Document:

Exhibit
10.1

 

 

June
18, 2021

 

Via
email transmission to kirbygeo@gmail.com

 

Mr.
George H. Kirby III

1
Deer Hill Road

Chester,
New Jersey 07930

 

Dear
George:

 

The
purpose of this letter agreement (“Agreement and Release”) is to confirm that by mutual agreement, your employment with Ocean
Power Technologies, Inc. (“OPT” or the “Company”) ceased in all capacities at 4:00 pm eastern daylight time on
Friday June 18, 2021. This Agreement and Release sets forth the terms of your separation from employment in accordance with the separation
provisions contained in your Employment Agreement dated December 29, 2014, (as amended on July 12, 2018) (collectively “the Employment
Agreement”) (attached as Exhibit “A”), and the special separation provisions being offered to you in this letter. This
Agreement and Release shall serve as the “Notice of Termination” discussed in Paragraph 6(e) of the Employment Agreement.
Your termination will be considered a resignation pursuant to Paragraph 6(c)(2) of the Employment Agreement.

 

1.
STANDARD SEPARATION PROVISIONS1

 

	 	a.	Your
    last day of employment will be Friday, June 18, 2021 (the “Termination Date”).
	 	 	 
	 	b.	Effective
    on the Termination Date you resign from the Company’s Board of Directors (“Board”) and all of its associated committees
    as well as the Board of Directors of any of the Company’s subsidiaries. You agree to cooperate with the Company to take all
    actions reasonably necessary or appropriate to effectuate your resignation from the Board and any other positions.
	 	 	 
	 	c.	You
    will receive your accrued and unpaid salary, less applicable withholdings and deductions, through the Termination Date.
	 	 	 
	 	d.	You
    agree that you have no entitlement to any bonus that may be payable with respect to the 2021 fiscal year or any future fiscal years.

 

 

1
The Standard Separation Provisions described in Paragraph 1 will apply regardless of whether you sign this Agreement and Release.

 

28
Engelhard Drive, Suite B

Monroe
Township, NJ 08831

Tel:
609-730-0400 * Fax: 609-730-0404

 

    	 

    	 

    

 

	 	e.	You
    will receive a lump-sum payment, less applicable withholdings and deductions, for the value of the unused vacation time you have
    accrued and to which you are entitled under the Company’s vacation policy (220.4 hours). You are also entitled to reimbursement
    of any outstanding authorized business expenses, whether previously submitted or not yet submitted, provided that appropriate documentation
    is submitted in accordance with the Company’s business expense reimbursement policy within 15 days of the date of this Agreement.
	 	 	 
	 	f.	You
    will be given the opportunity to purchase the Medical and Dental Plan coverage for which you are eligible through the Consolidated
    Omnibus Reconciliation Act (COBRA) for a period of up to 18 months at your own expense. You shall be solely responsible for any COBRA
    premiums. You will receive the appropriate COBRA application form and information regarding rates and period of coverage in the near
    future. Please note that at the end of the month within which your last day of employment occurs, your current coverage will be terminated.
    However, upon the completion and processing of your COBRA application, coverage will be retroactively reinstated.
	 	 	 
	 	g.	You
    will be provided with information describing your options under the Company 401(k) Savings Plan, your option for continuing life
    insurance coverage, and the termination of your short term and long-term disability benefits.
	 	 	 
	 	h.	Other
    than as set forth in Paragraphs a-e above, the Company shall have no other financial obligations to you under any compensation or
    benefit plan, program or policy and your participation in the Company compensation and benefit plans, programs and policies shall
    cease as of the Termination Date.
	 	 	 
	 	i.	If
    the Company receives requests for references from prospective employers, it will provide only dates of employment and positions held.
	 	 	 
	 	j.	You
    must, within five days of signing this Agreement, return to the Company all Company property, including all notes, reports, plans,
    keys, security cards and/or identification cards, customer lists, product information and other documents (including all copies)
    and property including computer equipment, and cellular phones that were created, developed, generated or received by you from the
    Company during your employment or that are the property of the Company, whether or not such items are confidential to the Company.
    You acknowledge that there is no personal property in the Company’s possession that has not been returned to you.

 

    	 

    	 

    

 

 

	 	k.	You
    are reminded of your continuing legal and contractual obligations, including without limitation those set forth in the Employment
    Agreement, not to use or disclose any secret, confidential, or proprietary information or documents of the Company for any
    purpose following the termination of your employment with the Company. Specifically, you are not to disclose, nor use for your benefit
    or the benefit of any other person or entity, any information received from OPT or its parent, subsidiaries or affiliated companies
    (individually or collectively an “OPT Company”), which is confidential or proprietary and: (i) which has not been disclosed
    publicly by an OPT Company; (ii) which is otherwise not a matter of public knowledge; or (iii) which is a matter of public knowledge
    but you know or have reason to know that such information became a matter of public knowledge through an unauthorized disclosure.
    Proprietary or confidential information includes information the unauthorized disclosure or use of which would reduce the value of
    such information to the Company. Such information includes, without limitation, any Company customer and supplier lists, trade secrets,
    intellectual property, confidential information about (or provided by) any customer or prospective or former customer or business
    partner of the Company, information concerning the Company’s business or financial affairs (including its books and records,
    commitments, procedures, plans, strategies, inventions, and prospects), products developed or in development by the Company, securities
    positions, or current or prospective transactions or business of the Company.

 

2.
SPECIAL SEPARATION PROVISIONS

 

If
you agree to the terms set forth in Paragraph 3 below by timely signing (and not revoking) this Agreement and Release, and in consideration
of the obligations you assume in Paragraph 3 and the other agreements made by you under this Agreement and Release (and your continuing
obligations under your Employment Agreement, as outlined therein), the Company agrees that in addition to the above you will receive
the following consideration:

 

	 	a.	One
    year of current base salary (totaling $391,140 as severance pay). Such amount, which shall be paid out of payroll and is subject
    to applicable payroll deductions, will be paid in the form of a lump sum paid within seven days following the expiration of the revocation
    period discussed in Paragraph 6(f)], on condition that you have not revoked the Agreement and Release within the revocation period.
	 	 	 
	 	b.	A
    short-term incentive (STI) cash bonus payment for fiscal year 2021 of 20 percent of current base salary (totaling $78,228). Such
    amount, which shall be paid out of payroll and is subject to applicable payroll deductions, will be paid in the form of a lump sum
    paid within 21 days following the expiration of the revocation period discussed in Paragraph 6(f), on condition that you have not
    revoked the Agreement and Release within the revocation period.

