Document:

Exhibit 10.1

 

THIS PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”).  THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY A\ND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED
IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF MAKER REASONABLY SATISFACTORY IN FORM,
SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.  

 

PROMISSORY NOTE

 

	Principal Amount:  Up to $500,000	Dated as of January 3, 2023

 

Innovative International Acquisition
Corp., a Cayman Islands exempted company (the “Maker”), promises to pay to the order of the Ananda Small Business Trust,
or its registered assigns or successors in interest (the “Payee”),
or order, the principal sum of up to Five Hundred Thousand Dollars ($500,000), or such lesser amount as shall have been advanced by Payee
to Maker and shall remain unpaid under this Note, in lawful money of the United States of America, on the terms and conditions described
below.  All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined
by the Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions of this
Note.

 

1. Principal. The principal balance
of Note shall be payable on the date on which Maker consummates its initial business combination (the “Maturity Date”). The
principal balance may be prepaid at any time. Under no circumstances shall any individual, including but not limited to any officer, director,
employee or shareholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.

 

2. Interest. No interest shall
accrue on the unpaid principal balance of this Note.

 

3.  Drawdown Requests.
The principal of this Note may be drawn down from time to time prior to the Maturity Date, upon request from Maker to Payee (each, a “Drawdown
Request”). Payee shall fund each Drawdown Request within two (2) business days after receipt of a Drawdown Request; provided,
however, that the maximum amount of drawdowns collectively under this Note is Five Hundred Thousand Dollars ($500,000). Once an amount
is drawn down under this Note, it shall not be available for future Drawdown Requests even if prepaid. No fees, payments or other amounts
shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker.

 

4. Application of Payments. All
payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without
limitation) reasonable attorneys’ fees, then to the payment in full of any late charges and finally to the reduction of the unpaid
principal balance of this Note.

  

5. Events of Default. The following
shall constitute an event of default (“Event of Default”):

 

(a) Failure to Make
Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business days of the date
specified in Section 1 above.

 

(b) Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or the
making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become
due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 

(c)  Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an
involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation
of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days.

 

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6. Remedies.

 

(a)  Upon the occurrence
of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this Note to be due immediately
and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable thereunder, shall become immediately due
and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained
herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b)  Upon the occurrence
of an Event of Default specified in Sections 5(b) or 5(c), the unpaid principal balance of this Note, and all other sums payable with
regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part of Payee.

 

7. Waivers. Maker and all endorsers
and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest
with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and
all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal, or any part
of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of
execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon
pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in
part in any order desired by Payee.

 

8. Unconditional Liability. Maker
hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note,
and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in
any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any
and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other provisions
of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker
or affecting Maker’s liability hereunder.

  

9. Notices. All notices,
statements or other documents which are required or contemplated by this Agreement shall be in writing and delivered (i) personally
or sent by first class registered or certified mail, overnight courier service to the address designated in writing by such party,
(ii) by facsimile to the number most recently provided to such party or such other address or fax number as may be designated in
writing by such party or (iii) by electronic mail, to the electronic mail address most recently provided to such party or such other
electronic mail address as may be designated in writing by such party.  Any notice or other communication so transmitted
shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written
confirmation, if sent by facsimile or electronic mail, one (1) business day after delivery to an overnight courier service or five
(5) days after mailing if sent by mail.

 

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10. Construction. THIS NOTE SHALL
BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

 

11. Severability. Any provision
contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

12.  Trust Waiver.  Notwithstanding
anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”)
in or to any distribution of or from the trust account in which a portion of the proceeds of the Maker’s initial public offering
(the “IPO”) and concurrent private placement were deposited, as described in greater detail in the registration statement
and prospectus filed with the Securities and Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse, reimbursement,
payment or satisfaction for any Claim against the trust account for any reason whatsoever.

 

13. Amendment; Waiver.  Any
amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker and the Payee.

 

14. Assignment.  No
assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise)
without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF,
Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first
above written.

