Document:

EX-10.38

 Exhibit 10.38 

 
 

 
 Private & Confidential 

December 21, 2021 
 Benjamin Zimmer 

Via Email 
 Dear Ben, 

This letter (“Letter”), dated as of the date first listed above (the “Effective Date”), sets forth certain aspects of your
involvement in the merger of Datavant Holdings, Inc. (“Datavant”) and Ciox Health consummated on July 27, 2021 (the “Datavant Transaction”) pursuant
to which, at the closing of the Datavant Transaction, Roivant Sciences Ltd. (“Parent”) received, in addition to certain cash consideration, units of the combined company representing a minority equity stake in the combined company.

 In recognition of your contributions and outstanding accomplishments in connection with the Datavant Transaction and your continued employment with
Parent or any of its subsidiaries, Roivant Sciences, Inc. (“RSI”) is pleased to provide you this Letter on the terms and conditions set forth herein. 

 

	 	1.	 Cash Bonus. You will be eligible to receive a one-time, lump sum
cash bonus of $1,000,000 (the “Cash Bonus”). The Cash Bonus will be paid to you on or before December 31, 2021 subject to your continued employment with Parent or any of its subsidiaries in good standing through such payment
date. 

  

	 	2.	 Realization Bonus. You will be eligible to receive a discretionary cash bonus in an amount equal to 0.5%
of the Net Proceeds (as defined below) actually received by Parent upon the occurrence of one or more Realization Events (as defined below) (each such payment, a “Realization Bonus”), subject to your continued employment with Parent
or any of its subsidiaries in good standing through the applicable Realization Bonus Payment Date (as defined below). To the extent it is determined by RSI that you are entitled to receive a Realization Bonus, such Realization Bonus shall be paid to
you on or as soon as reasonably practicable following the date on which the corresponding Net Proceeds in respect of the applicable Realization Event are received by Parent, but in no event later than 60 days following the date of such receipt (such
actual date of payment to you, the “Realization Bonus Payment Date”). Each payment of a Realization Bonus will be subject to your execution and non-revocation of a release of claims (in a form
provided to you by RSI on the applicable payment date). 

 For purposes of this Letter, the following terms have the
following meanings: 
  

	 	a.	 “Affiliate” has the meaning set forth in the Roivant Sciences Ltd. 2021 Equity Incentive Plan,
as may be amended from time to time. 

  

	 	b.	 “Covered Units” means the Class A Units of Heracles Parent, L.L.C.
(“Heracles”), of which Datavant is an indirect wholly owned subsidiary, held by Parent as of the Effective Date, together with any Buyer Equity Securities received by Parent with respect thereto as a result of a Realization Event.

  
  

Roivant Sciences, Inc.• 151 West 42th Street, New York, NY 10036 • roivant.com

 

 
  

	 	c.	 “Net Proceeds” means, with respect to any applicable Realization Event, without duplication
and as determined by Parent in its discretion, (i) the total cash proceeds actually received by Parent solely in respect of the Covered Units sold in the applicable Realization Event, including the amount of any deferred or contingent cash
payments in respect of the Covered Units actually received by Parent following the applicable Realization Event (e.g., release of escrow or release of any holdback amount) (the “Contingent Proceeds”), minus (ii) the
aggregate amount of any fees, costs and expenses (including taxes) incurred or reasonably likely to be incurred by Parent and its Affiliates in connection with the negotiation, preparation, execution, and consummation of the applicable Realization
Event and the receipt and distribution of related proceeds (including without limitation, costs relating to legal counsel, accountants, underwriters, brokers and other advisors or service providers), minus (iii) the aggregate dollar
amount of any contributions made by Parent or any of its Affiliates to Heracles or Datavant (or any affiliate thereof) following the Effective Date in respect of the Covered Units, regardless of the form of such contribution (provided that
any non-cash contribution will be valued based on the fair market value of such non-cash consideration at the time of the applicable contribution, as determined by
Parent). For the avoidance of doubt, and notwithstanding anything to the contrary herein, (A) with respect to any portion of the Net Proceeds that constitutes Contingent Proceeds, the portion of any Realization Bonus that is payable hereunder
in respect thereof will be withheld and will become payable to you (if at all) within 60 days following the date such corresponding Contingent Proceeds are actually paid to Parent, in each case, subject to your continued employment with Parent or
any of its subsidiaries in good standing through the applicable date of payment of such amounts to you, (B) if the applicable Contingent Proceeds are not paid to Parent for any reason, then you will not be entitled to receive payment of a
Realization Bonus corresponding to such Contingent Proceeds and (C) Net Proceeds shall not include any non-cash proceeds (including, without limitation, any securities, notes or otherwise) received by
Parent in respect of the Covered Units in connection with any Realization Event (provided that, in the event that Parent receives equity securities of the acquiring company (or its parent) as consideration for the Covered Units sold pursuant
to the applicable Realization Event, such equity securities shall thereafter constitute “Covered Units” for purposes of this Letter (the “Buyer Equity Securities”). 

