Document:

EX-10.3

 Exhibit 10.3 

FORM OF EMPLOYEE MATTERS AGREEMENT 

by and between 
 INTERNATIONAL
PAPER COMPANY 
 (“Parent”) 

and 
 SYLVAMO CORPORATION 

(“SpinCo”) 
 dated as of
[•], 2021 
  

 Table of Contents 

 

							
	 	 	 	  	Page	 
	 ARTICLE I. DEFINITIONS 
	  	 	2	 
	 Section 1.1.
	 	Definitions	  	 	2	 
	 Section 1.2.
	 	Capitalized Terms	  	 	10	 
		
	 ARTICLE II. EMPLOYEES 
	  	 	10	 
	 Section 2.1.
	 	Employees	  	 	10	 
	 Section 2.2.
	 	Termination of Employment or Benefits	  	 	11	 
	 Section 2.3.
	 	Employees With Right to Return	  	 	11	 
	 Section 2.4.
	 	No Right to Continued Employment	  	 	12	 
	 Section 2.5.
	 	Non-Solicitation; Non-Hire	  	 	13	 
	 Section 2.6.
	 	Certain Tax Matters	  	 	15	 
	 Section 2.7.
	 	Work Visas	  	 	15	 
		
	 ARTICLE III. COLLECTIVE BARGAINING AGREEMENTS AND OBLIGATIONS 
	  	 	15	 
	 Section 3.1.
	 	Assumption and Continuation of Agreements	  	 	15	 
		
	 ARTICLE IV. BENEFITS PLANS AND PROGRAMS 
	  	 	16	 
	 Section 4.1.
	 	Continuation of Compensation and Benefits for Non-Represented Transferred Employees	  	 	16	 
	 Section 4.2.
	 	No Participation in Parent Plans	  	 	17	 
	 Section 4.3.
	 	Establishment of SpinCo Mirror Plans	  	 	17	 
	 Section 4.4.
	 	Terms of Participation by Transferred Employees	  	 	18	 
	 Section 4.5.
	 	Right to Amend SpinCo Plans	  	 	18	 
		
	 ARTICLE V. PENSION PLANS 
	  	 	19	 
	 Section 5.1.
	 	Establishment of Pension Plans	  	 	19	 
	 Section 5.2.
	 	Assumption of Parent Pension Plan Liabilities and Transfer of Assets from the Parent Pension Trust	  	 	19	 
	 Section 5.3.
	 	Assumption of Liabilities Under Parent Non-Qualified Pension Plan and Payment by Parent of Accrued Liabilities	  	 	23	 
	 Section 5.4.
	 	International Pension Plans	  	 	25	 
	 Section 5.5.
	 	Continuation of Elections and Application to SpinCo Dependents	  	 	25	 
		
	 ARTICLE VI. HEALTH AND WELFARE 
	  	 	25	 
	 Section 6.1.
	 	Parent Health and Welfare Plans.	  	 	25	 
	 Section 6.2.
	 	Adoption of SpinCo Health and Welfare Plans.	  	 	26	 
	 Section 6.3.
	 	COBRA and HIPAA	  	 	28	 
	 Section 6.4.
	 	Workers’ Compensation Claims	  	 	28	 

  
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	 Section 6.5.
	 	Leave of Absence Programs	  	 	29	 
	 Section 6.6.
	 	Time-Off Benefits.	  	 	29	 
	 ARTICLE VII. SAVINGS PLANS 
	  	 	30	 
			
	 Section 7.1.
	 	Adoption of SpinCo Savings Plans	  	 	30	 
	 Section 7.2.
	 	Assumption of Liabilities and Transfer of Assets With Respect to Parent Qualified Savings Plans	  	 	30	 
	 Section 7.3.
	 	Treatment of Parent Non-Qualified Savings Plan Accounts	  	 	31	 
	 Section 7.4.
	 	Continuation of Elections and Application to SpinCo Dependents	  	 	33	 
		
	 ARTICLE VIII. EQUITY BASED INCENTIVE AWARDS 
	  	 	33	 
	 Section 8.1.
	 	Treatment of Outstanding PSP Awards by Parent	  	 	33	 
	 Section 8.2.
	 	Treatment of Outstanding Parent Restricted Share Unit and Restricted Stock Awards	  	 	34	 
	 Section 8.3.
	 	Replacement Awards for Cancelled Shares	  	 	34	 
	 Section 8.4.
	 	Establishing the Number of Shares Subject to SpinCo Awards	  	 	34	 
		
	 ARTICLE IX. SHORT TERM INCENTIVES AND SALES COMMISSION PROGRAMS 
	  	 	35	 
	 Section 9.1.
	 	Management Incentive Plan	  	 	35	 
	 Section 9.2.
	 	Hourly Incentive Plans and Sales Commission Programs	  	 	35	 
	 Section 9.3.
	 	SpinCo Obligations In Respect of Incentive Plans	  	 	35	 
		
	 ARTICLE X. ASSUMPTION OF LIABILITIES 
	  	 	36	 
	 Section 10.1.
	 	Assumption of Liabilities.	  	 	36	 
	 Section 10.2.
	 	Reimbursement	  	 	37	 
	 Section 10.3.
	 	Indemnification	  	 	38	 
	 Section 10.4.
	 	Procedures for Indemnification for Third-Party Claims	  	 	39	 
	 Section 10.5.
	 	Reductions for Insurance Proceeds and Other Amounts	  	 	39	 
	 Section 10.6.
	 	Contribution	  	 	39	 
	 Section 10.7.
	 	Consequential Damages	  	 	40	 
		
	 ARTICLE XI. GENERAL AND ADMINISTRATIVE 
	  	 	40	 
	 Section 11.1.
	 	Cooperation	  	 	40	 
	 Section 11.2.
	 	Consent of Third Parties	  	 	42	 
	 Section 11.3.
	 	Survival	  	 	42	 
	 Section 11.4.
	 	Interpretation	  	 	42	 
	 Section 11.5.
	 	No Third Party Beneficiary	  	 	43	 
	 Section 11.6.
	 	Notices	  	 	43	 
	 Section 11.7.
	 	Governing Law	  	 	44	 
	 Section 11.8.
	 	Disputes	  	 	45	 
	 Section 11.9.
	 	Specific Performance	  	 	45	 
	 Section 11.10.
	 	No Assignment; No Amendment; Counterparts	  	 	45	 

 EXHIBITS 
 Exhibit A. Sales
Commissions Programs 
 SCHEDULES 
 Schedule 2.4. Minimum
Severance Benefits for Non-Represented Employees 
  

  
 ii 

 FORM OF EMPLOYEE MATTERS AGREEMENT 

This Employee Matters Agreement (together with all exhibits, schedules, appendices and annexes hereto, this “Agreement”),
dated as of [•], 2021 is by and between International Paper Company, a New York corporation (“Parent”), and Sylvamo Corporation, a Delaware corporation (“SpinCo”) (each a “Party” and
collectively, the “Parties”). Capitalized terms used herein and not otherwise defined shall have the respective meanings assigned to them in ARTICLE I. 

WHEREAS, SpinCo is a wholly-owned, direct Subsidiary of Parent; 

WHEREAS, the board of directors of Parent (the “Parent Board”) has determined that it is in the best interests of Parent and
its shareholders to create a new publicly traded company that will operate the SpinCo Business; 
 WHEREAS, in furtherance of the foregoing,
the Parent Board has determined that it is appropriate and desirable to effect the Separation and the Distribution (as each such term is defined in the Separation Agreement); 

WHEREAS, to effectuate the Separation and Distribution, Parent and SpinCo have entered into a Separation and Distribution Agreement, dated as
of [•], 2021 (the “Separation Agreement”); 
 WHEREAS, in addition to the matters addressed by the Separation
Agreement, the Parties desire to enter into this Agreement that is an “Ancillary Agreement” under the Separation Agreement to set forth the terms and conditions of certain employment, compensation and benefit matters; and 

WHEREAS, the Parties acknowledge that this Agreement, the Separation Agreement and the other Ancillary Agreements under the Separation
Agreement represent the integrated agreement of Parent and SpinCo relating to the Separation and Distributions, are being entered into together and would not have been entered into independently. 

NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained in this Agreement, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows: 
  

 ARTICLE I. 

DEFINITIONS 
 Section 1.1.
Definitions. 
 “Actuarial Assumptions” means the actuarial assumptions used in connection with the most recently
completed actuarial report of the accounting liabilities under the applicable Parent Pension Plan, except that, any actuarial assumption changes regarding accounting liabilities to the applicable Parent Pension Plan as a result of Parent’s
actuary’s 2021 experience study will be utilized to the extent different, and the discount rate applied in determining such liabilities shall be determined as of the Interim Transfer Date. 

“Affiliate” has the meaning ascribed to it in the Separation Agreement. 

“Agreement” has the meaning ascribed to it in the Recitals to this Agreement 

“Applicable CBA” means the Labor Agreement between International Paper Company (Ticonderoga Mill) and the United Steel
Workers, Local 4-0005 and Local 4-0497, effective June 1, 2017, and incorporates, as applicable, any language required by the IP Mill Master Agreement Memorandum
dated September 1, 2015 and expiring on August 31, 2023. 
 “Assumption Date” means the date as of which SpinCo
[assumes][assumed] the obligations of the Parent under the Applicable CBA[, which shall in all events be no later than immediately prior to the Effective Time][which was September 1, 2021]. 

“Bargaining Units” means the bargaining units under the Applicable CBA immediately prior to the Assumption Date. 

“Benefit Payments” has the meaning ascribed to it in Section 5.2(d)(ii). 

“Business Day” has the meaning ascribed to it in Section 11.4. 

“Business Employee” means each individual employee of Parent or a Subsidiary of Parent who (i) as of the day immediately
prior to the Interim Transfer Date, was assigned to a position in which at least two-thirds of his or her services as an employee of the Parent or a Subsidiary of the Parent were devoted to or for the benefit
of the SpinCo Business (including any such individual assigned to such a position who is not actively working as of the Effective Time as a result of an illness, injury or leave of absence approved by Parent’s Human Resources department or
otherwise taken in accordance with applicable Law) or (ii) is identified by Parent or pursuant to Parent’s job posting process as the person to fulfill a position unassigned as of the day immediately prior to the Interim Transfer Date in
which the person would be expected to devote at least two-thirds of his or her services as an employee of the Parent or a Subsidiary of the Parent to or for the benefit of the SpinCo Business. 

  
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 “Cancelled Parent PSP Shares” has the meaning ascribed to in
Section 8.1. 
 “Cancelled Parent Restricted Shares” has the meaning ascribed to in Section 8.2. 

“COBRA” has the meaning ascribed to it in Section 6.3. 

“Code” means the United States Internal Revenue Code of 1986, as amended. 

“Effective Time” has the meaning ascribed to it in the Separation Agreement. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

“Excluded Employees” has the meaning set forth in Section 2.5(a)(iv). 

“Final Asset Transfer” has the meaning ascribed to it in Section 5.2(d)(ii). 

“Former Business Employee” means any individual who had at any time provided services in respect of the SpinCo Business or
the SpinCo Assets, but (i) as of the Interim Transfer Date, is no longer actively employed by Parent or any Subsidiary or (ii) is employed by Parent or a Subsidiary, but as of the day immediately prior to the Interim Transfer Date no
longer qualified as a Business Employee (and does not otherwise thereafter again become a Business Employee prior to the Effective Time). 

“FSA Participants” has the meaning ascribed to it in Section 6.2(c). 

“Governmental Authority” has the meaning ascribed to it in the Separation Agreement. 

“Group” means either of the Parent Group or the SpinCo Group, as the context requires. 

“Hourly Incentive Plans” means the Ticonderoga Gain Sharing Plan, the Sumter Sheeting Facility Gain Sharing Plan, and the
Eastover Gain Sharing Plan. 
 “Indemnifiable Losses” means all Losses, Liabilities, damages, claims, demands, judgments or
settlements of any nature or kind, including, but not limited to, all costs and expenses (legal, accounting or otherwise) that are reasonably incurred relating thereto, suffered by an Indemnified Party, including, but not limited to, any costs or
expenses of enforcing any indemnity hereunder that are reasonably incurred. 

  
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 “Indemnified Parties” has the meaning ascribed to it in
Section 10.3(b). 
 “Indemnifying Party” means a Person that is obligated under this Agreement to provide
indemnification. 
 “Initial Asset Transfer” has the meaning ascribed to it in Section 5.2(d)(i). 

“Insured WC Claims” has the meaning ascribed to it in Section 6.4. 

“Interim Transfer Date” means September 1, 2021. 

“Internal Reorganization” has the meaning ascribed to it in the Separation Agreement. 

“Law” has the meaning ascribed to it in the Separation Agreement. 

“Layoff with Right of Recall” means any Represented Employee who has been formally laid off by any member of the Parent
Group, the SpinCo Group or a Transferred Entity under circumstances that entitle such Represented Employee to a right of recall by his or her employer and whose period of eligibility for recall pursuant to the Applicable CBA has not expired, or
whose right to recall has not been forfeited pursuant to the Applicable CBA, as of the Effective Time. 
 “Leave Employee”
means any Business Employee who, as of the Effective Time, (i) is on a Leave of Absence or receiving long-term disability benefits under a Parent Plan or a SpinCo Plan and (ii) is not a Retained Employee. 

“Leave Employee Commencement Date” has the meaning ascribed to it in Section 2.3(a). 

“Leave of Absence” means a leave from active employment that is expected to continue following the Effective Time and that
(i) was granted in accordance with the applicable policies and procedures (including, but not limited to, any policy or procedures implemented to comply with the United Services Employment and Reemployment Rights Act, the Americans with
Disabilities Act, the Family and Medical Leave Act or similar state or other Law or with the Applicable CBA) of a member of the Parent Group, the SpinCo Group or a Transferred Entity or (ii) arose due to an illness or injury that results in the
individual being eligible for short-term disability benefits, sickness and accident benefits or workers’ compensation under the Parent’s or SpinCo’s (as applicable) short-term disability or sickness and accident plan or state or other
Law. For the avoidance of doubt, any employee who is not at work on the day of the Effective Time due to vacation, sickness or accident that has not qualified the individual for short-term disability or accident benefits, workers’ compensation
or other temporary absence, but whose employment continues in accordance with the Parent Group’s or SpinCo Group’s employment policies (such as due to the use of personal days), shall be considered to be actively at work on the day of the
Effective Time. Any individual who is receiving long-term disability benefits at the Effective Time shall not be considered to be on a “Leave of Absence” for purposes of this definition. 

  
 4 

 “Liabilities” means any and all obligations, benefit entitlements, losses,
claims, charges, debts, demands, actions, costs and expenses (including, but not limited to, those arising under any contract, collective bargaining agreement, or plan, and administrative and related costs and expenses of any plan, program, or
arrangement), of any nature whatsoever, whether absolute or contingent, vested or unvested, matured or unmatured, liquidated or unliquidated, accrued or unaccrued, known or unknown, whenever arising. 

“Liability Event” has the meaning ascribed to it in Section 10.6(b). 

“Losses” has the meaning ascribed to it in the Separation Agreement. 

“Management Incentive Plan” means the International Paper Company 2021 Management Incentive Plan, as amended. 

“Parent” has the meaning ascribed to it in the preamble to this Agreement. 

“Parent Board” has the meaning ascribed to it in the Recitals to this Agreement. 

“Parent Cancelled Share Value” shall mean the closing price of a share of the common stock of the Parent on the New York
Stock Exchange on the last trading day immediately preceding the Effective Time. 
 “Parent FSAs” means the International
Paper Company EBRA and Tax-Free Health Care Contributions Plan and the International Paper Company Tax-Free Health Care Contributions for Hourly Employees Plan. 

“Parent Group” has the meaning ascribed to it in the Separation Agreement. 

“Parent Hourly Savings Plan” means the International Paper Company Hourly Savings Plan. 

“Parent Indemnified Parties” has the meaning ascribed to it in Section 10.3(a). 

“Parent Liabilities” means all Liabilities of Parent and the Parent Subsidiaries. In no event shall the term Parent
Liabilities include any Liabilities that are transferred from or otherwise cease to be Liabilities of any of Parent or any other member of the Parent Group pursuant to this Agreement, or that have, or will become, SpinCo Employee Liabilities. 

  
 5 

 “Parent Non-Qualified Pension Plan”
means the International Paper Company Pension Restoration Plan for Salaried Employees. 
 “Parent
Non-Qualified Pension Plan Liabilities” has the meaning ascribed to it in Section 5.3(b). 

“Parent Non-Qualified Savings Plan” means the International Paper Company Deferred
Compensation Savings Plan. 
 “Parent Non-Qualified Savings Plan Liabilities” has
the meaning ascribed to it in Section 7.3(b). 
 “Parent PBO Funding Percentage” has the meaning ascribed to it in
Section 5.2(g). 
 “Parent Pension Plans” mean the Parent Qualified Pension Plan and the Parent Non-Qualified Pension Plan. 
 “Parent Plan” means any plan, policy, program, payroll
practice, on-going arrangement, contract, trust, insurance policy or other agreement or funding vehicle, whether written or unwritten, maintained or sponsored by Parent or any of its Subsidiaries or Affiliates
(or any of their respective predecessors) at any time on or prior to the Effective Time for the purpose of providing compensation or benefits to any current or former employee of any such person. 

“Parent Qualified Pension Plan” means the Retirement Plan of International Paper Company. 

“Parent Qualified Plan Net Assets” has the meaning ascribed to it in Section 5.2(g). 

“Parent Qualified Savings Plans” mean the Parent Hourly Savings Plan and the Parent Salaried Savings Plan. 

“Parent Salaried Savings Plan” means the International Paper Company Salaried Savings Plan. 

“Parent Savings Plans” means the Parent Qualified Savings Plans and the Parent
Non-Qualified Savings Plan. 
 “Parent Severance Plan” means the
(i) International Paper Company Salaried Employee Severance Plan and (ii) any other severance plan or policy of any member of the Parent Group applicable to Business Employees. 

“Parent Subsidiaries” mean all direct and indirect Subsidiaries that are, or continue to be, Subsidiaries of Parent
immediately after the Effective Time. For the avoidance of doubt, for purposes of this Agreement none of the Transferred Entities, nor any other member of the SpinCo Group, shall be a Parent Subsidiary. 

  
 6 

 “Parent Trust” has the meaning ascribed to it in Section 5.2(d)(i).

 “Parent Welfare Plans” has the meaning ascribed to it in Section 6.1(a). 

“Party” and “Parties” have the respective meanings ascribed to them in the preamble to this Agreement. 

“Pension Plan Asset Transfer Amount” has the meaning ascribed to it in Section 5.2(b). 

“Person” has the meaning ascribed to it in the Separation Agreement. 

“Pro-Rated Fraction” has the meaning ascribed to it in Section 9.1. 

“Pro-Rated Parent Award” has the meaning ascribed to it in Section 8.1. 

“Representative” means, with respect to any Person, any of such Person’s directors, managers or persons acting in a
similar capacity, officers, employees, agents, consultants, financial and other advisors, accountants, attorneys and other representatives. 

“Represented Employee” means any Business Employee who is a member of the Bargaining Unit. 

“Restricted Employees” has the meaning ascribed to it in Section 2.5(a). 

“Retained Employee” means any individual (a) who, as of the Effective Time, (i) is actively employed by, or on an
approved Leave of Absence or Layoff with Right of Recall from a member of the Parent Group, or (ii) had been primarily employed in the SpinCo Business or with respect to the SpinCo Assets and (b) whose employment Parent has determined not
to transfer to SpinCo or a member of the SpinCo Group. 
 “Sales Commission Programs” means the programs listed on Exhibit
A of this Agreement. 
 “Separation Agreement” has the meaning ascribed to it in the fourth recital to this Agreement. 

“SpinCo” has the meaning ascribed to it in the preamble to this Agreement. 

“SpinCo Assets” has the meaning ascribed to it in the Separation Agreement. 

  
 7 

 “SpinCo Business” has the meaning ascribed to it in the Separation
Agreement. 
 “SpinCo Dependents” means, with respect to any Transferred Employee, any individual who, by virtue of a
relationship with the Transferred Employee, was eligible to receive benefits under the terms of any applicable Parent Pension Plan, Parent Savings Plan, or Parent Welfare Plan immediately prior to the Interim Transfer Date. For the avoidance of
doubt, a SpinCo Dependent includes only those persons who then actually met the relevant plan’s requirements for eligibility for benefits (i) as a beneficiary or alternate payee, in the case of any applicable Parent Pension Plan or Parent
Savings Plan, or (ii) as a dependent, in the case of any applicable Parent Welfare Plans as of the time eligibility for benefits must be determined. 

