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Exhibit 10.9 

AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT
    THIS AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”) is effective July 29, 2019 (the “Effective Date”), and is by and between HMS Holdings Corp., a Delaware corporation (“HMS”), and Maria Perrin, an individual (“you”) (and, together with HMS, the “Parties”) to provide services, as directed, to the entities comprising the “Company” (HMS and its respective subsidiaries and affiliates).  This Agreement amends, restates and supersedes the Executive Employment Agreement between you and HMS dated January 1, 2019 in its entirety (the “Prior Agreement”).
    WHEREAS, the Company wishes to continue to employ you, and you wish to continue to be employed by the Company.
    NOW THEREFORE, in consideration of your acceptance of employment pursuant to the terms set forth in this Agreement, the Parties agree to be bound by the terms contained in this Agreement as follows:
    1.    Engagement.  As of the Effective Date, HMS will employ you as Executive Vice President, Chief Marketing and Strategy Officer.  You acknowledge that the Company organizes itself across multiple entities, and that assigning you to work directly for HMS or for one of its subsidiaries or affiliates will not, in and of itself, breach this Agreement.  You will report directly to the Chief Executive Officer, or other Company designee (“Supervisor”).  You will have the responsibilities, duties, and authorities specified from time to time by your Supervisor, which will generally be commensurate with executives, at a similar level, of entities of similar size and character to the Company.  You also agree, if so requested, to serve as an officer and director of subsidiaries of HMS.
    2.    Commitment.  During the Employment Period (as defined in Section 3 below), you must devote your full working time and attention to the Company.  During the Employment Period, you must not engage in any employment, occupation, consulting or other similar activity without your Supervisor’s prior written consent; provided, however, that you may (i) serve in any capacity with any professional, community, industry, civic (including governmental boards), educational, charitable, or other non-profit organization, (ii) serve on any for-profit entity board, with your Supervisor’s prior written consent, and (iii) subject to the Company’s conflict of interest policies, make investments in other businesses and manage your and your family’s personal investments and legal affairs; provided that any such activities described in clauses (i)-(iii) above do not materially interfere with the performance of your duties for the Company and do not otherwise violate this Agreement or any other written agreement between the Company and you.  You will perform your services under this Agreement primarily from your residence in Florida, or at such place or places as you and the Company may agree.  You understand and agree that your employment will require travel from time to time in a manner consistent with Company policy.
    3.    Employment Period.  The Company hereby agrees to continue to employ you and you hereby accept continued employment with the Company upon the revised terms set forth in this Agreement, for the period commencing on the Effective Date and ending when and as provided in Section 6 (the “Employment Period”).
    4.    Compensation.
    (a)    Base Salary.  You will receive an annual base salary at a monthly rate of $35,416.67, annualizing to $425,000.00 (as may be adjusted under this Agreement, the “Base Salary”).  The Company will pay your Base Salary periodically in arrears not less frequently 
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than monthly in accordance with the Company’s regular payroll practices as in effect from time to time (which currently provide for bi-weekly payments).  The Board of Directors of HMS (the “Board”) or its Compensation Committee (the “Compensation Committee”) will review your Base Salary periodically and may adjust your Base Salary at that time.
    (b)    Bonus.  You will be eligible to receive bonus compensation (the “Bonus”) from the Company in respect of each fiscal year (or portion thereof) during the Employment Period, in each case as the Compensation Committee may determine in its sole discretion on the basis of such performance-based or other criteria as it determines appropriate.  The target bonus for your position for 2019 is 65% of Base Salary, provided, however, for the first year you are promoted to the position of Executive Vice President, it will be 50% for the portion of such year that you were in the position of Senior Vice President and 65% for the portion of such year that you were in the position of Executive Vice President.  You must be an employee of the Company at the time bonuses are paid to receive a Bonus.  The Compensation Committee will review your target bonus periodically and may adjust your target bonus at that time.  The Bonus, if any, will be paid when other executives receive their bonuses under comparable arrangements.
    5.    Employee Benefits.
    (a)    Employee Welfare, Equity Compensation, and Retirement Plans.  You will, to the extent eligible, be entitled to participate at a level commensurate with your position in all employee equity compensation plans and welfare benefit and retirement plans and programs the Company provides to its executives in accordance with the terms thereof as in effect from time to time.  The Company may change or terminate the benefits at any time.
    (b)    Business Expenses.  Upon submission of appropriate documentation in accordance with Company policies, the Company will promptly pay, or reimburse you for, all reasonable business expenses that you incur in performing your duties under this Agreement, including travel, entertainment, professional dues and subscriptions, as long as such expenses are reimbursable under the Company’s policies.  Any payments or expenses provided in this Section 5(b) will be paid in accordance with Section 7(c).
    (c)    Paid Time Off.  You will accrue paid time off (“PTO”) at the rate of 18 hours per month (annualized to 27 days per year), or such greater number as the Company determines from time to time for its senior executive officers, provided that any accrual caps, carryover from year to year, and payment for accrued and unused PTO upon termination of employment will be subject to the Company’s generally applicable policies. 
    6.    Termination of Employment.
    (a)    General.  Subject in each case to the provisions of this Section 6 and the other provisions of this Agreement relating to the Company’s respective rights and obligations upon termination of your employment, nothing in this Agreement interferes with or limits in any way the Company’s or your right to terminate your employment at any time, for any reason or no reason, with or without notice, and nothing in this Agreement confers on you any right or obligation to continue in the Company’s employ.  If your employment ceases for any or no reason, you (or your estate, as applicable) will be entitled to receive (in addition to any compensation and benefits you may be entitled to receive under Section 6(b), (d) or (e) below): (i) any earned but unpaid Base Salary and, to the extent consistent with general Company policy, accrued but unused PTO through and including the date of termination of your employment, to be paid in accordance with the Company’s regular payroll practices and with applicable law, but no later than the next regularly scheduled pay period, (ii) unreimbursed 
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business expenses in accordance with the Company’s policies for which expenses you have provided appropriate documentation, to be paid in accordance with Section 7(c), and (iii) any amounts or benefits to which you are then entitled under the terms of the benefit plans then sponsored by the Company in accordance with their terms (and not accelerated to the extent acceleration does not satisfy Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A” of the “Code”)). Notwithstanding any other provision in this Agreement to the contrary, you will be entitled to severance, if any, solely through the terms of this Section 6, unless another Board (or Compensation Committee) approved written agreement between you and the Company expressly provides otherwise.
    (b)    Termination Without Cause or Resignation With Good Reason.  If, during the Employment Period, the Company terminates your employment without Cause (defined below) or you resign with Good Reason (defined below), in addition to the amounts described in Section 6(a), the Company will pay to you the following, subject to compliance with Section 6(b)(iii):
(i)    Cash Severance.  The Company will pay to you in cash an amount equal to 12 times your monthly Base Salary, paid ratably in equal installments over a 12 month period beginning in the first payroll period following the Release Effective Date (as defined below) (or such later date required by Section 7) in accordance with the Company’s standard payroll policies and procedures and in a manner consistent with Section 7;
(ii)    Benefits.  The Company will pay you a lump sum amount equal to 12 times the difference between the monthly COBRA coverage premium for the same type of medical and dental coverage (single, family, or other) in which you are enrolled as of the date your employment ends and your then-monthly employee contribution.  This payment will be taxable and subject to withholding.  You may use the amount received for any purpose.
(iii)    Release.  To receive any severance benefits provided for under this Agreement or otherwise, you must deliver to the Company a separation agreement and general release of claims in the form the Company provides (releasing all releasable claims other than to payments under Section 6 or outstanding equity and including obligations to cooperate with the Company and reaffirming your obligations under the Restrictive Covenants Agreement (as defined below)), which agreement and release must become irrevocable within 60 days (or such earlier date as the release provides) following the date of your termination of employment.  Benefits under Section 6(b)(i) and (ii) will be paid or commence in the first regular payroll beginning after the release becomes effective, subject to any delays required by Section 7; provided, however, that if the last day of the 60-day period for an effective release falls in the calendar year following the year of your date of termination, the severance payments will be paid or begin no earlier than January 1 of such subsequent calendar year.  The date on which your release of claims becomes effective is the “Release Effective Date.”  You must continue to comply with the Restrictive Covenants Agreement to continue to receive severance benefits.
    (c)    Termination for Cause, Resignation without Good Reason.
(i)    General.  If, during the Employment Period, the Company terminates your employment for Cause or you resign from your employment (other than for Good Reason), you will be entitled only to the payments described in Section 6(a), 
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unless applicable law otherwise requires payment.  You may resign from your employment (other than for Good Reason), at any time, by giving at least 30 days’ prior written notice to the Company (the “Notice Period”).  The Company may choose to respond to such notice of resignation by limiting your access and reducing your duties during the Notice Period, in which event you would remain an employee of the Company through the remainder of the Notice Period and continue to receive your Base Salary, less applicable deductions, and continue vesting under any outstanding equity grants through the end of the Notice Period.  You will have no further right to receive any other compensation or benefits after such termination or resignation of employment, except as determined in accordance with the terms of the employee benefit plans or programs of the Company or as required by law.
(ii)    Cause.  For purposes of this Agreement, “Cause” means any of the following: your (i) fraud with respect to the Company; (ii) material misrepresentation to any regulatory agency, governmental authority, outside or internal auditors, internal or external Company counsel, or the Board concerning the operation or financial status of the Company; (iii) theft or embezzlement of assets of the Company; (iv) your conviction, or plea of guilty or nolo contendere to any felony (or to a felony charge reduced to a misdemeanor), or, with respect to your employment, to any misdemeanor (other than a traffic violation); (v) material failure to follow the Company’s conduct and ethics policies that have been provided or made available to you; (vi) material breach of this Agreement or the Restrictive Covenants Agreement; and/or (vii)  continued failure to attempt in good faith to perform your duties as reasonably assigned by your Supervisor at the time.  Before terminating your employment for Cause under clauses (v) – (vii) above, the Company will specify in writing to you the nature of the act, omission, refusal, or failure that it deems to constitute Cause and, if the Company reasonably considers the situation to be correctable, give you 30 days after you receive such notice to correct the situation (and thus avoid termination for Cause), unless the Company agrees to further extend the time for correction.  You agree that the Company will have discretion exercised in a reasonable manner to determine whether your correction is sufficient.  Nothing in this definition prevents the Company from removing you from your position with the Company at any time and for any reason.
(iii)    Good Reason.  For purposes of this Agreement, “Good Reason” means, the occurrence, without your prior written consent, of any of the following events: (i) any material diminution in your authority, duties or responsibilities with the Company; (ii) a requirement that you report to an officer other than your then current Supervisor if the result is that your new Supervisor has materially diminished authority, duties, or responsibilities in comparison with your prior supervisor; (iii) a material reduction in your Base Salary; (iv) the Company requiring you to perform your principal services primarily in a geographic area more than 50 miles from the Company’s offices in Irving, Texas (or such other place of primary employment for you at which you have agreed to provide such services); or (v) a material breach by the Company of any material provision of this Agreement. No resignation will be treated as resignation for Good Reason unless (x) you have given written notice to the Company of your intention to terminate your employment for Good Reason, describing the grounds for such action, no later than 90 days after the first occurrence of such circumstances, (y) you have provided the Company with at least 30 days in which to cure the circumstances, and (z) if the Company is not successful in curing the circumstance, you end your employment within 30 days following the cure period in (y). If the Company informs you that it will not treat your resignation as for Good Reason, you may withdraw the resignation and remain employed (provided that you do 
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so before the original notice of resignation becomes effective) or may proceed and dispute the Company’s decision.
    (d)    Death or Disability.  Your employment hereunder will terminate immediately upon your death or Disability.  “Disability” means the Chief Executive Officer, in consultation with the Chairman of the Compensation Committee or the Board, based upon appropriate medical evidence, determines you have become physically or mentally incapacitated so as to render you incapable of performing your usual and customary duties, with or without a reasonable accommodation, for 180 or more days, whether or not consecutive, during any 12 month period. You are also disabled if you are found to be disabled within the meaning of the Company’s long-term disability insurance coverage as then in effect (or would be so found if you applied for the coverage or benefits).  Employment termination under this subsection is not covered by Section 6(b) or 6(c), and you or your heirs will receive only the benefits and compensation in Section 6(a) (together, as applicable, with any life or disability insurance payments).  Nothing in this Section 6(d) prevents the Company from removing you from your position with the Company or, under Section 6(b) or 6(c), from terminating your employment at any time, subject to compliance with those subsections.