 

	 	d.	 “Person” means any individual, partnership, corporation, association, joint stock company,
limited liability company, trust, joint venture, unincorporated organization or governmental entity or department, agency or political subdivision thereof. 

  

	 	e.	 “Realization Event” means the
consummation of a sale or other transfer or disposition, in each case, for at least partial consideration, by Parent of all or any portion of the Covered Units to any Person other than any Affiliate of Parent, in each case at any time following the
Effective Date. For the avoidance of doubt, (i) more than one Realization Event may occur giving rise to a payment of a Realization Bonus under this Letter, but only one Realization Event shall be payable in respect of any specific Covered
Unit, and (ii) any sale, transfer or other disposition of the Covered Units in which Parent does not receive any cash consideration in respect thereof shall not constitute a Realization Event.
 

  

	 	3.	 Miscellaneous. 

 

	 	a.	 The Realization Bonus is a discretionary bonus and all determinations with respect to any Realization Bonus
(including, without limitation, the determination of the occurrence of a qualified Realization Event, the calculation of the amount of any Net Proceeds or 

  
  

Roivant Sciences, Inc.• 151 West 42th Street, New York, NY 10036 • roivant.com

 

 
  

	 	
Realization Bonus, and the determination of good standing) shall be made by RSI in its sole discretion. This Letter shall not be construed as a guarantee that a Realization Event will occur or
that any Realization Bonus will be paid. Parent is under no obligation to cause a Realization Event to occur at any time or within a specified time following the Effective Date. 

 

	 	b.	 The Cash Bonus and any Realization Bonus (i) will be in addition to (and will not be in lieu of) any other
compensation you may otherwise be entitled to receive from RSI, Parent or any Affiliate and (ii) will not count when calculating your benefits under any benefit plan sponsored by RSI, Parent or any Affiliate, except as such plan otherwise
expressly provides. 

  

	 	c.	 This Letter does not affect your status as an “at-will”
employee of RSI, Parent or any Affiliate, and does not otherwise constitute, and may not be construed as, a contract of employment or a commitment to employment for any specific duration, including through the date of payment of any amounts
hereunder. 

  

	 	d.	 The terms of this Letter may be amended or cancelled upon notification from RSI. This Letter supersedes any
other documentation between RSI and you concerning the subject matter hereof. 

  

	 	e.	 You acknowledge that, regardless of any action taken by RSI, Parent or any Affiliate, you are solely
responsible for all applicable federal, state, local and foreign income tax, social insurance, payroll tax, fringe benefits tax, or any other tax of any kind related to the Cash Bonus and any Realization Bonus (the “Tax
Obligations”). Accordingly, the payment of the Cash Bonus and any Realization Bonus shall be subject to deduction in an amount determined by RSI to be sufficient to satisfy all of your applicable Tax Obligations in respect of the Cash Bonus
and any Realization Bonus, as applicable. 

  

	 	f.	 It is intended that the provisions of this Letter comply with or are exempt from Section 409A and
Section 457A of the Internal Revenue Code of 1986, as amended (the “Code”), and all provisions of this Letter will be construed and interpreted in a manner consistent with such intent. In no event shall the Company or any of
its Affiliates be liable for any additional tax, interest or penalty that may be imposed on you by Section 409A or Section 457A of the Code. For purposes of Section 409A of the Code, each right to a payment hereunder will be deemed a
“separate payment” within the meaning of Treas. Reg. Section 1.409A-2(b)(iii). If the period during which you may execute or revoke any release of claims spans two calendar years, any applicable
Realization Bonus shall in all events be paid to you in the second such taxable year. 

  

	 	g.	 This Letter will be governed by the laws of the State of New York, without regard to any conflicts of laws.

 [Signature Page Follows] 

  
  

Roivant Sciences, Inc.• 151 West 42th Street, New York, NY 10036 • roivant.com

 

 
  

 I would like to take this opportunity to thank you for all of your hard work and dedication to the Roivant
family. 
  

