Document:

Exhibit 10.1

 

AMENDED
AND RESTATED

INVESTMENT
ADVISORY aGREEMENT

by and
BETWEEN

REDWOOD
ENHANCED INCOME CORP.

AND

Redwood
Capital Management, LLC

 

This
Amended and Restated Investment Advisory Agreement made this 30th day of September, 2022 (this "Agreement"),
by and between REDWOOD ENHANCED INCOME CORP., a Maryland corporation (the "Company"), and REDWOOD CAPITAL MANAGEMENT,
LLC, a Delaware limited liability company (the "Adviser").

 

WHEREAS, the Company is a
newly organized, non-diversified closed-end management investment company that intends to elect to be treated as a business development
company under the Investment Company Act of 1940, as amended (the "Investment Company Act");

 

WHEREAS, the Adviser is registered
as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act");

 

WHEREAS, the Company desires
to retain the Adviser to furnish investment advisory and management services to the Company on the terms and conditions hereinafter set
forth, and the Adviser wishes to be retained to provide such services;

 

WHEREAS, the Company and the
Adviser desire to amend and restate that certain Investment Advisory Agreement dated March 31, 2022 in its entirety.

 

NOW, THEREFORE, in consideration
of the premises and for other good and valuable consideration, the parties hereby agree as follows:

 

1.            Duties
of the Adviser.

 

(a)          The
Company hereby retains the Adviser to act as the investment adviser to the Company and to manage the investment and reinvestment of the
assets of the Company, subject to the supervision of the board of directors of the Company (the "Board of Directors"),
for the period and upon the terms herein set forth, (i) in accordance with the investment objective, policies and restrictions that are
set forth in the Company's filings with the Securities and Exchange Commission, as the same may be amended from time to time, (ii) in
accordance with the Investment Company Act, the Advisers Act and all other applicable federal and state law and (iii) in accordance with
the Company's charter and bylaws, each as amended or restated from time to time. Without limiting the generality of the foregoing, the
Adviser shall, during the term and subject to the provisions of this Agreement, (i) determine the composition of the portfolio of the
Company, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identify, evaluate and negotiate
the structure of the investments made by the Company; (iii) execute, close, service and monitor the Company's investments; (iv) determine
the securities and other assets that the Company will purchase, retain or sell; (v) perform due diligence on prospective portfolio companies
and their sponsors; and (vi) provide the Company with such other investment advisory, research and related services as the Company may,
from time to time, reasonably require for the investment of its assets. The Adviser shall have the power and authority on behalf of the
Company to effectuate its investment decisions for the Company, including the execution and delivery of all documents relating to the
Company's investments and the placing of orders for other purchase or sale transactions on behalf of the Company.

 

In the event that the Company
determines to acquire debt financing or to refinance existing debt financing, the Adviser shall arrange for such financing on the Company's
behalf, subject to the oversight and approval of the Board of Directors.

 

     

     

    

 

If it is necessary or convenient
for the Adviser to make investments on behalf of the Company through a subsidiary or special purpose vehicle or to otherwise form such
subsidiary or special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such subsidiary or special
purpose vehicle and to make such investments through such subsidiary or special purpose vehicle in accordance with the Investment Company
Act.

  

(b)          The
Adviser hereby accepts such retention as investment adviser and agrees during the term hereof to render the services described herein
for the amounts of compensation provided herein.

 

(c)          Subject
to the requirements of the Investment Company Act, the Adviser is hereby authorized, but not required, to enter into one or more sub-advisory
agreements with other investment advisers (each, a "Sub-Adviser") pursuant to which the Adviser may obtain the services
of the Sub-Adviser(s) to assist the Adviser in fulfilling its responsibilities hereunder. Specifically, the Adviser may retain a Sub-Adviser
to recommend specific securities or other investments based upon the Company's investment objective and policies, and work, along with
the Adviser, in structuring, negotiating, arranging or effecting the acquisition or disposition of such investments and monitoring investments
on behalf of the Company, subject in all cases to the oversight of the Adviser and the Company. The Adviser, and not the Company, shall
be responsible for any compensation payable to any Sub-Adviser. Any sub-advisory agreement entered into by the Adviser shall be in accordance
with the requirements of the Investment Company Act, the Advisers Act and other applicable federal and state law.

 

(d)          For
all purposes herein provided, the Adviser shall be deemed to be an independent contractor and, except as expressly provided or authorized
herein, shall have no authority to act for or represent the Company in any way or otherwise be deemed an agent of the Company.

 

(e)          The
Adviser shall keep and preserve, in the manner and for the period that would be applicable to investment companies registered under the
Investment Company Act, any books and records relevant to the provision of its investment advisory services to the Company, shall specifically
maintain all books and records with respect to the Company's portfolio transactions and shall render to the Board of Directors such periodic
and special reports as the Board of Directors may reasonably request. The Adviser agrees that all records that it maintains for the Company
are the property of the Company and shall surrender promptly to the Company any such records upon the Company's request, provided that
the Adviser may retain a copy of such records.

 

2.            The
Company's Responsibilities and Expenses Payable by the Company. All investment professionals of the Adviser and their respective staffs,
when and to the extent engaged in providing investment advisory and management services hereunder, and the compensation and routine overhead
expenses of such personnel allocable to such services, shall be provided and paid for by the Adviser and not by the Company.

 

    2

     

    

 

Except as provided herein
or in another agreement between the Company and the Adviser, the Company shall bear all other costs and expenses of its operations and
transactions, including those relating to: (a) the Company's organization and offering costs in excess of $1.0 million; (b) the Base Management
Fee (as defined below) and any Incentive Fee (as defined below); (c) calculating the Company's net asset value, including the cost of
any third-party valuation services and software; (d) the cost of effecting sales and repurchases
of shares of the Company's common stock and other securities (except to the extent covered by clause (a) above); (e) fees payable
to third parties relating to, or associated with, making investments, including fees and expenses
associated with performing due diligence and reviews of prospective investments or complementary businesses, whether or not the investment
is consummated; (f) expenses incurred by the Adviser in performing due diligence and reviews
of investments; (g) research expenses incurred by the Adviser (including subscription fees and other costs and expenses related
to Bloomberg Professional Services); (h) amounts incurred by the Adviser in connection with or incidental to acquiring or licensing software
and obtaining research; (i) distributions on the Company's common stock; (j) expenses related to leverage, if any, incurred to finance
the Company's investments, including rating agency fees, interest, preferred stock dividends, obtaining lines of credit, loan commitments
and letters of credit for the account of the Company and its related entities; (k) transfer agent and custodial fees and expenses; (l)
bank service fees; (m) fees and expenses associated with marketing efforts; (n) federal and state registration fees and any stock exchange
listing fees; (o) fees and expenses associated with independent audits and outside legal costs; (p) federal, state, local and foreign
taxes (including real estate, stamp or other transfer taxes), including costs in connection with any tax audit, investigation or review,
or any settlement thereof; (q) complying with Sections 1471 through 1474 of the Code (generally referred to as "FATCA") and/or
any foreign account reporting regimes and certain regulations and other administrative guidance thereunder, including the Common Reporting
Standard issued by the Organisation for Economic Cooperation and Development, or similar legislation, regulations or guidance enacted
in any other jurisdiction, which seeks to implement tax reporting and/or withholding tax regimes as well as any intergovernmental agreements
and other laws of other jurisdictions with similar effect; (r) fees and expenses of directors who are not "interested persons"
(as defined in Section 2(a)(19) of the Investment Company Act) of the Company or the Adviser; (s) brokerage fees and commissions; (t)
fidelity bond, directors and officers, errors and omissions liability insurance and other insurance premiums; (u) the costs of any reports,
proxy statements or other notices to the Company's stockholders, including printing costs; (v) costs of holding stockholder meetings;
(w) litigation, indemnification and other non-recurring or extraordinary expenses; (x) any governmental inquiry, investigation or proceeding
to which the Company and/or an investment is a related party or is otherwise involved, including judgments, fines, other awards and settlements
paid in connection therewith; (y) other direct costs and expenses of administration and operation, such as printing, mailing, long distance
telephone and staff; (z) costs associated with the Company's reporting and compliance obligations, including under the Investment Company
Act and applicable federal and state securities laws (including reporting under Sections 13 and 16 under the Securities Exchange Act of
1934, as amended, and anti-money laundering compliance); (aa) dues, fees and charges of any trade association of which the Company is
a member; (bb) costs associated with the formation, management, governance, operation, restructuring, maintenance (including any amendments
to constituent documents), winding up, dissolution or liquidation of entities; (cc) fees, costs and expenses incurred in connection with
or incidental to co-investments or joint ventures (whether or not consummated) that are not borne by co-investors or joint venture partners;
(dd) the allocated costs incurred by the Adviser in its capacity as administrator (the "Administrator") in providing
managerial assistance to those portfolio companies that request it; and (ee) all other expenses incurred by either the Administrator or
the Company in connection with administering the Company's business, including payments under the administration agreement dated as of
March 18, 2022 (as amended from time to time, the "Administration Agreement") that will be based upon the Company's allocable
portion of overhead, and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement,
including the fees of any sub-administrator, rent, technology systems (including subscription fees and other costs and expenses related
to Bloomberg Professional Services and the Adviser's third-party Order Management System), insurance and the Company's allocable portion
of the cost of compensation and related expenses of its chief compliance officer and chief financial officer and their respective staffs.

