Document:

EX-10.1

 Exhibit 10.1 

FORM OF 
 SUBSCRIPTION
AGREEMENT 
 This SUBSCRIPTION AGREEMENT (this “Subscription Agreement”) is entered into this 10th day of December,
2019, by and among GS Acquisition Holdings Corp, a Delaware corporation (the “Issuer”), and the entity named on the signature page hereto (“Subscriber”). 

RECITALS 
 WHEREAS,
the Issuer, substantially concurrently with the execution of this Subscription Agreement, shall enter into an Agreement and Plan of Merger (as it may be amended or supplemented from time to time, the “Agreement and Plan of Merger”),
by and among the Issuer, Crew Merger Sub I LLC, a Delaware limited liability company and a direct, wholly-owned subsidiary of the Issuer, Crew Merger Sub II LLC, a Delaware limited liability company and a direct, wholly-owned subsidiary of the
Issuer, Vertiv Holdings, LLC, a Delaware limited liability company (the “Company”), and VPE Holdings, LLC, a Delaware limited liability company, in substantially the form previously provided to Subscriber; 

WHEREAS, in connection with the transactions contemplated by the Agreement and Plan of Merger (collectively, the
“Transactions”), Subscriber desires to subscribe for and purchase from the Issuer that number of shares of Class A common stock, par value $0.0001 per share (the “Class A Shares”), of the
Issuer set forth on the signature page hereto (the “Acquired Shares”) for a purchase price of $10.00 per share (the “Per Share Purchase Price”), and for the aggregate purchase price set forth on the signature page
hereto (the “Purchase Price”), and the Issuer desires to issue and sell to Subscriber the Acquired Shares in consideration for the payment of the Purchase Price by or on behalf of Subscriber to the Issuer on or prior to the
Subscription Closing (as defined below); and 
 WHEREAS, in connection with the Transactions, certain other “accredited
investors” (as defined in Rule 501 under the Securities Act of 1933, as amended (the “Securities Act”)), have entered into separate subscription agreements with the Issuer (the “Other Subscription Agreements”),
pursuant to which such investors have, together with Subscriber pursuant to this Subscription Agreement, agreed to purchase on the Merger Closing Date (as the term Closing Date is defined in the Agreement and Plan of Merger) an aggregate of
123,900,000 Class A Shares at the Per Share Purchase Price. 
 NOW, THEREFORE, in consideration of the foregoing and the
mutual representations, warranties and covenants, and subject to the conditions, herein contained, and intending to be legally bound hereby, the parties hereto hereby agree as follows: 

1. Subscription. Pursuant to the terms and subject to the conditions set forth herein, Subscriber hereby agrees to subscribe for and
purchase from the Issuer, and the Issuer hereby agrees to issue and sell to Subscriber, upon the payment of the Purchase Price, the Acquired Shares (such subscription and issuance, the “Subscription”). 

 2. Subscription Closing. 

(a) The closing of the Subscription contemplated hereby (the “Subscription Closing”) is intended to occur on the Merger
Closing Date substantially concurrent with the Merger Closing (as the term Closing is defined in the Agreement and Plan of Merger) and is contingent upon the occurrence of the Merger Closing. Not less than five (5) business days prior to the
scheduled Merger Closing Date, the Issuer shall provide written notice to Subscriber (the “Closing Notice”) of such scheduled Merger Closing Date; provided, that to the extent practicable, the Issuer shall use its
commercially reasonable efforts to provide earlier notice of the scheduled Merger Closing Date; and provided further, that the Issuer may delay from time to time the scheduled Merger Closing Date up to five (5) business days following
the original scheduled Merger Closing Date identified in the Closing Notice, or such Merger Closing Date as it may be delayed, by written notice to Subscriber if it provides Subscriber with notice of the revised Merger Closing Date no later than
twenty-four (24) hours prior to the then scheduled Merger Closing Date. Subscriber shall deliver to the Issuer at least two (2) business days prior to the then scheduled Merger Closing Date identified in the Closing Notice (unless a later
time is otherwise agreed by the Issuer), to be held in escrow until the Subscription Closing, the Purchase Price for the Acquired Shares by wire transfer of U.S. dollars in immediately available funds to the account specified by the Issuer in the
Closing Notice. Such funds shall be held on behalf of Subscriber until the Subscription Closing in an escrow account by an escrow agent selected by the Issuer, subject to such escrow agent meeting any requirements specified by Subscriber to the
Issuer prior to the date hereof. On the Merger Closing Date, the Issuer shall deliver to Subscriber (i) the Acquired Shares in book-entry form, free and clear of any liens or other restrictions whatsoever (other than those arising under state
or federal securities laws or as set forth herein), in the name of Subscriber (or its nominee in accordance with its delivery instructions) or to a custodian designated by Subscriber, as applicable, and (ii) a copy of the records of the
Issuer’s transfer agent (the “Transfer Agent”) showing Subscriber (or such nominee or custodian) as the owner of the Acquired Shares on and as of the Merger Closing Date. If the Merger Closing does not occur on the same day as
the Subscription Closing, the Issuer shall promptly (but not later than one (1) business day thereafter (or two (2) business days thereafter if the Issuer reasonably believes the Merger Closing will occur within two (2) business days
after the Merger Closing Date identified in the Closing Notice)) return the Purchase Price to Subscriber by wire transfer of U.S. dollars in immediately available funds to the account specified by Subscriber, and any book-entries shall be deemed
cancelled; provided, that the return of the funds shall not terminate this Subscription Agreement or otherwise relieve any party of any of its obligations hereunder (including Subscriber’s obligation to purchase the Acquired Shares at
the Subscription Closing). 
 (b) The Subscription Closing shall be subject to the conditions that, on the Merger Closing Date: 

(i) no suspension by the New York Stock Exchange (the “NYSE”) of the qualification of the Acquired Shares for
offering or sale or trading in the United States, or initiation or threatening of any proceedings for any of such purposes, shall have occurred; 

  
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 (ii) all conditions precedent to the closing of the Transactions shall have
been satisfied or waived provided that any such waiver is not materially adverse to Subscriber (in its capacity as such) (other than (A) those conditions that by their nature may only be satisfied at the closing of the Transactions, but subject
to the satisfaction of such conditions as of the closing of the Transactions, (B) the condition pursuant to Section 8.1(f) of the Agreement and Plan of Merger (solely with respect to the Issuer receiving the proceeds of the Acquired
Shares) and (C) the condition pursuant to Section 8.1(g) of the Agreement and Plan of Merger (solely with respect to the Issuer receiving the proceeds of the Acquired Shares)); 

(iii) the terms of the Agreement and Plan of Merger shall not have been amended, and the rights of the Issuer, Crew Merger Sub
I LLC and Crew Merger Sub II LLC thereunder shall not have been waived, in a manner that is materially adverse to Subscriber (in its capacity as such); 

(iv) solely with respect to Subscriber’s obligation to close, all representations and warranties made by the Issuer in
this Subscription Agreement shall be true and correct in all material respects as of the Merger Closing Date (other than (i) those representations and warranties expressly made as of an earlier date, which shall be true and correct in all
material respects as of such date and (ii) those representations and warranties that are already qualified by materiality or the absence of a Material Adverse Effect (as defined below), which shall be true and correct as of the Merger Closing
Date), in each case without giving effect to the consummation of the Transactions; 
 (v) solely with respect to the
Issuer’s obligation to close, all representations and warranties made by Subscriber in this Subscription Agreement shall be true and correct in all material respects as of the Merger Closing Date (other than (i) those representations and
warranties expressly made as of an earlier date, which shall be true and correct in all material respects as of such date and (ii) those representations and warranties that are already qualified by materiality or the absence of a Subscriber
Material Adverse Effect (as defined below), which shall be true and correct as of the Merger Closing Date), in each case without giving effect to the consummation of the Transactions; 

(vi) solely with respect to Subscriber’s obligation to close, the Issuer shall have performed, satisfied and complied in
all material respects with all covenants, agreements and conditions required by this Subscription Agreement to be performed, satisfied or complied with by it at or prior to the Subscription Closing; and 

(vii) no governmental authority shall have enacted, issued, promulgated, enforced or entered any material judgment, order, law,
rule or regulation (whether temporary, preliminary or permanent) which is then in effect and has the effect of making consummation of the transactions contemplated hereby illegal or otherwise preventing or prohibiting consummation of the
transactions contemplated hereby and no governmental authority shall have threatened in writing a proceeding seeking to impose any such restraint or prohibition. 

  
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 (c) At the Subscription Closing, the parties hereto shall make reasonable efforts to execute
and deliver such additional documents and take such additional actions as the parties reasonably may deem to be necessary in order to consummate the Subscription as contemplated by this Subscription Agreement. 

(d) For purposes of this Subscription Agreement, “business day” shall mean any day other than (i) any Saturday or Sunday
or (ii) any other day on which banks located in New York, New York are required or authorized by applicable law to be closed for business. 
 3.
Issuer Representations and Warranties. The Issuer represents and warrants that: 
 (a) The Issuer has been duly incorporated and is
validly existing as a corporation in good standing under the laws of the State of Delaware. Subject to obtaining all required approvals necessary in connection with the performance of the Agreement and Plan of Merger and the consummation of the
Transactions (collectively, the “Required Approvals”), the Issuer has all corporate power and authority to own, lease and operate its properties and conduct its business as presently conducted and to enter into, deliver and perform
its obligations under this Subscription Agreement. 
 (b) As of the Merger Closing Date, the Acquired Shares will be duly authorized by the
Issuer and, when issued and delivered to Subscriber against full payment for the Acquired Shares in accordance with the terms of this Subscription Agreement and registered with the Transfer Agent, the Acquired Shares will be validly issued, fully
paid and non-assessable and will not have been issued in violation of or subject to any preemptive or similar rights created under the Issuer’s certificate of incorporation and bylaws or under the
Delaware General Corporation Law. 
 (c) This Subscription Agreement has been duly authorized, executed and delivered by the Issuer and,
assuming that this Subscription Agreement constitutes the valid and binding agreement of Subscriber, is the valid and binding obligation of the Issuer, enforceable against the Issuer in accordance with its terms, except as may be limited or
otherwise affected by (i) applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles of equity, whether considered at
law or equity. 
 (d) Subject to obtaining the Required Approvals, the execution, delivery and performance by the Issuer of this Subscription
Agreement (including compliance by the Issuer with all of the provisions hereof), and the issuance and sale by the Issuer of the Acquired Shares, will not conflict with or result in a breach or violation of any of the terms or provisions of, or
constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Issuer pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease,
license or other agreement or instrument to which the Issuer is a party or by which the Issuer is bound or to which any of the property or assets of the Issuer is subject, which would be reasonably likely to have, individually or in the aggregate, a
material adverse effect on the business, properties, financial condition, stockholders’ equity or results of operations of the Issuer (a “Material Adverse Effect”) or materially affect the validity of the Acquired Shares or the
legal authority of the Issuer to comply in all material respects with the Issuer’s obligations under this Subscription Agreement; (ii) the organizational documents of the Issuer; or (iii) any statute or any judgment, order, rule or

  
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regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Issuer or any of its properties that would be reasonably likely to have, individually or
in the aggregate, a Material Adverse Effect or materially affect the validity of the Acquired Shares or the legal authority of the Issuer to comply in all material respects with the Issuer’s obligations under this Subscription Agreement. 

(e) Other than the Issuer’s Class B common stock, par value $0.0001 per share (the “Class B
Shares”), there are no securities or instruments issued by or to which the Issuer is a party containing anti-dilution or similar provisions that will be triggered by the issuance of (i) the Acquired Shares or (ii) the shares to be
issued pursuant to any Other Subscription Agreement that have not been or will not be validly waived on or prior to the Merger Closing Date; provided, that the holders of the Class B Shares will waive any such anti-dilution or similar
provisions in connection with the Transactions. 
 (f) The Issuer is not in default or violation (and no event has occurred which, with
notice or the lapse of time or both, would constitute a default or violation) of any term, condition or provision of (i) the organizational documents of the Issuer, (ii) any loan or credit agreement, note, bond, mortgage, indenture, lease
or other agreement, permit, franchise or license to which the Issuer is now a party or by which the Issuer’s properties or assets are bound or (iii) any statute or any judgment, order, rule or regulation of any court or governmental agency
or body, domestic or foreign, having jurisdiction over the Issuer or any of its properties, except, in the case of clauses (ii) and (iii), for defaults or violations that have not had and would not be reasonably likely to have, individually or
in the aggregate, a Material Adverse Effect. 
 (g) The Issuer is not required to obtain any consent, waiver, authorization or order of, give
any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority, self-regulatory organization or other person in connection with the execution, delivery and performance by the Issuer
of this Subscription Agreement (including, without limitation, the issuance of the Acquired Shares), other than (i) filings with the Securities and Exchange Commission (the “Commission”), (ii) filings required by applicable
state securities laws, (iii) filings required in accordance with Section 9(o) of this Subscription Agreement; (iv) filings required by the NYSE, including with respect to obtaining stockholder approval; and
(v) the failure of which to obtain would not be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect. 

(h) As of the date of this Subscription Agreement, the authorized capital stock of the Issuer consists of (i) 5,000,000 shares of
preferred stock, par value $0.0001 per share (“Preferred Shares”), (ii) 500,000,000 Class A Shares, and (iii) 20,000,000 Class B Shares. As of the date hereof: (i) no Preferred Shares are issued and outstanding,
(ii) 69,000,000 Class A Shares are issued and outstanding, (iii) 17,250,000 Class B Shares are issued and outstanding and (iv) warrants to purchase up to 33,533,333 Class A Shares are outstanding. 

(i) The Issuer has not received any written communication from a governmental entity that alleges that the Issuer is not in compliance with or
is in default or violation of any applicable law, except where such non-compliance, default or violation would not be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect.

  
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 (j) The issued and outstanding Class A Shares are registered pursuant to
Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are listed for trading on the NYSE under the symbol “GSAH”. There is no suit, action, proceeding or investigation pending or,
to the knowledge of the Issuer, threatened against the Issuer by the NYSE or the Commission, respectively, to prohibit or terminate the listing of the Class A Shares on the NYSE or to deregister the Class A Shares under the Exchange Act.
The Issuer has taken no action that is designed to terminate the registration of the Class A Shares under the Exchange Act. 
 (k)
Assuming the accuracy of Subscriber’s representations and warranties set forth in Section 4 of this Subscription Agreement, no registration under the Securities Act is required for the offer and sale of the Acquired
Shares by the Issuer to Subscriber. 
 (l) Neither the Issuer nor anyone acting on its behalf has offered the Class A Shares or any
similar securities for sale to, or solicited any offer to buy any of the same from, or otherwise approached or negotiated in respect thereof with, any person other than Subscriber and other accredited investors, each of which has been offered
Class A Shares at a private sale for investment. 
 (m) None of the Issuer nor any of its affiliates has offered Class A Shares or
any similar securities during the six months prior to the date hereof to anyone other than in connection with the Transactions and to Subscriber and other investors in connection with the Other Subscription Agreements. Other than the foregoing, the
Issuer has no intention to offer Class A Shares or any similar security during the six months from the date hereof other than in connection with the Transactions, including any transactions referenced in the Agreement and Plan of Merger. 

(n) Neither the Issuer nor any person acting on its behalf has offered or sold the Acquired Shares by any form of general solicitation or
general advertising, including, but not limited to, the following: (1) any advertisement, article, notice or other communication published in any newspaper, magazine, or similar media or broadcast over television or radio; (2) any website
posting or widely distributed email; or (3) any seminar or meeting whose attendees have been invited by any general solicitation or general advertising. 

(o) A copy of each form, report, statement, schedule, prospectus, proxy, registration statement and other document, if any, filed by the Issuer
with the Commission since its initial registration of the Class A Shares under the Exchange Act (the “SEC Documents”) is available to Subscriber via the Commission’s EDGAR system. None of the SEC Documents contained, when
filed or, if amended, as of the date of such amendment with respect to those disclosures that are amended, any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading; provided, that with respect to the information about the Company and its affiliates contained in the Schedule 14A and related proxy materials (or other SEC
document) to be filed by the Issuer the representation and warranty in this sentence is made to the Issuer’s knowledge. The Issuer has timely filed each report, statement, schedule, prospectus, and registration statement that the Issuer was
required to file with the Commission since its initial registration of the Class A Shares under the Exchange Act. There are no material outstanding or unresolved comments in comment letters from the staff of the Division of Corporation Finance
(the “Staff”) of the Commission with respect to any of the SEC Documents. 

  
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 (p) Except for such matters as have not had and would not be reasonably likely to have,
individually or in the aggregate, a Material Adverse Effect, there is no (i) action, suit, claim or other proceeding, in each case by or before any governmental authority pending, or, to the knowledge of the Issuer, threatened against the
Issuer or (ii) judgment, decree, injunction, ruling or order of any governmental entity or arbitrator outstanding against the Issuer. 

(q) Other than the Agent (as defined below), the Issuer has not dealt with any broker, finder, commission agent, placement agent or arranger in
connection with the sale of the Acquired Shares, and the Issuer is not under any obligation to pay any broker’s fee or commission in connection with the sale of the Acquired Shares other than to the Agent. Neither the Issuer nor any of its
affiliates nor any other person acting on its behalf (other than its officers acting in such capacity) has solicited offers for, or offered or sold, the Acquired Shares other than through the Agent. 

(r) Other than the Other Subscription Agreements, the Issuer has not entered into any side letter or similar agreement with any subscriber in
connection with such subscriber’s direct or indirect investment in the Issuer or with or any other investor, and such Other Subscription Agreements have not been amended in any material respect following the date of this Subscription Agreement
and reflect the same Per Share Purchase Price and terms with respect to the purchase of the Acquired Shares that are no more favorable to such subscriber thereunder than the terms of this Subscription Agreement, except, in each case, for agreements
with Goldman Sachs & Co. LLC and David M. Cote, and certain of their respective affiliates and related persons.  
 4.
Subscriber Representations and Warranties. Subscriber represents and warrants that: 
 (a) If Subscriber is not a natural person,
(i) Subscriber has been duly organized, formed or incorporated, as the case may be, and is validly existing in good standing under the laws of its jurisdiction of organization, formation or incorporation, as the case may be, with all requisite
power and authority to enter into, deliver and perform its obligations under this Subscription Agreement, and (ii) this Subscription Agreement has been duly authorized, executed and delivered by Subscriber. 

(b) If Subscriber is a natural person, (i) Subscriber has all requisite power and authority to enter into, deliver and perform its
obligations under this Subscription Agreement, (ii) Subscriber’s signature on this Subscription Agreement is genuine and Subscriber has duly executed and delivered this Subscription Agreement, and (iii) Subscriber has all requisite
legal competence and capacity to acquire and hold the Acquired Shares and to execute, deliver and comply with the terms of this Subscription Agreement. 

  
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 (c) Assuming that this Subscription Agreement constitutes the valid and binding agreement of
the Issuer, this Subscription Agreement is the valid and binding obligation of Subscriber, enforceable against Subscriber in accordance with its terms, except as may be limited or otherwise affected by (i) applicable bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles of equity, whether considered at law or equity. 

(d) The execution, delivery and performance by Subscriber of this Subscription Agreement and the consummation of the transactions contemplated
herein will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of
Subscriber or, to the best of Subscriber’s knowledge, any of its subsidiaries, if applicable, pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which
Subscriber or, if applicable, any of its subsidiaries is a party or by which Subscriber or, if applicable, any of its subsidiaries is bound or to which any of the property or assets of Subscriber or, if applicable, any of its subsidiaries is
subject, which would be reasonably likely to have, individually or in the aggregate, a material adverse effect on the business, properties or financial condition of Subscriber, or, if applicable, the stockholders’ equity or results of
operations of Subscriber or, if applicable, any of its subsidiaries, taken as a whole (a “Subscriber Material Adverse Effect”), or materially affect the legal authority of Subscriber to comply in all material respects with
Subscriber’s obligations under this Subscription Agreement, (ii) the organizational documents of Subscriber if Subscriber is not a natural person, or (iii) any statute or any judgment, order, rule or regulation of any court or
governmental agency or body, domestic or foreign, having jurisdiction over Subscriber or, if applicable, any of its subsidiaries or any of their respective properties that would be reasonably likely to have, individually or in the aggregate, a
Subscriber Material Adverse Effect or materially affect the legal authority of Subscriber to comply in all material respects with Subscriber’s obligations under this Subscription Agreement. 