 

    	 

    	 

    

 

	 	c.	The
    expiration date of any vested stock options held by you will be extended to 180 days after the Termination Date. Any stock options
    that are not exercised shall be cancelled without payment.
	 	 	 
	 	d.	If
    you timely elect COBRA continuation coverage, the Company shall pay or reimburse the same portion of the monthly premium under COBRA
    as it pays for group medical coverage for active employees and their eligible dependents (the “COBRA Subsidy”) until
    the earliest of: (i) the last day of the month ending on the date that is 12 months following the Termination Date, (ii) the date
    you cease to be eligible for COBRA or (iii) the date you first become eligible for health insurance coverage in connection with new
    employment. You agree to immediately notify the Company of the occurrence of an event in clause (ii) or (iii). You shall be solely
    responsible for the cost of the remaining monthly COBRA premium. Notwithstanding the foregoing, if the Company determines in its
    sole discretion that it cannot provide the COBRA Subsidy without potentially violating or causing the Company to incur additional
    expense as a result of noncompliance with applicable law (including Section 2716 of the Public Health Service Act), the Company instead
    will pay you a taxable monthly payment in an amount equal to the monthly COBRA Subsidy.

 

3.
WAIVER OF RIGHTS

 

In
exchange for the consideration described in Paragraph 2 above, including all subparts, you agree as follows:

 

	 	a.	to
    release and forever discharge the Company, its subsidiaries and affiliates and their parent organizations, predecessors, successors,
    officers, directors, employees, agents, attorneys, associates and employee benefit plans from all claims, demands or causes of action
    arising out of facts or occurrences prior to the date of this Agreement and Release, whether known or unknown to you. You agree that
    this release of claims is intended to be broadly construed so as to resolve any pending and potential disputes between you and the
    Company that you have up to the date of this Release, whether such disputes are known or unknown to you, including, but not limited
    to, claims based on express or implied contract; any action arising in tort, including, but not limited to libel, slander, defamation,
    intentional infliction of emotional distress, or negligence; any or all claims for wrongful discharge; and any and all claims based
    on the Age Discrimination in Employment Act; Title VII of the Civil Rights Act of 1964 as amended; the Civil Rights Acts of 1866
    and 1871; the Employee Retirement Income Security Act; the Family and Medical Leave Act, the Americans With Disabilities Act; the
    Occupational Safety and Health Act; the Immigration Reform and Control Act; the Fair Labor Standards Act of 1938 as amended; the
    Occupational Safety and Health Act; Section 806 of the Sarbanes-Oxley Act of 2002, New Jersey Law Against Discrimination –
    N.J. Rev. Stat. §10:5-1 et seq.; New Jersey Statutory Provision Regarding Retaliation/Discrimination for Filing a Workers’
    Compensation Claim – N.J. Rev. Stat. §34:15-39.1 et seq.; New Jersey Family Leave Act – N.J. Rev. Stat. §34:11B1
    et seq.; New Jersey Smokers’ Rights Law – N.J. Rev. Stat. §34:6B-1 et seq.; New Jersey Equal Pay Act
    – N.J. Rev. Stat. §34:11-56.1 et seq.; New Jersey Genetic Privacy Act – N.J. Rev. Stat. Title 10, Ch. 5,
    §10:5-43 et seq.; New Jersey Conscientious Employee Protection Act (Whistleblower Protection) – N.J. Stat. Ann.
    §34:19-3 et seq.; New Jersey Wage Payment and Work Hour Laws; New Jersey Public Employees’ Occupational Safety
    and Health Act – N.J. Stat. Ann. §34:6A-25 et seq.; New Jersey Fair Credit Reporting Act; the Millville Dallas
    Airmotive Plant Job Loss Notification (mini-WARN) Act; New Jersey Fair Credit Reporting Act; New Jersey False Claims Act; New Jersey
    Civil Rights Act; New Jersey mini-COBRA; New Jersey laws regarding Political Activities of Employees, Lie Detector Tests, Jury Duty,
    Employment Protection, and Discrimination, and other applicable federal, state or local law, regulation, ordinance or order, and
    including all claims for, or entitlement to, attorneys’ fees. However, the foregoing release is not intended to cover any claim
    for vested benefits to which you are entitled, if any, under the Company’s Pension and Investment Savings Plan. Except as provided
    for herein, the Company hereby fully and forever releases and discharges you from, and covenants not to sue or otherwise institute
    or cause to be instituted any legal or administrative proceedings against you with respect to, any matter arising out of or relating
    to your employment, or the ending thereof, or any acts by you, including any claims and causes of action against Employee which relate
    to conduct occurring before and up to the date of this Agreement. The foregoing release of you shall not apply to any claims, known
    or unknown, which arise out of facts which constitute a breach of fiduciary duty, fraud, willful misconduct, breach of this Agreement
    or a crime under any federal, state, or local statute, law, ordinance or regulation.

 

    	 

    	 

    

 

	 	b.	You
    expressly agree that you shall be responsible for remitting to federal, state and/or local tax authorities your share of any applicable
    taxes due from the payments set forth in this Agreement and Release, to the extent that such taxes have not been withheld from said
    payments and remitted on your behalf, and shall hold the Company harmless and indemnify it for any liability, costs and expenses
    (including attorney’s fees arising from your failure to remit your share of any applicable taxes), caused by any tax authority
    relating in any way to the tax treatment of the payment made pursuant to this Agreement and Release.
	 	 	 
	 	c.	In
                                            further consideration of this Agreement and Release, you agree to refrain from any publication
                                            or any type of communication, oral or written, of a defamatory or disparaging statement pertaining
                                            to the Company, its corporate parent(s) and affiliates, or their respective past, present
                                            and future officers, agents, directors, supervisors, employees or representatives, except
                                            as otherwise required by law. The Company shall direct its current executive officers and
                                            directors not to make any disparaging remarks or otherwise take any action that could reasonably
                                            be anticipated to cause damage to your reputation, or otherwise make remarks that may reflect
                                            negatively upon you. Notwithstanding the foregoing provision, you and the Company may testify
                                            truthfully pursuant to compulsory process. You agree to provide the General Counsel of the
                                            Company with written notice within five (5) business days of knowledge of your receipt of
                                            any subpoena or other order by court or agency to testify. The breach of this paragraph shall
                                            not affect the continuing validity or enforceability of this Agreement and Release.

    

 

    	 

    	 

    

 

	 	d.	If
    you breach or challenge the enforceability of this Agreement and Release in a court of law or before any administrative agency, except
    as provided in Paragraph 7, you acknowledge that you will reimburse the Company for any monetary consideration previously received
    by you under this Agreement and Release, and you agree to pay reasonable attorneys’ fees and costs incurred by the Company
    in the successful enforcement and/or collection of this Agreement and Release. If the Company breaches or challenges the enforceability
    of this Agreement and Release in a court of law or before any administrative agency, except as provided in Paragraph 7, the Company
    acknowledges that it will to pay reasonable attorneys’ fees and costs incurred by you in the successful enforcement of this
    Agreement and Release. Note, however, that this provision shall not apply to any charge, complaint, or claim you may make
    under the Age Discrimination in Employment Act, 29 U.S.C. §621 et seq.
	 	 	 
	 	e.	You
    agree that you shall not at any time in the future apply or reapply for work with the Company or any of the entities released in
    subparagraph (a) hereof, whether as an employee, contractor, or consultant, and that the Company may reject any application you might
    make without liability, pursuant to this paragraph.
	 	 	 
	 	f.	You
    shall cooperate reasonably with the Company in its defense of, or other participation in, any administrative, judicial or other proceeding
    (“Action”) arising from any charge, complaint or other action that has been or may be filed against the Company or any
    of its affiliates. The Company will pay your reasonable expenses for your cooperation, in addition to an hourly rate of $187.50 per
    hour for reasonable time spent on your duty to cooperate, subject to complying with the Company’s business expense reimbursement
    policy. You will not be paid the hourly rate for time spent testifying in any proceeding, in order to avoid any appearance of a conflict
    of interest. You agree, unless precluded by law, to inform the General Counsel of the Company promptly, in writing, but in no event
    later than five (5) business days of being asked to participate (or otherwise become involved) in any Action involving such claims
    or potential claims.
	 	 	 
