Document:

Document

EXHIBIT 10.1

Execution Version

[***] indicates information that has been excluded from this Exhibit 10.1 because such information is both 1) not material and 2) the type of information that the Registrant customarily treats as private and confidential.  

Commitment Agreement

June 17, 2021 (the “Commitment Agreement Date”)

Athene Annuity and Life Company (“AAIA”), Athene Annuity & Life Assurance Company of New York (“AANY” and together with AAIA, the “Insurers” and each, an “Insurer”), Sonoco Products Company (“Company”), acting solely in its settlor capacity as plan sponsor of the Sonoco Products Pension Plan for Inactive Participants (the “Plan”) and exclusively for the limited purposes described herein, Sonoco Investment Council of the Sonoco Products Pension Plan for Inactive Participants (“Council”), acting solely for the limited purposes described herein, and State Street Global Advisors Trust Company (“Independent Fiduciary”), acting on behalf of the Plan and solely in its capacity as the independent fiduciary of the Plan, hereby agree that (a) AAIA shall provide a nonparticipating single premium group annuity contract (the “AAIA Contract”) supported by its commingled separate account and its general account and (b) AANY shall provide a nonparticipating single premium group annuity contract (the “AANY Contract” and together with the AAIA Contract, the “Contracts” and each, a “Contract”) supported by its commingled separate account and its general account, each in connection with the settlement of liabilities associated with the benefits arising under the Plan, subject to the terms and conditions of this Commitment Agreement (this “Commitment Agreement”).  Capitalized terms not defined in paragraphs 1-12 of or the Schedules to this Commitment Agreement are defined in paragraph 13. By signing this Commitment Agreement, Insurers, Company (exclusively for the limited purposes described herein), Council (solely for the limited purposes described herein) and Independent Fiduciary agree as follows:

1.Closing.  The delivery of the Closing Date Transfers described in paragraph 3 to Insurers (the “Closing”) will take place on June 24, 2021, if on such date all of the conditions set forth in paragraph 11 have been satisfied or waived (the “Closing Date”).  

2.Contract Issuance.    

a.Timing.  After the Commitment Agreement Date, each Insurer, Company and Independent Fiduciary shall each use [***] efforts to revise the applicable Contract to reflect such revisions that were mutually agreed to by the parties prior to the Commitment Agreement Date but not yet included in the terms set forth in the group annuity contract form (the “Specimen GAC Form”) attached hereto as Schedule 1, if any, and will use [***] efforts to negotiate any additional revisions to the applicable Contract and any revisions to the related forms of annuity certificates in accordance with paragraph 2.c., below.  Each Insurer shall submit the applicable Contract for approval by the applicable state’s insurance commission no later than fourteen (14) days after such Insurer, Company and Independent Fiduciary have agreed to the final terms of the applicable Contract (or such later date agreed to by the parties).  In the event that any such approval, to the extent required by 
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EXHIBIT 10.1

Execution Version

applicable law, is not granted, or if a Contract is disapproved by the applicable state’s insurance  

commission, the applicable Insurer, Independent Fiduciary and Company will cooperate in good faith to mutually agree on modifications to the applicable Contract to address the requests of the applicable state’s insurance commission, if any, and, to the extent possible, to preserve the provisions included in such Contract as revised in accordance with this paragraph 2.  Each Insurer will use [***] efforts to obtain applicable regulatory approvals of customized annuity certificates prior to the annuity certificate mailing date set forth in paragraph 5.c., and shall submit the applicable forms of annuity certificates for approval by the applicable state(s)’s insurance commission, in the case of AANY, no later than fourteen (14) days after AANY, Company and Independent Fiduciary have agreed to the final terms of such certificates, and in the case of AAIA, no later than fourteen (14) days after AAIA receives regulatory approval of the AAIA Contract, provided that AAIA, Company and Independent Fiduciary have agreed to the final terms of such certificates.

b.    Subject to each Insurer’s receipt of the applicable Closing Date Transfers, within five (5) Business Days after the Data Finalization Date (or such other date agreed to by the parties), and subject to approval by the applicable state insurance commission, AAIA and Company, in its role as Plan sponsor and Plan administrator, each shall execute the AAIA Contract, and AANY and Company, in its role as Plan sponsor and Plan administrator, each shall execute the AANY Contract. Each Insurer and Company will reflect in the applicable Contract, as needed, the Data Changes and premium adjustments described in paragraph 3.j., and such Insurer will reflect any agreed upon changes in the final annuity exhibits, which will be attached to and become part of the applicable Contract.  The final annuity exhibits to the applicable Contract will be consistent with the payees on the Tab titled “Data” of the Base File, with such adjustments based on the Data Changes described in paragraph 3.j.  Subject to each Insurer’s receipt of the applicable Closing Date Transfers in accordance with paragraph 3.a., each Insurer irrevocably commits to make payments to annuitants commencing on the Insurer Financial Payment Date in accordance with the Specifications (as defined in paragraph 2.c.) and, once issued, the applicable Contract. Each Insurer will make such payments even if the applicable Contract has not been issued by such Insurer as of the Insurer Financial Payment Date.  

c.   Terms.  The terms of each Contract and related forms of annuity certificates shall be consistent with the Request for Annuity Pricing Proposal of Sonoco Products Company For the Sonoco Pension Plan for Inactive Participants dated [***], the Base File, the terms set forth in the Specimen GAC Form attached hereto as Schedule 1, with such modifications agreed on in accordance with paragraph 2.a. (together, the “Specifications”), the Insurers’ final proposal dated [***] and the Insurers’ final quotes dated [***].

3.Closing Premium.

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a.Premium Payment:  

i.So long as the conditions to Closing set forth in paragraph 11 have been satisfied, the Independent Fiduciary will direct the Plan Trustee to pay AAIA, per the wire and asset transfer instructions to be delivered to the Company by the Insurers no later than one Business Day after the Commitment Agreement Date (the “Transfer Instructions”), $[***] (the “AAIA Premium Amount”) on the Closing Date by: (1) assigning, transferring, and delivering to AAIA, or instructing The Depository Trust Clearing Corporation to transfer to AAIA, by the Cut-Off Time, all rights, title and interests in and to each applicable Eligible Asset, and paying to AAIA an amount in Cash equal to the excess, if any, of the AAIA Premium Amount less the applicable Transferred Asset Valuation. 
ii.So long as the conditions to Closing set forth in paragraph 11 have been satisfied, the Independent Fiduciary will direct the Plan Trustee to pay AANY, per the Transfer Instructions, $[***] (the “AANY Premium Amount”) on the Closing Date by: (1) assigning, transferring, and delivering to AANY, or instructing The Depository Trust Clearing Corporation to transfer to AANY, by the Cut-Off Time, all rights, title and interests in and to each applicable Eligible Asset, and (2) paying to AANY an amount in Cash equal to the excess, if any, of the AANY Premium Amount less the applicable Transferred Asset Valuation.
iii.In addition, so long as the conditions to Closing set forth in paragraph 11 have been satisfied, on the Closing Date, Independent Fiduciary will direct the Plan Trustee to pay or cause to be paid to each Insurer the applicable Interim Asset Cash Flows (such payment, together with the payment of the applicable Premium Amount, with respect to AAIA, the “AAIA Closing Date Transfers” and with respect to AANY, the “AANY Closing Date Transfers”, and together, the “Closing Date Transfers”).  Each Insurer will deposit the applicable Closing Date Transfers into the separate account that supports the applicable Contract.  
iv.If on or following the Closing Date, the Plan Trust, the Plan, or Company receives any payments with respect to any Transferred Asset, then to the extent any such payment (i) was not reflected in the applicable Transferred Asset Valuation used to determine the applicable Premium Amount or (ii) in the case of accrued interest on such Transferred Asset, was not made with respect to an accrual period that occurred after the Commitment Agreement Date, such payments will be retained by the Plan Trust or, if the Plan Trust is no longer in existence at the time of such payment, Company; otherwise, Independent Fiduciary will direct the Plan Trustee to promptly pay to such Insurer an amount in Cash equal to such payment.  In all cases, Company, Independent Fiduciary and each Insurer will work in good faith to cause any misdirected payments to be made to the correct party.
v.[***]

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b.Schedule 2 Updates. On the second Business Day after the Commitment Agreement Date, the Insurers will deliver to Council an updated Schedule 2 that reflects the Transferred Asset Market Value of each Schedule 2 Asset by providing [***] with respect to each Schedule 2 Asset.  If Council, an Insurer and Independent Fiduciary, despite using good faith efforts, cannot resolve any dispute with respect to any such information on or prior to the Closing Date, then such Insurer’s determination will control for purposes of the Closing Date Transfers, but Council or Independent Fiduciary may immediately commence an arbitration dispute pursuant to Schedule 8 with respect to any such information, and such Insurer’s determination shall be subject to retroactive adjustment based on the determination of such arbitration. On the Closing Date, the Insurers will, if needed, update Schedule 2 to reflect the removal of any asset that is not received by either Insurer prior to the Cut-Off Time. The Insurers will, if needed, further update Schedule 2 to reflect the removal of any asset that is determined to be an Ineligible Asset [***] and [***] is returned to the Plan Trust in accordance therewith.

c.Asset Portfolio Activity. On and as of the Business Day prior to the Closing Date, the Insurers will provide to Council asset portfolio activity information in the form of Schedule 3 [***] with respect to each Schedule 2 Asset and reflecting all Interim Asset Cash Flows.  Prior to the Closing Date, Council will confirm to the Insurers in writing that such information is accurate and complete or will provide any additions, deletions, or corrections to such information.  If Council and an Insurer have a dispute with respect to any such information and, despite using commercially good faith efforts, cannot resolve such dispute on or prior to the Business Day prior to the Closing Date, then such Insurer’s asset portfolio activity information will control for purposes of the applicable Closing Date Transfers, but Council or Independent Fiduciary may immediately commence an arbitration dispute pursuant to Schedule 8 with respect to any such information, and such Insurer’s asset portfolio activity shall be subject to retroactive adjustment based on the determination of such arbitration.

d.Ineligible Assets.  By written notice to the other party on or before the fifth Business Day following the Closing Date, Council or an Insurer may identify as an Ineligible Asset any asset that was transferred to such Insurer as part of the applicable Closing Date Transfers, and such parties will work in good faith for seven (7) Business Days following the receipt of such notice to agree on which, if any, assets constituting part of the applicable Closing Date Transfers are Ineligible Assets. If the parties agree that an asset is an Ineligible Asset within such seven (7) Business Days following the receipt of such notice, then, on or before the date that is three (3) Business Days following such agreement, Independent Fiduciary will direct the Plan Trustee to promptly pay or cause to be paid to such Insurer an amount, in Cash, per the Transfer Instructions, equal to [***], and, simultaneously with receipt of such payment, such Insurer will return each such asset to the Plan Trust together with any Interim Asset Cash Flows associated with such asset. 

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e.[***].  By written notice to the other party on or before the fifth Business Day following the Closing Date, Council or an Insurer may identify [***], and such parties will work in good faith for seven (7) Business Days following the receipt of such notice to agree [***]. If the parties agree that [***] within such seven (7) Business Days following the receipt of such notice, then, on or before the date that is three (3) Business Days following such agreement, the Independent Fiduciary will direct the Plan Trustee to promptly pay or cause to be paid to such Insurer an amount, in Cash, per the Transfer Instructions, equal to [***].

f.Interest Payments.  Any payment made pursuant to paragraph 3.d., 3.e. or 3.j. will also include an amount, in Cash, equal to the interest on such payment calculated at an annual rate equal to [***], from the Closing Date through but excluding the date of such payment.

g.Additional Actions with Respect to Eligible Assets.  Independent Fiduciary will direct the Plan Trustee to promptly give or cause to be given all notices that are required, under applicable law and the terms of each Eligible Asset, in connection with the sale, assignment, transfer, and delivery of the Eligible Assets on the Closing Date.  Independent Fiduciary will direct the Plan Trustee to, and the Insurers will promptly, execute, deliver, record, file, or cause to be executed, delivered, recorded, or filed any and all releases, affidavits, waivers, notices, or other documents that Council or the Insurers may reasonably request in order to implement the transfer of the Eligible Assets to the Insurers. [***].

h.Risk of Loss on Transferred Assets; Gains on Transferred Assets. Each Insurer acknowledges and agrees that, if the applicable Closing Date Transfers occur, then, from and after the Commitment Agreement Date, such Insurer bears any and all risks associated with each applicable Transferred Asset.

i.Available Assets.  Company will cause the Plan Trust to have sufficient Cash or other assets (whether by means of a Cash contribution or otherwise) to enable the Plan Trustee to pay all amounts that it is directed to pay to each Insurer by Independent Fiduciary pursuant to this Commitment Agreement.

j.Premium Adjustments.  After the Commitment Agreement Date and [***], Company and each Insurer will cooperate in good faith to identify any data errors (“Data Changes”), including new lives, deaths prior to the Closing Date, deleted lives not related to death and changes in or adjustments to existing annuitant data including, but not limited to the following: date of birth, monthly benefit amount, gender, form of annuity, description of annuity, state of residence and qualified domestic relations orders.  To the extent that the Data Changes [***] occurring prior to [***] fall within a [***]% pricing corridor (meaning that the resulting adjustment to [***] whether positive or negative, does not exceed an amount equal to [***]% of [***]), each Insurer will calculate the adjustment to the premium for each Data Change on a life-by-life basis, consistent with pricing assumptions and methodologies that are [***].  Any adjustment in excess of the [***]% corridor will be priced by [***].  On or [***], such Insurer will deliver to Company proposed annuity exhibits utilizing and 
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consistent with the Base File and reflecting any Data Changes identified by the parties.  The parties will work in good faith to resolve any discrepancies in the proposed annuity exhibits on or before [***].  On or before [***], such Insurer will deliver to Company for review (A) a calculation of the premium adjustment on a life-by-life basis and (B) the agreed upon annuity exhibits, which will reflect any changes agreed to by the parties; provided that such Insurer may exclude from the annuity exhibits any Payee for which such Insurer has not been provided each of the following: [***]. The parties will work in good faith to resolve any discrepancies in the proposed premium adjustment calculation on or before [***].  All premium adjustments will be paid within [***] following the Data Finalization Date (or such other date agreed to by the parties) as follows:

i.If a premium adjustment is a positive number, then Independent Fiduciary will direct the Plan Trustee to (or, if the Plan is not in existence as of such date, Company will) pay to the applicable Insurer an amount, in Cash, equal to such premium adjustment, plus interest calculated in accordance with paragraph 3.f. from the Closing Date through the date of payment, and such Insurer will deposit the Cash into the commingled separate account that supports the applicable Contract; or

ii.If a premium adjustment is a negative number, then the applicable Insurer will pay to the Plan Trust (or if the Plan Trust is not in existence as of such date, Company) an amount, in Cash, equal to the absolute value of such premium adjustment plus interest calculated in accordance with paragraph 3.f. from the Closing Date through the date of payment.