    (e)    Change in Control. If, within 24 months following a Change in Control, the Company terminates your employment without Cause or you resign for Good Reason, in addition to the benefits described in Section 6(b)(ii) and subject to the release required under Section 6(b)(iii), you will receive the cash severance described in Section 6(b)(i), paid in a single lump sum on the Release Effective Date in accordance with the Company’s standard payroll policies and procedures (or such later date as either Section 6(b)(iii) or 7(a) requires).  For purposes of this Agreement, “Change in Control” means:
(i)    the acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934 (the “Exchange Act”) (a “Person”) of beneficial ownership of any capital stock of HMS if, after such acquisition, such Person beneficially owns (within the meaning of Rule 13d-3 under the Exchange Act) 50.01% or more of either (x) the then-outstanding shares of common stock of HMS (the “Outstanding Company Common Stock”) or (y) the combined voting power of the then-outstanding securities of HMS entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (A) any acquisition directly from the Company will not be a Change in Control, nor will any acquisition by any individual, entity, or group pursuant to a Business Combination (as defined below) that complies with subclauses (x) and (y) of clause (ii) of this definition;
(ii)    the consummation of a merger, consolidation, reorganization, recapitalization or share exchange involving HMS or a sale or other disposition of all or substantially all (i.e., in excess of 85%) of the assets of HMS (a “Business Combination”), unless, immediately following such Business Combination, each of the following two conditions is satisfied:  (x) all or substantially all of the individuals and entities who were the beneficial owners of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock and the combined voting power of the then- outstanding securities entitled to vote generally in the election of directors, respectively, of the resulting or acquiring corporation in such Business Combination (which shall include a corporation that as a result of such transaction owns HMS or substantially all of HMS’s assets either directly or through one or more subsidiaries (such resulting or 
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acquiring corporation is referred to herein as the “Acquiring Corporation”) in substantially the same proportions as their ownership of the Outstanding Company Common Stock and Outstanding Company Voting Securities, respectively, immediately prior to such Business Combination and (y) no Person beneficially owns, directly or indirectly, 50.01% or more of the then-outstanding shares of common stock of the Acquiring Corporation, or of the combined voting power of the then-outstanding securities of such corporation entitled to vote generally in the election of directors (except to the extent that such ownership existed prior to the Business Combination); or
(iii)    a change in the composition of the Board that results, during any one year period, in the Continuing Directors (as defined below) no longer constituting a majority of the Board (or, if applicable, the Board of Directors of a successor corporation to HMS), where the term “Continuing Director” means at any date a member of the Board (x) who was a member of the Board on the Effective Date or (y) who was nominated or elected subsequent to such date by at least a majority of the directors who were Continuing Directors at the time of such nomination or election or whose election to the Board was recommended or endorsed by at least a majority of the directors who were Continuing Directors at the time of such nomination or election; provided, however, that there shall be excluded from this clause (y) any individual whose initial assumption of office after the Effective Date occurred as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents, by or on behalf of a person other than the Board; provided that, where required by Section 409A, the event that occurs is also a “change in the ownership or effective control of a corporation, or a change in the ownership of a substantial portion of the assets of a corporation” as defined in Treasury Reg. § 1.409A-3(i)(5).
    (f)    Further Effect of Termination on Board and Officer Positions.  If your employment ends for any reason, you agree that you will cease immediately to hold any and all officer or director positions you then have with the Company, absent a contrary direction from the Board (which may include either a request to continue such service or a direction to cease serving upon notice).  You hereby irrevocably appoint the Company to be your attorney-in-fact to execute any documents and do anything in your name to effect your ceasing to serve as a director and officer of the Company, should you fail to resign following a request from the Company to do so.  You will not be required to sign, and the Company will not sign on your behalf without your consent, documents effecting your ceasing to serve as a director that characterize your cessation of employment differently than the manner in which it is effected through Section 6 above.  A written notification signed by a director or duly authorized officer of the Company that any instrument, document, or act falls within the authority conferred by this subsection will be conclusive evidence that it does so.  The Company will prepare any documents, pay any filing fees, and bear any other expenses related to this Section 6(f).
    7.    Effect of Section 409A of the Code.
    (a)    Six Month Delay.  If and to the extent any portion of any payment, compensation or other benefit provided to you in connection with your employment termination is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A and you are a specified employee as defined in Section 409A(a)(2)(B)(i), as determined by the Company in accordance with its procedures, by which determination you hereby agree that you are bound, such portion of the payment, compensation or other benefit shall not be paid before the earlier of (i) the expiration of the six month period measured from the date of your “separation from service” (as determined under Section 409A) or (ii) the tenth 
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day following the date of your death following such separation from service (the “New Payment Date”).  The aggregate of any payments that otherwise would have been paid to you during the period between the date of separation from service and the New Payment Date shall be paid to you in a lump sum in the first payroll period beginning after such New Payment Date, and any remaining payments will be paid on their original schedule.
    (b)    General 409A Principles.  For purposes of this Agreement, a termination of employment will mean a “separation from service” as defined in Section 409A.  For purposes of this Agreement, each amount to be paid or benefit to be provided will be construed as a separate identified payment for purposes of Section 409A, and any payments that are due within the “short term deferral period” as defined in Section 409A or are paid in a manner covered by Treas. Reg. Section 1.409A-1(b)(9)(iii) will not be treated as deferred compensation unless applicable law requires otherwise.  Neither the Company nor you will have the right to accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A.  This Agreement is intended to comply with the provisions of Section 409A and this Agreement shall, to the extent practicable, be construed in accordance therewith.  Terms defined in this Agreement will have the meanings given such terms under Section 409A if and to the extent required to comply with Section 409A.  In any event, the Company makes no representations or warranty and will have no liability to you or any other person if any provisions of or payments under this Agreement are determined to constitute deferred compensation subject to Code Section 409A but not to satisfy the conditions of that section.
    (c)    Expense Timing.  Payments with respect to reimbursements of business expenses will be made in the ordinary course in accordance with the Company’s procedures (generally within 45 days after you have submitted appropriate documentation) and, in any case, on or before the last day of the calendar year following the calendar year in which the relevant expense is incurred.  The amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year.  The right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.
    8.    Restrictive Covenants.  You have previously signed a Noncompetition, Nonsolicitation, Proprietary and Confidential Information and Developments Agreement (the “Restrictive Covenants Agreement”), which addresses your responsibilities to the Company in connection with confidentiality, transfer and protection of intellectual property, noncompetition, nonsolicitation of employees and customers, and nondisparagement.  You agree that the Restrictive Covenants Agreement remains in effect and shall survive the termination of this Agreement and termination of your employment with the Company.
    9.    Cooperation.  Following your separation of employment from the Company, you agree to cooperate with the Company in regard to the transition of the business matters you handled on behalf of the Company.  You also agree to reasonably cooperate with the Company and its counsel in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate in any way to events or occurrences that transpired while you were employed by the Company, subject to your right to initiate communications with, or participate or cooperate in any investigation conducted by, any Federal, State or Local government agency or regulatory authority.  Your cooperation in connection with such claims or actions will include, but not be limited to, participating in interviews and discussions with the Company and/or its counsel, meeting with the Company’s counsel to prepare for discovery, trial, or any legal proceeding, appearing and preparing for deposition or testimony at trial, and otherwise cooperating with HMS and its legal counsel, as 
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requested.  Nothing in this Agreement is to be construed as instructing you to testify in any particular manner, other than truthfully.  To the extent possible, the Company will provide you with reasonable advance notice of the request for your cooperation.  The Company will reimburse you for all reasonable, pre-approved out-of-pocket costs and expenses (but not including attorneys’ fees and costs) that you incur, and compensate you at an hourly rate based on the base salary paid to you at the time of your separation (which is intended to be a fair and reasonable estimate of the total value of your lost time) in connection with your performance of your obligations under this paragraph of the Agreement, to the extent permitted by law.
    10.    Miscellaneous. 
    (a)    Notices.  All notices required or permitted under this Agreement must be in writing and will be deemed effective upon personal delivery or three business days following deposit in a United States Post Office, by certified mail, postage prepaid, or one business day after it is sent for next-business day delivery via a reputable nationwide overnight courier service in the case of notice to the Company at its then principal headquarters, and in the case of notice to you to the current address on file with the Company.  Notice to the Company must include a separate notice to the General Counsel of HMS.  Either Party may change the address to which notices are to be delivered by giving notice of such change to the other Party in the manner set forth in this Section 10(a).
    (b)    No Mitigation.  You are not required to seek other employment or otherwise mitigate the value of any severance benefits contemplated by this Agreement, nor will any such benefits be reduced by any earnings or benefits that you may receive from any other source.  Notwithstanding any other provision of this Agreement, any sum or sums paid under this Agreement will be in lieu of any amounts to which you may otherwise be entitled under the terms of any severance plan, policy, program, agreement or other arrangement sponsored by the Company or an affiliate of the Company.
    (c)    Waiver of Jury Trial.  TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, THE PARTIES HEREBY WAIVE, AND COVENANT THAT THEY WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR OTHER PROCEEDING ARISING IN WHOLE OR IN PART UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE RELEASE IT CONTEMPLATES, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, THE PARTIES AGREE THAT ANY PARTY MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE THEIR RIGHTS TO TRIAL BY JURY IN ANY PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS AGREEMENT OR TO ANY OF THE MATTERS CONTEMPLATED UNDER THIS AGREEMENT, RELATING TO YOUR EMPLOYMENT, OR COVERED BY THE CONTEMPLATED RELEASE.
    (d)    Severability.  Each provision of this Agreement must be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.  Moreover, if an arbitrator or a court of competent jurisdiction determines any of the provisions contained in this Agreement to be unenforceable because the provision is excessively broad in scope, whether as to duration, activity, geographic application, subject or otherwise, it will be construed, by limiting or reducing 
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it to the extent legally permitted, so as to be enforceable to the extent compatible with then applicable law to achieve the intent of the Parties.
    (e)    Assignment.  This Agreement will be binding upon and will inure to the benefit of (i) your heirs, beneficiaries, executors and legal representatives upon your death and (ii) any successor of the Company.  Any such successor of the Company will be treated as substituted for the Company under the terms of this Agreement for all purposes.  The Company may assign this Agreement without your consent, and such an assignment will not terminate your employment for purposes of triggering your entitlement to severance; provided, however, that if such an assignment provides a basis for you to resign for Good Reason after a Change in Control, you may resign for Good Reason, and you will be entitled to severance, if any, subject to the terms of Section 6.   You specifically agree that any assignment may include rights under the Restrictive Covenants Agreement without requiring your consent; provided, however, that an assignment that occurs after the termination of your employment will not expand in any manner the scope of the Restrictive Covenants Agreement.  As used herein, “successor” will mean any person, firm, corporation or other business entity that at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of the assets or business of the Company.  Any attempted assignment, transfer, conveyance or other disposition of any interest in your rights to receive any form of compensation hereunder will be null and void.
    (f)    No Oral Modification, Waiver, Cancellation or Discharge.  This Agreement may only be amended, canceled or discharged or any obligations thereunder waived through a writing signed by you and any executive officer of the Company (other than you) duly authorized either by the Board or the Compensation Committee.
    (g)    No Conflict of Interest.  You confirm that you have fully disclosed to the Company, to the best of your knowledge, all circumstances under which you, your immediate family and other persons who reside in your household have or may have a conflict of interest with the Company.  You further agree to fully disclose to the Company any such circumstances that might arise during your employment upon your becoming aware of such circumstances.
    (h)    Other Agreements.  You hereby represent that your performance of all the terms of this Agreement and the performance of your duties as an employee of the Company does not and will not breach any agreement to keep in confidence proprietary information, knowledge or data acquired by you in confidence or in trust prior to your employment with the Company.  You also represent that you are not a party to or subject to any restrictive covenants, legal restrictions, policies, commitments or other agreements in favor of any entity or person that would in any way preclude, inhibit, impair or limit your ability to perform your obligations under this Agreement, including noncompetition agreements or nonsolicitation agreements, and you further represent that your performance of the duties and obligations under this Agreement does not violate the terms of any agreement to which you are a party.  You agree that you will not enter into any agreement or commitment or agree to any policy that would prevent or hinder your performance of duties and obligations under this Agreement. 
    (i)    Disclosure of this Agreement.  You acknowledge that the Company may provide persons or entities who may employ or engage you with a copy of the Restrictive Covenants Agreement (or portions thereof) to highlight your continuing obligations to the Company.  You also acknowledge that the Company may be obligated to disclose the entire Agreement, or any portion thereof, to satisfy applicable laws and regulations.

