Document:

EX-10.4

 Exhibit 10.4 

Agreed Form 
 FORM OF
AMENDED AND RESTATED 
 REGISTRATION RIGHTS AGREEMENT 

THIS AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of [•], 2021, is made and
entered into by and among Quanergy Systems, Inc., a Delaware corporation (the “Company”) (formerly known as CITIC Capital Acquisition Corp., a Cayman Islands exempted company limited by shares prior to its domestication as a
Delaware corporation), CITIC Capital Acquisition LLC, a Cayman Islands limited liability company (the “Sponsor”), [[•], a [•] limited liability company (the “Sponsor PIPE Purchaser”)], the
members of the Sponsor, the Sponsor PIPE Purchaser identified on the signature pages hereto (such members, the “Sponsor Members”), certain former stockholders of Quanergy Systems, Inc., a Delaware corporation
(“Quanergy”) identified on the signature pages hereto (such stockholders, the “Quanergy Holders”), Fanglu Wang, Eric Chan, Henri Arif, Ross Haghighat and Mark Segall (together with Fanglu
Wang, Eric Chan, Henri Arif and Ross Haghighat, the “Director Holders” and, collectively with the Sponsor, the Sponsor Members, the Quanergy Holders, and any person or entity who hereafter becomes a party to this Agreement
pursuant to Section 5.2 or Section 5.10 of this Agreement, the “Holders” and each, a “Holder”). 

RECITALS 
 WHEREAS,
the Company and the Sponsor, among others, are party to that certain Registration Rights Agreement, dated as of February 10, 2020 (the “Original RRA”); 

WHEREAS, the Company has entered into that certain Agreement and Plan of Merger, dated as of 21, 2021, (as it may be amended or
supplemented from time to time, the “Merger Agreement”), by and among the Company, CITIC Capital Merger Sub Inc. (the “Merger Sub”), a Delaware corporation and a direct wholly owned subsidiary of the Company,
and Quanergy, pursuant to which Merger Sub merged with and into Quanergy (the “Merger”), with Quanergy continuing as the surviving corporation and becoming a direct, wholly owned subsidiary of the Company; 

WHEREAS, on the date hereof, pursuant to the Merger Agreement, the Quanergy Holders received shares of common stock, par value $0.0001
per share (the “Common Stock”), of the Company; 
 WHEREAS, on the date hereof, certain other investors (such
other investors, collectively, the “Third Party Investor Stockholders”) purchased an aggregate of 4,000,000 shares of Common Stock (the “Investor Shares”) in a transaction exempt from registration
under the Securities Act pursuant to the respective Subscription Agreement, each dated as of June 21, 2021, entered into by and between the Company and each of the Third Party Investor Stockholders (each, a “Subscription
Agreement” and, collectively, the “Subscription Agreements”); 
 WHEREAS, pursuant to
Section 5.5 of the Original RRA, the provisions, covenants and conditions set forth therein may be amended or modified upon the written consent of the Company and the Holders (as defined in the Original RRA) of at least a majority-in-interest of the Registrable Securities (as defined in the Original RRA) at the time in question, and the Sponsor is the Holder of at least a majority-in-interest of the Registrable Securities as of the date hereof; and 

WHEREAS, the Company and the Sponsor desire to amend and restate the Original RRA in its entirety and enter into this Agreement,
pursuant to which the Company shall grant the Holders certain registration rights with respect to certain securities of the Company, as set forth in this Agreement. 

NOW, THEREFORE, in consideration of the representations, covenants and agreements contained herein, and certain other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

  
 1 

 ARTICLE I 

DEFINITIONS 
 1.1
Definitions. The terms defined in this Article I shall, for all purposes of this Agreement, have the respective meanings set forth below: 

“Additional Holder” shall have the meaning given in Section 5.10. 

“Additional Holder Common Stock” shall have the meaning given in Section 5.10. 

“Adverse Disclosure” shall mean any public disclosure of material non-public
information, which disclosure, in the good faith judgment of the Chief Executive Officer or the Chief Financial Officer of the Company, after consultation with counsel to the Company, (i) would be required to be made in any Registration
Statement or Prospectus in order for the applicable Registration Statement or Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein (in the case of any
prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would not be required to be made at such time if the Registration Statement were not being filed, declared effective
or used, as the case may be, and (iii) the Company has a bona fide business purpose for not making such information public, and (iv) such disclosure would be reasonably likely to have an adverse impact on the Company. 

“Agreement” shall have the meaning given in the Preamble hereto. 

“Block Trade” shall have the meaning given in Section 2.4.1. 

“Board” shall mean the Board of Directors of the Company. 

“Closing” shall have the meaning given in the Merger Agreement. 

“Closing Date” shall have the meaning given in the Merger Agreement. 

“Commission” shall mean the Securities and Exchange Commission. 

“Common Stock” shall have the meaning given in the Recitals hereto. 

“Company” shall have the meaning given in the Preamble hereto and includes the Company’s successors by
recapitalization, merger, consolidation, spin-off, reorganization or similar transaction. 

“Competing Registration Rights” shall have the meaning given in Section 5.7. 

“Demanding Holder” shall have the meaning given in Section 2.1.4. 

“Director Holder” shall have the meaning given in the Preamble hereto. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as it may be amended from time to time. 

“Form S-1 Shelf” shall have the meaning given in
Section 2.1.1. 
 “Form S-3 Shelf” shall have the
meaning given in Section 2.1.1. 
 “Holder Information” shall have the meaning given in
Section 4.1.2. 
 “Holders” shall have the meaning given in the Preamble hereto, for so
long as such person or entity holds any Registrable Securities. 
 “Insider Letter” means that certain letter
agreement, dated as of February 10, 2020, by and among the Company, the Sponsor and certain of the Company’s current and former officers and directors. 

“Investor Shares” shall have the meaning given in the Recitals hereto. 

  
 2 

 “Joinder” shall have the meaning given in
Section 5.10. 
 “Lock-up Period” shall mean
(a) with respect to the Sponsor and its respective Permitted Transferees, the Lock-up Periods as defined the Insider Letter and (b) with respect to the Quanergy Holders and their respective Permitted
Transferees, the Lock-up Period as defined in the Bylaws of the Company. 
 “Maximum
Number of Securities” shall have the meaning given in Section 2.1.5. 
 “Merger
Agreement” shall have the meaning given in the Recitals hereto. 
 “Minimum Takedown Threshold” shall
have the meaning given in Section 2.1.4. 
 “Misstatement” shall mean an untrue statement
of a material fact or an omission to state a material fact required to be stated in a Registration Statement or Prospectus or necessary to make the statements in a Registration Statement or Prospectus (in the case of a Prospectus, in the light of
the circumstances under which they were made) not misleading. 
 “Original RRA” shall have the meaning given in the
Recitals hereto. 
 “Other Coordinated Offering” shall have the meaning given in
Section 2.4.1. 
 “Permitted Transferees” shall mean (a) with respect to the Sponsor
and its respective Permitted Transferees, (i) prior to the expiration of the Lock-up Period, any person or entity to whom such Holder is permitted to transfer such Registrable Securities prior to the
expiration of the Lock-up Period pursuant to Section 7(c) of the Insider Letter and (ii) after the expiration of the Lock-up Period, any
person or entity to whom such Holder is permitted to transfer such Registrable Securities, subject to and in accordance with any applicable agreement between such Holder and/or their respective Permitted Transferees and the Company and any
transferee thereafter; (b) with respect to the Quanergy Holders and their respective Permitted Transferees, (i) prior to the expiration of the Lock-up Period, any person or entity to whom such Holder
is permitted to transfer such Registrable Securities prior to the expiration of the Lock-up Period pursuant to Section 7.10 of the Bylaws of the Company and (ii) after the
expiration of the Lock-up Period, any person or entity to whom such Holder is permitted to transfer such Registrable Securities, subject to and in accordance with any applicable agreement between such Holder
and/or their respective Permitted Transferees and the Company and any transferee thereafter; and (c) with respect to all other Holders and their respective Permitted Transferees, any person or entity to whom such Holder of Registrable
Securities is permitted to transfer such Registrable Securities, subject to and in accordance with any applicable agreement between such Holder and/or their respective Permitted Transferees and the Company and any transferee thereafter. 

“Piggyback Registration” shall have the meaning given in Section 2.2.1. 

“Prospectus” shall mean the prospectus included in any Registration Statement, as supplemented by any and all
prospectus supplements and as amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus. 

“Quanergy” shall have the meaning given in the Preamble hereto. 

“Quanergy Holders” shall have the meaning given in the Preamble hereto. 

“Registrable Security” shall mean (a) any outstanding shares of Common Stock or any other equity security
(including warrants to purchase shares of Common Stock and shares of Common Stock issued or issuable upon the exercise of any other equity security) of the Company held by a Holder immediately following the Closing (including any securities
distributable pursuant to the Merger Agreement); (b) any outstanding shares of Common Stock or any other equity security (including warrants to purchase shares of Common Stock and shares of Common Stock issued or issuable upon the exercise of any
other equity security) of the Company acquired by a Holder following the date hereof to the extent that such securities are “restricted securities” (as defined in Rule 144) or are otherwise held by an “affiliate” (as defined
in Rule 144) of the Company; (c) any Additional Holder Common Stock; and (d) any other equity security of the Company or any of its subsidiaries issued or issuable with respect to any securities referenced in clause (a), (b) or
(c) above by way of a stock dividend or stock split or in connection with a recapitalization, merger, consolidation, spin-off, reorganization or similar transaction; provided, however, that, as to
any particular Registrable Security, such securities shall cease 

  
 3 

 
to be Registrable Securities upon the earliest to occur of: (A) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and
such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement by the applicable Holder; (B) (i) such securities shall have been otherwise transferred, (ii) new certificates for
such securities not bearing (or book entry positions not subject to) a legend restricting further transfer shall have been delivered by the Company and (iii) subsequent public distribution of such securities shall not require registration under
the Securities Act; (C) such securities shall have ceased to be outstanding; (D) such securities may be sold without registration pursuant to Rule 144 or any successor rule promulgated under the Securities Act (but with no volume or other
restrictions or limitations including as to manner or timing of sale); and (E) such securities have been sold without registration pursuant to Section 4(a)(1) of the Securities Act or Rule 145 promulgated under the Securities Act or any
successor rules promulgated under the Securities Act, and (F) such securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction. 

“Registration” shall mean a registration, including any related Shelf Takedown, effected by preparing and filing a
registration statement, Prospectus or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming effective. 

“Registration Expenses” shall mean the documented,
out-of-pocket expenses of a Registration, including, without limitation, the following: 

(A) all registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory
Authority, Inc.) and any national securities exchange on which the Common Stock is then listed; 
 (B) fees and expenses of compliance
with securities or blue sky laws (including reasonable fees and disbursements of outside counsel for the Underwriters in connection with blue sky qualifications of Registrable Securities); 

(C) printing, messenger, telephone, delivery and road show or other marketing expenses; 

(D) reasonable fees and disbursements of counsel for the Company; 

(E) reasonable fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection with
such Registration; and 
 (F) in an Underwritten Offering or Other Coordinated Offering, reasonable fees and expenses not to exceed $30,000
in the aggregate for each Registration of one (1) legal counsel selected by the majority-in-interest of the Demanding Holders with the approval of the Company. 

“Registration Statement” shall mean any registration statement that covers Registrable Securities pursuant to the
provisions of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration statement, and all exhibits to and all material incorporated by
reference in such registration statement. 
 “Securities Act” shall mean the Securities Act of 1933, as amended from
time to time. 
 “Shelf” shall mean the Form S-1 Shelf, the Form S-3 Shelf or any Subsequent Shelf Registration Statement, as the case may be. 
 “Shelf
Registration” shall mean a registration of securities pursuant to a registration statement filed with the Commission in accordance with and pursuant to Rule 415 promulgated under the Securities Act (or any successor rule then in
effect). 
 “Shelf Takedown” shall mean an Underwritten Shelf Takedown or any proposed transfer or sale using a
Registration Statement, including a Piggyback Registration. 
 “Sponsor” shall have the meaning given
in the Preamble hereto. 

  
 4 

 “Sponsor Majority Holders” shall mean the Sponsor Member or Sponsor
Members holding in the aggregate a majority of the Registrable Securities then held by all of the Sponsor Members. 
 “Sponsor
Members” shall have the meaning given in the Preamble hereto. 
 [“Sponsor PIPE
Purchaser” shall have the meaning given in the Preamble hereto.] 
 “Subsequent Shelf Registration
Statement” shall have the meaning given in Section 2.1.2. 
 “Transfer” shall
mean the (a) sale or assignment of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a
put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act with respect to, any security, (b) entry into any swap or other arrangement that
transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any
intention to effect any transaction specified in clause (a) or (b). 
 “Underwriter” shall mean a securities
dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such dealer’s market-making activities. 

“Underwritten Offering” shall mean a Registration in which securities of the Company are sold to an Underwriter in a
firm commitment underwriting for distribution to the public. 
 “Underwritten Shelf Takedown” shall have the meaning
given in Section 2.1.4. 
 “Withdrawal Notice” shall have the meaning given in
Section 2.1.6. 
 ARTICLE II 

REGISTRATIONS AND OFFERINGS 

2.1 Shelf Registration. 

2.1.1 Filing. Within sixty (60) calendar days following the Closing Date, the Company shall submit to or file with the Commission a
Registration Statement for a Shelf Registration on Form S-1 (the “Form S-1 Shelf”) or a Registration Statement for a Shelf Registration on Form S-3 (the “Form S-3 Shelf”), if the Company is then eligible to use a Form S-3 Shelf, in each case, covering the
resale of all the Registrable Securities (determined as of two (2) business days prior to such submission or filing) on a delayed or continuous basis and shall use its commercially reasonable efforts to have such Shelf declared effective as
soon as practicable after the filing thereof, but no later than the earlier of (a) the ninetieth (90th) calendar day following the filing date thereof if the Commission notifies the Company
that it will “review” the Registration Statement, and (b) the tenth (10th) business day after the date the Company is notified (orally or in writing, whichever is earlier) by the
Commission that the Registration Statement will not be “reviewed” or will not be subject to further review. Such Shelf shall provide for the resale of the Registrable Securities included therein pursuant to any method or combination of
methods legally available to, and requested by, any Holder named therein. The Company shall maintain a Shelf in accordance with the terms hereof, and shall prepare and file with the Commission such amendments, including post-effective amendments,
and supplements as may be necessary to keep a Shelf continuously effective, available for use to permit the Holders named therein to sell their Registrable Securities included therein and in compliance with the provisions of the Securities Act until
such time as there are no longer any Registrable Securities. In the event the Company files a Form S-1 Shelf, the Company shall use its commercially reasonable efforts to convert the Form S-1 Shelf (and any Subsequent Shelf Registration Statement) to a Form S-3 Shelf as soon as practicable after the Company is eligible to use a Form S-3 Shelf. The Company’s obligation under this Section 2.1.1, shall, for the avoidance of doubt, be subject to Section 3.4. 

  
 5 

 2.1.2 Subsequent Shelf Registration. If any Shelf ceases to be effective under the
Securities Act for any reason at any time while Registrable Securities are still outstanding, the Company shall, subject to Section 3.4, use its commercially reasonable efforts to as promptly as is reasonably practicable
cause such Shelf to again become effective under the Securities Act (including using its commercially reasonable efforts to obtain the prompt withdrawal of any order suspending the effectiveness of such Shelf), and shall use its commercially
reasonable efforts to as promptly as is reasonably practicable amend such Shelf in a manner reasonably expected to result in the withdrawal of any order suspending the effectiveness of such Shelf or file an additional registration statement as a
Shelf Registration (a “Subsequent Shelf Registration Statement”) registering the resale of all Registrable Securities (determined as of two (2) business days prior to such filing). If a Subsequent Shelf Registration
Statement is filed, the Company shall use its commercially reasonable efforts to (i) cause such Subsequent Shelf Registration Statement to become effective under the Securities Act as promptly as is reasonably practicable after the filing
thereof (it being agreed that the Subsequent Shelf Registration Statement shall be an automatic shelf registration statement (as defined in Rule 405 promulgated under the Securities Act) if the Company is a well-known seasoned issuer (as defined in
Rule 405 promulgated under the Securities Act) at the most recent applicable eligibility determination date) and (ii) keep such Subsequent Shelf Registration Statement continuously effective, available for use to permit the Holders named
therein to sell their Registrable Securities included therein and in compliance with the provisions of the Securities Act until such time as there are no longer any Registrable Securities. Any such Subsequent Shelf Registration Statement shall be on
Form S-3 to the extent that the Company is eligible to use such form. Otherwise, such Subsequent Shelf Registration Statement shall be on another appropriate form. The Company’s obligation under this
Section 2.1.2, shall, for the avoidance of doubt, be subject to Section 3.4. 
 2.1.3
Additional Registrable Securities. Subject to Section 3.4, in the event that any Holder holds Registrable Securities that are not registered for resale on a delayed or continuous basis, the Company, upon written
request of such Holder, shall promptly use its commercially reasonable efforts to cause the resale of such Registrable Securities to be covered by either, at the Company’s option, any then available Shelf (including by means of a post-effective
amendment) or by filing a Subsequent Shelf Registration Statement and cause the same to become effective as soon as practicable after such filing and such Shelf or Subsequent Shelf Registration Statement shall be subject to the terms hereof;
provided, however, that the Company shall only be required to cause such Registrable Securities to be so covered twice per calendar year for each of the Sponsor Majority Holders, the Director Holders and the Quanergy Holders. 

2.1.4 Requests for Underwritten Shelf Takedowns. Subject to Section 3.4, at any time and from time to time
when an effective Shelf is on file with the Commission, the Sponsor Majority Holders, a Director Holder or an Quanergy Holder (any of the Sponsor Majority Holders, a Director Holder or an Quanergy Holder being in such case, a “Demanding
Holder”) may request to sell all or any portion of its Registrable Securities in an Underwritten Offering that is registered pursuant to the Shelf (each, an “Underwritten Shelf Takedown”); provided that
the Company shall only be obligated to effect an Underwritten Shelf Takedown if such offering shall include Registrable Securities proposed to be sold by the Demanding Holder, either individually or together with other Demanding Holders, with an
anticipated aggregate offering price, net of underwriting discounts and commissions, of at least $100 million (the “Minimum Takedown Threshold”). All requests for Underwritten Shelf Takedowns shall be made by giving
written notice to the Company, which shall specify the approximate number of Registrable Securities proposed to be sold in the Underwritten Shelf Takedown. Subject to Section 2.4.4, the Company shall have the right to
select the Underwriters for such offering (which shall consist of one or more reputable nationally recognized investment banks), subject to the initial Demanding Holder’s prior approval (which shall not be unreasonably withheld, conditioned or
delayed). The Sponsor Majority Holders and a Director Holder may demand not more than two (2) Underwritten Shelf Takedown and the Quanergy Holders may demand not more than two (2) Underwritten Shelf Takedowns, in each case, pursuant
to this Section 2.1.4 in any twelve (12) month period. Notwithstanding anything to the contrary in this Agreement, the Company may effect any Underwritten Offering pursuant to any then effective Registration Statement,
including a Form S-3, that is then available for such offering. 
 2.1.5 Reduction of
Underwritten Offering. If the underwriter in an Underwritten Shelf Takedown advises the Demanding Holders in writing that marketing factors require a limitation of the number of shares to be underwritten, then the Demanding Holders shall so
advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the underwriting (such maximum number of such securities, the
“Maximum Number of Securities”) shall be allocated among all participating Holders thereof, including the Demanding Holders, in proportion (as nearly as practicable) to the amount of Registrable Securities of the Company
owned by each participating Holder; provided, however, that the number of shares of Registrable Securities to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the
underwriting. 

  
 6 

 2.1.6 Withdrawal. Prior to the filing of the applicable “red herring”
prospectus or prospectus supplement used for marketing such Underwritten Shelf Takedown, a majority-in-interest of the Demanding Holders initiating an Underwritten Shelf
Takedown shall have the right to withdraw from such Underwritten Shelf Takedown for any or no reason whatsoever upon written notification (a “Withdrawal Notice”) to the Company and the Underwriter or Underwriters (if any) of
their intention to withdraw from such Underwritten Shelf Takedown; provided that the Sponsor Majority Holders, the Director Holders or the Quanergy Holders may elect to have the Company continue an Underwritten Shelf Takedown if the Minimum
Takedown Threshold would still be satisfied by the Registrable Securities proposed to be sold in the Underwritten Shelf Takedown by the Sponsor Majority Holders, the Director Holders, the Quanergy Holders or any of their respective Permitted
Transferees, as applicable. If withdrawn, a demand for an Underwritten Shelf Takedown shall constitute a demand for an Underwritten Shelf Takedown by the withdrawing Demanding Holder for purposes of Section 2.1.4, unless
either (i) such Demanding Holder has not previously withdrawn any Underwritten Shelf Takedown or (ii) such Demanding Holder reimburses the Company for all Registration Expenses with respect to such Underwritten Shelf Takedown (or, if there
is more than one Demanding Holder, a pro rata portion of such Registration Expenses based on the respective number of Registrable Securities that each Demanding Holder has requested be included in such Underwritten Shelf Takedown); provided
that, if the Sponsor Majority Holders, the Director Holders or the Quanergy Holders elect to continue an Underwritten Shelf Takedown pursuant to the proviso in the immediately preceding sentence, such Underwritten Shelf Takedown shall instead count
as an Underwritten Shelf Takedown demanded by the Sponsor Majority Holders, the Director Holders or the Quanergy Holders, as applicable, for purposes of Section 2.1.4. Following the receipt of any Withdrawal Notice, the
Company shall promptly forward such Withdrawal Notice to any other Holders that had elected to participate in such Shelf Takedown. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration
Expenses incurred in connection with a Shelf Takedown prior to its withdrawal under this Section 2.1.6, other than if a Demanding Holder elects to pay such Registration Expenses pursuant to clause (ii) of the second
sentence of this Section 2.1.6. 
 2.2 Piggyback Registration. 

