Document:

Document

Exhibit 10.29

CERTAIN CONFIDENTIAL PORTIONS HAVE BEEN REDACTED FROM THIS EXHIBIT BECAUSE THEY ARE BOTH (i) NOT MATERIAL AND (ii) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.  INFORMATION THAT HAS BEEN OMITTED HAS BEEN IDENTIFIED IN THIS DOCUMENT WITH A PLACEHOLDER IDENTIFIED BY THE MARK “[***]”.
Execution Version

FFL SECOND COMMITMENT AND EXTENSION AGREEMENT
This FFL SECOND COMMITMENT AND EXTENSION AGREEMENT (this “Agreement”) is made as of May 15, 2019, by and among Toshiba Memory Corporation, a Japanese corporation (“TMC”), Toshiba Memory Iwate Corporation, a Japanese corporation (“TMI”), Western Digital Corporation, a Delaware corporation (“WD”) (together with TMC, the “Parent Parties”), SanDisk LLC, a Delaware limited liability company (“SanDisk LLC”), SanDisk (Cayman) Limited, a company organized under the laws of the Cayman Islands (“SanDisk Cayman”), SanDisk (Ireland) Limited, a company organized under the laws of the Republic of Ireland (“SanDisk Ireland”), SanDisk Flash B.V., a company organized under the laws of the Netherlands (“SanDisk Flash,” and together with SanDisk LLC, SanDisk Cayman, and SanDisk Ireland, “SanDisk”), Flash Partners, Ltd., a Japanese tokurei yugen kaisha (“FPL”), Flash Alliance, Ltd., a Japanese tokurei yugen kaisha (“FAL”), and Flash Forward, Ltd., a Japanese godo kaisha (“FFL,” and together with FPL and FAL, the “JVs,” and collectively with TMC, TMI, WD, SanDisk, FPL, FAL and FFL, the “Parties”). 
WHEREAS, TMC, SanDisk LLC and SanDisk Flash are parties to that certain Flash Forward Master Agreement dated July 13, 2010 (as amended from time to time, the “FF Master Agreement”), and the other FF Operative Documents, which collectively provide for the management and operation of FFL and which by their terms are set to expire as of December 31, 2025;
WHEREAS, the Parties entered into the FFL Commitment and Extension Agreement (the “Extension Agreement”) on December 12, 2017, with respect to FFL; 
WHEREAS, the Parties, among others, are engaged in the joint development and manufacture of BiCS Products and NAND Flash Memory Products;
WHEREAS, some or all of the Parties, among others, are concurrently entering into this Agreement, the K1 Facility Agreement, dated May 15, 2019, by and among TMC, TMI, WD, SanDisk and the JVs (the “K1 Facility Agreement”), and the other New Agreements (as defined in the K1 Facility Agreement);
WHEREAS, TMC intends to conduct certain activities at the Kitakami Facility through TMI, TMC’s wholly-owned Subsidiary;
WHEREAS, the Parties intend to restructure the JV operations such that FFL will wind down its activities at the Yokkaichi Facility and FFL will be the Parent Parties’ primary vehicle for joint investments in tools for the Kitakami Facility, and, from the date hereof, FPL and FAL will be the Parent Parties’ primary vehicles for joint investments in tools for the Yokkaichi Facility and such investments by FPL and FAL for the Y5 Facility will be on substantially the same terms and conditions that apply to FFL’s investments in tools for the Y5 Facility immediately prior to giving effect to the transactions contemplated by this Agreement; 
WHEREAS, in connection with such restructuring of the JV operations, the Parties desire to make certain amendments to the Master Operative Documents as described herein;
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Execution Version

WHEREAS, in reliance on the other Parties’ commitment to complete such restructuring of the JV operations, and to finalize and enter into such amendments, each Party desires to further extend the term of FFL, the FF Master Agreement and the other FF Operative Documents, to December 31, 2034 and to specify the terms and conditions on which such extension is hereby agreed;
NOW, THEREFORE, on the terms and subject to the conditions and limitations set forth in this Agreement, with reference to Section 2.1 of Appendix A to the FF Operative Documents and Section 2.4 of the FF Operating Agreement, the Parties hereby agree as follows: 
1.    RELATION TO FF OPERATIVE DOCUMENTS
1.1    Application of Appendix A.  Appendix A to the FF Operative Documents, as amended by this Agreement (“Appendix A”), shall apply to this Agreement.  The capitalized terms used but not defined in this Agreement shall have the respective meanings assigned to them in the K1 Facility Agreement (or, if not defined in the K1 Facility Agreement, the respective meanings assigned to them in Appendix A, and if not defined in Appendix A, the respective meanings assigned to them in the FF Master Agreement) and the rules of construction and documentary conventions set forth in Appendix A shall apply to this Agreement as if set forth herein.  
1.2    Effect of this Agreement.  Except as expressly set forth in this Agreement, the FF Operative Documents shall be unaffected by this Agreement, and this Agreement shall be governed by and subject to the terms of the FF Operative Documents as amended hereby.  From and after the date of this Agreement, each reference in any FF Operative Document to “this Agreement,” “hereof,” “hereunder” or words of like import, and all references to such FF Operative Document in any and all agreements, instruments, documents, notes, certificates and other writings of every kind of nature (other than in this Agreement or as otherwise expressly provided) shall be deemed to mean such FF Operative Document, as amended by and giving effect to this Agreement, whether or not such amendment is expressly referenced.
1.3    Addition to FF Operative Documents.  This Agreement shall be deemed to be an FF Operative Document and the definition of “FF Operative Documents” as set forth in Appendix A is hereby amended so as to include this Agreement.
2.    EXTENSION
2.1    FFL Term Extended.  Section 2.4 (“Term; Extension”) of the FF Operating Agreement is hereby amended and restated in its entirety as follows:
“Term; Extension.  The Company shall be terminated on December 31, 2034, unless extended by mutual written agreement of all the Members or earlier terminated in accordance with Section 11 (Dissolution).  Any such extension shall be effective only upon the written agreement of all of the Members and shall be on such terms and for such period as set forth in such agreement. The Members agree to meet, no later than December 31, 2033, to discuss the possible extension of the term of the Company.”
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Execution Version

2.2    FFL Articles of Incorporation.  Promptly following the date hereof, the Parties shall cause the Articles of Incorporation of FFL to be amended to extend the term of FFL to December 31, 2034. 
3.    RESTRUCTURING OF JV OPERATIONS
3.1    FFL as Primary Investment Vehicle. From the date hereof, FPL and FAL shall be the Parent Parties’ primary vehicles for joint investments in tools for the Yokkaichi Facility, and the Parties shall, to the maximum extent feasible, cause investments for BiCS Expansions, BiCS Conversions, and BiCS Technology Transitions of JV Products at the Yokkaichi Facility to be made solely through FPL or FAL, other than with respect to BiCS Conversions and BiCS Technology Transitions of FFL’s then-existing JV Capacity at the Yokkaichi Facility prior to the Cessation Date (as defined below).
3.2    FFL Yokkaichi Tools.  Following the date hereof, for each tool located at the Yokkaichi Facility that is owned or leased by FFL (each, an “FFL YOK Tool”), the Parent Parties shall negotiate in good faith and agree on whether: 
(a)    such FFL YOK Tool or FFL’s leasehold interest in such FFL YOK Tool, as the case may be, shall be sold to FPL or FAL [***]; or
(b)    such FFL YOK Tool shall be removed from the Yokkaichi Facility, whether in furtherance of a K1 Capacity Transfer or otherwise. 
[***], the Parties shall cause such FFL YOK Tool or leasehold interest in such FFL YOK Tool to be assigned to FPL or FAL (in the case of clause (a)), or cause such FFL YOK Tool to be removed from the Yokkaichi Facility (in the case of clause (b)), in each case, as agreed by the Parent Parties and following the date of such agreement by the Parent Parties, but in any event no later than December 31, 2027.  
3.3    Reallocation and Relocation of FFL Capacity at YOK.  The Parties shall cause FFL’s JV Capacity at the Yokkaichi Facility (as reflected in the CTLO for the Yokkaichi Facility) to be reallocated to FPL and/or FAL[***], or to be transferred to the K1 Facility [***], in each case, following the date of this Agreement, but in any event no later than December 31, 2027.    
3.4    Cessation of FFL Yokkaichi Activities.  
(a)    The Parties shall cause FFL’s JV Capacity, and manufacturing and other material operations, at the Yokkaichi Facility to be wound down in an orderly manner in accordance with a schedule to be mutually agreed by the Parent Parties, but in any event no later than December 31, 2027.  
(b)    The Cessation Date (as defined below) shall be no later than December 31, 2027, and FFL shall have no JV Capacity, or manufacturing or other material operations, at the Yokkaichi Facility following December 31, 2027.
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Execution Version

(c)    As used herein, “Cessation Date” shall mean the date on which: (a) there are no longer any FFL YOK Tools, and (b) FFL no longer has JV Capacity at the Yokkaichi Facility (as reflected in the CTLO for the Yokkaichi Facility).
4.    COVENANTS AND OTHER AMENDMENTS 
4.1    FF Master Agreement. Any reference in the FF Master Agreement to the FFL Commitment and Extension Agreement dated as of December 12, 2017 shall hereby be amended to also include a reference to this Agreement.
4.2    Certain Identified Amendments.  Each amendment to the Master Operative Documents set forth in Exhibit A shall be effective as of the date hereof.
4.3    [***].
4.4    Conflicts.  To the extent any provision in the FP Operative Documents or the FA Operative Documents that pertains to the Y5 Facility expressly conflicts with any provision in the FF Operative Documents, such provision in the FF Operative Documents shall control as to such conflict except as expressly stated herein [***].  
5.    MISCELLANEOUS
5.1    Governing Law.  This Agreement shall be governed by and construed in accordance with the internal laws of the State of California applicable to agreements made and to be performed entirely within such state without regard to the conflict of laws principles of such state, except where application of Japanese law is mandatory.  
5.2    Other Terms.  Further to Section 1.1 above, the general, miscellaneous, interpretive, non-disclosure and other terms and conditions provided in Appendix A shall apply to this Agreement as if set forth herein.
5.3    No Admission.  Nothing in this Agreement shall constitute or be used as an admission, acquiescence, acknowledgement, or agreement by anyone as to the merit of any claims or defenses, whether or not asserted in any arbitration or other litigation, except to enforce the provisions of this Agreement or any part of any other agreement expressly amended herein.  In addition, nothing in this Agreement shall constitute or be used as an admission in any arbitration, litigation, or other proceeding regarding the interpretation of any other agreement.
[Signature page follows]
4

IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their respective duly authorized representatives as of the date first written above.

						
	WESTERN DIGITAL CORPORATION

By:  /s/ Siva Sivaram                             
Name:    Siva Sivaram
Title:    Executive Vice President, 
               Silicon Technology
	TOSHIBA MEMORY CORPORATION

By:   /s/ Yasuo Naruke                             
Name:    Yasuo Naruke
Title:    President and Chief Executive Officer

	SANDISK LLC

By:  /s/ Siva Sivaram                              
Name:    Siva Sivaram
Title:    Chief Executive Officer
	TOSHIBA MEMORY IWATE CORPORATION

By:   /s/ Akimichi Yonekura                     
Name:    Akimichi Yonekura
Title:    President and Chief Executive Officer

	SANDISK (CAYMAN) LIMITED

By:   /s/ Stephanie Wells                         
Name:    Stephanie Wells
Title:      Director
	FLASH PARTNERS, LTD.

By:   /s/ Shinichi Nitta                               
Name:    Shinichi Nitta
Title:       President and Chief Executive Officer

	SANDISK (IRELAND) LIMITED

By:   /s/ Stephanie Wells                         
Name:    Stephanie Wells
Title:       Director
	FLASH ALLIANCE, LTD.

By:   /s/ Shinichi Nitta                               
Name:    Shinichi Nitta
Title:       President and Chief Executive Officer

	SANDISK FLASH B.V.

By:   /s/ Stephanie Wells                         
Name:    Stephanie Wells
Title:       Director
	FLASH FORWARD, LTD.

By:   /s/ Shinichi Nitta                               
Name:    Shinichi Nitta
Title:       President and Chief Executive Officer

    [Signature Page to FFL Second Commitment and Extension Agreement]

Execution Version

Exhibit A
Certain Identified Amendments
1.    APPENDIX A
Appendix A to the FF Master Agreement shall be amended as follows:    
1.1    Certain Definitions.  The following defined terms are hereby added to the “Definitions” of Appendix A to the FF Master Agreement:
“FFL Second Extension Agreement” has the meaning set forth in the K1 Facility Agreement.
“K1 Facility” has the meaning set forth in the K1 Facility Agreement
“K1 Facility Agreement” means the K1 Facility Agreement, dated May 15, 2019, among Toshiba Memory Corporation, Toshiba Memory Iwate Corporation, Western Digital Corporation, SanDisk LLC, SanDisk (Cayman) Limited, SanDisk (Ireland) Limited, SanDisk Flash B.V., Flash Partners, Ltd., Flash Alliance, Ltd., and Flash Forward, Ltd.
“Kitakami Facility” has the meaning set forth in the K1 Facility Agreement.
“TMI” has the meaning set forth in the K1 Facility Agreement.
“WD” has the meaning set forth in the K1 Facility Agreement.
“Cessation Date” has the meaning set forth in the FFL Second Extension Agreement.
“Y5 Facility” or “Y5” means the facility known by the Parties as “Y5.”
    1.2    Section 2.15.  Section 2.15 is hereby amended by adding the following sentence to the end of the Section:
“Any capitalized term used, but not defined, herein shall have the meaning set forth for such term in the K1 Facility Agreement.”
2.    Y5 MASTER FRAMEWORK
2.1    Framework.  The Parties acknowledge and agree that, except as otherwise stated in this Agreement or the K1 Facility Agreement:
(a)    the rights and obligations of FFL in the FF Master Agreement, New Y2 Agreement and the Y6 Agreement (in each case, as amended) relating to all aspects of the Y5 Facility, including but not limited to (i) capacity for, the manufacture of, and the acquisition of NAND Flash Memory Products and BiCS Products in the Y5 Facility, (ii) investments in the Y5 Facility, (iii) the installation of tools for the manufacture of NAND Flash Memory Products and BiCS Products in the Y5 Facility and (iv) any other activities in the Y5 Facility (collectively, the 
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Execution Version