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    (j)    Survivorship.  The respective rights and obligations of the Company and you hereunder will survive any termination of your employment to the extent necessary to preserve the intent of such rights and obligations.
    (k)    Withholding.  The Company will be entitled to withhold, or cause to be withheld, any amount of federal, state, city or other withholding taxes or other amounts either required by law or authorized by you with respect to payments made to you in connection with your employment or the termination of your employment.
    (l)    Company Policies.  References in this Agreement to Company policies and procedures are to those policies and procedures in effect at the Effective Date, as the Company may amend them from time to time.
    (m)    Governing Law; Dispute Resolution.  The Parties agree that the enforcement of this Agreement shall be governed by the Federal Arbitration Act (“FAA”), 9 U.S.C. §1 et seq.  The laws of the State of Texas and the National Rules (as defined below) shall apply to the interpretation of this Agreement, pursuant to section 2 of the FAA.  The laws of the State of Texas shall govern the substantive merits of any legal dispute set forth herein, without regard to conflicts of law provisions.  In case of any controversy or claim arising out of or related to this Agreement or relating to your employment or the termination of your employment (including claims relating to employment discrimination), except as expressly excluded herein, each Party agrees to give the other Party notice of an intent to seek arbitration under this Agreement and 10 days to reach a resolution.  Should resolution of any controversy or claim not be reached following provision of notice and a reasonable opportunity to cure, then the dispute (including the arbitrability of the dispute itself, and the formation or enforceability of this Agreement) shall be settled by arbitration under the American Arbitration Association’s Employment Arbitration Rules and Mediation Procedures (the “National Rules”).  A single arbitrator shall be selected in accordance with the National Rules.  The dispute will be arbitrated in Dallas, Texas, absent mutual agreement of the Parties to another venue.  Any claim or controversy not submitted to arbitration in accordance with this Section 10(m) (other than as provided under the Restrictive Covenants Agreement) will be waived, and thereafter no arbitrator, arbitration panel, tribunal, or court will have the power to rule or make any award on any such claim or controversy.  In determining a claim or controversy under this Agreement and in making an award, the arbitrator must consider the terms and provisions of this Agreement, as well as all applicable federal, state, or local laws.  The award rendered in any arbitration proceeding held under this Section 10(m) shall be final and binding and judgment upon the award may be entered in any court having jurisdiction thereof.  The following claims are not covered by this Section 10(m): (1) claims for workers’ compensation or unemployment compensation benefits; (2) administrative charges to any federal, state or local equal opportunity or fair employment practices agency; (3) administrative charges to the National Labor Relations Board; (4) agency charges or complaints to exhaust an administrative remedy; or (5) any other charges filed with or communication to a federal, state or local government office, official or agency.  Also not covered by this Section 10(m) are claims by the Company or by you for temporary restraining orders, preliminary injunctions or permanent injunctions (“equitable relief”) in cases in which such equitable relief would be otherwise authorized by law or pursuant to the Restrictive Covenants Agreement.  The Company will be responsible for paying any filing fee of the sponsoring organization and the fees and costs of the arbitrator; provided, however, that if you initiate the claim, you will contribute an amount equal to the filing fee you would have incurred to initiate a claim in the court of general jurisdiction in the State of Texas.  Each party will pay for its own costs and attorneys’ fees, if any, provided that the arbitrator or court, as applicable, may award reasonable costs and expenses in favor of the prevailing party.  The 
EA – EVP (06/2019)     Employment Agreement (Maria Perrin) – Page 10