“SpinCo Employee Liabilities” means the liabilities assumed by SpinCo pursuant to Section 10.1 hereof. 

“SpinCo FSA” has the meaning ascribed to it in Section 6.2(c)(i). 

“SpinCo Group” has the meaning ascribed to it in the Separation Agreement. 

“SpinCo Indemnified Parties” has the meaning ascribed to it in Section 10.3(b). 

“SpinCo Mirror Plans” means the SpinCo Qualified Pension Plan, the SpinCo
Non-Qualified Pension Plan, the SpinCo Qualified Savings Plan and the SpinCo Non-Qualified Savings Plan. 

“SpinCo Non-Qualified Pension Plan” has the meaning ascribed to it in
Section 5.1. 
 “SpinCo Non-Qualified Savings Plan” has the meaning ascribed
to it in Section 7.1(b). 
 “SpinCo PBO Funding Percentage” has the meaning ascribed to it in Section 5.2(g).

 “SpinCo PBO Liabilities” has the meaning ascribed to it in Section 5.2(f). 

“SpinCo Pension Plans” means the SpinCo Qualified Pension Plan and the SpinCo
Non-Qualified Pension Plans. 
 “SpinCo Plan” means any plan, policy, program,
payroll practice, on-going arrangement, contract, trust, insurance policy or other agreement or funding vehicle, whether written or unwritten, maintained or sponsored by any member of the SpinCo Group,
including without limitation each SpinCo Mirror Plan, that provides or will provide compensation or benefits to any Transferred Employee or SpinCo Dependent. 

  
 8 

 “SpinCo Qualified Pension Plan” has the meaning ascribed to it in
Section 5.1. 
 “SpinCo Qualified Savings Plan” has the meaning ascribed to it in Section 7.1(a). 

“SpinCo Replacement Share Value” shall be an amount equal to the average of the closing prices of the SpinCo common stock on
the principal exchange or national quotation system upon which such common stock is traded or listed for each of the 10 trading days commencing with and next following the Effective Time. 

“SpinCo Subsidiary” means each Subsidiary of SpinCo, including with respect to periods after the Effective Time, each of the
Transferred Entities. 
 “SpinCo Trust” has the meaning ascribed to it in Section 5.2(d)(i). 

“SpinCo Welfare Plans” has the meaning ascribed to it in Section 6.2(a). 

“Subsidiary” has the meaning ascribed to it in the Separation Agreement. 

“Successorship Provisions” means the successorship provisions set forth in Clause F of Part II of the IP Mill Master
Agreement Memorandum which forms a part of the Applicable CBA. 
 “Suitable Position” means, in respect of a Business
Employee other than a Represented Employee, terms of employment that provide for a position which would not entitle such Business Employee to any severance benefits under the Parent Severance Plan if such Business Employee were terminated in
connection with the consummation of the transactions contemplated by the Separation Agreement, or solely in the case of a Represented Employee, such terms as may be required pursuant to the terms of the Applicable CBA. 

“Tax” has the meaning ascribed to it in the Tax Matters Agreement. 

“Tax Matters Agreement” has the meaning ascribed to it in the Separation Agreement. 

“Third-Party Claim” has the meaning ascribed to it in the Separation Agreement. 

“Time-Off Benefits” has the meaning ascribed to it in Section 6.6. 

“Total PBO Liabilities” has the meaning ascribed to it in Section 5.2(f). 

“Transferred Employees” means (i) each Business Employee who has accepted an offer of employment with, and has become an
employee of, a member of the SpinCo Group or (ii) whose employment otherwise transfers to a member of the SpinCo Group by operation of law or otherwise. 

  
 9 

 “Transferred Entities” has the meaning ascribed to it in the Separation
Agreement. 
 “Union” means the United Steel Workers, Local 4-0005 and Local 4-0497, which represent the employees of the Bargaining Unit. 
 “Workers’ Compensation
Claims” has the meaning ascribed to it in Section 6.4. 
 Section 1.2. Capitalized Terms. Any other capitalized
term used and not defined herein, but defined in the Separation Agreement, shall have the meaning ascribed thereto in the Separation Agreement. 

ARTICLE II. 
 EMPLOYEES 

Section 2.1. Employees. 

Prior to the Effective Time, except for (i) Retained Employees, (ii) Business Employees who are Leave Employees at the Interim
Transfer Date and (iii) those Business Employees (including, where applicable, Leave Employees) whose employment transfers to a member of the SpinCo Group automatically by operation of Law, SpinCo has caused or shall cause the applicable member
of the SpinCo Group to offer employment to each Business Employee in a Suitable Position. At or prior to the Effective Time, the employment of each Transferred Employee has or shall be transferred to, and each such employee has or shall become an
employee of, a member of the SpinCo Group, without any interruption or cessation of employment or break in service. Except with respect to Represented Employees, an individual’s acceptance of an offer of employment from a member of the SpinCo
Group shall be conclusive evidence that such offer constituted a Suitable Position. If a member of the SpinCo Group fails to offer a Business Employee (other than Retained Employee) a Suitable Position prior to the Effective Time and such Business
Employee’s employment does not otherwise transfer to a member of the SpinCo Group by operation of law, such Business Employee shall be entitled to receive severance under the Parent Severance Plan applicable to such Business Employee and SpinCo
shall reimburse Parent for the aggregate amount of the severance benefits payable, regardless of when payable to the affected employee, within 30 days following the Effective Time. Each Business Employee who receives and who declines an offer of a
Suitable Position with a member of the SpinCo Group shall be deemed to have voluntarily resigned employment with the member of the Parent Group by which such Business Employee was employed, effective as of the Effective Time (or such earlier date as
of which such Business Employee ceases to provide services to such member of the Parent Group), and for the avoidance of doubt shall not be entitled to any severance benefits from any member of the Parent Group under any Parent Severance Plan or
otherwise, unless otherwise required by Law. All individuals employed by the 

  
 10 

 
Parent Group at the Effective Time who are not Business Employees shall remain employees of Parent or another member of the Parent Group immediately following the Effective Time, except in the
case of such an individual who accepts an offer of employment from SpinCo or an Affiliate prior to the Effective Time. Nothing in this Agreement shall, or shall be construed to, modify, alter, diminish or otherwise interfere with or supersede or
override any right afforded to any Transferred Employee or any obligation imposed on any member of the SpinCo Group at or by operation of applicable Law. 

Section 2.2. Termination of Employment or Benefits. 

Except as otherwise expressly and specifically provided herein, (i) no provision of this Agreement or the Separation Agreement, and
(ii) no actions by the Parent Group or the SpinCo Group taken in contemplation of, or in connection with, this Agreement, the Internal Reorganization or the Separation Agreement shall be construed to create any right, or accelerate any
entitlement, to any compensation or benefit whatsoever on the part of any Business Employee (including any Business Employee who becomes a Transferred Employee), or to limit the ability of the SpinCo Group or the Parent Group, respectively,
to administer any SpinCo Plan or Parent Plan, as applicable, in accordance with its terms and as may be expressly provided in this Agreement. Without limiting the generality of the foregoing, nothing described above in Section 2.1 or elsewhere
in this Agreement shall cause any Transferred Employee to be deemed to have incurred a termination of employment or to have created any entitlement to any severance benefits or the commencement of any other benefits under any Parent Plan or the
Applicable CBA, unless otherwise required by Law. 
 Section 2.3. Employees With Right to Return. 

(a) Leave Employees. With respect to all Leave Employees receiving short-term disability benefits as of the Interim Transfer Date,
except as otherwise required by applicable Law, Parent Group shall retain all obligations to provide such short-term disability benefits and other benefits for such Leave Employees while the Leave Employees continue to be eligible for short-term
disability benefits under the short- term disability plans maintained by the Parent Group. The foregoing sentence shall not apply to any Leave Employee who is employed by a member of the SpinCo Group as of immediately prior to the Interim Transfer
Date or whose employment automatically transfers to a member of the SpinCo Group by operation of Law, in which case the appropriate member of the SpinCo Group shall be responsible for providing such Leave Employee disability benefits and any other
rights conveyed to such Transferred 

  
 11 

 
Employee at applicable law. Any Business Employee who becomes a Leave Employee on or after the Interim Transfer Date shall be treated as a Transferred Employee for all purposes of this Agreement.
SpinCo Group shall honor any reinstatement rights that exist for Leave Employees under applicable Law, the Applicable CBA or otherwise under the policies and practices of the Parent Group (including Business Employees who become Leave Employees on
or after the Interim Transfer Date). In the event that any Leave Employee who becomes a Leave Employee prior to the Interim Transfer Date later becomes an employee of the SpinCo Group by reason of the exercise of any such reinstatement rights, from
and after the date such Leave Employee commences employment with the SpinCo Group (the “Leave Employee Commencement Date”) such Leave Employee shall be afforded the same rights afforded to a Transferred Employee hereof, except that
such rights shall extend solely from such Leave Employee Commencement Date and not the Effective Time. Parent and SpinCo shall in good faith take such actions as shall be necessary or appropriate to implement the provisions of this
Section 2.3(a) and of the other applicable provisions of this Agreement with regard to such newly characterized Transferred Employee. Unless otherwise required by applicable law, the Applicable CBA or otherwise under the policies and practices
of the Parent Group, SpinCo and its Affiliates shall have no obligation hereunder to employ or offer employment to any Leave Employee who becomes a Leave Employee prior to the Interim Transfer Date later and who is not cleared to return to work or
who otherwise fails to present himself of herself for active work within twelve (12) months following the Effective Time. 
 (b)
Reinstatement of Former Business Employees. Notwithstanding anything in this Agreement to the contrary and subject to any judicial challenge or appeal undertaken by Parent, in the event that an arbitration or judicial decision orders that a
Former Business Employee whose employment terminated with the Parent Group prior to the Effective Time be reinstated to employment with back pay, Parent shall be responsible for the back pay and any other
pre-reinstatement monetary damages or other relief awarded (including benefits-related relief), and SpinCo shall be responsible for the reinstatement of the Former Business Employee in accordance with the
terms and conditions of the decision. Upon any such reinstatement, such Former Business Employee shall become a Transferred Employee, SpinCo shall have the obligations in respect of such Former Business Employee that it has to Transferred Employees
generally and Parent and SpinCo shall in good faith take such actions as shall be necessary or appropriate to implement the provisions of this Section 2.3(b) and of the Agreement with regard to such newly characterized Transferred Employee.

 Section 2.4. No Right to Continued Employment. 

Subject to the Applicable CBA and applicable Law, nothing contained in this Agreement shall confer on any employee of any member of the Parent
Group or any Transferred Employee any right to continued employment. Except as specifically provided in this Section 2.4, the Applicable CBA, or Section 3.1(a) or 4.1, this Agreement shall not limit the ability of SpinCo to change, at any
time after the Effective Time and in its sole discretion, a Transferred Employee’s position, compensation or benefits for performance-related, business or any other reasons or require any member of the SpinCo Group to continue the employment of
a Transferred Employee for any particular period of time after the Effective Time, provided that SpinCo shall bear all liability for any such termination of employment (including a termination of employment

  
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of a Leave Employee resulting from job or position elimination). With respect to any such terminations of employment of (a) any Transferred Employee occurring prior to the first anniversary
of the Effective Time or (b) any Leave Employee occurring within the period in which such Leave Employee would have been entitled to severance or termination benefits under the policies and practices of the Parent Group, SpinCo shall provide to
such terminated Transferred Employees or Leave Employees (in each case other than a Represented Employee) severance and termination benefits no less favorable in the aggregate than the severance and termination benefits that are described on
Schedule 2.4 to this Agreement. For the avoidance of doubt, each Transferred Employee shall receive full credit for years of service with the Parent Group for purposes of calculating the amount of severance payable to any such Transferred Employee
under any applicable plan, program or arrangement sponsored or maintained by the applicable member of the SpinCo Group, such that, to the extent service, compensation or other factors are taken into account under the terms of such plan, program or
arrangement, the Transferred Employee’s entitlement to severance shall be calculated taking into account all service, all compensation, and all other factors that, as of the Interim Transfer Date or the date on which the Effective Time occurs,
as applicable, would have been taken into account under any Parent Plan providing severance benefits applicable to such Transferred Employee had such Transferred Employee’s employment been terminated immediately before the Interim Transfer Date
or the date on which the Effective Time occurs, as applicable. 
 Section 2.5.
Non-Solicitation; Non-Hire. 
 (a) Non-Solicitation. Each of Parent and SpinCo agrees that, for a period of eighteen (18) months from the Effective Time, it shall not, and shall cause each member in its respective Group to not, solicit for
employment any individual who is an employee of a member of the other Group as of immediately prior to the Effective Time (“Restricted Employees”); provided that the foregoing restrictions shall not apply: 

(i) to any Restricted Employee who responds to general solicitations not targeted at the Restricted Employees, 

(ii) to any Restricted Employee who is hired pursuant to the application of internal job posting policies and practices at the
Parent Group, where the posting of the position occurred prior to the Effective Time; 
 (iii) to any Restricted Employee
whose employment was involuntarily terminated by the employing Party in a severance-qualifying termination before the employment discussions with the soliciting Party commenced; 

(iv) to any Restricted Employee whose prospective employment by the soliciting Party is agreed to in writing by the employing
Party, or in the case of a Restricted Employee who is not currently employed, the Party who last employed Restricted Employee (the employees referenced in each of clauses (i)-(iv) above, the “Excluded Employees”); 

  
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 (v) to any Restricted Employee located in a jurisdiction where adherence to
such restriction would violate applicable Law. 
 (b) Non-Hire. Each of Parent and SpinCo
agrees that, for a period of eighteen (18) months from the Interim Transfer Date, it shall not, and shall cause each member in its respective Group not to, hire any person who at any time (i) during the six months prior to the Effective
Time, or (ii) during the 18 month period after the Interim Transfer Date, was an employee of any member of the other Group; provided that the foregoing restrictions shall not apply (i) to the hire of an Excluded Employee,
(ii) to the hire of any employee whose hire is agreed to in writing by Parent and SpinCo or (iii) to any Restricted Employee located in any jurisdiction where adherence to such restriction would violate applicable Law. 

(c) Transferred Employees. Subject to Section 2.5(b), nothing in this Section 2.5 shall preclude any member of the SpinCo
Group from hiring any Business Employees in accordance with the provisions of this Agreement. 
 (d) Remedies; Enforcement. Each Party
acknowledges and agrees that (i) injury to the employing Party or employing Group member from any breach by another Party or member of another Party’s Group of the obligations set forth in this Section 2.5 would be irreparable and
impossible to measure and (ii) the remedies at Law for any breach or threatened breach of this Section 2.5, including monetary damages, would therefore be inadequate compensation for any loss and the employing Party or employing Group
member shall have the right to specific performance and injunctive or other equitable relief in accordance with this Section 2.5, in addition to any and all other rights and remedies at Law or in equity, and all such rights and remedies shall
be cumulative. Each Party understands and acknowledges that the restrictive covenants and other agreements contained in this Section 2.5 are an essential part of this Agreement and the transactions contemplated hereby. It is the intent of the
Parties that the provisions of this Section 2.5 shall be enforced to the fullest extent permissible under applicable Law applied in each jurisdiction in which enforcement is sought. If any particular provision or portion of this
Section 2.5 shall be adjudicated to be invalid or unenforceable, such provision or portion thereof shall be deemed amended to the minimum extent necessary to render such provision or portion valid and enforceable, such amendment to apply only
with respect to the operation of such provision or portion thereof in the particular jurisdiction in which such adjudication is made. 

  
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 Section 2.6. Certain Tax Matters. 

With respect to compensation payable by Parent in 2021, including salary payable through the end of the last payroll period that ends prior to
the Interim Transfer Date and any bonus payable pursuant to Section 9.1, Parent shall, and shall cause its Affiliates to (i) be responsible for all employment, payroll, social security, disability, unemployment, workers’ compensation
or other similar Taxes, tax withholding or similar obligations, and all reporting obligations, in each case in respect of Transferred Employees, and (ii) furnish a Form W-2 or similar earnings statement
to all Transferred Employees employed in the United States and, to the extent applicable, shall furnish similar earnings statements to non-U.S. Transferred Employees in accordance with Law. With respect to
compensation payable by SpinCo in 2021 or thereafter, including salary payable from and after the payroll period that includes the Interim Transfer Date, SpinCo shall, and shall cause its Affiliates to (x) be responsible for all employment,
payroll, social security, disability, unemployment, workers’ compensation or other similar Taxes, tax withholding or similar obligations, and all reporting obligations, in each case in respect of Transferred Employees and (y) furnish a
Form W-2 or similar earnings statement to all Transferred Employees employed in the United States and, to the extent applicable, shall furnish similar earnings statements to
non-U.S. Transferred Employees in accordance with Law. 
 Section 2.7. Work Visas.  

With respect to each Transferred Employee who requires a work visa under applicable immigration Laws in order to obtain and maintain employment
with the applicable member of the SpinCo Group, the Parties acknowledge and agree that the member of the SpinCo Group that employs each such individual from and following the Interim Transfer Date (or such later date on which such person became a
Transferred Employee) is, to the extent applicable and necessary to maintain necessary work authorizations, intended to be a successor in interest to the member of the Parent Group that employed such individual prior to the transfer of employment
contemplated herein for purposes of applicable immigration Laws, including without limitation for purposes of sponsoring such Transferred Employees for his or her required work visas where applicable. 

ARTICLE III. 
 COLLECTIVE
BARGAINING AGREEMENTS AND OBLIGATIONS 
 Section 3.1. Assumption and Continuation of Agreements. 

(a) Successor Provisions of the Applicable CBA. SpinCo hereby acknowledges that Parent has informed SpinCo of the Successorship
Provisions. In accordance with such Successorship Provisions, as of the Assumption Date, Parent has caused or shall cause SpinCo, and SpinCo has agreed or agrees to assume all the obligations of the Parent under, and to be bound by, the Applicable
CBA until its expiration date and to treat all the affected employees of the Bargaining Unit in accordance with the terms of the Applicable CBA. SpinCo has agreed or agrees to honor all contractual agreements regarding seniority, including
provisions for lay off and recall, 

  
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under the Applicable CBA and to make its hiring decisions with respect to Bargaining Unit positions according to the contractual rules that would apply as though such hiring were a decision to
recall or layoff Bargaining Unit employees). It is understood and agreed that (i) SpinCo will not be required to have the same number of employees in the Bargaining Unit as the Parent had immediately prior to the Assumption Date, and
(b) subject to otherwise applicable provisions of this Agreement, SpinCo may make changes in the benefit programs required by the Applicable CBA, provided that the benefits in all events continue to be substantially equivalent in the
aggregate to those provided under the Applicable CBA immediately prior to the Assumption Date. So long as the Union consents to SpinCo’s assumption of the obligations of the Parent under the Applicable CBA, the Union shall be a third party
beneficiary of the provisions of this Section 3.1. 
 (b) SpinCo Responsible as of the Assumption Date. As of the Assumption
Date, any and all binding obligations arising out of, relating to or resulting from the Applicable CBA or the Parent Plans with respect to Represented Employees shall be or become solely the obligations of the SpinCo Group; provided that
Parent or a Parent Plan shall be responsible for (1) all Liabilities attributable to any individual who is a Former Business Employee (except to the extent expressly provided with respect to reinstated Leave Employees in Section 2.3(a) or
reinstated Former Business Employees in Section 2.3(b)). 
 (c) Continuation of Compensation and Benefits for Transferred Employees
Who Are Represented Employees. As of the Assumption Date, SpinCo shall be responsible to, and shall, assure that the compensation, benefits, hours, terms and conditions of employment of Represented Employees shall continue to be governed by the
Applicable CBA. 
 (d) No Limitation on Bargaining Rights. Except as expressly provided in the Applicable CBA, nothing in this Article
III or elsewhere in this Agreement shall preclude SpinCo or, as applicable, any member of the SpinCo Group from bargaining in good faith, after the Assumption Date or the Effective Time, with the Union representing those Represented Employees. 