4.Public Announcements and Other Communications.

a.Press Releases.  Insurers and Company (and if referenced in the release, Independent Fiduciary) shall cooperate in good faith to agree on any press release by Insurers, Company, or Independent Fiduciary regarding the annuity purchase and the transactions contemplated by this Commitment Agreement; provided, however, that no party shall issue a press release or otherwise publicly disclose the transactions described in this letter unless and until each other party, in its discretion, approves such disclosure in writing prior to such disclosure.  Notwithstanding the foregoing and subject to subsection 4.c below, nothing contained in this paragraph 4.a. will prevent an Insurer from (i) [***] the applicable covered lives, contingent lives, alternate payees and beneficiaries[***]; or (ii) [***] the transactions contemplated by this Commitment Agreement so long as [***].   

b.SEC Filings.  If either Insurers or Company concludes that disclosure of this Commitment Agreement is required by the rules of the Securities and Exchange Commission (“SEC”), (1) Company and Insurers will cooperate in good faith to make an application by Company and/or Insurers, as applicable, with the SEC for confidential treatment of information relating to the pricing of the Contracts and such other information as Company and Insurers mutually conclude is competitively sensitive from the perspective of Company or Insurers or otherwise merits confidential treatment, (2) Company and/or Insurers, as applicable, will include the 
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other party (or parties) in any material correspondence (written or oral) with the SEC regarding such application for confidential treatment, and (3) Company and Insurers will otherwise reasonably cooperate in connection with such application.

c.No Insurer Communications.  [***] without Company’s prior written consent, (1) such Insurer will cause its employees not to initiate any contact or communication with any participant or beneficiary of the Plan in connection with any transactions other than those transactions contemplated by this Commitment Agreement, and (2) such Insurer will not, and will cause all of its affiliates not to, provide any of their respective insurance agents, wholesalers, retailers, or other representatives with any contact information of such participants and beneficiaries of the Plan obtained from Company or any of its representatives in connection with the transactions contemplated by this Commitment Agreement, except for those representatives of such Insurer or any of their respective affiliates who need to know such information for purposes of the transactions contemplated by this Commitment Agreement and agree to comply with the requirements of this Commitment Agreement.  However, this paragraph 4.c. will not restrict employees of an Insurer from contacting any participant or beneficiary of the Plan in connection with, or to facilitate, such Insurer’s performance of its obligations under the applicable Contract, the annuity certificates or this Commitment Agreement.  Until the [***] by an Insurer to an annuitant, other than as provided for in this Commitment Agreement, if any participant or beneficiary of the Plan contacts an employee of such Insurer, such Insurer and Company will cooperate to coordinate on a response to such participant or beneficiary.

5.Welcome Kit and Annuity Certificates.  

a.Cooperation.  Insurers, Company and Independent Fiduciary will cooperate in good faith to agree on communications to be provided to annuitants, including the Welcome Kit and the annuity certificates, subject to paragraphs 5.b. and 5.c.

b.Welcome Kit.  On or before [***], each Insurer will mail a welcome kit to annuitants (each, a “Welcome Kit”).  Each Insurer will send a preliminary draft of the applicable Welcome Kit to Company and Independent Fiduciary as soon as practicable, and such Insurer will consider in good faith any comments made by Company or Independent Fiduciary on or before ten (10) Business Days after they receive the preliminary draft of the applicable Welcome Kit from such Insurer.

c.Annuity Certificates.  Each Insurer will use [***] efforts to obtain all regulatory approvals that are necessary for the issuance of any annuity certificate.  Each Insurer will mail an annuity certificate to each applicable annuitant no later than the later of (i) sixty (60) days following the applicable Contract execution date and (ii) sixty (60) days after all required regulatory approvals of the applicable annuity certificates have been obtained (or such later date agreed to by the parties).  To the extent that any regulator requires, or the applicable parties hereto otherwise agree on, changes to be made to the forms of annuity certificate or the related benefit terms after Company, the applicable Insurer, and Independent Fiduciary have agreed on the forms of annuity certificates to be filed and the related benefit terms, the mailing of 
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an annuity certificate to each applicable annuitant shall be extended by the number of days elapsed since Company, the applicable Insurer, and Independent Fiduciary had first agreed on the form of such annuity certificate and the related benefit terms.  Each annuity certificate will include statements informing an annuitant of (A) his or her right to obtain a copy of the applicable Contract, (B) how to obtain such copy of such Contract (redacted to exclude [***]), and (C) his or her right to enforce [***], provisions with respect to such annuitant’s annuity payments under such Contract, solely against the applicable Insurer and against no other person including the Plan, Company, or any affiliate thereof.  The rights of an annuitant are not conditioned on the issuance of the annuity certificates, and any delay in issuing a certificate will not have any effect on the date as of which the annuitant has enforceable rights against the applicable Insurer.

6.Administration and Transfer.  

a.Administrative Transition.  Company will provide or cause to be provided to each Insurer the information needed by such Insurer to administer the payments under the applicable Contract and will complete or cause to be completed all processes set forth in Schedule 4.  Company and each Insurer will use [***] efforts to take or cause to be taken all actions and do or cause to be done all things necessary to coordinate the takeover by such Insurer of all administration responsibilities necessary to effectively provide recordkeeping and administration services regarding payments under the applicable Contract commencing on the Insurer Financial Payment Date.  Company will provide the Insurers with final census data in good order on or before the Closing Date in order for each Insurer to provide recordkeeping and administration services regarding payments to the applicable Payees under the applicable Contract commencing on the Insurer Financial Payment Date. Company agrees to cooperate with each Insurer in the takeover of such applicable recordkeeping and administration services, including ensuring that any third-party service provider provides such Insurer with any information or records relating to the Plan benefits and the applicable Payees in its possession. Company will make Plan representatives available to promptly address any questions the Insurers may have regarding the benefit provisions, including but not limited to forms of annuity, eligibility conditions, administrative practices and calculation methodology. 

b.Call Center and Company Contact.  From the date the applicable Welcome Kit is mailed, each Insurer will maintain, at its cost and expense, a toll-free phone number and website (each, a “Call Center”), which will be available for annuitants (or any other payee 

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designated in the applicable Contract) to contact such Insurer with questions related to the applicable Contract and the applicable annuity certificates, including administration questions and data updates. Representatives of such Insurer at its customer service center will, from the Closing Date until such Insurer’s Call Center becomes available, respond to inquiries from annuitants (or any other payee designated in the applicable Contract) by providing a general description of the transfer of benefits and referring or transferring the caller to the current Plan administration customer line. Company will maintain for a period of one year following the Closing Date, at its cost and expense, a point of contact (the “Company Contact”) to which Insurers may refer annuitants who pose questions related to their previous Plan benefits. In the event that an annuitant contacts Company with questions related to a Contract and annuity certificates issued thereunder, Company may refer the caller to the applicable Call Center. In the event that an annuitant contacts an Insurer with questions related to the annuitant’s Plan benefits that are not within the responsibilities of Insurers, such Insurer may refer the caller to the Company Contact.  

7.Insurers’ Representations and Warranties.  Each Insurer hereby represents and warrants to Company and Independent Fiduciary as of the Commitment Agreement Date and (unless otherwise stated) as of the Closing Date, severally as to itself and not jointly, that:

a.Due Organization, Good Standing and Corporate Power.  Such Insurer is a life insurance company, duly organized, validly existing and in good standing under the laws of the State of Iowa (in the case of AAIA) and the State of New York (in the case of AANY).  Such Insurer is duly qualified or licensed to do business and is in good standing in each jurisdiction in which its performance of its obligations in the Commitment Agreement, the transactions contemplated hereunder and the applicable Contract makes such qualification or licensing necessary, except in such jurisdictions where the failure to be in good standing or so qualified or licensed would not be material.  Such Insurer has all requisite corporate power and legal authority to enter into and carry out its obligations under this Commitment Agreement and the applicable Contract and to consummate the transactions contemplated to be undertaken by such Insurer in this Commitment Agreement and the applicable Contract.

b.Compliance with Laws.  [***] the business of insurance conducted by such Insurer has been and is being conducted in material compliance with applicable laws, and none of the licenses, permits or governmental approvals required for the continued conduct of the business of such Insurer as such business is currently being conducted will lapse, terminate, expire or otherwise be impaired as a result of the consummation of the transactions contemplated to be undertaken by such Insurer in this Commitment Agreement, except as, in either case, would not reasonably be 
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expected to have, individually or in the aggregate, a material adverse effect on the ability of such Insurer to perform its obligations under this Commitment Agreement. 

c.Relationship to the Plan.  Such Insurer is not (1) a trustee of the Plan (other than a non-discretionary trustee who does not render investment advice with respect to any assets of the Plan), (2) an administrator of the Plan (within the meaning of ERISA § 3(16)(A) and Code § 414(g)) or (3) an employer of any employees covered by the Plan.  Neither such Insurer nor any of such Insurer’s affiliates is a fiduciary of the Plan who either (1) has or exercises any discretionary authority or control with respect to the investment of Plan Assets that are or will be involved in the transactions contemplated by the Commitment Agreement or the applicable Contract or (2) renders investment advice (within the meaning of ERISA § 3(21)(A)(ii) or Code § 4975(e)(3)(B)) with respect to such assets.  Schedule 5 sets forth a true and complete list of (I) such Insurer and such Insurer’s affiliates that are investment managers within the meaning of ERISA § 3(38)(B) and (II) without duplication of clause (I), such Insurer and such Insurer’s affiliates that are registered as investment advisers under the Investment Advisers Act of 1940; provided, however, that solely with respect to the representation and warranty as to Schedule 5 to be made by such Insurer on and as of the Closing Date, Insurers may update Schedule 5 through the Closing Date by providing a written update to Company so that the information included therein is current on and as of the Closing Date.  Mercer Investments LLC is not an affiliate of either Insurer.

d.No Post-Closing Liability.  Following the Closing, the Plan, Company and Independent Fiduciary and their respective affiliates and representatives will not have any liability to pay any annuity payment under the applicable Contract.

e.RBC Ratio.  As of the Commitment Agreement Date, such Insurer’s most recent Projected RBC Ratio is [***] and to such Insurer’s knowledge no event (including a change to financial market metrics) has occurred between the date of such Insurer’s most recent Projected RBC Ratio and the Commitment Agreement Date that would be expected to cause such Insurer’s most recent Projected RBC Ratio to [***].

f.No Commissions.  No commissions are or will be owed by such Insurer to any individual or entity in connection with the transactions contemplated in this Commitment Agreement and the applicable Contract for which any other party, or its respective affiliates or representatives, could be liable.

g.Enforceability; No Conflict.  Such Insurer has received all necessary corporate approvals and no other action on the part of such Insurer is necessary to authorize the execution, delivery and performance of this Commitment Agreement and the applicable Contract, and the consummation of the transactions contemplated to be undertaken by such Insurer in this Commitment Agreement and the applicable Contract.  This Commitment Agreement has been duly executed and delivered by such Insurer and is a valid and binding obligation of such Insurer and enforceable against such Insurer in accordance with its terms, subject to the applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting the enforcement of creditors’ rights generally and by general 
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equitable principles (“Enforceability Exceptions”).  The execution, delivery, and performance of this Commitment Agreement and the applicable Contract by such Insurer, and the consummation by such Insurer of the transactions contemplated to be undertaken by such Insurer in this Commitment Agreement, do not (1) violate or conflict with any provision of its certificates or articles of incorporation, bylaws, code of regulations, or comparable governing documents, (2) except for the filings and approvals of state insurance governmental authorities in the applicable states listed on Schedule 6, violate or conflict with any law or order of any governmental authority applicable to such Insurer, (3) require any governmental or governmental agency approval other than any filing made or approval received as of the Commitment Agreement Date and filings with and approvals of state insurance governmental authorities in the applicable states listed on Schedule 6 or (4) require any consent of or other action by any person under, constitute a default or an event that, with or without notice or lapse of time or both, would constitute a default under, or cause or permit termination, cancellation, acceleration or other change of any right or obligation or the loss of any benefit under, any provision of any contract to which such Insurer is a party, except where the occurrence of any of the foregoing would not have a material adverse effect on such Insurer’s ability to consummate the transactions and perform its obligations contemplated by this Commitment Agreement.  No filing or approval is required to issue the annuity certificates in accordance with the applicable Contract, other than any filing made or approval received as of the Commitment Agreement Date and filings with and approvals of state insurance governmental authorities in the applicable states listed on Schedule 6.

h.The Applicable Contract.  The applicable Contract, when executed, will be duly executed and delivered by such Insurer and will be a valid and binding irrevocable obligation of such Insurer and enforceable against such Insurer by the contract-holder, and each annuitant, contingent annuitant, alternate payee and beneficiary thereunder in accordance with its terms, subject to the Enforceability Exceptions.  No governmental approval is required for such Insurer to issue such Contract, other than any filing made or approval received as of the Commitment Agreement Date and filings with and approvals of state insurance governmental authorities in the applicable states listed on Schedule 6.  At all times, the right to a benefit and all other provisions under the applicable Contract, in accordance with such Contract’s terms, will be enforceable by the sole choice of the annuitant, contingent annuitant, alternate payee or beneficiary to whom the benefit is owed under such Contract, subject to the Enforceability Exceptions.  Even if Company, as the contract-holder, ceases to exist, notifies such Insurer that it will cease to perform its obligations under the applicable Contract, or no longer has obligations under the applicable Contract, the applicable Contract will remain a valid and binding obligation of such Insurer, irrevocable and in full force and effect, and enforceable against such Insurer by each annuitant, contingent annuitant, alternate payee or beneficiary thereunder in accordance with its terms, subject to the Enforceability Exceptions.

