Document:

EX-10.17

 Exhibit 10.17 

INSTRUCTURE, INC. 

EXECUTIVE AGREEMENT 

THIS EXECUTIVE AGREEMENT
(this “Agreement”) is entered into effective as of 8/5, 2015 (the “Effective
Date”) by and between Steven B. Kaminsky (“Executive”) and INSTRUCTURE,
INC., a Delaware corporation (the “Company”).  

RECITALS 

A.     The Company expects to make an initial public offering of its common stock (“IPO) in the near future.

 B.     The Company’s Board of Directors (the “Board”)
believes it is in the best interests of the Company and its stockholders to retain Executive on and after the IPO and to provide Executive with certain protections in the event of Executive’ s termination of employment under certain
circumstances. 
 Now THEREFORE, in consideration of the mutual promises, covenants and agreements contained herein,
and in consideration of the continuing employment of Executive by the Company, the parties hereto agree as follows: 

1.     At-Will Employment.     Executive’s employment is and shall remain at-will, which means that the Company may terminate Executive’s employment at any time, with or without advance notice, and with or without Cause. Similarly, Executive may resign Executive’s employment at
any time, with or without advance notice. Executive shall not receive any compensation of any kind, including, without limitation, stock option or other equity award vesting acceleration and severance benefits, following Executive’s termination
of employment with the Company, except as expressly provided herein. 
 2.     Severance Benefits. 

(a)     Severance Benefits upon a Termination in Connection with or Following a Change in Control. If
Executive’s employment is terminated by the Company without Cause (as defined below, and other than as a result of death or disability), or Executive resigns his or her employment with the Company for Good Reason (as defined below), in either
case within three (3) months prior to (and contingent upon the consummation of the Change in Control), in connection with, or within twelve (12) months following the effective date of a Change in Control (a “CIC
Termination”), and provided such termination constitutes a “separation from service” (within the meaning of Treasury Regulation Section 1.409A-1 (h), a
“Separation from Service”), and further provided that Executive delivers an effective release of claims as required under Section 3 below, then Executive shall be entitled to the following severance
benefits (the “CIC Benefits”):  
 (i)     The Company shall pay
Executive an amount in cash equal to nine (9) months of Executive’ s then current base salary, paid over the nine (9) month period following Executive’s Separation from Service, in accordance with the Company’s regular
payroll schedule, at the time specified in Section 3 below. 

  
 1. 

 (ii)     The Company shall pay Executive a lump sum amount in
cash equal to 80% of Executive’ s then current target bonus, pro-rated based on the number of full months in the year in which the Separation from Service occurs prior to Executive’s Separation from
Service, at the time specified in Section 3 below, provided that the CIC Termination occurs on or after March 31 in a calendar year. 

(iii)     Subject to Section 9(c), the Company shall pay Executive’ s expenses for continuing his or her
health care coverage and that of any dependents who are covered at the time of the Executive’s Separation from Service (the “COBRA Premiums”) under the Consolidated Omnibus Budget Reconciliation Act
of 1985, as amended (“COBRA”) for a period ending on the earlier of the nine (9) month anniversary of the Separation from Service or the date on which Executive becomes eligible to be covered
by the health care plans of another employer (the “CIC COBRA Period’), so long as Executive timely elects such COBRA continuation coverage. 

(iv)     All outstanding stock awards then held by Executive shall become fully vested with respect to all of the
shares subject thereto, effective immediately prior to Executive’s Separation from Service under this Section 2(a). 

(b)     Severance Benefits upon a Termination that is not a CIC Termination. If Executive’s employment is
terminated by the Company without Cause (other than as a result of death or disability), or Executive resigns his or her employment with the Company for Good Reason, and such termination is not a CIC Termination, and provided such termination
constitutes a Separation from Service and that Executive delivers an effective release of claims as required under Section 3 below, then Executive shall be entitled to the following severance benefits (the “Severance
Benefits”):  
 (i)     The Company shall pay Executive an amount in cash equal to
six (6) months of Executive’s then current base salary, paid over the (6) month period following Executive’s Separation from Service, in accordance with the Company’s regular payroll schedule, at the time specified in
Section 3 below. 
 (ii)     The Company shall pay Executive a lump sum amount in cash equal to 80% of
Executive’ s then current target bonus, pro-rated based on the number of full months in the year in which the Separation from Service occurs prior to Executive’s Separation from Service, at the time
specified in Section 3 below; and 
 (iii)     Subject to Section 9(c), the Company shall pay
Executive’ s COBRA Premiums for a period ending on the earlier of the six (6) month anniversary of the Separation from Service or the date on which Executive becomes eligible to be covered by the health care plans of another employer (the
“Severance COBRA Period’’), so long as Executive timely elects such COBRA continuation coverage. 

(c)     Accrued Wages, Bonus and Vacation, Expenses. Without regard to the reason for, or the timing of,
Executive’s termination of employment, the Company shall pay (or 

  
 2. 

 
provide reimbursement to) Executive for (i) any unpaid base salary due for periods prior to and including the date of Separation from Service; (ii) all accrued and unused vacation
through the date of Separation from Service, if applicable; (iii) any earned (as determined and approved by the Board prior to the Separation from Service) but not yet paid incentive bonus from the prior fiscal year, which bonus shall be paid
in accordance with the Company’s regular bonus payment process and in any event by no later than two and one-half months after the end of such subsequent year; and (iv) following submission of proper
expense reports by Executive, all expenses reasonably and necessarily incurred by Executive in connection with the business of the Company prior to the Separation from Service. These payments shall be made promptly upon or following termination and
within the period of time mandated by law (or in the case of an earned bonus, within the time period set forth in the Company’s bonus plan and in any event by no later than two and one-half months after
the end of the fiscal year following the year in which the bonus was earned). 
 3.     Release Required; Timing of
Payments. 
 (a)     Requirement of Release. Prior to the payment of any CIC Benefits or Severance Benefits
(including the acceleration of equity, if applicable), Executive shall execute and allow to become effective a standard employment release agreement releasing the Company (and its successor) from any and all claims Executive (or Executive’s
estate or beneficiaries) may have against such entities related to or arising in connection with his or her employment and the terms of such employment and termination thereof (the “Release”) within the
time frame set forth therein, but not later than 60 days following Executive’s Separation from Service (the “Release Effective Date”). No CIC or Severance Benefits shall be paid or provided prior to
the Release Effective Date. 
 (b)     Form of Release. The Release shall in substantially the form attached
hereto as Exhibit A, Exhibit B, or Exhibit C, as applicable, and shall specifically relate to all of Executive’s rights and claims in existence at the time of such execution and shall confirm Executive’ s continuing
obligations to the Company (including but not limited to obligations under any confidentiality and/or non-solicitation agreement with the Company). Unless a Change in Control has occurred, the Board, in its
sole discretion, may modify the form of the required Release to comply with applicable law and shall determine the form of the required Release, which may be incorporated into a termination agreement or other agreement with Executive. 

(c)     Timing of Payments. Within five days following the Release Effective Date, the Company will pay (or
commence payment of) the CIC Benefits or Severance Benefits Executive would otherwise have received on or prior to such date but for the delay in payment related to the effectiveness of the Release, with the balance of benefits being paid as
scheduled. Notwithstanding the foregoing, if the Company (or, if applicable, the successor entity thereto) determines that any of the CIC Benefits or Severance Benefits constitute “deferred compensation” under Section 409A (defined
below), then, solely to the extent necessary to avoid the incurrence of the adverse personal tax consequences under Section 409A, no CIC Benefits or Severance Benefits will be paid prior to the 60th day following Executive’s Separation
from Service. On the 60th day following the date of Separation from Service, the Company will pay to Executive in a lump sum the CIC Benefits or Severance Benefits, as applicable, that Executive would otherwise have received on or prior to such
date, with the balance of the CIC Benefits or Severance Benefits being paid as originally scheduled. 

  
 3. 

 4.     Limitation on Payments. If any
payment or benefit (including payments and benefits pursuant to this Agreement) that Executive would receive in connection with a Change in Control from the Company or otherwise (“Transaction Payment”) would
(i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise
Tax”), then the Company shall cause to be determined, before any amounts of the Transaction Payment are paid to Executive, which of the following two alternative forms of payment would result in Executive’ s receipt, on an after-tax basis, of the greater amount of the Transaction Payment notwithstanding that all or some portion of the Transaction Payment may be subject to the Excise Tax: (1) payment in full of the entire amount
of the Transaction Payment (a “Full Payment”), or (2) payment of only a part of the Transaction Payment so that Executive receives the largest payment possible without the imposition of the Excise Tax (a
“Reduced Payment”) . For purposes of determining whether to make a Full Payment or a Reduced Payment, the Company shall cause to be taken into account all applicable federal, state and local income and employment taxes and the
Excise Tax (all computed at the highest applicable marginal rate, net of the maximum reduction in federal income taxes which could be obtained from a deduction of such state and local taxes). If a Reduced Payment is made, (x) Executive shall
have no rights to any additional payments and/or benefits constituting the Transaction Payment, and (y) reduction in payments and/or benefits will occur in the following order: (1) reduction of cash payments; (2) cancellation of
accelerated vesting of equity awards other than stock options; (3) cancellation of accelerated vesting of stock options; and (4) reduction of other benefits paid to Executive. In the event that acceleration of vesting of equity award
compensation is to be reduced, such acceleration of vesting will be cancelled in the reverse order of the date of grant of Executive’s equity awards. In no event will the Company or any stockholder be liable to Executive for any amounts not
paid as a result of the operation of this Section 4. 
 (a)     The professional firm engaged
by the Company for general tax purposes as of the day prior to the effective date of the Change in Control shall make all determinations required to be made under this Section 4. If the professional firm so engaged by the Company is serving as
accountant or auditor for the individual, entity or group effecting the Change in Control, the Company shall appoint a nationally recognized independent registered public accounting firm to make the determinations required hereunder. The Company
shall bear all expenses with respect to the determinations by such professional firm required to be made hereunder. 
 (b)
    The professional firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting documentation, to the Company and Executive within 15 calendar days after the date on which
Executive’s right to a Transaction Payment is triggered or such other time as reasonably requested by the Company or Executive. If the professional firm determines that no Excise Tax is payable with respect to the Transaction Payment, either
before or after the application of the Reduced Amount, it shall furnish the Company and Executive with detailed supporting calculations of its determinations that no Excise Tax will be imposed with respect to such Transaction Payment. Any good faith
determinations of the professional firm made hereunder shall be final, binding and conclusive upon the Company and Executive. 