ARTICLE IV. 
 BENEFITS PLANS AND
PROGRAMS 
 Section 4.1. Continuation of Compensation and Benefits for Non-Represented
Transferred Employees. 
 With respect to Transferred Employees who are not Represented Employees, for a period of one year following the
Effective Time and subject to their continued employment with SpinCo or a member of the SpinCo Group, SpinCo shall, or shall cause another member of the SpinCo Group to, (i) pay all such non-represented
Transferred Employees at least the same rate of base salary as was paid to each such non-represented Transferred Employee by SpinCo or the SpinCo Group immediately prior to the Effective Time,
(ii) provide annual bonus opportunities to each such non-represented 

  
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Transferred Employee at least the same target level as annual bonus opportunities made available to such non-represented Transferred Employee immediately
prior to the Effective Time and (iii) provide each such non-represented Transferred Employee and, if and to the extent applicable, SpinCo Dependents eligibility for SpinCo’s or any of its
Affiliates’, as applicable, employee benefit plans in accordance with their terms, as in effect as of the Effective Time (which benefits shall include, at a minimum, health insurance, a tax-qualified
defined contribution retirement plan, and paid time off for sick/medical reasons and personal reasons, including vacation), or such greater benefits as may be required by applicable Law. 

Section 4.2. No Participation in Parent Plans. 

Effective at the Interim Transfer Date or at such later date occurring on or before the Effective Time as the applicable SpinCo Plan shall
provide benefits to Transferred Employees (or persons who are expected to be Transferred Employees), (i) the participation of each member of the SpinCo Group in each of the (or the applicable) Parent Plans shall cease, and (ii) no
Transferred Employee shall be entitled to receive or accrue any benefits under any such Parent Plans with respect to services rendered or compensation earned after the Effective Time (or the earlier date the Transferred Employee becomes a
participant in the applicable SpinCo Plan). For the avoidance of doubt, to the extent that any Transferred Employee receives benefits pursuant to any program or arrangement established or maintained by any government or any subdivision or agency
thereof, SpinCo or the appropriate member of the SpinCo Group shall assume responsibility to contribute to or otherwise participate in (and Parent and its Affiliates will cease to have any obligation to contribute or participate in) such program or
arrangement as to each applicable Transferred Employee as of the Interim Transfer Date or such later date occurring before the Effective Time as of which the Transferred Employee becomes employed by any member of the SpinCo Group. 

Section 4.3. Establishment of SpinCo Mirror Plans. 

On or before, and effective as of no later than, the Interim Transfer Date, SpinCo shall have adopted the SpinCo Mirror Plans and the SpinCo
Welfare Plans, and shall have designated the other SpinCo Plans, that shall provide benefits to the Transferred Employees in the United States. As of no later than the Interim Transfer Date, each SpinCo Mirror Plan shall provide benefits that are
substantially identical in all material respects to the corresponding Parent Plan as in effect immediately prior to the Interim Transfer Date. Immediately after the Interim Transfer Date, the terms of the SpinCo Mirror Plans, as they relate to
Transferred Employees who are not Represented Employees, shall be governed by Section 4.4 and SpinCo shall have all rights described under the last sentence in Section 4.5. 

  
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 Section 4.4. Terms of Participation by Transferred Employees. 

Except as otherwise expressly provided herein, each of the SpinCo Plans is and shall be, with respect to Transferred Employees who are
participants in such plan, in all respects, the successor in interest to and shall recognize all rights and entitlements that are accrued as of the Interim Transfer Date, under the corresponding Parent Plan in which such Transferred Employee
participated prior to the Interim Transfer Date or as of the Effective Time, as applicable. With respect to Transferred Employees, each SpinCo Plan shall provide that all service, all compensation, and all other factors affecting benefit
determinations that, as of the Interim Transfer Date or the date on which the Effective Time occurs, as applicable, were recognized under the corresponding Parent Plan (for periods immediately before the Interim Transfer Date or the date on which
the Effective Time occurs, as applicable) have received or shall receive corresponding recognition and credit and have been or shall be taken into account under such SpinCo Plan to the same extent as though arising under such SpinCo Plan, except to
the extent that duplication of benefits would result. All beneficiary designations made by Transferred Employees under the corresponding Parent Plans have, to the extent reasonably practicable and permitted by applicable Law, been or shall be
transferred to and be in full force and effect under the corresponding SpinCo Plans until such beneficiary designations are replaced or revoked by the Transferred Employee who made the beneficiary designation. Prior to and after the Effective Time,
Parent and SpinCo agree to cooperate with each other and to provide, or cause to be provided, all reasonably requested data, documents, or other information necessary to avoid such duplication of benefits, to the extent permitted by applicable Law.
Notwithstanding anything to the contrary in this Agreement, where employee benefits provided to a Transferred Employee by a member of the Parent Group must be preserved or maintained pursuant to applicable Law (e.g., pursuant to the Transfer of
Undertakings (Protection of Employment) Regulations 2006 (SI 2006/246)) or pursuant to an agreement with an employee representative body (e.g., a works council), such benefits shall be provided in accordance with such applicable Law or agreement.

 Section 4.5. Right to Amend SpinCo Plans. 

Subject to the Applicable CBA, nothing in this Agreement to the contrary, other than those provisions that expressly and specifically require
particular benefits to be maintained after the Effective Time and, in such event, only for the period so required, shall preclude SpinCo (or, as applicable, any member of the SpinCo Group) from amending, merging, modifying, terminating, eliminating,
reducing, or otherwise altering in any respect after the Effective Time any SpinCo Plan, any benefit under any SpinCo Plan or any trust, insurance policy or funding vehicle related to any SpinCo Plan. 

  
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 ARTICLE V. 

PENSION PLANS 
 Section 5.1.
Establishment of Pension Plans. 
 SpinCo or a member of the SpinCo Group has established defined benefit pension plans for the
benefit of Transferred Employees in the United States. One such plan, which is qualified under Section 401(a) of the Code, is and will be responsible for benefits of Transferred Employees who are participants and their beneficiaries in the
Parent Qualified Pension Plan (the “SpinCo Qualified Pension Plan”). Another plan, which is not qualified under Section 401(a) of the Code, is and will be responsible for benefits of participants and beneficiaries in the Parent
Non-Qualified Pension Plan who are Transferred Employees (the “SpinCo Non-Qualified Pension Plan”). The SpinCo Qualified Pension Plan and SpinCo Non-Qualified Pension Plan is identical in all material respects to the corresponding Parent Pension Plan in which the applicable Transferred Employees participated immediately prior to the Interim Transfer Date.
SpinCo is and shall be responsible for taking or causing to be taken all necessary, reasonable, and appropriate action to establish, maintain and administer the SpinCo Qualified Pension Plan, so that it qualifies under Section 401(a) of the
Code and the related trust thereunder is exempt from Federal income taxation under Section 501(a) of the Code. 
 Section 5.2.
Assumption of Parent Pension Plan Liabilities and Transfer of Assets from the Parent Pension Trust. 
 (a) Assumption of
Liabilities by SpinCo Pension Plans. Subject to clause (b) below, effective as of the Interim Transfer Date, all Liabilities under the Parent Qualified Pension Plan relating to Transferred Employees shall cease to be Liabilities of the
Parent Qualified Pension Plan and shall be assumed in full and in all respects by the SpinCo Qualified Pension Plan. 
 (b) Calculation of
Pension Plan Asset Allocation. As soon as practicable after the Interim Transfer Date, Parent’s actuary shall calculate and certify the amounts to be transferred in the aggregate from the Parent Qualified Pension Plan, which shall be equal
to the amount determined in accordance with the requirements of Section 414(l) of the Code and the regulations thereunder, based on the present value of benefits in respect of all Transferred Employees) and persons entitled to receive a benefit
in respect of such Transferred Employees, calculated applying the de minimis rule in the regulations promulgated under Section 414(l) of the Code (the “Pension Plan Asset Transfer Amount”). 

  
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 (c) Confirmation of Calculations. As soon as reasonably practicable after the
Effective Time, Parent’s actuary shall certify to SpinCo the Pension Plan Asset Transfer Amount to be transferred to the SpinCo Qualified Pension Plan. If requested by SpinCo within ten (10) days after such certification, Parent’s
actuary shall provide SpinCo’s actuary with a complete computer file containing the employee data and all other relevant information used by Parent’s actuary or otherwise reasonably requested by SpinCo’s actuary as needed to confirm
the Pension Plan Asset Transfer Amount. The Pension Plan Asset Transfer Amount shall become final and binding upon the Parties at the close of business on the one hundred twentieth (120th) day following Parent’s actuary’s certification to
SpinCo of the Pension Plan Asset Transfer Amount, unless prior to such one hundred twentieth (120th) day SpinCo delivers a written notice to Parent stating that SpinCo believes that the calculation of the Pension Plan Asset Transfer Amount
contains factual or mathematical errors or otherwise fails to comport with the Actuarial Assumptions. Any such notice shall state in reasonable detail the basis for such belief. Should SpinCo timely provide such notice, the Parties shall use their
reasonable best efforts to resolve promptly any disagreements regarding such calculations. In the event that the Parties cannot resolve such disagreements, the Parties shall jointly select an independent third actuary with whom none of the Parties
have a material relationship, who shall render its determination promptly (and in any case within thirty (30) days of being engaged to review the disputed matter). The third actuary’s determination shall be made in accordance with the
requirements of this Section 5.2(c) and shall be binding on the Parties. The third actuary shall be required to confirm the determination of the Parent actuary unless, and solely to the extent that, the third actuary determines that
(i) such determination contains factual or mathematical errors or (ii) the determination of the Parent actuary has no reasonable basis or otherwise fails to comport with the Actuarial Assumptions, in each case applying an abuse of
discretion standard. In no event (except for inaccuracy of the data provided) shall the amount determined by the third actuary be more than the amount claimed by SpinCo or less than the amount shown in the calculations of Parent’s actuary. Each
of the Parties shall bear the fees, costs and expenses of their respective actuaries, and the fees, costs and expense of the third actuary shall be borne one half by Parent and one half by SpinCo. Any decision by the third actuary shall be treated
as confidential information by the Parties, except as may be required to obtain judgment on the award or enforce performance thereof or except as disclosure may be required by law. 

(d) Transfer of Assets to SpinCo Pension Trust. 

(i) As soon as practicable and no more than thirty (30) days after the Effective Time, Parent shall cause to be
transferred from the trust established under the Parent Qualified Pension Plan (the “Parent Trust”) to a trust established in respect of the SpinCo Qualified Pension Plan (the “SpinCo Trust”), an initial amount of
assets (the “Initial Asset Transfer”). The amount of the Initial Asset Transfer shall be equal to 90% of the amount the enrolled actuary for the Parent Qualified Pension Plan determines in good faith to be the Pension Plan
Asset Transfer Amount. The amount determined under the preceding sentence shall accrue interest for the period commencing as of the date on which the Effective Time falls and ending on the date the Initial Asset Transfer is received by the SpinCo
Trust, at a rate equal to the discount rate that would apply for purposes of the Actuarial Assumptions as of such date. 

  
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 (ii) As soon as practicable and no more than ten (10) days after the
final calculation and certification of the Pension Plan Asset Transfer Amount, Parent will cause the Parent Trust to transfer to the SpinCo Trust assets in an amount equal to the Pension Plan Asset Transfer Amount with respect to the Parent
Qualified Pension Plan less the sum of (A) the Initial Asset Transfer, and (B) the aggregate amount of any benefit payments (the “Benefit Payments”), if any, made by the Parent Qualified Pension Plan in respect of Transferred
Employees from and after the Interim Transfer Date and prior to the time of transfer (the “Final Asset Transfer”). The amount determined under the preceding sentence shall accrue interest on the applicable amount from the Interim
Transfer Date determined in the manner described in Section 5.2(d)(i) above. If the sum of the Initial Asset Transfer plus the Benefit Payments exceeds the Pension Plan Asset Transfer Amount, then the SpinCo Trust shall return such excess,
which shall accrue interest determined in the manner described above from the date of the Initial Asset Transfer or the date of the Benefit Payment, as applicable, to the date of return, to the Parent Trust relating to the Parent Qualified Pension
Plan. 
 (iii) Except as may be mutually agreed by the Parties, the Initial Asset Transfer and the Final Asset Transfer shall
be made entirely in cash. 
 (e) To the extent that one or more Leave Employees or Former Business Employees shall become Transferred
Employees pursuant to Section 2.3 after the Interim Transfer Date, as soon as practicable after the first anniversary of the Effective Time (or such later date as of which a Former Business Employee shall become a Transferred Employee), the
parties shall effect a transfer of assets from the Parent Qualified Pension Plan to the SpinCo Qualified Pension Plan in respect of such newly characterized Transferred Employees, applying the principles set forth in this Section 5.2 in respect
of the Pension Assets Transfer Amount in regard to such Transferred Employees’ benefits accrued under the Parent Qualified Pension Plan as of the Effective Time. 

(f) At the same time as it certifies the Pension Asset Transfer Amount pursuant to Section 5.2(c), Parent’s actuary shall also
calculate and inform SpinCo of (i) the aggregate amount of the liabilities under the Parent Qualified Pension Plan for all participants thereunder (the “Total PBO Liabilities”) and (ii) the aggregate amount of the
liabilities in respect of the Transferred Employees under the Parent Qualified Pension Plan (the “SpinCo PBO Liabilities”), as of the Interim Transfer Date in each case using the Actuarial Assumptions but determined on a projected
benefit obligation basis (and not in 

  
 21 

 
accordance with the provisions of Section 414(l) of the Code). If requested by SpinCo within ten (10) days after the date Parent informs SpinCo of the amount of the Total PBO
Liabilities and SpinCo PBO Liabilities, Parent’s actuary shall provide SpinCo’s actuary with information used by Parent’s actuary to calculate such Liabilities. The calculation of the Total PBO Liabilities and the SpinCo PBO
Liabilities shall become final and binding upon the Parties at the close of business on the one-hundredth and twentieth (120th) day following SpinCo’s receipt of Parent’s actuary’s delivery to
SpinCo of the Total PBO Liabilities and the SpinCo PBO Liabilities, unless prior to such one hundred and twentieth (120th) day SpinCo delivers a written notice to Parent stating that SpinCo believes that the calculation of either the Total
PBO Liabilities or the SpinCo PBO Liabilities contains factual or mathematical errors or otherwise fails to comport with the Actuarial Assumptions and states in reasonable detail the basis for such belief. In the event that SpinCo’s actuary
shall deliver such a written notice to Parent, the Parties shall follow the procedures substantially identical to those set forth in Section 5.2(c) with regard to the Pension Plan Asset Transfer Amount to determine the final amount related to
the Total PBO Liabilities or the SpinCo PBO Liabilities, as applicable. 
 (g) Once the amount of the Total PBO Liabilities and the SpinCo
PBO Liabilities are final, the Parties shall then determine the percentages derived by dividing: 
 (i) (A) the
remainder of (1) the fair market value of the assets of the Parent Qualified Plan as of the Interim Transfer Date minus (2) the final Pension Asset Transfer Amount (such remainder, the “Parent Qualified Plan Net Assets”)
by (B) the remainder of (1) the Total PBO Liabilities minus (2) the SpinCo PBO Liabilities (such resulting percentage, the “Parent PBO Funding Percentage”); and 

(ii) (A) the final Pension Plan Asset Transfer Amount by (B) the SpinCo PBO Liabilities (such resulting percentage,
the “SpinCo PBO Funding Percentage”). 
 If the Parent PBO Funding Percentage exceeds the SpinCo PBO Funding Percentage, the Parent shall
pay to SpinCo, within thirty (30) days after such percentages are determinable, an amount in cash equal to the amount that would be required to be added to the final Pension Plan Asset Transfer Amount to cause the SpinCo PBO Funding Percentage
to equal the Parent PBO Funding Percentage. If the SpinCo PBO Funding Percentage exceeds the Parent PBO Funding Percentage, SpinCo shall pay to Parent, within thirty (30) days after such percentages are determinable, an amount in cash equal to
the amount that would be required to be added to the Parent Qualified Plan Net Assets to cause the Parent PBO Funding Percentage to equal the SpinCo PBO Funding Percentage. 

  
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 Section 5.3. Assumption of Liabilities Under Parent
Non-Qualified Pension Plan and Payment by Parent of Accrued Liabilities. 
 (a) SpinCo Non-Qualified Plan to Assume Liabilities. Effective as of the Effective Time, all Liabilities under the Parent Non-Qualified Pension Plan relating to persons who are
Transferred Employees shall cease to be Liabilities of the Parent Non-Qualified Pension Plan and shall be assumed in full and in all respects by the SpinCo Non-Qualified
Pension Plan. SpinCo is and shall be responsible for taking or causing to be taken all necessary, reasonable, and appropriate action to establish, maintain and administer the SpinCo Non-Qualified Pension Plan
and from and after the Interim Transfer Date, shall be solely responsible for all ongoing rights of or relating to such Transferred Employees for future participation in the SpinCo Non-Qualified Pension Plan.

 (b) Determination of Parent Non-Qualified Pension Plan Liabilities. As soon as reasonably
practicable after the Effective Time, Parent’s actuary shall certify to SpinCo the Liabilities, individually and in the aggregate, in respect of the Transferred Employees under the Parent Non-Qualified
Pension Plan at the Interim Transfer Date, based on the present value of benefits in respect of each such Transferred Employees at the Interim Transfer Date (the “Parent Non-Qualified Pension Plan
Liabilities”). If requested by SpinCo within ten (10) days after the date Parent certifies to SpinCo the amount of the Parent Non-Qualified Pension Plan Liabilities, Parent’s actuary shall
provide SpinCo’s actuary with a complete computer file containing the employee data and all other relevant information used by Parent’s actuary or otherwise reasonably requested by SpinCo’s actuary as needed to calculate the Parent Non-Qualified Pension Plan Liabilities (including data and information related to such calculation and otherwise appropriate for SpinCo’s actuary to consider, and any other data and information reasonably
requested by SpinCo’s actuary). The calculation of the Parent Non-Qualified Pension Plan Liabilities shall become final and binding upon the Parties at the close of business on the one-hundred twentieth (120th) day following Parent’s actuary’s certification to SpinCo of the Parent Non-Qualified Pension Plan Liabilities to make its determination
and any additional information reasonably requested by SpinCo’s actuary, unless prior to such one hundred twentieth (120th) day SpinCo delivers a written notice to Parent stating that SpinCo believes that the calculation of the Parent Non-Qualified Pension Plan Liabilities contains factual or mathematical errors or otherwise fails to comport with the Actuarial Assumptions and states in reasonable detail the basis for such belief. In the event
that SpinCo’s actuary shall deliver such a written notice to Parent, the Parties shall follow the procedures substantially identical to those set forth in Section 5.2(c) with regard to the Pension Plan Asset Transfer Amount to determine
the final amount related to the Parent Non-Qualified Pension Plan Liabilities. 

  
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 (c) Reimbursement Process for Parent
Non-Qualified Pension Plan Liabilities. As of June 30 and January 31 each calendar year, and/or such other date or dates as may be agreed between the Parties, starting in the calendar year
following the Effective Time, SpinCo shall send Parent a statement showing all distributions made in the period immediately preceding the date covered through the last statement (or from the Effective Time with respect to the first such statement)
in respect of the benefits paid to all Transferred Employees under the SpinCo Non-Qualified Pension Plan, showing in adequate detail the amount of payments made in respect to each such Transferred Employee and
the portion thereof attributable to such Transferred Employee’s entitlement under the Parent Non-Qualified Pension Plan Liabilities and the method for such attribution. Within 30 days of the receipt of
such statement, Parent shall pay to SpinCo the amount described in Section 5.3(d), provided that, in no event shall Parent be required to pay SpinCo an amount (i) in respect of any Transferred Employee, greater than the accrued benefit of
such Transferred Employee at the Interim Transfer Date taken into account in determining the Parent Non-Qualified Pension Plan Liabilities or (ii) in the aggregate greater than the amount of the Parent Non-Qualified Pension Plan Liabilities as of the Interim Transfer Date. Notwithstanding the forgoing, (x) at the sole discretion of Parent, Parent may at any time and from time to time prepay all or any portion
of the aggregate amount that it would otherwise be required to pay SpinCo in respect of the Transferred Employees under this Section 5.3(c) in respect of the Parent Non-Qualified Pension Plan Liabilities,
and unless Parent agrees to another offset schedule, any such prepaid amount shall be applied to offset any amounts that Parent would otherwise be required to pay hereunder as of the next semi-annual statement and each subsequent statement until
fully applied to such future payments and (y) any amounts paid under the SpinCo Non-Qualified Pension Plan which SpinCo fails to include in a statement of payments that is delivered to Parent within
fourteen months of the actual payment date shall no longer be subject to reimbursement by Parent under this Section 5.3(c) and shall remain the sole responsibility of SpinCo. Any payment made by Parent pursuant this Section 5.3(c) shall be
made for the account of SpinCo or its Subsidiary and not for the benefit of any Transferred Employee participating in the SpinCo Non-Qualified Pension Plan, each of whom shall remain an unsecured creditor of
SpinCo or its applicable Subsidiary in respect of his or her SpinCo Non-Qualified Pension Plan benefit. 