2.2.1 Piggyback Rights. If (but without any obligation to do so) the Company proposes to register (including for this purpose a
registration effected by the Company for holders of capital stock other than the Holders) any of its stock under the Securities Act in connection with the public offering of such securities solely for cash (other than a registration relating solely
to the sale of securities to participants in a Company stock plan or a transaction covered by Rule 145 under the Securities Act, a registration in which the only stock being registered is Common Stock issuable upon conversion of debt securities
which are also being registered, or any registration on any form which does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities), then the
Company shall give written notice of such proposed offering to all of the Holders of Registrable Securities as soon as practicable but not less than ten (10) days before the anticipated filing date of such Registration Statement or, in the case
of an Underwritten Offering pursuant to a Shelf Registration, the applicable “red herring” prospectus or prospectus supplement used for marketing such offering, which notice shall (A) describe the amount and type of securities to be
included in such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any, in such offering, and (B) offer to all of the Holders of Registrable Securities the opportunity to
include in such registered offering such number of Registrable Securities as such Holders may request in writing within five (5) days after receipt of such written notice (such registered offering, a “Piggyback
Registration”). Subject to Section 2.2.2, the Company shall, in good faith, cause such Registrable Securities to be included in such Piggyback Registration and, if applicable, shall use its commercially
reasonable efforts to cause the managing Underwriter or Underwriters of such Piggyback Registration to permit the Registrable Securities requested by the Holders pursuant to this Section 2.2.1 to be included therein on the
same terms and conditions as any similar securities of the Company included in such registered offering and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. The
inclusion of any Holder’s Registrable Securities in a Piggyback Registration shall be subject to such Holder agreement to enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering.

 2.2.2 Reduction of Piggyback Registration. If the total amount of securities, including Registrable Securities, requested by
holders of Registrable Securities to be included in such offering exceeds the amount of securities sold other than by the Company that the underwriters determine in their sole discretion is compatible with the success of the offering, then the
Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters determine in their sole discretion will not jeopardize the success of the offering (the securities so
included to be apportioned pro rata among the 

  
 7 

 
selling security holders according to the total amount of securities entitled to be included therein owned by each selling security holder or in such other proportions as shall mutually be agreed
to by such selling security holders). For purposes of the preceding parenthetical concerning apportionment, for any selling security holder which is a holder of Registrable Securities and which is a partnership or corporation, the partners, retired
partners and holders of capital stock of such holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single “selling security
holder,” and any pro-rata reduction with respect to such “selling security holder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and
individuals included in such “selling security holder,” as defined in this sentence. 
 2.2.3 Piggyback Registration
Withdrawal. Any Holder of Registrable Securities (other than a Demanding Holder, whose right to withdraw from an Underwritten Shelf Takedown, and related obligations, shall be governed by Section 2.1.6) shall have the
right to withdraw from a Piggyback Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of his, her or its intention to withdraw from such Piggyback Registration prior to
the effectiveness of the Registration Statement filed with the Commission with respect to such Piggyback Registration or, in the case of a Piggyback Registration pursuant to a Shelf Registration, the filing of the applicable “red herring”
prospectus or prospectus supplement with respect to such Piggyback Registration used for marketing such transaction. The Company (whether on its own good faith determination or as the result of a request for withdrawal by persons or entities
pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the Commission in connection with a Piggyback Registration (which, in no circumstance, shall include a Shelf) at any time prior to the
effectiveness of such Registration Statement. Notwithstanding anything to the contrary in this Agreement (other than Section 2.1.6), the Company shall be responsible for the Registration Expenses incurred in connection with
the Piggyback Registration prior to its withdrawal under this Section 2.2.3. 
 2.2.4 Unlimited Piggyback
Registration Rights. For purposes of clarity, subject to Section 2.1.6, any Piggyback Registration effected pursuant to Section 2.2 hereof shall not be counted as a demand for an Underwritten
Shelf Takedown under Section 2.1.4 hereof. 
 2.3 Market Stand-off.
In connection with any Underwritten Offering of equity securities of the Company (other than a Block Trade or Other Coordinated Offering), if requested by the managing Underwriters, each Holder that is (a) an executive officer, (b) a
director or (c) a Holder holding in excess of five percent (5%) of the outstanding Common Stock (and for which it is customary for such a Holder to agree to a lock-up) agrees that it shall not Transfer
any shares of Common Stock or other equity securities of the Company (other than those included in such offering pursuant to this Agreement), without the prior written consent of the Company, during the ninety
(90)-day period (or such shorter time agreed to by the managing Underwriters) beginning on the date of pricing of such offering, except as expressly permitted by such
lock-up agreement or in the event the managing Underwriters otherwise agree by written consent. Each such Holder agrees to execute a customary lock-up agreement in favor
of the Underwriters to such effect (in each case on substantially the same terms and conditions as all such Holders). 
 2.4 Block
Trades; Other Coordinated Offerings. 
 2.4.1 Notwithstanding any other provision of this Article II, but subject to
Section 3.4, at any time and from time to time when an effective Shelf is on file with the Commission, if a Demanding Holder wishes to engage in (a) an underwritten registered offering not involving a
“roadshow,” an offer commonly known as a “block trade” (a “Block Trade”) or (b) an “at the market” or similar registered offering through a broker, sales agent or distribution agent, whether
as agent or principal, (an “Other Coordinated Offering”), in each case, with respect to (x) an anticipated aggregate offering price of at least $100 million in the aggregate or (y) all remaining Registrable
Securities held by the Demanding Holder, then such Demanding Holder only needs to notify the Company of the Block Trade or Other Coordinated Offering at least five (5) business days prior to the day such offering is to commence and the Company
shall use its commercially reasonable efforts to facilitate such Block Trade or Other Coordinated Offering; provided that the Demanding Holders representing a majority of the Registrable Securities wishing to engage in the Block Trade or
Other Coordinated Offering shall use commercially reasonable efforts to work with the Company and any Underwriters, brokers, sales agents or placement agents prior to making such request in order to facilitate preparation of the registration
statement, prospectus and other offering documentation related to the Block Trade or Other Coordinated Offering. 

  
 8 

 2.4.2 Prior to the filing of the applicable “red herring” prospectus or prospectus
supplement used in connection with a Block Trade or Other Coordinated Offering, a majority-in-interest of the Demanding Holders initiating such Block Trade or Other
Coordinated Offering shall have the right to submit a Withdrawal Notice to the Company, the Underwriter or Underwriters (if any) and any brokers, sale agents or placement agents (if any) of their intention to withdraw from such Block Trade or Other
Coordinated Offering. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with a Block Trade or Other Coordinated Offering prior to its withdrawal under
this Section 2.4.2. 
 2.4.3 Notwithstanding anything to the contrary in this Agreement,
Section 2.2 shall not apply to a Block Trade or Other Coordinated Offering initiated by a Demanding Holder pursuant to this Agreement. 

2.4.4 The Demanding Holder in a Block Trade or Other Coordinated Offering shall have the right to select the Underwriters and any brokers,
sale agents or placement agents (if any) for such Block Trade or Other Coordinated Offering (in each case, which shall consist of one or more reputable nationally recognized investment banks). 

2.4.5 A Demanding Holder in the aggregate may demand no more than two (2) Block Trades or Other Coordinated Offerings pursuant to this
Section 2.4 in any twelve (12) month period. For the avoidance of doubt, any Block Trade or Other Coordinated Offering effected pursuant to this Section 2.4 shall not be counted as a demand
for an Underwritten Shelf Takedown pursuant to Section 2.1.4 hereof. 
 ARTICLE III 

COMPANY PROCEDURES 

3.1 General Procedures. In connection with any Shelf and/or Shelf Takedown, the Company shall use its commercially reasonable efforts
to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant thereto the Company shall: 

3.1.1 prepare and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and use
its commercially reasonable efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered by such Registration Statement are sold in accordance with the intended plan of distribution
set forth in such Registration Statement or have ceased to be Registrable Securities; 
 3.1.2 prepare and file with the Commission such
amendments and post-effective amendments to the Registration Statement, and such supplements to the Prospectus, as may be reasonably requested by any Holder that holds at least five percent (5%) of the Registrable Securities registered on such
Registration Statement or any Underwriter of Registrable Securities or as may be required by the rules, regulations or instructions applicable to the registration form used by the Company or by the Securities Act or rules and regulations thereunder
to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance with the intended plan of distribution set forth in such Registration Statement or supplement to the
Prospectus or have ceased to be Registrable Securities; 
 3.1.3 prior to filing a Registration Statement or Prospectus, or any amendment or
supplement thereto, furnish without charge to the Underwriters, if any, and the Holders of Registrable Securities included in such Registration, and such Holders’ legal counsel, copies of such Registration Statement as proposed to be filed,
each amendment and supplement to such Registration Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each preliminary
Prospectus), and such other documents as the Underwriters and the Holders of Registrable Securities included in such Registration or the legal counsel for any such Holders may request in order to facilitate the disposition of the Registrable
Securities owned by such Holders; provided that the Company shall have no obligation to furnish any documents publicly filed or furnished with the Commission pursuant to the Electronic Data Gathering, Analysis and Retrieval System
(“EDGAR”); 
 3.1.4 prior to any public offering of Registrable
Securities, use its commercially reasonable efforts to (i) register or qualify the Registrable Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as the
Holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may request (or provide evidence satisfactory to such Holders that the Registrable Securities are exempt from such
registration or qualification) 

  
 9 

 
and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by such other governmental authorities as may
be necessary by virtue of the business and operations of the Company and do any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included in such Registration Statement to consummate
the disposition of such Registrable Securities in such jurisdictions; provided, however, that the Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify
or take any action to which it would be subject to general service of process or taxation in any such jurisdiction where it is not then otherwise so subject; 

3.1.5 cause all such Registrable Securities to be listed on each national securities exchange on which similar securities issued by the
Company are then listed; 
 3.1.6 provide a transfer agent or warrant agent, as applicable, and registrar for all such Registrable
Securities no later than the effective date of such Registration Statement; 
 3.1.7 advise each seller of such Registrable Securities,
promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding for such purpose
and promptly use its commercially reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal if such stop order should be issued; 

3.1.8 at least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such
Registration Statement or Prospectus (or such shorter period of time as may be (a) necessary in order to comply with the Securities Act, the Exchange Act, and the rules and regulations promulgated under the Securities Act or Exchange Act, as
applicable or (b) advisable in order to reduce the number of days that sales are suspended pursuant to Section 3.4), furnish a copy thereof to each seller of such Registrable Securities or its counsel (excluding any
exhibits thereto and any filing made under the Exchange Act that is to be incorporated by reference therein); 
 3.1.9 notify the Holders at
any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect,
includes a Misstatement, and then to correct such Misstatement as set forth in Section 3.4; 
 3.1.10 in the event
of an Underwritten Offering, a Block Trade, an Other Coordinated Offering, or sale by a broker, placement agent or sales agent pursuant to such Registration, in each of the following cases to the extent customary for a transaction of its type,
permit a representative of the Holders, the Underwriters or other financial institutions facilitating such Underwritten Offering, Block Trade, Other Coordinated Offering or other sale pursuant to such Registration, if any, and any attorney,
consultant or accountant retained by such Holders or Underwriter to participate, at each such person’s or entity’s own expense, in the preparation of the Registration Statement, and cause the Company’s officers, directors and
employees to supply all information reasonably requested by any such representative, Underwriter, financial institution, attorney, consultant or accountant in connection with the Registration; provided, however, that such
representatives, Underwriters or financial institutions agree to confidentiality arrangements in form and substance reasonably satisfactory to the Company, prior to the release or disclosure of any such information; 

3.1.11 obtain a “comfort” letter from the Company’s independent registered public accountants in the event of an Underwritten
Offering, a Block Trade, an Other Coordinated Offering or sale by a broker, placement agent or sales agent pursuant to such Registration (subject to such broker, placement agent or sales agent providing such certification or representation
reasonably requested by the Company’s independent registered public accountants and the Company’s counsel) in customary form and covering such matters of the type customarily covered by “comfort” letters for a transaction of this
type as the managing Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating Holders; 

3.1.12 in the event of an Underwritten Offering, a Block Trade, an Other Coordinated Offering or sale by a broker, placement agent or sales
agent pursuant to such Registration, on the date the Registrable Securities are delivered for sale pursuant to such Registration, to the extent customary for a transaction of its type, obtain an opinion, dated such date, of counsel representing the
Company for the purposes of such Registration, addressed to the participating Holders, the broker, placement agents or sales agent, if any and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of which
such opinion is being given as the participating Holders, broker, placement agent, sales agent or Underwriter may reasonably request and as are customarily included in such opinions and negative assurance letters; 

  
 10 

 3.1.13 in the event of any Underwritten Offering, a Block Trade, an Other Coordinated
Offering or sale by a broker, placement agent or sales agent pursuant to such Registration, enter into and perform its obligations under an underwriting or other purchase or sales agreement, in usual and customary form, with the managing Underwriter
or the broker, placement agent or sales agent of such offering or sale; 
 3.1.14 make available to its security holders, as soon as
reasonably practicable, an earnings statement covering the period of at least twelve (12) months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration Statement which
satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule then in effect); 

3.1.15 with respect to an Underwritten Offering pursuant to Section 2.1.4, use its commercially reasonable efforts
to make available senior executives of the Company to participate in customary “road show” presentations that may be reasonably requested by the Underwriter in such Underwritten Offering; and 

3.1.16 otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the
participating Holders, consistent with the terms of this Agreement, in connection with such Registration. 
 Notwithstanding the foregoing, the Company
shall not be required to provide any documents or information to an Underwriter or broker, sales agent or placement agent if such Underwriter or broker, sales agent or placement agent has not then been named with respect to the applicable
Underwritten Offering or other offering involving a registration as an Underwriter or broker, sales agent or placement agent, as applicable. 

3.2 Registration Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the
Holders that the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’ commissions and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in
the definition of “Registration Expenses,” all reasonable fees and expenses of any legal counsel representing the Holders. 
 3.3
Requirements for Participation in Registration Statement in Offerings. Notwithstanding anything in this Agreement to the contrary, if any Holder does not provide the Company with its requested Holder Information, the Company may exclude such
Holder’s Registrable Securities from the applicable Registration Statement or Prospectus if the Company determines, based on the advice of counsel, it is necessary or advisable to include such information in the applicable Registration
Statement or Prospectus, and such Holder continues thereafter to withhold such information. No person or entity may participate in any Underwritten Offering or other offering for equity securities of the Company pursuant to a Registration initiated
by the Company hereunder unless such person or entity (i) agrees to sell such person’s or entity’s securities on the basis provided in any underwriting, sales, distribution or placement arrangements approved by the Company and
(ii) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting or other agreements and other customary documents as may be reasonably required
under the terms of such underwriting, sales, distribution or placement arrangements. For the avoidance of doubt, the exclusion of a Holder’s Registrable Securities as a result of this Section 3.3 shall not affect the
registration of the other Registrable Securities to be included in such Registration. 
 3.4 Suspension of Sales; Adverse Disclosure;
Restrictions on Registration Rights. 
 3.4.1 (b) Upon receipt of written notice from the Company that a Registration Statement or
Prospectus contains a Misstatement, (b) upon written notice from the Company that the Commission has requested an amendment or supplement to a Registration Statement or Prospectus or additional information, or an event has occurred that
requires the preparation of a supplement or amendment to such Prospectus so that, as thereafter delivered to the purchasers of the securities covered by such Registration Statement or Prospectus, such Registration Statement or Prospectus will not
contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading; or (c) if the Company has, pursuant to a written insider trading
compliance program adopted by the Board with respect to “insiders” including the relevant Holder, suspended transactions in the Company’s securities because of the existence of material
non-public information, each of the Holders (in the case of (a) and (b)) or the relevant Holder(s) (in the case of (c)) shall forthwith discontinue disposition of Registrable Securities pursuant to such

  
 11 

 
Registration Statement covering such Registrable Securities until it has received copies of a supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company
hereby covenants to prepare and file such supplement or amendment as soon as reasonably practicable after the time of such notice), or until it is advised in writing by the Company that the use of the Prospectus may be resumed (in the case of
(a) or (b)) or until the restriction on the ability of “insiders” to transact in the Company’s securities is removed (in the case of (c)). 

3.4.2 Subject to Section 3.4.4, if the filing, initial effectiveness or continued use of a Registration Statement in respect of any
Registration at any time would (a) require the Company to make an Adverse Disclosure, (b) require the inclusion in such Registration Statement of financial statements that are unavailable to the Company for reasons beyond the
Company’s control or (c) in the good faith judgment of the majority of the Board such Registration, be seriously detrimental to the Company and the majority of Board concludes as a result that it is essential to defer such filing, initial
effectiveness or continued use at such time, the Company shall have the right, upon giving prompt written notice of such action to the Holders (which notice shall not specify the nature of the event giving rise to such delay or suspension), delay
the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period of time determined in good faith by the Company to be necessary for such purpose. In the event the Company exercises its rights under this
Section 3.4.2, the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of the Prospectus relating to any Registration in connection with any sale or offer to sell Registrable
Securities until such Holder receives written notice from the Company that such sales or offers of Registrable Securities may be resumed, and in each case maintain the confidentiality of such notice and its contents. 

3.4.3 Subject to Section 3.4.4, (a) during the period starting with the date ninety (90) days prior to the Company’s good faith
estimate of the date of the filing of, and ending on a date ninety (90) days after the effective date of, a Company-initiated Registration and provided that the Company continues to actively employ, in good faith, all commercially reasonable
efforts to maintain the effectiveness of the applicable Shelf Registration Statement, or (b) if, pursuant to Section 2.1.4, Holders have requested an Underwritten Shelf Takedown and the Company and Holders are unable
to obtain the commitment of underwriters to firmly underwrite such offering, the Company may, upon giving prompt written notice of such action to the Holders, delay any other registered offering pursuant to Section 2.1.4 or
2.4 
 3.4.4 The right to delay or suspend any filing, initial effectiveness or continued use of a Registration Statement pursuant to
Section 3.4.2 or a registered offering pursuant to Section 3.4.3 shall be exercised by the Company, in the aggregate, for not more than ninety (90) consecutive calendar days or more than one hundred and twenty (120) total
calendar days in each case during any twelve (12)-month period. 
 3.5 Reporting Obligations. As long as any Holder shall own
Registrable Securities, the Company, at all times while it shall be a reporting company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be
filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act and to promptly furnish the Holders with true and complete copies of all such filings; provided that any documents publicly filed or furnished
with the Commission pursuant to the EDGAR shall be deemed to have been furnished or delivered to the Holders pursuant to this Section 3.5. The Company further covenants that it shall take such further action as any Holder
may reasonably request, all to the extent required from time to time to enable such Holder to sell shares of Common Stock held by such Holder without registration under the Securities Act within the limitation of the exemptions provided by Rule 144
promulgated under the Securities Act (or any successor rule then in effect). Upon the request of any Holder, the Company shall deliver to such Holder a written certification of a duly authorized officer as to whether it has complied with such
requirements. 
 ARTICLE IV 

INDEMNIFICATION AND CONTRIBUTION 

4.1 Indemnification. 

4.1.1 The Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers, directors and
agents and each person or entity who controls such Holder (within the meaning of the Securities Act), against all losses, claims, damages, liabilities and out-of-pocket
expenses (including, without limitation, reasonable and documented outside attorneys’ fees) resulting from any 

  
 12 

 
untrue or alleged untrue statement of material fact contained in or incorporated by reference in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or
supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same are caused by or contained in any information or affidavit
so furnished in writing to the Company by such Holder expressly for use therein. The Company shall indemnify the Underwriters, their officers and directors and each person or entity who controls such Underwriters (within the meaning of the
Securities Act) to the same extent as provided in the foregoing with respect to the indemnification of the Holder. 
 4.1.2 In connection
with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish (or cause to be furnished) to the Company in writing such information and affidavits as the Company reasonably requests for use
in connection with any such Registration Statement or Prospectus (the “Holder Information”) and, to the extent permitted by law, shall indemnify the Company, its directors, officers and agents and each person or entity who
controls the Company (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and out-of-pocket expenses (including, without
limitation, reasonable and documented outside attorneys’ fees) resulting from any untrue or alleged untrue statement of material fact contained or incorporated by reference in any Registration Statement, Prospectus or preliminary Prospectus or
any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement is
contained in (or not contained in, in the case of an omission) any information or affidavit so furnished in writing by or on behalf of such Holder expressly for use therein; provided, however, that the obligation to indemnify shall be
several, not joint and several, among such Holders of Registrable Securities, and the liability of each such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds received by such Holder from the sale of
Registrable Securities pursuant to such Registration Statement. The Holders of Registrable Securities shall indemnify the Underwriters, their officers, directors and each person or entity who controls such Underwriters (within the meaning of the
Securities Act) to the same extent as provided in the foregoing with respect to indemnification of the Company. 
 4.1.3 Any person or
entity entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any
person’s or entity’s right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest
between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the
indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to,
assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel (plus local counsel) for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of
any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the
entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement includes a
statement or admission of fault and culpability on the part of such indemnified party or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all
liability in respect to such claim or litigation. 
 4.1.4 The indemnification provided for under this Agreement shall remain in full force
and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling person or entity of such indemnified party and shall survive the transfer of securities. The Company and each Holder of
Registrable Securities participating in an offering also agrees to make such provisions as are reasonably requested by any indemnified party for contribution to such party in the event the Company’s or such Holder’s indemnification is
unavailable for any reason. 
 4.1.5 If the indemnification provided under Section 4.1 from the indemnifying party
is unavailable or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and out-of-pocket expenses referred to
herein, then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities and
out-of-pocket expenses in such proportion as is appropriate to reflect the relative fault of 

  
 13 

 
the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and indemnified party shall be determined by
reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by (or not made by, in the case of an omission),
or relates to information supplied by (or not supplied by in the case of an omission), such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative intent, knowledge, access to information and
opportunity to correct or prevent such action; provided, however, that the liability of any Holder under this Section 4.1.5 shall be limited to the amount of the net proceeds received by such Holder in such
offering giving rise to such liability. The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth in Sections 4.1.1, 4.1.2
and 4.1.3 above, any legal or other fees, charges or out-of-pocket expenses reasonably incurred by such party in connection with any investigation or
proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.1.5 were determined by pro rata allocation or by any other method of allocation, which does not take
account of the equitable considerations referred to in this Section 4.1.5. No person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution pursuant to this Section 4.1.5 from any person or entity who was not guilty of such fraudulent misrepresentation. 

