Document:

lob-ex10611_1025.htm

Exhibit 10.6.11

 

LIVE OAK BANCSHARES, INC.

2015 OMNIBUS STOCK INCENTIVE PLAN

 

RESTRICTED STOCK UNIT AWARD AGREEMENT

THIS RESTRICTED STOCK UNIT AWARD AGREEMENT is made and entered into effective as of February 23, 2021 (the “Date of Grant”), by and between LIVE OAK BANCSHARES, INC., a North Carolina corporation (the “Company”), and David G. Lucht (the “Grantee”).  This Agreement sets forth the terms and conditions associated with the Company’s award to Grantee of restricted stock units payable as described below in shares of Common Stock pursuant to the Company’s 2015 Omnibus Stock Incentive Plan (as amended from time to time, the “Plan”).  Capitalized terms not explicitly defined in this Agreement but defined in the Plan will have the meanings ascribed to them under the Plan.

NOW, THEREFORE, in consideration of the foregoing and Grantee’s continued provision of valuable services as a director of the Company, the parties hereto, intending to be legally bound, agree as follows:

1.Grant of Units.  Effective as of the Date of Grant, the Company grants the Grantee 246 Restricted Stock Units (the “Units”) subject to the provisions of this Agreement and the Plan.  Each Unit is subject to settlement into one share of Common Stock (a “Share”) that will be delivered to Grantee pursuant to this Agreement when and if such Unit becomes vested in accordance with this Agreement.

2.Vesting.  The Units are unvested when granted and will vest February 22, 2022, subject to Grantee’s provision of Continuous Service to the Company through such date.  In addition, to the extent not previously forfeited, all unvested Units will vest immediately upon: (a) the consummation of a Corporate Transaction provided that Grantee provides Continuous Service to the Company through the date of such Corporate Transaction; (b) the termination of Grantee’s Continuous Service as a result of Grantee’s death; or (c) the termination of Grantee’s Continuous Service as a result of Grantee’s Disability.

3.Effect of Termination of Continuous Service.  Except as provided in Section 2 in connection with the termination of Grantee’s Continuous Service as a result of Grantee’s death or Disability, in the event of the termination of Grantee’s Continuous Service, all Units that are not vested will be immediately, automatically, and without consideration forfeited.  

4.Delivery of Shares to Settle Units.  When Units become vested as provided in Section 3, the vested Units will be settled by delivering to Grantee the number of Shares equal to the number of vested Units, subject to the following provisions.

(a)Delivery of the Shares will be made as soon as practicable after the date on which the Units vest, provided that the Company may provide for a reasonable delay in the delivery of the Shares to address tax and other administrative matters, and provided further that delivery of the Shares will occur no later than two and one-half months following the conclusion 

of the year in which the vesting occurs.

(b)Subject to the conditions described herein, as soon as practicable after the date on which the Units vest, the Company will, at its election, either: (i) issue a certificate representing the Shares deliverable pursuant to this Agreement; or (ii) not issue any certificate representing the Shares deliverable pursuant to this Agreement and instead document the Grantee’s interest in the Shares by registering such Shares with the Company’s transfer agent (or another custodian selected by the Company) in book­entry form in the Grantee’s name.  

(c)No Shares will be issued pursuant to this Agreement unless and until all then-applicable requirements imposed by U.S., foreign, and state securities and other laws, rules and regulations and by any regulatory agencies having jurisdiction, and by any exchanges upon which the Shares may be listed, have been fully met, and the Company may condition the issuance of Shares pursuant to this Agreement on the Grantee’s taking any reasonable action to meet those requirements.  The Company may impose such conditions on any Shares issuable pursuant to this Agreement as it may deem advisable, including, without limitation, restrictions under the Securities Act of 1933, as amended, under the requirements of any exchange upon which shares of the same class are then listed, and under any blue sky or other securities laws applicable to those shares.

5.Rights as a Shareholder.  The Units represent a right to payment from the Company if the conditions of the Agreement are met and do not give the Grantee ownership of any Common Stock prior to delivery as provided in Section 4.  Grantee will not have any rights and/or privileges of a stockholder of the Company with respect to the Units prior to such delivery, but Grantee will have all rights associated with the ownership of the Shares upon such delivery.

6.Non-Transferability of the Units.  The Units and the right to payment under this Agreement are not transferable, and may not be sold, exchanged, transferred, pledged, hypothecated, encumbered or otherwise disposed of except by the laws of descent or distribution, or as otherwise provided by the Plan.  Any purported transfer of the Units or the right to payment under this Agreement not in compliance with the preceding sentence is null and void and will not be given effect.  

7.Tax Consequences.  Grantee acknowledges that Grantee understands the federal, state, local, and foreign tax consequences of the award of the Units and the provisions of this Agreement.  Grantee is relying solely on the advice of Grantee’s own tax advisors and not on any statements or representations of the Company or any of its agents in connection with such tax consequences.  Grantee understands that Grantee (and not the Company nor any Related Entity) will be responsible for Grantee’s own tax liability that may arise as a result of the granting, vesting, and/or settlement of the Units (or otherwise in connection with this Agreement).

8.Withholding Obligations.  As a condition to delivery of the Shares, the Grantee hereby authorizes the Company to withhold from the Shares deliverable under this Agreement a number of Shares with a Fair Market Value (measured as of the date tax withholding obligations are to be determined) equal to the federal, state, local and foreign tax withholding obligations of the Company or a Related Entity, if any.  In the event that the Administrator determines in its discretion that such withholding of Shares is not permitted pursuant to the Applicable Laws, the 

rules and regulations of any regulatory agencies having jurisdiction over the Company, or the rules of any exchanges upon which the Shares may be listed, then the Administrator may, in its discretion, make alternative arrangements for satisfying the Company’s (or a Related Entity’s) withholding obligations, utilizing any method permitted by the Plan, including but not limited to requiring Grantee to tender a cash payment or withholding from salary or other compensation payable to Grantee.

9.Application of Section 409A of the Code.  The parties intend that the delivery of Shares in respect of the Units provided under this Agreement satisfies, to the greatest extent possible, the exemption from the application of Section 409A of the Code and the regulations and other guidance thereunder and any state law of similar effect (collectively, “Section 409A”) provided under Treasury Regulations Section 1.409A-1(b)(4) (or any other applicable exemption), and this Agreement will be construed to the greatest extent possible as consistent with those provisions.  To the extent not so exempt, the delivery of Shares in respect of the Units provided under this Agreement will be conducted, and this Agreement will be construed, in a manner that complies with Section 409A and is consistent with the requirements for avoiding taxes or penalties under Section 409A.  The parties further intend that each installment of any payments provided for in this Agreement is a separate “payment” for purposes of Section 409A.  To the extent that (a) one or more of the payments received or to be received by Grantee pursuant to this Agreement would constitute deferred compensation subject to the requirements of Section 409A, and (b) Grantee is a “specified employee” within the meaning of Section 409A, then solely to the extent necessary to avoid the imposition of any additional taxes or penalties under Section 409A, the commencement of any payments under this Agreement will be deferred until the date that is six months following the Grantee’s termination of Continuous Service (or, if earlier, the date of death of the Grantee) and will instead be paid on the date that immediately follows the end of such six-month period (or death) or as soon as administratively practicable within thirty (30) days thereafter.  The Company makes no representations to Grantee regarding the compliance of this Agreement or the Units with Section 409A, and Grantee is solely responsible for the payment of any taxes or penalties arising under Section 409A(a)(1), or any state law of similar effect, with respect to the grant or vesting of the Units or the delivery of the Shares hereunder.