(d) Reimbursement Determined on an After-Tax Basis. The amount payable by Parent pursuant to
Section 5.3(c) with respect to each statement provided by SpinCo shall equal (i) the amount of the distributions made to Transferred Employees under the SpinCo Non-Qualified
Pension Plan listed on the applicable statement (reduced as a result of any applicable limitations described in Section 5.3(c)), less (ii) the amount of the reduction in U.S. federal and state income Taxes payable by SpinCo as a
result of the payment of such distributions. For purposes of this Section 5.3(d), the amount of the reduction in U.S. federal and state income Taxes payable by SpinCo as a result of such distributions shall be deemed to
equal (x) the amount of such distributions under the SpinCo Non-Qualified Pension Plan reflected on such statement, multiplied by (y) the highest marginal U.S. federal income Tax rate
applicable to U.S. corporations on the date such distributions were paid plus the applicable weighted average state income Tax rate on the date such distributions were paid. 

  
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 Section 5.4. International Pension Plans. 

Except as otherwise provided herein, at the Effective Time (or at any earlier date required at applicable law), SpinCo shall or shall cause
another member of the SpinCo Group to assume each Parent Plan providing pension or retirement benefits to Business Employees in jurisdictions outside of the United States. Notwithstanding the foregoing, Parent shall or shall cause a member of the
Parent Group to retain the liabilities to Business Employees who do not become Transferred Employees under the Parent Plans in which employees located in Italy or Spain participate as of immediately prior to the Effective Time. 

Section 5.5. Continuation of Elections and Application to SpinCo Dependents. 

To the extent (a) reasonably practicable and (b) that the relevant information has been made available to SpinCo, SpinCo shall cause
the SpinCo Qualified Pension Plan and the SpinCo Non-Qualified Pension Plan to recognize and maintain all existing elections, including, but not limited to, beneficiary designations, payment forms and other
rights of alternate payees under qualified domestic relation orders as were in effect under the corresponding Parent Qualified Pension Plan and Parent Non-Qualified Pension Plan immediately prior to the
Interim Transfer Date, unless and until changed or modified in accordance with the terms of the applicable plan or otherwise in accordance with applicable law. To the extent applicable, the provisions of this Article V shall also apply to SpinCo
Dependents. From the Effective Time, Parent shall cooperate with SpinCo to provide any reasonably requested information regarding such administrative matters. 

ARTICLE VI. 
 HEALTH AND WELFARE

 Section 6.1. Parent Health and Welfare Plans.  

(a) Parent or one or more of the Parent Subsidiaries maintain or contribute to health and welfare plans. The health and welfare plans include,
but are not limited to, plans providing severance and active employee health, dental, disability and life insurance benefits, for the benefit of eligible employees and certain former employees, including certain Former Business Employees who have
retired as of the date of the Separation Agreement or will retire prior to the Effective Time (the “Parent Welfare Plans”). As of the Interim Transfer Date, each person who was a Transferred Employee or SpinCo Dependent on such date
ceased to be covered under the Parent Welfare Plans. Parent and the Parent Welfare Plans are and shall continue to be responsible for all Liabilities relating to (i) Former Business Employees (except to the extent expressly

  
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provided with respect to reinstated Leave Employees in Section 2.3(a) or reinstated Former Business Employees in Section 2.3(b)), (ii) Retained Employees and (iii) Transferred
Employees or SpinCo Dependents with respect to, in each case, (A) medical, vision, or dental plan claims in respect of services that were performed or goods provided prior to the Interim Transfer Date (or, if later, the date on which such
individual becomes an employee of a member of the SpinCo Group), (B) life insurance claims in respect of deaths occurring prior to the Interim Transfer Date (or, if later, the date on which such individual becomes an employee of a member of the
SpinCo Group), and (C) any payments due any Transferred Employees under the terms of a Parent disability plan with respect to any period prior to the Interim Transfer Date (or, if later, the date on which such individual becomes an employee of
a member of the SpinCo Group). 
 (b) Except for the Parent FSA account balances described in Section 6.2(c), nothing in this Agreement
shall require Parent or any other Parent Group member or any Parent Welfare Plans to transfer assets or reserves with respect to the Parent Welfare Plans, including, but not limited to, any plan providing severance, health, dental or life insurance
benefits, to SpinCo, the Transferred Entities, any other member of the SpinCo Group, or the SpinCo Welfare Plans. 
 Section 6.2.
Adoption of SpinCo Health and Welfare Plans.  
 (a) Establishment of Welfare
Plans. From and after the Interim Transfer Date, and subject to the provisions of Section 3.1 and Section 4.1, SpinCo has maintained and shall continue to maintain or cause to be maintained health and welfare plans, which (i) with
respect Transferred Employees in the United States other than Represented Employees, includes, but is not limited to, plans providing severance and active health, dental, disability and life insurance benefits that provide benefits to Transferred
Employees, (ii) with respect to Represented Employees is as required pursuant to the terms of an Applicable CBA, and (iii) with respect to employees outside of the United States, is as required by Law (the “SpinCo Welfare
Plans”). 
 (b) Terms of Participation in SpinCo Welfare Plans. From and after the Interim Transfer Date, SpinCo has caused
and shall continue to cause the SpinCo Welfare Plans to (i) waive all limitations as to preexisting conditions, exclusions, service conditions and waiting period limitations, and any evidence of insurability requirements applicable to any such
Transferred Employees and SpinCo Dependents other than such limitations, exclusions, and conditions that were in effect with respect to Transferred Employees and SpinCo Dependents as of the Interim Transfer Date, in each case under and in accordance
with the terms of the corresponding Parent Welfare Plans and (ii) honor any deductibles, out-of-pocket maximums and
co-payments incurred by Transferred Employees and SpinCo Dependents under and in accordance with the terms of the corresponding Parent Welfare Plans in satisfying the applicable deductibles, out-of-pocket expenses or co-payments under such Parent Welfare Plans for the calendar year

  
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in which the Effective Time occurs. SpinCo has caused and shall continue to cause the SpinCo Welfare Plans to recognize and maintain all existing elections, including, but not limited to,
beneficiary designations, as were in effect under the corresponding Parent Welfare Plans, unless and until changed or modified in accordance with the terms of the applicable plan or otherwise in accordance with applicable law. To the extent
applicable, the provisions of this Section 6.2(b) shall also apply to SpinCo Dependents. From the Interim Transfer Date, Parent shall cooperate with SpinCo to provide any reasonably requested information regarding such administrative matters,
to the extent permitted by applicable Law. 
 (c) Transfer of Parent FSA Assets. Parent will make available to SpinCo, prior to the
Effective Time, a list of individuals who will become or continue to be Transferred Employees as of the Effective Time and who are participants in the Parent FSAs (the “FSA Participants”), together with the elections made prior to
the Interim Transfer Date with respect to such accounts through the Interim Transfer Date. 
 (i) SpinCo shall take all
actions necessary and legally permissible to ensure that as of the Interim Transfer Date, it has adopted one or more SpinCo Welfare Plans in which Parent FSA Participants may participate and that constitutes a Code Section 125 plan
(“SpinCo FSA”). SpinCo shall further take all actions necessary and legally permissible to amend SpinCo’s FSA to provide that as of the Interim Transfer Date and for the plan year in which the Interim Transfer Date occurs, but
not for any specific time thereafter, subject to any collective bargaining obligations, (A) the FSA Participants shall become participants in SpinCo’s FSA, with a deemed effective date as of the beginning of the applicable Parent
FSA’s plan year and at the level of coverage provided under the applicable Parent FSA, and (B) the FSA Participants’ salary reduction elections shall be taken into account for the remainder of SpinCo’s FSA plan year as if made
under SpinCo’s FSA. The applicable Parent shall reimburse medical expenses incurred by the FSA Participants at any time during the applicable Parent FSA’s plan year (including, but not limited to, claims incurred prior to the Interim
Transfer Date but unpaid prior to the Interim Transfer Date), up to the amount of the FSA Participants’ election and reduced by amounts previously reimbursed by the applicable Parent FSA. SpinCo’s FSA shall reimburse medical expenses
incurred by the FSA Participants from and after the Interim Transfer Date, up to the amount of the FSA Participants’ election and reduced by amounts previously reimbursed by the applicable Parent FSA and the SpinCo FSA. 

(ii) Parent shall take all actions necessary and legally permissible to amend each of the Parent FSAs to provide that the FSA
Participants shall cease to be eligible to make contributions to the applicable Parent FSA as of the Interim Transfer Date. 

(iii) As soon as practicable following the Effective Time, Parent shall transfer to SpinCo, and SpinCo agrees to accept, those
amounts (plus all related individual participant records and accountings) which represent the debit and credit balances under the Parent FSAs of the FSA Participants and the transfer of such amounts shall take into account on a net basis
participants’ payroll deductions and claims paid through the Effective Time in respect of expenses incurred through the day immediately prior to the Interim Transfer Date. 

  
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 Section 6.3. COBRA and HIPAA. 

From and after the Interim Transfer Date, SpinCo has been and shall continue to be responsible for administering compliance with the
continuation coverage requirements for “group health plans” under Title X of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), and the requirements under the Health Insurance Portability and
Accountability Act of 1996 with respect to Transferred Employees and any SpinCo Dependents for the period after the Interim Transfer Date. Parent will retain any Parent Liabilities under the Parent Welfare Plans to provide COBRA coverage to any
Former Business Employee and any of his or her eligible dependents who incurred a qualifying event under COBRA at or prior to the Interim Transfer Date and who is still eligible to receive such continuing coverage as of or after the Interim Transfer
Date. 
 Section 6.4. Workers’ Compensation Claims. 

All Liabilities for any workers’ compensation claims or coverage, whether arising under any Law of any state, territory, or possession of
the United States or the District of Columbia or otherwise (“Workers’ Compensation Claims”), made by current or former employees (including Transferred Employees) of either Party arising out of or related to the operation of
the SpinCo Business (including SpinCo Discontinued Operations or SpinCo Divested Operations), which claims shall have been made not later than two years after the Effective Time, but which relate in whole or in part to injuries or occurrences
arising prior to the Effective Time, shall be covered, to the extent covered under any Parent Policy, under and in accordance with the applicable provisions of such Parent Policy (“Insured WC Claims”) or, if applicable, as otherwise
required at applicable Law. Except to the extent provided in the foregoing sentence, from and after the Effective Time, SpinCo or the appropriate member of the SpinCo Group shall assume and have all Liabilities for any Workers’
Compensation Claims made by current or former employees (including Transferred Employees) of either Party arising out of or related to the operation of the SpinCo Business, SpinCo Discontinued Operations or SpinCo Divested Operations, even if such
claims relate in whole or in part to injuries, conditions or events arising or occurring on or prior to the Effective Time. Parent or the appropriate member of the Parent Group shall be responsible for the administration of any Insured WC
Claims on behalf of all parties against which such claim is made. With regard to any Workers’ Compensation Claims that are not Insured WC Claims, each Party shall be fully responsible for the administration of all claims for which it has
responsibility pursuant to the foregoing provisions of this Section 6.4. If SpinCo is unable to assume any Liability otherwise allocated to it hereunder or the administration 

  
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of any such claim because of the operation of applicable state Law or for any other reason, Parent shall retain such Liabilities and SpinCo shall reimburse and otherwise fully indemnify Parent
for all such Liabilities (subject to reduction for any amounts payable from insurance), including, but not limited to, the costs of administering the plans, programs or arrangements under which any such Liabilities have accrued or otherwise arisen,
and SpinCo shall enter into reasonable arrangements acceptable to Parent (such acceptance not to be unreasonably withheld) to secure the payment of such Liabilities. All reimbursement amounts shall be paid in accordance with the procedure set
forth in Section 6.4. Notwithstanding anything to the contrary, this Section 6.4 shall not apply to claims arising out of Latent Injury Liabilities, which shall be governed by the Separation Agreement. 

Section 6.5. Leave of Absence Programs. 

From and after the Interim Transfer Date, SpinCo is and shall continue to be responsible for the administration and compliance of all leaves of
absences and related programs (including, but not limited to, compliance with the United Services Employment and Reemployment Rights Act, the Family and Medical Leave Act, the Americans with Disabilities Act or similar state or other Laws or with
the Applicable CBA) affecting Transferred Employees for the period at and after the Interim Transfer Date. 
 Section 6.6. Time-Off Benefits.  
 The SpinCo Group has
credited and shall continue to credit each Transferred Employee with the amount of accrued but unused vacation time, sick time and other time-off benefits (together the
“Time-Off Benefits”) as such individual had with the Parent Group or the Transferred Entities as of the Interim Transfer Date (or, if later, the date on which such individual becomes an
employee of a member of the SpinCo Group) and has provided and shall continue to provide such individuals with the same rights, benefits, and entitlements in respect to such Time-Off Benefits as they were
entitled to from the Parent Group or the Transferred Entities as of the Interim Transfer Date (or, if later, the date on which such individual becomes an employee of a member of the SpinCo Group), provided that nothing in this Section 6.6
requires the SpinCo Group to apply the accrual rules for Time-Off Benefits of Parent Group or the Transferred Entities in effect immediately prior to the Interim Transfer Date with respect to service of
Transferred Employees after the Interim Transfer Date. 

  
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 ARTICLE VII. 

SAVINGS PLANS 
 Section 7.1.
Adoption of SpinCo Savings Plans. 
 (a) From and after the Interim Transfer Date, SpinCo has or has caused the appropriate member of
the SpinCo Group to establish a defined contribution plan and corresponding trust effective as of the Interim Transfer Date for the benefit of Transferred Employees who participate in a Parent Qualified Savings Plan immediately prior to the Interim
Transfer Date (the “SpinCo Qualified Savings Plan”). The SpinCo Qualified Savings Plan (i) meets and shall continue to meet all requirements of applicable Law, including, but not limited to, Section 411(d)(6) of the Code,
and (ii) accept the transfer of assets from the Parent Qualified Savings Plans contemplated by Section 7.2. As of and from the Interim Transfer date, SpinCo has been and shall continue to be responsible for taking or causing to be taken
all necessary, reasonable and appropriate action to establish, maintain and administer the SpinCo Qualified Savings Plan so that it qualifies under Section 401(a) of the Code and the related trusts thereunder are exempted from Federal income
taxation under Section 501(a)(1) of the Code. 
 (b) From and after the Interim Transfer Date, SpinCo or a member of the SpinCo Group
has established a defined contribution plan for the benefit of Transferred Employees who participated in the Parent Non-Qualified Savings Plan immediately prior to the Interim Transfer Date (the
“SpinCo Non-Qualified Savings Plan”). The SpinCo Non-Qualified Savings Plan is not and shall not be qualified under Section 401(a) of the Code, and
will accept the transfer of all Liabilities under the Parent Non-Qualified Savings Plan contemplated by Section 7.3. 

Section 7.2. Assumption of Liabilities and Transfer of Assets With Respect to Parent Qualified Savings Plans. 

(a) Effective as of the Interim Transfer Date, but subject to the asset transfer specified in Section 7.2(b) below, the SpinCo Qualified
Savings Plan shall assume and be solely responsible for all Liabilities for or relating to Transferred Employees under the Parent Hourly Savings Plan. Effective as of the Interim Transfer Date, but subject to the asset transfer specified in
Section 7.2(b) below, the SpinCo Qualified Savings Plan shall assume and be solely responsible for all Liabilities for or relating to Transferred Employees under the Parent Salaried Savings Plan. SpinCo shall be solely responsible for all
ongoing rights of or relating to Transferred Employees for future participation (including, but not limited to, the right to make contributions through payroll deductions) in the SpinCo Qualified Savings Plan. 

  
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 (b) As soon as practicable and no more than thirty (30) days after the Effective Time,
Parent shall cause the account balances (including, but not limited to, any outstanding loan balances) in each Parent Qualified Savings Plan attributable to Transferred Employees to be transferred to the SpinCo Qualified Savings Plan in the form of
(x) promissory notes, to the extent of Transferred Employees’ account balances that represent outstanding loans; (y) an in-kind transfer of securities, to the extent of Transferred
Employees’ account balances that are held through the open brokerage window under a Parent Qualified Savings Plan and to the extent the SpinCo Qualified Savings Plan is capable of accepting such in-kind
transfer; or (z) cash, to the extent of account balances of Transferred Employees do not represent outstanding loans of Transferred Employees or securities transferred in-kind pursuant to clause (y).
SpinCo shall cause the SpinCo Qualified Savings Plan to accept such transfer of accounts and underlying assets and, effective as of the date of such transfer, to assume and to fully perform pay or discharge, all obligations of the Parent Qualified
Savings Plans relating to the accounts of Transferred Employees (to the extent those assets related to those accounts are actually transferred from a Parent Qualified Savings Plan). The transfers shall be conducted in accordance with
Section 414(l) of the Code, Treasury Regulation Section 1.414(l) -1, and Section 208 of ERISA. 

Section 7.3. Treatment of Parent Non-Qualified Savings Plan Accounts. 

(a) Assumption of Liabilities under Parent Non-Qualified Savings Plan. Effective as of the
Interim Transfer Date, all Liabilities under the Parent Non-Qualified Savings Plan relating to persons who are Transferred Employees shall cease to be Liabilities of the Parent
Non-Qualified Savings Plan and shall be assumed in full and in all respects by the SpinCo Non-Qualified Savings Plan. SpinCo is and shall be responsible for taking or
causing to be taken all necessary, reasonable, and appropriate action to establish, maintain and administer the SpinCo Non-Qualified Savings Plan and from and after the Interim Transfer Date shall be solely
responsible for all ongoing rights of or relating to Transferred Employees for future participation in the SpinCo Non-Qualified Savings Plan. 

(b) Determination of Parent Non-Qualified Savings Plan Liabilities. As soon as practicable after
the Effective Time, Parent shall calculate and certify to SpinCo the Liabilities, individually and in the aggregate, in respect of the Transferred Employees who were participants in the Parent Non-Qualified
Savings Plan at the Interim Transfer Date, based on the value of the notional account balances in respect of each such Transferred Employees as of the Interim Transfer Date (the “Parent Non-Qualified
Savings Plan Liabilities”). Within ten (10) days after the date Parent certifies to SpinCo the amount of the Parent Non-Qualified Savings Plan Liabilities, Parent’s record keeper
shall provide SpinCo or its record keeper with a complete computer file containing the employee data and all other relevant information used to calculate the Parent Non-Qualified Savings Plan Liabilities. The
calculation of the Parent Non-Qualified Savings Plan Liabilities shall become final and binding upon the Parties at the close of business on the one hundred twentieth (120th) day following SpinCo’s
receipt of such computer file, unless prior to such one hundred twentieth (120th) day SpinCo delivers a written 

  
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notice to Parent stating that SpinCo believes that the calculation of the Parent Non-Qualified Savings Plan Liabilities contains factual or mathematical
errors. In the event that SpinCo shall deliver such a written notice to Parent, the Parties shall follow the procedures substantially identical to those set forth in Section 5.2(c) with regard to the Pension Plan Asset Transfer Amount to
determine the final amount related to the Parent Non-Qualified Savings Plan Liabilities (using such appropriate third party plan administrator rather than an actuary as the arbitrator of any unresolved
dispute). 
 (c) Reimbursement Process for Parent Non-Qualified Savings Plan Liabilities. 