  
 4. 

 5.     Successors. 

(a)     Company’s Successors. Any successor to the Company (whether direct or indirect and whether by purchase,
lease, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets shall assume the Company’s, or ensure that the Company fully performs its, obligations under this Agreement and
shall perform the Company’s, or ensure that the Company performs its, obligations, under this Agreement in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession. For
all purposes under this Agreement, the term “Company” shall include any such successor. 
 (b)
    Executive’s Successors. Without the written consent of the Company, Executive shall not assign or transfer any right or obligation under this Agreement to any other person or entity. Notwithstanding the foregoing,
the terms of this Agreement and all rights of Executive hereunder shall inure to the benefit of, and be enforceable by, Executive’ s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and
legatees. 
 6.     Notices. 

(a)     General. Notices and all other communications contemplated by this Agreement shall be in writing and shall
be deemed to have been duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid. In the case of Executive, mailed notices shall be addressed to him at the home address
which he most recently communicated to the Company in writing. In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed to the attention of its Secretary. 

(b)     Notice of Termination. Any termination by the Company with or without Cause or by Executive as a result of
a voluntary resignation for any reason shall be communicated by a notice of termination to the other party hereto given in accordance with this Agreement. 

7.     Arbitration. The Company and Executive shall attempt to settle any disputes arising in connection with this
Agreement through good faith consultation. In the event that Executive and the Company are not able to resolve any such disputes within 15 days after notification in writing to the other, any dispute or claim arising out of or in connection with
this Agreement will be finally settled by binding arbitration in Salt Lake City, Utah in accordance with the rules of the American Arbitration Association by one arbitrator mutually agreed upon by the parties. The arbitrator will apply Utah law,
without reference to rules of conflicts of law or rules of statutory arbitration, to the resolution of any dispute. Except as set forth in Section 9(i) below, the arbitrator shall not have authority to modify the terms of this Agreement. The
Company shall pay the costs of the arbitration proceeding. Each party shall, unless otherwise determined by the arbitrator, bear its or his or her own attorneys’ fees and expenses, provided 

  
 5. 

 
however that if Executive prevails in an arbitration proceeding, the Company shall reimburse Executive for his or her reasonable attorneys’ fees and costs. Judgment on the award rendered by
the arbitrator may be entered in any court having jurisdiction thereof. Notwithstanding the foregoing, the Company and Executive may apply to any court of competent jurisdiction for preliminary or interim equitable relief, or to compel arbitration
in accordance with this paragraph, without breach of this arbitration provision. 
 8.     Definition of Terms.
The following terms referred to in this Agreement shall have the following meanings: 
 (a)     Cause.
“Cause” for termination of Executive’s employment will exist if Executive is terminated by the Company for any of the following reasons: (i) Executive’s commission of any material act of dishonesty;
(ii) Executive’s conviction of a felony or any crime involving moral turpitude; (iii) Executive’s commission of any action that that has caused or is reasonably expected to result in material harm to the business or the
reputation of the Company (excluding any action taken in good faith); (iv) Executive’s material violation of any duty or obligation owed by Executive to the Company which causes or is reasonably expected to cause material injury to the Company;
(v) Executive’s material breach of any of his or her obligations under any written agreement or covenant with the Company, including but not limited to Executive’s Confidentiality and Intellectual Property Agreement; or
(vi) Executive’s repeated refusal to substantially perform his or her assigned duties. The determination as to whether Executive is being terminated for Cause shall be made in good faith by the Company and shall be final and binding on
Executive. The term “Company” will be interpreted to include any subsidiary, parent or affiliate of the Company, as appropriate. 

(b)     Change in Control. “Change in Control” shall
have the meaning set forth in the Company’s 2015 Equity Incentive Plan, as it may be amended from time to time; provided that to the extent required for compliance with Section 409A of the Code, in no event will a Change in Control be
deemed to have occurred if such transaction is not also a “change in the ownership or effective control of” the Company or “a change in the ownership of a substantial portion of the assets of” the Company as determined under
Treasury Regulations Section 1.409A-3(i)(5) (without regard to any alternative definition thereunder). 

(c)     Good Reason. “Good Reason” for Executive’s resignation of
his or her employment shall exist following the occurrence of any of the following without Executive’s written consent: (i) a material reduction in job duties, responsibilities, title or authority inconsistent with the Executive’s
position with the Company; provided, however, that any such reduction or change (including a change in title) after a Change in Control will not constitute Good Reason if Executive retains reasonably comparable duties, position and
responsibilities with respect to the Company’s business within the successor entity following a Change of Control; (ii) a material reduction of Executive’s then current base salary, representing a reduction of more than 10% of the
Executive’s then current base salary; provided, that an across-the-board reduction in the salary level of all executive officers of the Company by the same
percentage amount as part of a general salary level reduction implemented prior to a Change in Control shall not constitute such a material salary reduction; or (iii) the relocation of Executive’s principal place of employment to a place
that increases Executive’s one-way commute by more than 35 miles as compared to Executive’s then current principal place of employment immediately prior

  
 6. 

 
to such relocation ; provided. that the Executive gives written notice to the Company of the event forming the basis of the termination for Good Reason within 60 days after the date on
which the Company gives written notice to the Executive of the Company’s affirmative decision to take an action set forth in clause (i), (ii), or (iii) above, the Company fails to cure such basis for the Good Reason resignation within 30
days after receipt of Executive’s written notice and Executive terminates his or her employment within 30 days following the expiration of the cure period. 

9.     Miscellaneous Provisions. 

(a)     Executive Obligations. Notwithstanding anything to the contrary contained herein, payment of any of the CIC
Benefits or Severance Benefits will be conditioned upon (i) Executive continuing to comply with his or her obligations under the Confidentiality and Intellectual Property Agreement (or such similar form that Executive previously executed in
connection with his or her employment employment) during the period of time in which Executive is receiving the CIC Benefits or Severance Benefits; and (ii) Executive’s resignation from all positions with the Company, any subsidiaries and
affiliates, and the Board (as applicable), to be effective no later than the date of Separation from Service (or such other date as determined by the Board). 

(b)     Income and Employment Taxes. All amounts paid or provided under this Agreement shall be net of required
withholdings, and Executive shall be responsible for any additional taxes of any nature (including any penalties or interest that may apply to such taxes) that the Company reasonably determines apply to any payment made hereunder. Executive’s
receipt of any benefit hereunder is conditioned on his or her satisfaction of any applicable withholding or similar obligations that apply to such benefit and any cash payment owed hereunder will be reduced to satisfy any such withholding or similar
obligations that may apply. 
 (c)     Alternative Method of Providing COBRA Benefit. If the Company determines,
in its sole discretion, that the Company cannot pay COBRA Premiums as provided in Section 2(a) or 2(b) without potentially incurring financial costs or penalties under applicable law (including, without limitation, Section 2716 of the
Public Health Service Act), the Company shall in lieu thereof pay Executive a taxable cash amount, which payment shall be made regardless of whether Executive or Executive’s eligible family members elect health care continuation coverage (the
“Health Care Benefit Payment”). The Health Care Benefit Payment shall be paid in monthly installments on the same schedule and over the same time period that the COBRA Premiums would otherwise have been paid on
behalf of the Executive. The Health Care Benefit Payment shall be equal to the amount that the Company would have otherwise paid for COBRA Premiums (which amount shall be calculated based on the premium for the first month of coverage), and shall be
paid until the expiration of the CIC COBRA Period or the Severance COBRA Period, as applicable. 
 (d)     No Duty to
Mitigate. Executive shall not be required to mitigate the amount of any payment contemplated by this Agreement, nor shall any such payment be reduced by any earnings that Executive may receive from any other source. 

(e)     Interaction with Other CIC Benefits. In the event that Executive would be entitled to a greater level of
CIC Benefits under the terms and conditions of an individual 

  
 7. 

 
stock option agreement with the Company or a severance plan or policy provided by the Company or its successor to other Company employees being terminated within three (3) months prior to
(and contingent upon the consummation of the Change in Control), in connection with, or within twelve (12) months following a Change in Control but for the existence of this Agreement, Executive shall be entitled to receive the greater of the
CIC Benefits or the benefits under such other agreement, plan or policy subject to the applicable terms and conditions thereof. 
 (f)
    Waiver. No provision of this Agreement may be waived or discharged unless the waiver or discharge is agreed to in writing and signed by the Executive and by an authorized officer of the Company (other than Executive). No
waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time.

 (g)     Integration. This Agreement supersedes all prior or contemporaneous agreements, whether written or
oral, with respect to this Agreement; provided that, for clarification purposes, this Agreement shall not affect any agreements between the Company and Executive regarding intellectual property matters,
non-solicitation or non-competition restrictions or confidential information of the Company. 

(h)     Choice of Law. The validity, interpretation, construction and performance of this Agreement shall be
governed by the internal substantive laws, but not the conflicts of law rules, of the State of Utah. 
 (i)
    Severability. The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect.

