Document:

Document

Exhibit 10.4

THIS SETTLEMENT AGREEMENT is dated July 26, 2021 and is made between Camelot UK Bidco Limited of Friars House, 160 Blackfriars Road, Southwark, London, SE1 8EZ (the "Company") and Stephen Hartman of [ADDRESS REDACTED] (“you” and “your”).
1.Your employment with the Company will terminate on 30 October 2021 (the "Termination Date"). Between the date of this Agreement and the Termination Date (the “Handover Period”), you agree that the Company may place you on garden leave in accordance with clause 2 of this Agreement. You are entitled to six months’ notice under the Contract of Employment and the Company shall pay you in lieu of your notice period in accordance with clause 3 below.
2.     If the Company places you on garden leave at any stage during the Handover Period, then:
(a)the Company shall be under no obligation to provide any work to, or vest any powers in, you, who shall have no right to perform any services for the Company or any Group Company;
(b)the Company may at its discretion require you to perform duties (that could be required under the Contract of Employment) at any time;
(c)you shall continue to receive your salary and all contractual benefits in the usual way (subject to the rules of the relevant benefit schemes in force from time to time and subject to the terms of this Agreement);
(d)you shall remain an employee of the Company bound by your terms and conditions of employment, including duties of fidelity, (save as modified by this clause);
(e)you shall provide such handover of your duties as the Company may require;
(f)you shall not attend your place of work or any other premises of the Company or Group Company or access the IT systems of the Company or Group Company without the prior written consent of the Company; 
(g)you shall not 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 Group Company without the prior written consent of the Company; and 
(h)not without the prior permission of the Company make any comment regarding the Company, any Group Company or your employment on Facebook, LinkedIn or other social or professional networking sites.
3.     Without admission of liability and subject to and conditional upon your compliance with your obligations under this Agreement and the warranties given by you in this Agreement being true and accurate, the Company shall pay you, in accordance with clause 4, the following sums: 
(a)£319,324.95 by way of payment in lieu of:
(i)basic pay (including pro rata annual bonus payable under AIP Scheme at target) of £298,144.00  in respect of your 6 month notice period under the Contract of Employment;
(ii)£19,657.85 in respect of annual leave which you would have accrued during your 6 month notice period; and
    1    

(iii)£1,523.10 in respect of allowance and benefits which you would have accrued during your 6 month notice period
such payments being subject to the deduction of income tax and national insurance contributions;
(b)payment in lieu of any accrued holiday as at the Termination Date which will be subject to the deduction of income tax and national insurance contributions;
(c)£909,796.02 by way of compensation for loss of employment (the "Compensation Payment"). The parties believe that the first £30,000 of the Compensation Payment may be paid to you without deductions for income tax and national insurance contributions and the Company will pay it on that basis. The balance of this sum will be subject to the deduction of income tax and national insurance contributions. The Company will deduct from the net Compensation Payment any outstanding sums which are owed by you to the Company; 
(d)£100 subject to the deduction of income tax and national insurance contributions in respect of the obligations at clause 12 below; and
(e)the Company will arrange for Right Management to provide you with outplacement assistance being taken up within six months of the Termination Date.
4.     Provided that you’ve been in compliance with the terms of this Agreement through the Termination Date, the payments in clause 3(a) will be paid on the Termination Date. The payments at clauses 3(b) and 3(d) above shall be paid to you within 30 days of the later of (a) the date of this Agreement, (b) the next available payroll date following the Termination Date, (c) receipt by the Company of a copy of this Agreement signed by you with a completed solicitor's certificate attached to it in the form set out in Schedule 2 of this Agreement, or (d) receipt by the Company of the Reaffirmation Certificate required under clause 39. Subject to your compliance with the terms of this Agreement, the Compensation Payment shall be paid to you in six instalments as follows: (i) £151,632.67 within thirty (30) days of the Termination Date; (ii) £151,632.67  within ninety (90) days of Termination Date; (iii) £151,632.67 within one hundred eighty (180) days of the Termination Date; (iv) 151,632.67 within two hundred seventy (270) days of the Termination Date; (v) £151,632.67  within three hundred six-five (365) days of the Termination Date; and (vi)  £151,632.67  within four hundred fifty-five (455) days of the Termination Date. For the avoidance of doubt, if the Company fails to timely receive a copy of both this Agreement signed by you with a completed solicitor's certificate attached to it in the form set out in Schedule 2 and the Reaffirmation Certificate required under clause 39, you will not be entitled to receive any portion of the Compensation Payment and any portion of the Compensation Payment paid to you shall be repayable on demand and as a debt.  If any amount payable under clause 3 remains outstanding upon a Change of Control then such outstanding amount shall become immediately payable and shall be paid within 60 days of completion of the transaction that causes the Change of Control.  “Change of Control” shall bear the meaning set out in clause 3 of you 2019 Restricted Share Unit Grant Notice. 
5.     To the extent you were granted restricted stock units, or RSUs, or performance stock units, or PSUs, as part of the Clarivate Incentive Award Plan (the "Plan"), except as otherwise noted in this clause, all unvested RSUs and PSUs will be forfeited on the Termination Date. Notwithstanding the foregoing and provided the Company has timely received a copy of both this Agreement signed by you with a completed solicitor's certificate attached to it in the form set out in Schedule 2 and the Reaffirmation Certificate required under clause 39, the following unvested and outstanding RSUs will vest and become available on the fifteenth (15th) day of the month that is immediately 
    2    

after the month that includes the Termination Date: 7,512 unvested RSUs originally granted on April 1, 2020 and 11,899 unvested RSUs originally granted on March 1, 2021. Except as otherwise noted in this clause, the terms of the Plan and any Restricted Share Unit Agreement or Performance Share Unit Agreement that may apply to you remain in full force and effect. There may be tax implications associated with the rights granted under this clause and under the Plan in respect of which you shall need to take your own advice. The Company is not providing any tax advice.
For purposes of the option agreements with grant dates of 3 March 2017, 23 May 2017, and 13 November 2018 (the "Option Agreements"), the timeframe set forth in the Option Agreements regarding the exercise of options shall be extended to December 31, 2023, subject to applicable blackout restrictions. Except as noted in this clause, all other terms of the Option Agreements remain unchanged and in place. There may be tax implications associated with the rights granted under this clause and under the Option Agreements in respect of which you shall need to take your own advice. The Company is not providing any tax advice.
6.     You confirm that, save as expressly provided in this Agreement, the Company has paid and provided you with all contractual payments and contractual benefits accrued and owing to you as at the date of this Agreement.
7.     The Company makes no warranty as to the taxable status of the Compensation Payment or of any other payments or benefits provided to you under this Agreement. You shall indemnify the Company and any Group Company on a continuing basis in respect of any tax and national insurance contributions (save for employer's national insurance contributions) due in respect of the Compensation Payment and the other payments and benefits under this Agreement (including those under clause 5) and any related interest, penalties, costs and expenses except where any related interest, penalties, costs and expenses occur due to the default of or an unreasonable delay by the Company. The Company shall, where possible, give you reasonable notice of any demand made of it for tax which may lead to liabilities to you under this indemnity and shall provide you with reasonable access to any documentation you may reasonably require to dispute such a claim (provided that nothing in this clause shall prevent the Company or any Group Company from complying with its legal obligations with regard to HM Revenue and Customs, any other tax authority or other competent body, including by paying or settling any such demand or taking any other action in connection with it as the Company or Group Company may in its absolute discretion decide).
8.     The Company agrees to reimburse you for any outstanding expenses, properly incurred in the course of employment in accordance with its usual expenses procedure, provided that you submit a final expenses claim (with such evidence of such expenses as the Company may reasonably require) within 14 days of the Termination Date.
9.     In response to a written request made directly to them from a prospective employer, the Chief People Officer of Clarivate plc will provide a written reference for you in the terms set out in Schedule 1. No other written or verbal reference will be given by the Company. If, following the Termination Date, the Company obtains information concerning you which would have affected its decision to provide such a reference, it shall inform you and may decline to give a reference and/or update any reference previously provided.
10.     You undertake not to make, publish or otherwise communicate, whether directly or indirectly, any disparaging or derogatory statement(s), whether in writing or otherwise, concerning the Company or any of its Group Companies or its/their officers, directors shareholders, employees or agents or former officers, directors, shareholders, employees or agents. The Company will not authorize any of its then current officers, 
    3    