“Y5-Related Activities”), are hereby extended to FPL and FAL with respect to the Y5-Related Activities;
(b)    the terms and conditions set forth in the FF Master Agreement, the New Y2 Agreement and the Y6 Agreement (in each case, as amended) that apply to FFL’s Y5-Related Activities shall and hereby do apply to FPL’s and FAL’s Y5-Related Activities;
(c)    WD and SanDisk shall have the same rights and obligations set forth in the FF Master Agreement, the New Y2 Agreement and the Y6 Agreement (in each case, as amended) with respect to FPL’s and FAL’s Y5-Related Activities as they would have if FPL and FAL, respectively, were FFL, and SanDisk Cayman and SanDisk Ireland were SanDisk Flash;
(d)    TMC shall have the same rights and obligations set forth in the FF Master Agreement, the New Y2 Agreement and the Y6 Agreement (in each case, as amended) with respect to FPL’s and FAL’s Y5-Related Activities as it would have if FPL and FAL, respectively, were FFL;
in each case, as if the FF Master Agreement, the New Y2 Agreement and the Y6 Agreement contemplated FPL’s and FAL’s Y5-Related Activities on such terms.
2.2    Amendments.  In furtherance of the foregoing, the FF Master Agreement, the New Y2 Agreement and the Y6 Agreement shall be, and hereby is, amended to effect the result set forth in Section 2.1 of this Exhibit A and to be consistent with Sections 4.3(b)(i), (v), (vi) and (vii), including but not limited to the following provisions of the FF Master Agreement:
(a)    Section 3.1 Purpose;
(b)    Section 3.2 Products;
(c)    Section 3.3(a) JV Space;
(d)    Section 5.1(a) Performance of Obligations;
(e)    Section 5.2 Public Announcements;
(f)    Section 6.1 Tool Acquisition;
(g)    Section 6.2 Technology Transfers;
(h)    Section 6.6 Capacity Sharing Arrangement;
(i)    Section 6.7 SanDisk Reservation Option;
(j)    Section 6.8 Engineering Wafers and Development Expense;
(k)    Section 6.10 Y5 Headcount Plan and Working Group;
(l)    Section 7.3 Adjustment Payment;
(m)    Section 7.4 Cost Terms;
(n)    Section 7.5 Negative Impacts;
(o)    Section 8.2 Y5 Facility;
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Execution Version

(p)    Section 8.3 FF Foundry Agreement; 
(q)    Section 8.4 FF Purchase and Supply; 
(r)    Section 8.6 Other Matters;
(s)    Schedule 6.2(a) Technology Transfer Costs; and
(t)    Schedule 7.4(a) Fixed Manufacturing Costs and Variable Manufacturing Costs.
3.    FLASH FORWARD MASTER AGREEMENT
The FF Master Agreement is hereby amended as follows:
3.1    Parties to FF Master Agreement. TMC, SanDisk LLC and SanDisk Flash acknowledge and agree that SanDisk Cayman and SanDisk Ireland shall be, and hereby are, added as parties to the FF Master Agreement (as amended) and shall be fully bound by, and subject to, all of the covenants, conditions and agreements thereunder that are required to be performed, observed, or satisfied by SanDisk Flash with respect to the Y5 Facility or Y5-Related Activities, and may exercise all of the rights thereunder that may be exercised by SanDisk Flash with respect to the Y5 Facility or Y5-Related Activities, in each case, as though an original party thereto in the same manner and to the same extent as if SanDisk Cayman and SanDisk Ireland were SanDisk Flash. 
3.2    Escalation.  
(a)    Matters related to the Y5 Facility contemplated to be escalated or referred to FFL’s Management Representatives shall be escalated or referred to FPL’s Management Committee (for such matters related to FPL), FAL’s Management Committee (for such matters related to FAL), and FFL’s Management Representatives (for such matters related to FFL).
(b)    Matters related to the Y5 Facility contemplated to be escalated or referred to FFL’s Board of Executive Officers shall be escalated or referred to FPL’s Board of Directors (for such matters related to FPL), FAL’s Board of Directors (for such matters related to FAL), and FFL’s Board of Executive Directors (for such matters related to FFL).
3.3    Section 6.10. Section 6.10 is hereby amended as follows:
(a)    The title for Section 6.10(a) is hereby amended from “Flash Forward Headcount Plan and Working Group” to “Y5 Headcount Plan and Working Group”.
(b)    Section 6.10(a)(i) is hereby deleted and replaced in its entirety as follows:
    “The Parties will meet and mutually agree on an overall headcount plan for [***], which will incorporate [***] (the “Y5 Headcount Plan”)
(c)    All references to “FF Headcount Plan” is hereby replaced with “Y5 Headcount Plan.”    
3.4    Section 8.1. Section 8.1 (Flash Forward Management) is hereby deleted and replaced in its entirety as follows: 
    “8.1    Y5 Representatives; Y5 Operating Committee
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Execution Version

(a)    SanDisk and Toshiba shall have an Operating Committee for Y5 Facility operations (the “Y5 Operating Committee”‘) consisting of a senior executive designated by each of SanDisk Corporation and Toshiba (each such individual the “SanDisk Representative” and the “Toshiba Representative,” respectively, and each of SanDisk Corporation and Toshiba for purposes of this Section 8.1, a “Designating Party”) each of whom shall represent the relevant Designating Party on a day-to-day basis at the Y5 Facility.  Each Designating Party shall notify the other Designating Party in advance of any replacement of its representative.  If a Designating Party requests in good faith that the other Designating Party’s representative be replaced with another person from the other Designating Party’s organization, the other Designating Party shall consider and discuss in good faith with the requesting Designating Party such request, provided that such replacement, if any, shall be determined solely by such other Designating Party.  [***].
(b)    The Y5 Operating Committee’s purpose is to give SanDisk and Toshiba the ability to influence the day to day operating decisions of the Y5 Facility. The Y5 Operating Committee is intended to be a collaborative body with real-time communications, respectful consultation and dispute resolution and shall work together with the goal of making the Y5 Facility the most advanced and competitive (cost and technology) memory fabrication facility in the world.  The Y5 Operating Committee shall have the authority to determine all matters concerning the day-to-day operations of the Y5 Facility (including staffing matters as provided in Section 6.10(a)(iii) of the Master Agreement), subject to those matters reserved to the Board of Executive Officers or Board of Executive Directors, as applicable, of the JVs or the Parties under the JV Operating Agreements, as well as to the requirements of this Agreement, the Articles of Incorporation of the JVs and the Companies Act.  The Y5 Operating Committee shall communicate on a day-to-day basis with respect to the status of Y5 Facility operations and any other issues that may arise, and shall meet in person no less than two (2) times per week, or such other times and frequency as may be agreed upon by all members of such committee.  If the members of the Y5 Operating Committee are unable to agree on any issue after [***] (by agreement of its two members), they shall submit such matter together with their respective recommendations to the Board of Executive Officers or Board of Executive Directors of the applicable JV(s) which shall endeavor to immediately resolve the issue. Special meetings of the Board of Executive Officers or Board of Executive Directors of the applicable JV(s) may be noticed for issues requiring urgent resolution. The Parties contemplate that while a special meeting of the Board of Executive Officers or Board of Executive Directors of the applicable JV(s) is being noticed, their respective management teams will discuss any issues that the Y5 Operating Committee could not resolve. If the Board of Directors or Board of Executive Officers of the applicable JV(s) are unable to agree on any such issue after [***] (by unanimous agreement), such issue shall be submitted to the Management Committee or the Management Representatives of the applicable JV(s) for final resolution.  This Agreement, the FP Master Agreement and the FA Master Agreement separately provide for procedures if the Management Committee or the Management Representatives, as applicable, are unable to reach agreement on such issue.
(c)    The Y5 Operating Committee shall hold a monthly review meeting in English at the Yokkaichi Facility on [***] of each calendar month, unless otherwise agreed by the Parties or the Y5 Operating Committee.  The Y5 Operating Committee shall prepare and distribute to the Parties (at least three (3) Business Days in advance of the monthly review meetings) monthly reports in English with respect to the engineering activities, operations and financial affairs of the applicable JV(s) and the Y5 Facility.
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Execution Version

(d)    Upon the request of either SanDisk Corporation or Toshiba, the Y5 Operating Committee shall provide the Parties with (i) any management or operation reports of the JVs related to the Y5 Facility (which no Designating Party shall have an obligation to translate) and (ii) simultaneously in Japanese and English, those management and operating reports identified on Schedule 5.3 of the FF Operating Agreement as mutually agreed upon from time to time by the Parties. The Y5 Operating Committee and the K1 Operating Committee (as defined in the K1 Facility Agreement) will cooperate to obtain any information relating to K1 Facility management or operations necessary for such reports. Upon reasonable request from SanDisk Corporation, Toshiba employees shall explain such reports to SanDisk’s employees and respond to questions from SanDisk’s employees; provided, however, that SanDisk acknowledges and agrees that Toshiba shall not be responsible for SanDisk’s failure to understand any such reports.”
3.5    Section 9.1(j).  Section 9.1(j) is hereby deleted and replaced in its entirety as follows: 
    “(j)    In connection with any termination of Flash Forward, the FF Master Agreement and/or the FF Operating Agreement: 
        (i)    the Parties shall exercise their respective reasonable best efforts to plan such termination in advance with the goal of minimizing related costs;
        (ii)     with respect to employees of TMC and employees of WD or any of its Subsidiaries working at the K1 Facility, (A) in the case of those that are employees of TMC or any of its Subsidiaries, TMC will use its reasonable best efforts to retrain or relocate such individuals to other TMC facilities, and (B) in the case of those that are employees of WD or any of its Subsidiaries, WD will use its reasonable best efforts to retrain or relocate such individuals to other WD facilities, each to the maximum extent possible; 
        (iii)    [***]; and 
        (iv)     [***].
         (v)    [***]. 
3.6    Section 10.1.  Section 10.1 is hereby amended by adding the following sentence at the end of such Section:
“The provisions of this Agreement and the FF Operative Documents that relate to rights and obligations with respect to the Y5 Facility (other than those rights and obligations that are intended to apply only to FFL), including the production of NAND Flash Memory Products and/or BiCS Products within the Y5 Facility, pricing of such products produced within the Y5 Facility, or cost allocation with respect to the Y5 Facility, shall survive the termination or expiration this Agreement for so long as: (A) Flash Partners has JV Capacity in, or has lots at the Yokkaichi Facility that are processed in, the Y5 Facility and the FP Master Agreement remains in effect or (B) Flash Alliance has JV Capacity in, or has lots at the Yokkaichi Facility that are processed in, the Y5 Facility and the FA Master Agreement remains in effect.”
3.7    Financing.  The terms and conditions with respect to the financing necessary to enable committed or agreed capacity expansions or other investment in FPL or FAL for JV 
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Execution Version

Capacity at the Y5 Facility shall be as follows:  (i) in the case of FAL, as set forth in Section 6.12 of the FAL Master Agreement as if such investment were in the Y4 Facility and (ii) in the case of FPL, as set forth in Section 6.10 of the FPL Master Agreement as if such investment were in the Y3 Facility.
4.    FLASH FORWARD OPERATING AGREEMENT
The FF Operating Agreement is hereby amended as follows:
4.1    Escalation.  Matters related to the Y5 Facility contemplated to be escalated or referred to FFL’s Management Representatives shall be escalated or referred to FPL’s Management Committee (for such matters related to FPL), FAL’s Management Committee (for such matters related to FAL), and FFL’s Management Representatives (for such matters related to FFL).
4.2    Y5 Representatives; Y5 Operating Agreement.  Section 5.3 is hereby deleted in its entirety.
5.    NEW Y2 AGREEMENT
The New Y2 Agreement is hereby amended as follows:
5.1    Section 14.1.  Section 14.1 shall be amended by deleting the Section in its entirety and replacing it with the following:
“14.1    Term.  This Agreement shall continue in full force and effect until the later of (a) the date on which (i) there are no longer tools owned or leased by FFL at the Yokkaichi Facility, and (ii) FFL no longer has JV Capacity at the Yokkaichi Facility (as reflected in the CTLO for the Yokkaichi Facility), (b) the termination of the FPL Master Agreement, and (c) the termination of the FAL Master Agreement, unless earlier terminated as hereinafter provided.  The term of this Agreement may be extended by mutual agreement of both Parent Parties.”
6.    Y6 AGREEMENT
The Y6 Agreement is hereby amended as follows:
6.1    Section 15.1.  Section 15.1 shall be amended by deleting the Section in its entirety and replacing it with the following:
“15.1     Term.  This Agreement shall continue in full force and effect until the later of (a) the date on which (i) there are no longer tools owned or leased by FFL at the Yokkaichi Facility, and (ii) FFL no longer has JV Capacity at the Yokkaichi Facility (as reflected in the CTLO for the Yokkaichi Facility, (b) the termination of the FPL Master Agreement, and (c) the termination of the FAL Master Agreement, unless earlier terminated as hereinafter provided.  The term of this Agreement may be extended by mutual agreement of both Parent Parties.”
7.    JV FOUNDRY AGREEMENTS
The FPL Foundry Agreement and FAL Foundry Agreement are hereby amended as follows:
7.1    FPL Foundry Agreement and FAL Foundry Agreement Framework.
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Execution Version

(a)    [***], the Parties acknowledge and agree that, except as otherwise set forth in this Agreement or the K1 Facility Agreement, the terms and conditions set forth in the FPL Foundry Agreement and FAL Foundry Agreement that apply to the purchases of Products (as defined therein) by FPL and FAL from TMC shall hereby apply to the purchases of JV Y5 NAND Flash Memory Products and JV Y5 BiCS Products by FPL and FAL from TMC as if the FPL Foundry Agreement and FAL Foundry Agreement contemplated the purchase of JV Y5 NAND Flash Memory Products and JV Y5 BiCS Products by FPL and FAL from TMC.
(b)    In furtherance of the foregoing, the FPL Foundry Agreement and FAL Foundry Agreement shall be, and hereby are, amended to effect the result set forth in Section 6.1(a) of this Exhibit A [***].
8.    PURCHASE AND SUPPLY AGREEMENTS
Toshiba Memory’s and SanDisk’s FPL Purchase and Supply Agreement and FAL Purchase and Supply Agreement are hereby amended as follows:
8.1    FPL Purchase and Supply Agreement and FAL Purchase and Supply Agreement Framework.
(a)    [***], the Parties acknowledge and agree that, except as otherwise set forth in this Agreement or the K1 Facility Agreement, the terms and conditions set forth in Toshiba Memory’s and SanDisk’s FPL Purchase and Supply Agreement and FAL Purchase and Supply Agreement that apply to the purchases of Products (as defined therein) by Toshiba Memory, WD and SanDisk from FPL and FAL shall hereby apply to the purchases of JV Y5 NAND Flash Memory Products and JV Y5 BiCS Products by Toshiba Memory, WD and SanDisk from FPL and FAL as if Toshiba Memory’s and SanDisk’s FPL Purchase and Supply Agreement and FAL Purchase and Supply Agreement contemplated the purchase of JV Y5 NAND Flash Memory Products and JV Y5 BiCS Products by Toshiba Memory, WD and SanDisk from FPL and FAL.
(b)    In furtherance of the foregoing, the Toshiba Memory’s and SanDisk’s FPL Purchase and Supply Agreement and FAL Purchase and Supply Agreement shall be, and hereby are, amended to effect the result set forth in Section 8.1(a) of this Exhibit A [***].
8.2    [***].
8.3    [***].
9.    JOINT VENTURE RESTRUCTURE AGREEMENT
The JVRA is hereby amended as follows:
9.1    Section 5.1 (a)(ii). Section 5.1(a)(ii) shall be amended by deleting the Section in its entirety and replacing it with the following:
“(ii)     For the Toshiba Capacity in the Y3, Y4 and Y5 Facility, Toshiba will provide to the applicable JV [***], including but not limited to [***].  Notwithstanding the foregoing, Toshiba shall have sole discretion over the use and disposition of the equipment representing the Toshiba Capacity, provided [***].”
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Execution Version

