i) would give rise to the failure of a condition set forth in Section 6.02(a) or Section 6.02(b) and (ii) is incapable of

  
 11 

 
being cured prior to the Termination Date, or if capable of being cured, shall not have been cured within fourteen (14) calendar days (but in no event later than the Termination Date)
following receipt by the Investor of written notice of such breach or failure to perform from the Company stating the Company’s intention to terminate this Agreement pursuant to this Section 7.01(f) and the basis for such termination;
provided that the Company shall not have the right to terminate this Agreement pursuant to this Section 7.01(f) if the Company is then in material breach of any of its representations, warranties, covenants or agreements hereunder, which
breach would give rise to the failure of any condition set forth in Section 6.03(a) or Section 6.03(b) to be satisfied. 

Section 7.02.    Effect of Termination. In the event of the termination of this Agreement as provided in
Section 7.01, written notice thereof shall be given to the other party, specifying the provision hereof pursuant to which such termination is made, and this Agreement shall forthwith become null and void with respect to the rights and
obligations of the applicable Investor and of the Company with respect to such Investor (other than Article 1, this Section 7.02 and Article 8, all of which shall survive termination of this Agreement), and there shall be no liability on the
part of such Investor or the Company with respect to such Investor or their respective directors, officers and Affiliates, except that no such termination shall relieve any party from liability for damages to another party resulting from a willful
and material breach of this Agreement or from Fraud. 
 Section 7.03.    Survival. All of the covenants or
other agreements of the parties contained in this Agreement shall survive until fully performed or fulfilled, unless and to the extent that non-compliance with such covenants or agreements is waived in writing
by the party entitled to such performance. The representations and warranties made herein shall survive for one year following the Closing Date and shall then expire; provided that nothing herein shall relieve any party of liability for any
inaccuracy or breach of such representation or warranty to the extent that any good-faith allegation of such inaccuracy or breach is made in writing prior to such expiration by a Person entitled to make such claim pursuant to the terms and
conditions of this Agreement. For the avoidance of doubt, claims may be made with respect to the breach of any representation, warranty or covenant until the applicable survival period expires. Notwithstanding any other provision set forth in this
Agreement, except in the case of Fraud, the maximum liability of the Company under or relating to this Agreement to the extent relating to or arising out of any breach of the representations and warranties expressly set forth in this Agreement shall
in no event exceed the Aggregate Purchase Price. Notwithstanding any other provision set forth in this Agreement, the Company’s liability for damages under or relating to this Agreement shall be subject to the mandatory limitations of
applicable Law. 
 ARTICLE 8 

MISCELLANEOUS 

Section 8.01.    Amendments; Waivers. Subject to compliance with applicable Law, this Agreement may be amended
or supplemented in any and all respects by written agreement of the parties hereto. 

Section 8.02.    Extension of Time, Waiver, Etc. The Company and the Investors may, subject to applicable Law,
(a) waive any inaccuracies in the representations and warranties of the other party contained herein or in any document delivered pursuant hereto, (b) extend the time for the performance of any of the obligations or acts of the other party
or (c) waive compliance by the other party with any of the agreements contained herein applicable to such party or, except as otherwise provided herein, waive any of such party’s conditions. Notwithstanding the foregoing, no failure or
delay by the Company or any Investor in exercising any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right hereunder.
Any agreement on the part of a party hereto to any such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of such party. 

Section 8.03.    Assignment. The Company shall not assign, in whole or in part, by operation of Law or
otherwise, this Agreement nor any of the rights, interests or obligations hereunder without the prior written consent of the Investors. No Investor shall assign, in whole or in part, by operation of Law or otherwise, this Agreement nor any of the
rights, interests or obligations hereunder without the prior written consent of the Company; provided that an Investor may assign to its Affiliate without obtaining the consent or approval of the Company if such assignment is effected on or
before ten Business Days prior to the Closing Date and such Investor provides the Company written notice of such assignment on or before ten Business Days prior to the Closing Date. 

  
 12 

 Section 8.04.    Counterparts. This Agreement and any other
Transaction Documents may be executed in one or more counterparts (including by electronic mail), each of which shall be deemed to be an original but all of which taken together shall constitute one and the same agreement, and shall become effective
when one or more counterparts have been signed by each of the parties hereto (including by electronic signature) and delivered to the other parties hereto (including electronically, e.g., in PDF format). 

