Document:

EX-10.1

 Exhibit 10.1 

BAKKT HOLDINGS, INC. 

EMPLOYMENT AGREEMENT 

FOR 
 KAREN ALEXANDER

 This is an Employment Agreement (the “Employment Agreement”), dated as of October 12, 2022, by and between
Bakkt Holdings, Inc., a Delaware corporation (together with its direct and indirect subsidiaries, the “Company”), and Karen Alexander (“Executive”), the terms and conditions of which are as follows:

 Agreement 
 1.
Term. Subject to the terms and conditions set forth in this Employment Agreement, the Company agrees to employ Executive, and Executive agrees to be employed by the Company, for an initial term of one (1) year, which shall be deemed to
have started on August 8, 2022 (the “Effective Date”), and shall end on the first anniversary of such date. The initial term plus any extension shall be referred to in this Employment Agreement as the “Term”.
On the last day of the initial term and each anniversary thereof, the Term of this Employment Agreement will automatically extend for one (1) year (unless either party delivers 90 days’ written notice to the other that there will be no
such extension). 
 2. Title; Duties and Responsibilities; Powers. Executive’s title shall be Chief Financial Officer of the
Company. Executive shall report to, and his or her duties and responsibilities and powers shall be those commensurate with Executive’s position that are set from time to time by, the Chief Executive Officer of the Company. Executive shall
undertake to perform all of Executive’s duties and responsibilities and exercise all of Executive’s powers in good faith and on a full-time basis and shall at all times act in the course of Executive’s employment under this Employment
Agreement in the best interests of the Company. 
 3. Primary Work Site. Executive’s primary work site for the Term shall be New
York, New York. However, Executive shall undertake such travel away from Executive’s primary work site and shall work from such temporary work sites as necessary or appropriate to fulfill Executive’s duties and responsibilities and
exercise Executive’s powers under the terms of this Employment Agreement. 
 4. Outside Activities. Executive shall not serve on
any boards of directors of, or provide services (whether as an employee or independent contractor) to, any entity other than the Company (including, for example, any for-profit, civic, or charitable
organization) on or after the date the Company signs this Employment Agreement without obtaining the consent required by the Company’s internal compliance reporting procedures then in effect. 

 5. Compensation and Related Matters. 

(a) Base Salary. Executive’s initial base salary shall be $400,000 per year, which shall be payable in accordance with the
Company’s standard payroll practices and policies for senior executives. Executive’s base salary shall be subject to annual review and periodic increases as determined by the Company’s Board of Directors (the “Board”)
or the Compensation Committee of the Board (the “Committee”). The base salary, as may be in effect from time to time under this Employment Agreement, shall be referred to as the “Base Salary”. 

(b) Annual Bonus. During the Term, Executive shall be eligible to receive an annual bonus each year. Executive’s target annual
bonus during the Term shall be 100% of Executive’s Base Salary, subject to adjustment from time to time as determined by the Committee in its sole discretion (the “Target Bonus”). The actual amount of such bonus, if any, may be
higher or lower than the Target Bonus and shall be determined in accordance with a plan adopted and approved by the Board, and shall be paid no later than two and one half (21⁄2) months after the end of the taxable year to which the bonus relates; provided, however, that the initial Target Bonus paid to Executive shall not be subject to
pro-ration in the event that Executive is employed for less than the full performance year to which such initial Target Bonus relates. 

(c) Equity Compensation. On August 26, 2022, in connection with Executive’s appointment to full-time Chief Financial Officer,
Executive was granted 200,000 restricted stock units (the “Initial Equity Award”) under the Company’s current equity incentive plan (together with any successor equity incentive plan adopted by the Company, the “Equity
Plan”). Fifty percent (50%) of the Initial Equity Award is in the form of time-based vesting restricted stock units (the “Initial RSUs”) and the remaining fifty percent (50%) of the Initial Equity Award is in the form of
performance-based restricted stock units (the “Initial PRSUs”). In addition to the Initial Equity Award, Executive may from time to time receive awards under as determined by the Committee. Except as otherwise provided in this
Employment Agreement, the terms of any Company equity awards granted to Executive shall be governed by the Equity Plan in effect at the time of any such grant(s) and the award agreement applicable to such grant(s). 

(d) Employee Benefit Plans, Programs and Policies. Executive shall be eligible to participate in the employee benefit plans, programs
and policies in effect from time to time and maintained by the Company for similarly situated senior executives, in accordance with the terms and conditions of such plans, programs and policies. 

(e) Vacation and Other Similar Benefits. Executive shall accrue at least four (4) weeks of vacation during each calendar year
period in the Term, which vacation time shall be taken subject to such terms and conditions as set forth in applicable policies as in effect from time to time. Executive shall also have such paid holidays, sick leave and personal and other time off
as called for under the Company’s standard policies and practices for executives with respect to paid holidays, sick leave and personal and other time off as may be in effect from time to time. 

(f) Business Expenses. Executive shall have the right to be reimbursed for reasonable and appropriate business expenses which Executive
actually incurs in connection with the performance of Executive’s duties and responsibilities under this Employment Agreement in accordance with the Company’s expense reimbursement policies and procedures for its senior executives as may
be in effect from time to time. 

  
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 6. Reasons for Termination. The Company shall have the right to terminate
Executive’s employment at any time, and Executive shall have the right to resign at any time, in each case for any reason or no reason, subject to the terms of this Employment Agreement. The date of termination of Executive’s employment
will be the date specified in any notice of termination delivered from the Company to Executive (or, in the case of Executive’s resignation, from Executive to the Company), except as otherwise set forth below. 

(a) Death. Executive’s employment shall terminate at Executive’s death. 

(b) Disability. The Company shall have the right to terminate Executive’s employment on or after the date Executive has a
Disability. The term “Disability” as used in this Employment Agreement means any physical or mental condition which renders Executive unable even with reasonable accommodation by the Company to perform the essential functions of
Executive’s job for at least a one hundred and eighty (180) consecutive day period and which makes Executive eligible to receive benefits under the Company’s long term disability plan as of the date Executive’s employment
terminates. 
 (c) Termination by the Company. The Company may terminate Executive’s employment at any time, with or without
Cause. The term “Cause” as used in this Employment Agreement will mean: 
 (i) Executive is convicted of,
pleads guilty to, or confesses or otherwise admits to any felony or any act of fraud, misappropriation or embezzlement; 

(ii) Executive knowingly engages in any act or course of conduct (A) which is reasonably likely to adversely affect the
Company’s right or qualification under applicable laws, rules or regulations to conduct its Business (as defined in Section 9(g), or (B) which violates the rules of any exchange or market in which the Company
conducts its Business) (or at such time is actively contemplating conducting its Business); 
 (iii) there is any act or
omission by Executive involving willful misconduct or gross negligence in the performance of Executive’s duties and responsibilities under Section 2 or the exercise of Executive’s powers under
Section 2 to the material detriment of the Company; or 
 (iv) (a) Executive breaches any of the
provisions of Section 9(b) through Section 9(g), or (b) Executive violates any provision of any code of conduct adopted by the Company which applies to Executive and any other Company
employees if the consequence to such violation for any employee subject to such code of conduct ordinarily would be a termination of his or her employment by the Company. 

(d) Resignation by Executive. Executive may terminate Executive’s employment with or without Good Reason. The term “Good
Reason” as used in this Employment Agreement will mean, without Executive’s express written consent: 
 (i) a
material reduction in Executive’s Base Salary under Section 5(a) or a material reduction in Executive’s Target Bonus as set forth in Section 5(b); 

  
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 (ii) a material reduction in the scope, importance or prestige of
Executive’s duties, responsibilities or powers or Executive’s reporting relationships with respect to who reports to Executive and whom Executive reports to at the Company; 

(iii) Executive is transferred to a new primary work site which is more than thirty (30) miles (measured along a straight
line) from Executive’s primary work site immediately before the transfer unless such new primary work site is closer (measured along a straight line) to Executive’s primary residence than Executive’s primary work site immediately
before the transfer; 
 (iv) Executive’s job title is materially diminished or there is a material reduction in
Executive’s pension and welfare benefits; 
 (v) the failure of any successor to all or substantially all of the
business and/or assets of the Company to expressly assume and agree to perform this Employment Agreement pursuant to Section 12; or 

(vi) a material breach of this Employment Agreement by the Company or its successor. 

Notwithstanding the foregoing, no such act or omission will be treated as “Good Reason” under this Employment Agreement unless: 

(A) (i) Executive delivers to the Company a detailed, written statement of the basis for Executive’s belief that such act
or omission constitutes Good Reason, (ii) Executive delivers such statement before the end of the ninety (90) day period which starts on the date there is an act or omission which forms the basis for Executive’s belief that Good
Reason exists, (iii) Executive gives the Company a thirty (30) day period after the delivery of such statement to cure the basis for such belief, and (iv) Executive actually submits Executive’s written resignation to the Company
and terminates employment during the sixty (60) day period which begins immediately after the end of such thirty (30) day period if Executive reasonably and in good faith determines that Good Reason continues to exist after the end of such
thirty (30) day period; or 
 (B) the Company states in writing to Executive that Executive has the right to treat any
such act or omission as Good Reason under this Employment Agreement and Executive resigns during the sixty (60) day period which starts on the date such statement is actually delivered to Executive; provided, that if Executive consents in
writing to any reduction described in Section 6(d)(i) or Section 6(d)(ii), to any transfer described in Section 6(d)(iii) or to any change described in
Section 6(d)(iv) in lieu of exercising Executive’s right to resign for Good Reason and delivers such consent to the Company, the results of the actions consented to will thereafter be used under this definition for
purposes of determining whether Executive subsequently has Good Reason under this Employment Agreement to resign as a result of any such subsequent reduction, transfer or change. 

  
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 (e) Removal from any Boards and Position. Upon the termination of Executive’s
employment with the Company for any reason, Executive will be deemed to automatically resign from (i) any position with the Company or any subsidiary of the Company, including, but not limited to, as an officer, director or trustee of the
Company and any of its subsidiaries and (ii) any board to which Executive has been appointed or nominated on behalf of the Company. 

7. Compensation upon Termination. This Section provides the payments and benefits to be paid or provided to Executive as a result of
Executive’s termination of employment. Except as provided in this Section 7, Executive will not be entitled to anything further from the Company pursuant to this Employment Agreement as a result of the termination of
Executive’s employment, regardless of the reason for such termination. Upon any termination of Executive’s employment under this Employment Agreement, except as otherwise provided, Executive (or Executive’s beneficiary, legal
representative or estate, as the case may be, in the event of Executive’s death) will be entitled to such rights in respect of any equity awards theretofore made to Executive (including the Initial Equity Award), and to only such rights, as are
provided by the plan or the award agreement pursuant to which such equity awards have been granted to Executive or other written agreement or arrangement between Executive and the Company. 

