Document:

EX-10.16

 Exhibit 10.16 

STRICTLY PRIVATE AND CONFIDENTIAL 
 Kieran
Murphy 
 December 21, 2021 

SETTLEMENT AGREEMENT WITHOUT PREJUDICE AND SUBJECT TO 

CONTRACT 
 Dear Kieran: 

Following our recent discussions, I am writing to confirm the terms that you have agreed with GE Healthcare UK Limited (the “Company”) in connection
with your departure from the Company. 
 Termination of Employment 
  

	 	1.	 Your employment with the Company will end by reason of retirement on 30 September 2023 (the
“Departure Date”). You will continue to be paid your base salary and receive your contractual health and welfare benefits, as described in paragraph 2 below, up to the Departure Date, when all such benefits will cease. Your final salary
payment will be adjusted to take account of any deduction or additional payment which is due from or to you under the terms and conditions of FlexChoice, in relation to holiday for the current leave year, your health account (if you have one) and
the cycle to work scheme (if you participate in this). Any such final salary adjustments do not constitute pensionable earnings. 

  

	 	2.	 From 1 January 2022 until the Departure Date, you will be placed on “garden leave,” during which
the following terms will apply: 

  

	 	•	 	 you will continue to receive your current base pay and your health and life benefits, but you shall not receive
pension contributions except to the extent required by applicable local law and you shall not be eligible to participate in the AEIP plan or receive any LTIP awards; 

 

	 	•	 	 all salary payments shall be subject to such deductions as the Company is obliged by law to make and you agree
that the Company may also deduct from such payments any outstanding sums owed by you to the Company; 

  

	 	•	 	 you will not be required to attend work or carry out any duties unless otherwise instructed;

  
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	 	•	 	 you should not contact any employees, customers, clients and/or suppliers of any GE company without prior
approval; 

  

	 	•	 	 you will continue to be bound by the terms of your contract of employment, and continue to owe the Company duties
commensurate with your position as a senior employee including, but not limited to, your duties of fidelity and confidentiaIity; 

  

	 	•	 	 you should ensure that you are readily contactable and able on reasonable notice to attend work if required;

 in accordance with your ongoing obligations as a senior employee you shall not: 

 

	 	a.	 accept any employment or any other form of engagement with any third party that is competitive with the
Company. For purposes of this provision, Competitive is defined as any work in the areas of imaging (and associated digital technology applications), contrast agents, life care solutions (monitoring, anaesthesia and MIC), image guided surgery, and
horizonal technologies that integrate the GEHC portfolio digitally or diagnostics that integrate with current GEHC technologies. For purposes of clarifying the above, the term competitive shall not include (i) Pharma, Biopharma, genomics,
digital pathology, or EMR/EHR and diagnostics that fall outside of the specific areas of interest of GE’s POX businesses, long as it does not result in a direct competitive offering or feature set that directly competes with GEHC, or
(ii) any non-competitive board or trustee positions, as long as you receive the Company’s prior consent. 

  

	 	b.	 whether on your own behalf or in conjunction with any other person or third party, directly or indirectly,
solicit or encourage any employee of a GE Group Company to terminate his or her employment relationship with such GE Group Company or accept any other employment outside of the GE Group; 

 

	 	c.	 whether on your own behalf or in conjunction with any other person or third party, directly or indirectly,
solicit or encourage any customer or client of the GE Group to (i) terminate any commercial arrangement in place with any GE Group Company and/or (ii) enter into a commercial arrangement with any third party. 

  
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	 	3.	 You acknowledge that the Company’s decision to enter into the arrangements set out in this agreement, and
in particular in relation to the duration of the garden leave period referred to at clause 2 above, are subject to and in reliance on the following conditions being met: 

 

	 	a.	 you having complied with and not having materially breached any of the terms of this agreement and having
returned a signed copy of the Advisor’s Certificate attached at Schedule 1; and 

  

	 	b.	 you entering into the further agreement Second Settlement Agreement (‘the Second Settlement
Agreement’) in the form attached at Schedule 3 on or within 7 days of the Departure Date and having returned a signed copy of the Advisor’s Certificate in the form attached to that agreement. 

 

	 	4.	 In the event that, in breach of your obligations under this agreement, you fail to comply with either one of
the conditions set out at clause 3 above, the Company reserves the right to (i) immediately terminate the arrangements set out in this agreement, and (ii) withhold from any outstanding monies, stock or stock options such sums at it
considers to be reasonable and appropriate in order to compensate it and/or the GE Group in respect of any damages it or they suffer or may suffer as a consequence of such breach. Where these damages exceed or may exceed any amounts owed to you, the
Company shall be entitled to recover any excess from you as a debt immediately on demand. For the avoidance of doubt, this clause shall not prevent the Company and/or any GE Group Company from seeking other appropriate legal remedies (including but
not limited to injunctive relief) in the event that you breach one or more of the other provisions in this agreement. 