10.Adjustments.  All references to the number of Units will be appropriately adjusted to reflect any stock split, stock dividend, or other change in capitalization that may be made by the Company after the date of this Agreement, as provided in Section 13 of the Plan.

11.Electronic Delivery.  Grantee hereby consents to receive documents related to the Units and any other Awards granted under the Plan by electronic delivery and agrees to participate in the Plan through an online or electronic system established and maintained by the Company or another third party designated by the Company, and such consent shall remain in effect throughout until withdrawn in writing by Grantee.

12.Data Privacy.  Grantee acknowledges that the Company holds certain personal information about him/her, including, but not limited to, name, home address and telephone number, date of birth, social security number or other identification number, salary, nationality, job title, details of the Units and any other entitlement to Shares awarded, cancelled, exercised, vested or unvested.  Grantee consents to the collection, use and transfer (including but not limited to transfers to parties assisting in the implementation, administration and management of the Plan), 

in electronic or other form, of such personal data for the purpose of implementing, administering, and managing Grantee’s participation in the Plan.

13.Binding Effect.  This Agreement is binding upon and inures to the benefit of Grantee and Grantee’s heirs, executors, and personal representatives, and the Company and its successors and assigns.  

14.Multiple Originals.  This Agreement may be executed in one or more counterparts, each of which will be deemed an original but all of which together will constitute one and the same agreement.  Facsimile or PDF reproductions of original signatures will be deemed binding for the purpose of the execution of this Agreement.

15.Notices.  Any notice, demand or request required or permitted to be given pursuant to the terms of this Agreement must be in writing and will be deemed given when delivered personally, one day after deposit with a recognized international delivery service (such as FedEx), or three days after deposit in the U.S. mail, first class, certified or registered, return receipt requested, with postage prepaid, in each case addressed to the parties at the addresses of the parties set forth at the end of this Agreement or such other address as a party may designate by notifying the other in writing.

16.Choice of Law; Venue.  This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of North Carolina, without giving effect to the choice of law rules of any jurisdiction.  The parties agree that any litigation arising out of or related to the Units or this Agreement will be brought exclusively in any state or federal court in New Hanover County, North Carolina.  Each party (i) consents to the personal jurisdiction of said courts, (ii) waives any venue or inconvenient forum defense to any proceeding maintained in such courts, and (iii) agrees not to bring any proceeding arising out of or relating to this Agreement in any other court.  

17.Modification of Agreement; Waiver.  This Agreement may be modified, amended, suspended, or terminated, and any terms, representations or conditions may be waived, but only by a written instrument signed by each of the parties hereto, except as otherwise provided in the Plan.  No waiver hereunder will constitute a waiver with respect to any subsequent occurrence or other transaction hereunder or of any other provision hereof.

18.Severability.  The provisions of this Agreement are severable, and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, then the remaining provisions will nevertheless be binding and enforceable.

19.Entire Agreement.  This Agreement, along with the Plan, constitutes and embodies the entire understanding and agreement of the parties hereto with respect to the subject matter hereof and there are no other agreements or understandings, written or oral, in effect between the parties hereto relating to the matters addressed herein.

20.Grantee’s Acknowledgements.  Grantee hereby acknowledges receipt of a copy of the Plan and the Company’s prospectus covering the Shares issued pursuant to the Plan (the “Prospectus”).  Grantee has read and understands the terms of this Agreement, the Plan, and the Prospectus.  The Units are subject to all the provisions of the Plan, the provisions of which are 

hereby made a part of this Agreement, and are further subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted pursuant to the Plan.  In the event of any conflict between the provisions of this Agreement and those of the Plan, the provisions of the Plan shall control.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer, and the Grantee has hereunto set the Grantee’s hand and seal, all as of the day and year first above written.

	
COMPANY:
	
	
Live Oak Bancshares, Inc.
	
	
By:
	
 

	
Name:
	
 

	
Title:
	
 

 

	
Address:
	
1741 Tiburon Drive

	
 
	
Wilmington, NC 28403

 

	
GRANTEE:
	
 

	
 
	
 

	
 
	
(SEAL)

 

	
Print Name:
	
 

	
 
	
 
	
	
Address:Exhibit 10.1

 

EMPLOYMENT
AGREEMENT

 

THIS EMPLOYMENT AGREEMENT
(“Agreement”) is entered into by and between Oisin Hanrahan (“Executive”) and ANGI Homeservices,
Inc., a Delaware corporation (the “Company”), and is effective as of February 24, 2021(the “Effective
Date”).

 

WHEREAS, the Company desires to establish
its right to the services of Executive, in the capacity described below, on the terms and conditions hereinafter set forth, and
Executive is willing to accept such employment on such terms and conditions.

 

NOW, THEREFORE, in consideration of the
mutual agreements hereinafter set forth, Executive and the Company have agreed and do hereby agree as follows:

 

1A.      EMPLOYMENT. During the Term (as defined below),
the Company shall employ Executive, and Executive shall be employed, as Chief Executive Officer. During Executive’s employment
with the Company, Executive shall do and perform all services and acts necessary or advisable to fulfill the duties and responsibilities
as are commensurate and consistent with Executive’s position and shall render such services on the terms set forth herein.
During Executive’s employment with the Company, Executive shall report directly to the Board of Directors of the Company
(the “Board”) and the Chairman of the Board. Executive shall have such powers and duties with respect to the Company
as may reasonably be assigned to Executive by the Board, to the extent consistent with Executive’s position. Executive agrees
to devote all of Executive’s working time, attention and efforts to the Company and to perform the duties of Executive’s
position in accordance with the Company’s policies as in effect from time to time. Notwithstanding anything to the contrary
above, Executive may participate in civic and charitable activities, and may serve as member of the board of directors of such
entities as may be approved from time to time in advance by the Board, so long as such activities do not conflict with or materially
interfere with Executive’s performance of his duties hereunder or compete with or present an actual or apparent conflict
of interest for the Company, which shall be determined by the Chief Legal Officer of ANGI Homeservices, Inc. in her good faith
judgment.

 

The Company and the Board, respectively, shall
take such action as may be necessary to appoint or elect Executive as a member of the Board as soon as practicable following the
Effective Date. Thereafter, during the Term, the Company and the Board shall nominate Executive for re-election as a member of
the Board at the expiration of the then current term.

 

2A.      TERM. The term of this Agreement shall commence
on the Effective Date and shall terminate on the first anniversary thereof (the “Initial Term”); provided, that certain
terms and conditions herein may specify a greater period of effectiveness; and further provided that this Agreement shall automatically
renew for additional one year terms (each a “Renewal Term”, and collectively with the Initial Term, the “Term”),
unless terminated by either party with written notice provided not less than ninety (90) days prior to the end of the then-current
Term or Renewal Term (a “Notice of Non-Renewal”).

 

Notwithstanding any other provision of
this Agreement to the contrary, Executive’s employment with the Company is “at-will” and may be terminated at
any time for any reason or no reason, with or without cause, by the Company or Executive, with or without notice. During the Term,
Executive’s right to payments upon certain terminations of employment is governed by Section
1(d) of the Standard Terms and Conditions attached hereto.