directors, shareholders, employees, or agents to make any disparaging or derogatory statement(s), whether in writing or otherwise, concerning you. 
11.     You agree to keep the circumstances surrounding the termination of your employment and the fact and contents of this Agreement strictly confidential and not to disclose, communicate or otherwise make public the same to anyone save to your professional advisers, your immediate family or otherwise as may be permitted or required by law or by the relevant tax and/or regulatory authorities. You shall ensure that the members of your immediate family keep the fact and contents of this Agreement strictly confidential. In the event that your immediate family and/or professional advisers engage in conduct that would breach this clause, such conduct shall constitute a breach of this clause just as if you had engaged in such conduct. 
Except for disclosures required by law, including any disclosures the Company determines it is required to make as a public company or as part of any filings with the Securities and Exchange Commission and/or other government agencies, the Company agrees to keep the fact and contents of this Agreement strictly confidential and not to disclose, communicate or otherwise make public the same to anyone save to its professional advisers including, but not limited to, its outside counsel and/or outside auditors. 
12.     As a fundamental condition of this Agreement and in consideration of the payment at clause 3(c) and 3(d) above, you:
(a)agree to be bound by the restrictive covenants set out in Schedule 3 to this Agreement;
(b)shall not, at any time, divulge or communicate to any person; use for your own purposes or for the purposes of any person other than the Company or any Group Company; or through any failure to exercise due care and diligence cause any unauthorised disclosure of any Confidential Information provided that these restrictions shall cease to apply to any information which shall become available to the public generally otherwise than through any breach of this clause by you; and
(c)agree that any Intellectual Property (including without limitation designs, trademarks, logos, get up, domain name, copyright works, database rights and moral rights) created by you in the course of your employment or in any way affecting or relating to the business of the Company or any Group Company or capable of being used or adapted for use in it/them shall belong to and be the absolute property of the Company. To the extent that they do not automatically vest in the Company by the operation of law, you hereby assign absolutely to the Company all present and future rights in any such Intellectual Property together with the right to claim damages or other remedies for infringements.  Nothing in this clause shall be construed as limiting or excluding your rights or those of the Company under sections 39-43 Patents Act 1977 (as amended by Patents Act 2004 or otherwise from time to time).
13.     You shall, at the Company’s request and, in any event, before the Termination Date, return all documents, property and information belonging to the Company or any Group Company which is in your possession or under your control to the Company in good working order and you warrant that you have not taken or retained, and will not take or retain, any copies, extracts or notes of any documents, files or correspondence.
14.     You shall, at the Company’s request and, in any event, before the Termination Date, inform the Company of all passwords used by you in relation to any computers, systems or applications belonging to or used by the Company or any Group Company. You further agree that, having complied with clause 13, you will procure that any information relating to the business of the Company and/or any Group Company (and all matter 
    4    

derived from such information) that is or was stored on any personal computer, iPad, laptop, tablet, USB device, MP3 player, floppy disk, zip drive or other storage media or otherwise in any electronic form outside of the premises of the Company and which is or was in your possession, custody or control will be irretrievably deleted and you shall produce such evidence of having done so as the Company may require and/or shall allow the Company to inspect any such computer, laptop, tablet, smartphone or other device. It is has been agreed that you can retain your Company phone and that the Company will ensure that you are able to retain the current number, including assisting you in obtaining the relevant ‘PAX’ number (or other information needed) to enable the phone provider to transfer the number into an account in your name.  
15.     Subject to clause 16, the arrangements set out in this Agreement are in full and final settlement of claims or complaints that you have or may have against the Company and any Group Company (and any of its or their officers, directors shareholders, employees or agents or former officers, directors, shareholders, employees or agents) whether arising directly or indirectly out of or in connection with your employment with the Company, its termination or otherwise and whether arising under common law, tort, statute or otherwise and whether arising in the United Kingdom or in any other country in the world and including (but not limited to) the claims identified at clause 17, any claim for breach of contract (including without limitation any claim in respect of any profit-sharing, bonus or incentive or share option arrangements and/or any redundancy payment), payment in lieu of accrued holiday and/or any claim under the Relevant Legislation or any claim under any directive or other legislation which is applicable or enforceable in the United Kingdom by virtue of the United Kingdom's membership of the European Union and any other claim in respect of which a conciliation officer is authorised to act.
16.     The Company confirms that clause 15 does not include any claims to enforce this Agreement and/or any claims for personal injury or latent personal injury (other than any claims for personal injury or latent personal injury arising out of or in connection with any discrimination claim you may have) and/or any claims for accrued pension rights which you are not, and could not reasonably be, aware of as at the date of this Agreement.  You warrant that you are not aware of any facts or circumstances which may give rise to a claim for personal injury, latent personal injury or accrued pension rights at the date of this Agreement.
17.     The particular claims, complaints or rights of action that you may have against the Company and any Group Company (and any of its/their officers, directors shareholders, employees or agents or former officers, directors, shareholders, employees or agents ) and which the parties wish to settle by way of this Agreement relate to claims of unfair dismissal, wrongful dismissal, breach of contract (including any claims in relation to bonus, share, share option and incentive arrangements), unlawful deductions from  wages and holiday pay.
18.     You understand and agree that clause 15 is intended to have effect irrespective of whether or not you are or could be aware of such claims or have such claims in your express contemplation.
19.     You warrant that:
(a)you have received independent legal advice from Vanessa James of Ashfords LLP, 1 New Fetter Lane, London EC4A 1AN (the "Adviser"); 
(b)you have instructed the Adviser to advise on whether you have or may have any claims, including statutory claims, against the Company or any Group Company (or any of its or their officers, directors, shareholders, employees or agents or former officers, directors, shareholders, employees or agents) arising 
    5    

directly or indirectly out of or in connection with your employment with the Company, its termination or otherwise; 
(c)you have provided the Adviser with all available information which the Adviser requires or may require in order to advise you whether you have any such claims;
(d)you have not issued or given instructions to any person to issue proceedings against the Company or any Group Company of a kind set out in clauses 15 and 17 and undertake that neither you nor anyone acting on your behalf will issue such claims;
(e)having taken independent legal advice, you are not aware of any facts or circumstances which might give rise to a claim against the Company, any Group Company (or any of its or their officers, employees or agents) other than those identified at clause 17; and
(f)you are not aware of any reason, which if disclosed to the Company, would entitle or have entitled the Company to terminate your employment summarily.
20.     You will procure that, on the date of completion of this Agreement, the Adviser provides the Company with a signed, dated and completed solicitor's certificate in the form set out in Schedule 2 of this Agreement.
21.     You warrant that you have received independent legal advice from the Adviser, who is a relevant independent adviser for the purposes of the legislation referred to at clause 22, as to the terms and effect of this Agreement and in particular its effect on your ability to pursue your rights, if any, before an Employment Tribunal.  You have been advised by the Adviser that there is in force and was in force at the time you received the advice referred to above, a contract of insurance or an indemnity provided by a professional body covering the risk of a claim by you in respect of loss arising in consequence of that advice.
22.     This Agreement satisfies the conditions relating to settlement agreements and compromise agreements contained in sections 203(3) of the Employment Rights Act 1996, 77(4A) of the Sex Discrimination Act 1975, 72(4A) of the Race Relations Act 1976, 288(2B) Trade Union and Labour Relations (Consolidation) Act 1992, paragraph 2(2), Schedule 3A, Disability Discrimination Act 1995, 35(3) Working Time Regulations 1998, 49(4) National Minimum Wage Act 1998, Regulation 41 of the Transnational Information and Consultation of Employees 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), paragraph 2(2), Schedule 4, Employment Equality (Sexual Orientation) Regulations 2003, paragraph 2(2), Schedule 4, Employment Equality (Religion or Belief) Regulations 2003, Regulation 40 of the Information and Consultation of Employees Regulations 2004, paragraph 2(2), Schedule 5, Employment Equality (Age) Regulations 2006, paragraph 13 to 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, section 58 of the Pensions Act 2008 and section 147(3) of the Equality Act 2010.
23.     The Company has entered into this Agreement in reliance on the warranties given by you and your agreement to the obligations contained in this Agreement. If you breach any of these warranties or obligations, without prejudice to any other rights or remedies of the Company or any Group Company arising from such action, the Company may terminate this Agreement with immediate effect, will have no obligation to make any payment of any sums due but not already paid or provide any benefit to you or procure any beneficial treatment for you (including in relation to shares and share options), and will be entitled to demand immediate repayment as a debt of all or any part of any sums 
    6    