 

	 	INNOVATIVE INTERNATIONAL ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Mohan Ananda
	 	Name:  	Mohan Ananda
	 	Title:	Chief Executive Officer

 

    4EX-10.1

 Exhibit 10.1 

EMPLOYMENT SEPARATION AND GENERAL RELEASE AGREEMENT 

 
 This Employment Separation and
General Release Agreement (“Agreement”) is made as of the date of last signature below, by and between UWE SCHRAMM a resident of the State of California (“EMPLOYEE”),
and ALTAIR ENGINEERING INC., a Delaware corporation (“EMPLOYER”). 
 EMPLOYEE and EMPLOYER agree to conclude their
existing employment relationship as of the close of business on December 31, 2022, which shall be the “Separation Date” unless the EMPLOYEE’s employment is terminated sooner as provided herein, in which case
such last day of employment will be the Separation Date; and 
 NOW THEREFORE, in consideration of the mutual promises and agreements set
forth herein, the receipt and adequacy of which the parties acknowledge, it is agreed as follows: 
 1. Employee Release.
EMPLOYEE agrees to, and hereby does, fully and forever release and discharge EMPLOYER as well as EMPLOYER’s past, present and future parent organizations, subsidiaries and other affiliated entities, related companies and divisions and each of
their respective past, present and future officers, directors, employees, shareholders, trustees, members, partners, attorneys and agents (in each case, individually and in their official capacities) and each of their respective employee benefit
plans (and such plans’ fiduciaries, agents, administrators and insurers, individually and in their official capacities), as well as any predecessors, future successors or assigns or estates of any of the foregoing (the “Released
Parties”) from any and all claims existing as of the date that EMPLOYEE signs and returns this Agreement, of whatever type under any of the following: the Fair Labor Standards Act, 29 U.S.C. Section 201, et seq.; the Age Discrimination in
Employment Act, 29 U.S.C. Section 621, et seq.; Title VII of the Civil Rights Act of 1964, 42 U.S.C. Section 2000e et seq., as amended by the Civil Rights Act of 1991; The Civil Rights Act of 1866, 42 U.S.C. Section 1981; the National
Labor Relations Act, 29 U.S.C. Section 151, et seq.; The Rehabilitation Act of 1973, 29 U.S.C. Section 701, et seq.; The Americans with Disabilities Act; The Older Workers Benefit Protection Act, 29 U.S.C. Section 626(f); the Family
and Medical Leave Act, Federal Executive Order 11246; the Employee Retirement and Income Security Act of 1974 29 U.S.C. 1001 et seq; the Michigan Elliot-Larson Civil Rights Act; the Michigan Persons with Disabilities Act, and/or any other federal,
state or local statute, law, ordinance, regulation or order relating to employment, compensation, fringe benefits, termination of employment, re-employment, or discrimination in employment, harassment,
retaliation, or contract (whether oral, written, express and implied), promissory estoppel, any tort claims, fraud, negligent or intentional infliction of emotional distress; negligent or intentional misrepresentation; negligent or intentional
interference with contract or prospective economic advantage; unfair business practices; defamation; libel or slander; negligence; assault; battery; invasion of privacy; personal injury; compensatory or punitive damages, or any other claim for
damages or injury of any kind whatsoever, or for attorney’s fees which are recoverable in connection with such claims or causes of action, or for to any non-vested ownership interest in EMPLOYER,
contractual or otherwise, including, but not 

  