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i.Accuracy of Information.  To such Insurer’s knowledge (i) all material information provided by such Insurer to Company or Independent Fiduciary (other than any component incorporated into the calculation of the applicable Premium Amount or the applicable premium adjustment under paragraph 3.d. not calculated, determined or provided by such Insurer, including, as applicable, the census data information as described in the Specifications, and any information provided by such Insurer based on any such component) in connection with the transactions contemplated by this Commitment Agreement was, as of the date indicated on such information, true and correct in all material respects and (ii) no change has occurred since the date indicated on such information that such Insurer or any of its affiliates has not publicly disclosed or disclosed to the recipient of such information that would cause such information, taken as a whole, to be materially false or misleading.

j.Litigation.  There is no action pending or, to such Insurer’s knowledge, threatened against such Insurer that in any manner challenges or seeks to prevent, enjoin or materially alter or delay the transactions contemplated by this Commitment Agreement or that could reasonably be expected to materially impair or restrict such Insurer’s ability to consummate the transactions contemplated by this Commitment Agreement and to perform its obligations hereunder; [***].

k.Sophisticated Investor. Such Insurer is a sophisticated investor with experience in the purchase of the assets of the type to be included in the Transferred Assets. Such Insurer has had access to such information as it deems necessary in order to make its decision to acquire the Transferred Assets from the Plan. Such Insurer acknowledges and agrees that neither Company, Independent Fiduciary, nor the Plan has given any investment advice or rendered any opinion to such Insurer as to whether the acquisition of the Transferred Assets is prudent.

8.Company Representations and Warranties.  Company hereby represents and warrants to each Insurer and Independent Fiduciary as of the Commitment Agreement Date and (unless otherwise stated) as of the Closing Date that:

a.Due Organization, Good Standing and Corporate Power.  Company is a corporation duly organized, validly existing and in good standing under the laws of South Carolina.  Company is duly qualified or licensed to do business and is in good standing in each jurisdiction in which its performance of its obligations in the Commitment Agreement and the Contracts makes such qualification or licensing necessary, except in such jurisdictions where the failure to be in good standing or so qualified or licensed would not be material.  

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Company has all requisite corporate power and legal authority to enter into and carry out its obligations under this Commitment Agreement and each Contract and to consummate the transactions contemplated to be undertaken by Company in this Commitment Agreement and each Contract. 

b.Accuracy of Information. To Company’s knowledge, (1) the mortality experience data file identified on Schedule 7 provided by or on behalf of Company and the Plan to Insurers did not contain any misstatements or omissions that were, in the aggregate, material, and (2) the data in respect of benefit amounts, forms of annuities, and census data for date of birth, date of death, state of residence, or gender, in each case, with respect to the annuitants or survivor annuitants that is furnished on behalf of Company and the Plan to Insurers was not generated using any materially incorrect systematic assumptions and did not contain any material omissions.

c.Compliance with ERISA.  The Plan and Plan Trust are maintained under and are subject to ERISA and, to Company’s knowledge, are in compliance with ERISA in all material respects. To Company’s knowledge, no event has occurred that is reasonably likely to result in the Plan losing its status as qualified by the Code for preferential tax treatment under Code §§ 401(a) and 501(a). All amendments to the Plan necessary to effect the transactions contemplated by this Commitment Agreement and each Contract have been duly executed and, to the extent that they require authorization by Company, have been or will be by the Closing Date, duly authorized and made by Company.

d.[RESERVED]

e.Independent Fiduciary.  Independent Fiduciary has been duly appointed as independent fiduciary of the Plan with respect to the purchase of one or more group annuity contracts to be the designated fiduciary responsible for (1) selecting one or more insurers to provide annuities in accordance and compliance with the ERISA Requirements, (2) determining whether the transactions contemplated by this Commitment Agreement and the Contracts satisfy the ERISA Requirements, (3) representing the interests of the Plan and all its participants, beneficiaries and alternate payees in connection with the negotiation and signing of a commitment agreement, such as this one, and, to the extent set forth in the engagement letter dated January 19, 2021, by and between Independent Fiduciary and the fiduciary of the Plan with authority to hire Independent Fiduciary (the “IF Engagement Letter”), negotiating the terms of any agreements with either Insurer, including the Contracts and the annuity certificates, (4) directing the Plan Trustee on behalf of the Plan to transfer the Closing Date Transfers in connection with the consummation of the transactions contemplated by this Commitment Agreement and any amounts required pursuant to paragraph 3 and (5) taking all other actions on behalf of the Plan necessary to effectuate the foregoing to the extent set forth in the IF Engagement Letter.

Commitment Agreement, dated June 17, 2021
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f.Plan Trustee is Directed Trustee.  The Plan Trustee has been duly appointed as the directed trustee of the trust formed under the Plan and is obligated to follow Independent Fiduciary’s directions to effectuate and consummate the transactions contemplated by this Commitment Agreement and the IF Engagement Letter.

g.No Commissions.  No commissions are or will be owed by Company to any individual or entity in connection with the transactions contemplated in this Commitment Agreement and the Contracts for which any other party, or its respective affiliates or representatives, could be liable.

h.Enforceability; No Conflict.  Company has received all necessary corporate approvals and no other action on the part of Company is necessary to authorize the execution, delivery and performance of this Commitment Agreement and the Contracts, and the consummation of the transactions contemplated to be undertaken by Company in this Commitment Agreement and the Contracts.  This Commitment Agreement and each Contract have been or will be duly executed and delivered by Company and is each (or when executed will be) a valid and binding obligation of Company and enforceable against Company in accordance with its terms, subject to the Enforceability Exceptions. The execution, delivery and performance of this Commitment Agreement and each Contract by Company, and the consummation by Company of the transactions contemplated to be undertaken by Company in this Commitment Agreement do not (1) violate or conflict with any provision of the Plan and any documents and instruments governing the Plan as contemplated under ERISA § 404(a)(1)(D) (the “Plan Governing Documents”), the certificates or articles of incorporation, bylaws, code of regulations, or the comparable governing documents of Company, (2) violate or conflict with any law or order of any governmental authority applicable to Company or the Plan Governing Documents, (3) require any governmental or governmental agency approval other than governmental approval that has already been received or (4) require any consent of or other action by any person under, constitute a default or an event that, with or without notice or lapse of time or both, would constitute a default under, or cause or permit termination, cancellation, acceleration or other change of any right or obligation or the loss of any benefit under, any provision of any contract to which Company is a party, except where the occurrence of any of the foregoing would not have a material adverse effect on Company’s ability to consummate the transactions or perform its obligations contemplated by this Commitment Agreement and each Contract.

i.Litigation.  There is no action pending or, to Company’s knowledge, threatened against Company or the Plan that in any manner challenges or seeks to prevent, enjoin or materially alter or delay the transactions contemplated by this Commitment Agreement or that could reasonably be expected to materially impair or restrict such party’s ability to consummate the transactions contemplated by this Commitment Agreement and to perform its obligations hereunder; [***].

Commitment Agreement, dated June 17, 2021
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14

9.Council Representations and Warranties. Council hereby represents and warrants to Insurers and Independent Fiduciary as of the Commitment Agreement Date and as of the Closing Date that neither Insurer nor any of Insurers’ affiliates is a fiduciary of the Plan who either (A) has or exercises any discretionary authority or control with respect to the investment of Plan Assets that are or will be involved in the transactions contemplated by the Commitment Agreement or the Contracts or (B) renders investment advice (within the meaning of ERISA § 3(21)(A)(ii) or Code § 4975(e)(3)(B)) with respect to such assets.  There are no commingled investment vehicles that hold Plan Assets, the units of which are or will be Plan assets involved in the transactions contemplated by this Commitment Agreement or the Contracts.  No assets of the Plan that are or will be involved in the transactions contemplated by this Commitment Agreement or the Contracts are or will be managed by any investment manager listed on Schedule 5, and no investment advisor listed on Schedule 5 renders or will render investment advice (within the meaning of ERISA § 3(21)(A)(ii)) with respect to those assets.  The Plan Assets that are or will be involved in the transactions contemplated by this Commitment Agreement or the Contracts will, immediately prior to the Commitment Agreement Date, be exclusively managed by Mercer Investments LLC.  Mercer Investments LLC has not engaged and will not engage any sub-managers or advisors with respect to its management of the Plan Assets that are or will be involved in the transactions contemplated by this Commitment Agreement or the Contracts.  Investment advice (within the meaning of ERISA § 3(21)(A)(ii)) with respect to the Plan Assets that are or will be involved in the transactions contemplated by this Commitment Agreement or the Contracts is and will be exclusively rendered by Mercer Investments LLC.

10.Independent Fiduciary Representations and Warranties.  Independent Fiduciary hereby represents and warrants to the Insurers and Company as of the Commitment Agreement Date and (unless otherwise stated herein) as of the Closing Date that:

a.Due Organization, Good Standing, and Corporate Power.  Independent Fiduciary is a trust company duly organized, validly existing and in good standing under the laws of the Commonwealth of Massachusetts.  Independent Fiduciary is duly qualified or licensed to do business and is in good standing in each jurisdiction in which its performance of its obligations in this Commitment Agreement and the transactions contemplated hereunder makes such qualification or licensing necessary, except in such jurisdictions where the failure to be in good standing or so qualified or licensed would not be material.  Independent Fiduciary has all requisite corporate power and legal authority to enter into and carry out its obligations under this Commitment Agreement and to consummate the transactions contemplated to be undertaken by Independent Fiduciary in this Commitment Agreement.  

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15

b.Independent Fiduciary Compliance with ERISA.  

i.Independent Fiduciary meets the requirements of, and in the transactions contemplated by this Commitment Agreement is acting as, an “investment manager” under ERISA § 3(38), and further constitutes a “qualified professional asset manager” under the U.S. Department of Labor Prohibited Transaction Class Exemption 84-14 solely with respect to the transfer of assets to each Insurer in connection with the transactions contemplated by this Commitment Agreement and each Contract (but not the selection of such assets or the management of such assets prior to the transfer).

ii.Independent Fiduciary has accepted, and has not rescinded or terminated, its designation as the designated fiduciary of the Plan with authority to select one or more insurers to issue one or more group annuity contracts in the IF Engagement Letter (a true and correct copy of which has been provided to the Insurers, except that the fees to be paid to the Independent Fiduciary and indemnification provisions have been redacted), and the Independent Fiduciary reaffirms its fiduciary status with respect to the Plan as set forth in the IF Engagement Letter.

iii.The Independent Fiduciary is fully qualified and has the requisite expertise together with its reliance on its consultant, Aon Consulting, Inc., and its counsel, K&L Gates LLP, to serve as an independent fiduciary in connection with the transactions contemplated by this Commitment Agreement.

c.ERISA Determinations.  

i.Independent Fiduciary has selected Insurers to each issue the applicable Contract as set forth in this Commitment Agreement. As of (x) the Commitment Agreement Date and (y) the Closing Date, so long as an Independent Fiduciary MAC has not occurred between the Commitment Agreement Date and the Closing Date that is still continuing on the Closing Date: such selection, the transactions contemplated by this Commitment Agreement, the Plan’s use of assets for the purchase of each Contract as contemplated by this Commitment Agreement, and each Contract (including its terms) all satisfy the ERISA Requirements.  Independent Fiduciary has delivered a certification confirming the specific information set forth in the IF Engagement Letter, executed by a duly authorized officer of Independent Fiduciary, to the Plan’s fiduciary that retained the Independent Fiduciary.

ii.The transactions contemplated by this Commitment Agreement and the purchase of each Contract do not result in a Non-Exempt Prohibited Transaction, provided that the representations in paragraph 7.c. and 9. are true and correct in all material respects as of the Closing Date.
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iii.The Plan Trust (1) will receive no less than “adequate consideration” for the Transferred Assets and (2) will pay no more than “adequate consideration” for each Contract, in each case within the meaning of “adequate consideration” under ERISA § 408(b)(17)(B) and Code § 4975(f)(10).

d.No Commissions.  No commissions are or will be owed by Independent Fiduciary to any individual or entity in connection with the transactions contemplated by this Commitment Agreement and the Contracts for which any other party, or its respective affiliates or representatives, could be liable.

e.Enforceability; No Conflict.  This Commitment Agreement is duly executed and delivered by Independent Fiduciary and is a valid and binding obligation of Independent Fiduciary and enforceable against Independent Fiduciary in accordance with its terms.  The execution, delivery, and performance of this Commitment Agreement by Independent Fiduciary, and the consummation by Independent Fiduciary of the transactions contemplated to be undertaken by Independent Fiduciary in this Commitment Agreement, do not (1) violate or conflict with the certificates or articles of incorporation, bylaws, code of regulations, or comparable governing documents of Independent Fiduciary, (2) violate or conflict with any law or order of any governmental authority applicable to Independent Fiduciary, (3) require any governmental approval, (4) violate or conflict with any law or order of any governmental authority applicable to any provision of the Plan Governing Documents or (5) require any consent of or other action by any person under, constitute a default or an event that, with or without notice or lapse of time or both, would constitute a default under, or cause or permit termination, cancellation, acceleration or other change of any right or obligation or the loss of any benefit under, any provision of any contract to which the Independent Fiduciary is a party, except where the occurrence of any of the foregoing would not have a material adverse effect on the Independent Fiduciary’s ability to consummate the transactions and perform its obligations contemplated by this Commitment Agreement.

f.Litigation.  There is no action pending or, to Independent Fiduciary’s knowledge, threatened against Independent Fiduciary that in any manner challenges or seeks to prevent, enjoin or materially alter or delay the transactions contemplated by this Commitment Agreement or that could reasonably be expected to materially impair or restrict Independent Fiduciary’s ability to consummate the transactions contemplated by this Commitment Agreement and to perform its obligations hereunder[***].