 Benefits

  

	 	5.	 Your cover under the GE Medical Plan will cease upon the Departure Date. CIGNA may be able to arrange for you
to continue to participate by paying your own subscription. To arrange for a quotation, you should contact Cigna. 

  

	 	6.	 Willis Towers Watson will provide you separately with a statement of your accrued pension benefits up to the
Departure Date and the options available to you. 

  

	 	7.	 You may continue to avail himself of the services of a financial planner until December 31, 2021.

 Bonus 
  

	 	8.	 You will remain eligible to participate in the 2021 AEIP bonus scheme, such amount to be determined and paid in
the normal course per the rules of the scheme, subject to business approval. When assessing the value of any award your personal performance will be assessed at 100%, and you will be treated in the same way as other eligible employees in relation to
the value of the pool funding. Any award will be paid on the normal bonus payment date subject to PAYE deductions and you shall be responsible for any further tax and employee’s National Insurance contributions due in respect of any award.
Nothing in this clause shall create a contractual entitlement to any bonus nor shall it affect the discretionary status of the plan. 

  
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 Stock Options/RSUs/PSUs (a chart showing all outstanding equity is attached) 

 

	 	9.	 Stock Options. Any unvested stock options will vest and be exercisable in accordance with the terms of
the respective awards. 

  

	 	10.	 RSUs. The restrictions on any RSUs (other than your September 3, 2020 Special RSU Award) will lapse
(i.e, those RSUs will be vested) in accordance with the terms of the respective awards. 

  

	 	11.	 September 3, 2020 Special RSU Award. Upon your departure day, 50% of your 2020
Special RSU Award will vest. For the avoidance of doubt, the other fifty percent (50%) of the RSUs granted on September 3, 2020 will be cancelled as of the Departure Date. 

 

	 	12.	 PSUs. The restrictions on any PSUs will lapse in accordance with the terms of their respective awards,
contingent upon satisfying the performance conditions and other provisions set forth in such PSUs. 

 Expenses 

 

	 	13.	 You agree to reconcile and/or submit any outstanding expenses (cash and/or corporate credit card) in line with
the Company’s T&L procedure together with supporting receipts on or before the Departure Date. You acknowledge and agree that you will forfeit any right to recover any expenses not claimed for by the Departure Date. 

Legal Fees 
  

	 	14.	 The Company will pay your reasonable legal fees up to a maximum of £4,500 (inclusive of VAT) incurred by
you in obtaining advice on the terms of this agreement. Payment will be made direct to your legal advisor upon receipt from your legal advisor of an invoice addressed to you but marked payable by the Company. 

Return of Company Property 
  

	 	15.	 You confirm that you will return on or before the Departure Date all property belonging to the Company and the
GE Group in your possession which may include but not limited to: computer, computer records, printer, laptop, blackberry, mobile phone, corporate credit card, security pass, keys, company car and any other property or documents (both hard copy and
electronic form) belonging to or relating to the business of the Company or the GE Group and/or any customers or clients of the Company or the GE Group (together with all copies). 

  
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 Payment of Tax 
  

	 	16.	 You agree to be responsible for and to indemnify and keep indemnified the Company and the GE Group from and
against all liabilities to taxation/PAYE and/or employee national insurance contributions in respect of any of the payments or benefits provided under the terms set out in this agreement (and any related interest, penalties, costs and expenses)
other than in respect of tax which is actually deducted at source by the Company and any interest or penalties arising as a result of the Company’s failure to account for such tax. The Company shall give you reasonable notice of any demand for
tax which may lead to you incurring liabilities pursuant to this Clause and you shall have an opportunity, at your own expense to challenge any such demand provided that nothing in this clause shall prevent the Company from complying with its legal
obligations with regard to HM Revenue and Customs or other competent body. 

 Continuing Obligations 

 

	 	17.	 You will continue to be bound by the terms of the Employee Innovation and Proprietary Information Agreement or
equivalent Confidentiality/Non Disclosure Agreement signed by you when or after you were hired by the Company. 

  

	 	18.	 In particular, during your employment you had access to confidential information and trade secrets concerning
the business, operations, processes and affairs of the Company and/or the GE Group and its suppliers, customers, agents and employees which is commercially sensitive and which, if disclosed, may cause significant damage to the Company or the GE
Group (“Confidential Information”). You agree that you shall not directly or indirectly (except as authorised by the Company or as required by law) at any time after the Departure Date (howsoever arising), use or disclose to any person,
company or other organisation (and shall use your best endeavours to prevent the publication or disclosure of) any Confidential Information or any information in respect of which the Company or any GE Group owes an obligation of confidentiality to a
third party which may come to your knowledge during your employment or otherwise. This restriction shall not apply to any information that is already in, or comes into, the public domain other than through your direct or indirect unauthorised
disclosure, solely or through any third party. 