As of June 30 and January 31 each calendar year, or such other times as may be agreed between the Parties, starting in the calendar
year following the Effective Time, SpinCo shall send Parent a statement showing all distributions made in the immediately preceding six month period (or from the Effective Time with respect to the first such statement) in respect of the benefits
paid to all Transferred Employees under the SpinCo Non-Qualified Savings Plan, showing in adequate detail the amount of payments made in respect to each such Transferred Employee. Within 30 days of the receipt
of such statement, Parent shall pay to SpinCo the amount described in Section 7.3(d), provided that, in no event shall Parent be required to pay SpinCo an amount (i) in respect of any Transferred Employee, an amount greater than the
notional account balances of such Transferred Employee as of the Interim Transfer Date taken into account in determining the Parent Non-Qualified Savings Plan Liabilities or (ii) in the aggregate greater
than the amount of the Parent Non-Qualified Savings Plan Liabilities as of the Interim Transfer Date. Notwithstanding the forgoing, (x) at the sole discretion of the Parent, the Parent may at any time and
from time to time prepay all or any portion of the aggregate amount that it would otherwise be required to pay SpinCo in respect of the Transferred Employees under this Section 7.3(c) in respect of the Parent
Non-Qualified Savings Plan Liabilities, and unless Parent agrees to another offset schedule, any such prepaid amount shall be applied to offset any amounts that Parent would otherwise be required to pay
hereunder as of the next semi-annual statement and each subsequent statement until fully applied to such future payments and (y) any amounts paid under the SpinCo Non-Qualified Savings Plan which SpinCo
fails to include in a statement of payments that is delivered to Parent within fourteen months of the actual payment date shall no longer be subject to reimbursement by Parent under this Section 7.3(c) and shall remain the sole responsibility
of SpinCo. Any payment made by Parent pursuant this Section 7.3(c) shall be made for the account of SpinCo or its Subsidiary and not for the benefit of any Transferred Employee who is a Participant in the SpinCo
Non-Qualified Savings Plan, each of whom shall remain an unsecured creditor of SpinCo or its applicable Subsidiary in respect of his or her SpinCo Non-Qualified Savings
Plan benefit.     

  
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 (d) Reimbursement Determined on an After-Tax
Basis. The amount payable by Parent pursuant to Section 7.3(c) with respect to each statement provided by SpinCo shall equal (i) the amount of the distributions made to Transferred Employees under the SpinCo Non-Qualified Savings Plan listed on the applicable statement (reduced as a result of any applicable limitations described in Section 7.3(c)), less (ii) the amount of the reduction in U.S. federal
and state income Taxes payable by SpinCo as a result of the payment of such distributions. For purposes of this Section 7.3(d), the amount of the reduction in U.S. federal and state income Taxes payable by SpinCo as a
result of such distributions shall be deemed to equal (x) the amount of such distributions under the SpinCo Non-Qualified Savings Plan reflected on such statement, multiplied by (y) the
highest marginal U.S. federal income Tax rate applicable to U.S. corporations on the date such distributions were paid plus the applicable weighted average state income Tax rate on the date such distributions were paid. 

Section 7.4. Continuation of Elections and Application to SpinCo Dependents. 

SpinCo has caused and shall continue to cause the SpinCo Qualified Savings Plans and the SpinCo
Non-Qualified Savings Plan to recognize and maintain all elections in effect as of immediately prior to the Interim Transfer Date, including, but not limited to, beneficiary designations, payment forms and
other rights of alternate payees under qualified domestic relation orders as were in effect under the corresponding Parent Qualified Savings Plan and Parent Non-Qualified Savings Plan, unless and until changed
or modified in accordance with the terms of the applicable plan or otherwise in accordance with applicable law. To the extent applicable, the provisions of this Article VII shall also apply to SpinCo Dependents. Parent shall cooperate with SpinCo to
provide any reasonably requested information regarding such administrative matters. 
 ARTICLE VIII. 

EQUITY BASED INCENTIVE AWARDS 

Section 8.1. Treatment of Outstanding PSP Awards by Parent. 

The target number of shares of Parent stock subject to each outstanding performance share plan award held by a Transferred Employee at the
Effective Time shall be multiplied by the percentage determined by the quotient of (i) the number of months in the performance period applicable to such award that has been completed on the day immediately prior to the Effective Time divided by
(ii) the number of months in the entire performance period, as determined by Parent in accordance with the Parent stock incentive plan. Each such outstanding performance share award shall remain outstanding as to such adjusted target number of
shares of Parent common stock (the “Pro-Rated Parent Award”), and eligible to vest and be paid based upon the achievement of the applicable performance criteria (including in respect of any
dividend equivalents granted in connection with such award), at the same time and subject to the same terms and conditions as though the Transferred Employee had remained employed by Parent through the date the performance share awards, in respect
of such performance period, are payable to employees of Parent. The target number of shares of Parent stock subject to each outstanding performance share plan award held by a Transferred Employee at the Effective Time in excess of the target number
of shares subject to the Pro-Rated Parent Award shall be cancelled and forfeited as of the Effective Time (the “Cancelled Parent PSP Shares”). 

  
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 Section 8.2. Treatment of Outstanding Parent Restricted Share Unit and Restricted
Stock Awards. 
 Each outstanding award of restricted shares of Parent common stock and each award that constitutes a promise to deliver
shares of Parent common Stock held by a Transferred Employee at the Effective Time (other than performance share plan awards which shall be treated as set forth in Section 8.1) shall be cancelled and forfeited as of the Effective Time (the
“Cancelled Parent Restricted Shares”). 
 Section 8.3. Replacement Awards for Cancelled Shares. 

Unless otherwise agreed between Parent and a Transferred Employee prior to the date on which the Effective Time falls, effective as of the
Effective Time, SpinCo shall grant each Transferred Employee who forfeits Cancelled Parent PSP Shares or Cancelled Parent Restricted Shares one or more replacement awards in respect of such cancelled shares having the terms and conditions set forth
in this Section 8.3. With respect to Cancelled Parent Restricted Shares, SpinCo shall grant a replacement award in respect of the number of shares of SpinCo common stock determined in accordance with Section 8.4 that shall have terms and
conditions substantially identical to those applicable to the Cancelled Parent Restricted Shares, except that SpinCo shall replace Parent for all purposes of such award and continuing service with SpinCo and its affiliates shall determine the right
of the Transferred Employee to vest in (or receive a payment in respect of) the shares of SpinCo common stock subject to such award. With respect to Cancelled Parent PSP Shares, SpinCo shall grant a replacement award for the number of shares of
SpinCo common stock as determined in accordance with Section 8.4 that shall be eligible to vest and become payable in three equal installments on each of the three payment dates applicable to the Cancelled PSP Shares to which such replacement
award relates, based solely upon the continued performance of services with SpinCo and its affiliates through the applicable vesting date, and have other terms and conditions substantially equivalent to the terms and conditions applicable under the
corresponding Parent performance share plan award. 
 Section 8.4. Establishing the Number of Shares Subject to SpinCo Awards.

 The number of shares of SpinCo common stock to be subject to any replacement award granted in accordance with Section 8.3 shall be
equal to the quotient of (i) the product of (A) the Parent Cancelled Share Value multiplied by (B) the number of cancelled shares of Parent common stock which the applicable SpinCo award is replacing, divided by (ii) the SpinCo
Replacement Share Value. 

  
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 ARTICLE IX. 

SHORT TERM INCENTIVES AND SALES COMMISSION PROGRAMS 

Section 9.1. Management Incentive Plan. 

Except with respect to any Transferred Employee who during 2021 held a title with Parent of at least Senior Vice President and in all cases as
set forth under the terms and conditions of the Management Incentive Plan, Parent shall pay to each Transferred Employee participating in the Management Incentive Plan immediately prior to the Effective Time a cash bonus amount, not later than 30
days following the Effective Time, equal to such Transferred Employee’s target annual incentive opportunity under such plan for 2021, multiplied by a fraction (the “Pro-Rated Fraction”),
the numerator of which is the number of calendar months in 2021 in which such Transferred Employee worked 15 days or more, determined through and including the day immediately prior to the Effective Time, and the denominator of which is 12. With
respect to any Transferred Employee who during 2021 held a title with Parent of at least Senior Vice President and in all cases as set forth under the terms and conditions of the Management Incentive Plan, Parent shall pay to each such Transferred
Employee, at the same time that bonuses are paid generally to other officers of Parent, an amount in respect of his or her participation in the Management Incentive Plan for 2021 equal to the product of (i) the amount that such Transferred
Employee would have been eligible to receive under the terms and conditions of such Management Incentive Plan had he or she remained employed by Parent through the date of payment and (ii) the Pro-Rated
Fraction. 
 Section 9.2. Hourly Incentive Plans and Sales Commission Programs. 

Parent or a Transferred Entity shall pay any amounts that are earned under each Hourly Incentive Plan and each Sales Commission Program to
Transferred Employees prior to the Effective Time. The SpinCo Group shall be responsible for all Liabilities to Transferred Employees under each Hourly Incentive Plan and each Sales Commission Program for amounts that are earned in accordance with
the terms of such plans and programs on or after the Effective Time. 
 Section 9.3. SpinCo Obligations In Respect of Incentive
Plans. 
 The SpinCo Group shall maintain in effect the Hourly Incentive Plans and each Sales Commission Program until the first
anniversary of the Effective Time; provided, however, SpinCo shall have the right to amend each such Hourly Incentive Plan and Sales Commission Program as necessary to reflect the changes resulting from the transactions contemplated by the
Separation Agreement, including, without limitation, changes to the performance metrics under such plans and programs to use SpinCo performance metrics. 

  
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 ARTICLE X. 

ASSUMPTION OF LIABILITIES 

Section 10.1. Assumption of Liabilities.  

(a) By SpinCo. Except as otherwise expressly provided for in this Agreement, not later than the Effective Time, SpinCo shall or shall
cause a member of the SpinCo Group (including the Transferred Entities) or a SpinCo Plan to assume, perform, and discharge all of the following, regardless of when or where such Liabilities arose or arise or are incurred: 

(i) all Liabilities to or relating to Transferred Employees and their dependents and beneficiaries, to the extent relating to,
arising out of or resulting from employment on or prior to the Effective Time, including, but not limited to, all Liabilities relating to labor and employment law claims and union grievances under the Applicable CBA, but excluding all Liabilities
retained by Parent as provided in this Agreement including, but not limited to, the Liabilities retained by Parent pursuant to Section 10.1(b) below; 

(ii) all Liabilities relating to labor and employment law claims and union grievances under the Applicable CBA of Former
Business Employees, regardless of when such claim arose (excluding, for the avoidance doubt, liabilities in respect of benefit plans, programs and arrangements which are expressly retained by a Parent Plan or Parent Group member hereunder); and 

(iii) all other Liabilities relating to, or arising out of, or resulting from obligations, liabilities, and responsibilities
expressly assumed or retained by SpinCo or a member of the SpinCo Group pursuant to this Agreement or the Applicable CBA. 
 Without
limitation to the foregoing clauses (i) through (iii), except as expressly set forth herein, each member of the SpinCo Group outside of the United States shall be solely responsible for satisfying all Liabilities in respect of its respective
Transferred Employees and Former Business Employees. 
 (b) By Parent. Parent shall or shall cause the applicable Parent Plan or
Parent Group member to retain and discharge all of the following: 
 (i) all Liabilities to or relating to Retained Employees
and Former Business Employees (other than those assumed by SpinCo pursuant to Section 10.1(a)(ii)), and any individuals who are not Business Employees (and the foregoing’s dependents and beneficiaries), to the extent relating to, arising out of
or resulting from former, present, or future employment with the Parent Group, including, but not limited to, all Liabilities relating to labor and employment claims and union grievances under the applicable CBA that covers Retained Employees and
any individuals who are not Business Employees (and the foregoing’s dependents and beneficiaries); 
 (ii) all
Liabilities with respect to Pro-Rated Parent Awards; 
 (iii) all Liabilities
expressly assumed or retained under Sections 3.1(b), 6.1(a) and 6.4; 

  
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 (iv) all Liabilities under the Management Incentive Plan, the Hourly
Incentive Plans and the Sales Commission Programs for amounts that become due and payable under the terms of such programs prior to the Effective Time, as provided in Article IX; and 

(v) all other Liabilities relating to, or arising out of, or resulting from obligations, liabilities, and responsibilities
expressly assumed or retained by the Parent Group or a Parent Plan pursuant to this Agreement or the collective bargaining agreements that cover Retained Employees, Former Business Employees (other than those retained by SpinCo pursuant to Section
10(a)(ii)), and any individuals who are not Business Employees (and the foregoing’s dependents and beneficiaries). 
 (c) Allocation of
Liabilities among Parent and SpinCo with respect to grievances and demands for arbitration pending as of the Effective Time shall be as set forth in Sections 10.1(a) and (b). 

(d) For the avoidance of doubt, allocation of Liabilities for Taxes that (i) are imposed on Parent or a Parent Plan that, in either case,
arise from or relate to a Parent Plan or (ii) are imposed on SpinCo or a SpinCo Plan that, in either case, arise from or relate to a SpinCo Plan shall be as set forth in the Tax Matters Agreement, other than, in the case of each of clauses
(i) and (ii), Taxes described in Section 2.6. 
 (e) In the event that any Third Party Claim is asserted in respect of which an
Indemnifying Party could have liability to any Person hereunder, such Third Party Claim shall be addressed following the procedures set forth in Section [4.5] of the Separation Agreement. 

Section 10.2. Reimbursement. 

(a) By SpinCo. From time to time after the Effective Time, SpinCo shall promptly reimburse Parent, but in no event more than thirty
(30) days after delivery by Parent of an invoice therefor containing reasonable substantiating documentation of such costs and expenses, for the cost of any obligations or Liabilities that Parent or a Parent Plan elects to, or is compelled
to, pay or otherwise satisfy, that are or that pursuant to this Agreement have become, the responsibility of SpinCo or any SpinCo Subsidiary; provided, however, that if payment in respect of any such Liability is made by a Parent Plan,
SpinCo or the appropriate SpinCo Plan shall reimburse the Parent Plan directly. To the extent that any SpinCo Subsidiary is responsible for any of the SpinCo Employee Liabilities, each member of the SpinCo Group shall be jointly and severally liable
to Parent or Parent Plan, as applicable, for the payment of such Liabilities by such SpinCo Subsidiary. 

  
 37 

 (b) By Parent. From time to time after the Effective Time, Parent shall promptly
reimburse SpinCo, but in no event more than thirty (30) days after delivery by SpinCo of an invoice therefor containing reasonable substantiating documentation of such costs and expenses, for the cost of any obligations or Liabilities
that SpinCo or a SpinCo Plan elects to, or is compelled to, pay or otherwise satisfy, that are or that pursuant to this Agreement have become, the responsibility of Parent; provided, however, that if payment in respect of any such
Liability is made by a SpinCo Plan, Parent or the appropriate Parent Plan shall reimburse such SpinCo Plan directly. 
 (c) Any reimbursement
made by either Party pursuant to this Section 10.2 shall be treated by the Parties as a reimbursement to the other Party for having acted as the reimbursing Party’s agent for purposes of paying the corresponding expenses. 

Section 10.3. Indemnification. 

(a) SpinCo agrees that from and after the Effective Time it shall indemnify, defend and hold harmless Parent, each of its Subsidiaries, and
their respective directors, officers, shareholders, partners, members, attorneys, accountants, agents, representatives and employees and their heirs, successors and permitted assigns, each in their capacity as such (the “Parent Indemnified
Parties”) from, against and in respect of any claims, damages, losses, charges, Liabilities, actions, suits, proceedings, judgments, settlements, assessments, interest, penalties, and reasonable costs and expenses (including reasonable
attorneys’ fees and expenses) (collectively, “Losses”) actually incurred or suffered by any of the Parent Indemnified Parties arising out of or resulting from, (i) the failure of any member of the SpinCo Group to
pay, perform, discharge or satisfy any Liabilities assumed in Section 10.1(a) of this Agreement (other than any Liabilities which arise due to the failure of Parent to satisfy its obligations under Article VIII hereof or to satisfy any
Liability assumed in Section 10.1(b) and (c) hereof), and (ii) any other breach of the duties or obligations of any member of the SpinCo Group, as set forth in this Agreement. SpinCo shall take commercially reasonable efforts to
procure insurance against any Indemnifiable Losses arising from the obligations set forth in this Agreement. 
 (b) Parent hereby agrees that
from and after the Effective Time it shall indemnify, defend and hold harmless SpinCo, its Affiliates, and their respective directors, officers, shareholders, partners, members, attorneys, accountants, agents, representatives and employees (other
than the Business Employees) and their heirs, successors and permitted assigns, each in their capacity as such (the “SpinCo Indemnified Parties” and, collectively with the Parent Indemnified Parties, the “Indemnified
Parties”) from, against and in respect of any Losses actually incurred or suffered by, any of the SpinCo Indemnified Parties arising out of or resulting from (i) the failure to pay, perform, discharge or satisfy any Parent Liabilities
(other than Parent Liabilities which arise due to the failure of any member of the SpinCo Group or any SpinCo Plans to satisfy any liabilities assumed by SpinCo in Section 10.1(a) hereof) and (ii) any other breach of the duties and
obligations set forth in this Agreement. 

  
 38 

 Section 10.4. Procedures for Indemnification for Third-Party Claims. 

Except as specifically set forth in this Agreement, in the event that Parent or any other Parent Indemnified Party shall seek indemnification
in respect of any SpinCo Employee Liabilities, or SpinCo or any SpinCo Indemnified Party shall seek indemnification in respect of any Parent Liabilities, such person shall comply with and follow the procedures regarding indemnification set forth in
Article [IV] of the Separation Agreement, which shall apply to claims for indemnification hereunder in the same manner as though such claims were eligible for indemnification under the Separation Agreement, but assuming that such claims were not
subject to any limitation on the ability to claim indemnification under such Separation Agreement. 
 Section 10.5. Reductions for
Insurance Proceeds and Other Amounts. 
 The amount that any Indemnifying Party is or may be required to pay to any Indemnified Party
pursuant to this Article X shall be reduced (retroactively or prospectively) in the same manner as provided in Section [4.3] of the Separation Agreement as though such claims were eligible for indemnification under the Separation Agreement, but
assuming that such claims were not subject to any limitation on the ability to claim indemnification under such Separation Agreement. 

Section 10.6. Contribution. 

(a) If the indemnification provided for in this Article X is unavailable to, or insufficient to hold harmless, any Indemnified Party in respect
of any Losses for which indemnification is provided for herein, then the relevant Indemnifying Party shall contribute to the Losses for which such indemnification is unavailable or insufficient in such proportion as is appropriate to reflect the
relative fault of such Indemnifying Party and such Indemnified Party in connection with the circumstances which resulted in such Losses as well as any other relevant equitable considerations. 

(b) The relative fault of Parent and SpinCo shall be determined by reference to, among other things, the Parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent the applicable act, failure to act, statement or omission that is the basis for the Liability (the “Liability Event”), and whether the Liability Event occurred
because of one Party’s reasonable reliance on the other. 

  
 39 

 (c) Parent and SpinCo agree that it would not be just and equitable if contribution pursuant
to this Section 10.6 were determined by any method of allocation which does not take account of the equitable considerations referred to in Section 10.6(b). The aggregate amount of losses, liabilities, claims, damages and expenses incurred
by an Indemnitee shall be deemed to include any legal or other expenses reasonably incurred by such Indemnitee in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body,
commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission. 

Section 10.7. Consequential Damages. 

Notwithstanding anything to the contrary contained in this Agreement or the Separation Agreement, no Person shall be liable under this Article
X for any consequential, punitive, special or exemplary damages, regardless of the form of action, whether in contract, tort, strict liability or otherwise, and whether or not such damages were foreseen or unforeseen, except to the extent awarded by
a court of competent jurisdiction in connection with a Third-Party Claim. 
 ARTICLE XI. 

GENERAL AND ADMINISTRATIVE 

Section 11.1. Cooperation. 