(e) Subscriber is an accredited investor, satisfying the applicable requirements set forth on Schedule A. Subscriber represents that it
is purchasing the Acquired Shares for its own account (and not for the account of others) or for one or more separate accounts maintained by it as a fiduciary or agent for the benefit of one or more other accredited investors and not with a view to
the distribution thereof in violation of the securities laws; provided, that the disposition of Subscriber’s property shall at all times be within Subscriber’s control. Subscriber understands that the Acquired Shares have not been
registered under the Securities Act and may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an
exemption is required by law, and that the Issuer is not required to register the Acquired Shares other than as provided for in Section 5 of this Subscription Agreement. Subscriber further represents and warrants that it
will not sell, transfer or otherwise dispose of the Acquired Shares or any interest therein except in a registered transaction or in a transaction exempt from or not subject to the registration requirements of the Securities Act and except in
accordance with the terms and conditions of this Subscription Agreement. Subscriber acknowledges that the Acquired Shares will be subject to transfer restrictions as set forth on Exhibit A to this Subscription Agreement. 

(f) The purchase of Acquired Shares by Subscriber has not been solicited by or through anyone other than the Issuer or the Agent. 

  
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 (g) Subscriber acknowledges that the Acquired Shares will not be eligible for resale
pursuant to Rule 144A promulgated under the Securities Act. Subscriber understands and agrees that the Acquired Shares will be subject to transfer restrictions as set forth on Exhibit A to this Subscription Agreement, unless and until such
transfer restrictions have been removed in accordance with Section 5 of this Subscription Agreement and, as a result of these transfer restrictions, Subscriber may not be able to readily resell the Acquired Shares and may
be required to bear the financial risk of an investment in the Acquired Shares for an indefinite period of time. Subscriber understands that it has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of
the Acquired Shares. 
 (h) Subscriber understands and agrees that Subscriber is purchasing the Acquired Shares directly from the Issuer.
Subscriber further acknowledges that there have been no representations, warranties, covenants and agreements made to Subscriber by the Issuer, Subscriber or any of its officers, directors or representatives, expressly or by implication, other than
those representations, warranties, covenants and agreements made by the Issuer in this Subscription Agreement. 
 (i) In making its decision
to purchase the Acquired Shares, Subscriber represents that it has relied solely upon independent investigation made by Subscriber. Subscriber acknowledges and agrees that Subscriber has received such information as Subscriber deems necessary in
order to make an investment decision with respect to the Acquired Shares, including with respect to the Issuer, the Transactions and the Company. Subscriber represents and warrants that Subscriber and Subscriber’s professional advisor(s), if
any, were given the opportunity to ask questions and receive answers concerning the terms and conditions of the Subscription and to obtain any additional information which the Issuer possessed or could acquire without unreasonable effort or expense.
Subscriber acknowledges and agrees that it has not relied on the Agent or any of the Agent’s affiliates with respect to its decision to purchase the Acquired Shares. 

(j) Subscriber became aware of the offering of the Acquired Shares solely by means of direct contact between Subscriber and the Issuer or by
means of contact from Goldman Sachs & Co. LLC, acting as a placement agent for the Issuer (the “Agent”), and the Acquired Shares were offered to Subscriber solely by direct contact between Subscriber and the Issuer or by
contact between Subscriber and the Agent. Subscriber did not become aware of this offering of the Acquired Shares, nor were the Acquired Shares offered to Subscriber, by any other means. Subscriber acknowledges that the Issuer represents and
warrants that the Acquired Shares (i) were not offered by any form of general solicitation or general advertising and (ii) are not being offered in a manner involving a public offering under, or in a distribution in violation of, the
Securities Act, or any state securities laws. 
 (k) Subscriber acknowledges that it is aware that there are substantial risks incident to
the purchase and ownership of the Acquired Shares. Subscriber has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Acquired Shares, and Subscriber has sought
such accounting, legal and tax advice as Subscriber has considered necessary to make an informed investment decision. 

  
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 (l) Alone, or together with any professional advisor(s), Subscriber represents and
acknowledges that Subscriber has adequately analyzed and fully considered the risks of an investment in the Acquired Shares and determined that the Acquired Shares are a suitable investment for Subscriber and that Subscriber is able at this time and
in the foreseeable future to bear the economic risk of a total loss of Subscriber’s investment in the Issuer. Subscriber acknowledges specifically that a possibility of total loss exists. 

(m) Subscriber understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Acquired
Shares or made any findings or determination as to the fairness of this investment. 
 (n) Subscriber represents and warrants that neither
Subscriber nor, in the case Subscriber is not a natural person, any of its officers, directors, managers, managing members, general partners or any other individual acting in a similar capacity or carrying out a similar function, is (i) a
person or entity named on the Specially Designated Nationals and Blocked Persons List, the Foreign Sanctions Evaders List, the Sectoral Sanctions Identification List, or any other similar list of sanctioned persons administered by the U.S. Treasury
Department’s Office of Foreign Assets Control, or any similar list of sanctioned persons administered by the European Union or any individual European Union member state, including the United Kingdom (collectively, “Sanctions
Lists”); (ii) directly or indirectly owned or controlled by, or acting on behalf of, one or more persons on a Sanctions List; (iii) organized, incorporated, established, located, resident or born in, or a citizen, national, or the
government, including any political subdivision, agency, or instrumentality thereof, of, Cuba, Iran, North Korea, Syria, Venezuela, the Crimea region of Ukraine, or any other country or territory embargoed or subject to substantial trade
restrictions by the United States, the European Union or any individual European Union member state, including the United Kingdom; (iv) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515; or (v) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank (collectively, a “Prohibited Investor”). Subscriber represents that if
it is a financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.) (the “BSA”), as amended by the USA PATRIOT Act of 2001 (the “PATRIOT Act”), and its implementing regulations
(collectively, the “BSA/PATRIOT Act”), that Subscriber maintains policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. Subscriber also represents that it maintains policies and
procedures reasonably designed to ensure compliance with sanctions administered by the United States, the European Union, or any individual European Union member state, including the United Kingdom. Subscriber further represents that the funds held
by Subscriber and used to purchase the Acquired Shares were legally derived and were not obtained, directly or indirectly, from a Prohibited Investor. 

(o) If Subscriber is or is acting on behalf of (i) an employee benefit plan that is subject to Title I of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”), (ii) a plan, an individual retirement account or other arrangement that is subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”),
(iii) an entity whose underlying assets are considered to include “plan assets” of any such plan, account or arrangement described in clauses (i) and (ii) (each, an “ERISA Plan”), or (iv) an employee benefit
plan that is a governmental plan (as defined in Section 3(32) of ERISA), a church plan (as defined in Section 3(33) of ERISA), a non-U.S. plan (as described in Section 4(b)(4) of

  
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ERISA) or other plan that is not subject to the foregoing clauses (i), (ii) or (iii) but may be subject to provisions under any other federal, state, local,
non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code (collectively, “Similar Laws”, and together with ERISA Plans, “Plans”),
Subscriber represents and warrants that (A) neither the Issuer nor any of its affiliates (the “Transaction Parties”) has provided investment advice or has otherwise acted as the Plan’s fiduciary, with respect to its
decision to acquire and hold the Acquired Shares, and none of the Transaction Parties is or shall at any time be the Plan’s fiduciary with respect to any decision in connection with Subscriber’s investment in the Acquired Shares;
(B) the decision to invest in the Acquired Shares has been made at the recommendation or direction of a fiduciary (for purposes of ERISA and/or Section 4975 of the Code, or any applicable Similar Law) with respect to Subscriber’s
investment in the Acquired Shares who is independent of the Transaction Parties; and (C) its purchase of the Acquired Shares will not result is non-exempt prohibited transaction under Section 406 of
ERISA or Section 4975 of the Code, or any applicable Similar Law. 
 (p) At the Subscription Closing, Subscriber will have sufficient
funds to pay the Purchase Price pursuant to Section 2(a) of this Subscription Agreement. 
 5. Registration
Rights. 
 (a) Shelf Registration Statement. The Issuer agrees that, as soon as practicable but no later than (i) forty-five
(45) calendar days following the Merger Closing Date and (ii) ninety (90) calendar days following the Issuer’s most recent fiscal year end (the date the Registration Statement (as defined below) is actually filed, the “Filing
Date”), the Issuer will file with the Commission (at the Issuer’s sole cost and expense) a registration statement registering the resale of the Acquired Shares (the “Registration Statement”), and the Issuer shall use
its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after the filing thereof, but no later than the earlier of (i) the 90th calendar day following the Filing Date if the Commission
notifies the Issuer that it will “review” the Registration Statement and (ii) the 10th business day after the date the Issuer is notified in writing by the Commission that the Registration Statement will not be “reviewed” or
will not be subject to further review (such earlier date, the “Effectiveness Date”); provided, however, that the Issuer’s obligations to include the Acquired Shares in the Registration Statement are contingent upon
Subscriber furnishing in writing to the Issuer such information regarding Subscriber, the securities of the Issuer held by Subscriber and the intended method of disposition of the Acquired Shares as shall be reasonably requested by the Issuer to
effect the registration of the Acquired Shares, and Subscriber shall use reasonable efforts to execute such documents in connection with such registration as the Issuer may reasonably request that are customary of a selling stockholder in similar
situations, including providing that the Issuer shall be entitled to postpone and suspend the effectiveness or use of the Registration Statement during any customary blackout or similar period or as permitted hereunder. Following the Effectiveness
Date, if the transfer restrictions as set forth on Exhibit A to this Subscription Agreement are no longer required by the Securities Act or any applicable state securities laws, upon request of Subscriber, the Issuer shall use its
commercially reasonable efforts to cooperate with Subscriber to have such transfer restrictions removed, including providing authorization to the Issuer’s transfer agent. 

  
 11 

 (i) [Requests for Underwritten Shelf Takedowns. Subject to
Section 5(c), at any time and from time to time when an effective Registration Statement is on file with the Commission, Subscriber and, pursuant to corresponding rights under the Other Subscription Agreements with Eligible
Subscribers (as defined below) (the “Other Eligible Subscription Agreements”), the Eligible Subscribers party to such Other Eligible Subscription Agreements (collectively with Subscriber, the “Eligible Subscriber
Holders”), may request (the requesting Eligible Subscriber Holder, as applicable, a “Demanding Holder”) to sell all or any portion of its Registrable Securities (as defined below) in an underwritten offering that
is registered pursuant to the Registration Statement (an “Underwritten Shelf Takedown”); provided that the Issuer shall only be obligated to effect an Underwritten Shelf Takedown if such offering shall include either
(x) Registrable Securities proposed to be sold by Subscriber, together with other Demanding Holder(s), with a total offering price reasonably expected to exceed, in the aggregate, $100 million, or (y) all remaining Registrable
Securities held by such Demanding Holder ((x) or (y), as applicable, the “Minimum Takedown Threshold”). All requests for Underwritten Shelf Takedowns shall be made by giving written notice to the Issuer, which shall specify the
approximate number of Registrable Securities proposed to be sold in the Underwritten Shelf Takedown. Subject to Section 5(a)(iv), the Demanding Holder(s) shall have the right to select the underwriters for such offering
(which shall consist of one or more reputable nationally recognized investment banks), subject to the Issuer’s prior approval (which shall not be unreasonably withheld, conditioned or delayed). The Eligible Subscriber Holder(s) in the aggregate
may demand no more than two (2) Underwritten Shelf Takedowns pursuant to this Section 5(a)(i) in any twelve (12) month period. 

(1) Reduction of Underwritten Offering. If the managing underwriter or underwriters in an Underwritten Shelf Takedown, in good faith,
advises the Issuer, the Demanding Holders(s) and any persons requesting piggyback rights, including, without limitation, under the A&R Registration Rights Agreement (as defined below), this Subscription Agreement or Other Eligible Subscription
Agreements, or other separate contractual arrangements with persons or entities (collectively, the “Requesting Piggyback Holders”), with respect to such Underwritten Shelf Takedown (if any) in writing that the dollar amount or
number of Registrable Securities that the Demanding Holders desire to sell, taken together with all other Class A Shares or other equity securities that the Requesting Piggyback Holders (if any) and the Issuer desire to sell, exceeds the
maximum dollar amount or maximum number of equity securities that can be sold in the underwritten offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering
(such maximum dollar amount or maximum number of such securities, as applicable, the “Maximum Number of Securities”), then the Issuer shall include in such underwritten offering, before including any Class A Shares or other
equity securities proposed to be sold by Issuer or by other holders of Class A Shares or other equity securities: (i) first, the aggregate amount or number of Registrable Securities of the Demanding Holders (pro rata based on the

  
 12 

 
respective number of Registrable Securities that each Demanding Holder has requested be included in such Underwritten Shelf Takedown) which can be sold without exceeding the Maximum Number of
Securities; (ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the aggregate amount or number of Class A Shares or other equity securities, if any, as to which registration
or a registered offering has been requested by Requesting Piggyback Holders pursuant to the registration rights set forth in the A&R Registration Rights Agreement (any persons requesting or demanding registration rights pursuant to the A&R
Registration Rights Agreement, the “Requesting A&R Holders”) which can be sold without exceeding the Maximum Number of Securities; (iii) third, to the extent that the Maximum Number of Securities has not been reached under
the foregoing clauses (i) and (ii), Class A Shares or other equity securities, if any, of Requesting Piggyback Holders exercising their registration rights pursuant to this Subscription Agreement or Other Eligible Subscription Agreements
(any persons requesting or demanding registration rights pursuant to this Subscription Agreement or Other Eligible Subscription Agreements, the “Requesting Eligible Subscriber Holders”) (pro rata based on the respective number of
registrable securities that each such other Requesting Piggyback Holder has requested be included in such Underwritten Shelf Takedown) which can be sold without exceeding the Maximum Number of Securities; (iv) fourth, to the extent that the
Maximum Number of Securities has not been reached under the foregoing clauses (i), (ii) and (iii), the Class A Shares or other equity securities that the Issuer desires to sell which can be sold that can be sold without exceeding the Maximum
Number of Securities; and (v) fifth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i), (ii), (iii) and (iv), Class A Shares or other equity securities, if any, of Requesting Piggyback
Holders exercising their registration rights pursuant to other separate contractual arrangements with persons or entities (any persons requesting or demanding registration rights pursuant to such other arrangements, the “Requesting Other
Holders”) (pro rata based on the respective number of registrable securities that each such other Requesting Piggyback Holder has requested be included in such Underwritten Shelf Takedown) which can be sold without exceeding the Maximum
Number of Securities. 
 (2) Underwritten Offering Withdrawal. Prior to the filing of the applicable “red herring”
prospectus or prospectus supplement used for marketing such Underwritten Shelf Takedown, any Demanding Holder initiating an Underwritten Shelf Takedown shall have the right to withdraw from such Underwritten Shelf Takedown for any or no reason
whatsoever upon written notification (a “Withdrawal Notice”) to the Issuer and the underwriter or underwriters (if any) of their intention to withdraw from such Underwritten Shelf Takedown; provided that any remaining
Demanding Holders may elect to have the Issuer continue an Underwritten Shelf Takedown if the Minimum Takedown Threshold 

  
 13 

 
would still be satisfied by the Registrable Securities proposed to be sold in the Underwritten Shelf Takedown by such remaining Demanding Holders. If withdrawn, a demand for an Underwritten Shelf
Takedown shall constitute a demand for an Underwritten Shelf Takedown by the withdrawing Demanding Holder for purposes of Section 5(a)(i), unless such withdrawing Demanding Holder reimburses the Issuer for all Registration
Expenses (as defined below) with respect to such Underwritten Shelf Takedown (or, if there is more than one withdrawing Demanding Holder, a pro rata portion of such Registration Expenses based on the respective number of Registrable Securities that
each withdrawing Demanding Holder has requested be included in such Underwritten Shelf Takedown); provided that, if any remaining Demanding Holders elect to continue such Underwritten Shelf Takedown pursuant to the proviso in the immediately
preceding sentence, such Underwritten Shelf Takedown shall count as an Underwritten Shelf Takedown demanded by such remaining Demanding Holders for purposes of Section 5(a)(i). Following the receipt of any Withdrawal
Notice, the Issuer shall promptly forward such Withdrawal Notice to any other persons that had elected to participate in such Underwritten Shelf Takedown. Notwithstanding anything to the contrary in this Agreement, the Issuer shall be responsible
for the Registration Expenses incurred in connection with an Underwritten Shelf Takedown prior to its withdrawal under this Section 5(a)(i)(2), other than if a Demanding Holder elects to reimburse the Issuer for such
Registration Expenses pursuant to the second sentence of this Section 5(a)(i)(2). 
 (ii)
Piggyback Rights. Subject to Section 5(c), if the Issuer proposes to conduct a registered offering of, or if the Issuer proposes to file a registration statement under the Securities Act with respect to the
registration of, equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into equity securities, for its own account or for the account of stockholders of the Issuer, including, without limitation,
pursuant to demands under Section 5(a)(i) of this Subscription Agreements, under any Other Eligible Subscription Agreement, under the A&R Registration Rights Agreement or under any other separate contractual arrangement
with other persons or entities (or by the Issuer and by the stockholders of the Issuer including, without limitation, an Underwritten Shelf Takedown), other than a registration statement (or any registered offering with respect thereto) (i)
filed in connection with any employee stock option or other benefit plan, (ii) pursuant to a registration statement on Form S-4 (or similar form that relates to a transaction subject to Rule 145 under the
Securities Act or any successor rule thereto), (iii) for an offering of debt that is convertible into equity securities of the Issuer, (iv) for a dividend reinvestment plan or (v) for a Block Trade (as defined below), then the Issuer shall
give written notice of such proposed offering to all of the Eligible Subscriber Holders of Registrable Securities as soon as practicable but not less than ten (10) days before the anticipated filing date of such Registration Statement or, in
the case of an underwritten offering pursuant to a shelf registration, the applicable “red herring” prospectus or prospectus supplement used for marketing such offering, which notice shall (A) describe the amount and type of
securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing 

  
 14 

 
underwriter or underwriters, if any, in such offering, and (B) offer to all of the Eligible Subscriber Holders of Registrable Securities the opportunity to include in such registered
offering such number of Registrable Securities as such Eligible Subscriber Holders may request in writing within five (5) days after receipt of such written notice (such registered offering, a “Piggyback Registration”). Subject
to Section 5(a)(ii)(1), the Issuer shall, in good faith, cause such Registrable Securities to be included in such Piggyback Registration and, if applicable, shall use its commercially reasonable efforts to cause the
managing underwriter or underwriters of such Piggyback Registration to permit the Registrable Securities requested by the Eligible Subscriber Holders pursuant to this Section 5(a)(ii) to be included therein on the same
terms and conditions as any similar securities of the Issuer included in such registered offering and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. The
inclusion of any Eligible Subscriber Holder’s Registrable Securities in a Piggyback Registration shall be subject to such Eligible Subscriber Holder’s agreement to enter into an underwriting agreement in customary form with the
underwriter(s) selected for such underwritten offering. 
 (1) Reduction of Piggyback Registration. If the managing underwriter or
underwriters in an underwritten offering that is to be a Piggyback Registration, in good faith, advises the Issuer and the Requesting Piggyback Holders pursuant to this Section 5(a)(ii) in writing that the dollar amount or
number of Class A Shares or other equity securities that the Issuer desires to sell, taken together with the Class A Shares or other equity securities, if any, as to which registration or a registered offering has been demanded or
requested by Requesting A&R Holders, Requesting Eligible Subscriber Holders, including pursuant to Section 5(a)(ii), and Requesting Other Holders, as applicable, exceeds the Maximum Number of Securities, then: 

 

	 	(A)	 if the registration or registered offering is undertaken for the Issuer’s account, the Issuer shall
include in any such registration or registered offering: (I) first, the Class A Shares or other equity securities that the Issuer desires to sell which can be sold without exceeding the Maximum Number of Securities; (II) second, to
the extent that the Maximum Number of Securities has not been reached under the foregoing clause (I), the Class A Shares or other equity securities, if any, as to which registration or a registered offering has been requested pursuant to the
piggyback registration rights set forth in the A&R Registration Rights Agreement by Requesting A&R Holders which can be sold without exceeding the Maximum Number of Securities; (III) third, to the extent that the Maximum Number of
Securities has not been reached under the foregoing clauses (I) and (II), the registrable securities of Requesting Eligible Subscriber Holders (pro rata, based on the respective number of

  
 15 

	 	
registrable securities that each Requesting Eligible Subscriber Holder has requested be included in such underwritten offering and the aggregate number of registrable securities that the
Requesting Eligible Subscriber Holders have requested to be included in such underwritten offering) which can be sold without exceeding the Maximum Number of Securities; and (IV) fourth, to the extent that the Maximum Number of Securities has
not been reached under the foregoing clauses (I), (II) and (III), the registrable securities of Requesting Other Holders (pro rata, based on the respective number of registrable securities that each Requesting Other Holder has requested be included
in such underwritten offering and the aggregate number of registrable securities that the Requesting Other Holders have requested to be included in such underwritten offering) which can be sold without exceeding the Maximum Number of Securities; and

  

	 	(B)	 if the registration or registered offering is pursuant to a request by a Eligible Subscriber Holder of
Registrable Securities pursuant to Section 5(a)(i) hereof, then the Issuer shall include in any such registration or registered offering securities in the priority set forth in Section 5(a)(i)(1);
and 

  

	 	(C)	 if the registration or registered offering is not undertaken for the Issuer’s or a Eligible Subscriber
Holder’s account but is undertaken pursuant to a request or demand by other holders, including under the A&R Registration Rights Agreement (the “Other Demanding Holders”): (I) first, the Class A Shares or other equity
securities, if any, of such Other Demanding Holders which can be sold without exceeding the Maximum Number of Securities; (II) second, if the Other Demanding Holders are not Requesting A&R Holders, to the extent that the Maximum Number of
Securities has not been reached under the foregoing clause (I), the aggregate amount or number of Class A Shares or other equity securities, if any, as to which registration or a registered offering has been requested pursuant to the piggyback
registration rights set forth in the A&R Registration Rights Agreement by the Requesting A&R Holders which can be sold without exceed the Maximum Number of Securities, (III) third, to the extent that the Maximum Number of Securities has
not been reached under the foregoing clauses (I) and (II), the Class A Shares or other equity securities, if any, of the Requesting Eligible Subscriber Holders (pro rata, based on the respective number of registrable securities that each
such Requesting 

  
 16 

	 	
Eligible Subscriber Holder has requested be included in such underwritten offering and the aggregate number of registrable securities that the Requesting Eligible Subscriber Holders have
requested to be included in such Underwritten Offering) which can be sold without exceeding the Maximum Number of Securities; (IV) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (I),
(II) and (III), the Class A Shares or other equity securities that the Issuer desires to sell which can be sold without exceeding the Maximum Number of Securities; and (V) fifth, if the Other Demanding Holders are not Requesting Other
Holders, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (IV), the Class A Shares or other equity securities, if any, of Requesting Other Holders (pro rata, based on the respective number of
registrable securities that each such Requesting Other Holder has requested be included in such underwritten offering and the aggregate number of registrable securities that the Requesting Other Holders have requested to be included in such
underwritten offering) which can be sold without exceeding the Maximum Number of Securities. 