(a) Resignation without Good Reason or Termination for Cause. Following the termination of Executive’s employment by the Company
for Cause or by Executive without Good Reason or upon expiration of the Term as a result of Executive providing notice that the Term of this Employment Agreement will not be renewed in accordance with Section 1, the Company will pay or provide
to Executive (or Executive’s estate in the event of Executive’s death) the following (together, the “Accrued Benefits”) as soon as practicable following the date of termination: 

(i) (A) any earned but unpaid Base Salary, and (B) any accrued and unused vacation pay, through the date of termination;

 (ii) except in the instance of a termination of Executive’s employment by the Company for Cause, any bonus
earned by Executive under the terms of Executive’s bonus arrangements that has not been paid; 
 (iii) reimbursement for
any amounts due Executive pursuant to Section 5(f) (unless such termination occurred as a result of misappropriation of funds); and 

(iv) any compensation and/or benefits as may be due or payable to Executive in accordance with the terms and provisions of any
employee benefit plans or programs of the Company. 
 (b) Termination by Company without Cause or by Executive for Good Reason (Non-Change in Control). If (i) during the Term, the Company terminates Executive’s employment other than for Cause or a Disability, or Executive resigns for Good Reason, or (ii) the Company
provides notice that the Term of this Employment Agreement will not be renewed in accordance with Section 1 (except as provided in Section 7(c)(4)) or more than two (2) years after a Change in Control), the
Company (in lieu of any severance pay under any severance pay plans, programs or policies) will provide the Accrued Benefits and, subject to Section 8, will pay or provide to Executive: 

  
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 (1) a lump sum cash payment equal to two (2) times Executive’s
Base Salary, as in effect on the date Executive’s employment terminates; 
 (2) a lump sum cash payment equal to one
(1) times the greater of (A) the average of the last three (3) annual bonuses received by Executive from the Company prior to the date Executive’s employment terminates, and (B) the last annual bonus received by Executive
from the Company prior to the date Executive’s employment terminates; 
 (3) with respect to options to purchase Company
common stock or other equity or equity-based grants made to Executive under the Equity Plan (including the Initial Equity Awards): (A) for time-vested options or equity-based grants (including the Initial RSUs, and the Initial PRSUs and other
performance-based grants in each case for which actual performance achievement has already been certified as of the date of employment termination), accelerate Executive’s right to exercise all such options and fully vest all such equity
grants; (B) for performance-based grants, including the Initial PRSUs, for which performance has not been certified as of the date of employment termination, determine and certify performance based on actual performance achieved after
completion of the performance period in accordance with the terms of such grants, and vest the all tranches of such performance grants on the date of such performance certification; and (C) treat Executive as if Executive had remained employed
by the Company for one (1) year following the date of termination so that the time period over which Executive has the right to exercise such options shall be the same as if there had been no termination of Executive’s employment until the
end of such one-year period; and 
 (4) a lump sum cash payment in respect of
Executive’s cost of one (1) year’s group health coverage under COBRA. 
 (c) Termination by Company without Cause or by
Executive for Good Reason (Change in Control Related). If (i) during the Term, the Company terminates Executive’s employment other than for Cause or a Disability, or Executive resigns for Good Reason, or (ii) the Company provides
notice that the Term of this Employment Agreement will not be renewed in accordance with Section 1, in each case within two (2) years after a Change in Control, or as set forth in Section 7(c)(4), the Company (in
lieu of any severance pay under any severance pay plans, programs or policies) will provide the Accrued Benefits and, subject to Section 8, will pay or provide to Executive: 

(1) the payments and benefits set forth in Section 7(b)(1) and (4); 

(2) a lump sum cash payment equal to one (1) times the greatest of (i) the average of the last three (3) annual
bonuses received by Executive from the Company or any of its affiliates prior to the date Executive’s employment terminates, (ii) the last annual bonus received by Executive from the Company or its affiliates prior to a Change in Control
and (iii) the last annual bonus received by Executive from the Company or any of its affiliates prior to the date Executive’s employment terminates; 

  
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 (3) with respect to options to purchase Company common stock or other equity
or equity-based grants made to Executive under the Equity Plan (including the Initial Equity Award): (A) cause each award of such equity or equity-based grants to become fully vested (including the lapsing of all restrictions and
conditions) and, as applicable, exercisable as of the date of termination of Executive’s employment, and deliver promptly (but no later than 15 days) following termination of Executive’s employment any shares of common stock deliverable
pursuant to restricted stock units; provided, that any outstanding performance-based awards shall be deemed earned at the greater of the target level or actual performance level through the Change in Control date (or if no target level is specified,
the maximum level) with respect to all open performance periods; and (B) treat Executive as if Executive had remained employed by the Company for one (1) year following the date of termination so that the time period over which Executive
has the right to exercise such options shall be the same as if there had been no termination of Executive’s employment until the end of such one-year period; and 

(4) notwithstanding the foregoing to the contrary, if during the one hundred eighty
(180) day-period ending on a Change in Control, Executive experiences a termination of employment under Section 7(b), then Executive shall have the right to the benefits under
Section 7(c)(3)(A) as if such termination of employment occurred under this Section 7(c) (without duplication for any payments or benefits provided under Section 7(b)(4)) as if
the Change in Control date were the date of Executive’s termination of employment. 
 “Change in Control” means the occurrence of any
of the following events: 
 (i) any “person” (as that term is used in Sections 13(d) and 14(d)(2) of the 1934 Act),
is or becomes the beneficial owner (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of securities representing 30% or more of the combined voting power of the then outstanding securities
of the Company eligible to vote for the election of the members of the Board unless (1) such person is the Company or any subsidiary of the Company, (2) such person is ICE or a subsidiary of ICE, (3) such person is an employee benefit
plan (or a trust which is a part of such a plan) which provides benefits exclusively to, or on behalf of, employees or former employees of the Company or a subsidiary of the Company, (4) such person is Executive, an entity controlled by
Executive or a group which includes Executive or (5) such person acquired such securities in a Non-Qualifying Transaction (as defined in Section 7(c)(iii)); 

(ii) any dissolution or liquidation of the Company or any sale or the disposition of 50% or more of the assets or business of
the Company; or 
 (iii) the consummation of any reorganization, merger, consolidation or share exchange or similar form of
corporate transaction involving the Company unless (1) the persons who were the beneficial owners of the outstanding securities eligible to vote for the election of the members of the Board immediately before the consummation of such
transaction hold more than 60% of the voting power of the securities eligible to vote for the members of the board of directors of the successor or survivor corporation in such transaction immediately following the consummation of such transaction
and (2) the 

  
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number of the securities of such successor or survivor corporation representing the voting power described in Section 7(c)(iii)(1) held by the persons described in
Section 7(c)(iii)(1) immediately following the consummation of such transaction is beneficially owned by each such person in substantially the same proportion that each such person had beneficially owned the outstanding
securities eligible to vote for the election of the members of the Board immediately before the consummation of such transaction, provided (3) the percentage described in Section 7(c)(iii)(1) of the voting power of the
successor or survivor corporation and the number described in Section 7(c)(iii)(2) of the securities of the successor or survivor corporation will be determined exclusively by reference to the securities of the successor or
survivor corporation which result from the beneficial ownership of shares of common stock of the Company by the persons described in Section 7(c)(iii)(1) immediately before the consummation of such transaction. Any
transaction which satisfies all of the criteria specified in (1), (2) and (3) above will be deemed to be a “Non-Qualifying Transaction”. 

(d) Termination for Disability or Death. In the event Executive’s employment is terminated, during the Term, for Disability
pursuant to Section 6(b) or due to Executive’s death, Executive (or Executive’s beneficiary, legal representative or estate) will be entitled to the Accrued Benefits. 

8. Release. As a condition to the Company’s making any payments to Executive after Executive’s termination of employment
under this Employment Agreement (other than the Accrued Benefits and the compensation earned before such termination and the benefits due under the Company’s employee benefit plans without regard to the terms of this Employment Agreement),
Executive or, if Executive is deceased, Executive’s estate shall execute and not revoke, within fifty-five (55) days following Executive’s termination of employment, a release in a form provided by the Company and as may be in use
from time to time (provided that such release shall not contain restrictive covenants that are materially more restrictive than similar restrictive covenants contained herein), and the Company shall provide such payments or benefits, if applicable,
promptly after Executive (or Executive’s estate) delivers such release to the Company, but no later than sixty (60) days after the date of Executive’s termination of employment. 

9. Covenants by Executive. 

(a) Compliance with Company Policies. Executive agrees to comply with any Company policies and codes of conduct as may be in effect
from time to time and that may apply to Executive, including without limitation the Company Global Code of Business Conduct. 
 (b) the
Company’s and Affiliates’ Property. Upon the termination of Executive’s employment for any reason or, if earlier, upon the Company’s request, Executive shall promptly return all Property which had been entrusted or made
available to Executive by the Company and each of its affiliates and, if any copy of any such Property was made by, or for, Executive, each and every copy of such Property. “Property” means records, files, memoranda, tapes, computer
disks, reports, price lists, customer lists, drawings, plans, sketches, keys, computer hardware and software, cell phones, smart phones, credit cards, access cards, identification cards, company cars and other tangible personal property of any kind
or description. 

  
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 (c) Trade Secrets. Executive agrees that Executive will hold in a fiduciary capacity
for the benefit of the Company and each of its affiliates, and will not directly or indirectly use or disclose to any person not authorized by the Company, any Trade Secret of the Company or its affiliates that Executive may have acquired (whether
or not developed or compiled by Executive and whether or not Executive is authorized to have access to such information) during the term of, and in the course of, or as a result of Executive’s employment by the Company or its affiliates for so
long as such information remains a Trade Secret. “Trade Secret” means information, without regard to form, including, but not limited to, technical or nontechnical data, a formula, a pattern, a compilation, a program, a device, a
method, a technique, a drawing, a process, financial data, financial plans, product plans, or a list of actual or potential customers or suppliers that (a) derives economic value, actual or potential, from not being generally known to, and not
being generally readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use and (b) is the subject of efforts by the Company and its affiliates that are reasonable under the circumstances to
maintain its secrecy. This Section 9(c) is intended to provide rights to the Company and its affiliates which are in addition to, not in lieu of, those rights the Company and its affiliates have under the common law or
applicable statutes for the protection of trade secrets. Notwithstanding anything in this Employment Agreement, Executive may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a Trade Secret
that is made: (a) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law, or (b) in a
complaint or other document that is filed under seal in a lawsuit or other proceeding and does not disclose the trade secret, except pursuant to court order. 