 (j)     Code Section 409A. It is intended that each installment of the payments and
benefits provided for in this Agreement is a separate “payment” for purposes of Treasury Regulation Section 1.409A-2(b)(2)(i) . For the avoidance of doubt, it is intended that payments of the
amounts set forth in this Agreement satisfy, to the greatest extent possible, the exemptions from the application of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) (Section 409A
of the Code, together, with any state law of similar effect, “Section 409A”) provided under Treasury Regulations 1.409A-l(b)(4),
1.409A-l(b)(5) and 1.409A-1(b)(9) . However, if the Company (or, if applicable, the successor entity thereto) determines that the severance payments and benefits provided under this Agreement (the
“Agreement Payments”) constitute “deferred compensation” under Section 409A and Executive is, on the date of his or her Separation from Service, a “specified employee” of the Company or
any successor entity thereto, as such term is defined in Section 409A(a)(2)(B)(i) of the Code (a “Specified Employee”), then, solely to the extent necessary to avoid the incurrence of the adverse personal
tax consequences under Section 409A, the timing of the Severance Benefits described in Section 4(b) shall be delayed as follows: on the earlier to occur of (i) the date that is six months and one day after Executive’s Separation
from Service or (ii) the date of Executive’s death (such earlier date, the “Delayed Initial Payment Date”), the Company (or the successor entity thereto, as applicable) shall pay to Executive a lump
sum amount equal to the applicable 

  
 8. 

 
benefit that Executive would otherwise have received through the Delayed Initial Payment Date if the commencement of the payment of the benefit had not been so delayed pursuant to this
Section 9(j). 
 (k)     Legal Fees and Expenses. The parties shall each bear their own expenses, legal fees
and other fees incurred in connection with the execution of this Agreement. 
 (l)     Counterparts. This
Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together will constitute one and the same instrument. 

[SIGNATURE PAGE FOLLOWS] 

  
 9. 

 IN WITNESS WHEREOF, the
parties have executed this Agreement as of the date first set forth above. 
  

			
	EXECUTIVE
	
	 /s/ Steven B. Kaminsky

	 Steven B. Kaminsky

 
			
	Date:	 	8/24/15

 
			
	
	INSTRUCTURE, INC.
		
	By:	 	 /s/ Matt Kaminer

 
			
	Name:	 	Matt Kaminer
	Title:	 	GC
	Date:	 	8/24/15

 SIGNATURE PAGE TO EXECUTIVE
AGREEMENT 

 For Executive Age 40 or Older 

Group Termination 
  

 EXHIBIT A 

RELEASE AGREEMENT 

In consideration of receiving certain benefits under my Executive Agreement with Instructure, Inc. (the
“Company”) dated [                , 20 15] (the “Agreement”), I have agreed to sign this
Release. I understand that I am not entitled to benefits under the Agreement unless I sign this Release. 
 I understand that
this Release, together with the Agreement, constitutes the complete, final and exclusive embodiment of the entire agreement between the Company, affiliates of the Company and me with regard to the subject matter hereof. I am not relying on any
promise or representation by the Company that is not expressly stated therein. Certain capitalized terms used in this Release are defined in the Agreement. 

I hereby confirm my obligations under my Confidentiality and Intellectual Property Agreement (or such similar form that I previously executed
in connection with my employment) with the Company, including but not limited to the nonsolicitation of employees covenant set forth in such agreement. 

Except as otherwise set forth in this Release, I hereby generally and completely release the Company and its current and former
directors, officers, executives, stockholders, stockholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates, and assigns (collectively, the “Released Parties”) from
any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring prior to my signing this Release (collectively, the “Released
Claims”). The Released Claims include, but are not limited to: (1) all claims arising out of or in any way related to my employment with the Company or its affiliates, or the termination of that employment; (2) all claims
related to my compensation or benefits, including salary , bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership interests in the Company or its affiliates;
(3) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (4) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of
public policy; and (5) all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the
federal Americans with Disabilities Act of 1990, the federal Age Discrimination in Employment Act of 1967 (as amended) (“ADEA”), the federal Employee Retirement Income Security Act of 1974 (as amended), the Utah
Antidiscrimination Act of 1965 (as amended), and the Utah Payment of Wages Act. Notwithstanding the foregoing, the following are not included in the Released Claims (the “Excluded Claims”): (1 ) any rights or claims for
indemnification I may have pursuant to any written indemnification agreement with the Company to which I am a party, the charter or bylaws of the Company, or under applicable law; (2) any rights related to vested securities of the Company that
were granted to me during the course of my employment with the Company or any shares of capital stock or other securities of the Company that I purchased other 

  
 A-1. 

 For Executive Age 40 or Older 

Group Termination 
  

 
than pursuant to a Company stock option or stock plan; or (3) any rights which are not waivable as a matter of law. In addition, nothing in this Release prevents me from filing, cooperating
with, or participating in any proceeding before the Equal Employment Opportunity Commission, the Department of Labor, or any other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws
related to employment, against the Company, except that I hereby waive my right to any monetary benefits in connection with any such claim, charge or proceeding. I hereby represent and warrant that, other than the Excluded Claims, I am not aware of
any claims I have or might have against any of the Released Parties that are not included in the Released Claims. 
 I acknowledge that I am
knowingly and voluntarily waiving and releasing any rights I may have under the ADEA. I also acknowledge that the consideration given for the Released Claims is in addition to anything of value to which I was already entitled. I further acknowledge
that I have been advised by this writing, as required by the ADEA, that: (a) the Released Claims do not apply to any rights or claims that arise after the date I sign this Release; (b) I should consult with an attorney prior to signing
this Release (although I may choose voluntarily not to do so); (c) I have forty-five (45) days to consider this Release (although I may choose to voluntarily sign it sooner); (d) I have seven (7) days following the date I sign this Release
to revoke the Release by providing written notice to an officer of the Company; and (e) the Release will not be effective until the date upon which the revocation period has expired unexercised, which will be the eighth day after I sign this
Release (“Effective Date”).  
 I have received with
this Release all of the information required by the ADEA, including without limitation a detailed list of the job titles and ages of all employees who were terminated in this group termination and the ages of all employees of the Company in the same
job classification or organizational unit who were not terminated, along with information on the eligibility factors used to select employees for the group termination and any time limits applicable to this group termination program. 

I hereby represent that I have been paid all compensation owed and for all hours worked, I have received all the leave and leave benefits and
protections for which I am eligible, and I have not suffered any on-the-job injury for which I have not already filed a workers’ compensation claim. 

I hereby agree not to disparage the Company, or its officers, directors, executives, stockholders or agents, in any manner likely to be
harmful to its or their business, business reputation, or personal reputation; provided, however, that I will respond accurately and fully to any question, inquiry or request for information when required by legal process. 

I acknowledge that to become effective, I must sign and return this Release to the Company so that it is received not later than forty-five
(45) days following the date it is provided to me, and I must not revoke it thereafter. 

  
 A-2. 

 For Executive Age 40 or Older 

Group Termination 
  

 I UNDERSTAND THAT THIS RELEASE AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN
CLAIMS, EVEN THOSE UNKNOWN CLAIMS THAT, IF KNOWN BY ME, WOULD AFFECT MY DECISION TO ACCEPT THIS RELEASE AGREEMENT. 
  

			
	[	 	                        ]
	
	   

		
	Date:	 	

  
 A-3. 

 For Executive Age 40 or Older 

Individual Termination 
  

 EXHIBIT B 

RELEASE AGREEMENT 

In consideration of receiving certain benefits under my Executive Agreement with Instructure, Inc. (the
“Company”) dated [            , 2015] (the “Agreement”), I have agreed to sign this Release. I understand that I am not
entitled to benefits under the Agreement unless I sign this Release. 
 I understand that this Release, together with the
Agreement, constitutes the complete, final and exclusive embodiment of the entire agreement between the Company, affiliates of the Company and me with regard to the subject matter hereof. I am not relying on any promise or representation by the
Company that is not expressly stated therein. Certain capitalized terms used in this Release are defined in the Agreement. 
 I hereby
confirm my obligations under my Confidentiality and Intellectual Property Agreement (or such similar form that I previously executed in connection with my employment) with the Company, including but not limited to the nonsolicitation of employees
covenant set forth in such agreement. 
 Except as otherwise set forth in this Release, I hereby generally and completely
release the Company and its current and former directors, officers, executives, stockholders, stockholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates, and assigns (collectively, the
“Released Parties”) from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring prior to my signing this Release
(collectively, the “Released Claims”). The Released Claims include, but are not limited to: (1) all claims arising out of or in any way related to my employment with the Company or its affiliates, or the termination of
that employment; (2) all claims related to my compensation or benefits, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership interests in the
Company or its affiliates; (3) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (4) all tort claims, including claims for fraud, defamation, emotional distress, and
discharge in violation of public policy; and (5) all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of
1964 (as amended), the federal Americans with Disabilities Act of 1990, the federal Age Discrimination in Employment Act of 1967 (as amended) (“ADEA”), the federal Executive Retirement Income Security Act of 1974 (as
amended), the Utah Antidiscrimination Act of 1965 (as amended), and the Utah Payment of Wages Act. Notwithstanding the foregoing, the following are not included in the Released Claims (the “Excluded Claims”): (1) any rights
or claims for indemnification I may have pursuant to any written indemnification agreement with the Company to which I am a party, the charter or bylaws of the Company, or under applicable law; (2) any rights related to vested securities of the
Company that were granted to me during the course of my employment with the Company or any shares of capital stock or other securities of the Company that I purchased other than pursuant to a Company stock option or stock plan; or (3) any
rights which are not waivable 

  
 B-1. 