already paid under this Agreement. Any delay by the Company in exercising this right of termination shall not constitute a waiver of it.
24.     You agree, without prejudice to any other rights or remedies of the Company or any Group Company arising from such action, that if you institute or continue any proceedings against the Company or any Group Company (or any of its or their officers, directors, shareholders, employees or agents or former officers, directors, shareholders, employees or agents) of a kind referred to in clauses 15 and 17 and, if an award is made to you in respect of such proceedings, you shall repay to the Company immediately upon demand the lesser of (a) the Compensation Payment after such deductions of tax and national insurance as were made by the Company at source; or (b) such amount of the Compensation Payment as is equivalent to the total amount of the compensation or damages (including interest) awarded, together with the full amount of any legal fees incurred by the Company and Group Company in defending such proceedings. Any part of the Compensation Payment which remain outstanding shall cease to be payable under this Agreement with effect from the date of commencement of such proceedings.
25.     Without prejudice to any other provision in this Agreement, you agree that in the event that the validity of this Agreement or any aspect of the waiver is challenged, you will enter into a COT3 agreement with the Company in full and final settlement of all claims and/or take such other step(s) as the Company may reasonably require to give effect to the intention of the parties referred to above without further payment.  
26.     You agree that you will not submit any grievances to the Company or any Group Company arising directly or indirectly out of or in connection with your employment with the Company, its termination or otherwise and you will not make a data subject access request under any data protection legislation to the Company or any Group Company. You agree not to pursue any grievance or appeal which may have been raised by you and/or any subject access requests outstanding at the date of this Agreement and all such grievances, appeal and/or requests shall be deemed to have been withdrawn by you as at the date of this Agreement.
27.     You shall, on the Termination Date or at the Company’s earlier request, resign all your directorships, trusteeships, company secretarial positions and other offices in the Company and all Group Companies using a letter in the form set out in Schedule 5 of this Agreement.
28.     You agree to make yourself available to provide assistance to, and to cooperate with, the Company or any Group Company or its or their advisers in any internal investigation or any administrative, regulatory, judicial or quasi-judicial proceedings or enquiry as reasonably requested by the Company. 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 behalf of the Company. The Company shall reimburse any reasonable expenses incurred by you as a consequence of complying with your obligations under this clause, provided that such expenses are approved in advance by the Company and supported by evidence of expenditure which is satisfactory to the Company. 
29.     The parties acknowledge that nothing in this Agreement shall prevent you from making a protected disclosure within the meaning of Section 43A of the Employment Rights Act 1996, making a disclosure to a regulator regarding any misconduct, wrongdoing or serious breach of regulatory requirements, reporting a criminal offence to any law enforcement agency or co-operating with a criminal investigation or prosecution.
30.     This Agreement sets out the entire agreement between the parties and shall be in substitution for and shall supersede any prior agreement, arrangement or 
    7    

understanding (whether oral or written) relating to the subject matter of this Agreement. No variation of this Agreement shall be effective unless it is in writing and signed by the parties (or their authorised representatives).
31.     You agree that you have not entered into this Agreement in reliance upon any statement, representation, assurance or warranty (whether made innocently or negligently) which is not set out in this Agreement.  
32.     This Agreement, although marked "without prejudice and subject to contract" will, upon signature by all parties, be treated as an open document evidencing an agreement binding on the parties.
33.     This Agreement may be entered into in any number of counterparts and by the parties to it on separate counterparts, each of which when so executed and delivered shall be an original, but all the counterparts shall together constitute one and the same agreement.
34.     This Agreement shall be governed by and construed in accordance with English law and the parties submit to the exclusive jurisdiction of the English courts.
35.     This Agreement shall be valid, binding and enforceable against a party only when executed by an authorised individual on behalf of the party by means of:
(a)a DocuSign® or other electronic signature;
(b)an original, manual signature; or
(c)a scanned or photocopied manual signature, and
each DocuSign® or other electronic, scanned or photocopied manual signature shall for all purposes have the same validity, legal effect and admissibility in evidence as an original manual signature and the parties hereby waive any objection to the contrary.
36.     If any provision of this Agreement is found by any court or other authority of competent jurisdiction to be illegal, invalid or unenforceable, that provision or part-provision shall, to the extent required, be deemed not to form part of this Agreement, but that shall not affect the legality, validity or enforceability of any other provision of this Agreement. 
37.     No person who is not a party to this Agreement shall have any rights under the Contracts (Rights of Third Parties) Act 1999 except that the benefits conferred by this Agreement in favour of any Group Company or any officers, directors, shareholders, employees or agents or former officers, directors, shareholders, employees or agents of the Company or any Group Company (“Relevant Party”) may be enforced by any Group Company and any Relevant Party, and any Group Company may enforce any rights, benefits or causes of action conferred by this Agreement on behalf of the Company.  The parties agree that they may amend or vary any or all of the terms of this Agreement or terminate this Agreement without the consent of any Group Company and any Relevant Party.
38.     The Company agrees to pay your solicitors, following its receipt of an invoice addressed to you but marked payable by the Company with the accompanying address: HR Department, Clarivate Analytics, Friars House, 160 Blackfriars Road, London, SE1 8EZ, the sum of up to £4,000 plus VAT in respect of your legal expenses incurred only in connection with the taking of advice in relation to the termination of your employment and this Agreement.
39.     It is a condition of this Agreement that, on or within 7 days after the Termination Date, you will execute and provide to the Company the reaffirmation certificate (“Reaffirmation Certificate”) set out at Schedule 4. No payment shall be made to you, or benefit 
    8    

provided to (or beneficial treatment obtained for) you, under this Agreement until a valid Reaffirmation Certificate has been provided.
40.     You must only sign this Agreement during the period from 24 July 2021 to 27 July 2021 inclusive (“Signature Period”). If you sign the Agreement outside the Signature Period, then:
(a)if the Company has signed the Agreement, the Agreement will immediately be null and void and shall have no legal effect;
(b)if the Company has not signed the Agreement, the Agreement will be deemed to be automatically withdrawn and of no legal effect;
and, in both cases, you shall not be entitled to any payment and/or compensation and agree that you have no basis to bring a claim against the Company or any Relevant Party.
41.     In this Agreement the following expressions shall have the following meanings:
"Confidential Information" means trade secrets or information of a confidential nature which is important to and belongs or relates to the Company or any Group Company (or their clients or customers) which you may have received or obtained as a result of or in any way in connection with your employment and includes but is not limited to information relating to clients or customers or potential clients or customers, suppliers, agents, business partners, products, affairs, finances, employees, shareholders, managers or distributors, of the Company or any Group Company, commercial, financial or marketing information, business development or business planning information, customer lists, technical information and know-how comprising trade secrets and information which you are/have been told is confidential, or can be reasonably be expected to be confidential;
“Contract of Employment” means your contract of employment dated 30 April 2013;
"Intellectual Property" means designs, trade marks, logos, get-up, domain names, copyright works, database rights, moral rights, confidential information, know-how, inventions, utility models, semi-conductor topography rights and all rights of a similar nature in any part of the world whether or not registered or capable of registration and, in respect of such rights which are registrable, the right to apply for registration and all applications for any of the above rights;
"Group" the Company, the ultimate Holding Company of the Company and any Subsidiary of the Company or the ultimate Holding Company of the Company from time to time, Camelot Holdings (Jersey) Limited and its direct and indirect subsidiaries, or any company that is a successor (including, without limitation, by change of name, dissolution, merger, consolidation, reorganisation, sale or other disposition) to any such company, Clarivate Plc, Clarivate Analytics (UK) Limited, Clarivate Analytics (Compumark) Limited, Clarivate Analytics (International Limited), Clarivate Analytics (IP&S) Limited and any other company within the Clarivate group; and "Group Company" shall be construed accordingly;

"Holding Company" means a holding company (as defined by section 1159 of the Companies Act 2006) or a parent undertaking (as defined by section 1162 of the Companies Act 2006);

"Relevant Legislation" means the Employment Rights Act 1996, including without limitation its provisions relating to unfair dismissal, the right to a statement of employment particulars under Part I, unlawful deduction from wages or unlawful receipt of payments from you under Part II, guarantee payments under Part III, protected disclosures under Part IVA, unlawful detriment under Part V, breach of the right to time 
    9    

off work under Part VI, remuneration or alternative work on suspension under Part VII, a redundancy payment under Part XI and Chapters II and V, and any other rights under the Employment Rights Act 1996, the Sex Discrimination Act 1975, the Race Relations Act 1976, the Disability Discrimination Act 1995, the Employment Equality (Sexual Orientation) Regulations 2003, the Employment Equality (Religion or Belief) Regulations 2003, the Employment Equality (Age) Regulations 2006, the Equality Act 2010, including without limitation provisions relating to direct or indirect discrimination, disability-related discrimination, discrimination arising from disability, a failure to make reasonable adjustments, victimisation or harassment, the Equal Pay Act 1970, the Trade Union and Labour Relations (Consolidation) Act 1992, the Protection from Harassment Act 1997,  the Data Protection Act 2018, the Working Time Regulations 1998, the National Minimum Wage Act 1998, the Human Rights Act 1998, the Employment Relations Act 1999, the Transnational Information and Consultation of Employees Regulations 1999, the Part-Time Workers (Prevention of Less Favourable Treatment) Regulations 2000, the Fixed Term Employees (Prevention of Less Favourable Treatment) Regulations 2002, the Information and Consultation of Employees Regulations 2004, the Transfer of Undertakings (Protection of Employment) Regulations 2006 and the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006, Companies (Cross-Border Mergers) Regulations 2007, the Pensions Act 2008, Employment Relations Act 1999 (Blacklists) Regulations 2010 and Agency Workers Regulations 2010.
"Subsidiary" means a subsidiary (as defined by section 1159 of the Companies Act 2006) or a subsidiary undertaking (as defined by section 1162 of the Companies Act 2006);
Where the context allows, references to any statute or provision of a statute shall be construed as references to the statute or the provisions as amended, modified, considered or re-enacted and to any subordinate legislation made from time to time under that provision.

SIGNED for and on behalf of        )
the Company                )    ......................................................

SIGNED by                )
Stephen Hartman            )    ......................................................

    10    

Schedule 1- Reference

Dear Sir/Madam

Re: Stephen Hartman 

Thank you for you enquiry regarding Stephen Hartman.