(d) Confidential Information. Executive, while employed under this Employment Agreement and thereafter, shall hold in a fiduciary
capacity for the benefit of the Company and its affiliates, and shall not directly or indirectly use or disclose to any person not authorized by the Company, any Confidential Information of the Company or its affiliates that Executive may have
acquired (whether or not developed or compiled by Executive and whether or not Executive is authorized to have access to such information) during the term of, and in the course of, or as a result of Executive’s employment by the Company or its
affiliates. “Confidential Information” means any secret, confidential or proprietary information possessed by the Company or its affiliates relating to their businesses (not otherwise included in the definition of a Trade Secret
under this Employment Agreement), including, without limitation, customer lists, details of client or consultant contracts, current and anticipated customer requirements, pricing policies, price lists, market studies, business plans, policies,
operational methods, marketing plans or strategies, contracts, products, product development techniques or flaws, computer software programs (including object codes and source codes), data and documentation, database technologies, systems,
structures and architectures, know-how, inventions and ideas, past, current and planned research and development, compilations, devices, methods, techniques, processes, designs, reports, specifications, future
business plans, business development, costs, licensing strategies, advertising campaigns, financial information and data, business acquisition plans and new personnel acquisition plans that has not become generally available to the public by the act
of one who has the right to disclose such information without violating any right of the Company or its affiliates. This Section 9(d) is intended to provide rights to the Company and its affiliates which are in addition to,
not in lieu of, those rights the Company and its affiliates have under the common law or applicable statutes for the protection of confidential information. For the avoidance of doubt, nothing in this Employment Agreement shall impair
Executive’s right to make disclosures under the whistleblower provisions of any applicable law or regulation or require Executive to notify the Company or obtain its authorization prior to doing so, or prohibit Executive from responding
truthfully to a valid subpoena. 
  

  
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 (e) Intellectual Property Rights. Executive hereby agrees that all Intellectual
Property conceived, invented, developed and/or reduced to practice by Executive, alone or jointly with others, during Executive’s employment with the Company or its affiliates is the exclusive property of the Company, regardless of whether such
Intellectual Property falls within the scope of Executive’s employment with the Company or its affiliates. Executive hereby agrees that all Intellectual Property shall be considered a Work Made For Hire pursuant to 17 U.S.C. § 101 and all
rights, titles and interests therein shall vest exclusively with the Company, and to the extent that any Intellectual Property shall not qualify as a Work Made For Hire, Executive hereby assigns to the Company all of Executive’s right, title
and interest in such Intellectual Property and agrees to assist the Company, at the Company’s expense, to obtain patents, copyright and trademark registrations for Intellectual Property, to execute and deliver all documents and do any and all
things necessary and proper on Executive’s part to obtain such patents and copyright and trademark registrations and to execute specific assignments and other documents for such Intellectual Property as may be considered necessary or
appropriate by the Company at any time during or after Executive’s employment with the Company or its affiliates. This Section 9(e) does not apply to any invention that Executive develops entirely on Executive’s
own time without using the Company’s equipment, supplies, facilities, Confidential Information, Trade Secrets, know-how or proprietary information, unless the invention either (a) relates at the time
of conception or reduction to practice of the invention to the Company’s business, or actual or demonstrably anticipated research or development of the Company, or (b) results from any work performed by Executive for the Company or its
affiliates. Executive will not place Intellectual Property in the public domain or disclose any inventions to third parties without the prior written consent of the Company. “Intellectual Property” shall include without limitation
all inventions, ideas, discoveries, patents, patent applications, registered and unregistered trademarks and service marks and all goodwill associated therewith and symbolized thereby, domain names, trademark applications and service mark
applications, registered and unregistered copyrights (including without limitation databases and other compilations of information), Confidential Information, Trade Secrets and know-how, including processes,
schematics, business methods, formulae and computer software programs, and all other intellectual property, property and proprietary rights that, in the Company’s sole discretion, could be used within the scope of the Company’s business.

 (f) Nonsolicitation of Customers or Employees. 

(i) Customers. Executive, while employed under this Employment Agreement and thereafter during the Restricted Period,
shall not, on Executive’s own behalf or on behalf of any person, firm, partnership, association, corporation or business organization, entity or enterprise, call on or solicit for the purpose of competing with the Company or its affiliates any
customers of the Company or its affiliates with whom Executive had contact during the one-year period preceding Executive’s date of termination of employment with the Company or its affiliates or about
which Executive learned Confidential Information during Executive’s employment with the Company or its affiliates. “Restricted Period” means the one (1) year period after the termination of Executive’s employment
without regard to the reason for Executive’s termination of employment. 

  
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 (ii) Employees. Executive, while employed under this Employment
Agreement and thereafter during the Restricted Period, shall not, either directly or indirectly, call on, solicit or attempt to induce any other officer, employee or independent contractor of the Company or its affiliates with whom Executive had
contact at any time during Executive’s employment with the Company or its affiliates, to terminate his or her employment or business relationship with the Company or its affiliates and shall not assist any other person or entity in such a
solicitation. 
 (g) Non-Compete. Executive and the Company agree that (a) the Company
(which expressly includes, for purposes of this Section 9(g), its successors, assigns, and direct and indirect subsidiaries) is engaged in trading, custody and clearing services for digital assets (it being understood that
“digital assets” includes without limitation cryptocurrencies, fiat currencies, central bank digital currencies, loyalty and reward programs, in-game assets, and digital equities), loyalty and reward
program management services (including redemption services), mobile wallet and payment services, person-to-person digital asset transaction services, and digital asset
lending (such businesses, together with any other products or services that may in the future during the pendency of Employee’s employment be offered by the Company or any entity that is then an affiliate of the Company, herein being
collectively and without limitation referred to as the “Business”), (b) the Company is one of a limited number of entities that have developed such a Business, (c) Executive is, and is expected to continue to be during the
Term, intimately involved in the Business wherever it operates, and Executive will have access to certain confidential, proprietary information of the Company, (d) this Section 9(g) is intended to provide fair and
reasonable protection to the Company in light of the unique circumstances of the Business and (e) the Company would not have entered into this Employment Agreement but for the covenants and agreements set forth in this
Section 9(g). Executive therefore agrees that Executive shall not while employed with this Employment Agreement and thereafter during the Restricted Period, assume or perform, directly or indirectly, any responsibilities
and duties that are substantially similar to those Executive performs for the Company on the date Executive executes this Employment Agreement for or on behalf of, or act as a management consultant or strategic consultant for or on behalf of, or
own, control or loan money to, any other corporation, partnership, venture, or other business entity that engages in the Business; provided, however, that Executive may own up to five percent (5%) of the stock of a publicly traded company that
engages in such competitive business so long as Executive is only a passive investor and is not actively involved in such company in any way that is inconsistent with this Section 9(g). 

(h) Reasonable and Continuing Obligations. Executive agrees that Executive’s obligations under this
Section 9 are obligations which will continue beyond the date Executive’s employment terminates and that such obligations are reasonable and necessary to protect the Company’s and its affiliates’ legitimate
business interests. the Company in addition shall have the right to take such other action as the Company deems necessary or appropriate to compel compliance with the provisions of this Section 9. 

(i) Remedy for Breach. Executive agrees that the remedies at law for the Company for any actual or threatened breach by
Executive of the covenants in this Section 9 would be inadequate and that the Company shall be entitled to specific performance of the covenants in this Section 9, including entry of an ex parte,
temporary restraining order in state or federal court, preliminary and permanent injunctive relief against activities in violation of this Section 9, or both, 

  
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or other appropriate judicial remedy, writ or order, without requirement of posting a bond or other security, in addition to any damages and legal expenses which the Company may be legally
entitled to recover. Executive acknowledges and agrees that the covenants in this Section 9 shall be construed as agreements independent of any other provision of this or any other agreement between the Company and
Executive, and that the existence of any claim or cause of action by Executive against the Company, whether predicated upon this Employment Agreement or any other agreement, shall not constitute a defense to the enforcement by the Company of such
covenants. 
 10. No Waiver. Except for the notice described in Section 19(a), no failure by either the
Company or Executive at any time to give notice of any breach by the other of, or to require compliance with, any condition or provision of this Employment Agreement shall be deemed a waiver of any provisions or conditions of this Employment 

11. Choice of Law and Courts. This Employment Agreement shall be governed by Georgia law, and (subject to
Section 16) any action that may be brought by either the Company or Executive involving the enforcement of this Employment Agreement or any rights, duties, or obligations under this Employment Agreement, shall be brought
exclusively in the state or federal courts sitting in Atlanta, Georgia, and Executive consents and waives any objection to personal jurisdiction and venue in these courts for any such action. 

12. Assignment and Binding Effect. This Employment Agreement shall be binding upon and inure to the benefit of the Company and any
successor to all or substantially all of the business or assets of the Company. the Company may assign this Employment Agreement to any affiliate or successor, and no such assignment shall be treated as a termination of Executive’s employment
under this Employment Agreement, and references to “the Company” shall also be deemed to refer to any such affiliate or successor. Executive’s rights and obligations under this Employment Agreement are personal and shall not be
assigned or transferred. Any such assignment or attempted assignment by Executive shall be null, void, and of no legal effect. 
 13.
Entire Agreement. This Employment Agreement replaces and supersedes any and all previous agreements and understandings regarding all the terms and conditions of Executive’s employment relationship with the Company, including that certain
Employment Agreement between the Company and Executive dated March 9, 2022, as amended June 9, 2022, and this Employment Agreement constitutes the entire agreement of the Company and Executive with respect to such terms and conditions.

 14. Amendment. Except as provided in Section 15, no amendment or modification to this Employment
Agreement shall be effective unless it is in writing and signed by an authorized representative of the Company and by Executive. 
 15.
Severability. If any provision of this Employment Agreement (including but not limited to any covenant contained in Section 9) shall be found invalid or unenforceable, in whole or in part, then such provision shall
be deemed to be modified or restricted to the extent and in the manner necessary to render such provision valid and enforceable, or shall be deemed excised from this Employment Agreement, as may be required under applicable law, and this Employment
Agreement shall be construed and enforced to the maximum extent permitted by applicable law, as if such provision had been originally incorporated in this Employment Agreement as so modified or restricted, or as if such provision had not been
originally incorporated in this Employment Agreement, as the case may be. 