	
	Best regards,
	
	/s/ Eric Venker
	Eric Venker
	Roivant Sciences, Inc.
	President and Chief Operating Officer

  
 [Signature Page to
Bonus Letter]Exhibit 10.1

 

COHEN & COMPANY, LLC

 

AMENDMENT NO. 5 TO

 

AMENDED AND RESTATED LIMITED LIABILITY
COMPANY AGREEMENT

 

THIS AMENDMENT NO. 5 TO AMENDED AND RESTATED LIMITED
LIABILITY COMPANY AGREEMENT of Cohen & Company, LLC (“Amendment No. 5”), dated as of December 20, 2021 (the “Effective
Date”), is entered into by and among the Members listed on the signature pages hereof with respect to Cohen & Company, LLC,
a Delaware limited liability company.

 

Background

 

On December 16, 2009, the Members of Cohen
 & Company, LLC (formerly, IFMI, LLC, the “Company”) entered into the Amended and Restated Limited Liability Company
Agreement of Cohen & Company, LLC. On June 20, 2011, the Members entered into Amendment No. 1 to Amended and Restated Limited
Liability Company Agreement of Cohen & Company, LLC (“Amendment No. 1”). On May 9, 2013, the Members entered into
Amendment No. 2 to Amended and Restated Limited Liability Company Agreement of Cohen & Company, LLC (“Amendment No. 2”).
On October 30, 2019, the Members entered into Amendment No. 3 to Amended and Restated Limited Liability Company Agreement of Cohen &
Company, LLC (“Amendment No. 3”). On September 25, 2020, the Members entered into Amendment No. 4 to Amended and Restated
Limited Liability Company Agreement of Cohen & Company, LLC (collectively with the Amended and Restated Agreement, Amendment No. 1,
Amendment No. 2 and Amendment No. 3, the “Agreement”).

 

The Company is treated as a partnership for federal
and state income tax purposes, and thus it is a pass-through entity under which the Company’s items of income, gain and loss are
passed through to its Members, who each report its share of such income, gain and loss on its own federal and state income tax return.

 

In order to mitigate the effect of the limitation
on the deduction for state and local taxes for federal income tax purposes, and consistent with IRS Notice 2020-75, the State of New York
has enacted income tax legislation which (i) permits a pass-through entity to elect to pay state income tax (the “Pass-Through
Entity Tax or PTET”) with respect to that portion of the entity’s taxable income and gain allocable to its members
or shareholders subject to income tax in the State of New York (the “PTET Election”), and (ii) if such PTET Election
is made, the owners of the pass-through entity may be entitled to a state income tax credit equal to the PTET paid.

 

The Members of the Company, desire to enable the
Company to make the PTET Election in the State of New York, pay the PTET and generate a state income tax credit. Further, to the extent
that other states in which the Company and/or the Members are taxable has enacted legislation similar to the PTET, the Members of the
Company desire to enable the Company to make elections similar to the PTET election in such states for the benefit of its Members.

 

     

     

    

 

Pursuant to Section 13.10 of the Agreement,
the Members desire to amend certain provisions of the Agreement to properly implement the PTET Election, allocate the expense for the
payment of the PTET, and allocate the resulting tax credit among the Members.

 

NOW, THEREFORE, intending to be bound hereby,
the Members agree as follows:

 

1.         Defined Terms. Terms that are used but not defined herein shall have the meaning ascribed to such terms in the Agreement.

 

2.        Election. Each Member, by signing below, hereby agrees that with respect
to the Company’s fiscal year ending on December 31, 2021, and any fiscal year thereafter, the Board of Managers of the Company may,
in consultation with the Company’s accountants and tax advisors, cause the Company to make the PTET Election in the State of New
York and pay the appropriate PTET to the State of New York attributable to the Company’s taxable income and gain for such year.

 

3.         Amendment. Article V of the Agreement is hereby amended to add a new Section 5.14 thereto, to read as follows:

 

“Section 5.14.Special Rules With
Respect to Pass-Through Entity Tax Election. Notwithstanding the provisions of this Article V, the provisions of this Section 5.14
shall govern the treatment of an election by the Company for any Fiscal Year (if so made) to pay the pass-through entity tax (“PTET”)
under New York Tax Law Article 24-A:

 

(a)       The
Company shall compute and pay the PTET on that portion of the Company taxable income and gain allocable to its Members who are taxable
under New York Tax Law Article 22 (the “PTET Members”).

 

(b)       Each
PTET Member will be entitled to a New York State income tax credit equal to that portion of the PTET attributable to such PTET Member’s
share of the Company’s taxable income and gain that was used to compute the PTET (the “PTET Share).

 

(c)       The
deduction for the PTET paid by the Company shall be allocated to each PTET Member in proportion to such PTET Member’s share of the
Company’s income and gain that was used to compute the PTET.