 

     

     

    

 

3A.      COMPENSATION.

 

(a)              
BASE SALARY. During the period that Executive is employed with the Company hereunder, the Company shall pay Executive an
annual base salary of $550,000 (as increased, the “Base Salary”), payable in equal biweekly installments (or, if different,
in accordance with the Company’s payroll practice as in effect from time to time), which Base Salary may be increased, from
time to time, as approved by the Compensation Committee of the Board.

 

(b)              
DISCRETIONARY BONUS. During the period that Executive is employed with the Company hereunder, Executive shall be
eligible to receive discretionary annual bonuses (the “Annual Bonuses”). The Annual Bonuses shall in all cases be determined
by the Executive Compensation Committee of the Board of Directors of the Company (the “Executive Compensation Committee”)
in its sole discretion based on the factors it deems relevant, which may include, among other factors, the Company’s performance
against various criteria (including its competition, its prior year results, achievement of established initiatives, etc.) and
the contribution and performance of Executive.

 

(c)       EQUITY
AWARD. On the Effective Date, Executive shall be granted, under and subject to the provisions of the Company’s 2017 Stock
and Annual Incentive Plan (the “2017 Plan”), an award of Company Restricted Stock Units (the “RSU Award”)
with a grant date value of $5 Million. The actual vesting and other terms and conditions of the RSU Award will be governed by the
award notice and related terms and conditions attached as Exhibit A and the 2017 Plan. Executive shall remain eligible for
future equity grants during the Term of his employment with the Company.

 

(d)       BENEFITS.
From the Effective Date through the date of termination of Executive’s employment with the Company for any reason, Executive
shall be entitled to participate in any welfare, health and life insurance and pension benefit programs as may be adopted from
time to time by the Company on the same basis as that provided to similarly situated employees of the Company. The Company may
alter, modify, add, suspend or terminate its employee benefit plans and programs (or any one of them) at any time and in accordance
with such plans as it, in its sole discretion, determines to be appropriate, without recourse to Executive. Without limiting the
generality of the foregoing, Executive shall be entitled to the following benefits:

 

(i)                
Reimbursement for Business Expenses. During the period that Executive is employed with the Company hereunder, the
Company shall reimburse Executive for all reasonable, necessary and documented expenses incurred by Executive in performing Executive’s
duties for the Company including, without limitation up to an after-tax amount of $25,000 per calendar year (pro-rated for shorter
periods) in travel and related expenses for Executive’s family to travel to and from Colorado when Executive is working out
of the Company’s Colorado offices, and otherwise on the same basis as similarly situated employees generally and in accordance
with the Company’s policies as in effect from time to time.

 

    2

     

    

 

(ii)             
Vacation. During the period that Executive is employed with the Company hereunder, Executive shall be entitled to
paid vacation each year, in accordance with the plans, policies, programs and practices of the Company applicable to similarly
situated employees of the Company generally.

 

4A.      NOTICES. All notices and other communications
under this Agreement shall be in writing and shall be given by first-class mail, certified or registered with return receipt requested,
or by hand delivery, or by overnight delivery by a nationally recognized carrier, in each case to the applicable address set forth
below, and any such notice is deemed effectively given when received by the recipient (or if receipt is refused by the recipient,
when so refused):

 

	 	If to the Company:	ANGI Homeservices,
    Inc.
	 	 	103 E. Washington Street
	 	 	Indianapolis, IN 46204

    Attention: Chief Legal Officer
	 	 	 
	 	 	With a copy to:
 IAC/InterActiveCorp
	 	 	555 West 18th Street,
    6th Floor
	 	 	New York, NY 10011

    Attention: General Counsel
	 	 	 
	 	If to Executive:	At the most recent address
    for Executive on file at the Company.

 

Either party may change such party’s address for notices
by notice duly given pursuant hereto.

 

5A.      GOVERNING LAW; JURISDICTION. This Agreement and
the legal relations thus created between the parties hereto (including, without limitation, any dispute arising out of or related
to this Agreement) shall be governed by and construed under and in accordance with the internal laws of the State of New York without
reference to its principles of conflicts of laws. Any such dispute will be heard and determined before an appropriate federal court
located in the State of New York in New York County, or, if not maintainable therein, then in an appropriate New York state court
located in New York City, and each party hereto submits itself and its property to the non-exclusive jurisdiction of the foregoing
courts with respect to such disputes. Each party hereto (i) agrees that service of process may be made by mailing a copy of any
relevant document to the address of the party set forth above, (ii) waives to the fullest extent permitted by law any objection
which it may now or hereafter have to the courts referred to above on the grounds of inconvenient forum or otherwise as regards
any dispute between the parties hereto arising out of or related to this Agreement, (iii) waives to the fullest extent permitted
by law any objection which it may now or hereafter have to the laying of venue in the courts referred to above as regards any dispute
between the parties hereto arising out of or related to this Agreement and (iv) agrees that a judgment or order of any court referred
to above in connection with any dispute between the parties hereto arising out of or related to this Agreement is conclusive and
binding on it and may be enforced against it in the courts of any other jurisdiction.

 

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6A.      COUNTERPARTS. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original
but all of which together will constitute one and the same instrument.

 

7A.      STANDARD TERMS AND CONDITIONS. Executive expressly
understands and acknowledges that the Standard Terms and Conditions attached hereto are incorporated herein by reference, deemed
a part of this Agreement and are binding and enforceable provisions of this Agreement. References to “this Agreement”
or the use of the term “hereof” shall refer to this Agreement and the Standard Terms and Conditions attached hereto,
taken as a whole.

 

8A.       RELOCATION.
Executive agrees that the duties and responsibilities of the position of Chief Executive Officer may require his relocation
to be in Denver, Colorado, subject to the determination of the Board in its discretion, but that the Board will not require
his relocation to occur prior to 24 months from the Effective Date of this Agreement. Executive agrees that the Board’s
decision to require him to relocate to Denver shall not constitute Good Reason for resignation as defined in the Standard
Terms and Conditions. In the event the Board requires relocation to Denver, the Company shall pay Executive’s
reasonable expenses associated with such relocation.

 

 

[The Signature Page Follows]

 

    4

     

    

 

IN WITNESS WHEREOF, the Company has caused
this Agreement to be executed and delivered by its duly authorized officer and Executive has executed and delivered this Agreement
on the Effective Date.

 

	 	ANGI
    Homeservices, Inc.
	 	 
	 	/s/ SHANNON
    M. SHAW
	 	By: Shannon M. Shaw
	 	Title: Chief Legal Officer
	 	 
	 	/s/ OISIN HANRAHAN
	 	Oisin Hanrahan

 

     

     

    

 

STANDARD TERMS
AND CONDITIONS

 

1. TERMINATION OF EXECUTIVE’S EMPLOYMENT.

 

(a)       DEATH.
In the event Executive’s employment hereunder is terminated by reason of Executive’s death, the Company shall pay Executive’s
designated beneficiary or beneficiaries, within thirty (30) days of Executive’s death in a lump sum in cash, (i) Executive’s
Base Salary through the end of the month in which death occurs and (ii) any other Accrued Obligations (as defined in paragraph
1(f) below).