  

	 	19.	 You agree to keep the terms of this agreement confidential and not disclose them to any persons (directly or
indirectly) except to a professional adviser and your spouse/partner in confidence or except as may be required by law or by a competent regulatory authority or ordered by a court of competent jurisdiction or with the Company’s prior written
consent. You shall be entitled to discuss the circumstances of your departure (without reference to this agreement or its terms) with an employment agency or prospective employer for the purposes of discussing your employment history. The Company
agrees to keep the terms of this agreement confidential and not disclose them to any persons (directly or indirectly) except to a professional adviser or except as may 

  
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be required by law or by a competent regulatory authority or ordered by a court of competent jurisdiction or on a need to know basis within the GE Group (including to bring the terms of the
Agreement into force) or with your prior written consent. 

  

	 	20.	 You agree, subject to any obligations you may have under applicable law, not to make or cause to be made any
statements that disparage, are inimical to or damage the reputation of the Company, the GE Group and/or any Third Party. 

  

	 	21.	 You agree that if you accept another position within the GE Group prior to the Departure Date then all
commitments to make payments to you shall be null and void. 

  

	 	22.	 You agree to co-operate fully with the Company and/or any GE Group
Company or its advisers (as a witness or otherwise) in relation to any internal investigation or other enquiry or any investigation or other enquiry by a regulatory authority in relation to the Company and/or any GE Group Company or any litigation
brought by or against the Company or any GE Group Company in any case relating to matters with which you were involved during your employment with the Company. The Company shall reimburse any reasonable expenses incurred by you as a consequence of
complying with your obligations under this clause, including loss of earnings, provided that such expenses are approved in advance by the Company. 

  
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 Resignation from offices 

 

	 	23.	 You agree that you shall resign either immediately or on such timeline as instructed from any office,
trusteeship or position that you hold in the Company or on the Company or any Group Company’s behalf. 

  

	 	24.	 You irrevocably appoint us to be your attorney in your name and on your behalf to sign, execute or do any such
instrument or thing and generally to use your name in order to give us (or our nominee) the full benefit of the provisions of this clause. 

Settlement 
  

	 	25.	 The arrangements set out in this agreement are in full and final settlement of all and any claims, costs,
expenses or rights of action (“Claims”) of any kind whatsoever or howsoever arising (whether arising under common law, statute or otherwise and whether arising in the United Kingdom or in any other country in the world or any claims
arising under any directive or other legislation applicable in the United Kingdom by virtue of the United Kingdom’s former membership of the European Union) which you have or may have against the Company or any director, officer, employee or
agent (past or present) of the Company or any GE Group Company or the trustees of any retirement benefits scheme or employee benefit trust of any GE Group Company and whether arising directly or indirectly out of or in connection with your contract
of employment with the Company, its termination or otherwise but excluding any claims by you to enforce this agreement, and any accrued pension rights and personal injury claims except where you are currently aware of any facts or circumstances
which do or which may give rise to the claim, and in the case of personal injury, which may be brought under the discrimination legislation. 

In particular, but without limitation, the waiver and release in this paragraph extends to any claim for damages for breach of contract and any
statutory claims you have or may have for: unfair dismissal; a statutory redundancy payment; unlawful deductions from wages; payment in lieu of accrued holiday; equal pay or equality of terms; less favourable
treatment/discrimination/harassment/detriment/
victimisation on the grounds of sex, race, nationality, colour or ethnic origin or age (the “Specific Claims”). The Specific Claims are claims which it is recognised that you have or may
have arising out of the circumstances surrounding your employment and/or its termination. 
  

	 	26.	 The ‘Settlement’ clause above applies to all present and future Claims (including without limitation
the Specific Claims) and shall have effect irrespective of whether or not you are or could be aware of such Claims at the date of this agreement and irrespective of whether or not such Claims are in the express contemplation of you and the Company
at the date of this agreement (including such Claims of which you become aware after the date of this agreement in whole or in part as a result of the commencement of new legislation or the development of common law or which arise after the date of
this agreement). 

  
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	 	27.	 It is expressly agreed that except as expressly provided for in this agreement the Company and any director,
officer, employee or agent (past or present) of the Company or any GE Group Company or the trustees of any retirement benefits scheme or employee benefit trust of any GE Group Company shall have no further obligation to you and you shall have no
further entitlement under your contract of employment or under any profit sharing, incentive, bonus or share option arrangements, or otherwise save in respect of accrued pension rights. 

Warranties and Representations 
  

	 	28.	 You hereby warrant and represent that: 

 

	 	a.	 you are not aware of any facts or circumstances which might give rise to any claim by you against the Company,
the GE Group or any director, officer, employee or agent (past or present) of the Company or any GE Group Company or the trustees of any retirement benefits scheme or employee benefit trust of any GE Group Company other than those claims that you or
your adviser on your behalf have expressly raised in open correspondence with the Company or the Company’s adviser acting on its behalf; 

  

	 	b.	 you have not and will not commence any legal or arbitration proceedings of any nature against the Company, any
successor of the Company, the GE Group or any director, officer, employee or agent (past or present) of the Company or any GE Group Company or the trustees of any retirement benefits scheme or employee benefit trust of any GE Group Company in any
jurisdiction arising out of or in connection with your employment with the Company, any alleged continuation of your employment, its termination or otherwise save for the purposes of enforcing the terms of this agreement, in respect of any accrued
pension rights or in respect of such personal injury claims as are specifically excluded from the ‘Claims’ in the Settlement clause above; 

  

	 	c.	 you have not committed any fundamental breach of your contract of employment which would entitle the Company to
terminate your employment without notice; and 

  

	 	d.	 you have disclosed to the Company any information in your possession concerning any and all conduct involving
the Company or any GE Group Company that you have any reason to believe is or may be unlawful or violates company policy in any respect. 