  

3.            Compensation
of the Adviser. The Company agrees to pay, and the Adviser agrees to accept, as compensation for the investment advisory and management
services provided by the Adviser hereunder, a base management fee (the "Base Management Fee") and an incentive fee (the
 "Incentive Fee"), each as hereinafter set forth. The Company shall make any payments due hereunder to the Adviser or
to the Adviser's designee as the Adviser may otherwise direct. To the extent permitted by applicable law, the Adviser may elect, or the
Company may adopt a deferred compensation plan pursuant to which the Adviser may elect, to defer all or a portion of its fees hereunder
for a specified period of time.

 

(a)          The
Base Management Fee shall be calculated at a quarterly rate equal to 0.375% (i.e., 1.50% annually) of the Company’s Weighted Average
Net Asset Value for the quarter; provided that the quarterly base management fee will be decreased to 0.25% (i.e., 1.00% annually) of
the value of the Company’s Weighted Average Net Asset Value during any extension of the period in which the Company may complete
a listing of shares of the Company’s common stock on a national securities exchange or a merger or other transaction in which investors
receive cash or shares of a publicly-listed issuer. “Weighted Average Net Asset Value” means, at the time of any calculation,
the weighted average shares outstanding multiplied by the average of the beginning net asset value per share and ending net asset value
per share (prior to management and incentive fees) of a period of time.

 

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(b)          The
Incentive Fee shall consist of two parts, as follows:

 

	 	(i)	One part of the Incentive Fee (the "Income Incentive Fee") will be calculated and payable quarterly in arrears based on the Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter. For this purpose, Pre-Incentive Fee Net Investment Income means interest income, dividend income and any other income, including any other fees (other than fees for providing managerial assistance, such as amendment, commitment, origination, prepayment penalties, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies, accrued during the calendar quarter, minus the Company's operating expenses for the quarter (including the Base Management Fee, any expenses payable under the Administration Agreement and any interest expense or amendment fees under any credit facility and distributions paid on any issued and outstanding preferred stock, but excluding the Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, payment-in-kind interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

  

Pre-Incentive Fee Net Investment Income,
expressed as a percentage of the value of the Company's net assets at the end of the immediately preceding calendar quarter, will be compared
to a hurdle. The Company will pay the Adviser an Income Incentive Fee with respect to each calendar quarter as follows:

 

	 	·	no Income Incentive Fee for any calendar quarter in which Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of one and a half percent (1.50%) per quarter (6.00% annualized);
	 	 	 
	 	·	one hundred percent (100%) of Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than the percentage at which amounts payable to the Adviser pursuant to the income incentive fee equal fifteen percent (15%) of the Company's Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply. This portion of the Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than 1.76%) is referred to as the "catch-up." The "catch-up" is meant to provide the Adviser with 15% of the Company's Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply; and

 

	 	·	fifteen percent (15%) of the amount of the Company's Pre-Incentive Fee Net Investment Income, if any, that exceeds 1.76% in any calendar quarter (7.04% annualized).

 

These calculations will be pro rated
for any period of less than a full calendar quarter and will be adjusted for share issuances or repurchases during the relevant quarter,
if applicable.

 

	 	(ii)	The second part of the Incentive Fee (the "Capital Gains Fee") will be determined and payable in arrears as of the end of each calendar year (or upon termination of this Agreement as set forth below) and will equal 15% of the Company's cumulative aggregate realized capital gains from the date of this Agreement through the end of that calendar year, computed net of the Company's cumulative realized capital losses and the Company's cumulative unrealized capital depreciation through the end of such year, less the aggregate amount of any previously paid Capital Gains Fees. In the event that this Agreement shall terminate as of a date that is not a calendar year end, the termination date shall be treated as though it were a calendar year end for purposes of calculating and paying a Capital Gains Fee.

 

The Company shall accrue the Capital
Gains Fee if, on a cumulative basis, the sum of net realized gains/(losses) plus net unrealized appreciation/ (depreciation) is positive.

 

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4.            Covenants
of the Adviser. The Adviser hereby covenants that it is registered as an investment adviser under the Advisers Act. The Adviser hereby
agrees that its activities shall at all times be in compliance in all material respects with all applicable federal and state laws governing
its operations and investments.

 

5.            Excess
Brokerage Commissions. The Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law, to cause the Company
to pay a member of a national securities exchange, broker or dealer an amount of commission for effecting a securities transaction in
excess of the amount of commission another member of such exchange, broker or dealer would have charged for effecting such transaction
if the Adviser determines, in good faith and taking into account such factors as price (including the applicable brokerage commission
or dealer spread), size of order, difficulty of execution, and operational facilities of the firm and the firm's risk and skill in positioning
blocks of securities, that the amount of such commission is reasonable in relation to the value of the brokerage and/or research services
provided by such member, broker or dealer, viewed in terms of either that particular transaction or its overall responsibilities with
respect to the Company's portfolio, and constitutes the best net result for the Company.

 

6.            Proxy
Voting. The Adviser shall be responsible for voting any proxies solicited by an issuer of securities held by the Company in the best
interest of the Company and in accordance with the Adviser's proxy voting policies and procedures, as any such proxy voting policies and
procedures may be amended from time to time. The Company has been provided with a copy of the Adviser's proxy voting policies and procedures
and has been informed as to how it can obtain further information from the Adviser regarding proxy voting activities undertaken on behalf
of the Company. The Adviser shall be responsible for reporting the Company's proxy voting activities, as required, through periodic filings
on Form N-PX.

 

7.            Limitations
on the Employment of the Adviser. The services of the Adviser to the Company are not, and shall not be, exclusive. The Adviser may
engage in any other business or render similar or different services to others including, without limitation, the direct or indirect sponsorship
or management of other investment based accounts or commingled pools of capital, however structured, having investment objectives similar
to those of the Company; provided that its services to the Company hereunder are not impaired thereby. Nothing in this Agreement shall
limit or restrict the right of any manager, partner, officer or employee of the Adviser to engage in any other business or to devote his
or her time and attention in part to any other business, whether of a similar or dissimilar nature, or to receive any fees or compensation
in connection therewith (including fees for serving as a director of, or providing consulting services to, one or more of the portfolio
companies of the Company, subject at all times to applicable law). So long as this Agreement or any extension, renewal or amendment hereof
remains in effect, the Adviser shall be the only investment adviser for the Company, subject to the Adviser's right to enter into sub-advisory
agreements. The Adviser assumes no responsibility under this Agreement other than to render the services called for hereunder. It is understood
that directors, officers, employees and stockholders of the Company are or may become interested in the Adviser and its affiliates, as
directors, officers, employees, partners, stockholders, members, managers or otherwise, and that the Adviser and directors, officers,
employees, partners, stockholders, members and managers of the Adviser and its affiliates are or may become similarly interested in the
Company as stockholders or otherwise.

 

Subject to any restrictions
prescribed by law, by the provisions of the Code of Ethics of the Company and the Adviser and by the Adviser's Allocation Policy, the
Adviser and its members, officers, employees and agents shall be free from time to time to acquire, possess, manage and dispose of securities
or other investment assets for their own accounts, for the accounts of their family members, for the account of any entity in which they
have a beneficial interest or for the accounts of others for whom they may provide investment advisory, brokerage or other services (collectively,
 "Managed Accounts"), in transactions that may or may not correspond with transactions effected or positions held by the
Company or to give advice and take action with respect to Managed Accounts that differs from advice given to, or action taken on behalf
of, the Company; provided that the Adviser allocates investment opportunities to the Company, over a period of time on a fair and equitable
basis compared to investment opportunities extended to other Managed Accounts. The Adviser is not, and shall not be, obligated to initiate
the purchase or sale for the Company of any security that the Adviser and its members, officers, employees or agents may purchase or sell
for its or their own accounts or for the account of any other client if, in the opinion of the Adviser, such transaction or investment
appears unsuitable or undesirable for the Company. Moreover, it is understood that when the Adviser determines that it would be appropriate
for the Company and one or more Managed Accounts to participate in the same investment opportunity, the Adviser shall seek to execute
orders for the Company and for such Managed Account(s) on a basis that the Adviser considers to be fair and equitable over time. In such
situations, the Adviser may (but is not required to) place orders for the Company and each Managed Account simultaneously or on an aggregated
basis. If all such orders are not filled at the same price, the Adviser may cause the Company and each Managed Account to pay or receive
the average of the prices at which the orders were filled for the Company and all relevant Managed Accounts on each applicable day. If
all such orders cannot be fully executed under prevailing market conditions, the Adviser may allocate the investment opportunities among
participating accounts in a manner that the Adviser considers equitable, taking into account, among other things, the size of each account,
the size of the order placed for each account and any other factors that the Adviser deems relevant.

 

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8.            Responsibility
of Dual Directors, Officers and/or Employees. If any person who is a manager, member, partner, officer or employee of the Adviser
is or becomes a director, officer and/or employee of the Company and acts as such in any business of the Company, then such manager, member,
partner, officer and/or employee of the Adviser shall be deemed to be acting in such capacity solely for the Company and not as a manager,
member, partner, officer and/or employee of the Adviser or under the control or direction of the Adviser, even if paid by the Adviser.