 

(b)       DISABILITY.
Only if, as a result of Executive’s incapacity due to physical or mental illness (“Disability”), Executive shall
have been absent from the full-time performance of Executive’s duties with the Company for a period of four (4) consecutive
months and, within thirty (30) days after written notice is provided to Executive by the Company (in accordance with Section 4A
hereof), Executive shall not have returned to the full-time performance of Executive’s duties, Executive’s employment
under this Agreement may be terminated by the Company for Disability. During any period prior to such termination during which
Executive is absent from the full-time performance of Executive’s duties with the Company due to Disability, the Company
shall continue to pay Executive’s Base Salary at the rate in effect at the commencement of such period of Disability, offset
by any amounts payable to Executive under any disability insurance plan or policy provided by the Company. Upon termination of
Executive’s employment due to Disability, the Company shall pay Executive within thirty (30) days of such termination (i)
Executive’s Base Salary through the end of the month in which termination occurs in a lump sum in cash, offset by any amounts
payable to Executive under any disability insurance plan or policy provided by the Company; and (ii) any other Accrued Obligations
(as defined in paragraph 1(f) below).

 

(c)              
TERMINATION FOR CAUSE. Upon the termination of Executive’s employment by the Company for Cause (as defined
below), the Company shall have no further obligation hereunder, except for the payment of any Accrued Obligations (as defined in
paragraph 1(f) below). As used herein, “Cause” shall mean: (i) the plea of guilty or nolo contendere to, or conviction
for, a felony offense by Executive; provided, however, that after indictment, the Company may suspend Executive from
the rendition of services, but without limiting or modifying in any other way the Company’s obligations under this Agreement;
(ii) a material breach by Executive of a fiduciary duty owed to the Company; (iii) a material breach by Executive of any of the
covenants made by Executive in any of Sections 2(a)-(e) hereof; (iv) the willful or gross neglect by Executive of the material
duties required by this Agreement; or (v) a violation by Executive of any Company policy pertaining to ethics, wrongdoing or conflicts
of interest; provided, that in the case of conduct described in clauses (iii), (iv) or (v) above which is capable of being cured,
Executive shall have a period of fifteen (15) days after Executive is provided with written notice thereof in which to cure.

 

(d)              
TERMINATION BY THE COMPANY OTHER THAN FOR DEATH, DISABILITY OR CAUSE; RESIGNATION BY EXECUTIVE FOR GOOD REASON. If
Executive’s employment hereunder is terminated by the Company for any reason other than Executive’s death or Disability
or for Cause or if Executive resigns for Good Reason (as defined below), then

 

     

     

    

 

(i)        the
Company shall continue to pay to Executive the Base Salary for 12 months from the date of such termination or resignation (“Severance
Period”), payable in equal biweekly installments (or, if different, in accordance with the Company’s payroll practice
as in effect from time to time) over the course of such twelve (12) months;

 

(ii)       Executive
shall be eligible to elect continuation coverage under the Company’s group health plan for a period of up to eighteen (18)
months from the Executive’s employment termination date for Executive and Executive’s eligible dependents at the same
coverage level as in effect for Executive and his eligible dependents immediately prior to the termination date. In addition to
the compensation set forth in paragraph 2 above, should Executive elect to enroll in such continuation coverage, the Company shall
provide Executive with an amount representing the applicable monthly COBRA premium for up to twelve (12) months of coverage, grossed
up for applicable taxes during the period of such coverage;

 

(iii)        any
compensation awards of Executive based on, or in the form of, Company equity (e.g., restricted stock, restricted stock units, stock
options or similar instruments, and including the RSU award granted pursuant to Exhibit A) that are outstanding and unvested at
the time of such termination but which would, but for such termination, have vested during the Severance Period shall vest as of
the date of such termination of employment; provided that for these purposes, any equity awards with a vesting schedule
less frequent than annual shall be treated as though the vesting occurred in equal annual installments and any portion of any such
awards that would have vested by the end of the Severance Period (including any portion which would have vested prior to the date
of termination of employment) shall vest as of the date of such termination of employment (e.g., if 100 restricted stock units
were granted 1.7 years prior to the date of termination with a 5-year cliff vesting term then on the date of termination 40 of
such units would vest); provided, further, that with respect to any awards subject to performance vesting requirements,
the vesting of such awards shall in all events be subject to the satisfaction of the applicable performance goals; and

 

(iv)        each
of the then-unvested Buyer RSUs (as defined in the Handy Technologies, Inc. and ANGI Homeservices, Inc. Merger Agreement dated
September 29, 2018) granted to Executive (including the Equity Award, as defined in the Handy Employment Agreement) shall immediately
vest and be settled in accordance with their terms;

 

(v)        any
then-vested options or stock appreciation rights of Executive (including any such awards vesting as a result of (iii) or (iv) above)
to acquire Company equity shall remain exercisable through the earlier of (A) the scheduled expiration date of such awards and
(B) eighteen months following Executive’s termination of employment; and

 

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(vi)        the
Company shall pay Executive within thirty (30) days of the date of such termination or resignation in a lump sum in cash any Accrued
Obligations (as defined in paragraph 1(f) below).

 

The payment to Executive of the severance
benefits described in this Section 1(d) shall be subject to Executive’s execution and non-revocation of a general release
of the Company and its affiliates, in a form substantially similar to that used for similarly situated executives of the Company
and its affiliates, such general release to be executed and promptly delivered to the Company (and in no event later than 21 days
following Executive’s termination of employment, or such longer period as may be required by applicable law) and Executive’s
compliance with the restrictive covenants set forth in Section 2 hereof. Such release shall make clear that Executive is not releasing
his right to receive any termination benefits pursuant to this Section 1(d) above and/or under any equity incentive plan governing
any outstanding equity award then held by Executive and/or any rights to indemnification or directors’ and officers’
liability insurance coverage. Executive acknowledges and agrees that the severance benefits described in this Section 1(d) constitute
good and valuable consideration for such release.

 

For purposes of this Agreement, “Good Reason” shall
mean the occurrence of any of the following without Executive’s prior written consent: (A) a material reduction in Executive's
base salary other than as a result of a company-wide reductions in salary of all executive officers of the Company, (B) any diminution
in Executive’s title or a material diminution in Executive’s duties or level of responsibilities as compared to those
in effect as of the Effective Date, excluding for this purpose any such change that is an isolated and inadvertent action not
taken in bad faith and that is remedied by the Company promptly after receipt of notice thereof given by the Executive, and
it being understood that the common stock of the Company no longer being publicly traded shall not constitute a material diminution
in title, duties or level of responsibilities, (C) the relocation of Executive’s principal place of employment to a location
other than Denver or New York City, (D) the Company’s breach of the compensation and benefits entitlements, Board seat,
and/or liability coverage provisions, or (E) the requirement that Executive report to anyone other than the Board or the Chairman
of the Board; provided, however, that in no event shall Executive’s resignation be for “Good Reason”
unless (x) an event or circumstance set forth in clauses (A) through (E) above shall have occurred and Executive provides the
Company with written notice thereof within thirty (30) days after Executive has initial knowledge of the occurrence or existence
of such event or circumstance, which notice specifically identifies the event or circumstance that Executive believes constitutes
Good Reason, (y) the Company fails to correct the event or circumstance so identified within thirty (30) days after the receipt
of such notice and (z) Executive resigns within ninety (90) days after the date of delivery of the notice referred to in (x) above.