Company and you agree that the decision as to whether a party is the prevailing party in an arbitration, or a legal proceeding that is commenced in connection therewith will be made in the sole discretion of the arbitrator or, if applicable, the court.
Any action, suit or other legal proceeding with respect to equitable relief that is excluded from arbitration above must be commenced only in a court of the State of Texas (or, if appropriate, a federal court located within the State of Texas), and the Company and you each consent to the jurisdiction of such a court.  With respect to any such court action, the Parties hereto (a) submit to the personal jurisdiction of such courts; (b) consent to service of process by the means specified under Section 10(a); and (c) waive any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction, inconvenient forum, or service of process.
    (n)    Interpretation.  The parties agree that this Agreement will be construed without regard to any presumption or rule requiring construction or interpretation against the drafting party.  References in this Agreement to “include” or “including” should be read as though they said “without limitation” or equivalent forms. 
    (o)    Entire Agreement.  This Agreement and any documents referred to herein, including, but not limited to, the Restrictive Covenants Agreement referenced in Section 8, represent the entire agreement of the Parties and will supersede any and all previous contracts, arrangements or understandings between the Company and you, including, without limitation, the Prior Agreement.  
    (p)    Counterparts.  This Agreement may be executed in counterparts, and all so executed shall constitute one agreement which shall be binding upon all Parties hereto, notwithstanding that all Parties’ signatures do not appear on the same page.  
[Signatures on Following Page(s)]
EA – EVP (06/2019)     Employment Agreement (Maria Perrin) – Page 11

IN WITNESS WHEREOF, the Parties have executed this Agreement to be effective as of the Effective Date set forth above.

HMS Holdings Corp.

												
	By:	/s/ David Alexander                                     
		8/1/19                

				Date
	Its:	Chief HR & Compliance Officer             		

Maria Perrin

									
	/s/ Maria Perrin                                     
		8/1/19                

			Date

EA – EVP (06/2019)     Employment Agreement (Maria Perrin) – Page 12EX-10.1

 Exhibit 10.1 

Hywin Holdings Ltd. 

2020 Share Incentive Plan 

ARTICLE 1 
 PURPOSE

 The purpose of the Plan is to promote the success and enhance the value of Hywin Holdings Ltd., an exempted company formed under the
laws of the Cayman Islands (the “Company”), by linking the personal interests of the Directors, Employees, and Consultants to those of the Company’s shareholders and by providing such individuals with an incentive for
outstanding performance to generate superior returns to the Company’s shareholders. 
 ARTICLE 2 

DEFINITIONS AND CONSTRUCTION 

Wherever the following terms are used in the Plan, they shall have the meanings specified below. The singular pronoun shall include the plural
where the context so indicates. 
 2.1 “Applicable Laws” means the legal requirements relating to the Plan and the Awards
under applicable provisions of the corporate, securities, tax and other laws, rules, regulations and government orders, and the rules of any applicable stock exchange or national market system, of any jurisdiction applicable to Awards granted to
residents therein. 
 2.2 “Award” means an Option, Restricted Share, Restricted Share Units or Other Share Award granted to
a Participant pursuant to the Plan. 

  
 1 

 2.3 “Award Agreement” means any written agreement, contract, or other
instrument or document evidencing an Award, including through electronic medium. 
 2.4 “Board” means the Board of
Directors of the Company. 
 2.5 “Cause” with respect to a Participant means (unless otherwise expressly provided in the
applicable Award Agreement, or another applicable contract with the Participant that defines such term for purposes of determining the effect that a “for cause” termination has on the Participant’s Awards) a termination of employment
or service based upon a finding by the Service Recipient, acting in good faith and based on its reasonable belief at the time, that the Participant: 

(a) has been negligent in the discharge of his or her duties to the Service Recipient, has refused to perform stated or assigned duties or is
incompetent in or (other than by reason of a disability or analogous condition) incapable of performing those duties; 
 (b) has been
dishonest or committed or engaged in an act of theft, embezzlement or fraud, a breach of confidentiality, an unauthorized disclosure or use of inside information, customer lists, trade secrets or other confidential information; 

(c) has breached a fiduciary duty, or willfully and materially violated any other duty, law, rule, regulation or policy of the Service
Recipient, or has been convicted of, or plead guilty or nolo contendere to, a felony or misdemeanor (other than minor traffic violations or similar offenses); 

(d) has materially breached any of the provisions of any material agreement with the Service Recipient; 

(e) has engaged in unfair competition with, or otherwise acted intentionally in a manner injurious to the reputation, business or assets of,
the Service Recipient; or 
 (f) has improperly induced a vendor or customer to break or terminate any contract with the Service Recipient
or induced a principal for whom the Service Recipient acts as agent to terminate such agency relationship. 

  
 2 

 A termination for Cause shall be deemed to occur (subject to reinstatement upon a contrary
final determination by the Committee) on the date on which the Service Recipient first delivers written notice to the Participant of a finding of termination for Cause. 

2.6 “Code” means the Internal Revenue Code of 1986 of the United States, as amended. 

2.7 “Committee” means a committee of the Board described in Article 11. 

2.8 “Consultant” means any consultant or adviser if: (a) the consultant or adviser renders bona fide services to a
Service Recipient; (b) the services rendered by the consultant or adviser are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the
Company’s securities; and (c) the consultant or adviser is a natural person who has contracted directly with the Service Recipient to render such services. 