ARTICLE V 

MISCELLANEOUS 
 5.1
Notices. Any notice or communication under this Agreement must be in writing and given by (i) deposit in the United States mail, addressed to the party to be notified, postage prepaid and registered or certified with return receipt
requested, (ii) delivery in person or by courier service providing evidence of delivery, or (iii) transmission by hand delivery, electronic mail or facsimile. Each notice or communication that is mailed, delivered, or transmitted in the
manner described above shall be deemed sufficiently given, served, sent, and received, in the case of mailed notices, on the third business day following the date on which it is mailed and, in the case of notices delivered by courier service, hand
delivery, electronic mail or facsimile, at such time as it is delivered to the addressee (with the delivery receipt or the affidavit of messenger) or at such time as delivery is refused by the addressee upon presentation. Any notice or communication
under this Agreement must be addressed, if to the Company, to: Quanergy Systems Inc., [•], Attention: [•], Email: [•], and, if to any Holder, at such Holder’s address, electronic mail address or facsimile number as set forth in
the Company’s books and records. Any party may change its address for notice at any time and from time to time by written notice to the other parties hereto, and such change of address shall become effective thirty (30) days after delivery
of such notice as provided in this Section 5.1. 
 5.2 Assignment; No Third Party Beneficiaries. 

5.2.1 This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole
or in part. 
 5.2.2 Subject to Section 5.2.4 and Section 5.2.5, this Agreement and the
rights, duties and obligations of a Holder hereunder may be assigned in whole or in part to such Holder’s Permitted Transferees; provided, that, with respect to the Quanergy Holders, Director Holders, the Sponsor and the Sponsor Members,
the rights hereunder that are personal to such Holders may not be assigned or delegated in whole or in part, except that (i) the Sponsor shall be permitted to transfer its rights hereunder as the Sponsor to one or more affiliates or any direct
or indirect partners, members or equity holders of the Sponsor (including Sponsor Members), which, for the avoidance of doubt, shall include a transfer of its rights in connection with a distribution of any Registrable Securities held by Sponsor to
Sponsor Members (it being understood that no such transfer shall reduce any rights of the Sponsor or such transferees), (ii) each of the Quanergy Holders shall be permitted to transfer its rights hereunder as the Quanergy Holders to one or more
affiliates or any direct or indirect partners, members or equity holders of such Quanergy Holder (it being understood that no such transfer shall reduce any rights of such Quanergy Holder or such transferees) and (iii) the Director Holders
shall be permitted to transfer its rights hereunder as the Director Holders to one or more affiliates or any direct or indirect partners, members or equity holders of such Director Holder. 

  
 14 

 5.2.3 This Agreement and the provisions hereof shall be binding upon and shall inure to the
benefit of each of the parties and its successors and the permitted assigns of the Holders, which shall include Permitted Transferees. 

5.2.4 This Agreement shall not confer any rights or benefits on any persons or entities that are not parties hereto, other than as expressly
set forth in this Agreement and Section 5.2. 
 5.2.5 No assignment by any party hereto of such party’s
rights, duties and obligations hereunder shall be binding upon or obligate the Company unless and until the Company shall have received (i) written notice of such assignment as provided in Section 5.1 hereof and
(ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement,
including the joinder in the form of Exhibit A attached hereto). Any transfer or assignment made other than as provided in this Section 5.2 shall be null and void. 

5.3 Counterparts. This Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts), each of which
shall be deemed an original, and all of which together shall constitute the same instrument, but only one of which need be produced. 
 5.4
Governing Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT (1) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW
YORK AND (2) THE VENUE FOR ANY ACTION TAKEN WITH RESPECT TO THIS AGREEMENT SHALL BE EXCLUSIVELY IN ANY STATE OR FEDERAL COURT IN NEW YORK COUNTY IN THE STATE OF NEW YORK. 

5.5 TRIAL BY JURY. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO
INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND, THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY ACTION
DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 

5.6 Amendments and Modifications. Upon the written consent of (a) the Company and (b) the Holders of a majority of the total
Registrable Securities, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or any of such provisions, covenants or conditions may be amended or modified; provided, however, that
notwithstanding the foregoing, any amendment hereto or waiver hereof shall also require the written consent of the Sponsor Majority Holders so long as the Sponsor and the Sponsor Members and their respective affiliates hold, in the aggregate, at
least five percent (5%) of the outstanding shares of Common Stock of the Company; provided, further, that notwithstanding the foregoing, any amendment hereto or waiver hereof shall also require the written consent of each Quanergy
Holder so long as such Quanergy Holder and its affiliates hold, in the aggregate, at least five percent (5%) of the outstanding shares of Common Stock of the Company; and provided, further, that any amendment hereto or waiver hereof
that adversely affects one Holder, solely in its capacity as a holder of the shares of capital stock of the Company, in a manner that is materially different from the other Holders (in such capacity) shall require the consent of the Holder so
affected. No course of dealing between any Holder or the Company and any other party hereto or any failure or delay on the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any
rights or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies under this Agreement by a party shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by
such party. 
 5.7 Other Registration Rights. Other than (i) the Third Party Investor Stockholders who have registration rights
with respect to their Investor Shares pursuant to their respective Subscription Agreements and (ii) as provided in the Warrant Agreement, dated as of February 10, 2020, between the Company and Continental Stock Transfer & Trust
Company, the Company represents and warrants that no person or entity, other than a Holder of Registrable Securities, has any right to require the Company to register any securities of the Company for sale or to include such securities of the
Company in any Registration Statement filed by the Company for the sale of securities for its own account or for the account of any other person or entity. For so long as (a) the 

  
 15 

 
Sponsor and the Sponsor Members and their respective affiliates hold, in the aggregate, at least five percent (5%) of the outstanding shares of Common Stock of the Company, the Company hereby
agrees and covenants that it will not grant rights to register any Common Stock (or securities convertible into or exchangeable for Common Stock) pursuant to the Securities Act that are more favorable, pari passu or senior to those granted to
the Holders hereunder (such rights “Competing Registration Rights”) without the prior written consent of the Sponsor Majority Holders, and (b) an Quanergy Holder and its affiliates hold, in the aggregate, at least five
percent (5%) of the outstanding shares of Common Stock of the Company, the Company hereby agrees and covenants that it will not grant Competing Registration Rights without the prior written consent of such Quanergy Holder. Further, the Company
represents and warrants that this Agreement supersedes any other registration rights agreement or agreement with similar terms and conditions and in the event of a conflict between any such agreement or agreements and this Agreement, the terms of
this Agreement shall prevail. 
 5.8 Term. This Agreement shall terminate on the earlier of (a) the tenth (10th) anniversary of
the date of this Agreement or (b) with respect to any Holder, on the date that such Holder no longer holds any Registrable Securities. The provisions of Section 3.5 and Article IV shall survive any termination.

 5.9 Holder Information. Each Holder agrees, if requested in writing, to represent to the Company the total number of Registrable
Securities held by such Holder in order for the Company to make determinations hereunder. 
 5.10 Additional Holders; Joinder. In
addition to persons or entities who may become Holders pursuant to Section 5.2 hereof, subject to the prior written consent of each of the Sponsor Majority Holders and each Quanergy Holder (in each case, so long as such
Holder and its affiliates hold, in the aggregate, at least five percent (5%) of the outstanding shares of Common Stock of the Company), the Company may make any person or entity who acquires Common Stock or rights to acquire Common Stock after the
date hereof a party to this Agreement (each such person or entity, an “Additional Holder”) by obtaining an executed joinder to this Agreement from such Additional Holder in the form of Exhibit A attached hereto (a
“Joinder”). Such Joinder shall specify the rights and obligations of the applicable Additional Holder under this Agreement. Upon the execution and delivery and subject to the terms of a Joinder by such Additional Holder, the
Common Stock of the Company then owned, or underlying any rights then owned, by such Additional Holder (the “Additional Holder Common Stock”) shall be Registrable Securities to the extent provided herein and therein and such
Additional Holder shall be a Holder under this Agreement with respect to such Additional Holder Common Stock. 
 5.11 Severability.
It is the desire and intent of the parties that the provisions of this Agreement be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any
particular provision of this Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, prohibited or unenforceable for any reason, such provision, as to such jurisdiction, shall be ineffective, without invalidating the
remaining provisions of this Agreement or affecting the validity or enforceability of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. Notwithstanding the foregoing, if such provision could be
more narrowly drawn so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting the validity or
enforceability of such provision in any other jurisdiction. 
 5.12 Entire Agreement; Restatement. This Agreement constitutes the
full and entire agreement and understanding between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings relating to such subject matter. Upon the Closing, the Original RRA shall no longer be
of any force or effect. 
 5.13 Adjustments. If, and as often as, there are any changes in the Registrable Securities by way of stock
split, stock dividend, combination or reclassification, or through merger, consolidation, reorganization, recapitalization or sale, or by any other means, appropriate adjustment shall be made in the provisions of this Agreement, as may be required,
so that the rights, privileges, duties and obligations hereunder shall continue with respect to the Registrable Securities as so changed. 

  
 16 

 [SIGNATURE PAGES FOLLOW] 

  
 17 

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

			
	COMPANY:
	
	Quanergy Systems Inc.
	a Delaware corporation
		
	By:	 	  

		 	Name: Kevin Kennedy
		 	Title: Chief Executive Officer
	
	HOLDERS:
	
	CITIC Capital Acquisition LLC
	
	a Cayman Islands limited liability company
		
	By:	 	  

		 	Name: Fanglu Wang
		 	Title: Chief Executive Officer and Director
	
	CITIC Capital MB Investment Limited
	a Cayman Islands limited liability company
		
	By:	 	  

		 	Name:
		 	Title:
	
	  

	Fanglu Wang
	
	  

	Eric Chan
	
	  

	Henri Arif
	
	  

	Ross Haghighat
	
	  

	Mark B. Segall
	
	  

	[Other Holders to be added]

 [Signature Page to Amended and Restated Registration Rights Agreement] 

 Exhibit A 

REGISTRATION RIGHTS AGREEMENT JOINDER 

The undersigned is executing and delivering this joinder (this “Joinder”) pursuant to the Amended and Restated
Registration Rights Agreement, dated as of [•], 2021 (as the same may hereafter be amended, the “Registration Rights Agreement”), among Quanergy Systems, Inc., a Delaware corporation (the
“Company”), and the other persons or entities named as parties therein. Capitalized terms used but not otherwise defined herein shall have the meanings provided in the Registration Rights Agreement. 

By executing and delivering this Joinder to the Company, and upon acceptance hereof by the Company upon the execution of a counterpart hereof,
the undersigned hereby agrees to become a party to, to be bound by, and to comply with the Registration Rights Agreement as a Holder of Registrable Securities in the same manner as if the undersigned were an original signatory to the Registration
Rights Agreement, and the undersigned’s shares of Common Stock shall be included as Registrable Securities under the Registration Rights Agreement to the extent provided therein; provided, however, that the undersigned and its
permitted assigns (if any) shall not have any rights as Holders, and the undersigned’s (and its transferees’) shares of Common Stock shall not be included as Registrable Securities, for purposes of the Excluded Sections. 

For purposes of this Joinder, “Excluded Sections” shall mean
[                ]. 
 Accordingly, the undersigned has
executed and delivered this Joinder as of the                 day of                 .

  

			
	  

	Signature of Stockholder
	
	  

	Print Name of Stockholder
	Its:
		
	Address:	 	          

	  

	  

 Agreed and Accepted as
of                 . 

[                ] 

 

			
	By:	 	  

	Name:	 	
	Its:	 	

  
 19Exhibit 10.1

		

			Exhibit 10.1

		

		
			EXECUTIVE employment agreement
		

		
			between
		

		
			VAALCO ENERGY, INC.
		

		
			and
		

		
			RONALD BAIN
		

		
			(Effective as of JUNE 21, 2021)
		

		
			﻿
		

		
			 
		

		

		

		 

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		table of contents
		

			
					
						﻿Article 1. EMPLOYMENT AND DUTIES

					1 
				
	
					
						﻿

					
					
						1.1

					
					
						Definitions

					1 
				
	
					
						﻿

					
					
						1.2

					
					
						Employment; Effective Date

					1 
				
	
					
						﻿

					
					
						1.3

					
					
						Positions

					1 
				
	
					
						﻿

					
					
						1.4

					
					
						Duties and Services

					2 
				
	
					
						﻿

					
					
						1.5

					
					
						Other Interests

					2 
				
	
					
						﻿

					
					
						1.6

					
					
						Duty of Loyalty

					3 
				
	
					
						﻿

					
					
						1.7

					
					
						Executive Warranties

					3 
				
	
					
						﻿Article 2. TERM AND TERMINATION OF EMPLOYMENT

					3 
				
	
					
						﻿

					
					
						2.1

					
					
						Term of Employment

					3 
				
	
					
						﻿

					
					
						2.2

					
					
						Notice of Termination

					4 
				
	
					
						﻿

					
					
						2.3

					
					
						Resignation of Offices

					4 
				
	
					
						﻿

					
					
						2.4

					
					
						Summary Termination (for Cause) 

					4 
				
	
					
						﻿Article 3. COMPENSATION AND BENEFITS

					5 
				
	
					
						﻿

					
					
						3.1

					
					
						Base Salary

					5 
				
	
					
						﻿

					
					
						3.2

					
					
						Annual Bonuses

					5 
				
	
					
						﻿

					
					
						3.3

					
					
						Equity Awards after the Effective Date

					5 
				
	
					
						﻿

					
					
						3.4

					
					
						Business and Entertainment Expenses

					5 
				
	
					
						﻿

					
					
						3.5

					
					
						Vacation

					5 
				
	
					
						﻿

					
					
						3.6

					
					
						Health Benefits

					6 
				
	
					
						﻿

					
					
						3.7

					
					
						Pension Benefits

					6 
				
	
					
						﻿

					
					
						3.8

					
					
						Incapacity

					6 
				
	
					
						﻿

					
					
						3.9

					
					
						Other Paid Leave

					7 
				
	
					
						﻿

					
					
						3.1

					
					
						Training

					7 
				
	
					
						﻿

					
					
						3.11

					
					
						Disciplinary & Grievance Procedures

					7 
				
	
					
						﻿Article 4. RIGHTS AND PAYMENTS UPON TERMINATION.............................................................

					8 
				
	
					
						﻿

					
					
						4.1

					
					
						Rights and Payments upon Termination

					8 
				
	
					
						﻿

					
					
						4.2

					
					
						Limitation on Other Severance Benefits

					9 
				
	
					
						﻿

					
					
						4.3

					
					
						Settlement Agreement

					10 
				
	
					
						﻿

					
					
						4.4

					
					
						Notice of Termination

					10 
				
	
					
						﻿

					
					
						4.5

					
					
						Payment in Lieu of Notice

					10 
				
	
					
						﻿

					
					
						4.6

					
					
						Garden Leave

					11 
				
	
					
						﻿Article 5. CONFIDENTIAL INFORMATION AND RESTRICTIVE COVENANTS

					12 
				
	
					
						﻿

					
					
						5.1

					
					
						Access to Confidential Information and Specialized Training

					12 
				
	
					
						﻿

					
					
						5.2

					
					
						Agreement Not to Use or Disclose Confidential Information

					12 
				
	
					
						﻿

					
					
						5.3

					
					
						Duty to Return Company Documents and Property

					13 
				
	
					
						﻿

					
					
						5.4

					
					
						Intellectual Property

					14 
				
	
					
						﻿

					
					
						5.5

					
					
						Inventions

					14 
				
	
					
						﻿

					
					
						5.6

					
					
						Post Termination Restrictions

					15 
				
	
					
						﻿

					
					
						5.7

					
					
						Forfeiture of Severance Payment

					17 
				
	
					
						﻿

					
					
						5.8

					
					
						Removal of Restrictions by Court

					17 
				
	
					
						﻿

					
					
						5.9

					
					
						No Previous Restrictive Agreements

					18 
				
	
					
						﻿

					
					
						5.10

					
					
						Conflicts of Interest

					18 
				

		
			﻿
		

		
			i
		

		 

		

			 

		

 

		

			 

		

			
					
						﻿

					
					
						5.11

					
					
						Remedies.................................................................................................................................

					18 
				
	
					
						﻿

					
					
						5.12

					
					
						No Disparaging Comments...........................................................................................................

					19 
				
	
					
						﻿

					
					
						5.13

					
					
						Company Documents and Property.................................................................................................

					19 
				
	
					
						﻿

					
					
						5.14

					
					
						Data Protection.........................................................................................................................

					19 
				
	
					
						﻿

					
					
						5.15

					
					
						Collective Agreements.................................................................................................................

					19 
				
	
					
						﻿Article 6. GENERAL PROVISIONS...............................................................................................

					20 
				
	
					
						﻿

					
					
						6.1

					
					
						Matters Relating to Section 409A of the Code.....................................................................................

					20 
				
	
					
						﻿

					
					
						6.2

					
					
						Withholdings; Right of Deduction.....................................................................................................

					19 
				
	
					
						﻿

					
					
						6.3

					
					
						Nonalienation...........................................................................................................................

					20 
				
	
					
						﻿

					
					
						6.4

					
					
						Incompetent or Minor Payees.........................................................................................................

					20 
				
	
					
						﻿

					
					
						6.5

					
					
						Indemnification.........................................................................................................................

					20 
				
	
					
						﻿

					
					
						6.6

					
					
						Successors and Assigns...............................................................................................................

					21 
				
	
					
						﻿

					
					
						6.7

					
					
						Notice.....................................................................................................................................

					21 
				
	
					
						﻿

					
					
						6.8

					
					
						Severability...............................................................................................................................

					22 
				
	
					
						﻿

					
					
						6.9

					
					
						No Third Party Beneficiaries.........................................................................................................

					22 
				
	
					
						﻿

					
					
						6.10

					
					
						Waiver of Breach.......................................................................................................................

					22 
				
	
					
						﻿

					
					
						6.11

					
					
						Survival of Certain Provisions.........................................................................................................

					22 
				
	
					
						﻿

					
					
						6.12

					
					
						Entire Agreement; Amendment and Termination...................................................................................

					22 
				
	
					
						﻿

					
					
						6.13

					
					
						Interpretive Matters.....................................................................................................................

					22 
				
	
					
						﻿

					
					
						6.14

					
					
						Governing Law; Jurisdiction...........................................................................................................

					23 
				
	
					
						﻿

					
					
						6.15

					
					
						Executive Acknowledgment...........................................................................................................

					23 
				
	
					
						﻿

					
					
						6.16

					
					
						Counterparts.............................................................................................................................

					23 
				

		
			﻿
		

		
			﻿
		

		
			Appendix  A...............................................................................................................................A-1
		

		
			Appendix B...............................................................................................................................B-1
		

		
			﻿
		

		
			ii
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		EXECUTIVE EMPLOYMENT AGREEMENT
		

		
			THIS EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”), shall be effective as of June 21, 2021 (the “Effective Date”) and is made and entered into by and between VAALCO Energy, Inc., a Delaware corporation (hereafter “Company”) and Ronald Bain (hereafter “Executive”). The Company and Executive may sometimes hereafter be referred to singularly as a “Party” or collectively as the “Parties.”  The addresses of the Parties are set forth in the Notice section of this Agreement.
		

		
			W I T N E S S E T H:
		

		
			WHEREAS, the Company desires to secure the employment services of Executive subject to the terms and conditions hereafter set forth; and
		

		
			WHEREAS, Executive is willing to enter into this Agreement upon the terms and conditions hereafter set forth; and
		

		
			WHEREAS, this Agreement supersedes and replaces the Professional Services Agreement by and between the Parties dated May 10, 2021;
		

		
			NOW, THEREFORE, in consideration of Executive’s employment with the Company, and the mutual promises, covenants and obligations contained herein, the Parties hereby agree as follows:
		

		
			Article 1. 
EMPLOYMENT AND DUTIES
		

		
			1.1Definitions.  In addition to the terms defined in the text hereof, terms with initial capital letters as used herein have the meanings assigned to them, for all purposes of this Agreement, in the Definitions Appendix hereto, unless the context reasonably requires a broader, narrower or different meaning.  The Definitions Appendix, as attached hereto, is part of this Agreement and incorporated herein.
		

		
			1.2Employment; Effective Date.  The Executive’s employment under this Agreement shall commence as of the Effective Date and continue for the Employment Period (as defined in Section 2.1). Executive has no previous period of continuous employment with Company.  The Executive’s employment by the Company shall be subject to the terms and conditions of this Agreement. No probationary period applies to the employment of Executive.
		

		
			1.3Positions.  As of the Effective Date, the Executive will serve as the Chief Financial Officer of the Company (“CFO”) and, in due course, as required by the Company, CFO of any such directly or indirectly fully-owned subsidiary of the Company that is domiciled in the United Kingdom (and to which this agreement may be assigned or transferred pursuant to Section 6.6 below) and Executive hereby consents to such assignment or transfer of his employment.  Subject to the terms and conditions of this Agreement, Executive shall serve in the 
		

		 

		

			 

		

		

			

		

		

			

		

		

			1

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		position of CFO and/or in such other position or positions as the Parties may mutually agree, during the Employment Period.
		