 For Executive Age 40 or Older 

Individual Termination 
  

 
as a matter of law. In addition, nothing in this Release prevents me from filing, cooperating with, or participating in any proceeding before the Equal Employment Opportunity Commission, the
Department of Labor, or any other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws related to employment, against the Company, except that I hereby waive my right to any monetary
benefits in connection with any such claim, charge or proceeding. I hereby represent and warrant that, other than the Excluded Claims, I am not aware of any claims I have or might have against any of the Released Parties that are not included in the
Released Claims. 
 I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under the
ADEA. I also acknowledge that the consideration given for the Released Claims is in addition to anything of value to which I was already entitled. I further acknowledge that I have been advised by this writing, as required by the ADEA, that:
(a) the Released Claims do not apply to any rights or claims that arise after the date I sign this Release; (b) I should consult with an attorney prior to signing this Release (although I may choose voluntarily not to do so); (c) I have twenty-one (21) days to consider this Release (although I may choose to voluntarily sign it sooner); (d) I have seven (7) days following the date I sign this Release to revoke the Release by providing
written notice to an officer of the Company; and (e) the Release will not be effective until the date upon which the revocation period has expired unexercised, which will be the eighth day after I sign this Release (“Effective
Date”). 
 I hereby represent that I have been paid all compensation owed and for all hours worked, I have
received all the leave and leave benefits and protections for which I am eligible, and I have not suffered any on-the-job injury for which I have not already filed a
workers’ compensation claim. 
 I hereby agree not to disparage the Company, or its officers, directors, executives, stockholders or
agents, in any manner likely to be harmful to its or their business, business reputation, or personal reputation; provided, however, that I will respond accurately and fully to any question, inquiry or request for information when required by
legal process. 
 I acknowledge that to become effective, I must sign and return this Release to the Company so that it is received not
later than twenty-one (21) days following the date it is provided to me, and I must not revoke it thereafter. 

I UNDERSTAND THAT THIS RELEASE AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS, EVEN THOSE UNKNOWN CLAIMS THAT, IF KNOWN BY
ME, WOULD AFFECT MY DECISION TO ACCEPT THIS RELEASE AGREEMENT. 
  

			
	[	 	                                    ]
	
	   

		
	Date:	 	

  
 B-2. 

 For Executive Under 40 

Individual or Group Termination 
  

EXHIBIT C 

RELEASE AGREEMENT 
 In
consideration of receiving certain benefits under my Executive Agreement with Instructure, Inc. (the “Company”) dated [            ,
2015] (the “Agreement”), I have agreed to sign this Release. I understand that I am not entitled to benefits under the Agreement unless I sign this Release. 

I understand that this Release, together with the Agreement, constitutes the complete, final and exclusive embodiment of the entire agreement
between the Company, affiliates of the Company and me with regard to the subject matter hereof. I am not relying on any promise or representation by the Company that is not expressly stated therein. Certain capitalized terms used in this Release are
defined in the Agreement. 
 I hereby confirm my obligations under my Confidentiality and Intellectual Property Agreement (or such similar
form that I previously executed in connection with my employment) with the Company. 
 Except as otherwise set forth in this Release, I
hereby generally and completely release the Company and its current and former directors, officers, executives, shareholders, shareholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates,
and assigns (collectively, the “Released Parties”) from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or
omissions occurring prior to my signing this Release (collectively, the “Released Claims”). The Released Claims include, but are not limited to: (1) all claims arising out of or in any way related to
my employment with the Company or its affiliates, or the termination of that employment; (2) all claims related to my compensation or benefits, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe
benefits, stock, stock options, or any other ownership interests in the Company or its affiliates; (3) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (4) all tort
claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (5) all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation,
attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, the federal Executive Retirement Income Security Act of 1974 (as amended), the Utah
Antidiscrimination Act of 1965 (as amended), and the Utah Payment of Wages Act. Notwithstanding the foregoing, the following are not included in the Released Claims (the “Excluded Claims”) : (1) any
rights or claims for indemnification I may have pursuant to any written indemnification agreement with the Company to which I am a party, the charter or bylaws of the Company, or under applicable law; (2) any rights related to vested securities
of the Company that were granted to me during the course of my employment with the Company or any shares of capital stock or other securities of the Company that I purchased other than pursuant to a Company stock option or stock plan; or
(3) any rights which are not waivable as a matter of law. In addition, nothing in this Release prevents me from filing, cooperating 

  
 C-1. 

 For Executive Under 40 

Individual or Group Termination 
  

 
with, or participating in any proceeding before the Equal Employment Opportunity Commission, the Department of Labor, or any other local, state, or federal administrative body or government
agency that is authorized to enforce or administer laws related to employment, against the Company, except that I hereby waive my right to any monetary benefits in connection with any such claim, charge or proceeding. I hereby represent and warrant
that, other than the Excluded Claims, I am not aware of any claims I have or might have against any of the Released Parties that are not included in the Released Claims. 

I hereby represent that I have been paid all compensation owed and for all hours worked, I have received all the leave and leave benefits and
protections for which I am eligible, and I have not suffered any on-the-job injury for which I have not already filed a workers’ compensation claim. 

I hereby agree not to disparage the Company, or its officers, directors, executives, shareholders or agents, in any manner likely to be
harmful to its or their business, business reputation, or personal reputation; provided, however, that I will respond accurately and fully to any question, inquiry or request for information when required by legal process. 

I acknowledge that to become effective, I must sign and return this Release to the Company so that it is received not later than fourteen
(14) days following the date it is provided to me, and I must not revoke it thereafter. 
 I UNDERSTAND THAT THIS RELEASE AGREEMENT
INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS, EVEN THOSE UNKNOWN CLAIMS THAT, IF KNOWN BY ME, WOULD AFFECT MY DECISION TO ACCEPT THIS RELEASE AGREEMENT. 

 

	
	[                            ]
	
	  

	Date:

  
 C-2.EX-10.18

 Exhibit 10.18 

EMPLOYEE CO-INVEST AGREEMENT 

THIS EMPLOYEE CO-INVEST AGREEMENT (this “Agreement”) is made as
of            , 2020, by and among Instructure Parent, LP, a Delaware limited partnership (the “Partnership”), Thoma Bravo Fund XIII, L.P., a Delaware limited
partnership (“Fund XIII”), Thoma Bravo Fund XIII-A, L.P., a Delaware limited partnership (“Fund XIII-A”), and Thoma Bravo Executive
Fund XIII, L.P., a Delaware limited partnership (“Executive Fund XIII” and, together with Fund XIII and Fund XIII-A, “TB”), and the employee listed on the signature page
hereto (“Employee”). Capitalized terms used but not otherwise defined herein shall have the meaning ascribed to them in the LP Agreement. 

Pursuant to the Instructure Parent, LP Incentive Equity Plan (the “Plan”), the Partnership and Employee desire to enter into
this Agreement pursuant to which Employee will purchase, and the Partnership will sell, Class A Units and Class B Units as set forth on the signature page hereto. All Class A Units and Class B Units hereby acquired by Employee
pursuant to this Agreement are referred to herein as the “Co-Invest Units.” Certain definitions are set forth in Section 6 of this Agreement. 

The parties hereto agree as follows: 

1.     Purchase and Sale of Co-Invest Units. 

(a)     Upon execution of this Agreement, Employee will purchase and the Partnership will sell the number of Class A
Units, at a price of $1,000 per Class A Unit, as set forth on the signature page hereto, and the number of Class B Units, at a price of $0.00 per Class B Unit, as set forth on the signature page hereto. Employee will deliver to the
Partnership or its designee a check or wire transfer of funds, on or before July 10, 2020 (the “Cancellation Date”) in the aggregate amount as set forth on the signature page hereto (the “Purchase Price”). The
issuance of the Co-Invest Units to Employee hereunder is intended to be exempt from registration under the Securities Act pursuant to Regulation D or Rule 701 thereunder or Section 4(2). 

(b)     If Employee is (or is reasonably expected to become) a United States taxpayer, within 30 days after Employee
purchases the Co-Invest Units from the Partnership, Employee will make a timely and effective election with the Internal Revenue Service under Section 83(b) of the Internal Revenue Code and the Treasury
regulations promulgated thereunder in the form of Exhibit A attached hereto. Employee acknowledges that it is Employee’s sole responsibility, and not the Partnership’s, to file timely and properly an election under
Section 83(b) of the Internal Revenue Code and any corresponding provisions of state tax laws, if applicable. 

(c)     In connection with the purchase and sale of the Co-Invest Units hereunder,
Employee represents and warrants to the Partnership and TB that: 
 (i)     Employee possesses all
requisite capacity, power and authority to enter into and perform Employee’s obligations under this Agreement and the LP Agreement. 

(ii)     (x) Employee is an “accredited investor” within the meaning of Rule 501 of Regulation D
of the Securities and Exchange Commission, or (y) if Employee is not 

 
an “accredited investor,” Employee acknowledges and agrees that (A) the opportunity to acquire interests in the Partnership is being offered in consideration of the services
rendered to the Partnership and its Subsidiaries as additional compensation under a “written compensation contract” as contemplated by Rule 701 of the Securities Act of 1933, as amended, and (B) Employee would not have the opportunity
to acquire an interest in the Partnership if Employee were not an employee of the Partnership or one of its Subsidiaries. 

(iii)     The Co-Invest Units to be acquired by Employee pursuant
to this Agreement will be acquired for Employee’s own account and not with a view to, or intention of, distribution thereof in violation of the Securities Act or any applicable securities laws and the
Co-Invest Units will not be disposed of in contravention of the Securities Act or any applicable securities laws. 

(iv)     Employee is employed by the Partnership or one of its Subsidiaries, is sophisticated in financial
matters and is able to evaluate the risks and benefits of the investment in the Co-Invest Units. 

