Document:

aray-ex104_27.htm

Exhibit 10.4

 

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EXECUTIVE EMPLOYMENT AGREEMENT

This Executive Employment Agreement (“Agreement”) is entered into and effective as of January 1, 2021 (“Effective Date”), by and between Accuray Incorporated, a Delaware corporation (the “Company”), and Jesse Chew (“Executive”).  

RECITALS

A.The Company is in the business of developing, manufacturing and selling radiation oncology, including radio surgery and radiation therapy, technologies and devices (the “Business”).

B.The Company wishes to employ Executive to serve as Senior Vice President, General Counsel and Corporate Secretary and Executive desires to serve the Company in such capacity pursuant to the terms and conditions in this Agreement.

C.As of the Effective Date, Executive has commenced full-time employment with the Company. 

NOW, THEREFORE, the parties agree as follows:

1.Position and Duties.

(a)During the term of this Agreement, Executive will be employed by the Company to serve as Senior Vice President, General Counsel and Corporate Secretary of the Company, reporting to the Chief Executive Officer of the Company.  Executive will be responsible for: (i) performing the duties and responsibilities customarily expected to be performed by such position and (ii) performing such other duties and functions as are reasonably required and/or as may be reasonably prescribed by the Company from time to time.  

(b)The location of Executive’s employment will be the Company’s headquarters offices, but Executive from time to time may be required to travel to other geographic locations in connection with the performance of his/her duties.

2.Standards of Performance.  Executive will at all times faithfully, industriously and to the best of his/her ability, experience and talents perform all of the duties required of and from him/her pursuant to the terms of this Agreement.  Executive will devote his/her full business energies and abilities and all of his/her business time to the performance of his/her duties hereunder and will not, without the Company’s prior written consent, render to others any service of any kind (whether or not for compensation) that, in the Company’s sole but reasonable judgment, would interfere with the full performance of his/her duties hereunder.  Notwithstanding the foregoing, Executive is permitted to spend reasonable amounts of time to manage his/her personal financial and legal affairs and, with the Company’s consent which will not be unreasonably withheld, to serve on one civic, charitable, not-for-profit, industry or corporate board or advisory committee, provided that such activities, individually and collectively, do not materially interfere with the performance of Executive’s duties hereunder.  In no event will Executive engage in any activities that could reasonably create a conflict of interest or the appearance of a conflict of interest. Executive shall be subject to the Company’s policies, procedures and approval practices, as generally in effect from time to time.

 

		
	
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3.Term.  

(a)Term of Agreement.  This Agreement will have an initial term of three (3) years commencing on the Effective Date (the “Initial Term”).  On the third anniversary of the Effective Date, this Agreement will renew automatically for additional three (3) year terms (each, an “Additional Term” and together with the Initial Term, the “Term”), unless either party provides the other party with written notice of non-renewal at least sixty (60) days prior to the date of automatic renewal; provided, however, that if the Company enters into a definitive agreement to be acquired and the transactions contemplated thereby would result in the occurrence of a Change in Control (as defined below) if consummated, then the Company will no longer be permitted to provide Executive with written notice to not renew this Agreement unless such definitive agreement is terminated without the Change in Control being consummated.  If the Change in Control is consummated, the Agreement will continue in effect through the longer of the date that is eighteen (18) months following the effective date of the Change in Control or the remainder of the Term then in effect (for purposes of clarification, it will be possible for the Term of the Agreement to automatically extend after the Company enters into the definitive agreement, but before the Change in Control is consummated).  If the definitive agreement is terminated without the transactions contemplated thereby having been consummated and at the time of such termination there is at least twelve (12) months remaining in the Term, the Agreement will continue in effect for the remainder of the Term then in effect, but if there is less than twelve (12) months remaining in the Term then in effect, the Agreement will automatically extend for an additional three (3) years from the date the definitive agreement is terminated.  If Executive becomes entitled to benefits under Section 5 during the term of this Agreement, the Agreement will not terminate until all of the obligations of the parties hereto with respect to this Agreement have been satisfied.    

(b)At-Will Employment.  The Company and Executive acknowledge that, notwithstanding the foregoing, Executive’s employment is and will continue to be at-will, as defined under applicable law. As an at-will employee, either the Company or the Executive may terminate the employment relationship at any time, with or without cause; provided, however, that in connection with such termination, the Company will provide Executive with any applicable benefits under Section 5 to which Executive is entitled, all in accordance with the terms and conditions thereof.    

4.Compensation and Benefits.

(a)Base Salary.  As an annual base salary (“Base Salary”) for all services rendered pursuant to this Agreement, Executive will be paid an initial Base Salary in the gross amount of $393,800 calculated on an annualized basis, less necessary withholdings and authorized deductions, and payable pursuant to the Company’s regular payroll practices at the time.  The Base Salary is first subject to review and adjustment within the first three (3) months after the end of the fiscal year that includes the Effective Date, and, thereafter, subject to periodic review and adjustment not less frequently than annually within the first three (3) months after the end of the next successive fiscal year, in the sole discretion of the Company. Executive’s Base Salary will not be reduced from the level in effect from time to time, except that the Base Salary may be reduced in connection with a salary reduction program of general application to senior executives of the Company where each experiences a substantially similar reduction on a percentage basis.  

(b)Bonus.  During Executive’s employment under this Agreement, Executive will be eligible for a bonus, subject to the terms and conditions of the Company’s bonus plan, as in effect from time to time (the “Bonus Plan”), which is applicable to senior executives of the Company.  The target amount of Executive’s annual bonus is sixty percent (60%) of Executive’s annual Base Salary (as defined in the Company’s Bonus Plan as then in effect).  However, payment of the bonus will be conditioned on the Company’s achievement of corporate performance objectives approved by the Company and, if 

 

		
	
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applicable, Executive’s achievement of individual performance metrics to be established annually and approved by the Company, all as established pursuant to the Company’s Bonus Plan as then in effect, and the bonus may be zero.  For the avoidance of doubt, the bonus will be payable only if the corporate and/or individual performance objectives approved by the Company are achieved as determined by the Company, subject to the Company’s right to exercise discretion in determining the amount of the bonus to be awarded, if any, as set forth in the Company’s Bonus Plan.  To encourage continued tenure with the Company, Executive must be employed by the Company as of the payment date to earn and be eligible for a bonus for the year to which the bonus relates, unless otherwise provided in Section 5.  Bonuses will be paid out according to the terms of the Bonus Plan.

(c)Equity Incentive Awards.  Executive will be eligible to receive awards of stock options, restricted stock units, performance stock units, or other equity awards pursuant to any plans or arrangements the Company may have in effect from time to time.  The Company’s Board of Directors (the “Board”) or its Compensation Committee will determine in its discretion whether Executive will be granted any such equity awards and the terms of any such award in accordance with the terms of any applicable plan or arrangement that may be in effect from time to time.

(d)Flexible Time Off and Benefits.  Executive will accrue and be allowed to use flexible time off for vacation, illness and holidays pursuant to the Company’s policies that apply to executive officers of the Company.  In addition, Executive will be entitled to participate in any plans regarding benefits of employment, including pension, profit sharing, group health, disability insurance and other employee pension and welfare benefit plans now existing or hereafter established to the extent that Executive is eligible under the terms of such plans and if the other executive officers of the Company generally are eligible to participate in such plan.  The Company may, in its sole discretion and from time to time, establish additional senior management benefit plans as it deems appropriate.  Executive understands that any such plans may be modified or eliminated in the Company’s sole discretion in accordance with applicable law, provided that no such modification or elimination shall result in reducing or eliminating any benefits in which Executive’s right has vested. 

(e)Reimbursement of Business Expenses.  The Company will promptly reimburse to Executive his/her reasonable, customary and documented out-of-pocket business expenses in connection with the performance of his/her duties under this Agreement, and in accordance with the policies and procedures established by the Company; provided that each reimbursement shall be requested within two (2) months after being incurred. 

(f)Sarbanes-Oxley Act Loan Prohibition and Company Compensation-Related Polices.  To the extent that any Company benefit, program, practice, arrangement or this Agreement would or might otherwise result in Executive’s receipt of an illegal loan (the “Loan”), the Company shall use commercially reasonable efforts to provide Executive with a substitute for the Loan that is lawful and of at least equal value to Executive.  If this cannot be done, or if doing so would be significantly more expensive to the Company than making the Loan, the Company need not make the Loan to Executive or provide him/her a substitute for it.  Further, Executive acknowledges that any bonus or equity award provided for in this Agreement or otherwise awarded to him/her shall be subject to the Company’s policies regarding recoupment and clawback, as such policies may be amended from time to time, and agrees that he/she will be subject to, and shall comply with, the Company’s stock ownership requirements which are set forth in its Amended and Restated Corporate Governance Guidelines, as such requirements may be amended from time to time, and the Company’s Insider Trading Policy, as amended from time to time.  

 

		
	
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5.Termination of Employment.