(a) General. Each of the Parties hereto will use its commercially reasonable efforts to promptly take, or cause to be taken, any and all
actions and to do, or cause to be done, any and all things necessary, proper and advisable under applicable laws and regulations to consummate the transactions contemplated by this Agreement, including without limitation, adopting plans or plan
amendments. Each of the Parties hereto shall cooperate fully on any issue relating to the transactions contemplated by this Agreement for which the other Party seeks a determination letter or any other filing, consent, or approval with respect to
governmental authorities regarding a benefit plan. 
 (b) Cooperation in Benefits, Plan, and Other Employee Transition. Parent shall
administer the Parent Plans with respect to Business Employees in the ordinary course of business between the date of the Separation Agreement and the Interim Transfer Date or the Effective Time, as applicable. Without limitation, the Parties’
cooperation under this Agreement shall include Parent (and its employees and agents) acting to provide SpinCo (and its employees and agents) with all information that is reasonably requested by SpinCo in connection with meeting, and reasonably
necessary for SpinCo to comply with, its obligations under this Agreement, including but not limited to, in connection with providing compensation, benefits, hours and terms and conditions of employment of Represented Employees that are governed by
the Applicable CBA, establishing and administering SpinCo’s ongoing benefit plans for Business Employees, and assessing appropriate insurances for the period on and after the Effective Time. The information to be provided to SpinCo (and its
employees and agents) shall include, without limitation, names of employees anticipated to be assigned to SpinCo and their respective work status, demographics and data; plan records; 

  
 40 

 
underwriting and risk assessment information; records relating to workers’ compensation claims; records related to collective bargaining and the processing of grievances (including, but not
limited to all transcripts of negotiations, written proposals and negotiation binders); access to any information related to prior events and past practice that become relevant in future arbitrations; and periodic updates on the foregoing; in each
case, so long as such information is reasonably necessary for SpinCo to comply with its obligations under this Agreement. Such information may be requested by SpinCo at any time following the date of the Separation Agreement and extending following
the Effective Time as long as SpinCo reasonably has a need for such information, and shall be provided by Parent or a Parent agent as soon as reasonably practicable without incurring undue expense (with any increased third party cost being borne by
SpinCo) and in a de-identified format to the extent necessary to comply with privacy provisions of federal or applicable state law. 

(c) Communications. SpinCo shall not make any written communications (including websites or other passive communication channels) that
are directed to the directors, officers or employees of Parent or any of its Subsidiaries pertaining to compensation or benefit matters that are affected by the transactions contemplated by the Separation Agreement without Parent’s written
consent; provided that SpinCo may communicate with Union representatives (including any Union representatives who are also employees of Parent Group) in relation to SpinCo’s duties under the Applicable CBA and SpinCo may provide
transition information regarding SpinCo’s benefits (including any benefit identification cards). Notwithstanding the restriction in the preceding sentence, SpinCo may provide notices to Business Employees relating to the requirements of
Sections 404(c) of ERISA or other legally required notices (after giving Parent a reasonable opportunity for review and reasonably considering Parent’s comments on these notices), and the Parties shall cooperate in the notices’ timely
distribution in advance of the Effective Time (in accordance with the timing requirements of laws regarding such notices, in order to permit plan changes, whether before or after the Effective Time). The Parties shall each designate a single point
of contact to facilitate prompt approvals of communications. 
 (d) Cooperation in Labor and Employment Disputes. Parent shall
promptly notify SpinCo of any organizing activities or of any representation petition submitted to the NLRB and of any work stoppages, with respect to any Business Employees. For the avoidance of doubt, Parent shall retain sole decision-making
authority with respect to all employment matters prior to the Effective Date. 

  
 41 

 Section 11.2. Consent of Third Parties. 

If any provision of this Agreement is dependent on the consent of any third party (such as a vendor) and such consent is withheld, the Parties
shall use their reasonable best efforts to implement the applicable provisions of this Agreement to the full extent practicable. If any provision of this Agreement cannot be implemented due to the failure of such third party to consent, the Parties
shall negotiate in good faith to implement the provision in a mutually satisfactory manner. The phrase “reasonable best efforts” as used in this Agreement shall not be construed to require the incurrence of any non-routine or commercially unreasonable expense or liability or the waiver of any right. 

Section 11.3. Survival. 

This Agreement shall survive the Effective Time. 

Section 11.4. Interpretation. 

In this Agreement, (a) words in the singular shall be deemed to include the plural and vice versa and words of one gender shall be deemed
to include the other genders as the context requires; (b) the terms “hereof,” “herein,” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole
(including all of the Schedules, Exhibits and Appendices hereto and thereto) and not to any particular provision of this Agreement; (c) Article, Section, Schedule, Exhibit and Appendix references are to the Articles, Sections, Schedules,
Exhibits and Appendices to this Agreement unless otherwise specified; (d) unless otherwise stated, all references to any agreement (including this Agreement and each Ancillary Agreement) shall be deemed to include the Exhibits, Schedules and
Annexes to such agreement; (e) the word “including” and words of similar import when used in this Agreement shall mean “including, without limitation,” unless otherwise specified; (f) the word “or” shall not
be exclusive; (g) unless otherwise specified in a particular case, the word “days” refers to calendar days; (h) references to “Business Day” shall mean any day other than a Saturday, a Sunday or a day on which
banking institutions are generally authorized or required by law to close in (x) Memphis, Tennessee or (y) New York, New York; (i) references herein to this Agreement or any other agreement contemplated herein shall be deemed to refer
to this Agreement or such other agreement as of the date on which it is executed and as it may be amended, modified or supplemented thereafter, unless otherwise specified; the word “extent” in the phrase “to the extent” shall
mean the degree to which a subject or other thing extends, and such phrase shall not mean simply “if”; (j) unless otherwise specified, all dollar amounts, including the symbol “$”, refer to the lawful currency of the United
States of America; and (k) all references to “the date hereof” or “the date of this Agreement” and words of similar import shall all be references to [•], 2021. 

  
 42 

 Section 11.5. No Third Party Beneficiary. 

(a) Nothing in this Agreement shall confer upon any person (nor any beneficiary thereof) any rights under or with respect to any plan, program,
agreement or arrangement described in or contemplated by this Agreement and each person (and any beneficiary thereof) shall be entitled to look only to the express terms of any such plan, program, agreement or arrangement for his, her or its rights
thereunder. The purpose of this Agreement is to specify the respective potential responsibilities and obligations of Parent and SpinCo (and their respective affiliates) as between each other, but it does not affect, impair, enhance, modify, construe
or interpret the rights of any Parent Employee, Retained Employee, Former Business Employee or Business Employee under or in respect of any such plan, program, agreement or arrangement. 

(b) Nothing in this Agreement shall create any right of a Person to object or to refuse to assent to the assumption of or succession to, by any
member of the SpinCo Group or the SpinCo Group, any benefit plan, collective bargaining agreement or other agreement relating to conditions of employment, termination of employment, severance or employee benefits, nor shall this Agreement be
construed as recognizing that any such rights exist. 
 (c) Nothing in this Agreement shall amend or shall be construed to amend, or
interpret the terms of, any plan, program, agreement or arrangement described in or contemplated by this Agreement. 
 Section 11.6.
Notices. 
 Any notice, demand, claim, or other communication under this Agreement shall be in writing and shall be deemed given to a
Party when (a) delivered to the appropriate address by hand or by nationally recognized overnight courier services (costs prepaid); (b) by email with receipt confirmed; (c) received or rejected by the addressee, if
sent by certified mail, return receipt requested, in each case to the following addresses or e-mail address and marked to the attention of the person designated below (or to such other address, e-mail address or person as a Party may designate by notice to the other Parties): 

  
 43 

 (a) If to Parent, to: 

 

			
	 International Paper Company

 
 6400 Poplar Avenue

 
 Memphis, Tennessee 38197

 
 Attention: [•]

 
 E-mail:
[•]
  
 With copies to:

 

	 Debevoise & Plimpton LLP

919 Third Avenue

	 New York, NY 10022

	 Attention:
	  	 William Regner

		  	Emily Huang
		  	Franklin Mitchell
	 E-Mail:
	  	 wdregner@debevoise.com

		  	efhuang@debevoise.com
		  	flmitchell@debevoise.com

 (b) If to SpinCo, to: 
  

	
	 [•]
  

[•]
  

[•]
  

[•]
  

[•]
  

 Section 11.7. Governing Law. 

This Agreement (and any claims or disputes arising out of or related hereto or thereto or to the transactions contemplated hereby and thereby
or to the inducement of any party to enter herein and therein, whether for breach of contract, tortious conduct or otherwise and whether predicated on common law, statute or otherwise) and all issues and questions concerning the construction,
validity, enforcement and interpretation of this Agreement (and all Schedules hereto) shall be governed by, and construed in accordance with, the Laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or
provisions (whether of the State of Delaware or any other jurisdiction) including all matters of validity, construction, effect, enforceability, performance and remedies. 

  
 44 

 Section 11.8. Disputes. 

Except as expressly provided in Section 2.5(c), Section 5.2(c), Section 5.3(b) and Section 7.3(b), any disputes arising
under this Agreement shall be resolved applying the dispute resolution provisions set forth in [Article VII] of the Separation Agreement. 

Section 11.9. Specific Performance. 

The Parties acknowledge and agree that any breach of this Agreement would give rise to irreparable harm for which monetary damages would not
be an adequate remedy. The Parties accordingly agree that, in addition to any other rights or remedies it may have at law or in equity, the other Party shall be entitled to (x) enforce the terms of this Agreement by decree of specific
performance without the necessity of proving the inadequacy of monetary damages as a remedy and (y) seek injunctive relief against any breach or threatened breach of this Agreement. Neither Party will contest an action by the other Party
for injunctive relief or an order of specific performance on the basis that there is an adequate remedy at law, or that an award of specific performance is not an appropriate remedy for any reason, at law or in equity. The Parties agree to not seek
and agree to waive any requirement for the securing or posting of a bond in connection with a Party seeking or obtaining any relief pursuant to this Section 11.9. 

Section 11.10. No Assignment; No Amendment; Counterparts. 

This Agreement may not be assigned by either Party (except by operation of law) without the written consent of the other, and shall bind and
inure to the benefit of the Parties hereto and their respective successors and permitted assignees. This Agreement may not be amended or supplemented except by an agreement in writing signed by Parent and SpinCo. This Agreement may be executed in
counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. 
  

  
 45 

 IN WITNESS WHEREOF, each Party has caused its duly authorized officer to execute this
Agreement, as of the date first written above. 
  

					
	Date:
                                         
                                   	 		  	 INTERNATIONAL PAPER COMPANY
  

By: 
 Its:

			
	Date:
                                         
                                   	 		  	 SYLVAMO CORPORATION
  

By: 
 Its:EX-4.4

 Exhibit 4.4 

WARRANT AGREEMENT 
 THIS
WARRANT AGREEMENT (this “Agreement”), dated as of [_____], 2021, is by and between Direct Selling Acquisition Corp., a Delaware corporation (the “Company”), and Continental Stock Transfer &
Trust Company, a New York limited purpose trust company, as warrant agent (in such capacity, the “Warrant Agent”, and also referred to herein as the “Transfer Agent”). 

WHEREAS, the Company is engaged in an initial public offering (the “Offering”) of units of the Company’s equity
securities, each such unit comprised of one share of Class A common stock of the Company, par value $0.0001 per share (“Common Stock”), and one-third of one redeemable Public
Warrant (as defined below) (the “Units”) and, in connection therewith, has determined to issue and deliver up to 6,666,666 warrants (or up to 7,666,666 warrants if the Over-allotment Option (as defined below) is exercised in
full) to public investors in the Offering (the “Public Warrants”); 
 WHEREAS, the Company has filed with the U.S.
Securities and Exchange Commission (the “Commission”) a registration statement on Form S-1, File No. 333-[_________] (the
“Registration Statement”), and prospectus (the “Prospectus”), for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of the Units, the Public
Warrants and the shares of Common Stock included in the Units; 
 WHEREAS, the Company has entered into that certain Private Placement
Warrants Purchase Agreement (the “Private Placement Warrants Purchase Agreement”) with DSAC Partners LLC, a Delaware limited liability company (the “Sponsor”), pursuant to which the Sponsor agreed to
purchase an aggregate of 4,333,333 warrants (or up to 4,733,333 warrants if the Over-allotment Option is exercised in full) simultaneously with the closing of the Offering (and the closing of the Over-allotment Option, if applicable) bearing the
legend set forth in Exhibit B hereto (the “Private Placement Warrants”) at a purchase price of $1.50 per Private Placement Warrant; 

WHEREAS, in order to finance the Company’s transaction costs in connection with an intended initial Business Combination (as defined
below), the Sponsor or an affiliate of the Sponsor or the Company’s officers and directors may, but are not obligated to, loan to the Company funds as the Company may require, of which up to $1,500,000 of such loans may be convertible into up
to an additional 1,000,000 warrants at a price of $1.50 per warrant (the “Working Capital Warrants”); 
 WHEREAS,
following the consummation of the Offering, the Company may issue additional warrants (the “Post-IPO Warrants” and, together with the Public Warrants, the Private Placement Warrants and
the Working Capital Warrants, the “Warrants”) in connection with, or following the consummation by the Company of, a Business Combination; 

WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with
the issuance, registration, transfer, exchange, redemption and exercise of the Warrants; 
 WHEREAS, the Company desires to provide for the
form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and 

WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and
countersigned by or on behalf of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Agreement. 

 NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties
hereto agree as follows: 
 1. Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the
Company for the Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement. 

2. Warrants. 

2.1 Form of Warrant. Each Warrant shall be issued in registered form only, and, if a physical certificate is issued,
shall be in substantially the form of Exhibit A hereto, the provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Company’s board of directors (the
“Board”), President, Chief Executive Officer, Chief Financial Officer, Secretary or other principal officer of the Company. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased
to serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance. All of the Public Warrants shall initially be
represented by one or more book-entry certificates (each, a “Book-Entry Warrant Certificate”). 
 2.2
Effect of Countersignature. If a physical certificate is issued, unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant certificate shall be invalid and of no effect and may not be exercised by the holder
thereof. 
 2.3 Registration. 

2.3.1 Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”) for the
registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in such
denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. All of the Public Warrants shall initially be represented by one or more Book-Entry Warrant Certificates deposited with The Depository Trust
Company (the “Depositary”) and registered in the name of Cede & Co., a nominee of the Depositary. Ownership of beneficial interests in the Public Warrants shall be shown on, and the transfer of such ownership shall
be effected through, records maintained by (i) the Depositary or its nominee for each Book-Entry Warrant Certificate, or (ii) institutions that have accounts with the Depositary (each such institution, with respect to a Warrant in its
account, a “Participant”). 
 If the Depositary subsequently ceases to make its book-entry settlement
system available for the Public Warrants, the Company may instruct the Warrant Agent regarding making other arrangements for book-entry settlement. In the event that the Public Warrants are not eligible for, or it is no longer necessary to have the
Public Warrants available in, book-entry form, the Warrant Agent shall provide written instructions to the Depositary to deliver to the Warrant Agent for cancellation each Book-Entry Warrant Certificate, and the Company shall instruct the Warrant
Agent to deliver to the Depositary definitive certificates in physical form evidencing such Warrants (“Definitive Warrant Certificate”). Such Definitive Warrant Certificate shall be in the form annexed hereto as Exhibit A,
with appropriate insertions, modifications and omissions, as provided above. 
 2.3.2 Registered Holder. Prior to due
presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat the person in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”) as the
absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on a Definitive Warrant Certificate made by anyone other than the Company or the Warrant Agent), for the purpose of
any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. 

2.4 Detachability of Warrants. The Common Stock and Public Warrants comprising the Units shall begin separate trading on the 52nd day
following the date of the Prospectus or, if such 52nd day is not on a day, other than a Saturday, Sunday or federal holiday, on which banks in New York City are generally open for normal business (a “Business Day”), then on
the immediately succeeding Business Day following such date, or earlier (the “Detachment Date”) with the consent of BTIG LLC (“BTIG”), as representative of the several
underwriters, but in no event shall the shares of Common Stock and the Public Warrants comprising the Units be separately traded until (A) the Company has filed a Current Report on Form 8-K with the
Commission containing an audited balance sheet 

 
reflecting the receipt by the Company of the gross proceeds of the Offering, including the proceeds received by the Company from the exercise by the underwriters of their right to purchase
additional Units in the Offering (the “Over-allotment Option”), if the Over-allotment Option is exercised prior to the filing of the Form 8-K, and (B) the Company issues a press
release and files with the Commission a Current Report on Form 8-K announcing when such separate trading shall begin. 

2.5 Fractional Warrants. The Company shall not issue fractional Warrants other than as part of the Units, each of which is comprised of
one share of Common Stock and one-third of one Warrant. If, upon the detachment of Warrants from Units or otherwise, a holder of Warrants would be entitled to receive a fractional Warrant, the Company shall
round down to the nearest whole number of Warrants to be issued to such holder. 
 2.6 Private Placement Warrants and Working Capital
Warrants. The Private Placement Warrants and the Working Capital Warrants shall be identical to the Public Warrants, except that so long as they are held by the Sponsor, BTIG or any of their Permitted Transferees (as defined below), as
applicable, the Private Placement Warrants and the Working Capital Warrants: (i) may be exercised for cash or on a cashless basis, pursuant to subsection 3.3.1(c) hereof, (ii) may not be transferred, assigned or sold until the date
that is thirty (30) days after the completion by the Company of an initial Business Combination (as defined below), (iii) shall not be redeemable by the Company, and (iv) so long as they are held by BTIG or its Permitted Transferees, will
not be exercisable more than five years from the effective date of the Registration Statement in accordance with FINRA Rule 5110(f)(2)(G)(i); provided, however, that in the case of (ii), the Private Placement Warrants and the Working Capital
Warrants and any shares of Common Stock held by the Sponsor, BTIG or any officers or directors of the Company, or any Permitted Transferees, as applicable, and issued upon exercise of the Private Placement Warrants and the Working Capital Warrants
may be transferred by the holders thereof: 
 (a) to the Company’s officers or directors, any affiliate or family member
of any of the Company’s officers or directors, any affiliate of the Sponsor or BTIG or to any members of the Sponsor, BTIG or any of their affiliates; 

(b) in the case of an individual, by gift to a member of such individual’s immediate family or to a trust, the beneficiary
of which is a member of such individual’s immediate family, an affiliate of such individual or to a charitable organization; 

(c) in the case of an individual, by virtue of laws of descent and distribution upon death of such individual; 

(d) in the case of an individual, pursuant to a qualified domestic relations order; 

(e) by private sales or transfers made in connection with any forward purchase agreement or similar arrangement or in
connection with the consummation of an initial Business Combination at prices no greater than the price at which the Warrants were originally purchased; 

(f) by virtue of the laws of the State of Delaware or the limited liability company agreement of the Sponsor upon dissolution
of the Sponsor; 
 (g) to the Company for no value or consideration in connection with the consummation of its initial
Business Combination; 
 (h) in the event of the Company’s liquidation prior to the consummation of a Business
Combination; or 
 (i) in the event that, subsequent to the consummation of a Business Combination, the Company completes a
liquidation, merger, stock exchange or other similar transaction which results in all of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities or other property; provided, however,
that, in the case of clauses (a) through (f), these transferees (the “Permitted Transferees”) enter into a written agreement with the Company agreeing to be bound by the transfer restrictions in this Agreement and the
other restrictions contained in the letter agreement, dated as of the date hereof, by and among the Company, the Sponsor and the Company’s officers and directors. 

2.7 Working Capital Warrants. Each of the Working Capital Warrants shall be identical to the Private Placement Warrants. 

 2.8 Post-IPO Warrants. The Post-IPO Warrants, when and if issued, shall have the same terms and be in the same form as the Public Warrants except as may be agreed upon by the Company. 

3. Terms and Exercise of Warrants. 

3.1 Warrant Price. Each whole Warrant shall entitle the Registered Holder thereof, subject to the provisions of such
Warrant and of this Agreement, to purchase from the Company the number of shares of Common Stock stated therein, at the price of $11.50 per share, subject to the adjustments provided in Section 4 hereof and in the last
sentence of this Section 3.1. The term “Warrant Price” as used in this Agreement shall mean the price per share (including in cash or by payment of Warrants pursuant to a “cashless exercise,” to the
extent permitted hereunder) described in the prior sentence at which Common Stock may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as
defined below) for a period of not less than twenty (20) Business Days, provided, that the Company shall provide at least twenty (20) days prior written notice of such reduction to Registered Holders of the Warrants and, provided further
that any such reduction shall be identical among all of the Warrants. 
 3.2 Duration of Warrants. A Warrant may be
exercised only during the period (the “Exercise Period”) commencing thirty (30) days after the first date on which the Company completes a merger, capital share exchange, asset acquisition, share purchase, reorganization
or similar business combination, involving the Company and one or more businesses (a “Business Combination”), and terminating on the earlier to occur of: (i) at 5:00 p.m., New York City time on the date that is five
(5) years after the date on which the Company completes its initial Business Combination, (ii) the liquidation of the Company and (iii) other than with respect to the Private Placement Warrants and the Working Capital Warrants then
held by the Sponsor, BTIG or any officers or directors of the Company, or any of their Permitted Transferees as provided in Section 6.1, the Redemption Date (as defined below) as provided in
Section 6.2 hereof (the “Expiration Date”); provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in
subsection 3.3.2 below, with respect to an effective registration statement or a valid exemption therefrom being available. Except with respect to the right to receive the Redemption Price (as defined below) in the event of a redemption (as
set forth in Section 6 hereof), each outstanding Warrant (other than a Private Placement Warrant or a Working Capital Warrant held by the Sponsor, BTIG or any officers or directors of the Company, or their Permitted
Transferees, in the event of a redemption for cash) not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m. New York City time on the
Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided that the Company shall provide at least twenty (20) days prior written notice of any such extension to
Registered Holders of the Warrants and, provided further that any such extension shall be identical in duration among all the Warrants. 