Stephen Hartman was employed by us from 30 June 1997 to 30 October 2021.  He held the position of General Counsel and Head of Corporate Development

Whilst the above information is given in confidence and good faith, no responsibility or liability can, however, be accepted by the Company or any of its employees for any omissions or inconsistencies in the information or for any loss or damage that may result from reliance being placed on it.  The information is given in confidence and should not be disclosed to a third party.

Yours faithfully,

Julie Wilson 
Chief People Officer of Clarivate plc

    11    

Schedule 2
Letter from Adviser on headed notepaper
To:
I, Vanessa James of Ashfords LLP, 1 New Fetter Lane, London EC4A 1AN, confirm that I have given Stephen Hartman independent legal advice as to the terms and effect of the Settlement Agreement between Clarivate Analytics (UK) Limited and Stephen Hartman dated [insert date] and in particular its effect on his ability to pursue his rights before an Employment Tribunal. 
I confirm that I am a relevant independent adviser (as defined by Section 203 of the Employment Rights Act 1996) and that there is and was at the time the advice was given, a contract of insurance or an indemnity provided for members of a profession or professional body covering the risk of a claim by Stephen Hartman in respect of any loss arising in consequence of that advice.

Signed    ..................................................
    Vanessa James 

    12    

Schedule 3
Restrictive covenants 

1. In this Schedule 3 the following definitions shall apply:
(a)"Prospective Customer" means any person, firm, company or other organisation whatsoever with whom or which the Company or any relevant Group Company shall have had negotiations or material discussions regarding the possible distribution, sale or supply any Restricted Products as at the Termination Date or during the 12 months immediately preceding the Termination Date and with whom or which, during such period:
(i)you had business dealings; or
(ii)any employee of the Group who was under your direct or indirect supervision shall have had business dealings;
(b)"Restricted Area" means the United Kingdom and any other country in the world where, on the Termination Date, the Company (or any relevant Group Company) was involved or concerned to a material extent in the production, development, manufacture, distribution, sale or supply of Restricted Products;
(c)"Restricted Business" means any business of the Company (or any relevant Group Company) with which you were involved or concerned to a material extent during the 12 months immediately preceding the Termination Date;
(d)"Restricted Customer" means any person to whom or which the Company (or any relevant Group Company) distributed, sold or supplied Restricted Products as at the Termination Date or during the 12 months immediately preceding the Termination Date and with whom or which you shall have had business dealings during such period or with whom or which any employee under your control shall to your knowledge have had business dealings during such period;
(e)"Restricted Employee" means anyone employed or engaged by the Company (or any relevant Group Company) and who could, whether on their own or with others, materially damage the interests of the Company (or any relevant Group Company) if they were involved in any capacity in any business concern which competes with any Restricted Business and with whom you shall have dealt with to a material extent in the course of your employment in the 12 months immediately preceding the Termination Date. You acknowledge that this could include individuals, for whom you had direct or indirect responsibility, in the legal, compliance, risk and corporate development teams;
(f)"Restricted Products" means any product, goods or services produced, developed, manufactured, distributed, sold or supplied by the Company (or any relevant Group Company) with which you were involved or concerned to a material extent, or for which you were responsible, during the 12 months immediately preceding the Termination Date, or products, goods or services of a similar kind;
(g)"Restricted Supplier" means any person who or which supplied goods or services to the Company (or any relevant Group Company) as at the Termination Date or during the 12 months immediately preceding the Termination Date and with or whom you shall have had business dealings or with whom or which any employee under your control shall to your knowledge have had business dealings during such period; and
    13    

(h)"Senior Employee" means any person who was on the Termination Date a director of the Company (or any relevant Group Company) or otherwise engaged by the Company (or any relevant Group Company) in a senior capacity. You acknowledge that this could include individuals, for whom you had direct or indirect responsibility, in the legal, compliance, risk and corporate development teams;
2.     All other capitalised terms used in this Schedule 3 but not defined in this Schedule shall have the meaning given in clause 41 of the Agreement.
3.     You hereby undertake to the Company (for itself and as trustee and agent for each Group Company) that you shall not during the period of 12 months following the Termination Date (less any period when you are placed on garden leave in accordance with clause 2 of this Agreement), without the prior written consent of the Company (or relevant Group Company), whether by yourself or through your employees, agents or any other person and whether on your own behalf or on behalf of or in conjunction with any other person directly or indirectly be employed or engaged or otherwise interested in any trade, business, occupation or other activity which is in competition with the Restricted Business in the Restricted Area.
4.     You hereby undertake with the Company (for itself and as trustee and agent for each Group Company) that you shall not during the period of 12 months following the Termination Date (less any period when you are placed on garden leave in accordance with clause 2 of this Agreement), without the prior written consent of the Company (or relevant Group Company), whether by yourself, through your employees, agents or any other person and whether on your own behalf or on behalf of any other person, and whether via social media or by any other means, directly or indirectly;  
(a)in competition with the Company (or relevant Group Company), solicit business from or canvass any Restricted Customer or Prospective Customer in respect of Restricted Products;
(b)in competition with the Company or relevant Group Company), accept orders for Restricted Products from any Restricted Customer or Prospective Customer or have any business dealings concerning Restricted Products with any Restricted Customer or Prospective Customer;
5.     You hereby undertake to the Company (for itself and as trustee and agent for each Group Company) that you shall not during the period of 12 months following the Termination Date (less any period when you are placed on garden leave in accordance with clause 2 of this Agreement), without the prior written consent of the Company (or relevant Group Company), whether by yourself or through your employers, employees, agents or any other person and whether on your own behalf or on behalf of or in conjunction with any other person, and whether via social media or by any other means, directly or indirectly:
(a)employ or engage, or otherwise facilitate the employment or engagement of, any person who on the Termination Date is a Restricted Employee and/or a Senior Employee whether or not any such person would thereby commit a breach of contract; and/or
(b)solicit or induce (or endeavour to solicit or induce) any person who on the Termination Date is a Restricted Employee and/or a Senior Employee to cease working for or providing services to the Company (or relevant Group Company), whether by offering to employ or engage such a person or by otherwise endeavouring to entice such a person away from the Company (or relevant Group Company), and whether or not any such person would thereby commit a breach of contract; and/or
    14    

(c)seek to entice a Restricted Supplier away from the Company (or relevant Group Company) or interfere with the relationship between the Company (or relevant Group Company) and a Restricted Supplier.
6.     Nothing contained in clauses 3, 4 or 5 of this Schedule 3 shall be deemed:
(a)to prohibit you from the seeking or doing of any activities not in direct or indirect competition with the Restricted Business; or
(b)prohibit you (or your nominees) from holding for investment purposes only not more than 5% of the issued shares or securities of any company whose shares or other capital are listed on or dealt on or under the rules of an exchange which is a "recognised investment exchange" or a "recognised overseas investment exchange" pursuant to section 285 or section 292 of the Financial Services and Markets Act 2000.
7.     You will on the Company's request promptly enter into a deed of restrictive covenants in a form acceptable to the Company with any Group Company in order to give such Group Company the same protection given to the Company pursuant to this Schedule 3.
8.     Each of the undertakings and covenants contained in this Schedule 3 shall be construed as a separate and independent covenant and if one or more of the covenants is found to be void or unenforceable the validity of the remaining covenants shall not be affected.
9.     You agree that in the event of your receiving from any person an offer of employment or other engagement (whether oral or in writing and whether accepted or not) either during the Handover Period or during the continuance in force of all or any of restrictions set out in this Schedule 3, you shall as soon as possible after any such offer is made notify the Company and make the substance of the restrictions contained in this Schedule 3 known to the person making such offer.
10.     You hereby undertake with the Company that you will not at any time:
(a)during the Handover Period, or after the Termination Date, engage in any trade or business or be associated with any person, firm or company engaged in any trade or business using the name(s) Clarivate or incorporating such words;
(b)during the Handover Period, or after the Termination Date, engage in any trade or business or be associated with any person, firm or company engaged in any trade or business using or incorporating any variation of any of the names set out at clause 10(a) above that could reasonably be deemed to obtain or confer a business advantage by virtue of being similar to any such names and, as a result of such business advantage, could materially damage the interests of the Company or any Group Company; and
(c)after the Termination Date claim, represent or otherwise indicate (whether via social media or otherwise) any present association with the Company or any Group Company or for the purpose of carrying on or retaining any business or custom, claim, represent or otherwise indicate (whether via social media or otherwise) any past association with the Company or any Group Company to its detriment.
11.     The restrictions in this Schedule 3 (on which you have had the opportunity to take independent advice) are considered to be reasonable by the parties and necessary for the protection of the legitimate interests of the Company and, if appropriate, of any Group Company but if any restriction(s) shall be found to be void or voidable but would be valid and enforceable if part or parts of the wording were deleted, the relevant 
    15    

restriction(s) shall apply with such deletion(s) as may be necessary to make it or them valid and enforceable.
12.     The Company reserves the right to assign its rights under this Schedule 3 to any successor in business to the Company or to any of its subsidiaries or associates.