			
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 limited to, claims to stock, restricted stock units or stock options. This general release of claims
includes any and all claims arising up to and including the date that EMPLOYEE signs and returns this Agreement which EMPLOYEE either has or may have against the Released Parties, whether such claims are known or unknown, suspected or unsuspected,
asserted or unasserted, disclosed or undisclosed. By signing this Agreement, EMPLOYEE expressly waives any right to assert that any such claim, demand, obligation or cause of action has, through ignorance or oversight, been omitted from the scope of
this release and further waives any rights under statute or common law principles that otherwise prohibits the release of unknown claims. 
 This
general release of claims by EMPLOYEE does not apply to, waive or affect: any rights or claims that may arise after the date EMPLOYEE signs and returns this Agreement; any claim for workers’ compensation benefits (but it does apply to,
waive and affect claims of discrimination and/or retaliation on the basis of having made a workers’ compensation claim); claims for unemployment benefits or any other claims or rights that by law cannot be waived in a private agreement between
an employer and employee; or EMPLOYEE’s rights to any vested benefits to which EMPLOYEE is entitled under the terms of the applicable employee benefit plan (the “Excluded Claims”). This general release of claims also does
not apply to, waive, affect, limit or interfere with any preserved rights contained in this Agreement.  
 2. Payments Upon
Separation of Employment. Provided (a) EMPLOYEE timely signs, returns and does not revoke his acceptance of this Agreement; and (b) complies with all of the terms of this Agreement, EMPLOYER will provide EMPLOYEE with all of the
following benefits (all, collectively, the “Severance”): 
 (a) An amount equal to $ 150,000 payable in equal
installments over six (6) consecutive months from the Separation Date. 
 (b) EMPLOYEE shall be eligible to receive
his earned and unpaid Executive Bonus Target for 2022 performance (“2022 EB”). Any such award of EMPLOYEE’s 2022 EB shall be determined at the discretion of Jim Scapa. The 2022 EB payment shall be paid to EMPLOYEE at the time such
executive bonuses for 2022 performance are payable to other executives of the EMPLOYER that participate in the Executive Bonus Program. 

(c) An amount equal to $10,240.38 for 71 hours of accrued and unpaid PTO. 

(d) Subject to the approval of the Compensation Committee of the Board of Directors of Altair Engineering Inc. 

(i) 2,237 of the unvested Incentive Stock Options awarded to EMPLOYEE pursuant to Grant # 2020-158 dated June 2, 2020 issued under and as defined in EMPLOYER’s 2017 Equity Incentive Plan shall vest to the extent such Incentive Stock
Options would have vested had EMPLOYEE remained employed with EMPLOYER through December 31, 2023; 

  

			
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 (ii) 362 of the unvested Incentive Stock Options awarded to EMPLOYEE pursuant
to Grant # IS202010 dated March 11,2020 issued under and as defined in EMPLOYER’s 2017 Equity Incentive Plan shall vest to the extent such Incentive Stock Options would
have vested had EMPLOYEE remained employed with EMPLOYER through December 31, 2023; 

(iii) 9,013 of the unvested Nonstatutory Stock Options awarded to EMPLOYEE pursuant to Grant # 2020-159 dated June 2, 2020 issued under and as defined in EMPLOYER’s 2017 Equity Incentive Plan shall vest to the extent such Non-Qualified Stock Units would have vested had EMPLOYEE remained employed with EMPLOYER through December 31, 2023; 

(iv) 11,250 of the unvested Nonstatutory Stock Options awarded to EMPLOYEE pursuant to Grant # 2020-771 dated December 2, 2020 issued under and as defined in EMPLOYER’s 2017 Equity Incentive Plan shall vest to the extent such Non-Qualified Stock Units would have vested had EMPLOYEE remained employed with EMPLOYER through December 31, 2023; 

(v) 1,570 of the unvested Nonstatutory Stock Options awarded to EMPLOYEE pursuant to Grant #
20210055 dated March 15, 2021 issued under and as defined in EMPLOYER’s 2017 Equity Incentive Plan shall vest to the extent such Non-Qualified Stock Units would have
vested had EMPLOYEE remained employed with EMPLOYER through December 31, 2023; 
 (vi)
2,125 of the unvested Nonstatutory Stock Options awarded to EMPLOYEE pursuant to Grant # 20220089 dated February 15, 2022 issued under and as defined in EMPLOYER’s 2017 Equity
Incentive Plan shall vest to the extent such Non-Qualified Stock Units would have vested had EMPLOYEE remained employed with EMPLOYER through December 31, 2023;
 