 (2) Piggyback Registration
Withdrawal. Any Eligible Subscriber Holder of Registrable Securities (other than a Demanding Holder, whose right to withdraw from an Underwritten Shelf Takedown, and related obligations, shall be governed by
Section 5(a)(i)(2)) shall have the right to withdraw from a Piggyback Registration for any or no reason whatsoever upon written notification to the Issuer and the underwriter or underwriters (if any) of his, her or its
intention to withdraw from such Piggyback Registration prior to the effectiveness of the registration statement filed with the Commission with respect to such Piggyback Registration or, in the case of a Piggyback Registration pursuant to a shelf
registration, the filing of the applicable “red herring” prospectus or prospectus supplement with respect to such Piggyback Registration used for marketing such transaction. The Issuer (whether on its own good faith determination or as the
result of a request for withdrawal by persons pursuant to separate written contractual obligations) may withdraw a registration statement filed with the Commission in connection with a Piggyback Registration (which, in no circumstance, shall include
the Registration Statement) at any time prior to the effectiveness of such registration statement. Notwithstanding anything to the contrary in this Section 5 (other than Section 5(a)(i)(2)), the Issuer shall be
responsible for the Registration Expenses incurred in connection with the Piggyback Registration prior to its withdrawal under this Section 5(a)(ii)(2). 

  
 17 

 (3) Unlimited Piggyback Registration Rights. For purposes of clarity, subject to
Section 5(a)(i)(2), any Piggyback Registration effected pursuant to Section 5(a)(ii) hereof shall not be counted as a demand for an Underwritten Shelf Takedown under
Section 5(a)(i) hereof. 
 (4) Subscriber Information. Notwithstanding anything in this
Section 5 to the contrary, Subscriber may not participate in any underwritten offering pursuant to this Section 5(a)(ii) unless Subscriber (x) agrees to sell Subscriber’s securities on
the basis provided in any underwriting arrangements approved by the Issuer and (y) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting
agreements and other customary documents as may be reasonably required under the terms of such underwriting arrangements. 

(iii) Market Stand-off. In connection with any underwritten offering of
Class A Shares or other equity securities of the Issuer (other than a Block Trade (as defined below)), each Eligible Subscriber Holder that is an executive officer or director of the Issuer or the beneficial owner of more than five percent (5%)
of the outstanding Class A Shares of the Issuer, agrees not to, and to execute a customary lock-up agreement (in each case on substantially the same terms and conditions as all such Eligible Subscriber
Holders) in favor of the underwriters to not, sell or dispose of any Class A Shares or other equity securities of the Issuer (other than those included in such offering), without the prior written consent of the Issuer, during the ninety (90)-day period (or such shorter time agreed to by the managing underwriters) beginning on the date of pricing of such offering, except as expressly permitted by such lock-up
agreement and in the event the managing underwriters otherwise agree by written consent. 
 (iv) Block Trades.
Notwithstanding any other provision of this Section 5, but subject to Section 5(c), at any time and from time to time when an effective Registration Statement is on file with the Commission, if a
Demanding Holder wishes to engage in a Block Trade that includes either (x) Registrable Securities proposed to be sold by such Demanding Holder with a total offering price reasonably expected to exceed $100 million, or (y) all
remaining Registrable Securities held by such Demanding Holder, then such Demanding Holder only needs to notify the Issuer of the Block Trade at least five (5) business days prior to the day such offering is to commence and the Issuer shall as
expeditiously as possible use its commercially reasonable efforts to facilitate such Block Trade; provided that the Demanding Holders representing a majority of the Registrable Securities wishing to engage in the Block Trade shall use
commercially reasonable efforts to work with the Issuer and any underwriters prior to making such request in order to facilitate preparation of the registration statement, prospectus and other offering documentation related to the Block Trade. Prior
to the filing of the applicable “red herring” prospectus or prospectus supplement used in connection with a Block Trade, any Demanding Holder initiating such Block Trade shall have the right to submit a Withdrawal Notice to the Issuer and
the underwriter or underwriters (if any) of their intention to withdraw from such Block Trade. Notwithstanding anything to the contrary in Section 5(a), the Issuer shall be responsible for the Registration Expenses incurred
in 

  
 18 

 
connection with a Block Trade prior to its withdrawal under this Section 5(a)(iv). Notwithstanding anything to the contrary in this Agreement,
Section 5(a)(ii) shall not apply to a Block Trade initiated by a Demanding Holder. The Demanding Holder in a Block Trade shall have the right to select the underwriters for such Block Trade (which shall consist of one or
more reputable nationally recognized investment banks). The Eligible Subscriber Holder(s) in the aggregate may demand no more than two (2) Block Trades pursuant to this Section 5(a)(iv) in any twelve (12) month
period. For the avoidance of doubt, any Block Trade effected pursuant to this Section 5(a)(iv) shall not be counted as a demand for an Underwritten Shelf Takedown pursuant to Section 5(a)(i)
hereof. 
 (v) All Registration Expenses shall be borne by the Issuer. It is acknowledged that Subscriber shall bear, with
respect to Subscriber’s Registrable Securities being sold, all underwriters’ commissions and discounts, brokerage fees and, other than as set forth in the definition of “Registration Expenses,” all reasonable fees and
expenses of any legal counsel representing Subscriber. 
 (vi) As used in this Section 5, the
following terms shall have the following meanings: 
 (1) “A&R Registration Rights Agreement” has the meaning set forth
in the Agreement and Plan of Merger. 
 (2) “Block Trade” means an underwritten registered offering not involving a
“roadshow,” commonly known as a “block trade.” 
 (3) “Eligible Subscriber” means a subscriber that,
together with its Affiliates (as defined herein), purchased pursuant to this Subscription Agreement or any Other Subscription Agreement, Class A Shares with an aggregate purchase price in excess of $100 million. 

(4) “Registration Expenses” shall mean the
out-of-pocket expenses of a Registration, including, without limitation, the following: (A) all registration and filing fees (including fees with respect to filings
required to be made with the Financial Industry Regulatory Authority, Inc.) and any national securities exchange on which the Class A Shares are then listed; (B) fees and expenses of compliance with securities or blue sky laws (including
reasonable fees and disbursements of outside counsel for the underwriters in connection with blue sky qualifications of Registrable Securities); (C) printing, messenger, telephone and delivery expenses; (D) reasonable fees and disbursements of
counsel for the Issuer; (E) reasonable fees and disbursements of all independent registered public accountants of the Issuer incurred specifically in connection with such registration; and (F) reasonable fees and expenses of one
(1) legal counsel selected by the Demanding Holders in an underwritten Offering. 

  
 19 

 (5) “Registrable Security” shall mean any of the Acquired Shares until the
earliest to occur of: (A) a registration statement with respect to the sale of any such Acquired Shares shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in
accordance with such registration statement; (B) any such Acquired Shares shall have ceased to be outstanding; (C) any such Acquired Shares have been sold without registration pursuant to Rule 144 (or any successor rule promulgated
thereafter by the Commission); and (D) any such Acquired Shares have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities
transaction.]1 
 (b) Registration Cooperation. At its expense the Issuer shall:

 (i) except for such times as the Issuer is permitted hereunder to suspend the use of the prospectus forming part of a
Registration Statement, use its commercially reasonable efforts to keep such registration, and any qualification, exemption or compliance under state securities laws which the Issuer determines to obtain, continuously effective with respect to
Subscriber, and to keep the applicable Registration Statement or any subsequent shelf registration statement free of any material misstatements or omissions, until the earlier of the following: (i) Subscriber ceases to hold any Registrable
Securities, and (ii) two (2) years from the Effectiveness Date; provided that the provisions under Section 5(a)(i)-(iv) of this Subscription Agreement shall terminate on the first anniversary of the Merger Closing Date. The period of
time during which the Issuer is required hereunder to keep a Registration Statement effective is referred to herein as the “Registration Period”; 

(ii) advise Subscriber within two (2) business days: 

(1) when a Registration Statement or any amendment thereto has been filed with the Commission and when such Registration Statement or any
post-effective amendment thereto has become effective; 
 (2) of any request by the Commission for amendments or supplements to any
Registration Statement or the prospectus included therein or for additional information; 
 (3) of the issuance by the Commission of any
stop order suspending the effectiveness of any Registration Statement or the initiation of any proceedings for such purpose; 
 (4) of the
receipt by the Issuer of any notification with respect to the suspension of the qualification of the Acquired Shares included therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and 

 

	1 	 Applies only to subscribers with a Purchase Price in excess of $100 million and Section 3(r) for
subscribers of $100 million or less provides for an exception for these registration rights. 

  
 20 

 (5) subject to the provisions in this Subscription Agreement, of the occurrence of any
event that requires the making of any changes in any Registration Statement or prospectus so that, as of such date, the statements therein are not misleading and do not omit to state a material fact required to be stated therein or necessary to make
the statements therein (in the case of a prospectus, in the light of the circumstances under which they were made) not misleading. 

Notwithstanding anything to the contrary set forth herein, the Issuer shall not, when so advising Subscriber of such events, provide Subscriber
with any material, nonpublic information regarding the Issuer other than to the extent that providing notice to Subscriber of the occurrence of the events listed in (1) through (5) above constitutes material, nonpublic information
regarding the Issuer; 
 (iii) use its commercially reasonable efforts to obtain the withdrawal of any order suspending the
effectiveness of any Registration Statement as soon as reasonably practicable; 
 (iv) upon the occurrence of any event
contemplated in Section 5(b)(ii)(5), except for such times as the Issuer is permitted hereunder to suspend, and has suspended, the use of a prospectus forming part of a Registration Statement, the Issuer shall use its
commercially reasonable efforts to as soon as reasonably practicable prepare a post-effective amendment to such Registration Statement or a supplement to the related prospectus, or file any other required document so that, as thereafter delivered to
purchasers of the Acquired Shares included therein, such prospectus will not include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which
they were made, not misleading; 
 (v) use its commercially reasonable efforts to cause all Acquired Shares to be listed on
each national securities exchange (within the meaning of the Exchange Act), if any, on which the Class A Shares issued by the Issuer have been listed; 

(vi) use its commercially reasonable efforts to take all other steps necessary to effect the registration of the Acquired
Shares as required hereby; 
 (vii) use its commercially reasonable efforts to allow Subscriber to review disclosure
regarding Subscriber in the Registration Statement; and 
 (viii) [in the case of (x) an Underwritten Shelf Takedown,
(y) a Block Trade or (z) in the case of clauses (1), (2), (3) and (5) below, a sale by an Eligible Subscriber Holder effected or executed through a broker, placement agent or sales agent (subject to such broker, placement agent or
sales agent providing such certifications or representations reasonably requested by the Issuer’s independent registered public accountants and the Issuer’s counsel): (1) request the Issuer’s independent registered public
accountants to provide a “cold comfort” letter, in customary form and covering such matters of the type customarily covered by “cold comfort” letters, and reasonably 

  
 21 

 
satisfactory to a majority-in-interest of the participating Eligible Subscriber Holders and the applicable broker,
placement agent or sales agent, if any, and the underwriters, if any; (2) request the Issuer’s counsel to provide an opinion and negative assurance letter with respect to such offering addressed to the participating Eligible Subscriber
Holders and to the broker, placement agent or sales agent, if any, and the underwriters, if any, covering such legal matters with respect to the offering in respect of which such opinion is being given as the participating Eligible Subscriber
Holders, or such broker, placement agent, sales agent or underwriters, may reasonably request and as are customarily included in such opinions and negative assurance letters, and reasonably satisfactory to a majority-in-interest of the participating Eligible Subscriber Holders and the applicable broker, placement agent or sales agent, if any, and the underwriters, if any; (3) enter into and perform its
obligations under an underwriting agreement or distribution agreement, in usual and customary form, with the managing underwriter, broker, placement agent or sales agent of such offering or sale; (4) in the case of an Underwritten Shelf
Takedown, use its reasonable efforts to make available senior executives of the Issuer to participate in customary “road show” presentations that may be reasonably requested by the managing underwriter; and (5) otherwise, in good
faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the participating Eligible Subscriber Holders and the broker, placement agent or sales agent, if any, and underwriters, if any, as applicable, in
connection with such offering or sale.]2 
 (c) Suspension Event. Notwithstanding
anything to the contrary in this Subscription Agreement, the Issuer shall be entitled to delay or postpone the effectiveness of the Registration Statement and any other registration statement referred to in this Section 5,
and from time to time to require Subscriber not to sell under the Registration Statement or such other registration statement, as applicable, or to suspend the effectiveness thereof, if the negotiation or consummation of a transaction by the Issuer
or its subsidiaries is pending or an event has occurred, which negotiation, consummation or event the Issuer’s board of directors reasonably believes, upon the advice of legal counsel, would require additional disclosure by the Issuer in the
Registration Statement of material information that the Issuer has a bona fide business purpose for keeping confidential and the non-disclosure of which in the Registration Statement would be expected, in the
reasonable determination of the Issuer’s board of directors, upon the advice of legal counsel, to cause the Registration Statement or such other registration statement, as applicable, to fail to comply with applicable disclosure requirements
(each such circumstance, a “Suspension Event”); provided, however, that the Issuer may not delay or suspend a particular registration statement on more than two (2) occasions, for more than sixty
(60) consecutive calendar days, or more than ninety (90) total calendar days, in each case during any twelve-month period. Upon receipt of any written notice from the Issuer of the happening of any Suspension Event during the period that
the Registration Statement or such other registration statement, as applicable, is effective or if as a result of a Suspension Event the Registration Statement or such other registration statement or related prospectus contains any untrue statement
of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in the light of the circumstances under which they were made) not misleading, Subscriber
agrees that (i) it will immediately discontinue offers and sales of the Acquired Shares under the Registration 
  

	2 	 Applies only to subscribers with a Purchase Price in excess of $100 million.

  
 22 

 
Statement or such other registration statement (excluding, for the avoidance of doubt, sales conducted pursuant to Rule 144) until Subscriber receives copies of a supplemental or amended
prospectus (which the Issuer agrees to promptly prepare) that corrects the misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment has become effective or unless otherwise notified by the Issuer that it
may resume such offers and sales, and (ii) it will maintain the confidentiality of any information included in such written notice delivered by the Issuer unless otherwise required by law or subpoena. If so directed by the Issuer, Subscriber
will deliver to the Issuer or, in Subscriber’s sole discretion destroy, all copies of the prospectus covering the Acquired Shares in Subscriber’s possession; provided, however, that this obligation to deliver or destroy all copies
of the prospectus covering the Acquired Shares shall not apply (i) to the extent Subscriber is required to retain a copy of such prospectus (a) in order to comply with applicable legal, regulatory, self-regulatory or professional
requirements or (b) in accordance with a bona fide pre-existing document retention policy or (ii) to copies stored electronically on archival servers as a result of automatic data back-up. 
 (d) Opt-Out Notice. Subscriber may deliver
written notice (including via email in accordance with Section 9(l) of this Subscription Agreement) (an “Opt-Out Notice”) to the Issuer requesting that Subscriber not
receive notices from the Issuer otherwise required by this Section 5; provided, however, that Subscriber may later revoke any such Opt-Out Notice in writing. Following
receipt of an Opt-Out Notice from Subscriber (unless subsequently revoked), (i) the Issuer shall not deliver any such notices to Subscriber and Subscriber shall no longer be entitled to the rights associated
with any such notice and (ii) each time prior to Subscriber’s intended use of an effective registration statement, Subscriber will notify the Issuer in writing at least two (2) business days in advance of such intended use, and if a
notice of a Suspension Event was previously delivered (or would have been delivered but for the provisions of this Section 5(d)) and the related suspension period remains in effect, the Issuer will so notify Subscriber,
within one (1) business day of Subscriber’s notification to the Issuer, by delivering to Subscriber a copy of such notice of Suspension Event that would have been provided, and thereafter will provide Subscriber with the related notice of
the conclusion of such Suspension Event immediately upon its availability, and Subscriber shall comply with any restrictions on using such Registration Statement during such Suspension Event. 

(e) Subscriber Indemnification. The Issuer agrees to indemnify and hold Subscriber, each person, if any, who controls Subscriber within
the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, and each affiliate of Subscriber within the meaning of Rule 405 under the Securities Act, and each underwriter pursuant to the applicable
underwriting agreement with such underwriter, and each broker, placement agent or sales agent to or through which Subscriber effects or executes the resale of any Acquired Shares (collectively, the “Subscriber Indemnified Parties”),
harmless against any and all losses, claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any such action or claim) incurred by Subscriber
directly that are caused by any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any other registration statement which covers Registrable Securities of Subscriber (including, in each case,
the prospectus contained therein) or any amendment thereof (including the prospectus contained therein) or caused by any omission or alleged omission to state therein a material fact necessary in order to make the statements therein (in the case of
a prospectus, in the light of the circumstances under which they were made), not misleading, except insofar as the same are caused by or contained in any information or affidavit so furnished in writing to the Issuer by Subscriber expressly for use
therein. 