(a)By Company Without Cause.  Subject to the last paragraph of this Section 5(a), the Company may terminate Executive’s employment without Cause (as defined below) effective on thirty (30) days’ written notice (such thirty (30)-day period, the “Notice Period”, and such notice, the “Termination Notice”), during which notice period Executive may be relieved of his/her duties and placed on paid terminal leave.  In such event and subject to the other provisions of this Agreement, Executive will be entitled to:

(i)continued coverage under the Company’s insurance benefit plans through the termination date and such other benefits to which he/she may be entitled pursuant to the Company’s benefit plans, provided, however, that Executive shall not participate in any severance plan of the Company;

(ii)payment of all earned but unpaid compensation (including accrued unpaid vacation) through the effective date of termination, payable on or before the termination date; and

(iii)reimbursement of expenses incurred on or before the termination date in accordance with Section 4(e), above, if a request for reimbursement of the expenses was timely submitted to the Company; plus

(iv)payment of the equivalent of the Base Salary, as then in effect (provided that if there has been any reduction in the Base Salary that would otherwise constitute Good Reason, then the rate in effect prior to such reduction), that he/she would have earned over the next twelve (12) months following the termination date (less necessary withholdings and authorized deductions) (the “Severance Payment”), payable in a lump sum on the first regularly scheduled payroll date following the date the Release becomes effective and irrevocable (the “Release Effective Date”), but in any event within ten (10) business days of the Release Effective Date and subject to Section 16, below; 

(v)either (1) if Executive’s termination date occurs on or following the date on which bonus payments to similarly situated executives are made under the Bonus Plan for the fiscal year prior to the fiscal year in which Executive’s termination occurs (the “Prior Fiscal Year”), then payment of a prorated portion of the actual bonus Executive would have otherwise received for the fiscal year during which the termination occurs, as if Executive had remained employed by the Company through the date that would have otherwise been required to earn the bonus, but without the Board or any committee of the Board exercising any negative discretion to reduce the amount of the award, calculated by dividing the number of days from the start of the fiscal year through the termination date by 365 and multiplying the amount of such actual bonus Executive would have otherwise received by this percentage (but not by more than 100%), and paid at the same time as bonuses are paid to other Company executives that are similarly situated to Executive; provided, however, that if the termination date is after the seventh month of the fiscal year, the actual bonus will not be prorated and Executive will receive 100% of such actual bonus Executive would have otherwise received for that fiscal year (without the Board or any committee of the Board exercising any negative discretion) at the same time as bonuses are paid to other Company executives that are similarly situated to Executive or (2) if Executive’s termination date occurs prior to the date on which bonus payments to similarly situated Company executives are made under the Bonus Plan for the Prior Fiscal Year, then payment of the actual bonus Executive would have otherwise received under the Bonus Plan for the Prior Fiscal Year, as if Executive had remained employed by the Company through the date that would have otherwise been required to earn the bonus, but without the Board or any committee of the Board exercising any negative discretion to reduce the amount of the award, paid at the same time a bonuses are paid to other Company executives that are similarly situated to Executive.

 

		
	
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(vi)subject to Section 5(g), reimbursement of insurance premiums payable to retain group health coverage as of the termination date for himself/herself and his/her eligible dependents pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1986 (“COBRA”) for twelve (12) months from the date Executive becomes COBRA eligible or the maximum period of COBRA coverage, whichever is less; provided that Executive must submit a reimbursement request in accordance with Company policy within thirty (30) days of paying such insurance premiums.  The Company will reimburse the executive within thirty (30) days of receiving a properly submitted request. In addition, if Executive accepts other employment within such twelve (12) months, the Company’s obligation under this Section 5(a)(vi) will be extinguished as of the date Executive becomes eligible to be covered under the group health plan of Executive’s new employer; and

(vii)payment for executive outplacement assistance services with the Company’s then current outplacement services vendor and in accordance with the Company’s then current policies and practices with respect to outplacement assistance for other executives of the Company for up to twelve (12) months after the termination date. 

The payments and benefits set forth in Sections 5(a)(i)-(iii) shall be referred to as the “Accrued Benefits”, and the payments and benefits set forth in Sections 5(a)(iv)-(vii) shall be referred to as the “Severance Benefits”.  Executive shall not receive the Severance Benefits, the “Enhanced Severance Benefits” as provided in Section 5(e), or the Termination Notice Replacement Payment (as defined below) unless Executive executes the separation agreement and general release attached as Exhibit A (the “Release”), and the same becomes irrevocable pursuant to its terms within the 60-day period following his/her termination of employment.  Notwithstanding the foregoing paragraphs of this Section 5(a), the Company may terminate Executive’s employment prior to the expiration of the Notice Period, and in the case of such termination, the Company shall pay Executive the equivalent of the Base Salary he/she would have earned over the remainder of the Notice Period (less necessary withholdings and authorized deductions) at his/her then current Base Salary rate (the “Termination Notice Replacement Payment”), subject to Executive satisfying the requirements of the previous sentence.  Any such Termination Notice Replacement will be paid in a lump sum at the same time as the Severance Payment.

(b)By Company With Cause.  The Company may terminate Executive’s employment at any time and without prior notice, written or otherwise, for Cause.  As used in this Agreement, “Cause” shall mean any of the following conduct by Executive:  (i) material breach of this Agreement, or a material violation of a Company policy or of a law, rule or regulation applicable to the Company or its operations; (ii) demonstrated and material neglect of duties, or failure or refusal to perform the material duties of his/her position, or the failure to follow the reasonable and lawful instructions of the Company; (iii) gross misconduct or dishonesty, self-dealing, fraud or similar conduct that the Company reasonably determines has caused, is causing or reasonably is likely to cause harm to the Company; or (iv) conviction of or plea of guilty or nolo contendere to any crime other than a traffic offense that is not punishable by a sentence of incarceration.  Termination pursuant to Section 5(b)(ii) shall be effective only if such failure continues after Executive has been given written notice thereof and fifteen (15) business days thereafter in which to present his/her position to the Company or to cure the same, unless the Company reasonably determines that the reason(s) for termination are not capable of being cured.  In the event of termination for Cause, Executive will be entitled only to the Accrued Benefits through the termination date, which will be the date on which the notice is given.  The Company will have no further obligation to pay any compensation of any kind (including without limitation any bonus or portion of a bonus that otherwise may have become due and payable to Executive with respect to the year in which such termination date occurs), or severance payment of any kind nor to make any payment in lieu of notice.

 

		
	
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(c)Incapacity or Death.

(i)If Executive becomes unable, due to physical or mental illness or injury, to perform the essential duties of his/her position for more than twelve (12) consecutive weeks in any twelve (12) month period during this Agreement with or without reasonable accommodation (“Incapacity”), the Company has the right to terminate Executive’s employment on fifteen (15) days’ written notice.  Further, Executive’s employment pursuant to this Agreement shall be immediately terminated without notice by the Company upon the death of Executive.  

(ii)In the event of termination for Incapacity or if Executive dies while actively employed pursuant to this Agreement, (i) Executive will be entitled to receive the Accrued Benefits, (ii) any unvested equity awards previously granted to Executive that are scheduled to vest based solely on the achievement of service-based conditions (“Time-based Equity Awards”) shall become immediately vested to the extent that such Time-based Equity Awards would have vested within six (6) months after the date of termination had such Time-based Equity Awards had vesting schedules that provided for pro-rata vesting on a monthly basis over the entirety of the vesting schedule, and (iii) with respect to any equity awards that are scheduled to vest based on the achievement of performance-based conditions (which may include additional service-based conditions) (“Performance-based Equity Awards”) for which the performance period is scheduled to end within six (6) months after the date of termination, each such Performance-based Equity Award will remain outstanding until the date the Board or Compensation Committee of the Board (the “Compensation Committee”) determines whether the applicable performance condition is achieved (provided that in no event will such Performance-based Equity Award remain outstanding beyond the Performance-based Equity Award’s maximum term to expiration) and will vest in accordance with its terms to the extent such performance condition is achieved.

(d)Resignation for Good Reason.  Executive may terminate this Agreement for Good Reason (as defined below) by giving written notice to the Company of such termination, subject to Executive complying with the notice, cure period and other requirements set forth within the definition of Good Reason below.  As used in this Agreement, “Good Reason” shall mean the occurrence of any one of the following without Executive’s written consent:  (i) a material reduction in Executive’s base compensation (which includes Base Salary, the Executive’s target bonus and any other base compensation) and/or a material breach of this Agreement by the Company resulting from the failure to provide the compensation or benefits required in Section 4, (ii) any action or inaction that constitutes a material breach by the Company of this Agreement; (iii) a material diminution in Executive’s authority, duties or responsibilities such that they are materially inconsistent with his/her position as Senior Vice President, General Counsel and Corporate Secretary of the Company; and (iv) relocation of the Company’s office where Executive is providing Executive’s services to the Company to a location that increases Executive’s commute by thirty (30) miles or more, provided that no termination for Good Reason shall be effective until Executive has given the Company written notice (pursuant to Section 11 below) within sixty (60) days after Executive becomes aware of the initial occurrence of any of the foregoing specifying the event or condition constituting the Good Reason and the specific reasonable cure requested by Executive, and the Company has failed to cure the occurrence within thirty (30) days of receiving written notice from Executive, and Executive resigns within six (6) months after Executive becomes aware of the initial occurrence.   In the event of a termination for Good Reason, Executive will be entitled to the Accrued Benefits and the Severance Benefits, on the same conditions, form of payment and timing as set forth in Section 5(a).