	4.	This Agreement and Release shall not be construed as an admission by the Company of any wrongdoing or any violation of federal, state or local law, and the Company specifically disclaims any wrongdoing against, or liability to you.

 

    	 

    	 

    

 

	5.	You
    affirm that you have not filed or caused to be filed, and currently are not a party to any claim, complaint, or action against the
    Company in any forum or form. You further affirm that you have been paid and/or have received all leave (paid or unpaid), compensation,
    wages, bonuses, commissions, and/or benefits to which you may be entitled and that no other leave (paid or unpaid), compensation,
    wages, bonuses, commissions and/or benefits are due to you, except as provided in this Agreement and Release. You furthermore affirm
    that you have no known workplace injuries or occupational diseases and have been provided and/or have not been denied any leave requested
    under any applicable family and medical leave laws.

 

	6.	You
    acknowledge and agree as follows:

 

	 	a.	the
    payments and other benefits provided to you under Paragraph 2 of this Agreement and Release exceed the nature and scope of that to
    which you would otherwise have been entitled to receive from the Company and constitute adequate consideration for your promises
    herein;
	 	 	 
	 	b.	you
    acknowledge that, before signing this Agreement and Release, you were given a period of at least 21 calendar days to consider this
    Agreement and Release;
	 	 	 
	 	c.	you
    waive any right you might have to additional time beyond this 21 day consideration period within which to consider this Agreement
    and Release;
	 	 	 
	 	d.	you
    have read and understand this Agreement and Release in its entirety, including the waiver of rights under the Age Discrimination
    in Employment Act;
	 	 	 
	 	e.	you
    have been advised by the Company to consult with an attorney before signing this Agreement and Release and this paragraph constitutes
    such advice in writing;
	 	 	 
	 	f.	for
    a period of seven (7) calendar days following your execution of this Agreement and Release, you may revoke this Agreement and Release
    by providing written notification to the Company’s General Counsel and Secretary at 28 Engelhard Drive, Suite B, Monroe Township,
    NJ 08831, with a copy sent via email message to jlawrence@oceanpowertech.com and the Agreement and Release shall not become
    effective or enforceable until the seven-day revocation period has expired; and
	 	 	 
	 	g.	you
    enter into this Agreement and Release knowingly and voluntarily, without duress or reservation of any kind, and after having given
    the matter full and careful consideration.

 

    	 

    	 

    

 

	7.	Nothing
    in this Agreement prohibits or restricts you (or your attorney), without prior notice to the Company, from filing a charge, complaint,
    or claim with; providing any information or testimony to; communicating with; or participating in any inquiry, investigation, or
    proceeding by any government agency regarding any allegations of any possible violation of any federal, state, or local law, rule,
    or regulation. By executing this Agreement, you waive the right to recover any damages, remedies, or other relief for you personally
    from the Company in any proceeding before such government agencies or in any proceeding brought by such government agencies on your
    behalf, except as permitted by law, although nothing in this Agreement prevents you from receiving a monetary award from a government-administered
    whistleblower award program for providing information directly to a government agency. You may provide information pursuant to any
    valid subpoena or other court order or legal obligation, provided that you first promptly notify the General Counsel of the Company,
    in writing, but in no event later than five (5) business days, of the proposed disclosure in order to provide Company a reasonable
    opportunity to seek a protective order; however this notice provision expressly excludes any grand jury subpoena served on you.

 

	8.	You
    affirm, covenant, and warrant you are not a Medicare beneficiary and are not currently receiving, have not received in the past,
    will not have received at the time of payment pursuant to this Agreement, are not entitled to, are not eligible for, and have not
    applied for or sought Social Security Disability or Medicare benefits. In the event any statement in the preceding sentence is incorrect
    (for example, but not limited to, if you are a Medicare beneficiary, etc.), the following sentences (i.e., the remaining sentences
    of this paragraph) apply. You affirm, covenant, and warrant you have made no claim for illness or injury against, nor are you aware
    of any facts supporting any claim against, the Releasees under which they could be liable for medical expenses incurred by you before
    or after the execution of this Agreement and Release. Further, you are aware of no medical expenses that Medicare has paid and for
    which the Releasees are or could be liable now or in the future. You agree and affirm that, to the best of your knowledge, no liens
    of any governmental entities, including those for Medicare conditional payments, exist. You will indemnify, defend, and hold the
    Releasees harmless from Medicare claims, liens, damages, conditional payments, and rights to payment, if any, including attorneys’
    fees, and you further agree to waive any and all future private causes of action for damages pursuant to 42 U.S.C. § 1395y(b)(3)(A)
    et seq.

 

	9.	This
    Agreement and Release contains the entire agreement between you and the Company concerning your separation from employment.
	 	 
	10.	This
    Agreement and Release shall be construed and enforced in accordance with New Jersey law, to the extent not governed by federal law.
	 	 
	11.	Any
    legal or equitable actions filed by you or the Company to enforce the terms of this Agreement and Release, or relating to any other
    legal or equitable issues that arise between you and the Company, shall exclusively be filed in New Jersey State Superior Court (Middlesex
County) or the United States District Court for the District of New Jersey (Newark Vicinage).

 

    	 

    	 

    

 

	12.	In
    the event any portion of this Agreement and Release is deemed to be invalid or unenforceable, that portion will be deemed omitted
    and the remainder of this Agreement and Release will remain in full force and effect, except that if the Release in Paragraph
    3 is deemed invalid, you are responsible for repayment of the consideration described in Paragraph 2 if you and the Company cannot
    agree on a valid general release of all claims (unless the Company, in its sole discretion, determines not to require repayment).
	 	 
	13.	This
    Agreement is intended to comply with, or be exempt from, Section 409A of the Internal Revenue Code, as may be amended, and the regulations
    and guidance promulgated thereunder (“Section 409A”). To the extent that any amounts payable in accordance with this
    Agreement are subject to Section 409A, this Agreement shall be interpreted and administered in such a way as to comply with Section
    409A to the maximum extent possible. As used in the Agreement, the term “termination of employment,” “resignation”
    or words of similar import shall mean a separation from service with the Company within the meaning of Section 409A. In no event
    may you, directly or indirectly, designate the calendar year of a payment. Notwithstanding anything herein to the contrary, if payment
    of any amount subject to Section 409A is triggered by a separation from service that occurs while you are a “specified employee”
    (as defined by Section 409A), and if such amount is scheduled to be paid within six months after such separation from service, the
    amount shall accrue without interest and shall be paid the first business day after the end of such six-month period, or, if earlier,
    within sixty (60) days following Executive’s death. You shall be solely responsible for the tax consequences with respect to
    all amounts payable under this Agreement, and in no event shall the Company have any responsibility or liability if this Agreement
    does not meet any applicable requirements of Section 409A.
	 	 