2.9 “Corporate Transaction”, unless otherwise defined in an Award Agreement, means any of the following transactions,
provided, however, that the Board (as constituted prior to the Corporate Transaction) shall determine under (d) and (e) whether multiple transactions are related for purposes of determining whether a series of transactions has occurred, and its
determination shall be final, binding and conclusive: 
 (a) an amalgamation, arrangement or consolidation or scheme of arrangement
(i) in which the Company is not the surviving entity, except for a transaction the principal purpose of which is to change the jurisdiction in which the Company is incorporated or (ii) following which the holders of the voting securities
of the Company do not continue to hold more than 50% of the combined voting power of the voting securities of the surviving entity; 
 (b)
the sale, transfer or other disposition of all or substantially all of the assets of the Company; 
 (c) the complete liquidation or
dissolution of the Company; 

  
 3 

 (d) any reverse takeover or series of related transactions culminating in a reverse takeover
(including, but not limited to, a tender offer followed by a reverse takeover) in which the Company is the surviving entity but (A) the Company’s equity securities outstanding immediately prior to such takeover are converted or exchanged
by virtue of the takeover into other property, whether in the form of securities, cash or otherwise, or (B) in which securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding
securities are transferred to a person or persons different from those who held such securities immediately prior to such takeover or the initial transaction culminating in such takeover, but excluding any such transaction or series of related
transactions that the Committee determines shall not be a Corporate Transaction; or 
 (e) acquisition in a single or series of related
transactions by any person or related group of persons (other than the Company or by a Company-sponsored employee benefit plan) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of
securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities but excluding any such transaction or series of related transactions that the Committee determines shall not be a
Corporate Transaction. 
 2.10 “Director” means a member of the Board or a member of the board of directors of any
Subsidiary of the Company. 
 2.11 “Disability”, unless otherwise defined in an Award Agreement, means that the Participant
qualifies to receive long-term disability payments under the Service Recipient’s long-term disability insurance program, as it may be amended from time to time, to which the Participant provides services regardless of whether the Participant is
covered by such policy. If the Service Recipient to which the Participant provides service does not have a long-term disability plan in place, “Disability” means that a Participant is unable to carry out the responsibilities and functions
of the position held by the Participant by reason of any medically determinable physical or mental impairment for a period of not less than ninety (90) consecutive days. A Participant will not be considered to have incurred a Disability unless
he or she furnishes proof of such impairment sufficient to satisfy the Committee in its discretion. 
 2.12 “Effective
Date” shall have the meaning set forth in Section 12.1. 
 2.13 “Employee” means any person, including an
officer or a Director, who is in the employment of a Service Recipient, subject to the control and direction of the Service Recipient as to both the work to be performed and the manner and method of performance. The payment of a director’s fee
by a Service Recipient shall not be sufficient to constitute “employment” by the Service Recipient. 

  
 4 

 2.14 “Exchange Act” means the Securities Exchange Act of 1934 of the United
States, as amended. 
 2.15 “Fair Market Value” means, as of any date, the value of Shares determined as follows: 

(a) If the Shares are listed on one or more established stock exchanges or national market systems, including without limitation, the
New York Stock Exchange or the NASDAQ Stock Market, its Fair Market Value shall be the closing sales price for such shares (or the closing bid, if no sales were reported) as quoted on the principal exchange or system on which the Shares are
listed (as determined by the Committee) on the date of determination (or, if no closing sales price or closing bid was reported on that date, as applicable, on the last trading date such closing sales price or closing bid was reported), as reported
on the website maintained by such exchange or market system or such other source as the Committee deems reliable; or 
 (b) In the absence
of an established market for the Shares of the type described in (a) above, the Fair Market Value thereof shall be determined by the Committee in good faith and in its discretion by reference to (i) the placing price of the latest private
placement of the Shares and the development of the Company’s business operations and the general economic and market conditions since such latest private placement, (ii) other third party transactions involving the Shares and the
development of the Company’s business operation and the general economic and market conditions since such transaction, (iii) an independent valuation of the Shares, or (iv) such other methodologies or information as the Committee
determines to be indicative of Fair Market Value and in compliance with Section 409A of the Code to the extent applicable. 
 2.16
“Group Entity” means any of the Company and Subsidiaries. 
 2.17 “Incentive Share Option” means an Option
that meets the requirements of Section 422 of the Code or any successor provision thereto, and which is intended by the Committee to constitute an Incentive Share Option. 

2.18 “Independent Director” means a Director of the Company who is a Non-Employee
Director and, if the Shares or other securities representing the Shares are listed on one or more stock exchange(s), a Director of the Company who meets the independence standards under the applicable corporate governance rules of the stock
exchange(s). 

  
 5 

 2.19 “Non-Employee Director” means
a member of the Board who qualifies as a “Non-Employee Director” as defined in Rule 16b-3(b)(3) of the Exchange Act, or any successor definition adopted by the
Board. 
 2.20 “Non-Qualified Share Option” means an Option that is not an
Incentive Share Option. 
 2.21 “Option” means a right granted to a Participant pursuant to Article 5 of the Plan to
purchase a specified number of Shares at a specified price during specified time periods. An Option may be either an Incentive Share Option or a Non-Qualified Share Option. 

2.22 “Other Share Award” means an Award granted pursuant to Article 8. 

2.23 “Participant” means a person who, as a Director, Consultant or Employee, has been granted an Award pursuant to the Plan.

 2.24 “Parent” means a parent corporation under Section 424(e) of the Code. 

2.25 “Plan” means this 2020 Share Incentive Plan, as amended and/or restated from time to time. 

2.26 “Restricted Share” means a Share awarded to a Participant pursuant to Article 6 that is subject to certain restrictions
and may be subject to risk of forfeiture. 
 2.27 “Restricted Share Unit” means the right granted to a Participant pursuant
to Article 7 to receive a Share (or, to the extent set forth in the Award Agreement, cash) at a future date. 
 2.28 “Securities
Act” means the Securities Act of 1933 of the United States, as amended. 
 2.29 “Service Recipient” means the
Company or Subsidiary to which a Participant provides services as an Employee, a Consultant or a Director. 

  
 6 

 2.30 “Share” means the ordinary shares of the Company, par value US$0.0001
per share, and such other securities of the Company that may be substituted for Shares pursuant to Article 10. 
 2.31
“Subsidiary” means any corporation or other entity of which a majority of the outstanding voting shares or voting power is beneficially owned directly or indirectly by the Company. 

2.32 “Trading Date” means the closing of the first sale to the general public of the Shares pursuant to a registration
statement filed with and declared effective by the U.S. Securities and Exchange Commission under the Securities Act. 
 ARTICLE 3 

SHARES SUBJECT TO THE PLAN 

3.1 Number of Shares. 

(a) Subject to the provisions of Article 10 and Section 3.1(b), the maximum aggregate number of Shares which may be issued pursuant to
all Awards (including Incentive Share Options) shall equal 5,000,000.00 Shares, all of which may be granted as Incentive Share Options. 

(b) To the extent that an Award (i) terminates, expires, is forfeited or lapses for any reason or (ii) is settled in cash, any
Shares subject to the Award shall again be available for the grant of an Award pursuant to the Plan. To the extent permitted by Applicable Laws, Shares issued in assumption of, or in substitution for, any outstanding awards of any entity acquired in
any form or combination by a Group Entity shall not be counted against Shares available for grant pursuant to the Plan. Shares delivered by the Participant or withheld by the Company upon the exercise of any Award under the Plan, in payment of the
exercise price thereof or tax withholding thereon, may again be optioned, granted or awarded hereunder. If any Restricted Shares are repurchased by the Company, such Shares may again be optioned, granted or awarded hereunder. Notwithstanding the
provisions of this Section 3.1(b), no Shares may again be optioned, granted or awarded if such action would cause an Incentive Share Option to fail to qualify as an incentive share option under Section 422 of the Code. 

3.2 Shares Distributed. Any Shares distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued
Shares, treasury Shares (subject to Applicable Laws) or Shares purchased on the open market. Additionally, at the discretion of the Committee and subject to Applicable Laws, any Shares distributed pursuant to an Award may be represented by American
Depository Shares, provide that, in the case of Options, such American Depository Shares constitute “service recipient stock” under Section 409A of the Code with respect to any Participant subject to U.S. tax laws. If the number of
Shares represented by an American Depository Share is other than on a one-to-one basis, the limitations of Section 3.1 shall be proportionately adjusted to reflect
the distribution of American Depository Shares in lieu of Shares in such a manner as to not permit the granting of American Depository Shares, on an adjusted basis, in excess of the limitations set forth in Section 3.1. 

  
 7 

 ARTICLE 4 

ELIGIBILITY AND PARTICIPATION 

4.1 Eligibility. Persons eligible to participate in this Plan consist of Employees, Consultants, and Directors, as determined by the
Committee. 
 4.2 Participation. Subject to the provisions of the Plan, the Committee may, from time to time, select from among all
eligible individuals, those to whom Awards shall be granted and shall determine the nature and amount of each Award. No individual shall have any right to be granted an Award pursuant to this Plan. 

ARTICLE 5 
 OPTIONS

 5.1 General. The Committee is authorized to grant Options to Participants on the following terms and conditions: 

(a) Exercise Price. The exercise price per Share subject to an Option shall be determined by the Committee and set forth in the Award
Agreement which may be a fixed price or a variable price related to the Fair Market Value of the Shares; provided, however, for any Participant subject to U.S. tax laws, the exercise price of an Option shall be no less than the Fair Market Value of
a Share on the date of grant. The exercise price per Share subject to an Option may be amended or adjusted in the absolute discretion of the Committee and without shareholder approval, the determination of which shall be final, binding and
conclusive. For the avoidance of doubt, to the extent not prohibited by Applicable Laws or any exchange rule, a downward adjustment of the exercise prices of Options mentioned in the preceding sentence shall be effective without the approval of the
Company’s shareholders or the approval of the affected Participants. 