(e)Effect of Change in Control.  If the Company terminates Executive’s employment with the Company without Cause (excluding due to Executive’s death or Incapacity) or if Executive resigns from such employment for Good Reason, and, in each case, such termination occurs during the Change in Control Period (as defined below), Executive will be entitled to the Accrued Benefits, and subject to the 

 

		
	
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same conditions set forth in the final paragraph of Section 5(a), (i) two (2) times the Severance Payment set forth in Section 5(a)(iv), paid in the same form (i.e., a lump sum) and at the same time as the Severance Payments set forth in Section 5(a)(iv), (ii) subject to Section 5(g), the reimbursement of Executive’s insurance premiums for twelve (12) months in the same form and at the same time and under the same conditions as provided in Section 5(a)(vi), (iii) a taxable monthly payment (which may be used for any purpose) equal to actual the COBRA reimbursement payment that Executive receives under Section 5(e)(ii) for any particular month, (iv) two hundred percent (200%) of Executive’s target bonus for the fiscal year during which termination occurs, but no less than two hundred percent (200%) of the target bonus in effect for the fiscal year immediately prior to the Change in Control if the Change in Control occurs within the first three (3) months of the fiscal year, payable at the same time as the payment under clause (i) of this Section 5(e), (v) all outstanding unvested equity awards previously granted to Executive shall become immediately vested (the “Enhanced Severance Benefits”), with Performance-based Equity Awards vesting at target unless otherwise specified in the applicable Performance-based Equity Award’s award agreement and (vi) payment for executive outplacement assistance services with the Company’s then current outplacement services vendor and in accordance with the Company’s then current policies and practices with respect to outplacement assistance for other executives of the Company for up to twelve (12) months after the termination date. 

For the avoidance of doubt, if Executive’s termination without Cause (excluding due to Executive’s death or Incapacity) or resignation for Good Reason occurs prior to a Change in Control, then any unvested portion of Executive’s outstanding equity awards will remain outstanding until the earlier of (i) the date that is three (3) months following the termination of Executive’s employment or (ii) the date that a Change in Control occurs (provided that in no event will any of Executive’s equity awards remain outstanding beyond the equity award’s maximum term to expiration).  In the event that a Change in Control does not occur by the date that is three (3) months following the termination of Executive’s employment, any unvested portion of Executive’s equity awards automatically will be forfeited permanently without having vested. Further, for any Performance-based Equity Awards, the performance-based vesting component of the equity awards shall not be deemed to be automatically achieved as a result of the application of Section 5(e)(v) but will remain outstanding during the three (3) month period following Executive’s termination or through the date of the Change in Control, as applicable, to determine whether a Change in Control would have occurred within three (3) months of the termination of Executive’s employment and, if so, the extent to which the performance condition is achieved, such determination to be made in accordance with the procedures set forth in the applicable award agreement.  If the performance condition is satisfied and that would cause the award to become eligible to vest based on continued service, then clause (v) of this Section 5(e) will cause the service-based vesting component to be deemed satisfied and the vesting of the equity award will be accelerated as to the portion of the award that became eligible to vest.  For clarity, if there is no service-based condition that applies with respect to any portion of such equity award upon such satisfaction of the performance condition, such portion of the equity award will immediately vest upon such satisfaction of the performance condition.  

For the sake of clarity, if any payments or benefits are payable under this Section 5(e), no payments or benefits shall be made under any other subsection of this Section 5, including Section 5(a) and Section 5(d), and any Enhanced Severance Benefits will be reduced by any Severance Benefits that may have been paid or provided with respect to any termination triggering Severance Benefits that occurs during the three-month period prior to a Change in Control (this provision, the “Non-duplication Provision”).   

As used in this Agreement, a “Change in Control” shall mean any of the following events:

(i)the acquisition by any Group or Person (as such terms are defined in Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”)), other than 

 

		
	
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(A) a trustee or other fiduciary holding securities of the Company under an employee benefit plan of the Company or (B) an entity in which the Company directly or indirectly beneficially owns fifty percent (50%) or more of the voting securities of such entity (an “Affiliate”), of any securities of the Company, immediately after which such Group or Person has beneficial ownership (within the meaning of Rule 13d-3 promulgated under the 1934 Act) of fifty percent (50%) or more of (X) the outstanding shares of Common Stock or (Y) the combined voting power of the Company’s then outstanding securities entitled to vote generally in the election of directors;

(ii)the Company (and/or its subsidiaries) is a party to a merger or consolidation with a Person other than an Affiliate, which merger or consolidation results in (a) the holders of voting securities of the Company outstanding immediately before such merger or consolidation failing to continue to represent (either by remaining outstanding or being converted into voting securities of the surviving entity) fifty percent (50%) or more of the combined voting power of the then outstanding voting securities of the corporation or entity resulting from or surviving such merger or consolidation or (b) individuals who are directors of the Company just prior to such merger or consolidation not constituting more than fifty percent (50%) of the members of the Board of Directors of the surviving entity or corporation immediately after the consummation of such merger or consolidation; or

(iii)all or substantially all of the assets of the Company and its subsidiaries are, in any transaction or series of transactions, sold or otherwise disposed of (or consummation of any transaction, or series of related transactions, having similar effect), other than to an Affiliate; 

provided, however, that in no event shall a “Change in Control” be deemed to have occurred for purposes of this Agreement solely because the Company engages in an internal reorganization, which may include a transfer of assets to, or a merger or consolidation with, one or more Affiliates. Additionally, with respect to the payment of any “nonqualified deferred compensation” within the meaning of section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), that is not exempt from section 409A of the Code, no event shall constitute a Change in Control unless it also constitutes a change in the ownership of the Company (as defined in Treasury Regulation section 1.409A-3(i)(5)(v)), a change in effective control of the Company (as defined in Treasury Regulation section 1.409A-3(i)(5)(vi)), or a change in the ownership of a substantial portion of the assets of the Company (as defined in Treasury Regulation section 1.409A-3(i)(5)(vii)).

As used in this Agreement, a “Change in Control Period” shall mean the period beginning three (3) months prior to, and ending eighteen (18) months following, a Change in Control.

(f)Voluntary Resignation without Good Reason.  Executive may terminate this Agreement without Good Reason effective on sixty (60) day’s written notice, unless the Company in its sole discretion accepts the resignation earlier.  In the event that Executive resigns without Good Reason as defined above in Section 5(d), Executive will be entitled only to the Accrued Benefits through the termination date.  The Company will have no further obligation to pay any compensation of any kind (including without limitation any bonus or portion of a bonus that otherwise may have become due and payable to Executive with respect to the year in which such termination date occurs unless he/she remains employed with the Company as of the date bonuses are paid to other senior executives of the Company), or severance payments of any kind. 

(g)If the Company determines in its sole discretion that it cannot make the COBRA reimbursements under Section 5(a)(vi) or Section 5(e)(ii) (the “COBRA Reimbursements”) without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company will in lieu thereof provide to Executive a taxable monthly payment, payable on the last day of a given month, in an amount equal to the monthly COBRA premium that the Executive 

 

		
	
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would be required to pay to continue the Executive’s group health coverage in effect on the termination of employment date (which amount will be based on the premium for the first month of COBRA continuation coverage), which payments will be made regardless of whether the Executive elects COBRA continuation coverage and will commence on the month following the Executive’s termination of employment and will end on the earlier of (x) the date upon which the Executive obtains other employment or (y) the date the Company has paid an amount equal to (A) 6 payments if Executive is receiving the Severance Benefits pursuant to Section 5(a) or (B) subject to the Non-duplication Provision, 12 payments if Executive is receiving the Enhanced Severance Benefits pursuant to Section 5(e). For the avoidance of doubt, such taxable payments in lieu of COBRA Reimbursements (the “COBRA Substitute Payments”) may be used for any purpose, including, but not limited to continuation coverage under COBRA, and will be subject to all applicable tax withholding.

6.Proprietary Information Obligations.

(a)Proprietary Information and Confidentiality.  Both before and during the term of Executive’s employment, Executive will have access to and become acquainted with Company confidential and proprietary information (together “Proprietary Information”), including but not limited to information or plans concerning the Company’s products and technologies; customer relationships; personnel; sales, marketing and financial operations and methods; trade secrets; formulae and secret developments and inventions; processes; and other compilations of information, records, and specifications.  Executive will not disclose any of the Proprietary Information directly or indirectly, or use it in any way, either during his/her employment pursuant to this Agreement or at any time thereafter, except as reasonably required or specifically requested in the course of his/her employment with the Company or as authorized in writing by the Company.  Notwithstanding the foregoing, Proprietary Information does not include information that is otherwise publicly known or available, provided it has not become public as a result of a breach of this Agreement or any other agreement Executive has to keep information confidential.  It is not a breach of this Agreement for Executive to disclose Proprietary Information (i) pursuant to an order of a court or other governmental or legal body or (ii) in connection with Protected Activity (as defined below).  Executive understands that nothing in this Agreement shall in any way limit or prohibit Executive from engaging in any Protected Activity. For purposes of this Agreement, “Protected Activity” means filing a charge or complaint with, or otherwise communicating or cooperating with or participating in any investigation or proceeding that may be conducted by any federal, state or local government agency or commission, including the Securities and Exchange Commission, the Equal Employment Opportunity Commission, the Occupational Safety and Health Administration, and the National Labor Relations Board (“Government Agencies”). Executive understands that in connection with such Protected Activity, Executive is permitted to disclose documents or other information as permitted by law, and without giving notice to, or receiving authorization from, the Company. Notwithstanding, in making any such disclosures or communications, Executive agrees to take all reasonable precautions to prevent any unauthorized use or disclosure of any information that may constitute Proprietary Information to any parties other than the Government Agencies. Executive further understands that “Protected Activity” does not include the disclosure of any Company attorney-client privileged communications. In addition, Executive hereby acknowledges that the Company has provided Executive with notice in compliance with the Defend Trade Secrets Act of 2016 regarding immunity from liability for limited disclosures of trade secrets. The full text of the notice is attached in Exhibit B.