  
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	 	29.	 You acknowledge that the Company has agreed the terms of this agreement in reliance on the warranties and
representations set out in the ‘Warranties and Representations’ clause above. 

 Indemnity Clause 

 

	 	30.	 lf you breach any material provision of this agreement or pursue a claim against the Company or any Group
Company or any successor of the Company arising out of your employment, any alleged continuation of your employment, or its termination, other than those that are specifically excluded under the Settlement clause above, you agree to indemnify the
Company for any losses suffered as a result thereof, including (but not limited to) all reasonable legal and professional fees incurred. 

Legal Advice 
  

	 	31.	 You confirm that: 

  

	 	a.	 you have received advice from Peter De Maria of Doyle Clayton a relevant independent adviser for the purposes
of Section 203 of the Employment Rights Act 1996, as to the terms and effect of this agreement and, in particular, its effect on your ability to pursue your rights before an employment tribunal including, without limitation, in relation to the
Specific Claims; 

  

	 	b.	 the relevant independent adviser advised you that there was in force, at the time you received the advice
referred to in this clause, a contract of insurance or an indemnity provided for members of a profession or professional body covering the risk of a claim by you in respect of any loss arising as a result of that advice; and 

 

	 	c.	 you will procure for the Company a certificate signed by the relevant independent adviser in the form attached
hereto. 

  

	 	32.	 This agreement satisfies the conditions for regulating settlement agreements/contracts under the relevant
provisions of the Employment Statutes. 

 Definitions 

 

	 	33.	 For the purposes of this agreement the following words and phrases shall have the meanings set out below:

  

	 	a.	 “GE Group” includes any firm, company, business entity or other organisation: 

 

	 	•	 	 which is directly controlled by the Company; or 

 

	 	•	 	 which directly or indirectly controls the Company; or 

 

	 	•	 	 which is directly or indirectly controlled by a third party who also directly or indirectly controls the Company;
or 

  

	 	•	 	 of which the Company or any GE Group Company referred to above owns or has a beneficial interest (whether
directly or indirectly) in 20% or more of the issued share capital or 20% or more of the capital assets. 

  
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	 	b.	 “GE Group Company” and “GE Group Companies” have the corresponding meaning.

  

	 	c.	 “Control” has the meaning set out in s.416 Income and Corporation Taxes Act 1988 (as amended).

  

	 	d.	 “Employment Statutes” means Employment Rights Act 1996, Sex Discrimination Act 1975, Race Relations
Act 1976 or the Disability Discrimination Act 1995 and any claim under the Trade Union and Labour Relations (Consolidation) Act 1992, the National Minimum Wage Act 1998, the Part-time Workers (Prevention of Less Favourable Treatment) Regulations
2000, the Working Time Regulations 1998, the Human Rights Act 1998, the Employment Relations Act 1999, the Transnational Information and Consultation of Employees Regulations 1999, the Fixed term Employees (Prevention of Less Favourable Treatment)
Regulations 2002, the Employment Equality (Religion or Belief) Regulations 2003, the Employment Equality (Sexual Orientation) Regulations 2003, Part VIII of the Information and Consultation of Employees Regulations 2004, the European Public
Limited-Liability Company Regulations 2004, the Transfer of Undertakings (Protection of Employment) Regulations 2006, the Schedule to the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations
2006 and the Employment Equality (Age) Regulations 2006 and the Equality Act 2010. 

 General 

 

	 	34.	 This agreement does not constitute an admission by the Company that it has breached any law or regulation, or
that you have any claims against the Company or any director, officer, employee or agent (past or present) of the Company or any GE Group Company or the trustees of any retirement benefits scheme or employee benefit trust of any GE Group Company.

  

	 	35.	 Those provisions in your contract of employment which are stated to apply after the termination of your
employment, including but not limited to those listed in this agreement, are hereby restated and will continue in full force and effect. 

  

	 	36.	 This agreement contains the whole agreement between the parties relating to the subject matter of this
agreement at the date of signing to the exclusion of any terms implied by law which may be excluded by contract and supersedes any previous written or oral agreement between the parties in relation to the matters dealt with in this agreement.

  
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	 	37.	 Nothing in this agreement shall preclude you from making a protected disclosure in accordance with the
Employment Rights Act 1996. 