 (vii) 766 of the unvested Restricted Stock Units awarded to EMPLOYEE pursuant to Grant # 20191605
dated March 15, 2019 issued under and as defined in EMPLOYER’s 2017 Equity Incentive Plan shall vest to the extent such Restricted Stock Units would have vested had EMPLOYEE remained employed
with EMPLOYER through December 31, 2023; 
 (viii) 362 of the unvested Restricted Stock
Units awarded to EMPLOYEE pursuant to Grant # 20202032 dated March 11, 2020, issued under and as defined in EMPLOYER’s 2017 Equity Incentive Plan shall vest to the
extent such Restricted Stock Units would have vested had EMPLOYEE remained employed with EMPLOYER through December 31, 2023; 

(ix) 523 of the unvested Restricted Stock Units awarded to EMPLOYEE pursuant to Grant # 20210013 dated
March 15, 2021 issued under and as defined in EMPLOYER’s 2017 Equity Incentive Plan shall vest to the extent such Restricted Stock Units would have vested had EMPLOYEE remained employed with
EMPLOYER through December 31, 2023; 

  

			
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 (x) 713 of the unvested Restricted Stock Units awarded to EMPLOYEE pursuant to Grant
# 20220019 dated February 15, 2022 issued under and as defined in EMPLOYER’s 2017 Equity Incentive Plan shall vest to the extent such Restricted Stock Units would have
vested had EMPLOYEE remained employed with EMPLOYER through December 31, 2023; 
 (e) Subject
to the approval of the Compensation Committee of the Board of Directors of Altair Engineering Inc., all Incentive Stock Options and Nonstatutory Stock Options granted to EMPLOYEE under EMPLOYER’s 2017 Equity Incentive Plan will be amended to
extend the amount of time EMPLOYEE has to exercise the options following termination of employment from ninety (90) days after the Separation Date to two hundred seventy (270) days after Separation of Employment (but in no event later than
the original expiration date applicable to such options), subject to earlier termination in accordance with the terms and conditions of the Plan and the applicable grant agreement evidencing your Incentive Stock Options or Nonstatutory Stock Options
(the “Extension”). A discussion of certain federal income tax consequences related to the Extension is set forth in paragraph 13 below. 

The payments under this Section 2 shall be (i) made via EMPLOYER’S regular payroll practices, which shall include direct deposit
to the current account EMPLOYEE has on file with EMPLOYER and (ii) subject to all applicable federal and state withholding, payroll and other taxes. EMPLOYEE understands and agrees that he is not entitled to receive any additional payments or
benefits except for the Severance set forth herein. 
 3. COBRA Benefits. EMPLOYER will provide EMPLOYEE with information
regarding his rights under the Consolidated Omnibus Reconciliation Act of 1996 (COBRA). EMPLOYEE shall be eligible elect COBRA continuation coverage for medical, dental, and vision and other employee benefit programs through June 30, 2023. The
premium for COBRA continuation coverage will be paid to COBRA benefits provider directly by EMPLOYER. 
 4. Confidentiality.
The terms and conditions of any confidentiality and or intellectual property rights agreements, including but not limited to the Non-Disclosure Agreement (referred to herein “Confidentiality
Agreement”) signed as a condition of employment at EMPLOYER shall survive the termination of EMPLOYEE’s employment with EMPLOYER and the execution of this Agreement. EMPLOYEE hereby understands and agrees that EMPLOYEE shall not
directly or indirectly communicate, use, disseminate, or disclose any information learned by them about the nature and conduct of EMPLOYER’s business which is not generally known to the general public. Notwithstanding the foregoing, nothing
herein prohibits EMPLOYEE from exercising his protected rights under federal, state or local law to, without notice to EMPLOYER: (i) communicate or file a charge with a government regulator, (ii) participate in an investigation or
proceeding conducted by a government regulator, or (iii) receive an award paid by a government regulator for providing information. 