  
 8 

 (b) Time and Conditions of Exercise. The Committee shall determine the time or times
at which an Option may be exercised in whole or in part, including exercise prior to vesting; provided that the term of any Option granted under the Plan shall not exceed ten years, except as provided in Section 13.1. The Committee shall also
determine any conditions, if any, that must be satisfied before all or part of an Option may be exercised. 
 (c) Payment. The
Committee shall determine the methods by which the exercise price of an Option may be paid, the form of payment, including, without limitation (i) cash or check denominated in U.S. Dollars, (ii) to the extent permissible under the
Applicable Laws, cash or check in Chinese Renminbi, (iii) cash or check denominated in any other local currency as approved by the Committee, (iv) Shares held for such period of time as may be required by the Committee in order to avoid
adverse financial accounting consequences and having a Fair Market Value on the date of delivery equal to the aggregate exercise price of the Option or exercised portion thereof, (v) after the Trading Date, the delivery of a notice that the
Participant has placed a market sell order with a broker with respect to Shares then issuable upon exercise of the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in
satisfaction of the Option exercise price; provided that payment of such proceeds is then made to the Company upon settlement of such sale, (vi) other property acceptable to the Committee with a Fair Market Value equal to the exercise price, or
(vii) any combination of the foregoing. Notwithstanding any other provision of the Plan to the contrary, no Participant who is a member of the Board or an “executive officer” of the Company within the meaning of Section 13(k) of
the Exchange Act shall be permitted to pay the exercise price of an Option in any method which would violate Section 13(k) of the Exchange Act. 

(d) Effects of Termination of Employment or Service on Options. Unless otherwise provided in the Award Agreement, termination of
employment or service shall have the following effect on Options granted to the Participants: 
 (i) Dismissal for Cause. If a
Participant’s employment by or service to the Service Recipient is terminated by the Service Recipient for Cause, the Participant’s Options will terminate upon such termination, whether or not the Option is then vested and/or exercisable;

  
 9 

 (ii) Death or Disability. If a Participant’s employment by or service to the
Service Recipient terminates as a result of the Participant’s death or Disability: 
  

	 	(x)	 the Participant (or his or her legal representative or beneficiary, in the case of the Participant’s
Disability or death, respectively), will have until the date that is 12 months after the Participant’s termination of employment to exercise the Participant’s Options (or portion thereof) to the extent that such Options were vested and
exercisable on the date of the Participant’s termination of employment on account of death or Disability; 

  

	 	(y)	 the Options, to the extent not vested and exercisable on the date of the Participant’s termination of
employment or service, shall terminate upon the Participant’s termination of employment or service on account of death or Disability; and 

  

	 	(z)	 the Options, to the extent exercisable for the 12-month period
following the Participant’s termination of employment or service and not exercised during such period, shall terminate at the close of business on the last day of the 12-month period.

 (iii) Other Terminations of Employment or Service. If a Participant’s employment by or service to the
Service Recipient terminates for any reason other than a termination by the Service Recipient for Cause or due to the Participant’s death or Disability: 
  

	 	(x)	 the Participant will have until the date that is 90 days after the Participant’s termination of employment
or service to exercise his or her Options (or portion thereof) to the extent that such Options were vested and exercisable on the date of the Participant’s termination of employment or service; 

 

	 	(y)	 the Options, to the extent not vested and exercisable on the date of the Participant’s termination of
employment or service, shall terminate upon the Participant’s termination of employment or service; and 

  
 10 

	 	(z)	 the Options, to the extent exercisable for the 90-day period following
the Participant’s termination of employment or service and not exercised during such period, shall terminate at the close of business on the last day of the 90-day period. 

5.2 Incentive Share Options. Incentive Share Options may be granted to Employees of the Company or a Subsidiary. Incentive Share
Options may not be granted to Independent Directors or Consultants. The terms of any Incentive Share Options granted pursuant to the Plan, in addition to the requirements of Section 5.1, must comply with the following additional provisions of
this Section 5.2: 
 (a) Exercise Price. The exercise price of an Incentive Share Option shall be at least equal to the Fair
Market Value on the date of grant. 
 (c) Transfer Restriction. The Participant shall give the Company prompt notice of any
disposition of Shares acquired by exercise of an Incentive Share Option within (i) two years from the date of grant of such Incentive Share Option or (ii) one year after the transfer of such Shares to the Participant. 

(d) Term. The period during which an Incentive Share Option may be exercised shall be determined by the Committee; provided, however,
that no Incentive Share Option shall be exercised later than ten years after its date of grant. 
 (e) Expiration of Incentive Share
Options. No Award of an Incentive Share Option may be made pursuant to this Plan after the tenth anniversary of the earlier of (i) Board approval of the Plan and (ii) shareholder approval of the Plan. 

(e) Right to Exercise. During a Participant’s lifetime, an Incentive Share Option may be exercised only by the Participant. 

  
 11 

 ARTICLE 6 

RESTRICTED SHARES 
 6.1
Grant of Restricted Shares. The Committee, at any time and from time to time, may grant Restricted Shares to Participants as the Committee, in its sole discretion, shall determine. The Committee, in its sole discretion, shall determine the
number of Restricted Shares to be granted to each Participant. 
 6.2 Restricted Shares Award Agreement. Each Award of Restricted
Shares shall be evidenced by an Award Agreement that shall specify the period of restriction, the number of Restricted Shares granted, and such other terms and conditions as the Committee, in its sole discretion, shall determine. Unless the
Committee determines otherwise, Restricted Shares shall be held by the Company as escrow agent until the restrictions on such Restricted Shares have lapsed. 

6.3 Issuance and Restrictions. Restricted Shares shall be subject to such restrictions on transferability and other restrictions as the
Committee may impose (including, without limitation, limitations on the right to vote Restricted Shares or the right to receive dividends on the Restricted Shares). These restrictions may lapse separately or in combination at such times, pursuant to
such circumstances, in such installments, or otherwise, as the Committee determines at the time of the grant of the Award or thereafter. 

6.4 Forfeiture/Repurchase. Except as otherwise determined by the Committee at the time of the grant of the Award or thereafter, upon
termination of employment or service during the applicable restriction period, Restricted Shares that are at that time subject to restrictions shall be forfeited or repurchased in accordance with the Award Agreement; provided, however, the Committee
may (a) provide in any Restricted Share Award Agreement that restrictions or forfeiture and repurchase conditions relating to Restricted Shares will be waived in whole or in part in the event of terminations resulting from specified causes, and
(b) in other cases waive in whole or in part restrictions or forfeiture and repurchase conditions relating to Restricted Shares. 
 6.5
Certificates for Restricted Shares. Restricted Shares granted pursuant to the Plan may be evidenced in such manner as the Committee shall determine. If certificates representing Restricted Shares are registered in the name of the Participant,
certificates must bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Shares, and the Company may, at its discretion, retain physical possession of the certificate until such time as all
applicable restrictions lapse. 
 6.6 Removal of Restrictions. Except as otherwise provided in this Article 6, Restricted Shares
granted under the Plan shall be released from escrow as soon as practicable after the last day of the period of restriction. The Committee, in its discretion, may accelerate the time at which any restrictions shall lapse or be removed. After the
restrictions have lapsed, the Participant shall be entitled to have any legend or legends under Section 6.5 removed from his or her Share certificate, and the Shares shall be freely transferable by the Participant, subject to applicable legal
restrictions. The Committee (in its discretion) may establish procedures regarding the release of Shares from escrow and the removal of legends, as necessary or appropriate to minimize administrative burdens on the Company. 

  
 12 

 ARTICLE 7 

RESTRICTED SHARE UNITES 

7.1 Grant of Restricted Share Units. The Committee, at any time and from time to time, may grant Restricted Share Units to Participants
as the Committee, in its sole discretion, shall determine. The Committee, in its sole discretion, shall determine the number of Restricted Share Units to be granted to each Participant. 

7.2 Restricted Share Units Award Agreement. Each Award of Restricted Share Units shall be evidenced by an Award Agreement that shall
specify any vesting conditions, the number of Restricted Share Units granted, and such other terms and conditions as the Committee, in its sole discretion, shall determine. 

7.3 Form and Timing of Payment of Restricted Share Units. At the time of grant, the Committee shall specify the date or dates on which
the Restricted Share Units shall become fully vested and non-forfeitable. Upon vesting, the Committee, in its sole discretion, may pay Restricted Share Units in the form of cash, Shares or a combination
thereof, in each case, as specified in the Award Agreement. 
 7.4 Forfeiture. Except as otherwise determined by the Committee at the
time of the grant of the Award or thereafter, upon termination of employment or service during the applicable restriction period, Restricted Share Units that are at that time unvested shall be forfeited in accordance with the Award Agreement;
provided, however, the Committee may (a) provide in any Restricted Share Unit Award Agreement that restrictions or forfeiture conditions relating to Restricted Share Units will be waived in whole or in part in the event of terminations
resulting from specified causes, and (b) in other cases waive in whole or in part restrictions or forfeiture conditions relating to Restricted Share Units. 