 Governing Law and Jurisdiction 

 

	 	38.	 Any director, officer, employee or agent (past or present) of the Company or any GE Group Company or the
trustees of any retirement benefits scheme or employee benefit trust of any GE Group Company (each a “Third Party”) shall be entitled to enforce the benefits conferred on it by this agreement. No person who is not a Third Party shall have
any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this agreement. The consent of a Third Party shall not be required for the variation or termination of this agreement, even if that variation or termination
affects the benefit(s) conferred on any Third Party. 

 Please sign and return this letter, together with the signed
Adviser’s Certificate in the form attached. On both parties signing this letter, it will no longer be “without prejudice and subject to contract” and will become an open document evidencing a binding agreement between you and the
Company. 
 Your Sincerely, 

Kevin Cox 
 For and on behalf of
GE Capital Europe Limited 
 I understand and agree to the terms set put above. 

Kieran Murphy Date 

  
 11EX-10.17

 Exhibit 10.17 

 
 

 
 August 18, 2020 Equity Grant Agreement 

GE Performance Share Grant Agreement For H. Lawrence Culp, Jr. (the “Grantee”) 

 

					
	 Grant Date
	  	 Performance Shares Granted
	  	 Restriction Lapse Date

	August 18, 2020	  	9,295,352 Granted, at Target (the “Target Performance Shares”)	  	The earliest to occur of (w) August 17, 2025, (x) a Change in Control (as defined in the Employment Agreement dated as of October 1, 2018 between the Grantee and the Company, as amended on the date hereof (the
“Employment Agreement”)), (y) the Retirement Date (as defined below) and (z) the Good Leaver Termination Date (as defined below), in each case, subject to the terms and conditions set forth below.

 Performance Share Grant Agreement - additional terms & conditions 

1.    Grant of Performance Shares. The Management Development and Compensation Committee
(“Committee”) of the Board of Directors of General Electric Company (“Company”) has granted Performance Shares to the Grantee, for which the Target amount is set forth in this Grant Agreement, with respect to General Electric
Company common stock, par value $0.06 per share (“Common Stock”), subject to and in accordance with the terms of this Grant Agreement and the Company’s 2007 Long-Term Incentive Plan (the “Plan”) as in effect from time to
time, and any rules and procedures adopted by the Committee. The Performance Shares shall be eligible to be earned from 50% to 150% of the Target Performance Shares (such vested amount, the “Vested Performance Shares”), subject to the
Service Conditions and Performance Conditions and other terms and conditions set forth herein. 

2.    Rights as a Shareholder. The Grantee shall be the record owner of 150% of the Target
Performance Shares unless and until (i) all or any portion of such Performance Shares are forfeited pursuant to the terms and conditions of this Grant Agreement or (ii) are sold or otherwise disposed of by the Grantee (including, as
applicable, to satisfy the Grantee’s tax liability or in connection with a Change in Control) upon or following the date such Performance Shares or any portion thereof becomes vested hereunder. As a record owner, the Grantee shall be entitled
to all rights of a common stockholder of the Company, including, without limitation, voting rights, if any, with respect to the Performance Shares; provided, that any cash or in-kind dividends paid or
distributions made with respect to any then unvested Performance Shares shall be treated as set forth in subparagraph 3.6 below. 

 3.    Restrictions/Performance Goals.
Restrictions on the Performance Shares specified in this Grant Agreement, as further subject to vesting based on performance as set forth in subparagraph 3.1, will lapse on the designated Restriction Lapse Date only if and solely to the extent
that the Service Condition and Performance Conditions have been satisfied or as set forth in subparagraph 3.2, 3.3, 3.4 or 3.5. Further, Performance Shares shall be immediately forfeited without payment upon the Grantee’s termination of
employment prior to the end of the Performance Period, except as set forth under subparagraphs 3.3, 3.4 and 3.5 of this Grant Agreement. Performance Shares for which restrictions do not lapse in accordance with this paragraph on or prior to the end
of the Performance Period shall be immediately forfeited without payment at the conclusion of the Performance Period. 
 As used herein, the
following definitions shall apply: 
  

	 	a.	 Cause. For purposes of this Grant, “Cause” shall have the meaning set forth in
the Employment Agreement. 

  

	 	b.	 Good Reason. For purposes of this Grant, “Good Reason” shall mean any one or
more of the following circumstances: (A) a reduction in any of the Grantee’s compensation rights under the Employment Agreement, other than the agreed reduction in base salary, commencing April 2020; (B) the failure to nominate the Grantee
for reelection as a member of the Board, or the removal of him by the Company from the position of Chief Executive Officer or, as applicable, Executive Chairman; (C) a material reduction in the Grantee’s duties and responsibilities as in
effect immediately prior to such reduction; (D) the assignment to the Grantee of duties that are materially inconsistent with his position or duties or that materially impair the Grantee’s ability to function as Chief Executive Officer or,
as applicable, Executive Chairman of the Company and any other position in which he is then serving; (E) the relocation of the Grantee’s principal office to a location that is more than 50 miles from the Company’s current
headquarters; or (F) a material breach of any material provision of the Employment Agreement by the Company. The sale or disposition of any one or more businesses of the Company, or any transaction following which the Company’s (or its
successor’s) common equity is not publicly traded on a nationally recognized securities exchange or through a national market quotation service, shall not be deemed a material reduction in the Grantee’s duties or responsibilities. A
termination for Good Reason shall mean a termination by the Grantee effected by written notice given by the Grantee to the Company within ninety (90) days after the Grantee’s first having knowledge of the Good Reason event, unless the
Company shall, within thirty (30) days after receiving such notice, take such action as is necessary to fully remedy such Good Reason event, in which case the Good Reason event shall be deemed to have not occurred. Notwithstanding the
foregoing, the Grantee shall not be entitled to claim Good Reason if the Grantee and the Company mutually agree to transition the Grantee to the position of Executive Chairman or to a non-employee director or
consultant role. 