		
			1.4Duties and Services.  The Executive agrees to serve in the positions referred to in Section 1.3 and to perform diligently and faithfully to the best of his abilities the duties and services appertaining to such offices, as well as such additional duties and services appropriate to such offices upon which the Parties mutually may agree from time to time or that are assigned to him by the Chief Executive Officer of the Company (the “CEO”) or the Board of Directors of the Company (the “Board of Directors”).  The Executive’s employment shall also be subject to the policies maintained and established by the Company from time to time, as the same may be amended or otherwise modified.
		

		
			Executive shall at all times use his best efforts to in good faith comply with English, United States and foreign laws applicable to Executive’s actions on behalf of the Company and its Affiliates.  Executive’s  normal place of work is in such place that is located in Aberdeen, Scotland, or London, England, as may be specified by the Company (from time to time) or such other place where the CEO or Board of Directors may reasonably require for the proper exercise and performance of his duties. Executive understands and agrees that he may be required to travel extensively at times for purposes of the Company’s business including, but not limited to, travel to the Company’s offices in the London, England, and Houston, Texas, metropolitan areas, from time to time, upon request by the Board of Directors or the CEO or according to the needs to the business. This may include working outside of the UK for a period or periods in excess of one month.
		

		
			Executive’s normal working hours shall be from 9:00 a.m. to 6:00 p.m. GMT on Mondays through Fridays.  These hours and days are not variable, although Executive may be required to work such additional hours as are necessary for the proper performance of his duties. Executive acknowledges that he shall not receive additional remuneration in respect of such additional hours. The Parties each agree that the nature of Executive’s position is such that his working time cannot be measured and, accordingly, that his employment falls within the scope of regulation 20 of the UK Working Time Regulations 1998 (SI 1998/1833).
		

		
			The Company takes a zero-tolerance approach to tax evasion. Executive must not engage in any form of facilitating tax evasion, whether under UK law or under the law of any foreign country. Executive must immediately report to the Board of Directors or the CEO any request or demand from a third party to facilitate the evasion of tax or any concerns that such a request or demand may have been made. Executive must at all times comply with the Company’s “Anti-Bribery and Anti-Tax Avoidance Compliance Policy”,  a copy of which is available from the Company’s General Counsel (the “General Counsel”) and which may be updated from time to time.
		

		
			The Company confirms that the Executive will not be required to invest more than three times his Base Salary in the stock of the Company, over the five-year period from the Effective Date, irrespective of any other policy or practice in effect at the Company from time to time.
		

		
			1.5Other Interests.  The Executive agrees that, during the Employment Period, unless prevented by Incapacity, he will devote his whole time and attention, energy and best 
		

		 

		

			2

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		efforts to the business and affairs of the Company and its Affiliates, and not to engage, directly or indirectly, in any other business or businesses, whether or not similar to that of the Company or an Affiliate, except with the consent of the Board of Directors or the CEO.  The foregoing notwithstanding, the Parties recognize and agree that the Executive may engage in passive personal investments (such as real estate investments and rental properties) and other civic and charitable activities (such as continued service on non-profit and/or educational boards) that do not conflict with the business and affairs of the Company or interfere with the Executive’s performance of his duties hereunder without the necessity of obtaining the consent of the Board of Directors; provided, however, Executive agrees that if the Compensation Committee of the Board of Directors (the “Compensation Committee”) determines that continued service with one or more civic or charitable entities is inconsistent with the Executive’s duties hereunder and gives written notice to the Executive, he will promptly resign from such position(s). This Section 1.5 shall not apply to any interests with which the Executive is currently engaged and which have previously been disclosed to, and approved by, the Chairman of the Board of Directors or the CEO, prior to the Effective Date. This Agreement shall not apply to restrict or curtail the Executive’s current level of involvement in such disclosed interests provided that, in respect of such interests, priority and precedence shall always be given to Executive’s duties for the Company under this Agreement.
		

		
			1.6Duty of Loyalty.  The Executive acknowledges and agrees that the Executive owes a fiduciary duty of loyalty, fidelity, and allegiance to use his best endeavours to act at all times in the best interests of the Company and its Affiliates.  In keeping with these duties, the Executive shall make full disclosure to the Company of all business opportunities pertaining to the Company’s business, and he shall not appropriate for the Executive’s own benefit any business opportunity concerning the subject matter of such fiduciary relationship. Executive shall comply with any statutory, fiduciary or common law duties to the Company. He shall use his best endeavours to promote, protect, develop and extend the Company business and comply with all reasonable and lawful directions given to him by the Board of Directors or the CEO and promptly make such reports to the Board of Directors or the CEO in connection with the Company’s business or affairs on such matters or at such times as are reasonably required.
		

		
			1.7Executive Warranties.  The Executive represents and warrants to the Company that, by entering into this agreement or performing any of his obligations under it, he will not be in breach of any court order or any express or implied terms of any contract or other obligation binding on him.  The Executive warrants that he is entitled to work in the UK without any additional approvals and will notify the Board of Directors or the CEO immediately if he ceases to be so entitled during the Employment Period. Executive warrants that he is not subject to any restrictions which would prevent him from serving as the CFO of the Company or holding office as a director on the Board of Directors if so nominated.
		

		
			Article 2. 
TERM AND TERMINATION OF EMPLOYMENT
		

		
			2.1Term of Employment.  Unless sooner terminated pursuant to other provisions hereof, the Company agrees to employ the Executive for the period beginning on the Effective Date and ending on June 30,  2022 (the “Initial Term of Employment”).  Beginning effective as of July 1, 2022 (the “Initial Extension Date”), the term of employment hereunder shall be 
		

		 

		

			3

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		extended automatically for an additional successive one-year period as of such date and as of each annual anniversary of the Initial Extension Date that occurs while this Agreement remains in effect so that the remaining term is one year; provided, however, if, at any time prior to the date that is at least twenty-eight  (28) days (subject to statutory minimum as per Notice of Termination in Section 2.2) before the Initial Extension Date or any annual anniversary thereof, either Party gives Notice of Termination to the other Party that no such automatic extension shall occur and the Executive’s employment shall terminate on June 30 of the then-current one-year extension, then, for purposes of clarity, such termination shall not be a Severance Payment Event.
		

		
			The Initial Term of Employment, and any extension of employment hereunder, shall be referred to herein as a “Term of Employment.”  The entire period from the Effective Date through the date of Executive’s termination of employment with the Company, for whatever reason, shall be referred to herein as the “Employment Period.”
		

		
			2.2Notice of Termination.  If the Company or the Executive desires to terminate the Executive’s employment hereunder at any time as of, or prior to, expiration of the Term of Employment, with or without Cause, such Party shall do so by giving written “Notice of Termination” to the other Party, subject to the terms and conditions of this Agreement regarding the rights and duties of the Parties upon termination of employment, and provided, however, that no such action shall alter or amend any other provisions hereof or rights arising hereunder.  No further renewals of the Term of Employment hereunder shall occur pursuant to Section 2.1 after the giving of such Notice of Termination.
		

		
			Such Notice of Termination by either Party shall be provided with at least four weeks’ notice.  This minimum notice period shall increase by one week per year of employment after four years of continuous employment up to a maximum of 12 weeks’ notice after 12 years of continuous employment.
		

		
			2.3Resignation of Offices.  Notwithstanding any other provision of this Agreement, upon the termination of the Executive’s employment hereunder for any reason, unless otherwise requested by the Board of Directors or the CEO, Executive shall immediately resign from all officer positions and all boards of directors of the Company and any Affiliates of which he may then be a member.  The Executive hereby agrees to execute any and all documentation of such resignations upon request by the Company, but he shall be treated for all purposes as having so resigned his officeholdings upon termination of his employment, regardless of when or whether he executes any such documentation.
		

		
			2.4Summary Termination (for Cause).  The Company may terminate the employment of Executive with immediate effect without notice and with no liability to make any further payment to him (other than in respect of amounts accrued due at the date of termination) if Cause (as defined herein) has occurred or exists to terminate Executive and the Board of Directors have determined that to be the case.
		

		
			The Company’s rights under this Section are without prejudice to any other rights that the Company might have at law to terminate the employment of Executive or to accept any breach of 
		

		 

		

			4

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		this Agreement by him as having brought the Agreement to an end. Any delay by the Company in exercising its rights to terminate shall not constitute a waiver of these rights.
		

		
			Article 3. 
COMPENSATION AND BENEFITS
		

		
			3.1Base Salary.  During the Employment Period, the Executive shall receive a minimum annual base salary of US$330,000, which shall be prorated for any period of less than 12 months (the “Base Salary”).  The Compensation Committee shall review the Executive’s Base Salary on an annual basis and may, in its sole discretion, increase, but not decrease, the Base Salary, and references in this Agreement to “Base Salary” shall refer to annual Base Salary as so increased.  The Base Salary shall accrue daily and be paid in equal installments in accordance with the Company’s standard policy regarding payment of compensation to executives, but no less frequently than monthly and shall be subject to such deductions as the Company is required by law to make. The Executive will be paid through the Company’s U.S. payroll in USD, unless and until the Parties agree otherwise.
		

		
			3.2Annual Bonuses.  For the 2021 calendar year and subsequent calendar years during the Employment Period, the Executive shall be eligible to receive an annual cash bonus (the “Annual Bonus”) under the Company’s annual incentive cash bonus plan for executives or any successor incentive cash bonus plan (the “Bonus Plan”), in an amount to be determined by the Compensation Committee, based on performance goals established by the Compensation Committee, in its discretion, pursuant to the terms of the Bonus Plan, and with a target percentage (the “Incentive Target Percentage”) of fifty percent (50%) of the Executive’s annual Base Salary as in effect at the beginning of the calendar year and may scale up or down based on achievement of personal and corporate goals established by the Compensation Committee.
		

		
			3.3Equity Awards after the Effective Date.  During the Employment Period on and after the Effective Date, the Executive shall be eligible for stock options or other incentive awards  in accordance with normal competitive pay practices, on a basis no less favorable than the process and approach used for the Company’s other senior executives (except the CEO), as determined by the Compensation Committee in its discretion.    The annual long-term incentive award shall be up to fifty percent  (50%) of Executive’s Base Salary.
		

		
			3.4Business and Entertainment Expenses.  Subject to the Company’s standard policies and procedures with respect to expense reimbursement as applied to its executives generally, the Company shall reimburse the Executive for, or pay on behalf of the Executive, the reasonable and appropriate expenses incurred by the Executive for business related purposes, including dues and fees to industry and professional organizations and costs of entertainment and business development.
		

		
			3.5Vacation.  The Company’s “Holiday Year” is a calendar year. The Executive shall be entitled to 25 days of paid vacation,  plus public and bank holidays in England and Wales, each Holiday Year in accordance with the Company’s vacation policy, as in effect from time to time. Such vacation leave entitlement in the first and last years of Executive’s employment shall be pro-rated accordingly. Executive shall not carry forward any accrued but untaken paid vacation entitlement to a subsequent Holiday Year unless he has been prevented 
		

		 

		

			5

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		from taking it in the relevant Holiday Year by one of the following: a period of sickness absence or statutory maternity, paternity, adoption, shared parental, parental or parental bereavement leave. In cases of sickness absence, carry-over is limited to four weeks' vacation leave per Holiday Year less any leave taken during the Holiday Year that has just ended. Any such carried over vacation leave which is not taken within 6 months of the end of the relevant Holiday Year will be lost and forfeited. The Company shall not pay the Executive in lieu of untaken vacation leave except on termination of his employment. On termination of employment, the Company shall pay Executive in lieu of any accrued but untaken vacation leave for the Holiday Year in which termination takes place and any untaken days permitted to be carried forward from the preceding Holiday Year. The amount of the payment in lieu of accrued vacation time will be calculated as 1/260th of Base Salary for each untaken day of the entitlement.
		

		
			3.6Health Benefits.  During each calendar year of the Employment Period, beginning on the Effective Date and pro-rated in the first and last calendar years of the Employment Period, as necessary, the Company shall pay to Executive an annual amount of US$22,000, which amount shall be indexed annually, effective as of January 1 for each calendar year during the Employment Period, based on the UK Consumer Prices Index (CPI), as an allowance for him to enable his participation in health and welfare benefits, including the acquisition of private health insurance as he may elect in his discretion.
		

		
			3.7Pension Benefits.  During each calendar year of the Employment Period, beginning on the Effective Date and pro-rated in the first and last calendar years of the Employment Period, as necessary, the Company shall pay to Executive an annual amount of US$17,000, which amount shall be indexed annually, effective as of January 1 for each calendar year during the Employment Period, based on the UK Consumer Prices Index (CPI), as an allowance for him to invest in either a personal pension scheme or similar retirement funding as he may elect in his discretion. 
		

		
			3.8Incapacity.  If the Executive is absent from work due to Incapacity, he (or a person on his behalf) shall notify the CEO of the reason for the absence as soon as possible but no later than 10:00 a.m. on the first day of absence.  Subject to the Executive’s compliance with this agreement and the Company’s “Medical Sick Leave Policy” and “Extended Medical Leave Policy” Executive shall be entitled to receive his full Base Salary during any periods of sickness absence up to a maximum of two weeks in any 52-week period.  This does not affect any entitlement Executive may have to receive Statutory Sick Pay (“SSP”) for the same periods of sickness absence, although any sick pay Executive receives from the Company shall be inclusive of any SSP due to him.  Executive’s qualifying days for SSP purposes are Monday to Friday.
		

		
			Executive agrees to consent to medical examinations (at the Company’s expense) by a doctor nominated by the Company at any time should we so require.  If the Incapacity is or appears to be occasioned by actionable negligence, nuisance or breach of any statutory duty on the part of a third party in respect of which damages are or may be recoverable, Executive shall immediately notify the CEO of that fact and of any claim, settlement or judgment made or awarded in connection with it and all relevant particulars that the CEO may reasonably require. Executive shall, if required by the CEO or Board of Directors, cooperate in any related legal proceedings and refund to the Company that part of any damages or compensation recovered by Executive relating to the loss of earnings for the period of the Incapacity, as the CEO or Board of Directors may 
		

		 

		

			6

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		reasonably determine,  less any costs borne by Executive in connection with the recovery of such damages or compensation, provided that the amount to be refunded shall not exceed the total amount paid to Executive by the Company in respect of the period of Incapacity.  The Company’s rights to terminate this employment of Executive under the terms of this agreement apply even when such termination would or might cause Executive to forfeit any entitlement to sick pay or other benefits.    
		

		
			3.9Other Paid Leave .  Executive may be eligible to take the following types of paid leave, subject to any statutory eligibility requirements or conditions (and the Company’s rules) applicable to each type of leave in force from time to time: statutory paternity leave; statutory adoption leave; shared parental leave; and parental bereavement leave.   Further details of such leave and any pay during such leave are available from the General Counsel of the Company (“General Counsel”).
		

		
			3.10Training.  Aside from the Specialized Training, no training will be provided to Executive during the Employment Period
		

		
			3.11Disciplinary & Grievance Procedures.  Executive shall be subject to the Company’s “Employee Handbook” and “Code of Business Conduct and Ethics”, copies of which are available upon request by Executive from the General Counsel.  Executive may also request a copy of the grievance and disciplinary procedures for Executive from the General Counsel.  These rules and procedures do not form part of Executive’s contract of employment.    
		

		
			If Executive wishes to appeal against a grievance decision he may do so in writing to the Board of Directors or CEO in accordance with Company procedure as set out in the grievance procedure for Executive.  If Executive wishes to appeal against a disciplinary decision he may apply in writing to the Board of Directors or CEO in accordance with Company disciplinary procedure. 
		

		
			The Board of Directors or CEO may suspend Executive from any or all of his duties for no longer than is necessary to investigate any disciplinary matter involving him or so long as is otherwise reasonable while any disciplinary procedure against Executive is outstanding. During any period of suspension:
		

		
			(a)Executive shall continue to receive his Base Salary and all contractual benefits in the usual way and subject to the terms of any benefit arrangement;
		

		
			(b)Executive shall remain an employee and bound by the terms of this Agreement;
		

		
			(c)Executive shall ensure that the CEO knows where he will be and how he can be contacted during each working day (except during any periods taken as holiday in the usual way);
		

		
			(d)the Board of Directors or CEO may exclude Executive from his place of work or any of the Company’s or its Affiliate’s other premises; and
		

		 

		

			7

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		
			(e)the Board of Directors or CEO may require Executive not to contact or deal with (or attempt to contact or deal with) any officer, employee, consultant, client, customer, supplier, agent, distributor, shareholder, adviser or other business contact of the Company or any Affiliate.
		
Article 4. RIGHTS AND PAYMENTS UPON TERMINATION
		
			.
		

		
			4.1Rights and Payments upon Termination.  Executive’s right to compensation and benefits for periods after the date on which his employment terminates with the Company and all Affiliates (the “Termination Date”) shall be determined in accordance with this Article 4, as follows:
		

		
			(a)Minimum Payments.  Executive shall be entitled to the following minimum payments under this Section 4.1(a), in addition to any other payments or benefits to which he is entitled to receive under the terms of this Agreement or any employee benefit plan or program:
		

		
			(i)his accrued and unpaid Base Salary through the Termination Date;
		

		
			(ii)his accrued and unused vacation days through the Termination Date; 
		

		
			(iii)reimbursement of his reasonable business expenses that were incurred but unpaid as of the Termination Date; and
		

		
			(iv)if the Executive is not required to work and has given or been given Notice of Termination, payment of Base Salary in lieu of notice pursuant to Sections 2.2 and 4.5.
		

		
			Such salary, payment in lieu of notice (if applicable) and accrued vacation days shall be paid to Executive within five (5) Business Days following the Termination Date in a cash lump sum less applicable withholdings and any tax or National Insurance Contributions which the Company is required by law to deduct.  Business expenses shall be reimbursed in accordance with the Company’s normal policy and procedures.
		

		
			(b)Termination Benefits.  In the event that during the Term of Employment Executive incurs a Severance Payment Event, the following severance benefits shall be provided to Executive hereunder or, in the event of his death before receiving all such benefits, to his Designated Beneficiary following his death:
		

		
			(i)Additional Payment.  The Company shall pay to Executive as additional compensation (the “Additional Payment”), an amount equal to fifty percent (50%) (in the event of a Regular Severance Payment Event), or one hundred percent (100%) (in the event of a CIC Severance Payment Event), multiplied by the aggregate sum of the following compensation items:
		

		
			(A)Executive’s Base Salary as in effect as of the Termination Date; plus
		

		 

		

			8

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		
			(B)an amount equal to the greater of (i) the average of Executive’s Annual Bonus (or other cash incentive bonus) paid or payable to Executive by the Company for the two calendar years immediately preceding the calendar year in which the Termination Date occurs or (ii) Executive’s target Annual Bonus for the full calendar year in which the Termination Date occurs; provided, however, in the event that the Termination Date occurs before the end of the calendar year, Executive shall be entitled to a prorata portion of the greater of clause (i) or (ii) above (based on the number of days in which he was employed during that year divided by 365).
		

		
			Regardless of whether attributable to a Regular Severance Payment Event or a CIC Severance Payment Event, and subject to Section 4.1(b)(ii) in the event of an Anticipatory Termination, the Company shall make the Additional Payment to Executive over a six (6) month period in twelve (12) substantially equal bi-monthly payments that begin within twenty (20) days following the Termination Date.  The payment of any Additional Payment shall be made in accordance with, and subject to, the Release requirements of Section 4.3 and the Company's standard payroll procedures. In the event of Executive’s death prior to the payment of all installments of the (1) Additional Payment as provided above, or (2) the Remaining Additional Payment Amount as provided in Section 4.1(b)(ii), the remaining installment payments shall be aggregated and paid in a single sum payment to the Executive’s Designated Beneficiary within sixty (60) days from Executive’s date of death.
		

		
			Anticipatory Termination.  Notwithstanding any provision of this Agreement to the contrary, in the event of an Anticipatory Termination, the Company shall compute the Additional Payment payable to Executive as the result of a CIC Severance Payment Event and offset from such amount the aggregate amount of the installments of the Additional Payment, if any, that were already paid to Executive through the Change in Control Date as the result of his Regular Severance Payment Event.  This Additional Payment attributable to the Executive’s CIC Severance Payment Event, as offset by any installment  payments already made to Executive in respect of a Regular Severance Payment Event through the Change in Control Date, is defined as the “Remaining Additional Payment Amount”.  The Remaining Additional Payment Amount shall be paid to Executive in substantially equal, bi-monthly installment payments over the remaining term of the one-year period that is specified in Section 4.1(b)(i).  The Remaining Additional Payment Amount shall be paid to Executive, as provided above, without the requirement that Executive enter into a new Release Agreement.
		

		
			4.2Limitation on Other Severance Benefits.
		

		
			(a)Limitation on Other Severance Payments.  For purposes of clarity, in the event that (i) Executive voluntarily resigns or otherwise voluntarily terminates his own employment during the Term of Employment, except for (A) Good Reason or (B) due to his death or Disability, or (ii) Executive’s employment is terminated due to a No Severance 
		
		
 

		

			9

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		Benefits Event, then, in either such event under clause (i) or (ii), the Company shall have no obligation to provide the severance benefits described in subsections (i) and (ii) of Section 4.1(b), Executive shall still be entitled to receive the severance benefits provided under Section 4.1(a).

		
		
			(b)No Duplication of Severance Benefits.  Notwithstanding Section 4.1, if Executive receives or is entitled to receive any severance benefit under any change of control policy, or any agreement with, or plan or policy of, the Company or any Affiliate, the amount payable under Section 4.1(b) to or on behalf of Executive shall be offset by such other severance benefits received by Executive, and Executive shall thus be entitled to receive the greater of such other severance benefits or the benefits provided under this Agreement, and not any duplicate benefits.  The severance payments provided under this Agreement shall also supersede and replace any duplicative severance benefits under any severance pay plan or program that the Company or any Affiliate maintains for employees generally and that otherwise may cover Executive.
		