  
 23 

 (f) Issuer Indemnification. Subscriber agrees to, severally and not jointly with any
other accredited investor that is a party to the Other Subscription Agreements, indemnify and hold harmless the Issuer, each person, if any, who controls the Issuer within the meaning of either Section 15 of the Securities Act or
Section 20 of the Exchange Act, and each affiliate of the Issuer within the meaning of Rule 405 under the Securities Act, and each underwriter pursuant to the applicable underwriting agreement with such underwriter, and each broker, placement
agent or sales agent to or through which Subscriber effects or executes the resale of any Acquired Shares (collectively, the “Issuer Indemnified Parties”), harmless against any and all losses, claims, damages and liabilities
(including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any such action or claim) incurred by the Issuer directly that are caused by any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement or any other registration statement which covers Registrable Securities of Subscriber (including, in each case, the prospectus contained therein) or any amendment thereof
(including the prospectus contained therein) or caused by any omission or alleged omission to state therein of a material fact necessary in order to make the statements therein (in the case of a prospectus, in light of the circumstances under which
they were made), not misleading, insofar as the same are caused by or contained in any information or affidavit so furnished in writing to the Issuer by Subscriber expressly for use therein. Notwithstanding the foregoing, Subscriber’s
indemnification obligations under this Section 5(f), in the aggregate, will not exceed the Purchase Price. 
 6.
Termination. This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect
thereof, upon the earliest to occur of (a) such date and time as the Agreement and Plan of Merger is terminated in accordance with its terms, (b) upon the mutual written agreement of each of the parties hereto to terminate this
Subscription Agreement, (c) if any of the conditions to the Subscription Closing set forth in Section 2 of this Subscription Agreement are not satisfied on or prior to the Subscription Closing and, as a result thereof,
the transactions contemplated by this Subscription Agreement are not consummated at the Subscription Closing, (d) the Outside Date (as defined in the Agreement and Plan of Merger and as may be extended as described therein) if the Merger
Closing has not occurred on or before such date and (e) the first anniversary of the date of this Subscription Agreement if the Merger Closing and the Subscription Closing have not occurred on or before such first anniversary; provided,
that nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination, and each party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from such
breach. The Issuer shall promptly notify Subscriber of the termination of the Agreement and Plan of Merger (other than such a termination as a result of the Merger Closing thereunder). 

7. Trust Account Waiver. Subscriber acknowledges that the Issuer is a blank check company with the powers and privileges to effect a
merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination involving the Issuer and one or more businesses. Subscriber further acknowledges that, as described in the Issuer’s prospectus

  
 24 

 
relating to its initial public offering dated June 7, 2018, available at www.sec.gov, substantially all of the Issuer’s assets consist of the cash proceeds of the Issuer’s initial
public offering and private placements of its securities, and substantially all of those proceeds have been deposited in a trust account (the “Trust Account”) for the benefit of the Issuer, its public stockholders and the
underwriters of the Issuer’s initial public offering. For and in consideration of the Issuer entering into this Subscription Agreement, the receipt and sufficiency of which are hereby acknowledged, Subscriber, on behalf of itself and its
affiliates and representatives, hereby irrevocably waives any and all right, title and interest, or any claim of any kind they have or may have in the future as a result of, or arising out of, this Subscription Agreement, in or to any monies held in
the Trust Account, and agrees not to seek recourse or make or bring any action, suit, claim or other proceeding against the Trust Account as a result of, or arising out of, this Subscription Agreement, the transactions contemplated hereby or the
Acquired Shares, regardless of whether such claim arises based on contract, tort, equity or any other theory of legal liability. Subscriber acknowledges and agrees that it shall not have any redemption rights with respect to the Acquired Shares
pursuant to the Issuer’s organizational documents in connection with the Transactions or any other business combination, any subsequent liquidation of the Trust Account or the Issuer or otherwise. In the event Subscriber has any claim against
the Issuer as a result of, or arising out of, this Subscription Agreement, the transactions contemplated hereby or the Acquired Shares, it shall pursue such claim solely against the Issuer and its assets outside the Trust Account and not against the
Trust Account or any monies or other assets in the Trust Account; provided, however, that nothing in this Section 7 shall be deemed to limit Subscriber’s right, title, interest or claim to the Trust Account by
virtue of Subscriber’s record or beneficial ownership of Class A Shares of the Issuer acquired by any means other than pursuant to this Subscription Agreement. 

8. Issuer’s Covenants. With a view to making available to Subscriber the benefits of Rule 144 promulgated under the Securities Act
or any other similar rule or regulation of the Commission that may at any time permit Subscriber to sell securities of the Issuer to the public without registration, the Issuer agrees, until the Acquired Shares are sold by Subscriber, to: 

(a) make and keep public information available, as those terms are understood and defined in Rule 144; 

(b) file with the Commission in a timely manner all reports and other documents required of the Issuer under the Securities Act and the
Exchange Act so long as the Issuer remains subject to such requirements and the filing of such reports and other documents is required for the applicable provisions of Rule 144; 

(c) furnish to Subscriber so long as it owns the Acquired Shares, as promptly as practicable upon request, (x) a written statement by the
Issuer, if true, that it has complied with the reporting requirements of Rule 144, the Securities Act and the Exchange Act, (y) a copy of the most recent annual or quarterly report of the Issuer and such other reports and documents so filed by
the Issuer with the Commission and (z) such other information as may be reasonably requested to permit Subscriber to sell such securities pursuant to Rule 144 without registration; and 

  
 25 

 (d) in connection with a sale by Subscriber pursuant to Rule 144, if the transfer
restrictions as set forth on Exhibit A to this Subscription Agreement are no longer required by the Securities Act or any applicable state securities laws, upon request of Subscriber, the Issuer shall use its commercially reasonable efforts
to cooperate with Subscriber to have such transfer restrictions removed, including providing authorization to the Issuer’s transfer agent. 

9. Miscellaneous. 
 (a)
Subscriber acknowledges that the Issuer and others and the Issuer acknowledges that Subscriber and others will rely on the acknowledgments, understandings, agreements, representations and warranties contained in this Subscription Agreement. Prior to
the Subscription Closing, Subscriber and the Issuer agree to promptly notify the other party if it becomes aware that any of the acknowledgments, understandings, agreements, representations and warranties set forth herein are no longer accurate in
all material respects. 
 (b) Each of the Issuer and Subscriber is entitled to rely upon this Subscription Agreement and is irrevocably
authorized to produce this Subscription Agreement or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. Disclosure of Subscriber’s name shall be
subject to the notice provisions set forth in Section 9(o) of this Subscription Agreement. 
 (c) Neither this
Subscription Agreement nor any rights that may accrue to Subscriber hereunder may be transferred or assigned (other than the transfer and assignment of (i) the Acquired Shares acquired hereunder, if any, subsequent to Subscriber’s purchase
of such Acquired Shares at the Subscription Closing and in accordance with Subscriber’s representations and warranties herein; (ii) any or all of Subscriber’s rights and obligations under this Subscription Agreement to its Affiliates,
subject to, if such transfer or assignment is prior to the Subscription Closing, such Affiliates executing a subscription agreement in substantially the same form as this Subscription Agreement, including with respect to the Purchase Price and other
terms and conditions; and (iii) after the Subscription Closing, the Subscriber’s rights pursuant to Section 5, Section 8 and Section 9 of this Subscription
Agreement to any purchaser of the Acquired Shares that receives the Acquired Shares without the removal of the transfer restrictions set forth on Exhibit A of this Subscription Agreement). “Affiliates” for the purpose of this
Section 9(c) means persons directly or indirectly controlling, controlled by or under direct or indirect common control with, such person; provided, that the foregoing shall not include portfolio or other operating
companies of Subscriber or any of the foregoing persons. Neither this Subscription Agreement nor any rights that may accrue to the Issuer hereunder may be transferred or assigned by the Issuer. 

(d) All the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive the Subscription
Closing. 
 (e) The Issuer may request from Subscriber such additional information as may be reasonably necessary to evaluate the eligibility
of Subscriber to acquire the Acquired Shares and to comply with the Issuer’s registration obligations under Section 5 of this Subscription Agreement, and Subscriber shall take reasonable efforts to provide such
information as may be reasonably requested, to the extent readily available and to the extent consistent with its internal policies and procedures. 

  
 26 

 (f) This Subscription Agreement may not be modified, waived or terminated except by an
instrument in writing, signed by the party against whom enforcement of such modification, waiver, or termination is sought. 
 (g) This
Subscription Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof, and supersedes all prior agreements and understandings, both written and oral, between the parties with respect to the subject
matter hereof. This Subscription Agreement shall not confer any rights or remedies upon any person other than the parties hereto, and their respective successors and assigns; provided, that the parties acknowledge and agree that the
Subscriber Indemnified Parties and the Issuer Indemnified Parties shall each be a third-party beneficiary to this Subscription Agreement with respect to Section 5(e) and Section 5(f), respectively,
of this Subscription Agreement, and that the Agent shall be a third-party beneficiary of the representations and warranties of Subscriber contained in Section 4 of this Subscription Agreement, and in each case with respect thereto shall be
entitled to the rights and benefits hereunder and may enforce the provisions hereof as if it were a party hereto. 
 (h) Subject to
Section 9(c), and except as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal
representatives, and permitted assigns, and the agreements, representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors, administrators, successors, legal
representatives and permitted assigns. 
 (i) If any provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the
validity, legality or enforceability of the remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue in full force and effect. 

(j) This Subscription Agreement may be executed in one (1) or more counterparts (including by electronic means), all of which shall be
considered one and the same agreement and shall become effective when one (1) or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same
counterpart. Delivery by facsimile or electronic transmission to counsel for the other parties of a counterpart executed by a party shall be deemed to meet the requirements of the previous sentence. 

(k) Subscriber shall pay all of its own expenses in connection with this Subscription Agreement and the transactions contemplated herein. 

  
 27 

 (l) Notices. All notices and other communications hereunder shall be in writing and
shall be deemed given (i) on the date established by the sender as having been delivered personally; (ii) one (1) business day after being sent by an internationally recognized overnight courier guaranteeing overnight delivery; or
(iii) on the date delivered, if delivered by facsimile or email, with confirmation of transmission. Such communications, to be valid, must be addressed as follows: 

(1) if to Subscriber, to such address or addresses set forth on the signature page hereto; 

(2) if to the Issuer, to: 
 GS
Acquisition Holdings Corp 
 200 West Street 

New York, New York 10282 

Attention:         Raanan A. Agus 

                        
 David S. Plutzer 
 Email:              raanan.agus@gs.com 

                        
 david.plutzer@gs.com 
 with a copy to (which copy shall not constitute notice): 

Skadden, Arps, Slate, Meagher & Flom LLP 

Four Times Square 
 New York, New
York 10036 
 Attention:         Howard L. Ellin 

                        
 C. Michael Chitwood 
 Email:
              howard.ellin@skadden.com 

                        
  michael.chitwood@skadden.com 
 (m) This Subscription Agreement, and any action, suit, dispute, controversy or claim arising out
of this Subscription Agreement or the validity, interpretation, breach or termination of this Subscription Agreement, shall be governed by and construed in accordance with the internal laws of the State of Delaware regardless of the law that might
otherwise govern under applicable principles of conflicts of law thereof. 
 (n) Each of the parties irrevocably consents to the exclusive
jurisdiction and venue of the courts of the State of Delaware or the federal courts located in the State of Delaware in connection with any matter based upon or arising out of this Subscription Agreement, agrees that process may be served upon them
in any manner authorized by the laws of the State of Delaware for such person and waives and covenants not to assert or plead any objection which they might otherwise have to such manner of service of process. Each party and any person asserting
rights as a third-party beneficiary may do so only if he, she or it hereby waives, and shall not assert as a defense in any legal dispute, that: (a) such person is not personally subject to the jurisdiction of the above named courts for any
reason; (b) such Legal Proceeding (as defined in the Agreement and Plan of Merger) may not be brought or is not maintainable in such court; (c) such person’s property is exempt or immune from execution; (d) such Legal Proceeding
is brought in an inconvenient forum; or (e) the venue of such Legal Proceeding is improper. Each party and any person asserting rights as a third-party beneficiary hereby agrees not to commence or prosecute any such action, claim, cause of
action or suit other than before one of the above-named courts, nor to make any motion or take any other action seeking or intending to cause the transfer or 

  
 28 

 
removal of any such action, claim, cause of action or suit to any court other than one of the above-named courts, whether on the grounds of inconvenient forum or otherwise. Each party hereby
consents to service of process in any such proceeding in any manner permitted by Delaware law, and further consents to service of process by nationally recognized overnight courier service guaranteeing overnight delivery, or by registered or
certified mail, return receipt requested, at its address specified pursuant to Section 9(l) of this Subscription Agreement. Notwithstanding the foregoing in this Section 9(n), any party may
commence any action, claim, cause of action or suit in a court other than the above-named courts solely for the purpose of enforcing an order or judgment issued by one of the above-named courts. 

TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH OF THE PARTIES AND ANY PERSON ASSERTING RIGHTS AS A THIRD-PARTY
BENEFICIARY MAY DO SO ONLY IF HE, SHE OR IT IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT TO TRIAL BY JURY ON ANY CLAIMS OR COUNTERCLAIMS ASSERTED IN ANY LEGAL DISPUTE RELATING TO THIS SUBSCRIPTION AGREEMENT AND FOR ANY COUNTERCLAIM RELATING
THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. IF THE SUBJECT MATTER OF ANY SUCH LEGAL DISPUTE IS ONE IN WHICH THE WAIVER OF JURY TRIAL IS PROHIBITED, NO PARTY NOR ANY PERSON ASSERTING RIGHTS AS A THIRD-PARTY BENEFICIARY SHALL
ASSERT IN SUCH LEGAL DISPUTE A NONCOMPULSORY COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION AGREEMENT. FURTHERMORE, NO PARTY NOR ANY PERSON ASSERTING RIGHTS AS A THIRD-PARTY BENEFICIARY SHALL SEEK TO CONSOLIDATE ANY SUCH LEGAL DISPUTE
WITH A SEPARATE ACTION OR OTHER LEGAL PROCEEDING IN WHICH A JURY TRIAL CANNOT BE WAIVED. 
 (o) The Issuer shall, no later than 9:00
a.m., New York City time, on the first (1st) business day immediately following the date of this Subscription Agreement, (i) file a proxy statement with the Commission (substantially in the
form of which has previously been provided to Subscriber); and (ii) issue one or more press releases or file with the Commission a Current Report on Form 8-K (collectively, the “Disclosure
Document”) disclosing all material terms of the transactions contemplated hereby, the Transactions and any other material, nonpublic information that the Issuer has provided to Subscriber at any time prior to the filing of the Disclosure
Document. From and after the issuance of the Disclosure Document, to the Issuer’s knowledge, Subscriber shall not be in possession of any material, non-public information received from the Issuer or any
of its officers, directors or employees. Notwithstanding anything in this Subscription Agreement to the contrary, each party hereto acknowledges and agrees that without the prior written consent of the other party hereto it will not publicly make
reference to such other party or any of its affiliates (i) in connection with the Transactions or this Subscription Agreement or (ii) in any promotional materials, media, or similar circumstances, except, in each case, as required by law
or regulation or at the request of the Staff of the Commission or regulatory agency or under the regulations of the NYSE, including, in the case of the Issuer (a) as required by the federal securities law in connection with the Registration
Statement, (b) the filing of this Subscription Agreement (or a form of this Subscription Agreement) with the Commission and (c) the filing of the Schedule 14A and related proxy materials to be filed by the Issuer with respect to the
Transactions. 

  
 29 

 (p) Except as expressly set forth in this Subscription Agreement, no former, current or
future equity holders, controlling persons, directors, officers, employees, agents, affiliates, members, managers, general or limited partners, representatives or assignees of Subscriber or any former, current or future equity holder, controlling
person, director, officer, employee, agent, affiliate, member, manager, general or limited partner, representative or assignee of any of the foregoing, shall have any obligation to the Issuer or to any other person hereunder in connection with the
transactions contemplated hereby. 
 [Signature pages follow] 

  
 30 

 IN WITNESS WHEREOF, each of the Issuer and Subscriber has executed or caused this
Subscription Agreement to be executed by its duly authorized representative as of the date set forth below. 
  

			
	GS ACQUISITION HOLDINGS CORP
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Subscription Agreement] 

			
	SUBSCRIBER:
		
	[•]	 	
		
	By:	 	  

	Name:
	Title:

			
	(Please print. Please indicate name and capacity of person signing above)
		
	Address:	 	  

		 	  

	Facsimile:	 	  

	Email:	 	  

	Attention:	 	  

	EIN:	 	  

 Aggregate Number of Acquired Shares subscribed for:
                     
 Aggregate Purchase
Price:
$                                         

 Name in which securities are to be registered (if different):
                                        
 
 You must pay the Purchase Price by wire transfer of United States dollars in immediately available funds to the account specified by the Issuer in
the Closing Notice. 

 SCHEDULE A 

ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER 

This page should be completed by Subscriber 

and constitutes a part of the Subscription Agreement. 
  

			
	A. ACCREDITED INVESTOR STATUS

 (Please check the applicable subparagraphs): 
  

	 	☐	 We/I are/am an “accredited investor” (within the meaning of Rule 501(a) under the Securities Act) or
an entity in which all of the equity holders are accredited investors within the meaning of Rule 501(a) under the Securities Act, and have marked and initialed the appropriate box or boxes below indicating the provision(s) under which we/I qualify
as an “accredited investor.” 

 B. AFFILIATE STATUS 

(Please check the applicable box) 
 SUBSCRIBER: 

 

	 	☐	 is: 

  

	 	☐	 is not: 

an “affiliate” (as defined in Rule 144 under the Securities Act) of the Issuer or acting on behalf of an affiliate of the Issuer. 

Rule 501(a), in relevant part, states that an “accredited investor” shall mean any person who comes within any of the below listed categories, or
who the issuer reasonably believes comes within any of the below listed categories, at the time of the sale of the securities to that person. Subscriber has indicated, by marking and initialing the appropriate box below, the provision(s) below which
apply to Subscriber and under which Subscriber accordingly qualifies as an “accredited investor.” 
  

	☐	 Any bank as defined in Section 3(a)(2) of the Securities Act, or any savings and loan association or other
institution as defined in Section 3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary capacity; 

  

	☐	 Any broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934;

  

	☐	 Any insurance company as defined in Section 2(a)(13) of the Securities Act; 

 

	☐	 Any investment company registered under the Investment Company Act of 1940 or a business development company as
defined in Section 2(a)(48) of that Act; 

  

	☐	 Any Small Business Investment Company licensed by the U.S. Small Business Administration under
Section 301(c) or (d) of the Small Business Investment Act of 1958; 

	☐	 Any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of
a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000; 

  

	☐	 Any employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 if the
investment decision is made by a plan fiduciary, as defined in Section 3(21) of such act, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total
assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors; 

  

	☐	 Any private business development company as defined in Section 202(a)(22) of the Investment Advisers Act
of 1940; 

  

	☐	 Any natural person whose individual net worth, or joint net worth with that person’s spouse, exceeds
$1,000,000, with net worth calculated as set forth by Rule 501(a)(5)(i) under the Securities Act; 

  

	☐	 Any natural person who has an individual income in excess of $200,000 in each of the two most recent years or
joint income with that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year; 

 

	☐	 Any organization described in Section 501(c)(3) of the Internal Revenue Code, corporation, Massachusetts
or similar business trust, or partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000; or 

 

	☐	 Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the
securities offered, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii). 

 Exhibit A 

NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE ACQUIRED SHARES OR ANY INTEREST OR PARTICIPATION THEREIN MAY
BE MADE EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) OR (B) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS AND, IN
THE CASE OF CLAUSE (B), UNLESS, IF THE ISSUER REQUESTS, THE ISSUER RECEIVES AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE ISSUER TO THE EFFECT THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT. 