  
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	 	c.	 Performance Period. For purposes of this Grant, “Performance Period” shall mean
the period from August 18, 2020, through August 17, 2025 unless truncated in connection with a Change in Control under subparagraph 3.2, a retirement under subparagraph 3.3, a good leaver termination under subparagraph 3.4 or, if
applicable, a death or Disability (as defined in the Employment Agreement) termination under subparagraph 3.5. 

  

	 	d.	 Reference Stock Price. For purposes of this Grant, “Reference Stock Price” shall
mean the average of the closing prices of the Shares over the period of 30 consecutive trading days up to and including August 18, 2020, which equals $6.67. 

  

	 	e.	 Service Condition. For purposes of this Grant, “Service Condition” means
(i) the Grantee has been continuously employed by the Company as Chief Executive Officer pursuant to the terms of the Employment Agreement through August 17, 2023, (ii) the Grantee serves as the Executive Chairman of the Company during the
period from August 18, 2023 to August 17, 2024, unless the Grantee and the Company mutually agree that the Grantee shall continue to serve as the Chief Executive Officer of the Company during all or any portion of such period, and
(iii) the Grantee serves as a non-employee director of the Board or a consultant of the Company during the period from August 18, 2024 to August 17, 2025, unless the Grantee and the Company
mutually agree that the Grantee shall continue to serve as the Chief Executive Officer or the Executive Chairman of the Company during all or any portion of such period or the Grantee retires pursuant to subparagraph 3.3. 

 

	 	f.	 Share. For purposes of this Grant, “Share” means one share of Common Stock, and
such other securities as may become the subject of awards granted pursuant to the Plan, or become subject to such awards, pursuant to any adjustments made under paragraph 2 or subparagraph 3.6 of this Grant Agreement. 

3.1    Vested Performance Shares/Performance Goals. Vested Performance Shares shall mean
the number of Performance Shares that become eligible for the lapse of restrictions, contingent on achievement of the following goals (the “Performance Conditions”) for the Performance Period: 

 

	 	a.	 if the highest average stock price achieved based on the average of the closing prices of the Shares over any
period of 30 consecutive trading days (the “Highest Average Price”) is less than 150% of the Reference Stock Price, no Performance Shares will vest, and the number of Vested Performance Shares shall equal 0 Shares; 

  
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	 	b.	 if the Highest Average Price equals 150% of the Reference Stock Price, the number of Vested Performance Shares
shall equal 50% of the Target Performance Shares (“Threshold”); 

  

	 	c.	 if the Highest Average Price equals 200% of the Reference Stock Price, the number of Vested Performance Shares
shall equal 100% of the Target Performance Shares (“Target”); 

  

	 	d.	 if the Highest Average Price equals or exceeds 250% of the Reference Stock Price, the number of Vested
Performance Shares shall equal 150% of the Target Performance Shares (“Maximum”); and 

  

	 	e.	 if the Highest Average Price is between 150% and 250% of the Reference Stock Price, the number of Vested
Performance Shares will be determined by linear mathematical interpolation. 

 3.2    Change in
Control. Upon a Change in Control that occurs during the Performance Period, the number of Vested Performance Shares will be the greatest of (x) the amount determined in accordance with subparagraph 3.1 hereof, but defining the
Performance Period as the period from August 18, 2020, through the effective date of the Change in Control, (y) the amount determined in accordance with subparagraph 3.1 hereof, but defining the Highest Average Price as the per-share consideration received by a holder of Shares in connection with the Change in Control, and (z) either (I) if the Change in Control occurs prior to August 18, 2022, Target, or (II) if the Change
in Control occurs on or after August 18, 2022, Threshold. 
 3.3    Retirement. If the Grantee
elects to retire by giving notice within the 60 day period immediately prior to August 18, 2024, with a retirement date of August 17, 2024 (the “Retirement Date”), the number of Vested Performance Shares will equal the amount
determined in accordance with subparagraph 3.1 hereof, but defining the Performance Period as the period from August 18, 2020, through the Retirement Date, and the Service Condition will be deemed satisfied for service through August 18, 2024.