		
			4.3Settlement Agreement.  In order to receive the Termination Benefits, Executive must first execute a standard form Settlement Agreement in  substantially the same form as the template document provided by the Company and which is appended to this Agreement as Appendix B.   The Executive shall retain a Legal Adviser (as defined in the Settlement Agreement), as the Legal Adviser is also required to execute the Settlement Agreement.  The Settlement Agreement will be modified as deemed to be necessary or appropriate to the circumstances of the Executive’s termination and delivered to the Executive within fifteen (15) Business Days of the Termination Date, failing which the Company will be deemed to have waived any requirement for the Executive to sign a Settlement Agreement.  Pursuant to the Settlement Agreement, Executive shall agree to release and waive, in return for such severance benefits, any employment-related claims or those claims related to his termination that he may have against the Company; provided, however, the Settlement Agreement shall not waive any claim by or on behalf of Executive for any payment or benefit that is due and payable under the terms of this Agreement prior to the receipt thereof, and it shall not prevent the Executive enforcing the terms of the Settlement Agreement once agreed, or from relying on the provisions of any post termination rights (including, but without limitation, Section 6.5 below,) given to the Executive under this Agreement.  The Executive must return the executed Settlement Agreement within fifteen (15) Business Days following the date of his receipt of that document (the “Settlement Period”) to receive Termination Benefits. If the Executive, and his Legal Adviser (as defined in the Settlement Agreement),  signs and returns the executed Settlement Agreement within the Settlement Period, then the Executive shall be entitled to the Termination Benefits irrespective of whether the Company signs the Settlement Agreement.  
		

		
			If the Settlement Agreement delivery and non-revocation period spans two taxable years, the Termination Benefits will always be paid in the second taxable year.  No Termination Benefits shall be payable or provided by the Company unless and until the Settlement Agreement has been fully executed by Executive and his Legal Adviser (as defined therein), if any, has not been revoked, and is no longer subject to revocation by Executive, and the Termination Benefits will be paid within 30 days after the last applicable event.
		

		
			
		

		 

		

			10

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		4.4Notice of Termination.  Any termination of employment by the Company or Executive shall be communicated by Notice of Termination, pursuant to Section 2.2, to the other Party.
		

		
			4.5Payment in Lieu of Notice.  Notwithstanding the other provisions in this Section 4, the Company may, in its sole and absolute discretion, terminate the Employment Period at any time and with immediate effect by notifying Executive that it is exercising its right under this Section and that it will make, within twenty-eight (28) days, a payment in lieu of notice (the “Payment in Lieu”) to Executive. The Payment in Lieu will be equal to Executive’s Base Salary (as at the Termination Date) which he would have been entitled to receive under this Agreement during the notice period referred to in Section 2.2 (or, if Notice of Termination has already been given, during the remainder of the notice period), less the usual income tax and National Insurance contributions. For the avoidance of doubt, the Payment in Lieu shall not include any element in relation to:
		

		
			(a)any bonus or commission payments that might otherwise have been due during the period for which the Payment in Lieu is made;
		

		
			(b)any payment in respect of benefits which Executive would have been entitled to receive during the period for which the Payment in Lieu is made; and
		

		
			(c)any payment in respect of any holiday entitlement that would have accrued during the period for which the Payment in Lieu is made.
		

		
			The Company may choose to pay any sums due under this Section 4.5 in equal monthly installments until the date on which the notice period would have expired if notice had been given. 
		

		
			Executive shall have no right to receive a Payment in Lieu unless the Company has exercised its discretion in relation to this Section and nothing in this Section shall prevent the Company from terminating Executive’s employment in breach. Notwithstanding this Section, Executive shall not be entitled to any Payment in Lieu if the Company would otherwise have been entitled to terminate the Employment Period without notice on the basis of a For Cause termination. In that case the Company shall also be entitled to recover from Executive any Payment in Lieu (or any installments) already made.
		

		
			4.6Garden Leave.  Following service of notice to terminate the Employment Period by either Party, or if Executive purports to terminate his employment under this Agreement in breach of contract, the Board of Directors or the CEO may by written notice place Executive on Garden Leave for the whole or part of the remainder of the Executive’s Notice Period.    During any period of Garden Leave:
		

		
			(a)Executive shall not be a director of the Company (if then applicable) unless the Board of Directors determines otherwise;
		

		
			(b)the Company shall be under no obligation to provide any work to Executive and may revoke any powers he holds on any Company or Affiliate’s behalf;
		

		 

		

			11

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		
			(c)the Company may require Executive to carry out alternative duties or to only perform such specific duties as are expressly assigned to him, at such location (including home) as the CEO or Company may decide;
		

		
			(d)Executive shall continue to receive his Base Salary and all contractual benefits in the usual way and subject to the terms of any benefit arrangement;
		

		
			(e)Executive shall remain an employee and bound by the terms of this Agreement (including any implied duties of good faith and fidelity);
		

		
			(f)Executive shall ensure that the Board of Directors or the CEO knows where he will be and how he can be contacted during each working day (except during any periods taken as holiday in the usual way);
		

		
			(g)the CEO or Company may exclude Executive from any of the Company's or Affiliate’s premises; and
		

		
			(h)the CEO or Company may require Executive not to contact or deal with (or attempt to contact or deal with) any officer, employee, consultant, client, customer, supplier, agent, distributor, shareholder, adviser or other business contact of the Company or any Affiliate.
		

		
			Article 5. 
CONFIDENTIAL INFORMATION AND 
RESTRICTIVE COVENANTS
		

		
			5.1Access to Confidential Information and Specialized Training.  In connection with his employment and continuing on an ongoing basis during the Employment Period, the Company and its Affiliates will give Executive access to Confidential Information, which Executive did not have access to or knowledge of before the execution of this Agreement.  Executive acknowledges and agrees that all Confidential Information is confidential and a valuable, special and unique asset of the Company that gives the Company an advantage over its actual and potential, current and future competitors.  Executive further acknowledges and agrees that Executive owes the Company a fiduciary duty to preserve and protect all Confidential Information from unauthorized disclosure or unauthorized use, that certain Confidential Information constitutes “trade secrets” under applicable laws, and that unauthorized disclosure or unauthorized use of the Confidential Information would irreparably injure the Company or any of its Affiliates.
		

		
			The Company also agrees to provide Executive with Specialized Training, which Executive does not have access to or knowledge of before the execution of this Agreement and continuing on an ongoing basis during his employment.
		

		
			5.2Agreement Not to Use or Disclose Confidential Information.  Both during the term of Executive’s employment and after his termination of employment for any reason (including wrongful termination), Executive shall hold all Confidential Information in strict confidence, and shall not use any Confidential Information except for the benefit of the Company or its Affiliates, in accordance with the duties assigned to Executive.  Executive shall 
		

		 

		

			12

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		not, at any time (either during or after the term of Executive’s employment), disclose any Confidential Information to any Person (except other Persons who have a need to know the information in connection with the performance of services for the Company or its Affiliate), or copy, reproduce, modify, decompile or reverse engineer any Confidential Information, or remove any Confidential Information from the Company’s premises, without the prior written consent of the Compensation Committee, or permit any other Person to do so.  Executive shall take reasonable precautions to protect the physical security of all documents and other material containing Confidential Information (regardless of the medium on which the Confidential Information is stored).  This agreement and covenant applies to all Confidential Information, whether now known or later to become known to Executive.
		

		
			The Executive shall hold in a fiduciary capacity for the benefit of the Company all Confidential Information relating to the Company or any of its Affiliates, and their respective businesses, that has been obtained by the Executive during the Executive’s employment by the Company and which is not public knowledge (other than by acts of the Executive or representatives of the Executive in violation of this Agreement).
		

		
			Following the termination of the Executive’s employment with the Company for any reason, the Executive shall not, without the prior written consent of the Company or as may otherwise be required by law or legal process, or in compliance with any legal regulatory or compliance obligation or process, communicate or divulge any such Confidential Information to any Person other than the Company and those designated by it. This Section 5.2 shall not apply to any information which is already in, or comes into, the public domain other than through Executive’s unauthorised disclosure; or any protected disclosure within the meaning of section 43A of the Employment Rights Act 1996.
		

		
			The Company has and will disclose to the Executive, or place the Executive in a position to have access to or develop, trade secrets and Confidential Information of the Company or its Affiliates; and/or has and will place the Executive in a position to develop business goodwill on behalf of the Company or its Affiliates; and/or has and will entrust the Executive with business opportunities of the Company or its Affiliates.  As part of the consideration for the compensation and benefits to be paid to the Executive hereunder, the Executive hereby agrees to accept these restrictions in this Section to protect the trade secrets and Confidential Information of the Company and its Affiliates that have been and will in the future be disclosed or entrusted to the Executive, the business goodwill of the Company and its Affiliates that has been and will in the future be developed in the Executive, or the business opportunities that have been and will in the future be disclosed or entrusted to the Executive; and as an additional incentive for the Company to enter into this Agreement, the Company and the Executive agree to the non-competition and the non-solicitation obligations set forth in this Agreement.
		

		
			5.3Duty to Return Company Documents and Property.  Upon the termination of Executive’s employment with the Company and its Affiliates, for whatever reason, or upon the request of the Board of Directors or CEO at any time, Executive shall immediately return and deliver to the Company any and all papers, books, records, documents, memoranda and manuals, e-mail, electronic or magnetic recordings or data, including all copies thereof, belonging to the Company or its Affiliate or relating to their businesses, in Executive’s possession or under his control, and regardless of, whether prepared by Executive or others.  If at any time after the 
		

		 

		

			13

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		Employment Period, Executive determines that he has any Confidential Information in his possession or under his control, Executive shall immediately return to the Company all such Confidential Information, including all copies (including electronic versions) and portions thereof.  Executive. will, at the Company’s request, provide without delay a written and signed confirmation of compliance with this Section.
		

		
			Within one (1) day after the end of the Employment Period for any reason, the Executive shall return to Company all Confidential Information which is in his possession, custody or control.
		

		
			5.4Intellectual Property. Executive shall promptly disclose to the Company all ideas, inventions, computer programs, and discoveries, whether or not patentable or copyrightable, which he may conceive or make, alone or with others, during the Employment Period, whether or not during working hours, and which directly or indirectly:
		

		
			(a)relate to matters within the scope, field, duties or responsibility of Executive’s employment with the Company; or
		

		
			(b)are based on any knowledge of the actual or anticipated business or interest of the Company or any of its Affiliates; or
		

		
			(c)are aided by the use of time, materials, facilities or information of the Company or its Affiliate.
		

		
			Executive shall assign to the Company, without further compensation, all rights, titles and interest in all such ideas, inventions, computer programs and discoveries in all countries of the world.    
		

		
			Executive recognizes that all ideas, inventions, computer programs and discoveries of the type described above, conceived or made by Executive alone or with others within six (6) months after termination of employment (voluntary or otherwise), are likely to have been conceived in significant part either while employed by the Company or as a direct result of knowledge Executive had of Confidential Information.  Accordingly, Executive undertakes and agrees to inform the Company of any such ideas, inventions or discoveries without delay and the same shall be presumed to have been conceived during his employment with the Company, unless and until the contrary is clearly established by Executive. Executive may be required to provide written confirmation of the existence or absence (as applicable) of any such ideas, inventions or discoveries at any time up to six (6) months following the end of the Employment Period.
		

		
			5.5Inventions.  Any and all writings, computer software, inventions, improvements, processes, procedures and/or techniques which Executive may make, conceive, discover, or develop, either solely or jointly with any other Person, at any time during the Employment Period, whether at the request or upon the suggestion of the Company or otherwise, which relate to or are useful in connection with any business now or hereafter carried on or contemplated by the Company or its Affiliate, including developments or expansions of its present fields of operations, shall be the sole and exclusive property of the Company or its Affiliate.  Executive shall take all actions necessary so that the Company or its Affiliate can prepare and present applications for copyright or Letters Patent therefor and can secure such copyright or Letters Patent wherever possible, as well as reissue renewals, and extensions thereof, and can obtain the 
		

		 

		

			14

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		record title to such copyright or patents.  Executive shall not be entitled to any additional or special compensation or reimbursement regarding any such writings, computer software, inventions, improvements, processes, procedures and techniques.  Executive acknowledges that the Company or its Affiliate from time to time may have agreements with other Persons which impose obligations or restrictions on the Company or its Affiliate regarding inventions made during the course of work thereunder or regarding the confidential nature of such work.  Executive agrees to be bound by all such obligations and restrictions and to take all reasonable action which is necessary to discharge the obligations of the Company or its Affiliate with respect thereto.
		

		
			Executive hereby irrevocably waives all moral rights under the Copyright, Designs and Patents Act 1988 (and all similar rights in other jurisdictions) which he has or will have in any existing or future works referred to in Sections 5.4 and 5.5.  Executive irrevocably appoints the Company to be his attorney in his name and on his behalf to execute documents, use his name and do all things which are necessary or desirable for the Company to obtain for itself or its nominee the full benefit of these Sections 5.4 and 5.5. 
		

		
			5.6Post Termination Restrictions.  
		

		
			(a)In order to protect the Confidential Information and the business, client and trade connections and the stability of the workforce,  to which the Executive has had access as a result of his employment, Executive covenants with the Company (on its own behalf and as trustee and agent for its Affiliates) that Executive shall not:
		

		
			(i)for 12 months after the Termination Date, howsoever caused, solicit or endeavour to entice away from the Company or any of its Affiliates the business or custom of a Restricted Customer with a view to providing goods or services to that Restricted Customer in competition with any Restricted Business;
		

		
			(ii)for 12 months after the Termination Date, howsoever caused, in the course of any business concern which is or intends to be in competition with any Restricted Business, offer to employ or engage or otherwise endeavour to entice away from the Company or any of its Affiliates any Restricted Person;
		

		
			(iii)for 12 months after the Termination Date howsoever caused, in the course of any business concern which is or intends to be in competition with any Restricted Business, employ or engage or otherwise facilitate the employment or engagement of any Restricted Person, whether or not such person would be in breach of contract as a result of such employment or engagement;
		

		
			(iv)for 12 months after the Termination Date, howsoever caused, be involved in any Capacity with any business concern which is (or intends to be) in competition with the Restricted Business;
		

		
			(v)for 12 months after the Termination Date, howsoever caused, be involved with the provision of goods or services to (or otherwise have any business dealings with) any Restricted Customer in the course of any business concern which is in competition with any Restricted Business; or
		

		 

		

			15

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		
			(vi)at any time after the Termination Date, represent himself as connected with the Company or any of its Affiliates in any Capacity, other than as a former employee, or use any registered business names or trading names associated with the Company or any of its Affiliates.
		

		
			(b)None of the above restrictions in Section 5.6(a)(i) through  (vi) shall prevent Executive from:
		

		
			(i)holding an investment by way of shares or other securities of not more than five percent (5%) of the total issued share capital of any company, whether or not it is listed or dealt in on a recognised stock exchange; or
		

		
			(ii)being engaged or concerned in any business concern insofar as his duties or work shall relate solely to geographical areas outside of the Restricted Area; or
		

		
			(iii)any business with which the Executive has been involved pursuant to Section 1.5.
		

		
			(c)The restrictions imposed on Executive by this Section 5.6 apply to his acting:
		

		
			(i) directly or indirectly; and
		

		
			(ii) on his own behalf or on behalf of, or in conjunction with, any firm, company or person.
		

		
			(d)The periods for which the restrictions above apply shall be reduced by any period that Executive spends on Garden Leave immediately before the Termination Date.
		

		
			(e)If, during his employment under this Agreement or before the expiry of the last of the covenants in this  Section, Executive receives an approach or offer to be involved in any Capacity in a business which competes with any part or parts of the Company's business or its Affiliate’s business with which he is or has been involved to a material extent during the Appointment, Executive shall:
		

		
			(i)notify the Board of Directors or CEO in writing of the fact of the approach or offer and the identity of the person making the approach or offer as soon as possible; and
		

		
			(ii)give the person making the offer a copy of this Section 5.6 within seven (7) days of the offer being made.
		

		
			(f)The obligations contained in this Section are continuing obligations and shall also apply if, at any time subsequent to the relevant approach or offer being made, but before the expiry of the last of the covenants in this Section, the business making the offer or approach so competes with the Company’s  or its Affiliate’s business.
		

		 

		

			16

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		
			(g)If, at any time during Executive’s employment, one or more Restricted Persons have left their employment, appointment or engagement with the Company or its Affiliate to carry out services for a business concern which competes with, or is intended to compete with, any Restricted Business, Executive will not at any time during the six months following the last date on which any of those Restricted Persons were employed or engaged by the Company or its Affiliate, be employed or engaged in any way with that business concern.
		

		
			(h)The Parties entered into the restrictions in this Section having been separately legally advised.
		

		
			(i)Each of the restrictions in this Section is intended to be separate and severable. If any of the restrictions shall be held to be void but would be valid if part of their wording were deleted, such restriction shall apply with such deletion as may be necessary to make it valid or effective.
		

		
			(j)If the Executive’s employment is transferred to any firm, company, person or entity (other than an Affiliate) (the “New Employer”) pursuant to the Transfer of Undertakings (Protection of Employment) Regulations 2006, Executive will, if required, enter into an agreement with the New Employer containing post-termination restrictions corresponding to those restrictions in this Section protecting the confidential information, clients and customer relationships, trade secrets and business connections of the New Employer.
		

		
			(k)Executive will, at the Company’s request and expense, enter into a separate agreement with any Affiliate in which he agrees to be bound by restrictions corresponding to those restrictions in this Section (or such of those restrictions as may be appropriate) in relation to that Affiliate.
		

		
			5.7Forfeiture of Severance Payment.  A “Forfeiture Event” for purposes of this Agreement will occur if (a) Executive knowingly or inadvertently violates any of the covenants or restrictions contained in Sections 5.1 through 5.6, or (b) the Company learns of facts within one (1) year following Executive’s Termination Date that, if such facts had been known by the Company as of the Termination Date, would have resulted in the termination of Executive’s employment hereunder by the Company for Cause, or (c) the Executive fails or refuses to provide upon request the written confirmation sought by the Company in Section 5.4.  In the event of a Forfeiture Event, and if within thirty (30) days of being notified by the Company in writing of the Forfeiture Event, Executive has not remedied, cured, corrected or mitigated the Forfeiture Event to the satisfaction of the Company (acting reasonably), then within a further 30 days thereafter of being notified by the Company of that fact, he shall repay to the Company the full amount of the Additional Payment received by Executive pursuant to Section 4.1(b), net of any tax withholdings that were previously withheld from such payment.  Executive specifically recognizes and affirms that this Section 5.7 is a material part of this Agreement without which the Company would not have entered into this Agreement.  Executive further covenants and agrees that should all or any part or application of this Section 5.7 be held or found invalid or unenforceable for any reason whatsoever by a court of competent jurisdiction in an action between Executive and the Company, then Executive shall promptly pay to the Company the 
		

		 

		

			17

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		amount of the Additional Payment, or such lesser amount as shall be determined to be the maximum reasonable and enforceable amount by a court, as applicable.    
		

		
			5.8Removal of Restrictions by Court.  It is expressly understood and agreed that the Company and the Executive consider the restrictions contained in this Article 5 to be reasonable and necessary to protect the Confidential Information, client and customer connections, trade, workforce stability and reasonable business interests of the Company or its Affiliates.  Nevertheless, if any of the aforesaid restrictions are found by a court having jurisdiction to be unreasonable, or overly broad as to geographic area or time, or otherwise unenforceable, the Parties intend for the unenforceable restrictions therein set forth to be deleted by such court such that the Agreement shall be reasonable and enforceable and, as such,  shall then be fully enforced in the geographic area and for the time period to the full extent permitted by law.
		

		
			5.9No Previous Restrictive Agreements.  Executive represents that, except for agreements he disclosed in writing to the Company, he is not bound by the terms of any agreement with any previous employer or other Person to (a) refrain from using or disclosing any trade secret or confidential or proprietary information in the course of Executive’s employment by the Company or (b) refrain from competing, directly or indirectly, with the business of such previous employer or any other Person.  Executive further represents that his performance of all the terms of this Agreement and his work duties for the Company does not, and will not, breach any agreement to keep in confidence proprietary information, knowledge or data acquired by Executive in confidence or in trust prior to Executive’s employment with the Company, and Executive will not disclose to the Company or induce the Company to use any confidential or proprietary information or material belonging to any previous employer or other Person.
		

		
			5.10Conflicts of Interest.  In keeping with his fiduciary duties to Company, Executive hereby agrees that he shall not become involved in a conflict of interest, or upon discovery thereof, allow such a conflict to continue at any time during the Employment Period.  Moreover, Executive agrees that he shall abide by the Company’s Code of Conduct, as it may be amended from time to time, and immediately disclose to the Board of Directors or CEO any known facts which might involve a conflict of interest or potential conflict of interest arising of which the Board of Directors or CEO was not aware.
		

		
			5.11Remedies.  Executive acknowledges that the restrictions contained in this Article 5, in view of the nature of the Company’s business, are reasonable and necessary to protect the Company’s legitimate business interests, and that any violation of this Agreement would result in irreparable injury to the Company.  In the event of a breach or a threatened breach by Executive of any provision of Article 5, the Company shall be entitled to claim injunctive relief restraining Executive from the commission of any breach, and to recover the Company’s attorneys’ fees, costs and expenses related to the breach or threatened breach.  Nothing contained in this Agreement shall be construed as prohibiting the Company from pursuing any other remedies available to it for any such breach or threatened breach, including, without limitation, the recovery of money damages, attorneys’ fees, and costs.  These covenants and disclosures shall each be construed as independent of any other provisions in this Agreement, and the existence of any claim or cause of action by Executive against the Company, whether predicated on this 
		

		 

		

			18

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of such covenants and agreements.
		

		
			The Executive acknowledges that money damages would not be sufficient remedy for any breach of Article 5 by the Executive, and the Company shall also be entitled to specific performance as an available remedy for any such breach or any threatened breach.  The remedies provided in this Section 5.11 shall not be deemed the exclusive remedies for a breach of Article 5, but shall be in addition to all remedies available at law or in equity.
		