	14.	This
    Agreement may be executed in one or more counterparts, which together shall constitute a valid and binding agreement.

 

If
you agree to the terms set forth above, please sign the next page and return the original of the entire document in the envelope
provided.

 

	 	 	Ocean
    Power Technologies, Inc.
	 	 	 
	 	 	
	 	By:	Terence
J. Cryan
	 	 	Chairman
    of the Board of Directors 
	 	Dated:	 June 18, 2021

 

    	 

    	 

    

 

PLEASE
READ THE FOREGOING AGREEMENT CAREFULLY BEFORE SIGNING. THIS AGREEMENT INCLUDES A RELEASE OF ALL CLAIMS, WHETHER KNOWN OR UNKNOWN, YOU
MAY HAVE IN CONNECTION WITH YOUR EMPLOYMENT WITH THE COMPANY INCLUDING, BUT NOT LIMITED TO, THE TERMINATION THEREOF.

 

	 	
	 	 
	 	George
H. Kirby III 
	 	Dated:
    July 9, 2021EX-10.1

 Exhibit 10.1 

Execution Version 

VOTING AND SUPPORT AGREEMENT 

This Voting and Support Agreement (this “Agreement”) is made and entered into as of July 14, 2021, by and among Covert
Intermediate, Inc., a Delaware corporation (“Parent”), and the stockholders of Covanta Holding Corporation, a Delaware corporation (the “Company”), listed on Schedule A hereto (each, a
“Stockholder” and, collectively, the “Stockholders”). Parent and the Stockholders are referred to individually as a “Party” and collectively as “Parties”. 

RECITALS 
 WHEREAS,
concurrently with the execution and delivery of this Agreement, Parent, Covert Mergeco, Inc., a Delaware corporation and wholly owned subsidiary of Parent (“Merger Sub”), and the Company, are entering into an Agreement and Plan of
Merger (as it may be amended, supplemented or otherwise modified from time to time, the “Merger Agreement”) that, among other things and subject to the terms and conditions set forth therein, provides for the merger of Merger Sub
with and into the Company, with the Company being the surviving entity in such merger (the “Merger”); 
 WHEREAS, as of the
date hereof, each Stockholder is the record and/or “beneficial owner” (within the meaning of Rule 13d- 3 under the Exchange Act) of the number of shares of common stock, par value $0.10 per share, of
the Company (the “Company Stock”) set forth next to such Stockholder’s name on Schedule A hereto, being all of the shares of Company Stock owned of record or beneficially by such Stockholder as of the date hereof (with
respect to such Stockholder, the “Owned Shares”, and the Owned Shares together with any additional shares of Company Stock and any additional Company Securities that such Stockholder may acquire record and/or beneficial ownership of
after the date hereof, such Stockholder’s “Covered Shares”); 
 WHEREAS, the Company Board has unanimously
(a) determined that the terms of the Merger Agreement and the transactions contemplated thereby, including the Merger, are fair to, and in the best interests of, the Company and its stockholders, (b) determined that it is in
the best interests of the Company and its stockholders and declared it advisable to enter into the Merger Agreement, (c) approved the execution and delivery by the Company of the Merger Agreement, the performance by the Company of its
covenants and agreements contained therein and the consummation of the transactions contemplated by the Merger Agreement, including the Merger, upon the terms and subject to the conditions contained therein, (d) resolved to recommend that the
Company’s stockholders approve the Merger and adopt the Merger Agreement and (e) directed that the Merger Agreement be submitted to the Company’s stockholders for their adoption; and 

WHEREAS, as an inducement and condition for Parent and Merger Sub to enter into the Merger Agreement, each Stockholder has agreed to enter
into this Agreement with respect to such Stockholder’s Covered Shares. 

 NOW, THEREFORE, in consideration of the foregoing and the respective representations,
warranties, covenants and agreements set forth below and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows: 

1. Definitions. Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in the
Merger Agreement. When used in this Agreement, the following terms shall have the meanings assigned to them in this Section 1. 

“Expiration Time” shall mean the earliest to occur of (a) the Effective Time and (b) such date and
time as the Merger Agreement shall be validly terminated pursuant to Article IX thereof. 
 “Transfer” shall mean
(a) any direct or indirect offer, sale, assignment, encumbrance, pledge, hypothecation, disposition, loan or other transfer (by operation of Law or otherwise), either voluntary or involuntary, or entry into any option or other Contract,
arrangement or understanding with respect to any offer, sale, assignment, encumbrance, pledge, hypothecation, disposition, loan or other transfer (by operation of Law or otherwise), of any Covered Shares or any interest in any Covered Shares (in
each case other than this Agreement), (b) the deposit of such Covered Shares into a voting trust, the entry into a voting agreement or arrangement (other than this Agreement) with respect to such Covered Shares or the grant of any proxy or
power of attorney (other than this Agreement) with respect to such Covered Shares, (c) entry into any hedge, swap or other transaction or Contract which is designed to (or is reasonably expected to lead to or result in) a transfer of the
economic consequences of ownership of any Covered Shares, whether any such transaction is to be settled by delivery of Covered Shares, in cash or otherwise or (d) any Contract or commitment (whether or not in writing) to take any of the
actions referred to in the foregoing clauses (a), (b) or (c) above. 
 2. Agreement to Not Transfer the Covered Shares. 

2.1 No Transfer of Covered Shares . Until the Expiration Time, each Stockholder agrees not to Transfer or cause or permit the Transfer
of any of such Stockholder’s Covered Shares, other than (a) with the prior written consent of Parent (to be granted or withheld in Parent’s sole discretion) or (b) with respect to the Covered Shares set forth on
Schedule A hereto, pursuant to and as currently required by pledge arrangements with a third-party banking institution in existence as of the date of this Agreement. Any Transfer or attempted Transfer of any Covered Shares in violation of
this Section 2.1 shall be null and void and of no effect whatsoever; provided, however, that any Stockholder may Transfer any such Covered Shares to (i) any other Stockholder or any
Affiliate of any such Stockholder, (ii) any immediate family member (or trust solely for such immediate family member’s benefit) of such Stockholder or (iii) any charitable foundation or organization, in each case of
clauses (i) through (iii), only if the transferee of such Covered Shares evidences in a writing reasonably satisfactory to Parent such transferee’s agreement to be bound by and subject to the terms and provisions hereof to
the same effect as such transferring Stockholder; provided, however, that notwithstanding anything to the contrary herein, Stockholders shall be permitted to Transfer by gift an aggregate of not more than 1,487,209 Covered Shares to
any charitable foundations or organizations without any restrictions hereunder; provided, further, that any such Transfers after the date hereof pursuant to the preceding proviso by any Stockholder to the Zell Family Foundation shall
not be deemed to be Covered Shares and shall not be subject to the terms and conditions of this Agreement. 