    16    

Schedule 4
Reaffirmation Certificate
(A)       I hereby confirm and agree that, in consideration of the Company's obligations under the Settlement Agreement between me and the Company (as defined in such Settlement Agreement) dated [insert date agreement signed] and having taken legal advice, there are no matters or circumstances that give rise or may give rise to any claims by me in connection with my employment by the Company or its termination which fall under the claims identified and specified in Clauses 15 and 17 in such Settlement Agreement which have arisen since the date of such Settlement Agreement or, if there are any such matters, I confirm and agree that they are settled by the Settlement Agreement and/or this certificate.
(B)       In particular and without prejudice to the preceding wording, I hereby agree to waive any and all claims arising from the termination of my employment on the Termination Date (as defined in the Settlement Agreement), as are identified in Clauses 15 and 17 of the Settlement Agreement.
(C)       I confirm that I have received independent legal advice from Vanessa James of Ashfords LLP, 1 New Fetter Lane, London EC4A 1AN is a relevant independent adviser for the purposes of the legislation referred to in Clause 22 of the Settlement Agreement, as to the terms and effect of the Settlement Agreement and this certificate and in particular its effect on my ability to pursue my rights if any before an employment tribunal.  I have been advised that there is in force and was in force when I received such advice, a contract of insurance or an indemnity provided by a professional body covering the risk of a claim by me in respect of loss arising in consequence of that advice.
(D)       I confirm that the Company has paid to me all my contractual payments and that it has provided me with all contractual benefits accrued and owing to me up to the Termination Date.
(E)       This certificate satisfies the conditions regulating settlement agreements contained in the statutory provisions set out in Clause 22 of the Settlement Agreement.
EXECUTED AS A DEED by    )    .................................................
Stephen Hartman        )
in the presence of        )
Witness Signature
Witness Full Name
Witness Address

Date                )    .................................................

    17    

Schedule 5

Resignation Letter

Dear Sirs

I hereby resign from the office of [director] [company secretary] of [insert name of company] (the “Company”) with immediate effect.

I acknowledge and confirm that I have no claim of whatsoever kind, whether contractual or otherwise, outstanding against the Company, any member of its Group (as defined below) or any of their officers, directors, shareholders, employees or agents in respect of the termination of my appointment.  To the extent that any such claim or right of action exists or may exist, I irrevocably waive such claim or right of action and release and discharge the Company, each member of its Group and their officers, directors, shareholders, employees and agents from any and all liability whatsoever in respect thereof.

In this letter "Group" means the Company, the ultimate Holding Company of the Company and any Subsidiary of the Company or the ultimate Holding Company of the Company from time to time; "Holding Company" means a holding company (as defined by section 1159 of the Companies Act 2006) or a parent undertaking (as defined by section 1162 of the Companies Act 2006); and "Subsidiary" means a subsidiary (as defined by section 1159 of the Companies Act 2006) or a subsidiary undertaking (as defined by section 1162 of the Companies Act 2006).

Yours faithfully

Stephen Hartman

    18Document

Exhibit 10.5

			
	
	EXECUTIVE SEVERANCE PLAN
OF CLARIVATE PLC
AND SUMMARY PLAN DESCRIPTION
Effective June 30, 2021

EXECUTIVE SEVERANCE PAY PLAN

I.PURPOSE
Clarivate Plc (the “Company”) has established this Executive Severance Pay Plan of Clarivate Plc (the “Plan”) for the benefit of the Executive Officers and the Executive Leadership Team, other than the Executive Chairman and/or Chief Executive Officer, of the Company, its Affiliates, and its Subsidiaries.  The purpose of the Plan is to provide severance pay and certain other benefits to the Executives when their employment terminates under circumstances covered by the Plan.  Benefits under the Plan are conditioned on the termination of Executive’s employment under circumstances covered by the Plan and the execution of a Severance Agreement, which shall include a general release of all claims against the Company, its Affiliates, and other specified persons, and may include restrictive covenant agreements and such other terms and conditions deemed appropriate by the Administrator.  
Nothing in this Plan should be read or interpreted as changing the Company policy that all covered employees are employed at will, and the Company continues to retain the absolute right and power to terminate any employee with or without good cause and with or without prior notice.  Furthermore, nothing contained in this Plan confers any right or guarantee of continued employment on any employee.  The Company retains the right to make changes to this Plan and any other benefit plans it offers at any time for any reason with or without notice
II.DEFINITIONS
For the purposes of this Plan, the following terms shall have the meanings set forth below:
a.“Affiliate” shall have the meaning set forth in Rule 12b-2 of the Securities Exchange Act of 1934 (the “Exchange Act”).
b.“Administrator” means Clarivate Analytics (US) LLC (“Clarivate”) or the Committee established by Clarivate and to which Clarivate has delegated administrative authority pursuant to Article VI.  
c.“Annual Incentive Plan” means the annual incentive plan sponsored by the Company in effect at the time of the Executive’s termination of employment.
d.“Base Salary” means Executive’s annual base salary at the rate in effect on the date of: 
i.if there has been a Change in Control, the date of the Change in Control, or if greater, the rate in effect immediately prior to Executive’s termination of employment with the Company; or
ii.if there has not been a Change in Control, the rate in effect immediately prior to Executive’s termination of employment.
e.“Board” means the Board of Directors of the Company.
f.“Cause” means with respect to each Executive, “Cause” as defined in the applicable employment agreement between the Executive and the Company or, if no such agreement exists or such agreement does not contain a definition of Cause, then Cause shall mean:
1

i.the Executive’s unauthorized use or disclosure of confidential information or trade secrets of the Company;
ii.the Executive’s material breach of a written agreement between the Executive and the Company including, without limitation, any employment, confidentiality, non-compete, non-solicit, or similar agreement;
iii.the Executive’s commission of, indictment for, or entry of a plea of guilty or nolo contendere by the Executive to a felony under the laws of the United States or any state thereof for any crime involving fraud, dishonesty, theft, embezzlement or moral turpitude, or any similar crime in any jurisdiction outside of the United States;
iv.the Executive’s negligence or willful misconduct in the performance of their duties or the Executive’s willful or repeated failure or refusal to substantially perform duties reasonably requested or assigned by the Executive’s supervisor or the Board;
v.the Executive’s commission of any act of fraud, embezzlement, material misappropriation or dishonesty against the Company; or
vi.the Executive’s acts, omissions, or statements which the Company reasonably determines to be materially detrimental or damaging to the reputation, operations, prospects, or business relations of the Company.
g.“Code” means the Internal Revenue Code of 1986, as amended.
h. “Committee” means the committee, if any, established by Clarivate and to which Clarivate has delegated administrative authority pursuant to Article VI. 
i.“Change in Control” shall mean the occurrence of any of the following events: 
i.any person (as defined in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, “Person”), other than (A) any employee plan established by the Company or any Subsidiary, (B) the Company or any of its Affiliates, (C) an underwriter temporarily holding securities pursuant to an offering of such securities, or (D) an entity owned, directly or indirectly, by shareholders of the Company in substantially the same proportions as their ownership of the Company, is (or becomes, during any twelve (12)-month period) the beneficial owner (as defined in Rule 13d-3 under the Exchange Act, “Beneficial Owner”), directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or its Affiliates other than in connection with the acquisition by the Company or its Affiliates of a business) representing 50% or more of the total voting power of the stock of the Company; provided that the provisions of this subsection (i) are not intended to apply to or include as a Change in Control any transaction that is specifically excepted from the definition of Change in Control under subsection (iii) below;
ii.a change in the composition of the Board such that, during any twelve (12)-month period, the individuals who, as of the beginning of such period, constitute the Board (the “Existing Board”) cease for any reason to constitute at least 50% of the Board; provided, however, that any individual becoming a member of the Board subsequent to the 
2

beginning of such period whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the Board immediately prior to the date of such appointment or election shall be considered as though such individual were a member of the Existing Board; provided further, that, notwithstanding the foregoing, no 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 or Regulation 14A promulgated under the Exchange Act or successor statutes or rules containing analogous concepts) or other actual or threatened solicitation of proxies or consents by or on behalf of an individual, corporation, partnership, group, associate, or other entity or Person other than the Board, shall in any event be considered to be a member of the Existing Board;
iii.the consummation of a merger, amalgamation or consolidation of the Company with any other corporation or other entity, or the issuance of voting securities in connection with such a transaction pursuant to applicable stock exchange requirements; provided that immediately following such transaction the voting securities of the Company outstanding immediately prior thereto do not continue to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity of such transaction or parent entity thereof) 50% or more of the total voting power and total fair market value of the Company’s stock (or, if the Company is not the surviving entity of such merger or consolidation, 50% or more of the total voting power and total fair market value of the stock of such surviving entity or parent entity thereof); and provided, further, that such a transaction effected to implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or its affiliates other than in connection with the acquisition by the Company or its affiliates of a business) representing 50% or more of either the then-outstanding ordinary Shares or the combined voting power and total fair market value of the Company’s then-outstanding voting securities shall not be considered a Change in Control; or
iv.the sale or disposition by the Company of all or substantially all of the Company’s assets in which any Person acquires (or has acquired during the twelve (12)-month period ending on the date of the most recent acquisition by such Person) assets from the Company that have a total gross fair market value equal to more than 50% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions.
Notwithstanding the foregoing, (1) no Change in Control shall be deemed to have occurred if there is consummated any transaction or series of integrated transactions immediately following which the record holders of the Shares immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which owns substantially all of the assets of the Company immediately prior to such transaction or series of transactions and (2) no Change in Control shall be deemed to have occurred upon the acquisition of additional control of the Company by any Person that is considered to effectively control the Company.
3