(b)Inventions Agreement and Assignment.

(i)Executive hereby agrees to disclose promptly to the Company (or any persons designated by it) all developments, designs, creations, improvements, original works of authorship, formulas, processes, know-how, techniques and/or inventions (collectively, the “Inventions”) (A) which 

 

		
	
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are made or conceived or reduced to practice by Executive, either alone or jointly with others, in performing his/her duties during the period of Executive’s employment by the Company, that relate to or are useful in the business of the Company; or (B) which result from tasks assigned to Executive by the Company, or from Executive’s use of the premises or other resources owned, leased or contracted by the Company.

(ii)Executive agrees that all such Inventions which the Company in its discretion determines to be related to or useful in its business or its research or development, or which result from work performed by Executive for the Company, will be the sole and exclusive property of the Company and its assigns, and the Company and its assigns will have the right to use and/or to apply for patents, copyrights or other statutory or common law protections for such Inventions in any and all countries.  Executive further agrees to assist the Company in every reasonable way (but at the Company’s expense) to obtain and from time to time enforce patents, copyrights and other statutory or common law protections for such Inventions in any and all countries.  To that end, Executive will execute all documents for use in applying for and obtaining such patents, copyrights and other statutory or common law protections therefor and enforcing the same, as the Company may desire, together with any assignments thereof to the Company or to persons or entities designated by the Company.  Should the Company be unable to secure Executive’s signature on any document necessary to apply for, prosecute, obtain, or enforce any patent, copyright or other right or protection relating to any Invention, whether due to his/her mental or physical incapacity or any other cause, Executive hereby irrevocably designates and appoints the Company and each of its duly authorized officers and agents as Executive’s agent and attorney-in-fact, to act for and in his/her behalf and stead, to execute and file any such document, and to do all other lawfully permitted acts to further the prosecution, issuance, and enforcement of patents, copyrights or other rights or protections with the same force and effect as if executed and delivered by Executive.  Executive’s obligations under this Section 6(b)(ii) will continue beyond the termination of Executive’s employment with the Company, but the Company will compensate Executive at a reasonable rate after such termination for time actually spent by Executive at the Company’s request in providing such assistance.

(iii)Executive hereby acknowledges that all original works of authorship which are made by Executive (solely or jointly with others) within the scope of Executive’s employment which are protectable by copyright are “works for hire,” as that term is defined in the United States Copyright Act (17 USCA, Section 101).

(iv)Any provision in this Agreement requiring Executive to assign Executive’s rights in any Invention to the Company will not apply to any invention that is exempt under the provisions of California Labor Code section 2870, which provides:

“(a) Any provision in an employment agreement which provides that an employee shall assign, or offer to assign, any of his or her rights in an invention to his or her employer shall not apply to an invention that the employee developed entirely on his or her own time without using the employer’s equipment, supplies, facilities, or trade secret information except for those inventions that either:  (1) relate at the time of conception or reduction to practice of the invention to the employer’s business, or actual or demonstrably anticipated research or development of the employer; or (2) result from any work performed by the employee for the employer.  (b) To the extent a provision in an employment agreement purports to require an employee to assign an invention otherwise excluded from being required to be assigned under subdivision (a), the provision is against the public policy of this state and is unenforceable.”

 

		
	
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(c)Non-Solicitation of Customers and Other Business Partners.  Executive recognizes that by virtue of his/her employment with the Company, he/she will be introduced to and involved in the solicitation and servicing of existing customers and other business partners of the Company and new customers and business partners obtained by the Company during his/her employment.  Executive understands and agrees that all efforts expended in soliciting and servicing such customers and business partners shall be for the benefit of the Company.  Executive further agrees that during his/her employment with the Company he/she will not engage in any conduct which could in any way jeopardize or disturb any of the customer and business partner relationships of the Company.  In addition, to the extent permitted under applicable law, Executive agrees that, for a period beginning on the Effective Date and ending twelve (12) months after termination of Executive’s employment with the Company, regardless of the reason for such termination, Executive shall not use any Proprietary Information to, directly or indirectly, solicit, direct, interfere with, or entice away from the Company any existing customer, licensee, licensor, vendor, contractor or distributor of the Company or for the customer or other business partner to expand its business with a competitor, without the prior written consent of the Company; provided, however, that if Executive is or becomes a permanent resident of the state of California and remains such a permanent resident through the date of termination of Executive’s employment, this Section 6(c) shall not apply following the termination of Executive’s employment with the Company.

(d)Non-Solicitation of Employees.  Executive recognizes the substantial expenditure of time and effort which the Company devotes to the recruitment, hiring, orientation, training and retention of its employees.  Accordingly, Executive agrees that, for a period beginning on the Effective Date and ending twelve (12) months after termination of Executive’s employment with the Company, regardless of the reason for such termination, Executive shall not use any Proprietary Information, directly or indirectly, for himself or on behalf of any other person or entity, solicit, offer employment to, hire or otherwise retain the services of any employee of the Company in a position classified as exempt from overtime pay requirements.  For purposes of the foregoing, “employee of the Company” shall include any person who was an employee of the Company at any time within six (6) months prior to the prohibited conduct.  

(e)Company Property and Materials.  

(i)All files, records, documents, computer-recorded or electronic information, drawings, specifications, equipment, and similar items relating to Company business, whether prepared by Executive or otherwise coming into his/her possession, will remain the Company’s exclusive property and will not be removed from Company premises under any circumstances whatsoever without the Company’s prior written consent, except when, and only for the period, necessary to carry out Executive’s duties hereunder

(ii)In the event of termination of Executive’s employment for any reason, Executive will promptly deliver to the Company all Company equipment (including, without limitation, any cellular phones, beeper/pagers, computer hardware and software, fax machines and other tools of the trade) and all originals and copies of all documents, including without limitation, all books, customer lists, forms, documents supplied by customers, records, product lists, writings, manuals, reports, financial documents and other documents or property in Executive’s possession or control, which relate to the Company’s business in any way whatsoever, and in particular to customers of the Company, or which may be considered to constitute or contain Proprietary Information as defined above, and Executive will neither retain, reproduce, nor distribute copies thereof (other than copies of Executive’s electronic or hardcopy address and telephone contact data base or directories).  Notwithstanding the foregoing, Executive shall be allowed to retain a copy of the Employee Handbook and personnel records relating to Executive’s employment.

 

		
	
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(f)Remedies for Breach. Executive acknowledges that any breach by Executive of this Section 6 would cause the Company irreparable injury and damage for which monetary damages are inadequate.  Accordingly, in the event of a breach or a threatened breach of this Section 6, the Company will be entitled to seek an injunction restraining such breach.  In addition, in the event of a breach of this Section 6, the Company’s obligation to pay any unpaid portion of the Severance Payment or other benefits as set forth in Sections 5(a) and (d) of this Agreement will be extinguished.  Nothing contained herein will be construed as prohibiting the Company from pursuing any other remedy available to the Company for such breach or such threatened breach.  Executive has carefully read and considered these restrictions and agrees they are fair and reasonable restrictions on Executive and are reasonably required for the protection of the interests of the Company.  Executive agrees not to circumvent the spirit of these restrictions by attempting to accomplish indirectly what Executive is otherwise restricted from doing directly.  Executive agrees that the restrictions in this Section 6 are reasonable and necessary to protect the Company’s Proprietary Information, and they do not prevent Executive from working in the medical device industry.  Executive agrees that the covenants and agreements by Executive contained in this Section 6 shall be in addition to any other agreements and covenants Executive may have agreed to in any other employee proprietary information, confidentiality, non-disclosure or other similar agreement and that this Section 6 shall not be deemed to limit such other covenants and agreements, all of which shall continue to survive the termination of this Agreement in accordance with their respective terms. A breach by Executive of the terms of such other agreements and covenants shall be deemed to be a breach by Executive of this Section 6 and of this Agreement.  To the extent any of the provisions in this Section 6 are held to be overly broad or otherwise unenforceable at the time enforcement is sought, Executive agrees that the provision shall be reformed and enforced to the greatest extent permissible by law.  Executive further agrees that if any portion of this Section 6 is held to be unenforceable, the remaining provisions of this Section 6 shall be enforced as written.  

7.Interpretation, Governing Law and Exclusive Forum.  The validity, interpretation, construction, and performance of this Agreement shall be governed by the laws of the State of California (excluding any that mandate the use of another jurisdiction’s laws).  Any arbitration (unless otherwise mutually agreed), litigation or similar proceeding with respect to such matters only may be brought within Santa Clara County, California, and all parties to this Agreement consent to California’s jurisdiction.

8.Entire Agreement.  All oral or written agreements or representations, express or implied, with respect to the subject matter of this Agreement are set forth in this Agreement. This Agreement supersedes that certain Executive Employment Agreement between the Company and Executive, dated January 1, 2020. 

9.Severability.  In the event that one or more of the provisions contained in this Agreement are held to be invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such holding shall not impair the validity, legality or enforceability of the remaining provisions herein.