  
 12 

 16. Arbitration. The Company shall have the right to obtain an injunction or other
equitable relief arising out of Executive’s breach of the provisions of Section 9 of this Employment Agreement. However, any other controversy or claim arising out of or relating to this Employment Agreement or any
alleged breach of this Employment Agreement, or any other claim arising out of or relating to Executive’s employment by the Company, shall be settled by binding arbitration in Atlanta, Georgia in accordance with the rules of the American
Arbitration Association then applicable to employment-related disputes, and a judgment upon the arbitration award may be entered by any court of competent jurisdiction. The arbitration shall be conducted by a single arbitrator selected in accordance
with the applicable rules of the American Arbitration Association. The arbitrator shall be empowered to award any category of damages that would be available to the parties under applicable law. the Company shall be responsible for paying the
reasonable fees of the arbitrator, unless the fees are otherwise allocated by the arbitrator consistent with applicable law. 
  

			
	Initials of the parties expressly assenting to the arbitration provision in Section 16:
		
	 ______________________________
 Executive’s
initials
	  	 ______________________________
 Initials of the
Company representative

 17. Executive’s Legal Fees and Expenses. The Company shall have no obligation under the terms of
this Employment Agreement to reimburse Executive for any of Executive’s legal fees and expenses for any claims under this Employment Agreement that are unrelated to a Change in Control. the Company shall reimburse Executive for Executive’s
reasonable legal fees and expenses incurred in connection with any claim made with respect to Executive’s rights under Section 7(c); provided, that such reimbursement shall be subject to recoupment by the Company if
Executive’s claim is found to have been brought in bad faith. 
 18. Representations. Executive represents and warrants to the
Company that Executive is under no contractual or other binding legal restriction which would prohibit Executive from entering into and performing under this Employment Agreement or that would limit the performance of Executive’s duties under
this Employment Agreement. 
 19. Miscellaneous. 

(a) Notices. Notices and all other communications shall be in writing and shall be deemed to have been duly given when personally
delivered or when mailed by United States registered or certified mail or overnight courier. Notices to the Company shall be sent to 10000 Avalon Boulevard, Suite 1000, Alpharetta, Georgia 30009, Attention: Corporate Secretary. Notices and
communications to Executive shall be sent to the address Executive most recently provided to the Company. 

  
 13 

 (b) Counterparts. This Employment Agreement may be executed in counterparts, each of
which will be deemed an original, but all of which together will constitute one and the same Employment Agreement. An electronic signature is a permissible means of executing this Employment Agreement. 

(c) Headings; References. The headings and captions used in this Employment Agreement are used for convenience only and are not to be
considered in construing or interpreting this Employment Agreement. Any reference to a “section” shall be to a section of this Employment Agreement absent an express statement to the contrary. 

(d) Section 409A of the Code. This Agreement is intended to comply with the requirements of Section 409A of the
Internal Revenue Code of 1986, as amended (“Section 409A”). To the extent that any provision in this Agreement is ambiguous as to its compliance with Section 409A or to the extent any provision in this
Agreement must be modified to comply with Section 409A (including, without limitation, Treasury Regulation 1.409A-3(c)), such provision shall be read, or shall be modified (with the mutual consent of the
parties, which consent shall not be unreasonably withheld), as the case may be, in such a manner so that all payments due under this Agreement shall comply with Section 409A. In no event may Executive, directly or indirectly, designate the
calendar year of payment. To the extent Executive would otherwise be entitled to any payment or benefit under this Employment Agreement or any plan or arrangement of the Company or its affiliates, that constitutes “deferred compensation”
subject to Section 409A and that if paid during the six (6) months beginning on the date of termination of Executive’s employment would be subject to the Section 409A additional tax because Executive is a “specified
employee” (within the meaning of Section 409A and as determined by the Company), the payment will be paid to Executive on the earlier of the first day of the seventh month following Executive’s date of termination, a change in
ownership or effective control of the Company (within the meaning of Section 409A) or Executive’s death. In addition, any payment or benefit due upon a termination of Executive’s employment that represents a “deferral of
compensation” within the meaning of Section 409A shall be paid or provided to Executive only upon a “separation from service” as defined in Treas. Reg. Section 1.409A-1(h). To the
extent applicable, each payment made under this Employment Agreement shall be deemed to be a separate payment, amounts payable under Section 7 of this Employment Agreement shall be deemed not to be a “deferral of
compensation” subject to Section 409A to the extent provided in the exceptions in Treas. Reg. Sections 1.409A-1(b)(4) (“short-term deferrals”) and (b)(9) (“separation pay plans,”
including the exception under subparagraph (iii)) and other applicable provisions of Treas. Reg. Section 1.409A-1 through 1.409A-6. Notwithstanding anything to the
contrary in this Employment Agreement or elsewhere, any payment or benefit under this Employment Agreement or otherwise that is exempt from Section 409A pursuant to Treas. Reg.
Section 1.409A-1(b)(9)(v)(A) or (C) shall be paid or provided to Executive only to the extent that the expenses are not incurred, or the benefits are not provided, beyond the last day of
Executive’s second taxable year following Executive’s taxable year in which the “separation from service” occurs; and provided further that such expenses shall be reimbursed no later than the last day of Executive’s third
taxable year following the taxable year in which Executive’s “separation from service” occurs. To the extent any expense reimbursement or the provision of any in-kind benefit under this
Employment Agreement is determined to be subject to Section 409A, the amount of any such expenses eligible for reimbursement, or the provision of any in-kind benefit, in one calendar year shall not affect
the expenses eligible for reimbursement in any other calendar year (except for any life-time or other 

  
 14 

 
aggregate limitation applicable to medical expenses), in no event shall any expenses be reimbursed after the last day of the calendar year following the calendar year in which Executive incurred
such expenses, and in no event shall any right to reimbursement or the provision of any in-kind benefit be subject to liquidation or exchange for another benefit. 

(e) Withholding Taxes. The Company may withhold from any amounts or benefits payable under this Employment Agreement income taxes and
payroll taxes that are required to be withheld pursuant to any applicable law or regulation or as permissible under the Company’s standard payroll practices and policies for senior executives. 

(signatures appear on next page) 

  
 15 

 IN WITNESS WHEREOF, the parties hereto have executed this Employment Agreement on the
date first above written. 
  

									
	BAKKT HOLDINGS, INC.	  		  	EXECUTIVE
					
	By:	  	 /s/ Gavin Michael
	  		  	By:	  	 /s/ Karen Alexander

	Name:	  	Gavin Michael	  		  		  	Karen Alexander
	Title:	  	CEO	  		  		  	

  
 16EX-10.1

 Exhibit 10.1 

FORM OF CONTINGENT VALUE RIGHTS AGREEMENT 

BETWEEN 
 IMARA INC. 

and 

[                    ] 

Dated as of [•] 
  

 FORM OF 

CONTINGENT VALUE RIGHTS AGREEMENT 

THIS CONTINGENT VALUE RIGHTS AGREEMENT (this “Agreement”), dated as of [•], is entered into by and among
Imara Inc. a Delaware corporation (“Public Company”), and [•], as initial Rights Agent (as defined herein). 

PREAMBLE 
 WHEREAS, Public
Company, Iguana Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of Public Company (“Merger Sub”), and Enliven Therapeutics, Inc., a Delaware corporation (“Merger Partner”), have entered into an
Agreement and Plan of Merger, dated as of October 13, 2022 (the “Merger Agreement”), pursuant to which, subject to the terms and conditions thereof, Merger Sub will merge with and into Merger Partner (the
“Merger”), with Merger Partner surviving the Merger as a wholly-owned subsidiary of Public Company (the “Surviving Corporation”); 

WHEREAS, pursuant to the Merger Agreement, and in accordance with the terms and conditions thereof, Public Company has agreed to provide to
the Holders (as defined herein), who shall initially be Persons who are stockholders of Public Company as of the close of business on the last Business Day prior to the day on which the Effective Time occurs, contingent value rights as hereinafter
described, by way of a dividend or distribution consistent with the Merger Agreement; and 
 WHEREAS, the parties have done all things
necessary to make the contingent value rights, when issued pursuant to the Merger Agreement and hereunder, the valid obligations of Public Company and to make this Agreement a valid and binding agreement of Public Company, in accordance with its
terms. 
 NOW, THEREFORE, in consideration of the premises and the consummation of the transactions referred to above, it is mutually
covenanted and agreed, for the proportionate benefit of all Holders, as follows: 
 ARTICLE 1 

DEFINITIONS 

Section 1.1 Definitions. 

Capitalized terms used but not otherwise defined herein have the meanings ascribed thereto in the Merger Agreement. The following terms have
the meanings ascribed to them as follows: 
 “Acting Holders” means, at the time of determination, Holders of at least 25%
of the outstanding CVRs as set forth on the CVR Register. 
 “Asset Purchase Agreement” means the certain Asset Purchase
Agreement by and between Public Company and Cardurion Pharmaceuticals, Inc., dated as of September 6, 2022. 

“Assignee” has the meaning set forth in Section 7.5 

“Calendar Quarter” means the successive period of three (3) consecutive calendar months ending on March 31,
June 30, September 30, or December 31, in each case, during the CVR Period. 
 “Code” means the U.S.
Internal Revenue Code of 1986, as amended. 
 “CVR” means a contingent contractual right of Holders to receive CVR Payments
pursuant to this Agreement. 

  
 2 

 “CVR Payment” means the CVR Proceeds for a given payment. 

“CVR Period” means the period beginning immediately following the Effective Time and ending on the fifteenth anniversary of
the Closing Date. 
 “CVR Proceeds” means the amount of Gross Proceeds received by Public Company, less the applicable
accrued but unsatisfied and reasonably documented Permitted Deductions, in each case as calculated in accordance with GAAP using the policies, methodologies, processes and procedures used to prepare Public Company’s then most recent year-end financial statements. 
 “CVR Register” has the meaning set
forth in Section 2.3(b). 
 “Gross Proceeds” means a cash milestone payment or any other cash payment actually
paid to Public Company during the CVR Period (a) pursuant to the Asset Purchase Agreement or (b) pursuant to any Legacy Asset Disposition Agreement (as defined in the Merger Agreement) that was entered into in compliance with the terms of
the Merger Agreement. 
 “Holder” means, at the relevant time, a Person in whose name CVRs are registered in the CVR
Register. 
 “Loss” has the meaning set forth in Section 3.2(f). 