Commitment Agreement, dated June 17, 2021
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17

11.Conditions to Closing.  The parties’ obligations to consummate the transactions contemplated by this Commitment Agreement in connection with the Closing, including Independent Fiduciary’s obligation to direct the Plan Trustee to consummate the transactions contemplated by this Commitment Agreement, are subject to the conditions that:  

[***]

Prior to delivery of the Closing Date Transfers, the Independent Fiduciary will notify the Company and Council of: (i) any closing condition in paragraph 11.a. that is not satisfied as of the Closing Date, and (ii) to the extent it is aware, any closing condition in paragraph 11.b. and paragraph 11.c. that is not satisfied as of the Closing Date.  To the extent that the closing conditions of paragraph 11.b. and/or paragraph 11.c. are not satisfied as of the Closing Date [***], the conditions set forth in this paragraph 11.b. and 11.c. shall be deemed to have been waived following the delivery of the Closing Date Transfers; provided, however, the requirements of paragraph 11.a. shall never be waived; provided further that the foregoing [***].

12.Miscellaneous.  

a.The parties each hereby acknowledge that they jointly and equally participated in the drafting of this Commitment Agreement and all other agreements it contemplates, and no presumption will be made that any provision of this Commitment Agreement will be construed against any party by reason of such role in the drafting of this Commitment Agreement or any other agreement contemplated hereby.  No amendment of any of the provisions hereof shall be effective unless set forth in writing and signed by each party hereto.  The Schedules to this Commitment Agreement are incorporated by reference and made a part of this Commitment Agreement as if set forth fully in this Commitment Agreement, which constitutes the sole and entire agreement of the parties to this Commitment Agreement with respect to the subject matter contained herein.  Except as expressly provided for in paragraph 11 above, no waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party or parties so waiving.  No failure to exercise, or delay in exercising, any right, remedy, power, or privilege arising from this Commitment Agreement shall operate or be construed as a waiver thereof.

b.This Commitment Agreement will be governed by, construed and interpreted in accordance with the laws of the State of [***], excluding those provisions relating to conflicts of laws.  Any legal suit, action, matter or proceeding arising out of or in connection with this Commitment Agreement must be instituted in [***], and each party hereby irrevocably submits to the non-exclusive jurisdiction of the courts of [***] in respect of all such matters.  The parties agree that irreparable damage may occur if any of the provisions of this Commitment Agreement were not performed in accordance with their specific terms or were otherwise breached.  Accordingly, each party will be entitled to seek an injunction or injunctions to prevent breaches of this 
Commitment Agreement, dated June 17, 2021
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Commitment Agreement by the breaching party and to enforce specifically the terms and provisions of this Commitment Agreement, in addition to any other remedy to which such party is entitled by law or in equity.  To the fullest extent permitted by law, none of the parties will be liable to any other party for any punitive or exemplary damages of any nature in respect of matters arising out of this Commitment Agreement.

c.Each Insurer will comply, and will ensure that all of its affiliates, agents and subcontractors comply, with all applicable laws and regulations governing the confidential information of all annuitants, contingent annuitants, alternate payees and beneficiaries, including those laws relating to privacy, data security and protection and the safeguarding of such information, and its maintenance, disclosure and use.  Such Insurer will maintain administrative, technical and physical safeguards to protect the privacy and security of the confidential information 
related to annuitants, contingent annuitants, alternate payees and beneficiaries. Such Insurer will comply in all material respects with any internal written policies relating to the confidential information of any annuitant, contingent annuitant, alternate payees or beneficiary as in effect from time to time.  Such Insurer acknowledges that it is solely responsible from and after the Commitment Agreement Date for any Data Breach.  For purposes of this paragraph 12.c., “Data Breach” means any act or omission by such Insurer or its agents, subcontractors or service providers (“Authorized Persons”) that compromises either the security, confidentiality or integrity of any data related to annuitants, contingent annuitants, alternate payees or beneficiaries in its custody or under its control or the physical, technical, administrative or organizational safeguards put in place by such Insurer (or any Authorized Persons) that relate to the protection of the security, confidentiality or integrity of any personally identifying information of any annuitant, contingent annuitant, alternate payee or beneficiary that is in its custody or under its control.

d.From and after the Closing Date, each Insurer will indemnify, defend and hold Company, the Plan, the Plan Trust, Independent Fiduciary, and their respective affiliates, officers, directors, stockholders, employees, plan fiduciaries, agents, consultants and other representatives (each, a “Company Indemnified Party”) harmless from and against any and all losses, claims and other liabilities (in each case, including reasonable out-of-pocket expenses and reasonable fees and expenses of counsel) to the extent arising out of or relating to any alleged or actual failure by such Insurer to perform its obligations under or comply with this Commitment Agreement and the applicable Contract, including to make, or cause to be made, any payments required to be made to an annuitant, contingent annuitant, alternate payee or beneficiary pursuant to this Commitment Agreement or the applicable Contract. 

e.Neither Insurer nor Company, Council, nor Independent Fiduciary will assign or transfer this Commitment Agreement or any of its rights or obligations hereunder without the prior written consent of each other party hereto, which consent shall not be unreasonably withheld.  Any assignment or transfer by any party hereto in violation of this paragraph 12.e. will be null and void from the outset, without any 
Commitment Agreement, dated June 17, 2021
CONFIDENTIAL
19

effect whatsoever.

f.This Commitment Agreement may be executed in any number of counterparts, each of which will be deemed an original but all of which together will constitute one and the same instrument.

13.Definitions.  For purposes of this Commitment Agreement, the following defined terms will have the following meanings:

a.“Base File” means the data file titled “[***]”, provided on behalf of the Company to the Insurers via [***].

b.“Business Day” means any day other than a Saturday, a Sunday or a day on which banks located in New York, New York are authorized or required by law to close.

c.“Cash” means a wire transfer, through the Federal Reserve System, of currency of the United States of America.

d.“Code” means the Internal Revenue Code of 1986 and the applicable Treasury Regulations and other official guidance issued thereunder, as amended from time to time.

e.“Cut-Off Time” means [***] eastern time on the Closing Date.

f.“Data Finalization Date” means [***], or such other date agreed to by the parties.

g.“Eligible Asset” means, with respect to either Insurer, a Schedule 2 Asset (i) that [***], (ii) to which Plan Trust has valid title, free and clear of all Liens, other than Permitted Liens on the Closing Date at the time of transfer, and (iii) to which the Insurers have designated in writing to the Company [***].

h.“ERISA” means Employee Retirement Income Security Act of 1974, as amended, and any federal agency regulations and other official guidance promulgated thereunder that are currently in effect and applicable.

i.“ERISA Requirements” mean all of the applicable requirements of ERISA and applicable guidance promulgated thereunder, including Interpretive Bulletin 95-1.

j.“Fair Market Value” means the fair market value as of the applicable date for a Schedule 2 Asset as in an amount equal to the fair market value as of such date for such Schedule 2 Asset as indicated (i) by the primary pricing source set forth in the table below that corresponds to the applicable asset class of such Schedule 2 Asset, (ii) if such primary pricing source is not available or no fair market value is indicated by such primary pricing source for such Schedule 2 Asset, by the secondary pricing source set forth in the table below that corresponds to the applicable asset class of such Schedule 2 Asset, or (iii) if neither such primary nor secondary pricing source is available or no fair market value is indicated by either such source for such Schedule 2 Asset, Council, Independent Fiduciary, and Insurers will discuss the appropriate 
Commitment Agreement, dated June 17, 2021
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20

pricing source for such Schedule 2 Asset. For any applicable pricing source, the [***] will be used.  

												
	Asset Class
	Primary Pricing Source
	Secondary Pricing Source
	Tertiary Pricing Source

	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]

k.[***]

l.“Ineligible Asset” means a Schedule 2 Asset that is not an Eligible Asset.

m.[***]

n.“Insurer Financial Payment Date” means [***].

o.“Interim Asset Cash Flows” means, with respect to the Transferred Assets, the aggregate amount paid by the issuer of each asset to the record owner as of any day during the period from and including the Commitment Agreement Date and to but excluding the date that the Closing Date Transfers occur, (i) with respect to any coupon, plus (ii) with respect to cash flows received on such assets, including but not limited to principal payments, principal redemptions and tender offers but not including coupons described in clause (i).  Interim Asset Cash Flows will not include any payments made with respect to any Transferred Asset that were due prior to the Commitment Agreement Date and any other cash flows not principal- or interest-related (such as class action payment receipt and litigation payment) relevant to events occurring prior to the Commitment Agreement Date.  For purposes of paragraph 3.c., which relates to “Schedule 2 Assets” instead of “Transferred Assets,” the reference in this definition to “Transferred Assets” shall instead refer to “Schedule 2 Assets.”  For purposes of paragraph 3.d, which relates to “Ineligible Assets” instead of “Transferred Assets,” the reference in this definition to “Transferred Assets” shall instead refer to “Ineligible Assets.”

p.“Lien” means any lien, mortgage, security interest, pledge, deposit, encumbrance, restrictive covenant or other similar restriction.

q.“Mid Price” means, for any applicable pricing source set forth in the definition of Fair Market Value, the mid price as provided by the pricing source.

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21

r.“Non-Exempt Prohibited Transaction” means a transaction prohibited by ERISA § 406 or Code § 4975, for which no statutory exemption or U.S. Department of Labor class exemption is available.

s.“Payee” means, with respect to either Contract, any payee under such Contract, including annuitants, contingent annuitants, alternate payees and beneficiaries, as applicable.

t.“Permitted Liens” means:
i.any Liens created by operation of law in respect of restrictions on transfer of securities (other than restrictions relating to the transfer of a Transferred Asset on the Closing Date in violation of applicable law); or

ii.with respect to any Transferred Asset, any transfer restrictions or other limitations on assignment, transfer or the alienability of rights under any indenture, debenture or other similar governing agreement to which such assets are subject (other than restrictions relating to the transfer of such an asset on the Closing Date in violation of any such restriction).

u.“Plan Asset” means an asset of the Plan within the meaning of ERISA.

v.“Plan Trust” means the Sonoco Master Trust.

w.“Plan Trustee” means The Bank of New York Mellon, or, as applicable, any trustee or custodian with control over the Eligible Assets to be transferred as part of the Closing Date Transfers.

x.“Premium Amount” means, with respect to AAIA, the AAIA Premium Amount and, with respect to AANY, the AANY Premium Amount.

y.“Projected RBC Ratio” means, with respect to an Insurer and as of the day of determination, the projection of such Insurer’s RBC Ratio as of [***].

z.“RBC Ratio” means, with respect to an Insurer, the company action level risk-based capital ratio of such Insurer, which will be calculated in a manner consistent with the requirements and methodologies prescribed under Iowa law (with respect to AAIA) or New York law (with respect to AANY), as applied by such Insurer in the ordinary course of its business, consistent with its historic practices.

aa. “Schedule 2 Asset” means each asset listed from time to time on Schedule 2[***].

bb. “Transferred Asset” means each Eligible Asset transferred to and received by an Insurer by the Cut-Off Time on the Closing Date. Until valid title to an Eligible Asset has transferred to an Insurer, such asset is not a Transferred Asset.
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22

cc.  “Transferred Asset Market Value” means (i) the close-of-market Fair Market Value of a Transferred Asset as of the close of business on the Business Day prior to the Commitment Agreement Date, plus (ii) accrued interest on such Transferred Asset as of the close of business on the Business Day prior to the Commitment Agreement Date.  [***]

dd. “Transferred Asset Valuation” means, with respect to any Insurer, the sum of the Transferred Asset Market Value for each applicable Transferred Asset.

[signature page follows]

Commitment Agreement, dated June 17, 2021
CONFIDENTIAL
23

IN WITNESS WHEREOF, Company, Council, each Insurer, and Independent Fiduciary have executed this Commitment Agreement as of the date first written above.
						
	SONOCO PRODUCTS COMPANY, acting solely in its settlor capacity as plan sponsor of the Plan
	ATHENE ANNUITY AND LIFE COMPANY

	By: /s/ W. Patrick Youngblood
___________________________________
	By: /s/ Sean Brennan
___________________________________

	Print Name: W. Patrick Youngblood
___________________________________
	Print Name: Sean Brennan

	Title: Assistant Treasurer
___________________________________
	Title: EVP, Pension Risk Transfer and Flow Reinsurance
___________________________________

						
	STATE STREET GLOBAL ADVISORS TRUST COMPANY, acting on behalf of the Plan and solely in its capacity as Independent Fiduciary of the Plan
	ATHENE ANNUITY & LIFE ASSURANCE COMPANY OF NEW YORK

	By: /s/ Denise Sisk
___________________________________
	By: /s/ Manic Lefebvre
___________________________________

	Print Name: Denise Sisk
___________________________________
	Print Name: Manic Lefebvre

	Title: Managing Director
___________________________________
	Title: VP, Pension Risk Transfer
___________________________________

			
	SONOCO INVESTMENT COUNCIL, acting solely for the limited purposes described herein

	By: /s/ W. Patrick Youngblood
___________________________________

	Print Name: W. Patrick Youngblood
___________________________________

	Title: Assistant Treasurer
___________________________________

Commitment Agreement Signature Page, dated June 17, 2021
CONFIDENTIAL

Schedule 1 to Commitment Agreement
SPECIMEN GAC FORM
[***]

Schedule 2 to Commitment Agreement
LIST OF SCHEDULE 2 ASSETS
[***]

Schedule 3 to Commitment Agreement
INTERIM ASSET CASH FLOWS
[***]

Schedule 4 to Commitment Agreement
ADMINISTRATIVE TRANSITION
[***]

Schedule 5 to Commitment Agreement
INVESTMENT MANAGERS AND INVESTMENT ADVISERS
[***]

Schedule 6 to Commitment Agreement
STATE INSURANCE GOVERNMENTAL AUTHORITIES
[***]

Schedule 7 to Commitment Agreement
HISTORICAL MORTALITY DATA
[***]

Schedule 8 to Commitment Agreement
ARBITRATION DISPUTE RESOLUTION
[***]

Schedule 9 to Commitment Agreement
INSURER DISCLOSURE
[***]Exhibit 10.11

 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN
THIS DOCUMENT, MARKED BY [*], 

HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE 

COMPETITIVE HARM TO ELEVATION ONCOLOGY, INC.
IF PUBLICLY DISCLOSED.