(v)     Employee is not relying upon any information, representation or warranty by the Partnership, its
Subsidiaries, TB or any of their respective Affiliates or any agent of any of the foregoing in deciding to invest in the Co-Invest Units, and expressly acknowledges that none of the foregoing Persons has made
any representations or warranties to Employee in connection therewith. 
 (vi)     Employee is able to
bear the economic risk of Employee’s investment in the Co-Invest Units for an indefinite period of time and acknowledges that Employee will be required to do so because the
Co-Invest Units have not been registered under the Securities Act and, therefore, cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is available.

 (vii)     Employee has had ample time and opportunity to review this Agreement, the LP Agreement and
the other documents referenced herein, ask questions and receive answers concerning the terms and conditions of the offering of Co-Invest Units and has had full access to such other information concerning the
Partnership as Employee has requested. 
 (viii)     This Agreement, the LP Agreement and each of the
other agreements contemplated hereby constitute the legal, valid and binding obligation of Employee, enforceable in accordance with their respective terms, and the execution, delivery and performance of this Agreement, the LP Agreement and such
other agreements by Employee does not and will not conflict with, violate or cause a breach of any agreement, contract or instrument to which Employee is a party or any judgment, order or decree to which Employee is subject. 

(ix)     The offering of the Co-Invest Units and the Co-Invest Units acquired hereunder, and the income and value of the same, are not part of normal or expected compensation for the purpose of calculating any severance, resignation, termination, redundancy,
dismissal, end-of-service payments, holiday pay, bonuses, long-service awards, pension or retirement benefits or payments or welfare benefits or similar payments. 

  
 2 

 (x)     Unless otherwise agreed with the Partnership in
writing, the Co-Invest Units and the income and value of the same, are not offered as consideration for, or in connection with, any service Employee may provide as a director, manager or in a similar capacity
of the Partnership or any of its Subsidiaries. 
 (xi)     Except as otherwise expressly provided in the
Plan and as determined by the Partnership in its sole and absolute discretion, the Co-Invest Units and any benefits under this Agreement do not create any entitlement to have the
Co-Invest Units or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any corporate or similar transaction affecting the
Units. 
 (xii)    Employee understands that (A) there is no current public market for the Co-Invest Units, none is expected to develop and the Co-Invest Units are subject to substantial restrictions on transferability, and (B) as a result of such matters and
other factors, the Co-Invest Units are difficult to value. 

(xiii)     Employee understands and agrees that (A) the investment in the Partnership involves a high
degree of risk, (B) in the future the Co-Invest Units may significantly increase or decrease in value, and (C) no guarantees or representations have been made or can be made with respect to the
future value of the Co-Invest Units or the future profitability or success of the Partnership or any of its Subsidiaries. 

(xiv)     Employee acknowledges and agrees that (A) the Partnership and its Subsidiaries have incurred
and may incur in the future a substantial amount of senior or other indebtedness and (B) there may be additional issuances of Co-Invest Units or other Equity Securities of the Partnership after the date
hereof and the equity interests of Employee may be diluted in connection with any such issuance, subject to the terms of the LP Agreement. 

(xv)     Employee has had the opportunity, and has been advised by the Partnership, to consult with
(A) Employee’s tax counsel as to the U.S. federal, state, local and foreign tax consequences of the transactions contemplated by this Agreement and the LP Agreement and (B) independent legal counsel regarding Employee’s rights
and obligations under this Agreement and the LP Agreement and fully understands the terms and conditions contained herein and therein. 

(xvi)     Employee is not relying on the Partnership or any of its Subsidiaries’ or Affiliates’
employees, agents or representatives with respect to the legal, tax, economic, and related considerations of an investment in the Co-Invest Units. 

(xvii)     The determination of Employee to invest in and acquire interests in the Partnership has been
made by the Employee independent of any statements or opinions as to the advisability of such investment or as to the properties, business, prospects (including potential valuations upon a liquidity event or the likelihood of a liquidity event

  
 3 

 
ever occurring) or condition (financial or otherwise) of the Partnership and the Partnership’s Subsidiaries which may have been made or given by the Partnership or any of the
Partnership’s Affiliates or any agent or employee of the Partnership, any of the Partnership’s Affiliates, or their representatives. 

(xviii)     Other than as specifically set forth in the LP Agreement, neither the Partnership nor any
Person acting on the Partnership’s behalf, makes any representations or warranties to Employee or any other person in connection with the transactions contemplated by this Agreement or the Co-Invest Units
and all other representations and warranties, whether express or implied, written or oral, made or given in connection with the transactions contemplated hereby or the Co-Invest Units are hereby disclaimed by
the Partnership, regardless of whether or not contained in any document or other communication provided or otherwise made available to the Employee or any person acting on behalf of the Employee during the course of evaluating whether to invest in
the Co-Invest Units or otherwise (including any management presentation, information or offering memorandum, supplemental information, estimate, projection, forecast, budget or other forward-looking
information or other materials or information with respect to any of the above). 
 (xix)     Employee is
not acquiring the Co-Invest Units as a result of, or subsequent to, any advertisement, article, notice or other communication published in any newspaper, magazine, internet publication or similar media or
broadcast over television, radio or the internet or presented at any public seminar or meeting. 

(xx)     Employee’s spouse (if any) has read this Agreement, the LP Agreement and the other agreements
referred to herein, understands their contents and has agreed that any interest (including any community property interest) such spouse may have, or may acquire in the future, in the Co-Invest Units is
irrevocably bound by this Agreement, the LP Agreement and the other agreements referred to herein. 

(xxi)     Employee is a resident of the State or country listed on the signature page hereto under
Employee’s name. 
 (xxii)     Employee is able to read and understand English. 

(d)     As an inducement to the Partnership to issue the Co-Invest Units to
Employee, and as a condition thereto, Employee acknowledges and agrees that neither the issuance of the Co-Invest Units to Employee nor any provision contained herein shall entitle Employee to remain in the
employment of the Partnership and its Subsidiaries or affect the right of the Partnership and its Subsidiaries to terminate Employee’s employment at any time for any reason. 

2.     Repurchase Option. 

(a)     In the event Employee’s Continuous Service ceases for any reason (each, a “Termination”) or
in the event any laws, rules, or regulations (whether in effect on the date hereof or hereafter amended, promulgated, approved, reinterpreted or enacted) of any governmental or regulatory authority materially restrict the rights or obligations of
the Partnership or Employee hereunder or materially increase the obligations of the Partnership in respect of the transactions 

  
 4 

 
contemplated hereby including the issuance of the Co-Invest Units or Employee holding the Co-Invest Units, in each
case as determined by the Board in its reasonable discretion (each such instance, a “Regulatory Burden”), all of the Co-Invest Units (whether any such
Co-Invest Units are held by Employee or one or more of Employee’s Permitted Transferees (as defined in the LP Agreement) other than the Partnership) will be subject to repurchase, in each case by the
Partnership and TB pursuant to the terms and conditions set forth in this Section 2 (the “Repurchase Option”). 

(b)     In the event of a Termination other than for Cause, the purchase price for each
Co-Invest Unit will be the Fair Market Value for such Co-Invest Unit as of the date of the Repurchase Notice or the Supplemental Repurchase Notice, as applicable. In the
event of a Termination for Cause, each Co-Invest Unit shall be subject to repurchase by the Partnership for the lesser of (i) Employee’s Original Cost and (ii) the Fair Market Value for such Co-Invest Units, as of the date of the Repurchase Notice or the Supplemental Repurchase Notice, as applicable. 

(c)     The Board may elect to cause the Partnership to purchase all or any portion of any of the Co-Invest Units by delivering written notice (the “Repurchase Notice”) to Employee and, if applicable, Employee’s Permitted Transferees within 210 days after the Termination or date of the
Board’s determination of such Regulatory Burden. The Repurchase Notice will set forth the number of Co-Invest Units to be acquired from each holder, the aggregate consideration to be paid for such Co-Invest Units and the time and place for the closing of the transaction. If some Co-Invest Units are held by Employee’s Permitted Transferees and the Board elects to
repurchase only a portion of the Co-Invest Units, Employee shall be permitted to designate which of the Co-Invest Units to be repurchased shall be repurchased from
Employee and which shall be repurchased from Employee’s Permitted Transferees. If Employee does not make such a designation, the number of Co-Invest Units to be repurchased by the Partnership shall first
be satisfied to the extent possible from the Co-Invest Units held by Employee at the time of delivery of the Repurchase Notice. If the number of Co-Invest Units then
held by Employee is less than the total number of Co-Invest Units which the Partnership has elected to purchase, the Partnership shall purchase the remaining Co-Invest
Units elected to be purchased from Employee’s Permitted Transferees, pro rata according to the number of Co-Invest Units held by such Permitted Transferee(s) at the time of delivery of such Repurchase
Notice (determined as nearly as practicable to the nearest unit). Additionally, the Board may cause the Partnership to assign its rights under this Section 2 to one or more of its Affiliates. 