“Majority of Holders” means, at any time, the registered Holder or Holders of more than 50% of the total number of CVRs
registered at such time, as set forth on the CVR Register. 
 “Notice” has the meaning set forth in
Section 7.1. 
 “Officer’s Certificate” means a certificate signed by the chief executive officer and the
chief financial officer of Public Company, in their respective official capacities. 
 “Permitted Deductions” means the
following, without duplication: 
 (a) any applicable Taxes (including any applicable value added or sales taxes) imposed on the Gross
Proceeds and payable by Public Company or any of its Affiliates and any income or other Taxes payable by Public Company or any of its Affiliates that would not have been incurred by Public Company or its Affiliates for the taxable year of receipt or
accrual of the Gross Proceeds but for the Gross Proceeds having been received or accrued by Public Company or its Affiliates; provided that, for purposes of calculating income Taxes incurred by Public Company and its Affiliates with respect
to Gross Proceeds, any such income Taxes shall be computed (i) after taking into account any net operating loss carryforwards or other Tax attributes (including Tax credits) actually available to Public Company or its Affiliates (owned prior to
the Merger) (and not, for the avoidance of doubt, the Surviving Corporation) as of the Closing Date, (A) to the maximum extent permitted by law to offset such Gross Proceeds after taking into account any limits on the usability of such
attributes, including under Section 382 or other applicable provisions of the Code or similar state, local, or other Tax laws, and (B) as reasonably determined by a nationally recognized tax advisor, and (ii) assuming for this purpose
that the only items of gross income of Public Company and its Affiliates after the Closing Date are the Gross Proceeds (and that the Gross Proceeds are includable in the income of Public Company or any of its Affiliates no later than the taxable
year that includes the corresponding CVR Payment and taxable at the highest U.S. federal, state, local or other income Tax rate applicable to the Public Company and its Affiliates for such year); 

(b) any Loss (as defined below) incurred, suffered, sustained, or paid by Public Company or any of its Affiliates arising out of, related to,
or in connection with this Agreement (other than as a result of Public Company’s failure to comply with the terms of this Agreement or as a result of Public Company’s negligence or willful misconduct with respect to the performance of this
Agreement, occurring after the Effective Time), the Asset Purchase Agreement, any Legacy Asset Disposition Agreement or any of the transactions contemplated thereby, including (i) in respect of its performance of this Agreement, the Asset
Purchase Agreement, or any Legacy Asset Disposition Agreement, and (ii) any indemnification obligations set forth in the Asset Purchase Agreement or any Legacy Asset Disposition Agreement; and 

  
 3 

 (c) any Liabilities that should have been, but were not, deducted from Public Company Net
Cash pursuant to parts (1) through (4) of clause (B) of such definition, but only if the aggregate amount of such Liabilities exceeds three hundred and seventy-five thousand dollars ($375,000) (such amount, the
“Threshold”), and once such amount exceeds the Threshold, the entire amount of such Liabilities shall be counted in the deduction pursuant to this clause (c), including all those amounts that comprised any portion of the Threshold.

 “Permitted Transfer” means a Transfer of one or more CVRs (i) upon death of a Holder by will or intestacy;
(ii) by instrument to an inter vivos or testamentary trust in which the CVRs are to be passed to beneficiaries upon the death of the trustee; (iii) made pursuant to a court order of a court of competent jurisdiction (such
as in connection with divorce, bankruptcy or liquidation); (iv) if the Holder is a partnership or limited liability company, a distribution by the transferring partnership or limited liability company to its partners or members, as applicable
(v) made by operation of law (including a consolidation or merger) or without consideration in connection with the dissolution, liquidation or termination of any corporation, limited liability company, partnership or other entity; (vi) in
the case of CVRs payable to a nominee, from a nominee to a beneficial owner (and, if applicable, through an intermediary) or from such nominee to another nominee for the same beneficial owner, in each case as permitted by The Depository Trust
Company (“DTC”); (vii) to Public Company or its Affiliates; or (viii) as provided in Section 2.6. 

“Person” shall mean any individual, partnership, joint venture, limited liability company, firm, corporation, unincorporated
association or organization, trust or other entity, and shall include any successor (by merger or otherwise) of any such Person. 

“Rights Agent” means the Rights Agent named in the first paragraph of this Agreement, until a successor Rights Agent shall
have been appointed pursuant to Article 3 of this Agreement, and thereafter “Rights Agent” will mean such successor Rights Agent. 

“Transfer” means transfer, pledge, hypothecation, encumbrance, assignment or other disposition (whether by sale, merger,
consolidation, liquidation, dissolution, dividend, distribution or otherwise), the offer to make such a transfer or other disposition, and each contract, arrangement or understanding, whether or not in writing, to effect any of the foregoing. 

ARTICLE 2 
 CONTINGENT
VALUE RIGHTS 
 Section 2.1 Holders of CVRs; Appointment of Rights Agent. 

(a) The CVRs shall be issued and distributed by Public Company in the form of a dividend, in connection with the Merger, to the Persons who,
as of the close of business on the last Business Day prior to the day on which the Effective Time occurs, are stockholders of Public Company. 

(b) Public Company hereby appoints the Rights Agent to act as rights agent for Public Company in accordance with the express terms and
conditions set forth in this Agreement, and the Rights Agent hereby accepts such appointment. 
 Section 2.2 Non-transferable. 
 A Holder may not at any time Transfer CVRs, other than pursuant to a Permitted
Transfer. Any attempted Transfer that is not a Permitted Transfer, in whole or in part, will be void ab initio and of no effect. The CVRs will not be listed on any quotation system or traded on any securities exchange. 

  
 4 

 Section 2.3 No Certificate; Registration; Registration of Transfer; Change of
Address. 
 (a) Holders’ rights and obligations in respect of CVRs derive solely from this Agreement; CVRs will not be evidenced by
a certificate or other instrument. 
 (b) The Rights Agent will maintain
an up-to-date register (the “CVR Register”) for the purposes of (i) identifying the Holders of CVRs, (ii) determining Holders’
entitlement to CVRs and (iii) registering the CVRs and Permitted Transfers thereof. The CVR Register will initially show one position for the Rights Agent representing all of the CVRs provided to the holders of shares of Public Company Common
Stock held immediately prior to Closing. 
 (c) Subject to the restriction on transferability set forth
in Section 2.2, every request made to Transfer CVRs must be in writing and accompanied by a written instrument of Transfer reasonably acceptable to the Rights Agent, together with the signature guarantee of a guarantor
institution which is a participant in a signature guarantee program approved by the Securities Transfer Association (a “signature guarantee”) and other requested documentation in a form reasonably satisfactory to the Rights Agent, duly
executed and properly completed, by the Holder or Holders thereof, or by the duly appointed legal representative, personal representative or survivor of such Holder or Holders, setting forth in reasonable detail the circumstances relating to the
Transfer. Upon receipt of such written notice, the Rights Agent will, subject to its reasonable determination in accordance with its own internal procedures, that the Transfer instrument is in proper form and the Transfer, is a Permitted Transfer
and otherwise complies on its face with the other terms and conditions of this Agreement, register the Transfer of the applicable CVRs in the CVR Register. All Transfers of CVRs registered in the CVR Register will be the valid obligations of Public
Company, evidencing the same right, and entitling the transferee to the same benefits and rights under this Agreement, as those held by the transferor. No transfer of CVRs shall be valid until registered in the CVR Register and any transfer not duly
registered in the CVR Register shall be void. Public Company shall not be responsible for any costs and expenses related to any transfer or assignment of the CVRs (including the cost of any transfer tax). 

(d) A Holder may make a written request to the Rights Agent to change such Holder’s address of record in the CVR Register. Such written
request must be duly executed by such Holder. Upon receipt of such written notice, the Rights Agent shall promptly record the change of address in the CVR Register. 

Section 2.4 Payment Procedures. 

(a) On the later of the date that is (i) fifteen (15) months following the Closing (as defined in the Asset Purchase Agreement), and
(ii) forty-five (45) days following the end of any Calendar Quarter in which Gross Proceeds are actually received by the Public Company (each a “Payment Deadline”), Public Company shall (i) deliver to the Rights
Agent, a certificate (each, a “CVR Certificate”) certifying to and specifying in reasonable detail the aggregate amount of (A) the Gross Proceeds received by Public Company or its Affiliates during such Calendar Quarter (or
such earlier period, as applicable); (B) the CVR Proceeds for such Calendar Quarter (or such earlier period, as applicable), including the Permitted Deductions reflected in such CVR Proceeds; and (C) the CVR Payment payable to Holders, if any,
in respect of such CVR Proceeds, and (ii) deliver to the Rights Agent, or as the Rights Agent directs, the aggregate CVR Payment (if any) by wire transfer of immediately available funds to an account designated by the Rights Agent. Upon receipt
of the wire transfer referred to in the foregoing sentence, the Rights Agent shall promptly (and in any event, within ten (10) Business Days) pay, by check mailed, first-class postage prepaid, to the address of each Holder set forth in the CVR
Register at such time or by other method of delivery as specified by the applicable Holder in writing to the Rights Agent, an amount equal to the product determined by multiplying (i) the quotient determined by dividing (A) the applicable
CVR Payment by (B) the total number of CVRs registered in the CVR Register at such time, by (ii) the number of CVRs registered to such Holder in the CVR Register at such time. For the avoidance of doubt, Public Company shall have no
further liability in respect of the relevant CVR Payment (or the applicable Gross Proceeds or CVR Proceeds) upon delivery of such CVR Payment in accordance with this Section 2.4(a) and the satisfaction of each of Public Company’s
obligations set forth in this Section 2.4(a). 