Exhibit B
[***]

B-1EX-10.1

 Exhibit 10.1 

TAX MATTERS AGREEMENT 

by and between 
 ADEIA
INC. 
 and 

XPERI INC. 
 Dated as of
[•] 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 Section 1.
	 	Definition of Terms	  	 	2	 
			
	 Section 2.
	 	Allocation of Tax Liabilities	  	 	9	 
	 Section 2.01
	 	General Rule	  	 	9	 
	 Section 2.02
	 	Tax Year Ends	  	 	10	 
			
	 Section 3.
	 	Preparation and Filing of Tax Returns	  	 	10	 
	 Section 3.01
	 	General	  	 	10	 
	 Section 3.02
	 	Responsibility for Preparation and Filing	  	 	10	 
	 Section 3.03
	 	Tax Reporting Practices	  	 	10	 
	 Section 3.04
	 	Consolidated or Combined Tax Returns	  	 	10	 
	 Section 3.05
	 	Right to Review Tax Returns.	  	 	10	 
	 Section 3.06
	 	Refunds, Carrybacks, and Amended Tax Returns	  	 	11	 
	 Section 3.07
	 	Apportionment of Tax Attributes	  	 	12	 
			
	 Section 4.
	 	Indemnification Payments	  	 	13	 
	 Section 4.01
	 	Indemnification Payments	  	 	13	 
			
	 Section 5.
	 	Tax Benefits.	  	 	14	 
	 Section 5.01
	 	Realized Tax Benefits.	  	 	14	 
	 Section 5.02
	 	Tax Benefit Payments.	  	 	14	 
			
	 Section 6.
	 	Employment Tax Matters	  	 	14	 
			
	 Section 7.
	 	Tax-Free Status	  	 	14	 
	 Section 7.01
	 	Restrictions on Product SpinCo	  	 	14	 
	 Section 7.02
	 	Restrictions on IP RemainCo	  	 	16	 
	 Section 7.03
	 	Procedures Regarding Opinions and Rulings	  	 	16	 
	 Section 7.04
	 	Liability for Distribution Tax-Related Losses	  	 	17	 
			
	 Section 8.
	 	Assistance and Cooperation	  	 	18	 
	 Section 8.01
	 	Assistance and Cooperation	  	 	18	 
	 Section 8.02
	 	Income Tax Return Information	  	 	19	 
	 Section 8.03
	 	Reliance by IP RemainCo	  	 	19	 
	 Section 8.04
	 	Reliance by Product SpinCo	  	 	19	 
	 Section 8.05
	 	Non-Performance.	  	 	20	 
			
	 Section 9.
	 	Tax Records	  	 	20	 
	 Section 9.01
	 	Retention of Tax Records	  	 	20	 
	 Section 9.02
	 	Access to Tax Records	  	 	20	 
	 Section 9.03
	 	Preservation of Privilege	  	 	20	 
			
	 Section 10.
	 	Tax Contests	  	 	21	 
	 Section 10.01
	 	Notice	  	 	21	 
	 Section 10.02
	 	Control of Tax Contests	  	 	21	 
			
	 Section 11.
	 	Effective Date	  	 	23	 
			
	 Section 12.
	 	Survival of Obligations	  	 	23	 

  
 i 

							
	 Section 13.
	 	Treatment of Payments	  	 	23	 
	 Section 13.01
	 	Treatment of Tax Indemnity and Tax Benefit Payments	  	 	23	 
	 Section 13.02
	 	Tax Gross Up.	  	 	23	 
			
	 Section 14.
	 	Disagreements	  	 	24	 
	 Section 14.01
	 	Discussion	  	 	24	 
	 Section 14.02
	 	Escalation	  	 	24	 
	 Section 14.03
	 	Referral to Tax Advisor	  	 	24	 
	 Section 14.04
	 	Injunctive Relief	  	 	24	 
			
	 Section 15.
	 	Expenses.	  	 	25	 
			
	 Section 16.
	 	General Provisions	  	 	25	 
	 Section 16.01
	 	Complete Agreement; Construction	  	 	25	 
	 Section 16.02
	 	Other Agreements	  	 	25	 
	 Section 16.03
	 	Counterparts	  	 	25	 
	 Section 16.04
	 	Survival or Agreement	  	 	25	 
	 Section 16.05
	 	Notices	  	 	25	 
	 Section 16.06
	 	Waivers	  	 	27	 
	 Section 16.07
	 	Amendments	  	 	27	 
	 Section 16.08
	 	Assignment	  	 	27	 
	 Section 16.09
	 	Successors and Assigns	  	 	27	 
	 Section 16.10
	 	Payment Terms	  	 	27	 
	 Section 16.11
	 	No Circumvention	  	 	28	 
	 Section 16.12
	 	Subsidiaries	  	 	28	 
	 Section 16.13
	 	Third Party Beneficiaries	  	 	29	 
	 Section 16.14
	 	Title and Headings	  	 	29	 
	 Section 16.15
	 	Governing Law	  	 	29	 
	 Section 16.16
	 	Specific Performance	  	 	29	 
	 Section 16.17
	 	Severability	  	 	29	 
	 Section 16.18
	 	No Duplication; No Double Recovery	  	 	29	 
	 Section 16.19
	 	Further Action	  	 	30	 

  

  
 ii 

 TAX MATTERS AGREEMENT 

This TAX MATTERS AGREEMENT (this “Agreement”) is dated as of [•], by and between Adeia Inc. (f/k/a Xperi Holding
Corporation), a Delaware corporation (“IP RemainCo”), and Xperi Inc. (f/k/a TiVo Product HoldCo Corporation), a Delaware corporation (“Product SpinCo”). Each of IP RemainCo and Product SpinCo is sometimes referred
to herein as a “Party” and collectively, as the “Parties.” 
 RECITALS 

WHEREAS, IP RemainCo, acting through its direct and indirect Subsidiaries, currently conducts (a) the Product Business, and (b) the
IP Business; 
 WHEREAS, the Board has determined that it is appropriate, desirable, and in the best interests of IP RemainCo and its
stockholders to separate IP RemainCo into two separate, publicly traded companies, one for each of (a) the Product Business, which shall be owned and conducted, directly or indirectly, by Product SpinCo, and (b) the IP Business, which
shall be owned and conducted, directly or indirectly, by IP RemainCo; 
 WHEREAS, in order to effect such separation, the Board has
determined that it is appropriate, desirable, and in the best interests of IP RemainCo and its stockholders (a) to enter into a series of transactions whereby (i) IP RemainCo and/or one or more members of the IP RemainCo Group will,
collectively, own all of the IP Assets, assume (or retain) all of the IP Liabilities, and, except as provided in any Ancillary Agreement, operate the IP Business, and (ii) Product SpinCo and/or one or more members of the Product SpinCo Group
will, collectively, own all of the Product Assets, assume (or retain) all of the Product Liabilities and, except as provided in any Ancillary Agreement, operate the Product Business, and (b) for IP RemainCo to distribute to the holders of IP
RemainCo Common Stock by way of a pro rata dividend (in each case without consideration being paid by such stockholders) all of the then issued and outstanding shares of Product SpinCo Common Stock (the “Distribution”), in each case
upon the terms and subject to the conditions set forth in the Separation and Distribution Agreement by and between IP RemainCo and Product SpinCo, dated as of the date hereof (the “Separation Agreement”); 

WHEREAS, in order to effect such separation, the Board has determined that it is appropriate, desirable, and in the best interests of IP
RemainCo and its stockholders for IP RemainCo to undertake the Internal Reorganization and Business Realignment; 
 WHEREAS, as of the date
hereof, IP RemainCo is the common parent of an affiliated group of corporations (including Product SpinCo) which has elected to file consolidated U.S. federal income tax returns; 

WHEREAS, it is the intention of the Parties that the Contribution and the Distribution, taken together, will qualify as a transaction that is tax-free for U.S. federal income tax purposes under Section 355 and Section 368(a)(1)(D) of the Code; 
  

 WHEREAS, the Parties desire to provide for and agree upon the allocation between the Parties
and their respective Groups of liabilities, and entitlements to refunds thereof, for certain Taxes arising prior to, at the time of, and subsequent to the Distribution, and to provide for and agree upon other matters relating to Taxes and to set
forth certain covenants and indemnities relating to the preservation of the intended tax treatment of the Contribution and the Distribution and certain transactions effected pursuant to the Internal Reorganization and Business Realignment; 

NOW THEREFORE, in consideration of the mutual agreements contained herein, the parties hereby agree as follows: 

Section 1. Definition of Terms. For purposes of this Agreement (including the recitals hereof), the following
terms have the following meanings, and capitalized terms used but not otherwise defined herein shall have the meaning ascribed to them in the Separation Agreement: 

“Active Trade or Business” means, (a) with respect to Product SpinCo, the active conduct (as defined in
Section 355(b)(2) of the Code and the Treasury Regulations thereunder) of the TiVo Product Business (as defined in the IRS Ruling Request) as conducted immediately prior to the Distribution, or, with respect to another Tax-Free Separation Transaction intended to qualify as tax-free pursuant to Section 355 of the Code or analogous provisions of state or local law, the active conduct (as
defined in Section 355(b)(2) of the Code and the Treasury Regulations thereunder) by the relevant member of the Product SpinCo Group immediately prior to such Tax-Free Separation Transaction of the
business on which such entity relied for purposes of satisfying the requirements of Section 355(b) of the Code, and (b) with respect to IP RemainCo, the active conduct (as defined in Section 355(b)(2) of the Code and the Treasury
Regulations thereunder) of the Rovi Guides IP Business (as defined in the IRS Ruling Request) as conducted immediately prior to the Distribution, or, with respect to another Tax-Free Separation Transaction
intended to qualify as tax-free pursuant to Section 355 of the Code or analogous provisions of state or local law, the active conduct (as defined in Section 355(b)(2) of the Code and the Treasury
Regulations thereunder) by the relevant member of the IP RemainCo Group immediately prior to such Tax-Free Separation Transaction of the business on which such member relied for purposes of satisfying the
requirements of Section 355(b) of the Code. 
 “Affiliate” has the meaning set forth in the Separation Agreement. 

“Agreement” means this Tax Matters Agreement. 

“Board” has the meaning set forth in the Separation Agreement. 

“Business Day” has the meaning set forth in the Separation Agreement. 

“Capital Stock” means all classes or series of capital stock of a Party or a member of a Party’s Group, including
(a) common stock, (b) all options, warrants and other rights to acquire such capital stock, and (c) all instruments properly treated as stock in for U.S. federal income tax purposes. 

“Code” means the U.S. Internal Revenue Code of 1986, as amended. 

  
 2 

 “Consolidated Return” means an IP RemainCo Consolidated Return or a Product
SpinCo Consolidated Return, as the case may be. 
 “Contribution” has the meaning set forth in the Separation Agreement.

 “Controlling Party” has the meaning set forth in Section 10.02(a) of this Agreement. 

“DGCL” means the Delaware General Corporation Law. 

“Dispute” has the meaning set forth in Section 14.01 of this Agreement. 

“Distribution” has the meaning set forth in the recitals hereto. 

“Distribution Date” has the meaning set forth in the Separation Agreement. 

“Distribution Taxes” means any and all Taxes (a) required to be paid by or imposed on a Party or any of its Affiliates
resulting from, or directly arising in connection with, the failure of the Contribution and the Distribution, taken together, to qualify as a reorganization described in Sections 355(a) and 368(a)(1)(D) of the Code, (b) required to be paid by
or imposed on a Party or any of its Affiliates resulting from, or directly arising in connection with, the failure of the stock distributed in the Distribution to constitute “qualified property” for purposes of Sections 355(d), 355(e), and
361(c) of the Code (or any corresponding provision of the Tax Laws of other jurisdictions), or (c) required to be paid by or imposed on a Party or any of its Affiliates resulting from the failure of any
Tax-Free Separation Transaction to qualify for its intended tax treatment as described in the IRS Ruling. 

“Distribution Tax-Related Losses” means (a) all Distribution Taxes imposed
pursuant to any Final Determination, and (b) all reasonable out-of-pocket accounting, legal, and other professional fees and court costs incurred in connection with
such Distribution Taxes. 
 “Employee Matters Agreement” has the meaning set forth in the Separation Agreement. 

“Employment Tax” means any Tax the liability or responsibility for which is allocated pursuant to the Employee Matters
Agreement. 
 “Fifty-Percent or Greater Interest” has the meaning ascribed to such term for purposes of Sections 355(d) and
(e) of the Code. 
 “Final Determination” shall have the meaning given to the term “determination” by
Section 1313 of the Code with respect to U.S. federal Tax matters and with respect to non-U.S., state, and local Tax matters Final Determination shall mean any final settlement with a relevant Taxing
Authority that does not provide a right to appeal or any final decision by a court with respect to which no timely appeal is pending and as to which the time for filing such appeal has expired. 

“Group” has the meaning set forth in the Separation Agreement. 

  
 3 

 “Internal Reorganization and Business Realignment” has the meaning set
forth in the Separation Agreement. 
 “IP Assets” has the meaning set forth in the Separation Agreement. 

“IP Business” has the meaning set forth in the Separation Agreement. 

“IP Liabilities” has the meaning set forth in the Separation Agreement. 

“IP RemainCo” has the meaning provided in the first sentence of this Agreement. 