10.Successors and Assigns.  This Agreement shall be binding upon, and shall inure to the benefit of, Executive and his/her estate, but Executive may not assign or pledge this Agreement or any rights arising under it, except to the extent permitted under the terms of the benefit plans in which he/she participates.  No rights or obligations of the Company under this Agreement may be assigned or transferred except that the Company shall require any successor (whether direct or indirect, by purchase, merger, reorganization, sale, transfer of stock, consideration or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no succession had taken place.  As used in this Agreement, “Company” means the Company as hereinbefore defined and any successor to its business and/or assets (by merger, purchase or otherwise as provided in this Section 10) which executes 

 

		
	
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and delivers the agreement provided for in this Section 10 or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law.  In the event that any successor refuses to assume the obligations hereunder, the Company as hereinbefore defined shall remain fully responsible for all obligations hereunder.

11.Notices.  All notices, requests, demands and other communications hereunder shall be in writing and shall be given by hand delivery, electronic mail, facsimile, telecopy, overnight courier service, or by United States certified or registered mail, return receipt requested.  Each such notice, request, demand or other communication shall be effective (i) if delivered by hand or by overnight courier service, when delivered at the address specified in this Section 11; (ii) if given by electronic mail, facsimile or telecopy, when such electronic mail, facsimile or telecopy is transmitted to the electronic mail address or facsimile or telecopy number specified in this Section 11 and confirmation is received if during normal business hours on a business day, and otherwise, on the next business day; and (iii) if given by certified or registered mail, three (3) days after the mailing thereof.  Notices shall be addressed to the parties as follows (or at such other address, email address or fax number as either party may from time to time specify in writing by giving notice as provided herein):

	
 
	
If to the Company:
	
Accuray Incorporated
1310 Chesapeake Terrace
Sunnyvale, California 94089 
Attn:  Chief Administrative Officer

Fax No. (408) 789-4205

	
 
	
If to Executive:
	
Jesse Chew
Address: most recent on file with the Company
Email: most recent on file with the Company

12.Indemnification.  As soon as reasonably practicable after the due execution of this Agreement by each of the parties hereto, the Company and Executive will enter into the Company’s standard form of indemnification agreement utilized by the Company for its directors and executive officers unless such an agreement is already in effect.   

13.Dispute Resolution.  The parties agree that all disputes, claims or controversies between them and between Executive and any of the Company’s affiliated entities and the successor of all such entities, including any dispute, claim or controversy arising from or otherwise in connection with this Agreement and/or Executive’s employment with the Company, will be resolved as follows:

(a)Prior to initiating any other proceeding, the complaining party will provide the other party with a written statement of the claim identifying any supporting witnesses or documents and the requested relief.  The responding party shall within forty-five (45) days furnish a statement of the relief, if any, that it is willing to provide, and identify supporting witnesses or documents.

(b)If the matter is not resolved by the exchange of statements of claim and statements of response as provided herein, the parties shall submit the dispute to non-binding mediation, the cost of the mediator to be paid by the Company, before a mediator and/or service to be jointly selected by the parties.  Each party will bear his/her or its own attorney’s fees and witness fees.

(c)If the parties cannot agree on a mediator and/or if the matter is not otherwise resolved by mediation, any controversy or claim between Executive and the Company and any of its current or former directors, officers and employees, including any arising out of or relating to this Agreement or breach thereof, shall be settled by final and binding arbitration in the county in which Executive last worked, 

 

		
	
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or elsewhere as mutually agreed by the parties, by a single arbitrator pursuant to the Employment Dispute Rules of Judicial Arbitration and Mediation Services, Inc. (“JAMS”), unless the parties to the dispute agree to another arbitration service or independent arbitrator.  The parties may conduct discovery to the extent permitted in a court of law; the arbitrator will render an award together with a written opinion indicating the bases for such opinion; and the arbitrator will have full authority to award all remedies that would be available in court.  Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof.  Each party shall bear its own attorney’s fees and costs, unless the claim is based on a statute that provides otherwise.  The Company will pay the arbitrator’s fees and any administrative charges of the arbitration service, except that if Executive initiates the claim, he/she will pay a portion of the administrative charges equal to the amount he/she would have paid to initiate the claim in a court of general jurisdiction.

(d)EXECUTIVE AND THE COMPANY AGREE THAT THIS ARBITRATION PROCEDURE WILL BE THE EXCLUSIVE MEANS OF REDRESS FOR ANY DISPUTES RELATING TO OR ARISING FROM EXECUTIVE’S EMPLOYMENT WITH THE COMPANY OR TERMINATION THEREFROM, INCLUDING DISPUTES OVER UNPAID WAGES, BREACH OF CONTRACT OR TORT, VIOLATION OF PUBLIC POLICY, RIGHTS PROVIDED BY FEDERAL, STATE OR LOCAL STATUTES, REGULATIONS, ORDINANCES, AND COMMON LAW, LAWS THAT PROHIBIT DISCRIMINATION BASED ON ANY PROTECTED CLASSIFICATION, AND ANY OTHER STATUTES OR LAWS RELATING TO AN EXECUTIVE’S RELATIONSHIP WITH THE COMPANY.  THE FOREGOING NOTWITHSTANDING, CLAIMS FOR WORKERS’ COMPENSATION BENEFITS OR UNEMPLOYMENT INSURANCE, OR ANY OTHER CLAIMS WHERE MANDATORY ARBITRATION IS PROHIBITED BY LAW, ARE NOT COVERED BY THIS ARBITRATION PROVISION.  THE PARTIES EXPRESSLY WAIVE THE RIGHT TO A JURY TRIAL, AND AGREE THAT THE ARBITRATOR’S AWARD SHALL BE FINAL AND BINDING ON BOTH PARTIES.  THIS ARBITRATION PROVISION IS TO BE CONSTRUED AS BROADLY AS IS PERMISSIBLE UNDER APPLICABLE LAW.

14.Representations.  Each person executing this Agreement hereby represents and warrants on behalf of himself/herself and of the entity/individual on whose behalf he/she is executing the Agreement that he/she is authorized to represent and bind the entity/individual on whose behalf he/she is executing the Agreement.  Executive specifically represents and warrants to the Company that he/she reasonably believes (a) he/she is not under any contractual or other obligations that would prevent, limit or impair Executive’s performance of his/her obligations under this Agreement and (b) that entering into this Agreement will not result in a breach of any other agreement to which he/she is a party. Executive acknowledges that Executive has been given the opportunity to consult with legal counsel and seek such advice and consultation as Executive deems appropriate or necessary.   

15.Amendments and Waivers.  No provisions of this Agreement may be modified, waived, or discharged except by a written document signed by Executive and a duly authorized Company officer.  Thus, for example, promotions, commendations, and/or bonuses shall not, by themselves, modify, amend, or extend this Agreement.  A waiver of any conditions or provisions of this Agreement in a given instance shall not be deemed a waiver of such conditions or provisions at any other time.

16.Taxes.  

(a)Withholdings.  The Company may withhold from any compensation and benefits payable under this Agreement all federal, state, city and other taxes or amounts as shall be determined by the Company to be required to be withheld pursuant to applicable laws, or governmental regulations or 

 

		
	
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rulings.  Executive shall be solely responsible for the satisfaction of any taxes (including employment taxes imposed on employees and penalty taxes on nonqualified deferred compensation).  

(b)Net Proceeds Maximization.  Notwithstanding any provision of this Agreement to the contrary, if all or any portion of the payments or benefits received or realized by Executive pursuant to this Agreement either alone or together with other payments or benefits that Executive receives or realizes or is then entitled to receive or realize from the Company or any of its affiliates (“Potential Parachute Payments”) would constitute an “excess parachute payment” within the meaning of section 280G of the Code and/or any corresponding and applicable state law provision, the Potential Parachute Payments will be reduced by reducing the amount of the Potential Parachute Payments to the extent necessary so that no portion of the Potential Parachute Payments will be subject to the excise tax imposed by section 4999 of the Code and any corresponding and/or applicable state law provision.  A reduction will be made under the previous sentence only if, by reason of that reduction, Executive's net after tax benefit exceeds the net after tax benefit he/she would realize if the reduction were not made.  For purposes of this paragraph, “net after tax benefit” means the sum of (i) the total amount received or realized by Executive pursuant to this Agreement that would constitute a “parachute payment” within the meaning of section 280G of the Code and any corresponding and applicable state law provision, plus (ii) all other payments or benefits that Executive receives or realizes or is then entitled to receive or realize from the Company and any of its affiliates that would constitute a “parachute payment” within the meaning of Section 280G of the Code and any corresponding and applicable state law provision, less (iii) the amount of federal or state income taxes payable with respect to the payments or benefits described in (i) and (ii) above calculated at the maximum marginal individual income tax rate for each year in which payments or benefits are realized by Executive (based upon the rate in effect for that year as set forth in the Code at the time of the first receipt or realization of the foregoing), less (iv) the amount of excise taxes imposed with respect to the payments or benefits described in (i) and (ii) above by section 4999 of the Code and any corresponding and applicable state law provision.  All determinations and calculations made in this paragraph shall be made by an independent accounting firm (the “Accounting Firm”) selected by the Company prior to the Change in Control and the Company will bear all costs and expenses incurred by the Accounting Firm in connection with its determination.  The Accounting Firm shall be a nationally recognized United States public accounting firm which has not, during the two (2) years preceding the date of its selection, acted in any way on behalf of (x) the Company or any affiliate thereof or (y) Executive.   If any payments or benefits are reduced pursuant to this Section 16(b), they shall be reduced in the following order:  First all payments and benefits that do not constitute “nonqualified deferred compensation” within the meaning of section 409A of the Code or that are exempt from section 409A of the Code (with the payments or benefits being reduced in reverse order of when they otherwise would be made or provided); second, all payments or benefits that constitute “nonqualified deferred compensation” within the meaning of section 409A of the Code that are not exempt from section 409A of the Code that were granted to Executive in the 12-month period of time preceding the applicable Change in Control, in the order such benefits were granted to Executive; and third, all remaining payments and benefits shall be reduced pro-rata.  Notwithstanding the foregoing, if (i) reducing payments or benefits in the order described above would result in the imposition on Executive of an additional tax under section 409A of the Code (or similar state or local law), (ii) Executive so notifies the Company before such reductions and payments are made and benefits provided, and (iii) reducing the payments or benefits in another order would not result in the imposition on Executive of an additional tax under section 409A of the Code (or similar state or local law), payments and benefits shall instead be reduced in such other order.