 

Section
280G; Parachute Payments.

 

(a)  
If any payment or benefit Executive will or may receive from the Company or otherwise (a “280G Payment”) would
(i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence,
be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then any such 280G Payment provided
pursuant to this Agreement (a “Payment”) shall be equal to the Reduced Amount. The “Reduced Amount” shall
be either (x) the largest portion of the Payment that would result in no portion of the Payment (after reduction) being subject
to the Excise Tax or (y) the largest portion, up to and including the total, of the Payment, whichever amount (i.e., the amount
determined by clause (x) or by clause (y)), after taking into account all applicable federal, state and local employment taxes,
income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in Executive’s receipt,
on an after-tax basis, of the greater economic benefit notwithstanding that all or some portion of the Payment may be subject to
the Excise Tax. If a reduction in a Payment is required pursuant to the preceding sentence and the Reduced Amount is determined
pursuant to clause (x) of the preceding sentence, the reduction shall occur in the manner (the “Reduction Method”)
that results in the greatest economic benefit for Executive. If more than one method of reduction will result in the same economic
benefit, the items so reduced will be reduced pro rata (the “Pro Rata Reduction Method”).

 

    3

     

    

 

(b)  
Notwithstanding any provision of subsection (a) above to the contrary, if the Reduction Method or the Pro Rata Reduction
Method would result in any portion of the Payment being subject to taxes pursuant to Section 409A that would not otherwise be subject
to taxes pursuant to Section 409A, then the Reduction Method and/or the Pro Rata Reduction Method, as the case may be, shall be
modified so as to avoid the imposition of taxes pursuant to Section 409A as follows: (i) as a first priority, the modification
shall preserve to the greatest extent possible, the greatest economic benefit for Executive as determined on an after-tax basis;
(ii) as a second priority, Payments that are contingent on future events (e.g., being terminated without Cause), shall be reduced
(or eliminated) before Payments that are not contingent on future events; and (iii) as a third priority, Payments that are “deferred
compensation” within the meaning of Section 409A shall be reduced (or eliminated) before Payments that are not deferred compensation
within the meaning of Section 409A.

 

(c)  
Unless Executive and the Company agree on an alternative accounting firm or law firm, the accounting firm engaged by the
Company for general tax compliance purposes as of the day prior to the effective date of the Change in Control transaction shall
perform the foregoing calculations. If the accounting firm so engaged by the Company is serving as accountant or auditor for the
individual, entity or group effecting the change in control transaction, the Company shall appoint a nationally recognized accounting
or law firm to make the determinations required by this Section 1. The Company shall bear all expenses with respect to the determinations
by such accounting or law firm required to be made hereunder. The Company shall use commercially reasonable efforts to cause the
accounting or law firm engaged to make the determinations hereunder to provide its calculations, together with detailed supporting
documentation, to Executive and the Company within 15 calendar days after the date on which Executive’s right to a 280G Payment
becomes reasonably likely to occur (if requested at that time by Executive or the Company) or such other time as requested by Executive
or the Company.

 

(e)       OFFSET.
If Executive obtains other employment during the period of time in which the Company is required to make payments to Executive
pursuant to Section 1(d)(i) above, the amount of any such remaining payments or benefits to be provided to Executive shall be reduced
by the amount of compensation and benefits earned by Executive from such other employment through the end of such period. For purposes
of this Section 1(e), Executive shall have an obligation to inform the Company regarding Executive’s employment status following
termination and during the period of time in which the Company is making payments to Executive under Section 1(d)(i) above.

 

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(f)       ACCRUED
OBLIGATIONS. As used in this Agreement, “Accrued Obligations” shall mean the sum of (i) any portion of Executive’s
accrued but unpaid Base Salary through the date of death or termination of employment for any reason, as the case may be; (ii)
any compensation previously earned but deferred by Executive (together with any interest or earnings thereon) that has not yet
been paid and that is not otherwise to be paid at a later date pursuant to the executive deferred compensation plan of the Company,
if any, and (iii) any reimbursements that Executive is entitled to receive under Section 3A(d)(i) of the Agreement. In the
event that Company terminates Executive's employment without cause or Executive resigns with Good Reason, and at the time of separation
the Company has already determined that Executive was to receive an Annual Bonus and finally determined the amount of said Annual
Bonus (with ordinary course accruals not being deemed final determination for such purposes), the Annual Bonus shall be considered
part of the Accrued Obligations.

 

(g) NOTICE OF NON-RENEWAL. If the
Company delivers a Non-Renewal Notice to Executive then, provided Executive offers reasonable transition of his duties as may be
requested by the Company (which such transition shall not extend beyond the then-current expiration date of the Term), effective
as of Executive’s separation from service from the Company, Executive shall have the same rights and obligations hereunder
as if the Company had terminated Executive’s employment without Cause.

 

		2.	CONFIDENTIAL INFORMATION; NON-COMPETITION; NON-SOLICITATION; AND PROPRIETARY RIGHTS.

 

(a)              
CONFIDENTIALITY. Executive acknowledges that, while employed by the Company, Executive will occupy a position of
trust and confidence. The Company, its subsidiaries and/or affiliates shall provide Executive with “Confidential Information”
as referred to below. Executive shall not, except as may be required to perform Executive’s duties hereunder or as required
by applicable law, without limitation in time, communicate, divulge, disseminate, disclose to others or otherwise use, whether
directly or indirectly, any Confidential Information regarding the Company and/or any of its subsidiaries and/or affiliates.

 

“Confidential Information”
shall mean information about the Company or any of its subsidiaries or affiliates, and their respective businesses, employees,
consultants, contractors, clients and customers that is not disclosed by the Company or any of its subsidiaries or affiliates for
financial reporting purposes or otherwise generally made available to the public (other than by Executive’s breach of the
terms hereof) and that was learned or developed by Executive in the course of employment by the Company or any of its subsidiaries
or affiliates, including (without limitation) any proprietary knowledge, trade secrets, data, formulae, information and client
and customer lists and all papers, resumes, and records (including computer records) of the documents containing such Confidential
Information. Confidential Information shall not include information that is the product of
Executive’s general knowledge, education, training and/or experience or in the public domain through no fault of Executive.
Executive acknowledges that such Confidential Information is specialized, unique in nature and of great value to the Company and
its subsidiaries or affiliates, and that such information gives the Company and its subsidiaries or affiliates a competitive advantage.
Executive agrees to deliver or return to the Company, at the Company’s request at any time or upon termination or expiration
of Executive’s employment or as soon thereafter as possible, all documents, computer tapes and disks, records, lists, data,
drawings, prints, notes and written information (and all copies thereof) furnished by the Company and its subsidiaries or affiliates
or prepared by Executive in the course of Executive’s employment by the Company and its subsidiaries or affiliates. As used
in this Agreement, “subsidiaries” and “affiliates” shall mean any company controlled by, controlling or
under common control with the Company. In accordance with the Defend Trade Secrets Act of 2016, Executive understands Executive
will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret
that: (i) is made (A) in confidence to a federal, state or local government official, either directly or indirectly, or to any
attorney, and (B) solely for the purpose of reporting or investigating suspected violation of law: or (ii) is made in a complaint
or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In addition nothing in this Agreement
limits Executive’s ability to communicate with the Equal Employment Opportunity Commission, the National Labor Relations
Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or
local governmental agency or commission (each a “Government Agency” and together, the “Government Agencies”)
or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing
documents or other information, without notice to the Company. This Agreement does not limit Executive’s right to receive
an award for information provided to any Government Agencies.