		
			5.12No Disparaging Comments.  Executive and the Company (and its Affiliates) shall each refrain from any criticisms or disparaging comments about each other or in any way relating to Executive’s employment or separation from employment; provided, however, that nothing in this Agreement shall apply to or restrict in any way the communication of information by the Company or any of its Affiliates or by the Executive to any law enforcement agency, or any regulatory or compliance authority.  The Company and Executive will not be in breach of this covenant solely by reason of testimony or disclosure that is required for compliance with applicable law or regulation or by compulsion of law.  A violation or threatened violation of this prohibition may be enjoined by a court of competent jurisdiction.  The rights under this provision are in addition to any and all rights and remedies otherwise afforded by law to the Parties.
		

		
			Executive acknowledges that in executing this Agreement, he has knowingly, voluntarily, and intelligently waived any free speech, free association, free press or First Amendment to the United States Constitution (including, without limitation, any counterpart or similar provision or right under the Texas Constitution or any other state constitution which may be deemed to apply) rights to disclose, communicate, or publish disparaging information or comments concerning or related to the Company or its Affiliate; provided, however, nothing in this Agreement shall be deemed to prevent Executive from testifying fully and truthfully in response to a subpoena from any court or from responding to an investigative inquiry from any governmental agency.
		

		
			5.13Company Documents and Property.  All writings, records, and other documents and things comprising, containing, describing, discussing, explaining, or evidencing any Confidential Information, and all equipment, components, parts, tools, and the like in Executive’s custody, possession or control that have been obtained or prepared in the course of Executive’s employment with the Company shall be the exclusive property of the Company, shall not be copied and/or removed from the premises of the Company, except in pursuit of the business of the Company, and shall be delivered to the Company, without Executive retaining any copies, extracts or parts or any electronic versions,  immediately upon notification of the termination of Executive’s employment or at any other time requested by the Company. The Company shall have the right to retain, access, and inspect all property of any kind in the office or premises of the Company.
		

		
			5.14Data Protection . The Company will collect and process information relating to Executive in accordance with the privacy notice which is attached to this agreement. Executive is required to sign and date the privacy notice and return to the General Counsel.  Executive shall comply with the Company’s data protection policy when handling personal data in the course of employment` including personal data relating to any employee, worker, contractor, customer, client, supplier or agent of the Company or its Affiliates. Executive will also comply with the 
		

		 

		

			19

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		Company’s “Code of Business Conduct and Ethics” and “Computer, Network & Equipment Use Policy”. Failure to comply with the Company’s data protection policy or any of the policies listed above shall subject the Executive to discipline pursuant to the Company’s disciplinary procedures and, in serious cases, may be treated as gross misconduct leading to summary dismissal.
		

		
			5.15Collective Agreements .  There is no collective agreement which directly affects the Executive’s employment.
		

		
			Article 6. 
GENERAL PROVISIONS
		

		
			6.1Matters Relating to Section 409A of the Code.  Notwithstanding any provision in this Agreement to the contrary, if the payment of any compensation or benefit provided hereunder (including, without limitation, any Termination Benefits) would be subject to additional taxes and interest under Section 409A of the Code (“Section 409A”), then the Company may, after consulting with Executive, reform such provision to comply with Section 409A or to preclude imposition of taxes or interest under Section 409A, to the full extent permitted under Section 409A:
		

		
			6.2Withholdings; Right of Deduction.  The Company may withhold and deduct from any benefits and payments made or to be made pursuant to this Agreement at any time  (a) all applicable taxes and national insurance contributions as may be required pursuant to any law or governmental regulation or ruling, (b) all other normal employee deductions made with respect to Company’s employees generally, and (c) any advances made to Executive and owed to Company.
		

		
			6.3Nonalienation.  The right to receive payments under this Agreement shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge or encumbrance by Executive, his dependents or beneficiaries, or to any other Person who is or may become entitled to receive such payments hereunder. The right to receive payments hereunder shall not be subject to or liable for the debts, contracts, liabilities, engagements or torts of any Person who is or may become entitled to receive such payments, nor may the same be subject to attachment or seizure by any creditor of such Person under any circumstances, and any such attempted attachment or seizure shall be void and of no force and effect.
		

		
			6.4Incompetent or Minor Payees.  Should the Compensation Committee determine, in its discretion, that any Person to whom any payment is payable under this Agreement has been determined to be legally incompetent or is a minor, any payment due hereunder, notwithstanding any other provision of this Agreement to the contrary, may be made in any one or more of the following ways:  (a) directly to such Person; (b) to the legal guardian or other duly appointed personal representative of the individual or the estate of such Person; or (c) to such adult or adults as have, in the good faith knowledge of the Compensation Committee, assumed custody and support of such Person; and any payment so made shall constitute full and complete discharge of any liability under this Agreement in respect to the amount paid.
		

		
			
		

		 

		

			20

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		6.5Indemnification. The Company hereby agrees to indemnify Executive and hold Executive harmless to the fullest extent permitted under the organizational documents of the Company and applicable law against and in respect of any and all actions, suits, proceedings, claims, demands, judgments, costs, expenses (including reasonable attorney’s fees), losses, and damages (including advancement of fees and expenses) resulting from Executive’s good faith performance of Executive’s duties and obligations with the Company hereunder. The Company shall accordingly cover Executive under directors’ and officers’ liability insurance both during and, while potential liability exists, after the Employment Period, in the same amount and to the same extent as the Company covers its other officers and directors. The foregoing obligations shall survive the termination of Executive’s employment with the Company and shall be in addition to any other indemnification rights Executive is entitled to, under existing or future indemnification agreements or otherwise. 
		

		
			6.6Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the Company and any successor of the Company (whether direct or indirect, by purchase, merger, consolidation or otherwise), and this Agreement shall inure to the benefit of and be enforceable by Executive’s legal representatives.  The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place.  As used in this Agreement, “Company” shall mean the Company as previously defined and any successor by operation of law or otherwise, as well as any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement.  The Company has the right and authority, in its discretion, to assign this Agreement to a directly or indirectly fully-owned subsidiary of the Company that is domiciled in the United Kingdom and Executive hereby agrees to any such assignment or transfer.  Except as provided in the preceding provisions of this Section 6.6, this Agreement, and the rights and obligations of the Parties hereunder, are personal in nature and neither this Agreement, nor any right, benefit, or obligation of either Party hereto, shall be subject to voluntary or involuntary assignment, alienation or transfer, whether by operation of law or otherwise, without the written consent of the other Party.
		

		
			6.7Notice.  Each Notice or other communication required or permitted under this Agreement shall be in writing and transmitted, delivered, or sent by personal delivery, prepaid courier or messenger service (whether overnight or same-day), or prepaid certified and recorded mail (with return receipt requested), addressed (in any case) to the other Party at the address for that Party set forth below or under that Party’s signature on this Agreement, or at such other address as the recipient has designated by Notice to the other Party.
		

		

		

		 

		

			21

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		To the Company:VAALCO Energy, Inc.
		

		
			9800 Richmond Avenue, Suite 700
		

		
			Houston, Texas  77042
USA
		

		
			Attention:  General Counsel & Corporate Secretary

		

		
			To Executive:Ronald Bain
		

		
			(as set forth below his signature)
		

		
			Each Notice or communication so transmitted, delivered, or sent (a) in person, by courier or messenger service, or by certified and recorded mail (return receipt requested) shall be deemed given, received, and effective on the date delivered to or refused by the intended recipient (with the return receipt, or the equivalent record of the courier or messenger, being deemed conclusive evidence of delivery or refusal), or (b) by email or facsimile shall be deemed given, received, and effective on the date of actual receipt (with the confirmation of transmission being deemed conclusive evidence of receipt, except where the intended recipient has promptly Notified the other Party that the transmission is illegible). Nevertheless, if the date of delivery or transmission is not a Business Day, or if the delivery or transmission is after 4:00 p.m. (local time at the recipient) on a Business Day, the Notice or other communication shall be deemed given, received, and effective on the next Business Day.
		

		
			6.8Severability.  It is the desire of the Parties hereto that this Agreement be enforced to the maximum extent permitted by law, and should any provision contained herein be held unenforceable by a court of competent jurisdiction, the Parties hereby agree and consent that such provision shall be modified or deleted to create a valid and enforceable provision to the maximum extent permitted by law; provided, however, if such provision cannot be reformed, it shall be deemed ineffective and deleted herefrom without affecting any other provision of this Agreement.  This Agreement should be construed by limiting and reducing it only to the minimum extent necessary to be enforceable under then applicable law.
		

		
			6.9No Third Party Beneficiaries.  This Agreement shall be binding upon and inure to the benefit of the Parties hereto, and to their respective successors and permitted assigns hereunder, but otherwise this Agreement shall not be for the benefit of any Persons who are third parties.
		

		
			6.10Waiver of Breach.  No waiver by either Party of a breach of any provision of this Agreement by the other Party, or of compliance with any condition or provision of this Agreement to be performed by the other Party, will operate or be construed as a waiver of any subsequent breach by the other Party or any similar or dissimilar provision or condition at the same or any subsequent time.  The failure of either Party to take any action by reason of any breach will not deprive such Party of the right to take action at any time while such breach continues.
		

		
			6.11Survival of Certain Provisions.  Wherever appropriate to the intention of the Parties, the respective rights and obligations of the Parties hereunder shall, as applicable, survive any termination or expiration of this Agreement or following the Executive’s Termination Date.
		

		
			
		

		 

		

			22

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		6.12Entire Agreement; Amendment and Termination.  This Agreement contains the entire agreement of the Parties with respect to the matters covered herein; moreover, this Agreement supersedes all prior and contemporaneous agreements and understandings, oral or written, between the Parties concerning the subject matter hereof.  This Agreement may be amended, waived or terminated only by a written instrument that is identified as an agreed amendment, waiver or termination hereto and that is executed by or on behalf of both Parties.
		

		
			6.13Interpretive Matters.  In the interpretation of the Agreement, except where the context otherwise requires:
		

		
			(a)Headings.  The Agreement headings are for reference purposes only and will not affect in any way the meaning or interpretation of this Agreement.
		

		
			(b)The terms “including” and “include” do not denote or imply any limitation.
		

		
			(c)The conjunction “or” has the inclusive meaning “and/or”.
		

		
			(d)The singular includes the plural, and vice versa, and each gender includes each of the others.
		

		
			(e)The term “month” refers to a calendar month.
		

		
			(f)Reference to any statute, rule, or regulation includes any amendment thereto or any statute, rule, or regulation enacted or promulgated in replacement thereof.
		

		
			(g)The words “herein”,  “hereof”,  “hereunder” and other compounds of the word “here” shall refer to the entire Agreement and not to any particular provision;
		

		
			(h)All amounts referenced herein are in U.S. dollars.
		

		
			6.14Governing Law; Jurisdiction.  
		

		
			(a)All matters or issues relating to the interpretation, construction, validity, and enforcement of this Agreement shall be governed by the laws of the state of Texas, without giving effect to any choice-of-law principle that would cause the application of the laws of any jurisdiction other than Texas.
		

		
			(b)Jurisdiction and venue of any action or proceeding relating to this Agreement or any Dispute shall be exclusively in the federal and state courts of competent jurisdiction in Houston or Harris County, Texas.  By entering into this Agreement, Executive consents to be subject to personal jurisdiction in the federal courts and Texas state courts situated in Houston, Texas or Harris County, Texas.
		

		
			6.15Executive Acknowledgment.  Executive acknowledges that (a) he is knowledgeable and sophisticated as to business matters, including the subject matter of this Agreement, (b) he has read this Agreement and understands its terms and conditions, (c) he has had ample opportunity to discuss this Agreement with his legal counsel prior to execution, and (d) no strict rules of construction shall apply for or against the drafter or any other Party.  
		

		 

		

			23

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		Executive represents that he is free to enter into this Agreement including, without limitation, that he is not subject to any covenant not to compete or other restrictive covenant that would conflict with his employment duties and covenants under this Agreement.
		

		
			6.16Supersedes PSA.   The Agreement supersedes and replaces the Professional Services Agreement by and between the Parties dated May 10, 2021 (the “PSA”).  Effective as of the Effective Date, the PSA is terminated and shall have no further force or effect.
		

		
			6.17Counterparts.  This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument.  Each counterpart may consist of a copy hereof containing multiple signature pages, each signed by one Party hereto, but together signed by both Parties.
		

		
			 [Signature page follows.]
		

		
			 
		

		

		

		 

		

			24

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		IN WITNESS WHEREOF, Executive has hereunto set his hand and Company has caused this Agreement to be executed in its name and on its behalf by its duly authorized officer, to be effective as of the Effective Date.
		

		
			WITNESS:EXECUTIVE:
		

		
			﻿
		

			
					
						﻿

					
						 

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Signature:  

					
					
						/s/A. Bain

					
					
						 

					
					
						Signature:  

					
					
						/s/Ronald Bain

				
	
					
						Name:  

					
					
						A. Bain

					
					
						 

					
					
						Name:  

					
					
						Ronald Bain

				
	
					
						Date:  

					
					
						18th June 2021

					
					
						 

					
					
						Date:  

					
					
						18th June 2021

				

		
			﻿
		

		
			﻿
		

		
			Executive’s Address for Notices:
		

		
			Ronald Bain 
		

		
			80 Valentine Drive, 
		

		
			Bridge of Don, Aberdeen AB22 8YF
		

		
			United Kingdom
		

		
			ATTEST:COMPANY:
		

		
			VAALCO ENERGY, INC.
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						By:  

					
					
						/s/ Michael G. Silver

					
					
						 

					
					
						By:  

					
					
						/s/ George Maxwell

				
	
					
						Name:  

					
					
						Michael G. Silver

					
					
						 

					
					
						Name:  

					
					
						George Maxwell

				
	
					
						Title:  

					
					
						General Counsel

					
					
						 

					
					
						Title:  

					
					
						Chief Executive Officer

				
	
					
						Date:  

					
					
						18th June 2021

					
					
						 

					
					
						Date:  

					
					
						18th June 2021

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			25

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		APPENDIX A
		

		
			Definitions Appendix
		

		
			1. “Affiliate” has the same meaning ascribed to such term in Rule 12b-2 under the Securities Exchange Act of 1934, as amended from time to time.
		

		
			2. “Anticipatory Termination” means a Separation From Service of the Executive within the time period that begins on the first day of the month that is three (3) months immediately preceding the first day of the month containing the Change in Control Date and ends on the Change in Control Date but only if the Executive’s Separation From Service was (a) due to a termination by the Company without Cause or (b) a termination by the Executive for Good Reason.  For purposes of clarification and not limitation, a Separation From Service for Cause, or due to Executive’s death or Disability or his voluntary resignation without Good Reason, is not an Anticipatory Termination.
		

		
			3.“Arbitration Rules” means the Rules for Employment Arbitrations of the American Arbitration Association, as in effect at the time of arbitration of a Dispute.
		

		
			4.“Board” or “Board of Directors”  means the then-current Board of Directors of the Company.
		

		
			5.“Business Day” means any Monday through Friday, excluding any such day on which banks are authorized to be closed in Texas.
		

		
			6.“Capacity” means as agent, consultant, director, employee, worker, owner, partner or shareholder.
		

		
			7.“Cause” shall mean the termination by the Company of the Executive’s employment with the Company in circumstances of:
		

		
			(a)any act or omission of Executive which constitutes gross misconduct and which has been determined by the Board of Directors or CEO, acting reasonably, to be so; 
		

		
			(b)the conviction of the Executive of a criminal offence by a court of competent jurisdiction of a crime involving moral turpitude or which is a crime other than an offence under any road traffic legislation in the UK or elsewhere) for which a fine or non-custodial penalty is imposed;  
		

		
			(c)the commission by the Executive of a material act of fraud or dishonesty upon the Company or any of its Affiliates, or any customer or supplier thereof; 
		

		
			(d)the misappropriation of any funds or property of the Company or any of its Affiliates, or any customer or supplier thereof, by the Executive; 
		

		
			(e)the Executive’s gross negligence or gross incompetence or otherwise the willful and continued failure by the Executive to perform the material duties assigned to him that is not cured to the reasonable satisfaction of the Company within 30 days after 
		
		
 

		

			A-1

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		written notice of such failure is provided to Executive by the CEO, Board or the Compensation Committee (or by another officer of the Company who has been designated by the Board or the Compensation Committee for such purpose); 

		
		
			(f)the engagement by the Executive in any direct and material conflict of interest with the Company or any of its Affiliates without compliance with the Company’s conflict of interest policy (or the conflict of interest policy of any Affiliate of the Company, if any) then in effect; 
		

		
			(g)the violation by the Executive of the Company’s “Code of Business Conduct and Ethics” or the Executive’s serious breach of the Company’s rules and policies (including but not limited to the “Employee Handbook”, “Anti-Bribery and Anti-Tax Avoidance Compliance Policy”, “Insider Trading Policy”, “Computer, Network & Equipment Use Policy”, and other policies and procedures related to Company rules on electronic communications);
		

		
			(h)the engagement by the Executive, without the written approval of the CEO, Board or the Compensation Committee, in any material activity which competes with the business of the Company or any of its Affiliates or which would result in a material injury to the business, reputation or goodwill of the Company or any of its Affiliates;
		

		
			(i)the Executive is declared bankrupt or makes any arrangement with or for the benefit of his creditors or have a county court administration order made against you under the County Court Act 1984; or
		

		
			(j)the Executive is, in the opinion of a medical practitioner physically or mentally incapable of performing his duties and may remain so for more than three months and the medical practitioner has given a medical opinion to the Board of Directors to that effect; or 
		

		
			(k)ceases to be eligible to work in the UK.
		

		
			8.“Change in Control” means the occurrence of any one or more of the following events:
		

		
			(a)The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act (a “Person”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of fifty percent (50%) or more of either (i) the then outstanding shares of common stock of the Company (the “Outstanding Company Stock”) or (ii) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that the following acquisitions shall not constitute a Change in Control: (i) any acquisition directly from the Company or any Subsidiary, (ii) any acquisition by the Company or any Subsidiary or by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary, or (iii) any acquisition by any corporation pursuant to a reorganization, merger, consolidation or similar business combination involving the 
		
		
 

		

			A-2

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		Company (a “Merger”), if, following such Merger, the conditions described in Section 7.8(c) (below) are satisfied;

		
		
			(b)Individuals who, as of the Effective Date, constitute the Board of Directors of the Company (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Effective Date whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board;
		

		
			(c)The consummation of a Merger involving the Company, unless immediately following such Merger, (i) substantially all of the holders of the Outstanding Company Voting Securities immediately prior to Merger beneficially own, directly or indirectly, more than fifty percent (50%) of the common stock of the corporation resulting from such Merger (or its parent corporation) in substantially the same proportions as their ownership of Outstanding Company Voting Securities immediately prior to such Merger and (ii) at least a majority of the members of the board of directors of the corporation resulting from such Merger (or its parent corporation) were members of the Incumbent Board at the time of the execution of the initial agreement providing for such Merger; or
		

		
			(d)The sale consummation, or other disposition of all or substantially all of the assets of the Company, unless immediately following such sale or other disposition, (i) substantially all of the holders of the Outstanding Company Voting Securities immediately prior to the consummation of such sale or other disposition beneficially own, directly or indirectly, more than fifty percent (50%) of the common stock of the corporation acquiring such assets in substantially the same proportions as their ownership of Outstanding Company Voting Securities immediately prior to the consummation of such sale or disposition, and (ii) at least a majority of the members of the board of directors of such corporation (or its parent corporation) were members of the Incumbent Board at the time of execution of the initial agreement or action of the Board of Directors providing for such sale or other disposition of assets of the Company; or
		

		
			(e)The approval by the stockholders of the Company or the Board of a plan for the complete liquidation or dissolution of the Company.
		

		
			Notwithstanding the foregoing provisions of this Change in Control definition, to the extent that any payment (or acceleration of payment) under the Agreement is considered to be deferred compensation that is subject to, and not exempt under, Code Section 409A, then the term Change in Control hereunder shall be construed to have the meaning as set forth in Code Section 409A, but only with respect to the payment (or acceleration of payment) of such deferred compensation, and to the extent inconsistent with the foregoing provisions of this definition as determined by the Incumbent Board.
		

		

		

		 

		

			A-3

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		9. “Change in Control Date” means the first date upon which a Change in Control event occurs, provided that such date occurs during either (a) the Employment Period or (b) the three-month period following the end of the Employment Period as specified in the definition of “Anticipatory Termination” if applicable.
		

		
			10.“CIC Window Period” means (a) the time period beginning on the Change in Control Date and ending on the last day of the twelve (12) consecutive month period that begins immediately following the last day of the month containing the Change in Control Date, or (b) following an Anticipatory Termination, the occurrence of a Change in Control (which Change in Control must qualify as a “change in control event” within the meaning of Section 409A) within the three-month period that is specified in the definition of “Anticipatory Termination”.
		

		
			11.“Code” means the Internal Revenue Code of 1986, as amended, or its successor.  References herein to any Section of the Code shall include any successor provisions of the Code.
		

		
			12.“Confidential Information” means any information or material known to, or used by or for, the Company or an Affiliate (whether or not owned or developed by the Company or an Affiliate and whether or not developed by Executive) that is not generally known by other Persons in the Business.  For all purposes of the Agreement, Confidential Information includes, but is not limited to, the following: all trade secrets of the Company or an Affiliate; all non-public information that the Company or an Affiliate has marked as confidential or has otherwise described to Executive (either in writing or orally) as confidential; all non-public information concerning the Company’s or Affiliate’s products, services, prospective products or services, research, prospects, leases, surveys, seismic data, drilling data, designs, prices, costs, marketing plans, marketing techniques, studies, test data, leasehold and royalty owners, investors, suppliers and contracts; all business records and plans; all personnel files; all financial information of or concerning the Company or an Affiliate; all information relating to the Company’s operating system software, application software, software and system methodology, hardware platforms, technical information, inventions, computer programs and listings, source codes, object codes, copyrights and other intellectual property; all technical specifications; any proprietary information belonging to the Company or an Affiliate; all computer hardware or software manuals of the Company or an Affiliate; all Company or Affiliate training or instruction manuals; all Company or Affiliate electronic data; and all computer system passwords and user codes.
		