 3.4    Good Leaver Termination. If the Grantee’s employment with the Company terminates
prior to the last day of the Performance Period, (a) by the Company without Cause (which, for the avoidance of doubt, does not include the parties’ mutual agreement for the Grantee to serve solely as a
non-employee director or a consultant) or (b) by the Grantee for Good Reason (which, for the avoidance of doubt, does not include a retirement in accordance with subparagraph 3.3 above) (each such Date of
Termination (as defined in the Employment Agreement), the “Good Leaver Termination Date”), the number of Vested Performance Shares will equal the greater of (x) the amount determined in accordance with subparagraph 3.1 hereof, but
defining the Performance Period as the period from and including 

  
 4 

 
August 18, 2020, through and including the Date of Termination, and (y) the product of (i) Threshold, multiplied by (ii) a fraction, the numerator of which is the number of days
that the Grantee was employed from and including August 18, 2020, through and including the Date of Termination (or if earlier, August 17, 2024), and the denominator of which is the number of days in the period from and including
August 18, 2020, through and including August 17, 2024. For the avoidance of doubt, at any time that the Service Conditions hereunder are being satisfied by service by the Grantee as a non-employee
director or consultant, the Company may not terminate the Grantee’s right to continue to provide such service unless the Grantee shall engage in conduct that would constitute Cause for termination of his services as an employee. 

3.5    Death and Disability. If the Grantee’s employment with the Company terminates prior
to the last day of the Performance Period due to the Grantee’s death or Disability, the number of Vested Performance Shares will equal the greater of (x) the amount determined in accordance with subparagraph 3.1 hereof, but defining the
Performance Period as the period from and including August 18, 2020, through and including the Date of Termination, and (y) the product of (i) the amount determined in accordance with subparagraph 3.1 hereof, multiplied by (ii) a
fraction, the numerator of which is the number of days that the Grantee was employed from and including August 18, 2020, through and including the Date of Termination (or, if earlier, August 17, 2024), and the denominator of which is the
number of days in the period from and including August 18, 2020, through and including August 17, 2024. For the sake of clarity, the Restriction Lapse Date for purposes of this subparagraph 3.5 shall be August 17, 2025. 

3.6    Spin-Off; Dividends. 

 

	 	a.	 In connection with any spin-off transaction undertaken by the Company,
the equity interest of the spun-off entity (“Spin-Co”) received by the Grantee as the record owner of the Performance Shares upon such spin-off transaction (the “Spin-Co Performance Shares”), and any additional cash or property that is derived therefrom shall be restricted and eligible to become
vested (and subject to forfeiture) subject to the same terms and conditions as the Performance Shares granted hereunder. The purpose and intent of this subparagraph 3.6 is, where these provisions are applicable, to provide the Grantee, on the terms
and to the extent specified herein, the same economic opportunity that the shareholders of the Company receive from the portfolio of interests that may be created by any spin-off transaction(s) effected by the
Company during the Performance Period to which this subparagraph 3.6 applies. Notwithstanding anything herein to the contrary, for each trading day occurring during the Performance Period following the consummation of any such spin-off transaction, the component inputs for determining the Highest Average Price shall include both the closing price of the Shares and the closing price of the class of
Spin-Co shares held as Spin-Co Performance Shares, in each case as of the date of determination; provided, that if, following any such 

  
 5 

	 	
spin-off and during the Performance Period, a “change in control” of any Spin-Co occurs in which the
shareholders of such Spin-Co receive, as consideration for their shares in such Spin-Co, cash and/or shares or other securities of an acquirer or successor entity, then
on each day on and after such “change in control” of such Spin-Co, the closing price of such Spin-Co shares for purposes of this determination shall equal the
aggregate per-share value of such consideration as of the closing date of such transaction. Solely for purposes of the immediately preceding sentence, (x) a “change in control” of any Spin-Co shall mean a transaction constituting a Change in Control, as defined in the Employment Agreement, provided that any reference therein to “Shares” shall mean shares of common stock of such Spin-Co, and any reference therein to “Company” shall mean such “Spin-Co,” and (y) when applying the closing price of any Spin-Co shares, such closing price shall first be multiplied by the applicable ratio of the number of any applicable Spin-Co shares (or fractional Spin-Co share) received in the applicable spin-off transaction for each Performance Share held immediately prior to such transaction. (E.g., if, in a spin-off transaction to which this subparagraph 3.6 applies, the shareholders of the Company receive one half of a share of the common stock of Spin-Co for each Share, then
except as otherwise expressly provided with respect to a “change in control” of Spin-Co, 50% of the value of a share of Spin-Co common stock shall be included
in the calculation of the Highest Average Price for each trading day during the Performance Period on or following the consummation of the spin-off transaction.) 

 

	 	b.	 In connection with the occurrence of any other distributions in kind in respect of the Performance Shares or
other corporate events affecting the Company’s capital stock, other than the payment of an extraordinary dividend in whole or in part in cash, not addressed above, or a transaction in which the Company is not able to continue to measure the
value of a share of a spun-off or sold entity received in respect of a Performance Share, any property received by the Grantee as the record owner of the Performance Shares and any additional cash or property
that is derived therefrom shall be restricted and eligible to become vested (and subject to forfeiture), subject to the same terms and conditions as the Performance Shares granted hereunder. In addition, the Company shall, after consultation with
the Grantee, equitably adjust the Reference Stock Price and/or the method of determining the Highest Average Price, in such a fair and equitable manner as to prevent enlargement or diminution in the value of this award of Performance Shares.