 

9.            Limitation
of Liability of the Adviser; Indemnification. The Adviser (and its officers, managers, partners, agents, employees, controlling persons,
members and any other person or entity affiliated with the Adviser) shall not be liable to the Company for any action taken or omitted
to be taken by the Adviser in connection with the performance of any of its duties or obligations under this Agreement or otherwise as
an investment adviser of the Company, except to the extent specified in Section 36(b) of the Investment Company Act concerning loss resulting
from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation
for services, and the Company shall indemnify, defend and protect the Adviser (and its officers, managers, partners, agents, employees,
controlling persons, members and any other person or entity affiliated with the Adviser, each of whom shall be deemed a third-party beneficiary
hereof) (collectively, the "Indemnified Parties") and hold them harmless from and against all damages, liabilities, costs
and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or
by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in
the right of the Company or its security holders) arising out of or otherwise based upon the performance of any of the Adviser's duties
or obligations under this Agreement or otherwise as an investment adviser of the Company. Notwithstanding the preceding sentence of this
Section 9 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or
be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Company or its security holders to
which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance
of the Adviser's duties or by reason of the reckless disregard of the Adviser's duties and obligations under this Agreement (as the same
shall be determined in accordance with the Investment Company Act and any interpretations or guidance by the Securities and Exchange Commission
or its staff thereunder). Furthermore, no Indemnified Party shall be indemnified for any losses, liabilities or expenses arising from
or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met:
(A) there has been a successful adjudication on the merits of each count involving alleged material securities law violations as to the
Indemnified Party; (B) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Indemnified
Party; or (C) a court of competent jurisdiction approves a settlement of the claims against the Indemnified Party and finds that indemnification
of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of
the position of the SEC and of the published position of any state securities regulatory authority in which the Company’s securities
were offered or sold as to indemnification for violations of securities laws.

 

10.          Effectiveness,
Duration and Termination of Agreement. This Agreement shall become effective as of the first date above written. This Agreement shall
remain in effect for two years from such date and thereafter shall continue automatically for successive annual periods, provided that
such continuance is specifically approved at least annually by (a) the vote of the Board of Directors or the "vote of a majority
of the outstanding voting securities" (as such term is defined in Section 2(a)(42) of the Investment Company Act) of the Company
and (b) the vote of a majority of the Company's Directors who are not parties to this Agreement or "interested persons" (as
such term is defined in Section 2(a)(19) of the Investment Company Act) of any such party, in accordance with the requirements of the
Investment Company Act.

 

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This Agreement may be terminated
at any time, without the payment of any penalty, upon not less than 60 days' written notice, by the "vote of a majority of the outstanding
voting securities" (as such term is defined in Section 2(a)(42) of the Investment Company Act) of the Company, by the vote of the
Board of Directors or by the Adviser.

  

This Agreement shall automatically
terminate in the event of its "assignment" (as such term is defined for purposes of Section 15(a)(4) of the Investment Company
Act). Notwithstanding the termination or expiration of this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed
under Section 3 through the date of termination or expiration and Section 9 shall continue in force and effect and apply to the Adviser
and its representatives as and to the extent applicable.

 

11.          Notices.
Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party
at its principal office.

 

12.          Amendments.
This Agreement may be amended by mutual consent, but the consent of the Company must be obtained in conformity with the requirements
of the Investment Company Act.

 

13.          Governing
Law. This Agreement shall be construed in accordance with the laws of the State of New York and the applicable provisions of the Investment
Company Act. To the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions
of the Investment Company Act, the latter shall control.

 

14.          Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts
shall together constitute one and the same Agreement. Counterparts may be delivered via facsimile, electronic mail (including any electronic
signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act
or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have
been duly and validly delivered and be valid and effective for all purposes.

 

* * * *

 

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IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed on the date above written.

 

 

	 	redwood enhanced income corp.
	 	 
	 	
    

     

	 	By:	/s/
Sean Sauler
	 	 	Name: Sean Sauler
	 	 	Title: Co-President
	 	 
	 	 
	 	REDWOOD CAPITAL MANAGEMENT, LLC
	 	 
	 	
    

     

	 	By:	/s/
Sean Sauler
	 	 	Name: Sean Sauler
	 	 	Title: Deputy CEO 

 

[Signature Page to Investment Advisory Agreement]EX-10.1

 Exhibit 10.1 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT 

This Amended and Restated Employment Agreement (“Agreement”) is made by and between Orchard Therapeutics plc (the
“Parent”), Orchard Therapeutics North America (the “U.S. Subsidiary”), and Frank Thomas (the “Executive”), and is effective as of October 4, 2022 (the “Effective Date”). The Parent, the U.S. Subsidiary,
and their respective subsidiaries and other affiliates are collectively referred to herein as the “Company,” and the duties of the Company set forth in this Agreement may be discharged by any entity within that definition. 

Except with respect to the Equity Documents and the Restrictive Covenants Agreement (each as defined below) and subject to Section 10
below, this Agreement fully supersedes and replaces in all respects all prior agreements between the parties regarding the subject matter herein, including without limitation (i) the offer letter between Orchard Therapeutics Limited (a
subsidiary of the Parent) and the Executive dated January 12, 2018, (ii) the Employment Agreement between the Company and the Executive dated September 1, 2019, as amended by the First Amendment to Employment Agreement dated March 18,
2020 (the “Prior Agreement”), (iii) the Transitional Services Agreement between the Company and the Executive dated November 3, 2021, as amended by the First Amendment to the Transitional Services Agreement dated March 30, 2022
(the “Transitional Services Agreement”), except for the release of claims set forth in Section 7 thereof, which is preserved (the “Release”) and (iv) any other offer letter, employment agreement or severance agreement
between the Executive and any of the parties or their affiliated entities. In the interest of clarity, any intercompany transfer shall not be deemed a termination of the employment relationship unless otherwise specified at the time of the transfer.

 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
 1. Employment. 

(a) Term. The Company will employ the Executive on the terms and conditions set forth herein, commencing as of the Effective Date and
continuing in effect until terminated by either party in accordance with this Agreement (the “Term”). The U.S. Subsidiary will maintain and distribute employment-related records. The Executive’s employment with the Company will be
“at will,” meaning that the Executive’s employment may be terminated by the Company or the Executive at any time and for any reason subject to the terms of this Agreement. 

(b) Position and Duties. During the Term, the Executive shall serve as the President and Chief Operating Officer of the Company, and
shall have powers and duties that may from time to time be prescribed by the Company’s Chief Executive Officer (the “CEO”). The Executive shall continue to serve as the principal financial officer and principal accounting officer of
the Company; provided that the Executive hereby acknowledges and agrees that if at any time he is replaced as principal accounting officer it shall not constitute a Good Reason condition as defined in Section 3(e) of this Agreement. In
addition, the Executive shall serve on any boards of directors as may be requested by the Company or in any other capacity as may be requested by the Company. The Executive shall devote his full working time and efforts to the business and affairs
of the Company. Notwithstanding the foregoing, the Executive may serve 

 
on up to two other boards of directors, with the prior written approval of the Board of Directors of the Parent (the “Board”), or engage in religious, charitable or other community
activities as long as such services and activities are disclosed to the Board and do not interfere with the Executive’s performance of his duties to the Company as provided in this Agreement. The Executive reaffirms that he has no contractual
commitments or other legal obligations that would prohibit him from fully performing his duties for the Company. 
 2. Compensation and
Related Matters. 
 (a) Base Salary. During the Term, the Executive’s base salary shall be paid at the rate of $528,000 per
year, which is subject to review and redetermination by the Board or the Compensation Committee of the Board (the “Compensation Committee”). The base salary in effect at any given time is referred to herein as “Base Salary.” The
Base Salary shall be payable in a manner that is consistent with the Company’s usual payroll practices for its U.S. senior executives. 

(b) Incentive Compensation. During the Term, the Executive shall be eligible to receive cash incentive compensation as determined by
the Board or the Compensation Committee, from time to time. The Executive’s target annual incentive compensation shall be 50 percent of his Base Salary, as may be redetermined from time to time (the “Target Bonus”). The
actual amount of the Executive’s annual incentive compensation, if any, shall be determined in the sole discretion of the Board or the Compensation Committee and shall be subject to any applicable bonus plan, as may be amended from time to
time. Any such incentive compensation shall be paid no later than March 15 of the year following the year to which it relates. Except as otherwise provided herein, any bonus will be earned pursuant to the Company’s bonus plan for senior
executives, as in effect from time to time. 
 (c) Expenses. The Executive shall be entitled to receive prompt reimbursement for all
reasonable expenses incurred by him during the Term in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company for its U.S. senior executive officers. 

(d) Other Benefits. During the Term, the Executive shall be entitled to continue to participate in or receive benefits under the
Company’s employee benefit plans in effect from time to time for its U.S. employees, including paid sick time under applicable law, subject to the terms of such plans and to the Company’s ability to amend, modify, replace or terminate such
plans and programs. 
 (e) Vacations. During the Term, the Executive shall be entitled to accrue up to 20 paid vacation days in each
year, which shall be accrued ratably and must be used in accordance with the Company’s vacation policy for U.S. employees, as in effect from time to time. Notwithstanding the foregoing, in the event the Company eliminates or modifies its
vacation accrual policy, the Executive will be entitled to the benefits set forth in the Company’s applicable paid time off policy for its U.S. executives, as may be in effect from time to time. The Executive shall also be entitled to all paid
holidays given by the Company to its U.S. executives, including two (2) floating holidays to be used at the Executive’s discretion in accordance with the Company’s U.S. holiday policy, as in effect from time to time. For the avoidance
of doubt, any unused floating holidays will be forfeited at the end of each calendar year. 