  
 -2- 

 2.2 Update of Beneficial Ownership Information . Promptly following the written
request of Parent, or upon a Stockholder’s or any of its Affiliates’ acquisition of beneficial (as defined in Rule 13d-3 under the Exchange Act) or record ownership of additional shares of Company
Stock or other Company Securities after the date hereof, such Stockholder will send to Parent a written notice setting forth the number of Covered Shares beneficially owned by such Stockholder or any of its Affiliates and indicating the capacity in
which such Covered Shares are owned. Each Stockholder agrees to cause any of its Affiliates that acquires any shares of Company Stock or other Company Securities on or after the date hereof to execute an agreement in a form reasonably acceptable to
Parent to be bound with respect to this Agreement with respect to such shares to the same extent such shares would be subject to this Agreement had they been acquired by such Stockholder, and such shares or other Company Securities shall be deemed
Covered Shares for all purposes hereunder. 
 3. Agreement to Vote the Covered Shares. 

3.1 Until the Expiration Time, at every meeting of the Company’s stockholders at which any of the following matters are to be voted on
(and at every adjournment or postponement thereof), and on any action or approval of Company’s stockholders by written consent with respect to any of the following matters, each Stockholder shall vote (including via proxy) all of such
Stockholder’s Covered Shares (or cause the holder(s) of record on any applicable record date to vote (including via proxy) all of such Stockholder’s Covered Shares): 

(a) in favor of (i) the adoption of the Merger Agreement and (ii) the approval of any other matter considered and voted upon by the
stockholders of the Company at the Company Meeting as contemplated as of the date hereof by Section 5.3 of the Merger Agreement; and 

(b) against (i) any action or agreement that would reasonably be expected to result in a breach of the Merger Agreement or result
in any condition set forth in Article VIII of the Merger Agreement not being satisfied on a timely basis, (ii) any Company Acquisition Proposal, or any other proposal made in opposition to, in competition with, or inconsistent with, the
Merger Agreement, the Merger or the transactions contemplated by the Merger Agreement and (iii) any other action, agreement or proposal which could reasonably be expected to delay, postpone or adversely affect the consummation of the
Merger or the other transactions contemplated by the Merger Agreement. 
 3.2 Until the Expiration Time, at every meeting of the
Company’s stockholders (and at every adjournment or postponement thereof), each Stockholder shall be represented in person or by proxy at such meeting (or cause the holders of record on any applicable record date to be represented in person or
by proxy at such meeting) in order for the Covered Shares to be counted as present for purposes of establishing a quorum. 
 3.3 Each
Stockholder shall execute and deliver (or cause the holders of record to execute and deliver), within 48 hours of receipt, any proxy card or voting instructions it receives that is sent to stockholders of the Company soliciting proxies with respect
to any matter described in Section 3.1, which shall be voted in the manner described in Section 3.1 (with Parent to be promptly notified (and provided reasonable evidence of) such execution and
delivery of such proxy card or voting instructions). 

  
 -3- 

 3.4 Notwithstanding anything to the contrary in this Agreement, if at any time following the
date hereof and prior to the Expiration Time a Governmental Authority enters an order restraining, enjoining or otherwise prohibiting the Stockholders from taking any action pursuant to Section 3.1,
Section 3.2 or Section 3.3 of this Agreement, then (a) the obligations of each Stockholder set forth in Section 3.1, Section 3.2 or
Section 3.3 of this Agreement shall be of no force and effect for so long as such order is in effect solely to the extent such order restrains, enjoins or otherwise prohibits such Stockholder from taking any such action,
and (b) each Stockholder shall cause the Covered Shares to not be represented in person or by proxy at any meeting at which a vote of such Stockholder on the Merger Agreement or the transactions contemplated thereby is sought or
requested. 
 4. Waiver of Appraisal Rights. Stockholder hereby waives all appraisal rights under Section 262 of the DGCL with
respect to all of such Stockholder’s Covered Shares owned (beneficially or of record) by such Stockholder. 
 5. Acquisition
Proposals. 
 5.1 From and after the date hereof until the earlier to occur of the Effective Time and the termination of the Merger
Agreement in accordance with Article IX thereof (and in no event beyond November 10, 2022) (a) each Stockholder (solely in the capacity as a stockholder of the Company) shall, and shall cause its Representatives to, immediately cease and
cause to be terminated any existing discussions or negotiations with any Third Party with respect to a Company Acquisition Proposal or any inquiry, proposal or offer which constitutes, or could reasonably be expected to lead to, a Company
Acquisition Proposal and (b) each Stockholder (solely in the capacity as a stockholder of the Company) shall not, and shall cause its Representatives not to, directly or indirectly, (i) solicit, initiate or knowingly encourage any
Company Acquisition Proposal or any inquiry, proposal or offer which constitutes, or could reasonably be expected to lead to, a Company Acquisition Proposal, (ii) participate in any negotiations or discussions regarding, or furnish to
any Person (other than Parent, its Affiliates and their respective Representatives) any nonpublic information relating to the Company and its Subsidiaries in connection with, any Company Acquisition Proposal or any inquiry, proposal or offer which
constitutes, or could reasonably be expected to lead to, a Company Acquisition Proposal, (iii) otherwise cooperate or assist with, or facilitate, any inquiries, proposals, offers, discussions or negotiations that constitute, or could
reasonably be expected to lead to, a Company Acquisition Proposal, (iv) encourage or recommend any other holder of Company Stock to not adopt the Merger Agreement or approve the transactions contemplated by the Merger Agreement,
including the Merger, or make any public statement approving or recommending a Company Acquisition Proposal, (v) enter into any Alternative Acquisition Agreement or any voting agreement, support agreement or other similar agreement in
connection with any Company Acquisition Proposal or any proposal or offer which could reasonably be expected to lead to a Company Acquisition Proposal or (vi) agree to do any of the foregoing. In addition, each Stockholder (solely in the
capacity as a stockholder of the Company) agrees to notify Parent promptly (and in any event within one (1) Business Day) after receipt of any Company Acquisition Proposal, any inquiry, proposal or offer which constitutes, or could 