 

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(b)              
NON-COMPETITION. In consideration of this Agreement, and other good and valuable consideration provided hereunder,
the receipt and sufficiency of which are hereby acknowledged by Executive, Executive hereby agrees and covenants that, during Executive’s
employment hereunder and for a period of twenty-four (24) months thereafter (the “Restricted Period”), Executive shall
not, without the prior written consent of the Company, directly or indirectly, engage in or become associated with a Competitive
Activity.

 

For purposes of this Section 2(b), (i) a “Competitive Activity” means any business or other endeavor involving Similar
Products if such business or endeavor is in a country (including the United States) in which the Company (or any of its businesses)
provides or actively planned to provide during the twelve (12) month period preceding the last date of Executive’s employment
hereunder such Similar Products; (ii) “Similar Products” means any products or services that are the same or similar
to any of the types of products or services that the Company (or any of its businesses) provides, has provided or actively planned
to provide during the twelve (12) month period preceding the last date of Executive’s employment hereunder, in each case,
in any country (including, but not limited to, the United States, Canada and the United Kingdom); and (iii) Executive shall be
considered to have become “associated with a Competitive Activity” if Executive becomes directly or indirectly involved
as an owner, principal, employee, officer, director, independent contractor, representative, stockholder, financial backer, agent,
partner, member, advisor, lender, consultant or in any other individual or representative capacity with any individual, partnership,
corporation or other organization that is engaged in a Competitive Activity.

 

Executive acknowledges that Executive’s covenants under this Section 2(b) are a material inducement to the Company’s
entering into this Agreement. Further, Executive acknowledges that the restrictions set forth in this provision are reasonable
and not greater than necessary to protect and maintain the proprietary and other legitimate business interests of the Company,
and that the enforcement of these restrictions would not prevent Executive from earning a livelihood.

 

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Notwithstanding the foregoing, Executive may make and retain investments during the Restricted Period, for investment purposes
only, in less than one percent (1%) of the outstanding capital stock of any publicly-traded corporation engaged in a Competitive
Activity if the stock of such corporation is either listed on a national stock exchange or on the NASDAQ National Market System
if Executive is not otherwise affiliated with such corporation. In addition, the provisions of this Agreement shall not be violated
by Executive commencing employment with a subsidiary, division or unit of any entity that engages in a Competitive Activity so
long as Executive and such subsidiary, division or unit does not engage in a business in the Competitive Activity. Executive acknowledges
that Executive’s covenants under this Section 2(b) are a material inducement to the Company’s entering into this Agreement.

 

(c)              
NON-SOLICITATION OF EMPLOYEES. Executive recognizes that Executive will possess Confidential Information about other
employees, consultants and contractors of the Company and its subsidiaries or affiliates relating to their education, experience,
skills, abilities, compensation and benefits, and inter-personal relationships with suppliers to and customers of the Company and
its subsidiaries or affiliates. Executive recognizes that the information Executive will possess about these other employees, consultants
and contractors is not generally known, is of substantial value to the Company and its subsidiaries or affiliates in developing
their respective businesses and in securing and retaining customers, and will be acquired by Executive because of Executive’s
business position with the Company. Executive agrees that, during Executive’s employment hereunder and for a period of twelve
(12) months thereafter, Executive will not, directly or indirectly, hire or solicit or recruit any employee of (i) the Company
and/or (ii) its subsidiaries and/or affiliates with whom Executive has had direct contact during Executive’s employment hereunder,
in each case, for the purpose of being employed by Executive or by any business, individual, partnership, firm, corporation or
other entity on whose behalf Executive is acting as an agent, representative or employee and that Executive will not convey any
such Confidential Information or trade secrets about employees of the Company or any of its subsidiaries or affiliates to any other
person except within the scope of Executive’s duties hereunder; provided the foregoing shall not apply to (ii) the hiring,
without solicitation, of Umang Dua and (ii) an employee whose employment terminated more than twelve (12) months prior to the date
of such hiring or solicitation.

 

(d)              
NON-SOLICITATION OF BUSINESS PARTNERS. During Executive’s employment hereunder, and for a period of twelve
(12) months thereafter, Executive shall not directly or indirectly, without the prior written consent of the Company, persuade
or encourage any business partners or business affiliates of (i) the Company and/or (ii) any of its subsidiaries and/or affiliates
with whom Executive has direct contact during his employment hereunder, in each case, to cease doing business with the Company
and/or any of its subsidiaries and/or affiliates or to engage in any business competitive with the Company and/or its subsidiaries
and/or affiliates.

 

    7

     

    

 

Notwithstanding the foregoing,
the provisions of this Agreement shall not be violated by (A) general advertising or solicitation not specifically targeted
at Company-related persons or entities or (B) Executive serving as a reference for any employee of the Company.

 

(e)              
PROPRIETARY RIGHTS; ASSIGNMENT. All Employee Developments (defined below) shall be considered works made for hire
by Executive for the Company or, as applicable, its subsidiaries or affiliates, and Executive agrees that all rights of any kind
in any Employee Developments belong exclusively to the Company. In order to permit the Company to exploit such Employee Developments,
Executive shall promptly and fully report all such Employee Developments to the Company. Except in furtherance of Executive’s
obligations as an employee of the Company, Executive shall not use or reproduce any portion of any record associated with any Employee
Development without prior written consent of the Company or, as applicable, its subsidiaries or affiliates. Executive agrees that
in the event actions of Executive are required to ensure that such rights belong to the Company under applicable laws, Executive
will cooperate and take whatever such actions are reasonably requested by the Company, whether during or after the Term, and without
the need for separate or additional compensation. “Employee Developments” means any idea, know-how, discovery, invention,
design, method, technique, improvement, enhancement, development, computer program, machine, algorithm or other work of authorship,
developed, conceived or reduced to practice during the period of employment, that (i) concerns or relates to the actual or anticipated
business, research or development activities, or operations of the Company or any of its subsidiaries or affiliates, or (ii) results
from or is suggested by any undertaking assigned to Executive or work performed by Executive for or on behalf of the Company or
any of its subsidiaries or affiliates, whether created alone or with others, during or after working hours, or (iii) uses, incorporates
or is based on Company equipment, supplies, facilities, trade secrets or inventions of any form or type. All Confidential Information
and all Employee Developments are and shall remain the sole property of the Company or any of its subsidiaries or affiliates. Executive
shall acquire no proprietary interest in any Confidential Information or Employee Developments developed or acquired during the
Term. To the extent Executive may, by operation of law or otherwise, acquire any right, title or interest in or to any Confidential
Information or Employee Development, Executive hereby assigns and covenants to assign to the Company all such proprietary rights
without the need for a separate writing or additional compensation. Executive shall, both during and after the Term, upon the Company’s
request, promptly execute, acknowledge, and deliver to the Company all such assignments, confirmations of assignment, certificates,
and instruments, and shall promptly perform such other acts, as the Company may from time to time in its discretion deem necessary
or desirable to evidence, establish, maintain, perfect, enforce or defend the Company’s rights in Confidential Information
and Employee Developments.