  
 2 

 (f) Equity. The equity awards held by the Executive shall be governed by the terms
and conditions of the Company’s applicable equity incentive plan(s) and the applicable award agreement(s) governing the terms of such equity awards held by the Executive (collectively, the “Equity Documents”); provided, however, and
notwithstanding anything to the contrary in the Equity Documents, Section 6(a)(ii) of this Agreement shall apply in the event of a termination by the Company without Cause or by the Executive for Good Reason in either event within the Change in
Control Period (as such terms are defined below). 
 3. Termination. During the Term, the Executive’s employment hereunder may
be terminated without any breach of this Agreement under the following circumstances: 
 (a) Death. The Executive’s employment
hereunder shall terminate upon his death. 
 (b) Disability. The Company may terminate the Executive’s employment if he is
disabled and unable to perform the essential functions of the Executive’s then existing position or positions under this Agreement with or without reasonable accommodation for a period of 180 days (which need not be consecutive) in any 12-month period. If any question shall arise as to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive’s then existing position or
positions with or without reasonable accommodation, the Executive may, and at the request of the Company shall, submit to the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive or the
Executive’s guardian has no reasonable objection as to whether the Executive is so disabled or how long such disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue. The
Executive shall cooperate with any reasonable request of the physician in connection with such certification. If such question shall arise and the Executive shall fail to submit such certification, the Company’s determination of such issue
shall be binding on the Executive. Nothing in this Section 3(b) shall be construed to waive the Executive’s rights, if any, under existing law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601
et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq. 
 (c) Termination by the Company for
Cause. The Company may terminate the Executive’s employment hereunder for Cause. For purposes of this Agreement, “Cause” shall mean: (i) the Executive’s arrest for or conviction of a crime; (ii) the Executive’s
material breach of this Agreement or other obligation to the Company; (iii) the Executive’s gross or willful negligence in performing his duties or material failure to perform his duties; (iv) the Executive’s willful failure or
refusal to accept, acknowledge or carry out the Company’s lawful and reasonable written direction; or (v) the Executive’s conduct which is unlawful, fraudulent, dishonest, creates a conflict of interest with the Company, causes
material damage to the Company or materially interferes with the Company’s business operations. 
 (d) Termination without
Cause. The Company may terminate the Executive’s employment hereunder at any time without Cause. Any termination by the Company of the Executive’s employment under this Agreement which does not constitute a termination for Cause under
Section 3(c) and does not result from the death or disability of the Executive under Section 3(a) or (b) shall be deemed a termination without Cause. 

  
 3 

 (e) Termination by the Executive. The Executive may terminate his employment
hereunder at any time for any reason, including but not limited to Good Reason. For purposes of this Agreement, “Good Reason” shall mean that the Executive has complied with the “Good Reason Process” (hereinafter defined)
following the occurrence of any of the following events without the Executive’s express consent: (i) a material diminution in the Executive’s responsibilities, authority or duties, provided that any organizational change that results
only in a change in the Executive’s reporting structure prior to a Change in Control shall not constitute a material diminution in the Executive’s responsibilities, authority or duties; (ii) a material diminution in the
Executive’s Base Salary except for across-the-board salary reductions based on the Company’s financial performance similarly affecting all or substantially all
senior management employees of the Company; (iii) a material change in the geographic location at which the Executive provides services to the Company; or (iv) the material breach of this Agreement by the Company. “Good Reason
Process” shall mean that (i) the Executive reasonably determines in good faith that a “Good Reason” condition has occurred; (ii) the Executive notifies the Company in writing of the first occurrence of the Good Reason
condition within 60 days of the first occurrence of such condition; (iii) the Executive cooperates in good faith with the Company’s efforts, for a period not less than 30 days following such notice (the “Cure Period”), to remedy
the condition; (iv) notwithstanding such efforts, the Good Reason condition continues to exist; and (v) the Executive terminates his employment within 60 days after the end of the Cure Period. If the Company cures the Good Reason condition
during the Cure Period, Good Reason shall be deemed not to have occurred. 
 If the Executive’s employment with the Company is terminated for any
reason, the Company shall pay or provide to the Executive (or to his authorized representative or estate) (i) any Base Salary earned through the Date of Termination, unpaid expense reimbursements (subject to, and in accordance with,
Section 2(c) of this Agreement) and unused vacation that accrued through the Date of Termination on or before the time required by law but in no event more than 30 days after the Executive’s Date of Termination; and (ii) any vested
benefits the Executive may have under any employee benefit plan of the Company through the Date of Termination, which vested benefits shall be paid and/or provided in accordance with the terms of such employee benefit plans (collectively, the
“Accrued Obligations”). 
 4. Notice and Date of Termination. 

(a) Notice of Termination. Except for termination as specified in Section 3(a), any termination of the Executive’s employment
by the Company or any such termination by the Executive shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate
the specific termination provision in this Agreement relied upon. 

  
 4 

 (b) Date of Termination. “Date of Termination” shall mean: (i) if the
Executive’s employment is terminated by his death, the date of his death; (ii) if the Executive’s employment is terminated on account of disability under Section 3(b) or by the Company for Cause under Section 3(c), the date
on which Notice of Termination is given; (iii) if the Executive’s employment is terminated by the Company under Section 3(d), the date on which a Notice of Termination is given, or another date specified in the Notice of Termination;
(iv) if the Executive’s employment is terminated by the Executive under Section 3(e) other than for Good Reason, 45 days after the date on which a Notice of Termination is given, and (v) if the Executive’s employment is
terminated by the Executive under Section 3(e) for Good Reason, the date on which a Notice of Termination is given after the end of the Cure Period. Notwithstanding the foregoing, in the event that the Executive gives a Notice of Termination to
the Company, the Company may unilaterally accelerate the Date of Termination and such acceleration shall not result in a termination by the Company for purposes of this Agreement. 

5. Compensation Upon Termination by the Company without Cause or by the Executive for Good Reason Outside the Change in Control Period.
During the Term, if the Executive’s employment is terminated by the Company without Cause as provided in Section 3(d), or the Executive terminates his employment for Good Reason as provided in Section 3(e), each outside of the Change
in Control Period (as defined below), then the Company shall pay the Executive his Accrued Obligations. In addition, subject to (i) the Executive signing a separation agreement and release in a form and manner satisfactory to the Company, which
shall include, without limitation, a general release of claims against the Company and all related persons and entities, a reaffirmation of all of the Executive’s Continuing Obligations (as defined below), and, in the Company’s sole
discretion, a one-year post-employment noncompetition agreement, and shall provide that if the Executive breaches any of the Continuing Obligations, all payments of the Severance Amount shall immediately cease
(the “Separation Agreement and Release”), and (ii) the Separation Agreement and Release becoming irrevocable, all within 60 days after the Date of Termination (or such shorter period as set forth in the Separation Agreement and
Release), which shall include a seven (7) business day revocation period: 
 (a) the Company shall pay the Executive an amount equal
to 12 months of the Executive’s Base Salary (the “Severance Amount”), provided in the event the Executive is entitled to any payments pursuant to the Restrictive Covenants Agreement, the Severance Amount received in any
calendar year will be reduced by the amount the Executive is paid in the same such calendar year pursuant to the Restrictive Covenants Agreement (the “Restrictive Covenants Agreement Setoff”); and 

(b) notwithstanding anything to the contrary in the Company’s bonus plan for senior executives, as in effect from time to time, the
Company shall pay the Executive’s annual cash incentive compensation for the year prior to the year in which the Date of Termination occurs, but only to the extent that it (i) has not already been paid, and (ii) otherwise would have
been earned if the Executive had remained employed through the payment date (the “Prior Year Bonus”); and 
 (c) if the Executive
was participating in the Company’s group health plan immediately prior to the Date of Termination and elects COBRA health continuation, then the Company shall pay the monthly employer COBRA premium for the same level of group health coverage as
in effect for the Executive on the Date of Termination until the earliest of the following: (i) the 12 month anniversary of the Date of Termination; (ii) the Executive’s eligibility for group health coverage through other employment;
or (iii) the end of the 

  
 5 

 
Executive’s eligibility under COBRA for continuation coverage for health care. Notwithstanding the foregoing, if the Company determines at any time that its payments pursuant to this
paragraph may be taxable income to the Executive, it may convert such payments to payroll payments directly to the Executive on the Company’s regular payroll dates, which shall be subject to tax-related
deductions and withholdings; and 
 (d) the Company shall pay up to $20,000 to an outplacement services provider to be selected by the
Company for the purpose of providing outplacement services to the Executive; provided that the Executive begins utilizing such services no later than one (1) month after the effective date of the Separation Agreement and Release. If the
Executive informs the Company prior to signing the Separation Agreement and Release that he wishes to receive compensation in lieu of the outplacement services, then the Company will directly pay the Executive an amount equal to $15,000, which shall
be paid in a lump sum at the same time that the first payment of the Severance Amount is made. 
 Except for the Prior Year Bonus (if applicable), the
amounts payable under this Section 5 shall be paid out in substantially equal installments in accordance with the Company’s payroll practice over 12 months commencing within 60 days after the Date of Termination; provided, however,
that if the 60-day period begins in one calendar year and ends in a second calendar year, the Severance Amount shall begin to be paid in the second calendar year by the last day of such 60-day period; provided, further, that the initial payment shall include a catch-up payment to cover amounts retroactive to the day immediately following the Date of
Termination. The Prior Year Bonus (if applicable) shall be paid out in a lump sum when such amount is actually determined and annual bonuses are paid out to the U.S. Subsidiary’s executives for the relevant period, provided that the Prior Year
Bonus (if applicable) shall be paid no later than March 15 of the year in which the Date of Termination occurs. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). 
 6. Compensation Upon Termination by the Company without Cause or by the
Executive for Good Reason within the Change in Control Period. The provisions of this Section 6 shall apply in lieu of, and expressly supersede, the provisions of Section 5 regarding severance pay and benefits upon a termination by the
Company without Cause or by the Executive for Good Reason if such termination of employment occurs 12 months after the occurrence of the first event constituting a Change in Control of the Parent (such period, the “Change in Control
Period”). The provisions under this Section 6 shall terminate and be of no further force or effect beginning 12 months after the occurrence of a Change in Control of the Parent. 