  
 5 

 (b) For U.S. federal income and other applicable Tax purposes, the parties hereto agree to
treat (i) the issuance of the CVRs as a distribution of property (and not debt or equity of Public Company) by Public Company to the stockholders of Public Company governed by Section 301 of the Code and (ii) the amount of any CVR
Payment as a contractual payment pursuant to the rights afforded by this Agreement to the Holder and not as a distribution by the Public Company in respect of Public Company stock (collectively, the “Intended Tax Treatment”).
Consistent with the Intended Tax Treatment, Public Company will send, or cause to be sent, IRS Forms 1099-DIV to all Holders notifying them of the portion of the CVR value that is a nondividend distribution
(or a dividend to the extent of Public Company’s current or accumulated earnings and profits) for U.S. federal income Tax purposes. The parties hereto will not take any position contrary to the Intended Tax Treatment on any Tax Return or for
other Tax purposes, except as may be required by a change in applicable Law or pursuant to a final “determination” within the meaning of Section 1313(a) of the Code, in each case, after the date hereof. Public Company will
independently retain and pay for the services of a third-party valuation firm to determine the fair market value of the CVRs and Public Company will utilize such fair market value for purposes of all Tax reporting (including on IRS Forms 1099-DIV) with respect to the CVRs. 
 (c) Public Company and the Rights Agent will be entitled to deduct
and withhold, or cause to be deducted and withheld, from any CVR Payment otherwise payable pursuant to this Agreement, such amounts as it is required to deduct and withhold with respect to the making of such payment under any provision of applicable
Law relating to Taxes. To the extent that amounts are so deducted and withheld and timely and properly remitted to the applicable taxing authority, such deducted and withheld amounts will be treated for all purposes of this Agreement as having been
paid to the Holder in respect of which such deduction and withholding was made. Prior to making any such Tax deductions or withholdings or causing any such Tax deductions or withholdings to be made with respect to any Holder, the Rights Agent will,
to the extent reasonably practicable, provide notice to the Holder of such potential Tax deduction or withholding and a reasonable opportunity for the Holder to provide any necessary Tax forms, including an Internal Revenue Service (“IRS”)
Form W-9 or appropriate IRS Form W-8, as applicable, in order to avoid or reduce such withholding amounts; provided that the time period for payment of a
CVR Payment by the Rights Agent set forth in Section 2.4(a) will be extended by a period equal to any delay caused by the Holder providing such forms, provided, further, that in no event shall such period
be extended for more than ten (10) Business Days, unless otherwise requested by the Holder for the purpose of delivering such forms and agreed to by the Rights Agent. 

(d) Any portion of a CVR Payment that remains undistributed to the Holders at such time as such portion could be properly delivered to a
public official pursuant to applicable abandoned property, escheat, or similar applicable Law (including by means of invalid addresses on the CVR Register) will be delivered by the Rights Agent to Public Company or a person nominated in writing by
Public Company (with written notice thereof from Public Company to the Rights Agent), who shall be permitted to permanently retain such amounts and each of the applicable Holders will thereafter irrevocably forfeit any rights to such amounts. 

Section 2.5 No Voting, Dividends or Interest. 

(a) CVRs will not have any voting or dividend rights, and interest will not accrue on any amounts payable in respect of CVRs. 

(b) CVRs will not represent any equity or ownership interest in Public Company or any of its Affiliates (including in the Surviving
Corporation). The sole right of the Holders to receive property hereunder is the right to receive CVR Payments, if any, in accordance with the terms hereof. It is hereby acknowledged and agreed that a CVR shall not constitute a security of Public
Company or any of its Subsidiaries or of the Surviving Corporation. 
 (c) By voting in favor of the adoption of the Merger Agreement, the
approval of the principal terms of the Merger, and the consummation of the Merger and receiving the benefits thereof, including the receipt of CVRs in connection therewith and any consideration payable in connection with the CVRs, each Holder hereby
acknowledges and agrees that the CVRs and the possibility of any payment hereunder with respect thereto are highly speculative and subject to numerous factors outside of Public Company’s control, and there is no assurance that Holders will
receive any payments under this Agreement or in connection with the CVRs. Each Holder 

  
 6 

 
acknowledges that it is highly possible that there will not be any Gross Proceeds that may be the subject of a CVR Payment. It is further acknowledged and agreed that neither Public Company nor
its Affiliates owe, by virtue of their obligations under this Agreement, a fiduciary duty or any implied duties to the Holders and the parties hereto intend solely the express provisions of this Agreement to govern their contractual relationship
with respect to the CVRs. It is acknowledged and agreed that this Section 2.5(c) is an essential and material term of this Agreement. 

Section 2.6 Ability to Abandon CVR. 

A Holder may at any time, at such Holder’s option, abandon all of such Holder’s remaining rights represented by CVRs by transferring
such CVR to Public Company or a person nominated in writing by Public Company (with written notice thereof from Public Company to the Rights Agent) without consideration or compensation therefor, and such rights will be cancelled, with the Rights
Agent being promptly notified in writing by Public Company of such transfer and cancellation. Nothing in this Agreement is intended to prohibit Public Company or its Affiliates from offering to acquire or acquiring CVRs, in private transactions or
otherwise, for consideration in its sole discretion. 
 Section 2.7 No Obligations of Public Company. 

Notwithstanding anything herein to the contrary, and for the avoidance of doubt, (A) Public Company and its Affiliates shall have the
power and right to control all aspects of their businesses and operations (and all of their assets and products), and subject to its compliance with the terms of this Agreement, Public Company and its Affiliates may exercise or refrain from
exercising such power and right as it may deem appropriate and in the best overall interests of Public Company and its Affiliates and its and their stockholders, rather than the interest of the Holders (except that Public Company shall use
commercially reasonable efforts to collect amounts actually due and payable under the Asset Purchase Agreement or any Legacy Asset Disposition Agreement), (B) none of Public Company or any of its Affiliates shall have any obligation to own, operate,
use, sell, transfer, convey, license, develop, commercialize or otherwise exploit in any particular manner any of their business or operations (or any of their assets or products) or to negotiate or enter into any agreement, including any Legacy
Asset Disposition Agreement, including in order to obtain, maximize or expedite the receipt of any Gross Proceeds or minimize Permitted Deductions, and (C) none of Public Company or any of its Affiliates (or any directors, officer, employee, or
other representative of the foregoing) owes any fiduciary duty or similar duty to any Holder in respect of the CVR’s. Public Company shall not amend the Asset Purchase Agreement or any Legacy Asset Disposition Agreement in a manner adverse to
the Holders without the consent of the Majority of Holders. 
 ARTICLE 3 

THE RIGHTS AGENT 

Section 3.1 Certain Duties and Responsibilities. 

(a) The Rights Agent will not have any liability for any actions taken or not taken in connection with this Agreement, except to the extent
such liability arises as a result of the fraud, willful misconduct, bad faith, intentional breach, or gross negligence of the Rights Agent or any of its Affiliates or its or their respective directors, officers, employees, agents, advisors, or other
representatives (collectively, “Rights Agent Persons”) (in each case as determined by a final non-appealable judgment of court of competent jurisdiction). Notwithstanding anything in
this Agreement to the contrary, any liability of the Rights Agent under this Agreement will be limited to the amount of annual fees paid by Public Company to the Rights Agent during the twelve (12) months immediately preceding the event for
which recovery from the Rights Agent is being sought, except in the case of fraud, willful misconduct, bad faith, intentional breach, or gross negligence of any Rights Agent Person. Anything to the contrary notwithstanding, in no event will the
Rights Agent be liable for special, punitive, indirect, incidental or consequential loss or damages of any kind whatsoever (including, without limitation, lost profits), even if the Rights Agent has been advised of the likelihood of such loss or
damages, and regardless of the form of action, except in the case of fraud, willful misconduct, bad faith, intentional breach, or gross negligence of any Rights Agent Person. 

  
 7 

 (b) The Rights Agent shall not have any duty or responsibility in the case of the receipt of
any written demand from any Holder with respect to any action or default by any person or entity, including, without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law or
otherwise or to make any demand upon Public Company or the Surviving Corporation. The Rights Agent may (but shall not be required to) enforce all rights of action under this Agreement and any related claim, action, suit, audit, investigation or
proceeding instituted by the Rights Agent may be brought in its name as the Rights Agent and any recovery in connection therewith will be for the proportionate benefit of all the Holders, as their respective rights or interests may appear on the CVR
Register. 
 Section 3.2 Certain Rights of Rights Agent. 

(a) The Rights Agent undertakes to perform such duties and only such duties as are specifically set forth in this Agreement, and no implied
covenants or obligations will be read into this Agreement against the Rights Agent. 
 (b) The Rights Agent may rely and will be protected
by Public Company in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order or other paper or document reasonably believed by it in the absence of bad
faith to be genuine and to have been signed or presented by or on behalf of Public Company. 
 (c) The Rights Agent may engage and consult
with nationally recognized counsel of its selection, and the reasonable and good faith advice or opinion of such counsel will, in the absence of fraud, willful misconduct, bad faith, intentional breach, or gross negligence (in each case, as
determined by a final, non-appealable judgment of a court of competent jurisdiction) on the part of any Rights Agent Person, be full and complete authorization and protection in respect of any action
taken or not taken by the Rights Agent in reliance thereon. 
 (d) Any permissive rights of the Rights Agent hereunder will not be construed
as a duty. 
 (e) The Rights Agent will not be required to give any note or surety in respect of the execution of its powers or otherwise
under this Agreement. 
 (f) Public Company agrees to indemnify the Rights Agent for, and to hold the Rights Agent harmless from and
against, any claim, loss, liability, damage, deficiency, Tax, judgment, award, settlement, fine, penalty, interest, fee, cost, or expense, including fees, costs, or expenses of attorneys, accountants, financial advisors, brokers, finders,
consultants, and other professionals (each, a “Loss”) suffered or incurred by the Rights Agent and arising out of, related to, or in connection with the Rights Agent’s performance of its obligations under this Agreement,
including the reasonable and documented costs and expenses of defending the Rights Agent against any claims, charges, demands, actions or suits arising out of, related to, or in connection with the execution, acceptance, administration, exercise and
performance of its duties under this Agreement, including the costs and expenses of defending against any claim of liability arising therefrom, directly or indirectly, or enforcing its rights hereunder, except to the extent such Loss has been
determined by a final non-appealable decision of a court of competent jurisdiction to have resulted from any fraud, willful misconduct, bad faith, intentional breach, or gross negligence of any
Rights Agent Person. 
 (g) In addition to the indemnification provided under Section 3.2(g), Public Company agrees (i) to
pay the fees of the Rights Agent in connection with the Rights Agent’s performance of its obligations hereunder, as agreed upon in writing by the Rights Agent and Public Company on or prior to the date of this Agreement, and (ii) to
reimburse the Rights Agent for all reasonable and documented out-of-pocket expenses and other disbursements incurred in the preparation, delivery, negotiation,
amendment, administration and execution of this Agreement and the exercise and performance of its duties hereunder, including all Taxes (other than income, receipt, franchise or similar Taxes) and governmental charges, incurred by the Rights Agent
in the performance of its obligations under this Agreement, except that Public Company will have no obligation to pay the fees of the 

  
 8 

 
Rights Agent or reimburse the Rights Agent for the fees of counsel in connection with any lawsuit initiated by the Rights Agent on behalf of itself or the Holders, except in the case of any suit
enforcing the provisions of Section 2.4(a), Section 2.4(b) or Section 3.2(g), if Public Company is found by a court of competent jurisdiction to be liable to the Rights Agent or the Holders, as applicable in such suit. 

(h) No provision of this Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if it believes that repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured to it. 