 

(f)               
EFFECT ON RESTRICTIVE COVENANTS AGREEMENT. Executive acknowledges and agrees that the restrictive covenants contained
in this Section 2 are in addition to, and not in lieu of, the restrictive covenants set forth in the Restrictive Covenants Agreement
entered into by Executive in connection with the transactions contemplated by the Merger Agreement and that the covenants contained
herein and therein in no way limit each other in any way and will remain in full force and effect in accordance with their terms
notwithstanding the expiration, breach or unenforceability of the other. The periods during which the restrictive covenants contained
in this Section 2 apply shall not be interpreted to apply consecutively with the periods during which the restrictive covenants
set forth in the Restrictive Covenants Agreement apply.

 

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(g)              
COMPLIANCE WITH POLICIES AND PROCEDURES. During the period that Executive is employed with the Company hereunder,
Executive shall adhere to the policies and standards of professionalism set forth in the policies and procedures of the Company
and IAC as they may exist from time to time.

 

(g)       SURVIVAL
OF PROVISIONS. The obligations contained in this Section 2 shall, to the extent provided in this Section 2, survive the termination
or expiration of Executive’s employment with the Company and, as applicable, shall be fully enforceable thereafter in accordance
with the terms of this Agreement. If it is determined by a court of competent jurisdiction that any restriction in this Section
2 is excessive in duration or scope or is unreasonable or unenforceable under applicable law, it is the intention of the parties
that such restriction may be modified or amended by the court to render it enforceable to the maximum extent permitted by applicable
law.

 

3.                 
ASSIGNMENT; SUCCESSORS. This Agreement is personal in its nature and none of the parties hereto shall, without the
consent of the others, assign or transfer this Agreement or any rights or obligations hereunder; provided, that the Company may
assign this Agreement to, or allow any of its obligations to be fulfilled by, or take actions through, any affiliate of the Company
and, in the event of the merger, consolidation, transfer, or sale of all or substantially all of the assets of the Company (a “Transaction”)
with or to any other individual or entity, this Agreement shall, subject to the provisions hereof, be binding upon and inure to
the benefit of such successor and such successor shall discharge and perform all the promises, covenants, duties, and obligations
of the Company hereunder, and in the event of any such assignment or Transaction, all references herein to the “Company”
shall refer to the Company’s assignee or successor hereunder.

 

4.                 
WITHHOLDING. The Company shall make such deductions and withhold such amounts from each payment and benefit made
or provided to Executive hereunder, as may be required from time to time by applicable law, governmental regulation or order.

 

5.                 
SECTION 409A OF THE INTERNAL REVENUE CODE.

 

(a)              
This Agreement is not intended to constitute a “nonqualified deferred compensation plan” within the meaning
of Section 409A of the Internal Revenue Code of 1986, as amended, and the rules and regulations issued thereunder (“Section
409A”).  It is intended that any amounts payable under this Agreement and the Company’s and Executive’s
exercise of authority or discretion hereunder shall comply with and avoid the imputation of any tax, penalty or interest under
Section 409A of the Code. This Agreement shall be construed and interpreted consistent with that intent. In no event shall the
Company be required to pay Executive any “gross-up” or other payment with respect to any taxes or penalties imposed
under Section 409A with respect to any benefit paid to Executive hereunder.

 

(b)              
For purposes of this Agreement, a “Separation from Service” occurs when Executive dies, retires or otherwise
has a termination of employment with the Company that constitutes a “separation from service” within the meaning of
Treasury Regulation Section 1.409A-1(h)(1), without regard to the optional alternative definitions available thereunder.

 

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(c)              
If Executive is a “specified employee” within the meaning of Treasury Regulation Section 1.409A-1(i) as of the
date of Executive’s Separation from Service, Executive shall not be entitled to any payment or benefit pursuant to Section
1(d) that constitutes nonqualified deferred compensation under Section 409A until the earlier of (i) the date which is six (6)
months after his Separation from Service for any reason other than death, or (ii) the date of Executive’s death. The provisions
of this paragraph shall only apply if, and to the extent, required to avoid the imputation of any tax, penalty or interest pursuant
to Section 409A. Any amounts otherwise payable to Executive upon or in the six (6) month period following Executive’s Separation
from Service that are not so paid by reason of this Section 5(c) shall be paid (without interest) as soon as practicable (and in
all events within thirty (30) days) after the date that is six (6) months after Executive’s Separation from Service (or,
if earlier, as soon as practicable, and in all events within thirty (30) days, after the date of Executive’s death).

 

(d)              
To the extent that any reimbursement pursuant to this Agreement is taxable to Executive, Executive shall provide the Company
with documentation of the related expenses promptly so as to facilitate the timing of the reimbursement payment contemplated by
this paragraph, and any reimbursement payment due to Executive pursuant to such provision shall be paid to Executive on or before
the last day of Executive’s taxable year following the taxable year in which the related expense was incurred. Such reimbursement
obligations pursuant to this Agreement are not subject to liquidation or exchange for another benefit and the amount of such benefits
that Executive receives in one taxable year shall not affect the amount of such benefits that Executive receives in any other taxable
year.

 

(e)              
The Company and Executive agree to negotiate in good faith to make amendments to the Agreement, as the parties mutually
agree are necessary or desirable to avoid the imposition of taxes, penalties or interest under Section 409A. Notwithstanding the
foregoing, the Company does not guaranty any particular tax effect. In no event shall the Company be required to pay Executive
any “gross-up” or other payment with respect to any taxes or penalties imposed under Section 409A with respect to any
benefit paid to Executive hereunder. The Company agrees to take any reasonable steps requested by Executive to avoid adverse tax
consequences to Executive as a result of any benefit to Executive hereunder being subject to Section 409A, provided that Executive
shall, if requested, reimburse the Company for any incremental costs (other than incidental costs) associated with taking such
steps. All payments to be made upon a termination of employment under this Agreement may only be made upon a “separation
from service” under Section 409A.

 

(f)               
Neither the Company nor Executive shall have the right to accelerate or defer the delivery of any such payments or benefits
except to the extent specifically permitted or required by Section 409A.

 

(g)              
For purposes of Section 409A, Executive’s right to receive any “installment” payments pursuant to this
Agreement shall be treated as a right to receive a series of separate and distinct payments.

 

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6.                 
HEADING REFERENCES. Section headings in this Agreement are included herein for convenience of reference only and
shall not constitute a part of this Agreement for any other purpose. References to “this Agreement” or the use of the
term “hereof” shall refer to these Standard Terms and Conditions and the Employment Agreement attached hereto, taken
as a whole.

 

7.                 
REMEDIES FOR BREACH. Executive expressly agrees and understands that Executive will
notify the Company in writing of any alleged breach of this Agreement by the Company, and the Company will have thirty (30) days
from receipt of Executive’s notice to cure any such breach. Executive expressly agrees and understands that in the event
of any termination of Executive’s employment by the Company during the Term, the Company’s contractual obligations
to Executive shall be fulfilled through compliance with its obligations under Section 1 of the Standard Terms and Conditions.