  
 -4- 

 reasonably be expected to lead to a Company Acquisition Proposal or any inquiry or request for nonpublic
information relating to the Company and its Subsidiaries by any Third Party who has made or would reasonably be expected to make a Company Acquisition Proposal. Such notice shall (A) indicate the identity of the Third Party who has made
or could reasonably be expected to make a Company Acquisition Proposal and (B) include a copy of any relevant written documents or agreements delivered to such Stockholder or its Representatives in connection with such inquiry, proposal
or offer (or, if not delivered in writing, a summary of the material terms and conditions of any such proposal or offer or the nature of the information requested pursuant to such inquiry or request). Thereafter, such Stockholder shall keep Parent
reasonably informed, on a prompt basis (and in any event within one (1) Business Day), regarding any material changes to the status and material terms of any such inquiry, proposal or offer (and shall provide Parent with a copy of any relevant
written documents or agreements delivered to the Company or its Representatives that contain any material amendments thereto or any material change to the scope or material terms or conditions thereof (or, if not delivered in writing, a summary of
any such material amendments or material changes)). 
 5.2 Notwithstanding the foregoing, if the Company is permitted, pursuant to
Section 7.2(b) of the Merger Agreement, to have discussions or negotiations with respect to a Company Acquisition Proposal, each Stockholder and its Representatives shall be permitted to participate in such discussions or negotiations with the
Person or group making such Company Acquisition Proposal to the same extent as the Company is permitted to do so under Section 7.2(b) of the Merger Agreement, subject to compliance by such Stockholder with the last three sentences of
Section 5.1 above. 
 6. No Legal Action. Each Stockholder shall not, and shall cause its Representatives
not to, bring, commence, institute, maintain, prosecute or voluntarily aid any claim, appeal, or proceeding which (a) challenges the validity of or seeks to enjoin the operation of any provision of this Agreement or
(b) alleges that the execution and delivery of this Agreement by any of the Stockholders (or their performance hereunder solely in the capacity as a stockholder of the Company) breaches any fiduciary duty of the Company Board (or any
member thereof) or any duty that any of the Stockholders have (or may be alleged to have) to the Company or to the other holders of the Company Stock. 

7. Fiduciary Duties. Each Stockholder is entering into this Agreement solely in its capacity as the record holder or beneficial owner
of such Stockholder’s Covered Shares. Nothing in this Agreement shall in any way attempt to limit or affect any actions taken by any of Stockholder’s or its Affiliates’ designee(s) or beneficial owner(s) serving on the Company Board
or any such Stockholder or in his or her capacity as a director, officer or employee of the Company or any of its Affiliates, from complying with his or her fiduciary obligations while acting in such designee’s or beneficial owner’s
capacity as a director, officer or employee of the Company. No action taken (or omitted to be taken) in any such capacity as a director, officer or employee shall be deemed to constitute a breach of this Agreement. 

  
 -5- 

 8. Notice of Certain Events. Each Stockholder shall notify Parent in writing promptly
of (a) any fact, event or circumstance that would cause, or reasonably be expected to cause or constitute, a breach of the representations and warranties of such Stockholder under this Agreement or (b) the receipt by such
Stockholder of any notice or other communication from any Person alleging that the consent of such Person is or may be required in connection with this Agreement. 

9. Representations and Warranties of the Stockholder. Each Stockholder hereby represents and warrants to Parent that: 

9.1 Due Authority. The Stockholder has the full power and capacity to make, enter into and carry out the terms of this Agreement and to
grant the irrevocable proxy as set forth in Section 3.5 hereof. If the Stockholder is not a natural person, (a) the Stockholder is duly organized, validly existing and in good standing in accordance with the
laws of its jurisdiction of formation, as applicable, and (b) the execution and delivery of this Agreement, the performance of the Stockholder’s obligations hereunder, and the consummation of the transactions contemplated hereby
have been validly authorized, and no other consents or authorizations are required to give effect to this Agreement or the transactions contemplated by this Agreement. This Agreement has been duly and validly executed and delivered by the
Stockholder and constitutes a valid and binding obligation of the Stockholder enforceable against it in accordance with its terms, except as enforcement may be limited by general principles of equity whether applied in a court of law or a court of
equity and by bankruptcy, insolvency and similar Laws affecting creditors’ rights and remedies generally. 
 9.2 Ownership of the
Covered Shares. (a) The Stockholder is, as of the date hereof, the beneficial or record owner of such Stockholder’s Covered Shares, free and clear of any and all Liens, other than those (i) created by this Agreement
or (ii) as disclosed on Schedule A hereto, and (b) the Stockholder has sole voting power over all of the Covered Shares beneficially owned by the Stockholder. Except for the Covered Shares subject to the pledge
arrangements as set forth on Schedule A hereto, the Stockholder has not entered into any agreement to Transfer any Covered Shares. As of the date hereof, the Stockholder does not own, beneficially or of record, any shares of Company Stock or
other voting shares of the Company (or any securities convertible, exercisable or exchangeable for, or rights to purchase or acquire, any shares of Company Stock or other voting shares of the Company) other than the Owned Shares. 

9.3 No Conflict; Consents. 

(a) The execution and delivery of this Agreement by the Stockholder does not, and the performance by the Stockholder of its obligations under
this Agreement and the compliance by the Stockholder with any provisions hereof does not and will not: (i) conflict with or violate any Laws applicable to the Stockholder, or (ii) result in any breach of or constitute a
default (or an event that with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, or result in the creation of a Lien on any of the Covered Shares
beneficially owned by the Stockholder pursuant to any Contract or obligation to which the Stockholder is a party or by which the Stockholder is subject; provided, however, that the Parties acknowledge and agree that a portion 

  
 -6- 

 of the Covered Shares are subject to existing pledge arrangements (as set forth on Schedule A hereto)
and may be subject to Transfer in the event of a default under such pledge arrangements. As of the date hereof, there is no event of default (or event that with notice or lapse of time or both would become a default) under any such pledge
arrangements. 
 (b) No consent, approval, order or authorization of, or registration, declaration or, except as required by the rules and
regulations promulgated under the Exchange Act, filing with, any Governmental Authority or any other Person, is required by or with respect to the Stockholder in connection with the execution and delivery of this Agreement or the consummation by
them of the transactions contemplated hereby. 
 9.4 Absence of Litigation. As of the date hereof, there is no legal action pending
against, or, to the knowledge of the Stockholder, threatened against or affecting the Stockholder that would reasonably be expected to materially impair the ability of the Stockholder to perform its obligations hereunder or to consummate the
transactions contemplated hereby on a timely basis. 
 9.5 Finders Fees. No broker, investment bank, financial advisor or other
person is entitled to any broker’s, finder’s, financial adviser’s or similar fee or commission in connection with the transactions contemplated hereby based upon arrangements made by or on behalf of the Stockholder. 

10. Representations and Warranties of Parent. Parent hereby represents and warrants to the Stockholder that: 

10.1 Due Authority. Parent has the full power and capacity to make, enter into and carry out the terms of this Agreement. Parent is
duly organized, validly existing and in good standing in accordance with the laws of its jurisdiction of formation. The execution and delivery of this Agreement, the performance of Parent’s obligations hereunder, and the consummation of the
transactions contemplated hereby has been validly authorized, and no other consents or authorizations are required to give effect to this Agreement or the transactions contemplated by this Agreement. This Agreement has been duly and validly executed
and delivered by Parent and constitutes a valid and binding obligation of Parent enforceable against it in accordance with its terms, except as enforcement may be limited by general principles of equity whether applied in a court of law or a court
of equity and by bankruptcy, insolvency and similar Laws affecting creditors’ rights and remedies generally. 
 10.2 No Conflict;
Consents. 
 (a) The execution and delivery of this Agreement by Parent does not, and the performance by Parent of its obligations
under this Agreement and the compliance by Parent with the provisions hereof do not and will not: (i) conflict with or violate any Laws applicable to Parent, or (ii) result in any breach of or constitute a default (or an
event that with notice or lapse of time or both would become a material default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, pursuant to any Contract or obligation to which Parent is a party or by
which Parent is subject. 