(c)Section 409A Compliance.

(i)With respect to any reimbursement of expenses or any provision of in-kind benefits to Executive specified under this Agreement, such reimbursement of expenses or provision of in-kind benefits shall be subject to the following conditions: (1) the expenses eligible for reimbursement or the amount of in-kind benefits provided in one taxable year shall not affect the expenses eligible for 

 

		
	
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reimbursement or the amount of in-kind benefits provided in any other taxable year, except for any medical reimbursement arrangements providing for the reimbursement of expenses referred to in section 105(b) of the Code; (2) the reimbursement of an eligible expense shall be made no later than the end of the year following the year in which such expense was incurred; and (3) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit.

(ii)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 considered “deferred compensation” (as defined under Treasury Regulation section 1.409A-1(b)(1), after giving effect to the exemptions in Treasury Regulation sections 1.409A-1(b)(3) through (b)(12)) upon or following a termination of employment unless such termination is also a “separation from service” and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.”  For purposes of section 409A of the Code, the date as of which Company and Executive reasonably anticipate that no further services would be performed by Executive for Company shall be construed as the date that Executive first incurs a “separation from service” as defined under section 409A of the Code.

(iii)Notwithstanding anything in this Agreement to the contrary, if a payment obligation arises on account of Executive’s separation from service while Executive is a “specified employee” as described in section 409A of the Code and the Treasury Regulations thereunder and as determined by Company in accordance with its procedures, by which determination Executive is bound, any payment of “deferred compensation” (as defined under Treasury Regulation section 1.409A-1(b)(1), after giving effect to the exemptions in Treasury Regulation sections 1.409A-1(b)(3) through (b)(12)) shall be made on the first business day of the seventh month following the date of Executive’s separation from service, or, if earlier, within fifteen (15) days after the appointment of the personal representative or executor of Executive’s estate following Executive’s death together with interest on them for the period of delay at a rate equal to the average prime interest rate published in the Wall Street Journal on any day chosen by the Company during that period.  Thereafter, Executive shall receive any remaining payments as if there had not been an earlier delay.

(iv)Notwithstanding anything to the contrary contained in this Agreement, (i) the Executive shall have no legally-enforceable right to, and the Company shall have no obligation to make, any payment or provide any benefit to Executive if having such a right or obligation would result in the imposition of additional taxes under section 409A of the Code, and (ii) any provision that would cause any payment or benefit to fail to satisfy section 409A will have no force and effect until amended to comply therewith (which amendment may be retroactive to the extent permitted by section 409A and may be accomplished by the Company without the Executive’s consent).   If any payment is not made or any benefit is not provided under the terms of this Section 16(c)(iv), it is the Company’s present intention to make a similar payment or provide a similar benefit to the Executive in a manner that will not result in the imposition of additional taxes under section 409A of the Code, to the extent feasible.  Each payment made under this Agreement is intended to be a separate payment for the purposes of section 409A of the Code. 

(v)The Company does not guarantee any particular tax effect to Executive under this Agreement.  Company shall not be liable to Executive for any payment made under this Agreement that is determined to result in an additional tax, penalty or interest under section 409A of the Code, nor for reporting in good faith any payment made under this Agreement as an amount includible in gross income under section 409A of the Code.  The parties intend this Agreement to be exempt from, or comply with, the requirements of Section 409A of the Code and the final regulations and any guidance promulgated thereunder so that none of the payments and benefits to be provided hereunder will be subject to the additional tax imposed by Section 409A.  Any ambiguities or ambiguous terms shall be interpreted to so be exempt or comply, and this Agreement shall be administered in accordance with such intent. 

 

		
	
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17.U.S. Citizenship and Immigration Services; Confidentiality and Inventions Agreement.  Executive agrees to timely file all documents required by the Department of Homeland Security to verify his/her identity and lawful employment in the United States.  In addition, as a condition to Executive’s employment with the Company, Executive is required to complete, sign, return, and abide by the Company’s Employee Confidentiality and Inventions Agreement.  

18.Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute the same instrument.

19.Resignation from Positions.  Upon Executive’s cessation of employment with the Company for any reason, Executive agrees that Executive shall be deemed to have resigned as an officer and as a director (if applicable) from the Company and every subsidiary of the Company on which Executive is then serving as an officer or director, and from any other entity or company on which Executive is then serving as a director or officer at the request of the Company, in each case effective as of the date of Executive’s cessation of employment. In the event of Executive’s cessation of employment, Executive agrees to execute a general resignation resigning from all positions then held by Executive on every subsidiary of the Company and other entity or company on which Executive is then serving as a director or officer at the request of the Company.  Executive hereby grants the corporate secretary of the Company an irrevocable power of attorney to execute on behalf of Executive all such resignations, documents and instruments and to take all such other actions as reasonably necessary to carry out the intention of this Section 19.

20. Executive’s Commencement of Employment. It is a condition precedent to the effectiveness of this Agreement that Executive commences working full-time for the Company at the Company’s principal executive offices on the Effective Date.  If Executive does not commence such full-time employment on the Effective Date, then this Agreement shall be null and void and the Company shall have no obligations hereunder or otherwise to Executive.    

21.Executive’s Acknowledgement. 

 

	
	
EXECUTIVE ACKNOWLEDGES THAT ALL UNDERSTANDINGS AND AGREEMENTS BETWEEN THE COMPANY AND HIM/HER RELATING TO THE SUBJECTS COVERED IN THIS AGREEMENT ARE CONTAINED IN IT (INCLUDING THE AGREEMENTS SET FORTH AS EXHIBITS) AND THAT HE/SHE HAS ENTERED INTO THIS AGREEMENT VOLUNTARILY AND NOT IN RELIANCE ON ANY PROMISES OR REPRESENTATIONS BY THE COMPANY OTHER THAN THOSE CONTAINED IN THIS AGREEMENT.

 

Executive FURTHER ACKNOWLEDGES THAT HE/SHE HAS CAREFULLY READ THIS AGREEMENT (INCLUDING THE AGREEMENTS SET FORTH AS EXHIBITS), THAT HE/SHE UNDERSTANDS ALL OF SUCH AGREEMENTS, AND THAT HE/SHE HAS BEEN GIVEN THE OPPORTUNITY TO DISCUSS SUCH AGREEMENTS WITH HIS/HER PRIVATE LEGAL COUNSEL AND HAS AVAILED HIMSELF/HERSELF OF THAT OPPORTUNITY TO THE EXTENT HE/SHE WISHED TO DO SO.  EXECUTIVE UNDERSTANDS THAT THE DISPUTE RESOLUTION PROVISIONS OF THIS AGREEMENT GIVE UP THE RIGHT TO A JURY TRIAL ON MATTERS COVERED BY THEM.

 

(Signature page follows)

 

		
	
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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

 

	
Accuray Incorporated,

	
a Delaware Corporation

	
 
	
 
	
 

	
By:
	
 
	
 

	
Name:
	
 
	
Joshua Levine

	
Title:
	
 
	
President & Chief Executive Officer

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
 

	
Name:
	
 
	
Patrick Spine

	
Title:
	
 
	
Senior Vice President, Chief Administrative Officer

 

	
Accepted and Agreed,

	
 
	
 
	
 

	
Jesse Chew:
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
Signed on:
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

 

 

 

		
	
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Exhibit A

FORM OF SEPARATION AGREEMENT AND GENERAL RELEASE

[See attached]

 

 

		
	
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SEPARATION AGREEMENT AND GENERAL RELEASE

This Separation Agreement and General Release (this “Agreement”) is hereby entered into by and between __________________, an individual (“Executive”), and Accuray Incorporated, a Delaware corporation, on behalf of itself and all of its subsidiaries (collectively, the “Company”). 

Recitals

A.Executive has been employed by the Company pursuant to an employment agreement by and between the Company and Executive effective as of [DATE] (the “Employment Agreement”), and currently is serving as [specify position held at time of termination];

 

B.Executive’s employment with the Company and any of its parents, direct or indirect subsidiaries, affiliates, divisions, or related entities (collectively referred to herein as the “Company and its Related Entities”) will be ended on the terms and conditions set forth in this Agreement.  