(a) Change in Control of the Parent. If during the Change in Control Period the Executive’s employment is terminated by the
Company without Cause as provided in Section 3(d) or the Executive terminates his employment for Good Reason as provided in Section 3(e), then, subject to the signing of the Separation Agreement and Release by the Executive and the
Separation Agreement and Release becoming irrevocable, all within 60 days after the Date of Termination (or such shorter period as set forth in the Separation Agreement and Release), 

(i) the Company shall pay the Executive a lump sum in cash in an amount equal to the sum of (A) 12 months of the
Executive’s current Base Salary (or the Executive’s Base Salary in effect immediately prior to the Change in Control of the Parent, if higher) plus (B) one (1) times the Executive’s Target Bonus (the “Change in Control
Payment”), provided the Change in Control Payment shall be reduced by the amount of the Restrictive Covenants Agreement Setoff, if applicable, paid or to be paid in the same calendar year; and 

  
 6 

 (ii) notwithstanding anything to the contrary in any applicable option
agreement or other stock-based award agreement, all stock options and other stock-based awards held by the Executive (the “Equity Awards”) shall immediately accelerate and become fully exercisable or nonforfeitable as of the later of
(i) the Date of Termination or (ii) the Effective Date of the Separation Agreement and Release (the “Accelerated Vesting Date”); provided that any termination or forfeiture of the unvested portion of such Equity Awards
that would otherwise occur on the Date of Termination in the absence of this Agreement will be delayed until the Effective Date of the Separation Agreement and Release and will only occur if the vesting pursuant to this subsection does not occur due
to the absence of the Separation Agreement and Release becoming fully effective within the time period set forth therein. Notwithstanding the foregoing, no additional vesting of the Equity Awards shall occur during the period between the
Executive’s Date of Termination and the Accelerated Vesting Date; and 
 (iii) if the Executive was participating in the
Company’s group health plan immediately prior to the Date of Termination and elects COBRA health continuation, then the Company shall pay the monthly employer COBRA premium for the same level of group health coverage as in effect for the
Executive on the Date of Termination until the earliest of the following: (i) the 12 month anniversary of the Date of Termination; (ii) the Executive’s eligibility for group health coverage through other employment; or (iii) the
end of the Executive’s eligibility under COBRA for continuation coverage for health care. Notwithstanding the foregoing, if the Company determines at any time that its payments pursuant to this paragraph may be taxable income to the Executive,
it may convert such payments to payroll payments directly to the Executive on the Company’s regular payroll dates, which shall be subject to tax-related deductions and withholdings; and 

(iv) the Company shall pay up to $20,000 to an outplacement services provider to be selected by the Company for the purpose of
providing outplacement services to the Executive; provided that the Executive begins utilizing such services no later than one (1) month after the effective date of the Separation Agreement and Release. If the Executive informs the Company
prior to signing the Separation Agreement and Release that he wishes to receive compensation in lieu of the outplacement services, then the Company will directly pay the Executive an amount equal to $15,000. 

The amounts payable under this Section 6(a) shall be paid or commence to be paid within 60 days after the Date of Termination; provided, however, that if
the 60-day period begins in one calendar year and ends in a second calendar year, such payment shall be paid or commence to be paid in the second calendar year by the last day of such 60-day period. 

  
 7 

 (b) Additional Limitation. 

(i) Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation, payment or
distribution to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner consistent with Section 280G of the Code and the
applicable regulations thereunder (the “Aggregate Payments”), would be subject to the excise tax imposed by Section 4999 of the Code, then the Aggregate Payments shall be reduced (but not below zero) so that the sum of all of the
Aggregate Payments shall be $1.00 less than the amount at which the Executive becomes subject to the excise tax imposed by Section 4999 of the Code; provided that such reduction shall only occur if it would result in the Executive receiving a
higher After Tax Amount (as defined below) than the Executive would receive if the Aggregate Payments were not subject to such reduction. In such event, the Aggregate Payments shall be reduced in the following order, in each case, in reverse
chronological order beginning with the Aggregate Payments that are to be paid the furthest in time from consummation of the transaction that is subject to Section 280G of the Code: (1) cash payments not subject to Section 409A of the
Code; (2) cash payments subject to Section 409A of the Code; (3) equity-based payments and acceleration; and (4) non-cash forms of benefits; provided that in the case of all the foregoing
Aggregate Payments all amounts or payments that are not subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c) shall be reduced before any
amounts that are subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c). 

(ii) For purposes of this Section 6(b), the “After Tax Amount” means the amount of the Aggregate Payments less
all federal, state, and local income, excise and employment taxes imposed on the Executive as a result of the Executive’s receipt of the Aggregate Payments. For purposes of determining the After Tax Amount, the Executive shall be deemed to pay
federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest marginal rates of individual
taxation in each applicable state and locality, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. 

(iii) The determination as to whether a reduction in the Aggregate Payments shall be made pursuant to Section 6(b)(i)
shall be made by a nationally recognized accounting firm selected by the Company (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and the Executive within 15 business days of the Date of
Termination, if applicable, or at such earlier time as is reasonably requested by the Company or the Executive. Any determination by the Accounting Firm shall be binding upon the Company and the Executive. 

(c) Definitions. For purposes of this Section 6, a “Change in Control of the Parent” shall mean a “Sale Event”
as defined in Orchard Therapeutics plc 2018 Share Option and Incentive Plan, but only to the extent such Sale Event is also a “change in control event” within the meaning of Section 409A of the Code and the regulations promulgated
thereunder. 

  
 8 

 7. Section 409A. 

(a) Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation from service within the
meaning of Section 409A of the Code, the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive
becomes entitled to under this Agreement or otherwise on account of the Executive’s separation from service would be considered deferred compensation otherwise subject to the 20 percent additional tax imposed pursuant to
Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one
day after the Executive’s separation from service, or (B) the Executive’s death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a
catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision, and the balance of the
installments shall be payable in accordance with their original schedule. 
 (b) All in-kind
benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as
administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits
provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except for any lifetime
or other aggregate limitation applicable to medical expenses). Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 

(c) To the extent that any payment or benefit described in this Agreement constitutes
“non-qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination of employment, then such
payments or benefits shall be payable only upon the Executive’s “separation from service.” The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in
Treasury Regulation Section 1.409A-1(h). 
 (d) The parties intend that this Agreement will be
administered in accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments
hereunder comply with Section 409A of the Code. Each payment pursuant to this Agreement or the Restrictive Covenants Agreement is intended to constitute a separate payment for purposes of Treasury Regulation
Section 1.409A-2(b)(2). The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all
related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party. 

  
 9 

 (e) The Company makes no representation or warranty and shall have no liability to the
Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section. 

8. Continuing Obligations. 

(a) Restrictive Covenants Agreement. The Executive acknowledges and agrees that the Employee Confidentiality, Assignment and
Noncompetition Agreement dated September 1, 2019 that is attached hereto as Exhibit A (the “Restrictive Covenants Agreement”) remains in full force and effect, including, without limitation the post-employment noncompetition
obligation set forth in Section 8(c) thereof. For purposes of this Agreement, the obligations in this Section 8 and those that arise in the Restrictive Covenants Agreement and any other agreement relating to confidentiality, assignment of
inventions, or other restrictive covenants shall collectively be referred to as the “Continuing Obligations.” 
 (b)
Third-Party Agreements and Rights. The Executive hereby confirms that the Executive is not bound by the terms of any agreement with any previous employer or other party which restricts in any way the Executive’s use or disclosure of
information or the Executive’s engagement in any business. The Executive represents to the Company that the Executive’s execution of this Agreement, the Executive’s employment with the Company and the performance of the
Executive’s proposed duties for the Company will not violate any obligations the Executive may have to any such previous employer or other party. In the Executive’s work for the Company, the Executive will not disclose or make use of any
information in violation of any agreements with or rights of any such previous employer or other party, and the Executive will not bring to the premises of the Company any copies or other tangible embodiments of
non-public information belonging to or obtained from any such previous employment or other party. 