 

COLLABORATION AGREEMENT

 

This Collaboration Agreement (“Agreement”)
is effective as of the date of the last execution below (the “Effective Date”) by and between Caris MPI, Inc.,
a Texas corporation having its principal business address at 750 West John Carpenter Freeway, Suite 800, Irving, Texas 75039,
and its Affiliates (collectively, “Caris”), and Elevation Oncology, Inc., a Delaware corporation having its principal
business address at 888 7th Ave., 12th Floor, New York NY 10106 (“Elevation”). Caris and Elevation
may each be referred to herein individually as a “Party,” or collectively as the “Parties.”

 

BACKGROUND

 

A.            Caris
is a leading biosciences company that develops series of tests based on its proprietary biotargeting system
to create assays for diagnosis, prognosis, and theranosis of cancer and other complex diseases along with performing comprehensive
laboratory testing for research, development and commercial purposes using multiple platforms and technologies.

 

B.            Elevation
is a biopharmaceutical company engaged in the development of targeted therapeutics for the treatment of cancer.

 

C.            Caris
and Elevation desire to enter into this Collaboration Agreement to jointly discover and develop therapeutics against oncogenic fusions
and/or mutations identified by Caris through whole transcriptome sequencing (WTS) or whole exome sequencing (WES) of tumors across all
cancer indications.

 

Now therefore, in consideration
of the foregoing premises and the mutual covenants and agreements set forth herein, and for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

AGREEMENT

 

		1.	Definitions

 

1.1.            “ADAPT”
means Caris’ proprietary ADAPT Biotargeting SystemTM, an oligonucleotide aptamer-based technology to discover biomarkers and
develop assays for diagnosis, prognosis, and theranosis of cancer and other diseases.

 

1.2.            “Affiliates”
means any corporation, limited liability company, partnership, trust, joint venture or other such entity that is controlled by, controlling,
or under common control with a Party. “Control” in this context means: (i) the enjoyment of direct or indirect
beneficial ownership of at least fifty (50%) interest in the outstanding voting stock (or the equivalent) of the company (or other entity),
or (ii) having the right to direct, appoint or remove a majority of members of its board of directors (or their equivalents ), or
(iii) otherwise having the power to direct the general management and operations of the company or other entity, by law or contract.

 

    
	Caris – Elevation Collaboration Agreement	 	Page 1 of 18

     

    

 

1.3.            “Caris
Personnel” means employees and permitted agents and subcontractors including consultants Caris has engaged or will engage.

 

1.4.            “Collaboration
IP” means all Inventions and associated Intellectual Property that are generated by either or both Parties in connection with
the performance of a Project.

 

1.5.            “Commercially
Reasonable Efforts” means, with respect to the efforts to be expended by any Party with respect to any objective, such commercially
reasonable, diligent, and good faith efforts as such Party would normally use to accomplish a similar objective under similar circumstances
consistent with the exercise of its prudent scientific and business judgment, of diligent efforts and adequate resources to fulfill the
obligation in issue. Subject to the foregoing, Commercially Reasonable Efforts will not mean that the Parties commit that it will actually
accomplish the applicable task.

 

1.6.            “Deliverables”
means all data and results generated in the course of performing Services specified in a Project Schedule (as defined below) for the collaboration,
including records, reports, and other work product.

 

1.7.            “Intellectual
Property” shall mean any or all of the following: (i) all United States and foreign patents and utility models and applications
therefor and all reissues, re-examinations, registrations, confirmations, renewals, extensions, provisionals, supplementary protection
certificates, divisions, continuations and continuations-in-part thereof, and equivalent or similar rights anywhere in the world in inventions
and discoveries; (ii) all trade secrets; (iii) all copyrights, copyrights registrations and applications therefor and all other
rights corresponding thereto throughout the world; (iv) all United States and foreign trademarks, trade names, and service marks
and all other rights corresponding thereto throughout the world; (v) all industrial designs and any registrations and applications
therefor throughout the world; and (vi) any similar, corresponding or equivalent rights to any of the foregoing anywhere in the world.

 

1.8.            “Inventions”
means any invention, discovery, improvement, data or result made, created, conceived, derived, arising from, or reduced to practice under
a Project, including any Intellectual Property rights whether patentable or not.

 

1.9.            “IRB
Approval” shall mean approval from an institutional review board (“IRB”) of a Project.

 

1.10.          “Materials”
means, other than Samples (as defined below), certain compounds, materials, or other substances supplied by either Party under this Agreement.

 

1.11.          “Privacy
Laws” means all applicable state and federal human subject and data protection laws and regulations in effect, including but
not limited to 45 C.F.R. Part 46 and 42 C.F.R. Parts 160 and 164, the Standards for Privacy of Individually Identifiable Health Information
at 45 CFR Part 160, Subpart A, and 45 CFR 164, Subpart E, the Security Standards for the Protection of Electronic Protected Health
Information at 45 CFR Part 164, Subpart C, the Standards for Notification in the Case of Breach of Unsecured Protected Health Information
at 45 CFR Part 164, Subpart D, and the Health Information Technology for Economic and Clinical Health Act of 2009, as amended, and
any law or regulation in any territory, relating to the processing of personal data, personal health information and privacy, each alone
or in combination as may be applicable in a given territory.

 

    
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1.12.          “Project
Schedule” shall mean a schedule attached to this Agreement that specifies the particular details and investigational plans of
a Project and upon mutual agreement shall be executed by the Parties and made part of this Agreement. One or more Project Schedules may
be executed by the Parties under this Agreement from time to time.

 

1.13.          “Project”
shall mean a project wherein Caris and Elevation jointly work to discover and develop a therapeutic against oncogenic fusions and/or mutations
that is mutually agreed upon by the Parties and is set forth in a Project Schedule attached hereto.

 

1.14.          “Regulatory
Authority” means any applicable supra-national, federal, national, regional, state, provincial or local regulatory agencies,
departments, bureaus, commissions, councils or other government entities regulating or otherwise exercising authority with respect to
the therapeutic in any country or territory, including the FDA for the United States.

 

1.15.          “Samples”
means clinical trial specimens supplied by either Party under this Agreement.

 

1.16.          “Therapeutic
Collaboration IP” means all Collaboration IP that comprises the composition of matter, manufacture or use of a therapeutic.

 

		2.	Projects

 

2.1.            Project.
Promptly after execution of this Agreement, the Parties will commence Project development activities to jointly discover, identify and/or
develop a therapeutic. In connection with the Project, each Party will make available appropriate scientific, clinical, medical, regulatory,
manufacturing and other personnel as appropriate to perform the tasks allocated to such Party under the Project.

 

2.2.            Project
Schedule. Each Project Schedule shall specify the details associated with the development activities
to be carried out by each Party for the Project including the responsibilities and/or tasks of each Party, the governance of the
Project, the financial considerations, and other Project specific details. Each Party will use its Commercially
Reasonable Efforts to perform the activities allocated to it in the Project Schedule. Data handling and document management shall be coordinated
between the Parties. If in any case a Project Schedule and this Agreement conflict on any given terms, the terms set forth in the
Project Schedule shall control with respect to the subject matter of the Project Schedule.

 

2.3.            Project
Term. Each Project Schedule shall set forth the start date and conditions for initiation and completion of a Project.

 

2.4.            Compliance;
Recordkeeping. The Parties shall, and shall cause its Affiliates, and shall require its licensees, sublicensees and subcontractors,
to comply with all Applicable Law with respect to its development activities under this Agreement and each Project Schedule. Without
limiting the foregoing, each Party shall use Commercially Reasonable Efforts to maintain records in sufficient detail and in good scientific
manner appropriate for patent and regulatory purposes (including any inspection or audit by any regulatory authority), and in compliance
with Applicable Law, which shall properly reflect work done and results achieved in the performance of its designated development activities.

 

    
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2.5.            Reports.
At least [*], each Party will furnish
to the other via the JSC appropriate summary reports describing the results obtained by such Party in its Project development activities.
In addition, such reports may be furnished at any time at the reasonable request of one Party to the other. In any event, the Parties
agree to keep each other fully informed as to the progress of the Project.

 

2.6.            Transfer.
Performance under this Agreement may require one Party to transfer to the other Party certain items, including without limitation: (i) biological
samples, tissues, cells, or biological material from a subject, including Samples, (ii) patient information or other protected health
information, (iii) molecular profiling data, reports or analysis thereof, (iv) compounds, supplies and other materials, including
Materials, or (v) any other exchange of data, results, analysis, or manuscripts, including Deliverables. Such transfer shall comply
with all applicable laws, rules and regulations including without limitation the Privacy Laws. Unless otherwise specified in a Project
Schedule, the Party initiating the delivery shall be responsible for obtaining all clearances necessary for such transfer.

 

		3.	Samples.

 

3.1.            Transfer.
Elevation shall transfer any Samples to Caris as necessary for the Project. Any expenses incurred for the transfer of the Samples to Caris
will be borne by Elevation. Caris shall use the Samples for the performance of the applicable Project only and shall be solely responsible
for the use or storage of the Samples after their receipt. Promptly after completion of the analysis with a Sample, Caris shall send any
remaining and unused Samples to Elevation’s central repository in accordance with Elevation’s instructions.

 

3.2.            Compliance
with Laws. Elevation represents and warrants that Samples and any related data (the “Sample Data”) it provides
to Caris shall be in full compliance with any applicable federal or state laws and regulations, and in accordance with its own policies
applicable to the transfer of biological materials, in respect to providing Samples, including but not limited to, obtaining IRB Approval
if applicable, obtaining appropriate informed patient consent and waiver as applicable for each Sample and associated information, and
compliance with the requirements of Privacy Laws.

 

3.3.            De-Identification.
For each Sample, Elevation shall provide to Caris any Sample Data necessary for Caris to perform the activities under the Project. Where
applicable and unless otherwise specified in a Project Schedule, any Sample Data exchanged by the Parties shall exclude the following
direct identifiers of an individual or of relatives, employers, or household members of the individuals:

 

    
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3.3.1.            Names;

3.3.2.            Postal
address information, other than town or city, State, and zip code;

3.3.3.            Telephone
numbers;

3.3.4.            Fax
numbers;

3.3.5.            Electronic
mail addresses;

3.3.6.            Social
security numbers;

3.3.7.            Medical
record numbers;

3.3.8.            Health
plan beneficiary numbers;

3.3.9.            Account
numbers;

3.3.10.          Certificate/license
numbers;

3.3.11.          Vehicle
identifiers and serial numbers, including license plate numbers;

3.3.12.          Device
identifiers and serial numbers;

3.3.13.          Web
Universal Resource Locators (URLs);

3.3.14.          Internet
Protocol (IP) address numbers;

3.3.15.          Biometric
identifiers, including finger and voice prints;

3.3.16.          Full
face photographic images and any comparable images;

3.3.17.          Geographic
information smaller than a state (i.e., no county, city or town info); and

3.3.18.          All
elements of dates (except year) directly related to an individual.

 

3.4.            Sample
Data; Use and Handling. Caris acknowledges and agrees that Sample Data provided by Elevation: (a) shall be kept in the provided
form and Caris shall not attempt to re-identify any patient; (b) shall be used in order for Caris to perform the activities under
the Project; (c) shall be handled, stored and used with the reasonable care so as to avoid any loss; (d) will be used in compliance
with all applicable laws, including but not limited to any applicable Privacy Laws and with informed consent of the patients. Additionally,
Caris will have the right to use the Sample Data for signature development, validation and other regulatory activities, and other activities
outside of the main purpose of this collaboration, but Caris shall not (a) publish the Sample Data or provide, transmit or share
the Sample Data with third parties without the prior written consent of Elevation, or (b) directly use or provide the Sample Data
for the benefit of a third party developing or commercializing a product that may be competitive with the product generated under this
Agreement.

 

3.5.            Audit.
Caris grants Elevation the right to audit Caris’ compliance with this Agreement with respect to the Samples and Sample Data. Any
such audit shall be at Elevation’s expense. Elevation shall have the right to authorize an independent representative who is bound
to confidentiality for the conduct of the audit. Caris shall permit access to relevant facilities during normal business hours upon reasonable
advance notice, and shall make available for direct access any requested documents and records necessary to confirm Caris compliance with
respect to the Samples. Caris shall cooperate with Elevation and provide all reasonable assistance for the conduct of such an audit.

 

3.6.            Inspection.
Caris shall promptly inform Elevation of any request for an inspection received from a regulatory authority that may pertain to the use
of the Samples or Sample Data contemplated hereunder. Caris shall provide Elevation with a copy of any inspection report pertaining to
the above.

 

    
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		4.	Compensation

 

4.1.            Each
Party shall fund its own activities under the Project Schedule, unless the Project Schedule explicitly states otherwise.

 

4.2.            Specific
financial considerations for each Project will be set forth in the corresponding Project Schedule.

 

		5.	Confidentiality

 

5.1.            Any
information disclosed by one Party (the “Disclosing Party”) to the other Party (the “Receiving Party”)
under this Agreement, is deemed the confidential information of the Disclosing Party (“Confidential Information”).
The Initial Target List as defined on Exhibit A, shall be Caris’ Confidential Information, and the new targets added by Elevation
to the Revised Target List as defined on Exhibit A shall be Elevation’s Confidential Information, in each case subject to the
terms of this Section 5.

 

5.2.            Except
as expressly allowed through this Agreement, the Receiving Party will: (a) hold the Confidential Information in strict confidence
and take all reasonable precautions to protect the Confidential Information (including, without limitation, take all precautions the Receiving
Party employs with respect to its most confidential materials), (b) not disclose, directly or indirectly, any Confidential Information
or any information derived therefrom to any third person, and (c) not use Confidential Information, except as expressly permitted
under this Agreement.