Agreement

In consideration of the mutual promises contained herein and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereby agree as follows:

1.Effective Date. Except as otherwise provided herein, this Agreement shall be effective on the eighth day after it has been executed by both of the parties (the “Effective Date”).

2.End of Employment and Service as a Director. Executive’s employment with the Company and its Related Entities has ended or will end effective as of ___________ Pacific Time, on _________________ (the “Termination Date”). If Executive is an officer or a member of the Board of Directors of the Company and/or its Related Entities (the “Board”) Executive hereby voluntarily resigns from any such officer positions and the Board, effective _________________.

3.Continuation of Benefits After the Termination Date. Except as expressly provided in this Agreement or in the plan documents governing the Company’s employee benefit plans, after the Termination Date, Executive will no longer be eligible for, receive, accrue, or participate in any other benefits or benefit plans provided by the Company and its Related Entities, including, without limitation, medical, dental and life insurance benefits, and the Company’s 401(k) retirement plan; provided, however, that nothing in this Agreement shall waive Executive’s right to any vested benefits, including vested amounts in the Company’s 401(k) retirement plan, which amounts shall be handled as provided in the plan.

4.Payments Upon Termination.  Executive will be entitled to receive payment of the following:  (i) all earned but unpaid compensation (including accrued unpaid vacation) through the effective date of termination, payable on or before the termination date; and (ii) reimbursement, made in accordance with Section 4(e) of the Employment Agreement, of any monies advanced or incurred by Executive in connection with his/her employment for reasonable and necessary Company-related expenses incurred on or before the Termination Date.  The provisions of this Agreement shall not waive or terminate any rights to compensation or vested benefits under the Company’s benefits plans or as required by law, or to indemnification Executive may have under the Company’s Certificate of Incorporation, Bylaws or separate indemnification agreement, as applicable.  

 

		
	
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5.Severance Benefits or Enhanced Severance Benefits.  In return for Executive’s promises in this Agreement, the Company will provide Executive with the Severance Benefits or Enhanced Severance Benefits as defined in Sections 5(a) and 5(e) of the Employment Agreement and as applicable based on the nature of the termination, subject to the terms and conditions set forth in the Employment Agreement, including, but not limited to, Section 16 thereof.  The Severance Benefits or Enhanced Severance Benefits will be paid as specified in Section 5(a) or Section 5(e) of the Employment Agreement, as applicable and shall be subject to required withholdings and authorized deductions and to Section 21 below.  

6.Effect of Revocation or Subsequent Employment. 

(a)If Executive properly revokes this Agreement in accordance with Section 13 below, Executive shall not be entitled to receive the payments and benefits under Section 5, above, except that Executive’s rights under COBRA will continue (but not, for purposes of clarity, the right to be reimbursed for COBRA premiums or receive any COBRA Substitute Payments (as defined in the Employment Agreement)).

(b)The Company’s obligation to reimburse premiums for insurance coverage under COBRA or otherwise will be extinguished as of the date Executive’s coverage begins under the group health plan of any new employer or would have begun had Executive elected to participate in any such group health plan.  If Executive violates the restrictions in Section 17, below, the Company’s obligation to pay premiums for insurance under COBRA or otherwise will be immediately extinguished, and the other remedies specified in Section 17, below, shall apply.  

7.Acknowledgement of Total Compensation and Indebtedness. Executive acknowledges and agrees that the cash payments under Sections 4 and 5 of this Agreement extinguish any and all obligations for monies, or other compensation or benefits that Executive claims or could claim to have earned or claims or could claim is owed to him/her as a result of his/her employment by the Company and its Related Entities through the Termination Date, under the Employment Agreement or otherwise.  Notwithstanding the foregoing, the parties acknowledge and agree that the provisions of this Section 7 shall not terminate any rights Executive has under Section 3 of this Agreement or to other payments Executive may have, and to any indemnification Executive may have under the Company’s Bylaws or separate indemnification agreement, as applicable.

8.Status of Related Agreements and Future Employment. 

(a)Agreements Between Executive and the Company. [Agreements to be scheduled at time].  

(b)Employment Agreement. The parties agree that the Employment Agreement shall be terminated as of the Termination Date. Notwithstanding the termination of the Employment Agreement, the parties hereto acknowledge that certain rights and obligations set forth in the Employment Agreement extend beyond the Termination Date.  In the event that any provision of this Agreement conflicts with Section 6 of the Employment Agreement, the terms and provisions of the section(s) providing the greatest protection to the Company and its Related Entities shall control.

9.Release by Executive.  

(a)Except for any obligations or covenants of the Company pursuant to this Agreement and as otherwise expressly provided in this Agreement, Executive, for himself/herself and his/her heirs, executors, administrators, assigns, successors and agents (collectively, the “Executive’s 

 

		
	
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Affiliates”) hereby fully and without limitation releases and forever discharges the Company and its Related Entities, and each of their respective agents, representatives, stockholders, owners, officers, directors, employees, consultants, attorneys, auditors, accountants, investigators, affiliates, successors and assigns (collectively, the “Company Releasees”), both individually and collectively, from any and all waivable rights, claims, demands, liabilities, actions, causes of action, damages, losses, costs, expenses and compensation, of whatever nature whatsoever, known or unknown, fixed or contingent, which Executive or any of Executive’s Affiliates has or may have or may claim to have against the Company Releasees by reason of any matter, cause, or thing whatsoever, from the beginning of time to the Effective Date (“Claims”), arising out of, based upon, or relating to his/her employment or the termination of his/her employment with the Company and its Related Entities and/or his/her service as an officer of any of the Company Releasees, any agreement or compensation arrangement between Executive and any of the Company Releasees, to the maximum extent permitted by law.  

(b)Executive specifically and expressly releases any Claims arising out of or based on: the California Fair Employment and Housing Act, Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the National Labor Relations Act and the Equal Pay Act, as the same may be amended from time to time; the California common law on fraud, misrepresentation, negligence, defamation, infliction of emotional distress or other tort, breach of contract or covenant, violation of public policy or wrongful termination; state or federal wage and hour laws, and other provisions of the California Labor Code, to the extent these may be released herein as a matter of law; or any other state or federal law, rule, or regulation dealing with the employment relationship, except those claims which may not be released herein as a matter of law.

(c)Nothing contained in this Section 9 or any other provision of this Agreement shall release or waive any right that Executive has to indemnification and/or reimbursement of expenses by the Company and its Related Entities with respect to which Executive may be eligible as provided in California Labor Code section 2802, the Company’s and its Related Entities’ Certificates of Incorporation, Bylaws and any applicable directors and officers, errors & omissions, umbrella or general liability insurance policies, any indemnification agreements, including the Employment Agreement; or any other applicable source, nor prevent Executive from cooperating in an investigation of the Company by the Equal Employment Opportunity Commission (“EEOC”).  

10.Waiver of Civil Code Section 1542.

(a)Executive understands and agrees that the release provided herein extends to all Claims released above whether known or unknown, suspected or unsuspected, which may be released as a matter of law. Executive expressly waives and relinquishes any and all rights he/she may have under California Civil Code section 1542, which provides as follows:

“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”

(b)Executive expressly waives and releases any rights and benefits which he/she has or may have under any similar law or rule of any other jurisdiction. It is the intention of each party through this Agreement to fully, finally and forever settle and release the Claims as set forth above. In furtherance of such intention, the release herein given shall be and remain in effect as a full and complete release of such matters notwithstanding the discovery of any additional Claims or facts relating thereto. 

 

		
	
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11.[If Executive is age 40 or over on Termination Date]  Release of Federal Age Discrimination Claims by Executive. Executive hereby knowingly and voluntarily waives and releases all rights and claims, known or unknown, arising under the Age Discrimination In Employment Act of 1967, as amended, which he/she might otherwise have had against the Company or any of the Company Releasees regarding any actions which occurred prior to the date that Executive signed this Agreement, except that Executive is not prevented from cooperating in an investigation by the EEOC or from filing an EEOC charge other than for personal relief.

12.Release by Company and its Related Entities.  The Company and its Related Entities hereby release and forever discharge Executive, from any and all waivable actions, causes of action, covenants, contracts, claims and demands of whatever character, nature and kind, whether known or unknown, which the Company and its Related Entities ever had, now have, or any of them hereafter can, shall or may have by reason of Executive’s employment and/or his/her service as a director and/or officer of the Company and/or its Related Entities; provided, however, that this general release shall not apply, or be deemed or construed to apply, to (a) any of Executive’s continuing obligations pursuant to this Agreement or the Employment Agreement,  (b) criminal conduct or acts or omissions constituting willful misconduct or gross negligence by Executive during his/her employment with the Company, or (c) recoupment of all or a portion of any previously awarded bonus or equity award pursuant to the Company’s Recoupment (Clawback) Policy that was in effect when the bonus was paid or the equity award vested or was exercised by Executive, whichever was later.

13.[If Executive is age 40 or over on Termination Date]  Review and Revocation Rights. Executive hereby is advised of the following:

(a)Executive has the right to consult with an attorney before signing this Agreement and is encouraged by the Company to do so; 

(b)Executive has twenty-one (21) days from his/her receipt of this Agreement to consider it; and

(c)Executive has seven (7) days after signing this Agreement to revoke this Agreement, and this Agreement will not be effective until that revocation period has expired without revocation. Executive agrees that in order to exercise his/her right to revoke this Agreement within such seven (7) day period, he/she must do so in a signed writing delivered to the Company’s Board before the close of business on the seventh calendar day after he/she signs this Agreement.