3.3 Exercise of Warrants. 

3.3.1 Payment. Subject to the provisions of the Warrant and this Agreement, a Warrant may be exercised by the Registered
Holder thereof by delivering to the Warrant Agent at its corporate trust department (i) the Definitive Warrant Certificate evidencing the Warrants to be exercised, or, in the case of a Book-Entry Warrant Certificate, the Warrants to be
exercised (the “Book-Entry Warrants”) on the records of the Depositary to an account of the Warrant Agent at the Depositary designated for such purposes in writing by the Warrant Agent to the Depositary from time to time,
(ii) an election to purchase (“Election to Purchase”) any shares of Common Stock pursuant to the exercise of a Warrant, properly completed and executed by the Registered Holder on the reverse of the Definitive Warrant
Certificate or, in the case of a Book-Entry Warrant Certificate, properly delivered by the Participant in accordance with the Depositary’s procedures, and (iii) payment in full of the Warrant Price for each full share of Common Stock as to
which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the shares of Common Stock and the issuance of such shares of Common Stock, as follows: 

(a) in lawful money of the United States, in good certified check or good bank draft payable to the order of the Warrant Agent
or by wire transfer of immediately available funds; 
 (b) in the event of a redemption pursuant to
Section 6 hereof in which the Company’s board of directors (the “Board”) has elected to require all holders of the Warrants to exercise such 

 
Warrants on a “cashless basis,” by surrendering the Warrants for that number of Common Stock equal to the quotient obtained by dividing (x) the product of the number of Common
Stock underlying the Warrants, multiplied by the excess of the “Fair Market Value”, as defined in this subsection 3.3.1(b), over the Warrant Price by (y) the Fair Market Value. Solely for purposes of this subsection
3.3.1(b) and Section 6.3, the “Fair Market Value” shall mean the average closing price of the shares of Common Stock for the ten (10) trading days ending on the third trading day prior to the date on
which the notice of redemption is sent to the holders of the Warrants, pursuant to Section 6 hereof; 

(c) with respect to any Private Placement Warrant or Working Capital Warrant, so long as such Private Placement Warrant or
Working Capital Warrant is held by the Sponsor, BTIG, or any officer or director of the Company, or their Permitted Transferees, by surrendering the Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing
(x) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the excess of the “Fair Market Value”, as defined in this subsection 3.3.1(c), over the Warrant Price by (y) the Fair Market
Value. Solely for purposes of this subsection 3.3.1(c), the “Fair Market Value” shall mean the average closing price of the shares of Common Stock for the ten (10) trading days ending on the third trading day prior to the date
on which notice of exercise of the Private Placement Warrant or Working Capital Warrant is sent to the Warrant Agent; or 

(d) as provided in Section 7.4 hereof. 

3.3.2 Issuance of Shares of Common Stock on Exercise. As soon as practicable after the exercise of any Warrant and the
clearance of the funds in payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered Holder of such Warrant a book-entry position or certificate, as applicable, for the number of
full shares of Common Stock to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full, a new book-entry position or countersigned Warrant, as
applicable, for the number of shares of Common Stock as to which such Warrant shall not have been exercised. If fewer than all the Warrants evidenced by a Book-Entry Warrant Certificate are exercised, a notation shall be made to the records
maintained by the Depositary, its nominee for each Book-Entry Warrant Certificate, or a Participant, as appropriate, evidencing the balance of the Warrants remaining after such exercise. Notwithstanding the foregoing, the Company shall not be
obligated to deliver any shares of Common Stock pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration statement under the Securities Act with respect to the shares of Common Stock
underlying the Warrants is then effective and a prospectus relating thereto is current, subject to the Company’s satisfying its obligations under Section 7.4. No Warrant shall be exercisable and the Company shall not
be obligated to issue shares of Common Stock upon exercise of a Warrant unless the shares of Common Stock issuable upon such Warrant exercise have been registered, qualified or deemed to be exempt from registration or qualification under the
securities laws of the state of residence of the Registered Holder of the Warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a Warrant, the holder of such Warrant shall not be
entitled to exercise such Warrant and such Warrant may have no value and expire worthless, in which case the purchaser of a Unit containing such Warrants shall have paid the full purchase price for the Unit solely for the shares of Common Stock
underlying such Unit. In no event will the Company be required to net cash settle the Warrant exercise. The Company may require holders of Public Warrants to settle the Warrant on a “cashless basis” pursuant to
Section 7.4. If, by reason of any exercise of Warrants on a “cashless basis”, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share of Common
Stock, the Company shall round down to the nearest whole number, the number of shares of Common Stock to be issued to such holder. 

3.3.3 Valid Issuance. All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with this
Agreement shall be validly issued, fully paid and non-assessable. 
 3.3.4 Date of
Issuance. Each person in whose name any book-entry position or certificate, as applicable, for shares of Common Stock is issued shall for all purposes be deemed to have become the holder of record of such shares of Common Stock on the date on
which the Warrant, or book-entry position 

 
representing such Warrant, was surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of such certificate in the case of a certificated Warrant, except that,
if the date of such surrender and payment is a date when the share transfer books of the Company or book-entry system of the Warrant Agent are closed, such person shall be deemed to have become the holder of such shares of Common Stock at the close
of business on the next succeeding date on which the share transfer books or book-entry system are open. 
 3.3.5 Maximum
Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection
3.3.5 unless he, she or it makes such election. If the election is made by a holder, the Warrant Agent shall not effect the exercise of the holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent
that after giving effect to such exercise, such person (together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 4.9% or 9.8% (or such other amount as a holder may specify)(the
“Maximum Percentage”) of the shares of Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by
such person and its affiliates shall include the number of shares of Common Stock issuable upon exercise of the Warrant with respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock that would be
issuable upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted portion of any other securities of the
Company beneficially owned by such person and its affiliates (including, without limitation, any convertible notes or convertible preference shares or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained
herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”). For purposes of the Warrant, in determining the number of outstanding shares of Common Stock, the holder may rely on the number of outstanding shares of Common Stock as reflected in (1) the Company’s most recent
Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or other public filing with the Commission
as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. For any reason at any time, upon the
written request of the holder of the Warrant, the Company shall, within two (2) Business Days, confirm orally and in writing to such holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of
Common Stock shall be determined after giving effect to the conversion or exercise of equity securities of the Company by the holder and its affiliates since the date as of which such number of outstanding shares of Common Stock was reported. By
written notice to the Company, the holder of a Warrant may from time to time increase or decrease the Maximum Percentage applicable to such holder to any other percentage specified in such notice; provided, however, that any such
increase shall not be effective until the sixty-first (61st) day after such notice is delivered to the Company. 
 4. Adjustments.

 4.1 Share Capitalizations. 

4.1.1 Split-Ups. If after the date hereof, and subject to the provisions of
Section 4.6 below, the number of outstanding shares of Common Stock is increased by a share capitalization payable in shares of Common Stock, or by a split-up of shares of Common
Stock or other similar event, then, on the effective date of such share capitalization, split-up or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be increased
in proportion to such increase in the outstanding shares of Common Stock. A rights offering to holders of the shares of Common Stock entitling holders to purchase shares of Common Stock at a price less than the “Historical Fair Market
Value” (as defined below) shall be deemed a share capitalization of a number of shares of Common Stock equal to the product of (i) the number of shares of Common Stock actually sold in such rights offering (or issuable under any other
equity securities sold in such rights offering that are convertible into or exercisable for the shares of Common Stock) multiplied by (ii) one (1) minus the quotient of (x) the price per share of Common Stock paid in such rights offering
and divided by (y) the Historical Fair Market Value. For purposes of this subsection 4.1.1, (i) if the rights offering is for securities convertible into or exercisable for shares of Common Stock, in determining the price payable for
shares of Common Stock, there shall be taken into account any 

 
consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “Historical Fair Market Value” means the volume weighted average
price of the shares of Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the first date on which the shares of Common Stock trade on the applicable exchange or in the applicable market, regular
way, without the right to receive such rights. 
 4.1.2 Extraordinary Dividends. If the Company, at any time while the
Warrants are outstanding and unexpired, shall pay a dividend or make a distribution in cash, securities or other assets to the holders of the shares of Common Stock on account of such shares of Common Stock (or other shares into which the Warrants
are convertible), other than (a) as described in subsection 4.1.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the redemption rights of the holders of the shares of Common Stock in connection with a proposed
initial Business Combination, (d) to satisfy the redemption rights of the holders of the shares of Common Stock in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation (as amended from
time to time, the “Charter”) to modify the substance or timing of the Company’s obligation to redeem 100% of the Common Stock included in the Units sold in the Offering if the Company does not complete the Business
Combination within the period set forth in the Charter or with respect to any other material provisions relating to stockholders’ rights or pre-initial Business Combination activity, or to provide for
redemption in connection with a Business Combination or (e) in connection with the redemption of public Common Stock included in the Units sold in the Offering upon the failure of the Company to complete its initial Business Combination and any
subsequent distribution of its assets upon its liquidation (any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then the Warrant Price shall be
decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the Board, in good faith) of any securities or other assets paid on each share of Common
Stock in respect of such Extraordinary Dividend. For purposes of this subsection 4.1.2, “Ordinary Cash Dividends” means any cash dividend or cash distribution which, when combined on a per share basis, with the per
share amounts of all other cash dividends and cash distributions paid on the shares of Common Stock during the 365-day period ending on the date of declaration of such dividend or distribution (as adjusted to
appropriately reflect any of the events referred to in other subsections of this Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of shares of
Common Stock issuable on exercise of each Warrant) does not exceed $0.50 (being 5% of the offering price of the Units in the Offering). 

4.2 Aggregation of Shares. If after the date hereof, and subject to the provisions of
Section 4.6 hereof, the number of outstanding shares of Common Stock is decreased by a consolidation, combination, reverse share split or reclassification of shares of Common Stock or other similar event, then, on the
effective date of such consolidation, combination, reverse share split, reclassification or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding
shares of Common Stock. 
 4.3 Adjustments in Warrant Price. 

4.3.1 Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted, as provided in
subsection 4.1.1 or Section 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which
shall be the number of shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of shares of Common Stock so purchasable immediately
thereafter. 
 4.3.2 If (x) the Company issues additional shares of Common Stock or equity-linked securities for capital
raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Common Stock (with such issue price or effective issue price to be determined in good
faith by the Board and, in the case of any such issuance to the initial stockholders (as defined in the Prospectus) or their affiliates, without taking into account any share of Class B Common Stock (as defined below) held by such stockholders
or their affiliates, as applicable, prior to such issuance (the “Newly Issued Price”)), (y) the aggregate gross proceeds from such issuances represent more than 

 
60% of the total equity proceeds, and interest thereon, available for funding the initial Business Combination on the date of the consummation of the Company’s Business Combination (net of
redemptions), and (z) the volume weighted average trading price of the shares of Common Stock during the 20 trading day period starting on the trading day after the day on which the Company consummates the Business Combination (such price, the
“Market Value”) is below $9.20 per share, the Warrant Price shall be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger
price described in Section 6.1 below shall be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price. 

4.4 Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the
outstanding shares of Common Stock (other than a change under subsections 4.1.1 or 4.1.2 or Section 4.2 hereof or that solely affects the par value of such shares of Common Stock ), or in the case of any
merger or consolidation of the Company with or into another entity or conversion of the Company as another entity (other than a consolidation or merger in which the Company is the continuing corporation (and is not a subsidiary of another entity
whose stockholders did not own all or substantially all of the Common Stock of the Company in substantially the same proportions immediately before such transaction) and that does not result in any reclassification or reorganization of the
outstanding shares of Common Stock), or in the case of any sale or conveyance to another entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the
holders of the Warrants shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of Common Stock of the Company immediately theretofore purchasable
and receivable upon the exercise of the rights represented thereby, the kind and amount of shares or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution
following any such sale or transfer, that the holder of the Warrants would have received if such holder had exercised his, her or its Warrant(s) immediately prior to such event (the “Alternative Issuance”); provided,
however, that (i) if the holders of the shares of Common Stock were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation or merger, then the kind and
amount of securities, cash or other assets constituting the Alternative Issuance for which each Warrant shall become exercisable shall be deemed to be the weighted average of the kind and amount received per share by the holders of the shares of
Common Stock in such consolidation or merger that affirmatively make such election, and (ii) if a tender, exchange or redemption offer shall have been made to and accepted by the holders of the shares of Common Stock (other than a tender,
exchange or redemption offer made by the Company in connection with redemption rights held by stockholders of the Company as provided for in the Charter or as a result of the redemption of shares of Common Stock by the Company if a proposed initial
Business Combination is presented to the stockholders of the Company for approval) under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act (or any successor rule)) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule
12b-2 under the Exchange Act (or any successor rule)) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act (or any successor rule)) more than 50% of the outstanding shares of Common Stock, the holder of a Warrant shall be entitled to receive as the Alternative Issuance, the highest amount of
cash, securities or other property to which such holder would actually have been entitled as a stockholder if such Warrant holder had exercised the Warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the
shares of Common Stock held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments
provided for in this Section 4; provided further that if less than 70% of the consideration receivable by the holders of the shares of Common Stock in the applicable event is payable in the form of capital
stock or shares in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be
so listed for trading or quoted immediately following such event, and if the Registered Holder properly exercises the Warrant within thirty (30) days following the public disclosure of the consummation of such applicable event by the Company
pursuant to a Current Report on Form 8-K filed with the Commission, the Warrant Price shall be reduced by an amount (in 

 
dollars) equal to the difference (but in no event less than zero) of (i) the Warrant Price in effect prior to such reduction minus (ii) (A) the Per Share Consideration (as defined
below) minus (B) the Black-Scholes Warrant Value (as defined below). The “Black-Scholes Warrant Value” means the value of a Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes
Warrant Model for a Capped American Call on Bloomberg Financial Markets (“Bloomberg”). 
 For purposes of calculating
such amount, (1) Section 6 of this Agreement shall be taken into account, (2) the price of each share of Common Stock shall be the volume weighted average price of the shares of Common Stock as reported during the
ten (10) trading day period ending on the trading day prior to the effective date of the applicable event, (3) the assumed volatility shall be the 90 day volatility obtained from the HVT function on Bloomberg determined as of the trading
day immediately prior to the day of the announcement of the applicable event, and (4) the assumed risk-free interest rate shall correspond to the U.S. Treasury rate for a period equal to the remaining term of the Warrant. “Per Share
Consideration” means (i) if the consideration paid to holders of the shares of Common Stock consists exclusively of cash, the amount of such cash per share of Common Stock, and (ii) in all other cases, the volume weighted
average price of the shares of Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event. If any reclassification or reorganization also results in a change in
shares of Common Stock covered by subsection 4.1.1, then such adjustment shall be made pursuant to subsection 4.1.1 or Sections 4.2, 4.3 and this Section 4.4. The provisions of this
Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event will the Warrant Price be reduced to less than the par value per share
issuable upon exercise of the Warrant. 
 4.5 Notices of Changes in Warrant. Upon every adjustment of the Warrant
Price or the number of shares of Common Stock issuable upon exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or
decrease, if any, in the number of shares of Common Stock purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence
of any event specified in Sections 4.1, 4.2, 4.3 or 4.4, the Company shall give written notice of the occurrence of such event to each holder of a Warrant, at the last address set forth for such holder in the Warrant
Register, of the record date or the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event. 

4.6 No Fractional Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall
not issue fractional shares of Common Stock upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to
receive a fractional interest in a share, the Company shall, upon such exercise, round down to the nearest whole number the number of shares of Common Stock to be issued to such holder. 

4.7 Form of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this
Section 4, and Warrants issued after such adjustment may state the same Warrant Price and the same number of shares of Common Stock as is stated in the Warrants initially issued pursuant to this Agreement; provided,
however, that the Company may at any time in its sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned,
whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed. 
 4.8
Other Events. In case any event shall occur affecting the Company as to which none of the provisions of the preceding subsections of this Section 4 are strictly applicable, but which would require an adjustment to
the terms of the Warrants in order to (i) avoid an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company shall appoint a firm of
independent public accountants, investment banking or other appraisal firm of recognized national standing, which shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate the
intent and purpose of this Section 4 and, if they determine that an 

 
adjustment is necessary, the terms of such adjustment. The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion. 

4.9 No Adjustment. For the avoidance of doubt, no adjustment shall be made to the terms of the Warrants solely as a
result of an adjustment to the conversion ratio of the Company’s Class B common stock (the “Class B Common Stock”) into shares of Common Stock or the conversion of the Class B
Common Stock into Common Stock, in each case, pursuant to the Charter. 
 5. Transfer and Exchange of Warrants. 

5.1 Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding
Warrant upon the Warrant Register, upon surrender of such Warrant for transfer, in the case of a certificated Warrant, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such
transfer, a new Warrant representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. In the case of certificated Warrants, the Warrants so cancelled shall be delivered by the Warrant
Agent to the Company from time to time upon request. 
 5.2 Procedure for Surrender of Warrants. Warrants may be
surrendered to the Warrant Agent, together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder of the Warrants so
surrendered, representing an equal aggregate number of Warrants; provided, however, that except as otherwise provided herein or in any Book-Entry Warrant Certificate or Definitive Warrant Certificate, each Book-Entry Warrant Certificate and
Definitive Warrant Certificate may be transferred only in whole and only to the Depositary, to another nominee of the Depositary, to a successor depository, or to a nominee of a successor depository; provided further, however, that in the
event that a Warrant surrendered for transfer bears a restrictive legend (as in the case of the Private Placement Warrants and the Working Capital Warrants), the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange thereof
until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend. 

5.3 Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange
which shall result in the issuance of a warrant certificate or book-entry position for a fraction of a warrant, except as part of the Units. 

5.4 Service Charges. No service charge shall be made for any exchange or registration of transfer of Warrants. 

5.5 Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in
accordance with the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, shall supply the Warrant Agent with
Warrants duly executed on behalf of the Company for such purpose. 
 5.6 Transfer of Warrants. Prior to the Detachment
Date, the Public Warrants may be transferred or exchanged only together with the Unit in which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit. Furthermore, each transfer
of a Unit on the register relating to such Units shall operate also to transfer the Warrants included in such Unit. Notwithstanding the foregoing, the provisions of this Section 5.6 shall have no effect on any transfer of
Warrants on and after the Detachment Date. 
 6. Redemption. 

6.1 Redemption of Warrants for Cash. Subject to Sections 6.4 hereof, not less than all of the outstanding
Warrants may be redeemed, at the option of the Company, at any time while they are exercisable and prior to their expiration, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants, as described in
Section 6.2 below, at the price of $0.01 per Warrant (the “Redemption Price”); provided that the reported closing price of a share of Common Stock has been at least $18.00 per share (subject
to adjustment in compliance with Section 4 hereof), on each of twenty (20) trading days within the thirty (30) trading-day period ending on the third trading day prior to
the date on which notice of the redemption is given; 

 
provided further that there is an effective registration statement covering the Common Stock issuable upon exercise of the Warrants, and a current prospectus relating thereto,
available throughout the 30-day Redemption Period (as defined in Section 6.2 below) unless the Company has elected to require the exercise of the Warrants on a “cashless
basis” pursuant to subsection 3.3.1 and such cashless exercise is exempt from registration under the Securities Act. 

6.2 Date Fixed for, and Notice of, Redemption. In the event that the Company elects to redeem all of the Warrants
pursuant to Section 6.1, the Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less
than thirty (30) days prior to the Redemption Date (such period, the “Redemption Period”) to the Registered Holders of the Warrants to be redeemed at their last addresses as they shall appear on the registration books.
Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the Registered Holder received such notice. 