 

5.3.            Any
employee of the Receiving Party who is given access to any Confidential Information must have a legitimate “need to know,”
must be directly associated with the Project, and under the direct supervision of the Receiving Party, and must be bound in writing to
conditions similar to those applicable to the Receiving Party under this Agreement.

 

5.4.            The
Receiving Party will notify the Disclosing Party in writing immediately upon the occurrence of any unauthorized release or other breach
of this Section of which the Receiving Party is or becomes aware.

 

5.5.            The
obligation of confidentiality under this Section shall not apply to information which a) is or which becomes publicly available ,
or b) is subsequently supplied to the Receiving Party without a breach of an obligation of confidentiality to the Disclosing Party, or
c) is in the possession of the Receiving Party before receipt of the Confidential Information under this Agreement, or d) is independently
developed by the Receiving Party without the use of the Confidential Information, or e) is required to be disclosed by law, government
regulation or court order, provided, that if such compelled disclosure is required, the Receiving Party shall provide the Disclosing Party
with advance prompt notice (to the extent practicable and permitted by law) so that the Disclosing Party may seek a protective order or
take other action reasonable in light of the circumstances to preclude or limit such compelled disclosure, under the applicable law.

 

5.6.            The
term of confidentiality shall extend for a period of [*] beyond the Term of this Agreement.

 

    
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		6.	Management Structure

 

6.1.            Joint
Steering Committee.

 

6.1.1.            Formation
and Function. The Parties will form a joint steering committee (“JSC”) promptly following the Effective Date, that will oversee
and manage the collaboration of the Parties under this Agreement, including: (i) the review and approval of all proposed Project
Schedules and recommending any amendments thereto (subject to agreement by the Parties), (ii) receiving and reviewing updates on
development activities and other activities contemplated by this Agreement, (iii) review and approval of development activities or
any deliverables set forth in any Project Schedule, (iv) ensuring the cooperation and participation of the Parties in the performance
of a Project Schedule, (v) reviewing the recommendations, plans and other activities in support of this Agreement, (vi) resolving
disputes escalated to the JSC in accordance with Section 6.6 (Escalation Process), and (vii) all other matters related to this
Agreement or any development activities expressly delegated to the authority of the JSC hereunder.

 

6.1.2.            Composition.
The JSC will be composed of representatives from each Party, with each Party initially designating three (3) representatives. Each
Party’s representatives will have the appropriate expertise and decision-making authority to fulfill their roles and perform their
obligations hereunder. The JSC will be co-chaired by one co-chairperson designated by each of the Parties. Each Party may designate an
alternate member or co-chairperson to serve temporarily in the absence of a permanent member or co-chairperson designated by such Party.
Each Party may from time to time, upon prior written notice to the other Party, change its co-chairperson or its representative members
on the JSC. The JSC will also designate by unanimous decision one non-JSC coordinator from each Party, who will attend all JSC meetings
and coordinate logistics for the JSC, including meeting schedules, agendas and minutes (the “JSC Coordinators”). The JSC Coordinators
may be changed at any time upon the unanimous decision of the JSC.

 

6.1.3.            Meetings.
The JSC will establish a regular meeting schedule that will provide for meetings no less frequently than [*],
or at such other frequency as the Parties mutually agree. The JSC may conduct meetings in person or by teleconference or video conference
and may also act without a meeting if a written consent to an action or decision is signed by all members of the JSC. The JSC may establish
procedures for its internal operation at meetings. Each Party will use Commercially Reasonable Efforts to notify the other Party at least
three (3) business days prior to the date of a meeting of the JSC, proposing the agenda items it wishes to discuss at such meeting.
Notwithstanding the foregoing, the JSC is free to consider any matter related to this Agreement that is within the scope of its responsibilities
and is brought to its attention by any Party at any meeting. At each meeting, the JSC Coordinator will prepare minutes promptly after
such meeting, reporting in reasonable detail the actions and decisions taken by the JSC during such meeting, issues requiring resolution,
and resolutions of previously reported issues. Such minutes are to be reviewed, commented on if needed, and updated per the JSC co-chairperson’s
feedback prior to being circulated to the JSC as final versions. The JSC Coordinator will revise such minutes as necessary.

 

6.1.4.            Actions
or Decisions. Unless otherwise specified in a Project Schedule, all actions or decisions of the JSC made pursuant to this Agreement must
be made by unanimous approval of the Parties, with each Party having only one (1) vote, regardless of the number of members a Party
has attending the JSC meeting. If the JSC members cannot reach a unanimous decision after using reasonable efforts over [*]
to reach consensus, then (a) Elevation shall have the final decision making right with respect to any responsibilities or obligations
of Elevation (including, without limitation, the any in-licensing, asset acquisition and other similar transactions with respect to existing
therapeutics, further development and/or commercialization of therapeutics resulting from a Project, and out-licensing, asset sale and
other similar transactions with respect to such therapeutics) and with respect to any budget increases, and (b) Caris shall have
the final decision making right with respect to any responsibilities or obligations of Caris (including, without limitation, methods for
target identification and CDx development).

 

    
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6.1.5.            Subcommittees.
The JSC may from time to time establish sub committees to which the JSC may delegate certain responsibilities of the JSC hereunder; provided,
however, that the JSC cannot delegate decision making responsibilities to a subcommittee.

 

6.2.            Joint
Project Team.

 

6.2.1.            Formation
and Function. The Parties may form a joint project team (the “JPT”) composed of a reasonable number of representatives from
each Party with appropriate professional and technical qualifications, and ongoing familiarity with the development activities contemplated
by this Agreement, in the areas of project management, clinical, regulatory, technical and quality. The JPT may manage the development
activities under a Project Schedule and confer on a regular basis regarding the status and progress of the development activities. One
member of the JPT from each Party will prepare and provide a summary update of the JPT’s activities to the JSC in advance of each
JSC [*] meeting.

 

6.2.2.            Meetings.
The JPT would meet in accordance with a schedule to be established by mutual written agreement of the Parties following the Project Schedule
Effective Date, but no less frequently than [*] (unless otherwise agreed by the Parties).
The JPT may conduct meetings in person or by teleconference or video conference and may also act without a meeting when other means of
communication are appropriate and uncontested by all members of the JPT.

 

6.2.3.            Sub-Project
Teams. The JPT may, from time-to-time, establish sub-project teams with specific subject matter expertise, with responsibility for management
of day-to-day collaboration between the Parties with respect to the development activities contemplated by the Project Schedules in such
subject matter area.

 

6.3.            Alliance
Managers.

 

6.3.1.            Role.
Each Party will designate a single individual to serve as its manager under an SOW (each an “Alliance Manager”). The Alliance
Managers are the principal point of contact for each Party for matters relating to that Party’s performance under a Project Schedule
and are responsible for implementing and coordinating, on a day-to-day basis, all development activities and facilitating the exchange
of information between the Parties regarding the performance under each Project Schedule. The Alliance Managers will maintain close regular
communications with each other as to the status of the ongoing development activities and will, from time to time as requested by the
JPT or JSC, provide the JPT or JSC with appropriate updates and information to keep the JPT and JSC apprised of each Party’s performance
under this Agreement.

 

    
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6.4.            Authority.
The JSC, JPT and Alliance Managers do not have the right to amend this Agreement or any Project Schedule, which may only be amended or
modified as agreed upon by mutual consent of the Parties, or to make any decision or require any Party to take any action that conflicts
with the terms of this Agreement or that is expressly reserved to the Parties hereunder.

 

6.5.            Escalation
Process. The Parties recognize that disputes as to certain matters may from time to time arise during the Term which relate to either
Party’s rights and/or obligations hereunder. It is the objective of the Parties to establish procedures to facilitate the resolution
of disputes arising under this Agreement in an expedient manner by mutual cooperation and without resort to litigation. Except as expressly
set forth herein, any disputes with respect to matters within the scope of authority of the Alliance Managers or the JPT that cannot be
resolved for a period of [*] after good faith efforts, will be submitted to the JSC for resolution.
Any disputes with respect to matters within the scope of authority of the JSC, or a dispute relating to material breach of this Agreement,
that cannot be resolved after good faith efforts within [*] will be submitted to the Parties
Chief Executive Officers (or their nominee) for resolution. If the Chief Executive Officers cannot resolve such dispute within [*]
of their first consideration of such dispute, then, at any time after such [*] period, either
Party may proceed to enforce any and all of its rights and remedies with respect to such dispute. Notwithstanding the foregoing, nothing
in this section shall be construed as precluding a Party from bringing an action for injunctive relief or other equitable relief prior
to the initiation or completion of the above procedure.

 

		7.	Intellectual Property; Ownership

 

7.1.            Background
Intellectual Property. Each Party retains sole and exclusive ownership of any Intellectual Property already existing as of the Effective
Date and improvements or any derivative works of such Intellectual Property created after the Effective Date (exclusive of any oncogenic
fusions or mutations nominated by Caris for consideration and subsequently approved by the JSC, along with related therapeutics, regardless
of whether the same are considered an improvement or derivative work). For the avoidance of doubt, any technological improvements in the
Caris test platforms made by Caris during the collaboration are and shall remain Caris Intellectual Property, including without limitation
ADAPT platform improvements and any oligonucleotide probes identified using ADAPT while performing
Services.

 

7.2.            Collaboration
Intellectual Property. Inventorship of Collaboration IP will be determined in accordance with U.S. patent laws. Ownership, as well
as responsibility for prosecution, maintenance, abandonment and enforcement, of Collaboration IP will be as set forth below.

 

7.2.1.            Therapeutic
Collaboration IP. All rights, title, and interests in and to all Therapeutic Collaboration IP, irrespective of inventorship, hereby
vests solely in Elevation, and Caris hereby assigns to Elevation all rights, title and interest in and to the Therapeutic Collaboration
IP. Elevation shall have the sole right to control the prosecution, maintenance, and enforcement of the Therapeutic Collaboration IP.
Elevation will provide notice to Caris of any action related to the filing, prosecution, maintenance, abandonment, enforcement or defense
of any Therapeutic Collaboration IP and will consider in good faith any timely comments provided by Caris with respect to the same; provided
that Elevation may or may not accept such comments in its sole discretion. For avoidance of doubt, Caris is entitled to share in any
revenue derived through the exploitation of Therapeutic Collaboration IP as set forth in the applicable Project Schedule. Caris will cooperate
with Elevation in providing information and documentation, as necessary, in the preparation, maintenance and enforcement of Therapeutic
Collaboration IP, including execution of all papers and instruments necessary.

 

    
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7.2.2.            Other
Collaboration IP. Ownership of any Other Collaboration IP will be according to inventorship, with the inventor(s) owning the
IP and inventorship determined in accordance with U.S. patent law. Neither Party will file a patent application covering any Other Collaboration
IP without the prior written consent of the other Party.

 

7.3.            Companion
Diagnostic. For any jointly-developed therapeutics arising under this Collaboration Agreement, Caris will have the sole and exclusive
right to develop any companion diagnostic for the therapeutic and retain sole and exclusive ownership of any companion diagnostic related
IP. Notwithstanding the foregoing, [*].

 

7.4.            Cooperation.
Each Party agrees to perform, during or after termination of this Agreement, such further acts as may be necessary or desirable to transfer,
perfect, protect and defend the Collaboration IP as reasonably requested by a Party and to provide all assistance reasonably requested
by a Party in the establishment, preservation and enforcement of the Collaboration IP, including by: (i) making scientists and scientific
records reasonably available, (ii) making reasonably available its respective authorized attorneys, agents or representatives, and
(iii) executing, at no charge to the other Party, all documents reasonably necessary in connection with the assignment, prosecution,
filing, maintenance, and enforcement of the Collaboration IP.

 

7.5.            No
Implied License or Limitations. This Agreement does not authorize either Party to use the other Party’s background Intellectual
Property or proprietary technology for any purpose other than for performance of this Agreement and provides no implied license. Nothing
in this Agreement shall be construed as limiting either Party’s right to use or otherwise license that Party’s own Intellectual
Property.

 

		8.	Exclusivity

 

Except as expressly set forth
in a Project Schedule, all other activities performed pursuant to this Agreement, and all rights and obligations of the Parties hereunder
are non-exclusive and nothing herein will prevent either Party or an Affiliate of either Party from entering into a similar agreement,
collaboration or relationship with any third party or otherwise undertaking any activity. Except as expressly set forth herein, each Party
and its respective Affiliates has the right to perform work for or together with third parties, or to undertake activities of its own
accord or with its Affiliates, in each case, that are substantially similar or identical to the activities or other activities contemplated
by this Agreement; provided that each Party will do so subject to the applicable rights and obligations set forth in Article 5 (Confidentiality)
and Article 6 (Intellectual Property).

 

    
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		9.	Use of Names; Press Release; Publication

 

9.1.            Use
of Name. Except as expressly provided herein, neither Party shall mention or otherwise use the name, logo or trademarks of the other
Party or any of its Affiliates or any of its or their (sub)licensees (or any abbreviation or adaptation thereof) in any publication, press
release, marketing and promotional material or other form of publicity without the prior written approval of such other Party.

 

9.2.            Press
Release. Neither Party shall issue any public announcement, press release or other public disclosure regarding the terms of this Agreement
or the terms of any applicable Project Schedule without the other Party’s prior written consent, except for any such disclosure
that is, in the opinion of the disclosing Party’s counsel, required by Applicable Law. Notwithstanding the foregoing, attached hereto
as Exhibit B is a press release and either Party may disclose such press release.