Section 8.05.    Entire Agreement; No Third-Party Beneficiaries. This Agreement together with the other
Transaction Documents constitute the entire agreement, and supersedes all other prior agreements and understandings, both written and oral, among the parties and their Affiliates, or any of them, with respect to the subject matter hereof and
thereof; provided that neither this Agreement nor any other Transaction Document shall supersede the Letter of Intent or any definitive agreement resulting from the Letter of Intent. No provision of this Agreement shall confer upon any Person
other than the parties hereto and their permitted assigns any rights or remedies hereunder. 

Section 8.06.    Governing Law; Jurisdiction. (a) This Agreement and all matters, claims or Actions
(whether at law, in equity, in Contract, in tort or otherwise) based upon, arising out of or relating to this Agreement and the execution or performance of this Agreement shall be governed by, and construed in accordance with, the laws of the State
of New York applicable to contracts executed in and to be performed entirely within that state, regardless of the laws that might otherwise govern under any applicable conflict of Laws principles. 

(b)    All Actions arising out of or relating to this Agreement shall be heard and determined in the New York State courts
in the Borough of Manhattan in the city of New York (or, if such state courts decline to accept jurisdiction over any Action, any federal court within the State of New York), and the parties hereto hereby irrevocably submit to the exclusive
jurisdiction and venue of such courts in any such Action and irrevocably waive the defense of an inconvenient forum or lack of jurisdiction to the maintenance of any such Action. The consents to jurisdiction and venue set forth in this
Section 8.06 shall not constitute general consents to service of process in the State of New York and shall have no effect for any purpose except as provided in this paragraph and shall not be deemed to confer rights on any Person other than
the parties hereto. Each party hereto agrees that service of process upon such party in any Action arising out of or relating to this Agreement shall be effective if notice is given by overnight courier at the address set forth in Section 8.09.
The parties hereto agree that a final judgment in any such Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable Law; provided, however, that nothing
in the foregoing shall restrict any party’s rights to seek any post-judgment relief regarding, or any appeal from, a final trial court judgment. 

Section 8.07.    Specific Enforcement. The parties hereto agree that irreparable damage, for which monetary
relief, even if available, would not be an adequate remedy, would occur in the event that any provision of this Agreement is not performed in accordance with its specific terms or is otherwise breached, including if the parties hereto fail to take
any action required of them hereunder to cause the Closing to occur, and that time is of the essence. The parties acknowledge and agree that (a) the parties shall be entitled to an injunction or injunctions, specific performance or other
equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof (including, for the avoidance of doubt, the right of the Company to cause the Purchase to be consummated on the terms and subject to
the conditions set forth in this Agreement) in the courts described in Section 8.06 without proof of damages or otherwise, this being in addition to any other remedy to which they are entitled under this Agreement, and (b) the right of
specific enforcement is an integral part of the Transactions and without that right, neither the Company nor any Investor would have entered into this Agreement. The parties hereto agree not to assert that a remedy of specific enforcement is
unenforceable, invalid, contrary to Law or inequitable for any reason, and agree not to assert that a remedy of monetary damages would provide an adequate remedy or that the parties otherwise have an adequate remedy at law. The parties hereto
acknowledge and agree that any party seeking an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in accordance with this Section 8.07 shall not be required to
provide any bond or other security in connection with any such order or injunction. 
 Section 8.08.    WAIVER
OF JURY TRIAL. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR 

  
 13 

 
INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY CERTIFIES AND
ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) IT UNDERSTANDS
AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (C) IT MAKES SUCH WAIVER VOLUNTARILY, AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 8.08. 

Section 8.09.    Notices. All notices, requests and other communications to any party hereunder shall be in
writing and shall be deemed given if delivered personally, emailed (which is confirmed) or sent by overnight courier (providing proof of delivery) to the parties at the following addresses: 

(a)    If to the Company, to it at: 
  

			
		  	SOPHiA GENETICS SA
		  	Rue du Centre 172
		  	CH-1025 Saint-Sulpice
		  	Switzerland
		  	Attention: Daan van Well
		  	Email: DVanWell@sophiagenetics.com
		  	  
 with a copy (which shall not constitute notice)
to:

		
		  	 Davis Polk & Wardwell LLP

450 Lexington Avenue

		  	New York, NY 10017
		  	Attention: Deanna L. Kirkpatrick and Yasin Keshvargar
		  	E-mail: deanna.kirkpatrick@davispolk.com; yasin.keshvargar@davispolk.com

 (b)    If to an Investor, to it at the address set forth under its name on Schedule I
hereto, 
 or such other address or email address as such party may hereafter specify by like notice to the other parties hereto. All such notices, requests
and other communications shall be deemed received on the date of actual receipt by the recipient thereof if received prior to 5:00 p.m. local time in the place of receipt and such day is a Business Day in the place of receipt. Otherwise, any such
notice, request or communication shall be deemed not to have been received until the next succeeding Business Day in the place of receipt. 

Section 8.10.    Severability. If any term, condition or other provision of this Agreement is determined by a
court of competent jurisdiction to be invalid, illegal or incapable of being enforced by any rule of Law or public policy, all other terms, provisions and conditions of this Agreement shall nevertheless remain in full force and effect. Upon such
determination that any term, condition or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as
possible to the fullest extent permitted by applicable Law. 
 Section 8.11.    Expenses. Except as
otherwise expressly provided herein, all costs and expenses, including fees and disbursements of counsel, financial advisors and accountants, incurred in connection with this Agreement and the Transactions shall be paid by the party incurring such
costs and expenses, whether or not the Closing shall have occurred. 
 Section 8.12.    Interpretation.
(a) When a reference is made in this Agreement to an Article, a Section, an Exhibit or a Schedule, such reference shall be to an Article of, a Section of, or an Exhibit or Schedule to, this Agreement unless otherwise indicated. The table of
contents and headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include”, “includes” or “including”
are used in this Agreement, they shall be deemed to be followed by the words “without limitation”. The words “hereof”, “herein” and “hereunder” and words of similar import when

  
 14 

 
used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The words “date hereof” when used in this Agreement shall refer to
the date of this Agreement. The terms “or”, “any” and “either” are not exclusive. The word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other thing extends, and
such phrase shall not mean simply “if”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. The words “ordinary course of business” shall be deemed to include any action
taken or not taken by the Company that has been authorized by the Company Board acting in good faith in response to the actual or anticipated effects of COVID-19 on the Company or any of its Subsidiaries. All
accounting terms used and not defined herein shall have the respective meanings given to them under IFRS. The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as
well as to the feminine and neuter genders of such terms. In the event that the Ordinary Shares are listed on a U.S. national securities exchange other than Nasdaq, all references herein to Nasdaq shall be deemed to be references to such other U.S.
national securities exchange. Any agreement, instrument or statute defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument or statute as from time to time amended, modified or
supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes and references to all attachments thereto and instruments incorporated therein.
Unless otherwise specifically indicated, all references to “dollars” or “$” shall refer to the lawful money of the United States. References to a Person are also to its permitted assigns and successors. When calculating the
period of time between which, within which or following which any act is to be done or step is to be taken pursuant to this Agreement, the date that is the reference date in calculating such period shall be excluded (and unless otherwise required by
Law, if the last day of such period is not a Business Day, the period in question shall end on the next succeeding Business Day). 

(b)    The parties hereto have participated jointly in the negotiation and drafting of this Agreement, and in the event an
ambiguity or question of intent or interpretation arises, this Agreement shall be construed as jointly drafted by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party hereto by virtue of the
authorship of any provision of this Agreement. 
 [Remainder of page intentionally left blank] 

  
 15 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered as of the date first above written. 
  

			
	SOPHiA GENETICS SA
		
	By:	 	 /s/ Ross Muken

	Name:	 	Ross Muken
	Title:	 	Chief Financial Officer
		
	By:	 	 /s/ Daan van Well

	Name:	 	Daan van Well
	Title:	 	Chief Legal Officer

  

			
	INSTRUMENTARIUM HOLDINGS, INC.
		
	By:	 	 /s/ Kevin Donohue

	Name:	 	Kevin Donohue
	Title:	 	President

 [Signature Page to Share Purchase Agreement] 

 Schedule I 

 

					
	 Investor
	  	Aggregate Purchase Price	 
	 INSTRUMENTARIUM HOLDINGS, INC.

c/o GE Precision Healthcare LLC

3000 N Grandview Blvd

Waukesha, WI 53188-1615

United States
	  	$	20,000,000.00

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