(c) Cooperation. During and after the Executive’s employment, the Executive shall cooperate fully with the Company in (i) the
defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate to events or occurrences that transpired while the Executive was employed by the Company, and
(ii) the investigation, whether internal or external, of any matters about which the Company believe the Executive may have knowledge or information. The Executive’s full cooperation in connection with such claims, actions or
investigations shall include, but not be limited to, being available to meet with counsel to answer questions or to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. During and after the
Executive’s employment, the Executive also shall cooperate fully with the Company in connection with any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or
occurrences that transpired while the Executive was employed by the Company. The Company shall reimburse the Executive for any reasonable out-of-pocket expenses incurred
in connection with the Executive’s performance of obligations pursuant to this Section 8(c). 

  
 10 

 (d) Injunction. The Executive agrees that it would be difficult to measure any
damages caused to the Company which might result from any breach by the Executive of any of the Continuing Obligations (including without limitation any breach of the Restrictive Covenants Agreement), and that in any event money damages would be an
inadequate remedy for any such breach. Accordingly, the Executive agrees that if the Executive breaches, or proposes to breach, any portion of this Agreement, the Company shall be entitled, in addition to all other remedies that it may have, to an
injunction or other appropriate equitable relief to restrain any such breach without showing or proving any actual damage to the Company. 

(e) Protected Disclosures and Other Protected Actions. Nothing in this Agreement shall be interpreted or applied to prohibit the
Executive from making any good faith report to any governmental agency or other governmental entity (a “Government Agency”) concerning any act or omission that the Executive reasonably believes constitutes a possible violation of federal
or state law or making other disclosures that are protected under the anti-retaliation or whistleblower provisions of applicable federal or state law or regulation. In addition, nothing contained in this Agreement limits the Executive’s ability
to communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including the Executive’s ability to provide documents or other information, without notice to
the Company. In addition, for the avoidance of doubt, pursuant to the federal Defend Trade Secrets Act of 2016, the Executive shall not be held criminally or civilly liable under any federal or state trade secret law or under this Agreement or the
Restrictive Covenants Agreements for the disclosure of a trade secret that (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the
purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. 

9. Consent to Jurisdiction. The parties hereby consent to the jurisdiction of the Superior Court of the Commonwealth of Massachusetts
and the United States District Court for the District of Massachusetts. Accordingly, with respect to any such court action, the Executive (a) submits to the personal jurisdiction of such courts; (b) consents to service of process; and
(c) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of process. 

10. Integration. This Agreement constitutes the entire agreement between the parties with respect to compensation, severance pay,
benefits and accelerated vesting and supersedes in all respects all prior agreements between the parties concerning such the subject matter hereof, including without limitation the Prior Agreement, the Transitional Services Agreement (except for the
Release, which is preserved) and any offer letter, employment agreement, arbitration agreement or severance agreement relating to the Executive’s employment relationship with the Company and/or the ending of that employment relationship.
Notwithstanding the foregoing, the Equity Documents, the Restrictive Covenants Agreement, any agreement relating to indemnification rights and any other agreement relating to confidentiality, assignment of inventions, or other restrictive covenants
shall not be superseded by this Agreement and the Executive acknowledges and agrees that any such agreements remain in full force and effect. For the avoidance of doubt, the Transitional Services Agreement (except for the Release) is null and void
and the Executive acknowledges and agrees that (i) he is not owed, and will not be owed, any compensation thereunder, including, without limitation, any incentive compensation and (ii) the extended vesting period and the extended exercise
period described under the Transitional Services Agreement are of no force or effect. The Executive acknowledges and agrees that any claims arising under any separate agreements related to the subject matter of this Agreement that are not preserved
herein are hereby waived. 

  
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 11. Taxes; Withholding. Nothing in this Agreement shall be construed to limit the
Company’s ability to make deductions, withholdings and tax reports with respect to payments and benefits under this Agreement to the extent that it reasonably and in good faith believes that it is required to make such deductions, withholdings
and tax reports. Payments under this Agreement shall be in amounts net of any such deductions or withholdings and nothing in this Agreement shall be construed to require the Company to make any payments to compensate the Executive for any adverse
tax effect associated with any payments or benefits or for any deduction or withholding from any payment or benefit. 
 12.
Enforceability. If any portion or provision of this Agreement or the Restrictive Covenants Agreement (including, without limitation, any portion or provision of any section of the Continuing Obligations) shall to any extent be declared
illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not
be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 

13. Survival. The provisions of this Agreement shall survive the termination of this Agreement and/or the termination of the
Executive’s employment to the extent necessary to effectuate the terms contained herein. 
 14. Waiver. No waiver of any
provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement,
shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. 
 15.
Notices. Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or
certified mail, postage prepaid, return receipt requested, to the Executive at the last address the Executive has filed in writing with the Company or, in the case of the Company, at its main offices, attention of the Board. 

16. Amendment. This Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized
representative of the Company. 
 17. Effect on Other Plans and Agreements. An election by the Executive to resign for Good Reason
under the provisions of this Agreement shall not be deemed a voluntary termination of employment by the Executive for the purpose of interpreting the provisions of any of the Company’s benefit plans, programs or policies. Nothing in this
Agreement shall be construed to limit the rights of the Executive under the Company’s benefit plans, programs or policies except as otherwise provided in Section 8 hereof, and except that the Executive shall have no rights to any severance
benefits under any Company severance pay plan, offer letter or 

  
 12 

 
otherwise. Except for the Restrictive Covenants Agreement, in the event that the Executive is party to an agreement with the Company providing for payments or benefits under such agreement and
this Agreement, the terms of this Agreement shall govern and the Executive may receive payment under this Agreement only and not both. Further, Section 5 and Section 6 of this Agreement are mutually exclusive and in no event shall the
Executive be entitled to payments or benefits pursuant to Section 5 and Section 6 of this Agreement. 
 18. Governing Law.
This is a Massachusetts contract and shall be construed under and be governed in all respects by the laws of the Commonwealth of Massachusetts, without giving effect to the conflict of laws principles of such Commonwealth. With respect to any
disputes concerning federal law, such disputes shall be determined in accordance with the law as it would be interpreted and applied by the United States Court of Appeals for the First Circuit. 

19. Assignment. Neither the Executive nor the Company may make any assignment of this Agreement or any interest in it, by operation of
law or otherwise, without the prior written consent of the other; provided, however, that the Company may assign its rights and obligations under this Agreement (including the Restrictive Covenants Agreement) without the Executive’s consent to
any affiliate or to any person or entity with whom the Company shall hereafter effect a reorganization, consolidate with, or merge into or to whom it transfers all or substantially all of its properties or assets; provided further that if the
purchaser in any transaction involving the transfer of all or substantially all of the Company’s assets assumes this Agreement and the Executive accepts a position with the purchaser that is equivalent or better to his position immediately
preceding such transaction, then the Executive shall not be entitled to any Severance Amount pursuant to Section 5 or any Change in Control Payment pursuant to Section 6. This Agreement shall inure to the benefit of and be binding upon the
Executive and the Company, and each of the Executive’s and the Company’s respective successors, executors, administrators, heirs and permitted assigns. 

20. Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be
taken to be an original; but such counterparts shall together constitute one and the same document. 
 21. Gender Neutral. Wherever
used herein, a pronoun in the masculine gender shall be considered as including the feminine gender unless the context clearly indicates otherwise. 

[Signature Page Follows] 

  
 13 

 IN WITNESS WHEREOF, the parties have executed this Agreement effective on the Effective
Date. 
  

			
	PARENT
	
	ORCHARD THERAPEUTICS PLC
		
	By:	 	/s/ Bobby Gaspar
	Name:	 	Bobby Gaspar, M.D., Ph.D.
	Title:	 	Chief Executive Officer

  

			
	U.S. SUBSIDIARY
	
	ORCHARD THERAPEUTICS NORTH AMERICA
		
	By:	 	/s/ Bobby Gaspar
	Name:	 	Bobby Gaspar, M.D., Ph.D.
	Title:	 	Chief Executive Officer

  

	
	EXECUTIVE
	
	/s/ Frank Thomas
	Frank Thomas

  

 Exhibit A 

Employee Confidentiality, Assignment and Noncompetition Agreement 

In consideration and as a condition of my employment by Orchard Therapeutics North America (including its parent company, Orchard Therapeutics
plc, and its and their respective subsidiaries and other affiliates, and all of the foregoing’s successors and assigns, the “Company”) and in exchange for, among other things, the benefits contained in the Employment Agreement
to which this Exhibit A is appended, including without limitation the opportunity to receive enhanced post-employment severance benefits, which I acknowledge and agree is fair and reasonable consideration that is independent from the continuation of
my employment, I enter into this Employee Confidentiality, Assignment and Noncompetition Agreement (the “Agreement”) and agree as follows: 

1. Proprietary Information. I agree that all information, whether or not in writing, concerning the Company’s
business, technology, business relationships or financial affairs that the Company has not released to the general public (collectively, “Proprietary Information”) and all tangible embodiments thereof are and will be the exclusive
property of the Company. By way of illustration, Proprietary Information may include information or material that has not been made generally available to the public, such as: (a) corporate information, including plans, strategies,
methods, policies, resolutions, negotiations or litigation; (b) marketing information, including strategies, methods, customer or business partner identities or other information about customers, business partners, prospect identities or
other information about prospects, or market analyses or projections; (c) financial information, including cost and performance data, debt arrangements, equity structure, investors and holdings, purchasing and sales data and price lists;
(d) operational, technological, and scientific information, including plans, specifications, manuals, forms, templates, software, pre-clinical and clinical testing data and strategies, research and
development strategies, designs, methods, procedures, formulae, data, reports, discoveries, inventions, improvements, concepts, ideas, and other Developments (as defined below), know-how and trade secrets; and
(e) personnel information, including personnel lists, reporting or organizational structure, resumes, personnel data, performance evaluations and termination arrangements or documents. Proprietary Information also includes information
received in confidence by the Company from its customers, suppliers, business partners or other third parties. 
 2. Recognition of Company’s
Rights. I will not, at any time, without the Company’s prior written permission, either during or after my employment, disclose any Proprietary Information to anyone outside of the Company, or use or permit to be used any
Proprietary Information for any purpose other than the performance of my duties as an employee of the Company. I will cooperate with the Company and use my best efforts to prevent the unauthorized disclosure of all Proprietary Information. I will
deliver to the Company all copies and other tangible embodiments of Proprietary Information in my possession or control upon the earlier of a request by the Company or termination of my employment. 