  

			
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 5. Non-Interference. Nothing in this
Agreement is intended to limit or impair in any way EMPLOYEE’s right to participate in the processing of a Charge before the Equal Employment Opportunity Commission, Michigan Department of Civil Rights However, the Parties agree that
appropriate relief may not include remedies that personally benefit EMPLOYEE and which EMPLOYEE has released and waived under this Agreement, including all legal relief, equitable relief, statutory relief, reinstatement, back pay, and front pay, and
all other damages, benefits, remedies, or relief that EMPLOYEE may be entitled to as a result of the filing or prosecution of any such charge against EMPLOYER. If any claim is not subject to release, to the extent permitted by law, EMPLOYEE waives
any right or ability to be a class or collective action representative or to otherwise participate in any putative or certified class, collective or multi-party action or proceeding based on such a claim in which EMPLOYER or any other releasee
identified in this Agreement is a party. 
 6. Return of Altair-Related Information and Property. 

(a) EMPLOYEE covenants, represents and warrants that as of their last day of employment, they will return to EMPLOYER all information and
property of EMPLOYER except as otherwise permitted and agreed to pursuant to Section 6(b) below. This includes all EMPLOYER data in any format, such as documents, electronic files and tangible things, including but not limited to, computers and
related peripheral equipment, cell phones, diskettes, thumb drives, hard drives and other storage medium containing EMPLOYER information as well as all other information in EMPLOYEE’s possession that is protected by EMPLOYEE’s
Confidentiality Agreement including all customer information. EMPLOYEE also covenants, represents and warrants that as of his last day of employment, EMPLOYEE will not retain copies of any EMPLOYER documents, materials or information (whether in
hardcopy, on electronic media or otherwise). EMPLOYEE also agrees that EMPLOYEE will disclose to EMPLOYER all passwords necessary or desirable to enable EMPLOYER to access all information which EMPLOYEE has password-protected on any of its computer
equipment or on its computer network or system. 
 (b) EMPLOYEE shall be permitted to retain (i) his current laptop, (ii) his
current cell phone, and (iii) his current cell phone number, once EMPLOYER’s IT department has certified that all EMPLOYER licensed software has been removed/wiped from the laptop and cell phone (if applicable). 

7. No Pending Claims; Covenant Not to Sue. EMPLOYEE represents and warrants that they have no charges, lawsuits, or actions
pending in their name against any of the Released Parties relating to any claim that has been released in this Agreement. EMPLOYEE also represents and warrants that they have not assigned or transferred to any third party any right or claim against
any of the Released Parties that EMPLOYEE has released in this Agreement. Except as permitted herein, EMPLOYEE covenants and agrees that they will not report, institute or file a charge, lawsuit or action (or encourage, solicit, or voluntarily
assist or participate in, the reporting, instituting, filing or prosecution of a charge, lawsuit or action by a third party) against any of the Released Parties with respect to any claim that has been released in this Agreement. 

  

			
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 8. Cooperation. EMPLOYEE agrees at all times to be reasonably cooperative, by
providing truthful information, documents and testimony, in any EMPLOYER investigation, litigation, arbitration, or regulatory proceeding regarding events that occurred during their employment with EMPLOYER, and to assist in any transition-related
matters during the period they are receiving the Severance. Nothing in this section is intended to, and shall not, preclude or limit EMPLOYEE’s preserved rights described herein. 