		
			13.“Designated Beneficiary” means Executive’s surviving spouse, if any, as determined for purposes of the Code.  If there is no such surviving spouse at the time of Executive’s death, then the Designated Beneficiary shall be Executive’s estate.
		

		
			14.“Disability” shall mean that Executive is entitled to receive long‐term disability (“LTD”) income benefits under the LTD plan or policy maintained by the Company or an Affiliate that covers Executive.  If, for any reason, Executive is not covered under such LTD plan or policy, then “Disability” shall mean a “permanent and total disability” as defined in Code Section 22(e)(3) and Treasury regulations thereunder.  Evidence of such Disability shall be certified by a physician acceptable to both the Company and Executive.  In the event that the Parties are not able to agree on the choice of a physician, each shall select one physician who, in 
		

		 

		

			A-4

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		turn, shall select a third physician to render such certification.  All costs relating to the determination of whether Executive has incurred a Disability shall be paid by the Company.  Executive agrees to submit to any examinations that are reasonably required by the attending physician or other healthcare service providers to determine whether he has a Disability.
		

		
			15.“Dispute” means any dispute, disagreement, controversy, claim, or cause of action arising in connection with or relating to this Agreement or Executive’s employment or termination of employment hereunder, or the validity, interpretation, performance, breach, modification or termination of this Agreement.
		

		
			16.“Good Reason” means, with respect to Executive, the occurrence of any one or more of the following events which first occurs during the Employment Period, except as a result of actions taken in connection with termination of Executive’s employment for Cause or Disability, and without Executive’s specific written consent:
		

		
			(a)The assignment to Executive of any duties that are materially inconsistent with Executive’s executive position, which in this definition includes status, reporting relationship to the Board of Directors, office, title, scope of responsibility over corporate level staff or operations functions, or responsibilities as an officer of the Company, or any other material diminution in Executive’s position, authority, duties, or responsibilities, other than (in any case or circumstance) an isolated and inadvertent action not taken in bad faith that is remedied by the Company within thirty (30) Business Days after Notice thereof to the Company by Executive; or
		

		
			(b)The Company requires Executive to be based at any office or location that is farther than forty (40) miles from Executive’s principal office location in the London, UK, metropolitan area, except for required business travel; or
		

		
			(c)Any failure by the Company to obtain an assumption of this Agreement by its successor in interest, or any action or inaction that constitutes a material breach by the Company of this Agreement.
		

		
			Notwithstanding the foregoing definition of “Good Reason”, Executive cannot terminate his employment under the Agreement for Good Reason unless Executive (1) first provides written Notice to the Compensation Committee of the event (or events) that Executive believes constitutes a Good Reason event (above) within sixty (60) days from the first occurrence date of such event, and (2) provides the Company with at least thirty (30) Business Days to cure, correct or mitigate the Good Reason event so that it either (A) does not constitute a Good Reason event hereunder or (B) Executive specifically agrees, in writing, that after any such modification or accommodation by the Company, such event does not constitute a Good Reason event hereunder.
		

		
			17.“Garden Leave” means any period under which the Company has exercised its rights under Section 4.6.
		

		
			18.“Incapacity” means any sickness, injury or other medical disorder or condition which prevents Executive from carrying out his duties.
		

		
			19.“No Severance Benefits Event” means termination of Executive’s employment under the Agreement for Cause.
		

		

		

		 

		

			A-5

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		20.“Notice” means a written communication complying with Section 6.7  (“Notify” has the correlative meaning).
		

		
			21.“Notice of Termination” means a written Notice which (a) indicates the specific termination provision in the Agreement that is being relied upon, (b) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated, and (c) if the Termination Date is other than the date of receipt of such Notice, specifies the termination date (which date shall be not more than sixty (60) days after the giving of such Notice).  Any termination of Executive by the Company for Cause, or by Executive for Good Reason, shall be communicated by Notice of Termination to the other Party.  The failure by Executive or the Company to set forth in the Notice of Termination any fact or circumstance that contributes to a showing of Good Reason or Cause shall not waive any right of such Party, or preclude such Party from asserting, such fact or circumstance in enforcing such Party’s rights.
		

		
			22.“Person” means any individual, firm, corporation, partnership, limited liability company, trust, or other entity, including any successor (by merger or otherwise) of such entity.
		

		
			23.“Restricted Area” means any geographical area (a) in which the Company or any of its Affiliates has operations or otherwise undertakes its or their business or (b) in relation to which, as at the Termination Date, the Company or any of its Affiliates has taken any action that discloses an intent to have operations or undertake its or their business therein.  For avoidance of doubt, the Restricted Area as of the Effective Date comprises Gabon and Equatorial Guinea including their respective territorial waters.
		

		
			24.“Restricted Business” means those parts of the Company’s or its Affiliate’s business with which Executive was involved or concerned to a material extent in the 12 months before the Termination Date.
		

		
			25.“Restricted Customer” means any firm, company, person or other entity who, during the twelve (12) months before the Termination Date, was a customer or prospective customer of or was in the habit of dealing with the Company or its Affiliate and with whom Executive had contact or about whom he became aware or informed or was introduced to by the Company or its Affiliate in the course of his employment.  This definition shall not include any firm, person, company or other entity with whom the Executive had a prior relationship, or with whom he had worked, or done business with before the date of the commencement of this Agreement except with respect to any operations or other business of the Company or any of its Affiliates relating to the Restricted Area.
		

		
			26.“Restricted Person” means anyone employed or engaged by the Company or its Affiliate at the level of manager, officer or above or who could materially damage the interest of the Company or its Affiliate if they were involved in any Capacity in any business concern which competes (or intends to compete) with any Restricted Business and with whom the Executive dealt in the twelve (12) months before the Termination Date in the course of his employment.
		

		

		

		 

		

			A-6

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		27.“Settlement Agreement” means a settlement agreement, in such form as is prepared and delivered by the Company to Executive.  The Settlement Agreement shall not release any claim by or on behalf of Executive for any payment or other benefit which is required under this Agreement and not conditioned upon execution and non-revocation of the Settlement Agreement by Executive prior to the receipt thereof, except as may otherwise be agreed to by Executive.
		

		
			28.“Severance Payment Event” means either a (a) “CIC Severance Payment Event” or (b) “Regular Severance Payment Event”, as such terms are defined below.
		

		
			(a)“CIC Severance Payment Event” means either:  the Executive’s Separation From Service with the Company and all Affiliates that occurs within the CIC Window Period, other than (1) voluntarily by the Executive unless such resignation is for Good Reason,  (2) due to Executive’s death or Disability, or (3) involuntarily by the Company for Cause.  Notwithstanding any provision herein to the contrary, any Separation From Service of the Executive that (i) does not occur within the CIC Window Period or (ii) is otherwise not described in this subsection (a),  shall not be considered a CIC Severance Payment Event. 
		

		
			(b)“Regular Severance Payment Event” means a Separation From Service that is not a CIC Severance Payment Event and such Separation From Service is due to: (1) involuntarily termination of Executive’s Employment by the Company, except due to a No Severance Benefits Event, (2) termination of Executive’s Employment due to his death or Disability, or (3) termination of Executive’s Employment for Good Reason.
		

		
			For all purposes of this definition of “Severance Payment Event”, any transfer of the Executive’s Employment from the Company to an Affiliate, from an Affiliate to the Company, or from one Affiliate to another Affiliate, is not a Separation From Service of the Executive (though any such transfer might, depending on the circumstances, constitute or result in a Separation From Service by the Executive for Good Reason).  Any termination by the Company of the Executive for Cause, or by the Executive for Good Reason, shall be communicated by Notice of Termination to the other Party.
		

		
			29.“Specialized Training” includes the training the Company provides to Executive that is unique to its business and enhances Executive’s ability to perform his job duties effectively, which includes, without limitation, orientation training, operation methods training, and computer and systems training.
		

		
			30.“Subsidiary” means a corporation or other entity, whether incorporated or unincorporated, of which at least a majority of the voting securities is owned, directly or indirectly, by the Company.
		

		
			31.“Termination Benefits” means the benefits described in Section 4.1(b).
		

		
			32.“Termination Date” means the date on which Executive’s employment terminates with the Company and all Affiliates.
		

		

		

		 

		

			A-7

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		APPENDIX B
		

		
			﻿
		

		
			Form Settlement Agreement
		

		
			﻿
		

		
			﻿
		

		
			DATED
		

		
			------------
		

		
			Settlement agreement
		

		
			between
		

		
			VAALCO ENERGY, INC.
		

		
			and
		

		
			RONALD BAIN
		

		
			 
		

		

		

		 

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		CONTENTS
		

		
			____________________________________________________________
		

			
					
						CLAUSE

				
	
					
						1

					
					
						Interpretation

					3 
				
	
					
						2

					
					
						Arrangements on termination

					4 
				
	
					
						3

					
					
						Termination Benefits

					5 
				
	
					
						4

					
					
						Legal fees

					6 
				
	
					
						5

					
					
						Waiver of claims

					6 
				
	
					
						6

					
					
						Executive indemnities

					8 
				
	
					
						7

					
					
						Company property and information

					9 
				
	
					
						8

					
					
						Executive warranties and acknowledgments

					9 
				
	
					
						9

					
					
						Resignation from offices

					10 
				
	
					
						10

					
					
						[Garden leave

					10 
				
	
					
						11

					
					
						Restrictive Covenants

					10 
				
	
					
						12

					
					
						Confidentiality and announcements

					10 
				
	
					
						13

					
					
						Directors & Officers Insurance and Company Indemnity

					12 
				
	
					
						14

					
					
						Entire agreement

					13 
				
	
					
						15

					
					
						Variation

					13 
				
	
					
						16

					
					
						Third party rights

					13 
				
	
					
						17

					
					
						Governing law

					13 
				
	
					
						18

					
					
						Jurisdiction

					13 
				
	
					
						19

					
					
						Subject to contract and without prejudice

					14 
				
	
					
						20

					
					
						Counterparts

					14 
				

		
			﻿
		

			
					
						SCHEDULE

					
					
						 

					
					
						 

				
	
					
						Schedule 1

					
					
						Calculation of the Termination Benefits

					15 
				
	
					
						Schedule 2

					
					
						Claims

					16 
				
	
					
						Schedule 3

					
					
						Advisers certificate

					21 
				
	
					
						Schedule 4

					
					
						Announcement

					22 
				
	
					
						Schedule 5

					
					
						Restrictive covenants

					23 
				

		
			﻿
		

		
			 
		

		

		

		 

		

			B-2

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		This agreement is dated [DATE].
		

		
			Parties
		

		
			(1)VAALCO ENERGY, INC., incorporated in the United States, State of Delaware  (“Company / we / us”)  
		

		
			(2)Ronald Bain of [INDIVIDUAL ADDRESS]  (“Executive / you”)  
		

		
			BACKGROUND
		

		
			(A)You [have been OR were] employed by us from [DATE], most recently as [POSITION] under an employment agreement (“Employment Agreement”) dated [DATE].
		

		
			(B)Your employment with us [shall terminate OR terminated] on [DATE].
		

		
			(C)The parties have entered into this agreement to record and implement the terms on which they have agreed to settle any claims that are set out herein and which you have or may have in connection with your employment or its termination or otherwise against us or any Group Company (as defined below) or our or their officers, employees or workers, whether or not those claims are, or could be, in the contemplation of the parties at the time of signing this agreement, and including, in particular, the statutory complaints that you raise in this agreement.
		

		
			(D)The parties intend this agreement to be an effective waiver of any such claims and to satisfy the conditions relating to settlement agreements and compromise contracts in the relevant legislation.
		

		
			(E)We enter into this agreement for ourselves and as agent and trustee for all Group Companies and we are authorised to do so. It is the parties intention that each Group Company should be able to enforce any rights it has under this agreement, subject to and in accordance with the Contracts (Rights of Third Parties) Act 1999.
		

		
			Agreed terms
		

		
			1.Interpretation
		

		
			The following definitions and rules of interpretation apply in this agreement.
		

		
			1.1Definitions:
		

		
			Adviser: [NAME] of [FIRM].
		

		
			Affiliate: has the same meaning ascribed to such term in Rule 12b-2 under the U.S. Securities Exchange Act of 1934, as amended from time to time
		

		 

		

			B-3

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		
			Board: the then-current board of directors of the Company (including any committee of the board duly appointed by it).
		

		
			Confidential Information: has the meaning given in Section 12 of Appendix A to the Employment Agreement.
		

		
			Group Company: the Company, its Affiliates, subsidiaries or holding companies from time to time and any subsidiary of any holding company from time to time.
		

		
			Holding company: has the meaning given in clause 1.6.
		

		
			Post-Employment Notice Pay: has the meaning given in section 402D of the Income Tax (Earnings and Pensions) Act 2003 (“ITEPA”).
		

		
			Post-Employment Notice Period: has the meaning given in section 402E(5) of ITEPA.
		

		
			Subsidiary: has the meaning in clause 1.6.
		

		
			Termination Benefits: as defined in the Employment Agreement under Article 4.
		

		
			1.2The headings in this agreement are inserted for convenience only and shall not affect its construction.
		

		
			1.3A reference to a particular law is a reference to it as it is in force for the time being taking account of any amendment, extension, or re-enactment and includes any subordinate legislation for the time being in force made under it.
		

		
			1.4Unless the context otherwise requires, words in the singular shall include the plural and in the plural shall include the singular.
		

		
			1.5The Schedules shall form part of this agreement and shall have effect as if set out in full in the body of this agreement. Any reference to this agreement includes the Schedules.
		

		
			1.6A reference to a holding company or a subsidiary means a holding company or a subsidiary (as the case may be) as defined in section 1159 of the Companies Act 2006 [and a company shall be treated, for the purposes only of the membership requirement contained in sections 1159(1)(b) and (c), as a member of another company even if its shares in that other company are registered in the name of (a) another person (or its nominee), whether by way of security or in connection with the taking of security, or (b) as a nominee].
		

		
			2.Arrangements on termination
		

		
			2.1Your employment with the Company [shall terminate OR terminated] on [DATE] (“Termination Date”). 
		

		
			2.2The parties acknowledge that pursuant to clause 4.3 of your Employment Agreement in order to receive the Termination Benefits (as defined in that Agreement) you are required 
		

		 

		

			B-4

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		to enter into this Settlement Agreement and confirm the waiver of the Claims (as defined below and contained herein accordingly). The parties agree that any other payments contractually due to you under your Employment Agreement, (whether pre or post termination), or those subsisting post termination contractual rights given to you by the Employment Agreement which are not expressly waived as set out herein, are unaffected by this Agreement. Your compliance with entry into and the terms of this Agreement means the Termination Benefits shall be paid to you hereunder, as stated and as previously as set out in the Employment Agreement.
		

		
			2.3At the Termination Date, you confirm that you [have OR will have] completed the period of notice to which you are entitled under Section 2.2 of the Employment Agreement and we confirm that we will [have paid OR will pay] your salary [and benefits] for that period. [The parties accordingly believe that your Post-Employment Notice Period and Post-Employment Notice Pay are nil.
		

		
			3.Termination Benefits
		

		
			3.1Subject to and conditional on you complying with the terms of this agreement, including, without limitation, clause 12, we shall [within 30 days of the Termination Date or receipt by us of a copy of this agreement signed by you in the form as set out in Schedule 3, whichever is later], pay to you as consideration for your performance under this agreement and by way of compensation for the termination of your employment the Termination Benefits (“Termination Benefits”) calculated in accordance with the terms of Article 4 of the Employment Agreement, as applicable and set out in Schedule 1.  We will pay the Termination Benefits less all required deductions for tax and National Insurance contributions.  In this regard, the parties believe the following to be correct:
		

		
			(a)[No part of the Termination Benefits is taxable as Post-Employment Notice Pay.] OR [The [first £[AMOUNT] (or USD equivalent calculated in accordance with clause 3.4 below) of the] Termination Benefits is Post-Employment Notice Pay and is taxable as earnings. We shall accordingly deduct income tax and employee National Insurance contributions from it at the appropriate rate.]
		

		
			(b)[The [[next £30,000 OR first £30,000 OR balance] (or USD equivalent calculated in accordance with clause 3.4 below) of the Termination Benefits will be tax free, as a termination award under the threshold within the meaning of sections 402A(1) and 403 of ITEPA.]
		

		
			(c)[The balance of the Termination Benefits will be taxable as a termination award exceeding the threshold within the meaning of sections 402A(1) and 403 of ITEPA. We shall accordingly deduct income tax from it at the appropriate rate.] 
		

		 

		

			B-5

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		
			3.2You shall be responsible for any further tax and employees National Insurance contributions due in respect of the Termination Benefits, and you shall indemnify us in respect of such liability in accordance with clause 6.1.
		

		
			3.3[The Termination Benefits will be paid to you [before OR after] receipt by you of your P45.]
		

		
			3.4Where the Termination Benefits or any sums hereunder are indicated in GBP Sterling but are to be paid to you in US Dollars (although subject to UK taxation as General Earnings under ITEPA Sections 15 or 27) the amounts chargeable hereunder to tax shall be strictly the GBP Sterling equivalent at the date you are entitled to be paid those sums or the date they are paid (if earlier). The conversion between these currencies should be calculated using the daily spot exchange rate of the Bank of England in operation at the relevant date.     
		

		
			4.Legal fees
		

		
			We shall pay the reasonable legal fees (up to a maximum of £[AMOUNT] plus VAT) incurred by you in obtaining advice on the termination of your employment and the terms of this agreement, such fees to be payable to the Adviser on production of an invoice addressed to you but marked as payable by us.
		

		
			5.Waiver of claims
		

		
			5.1You agree that the terms of this agreement are offered by us without any admission of liability on our part and are in full and final settlement of all and any claims or rights of action that you have or may have against us or any Group Company or our or its officers, employees or workers arising out of your employment with us or its termination, whether under common law, contract, statute or otherwise, whether such claims are, or could be, known to the parties or in their contemplation at the date of this agreement in any jurisdiction and including, but not limited to, the specific claims set out in Part A of Schedule 2 and also the claims specified in Part B of Schedule 2 (together “the Claims” and each of which claims in Part A and Part B is hereby waived by this clause). 
		

		
			5.2The waiver in clause 5.1 shall not apply to the following: 
		

		
			(a)any claims by you to enforce this agreement; and
		

		
			(b)claims in respect of personal injury of which you are not aware and could not reasonably be expected to be aware at the date of this agreement (other than claims under discrimination legislation);
		

		
			(c)your existing entitlement to contractual payments or contractual rights given to you which subsist post-termination and in each case, which are set out in your 
		

		 

		

			B-6

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		Employment Agreement, pursuant to clause 2.2 above (and so are outside the ambit of this agreement);
		

		
			(d)[if applicable, your claim to any Remaining Additional Payment Amount (as defined in the Employment Agreement under Section 4.1) if such entitlement arises after your entry into this Settlement Agreement].
		

		
			5.3You warrant that:
		

		
			(a)before entering into this agreement you received independent advice from the Adviser as to the terms and effect of this agreement and, in particular, on its effect on your ability to pursue the Claims specified in this agreement;
		

		
			(b)the Adviser has confirmed to you that they are a solicitor holding a current practising certificate and that there is in force a policy of insurance covering the risk of a claim by you in respect of any loss arising in consequence of their advice;
		

		
			(c)the Adviser shall sign and deliver to us a letter in the form attached as Schedule 3 to this agreement;
		

		
			(d)before receiving the advice you disclosed to the Adviser all facts and circumstances in respect of the Claims and/or that may give rise to a claim by you against us or any Group Company or our or its officers, employees or workers;
		

		
			(e)You have not filed (and will not file) any complaints, claims or actions against the Company or any Group Company or its or their officers, employees or workers with any court, agency or commission regarding matters encompassed by this agreement;
		

		
			(f)the only claims that you have or may have against the Company or any Group Company or our or its officers, employees or workers (whether at the time of entering into this agreement or in the future) relating to your employment with us or its termination are the Claims, and as specified in clause 5.1 and Schedule 2; and.
		

		
			(g)You are not aware of any facts or circumstances that may give rise to any claim against us or any Group Company or our or its officers, employees or workers other than the Claims and/or those claims specified in clause 5.1 and Schedule 2 which are hereby waived. 
		

		
			You acknowledge that we acted in reliance on these warranties when entering into this agreement. The Company acknowledges that the above warranties (f) and (g) shall not apply insofar as they relate to matters specifically excluded from Section 5.1 of this Settlement Agreement, pursuant to clause 5.2.
		

		 

		

			B-7

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		
			5.4You acknowledge that the conditions relating to settlement agreements and compromise contracts under section 147(3) of the Equality Act 2010, section 77(4A) of the Sex Discrimination Act 1975 (in relation to claims under that Act and the Equal Pay Act 1970), section 72(4A) of the Race Relations Act 1976, paragraph 2 of Schedule 3A to the Disability Discrimination Act 1995, paragraph 2(2) of Schedule 4 to the Employment Equality (Sexual Orientation) Regulations 2003, paragraph 2(2) of Schedule 4 to the Employment Equality (Religion or Belief) Regulations 2003, paragraph 2(2) of Schedule 5 to the Employment Equality (Age) Regulations 2006, section 288(2B) of the Trade Union and Labour Relations (Consolidation) Act 1992, section 203(3) of the Employment Rights Act 1996, regulation 35(3) of the Working Time Regulations 1998, section 49(4) of the National Minimum Wage Act 1998, regulation 41(4) of the Transnational Information and Consultation etc. Regulations 1999, regulation 9 of the Part-Time Workers (Prevention of Less Favourable Treatment) Regulations 2000, regulation 10 of the Fixed-Term Employees (Prevention of Less Favourable Treatment) Regulations 2002, regulation 40(4) of the Information and Consultation of Employees Regulations 2004, paragraph 13 of the Schedule to the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006, regulation 62 of the Companies (Cross Border Mergers) Regulations 2007 and section 58 of the Pensions Act 2008 have been satisfied.
		