3. Rights of Others. I understand that the Company is now and may hereafter be subject to nondisclosure or confidentiality
agreements with third persons that require the Company to protect or refrain from use or disclosure of proprietary information. I agree to be bound by the terms of such agreements in the event I have access to such proprietary information. I
understand that the Company strictly prohibits me from using or disclosing confidential or proprietary information belonging to any other person or entity (including any employer or former employer), in connection with my employment. In addition, I
agree not to bring any confidential information belonging to any other person or entity onto Company premises or into Company workspaces. 
 4.
Commitment to Company; Avoidance of Conflict of Interest. While an employee of the Company, I will devote my full-time efforts to the Company’s business and I will not, directly or indirectly, engage in any other
business activity, except as expressly authorized in writing and in advance by a duly authorized representative of the Company. I will advise an authorized officer of the Company or his or her designee at such time as any activity of either the
Company or another business presents me with a conflict of interest or the appearance of a conflict of interest as an employee of the Company. I will take whatever action is requested of me by the Company to resolve any conflict or appearance of
conflict which it finds to exist.  
 5. Developments. I will make full and prompt disclosure to the Company of all
inventions, discoveries, designs, developments, methods, modifications, improvements, processes, algorithms, data, databases, computer programs, research, formulae, techniques, trade secrets, graphics or images, and audio or visual works and other

 
works of authorship, and other intellectual property, including works-in-process (collectively
“Developments”) whether or not patentable or copyrightable, that are created, made, conceived or reduced to practice by me (alone or jointly with others) or under my direction during the period of my employment. I acknowledge that
all work performed by me is on a “work for hire” basis, and I hereby do assign and transfer and, to the extent any such assignment cannot be made at present, will assign and transfer, to the Company and its successors and assigns
all my right, title and interest in and to all Developments that (a) relate to the business of the Company or any customer of, supplier to or business partner of the Company or any of the products or services being researched, developed,
manufactured or sold by the Company or which may be used with such products or services; or (b) result from tasks assigned to me by the Company; or (c) result from the use of premises or personal property (whether tangible or intangible)
owned, leased or contracted for by the Company (“Company-Related Developments”), and all related patents, patent applications, trademarks and trademark applications, copyrights and copyright applications, sui
generis database rights and other intellectual property rights in all countries and territories worldwide and under any international conventions (“Intellectual Property Rights”). 

To preclude any possible uncertainty, if there are any Developments that I have, alone or jointly with others, conceived, developed or reduced to practice
prior to the commencement of my employment with the Company that I consider to be my property or the property of third parties and that I wish to have excluded from the scope of this Agreement (“Prior Inventions”), I have set forth
on Appendix A attached hereto a complete list of those Prior Inventions. If disclosure of any such Prior Invention would cause me to violate any prior confidentiality agreement, I understand that I am not to list such Prior Inventions in
Appendix A but am only to disclose a cursory name for each such invention, a listing of the party(ies) to whom it belongs and the fact that full disclosure as to such inventions has not been made for that reason. If there are any patents or
patent applications in which I am named as an inventor, other than those that have been assigned to the Company (“Other Patent Rights”), I have also listed those Other Patent Rights on Appendix A. If no such disclosure is
attached, I represent that there are no Prior Inventions or Other Patent Rights. If, in the course of my employment with the Company, I incorporate a Prior Invention into a Company product, process or machine, research or development program, or
other work done for the Company, I hereby grant to the Company a nonexclusive, royalty-free, fully paid-up, irrevocable, worldwide license (with the full right to sublicense through multiple tiers) to make,
have made, modify, use, sell, offer for sale and import such Prior Invention. Notwithstanding the foregoing, I will not incorporate, or permit to be incorporated, Prior Inventions in any Company-Related Development without the Company’s prior
written consent. 
 This Agreement does not obligate me to assign to the Company any Development that, in the sole judgment of the Company, reasonably
exercised, is developed entirely on my own time and does not relate to the business efforts or research and development efforts in which, during the period of my employment, the Company actually is engaged or reasonably would be engaged, and does
not result from the use of premises or equipment owned or leased by the Company. However, I will also promptly disclose to the Company any such Developments for the purpose of determining whether they qualify for such exclusion. I understand that to
the extent this Agreement is required to be construed in accordance with the laws of any state which precludes a requirement in an employee agreement to assign certain classes of inventions made by an employee, this Section 5 will be
interpreted not to apply to any invention that a court rules and/or the Company agrees falls within such classes. I also hereby waive all claims to any moral rights or other special rights that I may have or accrue in any Company-Related
Developments. 
 6. Documents and Other Materials. I will keep and maintain adequate and current records of all Proprietary Information
and Company-Related Developments developed by me during my employment, which records will be available to and remain the sole property of the Company at all times. 

All files, letters, notes, memoranda, reports, records, data, sketches, drawings, notebooks, layouts, charts, quotations and proposals, specification sheets,
blueprints, models, prototypes, or other written, photographic or other tangible material containing Proprietary Information, whether created by me or others, which come into my custody or possession, are the exclusive property of the Company to be
used by me only in the performance of my duties for the Company. Any property situated on the Company’s premises and owned by the Company, including without limitation computers, disks and other storage media, filing cabinets or other work
areas, is subject to inspection by the Company at any time with or without notice. In the event of the termination of my employment for any reason, I will deliver to the Company all Company property and equipment in my possession, custody or
control, including all files, letters, notes, memoranda, reports, records, data, sketches, drawings, notebooks, layouts, charts, quotations and proposals, specification sheets, blueprints, models, prototypes, or other written, photographic or other
tangible material containing Proprietary Information, and other materials of any nature pertaining to the Proprietary Information of the Company and to my work, and will not take or keep in my possession any of the foregoing or any copies. 

 

 7. Enforcement of Intellectual Property Rights. I will cooperate fully with the
Company, both during and after my employment with the Company, with respect to the procurement, maintenance and enforcement of Intellectual Property Rights in Company-Related Developments. I will sign, both during and after my employment, all
papers, including without limitation copyright applications, patent applications, declarations, oaths, assignments of priority rights, and powers of attorney, which the Company may deem necessary or desirable in order to protect its rights and
interests in any Company-Related Development or Intellectual Property Rights therein. If the Company is unable, after reasonable effort, to secure my signature on any such papers, I hereby irrevocably designate and appoint each officer of the
Company as my agent and attorney-in-fact to execute any such papers on my behalf, and to take any and all actions as the Company may deem necessary or desirable in order
to protect its rights and interests in any Company-Related Development, including any Intellectual Property Rights therein. 
 8. Nonsolicitation and
Noncompetition. 
 In order to protect the Company’s Proprietary Information and goodwill, during my employment and for a period of:
(i) one (1) year following the date of the cessation of my employment with the Company (the “Last Date of Employment”), or (ii) two (2) years following the Last Date of Employment if I breach my fiduciary duty to the
Company or if I have unlawfully taken, physically or electronically, property belonging to the Company (in either case the “Restricted Period”): 

(a) I shall not, directly or indirectly, in any manner, other than for the benefit of the Company, solicit or transact any business with any of
the customers of the Company or any of its vendors. For purposes of this Agreement, (i) customers shall include then current customers to which the Company provided products or services during the twelve months prior to the Last Date of
Employment (the “One Year Lookback”) and customer prospects that the Company solicited during the One Year Lookback and that I had significant contact with or learned confidential information about in the course of my employment,
and (ii) vendors shall include then current vendors and vendors that provided services to or in connection with the Company during the One Year Lookback. 

(b) I shall not, directly or indirectly, in any manner, solicit, entice or attempt to persuade any employee or consultant of the Company to
leave the Company for any reason or otherwise participate in or facilitate the hire, directly or through another entity, of any person who is then employed or engaged by the Company. 