9. Restrictive Covenants. 

(a) Non-Compete: EMPLOYEE agrees that during the term of employment and for a period of
twelve (12) months following termination of employment for any reason, EMPLOYEE shall not, directly or indirectly, (i) engage in any capacity with any business that is competitive or potentially competitive with
EMPLOYER; or (ii) provide any services to existing or potential EMPLOYER customers that EMPLOYEE supported or engaged with through its employment with EMPLOYER which are detrimental to the business of EMPLOYER. EMPLOYEE agrees and acknowledges
that the prohibition precludes acts undertaken individually by the EMPLOYEE, or by EMPLOYEE in their capacity as an officer, director, shareholder, employee of, partner of, or as an affiliate in any manner with another entity. 

(b) Non-Solicitation: In connection with, and in order to enhance EMPLOYER’s
Confidential Information and protect its customer relationships, EMPLOYEE agrees that during the term of employment and for a period of twelve (12) months following termination of employment for any reason, EMPLOYEE shall
not, directly or indirectly, hire, employ, refer to employment, solicit for employment, participate in any way in the recruitment of, or form other business association with, any (i) employee of EMPLOYER or any person who has been an employee
of EMPLOYER in the previous twelve (12) months; or (ii) vendor, supplier, reseller, or independent contractor providing goods or services to EMPLOYER or any of its affiliates, with whom EMPLOYEE has had contact with during the twelve
(12) months preceding termination of employment. 
 EMPLOYEE acknowledges and agrees that this Section 9 is intended to be an expansion of
any and all obligations, covenants and agreements by the EMPLOYEE with respect to the subject matter hereof (“Other Restrictive Covenants”) and, to the extent any such Other Restrictive Covenants conflict with this Section 9, the
provisions which are more expansive, including, without limitation, with respect to scope and duration, shall apply. 
 10. Non-Disparagement. EMPLOYEE agrees that they will not at any time make any disparaging or derogatory statements concerning EMPLOYER or its business, products and services. However, nothing in this section is
intended to, and shall not, restrict or limit EMPLOYEE from exercising their preserved rights described herein or restrict or limit EMPLOYEE from providing truthful information in response to a subpoena, other legal process or valid governmental
inquiry, upon prompt written notice to EMPLOYER of his receipt of such legal process. EMPLOYER agrees to instruct its senior management not to make any disparaging or derogatory statements concerning EMPLOYEE. 

  

			
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 11. Execution. EMPLOYEE acknowledges that EMPLOYER has provided them with twenty-one (21) days to consider this Agreement and to consult with counsel of their choosing even if they elect to sign this Agreement within that twenty-one
(21) day period. By signing earlier, EMPLOYEE expressly and voluntarily waives any remainder of the 21-day consideration period. EMPLOYEE may revoke and cancel the Agreement by delivering written notice
of revocation within seven (7) days after signing this Agreement to: 
 Michelle Smith, VP-Human
Resources, 
 Altair Engineering, Inc., 

1820 East Big Beaver Road, Troy MI 48083 

Phone: 248-614-2400 x 275
                    Email: michelle@altair.com 

This Agreement is not effective until the 8th day after EMPLOYEE signs and returns this Agreement to EMPLOYER. In the event of a timely revocation, this
Agreement will become null and void. 
 11. Agreement Binding. The benefits, including the Release contained in Section 1
above, and duties arising hereunder inure to the benefit of EMPLOYER and each of its officers, directors, shareholders, agents, servants, employees, contractors, representatives, attorneys, successors, partners, assigns, assignors, executors and
trustees. 
 12. Assignment. The rights and obligations of EMPLOYEE to the payment of Severance, as set forth herein, or any
other amounts under this Agreement shall not be assigned, transferred, pledged or encumbered in any manner without the written consent of EMPLOYER. 