(i) The Rights Agent will not be deemed to have knowledge of any event of which it was supposed to receive notice hereunder but has not
received written notice of such event, and the Rights Agent will not incur any liability for failing to take action in connection therewith, in each case, unless and until it has received such notice in writing. 

(j) The Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or
by or through its attorney or agents and the Rights Agent shall not be answerable or accountable for any act, default, neglect or misconduct of any such attorney or agents or for any loss to Public Company or the Surviving Corporation resulting from
any such act, default, neglect or misconduct, absent gross negligence, bad faith or willful misconduct (each as determined by a final non-appealable judgment of a court of competent jurisdiction) in the
selection and continued employment thereof. 
 (k) Public Company shall perform, acknowledge and deliver or cause to be performed,
acknowledged and delivered all such further and other acts, documents, instruments and assurances as may be reasonably required by the Rights Agent for the carrying out or performing by the Rights Agent of the provisions of this Agreement. 

(l) Without limiting the usage of terms defined in this Agreement or in the Merger Agreement, the Rights Agent shall not be liable for or by
reason of any of the statements of fact or recitals contained in this Agreement (except its countersignature thereof) or be required to verify the same, and all such statements and recitals are and shall be deemed to have been made by Public Company
only. 
 (m) The Rights Agent shall act hereunder solely as agent for Public Company and shall not assume any obligations or relationship of
agency or trust with any of the owners or holders of the CVRs. The Rights Agent shall not have any duty or responsibility in the case of the receipt of any written demand from any Holders with respect to any action or default by Public Company,
including, without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise or to make any demand upon Public Company. 

(n) The Rights Agent may rely on and be fully authorized and protected in acting or failing to act upon (a) any guaranty of signature by
an “eligible guarantor institution” that is a member or participant in the Securities Transfer Agents Medallion Program or other comparable “signature guarantee program” or insurance program in addition to, or in substitution
for, the foregoing; or (b) any Law or any interpretation of the same even though such Law may thereafter have been altered, changed, amended or repealed. 

(o) The Rights Agent shall not be liable or responsible for any failure of Public Company to comply with any of its obligations relating to
any registration statement filed with the Securities and Exchange Commission or this Agreement, including without limitation obligations under applicable Law. 

(p) The obligations of Public Company and the rights of the Rights Agent under this Section 3.2, Section 3.1 and Section 2.4
shall survive the expiration of the CVRs and the termination of this Agreement and the resignation, replacement or removal of the Rights Agent. 

  
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 Section 3.3 Resignation and Removal; Appointment of Successor. 

(a) The Rights Agent may resign at any time by written notice to Public Company. Any such resignation notice shall specify the date on which
such resignation will take effect (which shall be at least thirty (30) days following the date that such resignation notice is delivered), and such resignation will be effective on the earlier of (x) the date so specified and (y) the
appointment of a successor Rights Agent. 
 (b) Public Company will have the right to remove the Rights Agent at any time by written notice
to the Rights Agent, specifying the date on which such removal will take effect. Such notice will be given at least thirty (30) days prior to the date so specified (or, if earlier, the appointment of the successor Rights Agent). 

(c) If the Rights Agent resigns, is removed or becomes incapable of acting, Public Company will promptly appoint a qualified successor Rights
Agent. Notwithstanding the foregoing, if Public Company fails to make such appointment within a period of thirty (30) days after giving notice of such removal or after it has been notified in writing of such resignation or incapacity by the
resigning or incapacitated Rights Agent, then the incumbent Rights Agent may apply to any court of competent jurisdiction for the appointment of a new Rights Agent. The successor Rights Agent so appointed will, upon its acceptance of such
appointment in accordance with this Section 3.3(c) and Section 3.4, become the Rights Agent for all purposes hereunder. 

(d) Public Company will give notice to the Holders of each resignation or removal of the Rights Agent and each appointment of a successor
Rights Agent in accordance with Section 7.2. Each notice will include the name and address of the successor Rights Agent. If Public Company fails to send such notice within ten (10) Business Days after acceptance of appointment by a
successor Rights Agent, the successor Rights Agent will cause the notice to be mailed at the expense of Public Company. 
 (e)
Notwithstanding anything to the contrary in this Section 3.3, unless consented to in writing by the Acting Holders, Public Company will not appoint as a successor Rights Agent any Person that is not a stock transfer agent of national
reputation or the corporate trust department of a commercial bank. 
 (f) The Rights Agent will reasonably cooperate with Public Company and
any successor Rights Agent in connection with the transition of the duties and responsibilities of the Rights Agent to the successor Rights Agent, including the transfer of all relevant data, including the CVR Register, to the successor Rights
Agent, but such predecessor Rights Agent shall not be required to make any additional expenditure or assume any additional liability in connection with the foregoing. 

Section 3.4 Acceptance of Appointment by Successor. 

Every successor Rights Agent appointed hereunder will, at or prior to such appointment, execute, acknowledge and deliver to Public Company and
to the resigning or removed Rights Agent an instrument accepting such appointment and a counterpart of this Agreement, and such successor Rights Agent, without any further act, deed or conveyance, will become vested with all the rights, powers,
trusts and duties of the Rights Agent; provided that upon the request of Public Company or the successor Rights Agent, such resigning or removed Rights Agent will execute and deliver an instrument transferring to such
successor Rights Agent all the rights, powers and trusts of such resigning or removed Rights Agent. 
 ARTICLE 4 

COVENANTS 
 Section 4.1
List of Holders. 
 Public Company will furnish or cause to be furnished to the Rights Agent, in such form as Public Company receives
from Public Company’s transfer agent (or other agent performing similar services for Public Company), the names and addresses of the initial Holders within fifteen (15) Business Days following the Closing Date. 

  
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 Section 4.2 Books and Records. Until the end of the CVR
Period, Public Company shall, and shall cause its Affiliates to, keep true, complete and accurate records in sufficient detail to support the applicable CVR Payments payable hereunder (including the calculation of the Permitted Deductions) in
accordance with the terms specified in this Agreement. 
 Section 4.3 Audits. Subject to reasonable advance
written notice from the Acting Holders and prior execution and delivery by it and an independent accounting firm of national reputation chosen by the Acting Holders (the “Accountant”) of a reasonable and customary
confidentiality/nonuse agreement, which confidentiality/nonuse agreement shall not prohibit the Acting Holders from communicating any such information with the Holders who have a need to know such information, provided that any such recipients are
subject to confidentiality obligations with respect thereto, Public Company shall permit the Acting Holders and the Accountant, acting as agent of the Acting Holders, to have access during normal business hours to the books and records of Public
Company as may be reasonably necessary to audit the calculation of any CVR Payment and the Permitted Deductions. Notwithstanding anything in this Agreement to the contrary, in no event shall Public Company be required to provide any Tax returns or
any other Tax information it deems confidential to the Acting Holders or any other party pursuant to this Agreement. 
 ARTICLE 5 

AMENDMENTS 

Section 5.1 Amendments Without Consent of Holders or Rights Agent. 

(a) Public Company, at any time and from time to time, may (without the consent of any Person, other than the Rights Agent, with such consent
not to be unreasonably withheld, conditioned or delayed) enter into one or more amendments to this Agreement for any of the following purposes, without the consent of any of the Holders, 

(i) to evidence the appointment of another Person as a successor Rights Agent and the assumption by any successor Rights Agent of the
covenants and obligations of the Rights Agent herein in accordance with the provisions hereof; 
 (ii) subject to Section 6.1, to
evidence the succession of another person to Public Company and the assumption of any such successor of the covenants of Public Company outlined herein in a transaction contemplated by Section 6.1; 

(iii) as Public Company may reasonably determine to be necessary or appropriate to ensure that CVRs are not subject to registration under the
U.S. Securities Act of 1933, as amended, or the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations made thereunder, or any applicable state securities or “blue sky” laws; 

(iv) as Public Company may reasonably determine to be necessary or appropriate to ensure that Public Company is not required to produce a
prospectus or an admission document in order to comply with applicable Law; 
 (v) to cancel CVRs (i) in the event that any Holder has
abandoned its rights in accordance with Section 2.6, or (ii) following a transfer of such CVRs to Public Company or its Affiliates in accordance with Section 2.2 or Section 2.3; 

(vi) as Public Company may reasonably determine to be necessary or appropriate to ensure that Public Company complies with applicable Law; or

 (vii) as Public Company may reasonably determine to facilitate the administration or performance of obligations under this Agreement and
does not adversely affect the Holders. 

  
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 (b) Promptly after the execution by Public Company of any amendment pursuant to this
Section 5.1, Public Company will (or will cause the Rights Agent to) notify the Holders in general terms of the substance of such amendment in accordance with Section 7.2. 

Section 5.2 Amendments with Consent of Holders. 

(a) In addition to any amendments to this Agreement that may be made by Public Company without the consent of any Holder or the Rights Agent
pursuant to Section 5.1, with the consent of the Majority of Holders, Public Company and the Rights Agent may enter into one or more amendments to this Agreement for the purpose of adding, eliminating or amending any provisions of this
Agreement, even if such addition, elimination or amendment is adverse to the interests of the Holders. 
 (b) Promptly after the execution
by Public Company and the Rights Agent of any amendment pursuant to the provisions of this Section 5.2, Public Company will (or will cause the Rights Agent to) notify the Holders in general terms of the substance of such amendment in
accordance with Section 7.2. 
 Section 5.3 Effect of Amendments. 

Upon the execution of any amendment under this Article 5, this Agreement will be modified in accordance therewith, such amendment will
form a part of this Agreement for all purposes and every Holder will be bound thereby. Upon the delivery of a certificate from an appropriate officer of Public Company which states that the proposed supplement or amendment is in compliance with the
terms of this Section 5, the Rights Agent shall execute such supplement or amendment. Notwithstanding anything in this Agreement to the contrary, the Rights Agent shall not be required to execute any supplement or amendment to this
Agreement that it has determined would adversely affect its own rights, duties, obligations or immunities under this Agreement. No supplement or amendment to this Agreement shall be effective unless duly executed by the Rights Agent. 

ARTICLE 6 

CONSOLIDATION, MERGER, SALE OR CONVEYANCE 

Section 6.1 Public Company May Not Consolidate, Etc. Public Company shall not consolidate with or merge into any other Person or
convey, transfer or lease its all or substantially all of its properties and assets to any Person or transfer all or substantially all of its business to any Person, unless: 

(a) the Person formed by such consolidation or into which Public Company is merged, the Person that acquires the properties and assets of
Public Company substantially as an entirety or the Person that acquires by conveyance or transfer, or that leases, the Public Company substantially as an entirety (the “Surviving Person”) shall assume payment of amounts on all CVRs
and the performance of every duty and covenant of this Agreement on the part of Public Company to be performed or observed; and 
 (b)
Public Company has delivered to the Rights Agent an Officer’s Certificate, stating that such consolidation, merger, conveyance, transfer or lease complies with this Article 6 and that all conditions precedent herein provided for relating
to such transaction have been complied with. 
 Section 6.2 Successor Substituted. 