(c) Unless (i) the Company terminates my employment without Cause (as defined below) or I have been laid off; or (ii) the Company
waives the restrictions upon post-employment activities set forth in this Section 8(c), then, the Company shall make garden leave payments to me for the post-employment portion of the Restricted Period (but for not more than 12 months following
the end of my employment) at the rate of 50% of the highest annualized base salary paid to me by the Company within the two-year period preceding the last day of my employment (“Garden Leave
Pay”), and in exchange, I shall not directly or indirectly, whether as owner, partner, shareholder, director, manager, consultant, agent, employee, co-venturer or otherwise, anywhere in the world
engage or otherwise participate in any business that develops, manufactures or markets any products, or performs any services, that are competitive with the products or services of the Company, or products or services that the Company or its
affiliates, has under development or that are the subject of active planning at any time during my employment. For purposes of this Agreement, and notwithstanding anything to the contrary in any other agreement between the Company and me,
“Cause” shall mean a reasonable and good faith basis for the Company to be dissatisfied with my job performance, my conduct or my behavior. I acknowledge that this covenant is necessary because the Company’s legitimate business
interests cannot be adequately protected solely by the other covenants in this Agreement. I further acknowledge and agree that any payments I receive pursuant to this Section 8(c) shall reduce (and shall not be in addition to) any severance or
separation pay that I am otherwise entitled to receive from the Company pursuant an agreement, plan or otherwise. 
 9. Government
Contracts. I acknowledge that the Company may have from time to time agreements with other persons or with the United States Government or its agencies that impose obligations or restrictions on the Company regarding inventions made
during the course of work under such agreements or regarding the confidential 

 
nature of such work. I agree to comply with any such obligations or restrictions upon the direction of the Company. In addition to the rights assigned under Section 5, I also assign to the
Company (or any of its nominees) all rights that I have or acquired in any Developments, full title to which is required to be in the United States under any contract between the Company and the United States or any of its agencies. 

10. Prior Agreements. I hereby represent that, except as I have fully disclosed previously in writing to the Company, I am not bound by
the terms of any agreement with any previous or current employer or other party to refrain from using or disclosing any trade secret or confidential or proprietary information in the course of my employment with the Company or to refrain from
competing, directly or indirectly, with the business of such employer or any other party. I further represent that my performance of all the terms of this Agreement as an employee of the Company does not and will not breach any agreement to keep in
confidence proprietary information, knowledge or data acquired by me in confidence or in trust prior to my employment with the Company. I will not disclose to the Company or induce the Company to use any confidential or proprietary information or
material belonging to any previous employer or others. 
 11. Remedies Upon Breach. I understand that the restrictions contained in
this Agreement are necessary for the protection of the business and goodwill of the Company and I consider them to be reasonable for such purpose. Any breach of this Agreement is likely to cause the Company substantial and irrevocable damage and
therefore, in the event of such breach, the Company, in addition to such other remedies which may be available, will be entitled to specific performance and other injunctive relief, without the posting of a bond. I further acknowledge that a
court may render an award extending the Restricted Period as one of the remedies in the event of my violation of this Agreement. If I violate this Agreement, in addition to all other remedies available to the Company at law (including, without
limitation, the Company’s right to discontinue any payments I may receive pursuant to Section 8(c)), in equity, and under contract, I agree that I am obligated to pay all the Company’s costs of enforcement of this Agreement, including
reasonable attorneys’ fees and expenses. 
 12. Use of Voice, Image and Likeness. I give the Company permission to use any and all of my
voice, image and likeness, with or without using my name, in connection with the products and/or services of the Company, for the purposes of advertising and promoting such products and/or services and/or the Company, and/or for other purposes
deemed appropriate by the Company in its reasonable discretion, except to the extent prohibited by law. 
 13. No Employment
Obligation. I understand that this Agreement does not create an obligation on the Company or any other person to continue my employment. I acknowledge that, unless otherwise agreed in a formal written employment agreement
signed on behalf of the Company by an authorized officer, my employment with the Company is at will and therefore may be terminated by the Company or me at any time and for any reason, with or without cause. 

14. Survival and Assignment by the Company. I understand that my obligations under this Agreement will continue in accordance with its
express terms regardless of any changes in my title, position, duties, salary, compensation or benefits or other terms and conditions of employment. I further understand that my obligations under this Agreement will continue following the
termination of my employment regardless of the manner of such termination and will be binding upon my heirs, executors and administrators. The Company will have the right to assign this Agreement to its affiliates, successors and assigns. I
expressly consent to be bound by the provisions of this Agreement for the benefit of the Company or any parent, subsidiary or affiliate to whose employ I may be transferred without the necessity that this Agreement be resigned at the time of such
transfer. 
 15. Notice of Resignation. If I elect to resign from my employment with the Company, I agree to provide the Company with written
notification of my resignation at least 30 days prior to my intended resignation date. Such notice shall include information in reasonable detail about my post-employment job duties and other business activities, including the name and address of
any subsequent employer and/or person or entity with whom or which I intend to engage in business activities during the Restricted Period and the nature of my job duties and other business activities. The Company may elect to waive all or part of
the 30 day notice period in its sole discretion. 
 16. Post-Employment Notifications. During the Restricted Period, I will notify the
Company of any change in my address and of each subsequent employment or business activity, including the name and address of my employer or other post-Company employment plans and the nature of my activities. 

 17. Disclosures During Restricted Period. I will provide a copy of this
Agreement to any person or entity with whom I may enter into a business relationship, whether as an employee, consultant, partner, coventurer or otherwise, prior to entering into such business relationship during the Restricted Period. 

18. Waiver. The Company and I acknowledge and agree that the Company’s election not to provide me with Garden
Leave Pay as set forth in Section 8(c) shall be deemed a waiver of my noncompetition obligations under Section 8(c). Otherwise, no waiver of any of my obligations under this Agreement shall be effective unless made in writing by the
Company. The failure of the Company to require my performance of any term or obligation of this Agreement, or the waiver of any breach of this Agreement, shall not prevent the Company’s subsequent enforcement of such term or obligation or be
deemed a waiver of any subsequent breach. 
 19. Severability. In case any provisions (or portions thereof) contained in this Agreement
shall, for any reason, be held invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect the other provisions of this Agreement, and this Agreement shall be construed as if such invalid,
illegal or unenforceable provision had never been contained herein. If, moreover, any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or
subject, it shall be construed by limiting and reducing it, so as to be enforceable to the extent compatible with the applicable law as it shall then appear. 

20. Choice of Law and Jurisdiction. This Agreement will be deemed to be made and entered into in the Commonwealth of Massachusetts, and
will in all respects be interpreted, enforced and governed under the laws of the Commonwealth of Massachusetts. I hereby consent to personal jurisdiction of the state and federal courts situated within Massachusetts for purposes of enforcing this
Agreement, and waive any objection that I might have to personal jurisdiction or venue in those courts, provided, however, the Company and I agree that all civil actions relating to Section 8(c) of this Agreement shall be brought in the county
of Suffolk and that the superior court or the business litigation session of the superior court shall have exclusive jurisdiction. 
 21. Independence
of Obligations. My obligations under this Agreement are independent of any obligation, contractual or otherwise, the Company has to me. The Company’s breach of any such obligation shall not be a defense against the enforcement of this
Agreement or otherwise limit my obligations under this Agreement. 
 22. Protected Disclosures. I understand that nothing contained in
this Agreement limits my ability to communicate with any federal, state or local governmental agency or commission, including to provide documents or other information, without notice to the Company. I also understand that nothing in this Agreement
limits my ability to share compensation information concerning myself or others, except that this does not permit me to disclose compensation information concerning others that I obtain because my job responsibilities require or allow access to such
information. 
 23. Defend Trade Secrets Act of 2016. I understand that pursuant to the federal Defend Trade Secrets Act of 2016, I
shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (a) is made (i) in confidence to a federal, state, or local government official, either directly or
indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under
seal. 
 Entire Agreement; Amendment. This Agreement constitutes the entire agreement between the Company and me with respect to the
subject matter hereof, and supersedes all prior agreements or understandings, both written and oral, between the Company and me with respect to the subject matter hereof, but does not in any way merge with or supersede any other confidentiality,
assignment of inventions or other restrictive covenant agreement or obligation entered into by the Company and me, which agreements and obligations shall supplement, and shall not limit or be limited by, this Agreement. This Agreement may be amended
only in a written agreement executed by a duly authorized officer of the Company and me. 
 [Remainder of Page Intentionally Left Blank] 

 I UNDERSTAND THAT THIS AGREEMENT AFFECTS IMPORTANT RIGHTS. BY SIGNING BELOW, I CERTIFY THAT
(I) I WAS PROVIDED WITH THIS AGREEMENT AT LEAST TEN (10) BUSINESS DAYS BEFORE THE EFFECTIVE DATE OF THIS AGREEMENT AND (II) I HAVE BEEN ADVISED BY THE COMPANY THAT I HAVE THE RIGHT TO CONSULT WITH COUNSEL PRIOR TO SIGNING THIS
AGREEMENT. 
 IN WITNESS WHEREOF, the undersigned has executed this agreement as a sealed instrument and shall become effective upon
the later of the (i) full execution by both parties; or (ii) ten (10) business days after the Company provided me with notice of this Agreement. 

EMPLOYEE 
 Signed: /s/ Frank E. Thomas 

Type or print name: Frank E. Thomas 
 Date: 1 September
2019 
 THE COMPANY 
 Signed: /s/ John Ilett 

Type or print name and job title: John Ilett, General Counsel & Company Secretary 

Date: 1 September 2019

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