13. Tax Consequences of Extension. To the extent your stock options are “incentive stock options” within the meaning
of Section 422 of the Internal Revenue Code of 1986, as amended (“ISOs”), because of federal tax regulations, the Extension will cause such options to cease to be ISOs. Instead, such options will be Nonstatutory Stock Options
(“NSOs”). ISOs (that are held for a required holding period of two years after the date of grant and one year after the date of exercise) are normally not taxed upon exercise. Instead, they are normally taxed upon sale of the stock
purchased on exercise of the option. If the holding period requirements are met, any gain upon sale of that stock would be taxed at favorable “long-term capital gain” rates. However, one complicating factor is that you may still be subject
to the “alternative minimum tax” in the year of exercising an ISO (based on the excess of the fair market value on the date of exercise over the aggregate exercise price). If the alternative minimum tax applies, the relative tax benefits
of ISOs (as compared to NSOs) may be reduced or nullified. NSOs, on the other hand, are taxed at “ordinary income” rates at the time of exercise (on the excess, if any, of the fair market value of the shares on the date of exercise over
the aggregate exercise price), and taxed again on sale of the purchased shares (on the excess, if any, of the sale price over the sum of the aggregate exercise price plus amounts taxed at the time of exercise). The tax at the time of sale of the
purchased shares will be at either short-term or long-term capital gain rates, depending on how long you hold the purchased shares before selling. You should consult your own tax adviser regarding the tax consequences of the Extension, as well as
before exercising your options or disposing of any shares received upon exercise of your options. 

  

			
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 14. Merger. EMPLOYEE acknowledges and agrees that the obligations set forth in
Sections 4, 6, 8, and 9 of this Agreement are intended to be an expansion of any and all obligations, covenants and agreements by EMPLOYEE with respect to the subject matter hereof and, to the extent of any conflict, the provisions which are more
expansive, including, without limitation, with respect to scope and duration, shall apply. This Agreement is not intended to confer upon any person other than the parties hereto any rights or remedies hereunder. There are no covenants, promises,
agreements, conditions, representations or understandings, either oral or written, between the parties hereto, other than those set forth herein or provided for herein, with respect to the subject matter hereof. 

15. Miscellaneous. This Agreement shall be governed and interpreted according to the laws of the State of Michigan, without
regard to the conflict of law provisions thereof. No provision of this Agreement shall be construed against or interpreted to the disadvantage of EMPLOYER by any arbitrator, Court or other governmental authority by reason of EMPLOYER having or being
deemed to have dictated or drafted such provision. 
 16. Severability. Should any covenant, condition, term or provision of
this Agreement be deemed to be illegal, or if the application thereof to any person or in any circumstances shall, to any extent, be invalid or unenforceable, the remainder of this Agreement, or the application of such covenant, condition, term or
provision to persons or in circumstances other than those to which it is held invalid or unenforceable, shall not be affected thereby; and each covenant, condition, term and provision of this Agreement shall be valid and enforceable to the fullest
extent permitted by law. 
 17. Arbitration. EMPLOYER AND EMPLOYEE AGREE THAT ANY CLAIM OR DISPUTE BETWEEN THEM OR AGAINST THE
OTHER OR ANY AGENT OR EMPLOYEE OF THE OTHER, WHETHER RELATED TO THE EMPLOYMENT RELATIONSHIP OR OTHERWISE, INCLUDING THOSE CREATED BY PRACTICE, COMMON LAW, COURT DECISION, OR STATUTE, NOW EXISTING OR CREATED LATER, INCLUDING ANY RELATED TO
ALLEGATIONS OF VIOLATIONS OF STATE OR FEDERAL STATUTES RELATED TO DISCRIMINATION, AND ALL DISPUTES ABOUT THE VALIDITY OF THIS ARBITRATION CLAUSE, OR ANY OTHER MATTER OR THING SHALL BE RESOLVED IN A CONFIDENTIAL MANNER BY NEUTRAL BINDING ARBITRATION
BY THE AMERICAN ARBITRATION ASSOCIATION, UNDER THE RULES OF PROCEDURE IN EFFECT AT THE TIME ANY CLAIM IS MADE, THEREBY AGREEING TO WAIVE ANY RIGHT TO A TRIAL BY JURY. ALL SUCH ARBITRATION PROCEEDINGS SHALL BE CONDUCTED IN OAKLAND COUNTY, MICHIGAN.
EACH PARTY SHALL PAY ITS OWN COSTS OF ARBITRATION. FEES PAID ARE SUBJECT TO THE AWARD OF FEES, AS PROVIDED BY LAW AND ARBITRATION RULES. THIS AGREEMENT IS SUBJECT TO THE FEDERAL ARBITRATION ACT AND ANY AWARD OF THE ARBITRATOR(S) MAY BE ENTERED AS A
JUDGMENT IN ANY COURT OF COMPETENT JURISDICTION. BY SIGNING THIS AGREEMENT, THE PARTIES ARE GIVING UP ANY RIGHT THEY MIGHT HAVE TO SUE EACH OTHER. 