“IP RemainCo Common Stock” has the meaning set forth in the Separation Agreement. 

“IP RemainCo Consolidated Return” means any U.S. federal consolidated income Tax Return required to be filed by IP RemainCo
as the “common parent” of an “affiliated group” (in each case, within the meaning of Section 1504 of the Code), and any consolidated, combined, unitary, or similar income Tax Return required to be filed by IP RemainCo or a
member of the IP RemainCo Group as common parent (or analogous concept) under a similar or analogous provision of state, local, or non-U.S. Tax Law. 

“IP RemainCo Group” has the meaning set forth in the Separation Agreement. 

“IP RemainCo Tainting Act” means (a) any action (or the failure to take any action) within the control of IP RemainCo or
any member of the IP RemainCo Group (including entering into any agreement, understanding, or arrangement or any negotiations with respect to any transaction or series of transactions) that, (b) any event (or series of events) involving the
Capital Stock of IP RemainCo or another member of the IP RemainCo Group that, or (c) any breach by IP RemainCo or any member of the IP RemainCo Group of any representation, warranty, or covenant made by them in this Agreement, the Separation
Agreement, any Ancillary Agreement, or any Representation Letter that, in each case, would affect the Tax-Free Status or otherwise cause a Tax-Free Separation
Transaction to fail to qualify for its intended tax treatment as described in the IRS Ruling. 
 “IP RemainCo Taxes” means,
without duplication, (a) any Taxes required to be paid by IP RemainCo or a member of the IP RemainCo Group on or after the Distribution Date (including any Taxes imposed due to an adjustment of Taxes due and payable prior to the Distribution
Date), (b) any Taxes required to be paid with respect to a Consolidated Return for any Pre-Distribution Period, and (c) any Taxes attributable to an IP RemainCo Tainting Act, in the case of each of
clauses (a), (b) and (c), other than Taxes that would not have been incurred but for a Product SpinCo Tainting Act. 

“IRS” means the Internal Revenue Service. 

“IRS Ruling” means the private letter ruling, dated April 8, 2021, issued by the IRS to IP RemainCo in connection
with the Contribution, Distribution, and certain Separation Transactions, and any amendment or supplement to such ruling. 

  
 4 

 “IRS Ruling Request” means the letter filed by IP RemainCo with the
IRS on October 12, 2020, as supplemented through the Distribution Date, requesting a ruling (which was ultimately issued as the IRS Ruling) regarding certain tax consequences of the Contribution, Distribution, and Separation Transactions
(including all attachments, exhibits, and other materials submitted with such ruling request letter) and any amendment or supplement to such ruling request letter. 

“Merger” means the combination of TiVo and Xperi under IP RemainCo on June 1, 2020. 

“Mid-Term Applicable Federal Rate” means the applicable federal rate as set forth in
Section 1274(d) of the Code for obligations with maturities of more than three (3) years but not more than nine (9) years, as published from time to time. 

“Non-Controlling Party” has the meaning set forth in
Section 10.02(b) of this Agreement. 
 “Payor” has the meaning set forth in
Section 4.01(a) of this Agreement. 
 “Person” means an individual, a partnership, a corporation,
a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, or a governmental entity or any department, agency, or political subdivision thereof, without regard to whether any entity
is treated as disregarded for U.S. federal income tax purposes. 
 “Post-Distribution Period” means any Tax Period
beginning after the Distribution Date and, in the case of any Straddle Period, the portion of such Tax Period beginning on the day after the Distribution Date. 

“Pre-Distribution Period” means any Tax Period ending on or before the Distribution
Date and, in the case of any Straddle Period, the portion of such Straddle Period ending on the Distribution Date. 
 “Preliminary
Tax Advisor” has the meaning set forth in Section 14.03 of this Agreement. 

“Privilege” means any privilege that may be asserted under applicable law, including any privilege arising under or relating
to the attorney-client relationship (including the attorney-client and work product privileges), the accountant-client privilege, and any privilege relating to internal evaluation processes. 

“Product Assets” has the meaning set forth in the Separation Agreement. 

“Product Business” has the meaning set forth in the Separation Agreement. 

“Product Liabilities” has the meaning set forth in the Separation Agreement. 

“Product SpinCo” has the meaning provided in the first sentence of this Agreement. 

“Product SpinCo Common Stock” has the meaning set forth in the Separation Agreement. 

“Product SpinCo Consolidated Return” means any consolidated, combined, unitary, or similar income Tax Return required to be
filed by Product SpinCo or a member of the Product SpinCo Group as common parent (or analogous concept) under a similar or analogous provision of state, local, or non-U.S. Law. 

  
 5 

 “Product SpinCo Group” has the meaning set forth in the Separation
Agreement. 
 “Product SpinCo Tainting Act” means (a) any action (or the failure to take any action) within its
control by Product SpinCo or any member of the Product SpinCo Group (including entering into any agreement, understanding, or arrangement or any negotiations with respect to any transaction or series of transactions) that, (b) any event (or
series of events) involving the Capital Stock of Product SpinCo or another member of the Product SpinCo Group that, or (c) any breach by Product SpinCo or any member of the Product SpinCo Group of any representation, warranty, or covenant made
by them in this Agreement, the Separation Agreement, any Ancillary Agreement, or any Representation Letter that, in each case, would affect the Tax-Free Status or otherwise cause a Tax-Free Separation Transaction to fail to qualify for its intended tax treatment as described in the IRS Ruling. 

“Product SpinCo Taxes” means, without duplication, (a) any Taxes required to be paid by Product SpinCo or a member of
the Product SpinCo Group on or after the Distribution Date (including any Taxes imposed due to an adjustment of Taxes due and payable prior to the Distribution Date), and (b) any Taxes attributable to a Product SpinCo Tainting Act, in the case
of each of clauses (a) and (b), other than Taxes that would not have been incurred but for an IP RemainCo Tainting Act. 

“Proposed Acquisition Transaction” means a transaction or series of transactions (or any agreement, understanding, or
arrangement, within the meaning of Section 355(e) of the Code and Treasury Regulations Section 1.355-7, or any other regulations promulgated thereunder, to enter into a transaction or series of
transactions), whether such transaction is supported by Product SpinCo management or shareholders, is a hostile acquisition, or otherwise, as a result of which Product SpinCo would merge or consolidate with any other Person or as a result of which
any Person or any group of related Persons would (directly or indirectly) acquire, or have the right to acquire, from Product SpinCo and/or one or more holders of outstanding shares of Capital Stock of Product SpinCo, a number of shares of Capital
Stock of Product SpinCo that, when combined with any other changes in ownership of Capital Stock of (a) Product SpinCo, (b) TiVo (prior to the Distribution, including in connection with the Merger), (c) IP RemainCo (prior to the
Distribution, including in connection with the Merger), or (d) Xperi (prior to the Distribution, including in connection with the Merger), could reasonably be expected to cause the Distribution to be a taxable event to IP RemainCo as a result
of the application of Section 355(e) of the Code, in each case taking into account the relevant rulings in the IRS Ruling. Notwithstanding the foregoing, a Proposed Acquisition Transaction shall not include (i) the adoption by Product
SpinCo of a shareholder rights plan or (ii) issuances by Product SpinCo that satisfy Safe Harbor VIII (relating to acquisitions in connection with a person’s performance of services) or Safe Harbor IX (relating to acquisitions by a
retirement plan of an employer) of Treasury Regulations Section 1.355-7(d). For purposes of determining whether a transaction constitutes an indirect acquisition, any recapitalization resulting in a shift
of voting power or any redemption of shares of stock shall be treated as an indirect acquisition of shares of stock by the non-exchanging shareholders. This definition and the application thereof is intended
to monitor compliance with Section 355(e) of the Code and shall be interpreted accordingly. Any clarification of, or change in, the statute or regulations promulgated under Section 355(e) of the Code shall be incorporated in this
definition and its interpretation. For purposes of this Agreement, this definition shall apply to any relevant member of the Product SpinCo Group other than Product SpinCo mutatis mutandis. 

  
 6 

 “Refund” means any refund (or credit in lieu thereof) of Taxes (including
any overpayment of Taxes that can be refunded or, alternatively, applied to other Taxes payable), including any interest paid on or with respect to such refund of Taxes; provided, however, the amount of the refund of Taxes shall be net
of any Taxes by any Taxing Authority on the receipt of the refund. 
 “Representation Letters” means the statements of
facts and representations, officer’s certificates, representation letters, and any other materials (including, without limitation, the IRS Ruling Request and any related supplemental submissions to the IRS or other Taxing Authority) delivered
or deliverable by IP RemainCo, its Affiliates, or representatives thereof in connection with the rendering by Tax Advisors, and/or the issuance by the IRS or other Taxing Authority, of the Tax Opinions/Rulings. 

“Required Party” has the meaning set forth in Section 4.01(a) of this Agreement. 

“Responsible Party” means, with respect to any Tax Return, the Party having responsibility for preparing and filing such Tax
Return under this Agreement. 
 “Retention Date” has the meaning set forth in Section 9.01 of
this Agreement. 
 “Ruling” means a ruling from the IRS substantially to the effect that, in respect of any action
described in Section 7.01(c), such action will not affect (a) the Tax-Free Status, and/or (b) the intended Tax treatment of any applicable
Tax-Free Separation Transaction. 
 “Separation Agreement” has the meaning set
forth in the recitals hereto. 
 “Separation Transactions” means those transactions undertaken by the Parties and their
Affiliates pursuant to the Internal Reorganization and Business Realignment. 
 “Straddle Period” means any Tax Period that
begins before and ends after the Distribution Date. 
 “Subsidiary” has the meaning set forth in the Separation Agreement.

 “Tax” or “Taxes” means any income, gross income, gross receipts, profits, capital stock, franchise,
withholding, payroll, social security, workers compensation, unemployment, disability, property, ad valorem, value added, stamp, excise, severance, occupation, service, sales, use, license, lease, transfer, import, export, escheat, alternative
minimum, estimated, or other tax (including any fee, assessment, or other charge in the nature of or in lieu of any tax), imposed by any governmental entity or political subdivision thereof, and any interest, penalty, additions to tax, or additional
amounts in respect of the foregoing. 

  
 7 

 “Tax Advisor” means a tax counsel or accountant, in each case of recognized
national standing. 
 “Tax Attribute” means a net operating loss, net capital loss, unused investment credit, unused
foreign tax credit, excess charitable contribution, general business credit, research and development credit, or any other Tax Item that could reduce a Tax or create a Tax Benefit. 

“Tax Benefit” means any refund, credit, or other reduction in otherwise required liability for Taxes. 

“Tax Contest” means an audit, review, examination, or any other administrative or judicial proceeding with the purpose or
effect of redetermining Taxes (including any administrative or judicial review of any claim for refund). 
 “Tax-Free Separation Transactions” means those Separation Transactions that are described in the IRS Ruling as qualifying partially or wholly as tax-free for U.S.
federal income tax purposes. 
 “Tax-Free Status” means the qualification of the
Contribution and the Distribution, taken together, (a) as a reorganization described in Sections 355(a) and 368(a)(1)(D) of the Code, (b) as a transaction in which the stock distributed thereby is “qualified property” for
purposes of Sections 355(d), 355(e), and 361(c) of the Code, and (c) as a transaction in which IP RemainCo, Product SpinCo, and the shareholders of IP RemainCo recognize no income or gain for U.S. federal income tax purposes pursuant to
Sections 355, 361, and 1032 of the Code, other than, in the case of IP RemainCo and Product SpinCo, intercompany items or excess loss accounts taken into account pursuant to the Treasury Regulations promulgated pursuant to Section 1502 of the
Code. 
 “Tax Item” means any item of income, gain, loss, deduction, expense, or credit, or other attribute that may have
the effect of increasing or decreasing any Tax. 
 “Tax Law” means the law of any governmental entity or political
subdivision thereof relating to any Tax. 
 “Tax Opinions/Rulings” means the formal written opinions of Tax Advisors and/or
the rulings by the IRS or other Taxing Authorities deliverable to IP RemainCo in connection with the Contribution and the Distribution or otherwise with respect to the Separation Transactions, including, for the avoidance of doubt, the IRS Ruling.

 “Tax Period” means, with respect to any Tax, the period for which the Tax is reported as provided under the Code or
other applicable Tax Law. 
 “Tax Records” means any (a) Tax Returns, (b) Tax Return workpapers,
(c) documentation relating to any Tax Contests, and (d) any other books of account or records (whether or not in written, electronic or other tangible or intangible forms and whether or not stored on electronic or any other medium)
required to be maintained under the Code or other applicable Tax Laws or under any record retention agreement with any Taxing Authority, in each case filed with respect to or otherwise relating to Taxes. 

  
 8 

 “Tax Return” means any report of Taxes due, any claim for refund of Taxes
paid, any information return with respect to Taxes, or any other similar report, statement, declaration, or document required to be filed under the Code or other Tax Law with respect to Taxes, including any attachments, exhibits, or other materials
submitted with any of the foregoing, and including any amendments or supplements to any of the foregoing. 
 “Taxing
Authority” means, with respect to any Tax, the governmental entity or political subdivision thereof that imposes such Tax, and the agency (if any) charged with the collection of such Tax for such entity or subdivision. 

“TiVo” means TiVo Corporation, a Delaware corporation, and any successor entity thereto (including, for the avoidance of
doubt, [TiVo LLC], a Delaware limited liability company). 
 “Transfer Pricing Adjustment” means any proposed or actual
allocation by a Taxing Authority of any Tax Item between or among any member of the IP RemainCo Group and any member of the Product SpinCo Group with respect to any Tax Period ending prior to or including the Distribution Date. 

“Treasury Regulations” means the regulations promulgated from time to time under the Code as in effect for the relevant Tax
Period. 
 “Unqualified Tax Opinion” means an unqualified “will” opinion of a Tax Advisor, on which the Parties
may rely substantially to the effect that a transaction will not (a) affect the Tax-Free Status, and/or (b) cause any Tax-Free Separation Transaction to fail to qualify for the intended tax treatment
as described in the IRS Ruling. Any such opinion must assume that the Contribution and the Distribution, taken together, would have qualified for the Tax-Free Status and that other Tax-Free Separation Transactions would have qualified for the intended tax treatment as described in the IRS Ruling. 

“Xperi” means Xperi Corporation, a Delaware corporation, and any successor entity thereto. 

Section 2. Allocation of Tax Liabilities. 

Section 2.01 General Rule. 

(a) IP RemainCo Liability. IP RemainCo shall be liable for, and shall indemnify and hold harmless the Product SpinCo Group from
and against (i) any liability for IP RemainCo Taxes, and (ii) any Distribution Tax-Related Losses for which IP RemainCo is responsible pursuant to Section 7.04. 