Upon any consolidation of or merger by Public Company with or into any other Person, or any conveyance, transfer or lease of the properties
and assets substantially as an entirety to any Person in accordance with Section 6.1, the Surviving Person shall succeed to, and be substituted for, and may exercise every right and power of, and shall assume all of the obligations of
Public Company under this Agreement with the same effect as if the Surviving Person had been named as Public Company herein. 

  
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 ARTICLE 7 

MISCELLANEOUS 

Section 7.1 Notices to Rights Agent and to Public Company. 

All notices, requests and other communications (each, a “Notice”) to any party hereunder shall be in writing. Such Notice
shall be deemed given (a) on the date of delivery, if delivered in person, by Fedex or other internationally recognized overnight courier service or, (except with respect to any Person other than the Rights Agent), by e-mail (upon confirmation of receipt) prior to 5:00 p.m. in the time zone of the receiving party or on the next Business Day, if delivered after 5:00 p.m. in the time zone of the receiving party or
(b) on the first Business Day following the date of dispatch, if delivered by FedEx or by other internationally recognized overnight courier service (upon proof of delivery), addressed as follows: 

if to the Rights Agent, to: 

[•] 
 if to Public Company,
to: 
 [•] 
 Email:
[•] 
 with a copy, which shall not constitute notice, to: 

[•] 
 Attention: [•]

 Email: [•] 
 or to such other address
or facsimile number as such party may hereafter specify for the purpose by notice to the other parties hereto. 
 Section 7.2 Notice
to Holders. 
 All Notices required to be given to the Holders will be given (unless otherwise herein expressly provided) in writing and
mailed, first-class postage prepaid, to each Holder at such Holder’s address as set forth in the CVR Register, not later than the latest date, and not earlier than the earliest date, prescribed for the sending of such Notice, if any, and will
be deemed given on the date of mailing. In any case where notice to the Holders is given by mail, neither the failure to mail such Notice, nor any defect in any Notice so mailed, to any particular Holder will affect the sufficiency of such Notice
with respect to other Holders. 
 Section 7.3 Entire Agreement. 

As between Public Company and the Rights Agent, this Agreement constitutes the entire agreement between the parties with respect to the
subject matter of this Agreement, notwithstanding the reference to any other agreement herein, and supersedes all prior agreements and understandings, both written and oral, among or between any of the parties with respect to the subject matter of
this Agreement. 
 Section 7.4 Merger or Consolidation or Change of Name of Rights Agent. 

Any Person into which the Rights Agent or any successor Rights Agent may be merged or with which it may be consolidated, or Person resulting
from any merger or consolidation to which the Rights Agent or any successor Rights Agent shall be a party, or any Person succeeding to the stock transfer or other shareholder services business of the Rights Agent or any successor Rights Agent, shall
be the successor to the Rights Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided that such Person would be eligible for appointment as a successor Rights
Agent under the provisions of Section 3.3. The purchase of the Rights Agent’s assets employed in the performance of transfer agent activities shall be deemed a merger or consolidation for purposes of this
Section 7.4. 

  
 13 

 Section 7.5 Successors and Assigns. 

This Agreement will be binding upon, and will be enforceable by and inure solely to the benefit of, the Holders, Public Company and the Rights
Agent and their respective successors and assigns. Except for assignments pursuant to Section 7.4, the Rights Agent may not assign this Agreement without Public Company’s prior written consent. Public Company or an Assignee may not
otherwise assign this Agreement without the prior consent of the Majority of Holders. Any attempted assignment of this Agreement in violation of this Section 7.5 will be void ab initio and of no effect. 

Section 7.6 Benefits of Agreement; Action by Acting Holders. 

Nothing in this Agreement, express or implied, will give to any Person (other than Public Company, the Rights Agent, the Holders and their
respective permitted successors and assigns hereunder) any benefit or any legal or equitable right, remedy or claim under this Agreement or under any covenant or provision herein contained, all such covenants and provisions being for the sole
benefit of Public Company, the Rights Agent, the Holders and their permitted successors and assigns. The Holders will have no rights hereunder except as are expressly set forth herein. Except for the rights of the Rights Agent set forth herein, the
Acting Holders and/or Acting Holders, in accordance with this agreement and as the case may be, will have the sole right, on behalf of all Holders, by virtue of or under any provision of this Agreement, to institute any action or proceeding at law
or in equity with respect to this Agreement, and no individual Holder or other group of Holders will be entitled to exercise such rights. 

Section 7.7 Governing Law. 

This Agreement and the CVRs all matters, claims, counterclaims, or causes of action (whether in contract, tort, statute, or otherwise) arising
out of, related to, or in connection with this Agreement or the CVRs or the transactions contemplated hereby (including its interpretation, construction, performance and enforcement), or the actions of any party in the negotiation, administration,
performance, or enforcement of this Agreement (collectively, “Relevant Matters”) shall be governed by and construed in accordance with the internal laws of the State of Delaware without giving effect to any choice or conflict of law
provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of laws of any jurisdictions other than those of the State of Delaware. 

Section 7.8 Jurisdiction. 

Each of the parties to this Agreement (and by accepting the CVRs the Holders), (a) consents to submit itself to the exclusive personal
jurisdiction of the Court of Chancery of the State of Delaware, New Castle County, or, if that court does not have jurisdiction, a state or federal court sitting in Wilmington, Delaware in any action or proceeding arising out of, related to, or in
connection with any Relevant Matter, (b) agrees that all claims in respect of such action or proceeding shall be heard and determined in any such court, (c) agrees that it shall not attempt to deny or defeat such personal jurisdiction by
motion or other request for leave from any such court and (d) agrees not to bring any action or proceeding arising out of, related to, or in connection with any Relevant Matter in any other court. Each of the parties hereto waives any defense
of inconvenient forum to the maintenance of any action or proceeding so brought and waives any bond, surety or other security that might be required of any other party with respect thereto. Any party may make service on another party by sending or
delivering a copy of the process to the party to be served at the address and in the manner provided for the giving of notices in Section 7.1 or Section 7.2 of this Agreement. Nothing in this
Section7.8, however, shall affect the right of any party to serve legal process in any other manner permitted by law. 

  
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 Section 7.9 WAIVER OF JURY TRIAL. 

EACH OF THE PARTIES HERETO (AND BY ACCEPTING THE CVR’S, THE HOLDERS) HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN
ANY LEGAL PROCEEDING ARISING OUT OF, RELATED TO, OR IN CONNECTION WITH ANY RELEVANT MATTER. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATION OF THIS WAIVER, (III) EACH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (IV) EACH
PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7.9. 

Section 7.10 Severability Clause. 

In the event that any provision of this Agreement, or the application of any such provision to any Person or set of circumstances, is for any
reason determined to be invalid, unlawful, void or unenforceable to any extent, the remainder of this Agreement, and the application of such provision to Persons or circumstances other than those as to which it is determined to be invalid, unlawful,
void or unenforceable, will not be impaired or otherwise affected and will continue to be valid and enforceable to the fullest extent permitted by applicable Law. Upon such a determination, the parties hereto will negotiate in good faith to modify
this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible;
provided, however, that if an excluded provision shall affect the rights, immunities, liabilities, duties or obligations of the Rights Agent, the Rights Agent shall be entitled to resign immediately upon written notice to Public Company. 

Section 7.11 Counterparts; Effectiveness. 

This Agreement may be signed in any number of counterparts, each of which will be deemed an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument. This Agreement or any counterpart may be executed and delivered by facsimile copies or delivered by electronic communications by portable document format (.pdf), each of which shall be
deemed an original. This Agreement will become effective when each party hereto will have received a counterpart hereof signed by the other party hereto. Until and unless each party has received a counterpart hereof signed by the other party hereto,
this Agreement will have no effect and no party will have any right or obligation hereunder (whether by virtue of any oral or written agreement or any other communication). 

Section 7.12 Termination. 

This Agreement will automatically terminate and be of no further force or effect and, except as provided in Section 3.2, the
parties hereto will have no further liability hereunder, and the CVRs will expire without any consideration or compensation therefor, upon the earlier to occur of payment to Public Company of the last milestone or other consideration under the Asset
Purchase Agreement or Legacy Asset Disposition Agreement, as applicable, and (ii) expiration of the CVR Period. The termination of this Agreement will not affect or limit the right of Holders to receive the CVR Payments under
Section 2.4 to the extent earned prior to the termination of this Agreement, and the provisions applicable thereto will survive the expiration or termination of this Agreement. 

Section 7.13 Force Majeure. 

Notwithstanding anything to the contrary contained herein, none of the Rights Agent, Public Company or any of its Subsidiaries (except as it
relates to the obligations of the Surviving Corporation under Article 3) will be liable for any delays or failures in performance resulting from acts beyond its reasonable control including acts of God, pandemics
(including COVID-19), terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunctions of computer facilities, or loss of data due to power failures or mechanical
difficulties with information storage or retrieval systems, labor difficulties, war or civil unrest. 

  
 15 

 Section 7.14 Construction. 

(a) For purposes of this Agreement, whenever the context requires: singular terms will include the plural, and vice versa; the masculine
gender will include the feminine and neuter genders; the feminine gender will include the masculine and neuter genders; and the neuter gender will include the masculine and feminine genders. 

(b) As used in this Agreement, the words “include” and “including,” and variations thereof, will not be deemed to be terms
of limitation, but rather will be deemed to be followed by the words “without limitation.” 
 (c) The headings contained in this
Agreement are for convenience of reference only, will not be deemed to be a part of this Agreement and will not be referred to in connection with the construction or interpretation of this Agreement. 

(d) Any reference in this Agreement to a date or time shall be deemed to be such date or time in New York City, United States, unless
otherwise specified. The parties hereto and Public Company have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if
drafted jointly by the parties and Public Company and no presumption or burden of proof shall arise favoring or disfavoring any Person by virtue of the authorship of any provision of this Agreement. 

(e) All references herein to “$” are to United States Dollars. 

[Remainder of page intentionally left blank] 

  
 16 

 IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed as of the
day and year first above written. 
  

			
	IMARA INC.
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	[AGENT]
		
	By:	 	 
	Name:	 	
	Title:	 	

  
 17

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