(d)     If for any reason the Partnership does not elect to purchase all of the
Co-Invest Units pursuant to the Repurchase Option, TB shall be entitled to exercise the Repurchase Option for the Co-Invest Units the Partnership has not elected to
purchase (the “Available Units”). As soon as practicable after the Partnership has determined that there will be Available Units, but in any event within 90 days after the Termination or date of the Board’s determination of
such Regulatory Burden, the Partnership shall give written notice (the “Option Notice”) to TB setting forth the number of Available Units and the purchase price for the Available Units. TB may elect to purchase any or all of the
Available Units by giving written notice to the Partnership within 30 days after the Option Notice has been given by the Partnership. If more than one member of TB elects to purchase Available Units, the purchase of such Co-Invest Units shall be allocated among the members of TB based upon the number of Class B Units owned by each member of TB. As soon as practicable, and in any event within ten days after the expiration of the
applicable period 

  
 5 

 
set forth above, the Partnership shall notify each holder of Co-Invest Units as to the number of Co-Invest Units
being purchased from such holder by TB (the “Supplemental Repurchase Notice”). At the time the Partnership delivers the Supplemental Repurchase Notice to the holder(s) of Co-Invest Units, the
Partnership shall also deliver written notice to TB setting forth the number of Co-Invest Units TB is entitled to purchase, the aggregate purchase price and the time and place of the closing of the
transaction. 
 (e)     The closing of the purchase of the Co-Invest Units
pursuant to the Repurchase Option shall take place on the date designated by the Partnership or TB, as applicable, in the Repurchase Notice or, if later, the Supplemental Repurchase Notice, which date shall not be more than 30 days nor less than
five days after the delivery of the later of either such notice to be delivered. The Partnership will pay for the Co-Invest Units to be purchased by it pursuant to the Repurchase Option by first offsetting
amounts outstanding under any bona fide debts, including for money borrowed from the Partnership or its Subsidiaries or for travel and expense advances, owed by Employee to the Partnership or its Subsidiaries (or one or more of Employee’s
Permitted Transferees, other than the Partnership or TB) and, upon full repayment of such bona fide debts, the Partnership will make payment by a check or wire transfer of funds in the aggregate amount of the remaining purchase price for such Co-Invest Units. TB will pay for the Co-Invest Units to be purchased by it pursuant to the Repurchase Option by delivery of a check or wire transfer of funds in the aggregate
amount of the purchase price for such Co-Invest Units. In connection with such purchase, Employee acknowledges and agrees that the Partnership and/or TB, as applicable, shall be entitled to receive from
Employee and Employee’s Permitted Transferees (if any) customary representations and warranties regarding such sale and the Co-Invest Units subject thereto as well as a customary release of claims from
Employee and any other seller related to the Co-Invest Units or such Employee’s status as an equityholder of the Partnership, in each case in form and substance satisfactory to the Partnership and/or TB,
as applicable. 
 (f)     If, pursuant to the terms and conditions of this Agreement, the Partnership (and/or TB and/or
any other Person acquiring securities) shall make available, at the time and place and in the amount (it being understood that, in certain circumstances, the amount may be $0) and form on the terms and conditions provided in this Agreement, the
consideration for the Co-Invest Units to be repurchased, in each case, in accordance with the provisions of this Agreement, then, from and after such time, the Person(s) from whom such Co-Invest Units are to be repurchased shall no longer hold any title or interest in such Co-Invest Units and shall not have any rights as a holder of such Co-Invest Units (other than the right to receive payment of the applicable consideration in accordance with this Agreement), and such Co-Invest Units shall be deemed
repurchased in accordance with the applicable provisions of this Section 2 and the Partnership (and/or TB and/or any other Person acquiring securities) shall be deemed the owner and holder of such
Co-Invest Units, whether or not the certificates therefor, if any, or any other deliverables have been delivered as required by this Agreement and whether or not the Person(s) from whom such Co-Invest Units are to be repurchased shall take any other action in connection with such repurchase (including acknowledging receipt of, or otherwise responding to, any Repurchase Notice or Supplemental Repurchase
Notice). Notwithstanding this Section 2(f), Employee hereby agrees to take such actions as are required to be taken by Employee pursuant to the provisions of this Agreement in connection with any such repurchase. 

  
 6 

 (g)     Notwithstanding anything to the contrary contained in this
Agreement, all repurchases of Co-Invest Units by the Partnership shall be subject to applicable restrictions contained in the Delaware Act and in the Partnership’s and its Subsidiaries’ debt and
equity financing agreements. If any such restrictions prohibit the repurchase of Co-Invest Units hereunder which the Partnership is otherwise entitled or required to make, the Partnership may, notwithstanding
anything to the contrary in this Agreement, delay and toll the time period for any such repurchases until such time as it is permitted to do so under such laws and agreements. 

(h)     The Repurchase Option set forth in this Section 2, to the extent unexercised, shall continue with
respect to the Co-Invest Units following any transfer thereof, but in all respects subject to the other terms and conditions of this Agreement. 

(i)    As provided in Section 4.6 of the LP Agreement, the repurchase of
Co-Invest Units pursuant to this Section 2 may be effectuated by distributing to the holder one or more classes of securities issued by a Subsidiary of the Partnership (the “Substitute
Securities”), provided that, promptly following such distribution, the Subsidiary that issued the Substitute Securities shall redeem or repurchase the Substitute Securities from such holder for an amount of cash equal to the purchase price
applicable to the Co-Invest Units that were exchanged for such Substitute Securities (which Transfer the Partnership and the holder will treat as a distribution of securities of the Subsidiary under Code
Section 731(a)). 
 3.     Transferability. The Co-Invest Units are
subject to the transfer restrictions contained in the LP Agreement and the Repurchase Option. On the date hereof, Employee shall execute and deliver a joinder to the LP Agreement in the form attached hereto as Exhibit B, and agree to be bound
by the terms and provisions thereof. On the date hereof, if applicable, Employee and Employee’s spouse shall execute and deliver a spousal consent, in the form attached hereto as Exhibit C, and agree to be bound by the terms and
provisions thereof. Regardless of any marital property settlement agreement that may exist now or be entered into in the future between Employee and Employee’s spouse (if any), neither the Partnership nor TB is obligated to recognize
Employee’s current or former spouse’s (if any) interest in any Co-Invest Units in any way. 

4.     Withholding. The Partnership may withhold from any and all amounts payable under this Agreement or otherwise
such federal, state, local or foreign withholding taxes, excise taxes, or employment taxes (“Taxes”) as may be required to be withheld by the Partnership or any of its Subsidiaries pursuant to any applicable law or regulation.
Employee shall pay to the Partnership or make arrangements satisfactory to the Partnership to pay the amount of all applicable Taxes that the Partnership or any of its Subsidiaries is required to withhold at any time. If Employee shall fail to make
such payment, the Partnership or any of its Subsidiaries shall, to the extent permitted by law, have the right to deduct from any payment of any kind otherwise due to Employee any Taxes of any kind required by law to be withheld with respect to the Co-Invest Units. In the event that the Partnership fails to withhold any Taxes required to be withheld by applicable law or regulation, Employee shall indemnify the Partnership and its Subsidiaries for any amounts
paid by the Partnership or any of its Subsidiaries with respect to any such Taxes but only to the extent Employee has not already paid such Taxes. 

  
 7 

 5.     Confidential Information;
Non-Compete; Non Solicitation. 
 (a)     Confidential Information.
Employee recognizes and acknowledges that by reason of Employee’s employment with or engagement by the Partnership or its Affiliates, Employee will have access to confidential and/or proprietary information of the Partnership and/or any of its
Affiliates, including (i) trade secrets, inventions, ideas, processes, methods, apparatus, equipment, software, data, programs, listings, patents, copyrights, trademarks, service marks, other works of authorship,
know-how, technology improvements, specifications, formulas, discoveries, developments, designs, drawings, documents, sketches, drawings, models and techniques relating to the current, future and proposed
products and services of the Partnership (collectively, “Inventions”); (ii) information and data regarding research, development, new products and services, design, details and specifications, engineering, marketing and sales,
business records and plans, budgets, plans for future developments, business forecasts, financial statements and other financial information, licenses, costs, procurement requirements, policies or operational methods, suppliers, customers, potential
customers and key personnel, market studies and forecasts, target markets, competitive analyses, sales and pricing policies, sales and pricing information and techniques, promotional strategies, the identity, skills and compensation of employees,
personnel policies, the substance of agreements with customers, suppliers and others, marketing or dealership arrangements, servicing and training programs and arrangements, customer lists, customer preferences, customer needs, customer data,
customer contact information, profit margins, overhead, and the Partnership’s methods and techniques for running its business, including but not limited to technical information relating to the creation, installation, repair or maintenance of
its products and the services the Partnership provides; and (iii) information regarding the skills and compensation of other employees, independent contractors or consultants of the Partnership ((i), (ii) and (iii) collectively, and in any
form or medium, “Proprietary Information”). Employee hereby assigns to the Partnership all rights Employee may have or acquire in such Proprietary Information and recognizes and agrees that all Proprietary Information shall be the
sole property of the Partnership and its assigns. 
 (b)     Intellectual Property, Inventions and Patents. 

(i)     Ownership. Employee acknowledges and agrees that all Inventions and Proprietary Rights (as
defined below) conceived, developed, fabricated, improved, made or reduced to practice by Employee (A) within the scope of Employee’s employment or engagement; (B) while using the Partnership’s time, materials, equipment,
facilities, personnel, technology, software, code, utilities, tools, applications or other resources; or (C) otherwise relating the Proprietary Information of the Partnership, whether in whole or in part, either solely or jointly with others,
during the term of Employee’s employment by or service to the Partnership (collectively, “Work Product”) belong to the Partnership as set forth below or as a result of assignment from Employee to the Partnership as set forth
below. “Proprietary Rights” means all trade secret, patent, copyright, mask work and other intellectual property rights throughout the world. 

(ii)     Works for Hire. Employee acknowledges and agrees that all Work Product or other original
works of authorship are “works made for hire,” pursuant to United States Copyright Act (17 U.S.C., Section 101) (as a result of which the Partnership shall be the author) and, to the extent that such Work Product or other original
works of 

  
 8 

 
authorship may not be deemed “works made for hire,” Employee hereby irrevocably and perpetually assigns, transfers and conveys and agrees to so assign, transfer and convey in the future
to the Partnership all of Employee’s right, title and interest to such Work Product or other original works of authorship throughout the world, including, without limitation, all moral rights and the rights to sue for past infringement.
Employee represents that such assignment does not violate the terms and conditions of any agreement to which Employee is a party or by which Employee is bound. 