(b) Product SpinCo Liability. Product SpinCo shall be liable for, and shall indemnify and hold harmless the IP RemainCo Group
from and against (i) any liability for Product SpinCo Taxes, and (ii) any Distribution Tax-Related Losses for which Product SpinCo is responsible pursuant to Section 7.04.

  
 9 

 Section 2.02 Tax Year Ends. IP RemainCo and Product SpinCo
shall take all actions necessary or appropriate to close the taxable year of Product SpinCo and each member of the Product SpinGo Group for all Tax purposes as of the close of the Distribution Date to the extent permissible or required under
applicable Tax Law. 
 Section 3. Preparation and Filing of Tax Returns. 

Section 3.01 General. Tax Returns shall be prepared and filed when due (including extensions) in accordance
with this Section 3. The Parties shall provide, and shall cause their Affiliates to provide, assistance and cooperation to one another in accordance with Section 8 with respect to the preparation
and filing of Tax Returns, including providing information required to be provided in Section 8. 

Section 3.02 Responsibility for Preparation and Filing. IP RemainCo shall prepare and timely file, or cause
to be prepared and timely filed, taking into account applicable extensions, all Consolidated Returns required to be filed with respect to or including a Pre-Distribution Period, and shall pay, or cause to be
paid, all Taxes shown as due and payable on such Consolidated Returns. Except as set forth in the prior sentence, each Party shall prepare and timely file, or cause to be prepared and timely filed, taking into account applicable extensions, all Tax
Returns required to be filed by such Party or any member of such Party’s Group under applicable Tax Law, and shall pay, or cause to be paid, all Taxes shown as due and payable on such Tax Returns. 

Section 3.03 Tax Reporting Practices. 

(a) General Rule. With respect to any Tax Return that either Party has the obligation and right to prepare and file, or cause to
be prepared and filed, under Section 3.02, such Tax Return shall, to the extent consistent with applicable Tax Law, be prepared in accordance with past practices, accounting methods, elections, or conventions, to the extent
such Tax Return may reasonably be expected to affect the Tax liability of the other Party or any member of the other Party’s Group. 

(b) Reporting of Contribution, Distribution, and Tax-Free Separation Transactions. The
Tax treatment reported on any Tax Return of (i) the Contribution and Distribution, taken together, and (ii) each Tax-Free Separation Transaction, shall be consistent with the treatment of such
transaction as described in the IRS Ruling. 
 Section 3.04 Consolidated or Combined Tax Returns. 

(a) Product SpinCo will elect and join, and will cause its applicable Affiliates to elect and join, in filing any consolidated,
combined, or unitary Tax Returns that IP RemainCo determines in good faith are required to be filed by IP RemainCo under Section 3.02 with Product SpinCo and/or Affiliates of Product SpinCo. With respect to all Product
SpinCo Consolidated Returns for the taxable year which includes the Distribution Date, Product SpinCo shall use (or cause to be used) the closing of the books method under Treasury Regulations
Section 1.1502-76 (or analogous method under applicable state, local, or non-U.S. Tax Law). 

  
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 (b) IP RemainCo will elect and join, and will cause its applicable Affiliates to
elect and join, in filing any consolidated, combined, or unitary Tax Returns that Product SpinCo determines in good faith are required to be filed by Product SpinCo under Section 3.02 with IP RemainCo and/or Affiliates of
IP RemainCo. With respect to all IP RemainCo Consolidated Returns for the taxable year which includes the Distribution Date, IP RemainCo shall use (or cause to be used) the closing of the books method under Treasury Regulations Section 1.1502-76 (or analogous method under applicable state, local, or non-U.S. Tax Law). 

Section 3.05 Right to Review Tax Returns.  

(a) General. The Responsible Party with respect to any material Tax Return shall make the portion of such Tax Return and related
workpapers which are relevant to the determination of the other Party’s rights or obligations under this Agreement available for review by the other Party, if requested, to the extent (i) such Tax Return relates to Taxes for which the
requesting Party would reasonably be expected to be liable, (ii) the requesting Party would reasonably be expected to be liable in whole or in part for any additional Taxes owing as a result of adjustments to the amount of Taxes reported on
such Tax Return, (iii) such Tax Return relates to Taxes for which the requesting Party would reasonably be expected to have a claim for Tax Benefits under this Agreement, or (iv) the requesting Party reasonably determines that it must
inspect such Tax Return to confirm compliance with the terms of this Agreement. The Responsible Party shall use reasonable best efforts to (A) make such portion of such Tax Return available for review as required under this paragraph
sufficiently in advance of the due date for filing of such Tax Return to provide the requesting Party with a meaningful opportunity to analyze and comment on such Tax Return, and (B) have such Tax Return modified before filing to address
reasonable comments made by the requesting Party, taking into account the Party responsible for payment of the Tax (if any) reported on such Tax Return and whether the amount of Tax liability allocable to the requesting Party with respect to such
Tax Return is material. The Parties shall use good faith efforts to resolve any issues arising out of the review of any Tax Returns.

(b) Material Tax Returns. For purposes of Section 3.05(a), a Tax Return is “material” if it
could reasonably be expected to reflect (i) Tax liability equal to or in excess of $150,000 (ii) a credit or credits equal to or in excess of $150,000, or (iii) a loss or losses equal to or in excess of $600,000, in each case with respect
to the requesting party. 
 Section 3.06 Refunds, Carrybacks, and Amended Tax Returns. 

(a) Refunds. IP RemainCo shall be entitled to any Refund of Taxes for which IP RemainCo is liable hereunder, Product SpinCo
shall be entitled to any Refund of Taxes for which Product SpinCo is liable hereunder, and a Party receiving a Refund to which the other Party is entitled hereunder shall pay over such Refund (net of any reasonable expenses incurred by the receiving
Party in connection with the receipt of such Refund) to such other Party within twenty (20) Business Days after such refund is received. Each Party shall cooperate in good faith with any reasonable request to pursue any Refund to which either
Party may be entitled under this Section 3.06(a). 
 (b) Carrybacks. 

(i) Each Party shall be permitted (but not required) to carry back (or to cause its Affiliates to carry back) a Tax Attribute
realized in a Post-Distribution Period to a Pre-Distribution Period only if such carryback cannot reasonably result in the other Party (or its Affiliates) being liable for additional Taxes. If a carryback
could reasonably result in the other Party (or its Affiliates) being liable for additional Taxes, such carryback shall be permitted only if such other Party consents in writing to such carryback. 

  
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 (ii) Notwithstanding anything to the contrary in this Agreement,
(A) any Party that has claimed (or caused one or more of its Affiliates to claim) a Tax Attribute carryback shall be liable for any Taxes that result from such carryback claim or that become due and payable as a result of the subsequent
adjustment, if any, to the carryback claim, and (B) no Party shall be required to file, or cause to be filed, any Tax Return, including an amended Tax Return, affecting the carry back of a Tax Attribute realized in a Post-Distribution Period to
a Pre-Distribution Period. 
 (iii) A Party shall be entitled to any Refund that is
attributable to, and would not have arisen but for, a carryback of a Tax Attribute by such Party pursuant to the provisions set forth in this Section 3.06(b). 

(c) Amended Tax Returns. 

(i) Product SpinCo shall not file (or permit to be filed) any amended Tax Return for a member of the Product SpinCo Group that
relates to a Pre-Distribution Period or any Tax Return that IP RemainCo has reviewed in connection with its rights under Section 3.05 without the prior written consent (not to be
unreasonably withheld, conditioned, or delayed) of IP RemainCo. 
 (ii) IP RemainCo shall not file (or permit to be filed)
any amended Tax Return that Product SpinCo has reviewed in connection with its rights under Section 3.05 without the prior written consent (not to be unreasonably withheld, conditioned, or delayed) of Product SpinCo. 

Section 3.07 Apportionment of Tax Attributes. 

(a) IP RemainCo shall use its best efforts, within ninety (90) Business Days following the close of the year of the Distribution,
to advise Product SpinCo in writing of the proposed amount, if any, of any Tax Attributes that IP RemainCo reasonably determines shall be allocated or apportioned to the Product SpinCo Group under applicable Tax Law. Product SpinCo shall have sixty
(60) Business Days to review and provide to IP RemainCo written comments on such allocation and apportionment after receipt thereof from IP RemainCo. The Tax departments of IP RemainCo and Product SpinCo shall negotiate in good faith to resolve
any disagreements in respect of the allocation and apportionment within thirty (30) Business Days after IP RemainCo’s receipt of any such written comments from Product SpinCo. If any such disagreements cannot be resolved within such thirty
(30) Business Day period, then such disagreements shall be resolved in accordance with the provisions of Section 14. If Product SpinCo does not submit written comments to IP RemainCo within Product SpinCo’s sixty
(60) Business Day review and comment period described above, the allocation and apportionment of Tax Attributes as determined by IP RemainCo and delivered to Product SpinCo pursuant to the first sentence of this
Section 3.07 shall be deemed final, and Product SpinCo agrees that it shall not dispute such allocation and apportionment. Notwithstanding anything to the contrary contained herein, IP RemainCo shall bear no liability to
Product SpinCo for determinations made by IP RemainCo pursuant to this Section 3.07(a) if any such determination shall be found or asserted to be inaccurate. 

  
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 (b) In the event there is an adjustment to any Tax Attributes reflected on a Tax
Return relating to a Pre-Distribution Period that affects the apportionment or allocation of Tax Attributes as finally determined under Section 3.07(a), the Party whose Group made
such adjustment (or is party to a Tax Contest resulting in such adjustment) shall promptly notify the other Party of such adjustment, and the allocation and apportionment of Tax Attributes as finally determined under
Section 3.07(a) shall be updated to take into account such adjustment. 
 (c) IP RemainCo shall, and shall
cause all members of the IP RemainCo Group to, and Product SpinCo shall, and shall cause all members of the Product SpinCo Group to, prepare and file all Tax Returns in accordance with the allocation and apportionment of Tax Attributes as finally
determined under Section 3.07(a), and adjusted (if applicable) under Section 3.07(b), unless otherwise required pursuant to a Final Determination. 

Section 4. Indemnification Payments. 

Section 4.01 Indemnification Payments. 

(a) If any Party (the “Payor”) or any Affiliate of the Payor is required under applicable Tax Law to pay to a Taxing
Authority a Tax that the other Party (the “Required Party”) is liable for under this Agreement, the Payor shall provide notice to the Required Party for the amount due, accompanied by evidence of payment and a statement detailing
the Taxes paid and describing in reasonable detail the particulars relating thereto. Such Required Party shall have a period of thirty (30) days after the receipt of notice to respond thereto. Unless the Required Party disputes the amount it is
liable for under this Agreement within the thirty (30) day period described in the preceding sentence, the Required Party shall reimburse the Payor within sixty (60) Business Days of delivery by the Payor of the notice described above. To
the extent the Required Party does not agree with the amount the Payor claims the Required Party is liable for under this Agreement, the dispute shall be resolved in accordance with Section 14. 

(b) Any Tax indemnity payment required to be made by the Required Party pursuant to this Agreement shall be reduced by any
corresponding Tax Benefit payment required to be made to the Required Party by the other Party pursuant to Section 5. For the avoidance of doubt, a Tax Benefit realized is treated as corresponding to a Tax indemnity payment
to the extent the Tax Benefit realized is attributable to the same Tax Item (or adjustment of such Tax Item pursuant to a Final Determination) that gave rise to the Tax indemnity payment. 

  
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 (c) All indemnification payments under this Agreement shall be made by IP RemainCo
directly to Product SpinCo and by Product SpinCo directly to IP RemainCo; provided, however, that if the Parties mutually agree with respect to any such indemnification payment, any member of the IP RemainCo Group, on the one hand, may
make such indemnification payment to any member of the Product SpinCo Group, on the other hand, and vice versa. Notwithstanding the prior sentence, all indemnification payments shall be treated in the manner described in
Section 13. 
 Section 5. Tax Benefits. 

Section 5.01 Realized Tax Benefits. If a member of the Product SpinCo Group realizes any Tax Benefit as a
result of an adjustment pursuant to a Final Determination to any Taxes for which a member of the IP RemainCo Group is liable hereunder or under the Employee Matters Agreement, or if a member of the IP RemainCo Group realizes any Tax Benefit as a
result of an adjustment pursuant to a Final Determination to any Taxes for which a member of the Product SpinCo Group is liable hereunder or under the Employee Matters Agreement, Product SpinCo or IP RemainCo, as the case may be, shall make a
payment to the other Party within one hundred twenty (120) Business Days following such realization of the Tax Benefit, in an amount equal to such Tax Benefit. For the avoidance of doubt, if such Tax Benefit results in the reduction of an
indemnity payment pursuant to Section 4.01(b), no payment shall be required under this Section 5 to the extent the Required Party reduced its Tax indemnity payment under
Section 4.01(b). 
 Section 5.02 Tax Benefit Payments. No later than ninety
(90) Business Days after a Tax Benefit described in Section 5.01 is realized by a member of the IP RemainCo Group or a member of the Product SpinCo Group, IP RemainCo (if a member of the IP RemainCo Group realizes such
Tax Benefit) or Product SpinCo (if a member of the Product SpinCo Group realizes such Tax Benefit) shall provide the other Party with notice of the amount payable to such other Party by IP RemainCo or Product SpinCo pursuant to this
Section 5, together with a written calculation supporting such amount. In the event that IP RemainCo or Product SpinCo disagrees with any such calculation described in this Section 5.02, IP
RemainCo or Product SpinCo shall so notify the other Party in writing within thirty (30) Business Days of receiving such written calculation. IP RemainCo and Product SpinCo shall endeavor in good faith to resolve such disagreement and the
amount payable under this Section 5 shall be determined in accordance with the disagreement resolution provisions of Section 14 as promptly as practicable.  

Section 6. Employment Tax Matters. Notwithstanding anything contained herein to the contrary, the Employee
Matters Agreement shall govern with respect to the allocation of (a) liability for Employment Taxes and related Tax reporting and withholding obligations, and (b) Tax Items allocated pursuant to the Employee Matters Agreement. 

Section 7. Tax-Free Status. 

Section 7.01 Restrictions on Product SpinCo. 

(a) Product SpinCo agrees that it will not take or fail to take, or permit any Affiliate to take or fail to take, any action where such
action or failure to act would be inconsistent with or cause to be untrue any statement, information, covenant, or representation in any Representation Letter or Tax Opinion/Ruling. Product SpinCo agrees that it will not take or fail to take, or
permit any Affiliate to take or fail to take, any action which could reasonably be expected to adversely affect (i) the Tax-Free Status, or (ii) the intended Tax treatment of any Tax-Free Separation Transaction. 