  
 13 

 ARTICLE 8 

OTHER SHARE AWARDS 
 8.1
Grant of Other Share Awards. Subject to the limitations set forth in the Plan, the Committee is authorized to grant other awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to,
Shares, including without limitation Shares granted as a bonus and not subject to any vesting conditions, dividend equivalents, deferred share units, share purchase rights and Shares issued in lieu of obligations of the Company to pay cash under any
compensatory plan or arrangement, subject to such terms as shall be determined by the Committee. The Committee shall determine the terms and conditions of such awards, which may include the right to elective deferral thereof, subject to such terms
and conditions as the Committee may specify in its discretion. Any dividends or dividend equivalents with respect to Awards granted under this Plan that are subject to vesting conditions shall be subject to the same vesting conditions as the
underlying awards. 
 8.2 Other Share Awards Award Agreement. Each Other Share Award shall be evidenced by an Award Agreement that
shall specify any vesting conditions, the number of Shares subject to such Award, and such other terms and conditions as the Committee, in its sole discretion, shall determine. 

8.3 Form and Timing of Payment of Other Share Awards. At the time of grant, the Committee shall specify the date or dates on which the
Other Share Award shall become fully vested and non-forfeitable. Upon vesting, the Committee, in its sole discretion, may pay Other Share Awards in the form of cash, Shares or a combination thereof, in each
case, as specified in the Award Agreement. 
 7.4 Forfeiture. Except as otherwise determined by the Committee at the time of the
grant of the Award or thereafter, upon termination of employment or service during the applicable restriction period, Other Share Awards that are at that time unvested shall be forfeited in accordance with the Award Agreement; provided, however,
the Committee may (a) provide in any Award Agreement that restrictions or forfeiture conditions relating to the Award will be waived in whole or in part in the event of terminations resulting from specified causes, and (b) in other
cases waive in whole or in part restrictions or forfeiture conditions relating to the Award. 

  
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 ARTICLE 9 

PROVISIONS APPLICABLE TO AWARDS 

9.1 Award Agreement. Awards under the Plan shall be evidenced by Award Agreements that set forth the terms, conditions and limitations
for each Award which may include the term of an Award, the provisions applicable in the event the Participant’s employment or service terminates, and the Company’s authority to unilaterally or bilaterally amend, modify, suspend, cancel or
rescind an Award. 
 9.2 No Transferability; Limited Exception to Transfer Restrictions. 

9.2.1 Limits on Transfer. Unless otherwise expressly provided in (or pursuant to) this Section 9.2, by Applicable Law and by the
Award Agreement, as the same may be amended: 
 (a) all Awards are non-transferable and will not be
subject in any manner to sale, transfer, anticipation, alienation, assignment, pledge, encumbrance or charge; 
 (b) Awards will be
exercised only by the Participant; and 
 (c) amounts payable or shares issuable pursuant to an Award will be delivered only to (or for the
account of), and, in the case of Shares, registered in the name of, the Participant. 
 In addition, the shares shall be subject to the
restrictions set forth in the applicable Award Agreement. 
 9.2.2 Further Exceptions to Limits on Transfer. Subject to Applicable
Law and the Award Agreement, the exercise and transfer restrictions in Section 9.2.1 will not apply to: 
 (a) transfers to the Company
or a Subsidiary; 
 (b) transfers by gift to “immediate family” as that term is defined in SEC
Rule 16a-1(e) promulgated under the Exchange Act; 

  
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 (c) the designation of a beneficiary to receive benefits if the Participant dies or, if the
Participant has died, transfers to or exercises by the Participant’s beneficiary, or, in the absence of a validly designated beneficiary, transfers by will or the laws of descent and distribution; 

(d) if the Participant has suffered a disability, permitted transfers or exercises on behalf of the Participant by the Participant’s duly
authorized legal representative; or 
 (e) subject to the prior approval of the Committee or an executive officer or director of the Company
authorized by the Committee, transfer to one or more natural persons who are the Participant’s family members or entities owned and controlled by the Participant and/or the Participant’s family members, including but not limited to trusts
or other entities whose beneficiaries or beneficial owners are the Participant and/or the Participant’s family members, or to such other persons or entities as may be expressly approved by the Committee, pursuant to such conditions and
procedures as the Committee or may establish. Any permitted transfer shall be subject to the condition that the Committee receives evidence satisfactory to it that the transfer is being made for estate and/or tax planning purposes and on a basis
consistent with the Company’s lawful issue of securities. 
 Notwithstanding anything else in this Section 9.2.2 to the contrary,
but subject to compliance with all Applicable Laws, Incentive Share Options, Restricted Shares and Restricted Share Units will be subject to any and all transfer restrictions under the Code applicable to such Awards or necessary to maintain the
intended tax consequences of such Awards. Notwithstanding clause (b) above but subject to compliance with all Applicable Laws, any contemplated transfer by gift to “immediate family” as referenced in clause (b) above is subject
to the condition precedent that the transfer be approved by the Committee in order for it to be effective. 
 9.3 Beneficiaries.
Notwithstanding Section 9.2, a Participant may, in the manner determined by the Committee, designate a beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s
death. A beneficiary, legal guardian, legal representative, or other person claiming any rights pursuant to the Plan is subject to all terms and conditions of the Plan and any Award Agreement applicable to the Participant, except to the extent the
Plan and Award Agreement otherwise provide, and to any additional restrictions deemed necessary or appropriate by the Committee. If the Participant is married and resides in a community property state, a designation of a person other than the
Participant’s spouse as his or her beneficiary with respect to more than 50% of the Participant’s interest in the Award shall not be effective without the prior written consent of the Participant’s spouse. If no beneficiary has been
designated or survives the Participant, payment shall be made to the person entitled thereto pursuant to the Participant’s will or the laws of descent and distribution. Subject to the foregoing, a beneficiary designation may be changed or
revoked by a Participant at any time provided the change or revocation is filed with the Committee. 

  
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 9.4 Performance Objectives and Other Terms. The Committee, in its discretion, shall
set performance objectives or other vesting criteria which, depending on the extent to which they are met, will determine the number or value of the Awards that will be granted or paid out to the Participants. 

ARTICLE 10 
 CHANGES IN
CAPITAL STRUCTURE 
 10.1 Adjustments. In the event of any dividend, share split, combination or exchange of Shares,
amalgamation, arrangement or consolidation, spin-off, recapitalization or other distribution (other than normal cash dividends) of Company assets to its shareholders, or any other change affecting the shares
of Shares or the share price of a Share and subject to applicable accounting rules, the Committee shall make such proportionate adjustments, if any, as the Committee in its discretion may deem appropriate to reflect such change with respect to
(a) the aggregate number and type of shares that may be issued under the Plan (including, but not limited to, adjustments of the limitations in Section 3.1); (b) the terms and conditions of any outstanding Awards (including, without
limitation, any applicable performance targets or criteria with respect thereto); and (c) the grant or exercise price per share for any outstanding Awards under the Plan, subject to Section 409A of the Code to the extent applicable. 

10.2 Corporate Transactions. Except as may otherwise be provided in any Award Agreement or any other written agreement entered into by
and between the Company and a Participant, upon the occurrence, of a Corporate Transaction, the Committee may, in its sole discretion, provide for (i) any and all Awards outstanding hereunder to terminate at a specific time in the future and
shall give each Participant the right to exercise the vested portion of such Awards during a period of time as the Committee shall determine, or (ii) the purchase of any Award for an amount of cash equal to the amount that could have been
attained upon the exercise of such Award (and, for the avoidance of doubt, if as of such date the Committee determines in good faith that no amount would have been attained upon the exercise of an Award, then such Award may be terminated by the
Company without payment), or (iii) the replacement of any Award with other rights or property selected by the Committee in its sole discretion or the assumption of or substitution of such Award by the successor or surviving corporation, or a
Parent or Subsidiary thereof, with appropriate adjustments as to the number and kind of Shares and prices, or (iv) payment of any Award in cash based on the value of Shares on the date of the Corporate Transaction. 

  
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 10.3 Outstanding Awards — Other Changes. In the event of any other change in the
capitalization of the Company or corporate change other than those specifically referred to in this Article 10, the Committee may, in its absolute discretion, make such adjustments in the number and class of shares subject to Awards outstanding on
the date on which such change occurs and in the per share grant or exercise price of each Award as the Committee may consider appropriate to prevent dilution or enlargement of rights, subject to Applicable Laws. 