(iii)     Disclosure of Inventions. Employee will inform the Partnership promptly and fully of any
Invention and/or Work Product and upon request by the Partnership will set forth in writing in such details as are necessary to explain the Invention and/or Work Product, including, without limitation, measurements, theories, processes, structures,
procedures and methodology employed and the results achieved. Upon the Partnership’s request, Employee will execute all documents necessary to confirm or perfect the Partnership’s exclusive ownership of any Inventions and Work Product as
set forth in this Section 5(b). Employee will execute such documents and provide such assistance as may be deemed necessary by the Partnership to apply for, defend, or enforce any United States and foreign patents, copyrights, and
related rights based on or related to such Inventions and Work Product. In the event the Partnership is unable for any reason, after reasonable effort, to secure Employee’s signature on any document needed in connection with the actions
specified above, Employee hereby irrevocably designates and appoints the Partnership and its duly authorized officers and agents as Employee’s agent and attorney in fact, which appointment is coupled with an interest, to act for and on
Employee’s behalf to execute, verify and file any such documents and to do all other lawfully permitted acts to further the purposes of this Section 5(b) and this Agreement with the same legal force and effect as if executed by
Employee. Employee hereby waives and quitclaims to the Partnership any and all claims, of any nature whatsoever, which Employee now or may hereafter have for infringement of any Invention assigned hereunder to the Partnership. 

(iv)     Prior Proprietary Rights. Proprietary Rights, if any, patented or unpatented, which
Employee made prior to the commencement of Employee’s employment or engagement with the Partnership are excluded from the scope of this Agreement. To preclude any possible uncertainty, Employee has set forth on Annex A, attached hereto,
a complete list of all Proprietary Rights that Employee has, alone or jointly with others, conceived, developed or reduced to practice or caused to be conceived, developed or reduced to practice prior to the commencement of Employee’s
employment or engagement with the Partnership, that Employee considered to be Employee’s property or the property of third parties and that Employee wishes to have excluded from the scope of this Agreement (collectively, “Prior
Proprietary Rights”). If disclosure of any such Prior Proprietary Right would cause Employee to violate any prior confidentiality agreement, Employee understands that Employee is not to list such Prior Proprietary Rights in Annex A
but is only to disclose a cursory name for each such Proprietary Right, a listing of the party(ies) to whom it belongs and the fact that full disclosure as to such Proprietary Rights has not been made for that reason. If no such disclosure is
attached, Employee represents that there are no Prior Proprietary Rights. If, in the course of Employee’s employment or engagement with the Partnership, Employee incorporates a Prior Proprietary Right into a Partnership product, process or
machine, the Partnership is hereby granted and shall have 

  
 9 

 
a nonexclusive, royalty-free, irrevocable, perpetual, transferable, worldwide license (with rights to sublicense through multiple tiers of sublicenses) to make, have made, modify, use and sell
such Prior Proprietary Right. Notwithstanding the foregoing, Employee agrees that Employee will not incorporate, or permit to be incorporated, Prior Proprietary Rights in any Inventions of the Partnership without the Partnership’s prior written
consent. 
 (c)     Non-Competition;
Non-Solicitation; Non-Disparagement. 

(i)     During Employee’s Continuous Service and for a period of twelve (12) months after the
date on which Employee’s Continuous Service ceases, Employee shall not directly or indirectly participate in any activity, and shall cause each Person controlled by Employee not to participate in any activity, in each case that would qualify as
Competition in the Territory (as defined below). For purposes hereof, “Competition” means to directly or indirectly own any interest in, manage, operate, control, invest or acquire an interest in, participate in, consult with,
render services to or for, operate or in any manner engage in, any Person, business or enterprise (including any division, group or franchise of a larger organization), whether as a proprietor, owner, member, partner, stockholder, director, officer,
employee, consultant, joint venturer, investor, licensor, sales representative or other participant, that conducts, participates in or constitutes a business or business line that the Partnership is conducting or that the Partnership conducted
during the one (1) year period immediately preceding the date that Employee is no longer employed by the Partnership or any Subsidiary or Affiliate of the Partnership. Notwithstanding anything to the contrary contained herein, Employee shall
not be prohibited from owning up to two percent (2%) of the outstanding stock of a corporation that is engaged in Competition and that is publicly traded on a national securities exchange or in the over the counter market so long as Employee has no
active participation or management authority in connection with the business of such corporation partnership, company venture or other enterprise. 

(ii)     As used in this Agreement, “Territory” means all of the United States of America
and all of each other country in which the Partnership or any of its Subsidiaries generates sales, markets products or provides services during Employee’s employment or engagement or, upon termination of Employee’s employment or
engagement, generated sales, marketed products or provided services at any time during the one (1) year period prior to the termination of Employee’s employment or engagement. 

(iii)     During Employee’s Continuous Service and for a period of twenty-four (24) months after
the date on which Employee’s Continuous Service ceases, Employee shall not, directly or indirectly, for the benefit of Employee or any other person, and shall cause any Person controlled by Employee not to directly or indirectly:
(A) induce, contact, encourage, solicit or hire or attempt to induce, contact, encourage, solicit or hire any employee, associate, consultant, agent or representative of the Partnership, who is or was an employee, associate, consultant, agent
or representative of the Partnership on or during the one (1) year period immediately preceding the date of Employee’s termination of employment or engagement with the Partnership, to leave the employ of the Partnership or alter in any way
the services provided to the Partnership; (B) induce, contact, encourage, or solicit or to attempt to induce, contact, encourage, or solicit any customer, supplier, 

  
 10 

 
vendor, licensee, distributor, contractor or other business relation of the Partnership, who is or was a customer, supplier, vendor, licensee, distributor, contractor or other business relation
of the Partnership, on or during the one (1) year period immediately preceding the date of Employee’s termination of employment or engagement with the Partnership, to cease doing business with or alter in any way such Person’s
business with, or adversely alter its business relationship with, the Partnership; or (C) hire or retain any Person who is or was an employee, associate, consultant, agent or representative of the Partnership on or during the one (1) year
period immediately preceding the date of Employee’s termination of employment or engagement with the Partnership. The foregoing restrictions on hiring only shall not apply to residents of the State of California. 

(iv)     For so long as Employee is employed or engaged by the Partnership and for all times thereafter,
Employee shall not, directly or indirectly, and shall cause any Person controlled by Employee not to, make or solicit or encourage others to make or solicit directly or indirectly any derogatory or negative statement or communication about the
Partnership or any of the Partnership’s respective businesses, products, services or activities; provided, however, that such restriction shall not prohibit truthful testimony compelled by valid legal process. 

(d)     Enforcement. If, at the time of enforcement of any of Sections 5(a) through (c) above, a court
holds that the restrictions stated herein are unreasonable under circumstances then existing, the parties hereto agree that the maximum period, scope or geographical area reasonable under such circumstances shall be substituted for the stated
period, scope or area. Because Employee’s services are unique and because Employee has access to Confidential Information and Work Product, the parties hereto agree that money damages would not be an adequate remedy for any breach of this
Agreement. Therefore, in the event of a breach or threatened breach of this Agreement, the Partnership or its successors or assigns, in addition to other rights and remedies existing in their favor, shall be entitled to specific performance and/or
injunctive or other equitable relief from a court of competent jurisdiction in order to enforce, or prevent any violations of, the provisions hereof (without posting a bond or other security). In addition, in the event of an actual breach or
violation by Employee of Section 5(c), the applicable restricted period shall be tolled until such breach or violation has been duly cured. Employee acknowledges that the restrictions contained in Sections 5(a) through
(c) are reasonable and that Employee has received good and valuable consideration in exchange for such covenants. 

(e)     For purposes of Section 4, “Partnership” will mean the Partnership and its Subsidiaries and
controlled Affiliates. 
 6.     Definitions. 

“Affiliate” means, as to any Person, any other Person which directly or indirectly controls, is under common control with, or
is controlled by, such Person. As used in this definition, “control” (including, with its correlative meanings, “controlled by” and “under common control with”) shall mean possession, directly or indirectly, of power to
direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise). 

  
 11 

 “Board” means the board of managers of the Partnership. 

“Cause” shall have the meaning assigned to such term in any written employment or services agreement between the Partnership
or any of its Subsidiaries and Employee or, in the absence of any such written employment or services agreement, shall mean a dismissal as a result of (a) Employee’s failure to substantially perform Employee’s duties as an employee of
the Partnership (or any of its Subsidiaries) (other than any such failure resulting from Employee’s disability, as defined in accordance with the policies of the Partnership or its Subsidiaries); (b) the Board’s determination that Employee
failed in any material respect to carry out or comply with any lawful and reasonable directive of the Board consistent with the terms of Employee’s employment; (c) Employee’s material breach of this Agreement or any other written
agreement between Employee and the Partnership or its Subsidiaries (it being understood that any breach of the restrictive covenants set forth in Section 4 shall be deemed to be a material breach of this Agreement); (d) Employee’s
conviction, plea of no contest, plea of nolo contendere, or imposition of unadjudicated probation for any felony or crime involving moral turpitude; (e) Employee’s unlawful use (including being under the influence) or possession of
illegal drugs on the Partnership’s (or any of its Affiliate’s) premises or while performing Employee’s duties and responsibilities consistent with the terms of Employee’s employment; or (f) Employee’s commission of an
act of fraud, embezzlement, misappropriation, willful misconduct, or breach of fiduciary duty against the Partnership or any of its Affiliates. 

“Co-Invest Units” has the meaning assigned to it in the Recitals to this Agreement. Co-Invest Units will continue to be Co-Invest Units in the hands of any holder other than Employee (except for the Partnership and TB and except for transferees in a Public
Sale), and except as otherwise provided herein, each such other holder of Co-Invest Units will succeed to all rights and obligations attributable to Employee as a holder of
Co-Invest Units hereunder. Co-Invest Units will also include equity securities of the Partnership issued with respect to
Co-Invest Units by way of a unit split, distribution of units or other recapitalization. Any Units issued in respect of a contribution of Co-Invest Units will continue
to be Co-Invest Units for purposes of this Agreement and the LP Agreement, and will have the same rights and obligations binding upon Co-Invest Units (including, for the
avoidance of doubt, Article VIII (Transfer of Partnership Interests) and Article XII (Change in Business Form; Merger) of the LP Agreement, and any such contribution or exchange shall in no way modify or limit such rights or obligations). 