  
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 (b) Product SpinCo agrees that, from the date hereof until the first Business Day
after the two-year anniversary of the Distribution Date, it will (i) maintain its status as a company engaged in the Active Trade or Business for purposes of Section 355(b)(2) of the Code,
(ii) not engage in any transaction that would result in it ceasing to be a company engaged in the Active Trade or Business for purposes of Section 355(b)(2) of the Code, (iii) cause each Affiliate whose Active Trade or Business is
relied upon in the Tax Opinions/Rulings for purposes of qualifying a Tax-Free Separation Transaction as tax-free pursuant to Section 355 of the Code or other Tax
Law to maintain its status as a company engaged in such Active Trade or Business for purposes of Section 355(b)(2) of the Code and any such other applicable Tax Law, (iv) not engage in any transaction or permit any Affiliate to engage in
any transaction that would result in an Affiliate described in clause (iii) hereof ceasing to be a company engaged in the relevant Active Trade or Business for purposes of Section 355(b)(2) or such other applicable Tax Law, taking into
account Section 355(b)(3) of the Code for purposes of clauses (i) through (iv) hereof, and (v) not dispose of or permit an Affiliate to dispose of, directly or indirectly, any interest in an Affiliate described in clause
(iii) hereof or permit any such Affiliate to make or revoke any election under Treasury Regulations Section 301.7701-3. 

(c) Product SpinCo agrees that, from the date hereof until the first Business Day after the
two-year anniversary of the Distribution Date, it will not and will not permit any Affiliate described in clause (iii) of Section 7.01(b), to (i) enter into any Proposed
Acquisition Transaction or, to the extent Product SpinCo has the right to prohibit any Proposed Acquisition Transaction, permit any Proposed Acquisition Transaction to occur (whether by (A) redeeming rights under a shareholder rights plan,
(B) finding a tender offer to be a “permitted offer” under any such plan or otherwise causing any such plan to be inapplicable or neutralized with respect to any Proposed Acquisition Transaction, (C) approving any Proposed
Acquisition Transaction, whether for purposes of Section 203 of the DGCL or any similar corporate statute, any “fair price” or other provision of its charter or bylaws, (D) amending its certificate of incorporation to declassify
its Board of Directors or approving any such amendment, or (E) otherwise), (ii) merge or consolidate with any other Person or liquidate or partially liquidate, (iii) in a single transaction or series of transactions sell or transfer (other
than sales or transfers of inventory in the ordinary course of business) all or substantially all of the assets that were transferred (or deemed to be transferred for U.S. federal income tax purposes) to Product SpinCo pursuant to the Contribution
or sell or transfer 25% or more of the gross assets of any Active Trade or Business or 25% or more of the consolidated gross assets of Product SpinCo and its Affiliates (such percentages to be measured based on fair market value as of the initial
Distribution Date), (iv) redeem or otherwise repurchase (directly or through an Affiliate) any of its stock, or rights to acquire stock, except to the extent such repurchases satisfy Section 4.05(1)(b) of Revenue Procedure 96-30 (as in effect prior to the amendment of such Revenue Procedure by Revenue Procedure 2003-48), (v) amend its certificate of incorporation (or other organizational
documents), or take any other action, whether through a stockholder vote or otherwise, affecting the voting rights of its Capital Stock (including, without limitation, through the conversion of one class of its Capital Stock into another class of
its Capital Stock), or (vi) take any other action or actions (including any action or transaction that would be reasonably likely to be inconsistent with any representation made in the Representation Letters or the Tax Opinions/Rulings) which
in the aggregate (and taking into account (x) any other transactions described in this Section 7.01(c), and (y) the Merger) would be reasonably likely to have the effect of causing or permitting one or more
persons (whether or not acting in concert) to acquire directly or indirectly stock representing a Fifty-Percent or Greater Interest in Product SpinCo or otherwise jeopardize the Tax-Free Status, unless
prior to taking any such action set forth in the foregoing clauses (i) through (vi), (A) Product SpinCo shall have (I) requested and obtained from IP RemainCo consent to obtain a Ruling in accordance with
Section 7.03, and (II) received such Ruling in form and substance reasonably satisfactory to IP RemainCo, (B) Product SpinCo shall have provided to IP RemainCo an Unqualified Tax Opinion in form and substance
reasonably satisfactory to IP RemainCo, or (C) IP RemainCo shall have waived the requirement to obtain such Ruling or Unqualified Tax Opinion. In determining whether a Ruling or Unqualified Tax Opinion is satisfactory, IP RemainCo may consider,
among other factors, the appropriateness of any underlying assumptions, representations, or covenants used as a basis for the Ruling or Unqualified Tax Opinion and the views on the substantive merit. Product SpinCo shall bear all costs and expenses
of securing any such Ruling or Unqualified Tax Opinion and shall reimburse IP RemainCo for all reasonable out-of-pocket costs and expenses that IP RemainCo may incur in
seeking to obtain or evaluate any such Ruling or Unqualified Tax Opinion. For the avoidance of doubt, the presence of such a Ruling or Unqualified Tax Opinion, or the waiver by IP RemainCo of the requirement to obtain a Ruling or Unqualified Tax
Opinion, shall not relieve Product SpinCo from any indemnification obligations otherwise present under this Agreement. 

  
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 Section 7.02 Restrictions on IP RemainCo. IP
RemainCo agrees that it will not take or fail to take, or permit any Affiliate to take or fail to take, any action (a) where such action or failure to act would be inconsistent with or cause to be untrue any statement, information, covenant or
representation in any Representation Letter or Tax Opinion/Ruling, or (b) which adversely affects or could reasonably be expected to adversely affect (i) the Tax-Free Status, or (ii) the
intended Tax treatment of any Tax-Free Separation Transaction; provided, however, that this Section 7.02 shall not be construed as obligating IP RemainCo to consummate
the Distribution nor shall it be construed as preventing IP RemainCo from terminating the Separation Agreement pursuant to the terms thereof. 

Section 7.03 Procedures Regarding Opinions and Rulings. If Product SpinCo notifies IP RemainCo that it
desires to take one of the actions described in clauses (i) through (vi) of Section 7.01(c), IP RemainCo and Product SpinCo shall reasonably cooperate to attempt to obtain the Ruling or Unqualified Tax Opinion referred
to in Section 7.01(c), unless IP RemainCo shall have waived the requirement to obtain such Ruling or Unqualified Tax Opinion. If such a Ruling is to be sought, Product SpinCo shall apply for such Ruling and IP RemainCo
shall jointly control the process of obtaining such Ruling. IP RemainCo shall take any and all actions reasonably requested by Product SpinCo in connection with obtaining such Ruling or Unqualified Tax Opinion (including by making any representation
or reasonable covenant or providing any materials requested by the IRS in connection with such Ruling or the Tax Advisor issuing such Unqualified Tax Opinion); provided, that IP RemainCo shall not be required to make (or cause any of its
Affiliates to make) any representation or covenant that is untrue or inconsistent with historical facts, or as to future matters or events over which it has no control (in each case, as determined by IP RemainCo in its reasonable discretion). In no
event shall Product SpinCo be permitted to file any request for a Ruling under this Section 7.03 unless IP RemainCo has approved such request (such approval not to be unreasonably withheld, conditioned, or delayed). Product
SpinCo shall reimburse IP RemainCo for all reasonable costs and expenses incurred by IP RemainCo and its Affiliates in obtaining or seeking to obtain a Ruling or Unqualified Tax Opinion requested by Product SpinCo within ten (10) Business Days
after receiving an invoice from IP RemainCo therefor. 

  
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 Section 7.04 Liability for Distribution Tax-Related Losses. 
 (a) In the event that Distribution Taxes become due and payable to a
Taxing Authority pursuant to a Final Determination, then, notwithstanding anything to the contrary in this Agreement: 
 (i)
if such Distribution Taxes are attributable to an IP RemainCo Tainting Act, then IP RemainCo shall be responsible for any Distribution Tax-Related Losses arising out of such Distribution Taxes; 

(ii) if such Distribution Taxes are attributable to a Product SpinCo Tainting Act, then Product SpinCo shall be responsible for
any Distribution Tax-Related Losses arising out of such Distribution Taxes; 
 (iii)
if such Distribution Taxes are attributable to both an IP RemainCo Tainting Act and a Product SpinCo Tainting Act, responsibility for any Distribution Tax-Related Losses arising out of such Distribution Taxes
shall be allocated between IP RemainCo and Product SpinCo according to relative fault; provided, however, that if such Distribution Taxes result from the application of Section 355(e) of the Code to the Distribution or any Tax-Free Separation Transaction intended to be tax-free under Section 355 of the Code, (A) IP RemainCo shall be 100% responsible for any Distribution Tax-Related Losses if an IP RemainCo Tainting Act causes such application of Section 355(e) of the Code and a Product SpinCo Tainting Act does not cause such application of Section 355(e) of the Code, and
(B) Product SpinCo shall be 100% responsible for any Distribution Tax-Related Losses if a Product SpinCo Tainting Act causes such application of Section 355(e) of the Code and an IP RemainCo Tainting
Act does not cause such application of Section 355(e) of the Code; and 
 (iv) if such Distribution Taxes are not
attributable to an IP RemainCo Tainting Act or a Product SpinCo Tainting Act, then responsibility for any Distribution Tax-Related Losses arising out of such Distribution Taxes shall be shared by IP RemainCo
and Product SpinCo in accordance with IP RemainCo’s and Product SpinCo’s relative market capitalizations as of the Distribution Date (determined based on the average trading prices of IP RemainCo and Product SpinCo during the ten trading
days beginning on the Distribution Date). 
 (b) For purposes of calculating the amount and timing of any Distribution Tax-Related Loss for which a Party is responsible under Section 7.04(b), Distribution Tax-Related Losses shall be calculated by assuming that the
Party incurring such Losses, such Party’s affiliated group (within the meaning of Section 1504 of the Code), and each member of such Party’s Group (i) pay Tax at the highest marginal corporate Tax rates in effect in each relevant
taxable year, and (ii) have no Tax Attributes in any relevant year. 

  
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 Section 8. Assistance and Cooperation. 

Section 8.01 Assistance and Cooperation. 

(a) [The Parties shall cooperate (and cause their respective Affiliates to cooperate) with each other and with each other’s
agents, including accounting firms and legal counsel, in connection with Tax matters relating to the Parties and their Affiliates including (i) preparation and filing of Tax Returns, (ii) determining the liability for and amount of any
Taxes due (including estimated Taxes) or the right to and amount of any Refund, (iii) examinations of Tax Returns, and (iv) any administrative or judicial proceeding in respect of Taxes assessed or proposed to be assessed. Such
cooperation shall include making all information and documents in their possession relating to the other Party and its Affiliates available to such other Party as provided in Section 9. Each of the Parties shall also
make available to the other, as reasonably requested and available, personnel (including officers, directors, employees, and agents of the Parties or their respective Affiliates) responsible for preparing, maintaining, and interpreting information
and documents relevant to Taxes, and personnel reasonably required as witnesses or for purposes of providing information or documents in connection with any administrative or judicial proceedings relating to Taxes. In the event that a member of
the IP RemainCo Group, on the one hand, or a member of the Product SpinCo Group, on the other hand, suffers a Tax detriment as a result of a Transfer Pricing Adjustment, the Parties shall cooperate pursuant to this
Section 8 to seek any competent authority relief that may be available with respect to such Transfer Pricing Adjustment. Product SpinCo shall cooperate with IP RemainCo and take any and all actions reasonably requested
by IP RemainCo in connection with obtaining and maintaining the effectiveness of the Tax Opinions/Rulings (including, without limitation, by making any new representation or covenant, confirming any previously made representation or covenant, or
providing any materials or information requested by any Tax Advisor or Taxing Authority); provided, that, Product SpinCo shall not be required to make or confirm any representation or covenant that is inconsistent with historical facts or as
to future matters or events over which it has no control. The requesting Party shall reimburse the other Party for all third-party and reasonable costs and expenses, including $[•] per hour for expenses relating to the utilization of the
other Group’s personnel, incurred by the cooperating Group in complying with this Section 8.01(a) within ten (10) Business Days after receiving an invoice from the cooperating Party therefor; provided,
that, neither Party shall be required to reimburse the other for such personnel expenses except to the extent that the aggregate amount of such cooperating Group personnel expenses exceeds $[•] or the aggregate time spent by the cooperating
Group personnel in connection with such cooperation exceeds [•] hours. The Transition Services Agreement, dated as of [•], by and between IP RemainCo and Product SpinCo, and the schedules thereto, shall govern the payment for
inter-Group support and services in respect of Tax items expressly provided for therein, and the preceding sentence shall not apply with respect to such Tax items.] 

  
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 (b) Any information or documents provided under this
Section 8 shall be kept confidential by the Party receiving the information or documents, except as may otherwise be necessary in connection with the filing of Tax Returns or in connection with any administrative or
judicial proceedings relating to Taxes. Notwithstanding any other provision of this Agreement or any other agreement, (i) neither IP RemainCo nor any Affiliate of IP RemainCo shall be required to provide Product SpinCo or any Affiliate of
Product SpinCo or any other Person access to or copies of any information, documents, or procedures (including the proceedings of any Tax Contest) other than information, documents or procedures that relate to Product SpinCo, the business or assets
of Product SpinCo, or any Affiliate of Product SpinCo, and (ii) in no event shall IP RemainCo or any Affiliate of IP RemainCo be required to provide Product SpinCo, any Affiliate of Product SpinCo, or any other Person access to or copies of any
information or documents if such action could reasonably be expected to result in the waiver of any Privilege. In addition, in the event that either Party determines that the provision of any information or documents to the other Party or any
Affiliate thereof could be commercially detrimental, violate any law or agreement, or waive any Privilege, the Parties shall use reasonable best efforts to permit compliance with its obligations under this Section 8 in a
manner that avoids any such harm or consequence. 
 Section 8.02 Income Tax Return Information. IP RemainCo
and Product SpinCo acknowledge that time is of the essence in relation to any request for information, assistance, or cooperation made by IP RemainCo or Product SpinCo pursuant to Section 8.01 or this
Section 8.02. IP RemainCo and Product SpinCo acknowledge that failure to conform to the reasonable deadlines set by IP RemainCo or Product SpinCo could cause irreparable harm. Each Party shall provide to the other Party
information and documents relating to its Group required by the other Party to prepare Tax Returns, including, but not limited to, any pro forma returns required by the Responsible Party for purposes of preparing such Tax Returns. Any information or
documents the Responsible Party requires to prepare such Tax Returns shall be provided in such form as the Responsible Party reasonably requests and at or prior to the time reasonably specified by the Responsible Party so as to enable the
Responsible Party to file such Tax Returns on a timely basis. 
 Section 8.03 Reliance by IP RemainCo. If
any member of the Product SpinCo Group supplies information to a member of the IP RemainCo Group in connection with a Tax liability and an officer of a member of the IP RemainCo Group signs a statement or other document under penalties of perjury in
reliance upon the accuracy of such information, then upon the written request of such member of the IP RemainCo Group identifying the information being so relied upon, the chief financial officer of Product SpinCo (or any officer of Product SpinCo
as designated by the chief financial officer of Product SpinCo) shall certify in writing that to his or her knowledge (based upon consultation with appropriate employees) the information so supplied is accurate and complete. 