  
 -7- 

 (b) No consent, approval, order or authorization of, or registration, declaration or,
except as required by the rules and regulations promulgated under the Exchange Act, filing with, any Governmental Authority or any other Person, is required by or with respect to Parent in connection with the execution and delivery of this Agreement
or the consummation by Parent of the transactions contemplated hereby. 
 10.3 Absence of Litigation. As of the date hereof, there is
no legal action pending against, or, to the knowledge of Parent, threatened against or affecting Parent that would reasonably be expected to materially impair the ability of Parent to perform its obligations hereunder or to consummate the
transactions contemplated hereby on a timely basis. 
 11. Miscellaneous. 

11.1 No Ownership Interest. Nothing contained in this Agreement shall be deemed to vest in Parent any direct or indirect ownership or
incidence of ownership of or with respect to the Covered Shares. All rights, ownership and economic benefits of and relating to the Covered Shares shall remain vested in and belong to the Stockholders, and Parent shall have no authority to direct
any Stockholder in the voting or disposition of any of the Covered Shares, except as otherwise provided herein. 
 11.2 Certain
Adjustments. In the event of a stock split, stock dividend or distribution, or any change in the Company Stock by reason of any split-up, reverse stock split, recapitalization, combination,
reclassification, exchange of shares or the like, the terms “Company Stock” and “Covered Shares” shall be deemed to refer to and include such shares as well as all such stock dividends and distributions and any securities into
which or for which any or all of such shares may be changed or exchanged or which are received in such transaction. 
 11.3 Amendments
and Modifications. This Agreement may not be modified, amended, altered or supplemented except upon the execution and delivery of a written agreement executed by all of the Parties. 

11.4 Expenses. All costs and expenses incurred in connection with this Agreement shall be paid by the Party incurring such cost or
expense. 
 11.5 Notices. All notices and other communications hereunder shall be in writing and shall be deemed given if delivered
personally, by email (with confirmation of receipt) or sent by a nationally recognized overnight courier service, such as Federal Express, to the Parties at the following addresses (or at such other address for a Party as shall be specified by like
notice made pursuant to this Section 11.5): 
 (i) if to the Stockholders, to: 

Equity Group Investments 
 2 N.
Riverside Drive, Suite 600 
 Chicago, Illinois 60606 

Attention: Joseph Miron 
 Email:
      jmiron@egii.com 

  
 -8- 

 (ii) if to Parent, to: 

c/o EQT Partners Inc. 
 1114
Avenue of the Americas, 45th Floor 
 New York, NY 10036 

Attention: Alex N. Darden 

                 Juan Diego Vargas 

Email:      alex.darden@eqtpartners.com; 

                 juandiego.vargas@eqtpartners.com 

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

Kirkland & Ellis LLP 

601 Lexington Avenue 
 New York,
NY 10022 
 Attention: Jai Agrawal, P.C. 

                 David B. Feirstein, P.C. 

                 Sarkis Jebejian, P.C. 

                 Romain Dambre 

Email:      jai.agrawal@kirkland.com 

                 david.feirstein@kirkland.com 

                 sarkis.jebejian@kirkland.com 

                 romain.dambre@kirkland.com 

(iii) if to Company, to: 

Covanta Holding Corporation 

445 South Street 
 Morristown,
NJ 07960 
 Attention: Tom Kenyon 

                 Matthew Mulcahy 

Email:      tkenyon@covanta.com 

                 mmulcahy@covanta.com 

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

Debevoise & Plimpton LLP 

919 Third Avenue 
 New York, New
York 10022 
 Attention: Jonathan E. Levitsky 

                 William D. Regner 

Email:      jelevitsky@debevoise.com 

                 wdregner@debevoise.com 

  
 -9- 

 11.6 Enforcement; Exclusive Jurisdiction. 

(a) The rights and remedies of the Parties shall be cumulative with and not exclusive of any other remedy conferred hereby. The Parties agree
that irreparable damage would occur and that the Parties would not have any adequate remedy at law in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is
accordingly agreed that the Parties shall be entitled to an injunction or injunctions to prevent breaches or threatened breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in the Court of Chancery of the
State of Delaware or, if under applicable Law exclusive jurisdiction over such matter is vested in the federal courts, any federal court located in the State of Delaware without proof of actual damages or otherwise (and each Party hereby waives any
requirement for the securing or posting of any bond in connection with such remedy), this being in addition to any other remedy to which they are entitled at law or in equity. The Parties’ rights in this 11.6 are an integral part of the
transactions contemplated hereby and each Party hereby waives any objections to any remedy referred to in this Section 11.6. 

(b) In addition, each of the Parties (i) consents to submit itself, and hereby submits itself, to the personal jurisdiction of
the Court of Chancery of the State of Delaware and any federal court located in the State of Delaware, or, if neither of such courts has subject matter jurisdiction, any state court of the State of Delaware having subject matter jurisdiction, in the
event any dispute arises out of this Agreement or any of the transactions contemplated by this Agreement, (ii) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any
such court, and agrees not to plead or claim any objection to the laying of venue in any such court or that any judicial proceeding in any such court has been brought in an inconvenient forum, (iii) agrees that it will not bring any
action relating to this Agreement or any of the transactions contemplated by this Agreement in any court other than the Court of Chancery of the State of Delaware and any federal court located in the State of Delaware, or, if neither of such courts
has subject matter jurisdiction, any state court of the State of Delaware having subject matter jurisdiction and (iv) consents to service of process being made through the notice procedures set forth in
Section 11.5. 
 11.7 Waiver of Jury Trial. EACH OF THE PARTIES HEREBY KNOWINGLY, INTENTIONALLY AND
VOLUNTARILY IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

11.8 Documentation and Information. Each Stockholder consents to and authorizes the publication and disclosure by Parent and the
Company of such Stockholder’s identity and holding of the Covered Shares, and the terms of this Agreement (including, for the avoidance of doubt, the disclosure of this Agreement), in any press release, the Proxy Statement and any other
disclosure document required in connection with the Merger Agreement, the Merger and the transactions contemplated by the Merger Agreement. 

11.9 Further Assurances. Each Stockholder agrees, from time to time, at the reasonable request of Parent and without further
consideration, to execute and deliver such additional documents and take all such further action as may be reasonable required to consummate and make effective, in the most expeditious manner practicable, the transactions contemplated by this
Agreement. 

  
 -10- 

 11.10 Stop Transfer Instructions. At all times commencing with the execution and
delivery of this Agreement and continuing until the Expiration Time, in furtherance of this Agreement, each Stockholder hereby authorizes the Company or its counsel to notify the Company’s transfer agent that there is a stop transfer order with
respect to all of the Covered Shares (and that this Agreement places limits on the voting and transfer of the Covered Shares), subject to the provisions hereof and provided that any such stop transfer order and notice will immediately be withdrawn
and terminated by the Company following the Expiration Time. 
 11.11 Entire Agreement. This Agreement, including Schedule A,
constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, among the Parties with respect to the subject matter hereof. For the avoidance of doubt, nothing in this Agreement shall be deemed to
amend, alter or modify, in any respect, any of the provisions of the Merger Agreement. 
 11.12 Reliance. Each Stockholder
understands and acknowledges that Parent and Merger Sub are entering into the Merger Agreement in reliance upon such Stockholder’s execution and delivery of this Agreement. 