6.3 Exercise After Notice of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” in
accordance with subsection 3.3.1(b) of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof and prior to the Redemption Date. In the event that
the Company determines to require all holders of Warrants to exercise their Warrants on a “cashless basis” pursuant to subsection 3.3.1, the notice of redemption shall contain the information necessary to calculate the number of
shares of Common Stock to be received upon exercise of the Warrants, including the “Fair Market Value” (as such term is defined in subsection 3.3.1(b) hereof) in such case. On and after the Redemption Date, the record holder of the
Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price. 
 6.4
Exclusion of Certain Warrants. The Company agrees that the redemption rights provided in Section 6.1 shall not apply to the Private Placement Warrants, the Working Capital Warrants or the Post-IPO Warrants (if such
Post-IPO Warrants provide that they are non-redeemable by the Company) if at the time of the redemption such Private Placement Warrants, Working Capital Warrants or Post-IPO Warrants continue to be held by the Sponsor, BTIG or any Permitted
Transferees, as applicable. However, once such Private Placement Warrants, Working Capital Warrants or Post-IPO Warrants are transferred (other than to Permitted Transferees under Section 2.6), the Company may redeem the
Private Placement Warrants, the Working Capital Warrants or the Post-IPO Warrants (if the Post-IPO Warrants permit such redemption by their terms) pursuant to Section 6.1 hereof, provided that the criteria for redemption
are met, including the opportunity of the holder of such Private Placement Warrants, Working Capital Warrants or Post-IPO Warrants to exercise the Private Placement Warrants, the Working Capital Warrants or Post-IPO Warrants prior to redemption
pursuant to Section 6.1. The Private Placement Warrants, the Working Capital Warrants or the Post-IPO Warrants (if the Post-IPO Warrants permit such redemption by their terms) that are transferred to persons other than
Permitted Transferees shall upon such transfer cease to be Private Placement Warrants, Working Capital Warrants, or Post-IPO Warrants and shall become Public Warrants under this Agreement. 

7. Other Provisions Relating to Rights of Holders of Warrants. 

7.1 No Rights as Stockholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a
stockholder of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders
or the election of directors of the Company or any other matter. 
 7.2 Lost, Stolen, Mutilated, or Destroyed
Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include
the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the
allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone. 
 7.3 Reservation of
Shares of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued shares of Common Stock that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant
to this Agreement. 
 7.4 Registration of Shares of Common Stock; Cashless Exercise at Company’s Option. 

7.4.1 Registration of Shares of Common Stock. The Company agrees that as soon as practicable, but in no event later than
fifteen (15) Business Days after the closing of its initial Business Combination, it 

 
shall use its best efforts to file with the Commission a registration statement registering, under the Securities Act, the issuance of the shares of Common Stock issuable upon exercise of the
Warrants. The Company shall use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the Warrants in accordance
with the provisions of this Agreement. If any such registration statement has not been declared effective by the 60th Business Day following the closing of the Business Combination, holders of the Warrants shall have the right, during the period
beginning on the 61st Business Day after the closing of the Business Combination and ending upon such registration statement being declared effective by the Commission, and during any other period when the Company shall fail to have maintained an
effective registration statement covering the shares of Common Stock issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis,” by exchanging the Warrants (in accordance with Section 3(a)(9) of the
Securities Act (or any successor rule) or another exemption) for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the
excess of the “Fair Market Value” (as defined below) over the Warrant Price by (y) the Fair Market Value. Solely for purposes of this subsection 7.4.1, “Fair Market Value” shall mean the average closing price of the
shares of Common Stock for the ten (10) trading day period ending on the third trading day prior to the date that notice of exercise is received by the Warrant Agent from the holder of such Warrants or its securities broker or intermediary. The
date that notice of cashless exercise is received by the Warrant Agent shall be conclusively determined by the Warrant Agent. In connection with the “cashless exercise” of a Public Warrant, the Company shall, upon request, provide the
Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities law experience) stating that (i) the exercise of the Warrants on a cashless basis in accordance with this subsection 7.4.1 is
not required to be registered under the Securities Act and (ii) the shares of Common Stock issued upon such exercise shall be freely tradable under United States federal securities laws by anyone who is not an affiliate (as such term is defined
in Rule 144 under the Securities Act (or any successor rule)) of the Company and, accordingly, shall not be required to bear a restrictive legend. Except as provided in subsection 7.4.2, for the avoidance of any doubt, unless and until all of
the Warrants have been exercised or have expired, the Company shall continue to be obligated to comply with its registration obligations under the first three sentences of this subsection 7.4.1. 

7.4.2 Cashless Exercise at Company’s Option. If the shares of Common Stock is at the time of any exercise of a
Warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act (or any successor rule), the Company may, at its option, require holders
of Public Warrants who exercise Public Warrants to exercise such Public Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act (or any successor rule) as described in subsection 7.4.1 and
(i) in the event the Company so elects, the Company shall not be required to file or maintain in effect a registration statement for the registration, under the Securities Act, of the shares of Common Stock issuable upon exercise of the
Warrants, notwithstanding anything in this Agreement to the contrary or (ii) if the Company does not so elect, the Company agrees to use its best efforts to register or qualify for sale the shares of Common Stock issuable upon exercise of the
Public Warrants under the blue sky laws of the state of residence of the exercising Public Warrant holder to the extent an exemption is not available. 

8. Concerning the Warrant Agent and Other Matters. 

8.1 Payment of Taxes. The Company shall from time to time promptly pay all taxes and charges that may be imposed upon
the Company or the Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of the Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares of Common
Stock. 
 8.2 Resignation, Consolidation, or Merger of Warrant Agent. 

8.2.1 Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign
its duties and be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or
otherwise, the Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after it has been notified in writing of such
resignation or incapacity by the 

 
Warrant Agent or by the holder of a Warrant (who shall, with such notice, submit his, her or its Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme
Court of the State of New York for the County of New York for the appointment of a successor Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized
and existing under the laws of the State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to
supervision or examination by federal or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as
if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument
transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all
instruments in writing for more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations. 

8.2.2 Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall
give notice thereof to the predecessor Warrant Agent and the Transfer Agent for the shares of Common Stock not later than the effective date of any such appointment. 

8.2.3 Merger or Consolidation of Warrant Agent. Any entity into which the Warrant Agent may be merged or with which it
may be consolidated or any entity resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Agreement without any further act. 

8.3 Fees and Expenses of Warrant Agent. 

8.3.1 Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant
Agent hereunder and shall, pursuant to its obligations under this Agreement, reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder. 

8.3.2 Further Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed,
executed, acknowledged, and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of the provisions of this Agreement. 

8.4 Liability of Warrant Agent. 

8.4.1 Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent
shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed)
may be deemed to be conclusively proved and established by a statement signed by the Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, President, Executive Vice President, Vice President, Secretary or Chairman of the Board
of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement. 

8.4.2 Indemnity. The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct,
fraud or bad faith. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, out-of-pocket costs and
reasonable outside counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement, except as a result of the Warrant Agent’s gross negligence, willful misconduct, fraud or bad faith. 

8.4.3 Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with
respect to the validity or execution of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Warrant. The
Warrant Agent shall not be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, 

 
method, or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any
representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any Warrant or as to whether any shares of Common Stock shall, when issued, be valid and fully paid and non-assessable. 
 8.5 Acceptance of Agency. The Warrant Agent hereby accepts the
agency established by this Agreement and agrees to perform the same upon the terms and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account for, and pay
to the Company, all monies received by the Warrant Agent for the purchase of shares of Common Stock through the exercise of the Warrants. 

8.6 Waiver. The Warrant Agent has no right of set-off or any other right, title,
interest or claim of any kind (“Claim”) in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof, by and between the Company and the
Warrant Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever. The Warrant Agent hereby waives any and all Claims against the
Trust Account and any and all rights to seek access to the Trust Account. 
 9. Miscellaneous Provisions. 

9.1 Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant
Agent shall bind and inure to the benefit of their respective successors and assigns. 
 9.2 Notices. Any notice,
statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified
mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows: 

Direct Selling Acquisition Corp. 

5800 Democracy Drive 
 Plano, TX
75024 
 Attention: Dave Wentz email: davewentz@gmail.com 

Any notice, statement or demand authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent
shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed
in writing by the Warrant Agent with the Company), as follows: 
 Continental Stock Transfer & Trust Company 

One State Street, 30th Floor 
 New
York, NY 10004 
 Attention: Compliance Department 

in each case, with copies to: 

Winston & Strawn LLP 

200 Park Avenue 
 New York, NY
10166 
 Attn: David A. Sakowitz, Esq. and Kyle Gann, Esq. 

Email: dsakowitz@winston.com, kgann@winston.com 

and 
 Ellenoff Grossman & Schole LLP

 1345 Avenue of the Americas 

New York, NY 10105 
 Attn: Douglas
S. Ellenoff, Esq. and Stuart Neuhauser, Esq. 
 Email: ellenoff@egsllp.com, sneuhauser@egsllp.com 

 9.3 Applicable Law. The validity, interpretation, and performance of
this Agreement and of the Warrants shall be governed in all respects by the laws of the State of New York without giving effect to conflict of law principles that would result in the application of the substantive laws of another jurisdiction. The
Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern
District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be the exclusive forum for any such action, proceeding or claim. The Company hereby waives any objection to such exclusive jurisdiction and that such courts
represent an inconvenient forum. Notwithstanding the foregoing, this Section 9.3 will not apply to suits brought to enforce any liability or duty created by the Exchange Act or any other claim for which the federal district courts of the United
States of America are the sole and exclusive forum. Any person or entity purchasing or otherwise acquiring any interest in the Warrants shall be deemed to have notice of and to have consented to the forum provisions in this Section 9.3. If any
action, the subject matter of which is within the scope of the forum provisions above, is filed in a court other than a court located within the State of New York of the United States District Court for the Southern District of New York (a
“foreign action”) in the name of any warrant holder, such warrant holder shall be deemed to have consented to: (x) the personal jurisdiction of the state and federal courts located within the State of New York or the United States District
Court for the Southern District of New York in connection with any action brought in any such court to enforce the forum provisions (an “enforcement action”), and (y) having service of process made upon such warrant holder in any such
enforcement action by service upon such warrant holder’s counsel in the foreign action as agent for such warrant holder. 

9.4 Persons Having Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon, or give to,
any person or corporation other than the parties hereto and the Registered Holders of the Warrants any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All
covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and of the Registered Holders of the Warrants. 

9.5 Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the
office of the Warrant Agent in the Borough of Manhattan, City and State of New York, for inspection by the Registered Holder of any Warrant. The Warrant Agent may require any such holder to submit such holder’s Warrant for inspection by the
Warrant Agent. 
 9.6 Counterparts. This Agreement may be executed in any number of original or facsimile counterparts
and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

9.7 Effect of Headings. The section headings herein are for convenience only and are not part of this Agreement and
shall not affect the interpretation thereof. 
 9.8 Amendments. This Agreement may be amended by the parties hereto
without the consent of any Registered Holder (i) for the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect to matters or
questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the Registered Holders, and (ii) to provide for the delivery of Alternative Issuance
pursuant to Section 4.4. All other modifications or amendments, including any modification or amendment to increase the Warrant Price or shorten the Exercise Period shall require the vote or written consent of the
Registered Holders of 50% of the number of the then outstanding Public Warrants and, solely with respect to any amendment to the terms of the Private Placement Warrants, the Working Capital Warrants or the Post-IPO Warrants or any provision of this
Agreement with respect to the Private Placement Warrants the Working Capital Warrants or the Post-IPO Warrants, 50% of the number of then outstanding Private Placement Warrants, Working Capital Warrants or Post-IPO Warrants. Notwithstanding the
foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the Registered Holders. 

9.9 Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or
provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be
added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

[Signature Page Follows] 

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

			
	 DIRECT SELLING ACQUISITION CORP.

		
	 By:
	 	 
	Name:	 	 Dave Wentz

	 Title:
	 	 Chief Executive Officer

	
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent
		
	 By:
	 	 
	Name:	 	
	 Title:
	 	

 [Signature Page to Warrant Agreement] 

 EXHIBIT A 

Form of Warrant Certificate 
 [FACE]

 Number 
 Warrants 

THIS WARRANT SHALL BE VOID IF NOT EXERCISED PRIOR TO 

THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR 

IN THE WARRANT AGREEMENT DESCRIBED BELOW 

DIRECT SELLING ACQUISITION CORP. 

Incorporated Under the Laws of the State of Delaware 

CUSIP [___] 
 Warrant
Certificate 
 This Warrant Certificate certifies that ________________, or registered assigns, is the registered holder of warrant(s)
evidenced hereby (the “Warrants” and each, a “Warrant”) to purchase shares of Class A common stock, $0.0001 par value per share (“Class A
Common Stock”), of Direct Selling Acquisition Corp., a Delaware corporation (the “Company”). Each whole Warrant entitles the holder, upon exercise during the period set forth in the Warrant Agreement
referred to below, to receive from the Company that number of fully paid and non-assessable Class A Common Stock as set forth below, at the exercise price (the “Warrant Price”) as
determined pursuant to the Warrant Agreement, payable in lawful money (or through “cashless exercise” as provided for in the Warrant Agreement) of the United States of America upon surrender of this Warrant Certificate and
payment of the Warrant Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have
the meanings given to them in the Warrant Agreement. 
 Each whole Warrant is initially exercisable for one fully paid and
non-assessable share of Class A Common Stock. No fractional shares will be issued upon exercise of any Warrant. If, upon the exercise of Warrants, a holder would be entitled to receive a fractional
interest in a share of Class A Common Stock, the Company will, upon exercise, round down to the nearest whole number the number of shares of Class A Common Stock to be issued to the Warrant holder. The number of shares of Class A
Common Stock issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement. 

The initial Warrant Price per share of Class A Common Stock for any Warrant is equal to $11.50 per share. The Warrant Price is subject to adjustment upon
the occurrence of certain events set forth in the Warrant Agreement. 
 [Signature Page to Warrant Agreement] 

 Subject to the conditions set forth in the Warrant Agreement, the Warrants may be exercised only during the
Exercise Period and to the extent not exercised by the end of such Exercise Period, such Warrants shall become void. The Warrants may be redeemed, subject to certain conditions, as set forth in the Warrant Agreement. 

Reference is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all
purposes have the same effect as though fully set forth at this place. 
 This Warrant Certificate shall not be valid unless countersigned by the Warrant
Agent, as such term is used in the Warrant Agreement. 
 This Warrant Certificate shall be governed by and construed in accordance with the internal laws of
the State of New York. 
  

			
	 DIRECT SELLING ACQUISITION
CORP.

 
			
		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 
		 	

 
			
	 CONTINENTAL STOCK TRANSFER & TRUST COMPANY,

as Warrant Agent

 
			
		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

 [Signature Page to Warrant Agreement] 

 [Form of Warrant Certificate] 

[Reverse] 
 The Warrants evidenced by this Warrant
Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive shares of Class A Common Stock and are issued or to be issued pursuant to a Warrant Agreement dated as of _______________, 2021 (the
“Warrant Agreement”), duly executed and delivered by the Company to Continental Stock Transfer & Trust Company, a New York limited purpose trust company, as warrant agent (the “Warrant
Agent”), which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of
the Warrant Agent, the Company and the holders (the words “holders” or “holder” meaning the Registered Holders or Registered Holder, respectively) of the Warrants. A copy of the Warrant Agreement may
be obtained by the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement. 

Warrants may be exercised at any time during the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by this Warrant
Certificate may exercise them by surrendering this Warrant Certificate, with the form of election to purchase set forth hereon properly completed and executed, together with payment of the Warrant Price as specified in the Warrant Agreement (or
through “cashless exercise” as provided for in the Warrant Agreement) at the principal corporate trust office of the Warrant Agent. In the event that upon any exercise of Warrants evidenced hereby the number of Warrants exercised shall be
less than the total number of Warrants evidenced hereby, there shall be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate evidencing the number of Warrants not exercised. 

Notwithstanding anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a
registration statement covering the Class A Common Stock to be issued upon exercise is effective under the Securities Act and (ii) a prospectus thereunder relating to the Class A Common Stock is current, except through “cashless
exercise” as provided for in the Warrant Agreement. 
 The Warrant Agreement provides that upon the occurrence of certain events the number of shares
of Class A Common Stock issuable upon exercise of the Warrants set forth on the face hereof may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder thereof would be entitled to receive a fractional interest
in a share of Class A Common Stock, the Company shall, upon exercise, round down to the nearest whole number of shares of Class A Common Stock to be issued to the holder of the Warrant. 

Warrant Certificates, when surrendered at the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in person or by legal
representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant
Certificates of like tenor evidencing in the aggregate a like number of Warrants. 
 Upon due presentation for registration of transfer of this Warrant
Certificate at the office of the Warrant Agent a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant Certificate,
subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental charge imposed in connection therewith. 

The Company and the Warrant Agent may deem and treat the Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate (notwithstanding any
notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the holder(s) hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any
notice to the contrary. Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a stockholder of the Company. 

 Election to Purchase 

(To Be Executed Upon Exercise of Warrant) 
 The
undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to receive _____ shares of Class A Common Stock and herewith tenders payment for such shares of Class A Common Stock to the order of
Direct Selling Acquisition Corp. (the “Company”) in the amount of $_____________ in accordance with the terms hereof. The undersigned requests that a certificate for such shares of Class A Common Stock be registered in
the name of _____________, whose address is _______________ and that such shares of Class A Common Stock be delivered to ______________ whose address is _______________. If said number of shares of Class A Common Stock is less than all of
the shares of Class A Common Stock purchasable hereunder, the undersigned requests that a new Warrant Certificate representing the remaining balance of such shares of Class A Common Stock be registered in the name of ___________________,
whose address is _______________ and that such Warrant Certificate be delivered to _______________, whose address is _______________. 
 In the event that
the Warrant has been called for redemption by the Company pursuant to Section 6.1 of the Warrant Agreement and the Company has required cashless exercise pursuant to Section 6.3 of the Warrant
Agreement, the number of shares of Class A Common Stock that this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(b) and Section 6.3 of the Warrant Agreement. 

In the event that the Warrant is a Private Placement Warrant or a Working Capital Warrant that is to be exercised on a “cashless” basis pursuant to
subsection 3.3.1(c) of the Warrant Agreement, the number of shares of Class A Common Stock that this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(c) of the Warrant Agreement. 

In the event that the Warrant is to be exercised on a “cashless” basis pursuant to Section 7.4 of the Warrant Agreement,
the number of shares of Class A Common Stock that this Warrant is exercisable for shall be determined in accordance with Section 7.4 of the Warrant Agreement. 

In the event that the Warrant may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number of shares of
Class A Common Stock that this Warrant is exercisable for would be determined in accordance with the relevant section of the Warrant Agreement which allows for such cashless exercise and (ii) the holder hereof shall complete the following:
The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, through the cashless exercise provisions of the Warrant Agreement, to receive shares of Class A Common Stock. If said number of shares of
Class A Common Stock is less than all of the shares of Class A Common Stock purchasable hereunder (after giving effect to the cashless exercise), the undersigned requests that a new Warrant Certificate representing the remaining balance of
such shares of Class A Common Stock be registered in the name of ________________, whose address is________________ and that such Warrant Certificate be delivered to ________________, whose address is ________________. 

[Signature Page Follows] 

							
		 		 	
				
	 Date: ____________, 20___
	 		 		 	  

		 		 		 	 Signature

		 		 		 	  

		 		 		 	  

		 		 		 	  

		 		 		 	 (Address)

				
		 		 		 	  

		 		 		 	 (Tax Identification Number)

	 Signature Guaranteed:
	 		 		 	
	 	 		 		 	

 THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS
AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED (OR ANY SUCCESSOR RULE)). 

 EXHIBIT B 

LEGEND 
 “THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE LETTER AGREEMENT BY AND AMONG DIRECT SELLING ACQUISITION CORP. (THE
“COMPANY”), DSAC PARTNERS LLC AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS
INITIAL BUSINESS COMBINATION (AS DEFINED IN SECTION 3 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 2 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH
TRANSFER PROVISIONS. 
 SECURITIES EVIDENCED BY THIS CERTIFICATE AND THE CLASS A COMMON STOCK OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL
BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.”

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