Notwithstanding the foregoing, to the extent necessary to comply with Section 409A of the Code with respect to the payment of “nonqualified deferred compensation,” “Change in Control” shall be limited to a “change in control event” as defined under Section 409A of the Code.
j.“Disability” means the Executive is disabled within the meaning of such term under the Company’s long-term disability plan in effect at the relevant time.
k.“ERISA” means the Employee Retirement Income Security Act of 1974, as amended.
l.“Executive” means any individual comprising the Executive officers of the Company or the Executive Leadership Team of the Company other than the Executive Chairman and/or Chief Executive Officer of the Company.  The Company may designate additional eligible participants for benefits under all or any portion of this Plan, regardless of whether such individual is a member of the Executive Leadership Team, and once so designated such individual shall be referred to as an “Executive” herein.
m.“Executive Leadership Team” means the Company’s Executive Leadership Team other than the Executive Chairman and/or Chief Executive Officer of the Company and any other individual serving in any other position who is specifically approved by the Committee for participation in the Plan as a member of the Executive Leadership Team.
n. “Severance Agreement” means the written agreement between the Company and the Executive made pursuant to the guidelines of this Plan and setting forth the severance benefits payable to the Executive under the Plan, the form and timing of such payments, any conditions to payment, and such other terms and conditions deemed appropriate or necessary by the Administrator.
o.“Share” means an ordinary share in the capital of the Company. 
p.“Subsidiary” means any entity (other than the Company), whether domestic or foreign, in an unbroken chain of entities beginning with the Company if each of the entities other than the last entity in the unbroken chain beneficially owns, at the time of the determination, securities or interests representing at least 50% of the total combined voting power of all classes of securities or interests in one of the other entities in such chain.
III.TERMINATION OF EMPLOYMENT (NO CHANGE IN CONTROL)
If the Company terminates the Executive’s employment without Cause at any time other than during the twelve (12)-month period immediately following a Change in Control, the Company shall provide severance benefits to the departing Executive that shall not be less than the cumulative severance benefits provided for in any employment agreement otherwise entered into between the Company and the Executive, or if none exists, shall otherwise be based on the following guidelines as deemed appropriate by the Company and reflected in the Severance Agreement:
a.Severance.  
i.A cash amount equal to:
i.eighteen (18) months of Base Salary; plus
4

ii.an amount reflecting eighteen (18) months of bonus target under the Annual Incentive Plan assuming the target bonus had been met at 100% for a full eighteen (18) month period, with such amount to be calculated based on the Executive’s target bonus and Base Salary as of the termination of employment.
ii.This cash severance amount shall be paid in accordance with the terms and conditions as set out in the relevant Severance Agreement.
b.Equity and Equity Based Awards.
i.Any unvested outstanding awards of Restricted Stock Units under the Clarivate Plc 2019 Incentive Award Plan (the “Equity Plan”) shall become vested to the extent such Restricted Stock Units would have otherwise vested had the Executive’s employment continued over the eighteen (18) month period following the Executive’s termination date.  Except as noted in this paragraph, all other terms of any award agreements governing the terms of the Executive’s outstanding Restricted Stock Units shall otherwise remain unchanged and in place.
ii.No enhanced vesting shall apply to outstanding awards of Performance Share Units under the Equity Plan, which shall be forfeited and cancelled as provided in such plan and underlying award agreements.
iii.For purposes of any Option Agreement Executive may have signed, the timeframe for exercise of any outstanding option shall be extended to the date that is the two (2)-year anniversary of December 31st of the year in which the Executive experiences his or her termination of employment, or, if earlier, the expiration date of such option. Except as noted in this paragraph, all other terms of any Option Agreement shall remain unchanged and in place. 
c.Other Benefits.  
i.To the extent the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) applies, the Executive shall be entitled to a lump sum payment equal to the applicable monthly COBRA premium payment for the group medical plan in which the Executive was enrolled as of the termination of employment date, multiplied by eighteen (18).  This lump sum amount shall be paid as soon as administratively feasible following the Executive’s termination from employment but, in any event, no later than March 15th of the year in which the Executive’s termination from employment occurs.
ii.The Executive shall not be entitled to any benefits other than those expressly provided for in this Plan and the Award Agreement provided thereunder.
IV.TERMINATION OF EMPLOYMENT IN CONNECTION WITH A CHANGE IN CONTROL
If the Company terminates the Executive’s employment without Cause during the twelve (12)-month period immediately following a Change in Control, the Company shall provide severance benefits to the departing Executive that shall not be less than the cumulative severance benefits provided for in any employment or severance agreement otherwise entered into between the Company and the Executive, or if none exists, shall otherwise not be less than an amount based on the following guidelines:
5

a.Severance.  
i.A cash amount equal to:
i.twenty-four (24) months of Base Salary; plus
ii.an amount reflecting twenty-four (24) months of bonus target under the Annual Incentive Plan assuming the target bonus had been met at 100% for a full twenty-four (24)-month period, with such amount to be calculated based on the Executive’s Base Salary as of the termination of employment.
ii.This severance amount shall be paid in accordance with the terms and conditions as set out in the relevant Severance Agreement.
b.Equity and Equity-Based Awards.
i.Any unvested outstanding awards of Restricted Stock Units or Performance Share Units under the Equity Plan shall be eligible for treatment in accordance with the terms of the Equity Plan and any underlying award agreements.
ii.For purposes of any Option Agreement Executive may have signed, the timeframe for exercise of any outstanding option shall be extended to the date that is the two (2)-year anniversary of December 31st of the year in which the Executive experiences his or her termination of employment, or, if earlier, the expiration date of such option. Except as noted in this paragraph, all other terms of any Option Agreement shall remain unchanged and in place.
c.Other Benefits.  
i.To the extent COBRA applies, the Executive shall be entitled to lump sum payment equal to the applicable monthly COBRA premium payment for the group medical plan in which the Executive was enrolled as of the termination of employment date, multiplied by twenty-four (24).  This lump sum amount shall be paid as soon as administratively feasible following the Executive’s termination from employment but, in any event, no later than the two and one-half (21⁄2) months after the end of the year in which the termination from employment occurs.
ii.The Executive shall not be entitled to any benefits other than those expressly provided for in this Plan and the Award Agreement provided thereunder.
V.GENERALLY APPLICABLE PROVISIONS
a.Administrator Discretion. Notwithstanding anything herein to the contrary, the Administrator reserves the right to provide for benefits under Article III or Article IV that are different in amount or value that those listed above and the Administrator need not treat each Executive uniformly under this Plan.  Any exercise of such discretion will be detailed in the applicable Severance Agreement.
6

b.Death or Disability. If the Executive dies or incurs a Disability while employed by the Company and prior to any event that would entitle Executive to any payment or benefits under this Plan, Executive will not be entitled to any payment under this Plan.  
c.Beneficiary. Executive shall be entitled to designate a beneficiary in the event he dies while receiving benefits under this Plan but prior to full payment of such benefits.  Such beneficiary designation shall be in a form and manner as prescribed by the Administrator.  In the event Executive fails to designate a beneficiary, payment shall be made to Executive’s estate. 
d.Impact on Other Benefits. Under no circumstances may the Executive receive severance benefits under more than one severance plan, program, policy, practice, or agreement maintained from time to time by the Company for the benefit of its employees.  For purposes of this provision, a severance plan is a plan designed primarily to provide benefits payable in cash upon an employee’s involuntary termination from employment and not a plan that provides either ancillary benefits upon an involuntary termination from employment (such as accelerated vesting under an incentive equity program) or retirement benefits.
e.General Release and Restrictive Covenants. As a condition to receiving any benefits under this Plan other than the Accrued Obligations, the Executive must sign and return a Severance Agreement, which shall include a general release of claims in the form substantially similar to that required of similarly situated employees of the Company, within forty-five (45) days after the termination of Executive’s employment and not revoke such release within the time permitted by law (which consideration period and revocation period together may not exceed sixty (60) days following termination of Executive’s employment). Such Severance Agreement and release may include any restrictive covenants deemed necessary or advisable by the Administrator or may require repayment of any benefits under this Plan if Executive is later found to have committed acts that would have justified a termination for Cause. For the avoidance of doubt, payment of the Accrued Obligations to an Executive shall not be contingent on his or her execution of a Severance Agreement and release.
f.Funding. No Executive shall acquire by reason of the Plan any right in or title to any assets, funds, or property of the Company.  Any amounts payable under the Plan are unfunded obligations of the Company and shall be paid from the general assets of the Company.  No officer, director, or agent of the Company guarantees in any manner the payment of benefits under the Plan.
g.Non-Assignment. Benefits payable under the Plan shall not be subject to alienation, pledge, sale, transfer, assignment, attachment, execution, or encumbrance or any kind and any attempt to do so shall be void, except as required by law.
h.Tax Withholding. Any payments that an Executive receives under this Plan shall be subject to all required tax withholding. The Executive will bear the cost of any taxes not withheld on benefits provided under this Plan, regardless of whether withholding is required.
i.Section 409A of the Code.
i.The amounts payable or benefits to be provided pursuant to this Plan generally are intended to be separate payments that are exempt from Section 409A of the Code by reason of the “short-term deferral” exception set forth in Section 1.409A-1(b)(4), the 
7