11.13 Interpretation. The words “hereof”, “herein” and “hereunder” and words of like import used in this
Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The descriptive headings used herein are inserted for convenience of reference only and are not intended to be part of or to affect the meaning
or interpretation of this Agreement. References to Articles, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits and Schedules of this Agreement unless otherwise specified. All Exhibits and Schedules annexed hereto or referred to
herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but not otherwise defined therein, shall have the meaning as defined in this Agreement. Any
singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. The definitions contained in this Agreement are applicable to the masculine as well as to the feminine and neuter genders of such term. Whenever
the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or
words of like import. Unless the context otherwise requires, “neither,” “nor,” “any,” “either” and “or” are not exclusive. The word “extent” in the phrase “to the extent” means
the degree to which a subject or other thing extends, and does not simply mean “if.” “Writing”, “written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media)
in a visible form. References to any statute shall be deemed to refer to such statute and to any rules or regulations promulgated thereunder. References to any Contract or Law are to that Contract or Law, as applicable, as amended, modified or
supplemented (including by waiver or consent) from time to time in accordance with the terms hereof and thereof. References to “the transactions contemplated by this Agreement” or words with a similar import shall be deemed to include the
Merger. References to any Person include the successors and permitted assigns of that Person. References from or through any date mean, unless otherwise specified, from and including such date or through and including such date, respectively.
References to any period of days will be deemed to be to the relevant number of calendar days unless otherwise specified and if the last day of such period is not a Business Day, the period shall end on the next succeeding Business Day. The Parties
agree that they have been represented by counsel during the negotiation, drafting, preparation and execution of this Agreement and, therefore, in the event an ambiguity or question of intent or interpretation arises, this Agreement will be construed
as if drafted jointly by the Parties, and no presumption or burden of proof will arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions of this Agreement. 

  
 -11- 

 11.14 Assignment. Neither this Agreement nor any of the rights, interests or
obligations hereunder shall be assigned by any of the Parties in whole or in part (whether by operation of Law or otherwise) without the prior written consent of the other Parties, and any such assignment without such consent shall be null and void;
provided that Parent may transfer or assign its rights and obligations under this Agreement, in whole or from time to time in part, to one or more of its Affiliates at any time; provided, further, that any assignment by Parent
shall not relieve Parent of its obligations hereunder. This Agreement shall be binding upon, inure to the benefit of and be enforceable by the Parties and their respective successors and permitted assigns. 

11.15 Severability. If any term or other provision of this Agreement is held by a court of competent jurisdiction or other authority to
be invalid, void, unenforceable or against its regulatory policy, the remainder of the terms and provisions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated, so long as the economic and
legal substance of the transactions contemplated hereby, taken as a whole, is not affected in a manner materially adverse to any Party. Upon such a determination, the Parties shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the Parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

11.16 Counterparts . This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same
agreement, it being understood that each Party need not sign the same counterpart. This Agreement shall become effective when each Party shall have received a counterpart hereof signed by all of the other Parties. Signatures delivered electronically
or by facsimile shall be deemed to be original signatures. 
 11.17 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO CONFLICTS OF LAWS PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF THE LAW OF ANY OTHER STATE. 

11.18 Non-Survival of Representations and Warranties. None of the representations and
warranties in this Agreement or in any schedule, instrument or other document delivered pursuant to this Agreement shall survive the Effective Time or the termination of this Agreement. This Section 11.18 shall not limit
any covenant or agreement contained in this Agreement that by its terms is to be performed in whole or in part after the Effective Time or the termination of this Agreement. 

  
 -12- 

 11.19 Termination. This Agreement shall automatically terminate without further
action by any of the Parties and shall have no further force or effect as of the earliest to occur of (a) the Expiration Time or (b) with respect to any Stockholder, the election of such Stockholder in its sole discretion to
terminate this Agreement promptly following any amendment of any term or provision of the original unamended Merger Agreement dated as of the date hereof that reduces or changes the form of consideration payable pursuant to such Merger Agreement;
provided that the provisions of this Article XI shall survive any such termination. Notwithstanding the foregoing, termination of this Agreement shall not prevent any Party from seeking any remedies (at law or in equity) against any
other Party for that Party’s breach of any of the terms of this Agreement prior to the date of termination. 
 [Signature page
follows] 

  
 -13- 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed and delivered
on the date and year first above written. 
  

			
	COVERT INTERMEDIATE, INC.
		
	By:	 	 /s/ Nathalie Brabers

		 	Name: Nathalie Brabers
		 	Title: President
		
	By:	 	 /s/ Ivana Milos

		 	Name: Ivana Milos
		 	Title: Secretary

 [Signature Page to Voting Agreement] 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed and delivered
on the date and year first above written. 
  

			
	Samuel Zell Revocable Trust
		
	By:	 	 /s/ Samuel Zell

		 	Name: Samuel Zell
		 	Title: Trustee

 [Signature Page to the Voting Agreement] 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed and delivered
on the date and year first above written. 
  

			
	Zell Family Foundation
		
	By:	 	 /s/ Joseph Miron

		 	Name: Joseph Miron
		 	Title: Secretary
	
	SZ Investments LLC
		
	By:	 	 /s/ Joseph Miron

		 	Name: Joseph Miron
		 	Title: Vice President
	
	EGI-Fund (05-07) Investors, LLC
		
	By:	 	 /s/ Joseph Miron

		 	Name: Joseph Miron
		 	Title: Vice President

 [Signature Page to the Voting Agreement] 

 Schedule A 

 

							
	 Name
	  	 Owned Shares
	  	 Address
	  	 Owned Shares Subject

to Pledge
 Arrangement1

	 Samuel Zell Revocable
	  	137,663	  	2 N. Riverside Plaza,	  	130,509
	 Trust
	  		  	Suite 600	  	
		  		  	Chicago, IL 60606	  	
		  		  	Attention: Joseph Miron	  	
	 Zell Family Foundation
	  	100,000	  	2 N. Riverside Plaza,	  	0
		  		  	Suite 600	  	
		  		  	Chicago, IL 60606	  	
		  		  	Attention: Joseph Miron	  	
	 SZ Investments LLC
	  	10,921,682	  	2 N. Riverside Plaza,	  	7,734,804
		  		  	Suite 600	  	
		  		  	Chicago, IL 60606	  	
		  		  	Attention: Joseph Miron	  	
	 EGI-Fund (05-07)
	  	2,027,500	  	2 N. Riverside Plaza,	  	2,027,500
	 Investors, LLC
	  		  	Suite 600	  	
		  		  	Chicago, IL 60606	  	
		  		  	Attention: Joseph Miron	  	

  

	1	 The shares of Company Stock set forth in this column are subject to existing pledge arrangements entered into
by the applicable Stockholders in connection with stock loan agreements prior to the date of this Agreement.

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