 

9.3.            Publication.
Each Party recognizes that the publication of papers regarding results of and other information regarding activities under this Agreement
or any applicable Project Schedule, including oral presentations and abstracts, may be beneficial to both Parties, provided such
publications are subject to reasonable controls to protect Confidential Information. Accordingly, each Party shall have the right to review
and approve any paper proposed for publication by the other Party, including any oral presentation or abstract, which includes Confidential
Information of the other Party. Before any such paper is submitted for publication or an oral presentation is made, the publishing or
presenting Party shall deliver a complete copy of the paper or materials for oral presentation to the other Party at least thirty (30)
days prior to submitting the paper to a publisher or fifteen (15) days prior to submitting an abstract or making a presentation. The other
Party shall review any such paper and give its comments to the publishing Party within fifteen (15) days of the delivery of such paper
to the other Party. With respect to oral presentation materials and abstracts, the other Party shall make reasonable efforts to expedite
review of such materials and abstracts, and shall return such items as soon as practicable to the publishing or presenting Party with
appropriate comments, if any, but in no event later than fifteen (15) days from the date of delivery to the other Party. Failure to respond
within the relevant time period shall be deemed approval to publish or present. Notwithstanding the foregoing, the publishing or presenting
Party shall comply with the other Party’s request to delete references to such other Party’s Confidential Information in any
such paper or presentation and will withhold publication of any such paper or any presentation for an additional ninety (90) days in order
to permit the Parties to obtain patent protection if either Party deems it necessary. Any publication shall include recognition of the
contributions of the other Party according to standard practice for assigning scientific credit, either through authorship or acknowledgement,
as may be appropriate.

 

		10.	Term and Termination

 

10.1.          The
term of this Agreement will commence on the Effective Date and continue until the expiration of all Project Schedules.

 

10.2.          The
term of this Agreement shall commence on the Effective Date and shall, unless earlier terminated as provided herein, continue for three
(3) years (the “Initial Term”). This Agreement shall, unless earlier terminated as provided herein, thereafter renew
automatically for additional one (1) year terms (each a “Renewal Term” and together with the Initial Term, the “Term”).
Either party may terminate this Agreement as of the end of the Initial Term, or as of the end of any subsequent Renewal Term, by written
notice to the other party at least [*] prior to the renewal anniversary date.

 

    
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10.3.          If
either Party breaches or defaults in the performance or observance of any of its material obligations under this Agreement, and such breach
or default is not cured within [*] after receipt by such Party of a written notice from the
non-breaching Party specifying the breach or default, the non-breaching Party will have the right to terminate this Agreement immediately.

 

10.4.          If
there is a change in laws, rules, regulations, or general instructions or a change in any interpretation of laws, rules, regulations or
general instructions that may render any of the material terms of this Agreement unlawful or unenforceable, or creates a serious risk
of assessment, sanction, penalty, loss of tax exemption or other significant consequence, then the adversely affected Party will give
the other Party such notice as is reasonable in the circumstances and will make available a reasonable period within which to cure. If
no cure can be or is implemented by the Parties, the adversely affected Party may terminate this agreement without penalty by giving the
other Party at least [*] written notice.

 

10.5.          Effects
of Termination

 

10.5.1.          Termination
of this Agreement shall automatically terminate each outstanding Project.

 

10.5.2.          Upon
the termination of this Agreement, the relevant Project Schedule(s) will provide for the rights’ of the Parties upon such termination.

 

10.5.3.            Each
Receiving Party will promptly return to the Disclosing Party all of Disclosing Party’s Confidential Information (including all copies)
provided to Receiving Party under this Agreement or under any Project Schedule which has been terminated, except for one copy which Receiving
Party may retain solely for regulatory purposes or to monitor Recipient’s surviving obligations of confidentiality and non-use,
and to exercise all surviving rights under this Agreement.

 

10.6.          Survival.
Termination or expiration of this Agreement will not relieve the Parties of any obligation accruing prior to such termination or expiration.
Sections 3.4-3.6, Articles 5, 7, Sections 9.3, 10.5, 10.6, Articles 11, 12 and 13 and the surviving terms of Exhibit A will survive
termination or expiration of this Agreement.

 

11.           Insurance
and Indemnification

 

11.1.          Insurance.
Each Party shall maintain general and professional liability coverage in amounts required to meets its obligations under this Agreement
and consistent with applicable laws and standards in the relevant industry. Proof of coverage will be made available upon a Party’s
reasonable request.

 

11.2.          Indemnification
of Caris. Elevation shall indemnify, defend and hold harmless Caris and its agents, officers, directors, employees, successors and
assigns (collectively, the “Caris Indemnitees”) from and against any and all losses, liabilities, damages, penalties,
injuries, costs and expenses (including reasonable attorneys’ fees) (collectively, “Losses”), of whatsoever kind
and nature in connection with claims, actions and suits brought by third parties against the Caris Indemnitees to the extent arising out
of or relating to (a) material breach by Elevation of this Agreement; or (b) Elevation Indemnitees’ (as defined below)
negligence, recklessness, willful misconduct or violation of any applicable law in performing obligations under this Agreement.

 

    
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11.3.          Indemnification
of Elevation. Caris shall indemnify, defend, and hold harmless Elevation and its respective agents, officers, directors, employees,
successors and assigns (collectively, the “Elevation Indemnitees”) from and against any and all Losses, of whatsoever
kind and nature in connection with claims, actions and suits brought by third parties against the Elevation Indemnitees to the extent
arising out of or relating to (a) material breach by Caris of this Agreement; or (b) Caris Indemnitees’ negligence, recklessness,
or willful misconduct or violation of any applicable law in performing obligations under this Agreement.

 

11.4.          Indemnification
Procedures. The Party that intends to claim indemnification under this Article 11 (the “Indemnitee”) shall
notify the other Party (the “Indemnitor”) in writing of any claim in respect of which the Indemnitee or any of its
directors, officers, employees, agents, licensors, successors, or assigns intends to claim such indemnification promptly upon becoming
aware of such claim, and the Indemnitor shall have sole control of the defense and/or settlement thereof, provided that the Indemnitee
may participate in any such proceeding with counsel of its choice at its own expense. An Indemnitee’s failure to deliver written
notice to the Indemnitor promptly after receiving notice of a claim, if materially prejudicial to its ability to defend such action, shall
relieve such Indemnitor of any liability to the Indemnitee under this Article 11, but the omission to so deliver written notice to
the Indemnitor shall not relieve the Indemnitor of any liability that it may otherwise have to the other Party hereunder. The Indemnitee,
its employees and agents, shall cooperate fully with the Indemnitor and its legal representatives and provide full information in the
investigation of any claim covered by this indemnification, at the Indemnitor’s expense. Notwithstanding anything to the contrary
contained in this Article 11, neither Party shall be liable for any costs or expenses incurred without its prior written authorization.
The Indemnitee may not make any admissions in connection with the indemnified claim, and may not consent to any settlement or judgment
in connection with such claim without the Indemnitor’s prior written consent.

 

12.           Liability;
Limitation of Damages

 

12.1.          NEITHER
PARTY MAKES ANY REPRESENTATIONS OR GRANTS ANY WARRANTIES, EXPRESS OR IMPLIED, THAT THE OBJECTIVES OF ANY PROJECT CAN OR WILL BE ACHIEVED
OR AS TO THE TIMING OR COST AND EXPENSE ASSOCIATED WITH THE ACHIEVEMENT OF ANY SUCH PROJECT.

 

12.2.          EXCEPT
FOR THE EXPRESS WARRANTIES SET FORTH IN THIS AGREEMENT, NEITHER PARTY MAKES ANY REPRESENTATIONS OR GRANTS ANY WARRANTIES, EXPRESS OR IMPLIED,
EITHER IN FACT OR BY OPERATION OF LAW, BY STATUTE OR OTHERWISE AND EACH PARTY SPECIFICALLY DISCLAIMS ANY OTHER WARRANTIES, WHETHER WRITTEN
OR ORAL OR EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF QUALITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR USE OR PURPOSE OR ANY
WARRANTY AS TO THE VALIDITY OF ANY PATENTS OR THE NON-INFRINGEMENT OF ANY INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES.

 

    
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12.3.          Exclusion
of Damages. EXCEPT IN THE CASES OF INDEMNIFICATION AND BREACH OF CONFIDENTIALITY, IN NO EVENT SHALL EITHER PARTY BE LIABLE TO
THE OTHER PARTY OR ANY OTHER PARTY FOR ANY SPECIAL, CONSEQUENTIAL, INDIRECT, EXEMPLARY OR INCIDENTAL DAMAGES, HOWEVER CAUSED AND
ON ANY THEORY OF LIABILITY ARISING OUT OF THIS AGREEMENT, AND WHETHER OR NOT SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGE.
THESE LIMITATIONS SHALL APPLY NOTWITHSTANDING ANY FAILURE OF ESSENTIAL PURPOSE OF ANY LIMITED REMEDY PROVIDED HEREIN.

 

		13.	Warranty & Representations

 

13.1.          Mutual
Warranties. Each Party represents, warrants and covenants to the other that: (i) it has full right, power and authority to enter
into this Agreement, grant the rights and licenses granted where applicable herein, and perform its obligations hereunder; (ii) it
shall comply with the requirement of any and all applicable federal, state, local, foreign and other laws, regulations, rules and
orders of any governmental body having jurisdiction over such Party or the activities of such Party contemplated in this Agreement.

 

13.2.          Absence
of Debarment. Each Party represents that, at the time of execution of this Agreement and upon the execution of each Project Schedule,
the Party, its Affiliates, and personnel and each of their respective officers and directors, as applicable: (i) have not been debarred
and are not subject to a pending debarment, and will not use in any capacity in connection with development activities any person who
has been debarred or is subject to a pending debarment, pursuant to section 306 of the United States Food, Drug and Cosmetic Act, 21 U.S.C.
 § 335a; (ii) are not ineligible to participate in any federal and/or state healthcare programs or federal procurement or non-procurement
programs (as that term is defined in 42 U.S.C. § 1320a-7b(f)); (iii) are not disqualified by any government or regulatory authorities
from performing specific services, and are not subject to a pending disqualification proceeding; and (iv) have not been convicted
of a criminal offense related to the provision of healthcare items or services and are not subject to any such pending action. The Party
will notify the other Party promptly upon knowledge, if the Party, any Party personnel, or any officers or directors, is subject to the
foregoing, or if any action, suit, claim, investigation, or proceeding relating to the foregoing is pending, or to the best of the Party’s
knowledge, is threatened.

 

		14.	Miscellaneous

 

14.1.          Independent
Entities. None of the provisions of this Agreement are intended to create, nor will they be deemed or construed to create, any relationship
between the Parties other than that of independent entities contracting with each other solely for the purpose of effecting the provisions
of this Agreement. Neither this Agreement nor the fulfillment of any of the obligations of Caris or Elevation will be deemed to create
any partnership, joint venture, legal association, or other operating relationship between the Parties other than as independent contractors.

 

    
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14.2.          No
Inducement. The Parties acknowledge and agree that nothing in this Agreement is intended to induce, require, or be in any way contingent
upon the recommendation, referral, or any other arrangement for the provision of any item or service offered by either Party. None of
the activities contemplated under this Agreement constitute obligations of either Party to refer business to the other or to recommend
or otherwise arrange for the referral of business to the other Party. There is no intent for either Party to generate, nor is either Party
being compensated to generate, business for the other Party, nor is there any intent to interfere with a patient’s right to choose
his or her own health care provider, or with a physician’s medical judgment regarding the ordering of any items or services.

 

14.3.          Law.
The Parties agree to comply with any and all laws and regulations governing the performance of this Agreement.

 

14.4.          Force
Majeure. Neither Party will be liable to the other Party on account of any loss or damage resulting from its delay or failure to perform
all or any part of this Agreement if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the
reasonable control and without negligence of the affected Party. Such events, occurrences, or causes will include, without limitation,
acts of God, strikes, lockouts, riots, acts of war (whether declared or undeclared), pandemics, terrorism, earthquake, fire and explosions.
The Party affected by a force majeure event will promptly notify the other Party, use reasonable efforts to promptly remedy, remove, or
mitigate such event and the effects of it with all reasonable dispatch, and promptly recommence performance upon termination or cessation
of the force majeure event.

 

14.5.          Subcontractors.
Each Party shall not engage third party contractors to fulfill its obligations under this Agreement without the prior written consent
of the other Party, which shall not be unreasonably withheld, and provided that each such third party contractor is qualified, performs
those obligations in a manner consistent with the terms and conditions of this Agreement, is subject to obligations regarding confidentiality
and ownership of intellectual property consistent with this Agreement and the Party remains liable for the performance thereof.

 

14.6.          Governing
Law. This Agreement is governed by the laws of the State of New York, without regard to its conflict of law provisions. Any dispute
regarding the interpretation or validity of this Agreement is subject to the exclusive jurisdiction of a state court of general jurisdiction
or federal district court sitting in New York. Each Party irrevocably consents to the personal and exclusive jurisdiction and venue of
those courts.

 

14.7.          Notices.
All notices, requests, or other communications to any Party must be in writing and addressed to the receiving Party’s address set
forth below or to any other address a Party designates by notice, and must either be: (a) delivered by hand, or (b) sent by
recognized overnight courier or by certified mail, return receipt requested, postage prepaid.

 

	If to Caris:	Caris Life Sciences

Legal Department

750 West John Carpenter Freeway, Suite 800

Irving, Texas 75039

 

    
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	If to Elevation:	Elevation Oncology, Inc.
 Attn: Shawn M. Leland, Founder and CEO

888 7th Ave., 12th
Floor

New York, NY 10106

Email:
[*]

Phone:
[*]

 

All notices, requests, and other communication
are deemed effective: (a) if delivered by hand or electronic mail, at the time of the delivery to the receiving Party at the address
above, (b) if sent by overnight courier, on the next business day following the day notice is delivered to the courier service, or
(c) if sent by certified mail, five business days following the day the mailing is made.

 

14.8.          Assignment.
Neither Party may assign this Agreement in whole or in part without the express written consent of the other Party, except that either
Party may assign this Agreement to: (a) an Affiliate or subsidiary, or (b) a successor to all or substantially all of such Party’s
business or assets relating to this Agreement whether by sale, merger, operation of law, or otherwise, in each case without the other
Party’s consent.

 

14.9.          Entire
Agreement. This Agreement and its exhibits and any Projects constitute the entire agreement between the Parties with respect to its
subject matter and supersedes any and all other agreements, either oral or written, between the Parties with respect to that subject matter.