  

			
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	Altair Separation Agreement – Uwe Schramm	  	

 18. Non-Admission. The parties
understand and agree that this Agreement does not constitute an admission by either EMPLOYER or EMPLOYEE of any violation of law and further understand and agree that neither the signing of this Agreement nor the furnishing of consideration shall be
deemed or construed for any purposes as evidence or an admission of liability or wrongful conduct of any kind. 
 19.
Section 409A. All payments under this Agreement are intended to comply with or be exempt from the requirements of Section 409A of the Code and regulations promulgated thereunder (“Section 409A”). As used in
this Agreement, the “Code” means the Internal Revenue Code of 1986, as amended. To the extent permitted under applicable regulations and/or other guidance of general applicability issued pursuant to Section 409A, EMPLOYER reserves the
right to modify this Agreement to conform with any or all relevant provisions regarding compensation and/or benefits so that such compensation and benefits are exempt from the provisions of 409A and/or otherwise comply with such provisions so as to
avoid the tax consequences set forth in Section 409A and to assure that no payment or benefit shall be subject to an “additional tax” under Section 409A. To the extent that any provision in this Agreement is ambiguous as to its
compliance with Section 409A, or to the extent any provision in this Agreement must be modified to comply with Section 409A, such provision shall be read in such a manner so that no payment due to EMPLOYEE shall be subject to an
“additional tax” within the meaning of Section 409A(a)(1)(B) of the Code. If necessary to comply with the restriction in Section 409A(a)(2)(B) of the Code concerning payments to “specified employees,” any payment on
account of EMPLOYEE’s separation from service that would otherwise be due hereunder within six (6) months after such separation shall be delayed until the first business day of the seventh month following the date of EMPLOYEE’s
termination and the first such payment shall include the cumulative amount of any payments (without interest) that would have been paid prior to such date if not for such restriction. Each payment in a series of payments hereunder shall be deemed to
be a separate payment for purposes of Section 409A. In no event may EMPLOYEE, directly or indirectly, designate the calendar year of payment. All reimbursements provided under this Agreement shall be made or provided in accordance with the
requirements of Section 409A, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during EMPLOYEE’s lifetime (or during a shorter period of time specified in this Agreement), (ii) the
amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the
calendar year following the year in which the expense is incurred, and (iv) the right to reimbursement is not subject to liquidation or exchange for another benefit. In no event whatsoever shall EMPLOYER be liable for any additional tax,
interest or penalty that may be imposed on EMPLOYEE by Section 409A or damages for failing to comply with Section 409A. 

  

			
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	Altair Separation Agreement – Uwe Schramm	  	

 IN WITNESS WHEREOF, each of the parties has signed this Agreement as of the day and
year first above written. 
  

			
	EMPLOYEE:
	
	 /s/ Uwe Schramm

	UWE SCHRAMM
	
	Dated: 12/29/2022
	
	EMPLOYER:
	
	Altair Engineering, Inc.
	a Delaware corporation
		
	By:	 	 /s/ Michelle Smith

		 	Michelle Smith
	Its:	 	Vice President - Human Resources
	
	Dated: 12/30/2022

  

			
	Altair Confidential	  	Page 10 of 10
	Altair Separation Agreement – Uwe Schramm

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