10.4 No Other Rights. Except as expressly provided in the Plan, no Participant shall have any rights by reason of any subdivision or
consolidation of Shares of any class, the payment of any dividend, any increase or decrease in the number of shares of any class or any dissolution, liquidation, merger, or consolidation of the Company or any other corporation. Except as expressly
provided in the Plan or pursuant to action of the Committee under the Plan, and no issuance by the Company of shares of any class, or securities convertible into shares of any class, shall affect, and no adjustment by reason thereof shall be made
with respect to, the number of Shares subject to an Award or the grant or exercise price of any Award. 
 ARTICLE 11 

ADMINISTRATION 
 11.1
Committee. The Plan shall be administered by the Board or a committee of one or more members of the Board (the “Committee”) to whom the Board shall delegate the authority to grant or amend Awards to Participants other than
any of the Committee members, Independent Directors and executive officers of the Company. Reference to the Committee shall refer to the Board in absence of the Committee. 

11.2 Action by the Committee. A majority of the Committee shall constitute a quorum. The acts of a majority of the members present at
any meeting at which a quorum is present, and acts approved unanimously in writing by all members of the Committee in lieu of a meeting, shall be deemed the acts of the Committee. Each member of the Committee is entitled to, in good faith, rely or
act upon any report or other information furnished to that member by any officer or other employee of a Group Entity, the Company’s independent certified public accountants, or any executive compensation consultant or other professional
retained by the Company to assist in the administration of the Plan. 

  
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 11.3 Authority of the Committee. Subject to any specific designation in the Plan, the
Committee has the exclusive power, authority and discretion to: 
 (a) designate Participants to receive Awards; 

(b) determine the type or types of Awards to be granted to each Participant; 

(c) determine the number of Awards to be granted and the number of Shares to which an Award will relate; 

(d) determine the terms and conditions of any Award granted pursuant to the Plan, including, but not limited to, the exercise price, grant
price, or purchase price, any restrictions or limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and accelerations or waivers thereof, and any provisions related to non-competition and recapture of gain on an Award, based in each case on such considerations as the Committee in its sole discretion determines; 

(e) determine whether, to what extent, and pursuant to what circumstances an Award may be settled in, or the exercise price of an Award may be
paid in, cash, Shares, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered; 
 (f) prescribe the form of
each Award Agreement, which need not be identical for each Participant; 
 (g) decide all other matters that must be determined in
connection with an Award; 
 (h) establish, adopt, or revise any rules and regulations as it may deem necessary or advisable to administer
the Plan; 
 (i) interpret the terms of, and any matter arising pursuant to, the Plan or any Award Agreement; 

  
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 (j) amend terms and conditions of Award Agreements; and 

(k) make all other decisions and determinations that may be required pursuant to the Plan or as the Committee deems necessary or advisable to
administer the Plan, including design and adopt from time to time new types of Awards that are in compliance with Applicable Laws. 
 11.4
Decisions Binding. The Committee’s interpretation of the Plan, any Awards granted pursuant to the Plan, any Award Agreement and all decisions and determinations by the Committee with respect to the Plan are final, binding, and conclusive
on all parties. 
 ARTICLE 12 

EFFECTIVE AND EXPIRATION DATE 

12.1 Effective Date. The Plan shall become effective as of the date immediately prior to the completion of the initial public offering
of the Company (the “Effective Date”). 
 12.2 Expiration Date. The Plan will expire on, and no Award may be granted
pursuant to the Plan after, the tenth anniversary of the Effective Date. Any Awards that are outstanding on the tenth anniversary of the Effective Date shall remain in force according to the terms of the Plan and the applicable Award Agreement. 

ARTICLE 13 
 AMENDMENT,
MODIFICATION, AND TERMINATION 
 13.1 Amendment, Modification, and Termination. At any time and from time to time, the Board may terminate, amend
or modify the Plan; provided, however, that (a) to the extent necessary to comply with Applicable Laws or stock exchange rules, the Company shall obtain shareholder approval of any Plan amendment in such a manner and to such a degree as
required, and (b) shareholder approval is required for any amendment to the Plan that (i) increases the number of Shares available under the Plan (other than any adjustment as provided by Article 10), or (ii) permits the Committee to
extend the term of the Plan or the exercise period for an Option beyond ten years from the date of grant; provided, however, shareholder approval shall not be required if the Company follows home country practices and the failure to receive
shareholder approval would not violate Applicable Laws or the stock exchange rules 

  
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 13.2 Awards Previously Granted. Except with respect to amendments made pursuant to
Section 13.1, no termination, amendment, or modification of the Plan shall adversely affect in any material way any Award previously granted pursuant to the Plan without the prior written consent of the Participant. 

ARTICLE 14 
 GENERAL
PROVISIONS 
 14.1 No Rights to Awards. No Participant, Employee, or other person shall have any claim to be granted any Award
pursuant to the Plan, and neither the Company nor the Committee is obligated to treat Participants, Employees, and other persons uniformly. 

14.2 No Shareholders Rights. No Award gives the Participant any of the rights of a shareholder of the Company unless and until Shares
are in fact issued to such person in connection with such Award. 
 14.3 Taxes. No Shares shall be delivered under the Plan to any
Participant until such Participant has made arrangements acceptable to the Committee for the satisfaction of any income and employment tax withholding obligations under Applicable Laws. The Company or any Subsidiary shall have the authority and the
right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy all applicable taxes (including the Participant’s payroll tax obligations) required or permitted by Applicable Laws to be withheld
with respect to any taxable event concerning a Participant arising as a result of this Plan. The Committee may in its discretion and in satisfaction of the foregoing requirement allow a Participant, subject to Applicable Laws, to elect to pay the
applicable taxes by (i) having the Company withhold Shares otherwise issuable under an Award (or allow the return of Shares) having a Fair Market Value equal to the sums required to be withheld or (ii) after the Trading Date, the delivery
of a notice that the Participant has placed a market sell order with a broker with respect to Shares then issuable upon the exercise, vesting or settlement of the Award, and that the broker has been directed to pay a sufficient portion of the net
proceeds of the sale to the Company in satisfaction of the taxes; provided that payment of such proceeds is then made to the Company upon settlement of such sale. Notwithstanding any other provision of the Plan, the number of Shares which may be
withheld with respect to the issuance, vesting, exercise or payment of any Award (or which may be repurchased from the Participant of such Award after such Shares were acquired by the Participant from the Company) in order to satisfy any income and
payroll tax liabilities applicable to the Participant with respect to the issuance, vesting, exercise or payment of the Award shall, unless specifically approved by the Committee, be limited to the number of Shares which have a Fair Market Value on
the date of withholding or repurchase equal to the aggregate amount of such liabilities based on the minimum statutory withholding rates for the applicable income and payroll tax purposes that are applicable to such supplemental taxable income. 

  
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 14.4 No Right to Employment or Services. Nothing in the Plan or any Award Agreement
shall interfere with or limit in any way the right of the Service Recipient to terminate any Participant’s employment or services at any time, nor confer upon any Participant any right to continue in the employment or services of any Service
Recipient. 
 14.5 Unfunded Status of Awards. The Plan is intended to be an “unfunded” plan for incentive compensation.
With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give the Participant any rights that are greater than those of a general creditor of the relevant Group
Entity. 
 14.6 Indemnification. To the extent allowable pursuant to Applicable Laws, each member of the Committee or of the Board
shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member in connection with or resulting from any claim, action, suit, or proceeding to which he
or she may be a party or in which he or she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction of judgment in such action, suit, or proceeding
against him or her; provided he or she gives the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not
be exclusive of any other rights of indemnification to which such persons may be entitled pursuant to the Company’s Memorandum of Association and Articles of Association, as a matter of law, or otherwise, or any power that the Company may have
to indemnify them or hold them harmless. 
 14.7 Expenses. The expenses of administering the Plan shall be borne by the Group
Entities. 
 14.8 Fractional Shares. No fractional Shares shall be issued and the Committee shall determine, in its discretion,
whether cash shall be given in lieu of fractional Shares or whether such fractional Shares shall be eliminated by rounding up or down as appropriate. 

  
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 14.9 Government and Other Regulations. The obligation of the Company to make payment
of awards in Shares or otherwise shall be subject to all Applicable Laws, and to such approvals by government agencies as may be required. The Company shall be under no obligation to register any of the Shares paid pursuant to the Plan under the
Securities Act or any other similar law in any applicable jurisdiction. If the Shares paid pursuant to the Plan may in certain circumstances be exempt from registration pursuant to the Securities Act or other Applicable Laws, the Company may
restrict the transfer of such Shares in such manner as it deems advisable to ensure the availability of any such exemption. 
 14.10
Governing Law. The Plan and all Award Agreements shall be construed in accordance with and governed by the laws of the Cayman Islands. 

14.11 Awards Subject to Clawback. The Awards and any cash payment or Shares delivered pursuant to such an Award are subject to
forfeiture, recovery by the Company or other action pursuant to the applicable Award Agreement or any clawback or recoupment policy which the Company may adopt from time to time, including without limitation any such policy which the Company may be
required to adopt under the Dodd-Frank Wall Street Reform and Consumer Protection Act and implementing rules and regulations thereunder, or as otherwise required by Applicable Law. 

  
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