		
			5.5The waiver in clause 5.1 shall have effect irrespective of whether or not, at the date of this agreement, you are or could be aware of such claims or have such claims in your express contemplation (including such claims of which you become aware after the date of this agreement in whole or in part as a result of new legislation or the development of common law or equity). 
		

		
			5.6You agree that, except for the Termination Benefits provided for in this agreement, and subject to the provisions in clause 5.2, and any continuing contractual entitlements under the Employment Agreement pursuant to clause 2.2, above you shall not be eligible for any further or different payment or compensation from us or any Group Company relating to your employment or its termination and you expressly waive any right or claim that you have or may have to such payment or arrangement or award you may have received had your employment not terminated. 
		

		
			6.Executive indemnities
		

		
			6.1You shall indemnify us on a continuing basis in respect of any income tax or National Insurance contributions (save for employers National Insurance contributions) due in respect of (a) the payments and benefits in clause 3.1 and (b) any Remaining Additional Payment Amount (if any) which may become payable to you (and any related interest, penalties, costs and expenses). We shall give you reasonable notice of any demand for tax which may lead to liabilities on you under this indemnity and shall provide you with reasonable access to any documentation you may reasonably require to dispute such a 
		

		 

		

			B-8

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		claim (provided that nothing in this clause shall prevent us from complying with our legal obligations with regard to HM Revenue and Customs or other competent body). 
		

		
			6.2If you breach any provision of this agreement or pursue a claim against us or any Group Company arising out of your employment or its termination other than those excluded under clause 5, you agree to indemnify us or any Group Company for any losses suffered as a result thereof, including all reasonable legal and professional fees incurred.
		

		
			7.Company property and information
		

		
			7.1Notwithstanding clause 14 and the termination of your employment, you acknowledge that:
		

		
			(a)Sections 5.3, 5.4, 5.5, and 5.6 of the Employment Agreement will continue to apply after the Termination Date and you shall continue to comply with the same; and  
		

		
			(b)Sections 5.7 and 5.11 of the Employment Agreement shall continue to apply to any breach or threatened breach of Sections 5.3, 5.4, 5.5, and 5.6 of the Employment Agreement. 
		

		
			7.2You shall, before the Termination Date, erase OR as at the date of this agreement, warrant that you have erased irretrievably any information relating to our or any Group Company’s business or affairs or our or its business contacts from computer and communications systems and devices owned or used by you outside our premises, including such systems and data storage services provided by third parties (to the extent technically practicable).
		

		
			7.3You shall, if requested to do so by the Board of Directors, provide a signed statement that you have complied fully with your obligations under clause 7.1 and clause 7.2 and shall provide us with such reasonable evidence of compliance as may be requested.
		

		
			8.Executive warranties and acknowledgments
		

		
			8.1As at the date of this agreement, you hereby warrant and represent to us that you have not undertaken any conduct which would be a Forfeiture Event as defined in Section 5.7 of the Employment Agreement and you are aware that any payment to you pursuant to clause 3 above is conditional on this being so. 
		

		
			8.2You agree to make yourself available to, and to cooperate with, us or our advisers in any internal investigation or administrative, regulatory, judicial or quasi-judicial proceedings. You acknowledge that this could involve, but is not limited to, responding to or defending any regulatory or legal process, providing information in relation to any such process, preparing witness statements and giving evidence in person on our behalf. We shall reimburse any loss of earnings or reasonable expenses that you incur as a 
		

		 

		

			B-9

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		consequence of complying with your obligations under this clause, provided that such expenses are approved in advance by us. 
		

		
			9.Resignation from offices
		

		
			9.1You [acknowledge that you have resigned from your position as [POSITION] and] shall resign immediately from any [other] office, trusteeship or position that you hold in or on [our OR any Group Company’s] behalf.
		

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

		
			10.[Garden leave
		

		
			10.1During the period from [DATE] to the Termination Date you shall not perform any services for us or any Affiliate (“Garden Leave”), and shall comply with the provisions of Section 4.6 of the Employment Agreement accordingly.] 
		

		
			11.Restrictive covenants
		

		
			11.1Notwithstanding clause 14, you acknowledge that the post-termination restrictions in Article 5 of the Employment Agreement will continue to apply after the Termination Date [save that the period of each will be reduced by the period that you spend on Garden Leave] and which, for clarity are set out at Schedule 5 to this Agreement. 
		

		
			11.2We shall pay £100 to you as consideration for your entering into the restrictive covenants in Schedule 5, such sum to be paid within 30 days after the Termination Date or receipt by us of a copy of this agreement signed by you and receipt by us of a letter from the Adviser as set out in Schedule 3, whichever is later. We shall deduct income tax and National Insurance contributions from this sum
		

		
			12.Confidentiality and announcements
		

		
			12.1Notwithstanding clause 14, and the termination of your employment, you acknowledge that:
		

		
			(a)Sections 5.1 and 5.2 of the Employment Agreement will continue to apply after the Termination Date and you shall continue to comply with the same; and 
		

		
			(b)Sections 5.7 and 5.11 of the Employment Agreement shall continue to apply to any breach or threatened breach of those Sections 5.1 and 5.2.  
		

		 

		

			B-10

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		
			12.2The parties confirm that they have kept and agree to keep the existence and terms of this agreement and the circumstances concerning the termination of your employment confidential, save only:
		

		
			(a)as provided in clause 12.4,  clause 12.5 and clause 12.6;
		

		
			(b)[to the extent required to complete our investigation into your grievance raised [on [DATE] OR [in your letter dated [DATE]] and any subsequent disciplinary investigation or procedure]; or
		

		
			(c)as required by law or regulatory practice.
		

		
			12.3The parties shall continue to comply with Section 5.12 of the Employment Agreement notwithstanding the termination of your employment. You acknowledge that Section 5.7 and 5.11 of the Employment Agreement shall continue to apply to any breach or threatened breach of Section 5.12.  This clause is subject to clause 12.4, clause 12.5 and clause 12.6.
		

		
			12.4The parties are permitted to make a disclosure or comment that would otherwise be prohibited by clause 12.3 and clause 12.4 if, where necessary and appropriate:
		

		
			(a)in your case, you make it to: 
		

		
			(i)your spouse, civil partner or partner or immediate family provided that they agree to keep the information confidential; or
		

		
			(ii)any person who owes you a duty of confidentiality (which you agree not to waive) in respect of information you disclose to them, including your legal or tax advisers or persons providing you with medical, therapeutic, counselling or support services; or
		

		
			(iii)your insurer for the purposes of processing a claim for loss of employment; [or]
		

		
			(iv)[your recruitment consultant or prospective employer to the extent necessary to discuss your employment history; [or]]
		

		
			(v)[any government benefits agency for the purposes of you making a claim for benefits; and]
		

		
			(b)in our case, we make it to:
		

		
			(vi)our officers, employees or workers provided that they agree to keep the information confidential; or 
		

		
			(vii)any person who owes us a duty of confidentiality (which we agree not to waive) in respect of information we disclose to them, including, our legal, tax, compliance or other professional advisers. 
		

		 

		

			B-11

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		
			12.5Nothing in this clause 12 shall prevent you or any of our officers, employees, workers or agents from making a protected disclosure under section 43A of the Employment Rights Act 1996.
		

		
			12.6Nothing in this clause 12 shall prevent you or us (or any of our officers, employees, workers or agents) from:
		

		
			(a)reporting a suspected criminal offence to the police or any law enforcement agency or co-operating with the police or any law enforcement agency regarding a criminal investigation or prosecution; or
		

		
			(b)doing or saying anything that is required by HMRC or a regulator, ombudsman or supervisory authority; or 
		

		
			(c)whether required to or not, making a disclosure to, or co-operating with any investigation by, HMRC or a regulator, ombudsman or supervisory authority regarding any misconduct, wrongdoing or serious breach of regulatory requirements (including giving evidence at a hearing); or
		

		
			(d)complying with an order from a court or tribunal to disclose or give evidence; or
		

		
			(e)disclosing information to HMRC for the purposes of establishing and paying (or recouping) tax and national insurance liabilities arising from your employment or its termination; or
		

		
			(f)making any other disclosure as required by law.
		

		
			12.7We will make an announcement on [the Termination Date OR signature of this agreement] in the form set out in Schedule 4 and neither party will make any statement to third parties (save as specified in clause 12.5, clause 12.6 or clause 12.7) which is inconsistent with that announcement.
		

		
			12.8We shall pay £100 to you as consideration for your entering into the restrictions in this clause 12, such sum to be paid within 30 days of the Termination Date or receipt by us of a copy of this agreement signed by you and receipt by us of a letter from the Adviser as set out in Schedule 3 whichever is later. We shall deduct income tax and National Insurance contributions from this sum. 
		

		
			13.Directors & Officers Insurance and Company Indemnity
		

		
			13.1Notwithstanding the termination of your employment, the Company shall continue to indemnify you subject to and in accordance with Section 6.5 of the Employment Agreement, as it does for its other directors and officers of similar standing, for acts undertaken during your employment. 
		

		 

		

			B-12

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		
			14.Entire agreement
		

		
			Each party on behalf of itself and, in our case, as agent for any Group Company acknowledges and agrees with the other party (with us acting on our own behalf and as agent for each Group Company) that: 
		

		
			(a)This agreement and the Employment Agreement (where the latter is referenced in this agreement accordingly, and in particular by clause 2.2 above) together constitute the entire agreement between the parties and any Group Company and this agreement and the Employment Agreement (where the latter is referenced in this agreement) together supersede and extinguish all agreements, promises, assurances, warranties, representations and understandings between them whether written or oral, relating to the subject matter of this agreement;
		

		
			(b)in entering into this agreement, it does not rely on, and shall have no remedies in respect of, any statement, representation, assurance or warranty (whether made innocently or negligently) that is not set out in this agreement or referenced in this agreement; and
		

		
			(c)it shall have no claim for innocent or negligent misrepresentation or negligent misstatement based on any statement in this agreement.
		

		
			15.Variation
		

		
			No variation of this agreement shall be effective unless it is in writing and signed by the parties (or their authorised representatives).
		

		
			16.Third party rights
		

		
			Except as expressly provided elsewhere in this agreement, no person other than you and [us OR any Group Company] shall have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this agreement. [This does not affect any right or remedy of a third party which exists, or is available, apart from that Act.]
		

		
			17.Governing law 
		

		
			This agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales.
		

		
			18.Jurisdiction
		

		
			Each party irrevocably agrees that the courts of England and Wales shall have [exclusive OR non-exclusive] jurisdiction to settle any dispute or claim arising out of or in connection with this agreement or its subject matter or formation (including non-contractual disputes or claims).
		

		 

		

			B-13

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		
			19.Subject to contract and without prejudice
		

		
			This agreement shall be deemed to be without prejudice and subject to contract until such time as it is signed by both parties and dated, when it shall be treated as an open document evidencing a binding agreement.
		

		
			20.Counterparts
		

		
			This agreement may be executed in any number of counterparts, each of which shall constitute a duplicate original, but all the counterparts shall together constitute the one agreement.
		

		
			This agreement has been entered into on the date stated at the beginning of it.
		

		 

		

			B-14

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		
			Schedule 1Calculation of the Termination Benefits
		

		 

		

			B-15

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		
			Schedule 2Claims
		

		
			Part A – Specific Claims
		

		
			1.Claims:
		

		
			[SET OUT SPECIFIC CLAIMS]
		

		
			[Claims below to be divided into those specific claims which have been intimated by the Executive to his Legal Adviser (Part A) and included here and all other UK employment-related claims which are also being waived (Part B)]. 
		

		
			Part B – Other Claims
		

		
			2.Claims:
		

		
			2.1for breach of contract or wrongful dismissal;
		

		
			2.2for unfair dismissal, under section 111 of the Employment Rights Act 1996;
		

		
			2.3in relation to the right to a written statement of reasons for dismissal, under section 93 of the Employment Rights Act 1996;
		

		
			2.4for a statutory redundancy payment, under section 163 of the Employment Rights Act 1996;
		

		
			2.5in relation to an unlawful deduction from wages or unlawful payment, under section 23 of the Employment Rights Act 1996;
		

		
			2.6for unlawful detriment, under section 48 of the Employment Rights Act 1996 or section 56 of the Pensions Act 2008;
		

		
			2.7in relation to written employment particulars and itemised pay statements, under section 11 of the Employment Rights Act 1996;
		

		
			2.8in relation to guarantee payments, under section 34 of the Employment Rights Act 1996;
		

		
			2.9in relation to suspension from work, under section 70 of the Employment Rights Act 1996;
		

		
			2.10in relation to parental leave, under section 80 of the Employment Rights Act 1996;
		

		
			2.11in relation to a request for flexible working, under section 80H of the Employment Rights Act 1996;
		

		 

		

			B-16

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		
			2.12in relation to time off work, under sections 51, 54, 57, 57B, 57ZC, 57ZF, 57ZH, 57ZM, 57ZQ, 60, 63 and 63C of the Employment Rights Act 1996;
		

		
			2.13in relation to working time or holiday pay, under regulation 30 of the Working Time Regulations 1998;
		

		
			2.14in relation to the national minimum wage, under sections 11, 18, 19D and 24 of the National Minimum Wage Act 1998;
		

		
			2.15for equal pay or equality of terms under sections 120 and 127 of the Equality Act 2010 and/or section 2 of the Equal Pay Act 1970;
		

		
			2.16for pregnancy or maternity discrimination, direct or indirect discrimination, harassment or victimisation related to sex, marital or civil partnership status, pregnancy or maternity or gender reassignment under section 120 of the Equality Act 2010 and/or direct or indirect discrimination, harassment or victimisation related to sex, marital or civil partnership status, gender reassignment, pregnancy or maternity under section 63 of the Sex Discrimination Act 1975;
		

		
			2.17for direct or indirect discrimination, harassment or victimisation related to race under section 120 of the Equality Act 2010 and/or direct or indirect discrimination, harassment or victimisation related to race, colour, nationality or ethnic or national origin, under section 54 of the Race Relations Act 1976
		

		
			2.18for direct or indirect discrimination, harassment or victimisation related to disability, discrimination arising from disability, or failure to make adjustments under section 120 of the Equality Act 2010 and/or direct discrimination, harassment or victimisation related to disability, disability-related discrimination or failure to make adjustments under section 17A of the Disability Discrimination Act 1995;
		

		
			2.19for direct or indirect discrimination, harassment or victimisation related to religion or belief under section 120 of the Equality Act 2010 and/or under regulation 28 of the Employment Equality (Religion or Belief) Regulations 2003;
		

		
			2.20for direct or indirect discrimination, harassment or victimisation related to sexual orientation, under section 120 of the Equality Act 2010 and/or under regulation 28 of the Employment Equality (Sexual Orientation) Regulations 2003;
		

		
			2.21for direct or indirect discrimination, harassment or victimisation related to age, under section 120 of the Equality Act 2010 and/or under regulation 36 of the Employment Equality (Age) Regulations 2006
		

		 

		

			B-17

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		
			2.22for less favourable treatment on the grounds of part-time status, under regulation 8 of the Part-Time Workers (Prevention of Less Favourable Treatment) Regulations 2000;
		

		
			2.23for less favourable treatment on the grounds of fixed-term status, under regulation 7 of the Fixed-Term Employees (Prevention of Less Favourable Treatment) Regulations 2002;
		

		
			2.24under regulations 27 and 32 of the Transnational Information and Consultation of Employees Regulations 1999;
		

		
			2.25under regulations 29 and 33 of the Information and Consultation of Employees Regulations 2004;
		

		
			2.26under regulations 45 and 51 of the Companies (Cross-Border Mergers) Regulations 2007;
		

		
			2.27under paragraphs 4 and 8 of the Schedule to the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006;
		

		
			2.28under sections 68A, 87, 137, 145A, 145B, 146, 168, 168A, 169, 170, 174 and 192 of the Trade Union and Labour Relations (Consolidation) Act 1992;
		

		
			2.29in relation to the obligations to elect appropriate representatives or any entitlement to compensation, under the Transfer of Undertakings (Protection of Employment) Regulations 2006;
		

		
			2.30in relation to the right to be accompanied under section 11 of the Employment Relations Act 1999;
		

		
			2.31in relation to refusal of employment, refusal of employment agency services and detriment under regulations 5, 6 and 9 of the Employment Relations Act 1999 (Blacklists) Regulations 2010;
		

		
			2.32in relation to the right to request time off for study or training under section 63I of the Employment Rights Act 1996;
		

		
			2.33in relation to the right to equal treatment, access to collective facilities and amenities, access to employment vacancies and the right not to be subjected to a detriment under regulations 5, 12, 13 and 17(2) of the Agency Workers Regulations 2010;
		

		
			2.34in relation to the right to a written statement and the right not to be unfairly dismissed or subjected to detriment under regulations 4 and 5 of the Agency Workers (Amendment) Regulations 2019;
		

		 

		

			B-18

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		
			2.35in relation to personal injury, of which you are or ought reasonably to be aware at the date of this agreement;
		

		
			2.36for harassment under the Protection from Harassment Act 1997;
		

		
			2.37for failure to comply with obligations under the Human Rights Act 1998;
		

		
			2.38for failure to comply with obligations under the Data Protection Act 1998, the Data Protection Act 2018, the General Data Protection Regulation ((EU) 2016/679) [as it has effect in EU law], or the UK GDPR as defined in section 3(10) and section 205(4) of the Data Protection Act 2018;
		

		
			1.39arising as a consequence of the United Kingdoms former membership of the European Union; an1.40in relation to the right not to be subjected to a detriment under regulation 3 of the Exclusivity Terms in Zero Hours Contracts (Redress) Regulations 2015. 
		

		
			1.41arising under any US federal, state or local laws of any jurisdiction that prohibit age, sex, race, national origin, color, disability, religion, veteran, military status, sexual orientation or any other form of discrimination, harassment, hostile work environment or retaliation (including, without limitation, the Age Discrimination in Employment Act of 1967, the Older Workers Benefit Protection Act, the Americans with Disabilities Act of 1990, the Americans with Disabilities Act Amendments Act of 2008, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Civil Rights Acts of 1866 and/or 1871, 42 U.S.C. Section 1981, the Rehabilitation Act, the Family and Medical Leave Act, the Sarbanes-Oxley Act, the Employee Polygraph Protection Act, the Worker Adjustment and Retraining Notification Act, the Equal Pay Act of 1963, the Lilly Ledbetter Fair Pay Act, the Uniformed Services Employment and Reemployment Rights Act of 1994, the Genetic Information and Nondiscrimination Act of 2008, the Texas Labor Code, Section 1558 of the Patient Protection and Affordable Care Act of 2010, the Consolidated Omnibus Budget Reconciliation Act of 1985, and any other federal, state or local laws of any jurisdiction);
		

		
			1.42under any other US federal, state, local, municipal or common law whistleblower protection, discrimination, wrongful discharge, anti-harassment or anti-retaliation statute or ordinance; 
		

		
			1.43arising under ERISA;
		

		
			1.44in respect of any illegal or wrongful acts by any of the Released Parties, including, without limitation, discrimination, retaliation, harassment or any other wrongful act based on sex, age, race, religion, or any other legally protected characteristic; or
		

		 

		

			B-19

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		
			1.45regarding any other US statutory or common law matters related to Executives employment or separation from employment with the Company and its Affiliates.
		

		
			﻿
		

		 

		

			B-20

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		
			Schedule 3Advisers certificate
		

		
			[ON HEADED NOTEPAPER OF ADVISER]
		

		
			For the attention of [DETAILS]
		

		
			[DATE]
		

		
			[[Dear [NAME OF FIRM]] OR [To whom it may concern],]
		

		
			I am writing in connection with the agreement between my client, [NAME], and [NAME OF COMPANY] (Company) [of todays date OR dated [DATE]] (Agreement) to confirm that:
		

		
			1. I, [NAME] of [FIRM], whose address is [ADDRESS], am [a Solicitor of the Senior Courts of England and Wales who holds a current practising certificate OR AMEND AS APPLICABLE].
		

		
			2. I have given [NAME] legal advice on the terms and effect of the Agreement and, in particular, [its OR their] effect on my clients ability to pursue the claims specified in Schedule 2 of the Agreement.
		

		
			3. I gave the advice to [NAME] as a relevant independent adviser within the meaning of the above acts and regulations referred to at clause 5.4.
		

		
			4. There is now in force (and was in force at the time I gave the advice referred to above) a policy of insurance or an indemnity provided for members of a profession or professional body covering the risk of claim by my client in respect of loss arising in consequence of the advice I have given them.
		

		
			Yours faithfully,
		

		
			[NAME OF ADVISER]
		

		
			[DATE]
		

		 

		

			B-21

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		
			Schedule 4Announcement
		

		
			[INSERT THE TEXT OF THE AGREED ANNOUNCEMENT]
		

		 

		

			B-22

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		
			Schedule 5Restrictive covenants
		

		
			[INSERT THE RESTRICTIVE COVENANTS]
		

		

		

		 

		

			B-23

		

		

			

		

			4849-3018-1870 v.4

		

		

 

		

			 

		

		
		

			
					
						﻿

				
	
					
						﻿

				

			
					
						Signed by [NAME OF DIRECTOR OR OTHER AUTHORISED SIGNATORY] for and on behalf of [NAME OF COMPANY]

					
					
						....................................

				
	
					
						 

					
					
						[Director OR [POSITION]]

				
	
					
						Signed by [NAME OF EXECUTIVE]

					
					
						....................................

				

		
			﻿
		

		
			﻿
		

		 

		

			B-24

		

		

			

		

			4849-3018-1870 v.4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00329-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00329-of-00352.parquet"}]]