involuntary separation pay exception set forth in Section 1.409A-1(b)(9)(iii), or certain other separation pay exceptions set forth in Section 1.409A-1(b)(9)(v) of the Treasury Regulations. Notwithstanding the foregoing, if a general release is required then no payment shall be made until the end of the forty-five (45)-day determination period and the expiration of the revocation period described under Section V.d (which consideration period and revocation period together may not exceed sixty (60) days following termination of the Executive’s employment); such determination shall not preclude application of the Section 409A short-term deferral exception. To the extent that an amount payable or benefits to be provided under this Plan does not comply with any of the foregoing exceptions or other exceptions or exemptions from Code Section 409A, including but not limited to the de minimis exception, the exception for certain indemnification and liability insurance plans, and the like under the Treasury Regulations, then the amount shall be subject to the following rules:
ii.Notwithstanding anything contained in this Plan to the contrary, if on the date of termination of the Executive’s employment the Executive is a “specified employee,” within the meaning of Section 409A of the Code and the Company’s policy for determining specified employees, then to the extent required in order to comply with Section 409A of the Code, all payments, benefits, or reimbursements paid or provided under this Plan that constitute a “deferral of compensation” within the meaning of Section 409A of the Code, that are provided as a result of a “separation from service” within the meaning of Section 409A and that would otherwise be paid or provided during the first six (6) months following the date of such termination of employment shall be accumulated through and paid or provided (together with interest at the applicable federal rate under Section 7872(f)(2)(A) of the Code in effect on the date of termination of employment) within thirty (30) days after the first business day following the six (6)-month anniversary of such termination of employment (or, if the Executive dies during such six (6)-month period, within thirty (30) days after the Executive’s death), if and to the extent required by Code Section 409A.
iii.For purposes of this Plan, the phrase “termination of employment” or words or phrases of similar import shall mean a “separation from service” with the Company within the meaning of Section 409A of the Code. In this regard, the Company and the Executive shall take all steps necessary (including with regard to any post-termination services by the Executive) to ensure that (A) any termination of employment under this Plan constitutes a “separation from service” within the meaning of Section 409A of the Code, and (B) the date on which such separation from service takes place shall be the date of the termination of employment for purposes of this Plan.
iv.The Executive’s right to receive any installment payments pursuant to this Plan shall be treated as a right to receive a series of separate and distinct payments.
v.It is intended that the payments and benefits provided under this Plan shall either be exempt from the application of, or comply with, the requirements of Section 409A of the Code. This Plan shall be construed, administered, and governed in a manner that effects such intent, and the Company shall not take any action that would be inconsistent with such intent. Without limiting the foregoing, the payments and benefits provided under this Plan may not be deferred, accelerated, extended, paid out, or modified in a manner that would result in the imposition of an additional tax under Section 409A of the Code 
8

upon Executive. Although the Company shall use its best efforts to avoid the imposition of taxation, interest, and penalties under Section 409A of the Code, the tax treatment of the benefits provided under this Plan is not warranted or guaranteed. Neither the Company, its Affiliates, nor their respective directors, officers, employees, or advisers shall be held liable for any taxes, interest, penalties, or other monetary amounts owed by the Executive or other taxpayers as a result of the failure of this Plan to be exempt from or comply with Section 409A of the Code.
j.No Employment Contract. Nothing contained in this Plan shall be construed to be an employment contract between the Executive and the Company. Executive is employed at will, and the Company and the Executive may terminate the Executive’s employment at any time, for any reason or no reason whatsoever.
k.No Shareholder Rights. Neither the action of the Company in establishing this Plan nor any action taken by it or the Committee under the provisions hereof, nor any provision of the Plan, shall be construed as giving to any Executive the legal or equitable rights of a shareholder. This Plan is intended to compensate key executives for their past and future performance on behalf of the Company.
l.Amendment and Termination. This Plan may be modified, amended, suspended or terminated, at any time and from time to time, only by resolution adopted by the Board or its delegate; provided, however, that (i) no amendment that has the effect of reducing the rights or potential rights of any Executive, and no termination of the Plan or any portions thereof, will be effective in either case as to the affected Executive until the first (1st) year anniversary of the date on which such resolution is adopted, (ii) no amendment or termination of the Plan shall affect the rights of any Executive receiving benefits under the Plan whose employment has terminated prior to the date on which such resolution is adopted, and (iii) this Plan may not be terminated or amended in a manner which would adversely affect the rights or potential rights of any Executive if such action is taken in connection with, in anticipation of, on, or during the twelve (12)-month period following, a Change in Control.
m.Severability. If any provision of the Plan is held illegal or invalid for any reason, the illegality or invalidity of such provision shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provisions had been excluded.
n.Successors. This Plan shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, representatives, and successors. Any reference in this Plan to the Company shall be deemed a reference to any successor (whether direct or indirect, by purchase of stock or assets, merger or consolidation, or otherwise) to all or substantially all of the business and/or assets of the Company; provided that Executive’s employment by a successor employer shall not be deemed a termination of Executive’s employment with the Company.
o.Governing Law. The interpretation, performance and enforcement of this Plan shall be governed by the laws of the State of Delaware, without giving effect to the principles of conflict of laws thereof.
VI.ADMINISTRATION
a.Administrator. Clarivate is the Administrator of the Plan and, for purposes of Executives subject to ERISA’s protections (i.e., U.S.-based Executives), the Clarivate is the “named fiduciary” 
9

within the meaning of ERISA.  Clarivate may at any time delegate the authority to administer the Plan to a Committee.  
b.Powers of the Administrator. The Administrator shall administer the Plan in accordance with its terms and shall have all powers necessary to carry out the provisions of the Plan.  The Administrator shall have the discretionary authority to interpret and construe the terms of the Plan and determine all questions arising in the administration, interpretation, and application of the Plan; such determinations to be presumptively conclusive and binding on all persons to the maximum extent allowed by law, and uniformly and consistently applied to all persons in similar circumstances; adopt such rules and procedures as it deems necessary, desirable or appropriate for the administration of the Plan; appoint such agents, counsel, accountants, consultants and other persons as may be required to administer the Plan; determine all claims for benefits, and take such further action as the Administrator shall deem advisable in the administration of the Plan.
c.Delegation. The Administrator shall have the discretionary authority to delegate such of its duties and may engage such experts and other persons as it deems appropriate in connection with administering the Plan.  In the event Clarivate delegated administrative authority to a Committee, the Committee may delegate its duties and engage experts and other persons as it deems appropriate in connection with administering the Plan.  The Administrator shall be entitled to rely in good faith upon any opinions or reports furnished to it by any such experts or other persons.
d.Change in Control. Notwithstanding any other provision of the Plan, upon a Change in Control, the Committee, as constituted immediately before the Change in Control, with such changes in the membership thereof as may be approved from time to time following the Change in Control by a majority of such Committee as constituted immediately before the Change in Control, shall have sole and exclusive authority and responsibility (i) to control and manage the operation and administration of the Plan, with respect to Executives participating in the Plan immediately prior to the Change in Control, (ii) for determining the amount of payments and benefits to which Executives may become entitled on or following the Change in Control, and (iii) to amend or terminate the Plan with respect to such Executives.  Clarivate shall not have the right to appoint members to or to remove members from such Committee following, or otherwise in connection with, the Change in Control.  