Any transferee of the Acquired Shares or any interest therein, by its acceptance thereof, shall be deemed to have made the representations set
forth in Section 4 of the Subscription Agreement (other than the representations set forth in Section 4(f), the first two sentences of Section 4(j) and
Section 4(p)). The Issuer shall not be required to register the transfer of any Acquired Shares to any transferee unless the Issuer receives from the proposed transferee a written instrument in form and substance reasonably
satisfactory to the Issuer in which such transferee makes the representations and warranties set forth in Section 4 of the Subscription Agreement (other than the representations set forth in
Section 4(f), the first two sentences of Section 4(j) and Section 4(p)) and, if the Issuer so requests, an opinion of counsel in form and substance reasonably satisfactory
to the Issuer to the effect that registration under the Securities Act is not required in connection with such transfer; provided, that no opinion of counsel will be required for a pledge of the Acquired Shares if the Issuer receives a
representation from the pledgor and pledgee that the pledge is a bona fide pledge and, in the event that the pledgee acquires the shares that are the subject of the pledge, the pledgee agrees to the representations and warranties set forth in
Section 4 of the Subscription Agreement. The foregoing shall not apply to any sale of the Acquired Shares made in accordance with Rule 144; provided, that the transferor of the Acquired Shares provides to the Issuer such representations
with respect to compliance as is reasonably requested by the Issuer.Exhibit

Exhibit 10.99
EXECUTION VERSION     

THIS AGREEMENT CONTAINS AN ARBITRATION PROVISION PURSUANT TO 
THE FEDERAL ARBITRATION ACT (9 U.S.C. § 1 ET SEQ.) AND/OR THE S.C. 
UNIFORM ARBITRATION ACT (S.C. CODE § 15-48-10 ET SEQ.)
AMENDED AND RESTATED
EMPLOYMENT AND NONCOMPETITION AGREEMENT
THIS AMENDED AND RESTATED EMPLOYMENT AND NONCOMPETITION AGREEMENT (the “Agreement”) is made and entered into on December ___, 2019 (the “Signing Date”) by and between Blackbaud, Inc., a Delaware corporation (the “Company”), and Michael P. Gianoni (“Executive”).
RECITALS
WHEREAS, the Company and Executive are parties to that December 9, 2015 Amended and Restated Employment and Noncompetition Agreement (the “Prior Agreement”);
WHEREAS, the parties desire to amend and restate the Prior Agreement pursuant to the terms of this Agreement; 
WHEREAS, the Company desires to continue to employ Executive as the President and Chief Executive Officer of the Company; 
WHEREAS, Executive is willing to accept continued employment in such positions with the Company in accordance with the terms of this Agreement; and
WHEREAS, following execution of this Agreement and effective upon the Term Commencement Date, the Agreement shall become effective and the Prior Agreement shall be superseded and replaced in its entirety by this Agreement; 
NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants of the parties set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged, IT IS HEREBY AGREED AS FOLLOWS:
AGREEMENT
1.    Employment; Term.  Subject to and upon the terms and conditions herein provided, the Company hereby agrees to employ Executive and Executive hereby agrees to be employed by the Company for the term of this Agreement, which term shall begin as of January 1, 2020 (the “Term Commencement Date”) and shall continue thereafter until December 31, 2022 (the “Initial Term”), unless Executive’s employment is earlier terminated as provided in Section 4 herein.  The Company’s Board of Directors (or a committee thereof) may elect to renew the term of this Agreement for successive one (1) year terms (each a “Renewal Term”), upon written notice provided to Executive at least ninety (90) days in advance of the expiration of the Initial Term or Renewal Term.  In the event the Company elects to renew this Agreement prior to the expiration of the Initial Term or any Renewal Term, Executive may elect not to

renew this Agreement by providing no less than seventy-five (75) days advance written notice of his intention not to renew the Agreement.  In the event the Company elects not to renew this Agreement prior to the expiration of the Initial Term or any Renewal Term, the Company will provide written notice to that effect to Executive at least ninety (90) days prior to the expiration of the Initial Term or Renewal Term as the case may be.  For purposes of this Agreement, any time period in which Executive is employed hereunder, whether during the Initial Term or any Renewal Term, will be referred to as the “Term.”
2.    Executive Responsibilities.  During the Term, Executive shall serve as President and Chief Executive Officer of the Company, and shall have the power and authority to conduct the business of the Company commensurate with the office of Chief Executive Officer.  Executive shall report directly to the Company’s Board of Directors (the “Board”).  Executive shall perform duties consistent with Executive’s knowledge, experience and position with the Company.  In performing such duties, Executive shall be subject to and shall abide by all written policies and procedures developed by the Company for, and all the written rules and regulations applicable to, senior executives of the Company.  
During the Term, and excluding any periods of vacation and sick leave to which Executive is entitled, Executive shall devote substantially all of his business time, energies, skills and attention to the affairs and activities of the Company and the discharge of his duties and responsibilities; provided, however, that Executive shall be allowed to attend to personal and family affairs and investments and he shall be allowed to serve on the board of directors of no more than three (3) for-profit or not-for-profit entities that are not affiliated with the Company, provided that no more than one (1) of such entities may be publicly traded, and any additional boards of directors as have been or may be approved in advance by the Chairman of the Board; and provided further, however, that while carrying out such activities and while serving on such boards, Executive’s ability to devote the required time, energies, skills and attention to perform his duties hereunder will not be impaired.  During the Term, the Board shall nominate Executive to be a member of the Board prior to the expiration of each of his terms as a director of the Company, with his election to the Board subject to shareholder vote.
Unless otherwise determined by the Board, the place of employment of Executive shall be at the Company’s principal executive offices in Charleston, South Carolina, although Executive acknowledges and agrees that he shall be required to travel on Company business regularly during the Term.
3.    Compensation and Benefits.
3.1    Base Salary.  In consideration for the services provided hereunder, during the Term of this Agreement, the Company shall pay to Executive an annual base salary of no less than $721,000 (as adjusted from time to time, the “Base Salary”), subject to applicable federal, state and local payroll taxes and other withholdings required by law or properly requested by Executive.  The Base Salary shall not be decreased at any time (including after any increase) without Executive’s written consent.  The Base Salary shall be payable in conformity with the Company’s customary payroll practices.  The Board (or a committee thereof) will consider increases to the Base Salary on an annual basis as part of the Company’s regular executive 

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compensation review process; provided, however, that such Base Salary shall be increased solely at the discretion of the Board (or a committee thereof). 
3.2    Bonus.  For calendar year 2020 and each subsequent calendar year during the Term of this Agreement, Executive shall be eligible to receive an annual cash performance bonus (“Bonus Compensation”), targeted at 100% of Executive’s then current Base Salary, dependent upon the achievement of pre-established performance goals established by the Board (or a committee thereof) in its discretion.  Bonus Compensation may be greater than the annual target amount and up to two (2) times the annual target amount for performance in excess of the pre-established performance goals.  Similarly, the Bonus Compensation may be less than the annual target amount (including zero) if the Company’s performance is below the pre-established goals and/or based on the Board’s (or committee’s) evaluation of Executive’s performance.  Bonus Compensation shall be paid in cash in a lump sum (less any required taxes and withholdings) at such time as the Company customarily pays annual cash performance bonuses, subject to the terms established by the Board (or committee) and the parameters of any applicable plan pursuant to which the Bonus Compensation is awarded.  
3.3    Additional Compensation and Benefits.  During the Term of this Agreement, Executive shall also be eligible for the following additional compensation and benefits:
(a)    Executive shall be eligible to participate in all employee benefit plans and fringe benefits (including post-retirement benefit plans and programs, if any) as may be provided by the Company from time to time on the same basis as other senior executives of the Company are eligible, subject to and to the extent that Executive is eligible under such benefit plans in accordance with their respective terms.  Executive acknowledges that the Company may seek to obtain key-man life (or similar) insurance in connection with Executive’s employment, and Executive agrees to cooperate with the Company’s reasonable requests to obtain such coverage, including, without limitation, submitting to reasonable physical examinations.
(b)    Executive shall be entitled to reasonable periods of paid time off during the Term in accordance with the Company’s policies regarding paid time off and paid holidays for senior executives of the Company.
(c)    The Company shall pay or reimburse Executive for all of his out-of-pocket expenses reasonably incurred in the performance of his duties hereunder on behalf of the Company, including, but not limited to, overnight delivery charges, long distance telephone and facsimile charges and travel expenses (including airfare, hotels, car rental expenses and meals), all in accordance with the Company’s expense reimbursement policies now in force or as such policies may be modified in the future.  Payment shall be due after the Company’s receipt of Executive’s invoice or expense report therefor in accordance with the Company’s expense reimbursement policies.  In addition, the Company and Executive agree that the Company shall reimburse Executive for Executive’s reasonable legal expenses incurred in connection with the negotiation

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and drafting of this Agreement; provided, however, that the Company’s obligation to reimburse such expenses shall be capped at $15,000.00.                
(d)    During the Term, the Company shall provide Executive with health, life and short and long-term disability insurance, in scope and coverage equivalent to that provided to other senior executives of the Company; provided, however, that the short and long-term disability insurance coverage shall be for an amount not less than 60% of Executive’s Base Salary and such coverage may be provided by the Company supplementing benefits provided under the Company’s existing group disability policy, as necessary.
(e)    During the Term, commencing with the 2020 calendar year, the Company may award Executive an annual equity-based award (in a form to be determined by the Board (or a committee thereof)) with a target value of $6 million to $9 million (the “Target Award”) and a value ranging from zero to 250% of the Target Award (each, an “Annual Equity-Based Grant”).  The actual value of each Annual Equity-Based Grant, if any, will be determined by the Board (or a committee thereof) in its sole discretion based on a review of Executive’s performance during the Company’s regular executive compensation review process.  The Annual Equity-Based Grant shall vest in four equal installments with 1⁄4 vesting on each of the first four anniversaries of the grant date (or such shorter vesting schedule as may be provided by the Board or applicable committee), provided that Executive remains employed by the Company as of the relevant vesting date, and provided further that up to 70% of the Annual Equity-Based Grant also may be subject to Company performance with respect to the achievement of pre-established performance goals established by the Board (or a committee thereof) in its discretion, and to the extent that the Annual Equity-Based Grant is comprised of such a performance-based equity award, then subject to achievement of the applicable performance goals, it shall vest in three equal installments with 1⁄3 vesting on each of the first three anniversaries of the grant date (or such shorter vesting schedule as may be provided by the Board or applicable committee).  To the extent an Annual Equity-Based Grant consists of shares of restricted stock or restricted stock units, the number of such shares or units will be determined by dividing the value of the Annual Equity-Based Grant (or applicable portion thereof) by the value of one share of the Company’s common stock.  The value of one share of the Company’s common stock will be determined as if its price were the average closing sales price of the Company’s common stock for the thirty (30) trading days preceding the grant date as quoted on the stock exchange on which the Company’s common stock is then traded.  To the extent an Annual Equity-Based Grant consists of stock appreciation rights, the number of stock appreciation rights will be determined by dividing the value of the Annual Equity-Based Grant (or applicable portion thereof) by the value of a stock appreciation right covering one share of the Company’s common stock.  The value of a stock appreciation right covering one share of the Company’s common stock will be determined as if its exercise price were the average closing sales price of the Company’s common stock for the thirty (30) trading days preceding the grant date as quoted on the stock exchange on which the 

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Company’s common stock is then traded and the value of such stock appreciation right will be determined by valuing it as if it were a stock option, using the Black-Scholes valuation methodology.  The exercise price for each stock appreciation right covered by an Annual Equity-Based Grant will be the closing sales price for the Company’s common stock on the grant date as quoted on the stock exchange on which the Company’s common stock is then traded.  The Annual Equity-Based Grant shall be governed by the terms and conditions of the applicable equity award agreement between Executive and the Company.
With respect to each of the items of benefit listed in this Section 3 and any vesting or other criteria for eligibility applicable thereto, Executive shall be credited with length of service beginning as of the initial date of his employment by the Company, except as otherwise required by law or provided by the applicable benefit plan.  
For avoidance of doubt and pursuant to Section 5.2, if Executive continues to serve as a member of the Board following termination of employment as President and Chief Executive Officer of the Company, such continued service on the Board will constitute continuous service for purposes of vesting of any of Executive’s then-unvested equity grants at the time of Executive’s termination of employment. 
3.4    Compensation Clawback Provision.  Executive agrees to promptly return to the Company any and all bonus and incentive-based compensation, including stock options and other equity-based compensation as well as profits and gains attributable thereto, Executive received from the Company to the extent the Company is entitled or required to recover such amounts by the terms of (a) any Company clawback or recoupment policy (as adopted, amended, implemented, and interpreted by the Company from time to time) which relates to the clawback or recoupment of such bonus and incentive-based compensation which was paid to Executive on the basis of revenues, net income, cash flow or other financial parameters relating to the Company’s financial performance which were subsequently determined by the Company’s independent auditors to have been materially inaccurate; (b) Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (as may be amended) and any implementing rules and regulations promulgated thereunder; and/or (c) Section 304 of the Sarbanes Oxley Act of 2002 (as may be amended) and any implementing rules and regulations promulgated thereunder.
4.    Termination.
4.1    For Cause by the Company.  During the Term, the Company may terminate Executive’s employment under this Agreement at any time for “Cause” and Executive shall thereafter be entitled to no compensation or benefits under this Agreement or otherwise, except as provided in Section 5.1 hereof.  For purposes of this Agreement, “Cause” means:
(a)    Executive’s conviction of, or plea of no contest to, any crime (whether or not involving the Company) that constitutes a felony in the jurisdiction in which Executive is charged, other than unintentional motor vehicle felonies, routine traffic citations or a felony predicated exclusively on Executive’s Vicarious Liability.  “Vicarious Liability” for purposes of this Agreement shall 

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mean any act for which Executive is constructively liable, including, but not limited to, any liability that is based on acts of the Company for which Executive is charged solely as a result of his offices with the Company and in which he was not directly involved or did not have prior knowledge of such actions or intended actions;
(b)    any act of theft, fraud or embezzlement or other unlawful act, or any other misconduct or dishonesty by Executive, which is materially detrimental to the reputation, business, and/or operations of the Company or any subsidiary or which results in or is intended to result in Executive’s personal gain or enrichment;
(c)    Executive’s willful and repeated failure or refusal to perform his reasonably-assigned duties (consistent with past practice of the Company) in accordance with Section 2 (other than due to his incapacity due to illness or injury) under this Agreement, provided that such willful and repeated failure or refusal is not corrected as promptly as practicable, and in any event within thirty (30) calendar days after Executive shall have received written notice from the Company stating the nature of such issue; 
(d)    Executive’s violation of any of his material obligations contained in Section 7 herein or otherwise under this Agreement or in that certain Employee Nondisclosure and Developments Agreement dated as of the Signing Date and attached as Exhibit A hereto;
(e)    personal conduct by Executive (including but not limited to employee harassment or discrimination) which materially discredits or damages the Company or any subsidiary;
(f)    Executive’s illegal use of controlled substances; and/or
(g)    Executive’s willful and knowing filing of a fraudulent certification under Section 302 of the Sarbanes Oxley Act.
If following Executive’s termination of employment for any reason other than Cause, information is discovered that leads the Board to determine that Executive engaged in an act or omission which would have constituted Cause for termination of employment pursuant to Section 4.1(b), (d), (f) or (g) above, Executive’s termination shall be deemed to have been terminated for Cause for all purposes of this Agreement and Executive shall be obligated to repay to the Company all severance and other benefits he already has received in connection with such termination of employment.
If the Company terminates Executive’s employment for Cause, the provisions of Section 5.4 shall also apply.
4.2    Termination Without Cause by the Company.  During the Term, the Company may terminate Executive’s employment under this Agreement at any time and for any reason without Cause.  If the Company terminates Executive’s employment pursuant to the 

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provisions of this Section 4.2, Executive shall receive the compensation and benefits described in Sections 5.1 and 5.2 hereof.  In the event there is a Change in Control (as defined in Section 4.7 hereof) and if the Company terminates Executive’s employment pursuant to the provisions of this Section 4.2 within twelve (12) months after a Change in Control, then Executive shall also receive any additional benefits described in Section 5.3 hereof.
4.3    Termination Without Good Reason by Executive.  During the Term, Executive may voluntarily terminate his employment under this Agreement by giving the Company written notice no less than sixty (60) calendar days in advance of the effective date of such termination.  Any such voluntary termination by Executive shall not constitute a breach of this Agreement.  If Executive voluntarily terminates his employment pursuant to the provisions of this Section 4.3, Executive shall thereafter be entitled to no further compensation or benefits under this Agreement or otherwise, except as provided in Sections 5.1 and 5.5 hereof.
4.4    Termination for Good Reason by Executive.  During the Term, Executive may terminate his employment under this Agreement for “Good Reason.”  For purposes of this Agreement, “Good Reason” means any of the occurrences described in (a) through (e) below other than as consented to in writing by Executive, provided, however, that Executive must provide detailed written notice to the Company of such occurrence and his anticipated termination within ninety (90) days after the initial existence of such occurrence and such termination shall not become effective until the occurrence goes uncorrected by the Company for thirty (30) days after receiving detailed written notice from Executive, provided further, that for the avoidance of doubt, if during the thirty (30)-day cure period, the Company and Executive are negotiating in good faith to address the circumstances, Executive’s termination for Good Reason shall not occur unless and until the Company and Executive have ceased good faith negotiations and the occurrence has not been remedied, but in no event may Executive’s termination occur more than one (1) year following the initial existence of the event giving rise to “Good Reason.”
(a)    Any materially adverse change or material diminution in the office, title, duties, powers, authority or responsibilities of Executive;
(b)    A material failure of the Company to pay or provide Executive with Base Salary or Bonus Compensation that has become due and payable to Executive; 
(c)    A material reduction in Executive’s then Base Salary;
(d)    Failure of the Company to obtain the assumption in writing of its obligation to perform this Agreement by any purchaser of all or substantially all of the assets of the Company within thirty (30) calendar days after a sale or transfer of such assets; 
(e)    Failure of Executive to be elected as a director of the Company at or prior to the expiration of each of his terms as a director of the Company during the Term of this Agreement or his removal from such position during such Term; and/or 

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(f)    A relocation of the Company’s principal office, or Executive’s own office location as assigned to him by the Company, to a location more than fifty (50) miles from Charleston, South Carolina; provided that such relocation materially increases Executive’s commute to work.
In the event Executive terminates employment with the Company pursuant to the provisions of this Section 4.4, Executive shall receive the compensation and benefits described in Sections 5.1 and 5.2 hereof.  In the event there is a Change in Control as defined in Section 4.7 hereof and if Executive terminates his employment with the Company pursuant to the provisions of this Section 4.4 within twelve (12) months after a Change in Control, then Executive shall also receive any additional benefits described in Section 5.3 hereof.
4.5    Termination for Disability or Death.  During the Term, Executive’s employment may be terminated by either party in the event Executive suffers a physical or mental disability (as defined below), as determined in the reasonable opinion of a medical doctor selected by the agreement of the Company and Executive.  In the event that the parties cannot agree on a medical doctor, each party shall select a medical doctor and the two doctors shall select a third who shall be the approved medical doctor for this purpose.  To the extent that the expenses associated with any such medical determination are not covered by medical insurance, the Company shall bear all such costs.  Executive will be deemed to suffer a disability if Executive is unable, due to a physical or mental disability, to perform the essential functions of his job, with or without a reasonable accommodation, for a period of ninety (90) consecutive calendar days or one hundred eighty (180) nonconsecutive calendar days during any three hundred sixty five (365) calendar day period.  If Executive is terminated because of a disability under this Section 4.5, he shall be entitled to such benefits as are generally available under the Company’s disability insurance policies by which he is covered, if any, and any additional coverage required pursuant to Section 3.3(d).  If Executive dies or is terminated due to a disability under this Section 4.5, Executive or his estate shall be entitled to only the compensation and benefits described in Sections 5.1 and 5.6 hereof.
4.6    Termination due to Non-Renewal.  During both the Initial Term and any Renewal Term, either party may allow this Agreement and Executive’s employment hereunder to terminate by notifying the other party of an intention not to renew the Initial Term or a Renewal Term, as applicable, in accordance with the provisions of Section 1 hereof.  If Executive notifies the Company of his intention not to renew the Term in accordance with Section 1 and Executive’s employment hereunder thereafter terminates upon the expiration of the Term, then Executive shall be entitled to only the compensation and benefits described in Sections 5.1 and 5.5 hereof.  If the Company notifies Executive of its intention not to renew the Term in accordance with Section 1 and Executive’s employment hereunder thereafter terminates upon the expiration of the Term, then Executive shall be entitled to only the compensation and benefits described in Sections 5.1 and 5.2 (or 5.3 to the extent applicable) hereof. 
4.7    Definition of Change in Control.  For purposes of this Agreement only, a “Change in Control” shall mean the consummation of (a) a merger or consolidation in which the shareholders of the Company immediately prior to the merger or consolidation cease to own at least 50% of the combined entity immediately following the merger or consolidation; (b) a sale of all or substantially all of the assets of the Company; (c) the acquisition by any individual, 