Section 8.04 Reliance by Product SpinCo. If any member of the IP RemainCo Group supplies information to a
member of the Product SpinCo Group in connection with a Tax liability and an officer of a member of the Product SpinCo Group signs a statement or other document under penalties of perjury in reliance upon the accuracy of such information, then upon
the written request of such member of the Product SpinCo Group identifying the information being so relied upon, the chief financial officer of IP RemainCo (or any officer of IP RemainCo as designated by the chief financial officer of IP RemainCo)
shall certify in writing that to his or her knowledge (based upon consultation with appropriate employees) the information so supplied is accurate and complete. 

  
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 Section 8.05
Non-Performance. If a Party (or any of its Affiliates) fails to comply with any of its obligations set forth in this Section 8 upon reasonable request and notice by the other
Party (or any of its Affiliates) and such failure results in the imposition of additional Taxes, the non-performing Party shall be liable in full for such additional Taxes. 

Section 9. Tax Records. 

Section 9.01 Retention of Tax Records. Each Party shall preserve and keep all Tax Records exclusively
relating to the assets and activities of its Group for Pre-Distribution Periods, and IP RemainCo shall preserve and keep all other Tax Records relating to Taxes of the Groups for
Pre-Distribution Tax Periods, for so long as the contents thereof may become material in the administration of any matter under the Code or other applicable Tax Law, but in any event until the later of
(a) the expiration of any applicable statutes of limitations, or (b) seven years after the Distribution Date (such later date, the “Retention Date”). After the Retention Date, each Party may dispose of such Tax Records
upon sixty (60) Business Days’ prior written notice to the other Party. If, prior to the Retention Date, a Party reasonably determines that any Tax Records which it would otherwise be required to preserve and keep under this
Section 9 are no longer material in the administration of any matter under the Code or other applicable Tax Law and the other Party agrees, then such first Party may dispose of such Tax Records upon sixty (60) Business
Days’ prior notice to the other Party. Any notice of an intent to dispose given pursuant to this Section 9.01 shall include a list of the Tax Records to be disposed of describing in reasonable detail each file, book,
or other record accumulation being disposed. The notified Party shall have the opportunity, at its cost and expense, to copy or remove, within such sixty (60) Business Day period, all or any part of such Tax Records. If, at any time prior to
the Retention Date, a Party determines to decommission or otherwise discontinue any computer program or information technology system used to access or store any Tax Records, then such Party may decommission or discontinue such program or system
upon ninety (90) Business Days’ prior notice to the other Party and the other Party shall have the opportunity, at its cost and expense, to copy, within such ninety (90) Business Day period, all or any part of the underlying data
relating to the Tax Records accessed by or stored on such program or system. 
 Section 9.02 Access to Tax
Records. The Parties and their respective Affiliates shall make available to each other for inspection and copying during normal business hours upon reasonable notice all Tax Records (and, for the avoidance of doubt, any pertinent underlying
data accessed or stored on any computer program or information technology system) in their possession and shall permit the other Party and its Affiliates, authorized agents and representatives and any representative of a Taxing Authority or other
Tax auditor direct access, at the cost and expense of such other Party, during normal business hours upon reasonable notice to any computer program or information technology system used to access or store any Tax Records, in each case to the extent
reasonably required by the other Party in connection with the preparation of Tax Returns or financial accounting statements, audits, litigation, or the resolution of items under this Agreement. 

Section 9.03 Preservation of Privilege. Neither Party shall (or permit any Affiliate to) provide access to,
copies of, or otherwise disclose to any Person any documentation relating to Taxes existing prior to the Distribution Date to which Privilege may reasonably be asserted without the prior written consent of the other Party, such consent not to be
unreasonably withheld. 

  
 20 

 Section 10. Tax Contests. 

Section 10.01 Notice. Each of the Parties shall provide prompt notice to the other Party of any written
communication from a Taxing Authority regarding any pending Tax audit, assessment or proceeding or other Tax Contest of which it becomes aware related to Taxes for Tax Periods for which it is indemnified by the other Party hereunder or for which it
may be required to indemnify the other Party hereunder. Such notice shall attach copies of the pertinent portion of any written communication from a Taxing Authority and contain factual information (to the extent known) describing any asserted Tax
liability in reasonable detail and shall be accompanied by copies of any notice and other documents received from any Taxing Authority in respect of any such matters. If a Party has knowledge of an asserted Tax liability with respect to a matter for
which it is to be indemnified hereunder and such Party fails to give the indemnifying Party prompt notice of such asserted Tax liability and the indemnifying Party is entitled under this Agreement to contest the asserted Tax liability, then
(a) if the indemnifying Party is precluded from contesting the asserted Tax liability in any forum as a result of the failure to give prompt notice, the indemnifying Party shall have no obligation to indemnify the indemnified Party for any
Taxes arising out of such asserted Tax liability, and (b) if the indemnifying Party is not precluded from contesting the asserted Tax liability in any forum, but such failure to give prompt notice results in a material monetary detriment to the
indemnifying Party, then any amount which the indemnifying Party is otherwise required to pay the indemnified Party pursuant to this Agreement shall be reduced by the amount of such detriment. 

Section 10.02 Control of Tax Contests. 

(a) Controlling Party. In the case of any Tax Contest with respect to any Tax Return, the Party that would be primarily liable
under this Agreement to pay the applicable Taxing Authority the Taxes resulting from such Tax Contest shall administer and control such Tax Contest (the “Controlling Party”). Notwithstanding the previous sentence, in the case of any
Tax Contest with respect to the Tax-Free Status or the tax treatment of any Tax-Free Separation Transaction, IP RemainCo shall be the Controlling Party; provided,
however, that if Product SpinCo may reasonably be expected to become liable to make any indemnification payment under this Agreement in connection with the resolution of such Tax Contest, Product SpinCo shall have the right to jointly control
the Tax Contest to the extent relating to Taxes for which Product SpinCo may reasonably be expected to indemnify under this Agreement, and IP RemainCo shall not settle any such Tax Contest without the prior written consent of Product SpinCo (not to
be unreasonably withheld, conditioned, or delayed) to the extent such settlement relates to Taxes for which Product SpinCo may reasonably be expected to indemnify under this Agreement.

  
 21 

 (b) Information Rights. Unless waived by the Parties in writing, in connection
with any potential adjustment in a Tax Contest as a result of which adjustment the other non-controlling Party (the “Non-Controlling Party”) may
reasonably be expected to become liable to make any indemnification payment (or any payment under Section 5) to the Controlling Party under this Agreement: (i) the Controlling Party shall keep the Non-Controlling Party informed in a timely manner of all actions taken or proposed to be taken by the Controlling Party with respect to such potential adjustment in such Tax Contest; (ii) the Controlling Party
shall provide the Non-Controlling Party copies of any written materials relating to such potential adjustment in such Tax Contest received from any Taxing Authority; (iii) the Controlling Party shall
timely provide the Non-Controlling Party with copies of any correspondence or filings submitted to any Taxing Authority or judicial authority in connection with such potential adjustment in such Tax Contest;
(iv) the Controlling Party shall consult with the Non-Controlling Party (including, without limitation, regarding the use of outside advisors to assist with the Tax Contest) and offer the Non-Controlling Party a reasonable opportunity to comment before submitting any written materials prepared or furnished in connection with such potential adjustment in such Tax Contest; and (v) the Controlling
Party shall defend such Tax Contest diligently and in good faith. 
 (c) Tax Contest Participation. Unless waived by the
Parties in writing, the Controlling Party shall provide the Non-Controlling Party with written notice reasonably in advance of, and the Non-Controlling Party shall have
the right to attend, any formally scheduled meetings with Taxing Authorities or hearings or proceedings before any judicial authorities in connection with any potential adjustment in a Tax Contest pursuant to which the
Non-Controlling Party may reasonably be expected to become liable to make any indemnification payment (or any payment under Section 5) to the Controlling Party under this Agreement.
The failure of the Controlling Party to provide any notice specified in this Section 10.02(c) to the Non-Controlling Party shall not relieve the
Non-Controlling Party of any liability and/or obligation which it may have to the Controlling Party under this Agreement except to the extent that the Non-Controlling
Party was actually harmed by such failure, and in no event shall such failure relieve the Non-Controlling Party from any other liability or obligation which it may have to the Controlling Party. 

(d) Power of Attorney. Each member of the Product SpinCo Group shall execute and deliver to IP RemainCo (or such member of the
IP RemainCo Group as IP RemainCo shall designate) any power of attorney or other similar document reasonably requested by IP RemainCo (or such designee) in connection with any Tax Contest (as to which IP RemainCo is the Controlling Party) described
in this Section 10. Each member of the IP RemainCo Group shall execute and deliver to Product SpinCo (or such member of the Product SpinCo Group as Product SpinCo shall designate) any power of attorney or other similar
document requested by Product SpinCo (or such designee) in connection with any Tax Contest (as to which Product SpinCo is the Controlling Party) described in this Section 10. 

(e) Costs. All external out-of-pocket costs and
expenses that are incurred by the Controlling Party with respect to a Tax Contest related to an adjustment which the Non-Controlling Party may reasonably be expected to become liable to make any
indemnification payment under this Agreement shall be shared by the Parties according to each Party’s relative share of the potential Tax liability with respect to the Tax Contest as determined under this Agreement; provided,
however, that a Non-Controlling Party shall not be liable for fees payable to outside advisors to the extent that the Controlling Party failed to consult with the
Non-Controlling Party to the extent required by Section 10.02(b). It the Controlling Party incurs
out-of-pocket costs and expenses to be shared under this Section 10.02(e) during a fiscal quarter, such Controlling Party shall provide notice
to the Non-Controlling Party within thirty (30) days after the end of such fiscal quarter for the amount due from such Non-Controlling Party pursuant to this
Section 10.02(e), describing in reasonable detail the particulars relating thereto. Such Non-Controlling Party shall have a period of thirty (30) days after the receipt of notice
to respond thereto. Unless the Non-Controlling Party disputes the amount it is liable for under this Section 10.02(e), the Non-Controlling
Party shall reimburse the Controlling Party within forty-five (45) Business Days of delivery by the Controlling Party of the notice described above. To the extent the Non-Controlling Party does not agree
with the amount the Controlling Party claims the Non-Controlling Party is liable for under this Section 10.02(e), the dispute shall be resolved in accordance with
Section 14. During the first month of each fiscal quarter in which it expects to incur costs for which reimbursement may be sought under this Section 10.02(e), the Controlling Party will provide
the Non-Controlling Party with a good faith estimate of such costs. 

  
 22 

 Section 11. Effective Date. This Agreement shall be
effective as of the date hereof. 
 Section 12. Survival of Obligations. The representations, warranties,
covenants, and agreements set forth in this Agreement shall be unconditional and absolute and shall remain in effect without limitation as to time. 

Section 13. Treatment of Payments; Tax Gross Up. 

Section 13.01 Treatment of Tax Indemnity and Tax Benefit Payments. To the extent permitted by applicable Tax
Law, unless otherwise required by a Final Determination or this Agreement or otherwise agreed among the Parties, for U.S. federal Tax purposes, any Tax indemnity payment or Tax Benefit payment made pursuant to this Agreement shall be treated as
follows: 
 (a) to the extent the member or assets of the payor Group and the member or assets of the payee Group to which the
liability for payment relates were separated in a tax-free distribution for U.S. federal Tax purposes, such payment shall be treated as a tax-free contribution or tax-free distribution, as applicable, with respect to the stock of the applicable member of the payee Group or payor Group, as applicable, occurring immediately prior to the relevant Separation Transaction or the
Contribution, as applicable; and 
 (b) to the extent the member or assets of the payor Group and the member or assets of the payee
Group to which the liability for payment relates were separated in a taxable transaction for U.S. federal Tax purposes, such payment shall be treated as an adjustment to the price or amount, as applicable, of the relevant Separation Transaction or
the Contribution, as applicable. 
 Payments of interest shall be treated as deductible by the payor Party or its relevant Subsidiary and as
income to the payee Party or its relevant Subsidiary, as permitted and applicable. In the case of each of the foregoing, no Party shall take any position inconsistent with such treatment. In the event that a Taxing Authority asserts that a
Party’s treatment of a payment pursuant to this Agreement should be other than as set forth in this Section 13.01, such Party shall use its commercially reasonable efforts to contest such challenge. 

  
 23 

 Section 13.02 Tax Gross Up. If notwithstanding the manner
in which Tax indemnity payments and Tax Benefit payments were reported, there is an adjustment to the Tax liability of a Party or another member of its Group as a result of the receipt of a payment pursuant to this Agreement, such payment shall be
appropriately adjusted so that the amount of such payment, reduced by all income Taxes payable with respect to the receipt thereof (but taking into account all correlative Tax Benefits resulting from the payment of such income Taxes), shall equal
the amount of the payment which the Party entitled to such payment would otherwise be entitled to receive pursuant to this Agreement. The Party entitled to a payment under this Agreement shall take all reasonable efforts to avoid or reduce any
income Taxes on such receipt. 
 Section 14. Disagreements. 

Section 14.01 Discussion. The Parties mutually desire that friendly collaboration will continue between them.
Accordingly, they will try, and they will cause their respective Group members to try, to resolve in an amicable manner all disagreements and misunderstandings connected with their respective rights and obligations under this Agreement, including
any amendments hereto. In furtherance thereof, in the event of any dispute or disagreement between any member of the IP RemainCo Group and any member of the Product SpinCo Group as to the interpretation of any provision of this Agreement or the
performance of obligations hereunder (a “Dispute”), the Tax departments of the Parties shall negotiate in good faith to resolve the Dispute. 