 

14.10         Waiver.
The failure of any Party to insist in any one or more instances upon performance of any terms or conditions of this Agreement may not
be construed as a waiver of future performance of that term, covenant, or condition, and the obligations of the Party will continue in
full force and effect.

 

14.11.        Enforceability/Severability.
The provisions of this Agreement are severable. The invalidity or unenforceability of any term or provisions in any jurisdiction will
in no way affect the validity or enforceability of any other terms or provisions in that jurisdiction, or of this entire Agreement in
any other jurisdiction.

 

14.12.        Joint
Preparation. Each Party to this Agreement: (a) has participated in the preparation of this Agreement; (b) has read and understands
this Agreement; and (c) has had the opportunity to be represented by counsel of its own choice in the negotiation and preparation
of this Agreement. Each Party represents that this Agreement is executed voluntarily and should not be construed against any Party solely
because it drafted all or a portion of this Agreement.

 

14.13.        Binding
Effect. The statements, representations, warranties, covenants, and agreements in this Agreement are binding on the Parties and their
respective successors and assigns and inure to the benefit of the Parties and their respective successors and permitted assigns.

 

14.14.        Third
Party Beneficiaries. Unless otherwise expressly provided, nothing in this Agreement may be construed to create any rights or obligations
except among the Parties.

 

14.15.        Headings.
Headings appearing in this Agreement are for convenience and reference only, and are not intended to, and will not, define or limit the
scope of the provisions to which they relate.

 

    
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14.16.        Counterparts.
This Agreement may be executed in one or more counterparts, each of which will be deemed an original, but all of which together constitute
one and the same instrument. Copies of signatures sent by facsimile transmission will be deemed to be originals.

 

14.17.        Authority.
The persons executing this Agreement represent and warrant that they have the full power and authority to enter into this Agreement on
behalf of the Parties on whose behalf they are signing.

 

[SIGNATURES ON FOLLOWING PAGE]

 

    
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IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date last written below.

 

	Caris:	 	Elevation:
	CARIS MPI, INC.	 	ELEVATION ONCOLOGY, INC.
	 	 	 
	 	 	 
	By:	/s/ David D. Halbert	 	By:	/s/ Shawn M. Leland
	 	 	
	Name:	David D. Halbert	 	Name:	Shawn M. Leland
	 	 	
	Title:	 CEO	 	Title:	 Founder and CEO
	 	 	
	Date:	6/14/2021	 	Date:	6/14/2021

 

    
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EXHIBIT A

Project Schedule: Development of therapeutics
against

oncogenic fusions and/or mutations

 

		1.	Project Overview:

 

1.1.            Under
this Project, the Parties shall jointly discover and develop therapeutics against oncogenic fusions and/or mutations as set forth below.

 

1.2.            Caris will initially identify potential targets for the collaboration
by [*] WTS & WES data for oncogenic fusions and/or mutations, and Elevation may identify to Caris potential targets for the
collaboration [*]. Caris will prepare an initial list of all such targets identified by Caris, [*] (an “Initial Target
List”) and will provide the first Initial Target List to Elevation with [*] after the Effective Date. On the [*] anniversary
of the Effective Date, and each [*] period thereafter during the Term, Caris shall provide to Elevation an updated Initial Target
List for further assessment and initial due diligence, subject to the following procedures for obtaining the Final Target Lists.

 

1.3.            Within
[*] after Caris has provided to Elevation the Initial Target List, or an updated Initial Target
List, Elevation will provide to Caris a revised version of such Initial Target List (each a “Revised Target List”) where Elevation
may, at its discretion, [*].

 

1.4.            [*]

 

1.5.            After the assessment and initial due diligence for a Final Target List,
[*].

 

1.6.            [*] Caris will provide such Nominated Target with Exclusivity,
where “Exclusivity” means [*]. For clarity[*].

 

    
	Caris – Elevation Collaboration Agreement	 	

     

    

 

1.7.            [*]

 

1.8.            [*]

 

1.9.            [*]

 

1.10.          The Exclusivity with respect to Selected Approved Targets and Elevation
Approved Targets shall continue [*]. For purposes of this paragraph, “Commercially Reasonable Efforts” means (A) with
respect to existing therapeutic assets: (1) [*] (2) [*] and (3) [*] and (B) with respect to Selected Approved Targets
or Elevation Approved Targets that require NCEs, [*].

 

    
	Caris – Elevation Collaboration Agreement	 	

     

    

 

		2.	Development Activities:

 

The
Parties and the JSC will perform and/or be responsible for the following development activities in support of the Project. Outside of
the regularly-scheduled [*] meetings, the JSC will have any ad hoc meetings necessary to oversee
development activities for which it is responsible. The development activities of each Party may be amended, supplemented or modified
by the JSC throughout the collaboration.

 

2.1.            Target
Identification and Nomination:

 

2.1.1.           Caris will identify specific targets for the collaboration by [*]
WTS & WES data for oncogenic fusions and mutations, and Elevation may initially identify potential targets for the collaboration [*],
all as set forth in Section 1 of this Exhibit A. From these activities, Caris will prepare the Initial Target List, which will periodically
be provided to Elevation for consideration and generation of the Revised Target List and Final Target List, all as provided in Section
1 of this Exhibit A (“Target Identification”). While Elevation may use its capabilities to assist Caris in identifying the
targets for evaluation, Caris maintains sole control over the number of targets it identifies, as well as specifically which targets it
presents Elevation for consideration. Except for the Exclusivity as provided in Section 1 of this Exhibit A, nothing in the foregoing
limits Caris from performing the same or similar target identifications for any third party or for its own independent research.

 

2.1.2.           After
the Target Identification activity, the Parties may work together to assess and perform initial due diligence on the identified targets,
which may include collaborative research and sharing of information between scientific teams of both Parties.

 

2.1.3.           [*].

 

2.1.4.           [*].

 

2.2.            Existing
Therapeutic Selection/Assessment of Druggability.

 

2.2.1.           Elevation will be responsible for [*].

 

2.2.2.           Caris will [*]. Generally, Caris will perform the following
activities:

 

    
	Caris – Elevation Collaboration Agreement	 	

     

    

 

2.2.2.1 Initial Assessment: [*]

 

2.2.2.2 
[*]

 

2.2.2.3 [*].  

 

2.2.2.4 After performing the above activities for each class of selected druggable
targets, Caris or Elevation (as determined by the JSC) will provide a report including (1) Background and Introduction, (2) Materials
and Methods, (3) Results, and (4) Conclusions sections outlining the findings to the other.  

 

2.3.            Acquisition
of Existing Therapeutic.

 

2.3.1.          [*]

 

2.3.2.           For any Selected Approved Targets and existing therapeutics approved
by the JSC, Elevation will lead the due diligence efforts with the participation and input of Caris with access to data rooms and full
summary due diligence reports along with sufficient time for Caris to review prior to any decision being made. [*].

 

    
	Caris – Elevation Collaboration Agreement	 	

     

    

 

2.3.3.           The JSC will assess and vote on final selection of a therapeutic asset
recommended for licensing or asset purchase following final due diligence.

 

2.3.4.           [*].

 

2.3.5.           [*].

 

2.4.            Clinical
Development.

 

2.4.1.           Elevation will lead, with input from Caris and ultimate approval from
the JSC, the design of the non-clinical and clinical programs.

 

2.4.2.           The JSC will review and approve the non-clinical and clinical development
plan for any therapeutic option [*]. The JSC will also approve significant ([*]%) budget changes to the clinical development
plan and review and approve each Party’s annual expenses for each joint non-clinical and clinical development plan.

 

2.4.3.           Elevation
will be responsible for the manufacturing of the clinical asset.

 

2.4.4.           [*].

 

2.4.4.1 [*]

 

2.4.4.2 
[*].

 

    
	Caris – Elevation Collaboration Agreement	 	

     

    

 

2.4.4.3 Caris
may offer Just-in-Time (JIT) Services through Caris PharmatechTM.

 

2.4.4.4 [*].  

 

2.4.4.5 [*].

 

2.4.4.6
[*].

 

2.5.            CDx

 

2.5.1.           Caris
will lead, with input from Elevation and ultimate approval from the JSC, the design of the CDx program for the therapeutics.

 

2.5.2.           Caris
will exclusively work to develop, validate and achieve regulatory approval of a CDx for the initial claim.

 

		3.	Financial Considerations

 

3.1.            Until an asset (existing therapeutic or NCE) is selected and approved
by the JSC, each Party [*].

 

3.2.            Once an asset (existing therapeutic or NCE) has been selected and approved
by the JSC, the Parties will be entitled to receive a portion of any potential commercial transactions related to the exploitation of
the asset (the “Proceeds”) as set forth in Sections 3.3 and 3.4 below. Caris will also be entitled to [*]. Caris will
not be entitled to a share of Proceeds from an asset (existing therapeutic or NCE) that an acquirer of Elevation has at the time of the
acquisition.

 

3.3.            Caris
will receive a percentage of Proceeds for Approved Selected Targets, Elevation Approved Targets, and [*]. The percentage of
Proceeds from the Target Identification Activity for a therapeutic asset will be based on peak sales potential for the therapeutic
asset [*]. The percentage allotted to Caris for its Target Identification Activity is as follows:

 

    
	Caris – Elevation Collaboration Agreement	 	

     

    

 

3.3.1.           [*]%
for selected targets with   peak annual sales potential up to $[*] million;

 

3.3.2.           [*]%
for selected targets with  peak annual sales potential between $[*] and $[*] million; and

 

3.3.3.           [*]%
for selected targets with  peak annual sales potential exceeding $[*] million;

 

3.3.4.           Once set by the JSC, this percentage will remain unchanged.

 

3.4.            The
remainder of the Proceeds will be determined based on a pro rata share of how much money each Party actually expends in the development
of the asset as follows:

 

3.4.1.           Caris’ additional Proceeds percentage
will be set based on the [*].

 

3.4.2.           Elevation’s Proceeds percentage will be set based on the [*].

 

3.4.3.           In situations where either Party may not have sufficient funds to perform
its activities, [*].

 

3.5.            The
percentage of the Proceeds will be finalized once the therapeutic is developed. Prior to the completed development, the percentage of
Proceeds will be based at the time on a pro rata share of how much money each Party has actually expended at that certain time point for
the development of the asset.

 

3.6.            The
JSC will review and approve, with input from both Parties, the terms for any out-licensing or sale of any asset jointly developed under
this agreement including that any sale or out-license will include language that the acquirer or partner must honor all existing commitments
to Caris (e.g., exclusive right to develop a CDx).

 

3.7.            In the case of an out-licensing of the asset rather than a sale, the
Parties will split every consideration [*] in a similar manner.

 

3.8.            Commercialization.

 

3.8.1.           If
Elevation decides to commercialize the asset on its own (i.e. without a collaborating partner), the Parties will enter into a separate
commercialization agreement, in which Caris may participate in the commercial effort through its existing commercial infrastructure and
services (such as MI Insights), as decided by the JSC, and/or pay its pro rata share of the commercialization expenditures (based on the
contribution to the development spend).

 

    
	Caris – Elevation Collaboration Agreement	 	

     

    

 

3.8.2.           If Caris chooses not to participate in the commercial effort or pay
its pro rata share, [*].

 

3.8.3.           Similarly, [*].

 

[*]

 

		4.	Project Schedule JSC Additional Specifics

 

For this specific Project
Schedule, the following are applicable to the JSC and the JSC’s decisions.

 

4.1.            Any
decisions of the JSC must be unanimous:

 

4.2.            A
Party’s individual members on the JSC will collectively issue one vote on behalf of the Party in all JSC decisions.

 

4.3.            Without
limiting Section 6.1.4 of the Agreement, if the JSC cannot reach unanimous agreement, a final decision on the specific issue will
be made by the lead Party responsible for that specific issue (i.e.: Elevation for the activities in which Elevation has lead or
sole responsibility; and Caris for the activities in which Caris has lead or sole responsibility). Notwithstanding the foregoing, a Party
cannot exercise their final decision-making authority to i) force the other Party expend more resources or incur additional costs; or
ii) make the other Party violate applicable law(s) or existing contractual obligations.

 

		5.	Termination

 

5.1.            The
initial term of this Project Schedule is three (3) years from the date of last signature below, and unless earlier terminated as
provided herein, will thereafter renew automatically for additional one (1) year terms unless either Party provides written notice
to the other Party at least [*] prior to the renewal anniversary.

 

5.2.            In consideration for Caris providing the Target Identification Activity
and the Exclusivity, Caris is entitled to [*].

 

5.3.            After the JSC has approved a Selected Approved Target, if either Party
terminates the Project Schedule for any reason (other than breach by the other Party), the terminating Party will [*].

 

5.4.            Nothing in this Article 5 [*]. For sake of clarity, if Caris
chooses to terminate after the JSC has approved a Selected Approved Target or after Elevation has selected an Elevation Approved Target,
[*].

 

    
	Caris – Elevation Collaboration Agreement	 	

     

    

 

5.5.            Survival. Termination or expiration of this Exhibit A will not relieve
the Parties of any obligation accruing prior to such termination or expiration. Sections 1.6, 1.7, 1.8, 1.10 and 5.2-5.4 shall survive
such termination or expiration. For clarity, [*].

 

IN
WITNESS WHEREOF, the undersigned have executed this Project Schedule as of the date last written below (the “Project Schedule
Execution Date”).

 

	Caris:	 	Elevation:
	CARIS MPI, INC.	 	ELEVATION ONCOLOGY, INC.
	 	 	 
	 	 	 
	By:		 	By:	
	 	 	
	Name:	David Halbert	 	Name:	Shawn M. Leland
	 	 	
	Title:	 CEO	 	Title:	 Founder and CEO
	 	 	
	Date:		 	Date:	

 

    
	Caris – Elevation Collaboration Agreement	 	

     

    

 

SCHEDULE 1: CARIS’ RESEARCH PLAN

 

[*]

 

    
	Caris – Elevation Collaboration Agreement	 	

     

    

 

EXHIBIT B

Press Release

 

    
	Caris – Elevation Collaboration Agreement

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