“Continuous Service” means an individual’s continuous employment with, or continuous provision of services to, the
Partnership or one of its Subsidiaries. 
 “Fair Market Value” of each Co-Invest
Unit means the fair value of such Co-Invest Unit as determined in good faith by the Board applying the provisions of Sections 11.2(a)(ii) and 

11.2(b) of the LP Agreement. 

“LP Agreement” means the Amended and Restated Limited Partnership Agreement of the Partnership, dated as of March 24,
2020, as amended, supplemented, modified or restated from time to time. 
 “Original Cost” means (i) with respect to
each Co-Invest Unit purchased hereunder and (ii) with respect to any other Class A Units and Class B Units hereafter acquired by Employee, 

  
 12 

 
the price actually paid by Employee for such units (each as proportionately adjusted for all subsequent units splits, distribution of units, and other recapitalizations, and as reduced by any
distributions, dividends or similar repayments of capital or yield). 
 “Public Sale” means any sale pursuant to a
registered public offering under the Securities Act or any sale to the public pursuant to Rule 144 promulgated under the Securities Act effected through a broker, dealer or market maker. 

“Securities Act” means the Securities Act of 1933, as amended from time to time. 

7. Notices. All notices, demands or other communications to be given or delivered under or by reason of the provisions of this
Agreement shall be in writing and shall be deemed to have been given upon the earlier of (a) actual receipt, (b) three days after being mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid,
(c) the day sent via e-mail transmission and (d) one business day following the business day of deposit with a reputable overnight courier (charges prepaid) for next business day delivery. Such
notices, demands and other communications shall be sent to the Partnership, TB or Employee at the address or e-mail address set forth below and to any other recipient or any subsequent holder of the Co-Invest Units subject to this Agreement at such address or e-mail address as indicated by the Partnership’s records, or at such address or to the attention of such
other person as the recipient party has specified by prior written notice to the sending party. 
  

			
	 If to the Partnership:
  

Instructure Parent, LP
 c/o Thoma Bravo, L.P.

600 Montgomery Street, 20th Floor
 San Francisco, California
94111

	Attention:	 	 Holden Spaht
 Brian Jaffe

	Email:	 	 hspaht@thomabravo.com

bjaffee@thomabravo.com

	
	with a copy (which shall not constitute notice) to:
	  
 Kirkland & Ellis LLP

300 North LaSalle
 Chicago, Illinois 60654

	 Attention:
	 	Theodore Peto, P.C.
		 	 Peter Stach
 Amelia
Davis

	Email:	 	 theodore.peto@kirkland.com

peter.stach@kirkland.com
 amelia.runyan@kirkland.com

  
 13 

			
	If to TB:
	
	Thoma Bravo, L.P.
	600 Montgomery Street, 20th Floor
	San Francisco, California 94111
	Attention:	 	Holden Spaht
		 	Brian Jaffe
	Email:	 	hspaht@thomabravo.com
		 	bjaffee@thomabravo.com
	
	with a copy (which shall not constitute notice) to:
	
	Kirkland & Ellis LLP
	300 North LaSalle
	Chicago, Illinois 60654
	Attention:    Theodore Peto, P.C.
		 	Peter Stach
		 	Amelia Davis
	Email:	 	theodore.peto@kirkland.com
		 	peter.stach@kirkland.com
		 	amelia.runyan@kirkland.com
	
	If to Employee:
	
	As noted on the signature page hereto.

 8.     General Provisions. 

(a)     Plan Controls. The Co-Invest Units are issued pursuant to the Plan
and subject to its terms. In the event of any conflict between this Agreement and the terms of the Plan, the terms of the Plan shall control. 

(b)     Severability. Whenever possible, each provision of this Agreement shall be interpreted in such a manner as
to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or
unenforceability shall not affect any other provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained
herein. 
 (c)     Confidentiality. Employee may not disclose the terms of this Agreement (except to
Employee’s legal, tax and financial advisors) without the prior written consent of the Partnership and TB. 

(d)     Complete Agreement. This Agreement, those documents expressly referred to herein (including the Plan) and
other documents of even date herewith embody the complete agreement and understanding among the parties and supersede and preempt any prior 

  
 14 

 understandings, agreements or representations by or among the parties, written or oral, that may have
related to the subject matter hereof in any way; provided, that the restrictive covenants contained in this Agreement are in addition to, and not in lieu of, any existing or future nondisclosure, noncompete, nonsolicitation, nondisparagement,
confidentiality, invention assignment, work product, work-for-hire, intellectual property protection or assignment or other restrictive covenant or similar obligations
contained in any other agreements between Employee and the Partnership or any of its Subsidiaries. 
 (e)    
Counterparts. This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement. Delivery of an executed counterpart of a signature page of
this Agreement by facsimile transmission or other electronic imaging means (including by .pdf) shall be effective as delivery of a manually executed counterpart of this Agreement. 

(f)     Successors and Assigns. Except as otherwise provided herein, this Agreement shall bind and inure to the
benefit of and be enforceable by Employee, the Partnership, TB and their respective successors and assigns (including subsequent holders of Co-Invest Units); provided that the rights and obligations of
Employee under this Agreement shall not be assignable without the prior written consent of the Partnership except in connection with a permitted transfer of Co-Invest Units hereunder. 

(g)     Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this
Agreement (and any claims, issues, controversies or matters arising hereunder) shall be governed by the internal law of the State of Delaware without giving effect to any choice of law or conflict of law provision or rule (whether of the State of
Delaware or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of Delaware. 

(h)     JURISDICTION AND VENUE. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY AGREES THAT JURISDICTION AND VENUE IN
ANY SUIT, ACTION OR PROCEEDING BROUGHT BY ANY PARTY ARISING OUT OF OR RELATING TO THIS AGREEMENT (INCLUDING ANY SUIT, ACTION OR PROCEEDING SEEKING EQUITABLE RELIEF) SHALL PROPERLY AND EXCLUSIVELY LIE IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
(THE “COURT OF CHANCERY”) OR, TO THE EXTENT THE COURT OF CHANCERY DOES NOT HAVE SUBJECT MATTER JURISDICTION, THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE AND THE APPELLATE COURTS HAVING JURISDICTION OF APPEALS IN SUCH
COURTS (THE “DELAWARE FEDERAL COURT”) OR, TO THE EXTENT NEITHER THE COURT OF CHANCERY NOR THE DELAWARE FEDERAL COURT HAS SUBJECT MATTER JURISDICTION, THE SUPERIOR COURT OF THE STATE OF DELAWARE (COLLECTIVELY, THE “CHOSEN
COURTS”). BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE CHOSEN COURTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY WITH RESPECT TO SUCH SUIT, ACTION OR PROCEEDING. THE PARTIES HERETO
IRREVOCABLY AGREE THAT VENUE WOULD BE PROPER IN THE CHOSEN COURTS, AND HEREBY WAIVE ANY OBJECTION THAT ANY SUCH CHOSEN COURT IS AN IMPROPER OR INCONVENIENT FORUM FOR THE RESOLUTION OF SUCH SUIT, ACTION OR PROCEEDING. 

  
 15 

 (i)     Waiver of Jury Trial. AS A SPECIFICALLY BARGAINED FOR
INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY
WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY. 
 (j)     Remedies. Each of the parties to this
Agreement (including TB) shall be entitled to enforce its rights under this Agreement specifically, to recover damages and costs (including attorney’s fees) caused by any breach of any provision of this Agreement and to exercise all other
rights existing in its favor. The parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that any party may in its sole discretion apply to any court of law or
equity of competent jurisdiction in accordance with Section 8(h) (without posting any bond or deposit) for specific performance and/or other injunctive relief in order to enforce or prevent any violations of the provisions of this
Agreement. 
 (k)     Amendment and Waiver. The provisions of this Agreement may be amended and waived only with
the prior written consent of the Partnership, Employee and TB. 
 (l)     Business Days. If any time period for
giving notice or taking action hereunder expires on a day that is a Saturday, Sunday or holiday in the state in which the Partnership’s chief executive office is located, the time period shall be automatically extended to the business day
immediately following such Saturday, Sunday or holiday. 
 (m)     Termination. This Agreement will be
terminated, void and of no further force and effect, and no Co-Invest Units will be issued, if Employee fails to deliver the Purchase Price and a signed copy of this Agreement (including the Exhibits attached
hereto) by the Cancellation Date. Subject to the foregoing sentence, this Agreement shall survive the termination of Employee’s employment with the Partnership and its Subsidiaries and shall remain in full force and effect after such
termination. 
 (n)     No Strict Construction. The parties hereto have participated jointly in the negotiation
and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or
disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. 
 (o)    
Participation Rights. Employee shall have the participation rights set forth in Section 8.1(b) of the LP Agreement (subject to the other terms and conditions set forth therein); provided that, only Employee’s Co-Invest Units hereunder, as determined at the time of any Transfer subject to Section 8.1(b) of the LP Agreement will be considered in the determination of how many Units Employee is entitled to elect to
Transfer in connection with such participation rights. 

  
 16 

 (p)     Preemptive Rights. Employee shall have the rights of a
Preemptive Rights Holder as set forth in Section 8.3(a) of the LP Agreement; provided that, only Employee’s Co-Invest Units hereunder, as determined at the time of any offering of New
Securities, will be considered in the calculation of Employee’s Proportionate Share. 

*    *    *    *    * 

  
 17

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