  

	 	c.	 Any ordinary cash dividends paid with respect to unvested Performance Shares shall be withheld by the Company
and shall be paid to the Grantee, without interest, only when, if and to the extent that, such Performance Shares shall become vested. The Company shall accumulate such ordinary cash dividends and shall pay the Grantee a cash amount equal to such
dividends accumulated and unpaid as of the date that restrictions lapse as to the corresponding portion of the Performance Shares (without interest) reasonably promptly (and in no event later than 30 days) after such date. Notwithstanding the
foregoing, any accumulated and unpaid ordinary cash dividends attributable to any portion of Performance Shares that do not become vested and are cancelled shall not be paid and shall be immediately forfeited upon cancellation of the forfeited
Performance Shares. 

  
 6 

	 	d.	 If the Company makes any extraordinary cash dividend in respect of the Shares (or, in the case of a spin-off in connection with which the Grantee receives Spin-Co Performance Shares, if Spin-Co makes any extraordinary cash dividend in
respect of Spin-Co shares), the per-share value of such dividend shall be added to the closing price of the stock of the applicable entity on each trading day during the
Performance Period that occurs ex- dividend for purposes of determining the Highest Average Price and unless the Grantee shall request that such extraordinary dividend be treated in the same manner as ordinary cash dividends, such extraordinary cash
dividend shall be reinvested by the Company in additional Shares, subject to the same vesting conditions as the underlying Performance Shares, with the number of additional Shares to be determined by dividing the total dollar amount of such dividend
by the closing price of a Share on the date such dividend is payable to stockholders. 

  

	 	e.	 The Company shall keep a record of the total number of Performance Shares,
Spin-Co Performance Shares and any other assets (including cash) held or credited in respect of the Performance Shares hereunder and any and all adjustments to the Reference Stock Price. The Company shall, on
a quarterly basis, provide the Grantee a written statement indicating the number of Shares of the Performance Shares that would become Vested Performance Shares based solely on the Highest Average Price through the date of determination, the
Reference Stock Price, and the number of Spin-Co Performance Shares that would become vested based solely on the Highest Average Price through the date of determination. The Company shall provide the Grantee a
written report on a quarterly basis indicating the Highest Average Price achieved through the date as of which the report is rendered and the applicable stock price of the Shares and any other securities taken into account in such determination.

  

	4.	 Withholding Tax.     The Grantee shall pay
to or reimburse the Company for any federal, state, local or foreign taxes required to be withheld and paid over by it, at such time and upon such terms and conditions as the Company may prescribe at the time the Performance Shares vest. The Grantee
shall be permitted to satisfy any federal, state, local or foreign withholding tax obligation by the Company withholding shares of Common Stock from the shares of Common Stock otherwise issuable or deliverable to the Grantee as a result of the
vesting of the Performance Shares, except that any available cash amounts payable to the Grantee may be first used to satisfy such withholding obligations. 

  
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	5.	 Alteration/Termination.    The Company shall have the right at
any time in its sole discretion to amend, alter, suspend, discontinue or terminate any Performance Shares without the consent of the Grantee; provided that, no such amendment, alteration, suspension, discontinuation or termination shall be made that
would impair the rights of the Grantee hereunder without the Grantee’s express written consent. 

  

	6.	 Relationship to the Plan.    Unless otherwise set forth herein, the
Performance Shares granted hereunder shall be subject to and governed by, and shall be administered in accordance with, the terms and conditions of the Plan. A copy of the Plan will be made available to the Grantee upon request.

  

	7.	 Successors and Assigns.    In the event
that the Company undertakes a spin-off transaction in connection with which the Grantee continues as the Chief Executive Officer of Spin-Co, (i) the Company will
require Spin-Co to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no succession had taken place, and as used
in this Agreement, (ii) the term Company shall mean Spin-Co, (iii) the Performance Shares granted hereunder shall be deemed Spin-Co Performance Shares for all
purposes hereunder, and the Performance Shares received by the Grantee from Spin-Co shall be treated as the Performance Shares granted hereunder for all purposes hereunder (other than this sentence), and
(iv) the term Shares shall mean common shares of Spin-Co for all purposes hereunder. 

  

	8.	 Entire Agreement.     This Grant
Agreement, the Plan, country addendums and the rules and procedures adopted by the Committee contain all of the provisions applicable to the Performance Shares and no other statements, documents or practices may modify, waive or alter such
provisions unless expressly set forth in writing, signed by an authorized officer of the Company and delivered to the Grantee. In the event the terms set forth herein (including the provisions from the Employment Agreement which are incorporated by
reference) are inconsistent with the terms of the Plan, the terms of this Grant Agreement shall govern. 

  
 8

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