 

(d)       Each
Member’s PTET Share for any Fiscal Year shall be treated as a distribution to such Member and shall reduce, on a dollar-for-dollar
basis, (i) the distributions which such Member is entitled to receive for the applicable Fiscal Year under Section 5.1, and/or (ii) any
Code Section 707(c) payments from the Company to which the Member is entitled for such Fiscal Year, in order to offset such Member’s
PTET Share in full. In the event that the distributions and Code Section 707(c) payments to a Member in any Fiscal Year are not sufficient
to fully offset a Member’s PTET Share, such Member shall promptly make a Capital Contribution to the Company sufficient to cover
any shortfall.

 

    2 

     

    

 

(e)      The
Board of Managers, in consultation with the Company’s accountants, may use any methodology appropriate to implement the allocation
of the tax credit and deduction for the PTET among the Members, and the distribution offsets for the Members, as described in subsections
(b) through (d) above, so that the Members appropriately benefit from the PTET Election without any shift in the economic interests of
the Members as described in this Agreement.

 

(f)       To
the extent that any state in which the Company and/or the Members are subject to income tax, in addition to the State of New York, has
enacted legislation similar to the PTET (“Other PTET Law”), (i) the Board of Managers of the Company may, in consultation
with the Company’s accountants and tax advisors, cause the Company to make such elections and filings, and pay such taxes, as needed
to obtain the tax benefits available under such Other PTET Law, (ii) the Members shall make any elections and execute any documents as
may reasonably be required in connection with obtaining the tax benefits under such Other PTET Law, and (iii) the Board of Managers shall
allocate items of income, gain, loss, deduction and credit in connection with any election under Other PTET Law, and may require Capital
Contributions from any of the Members, consistent with the intent of this Section 5.14 so that no Member is subject to a material economic
detriment by reason of the election under Other PTET Law.

 

(g)       It
is intended that this Section 5.14 shall be applied so that any PTET Election and payment of a PTET by the Company, or any election under
Other PTET Law, does not cause a shift in the economic interests of the Members in the Company as described in this Agreement.”

 

4.        Integration. The Agreement, as amended by this Amendment No. 5 sets forth all (and is intended by all parties hereto
to be an integration of all) of the promises, agreements, conditions, understandings, warranties and representations among the parties
hereto with respect to the Company, the Company business and the property of the Company, and there are no promises, agreements, conditions,
understanding, warranties, or representations, oral or written, express or implied, among them other than as set forth herein or in the
agreements noted above.

 

5.       
No Other Amendments. Except as expressly amended, modified and supplemented hereby, the provisions of the Agreement
are and shall remain in full force and effect.

 

6.       Governing Law. It is the intention of the parties that all questions with respect to the construction of this Amendment
No. 5 and the rights and liabilities of the parties hereto shall be determined in accordance with the laws of the State of Delaware.

 

7.       Binding Effect. This Amendment No. 5 shall be binding upon, and inure to the benefit of, the parties hereto and their
respective personal and legal representatives, successors and assigns.

 

8.       Counterparts.
This Amendment No. 5 may be executed in any number of counterparts and it shall not be necessary that each party to this Amendment No.
5 execute each counterpart. Each counterpart so executed (or, if all parties do not sign on the same counterpart, each group of counterparts
signed by all parties) shall be deemed to be an original, but all such counterparts together shall constitute one and the same instrument.
In making proof of this Amendment No. 5, it shall not be necessary to account for more than one counterpart or group of counterparts
signed by all parties.

 

[Signature Page Follows]

 

    3 

     

    

 

IN WITNESS WHEREOF, the undersigned parties have
caused this Amendment No. 5 to be executed as of the date and year first set forth above.

  

	 	/s/ Daniel G. Cohen
	 	Daniel G. Cohen
	 	 
	 	/s/ Linda Koster
	 	Linda Koster
	 	 
	 	COHEN BROS. FINANCIAL, LLC
	 	 
	 	/s/ Daniel G. Cohen
	 	Name:	Daniel G. Cohen
	 	Title:	Managing Member
	 	 
	 	COHEN & COMPANY INC.
	 	 
	 	By:	/s/ Joseph W. Pooler, Jr.
	 	Name:	Joseph W. Pooler, Jr.
	 	Title:	Executive Vice President and Chief Financial Officer
	 	 
	 	THE DGC FAMILY FINTECH TRUST
	 	 
	 	By:	/s/ Raphael Licht
	 	Name:	Raphael Licht
	 	Title:	Trustee
	 	 
	 	By:	/s/ Jeffrey D. Blomstrom
	 	Name:	Jeffrey D. Blomstrom
	 	Title:	Trustee

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