10

APPENDIX A
ERISA INFORMATION FOR U.S. BASED EXECUTIVES
The Plan is an unfunded welfare benefit plan for purposes of the Employee Retirement Income Security Act of 1974 (“ERISA”) and a severance pay plan within the meaning of United States Department of Labor regulations section 2510.3-2(b).  This document serves as both the Plan document and the Summary Plan Description for the Plan for all purposes under ERISA.  This Appendix A shall not apply to Executives outside of the United States who are otherwise subject to local law regarding terms and conditions of employee benefits.  
I.    CLAIMS PROCEDURES
a.Claim for Benefits. No Participant, Beneficiary or any other person or entity is required to file a formal claim to receive any benefits to which he is entitled under the Plan.  However, each Participant, beneficiary or any other person or entity who believes that he is entitled to a benefit under the Plan which he has not received (“Claimant”) must file a written claim for such benefits under the Plan with the Administrator to claim any such benefits.  A Claimant shall furnish the Administrator with such documents, evidence, data, or information in support of his claim as he considers necessary or desirable.  A Claimant may appoint a representative to pursue any claim or appeal of an adverse benefit determination on his behalf, provided that he furnishes the Administrator with a written notice, signed by the Claimant, authorizing the representative to act on his behalf in pursuing a benefit claim or appeal.
b.Initial Claim Review. The Administrator shall review the claim when filed and advise the Claimant as to whether the claim is approved or denied.  If the claim is wholly or partially denied, the Administrator shall furnish a written or electronic denial within a reasonable period of time, but not later than ninety (90) days after receipt of the claim by the Plan, unless the Administrator determines that special circumstances require an extension of time for processing the claim. If the Administrator determines that an extension of time for processing a claim is required, written notice of the extension shall be furnished to the Claimant prior to the expiration of the initial ninety (90)-day period, which shall indicate the special circumstances requiring an extension of time and the date by which Plan expects to render a decision. In no event shall such extension exceed a period of ninety (90) days from the end of the initial period. If the Administrator denies the claim for a benefit in whole or in part, the Administrator shall provide the Claimant a written or electronic notice of the adverse benefit determination. The notification shall set forth, in a manner calculated to be understood by the Claimant: (i) the specific reason or reasons for the adverse benefit determination; (ii) reference to the specific Plan provisions on which the determination is based; (iii) a description of any additional material or information necessary for the Claimant to perfect the claim and an explanation of why such material or information is necessary; and (iv) a description of the Plan’s review procedures and the time limits applicable to such procedures, including a statement of the Claimant’s right to bring a civil action under ERISA Section 502(a) following an adverse benefit determination on review
c.Appeal of Adverse Benefit Determination. If the claim is denied, a Claimant may appeal the denial of the claim to the Administrator within sixty (60) days after receipt of the adverse benefit determination. The appeal shall be in writing addressed to the Administrator and shall state the reason why the Administrator should grant the appeal.  The Claimant may submit written comments, documents, records, and other information relating to his claim for benefits.  Upon request, the Claimant shall be provided free of charge and reasonable access to, and copies of, all documents, records and other information relevant to his claim, as determined under subsection (f).  The 
11

Administrator shall conduct a full and fair review of the claim that takes into account all comments, documents, records, and other information submitted by the Claimant or his authorized representative relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. The review shall not afford deference to the initial benefit determination and shall be conducted by one or more individuals who are neither those who made the adverse benefit determination that is the subject of the appeal, nor the subordinates of such individuals.
d.Timing of Review on Appeal. The Administrator shall notify the Claimant of the determination on review within a reasonable period of time, but not later than sixty (60) days after receipt of the appeal unless the Administrator determines that special circumstances require an extension of time for processing the claim.  If the Administrator determines that an extension of time for processing is required, the Administrator shall notify the Claimant in writing prior to the termination of the initial sixty (60)-day period, indicating the special circumstances that require an extension of time and the date the Plan expects to render a determination on appeal.  In no event shall such extension exceed a period of sixty (60) days from the end of such initial period.  Notwithstanding the foregoing, if the Administrator holds quarterly meetings, the Administrator shall instead make a benefit determination no later than the date of the meeting that immediately follows the Plan’s receipt of a request for review, unless the request for review is filed within thirty (30) days preceding the date of such meeting.  In such case, a benefit determination may be made no later than the date of the second meeting following the Plan’s receipt of the request for review.  If special circumstances (such as the need to hold a hearing) require a further extension of time for processing, a benefit determination shall be rendered not later than the third meeting of the Administrator following the Plan’s receipt of the request for review.  If such an extension of time for review is required because of special circumstances, the Administrator shall provide the Claimant with written notice of the extension, describing the special circumstances and the date as of which the benefit determination will be made, prior to the commencement of the extension.
e.Denial on Appeal. If the Administrator denies the claim on appeal, it shall furnish the Claimant a written or electronic adverse benefit determination, stating the reasons for the denial in a manner calculated to be understood by the Claimant, and shall make specific references to the pertinent Plan provisions on which the benefit determination is based.  The notification of the benefit determination also shall include a statement of the Claimant’s right to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the Claimant’s claim for benefits and to bring a civil action under section 502(a) of ERISA no later than one (1) year after the final adverse determination on appeal.  The Administrator’s decision upon appeal, or the Administrator’s initial decision if no appeal is taken, shall be final, conclusive, and binding on all parties, subject to review or correction pursuant to a civil action under Section 502(a) of ERISA only to the extent that such decision is shown by clear and convincing evidence to be arbitrary and capricious.
f.Review Following a Change in Control. Notwithstanding the foregoing, following a Change in Control (and thereafter to the extent the issue in question relates to a termination of employment on or following the Change in Control of Executives participating in the Plan immediately prior to the Change in Control), with respect to Executives participating in the Plan immediately prior to the Change in Control, the committee described in Section VI.d. of the Plan shall review and administer all claims, and any appeals of claim denials, of Executives participating in the Plan immediately prior to the Change in Control, and any such decisions with respect to Executives participating in the Plan immediately prior to the Change in Control shall be subject to de novo review in the courts.
12

g.Relevant Documents and Records. For purposes of the foregoing claim procedures, a document, record or other information is “relevant” if it: (i) was relied on in making the claim decision; (ii) was submitted, considered or generated in making the decision; or (iii) demonstrates compliance with the Plan’s procedural and administrative safeguards.
h.Exhaustion of Claims Procedures. Completion of the claims procedures described in Section VI of the Plan is a condition precedent to the commencement of any legal or equitable action in connection with a claim for benefits under the Plan by any current or former Participant, beneficiary or any other person or entity claiming rights in connection with the Plan. After exhaustion of the Plan’s claims procedures, any further legal action taken against the Plan or its fiduciaries by the Claimant for benefits under the Plan shall be filed in a court of law no later than one (1) year after the final adverse determination on appeal. No action at law or in equity shall be brought to recover benefits under this Plan until the appeal rights provided in this Appendix A, Section I have been exercised and the Plan benefits requested in such appeal have been denied in whole or in part.
II.    ERISA RIGHTS
Eligible Executives in the Plan are entitled to certain rights and protection under ERISA. ERISA provides that all Plan participants shall be entitled to: 
Receive Information about the Plan and Benefits 
•Examine, without charge, at the Plan Administrator’s office, all documents governing the Plan, and a copy of the latest annual report (Form 5500 Series) filed by the Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration. 
•Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the Plan, copies of the latest annual report (Form 5500 Series) and an updated summary plan description.  The Plan Administrator may make a reasonable charge for the copies. 
•Receive a summary of the Plan’s annual financial report (if any).  The Plan Administrator may be required by law to furnish each participant with a copy of this summary annual report. 

Prudent Actions of Fiduciaries 

In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the Plan.  The people who operate the Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in the interest of Plan participants and beneficiaries.  No one, including the Employer or any other person, may fire or otherwise discriminate against a Plan participant under the Plan or prevent the participant from obtaining a Plan benefit or exercising a right under ERISA. 
Enforcing Rights 
If the claim for a Plan benefit is denied or ignored, in whole or in part, a participant has a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules. 
Under ERISA, there are steps a participant can take to enforce the above rights.  For instance, if the participant requests a copy of the Plan documents or the latest annual report from the Plan Administrator 
13

and does not receive them within thirty (30) days, the participant may file suit in a federal court.  In such case, the court may require the Plan Administrator to provide the materials and pay the participant up to $110 a day until the participant receives the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator. 
If the participant has a claim for benefits that is denied after exhaustion of the appeal process, or is ignored, in whole or in part, the participant may file suit in a state or federal court.  If it should happen that Plan fiduciaries misuse the Plan’s money, or if a participant is discriminated against for asserting the participant’s rights, the participant may seek assistance from the U.S. Department of Labor or file suit in a federal court.  The court will decide who should pay court costs and legal fees.  If the participant is successful, the court may order the person the participant sued to pay these costs and fees.  If the participant loses, the court may order the participant to pay these costs and fees, for example, if it finds the claim is frivolous. 
Assistance with Questions 
If a participant has any questions about the Plan, the participant should contact the Plan Administrator.  If a participant has any questions about this statement or about rights under ERISA, or if needs assistance in obtaining documents from the Plan Administrator, the participant should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in the telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.  Participants may also obtain certain publications about participant rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration. 
III.    GENERAL PLAN INFORMATION

						
	Plan Name:	Executive Severance Pay Plan of Clarivate Plc
	Type of Plan:	The Plan is an unfunded severance pay plan, which is a welfare benefit plan under ERISA
	Plan Number:	505
	Plan Sponsor:	Clarivate Analytics (US) LLC
	Plan Sponsor’s Employer 
Identification Number: 
	23-1569117
	Plan Administrator:	Clarivate Analytics (US) LLC
1500 Spring Garden Street
4th Floor
Philadelphia, PA 19130

	Agent for Service of Legal Process:	Corporation Service Company
251 Little Falls Drive
Wilmington, DE 19808

	Plan Year	Calendar year

14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00331-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00331-of-00352.parquet"}]]