8

entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities and Exchange Act of 1934, as amended) of beneficial ownership of any capital stock of the Company, if, after such acquisition, such individual, entity or group owns more than 50% of either (i) the then-outstanding common stock of the Company or (ii) the combined voting power of the then-outstanding securities of the Company entitled to vote in the election of directors; or (d) the liquidation or dissolution of the Company.
4.8    Board Seat.  Unless otherwise requested by the Board to remain on the Company’s Board, upon termination of Executive’s employment by either party for any reason, Executive will resign his position on the Board and any other positions he may hold with or for the benefit of the Company and/or its affiliates, including, but not limited to, as an officer and/or director of any Company subsidiaries.
5.Payment Obligations Upon Termination.
5.1    Accrued Compensation and Benefits.  Upon termination of Executive’s employment hereunder by either party for any reason, Executive (or his heirs, legal representatives or estate, as the case may be) will receive from the Company:  (a) payment for any accrued, unpaid Base Salary through the termination date; (b) payment for any Bonus Compensation which has been awarded but not paid for calendar years prior to the year in which termination of Executive’s employment occurs (except in the case of Executive’s termination for Cause or resignation without Good Reason, unless other required by applicable law), (c) reimbursement for any unreimbursed expenses in accordance with the Company’s policies; and (d) payment of other amounts, entitlements and/or benefits, if any, to which Executive is entitled in accordance with applicable law and applicable plans, programs, arrangements and/or other agreements of the Company and any affiliate (collectively, the “Accrued Compensation”).
5.2    Termination by the Company Without Cause or by Executive for Good Reason.  In addition to payment of the Accrued Compensation due to Executive pursuant to Section 5.1 hereof, if the Company terminates Executive’s employment hereunder without Cause during the Term (other than due to Executive’s death or disability), or if the Company notifies Executive of its intention not to renew the Term in accordance with Section 1 (other than in circumstances described in Section 5.3(II) below (Change in Control)), and Executive’s employment thereafter accordingly terminates without Cause upon the expiration of the Term, or if Executive terminates his employment hereunder for Good Reason and Section 5.3 does not apply, then the Company will provide the following severance payments, benefits and entitlements to Executive (provided, however, that the Company will not have any obligation to pay any amounts under Sections 5.2 (a) and (b) or to provide the benefits and entitlements described in Sections 5.2 (c) and (d) unless and until after Executive has executed a release of claims favoring the Company in substantially the form attached as Exhibit B hereto, as such form may be modified by the Company for purposes of compliance with specific legal requirements and as appropriately modified to provide for the payments, benefits and other entitlements to which Executive is entitled pursuant to this Section 5.2, within sixty (60) days of his termination date and until after the expiration of any revocation periods required by applicable law):
(a)    The Company will make a lump-sum payment equal to a pro rated portion of the average Bonus Compensation received by Executive for the two 

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calendar years (or such lesser number of years for which he was employed by the Company) prior to the calendar year in which termination occurs (based upon the number of days in the year of termination through his termination date relative to 365) less any required taxes and withholdings, payable on the sixty-eighth (68th) day following the termination date;
(b)    The Company will continue paying Executive his annual Base Salary at the rate in effect on the termination date, less any required taxes and withholdings, for a period of twenty-four (24) months after the termination date, except that the first payment shall be made on the sixty-eighth (68th) day following the termination date and such first payment shall include all payments that would otherwise have been made between the date of termination and the first payment date; and
(c)    (i)    With respect to any stock options, stock appreciation rights, restricted stock units and shares of restricted stock granted to Executive pursuant to this Agreement or pursuant to any other written agreement between Executive and the Company that remain subject only to time-based vesting requirements, Executive will be entitled to twelve (12) months accelerated vesting such that all of such options, stock appreciation rights, restricted stock and restricted stock units will be vested as if Executive’s termination date were twelve (12) months later and as if Executive’s time-based stock options, stock appreciation rights, restricted stock and restricted stock units vested on a monthly basis (rather than on an annual basis) from the date of grant.  Except as provided in Section 5.2(c)(ii) below, all of Executive’s stock options, stock appreciation rights, restricted stock units and restricted stock (whether subject to time-based and/or performance-based vesting) which remain unvested after giving effect to the acceleration provided for in the preceding sentence will be forfeited as of the termination date.  Pursuant to Executive’s equity award agreements, Executive will have such period as provided in the applicable equity award agreement to exercise any such time-based vested stock options or stock appreciation rights that remain outstanding, but in no event shall Executive be able to exercise any equity awards later than the specified expiration dates of such awards.  
(ii)    Executive will be entitled to vesting of any then-unvested performance-based restricted stock units and shares of restricted stock which are included in any performance-based equity awards granted to Executive pursuant to this Agreement or any other written agreement between Executive and the Company, but only if the performance period for such equity awards ends within twelve (12) months of Executive’s termination date, based upon achievement of the performance objectives within such performance period, and only if and to the extent that such unvested awards would have vested if Executive had continued employment with the Company through the end of the performance period.  All such additional vesting of performance-based equity awards under this Section 5.2(c)(ii) shall be subject to and effective upon the determination by the Board (or applicable committee) of the requisite level of achievement.

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Notwithstanding the foregoing or anything in this Agreement to the contrary, Executive will not receive any of the severance payments, benefits, and entitlements set forth in this Section 5.2, if Executive remains a member of the Company’s Board after termination of Executive’s employment.  
However, such continued Board service as a member of the Board following termination of Executive’s employment will constitute continuous service for purposes of vesting of any of Executive’s then-unvested equity grants at the time of Executive’s termination of employment as President and Chief Executive Officer of the Company. 
5.3    Termination Within 12 Months After a Change in Control.  In addition to payment of any Accrued Compensation due to Executive pursuant to Section 5.1 hereof, if a Change in Control (as defined in Section 4.7 hereof) occurs, and, either (I) within twelve (12) months after a Change in Control, the Company terminates Executive’s employment hereunder without Cause (and not due to Executive’s death or disability) or if Executive terminates his employment hereunder for Good Reason, or (II) during discussions which lead to a Change in Control or within twelve (12) months after a Change in Control, the Company delivers notice of its intention not to renew the Term in accordance with Section 1 and Executive’s employment thereafter accordingly terminates without Cause upon the expiration of the Term, then the Company will provide the following severance payments, benefits and entitlements to Executive (provided, however, that the Company will not have any obligation to pay any amounts under this Section 5.3 or to provide the benefits and entitlements described in this Section 5.3 unless and until after Executive has executed a release of claims favoring the Company in substantially the form attached as Exhibit B hereto, as such form may be modified by the Company for purposes of compliance with specific legal requirements and as appropriately modified to provide for the payments, benefits and other entitlements to which Executive is entitled pursuant to this Section 5.3, within sixty (60) days of his termination date and until after the expiration of any revocation periods required by applicable law):
(a)    The Company will provide Executive with the severance payments, benefits and entitlements described in Sections 5.2(a)-(b).  In addition to those payments and benefits, any then-unvested stock options, restricted stock units, restricted stock and/or stock appreciation rights granted to Executive pursuant to this Agreement, the Prior Agreement or pursuant to any other written agreement between the Company and Executive to the extent that they are not performance-based equity awards will immediately be vested.  For any performance-based equity awards, Executive will be entitled to  accelerated vesting of all such performance-based equity based on the achievement of the applicable performance goals as of such date of termination, or if such calculation of the achievement of the applicable performance goals is not possible, then based on an assumed achievement of the performance goals at target.  
(b)    Notwithstanding anything to the contrary in this Agreement, in any other agreement between Executive and the Company or in any plan maintained by the Company or any affiliate, if there is a 280G Change in Control (as defined  in Section 5.3(b)(vii) below), the following rules shall apply:
    

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(i)    Except as otherwise provided in Section 5.3(b)(ii) below,  if it is determined in accordance with Section 5.3(b)(iv) below that any portion of the Payments (as defined in Section 5.3(b)(vii) below) that otherwise would be paid or provided to Executive or for his benefit in connection with the 280G Change in Control would be subject to the excise tax imposed under Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”) (“Excise Tax”), then such Payments shall be reduced by the smallest total amount necessary in order for the aggregate present value of all such Payments after such reduction, as determined in accordance with the applicable provisions of Section 280G of the Code and the regulations issued thereunder, not to exceed the Excise Tax Threshold Amount (as defined in Section 5.3(b)(vii) below). 

(ii)    No reduction in any of Executive’s Payments shall be made pursuant to Section 5.3(b)(i) above if it is determined in accordance with Section 5.3(b)(iv) below that the After-Tax Amount of the Payments payable to Executive without such reduction would exceed the After-Tax Amount of the reduced Payments payable to him in accordance with Section 5.3(b)(i) above.  For purposes of the foregoing, the “After-Tax Amount” of the Payments, as computed with, and as computed without, the reduction provided for under Section 5.3(b)(i) above, shall mean the amount of the Payments, as so computed, that Executive would retain after payment of all taxes (including without limitation any federal, state or local income taxes, the Excise Tax or any other excise taxes, any Medicare or other employment taxes, and any other taxes) imposed on such Payments in the year or years in which payable.

(iii)    Any reduction in Executive’s Payments required to be made pursuant to Section 5.3(b)(i) above (the “Required Reduction”) shall be made as follows: first, any Payments  that became fully vested prior to the 280G Change in Control and that pursuant to paragraph (b) of  Treas. Reg. §1.280G-1, Q/A 24 are treated as Payments solely by reason of the acceleration of their originally scheduled dates of payment shall be reduced, by cancellation of the acceleration of their dates of payment to the extent that would not result in Executive being subject to a tax under Section 409A of the Code; second, any severance payments or benefits, performance-based cash or performance-based equity incentive awards, or other Payments, in all cases the full amounts of which are treated as contingent on the 280G Change in Control pursuant to paragraph (a) of Treas. Reg. §1.280G-1, Q/A 24, shall be reduced; and third, any cash or equity incentive awards, or nonqualified deferred compensation amounts, that vest solely based on Executive’s continued service with the Company, and that pursuant to paragraph (c) of Treas. Reg. §1.280G-1, Q/A 24 are treated as contingent on the 280G Change in Control because they become vested as a result of the 280G Change in Control, shall be reduced,  first by cancellation of any acceleration of their originally scheduled dates of 

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payment (if payment with respect to such items is not treated as automatically occurring upon the vesting of such items for purposes of Section 280G of the Code and to the extent that cancellation of acceleration of dates of payment would not result in Executive incurring a tax under Section 409A of the Code) and then, if necessary, by canceling the acceleration of their vesting. In each case, the amounts of the Payments shall be reduced in the inverse order of their originally scheduled dates of payment or vesting, as applicable, and shall be so reduced only to the extent necessary to achieve the Required Reduction. 

(iv)    A determination as to whether any Excise Tax is payable with respect to Executive’s Payments and if so, as to the amount thereof, and a determination as to whether any reduction in Executive’s Payments is required pursuant to the provisions of Sections 5.3(b)(i) and (ii) above, and if so, as to the amount of the reduction so required, shall be made by no later than fifteen (15) days prior to the closing of the transaction or the occurrence of the event that constitutes the 280G Change in Control, or as soon thereafter as administratively practicable.  Such determinations, and the assumptions to be utilized in arriving at such determinations, shall be made by an accountant or tax professional (the “Tax Advisor”) selected by the Company.  The Tax Advisor may be an employee, attorney or consultant of the Company, and all fees and expenses of the Tax Advisor shall be borne and directly paid solely by the Company.  The Tax Advisor shall provide a written report of its determinations, including detailed supporting calculations, both to Executive and to the Company.  Except as otherwise provided below in this Section 5.3(b)(iv) or Sections 5.3(b)(v) or (vi), the determinations made by the Tax Advisor pursuant to this Section 5.3(b)(iv) shall be binding upon Executive and the Company.  If Executive questions or disputes any of the determinations made by the Tax Advisor and Executive and the Company are unable to resolve Executive’s questions or disputes to Executive’s satisfaction within fifteen (15) days after Executive gives notice to the Company of his questions or disputes, Executive and the Company shall jointly appoint an independent accountant (the “Accountant”), whose fees and expenses shall be equally borne and directly paid by the Company and Executive, to review the determinations made by the Tax Advisor, to modify those determinations as necessary, and to deliver a written report of any modifications, including detailed supporting calculations.  If Executive and the Company cannot agree on the individual accountant or firm to serve as Accountant, then Executive and the Company shall each select one individual accountant or accounting firm and those two shall jointly select the individual or accounting firm to serve as the Accountant.  Except as otherwise provided in Section 5.3(b)(v) or (vi) below, the determinations made by the Accountant pursuant to this Section 5.3(b)(iv) shall be binding upon Executive and the Company.

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(v)    If, notwithstanding (1) any determination made pursuant to Section 5.3(b)(iv) above that a reduction in Executive’s Payments is not required pursuant to Section 5.3(b)(i) above or (2) any reduction in Executive’s Payments made pursuant to Section 5.3(b)(i) above, the Internal Revenue Service (“IRS”) subsequently asserts that Executive is liable for Excise Tax with respect to such Payments, the Payments then remaining to be paid or provided to Executive shall be reduced as provided in Sections 5.3(b)(i) and (ii) above or shall be further reduced as provided in Section 5.3(b)(i) above, and (if still necessary after such reduction or further reduction) any Payments already made to Executive shall be repaid to the Company, to the extent necessary to eliminate the Excise Tax asserted by the IRS to be payable by Executive. Any such reduction or further reduction or repayment (A) shall be made only if the IRS agrees that such reduction or further reduction or repayment will be effective to avoid the imposition of any Excise Tax with respect to Executive’s Payments as so reduced or repaid and agrees not to impose such Excise Tax against Executive if such reduction or further reduction or repayment is made, and (B) shall be made in the manner described in Section 5.3(b)(iii) above. 

(vi)    Notwithstanding anything to the contrary in the foregoing provisions of this Section 5.3(b), if (1) Executive’s Payments have been reduced pursuant to Section 5.3(b)(i) above and the IRS nevertheless subsequently determines that Excise Tax is payable with respect to Executive’s Payments, and (2) if the After-Tax Amount of the Payments payable to Executive, determined without any further reduction or repayment as provided in Section 5.3(b)(v) above, and without any initial reduction as provided in Section 5.3(b)(i) above, would exceed the After-Tax Amount of the Payments payable to him as reduced in accordance with Section 5.3(b)(i), then (A) no such further reduction or repayment shall be made with respect to Executive’s Payments pursuant to Section 5.3(b)(v) above, and (B) the Company shall pay to Executive an amount equal to the reduction in Executive’s Payments that was initially made pursuant to Section 5.3(b)(i).  Such amount shall be paid to Executive in a cash lump sum by no later than (I) the 15th day of the third month following the close of the calendar year in which the IRS makes its final determination that Excise Tax is due with respect to Executive’s Payments, provided that by such day Executive has paid the Excise Tax so determined to be due, or (II) if later, the day that such amount would have been paid without regard to Section 5.3(b)(i) above.

(vii)    For purposes of the foregoing, the following terms shall have the following respective meanings:
        
(A)    “280G Change in  Control” shall mean a change in the ownership or effective control of the Company or in the 

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ownership of a substantial portion of the assets of the Company, as determined in accordance with Section 280G(b)(2) of the Code and the regulations issued thereunder.

(B)    “Payment” shall mean any payment or benefit in the nature of compensation that is to be paid or provided to Executive or for his benefit in connection with a 280G Change in Control, to the extent that such payment or benefit is “contingent” on the 280G Change in Control within the meaning of Section 280G(b)(2)(A)(i) of the Code and the regulations issued thereunder.

(C)    “Excise Tax Threshold Amount” shall mean an amount equal to (x) three times Executive’s “base amount” within the meaning of Section 280G(b)(3) of the Code and the regulations issued thereunder, less (y) $1,000.

5.4    Termination by the Company for Cause.  If the Company terminates Executive’s employment hereunder for Cause at any time during the Term, Executive will be entitled only to the compensation, benefits and entitlements described in Section 5.1 hereof and no further compensation, benefits or entitlements.  In addition, all unexercised stock options and stock appreciation rights, whether vested or unvested, will immediately terminate upon Executive’s termination for Cause and all unvested restricted stock and restricted stock units held by Executive will be forfeited immediately upon such termination.
5.5    Termination by Executive Without Good Reason or by Executive for Nonrenewal.  If Executive terminates employment with the Company without Good Reason during the Term, or if Executive delivers notice of an intention not to renew the Term in accordance with Section 1 and Executive’s employment hereunder thereafter terminates upon the expiration of the Term, Executive will be entitled only to the compensation, benefits and entitlements described in Section 5.1 hereof.  In addition, all of Executive’s then-unvested stock options and stock appreciation rights will immediately terminate upon such termination of Executive and all of Executive’s unvested restricted stock and restricted stock units will be forfeited immediately upon such termination.  After termination of employment with the Company, Executive will have such period as provided in the applicable equity award agreements (but in no event later than any specified expiration date of such stock options or stock appreciation rights) to exercise any and all vested stock options and stock appreciation rights; thereafter, any unexercised options and stock appreciation rights will terminate.
5.6    Termination Due to Death or Disability.  If Executive’s employment hereunder is terminated due to death or disability during the Term, Executive will be entitled to the compensation and benefits described in Sections 5.1 and 5.2(a) hereof.    All of Executive’s other unvested restricted stock and restricted stock units will be forfeited immediately upon termination of Executive and all then-unvested stock options and stock appreciation rights will be forfeited immediately upon such termination.  After termination of employment with the Company, Executive will have such period as provided in the applicable equity award agreements (but in no event later than any specified expiration date of such stock options or 

15

stock appreciation rights) to exercise any and all vested stock options and stock appreciation rights; thereafter, any unexercised stock options and stock appreciation rights will terminate.
5.7    No Mitigation or Offset.  In the event of any termination of employment under Section 4, Executive shall be under no obligation to seek other employment and there shall be no offset against amounts due Executive under this Agreement on account of any remuneration attributable to any subsequent employment that he may obtain or other service that he may provide.
5.8    Severance Compensation.  In the event that the Company reasonably determines that Executive has breached the Employee Nondisclosure and Developments Agreement between Executive and the Company (a copy of which is attached hereto as Exhibit A), the provisions of Section 6 or Section 7 below, or the terms of any other secrecy, confidentiality, noncompetition, no-solicit, no-hire or other restrictive covenants or clauses contained in any agreement with the Company and/or one or more subsidiaries (even if such covenants, clauses or agreements are held invalid or unenforceable), Execute shall forfeit all severance pay and benefits under Sections 5.2 through 5.6 above along with all outstanding equity-based awards, and Executive shall be obligated to promptly repay the Company an amount equal to all severance pay and benefits already received, including equity-based compensation and all gains and profits arising therefrom.  Notwithstanding the foregoing, nothing under this Section shall limit the Company’s remedies hereunder, under the Employee Nondisclosure and Developments Agreement or under any other agreements containing secrecy, confidentiality, noncompetition, no-solicit and/or no-hire covenants or clauses or otherwise against Executive for violations thereof.
6.    Nondisclosure; Developments; Return of Materials.  As a condition of employment with the Company, Executive agrees to execute the Company’s Employee Nondisclosure and Developments Agreement, a copy of which is attached hereto as Exhibit A, the terms and conditions of which are incorporated herein by reference as if fully set out herein.  Executive further agrees that upon termination of this Agreement, or upon request by the Company, Executive shall turn over to the Company all documents, files, office supplies and any other material or work product in his possession or control which were created pursuant to or derived from Executive’s services to the Company.  Notwithstanding any other provision hereof, Executive will be entitled to retain (a) papers and other materials of a personal nature, including without limitation personal photographs, personal correspondence, personal diaries, personal calendars and personal rolodexes, personal phone books and files relating to his personal affairs, (b) information showing Executive’s compensation or relating to his reimbursement of business related expenses, (c) information Executive reasonably believes may be needed for the planning and preparation of his personal tax returns and (d) copies of plans, programs, arrangements and other agreements with the Company or an affiliate relating to Executive’s employment with or separation from the Company.

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7.    Noncompetition and Other Restrictive Covenants.  In exchange for the consideration offered hereunder, the receipt and sufficiency of which is hereby acknowledged by Executive, Executive agrees as follows.
7.1    Noncompetition Provisions.  Executive recognizes and agrees that the Company has many substantial, legitimate business interests that can be protected only by Executive agreeing not to compete with the Company or its subsidiaries under certain circumstances.  These interests include, without limitation, the Company’s contacts and relationships with its customers, the Company’s reputation and goodwill in the industry, the financial and other support afforded by the Company, and the Company’s rights in its confidential information.  Executive therefore agrees that during his employment with the Company and for the twelve (12) month period of time following the termination of such employment by either party for any reason, he will not, without the prior written consent of the Company, engage in any of the following activities in the United States (the “Protected Zones”), relating to the Protected Businesses (as defined below):
(a)    engage in, manage, operate, control or supervise, or participate in the management, operation, control or supervision of, any business or entity which provides products or services directly competitive with those being actively developed, manufactured, marketed, sold or otherwise provided by the Company or its subsidiaries as of the date of termination with the Company (the “Protected Businesses”) in the Protected Zones;
(b)    have any ownership or financial interest, directly or indirectly, in any entity in the Protected Zones engaged in the Protected Businesses, including, without limitation, as an individual, partner, shareholder (other than as an owner of an entity in which Executive owns less than 5% of the economic interests), officer, director, executive, principal, agent or consultant;
(c)    directly or indirectly (for himself or in conjunction with any other person or business entity or organization) solicit, acquire or conduct any Protected Business from or with any customers of the Company or its subsidiaries (as defined below) in the Protected Zones;
(d)    directly or indirectly solicit or attempt to solicit, employ or retain (or have or cause any other person or business entity or organization to solicit, employ or retain) any of the employees or independent contractors of the Company or its subsidiaries (or any individual who was an employee or independent contractor of the Company or its subsidiaries within the twelve (12)-month period prior to Executive’s termination of employment with the Company) or induce (or have or cause any other person or business entity or organization to induce) any such persons to terminate their employment or contractual relationships with any such entities; and/or
(e)    serve as an officer or director of any entity engaged in any of the Protected Businesses in the Protected Zones.