Section 14.02 Escalation. If such good faith negotiations do not resolve the Dispute, then the matter, upon
written request of either Party, will be referred for resolution pursuant to the procedures set forth in Section 9.1(b) of the Separation Agreement. Except as expressly provided herein, Disputes hereunder shall not be subject to the dispute
resolution procedures set forth in the Separation Agreement. 
 Section 14.03 Referral to Tax Advisor. If
the Parties are not able to resolve the Dispute through the escalation process referred to above, then the matter will be referred to a Tax Advisor acceptable to each of the Parties to act as an arbitrator in order to resolve the Dispute. In the
event that the Parties are unable to agree upon a Tax Advisor within fifteen (15) Business Days following the completion of the escalation process, the Parties shall each separately retain an independent, nationally recognized law or accounting
firm (each, a “Preliminary Tax Advisor”), which Preliminary Tax Advisors shall jointly select a Tax Advisor on behalf of the Parties to act as an arbitrator in order to resolve the Dispute. The Tax Advisor may, in its discretion,
obtain the services of any third-party appraiser, accounting firm or consultant that the Tax Advisor deems necessary to assist it in resolving such disagreement. The Tax Advisor shall furnish written notice to the Parties of its resolution of any
such Dispute as soon as practical, but in any event no later than thirty (30) Business Days after its acceptance of the matter for resolution. Any such resolution by the Tax Advisor will be conclusive and binding on the Parties. Following
receipt of the Tax Advisor’s written notice to the Parties of its resolution of the Dispute, the Parties shall each take or cause to be taken any action necessary to implement such resolution of the Tax Advisor. Each Party shall pay its own
fees and expenses (including the fees and expenses of its representatives) incurred in connection with the referral of the matter to the Tax Advisor (and the Preliminary Tax Advisors, if any). All fees and expenses of the Tax Advisor (and the
Preliminary Tax Advisors, if any) in connection with such referral shall be shared equally by the Parties.  

Section 14.04 Injunctive Relief. Nothing in this Section 14 will prevent either
Party from seeking injunctive relief if any delay resulting from the efforts to resolve the Dispute through the process set forth above could result in serious and irreparable injury to either Party.

  
 24 

 Notwithstanding anything to the contrary in this Agreement, IP RemainCo and Product SpinCo are the only
members of their respective Group entitled to commence a dispute resolution procedure under this Agreement, and each of IP RemainCo and Product SpinCo will cause its respective Group members not to commence any dispute resolution procedure other
than through such Party as provided in this Section 14. 
 Section 15. Expenses.
Except as otherwise provided in this Agreement, each Party and its Affiliates shall bear their own expenses incurred in connection with preparation of Tax Returns, Tax Contests, and other matters related to Taxes under the provisions of this
Agreement. 
 Section 16. General Provisions. 

Section 16.01 Complete Agreement; Construction. Except as otherwise expressly noted herein with respect to
the Employee Matters Agreement and the Separation Agreement, this Agreement shall constitute the entire agreement among the Parties with respect to Taxes and Tax Returns of the Parties and their respective Subsidiaries and shall supersede all
previous negotiations, commitments, course of dealings, and writings with respect to such subject matter. In the event and to the extent of any conflict between this Agreement, on the one hand, and the Separation Agreement or any Ancillary
Agreements relating to the transactions contemplated by the Separation Agreement, on the other hand, with respect to Taxes and Tax Returns of the Parties and their respective Subsidiaries, the terms and conditions of this Agreement shall govern.

 Section 16.02 Other Agreements. Except as expressly set forth herein (including, for the avoidance of
doubt, as provided in Section 16.01), this Agreement is not intended to address, and should not be interpreted to address, the matters specifically and expressly covered by the Separation Agreement and the other Ancillary
Agreements. 
 Section 16.03 Counterparts. This Agreement may be executed and delivered (including by
facsimile or other means of electronic transmission, such as by electronic mail in “pdf” form) in more than one counterpart, all of which shall be considered one and the same agreement, each of which when executed shall be deemed to be an
original, and shall become effective when one or more such counterparts have been signed by each of the Parties and delivered to each of the Parties. 

Section 16.04 Survival of Agreement. Except as otherwise contemplated by this Agreement, all covenants and
agreements of the Parties contained in this Agreement shall survive the Effective Time and remain in full force and effect in accordance with their applicable terms. 

Section 16.05 Notices. All notices and other communications to be given to either Party under this Agreement
shall be sufficiently given for all purposes hereunder if in writing and delivered by hand, courier or overnight delivery service, or five (5) days after being mailed by certified or registered mail, return receipt requested, with appropriate
postage prepaid, or electronically mailed (with a response confirming receipt), and shall be directed to the address set forth below (or at such other address for a Party as shall be specified in a notice given in accordance with this
Section 16.05): 

  
 25 

 Prior to the Distribution: 

To IP RemainCo or Product SpinCo: 

Xperi Holding Corporation 
 3025
Orchard Parkway 
 San Jose, CA 95134 

Attention:         Paul Davis 

Email:              paul.davis@xperi.com 

with a copy (which shall not constitute notice) to: 

Skadden, Arps, Slate, Meagher & Flom LLP 

525 University Avenue 
 Palo
Alto, CA 94301 
 Attention:         Mike Ringler 

Email:               mike.ringler@skadden.com 

Following the Distribution Date: 

To IP RemainCo: 
 Adeia Inc. 

3025 Orchard Parkway 
 San Jose,
California 95134 
 Attention:         [•] 

Email:               [•] 

with a copy (which shall not constitute notice) to: 

Skadden, Arps, Slate, Meagher & Flom LLP 

525 University Avenue 
 Palo
Alto, CA 94301 
 Attention:         Mike Ringler 

Email:               mike.ringler@skadden.com 

To Product SpinCo: 
 Xperi Inc.

 2160 Gold Street 
 San
Jose, CA 95002 
 Attention:         [•] 

Email:               [•] 

with a copy (which shall not constitute notice) to: 

Skadden, Arps, Slate, Meagher & Flom LLP 

525 University Avenue 
 Palo
Alto, CA 94301 
 Attention:         Mike Ringler 

Email:               mike.ringler@skadden.com 

  
 26 

 Section 16.06 Waivers. Any provision of this Agreement may
be waived if and only if such waiver is in writing and signed by the Party against whom the waiver is to be effective. Notwithstanding the foregoing, no failure to exercise and no delay in exercising, on the part of either Party, any right, remedy,
power or privilege hereunder shall operate as a waiver hereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder or preclude any other or further exercise thereof or the exercise of any other right, remedy,
power or privilege. Any consent required or permitted to be given by either Party to the other Party under this Agreement shall be in writing and signed by the Party giving such consent and shall be effective only against such Party (and the members
of its Group). 
 Section 16.07 Amendments. This Agreement may not be modified or amended except by an
agreement in writing signed by each of the Parties. 
 Section 16.08 Assignment. Except as otherwise
provided for in this Agreement, neither this Agreement nor any right, interest, or obligation shall be assignable, in whole or in part, directly or indirectly, by either Party without the prior written consent of the other Party (not to be
unreasonably withheld, conditioned, or delayed), and any attempt to assign any rights, interests, or obligations arising under this Agreement without such consent shall be void; except, that a Party may assign this Agreement or any or all of the
rights, interests, and obligations hereunder in connection with a merger, reorganization, or consolidation transaction in which such Party is a constituent party but not the surviving entity or the sale by such Party of all or substantially all of
its Assets; provided, that the surviving entity of such merger, reorganization, or consolidation transaction or the transferee of such Assets shall assume all the obligations of the relevant Party by operation of law or pursuant to an
agreement in writing, reasonably satisfactory to the other Party, to be bound by the terms of this Agreement as if named as a “Party” hereto; provided, however, that in the case of each of the preceding clauses, no
assignment permitted by this Section 16.08 shall release the assigning Party from Liability for the full performance of its obligations under this Agreement, unless agreed to in writing by the
non-assigning Parties. 
 Section 16.09 Successors and Assigns. The
provisions of this Agreement and the obligations and rights hereunder shall be binding upon, inure to the benefit of, and be enforceable by (and against) the Parties and their respective successors and permitted transferees and assigns. 

Section 16.10 Payment Terms. 

(a) Except as set forth in Section 4 or as otherwise expressly provided to the contrary in this Agreement,
any amount to be paid or reimbursed by a Party (and/or a member of such Party’s Group), on the one hand, to the other Party (and/or a member of such Party’s respective Group), on the other hand, under this Agreement shall be paid or
reimbursed hereunder within thirty (30) days after presentation of an invoice or a written demand therefor and setting forth, or accompanied by, reasonable documentation or other reasonable explanation supporting such amount. 

  
 27 

 (b) Except as set forth in Section 4 or as otherwise
expressly provided to the contrary in this Agreement, any amount not paid when due pursuant to this Agreement (and any amount billed or otherwise invoiced or demanded and properly payable that is not paid within forty-five (45) days of such
bill, invoice or other demand) shall bear interest at a rate per annum equal to the Mid-Term Applicable Federal Rate (in effect on the date on which such payment was due) plus 1.5% calculated for the actual
number of days elapsed, accrued from the date on which such payment was due up to the date of the actual receipt of payment. 
 (c)
In the event of a dispute or disagreement with respect to all or a portion of any amounts requested by either Party (and/or a member of such Party’s Group) as being payable, the payor Party shall in no event be entitled to withhold payments for
any such amounts (and any such disputed amounts shall be paid in accordance with Section 16.10(a), subject to the right of the payor Party to dispute such amount following such payment); provided, that in the event
that following the resolution of such dispute it is determined that the payee Party (and/or a member of the payee Party’s Group) was not entitled to all or a portion of the payment made by the payor Party, the payee Party shall repay (or cause
to be repaid) such amounts to which it was not entitled, including interest, to the payor Party (or its designee), which amounts shall bear interest at a rate per annum equal to the Mid-Term Applicable Federal
Rate (in effect on the date on which such payment was due) plus 1.5%, calculated for the actual number of days elapsed, accrued from the date on which such payment was made by the payor Party to the payee Party. 

(d) Without the consent of the Party receiving any payment under this Agreement specifying otherwise, all payments to be made by IP
RemainCo or Product SpinCo under this Agreement shall be made in U.S. dollars. Except as expressly provided herein, any amount which is not expressed in U.S. dollars shall be converted into U.S. dollars by using the Bloomberg fixing rate at 5:00
p.m. New York City Time on the day before the date the payment is required to be made or, as applicable, on which an invoice is submitted (provided, however, that with regard to any payment hereunder made by a Party to indemnify the
other Party for a payment or payments made by such other Party to third parties, the date shall be the day before the relevant payment was made to the third party) or in the Wall Street Journal on such date if not so published on Bloomberg. Except
as expressly provided herein, in the event that any indemnification payment required to be made hereunder may be denominated in a currency other than U.S. dollars, the amount of such payment shall be converted into U.S. dollars on the date on which
notice of the claim is given to the Party obligated to make such payment. 
 Section 16.11 No
Circumvention. The Parties agree not to directly or indirectly take any actions, act in concert with any Person who takes an action, or cause or allow any member of any such Party’s Group to take any actions (including the failure to take a
reasonable action) such that the resulting effect is to materially undermine the effectiveness of any of the provisions of this Agreement (including adversely affecting the rights or ability of either Party to successfully pursue indemnification or
payment pursuant to Section 4). 
 Section 16.12 Subsidiaries. Each of the
Parties shall cause to be performed, and hereby guarantees the performance of, all actions, agreements, and obligations set forth herein to be performed by any Subsidiary of such Party or by any entity that becomes a Subsidiary of such Party on and
after the Distribution Date. 

  
 28 

 Section 16.13 Third Party Beneficiaries. Except as
specifically provided in the Separation Agreement or any Ancillary Agreement, this Agreement is solely for the benefit of, and is only enforceable by, the Parties and their permitted successors and assigns and should not be deemed to confer upon
third parties any remedy, benefit, claim, liability, reimbursement, claim of action, or other right of any nature whatsoever, including any rights of employment for any specified period, in excess of those existing without reference to this
Agreement. 
 Section 16.14 Title and Headings. Titles and headings to sections herein are inserted for the
convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 

Section 16.15 Governing Law. This Agreement and any dispute arising out of, in connection with or relating to
this Agreement shall be governed by and construed in accordance with the Laws of the State of Delaware, without giving effect to the conflicts of laws principles thereof. 

Section 16.16 Specific Performance. The Parties acknowledge and agree that irreparable harm would occur in
the event that the Parties do not perform any provision of this Agreement in accordance with its specific terms or otherwise breach this Agreement and the remedies at law for any breach or threatened breach of this Agreement, including monetary
damages, are inadequate compensation for any indemnifiable loss. Accordingly, from and after the Effective Time, in the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the
Parties agree that the Party or Parties to this Agreement who are or are to be thereby aggrieved shall, subject and pursuant to the terms of this Section 16 (including for the avoidance of doubt, after compliance with all
notice and negotiation provisions herein), have the right to specific performance and injunctive or other equitable relief of its or their rights under this Agreement, in addition to any and all other rights and remedies at law or in equity, and all
such rights and remedies shall be cumulative. The Parties agree that any defense in any action for specific performance that a remedy at law would be adequate is hereby waived, and that any requirements for the securing or posting of any bond with
such remedy are hereby waived. 
 Section 16.17 Severability. In the event any one or more of the
provisions contained in this Agreement should be held invalid, illegal, or unenforceable in any respect, the validity, legality, and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired
thereby. The Parties shall endeavor in good-faith negotiations to replace the invalid, illegal, or unenforceable provisions with valid, legal, and enforceable provisions, the economic effect of which comes as close as possible to that of the
invalid, illegal, or unenforceable provisions. 
 Section 16.18 No Duplication; No Double Recovery. Nothing
in this Agreement is intended to confer to or impose upon either Party a duplicative right, entitlement, obligation, or recovery with respect to any matter arising out of the same facts and circumstances (including with respect to the rights,
entitlements, obligations, and recoveries that may arise out of Section 4). 

  
 29 

 Section 16.19 Further Action. The Parties
shall execute and deliver all documents, provide all information, and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement, including the execution and delivery to the other Parties and
their Affiliates and representatives of such powers of attorney or other authorizing documentation as is reasonably necessary or appropriate in connection with Tax Contests (or portions thereof) under the control of such other Parties in accordance
with Section 10. 
 [Signature page follows] 

  
 30 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the day
and year first above written. 
  

			
	ADEIA INC.
		
	By	 	          

		 	Name:
		 	Title:
	
	XPERI INC.
		
	By	 	          

		 	Name:
		 	Title:

  
 [Signature Page to the
Tax Matters Agreement]

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