 

Executive expressly agrees and understands
that the remedy at law for any breach by Executive of Section 2 of the Standard Terms and Conditions will be inadequate and that
damages flowing from such breach are not usually susceptible to being measured in monetary terms. Accordingly, it is acknowledged
that, upon Executive’s violation of any provision of such Section 2, the Company shall be entitled to seek from any court
of competent jurisdiction immediate injunctive relief and obtain a temporary order restraining any threatened or further breach
as well as an equitable accounting of all profits or benefits arising out of such violation. Nothing shall be deemed to limit the
Company’s remedies at law or in equity for any breach by Executive of any of the provisions of this Agreement, including
Section 2, which may be pursued by or available to the Company.

 

8.                 
WAIVER; MODIFICATION. Failure to insist upon strict compliance with any of the terms, covenants, or conditions hereof
shall not be deemed a waiver of such term, covenant, or condition, nor shall any waiver or relinquishment of, or failure to insist
upon strict compliance with, any right or power hereunder at any one or more times be deemed a waiver or relinquishment of such
right or power at any other time or times. This Agreement shall not be modified in any respect except by a writing executed by
each party hereto.

 

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9.                 
SEVERABILITY. In the event that a court of competent jurisdiction determines that any portion of this Agreement is
in violation of any law or public policy, only the portions of this Agreement that violate such law or public policy shall be stricken.
All portions of this Agreement that do not violate any statute or public policy shall continue in full force and effect. Further,
any court order striking any portion of this Agreement shall modify the stricken terms as narrowly as possible to give as much
effect as possible to the intentions of the parties under this Agreement.

 

10.             
TERMINATION OF PRIOR AGREEMENTS. This Agreement constitutes the entire agreement between the parties and, as of the Effective
Date, terminates and supersedes the existing employment agreement, effective as of June 26, 2019, as amended, by and between Executive
and Company. Executive acknowledges and agrees that neither the Company nor anyone acting on its behalf has made, and is not making,
and in executing this Agreement, Executive has not relied upon any representations, promises or inducements except to the extent
the same is expressly set forth in this Agreement.

 

11.             
INDEMNIFICATION. The Company shall indemnify, defend and hold Executive harmless for acts and omissions in Executive’s
capacity as an officer, director or employee of the Company to the maximum extent permitted under applicable law and the organizational
documents of the Company, including, without limitation, any and all expenses (including, without limitation, advancement and payment
of reasonable attorneys’ fees) and losses arising out of or relating to any of Executive’s actual or alleged acts and/or
omissions; provided, however, that neither the Company, nor any of its subsidiaries or affiliates shall indemnify
Executive for any losses incurred by Executive as a result of acts described in Section 1(c).These obligations shall survive the
termination of this Agreement and Executive’s employment and service with the Company and its affiliates.

 

[The Signature Page Follows]

 

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	ACKNOWLEDGED
    AND AGREED:	 
	 	 
	Date: February 24, 2021	 
	 	 
	 	ANGI Homeservices,
    Inc.
	 	 
	 	/s/ SHANNON M. SHAW
	 	By: Shannon M. Shaw
	 	Title: Chief Legal Officer
	 	 
	 	/s/
    Oisin Hanrahan
	 	Oisin Hanrahan

 

     

     

    

 

Exhibit A

 

ANGI HOMESERVICES 2017 STOCK AND ANNUAL INCENTIVE PLAN

SUMMARY OF KEY TERMS FOR RESTRICTED STOCK UNIT AWARDS

 

The following sets forth terms that apply to the restricted
stock unit awards approved by the Executive Compensation Committee, unless otherwise specifically stated at the time of presentation
of an award.

 

	Award Holder	Oisin Hanrahan
	Award Amount	$5,000,000 restricted stock units (“RSUs”) under the ANGI Homeservices Inc. 2017 Stock and Annual Incentive Plan (the “2017 Plan”), with the number of RSUs to be calculated by dividing $5,000,000 by the closing sale price for a share of the Company’s Class A common stock on the Award Date (rounded down to the nearest whole share).  Capitalized terms used (but not defined) in this Award Notice shall have the meanings set forth in the 2017 Plan.   

	Award Date	
        The date approved by the Executive Compensation Committee (the
        date on which the last director executes the written consent) (the “Award Date”).

         

	Vesting	Subject to Executive’s continued employment with ANGI Homeservices Inc. or its subsidiaries, Executive’s RSU award shall, subject to the provisions of the 2017 Plan, vest and become exercisable in two equal installments, with 1⁄2 vesting on 24-month anniversary and 1⁄2 vesting on the 30-month anniversary of the Award Date.

	Termination	
        ·        
        Except as provided in Executive’s Employment Agreement, all unvested RSUs shall be forfeited and canceled in their
        entirety upon such termination for any reason.

        ·        
        In addition, upon termination for Cause or resignation in anticipation of being terminated for Cause, all RSUs shall be
        forfeited and canceled in their entirety upon such termination or resignation. In addition, if following any termination of employment
        for any reason, the Company becomes aware that during the two-year period prior to such termination there was an event or circumstance
        that constituted fraud (financial or otherwise) or that would have been grounds for termination for Cause that caused, or is reasonably
        likely to cause, meaningful damage (economic, reputational or otherwise) to the Company and/or any of its affiliates (the “Underlying
        Event”), then all RSUs that remain outstanding shall be canceled and forfeited in their entirety and if any portion of the
        RSUs vested after the Underlying Event, the Company shall be entitled to recover at any time within two years after such exercise
        any value received upon vesting.

	Change in Control	·         Change in Control as defined in the 2017 Plan.

                                                                              ·        
100% acceleration of vesting for all RSUs if, during the two-year period following a Change in Control, Executive’s
employment is terminated by the Company other than for Cause or Executive resigns for Good Reason. 

 

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	Impact of Corporate Transactions on Award	
        ·        
        In the event of a Corporate Transaction or Share Change (as such terms are defined in the 2017 Plan), the Committee may
        and shall, respectively, adjust the Awards as it deems equitable and appropriate in accordance with the 2017 Plan.

         

        ·        
In the event of any other transaction that results in the common stock of the Company no longer being publicly traded,
the Committee shall have the ability to adjust the Awards as it deems equitable and appropriate in a manner it determines in its
sole discretion. In any such case, equitable and appropriate adjustments may include, without limitation: (a) the substitution
of shares of ANGI Class A common stock underlying the Awards with publicly-traded shares of the ultimate parent of the Company;
or (b) the creation of a valuation and/or liquidity mechanism for the underlying shares of ANGI Class A common stock underlying
the awards which are no longer publicly traded. 

	Dividend Rights	
        No cash dividends will be paid on RSUs and/or on the
shares of ANGI Class A common stock underlying the RSUs. Stock dividends, distributions and extraordinary, significant non-recurring
cash dividends may result in an adjustment to the number of RSUs, as determined by the Committee or the Board and as further provided
by the 2017 Plan. 

	Form of Payout	Vested RSUs are settled in the form of shares of ANGI Class A common stock.
	Withholding Taxes	Upon vesting, RSUs are settled net of amounts necessary to cover withholding taxes, with shares of ANGI Class A common stock withheld from vested awards.
	Terms and Conditions:	
        Executive’s RSU award is subject to the related
Terms and Conditions and to the 2017 Plan, which are incorporated herein by reference. Copies of these documents are also available
upon request from ANGI Homeservices Inc. Human Resources. Without a complete review of these documents, Executive will not have
a full understanding of all the material terms of Executive’s RSU award. 

 

    3

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