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For purposes of this Section 7, customers of the Company or its subsidiaries shall include those customers to whom the Company or any subsidiaries provided products or services at the time of or within twelve (12) months prior to the termination of Executive’s employment, or prospective customers from whom the Company or any subsidiary had proposals outstanding for the provision of services at the time of or within twelve (12) months prior to Executive’s termination of employment or from whom the Company or any subsidiary had a reasonable expectation of receiving business in the twelve (12) month period following Executive’s termination of employment. 
7.2    Separate Covenants.  The parties understand and agree that the noncompetition agreement set forth in this Section 7 shall be construed as a series of separate covenants not to compete:  one covenant for each country, state and province within the Protected Zone, one for each separate line of business of the Company, and one for each month of the noncompetition period.  If any restriction set forth in this Section 7 is held by a court of competent jurisdiction to be unenforceable with respect to one or more geographic areas, lines of business and/or months of duration, then Executive agrees, and hereby submits, to the reduction and limitation of such restriction to the minimal extent necessary so that the provisions of this Section 7 shall be enforceable.
7.3    Limitations.  Nothing contained in this Agreement or in Exhibit A attached hereto shall prohibit Executive from utilizing his skill, acumen or experience after the termination of his employment with the Company, provided that such activities do not otherwise violate this Section 7.  In addition, nothing in Section 7 shall prohibit Executive from becoming an employee of, or from otherwise providing services to, a separate division or operating unit of a multi-divisional business or enterprise (a “Division”) if:  (a) the Division in which Executive is employed, or to which Executive provides services, does not engage in the Protected Businesses (as defined in Section 7.1(a) hereof); (b) Executive does not provide services, directly or indirectly, to any other division or operating unit of such multi-divisional business or enterprise that engages in the Protected Businesses (individually, a “Competitive Division” and collectively, the “Competitive Divisions”); and (c) any Competitive Divisions of the third party with whom Executive is employed or engaged to provide services, in the aggregate, accounted for less than one-third of the multi-divisional business or enterprises’ consolidated revenues for the fiscal year, and each subsequent quarterly period, prior to Executive’s commencement of employment or engagement with such Division.  For the avoidance of doubt, Executive shall remain bound by the Employee Nondisclosure and Developments Agreement attached hereto as Exhibit A.
7.4    Acknowledgement.  EXECUTIVE ACKNOWLEDGES THAT HE HAS CAREFULLY READ THIS SECTION 7 AND HAS HAD THE OPPORTUNITY TO REVIEW ITS PROVISIONS WITH ANY ADVISORS AS HE CONSIDERED NECESSARY AND THAT EXECUTIVE UNDERSTANDS THE PROVISIONS OF THIS AGREEMENT AND SIGNIFIES SUCH UNDERSTANDING AND AGREEMENT BY SIGNING BELOW.
8.    Indemnification.
8.1    General Indemnification Provisions.  The Company agrees that if Executive is made a party, or is threatened to be made a party, to any action, suit or proceeding, 

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whether civil, criminal, administrative or investigative (a “Proceeding”), by reason of the fact that he is or was a director, officer or employee of the Company or is or was serving at the request of the Company as a director, officer, member, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans, whether or not the basis of such Proceeding is Executive’s alleged action in an official capacity while serving as a director, officer, member, employee or agent, Executive shall be indemnified and held harmless by the Company to the fullest extent legally permitted or authorized by the Company’s certificate of incorporation or bylaws or resolutions of the Board, or if greater, by the laws of the State of Delaware, against all costs, expenses, liabilities and losses (including, without limitation, attorneys’ fees, judgments, fines, ERISA excise taxes or penalties and amounts paid or to be paid in settlement) reasonably incurred or suffered by Executive in connection therewith, and such indemnification shall continue as to Executive even if he has ceased to be a director, officer, member, employee or agent of the Company or other entity and shall inure to the benefit of Executive’s heirs, successors, personal representatives, assigns, executors and administrators.  The Company shall advance to Executive all reasonable costs and expenses incurred by him in connection with a Proceeding within twenty (20) calendar days after receipt by the Company of a written request for such advance.  Such request shall include an undertaking by Executive to repay the amount of such advance if it shall ultimately be determined that he is not entitled to be indemnified against such costs and expenses.
8.2    Insurance Coverage.  The Company agrees to continue and maintain a directors and officers’ liability insurance policy covering Executive to the extent the Company provides such coverage for its other executive officers and directors.
9.    Savings Provision.  The Company and Executive agree and stipulate that the agreements set out in Section 7 of this Agreement and in the Employee Nondisclosure and Developments Agreement attached hereto as Exhibit A are fair and reasonably necessary for the protection of the business, goodwill, confidential information, and other protectable interests of the Company in light of all of the facts and circumstances of the relationship between Executive and the Company.  In the event a court of competent jurisdiction should decline to enforce those provisions, such provisions shall be deemed to be modified to restrict Executive to the maximum extent which the court shall find enforceable; provided, however, in no event shall the above provisions be deemed to be more restrictive to Executive than those contained herein.
10.    Injunctive Relief.  Executive acknowledges that the breach or threatened breach of any of the nondisclosure or noncompetition covenants contained herein or in Exhibit A hereto would give rise to irreparable injury to the Company, which injury would be inadequately compensable in money damages.  Accordingly, notwithstanding the provisions of Section 20 hereof, the Company may seek and obtain a restraining order and/or injunction from a court of competent jurisdiction, prohibiting the breach or threatened breach of any of the nondisclosure or noncompetition covenants contained herein or in Exhibit A hereto, in addition to and not in limitation of any other legal remedies which may be available.  Executive further acknowledges and agrees that the acknowledgements and covenants set out above are necessary for the protection of the Company’s legitimate goodwill and business interests and are reasonable in scope and content.  Similarly, the Company acknowledges and agrees, notwithstanding the provisions of Section 20 hereof, that Executive may seek equitable relief in a court of competent 

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jurisdiction with respect to any obligations related to the nondisclosure or noncompetition covenants contained herein or in Exhibit A hereto.
11.    Enforcement.  The provisions of this Agreement shall be enforceable, and payments and provision of benefits and other entitlements to Executive required to be made pursuant hereto shall be made in accordance herewith, notwithstanding the existence of any claim or cause of action against the Company by Executive or against Executive by the Company, whether predicated on this Agreement or otherwise.
12.    Governing Law.  This Agreement, the employment relationship contemplated herein and any claim arising from such relationship, whether or not arising under this Agreement, shall be governed by and construed in accordance with the internal laws of the State of South Carolina, without regard to conflict of law principles. 
13.    Waiver of Breach.  The waiver of any breach of any provision of this Agreement or failure to enforce any provision hereof shall not operate or be construed as a waiver of any subsequent breach by any party.
14.    Notices.  Any notice given to a party shall be in writing and shall be deemed to have been given when delivered personally or sent by certified or registered mail, postage prepaid, return receipt requested, duly addressed to the party concerned at the address indicated below or to such changed address as such party may subsequently give such notice of:
		
	If to the Company:
	Blackbaud, Inc. 
65 Fairchild Street

Charleston, South Carolina 29492
Attention:  Vice President and General Counsel
		
	With a copy to:
	Blackbaud, Inc. 
65 Fairchild Street

Charleston, South Carolina 29492
Attention:  Senior Vice President of Human Resources
		
	If to Executive:
	Michael P. Gianoni

1914 Middle Street
Sullivan’s Island, SC 29482
    

15.    Modification.  This Agreement may be modified, and the rights, remedies and obligations contained in any provision hereof may be waived, only in accordance with this Section.  No waiver by either party of any breach by the other of any provision hereof shall be deemed to be a waiver of any later or other breach thereof or as a waiver of any other provision of this Agreement.  This Agreement shall be binding upon the parties and may not be modified in any manner, except by an instrument in writing of concurrent or subsequent date signed by duly authorized representatives of the parties hereto.  No modification or waiver by the Company shall be effective without the consent of at least a majority of the Board members then in office 

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at the time of such modification or waiver, excluding Executive’s vote as a director on such matters.
16.    Entirety.  This Agreement, including the exhibits hereto, as it may be amended pursuant to the terms hereof, represents the complete and final agreement of the parties and shall control over any other statement, representation or agreement by the Company related to the subject matter hereof (e.g., as may appear in employment or policy manuals).  This Agreement supersedes in its entirety any prior negotiations, discussions or agreements, either written or oral, between the parties with regard or relating to the employment of Executive by the Company.
17.    Survival.  The provisions of this Agreement and in Exhibits A and B hereto relating to post-termination compensation, benefits and other entitlements (including, without limitation, severance benefits and related rights), confidentiality and noncompetition and other restrictive covenants, return of materials, governing law, notices, arbitration, and Section 409A shall survive the expiration or termination of this Agreement.
18.    Severability.  Without in any way limiting the provisions of Sections 7.2 and 9, in case any one or more of the provisions contained in this Agreement for any reason shall be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement, but this Agreement shall be construed and reformed to the maximum extent permitted by law.
19.    Binding Effect; Successors.  This Agreement shall inure to the benefit of Executive and his heirs, successors, and personal representatives.  Executive acknowledges that the services to be rendered by him thereunder are unique and personal in nature.  Accordingly, Executive may not assign or delegate any of his duties or obligations under this Agreement.  The Company shall have the right to assign or transfer this Agreement to any successor of all of its business or assets which assumes and agrees to perform this Agreement.  As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law or otherwise.
20.    Arbitration.  Other than with respect to any disputes concerning Executive’s obligations under Section 7 of this Agreement or Exhibit A hereto, in the event of any dispute or claim arising out of or in connection with this Agreement or the enforcement of rights hereunder, such dispute or claim shall be submitted to binding arbitration in accordance with S.C. Code Ann. § 15-48-10 et seq., as amended, and the then-current rules and procedures of the American Arbitration Association’s (the “AAA’s”) National Rules for the Resolution of Employment Disputes. Any arbitration initiated under this Agreement shall be conducted solely between the parties to this Agreement, and under no circumstances shall this Agreement allow or authorize arbitration of any claims as parties to a class or collective action or class or collective arbitration.  The arbitrator shall be selected by an agreement of the parties to the dispute or claim from the panel of arbitrators selected by the AAA, or, if the parties cannot agree on an arbitrator within thirty (30) calendar days after the notice of a party’s desire to have a dispute settled by arbitration, then the arbitrator shall be selected by the AAA in Charleston, South Carolina.  The arbitrator shall apply the laws of the State of South Carolina, without reference to rules of conflict of law or statutory rules of arbitration, to the merits of any dispute or claim.  Under 

21

established legal standards pertaining to the claim(s) made, the arbitrator shall have the power to grant summary judgment upon the request of either party, prior to commencement of the arbitration hearing.  Questions of whether a claim is subject to arbitration under this Agreement shall be decided by the arbitrator.  Likewise, procedural questions which grow out of the dispute and bear on the final disposition are also matters for the arbitrator.  The arbitrator shall: (a) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law; (b) issue a written arbitration decision, to include the arbitrator’s essential findings and conclusions and a statement of the award; and (c) be authorized to award any or all remedies that Executive or the Company would be entitled to seek in a court of law. Executive and the Company shall equally share all AAA arbitration fees. Each party is responsible for its own attorneys’ fees. Nothing in this Agreement is intended to prevent either Executive or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. The determinations reached by the arbitrator shall be final and binding on all parties hereto without any right of appeal or further dispute.  Execution of the determination by such arbitration may be sought in any court of competent jurisdiction.
In the event of any arbitration as provided under this Agreement, or the enforcement of rights hereunder, the arbitrator shall have the authority to, but shall not be required to, award the prevailing party his or its costs and reasonable attorneys’ fees, to the extent permitted by applicable law. 
21.    Withholding.  All compensation hereunder shall be subject to any required withholding of Federal, state and local taxes pursuant to any applicable law or regulation.
22.    Representation.  Executive represents and warrants to the Company, and Executive acknowledges that the Company has relied on such representations and warranties in employing Executive, that neither Executive’s duties as an employee and director of the Company nor his performance of this Agreement will breach any other agreement to which Executive is a party, including without limitation, any agreement limiting the use or disclosure of any information acquired by Executive prior to his employment by the Company.  In addition, Executive represents and warrants to the Company, and Executive acknowledges that the Company has relied on such representations and warranties in employing Executive, that he has not entered into, and will not enter into, any agreement, either oral or written, in conflict herewith.  If it is determined that Executive is in breach or has breached any of the representations set forth herein, the Company shall have the right to terminate Executive’s employment for Cause.
23.    Section 409A.
(a)    It is intended that this Agreement and the payments hereunder will, to the fullest extent possible, be exempt from Section 409A of the Code and the regulations and guidance promulgated thereunder (collectively, “Section 409A”), and the Agreement shall be interpreted to that end to the fullest extent possible.  In this regard, it is intended that the severance pay in Section 5.2(a) be exempt from Section 409A as a short-term deferral under Treas. Reg. §1.409A-1(b)(4) and the maximum amount of severance pay possible in Sections 5.2(b) and 5.3(a) be exempt from Section 409A as separation pay 

22

upon involuntary separation from service under Treas. Reg. §1.409A-1(b)(9)(iii).  However, to the extent that any payment or benefit (or portion thereof) provided pursuant to this Agreement is determined to be subject to Section 409A, this Agreement shall be interpreted in a manner that complies with Section 409A to the fullest extent possible.  In furtherance thereof, if payment or provision of any amount or benefit hereunder at the time specified in this Agreement would subject such amount or benefit to any tax under Section 409A, the payment or provision of such amount or benefit shall be postponed to the earliest commencement date on which the payment or the provision of such amount or benefit could be made without incurring such tax (including paying any severance that is delayed in a lump sum upon the earliest possible payment date which is consistent with Section 409A).  In addition, to the extent that any regulations or guidance issued under Section 409A (after application of the previous provision of this paragraph) would result in Executive being subject to the payment of interest or any additional tax under Section 409A, the Company and Executive agree, to the extent reasonably possible, to amend this Agreement in order to avoid the imposition of any such interest or additional tax under Section 409A, which amendment shall have the least possible economic effect on Executive as reasonably determined in good faith by the Company and Executive.  Notwithstanding any other provisions of this Agreement, the Company does not guarantee that any nonqualified deferred compensation under this Agreement complies with or is exempt from Section 409A, and shall not have any liability to or indemnify Executive or any other person with respect to any tax consequences that arise from any failure to comply with or meet an exemption under Section 409A.  

(b)    A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits that are considered separation pay upon involuntary separation from service under Treas. Reg. §1.409A-1(b)(9)(iii) or nonqualified deferred compensation under Section 409A upon or following a termination of employment, unless such termination is also a “separation from service” within the meaning of Section 409A and the payment thereof prior to a “separation from service” would violate Section 409A.  For purposes of any such provision of this Agreement relating to any such payments or benefits, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.”

(c)    Notwithstanding anything in this Agreement to the contrary, the right to receive installment payments hereunder shall be treated as a right to receive a series of separate payments in accordance with Section 409A and Treasury Reg. §1.409A-2(b)(2)(iii).

(d)    Notwithstanding anything to the contrary in this Agreement, if at the time of Executive’s separation from service from the Company: (a) the Company has stock which is publicly-traded on an established securities market and (b) Executive is a “specified employee” within the meaning of Section 409A and the Treasury Regulations thereunder using the identification methodology selected by the Company from time to time, or if none, the default methodology under Section 409A and the Treasury Regulations, then no payment, compensation, benefit or entitlement payable or provided 

23

to Executive in connection with his separation from service that is determined by the Company, in whole or in part, to constitute a payment of nonqualified deferred compensation within the meaning of Section 409A shall be paid or provided to Executive before the earlier of (i) Executive’s death or (ii) the first business day that is six (6) months after the date of his separation from service date (the “New Payment Date”).  The aggregate of any payments, compensation, benefits and entitlements that otherwise would have been paid to Executive during the period between the date of his separation from service date and the New Payment Date shall be paid to Executive in a lump sum on such New Payment Date.  Thereafter, any payments, compensation, benefits and entitlements that remain outstanding as of the day immediately following the New Payment Date shall be paid without delay over the time period originally scheduled, in accordance with the terms of this Agreement.

(e)    In no event may Executive, directly or indirectly, designate the calendar year of any payment to be made under this Agreement or otherwise which constitutes a deferral of compensation within the meaning of Section 409A.

(f)    With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits that are not excluded from Executive’s taxable income and are nonqualified deferred compensation subject to Section 409A, then except as permitted by Section 409A (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit; (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year; and (iii) such payments shall be made on or before the last day of Executive’s taxable year following the taxable year in which the expense was incurred.

[THE NEXT PAGE IS THE SIGNATURE PAGE]

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IN WITNESS WHEREOF, the undersigned have executed this Amended and Restated Employment and Noncompetition Agreement on the Signing Date set forth above.
	
				
	 
	 
	COMPANY:

	 
	 
	 
	 

	 
	 
	BLACKBAUD, INC.

	 
	 
	 
	 

	 
	 
	By:
	/s/ Andrew Leitch

	 
	 
	Name:
	Andrew Leitch

	 
	 
	Title:
	Chairman of the Board

	 
	 
	 
	 

	 
	 
	EXECUTIVE:

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	/s/ Michael P. Gianoni

	 
	 
	Michael P. Gianoni

25

EXECUTION VERSION  

EXHIBIT A

See Attached.

    

EXECUTION VERSION  

EMPLOYEE NONDISCLOSURE AND DEVELOPMENTS AGREEMENT

THIS EMPLOYEE NONDISCLOSURE AND DEVELOPMENTS AGREEMENT is made and entered into on December    , 2019 by and between Blackbaud, Inc., a Delaware corporation (the "Company") and Michael P. Gianoni ("Employee").
WHEREAS, the Company desires to employ Employee subject to the terms and conditions set forth herein; and
Employee desires to be employed by the Company and is willing to agree to the terms and conditions set forth herein; and
Employee understands that, in its business, the Company has developed and uses commercially valuable technical and nontechnical information and that, to guard the legitimate interests of the Company, it is necessary for the Company to keep such information confidential and to protect such information as trade secrets or by patent or copyright; and
Employee recognizes that the computer programs, system documentation, manuals and other materials developed by the Company are the proprietary information of the Company, that the Company regards this information as valuable trade secrets and that its use and disclosure must be carefully controlled; and
Employee further recognizes that, although some of the Company's customers and suppliers are well known, other customers, suppliers and prospective customers and suppliers are not so known, and the Company views the names and identities of these customers, suppliers and prospective customers and suppliers, as well as the content of any sales proposals, as being the Company's trade secrets; and
Employee further recognizes that any ideas, software or Company processes that presently are not being sold, and that therefore are not public knowledge, are considered trade secrets of the Company; and
Employee understands that special hardware and/or software developed by the Company is subject to the Company's proprietary rights and that the Company may treat those developments,  whether hardware or software, as either trade secrets, copyrighted material or patentable material, as applicable; and
Employee understands that all such information is vital to the success of the Company's business and that Employee, through Employee's employment, has or may become acquainted with such information and may contribute to that information through inventions, discoveries, improvements, software development, or in some other manner;
NOW, THEREFORE, in consideration of the foregoing premises and Employee's employment and/or continuation of employment, the parties agree as follows:

1.    Employee will not at any time, whether during or after the termination of his employment,  reveal to any person or entity any of the trade secrets or confidential information concerning the organization, business or finances of the Company or of any third

    

party that the Company is under an obligation to keep confidential (including, but not limited to, trade secrets or confidential information respecting inventions, research, products, designs, methods, know­how, formulae, techniques, systems, processes, software programs, works of authorship, customer lists, projects, plans and proposals), except (i) as may be required in the ordinary course of performing his duties as an employee of the Company or (ii) when required to do so by a court of law, by any governmental agency having supervisory authority over the business of the Company or by any administrative or legislative body (including a committee thereof) with apparent jurisdiction to order him to divulge, disclose or make accessible such information, and Employee shall keep secret all matters entrusted to him and shall not use or attempt to use any such information in any manner that may injure or cause loss to the Company.

(a)    Pursuant to the federal Defend Trade Secrets Act of 2016, 18 USC § 1832, the Company shall not retaliate or take adverse action against Employee, and disclosure shall not be a violation of this Agreement if it is based on Employee’s disclosure of information that (i) is made (1) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney, and (2) solely for the purpose of reporting or investigating a 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.

2.    If at any time or times during Employee's  employment, Employee shall (either alone or with others) make, conceive, discover or reduce to practice any invention, modification, discovery, design, development, improvement, process, software program, work of authorship, documentation, formula, data, technique, know-how, secret or intellectual property right whatsoever or any interest therein (whether or not patentable or registrable under copyright or similar statutes or subject to analogous protection) that relates to the business of the Company or any of the products or services being developed, manufactured or sold by the Company or that may be used in relation therewith (herein called the "Developments"), such Developments and the benefits thereof shall immediately become the sole and absolute property of the Company and its assigns, and Employee shall promptly disclose to the Company each such Development and hereby assigns any rights Employee may have or acquire in the Developments and benefits and/or rights resulting therefrom to the Company and its assigns without further compensation and shall communicate, without cost or delay, and without publishing the same, all available information relating thereto to the Company.  Upon the request of the Company and without further remuneration by the Company, but at the expense of the Company, Employee will execute and deliver all documents and do other acts which are or may be necessary to document such transfer or to enable the Company to file and prosecute applications for and to acquire, maintain, extend and enforce any and all patents, trademark registrations or copyrights under United States or foreign law with respect to any such Developments.

3.    Employee understands that this Agreement does not create an obligation on the Company or any other person or entity to continue Employee's employment.

4.    Employee represents that the Developments, if any, identified on Exhibit 1 attached hereto comprise all the unpatented and uncopyrighted Developments that Employee

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has made or conceived prior to or otherwise not in connection with Employee's employment by the Company, which Developments are excluded from this Agreement.  Employee understands that it is necessary only to list the title and purpose of such Developments but not the details thereof.

Employee further represents that Employee's  performance of all the terms of this Agreement and as an employee of the Company does not and will not breach any agreement to keep in confidence proprietary information acquired by Employee in confidence or in trust prior to Employee's employment by the Company.  Employee has not entered into, and Employee agrees he will not enter into, any agreement either written or oral in conflict herewith.

5.    Any waiver by the Company of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach of such provision or any other provision hereof.

6.    Employee hereby agrees that each provision herein shall be treated as a separate and independent clause, and the unenforceability of any one clause shall in no way impair the enforceability of any of the other clauses herein.  Moreover, if one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to scope, activity or subject so as to be unenforceable at law, such provision or provisions shall be construed by the appropriate judicial body by limiting and reducing it or them, so as to be enforceable to the maximum extent compatible with the applicable law as it shall then exist.

7.    Employee's obligations under this Agreement shall survive the termination of Employee's employment regardless of the manner of such termination and shall be binding upon Employee's heirs, executors, administrators and legal representatives.

8.    As used in this Agreement, the term "Company" shall include Blackbaud, Inc. and any of its subsidiaries, subdivisions or affiliates.  The Company shall have the right to assign this Agreement to its successors and assigns, and all covenants and agreements hereunder shall inure to the benefit of and be enforceable by said successors or assigns.  This Agreement may be amended only in a writing signed by each of the parties hereto.

9.    This Agreement shall be governed by and construed in accordance with the laws of the State of South Carolina, without regard to conflict of laws principles.  This Agreement may be executed in counterparts, but all such counterparts shall together constitute one and the same instrument.

[THE NEXT PAGE IS THE SIGNATURE PAGE]

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IN WITNESS WHEREOF, the undersigned have executed this Employee Nondisclosure and Developments Agreement as a sealed instrument as of the date first above written.

	
				
	 
	 
	EMPLOYEE:

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	/s/ Michael P. Gianoni

	 
	 
	Michael P. Gianoni

	 
	 
	 
	 

	 
	 
	COMPANY:

	 
	 
	 
	 

	 
	 
	BLACKBAUD, INC.

	 
	 
	 
	 

	 
	 
	By:
	/s/ Andrew Leitch

	 
	 
	Name:
	Andrew Leitch

	 
	 
	Title:
	Chairman of the Board

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EXHIBIT B
General Release
______________ _____, 200__
VIA HAND DELIVERY
[Name] 
[Address] 

Re:  Separation Agreement and General Release of all Claims
Dear [●]:
As discussed, your employment with Blackbaud, Inc. (“Blackbaud”) will end on _______________ ____, ______ (the “Separation Date”).  As soon as possible and no later than the Separation Date, please return all Blackbaud property, including, but not limited to, any equipment, keys or passes, software, files, samples, training materials, programs and documents (including any copies) to Blackbaud’s Senior Vice President of Human Resources or his/her designee, except as otherwise specifically provided in Section 7 of the enclosed Separation Agreement and General Release of all Claims (the “Agreement”).
The Agreement contains the severance benefits you are entitled to pursuant to Section 5.2 or 5.3 (as applicable) of the Employment and Noncompetition Agreement, in exchange for your complete release of claims against Blackbaud.  Therefore, Blackbaud encourages you to read the enclosed Agreement carefully and to consult with an attorney before signing it.
If you agree with the terms of the enclosed Agreement and wish to receive the severance benefits described in this Agreement, you must sign and date the enclosed Agreement and return the signed and dated copy to Blackbaud’s Senior Vice President of Human Resources by hand delivery or by depositing it in the U.S. mail in the enclosed self-addressed, stamped envelope by the close of business on the sixtieth (60th) day after the date of termination of employment.  Once you sign this Agreement, you will have seven (7) days to revoke your acceptance by giving written notice of such revocation to Blackbaud’s Senior Vice President of Human Resources.  To be effective, the notice of revocation must actually be received by Blackbaud’s Senior Vice President of Human Resources within the seven (7) day revocation period.  

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By dating and signing below in the space provided below, you are acknowledging only that you received this letter and the enclosed Agreement on the date indicated.
	
						
	 
	 
	BLACKBAUD, INC.
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	By:
	 
	 

	 
	 
	Print Name:
	 
	 

	 
	 
	Its:
	 
	 
	 

******************************************************************************
I hereby acknowledge that I have received a copy of this letter and the Separation Agreement and General Release of all Claims on this date.
	
						
	 
	 
	 
	 
	 

	 
	[●]
	 
	Date
	 
	 

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THIS AGREEMENT CONTAINS AN ARBITRATION PROVISION PURSUANT TO THE FEDERAL ARBITRATION ACT (9 U.S.C. § 1 ET SEQ.) AND/OR THE S.C. UNIFORM ARBITRATION ACT (S.C. CODE § 15-48-10 ET SEQ.)
SEPARATION AGREEMENT AND GENERAL RELEASE OF ALL CLAIMS
THIS SEPARATION AGREEMENT AND GENERAL RELEASE OF ALL CLAIMS (the “Agreement”) is entered into by and between [●] (“Employee”), residing at [●], and BLACKBAUD, INC. (“Blackbaud”), having its principal office at 65 Fairchild Street, Charleston, South Carolina 29492.
WHEREAS, Employee and Blackbaud are parties to that certain Amended and Restated Employment and Noncompetition Agreement, dated as of [●] (the “Employment Agreement”); 
WHEREAS, Employee and Blackbaud are terminating the employment relationship between them pursuant to Section [___] of the Employment Agreement, and wish to resolve any and all claims or disputes that may exist between them by executing this Agreement; and
WHEREAS, unless otherwise defined herein, capitalized terms not specifically defined in this Agreement will have the same definition as provided in the Employment Agreement.
NOW, THEREFORE, in consideration of the covenants and mutual promises contained herein, as well as the payment of certain benefits to Employee as hereinafter recited, the receipt and sufficiency of which are hereby acknowledged by Employee, it is agreed as follows:
		
	1.
	Separation of Employment; Accrued Compensation.  Employee’s last date of employment with Blackbaud will be __________________________ (the “Separation Date”).  Regardless of whether Employee signs this Agreement, in accordance with Section 5.1 of the Employment Agreement, Blackbaud will make payment to Employee for: (a) any accrued, unpaid Base Salary through the Separation Date; (b) payment for any Bonus Compensation which has been awarded but not paid for calendar years prior to the year in which termination of Employee’s employment occurs (except in the case of Employee’s termination for Cause or resignation without Good Reason, unless other required by applicable law); (c) reimbursement for any unreimbursed expenses in accordance with the Company’s policies; and (d) payment of other amounts, entitlements and/or benefits, if any, to which Employee is entitled in accordance with applicable law and applicable plans, programs, arrangements and/or other agreements of the Company and any affiliate.

		
	2.
	Severance Benefits.  If Employee executes this Agreement in accordance with [Section 5.2 or 5.3 (as applicable)] of the Employment Agreement and does not revoke it as permitted by Section 14 hereof, Employee will receive the following severance benefits:

[To be completed based on applicable triggering event] 

Employee further acknowledges and agrees that except as specifically provided in this Agreement, he is not eligible for, and will not receive, any additional payments, compensation, benefits or entitlements from Blackbaud.  
		
	3.
	Consideration to Employee.  In consideration of Employee’s execution of this Agreement, Blackbaud will provide Employee with the payments and benefits described in Section 2 herein.

		
	4.
	Blackbaud Benefits.  Employee understands and agrees that except as specifically provided in Section 1 and Section 2 of this Agreement, his entitlement to all Blackbaud-provided benefits will cease as of the Separation Date.

		
	5.
	Post-Termination Obligations.  Employee acknowledges, agrees, and hereby affirms that while employed by Blackbaud, he was subject to valid and enforceable non-solicitation, non-disclosure and non-competition obligations (as provided in Section 7 of the Employment Agreement and in Exhibit A thereto, both of which are incorporated herein by reference as if fully set out herein) that placed certain restrictions on Employee during his employment and continue to apply, by their terms, following his separation from employment with Blackbaud for any reason.  Employee acknowledges and agrees that these non-solicitation, non-disclosure and non-competition obligations are and at all times have been fully enforceable against him.  Employee acknowledges and agrees that such provisions of the Employment Agreement and related Employee Nondisclosure and Developments Agreement will continue to apply following the Separation Date and are fully enforceable.  Employee acknowledges and agrees that he has read and understands these non-solicitation and non-competition obligations and the obligations under the Employee Nondisclosure and Developments Agreement and has had the opportunity  to consult with counsel regarding these obligations.  

		
	6.
	COBRA Election.  Upon loss of health care coverage, Employee will be entitled to elect continuation of his health care coverage under the Consolidated Omnibus Budget Reconciliation Act of 1986 (“COBRA”).  Blackbaud will provide Employee with information explaining his right to continue his medical, dental and vision coverage (to the extent applicable) under COBRA after the Separation Date.

		
	7.
	Return of Blackbaud Property.  Employee relinquishes all right, title and interest to, and will return to Blackbaud all property belonging to Blackbaud, including, but not limited to, equipment, identification cards, keys, corporate credit card(s), customer lists, information, confidential information, trade secrets, developments, forms, formulae, plans, documents, systems, designs, methodologies, product features, technology, and other written and computer materials, and copies of the same, belonging to Blackbaud, its affiliates, or any of their customers, within Employee’s possession or control and he will not at any time copy or reproduce the same.  Notwithstanding any other provision hereof, Employee will be entitled to retain (a) papers and other materials of a personal nature, including without limitation personal photographs, personal correspondence, personal diaries, personal calendars and personal rolodexes, personal phone books and files 

relating to his personal affairs, (b) information showing Employee’s compensation or relating to his reimbursement of business related expenses, (c) information Employee reasonably believes may be needed for the planning and preparation of his personal tax returns and (d) copies of plans, programs, arrangements and other agreements with Blackbaud or an affiliate relating to Employee’s employment with or separation from Blackbaud.
		
	8.
	Release of Claims.  In consideration of the payments and benefits granted hereunder, Employee, on behalf of himself and his heirs and assigns, hereby irrevocably and unconditionally releases and forever discharges, except as to obligations arising under this Agreement, Blackbaud, its officers, directors, affiliates, agents and employees, and their successors and assigns, from any and all claims, causes of action, liability, damages, expenses and/or losses of whatever kind or nature (including related attorneys’ fees and costs), in law or equity, known or unknown, suspected or unsuspected, that Employee may now have or has ever had arising directly or indirectly out of the Employment Agreement (including any and all attachments thereto), his employment, or his separation from employment, with Blackbaud, by reason of any act, omission, transaction, or event occurring up to and including the date of the signing of this Agreement.

This waiver, release and discharge includes, without limitation, any and all claims related to any wrongful or unlawful discharge, discipline or retaliation, any contract of employment, whether express or implied, compensation including commissions, Blackbaud’s benefit plans and the management thereof, defamation, slander, libel, invasion of privacy, intentional or negligent infliction of emotional distress, breach of any covenant of good faith and fair dealing, and any other claims relating to the Employee’s employment, or separation from employment, with Blackbaud.  This waiver, release and discharge further applies, but is not limited, to any or all claims arising under any state or federal employment discrimination law, including, but not limited to, Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Rehabilitation Act of 1973, the Older Workers Benefit Protection Act, the Americans with Disability Act, Executive Order 11246; the federal Family and Medical Leave Act; the South Carolina Payment of Wages Act (S.C. Code Ann. § 41-10-10 et seq.); the Employee Retirement Income Security Act of 1974; and any other applicable federal, state or local statute, regulation or common law regarding employment, employee benefits, discrimination in employment, or the termination of employment.
Employee expressly waives all claims against Blackbaud, including those which he does not know or suspect to exist in his favor as of the date of this Agreement. All such claims are forever barred by this Agreement whether they arise in contract or tort or under a statute or any other law. The final release of all claims by Employee against Blackbaud (to the extent provided herein) constitutes a material part of the consideration flowing from Employee to Blackbaud under this Agreement; provided, however, that nothing in this Agreement prohibits Employee from filing, cooperating with or participating in any proceeding before the Equal Employment Opportunity Commission or a state fair employment 

practices agency, Securities Exchange Commission, or other Federal or state agency (except that Employee acknowledges that he may not be able to recover any monetary benefits in connection with any such claim, charge or proceeding).  Notwithstanding the foregoing or any other provision contained herein, Employee does not release any of the following:
(a)    Employee’s rights under Section 17 of the Employment Agreement;
(b)    claims that Employee may have against Blackbaud under this Agreement;
(c)    claims that arise after the date of this Agreement;
(d)    claims with respect to any accrued or vested rights or entitlements that Employee has under any applicable written plan, program, arrangement of, or other written agreement, including this Agreement, with, Blackbaud or an affiliate;
(e)    Employee’s right to be indemnified and to have his expenses reimbursed by Blackbaud pursuant to the Employment Agreement, the Certificate of Incorporation and Bylaws of Blackbaud and under applicable law and pursuant to Blackbaud’s directors’ and officers’ liability insurance policies with respect to any liability and/or expenses he incurs or incurred as an employee, officer and/or director of Blackbaud or an affiliate; and
(f)    any right or entitlement Employee may have to obtain contribution as permitted by law in the event of entry of judgment against him as a result of any act or failure to act for which he, Blackbaud and/or an affiliate and/or employee of Blackbaud and/or an affiliate are jointly liable.
		
	9.
	Entire Agreement.  This Agreement constitutes the entire agreement and understanding between Employee and Blackbaud with respect to all matters pertaining to Employee’s employment and termination, except that nothing herein will be deemed to modify or release any of Employee’s continuing obligations to Blackbaud under the Employment Agreement, or any other confidentiality, trade secret and invention assignment agreement signed by Employee.

		
	10.
	Governing Law.  This Agreement will be construed under the laws of South Carolina, without regard to conflict of law principles.

		
	11.
	Arbitration.  In the event of any dispute or claim arising out of or in connection with this Agreement or the enforcement of rights hereunder, such dispute or claim shall be submitted to binding arbitration in accordance with S.C. Code Ann. § 15-48-10 et seq., as amended, and the then-current rules and procedures of the American Arbitration Association’s (the “AAA’s”) National Rules for the Resolution of Employment Disputes.  Any arbitration initiated under this 

Agreement shall be conducted solely between the parties to this Agreement, and under no circumstances shall this Agreement allow or authorize arbitration of any claims as parties to a class or collective action or class or collective arbitration.  The arbitrator shall be selected by an agreement of the parties to the dispute or claim from the panel of arbitrators selected by the AAA, or, if the parties cannot agree on an arbitrator within thirty (30) calendar days after the notice of a party’s desire to have a dispute settled by arbitration, then the arbitrator shall be selected by the AAA in Charleston, South Carolina.  The arbitrator shall apply the laws of the State of South Carolina, without reference to rules of conflict of law or statutory rules of arbitration, to the merits of any dispute or claim.  Under established legal standards pertaining to the claim(s) made, the arbitrator shall have the power to grant summary judgment upon the request of either party, prior to commencement of the arbitration hearing.  Questions of whether a claim is subject to arbitration under this Agreement shall be decided by the arbitrator. Likewise, procedural questions which grow out of the dispute and bear on the final disposition are also matters for the arbitrator.  The arbitrator shall: (a) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law; (b) issue a written arbitration decision, to include the arbitrator’s essential findings and conclusions and a statement of the award; and (c) be authorized to award any or all remedies that Employee or Blackbaud would be entitled to seek in a court of law. Employee and Blackbaud shall equally share all AAA arbitration fees.  Each party is responsible for its own attorneys’ fees. Nothing in this Agreement is intended to prevent either Employee or Blackbaud from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. The determinations reached by the arbitrator shall be final and binding on all parties hereto without any right of appeal or further dispute.  Execution of the determination by such arbitration may be sought in any court of competent jurisdiction.  Notwithstanding the foregoing, Blackbaud or Employee may bring a suit in any court of competent jurisdiction regarding any dispute concerning Employee’s obligations under Section 7 of the Employment Agreement or Exhibit A thereto.
In the event of any arbitration as provided under this Agreement, or the enforcement of rights hereunder, the arbitrator shall have the authority to, but shall not be required to, award the prevailing party his or its costs and reasonable attorneys’ fees, to the extent permitted by applicable law. 
		
	12.
	No Admissions.  The promises and payments described herein are not to be construed as an admission of any liability by either party with respect to any federal, state or local statute or regulation or other common law claims.  The promises and payments made herein are in consideration of Employee’s release of claims against Blackbaud.

		
	13.
	Voluntary Execution.  Employee understands and acknowledges that he was advised and is hereby advised in writing to consult with an attorney before executing this Agreement, and further acknowledges that he has been given a reasonable opportunity to do so.  By signing below, Employee acknowledges that 

he has been afforded at least twenty-one (21) days from the date of his receipt of this Agreement to review and consider the Agreement’s terms.  
Employee further acknowledges that he understands the contents of this Agreement, that this Agreement is entered into freely and voluntarily, and that it is not predicated or influenced by any representations of Blackbaud or any of its employees or agents other than those stated in this Agreement.  Employee has carefully read, understands, and is voluntarily entering into this Agreement, and hereby attests that he fully understands the extent and importance of its provisions.  Employee further acknowledges that he is fully competent to execute this Agreement and that he does so voluntarily and without any coercion, undue influence, threat or intimidation of any kind or type.
		
	14.
	Right to Revoke.  Employee understands, agrees, and acknowledges that he has seven (7) days following his execution of this Agreement to revoke the Agreement and has been, and hereby is, advised that this Agreement will not become effective or enforceable, and all payments or obligations recited herein will not be paid, until the revocation period has expired.  Revocation must be in writing and received by Blackbaud’s Senior Vice President of Human Resources before the end of business on the seventh (7th) day after Employee’s execution of this Agreement.

		
	15.
	Binding Effect.  This Agreement is binding upon and shall inure to the benefit of the parties and their respective agents, assigns, heirs, executors, successors and administrators.

		
	16.
	Section 409A. The provisions of Section 23 of the Employment Agreement are incorporated herein by reference and will continue to apply in accordance with their terms, including without limitation, to any payments under this Agreement.

Signed and accepted by Employee on ______________ ____, 20__:
	
				
	EMPLOYEE
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	BLACKBAUD, INC.
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	By:
	 
	 
	 

	Title:
	 
	 
	 

	Date:

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