14.Confidentiality of Agreement. After the execution of this Agreement by Executive, neither Executive, his/her attorney, nor any person acting by, through, under or in concert with them, shall disclose any of the terms of or amount paid under this Agreement (other than to state that the Company has filed this Agreement and/or agreements related thereto as public documents) or the negotiation thereof to any individual or entity; provided, however, that the foregoing shall not prevent such disclosures by Executive to his/her attorney, tax advisors and/or immediate family members, as may be required by law, or in connection with Protected Activity (as defined in the Employment Agreement).

15.No Filings. Executive represents that he/she has not filed any lawsuits, claims, charges or complaints, which are pending as of the date hereof, against the Company Releasees with any local, state or federal agency or court from the beginning of time to the date of execution of this Agreement, and that Executive is not aware of any facts that would support any Claims or any compliance-related or code of ethics violations of any kind whatsoever against the Company Releasees, including without limitation any claims for any work-related injuries.  If Executive hereafter commences, joins in, or in any manner seeks relief through any suit arising out of, based upon, or relating to any of the Claims released in this Agreement, 

 

		
	
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or in any manner asserts against the Company Releasees any of the Claims released in this Agreement, then Executive agrees to pay to the Company Releasees against whom such Claim(s) is asserted, in addition to any other damages caused thereby, all attorneys’ fees incurred by the Company Releasees in defending or otherwise responding to the suit or Claim; provided, however, that this provision shall not obligate Executive to pay the Company Releasees’ attorneys’ fees in any action challenging the release of claims under the Older Workers Benefit Protection Act or the ADEA, unless otherwise allowed by law. If any governmental agency or court ever assumes jurisdiction over any such lawsuit, claim, charge or complaint and/or purports to bring any legal proceeding, in whole or in part, on behalf of Executive based upon events occurring prior to the execution of this Agreement, Executive will request such agency or court to withdraw from and/or to dismiss the lawsuit, claim, charge or complaint with prejudice. 

16.Confidential and Proprietary Information. Executive acknowledges that certain information, observations and data obtained by him/her during the course of or related to his/her employment with the Company and its Related Entities (including, without limitation, projection programs, business plans, business matrix programs (i.e., measurement of business), strategic financial projections, certain financial information, shareholder information, technology and product design information, marketing plans or proposals, personnel information, customer lists and other customer information) are the sole property of the Company and its Related Entities and constitute Proprietary Information as defined in Section 6 of the Employment Agreement.  Executive represents and warrants that he/she has returned all files, customer lists, financial information and other property of the Company and its Related Entities that were in Executive’s possession or control without retaining copies thereof (other than a copy of the Employee Handbook and personnel records relating to Executive’s employment).  Executive further represents and warrants that he/she does not have in his/her possession or control any files, customer lists, financial information or other property of the Company and its Related Entities. In addition to his/her promises in Section 6 of the Employment Agreement, Executive agrees that he/she will not disclose to any person or use any such information, observations or data without the written consent of the Board.  If Executive is served with a deposition subpoena or other legal process calling for the disclosure of such information, or if he/she is contacted by any third person requesting such information, he/she will notify the Board as soon as is reasonably practicable after receiving  notice and will reasonably cooperate with the Company and its Related Entities in minimizing the disclosure thereof; provided, that nothing in this Agreement will (i) affect Executive’s obligations to testify truthfully in response to any subpoena or other legally required discovery proceeding or (ii) in any way limit or prohibit Executive from engaging in Protected Activity.

17.Prohibited Activities.

(a)Non-Solicitation of Customers and Other Business Partners.  Executive recognizes that by virtue of his/her employment with the Company, he/she will be introduced to and involved in the solicitation and servicing of existing customers and other business partners of the Company and new customers and business partners obtained by the Company during his/her employment.  Executive understands and agrees that all efforts expended in soliciting and servicing such customers and business partners shall be for the benefit of the Company.  Executive further agrees that during his/her employment with the Company he/she will not engage in any conduct which could in any way jeopardize or disturb any of the customer and business partner relationships of the Company.  In addition, to the extent permitted under applicable law, Executive agrees that, for a period beginning on the Effective Date and ending twelve (12) months after termination of Executive’s employment with the Company, regardless of the reason for such termination, Executive shall not use any Proprietary Information to, directly or indirectly, solicit, direct, interfere with, or entice away from the Company any existing customer, licensee, licensor, vendor, contractor or distributor of the Company or for the customer or other business partner to expand its business with a competitor, without the prior written consent of the Board.  

 

		
	
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(b)Non-Solicitation of Employees.  Executive recognizes the substantial expenditure of time and effort which the Company devotes to the recruitment, hiring, orientation, training and retention of its employees.  Accordingly, Executive agrees that, for a period beginning on the Effective Date and ending twelve (12) months after termination of Executive’s employment with the Company, regardless of the reason for such termination, Executive shall not use any Proprietary Information, directly or indirectly, for himself/herself or on behalf of any other person or entity, to solicit, offer employment to, hire or otherwise retain the services of any employee of the Company in a position classified as exempt from overtime pay requirements.  For purposes of the foregoing, “employee of the Company” shall include any person who was an employee of the Company at any time within six (6) months prior to the prohibited conduct.  

(c)Scope of Restrictions. Executive agrees that the restrictions in Sections 17 (a) and (b), above, are reasonable and necessary to protect the Company’s trade secrets and that they do not foreclose Executive from working in the medical device industry generally.  To the extent that any of the provisions in this Section 17 are held to be overly broad or otherwise unenforceable at the time enforcement is sought, Executive agrees that the provision shall be reformed and enforced to the greatest extent permissible by law.  Executive further agrees that if any portion of this Section 17 is held to be unenforceable, that the remaining provisions of it shall be enforced as written. 

18.Remedies. Executive acknowledges that any misuse of Proprietary Information belonging to the Company and its Related Entities, or any violation of Section 6 of the Employment Agreement, and any violation of Sections 14, 16 and 17 of this Agreement, will result in irreparable harm to the Company and its Related Entities, and therefore, the Company and its Related Entities shall, in addition to any other remedies, be entitled to immediate injunctive relief. To the extent there is any conflict between Section 6 of the Employment Agreement and this Section 18, the provision providing the greatest protection to the Company and its Related Entities shall control. In addition, in the event of a breach of any provision of this Agreement by Executive, including Sections 14, 16 and 17, Executive shall forfeit, and the Company and its Related Entities may withhold payment of any unpaid portion of, the Severance Benefits or Enhanced Severance Benefits provided under Section 5, above.  

19.Cooperation Clause.

(a)To facilitate the orderly conduct of the Company and its Related Entities’ businesses, for the twelve (12)-month period following the Effective Date, Executive agrees to cooperate, at no charge, with the Company and its Related Entities’ reasonable requests for information or assistance related to the time of his/her employment.

(b)For the twelve (12)-month period following the Effective Date, Executive agrees to cooperate, at no charge, with the Company’s and its Related Entities’ and its or their counsel’s reasonable requests for information or assistance related to (i) any investigations (including internal investigations) and audits of the Company’s and its Related Entities’ management’s current and past conduct and business and accounting practices and (ii) the Company’s and its Related Entities’ defense of, or other participation in, any administrative, judicial, or other proceeding arising from any charge, complaint or other action which has been or may be filed relating to the period during which Executive was employed by the Company and its Related Entities.   The Company will promptly reimburse Executive for his/her reasonable, customary and documented out-of-pocket business expenses in connection with the performance of his/her duties under this Section 19.  Except as required by law or authorized in advance by the Board of Directors of the Company, Executive will not communicate, directly or indirectly, with any third party other than Executive’s legal counsel, including any person or representative of any group of people or entity who is suing or has indicated that a legal action against the Company and its Related Entities or any of their 

 

		
	
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directors or officers is being contemplated, concerning the management or governance of the Company and its Related Entities, the operations of the Company and its Related Entities, the legal positions taken by the Company and its Related Entities, or the financial status of the Company and its Related Entities. If asked about any such individuals or matters, Executive shall say: “I have no comment,” and shall direct the inquirer to the Company. Executive acknowledges that any violation of this Section 19 will result in irreparable harm to the Company and its Related Entities and will give rise to an immediate action by the Company and its Related Entities for injunctive relief.

20.No Future Employment. Executive understands that his/her employment with the Company and its Related Entities will irrevocably end as of the Termination Date and will not be resumed at any time in the future. Executive agrees that he/she will not apply for, seek or accept employment by the Company and its Related Entities at any time, unless invited to do so by the Company and its Related Entities.

21.Tax Issues.  The parties agree that the payments and benefits provided under this Agreement, and all other contracts, arrangements or programs that apply to him/her, shall be subject to Section 16 of the Employment Agreement.  

22.Non-disparagement.  Executive agrees not to criticize, denigrate, or otherwise disparage the Company and its Related Entities, or any of their directors, officers, products, processes, experiments, policies, practices, standards of business conduct, or areas or techniques of research.  The Company agrees not to authorize or condone denigrating or disparaging statements about Executive to any third party, including by press release or other formally released announcement.  Factually accurate statements in legal or public filings shall not violate this provision.  In addition, nothing in this Section 22 shall prohibit Executive or the Company or the Board, or any of their employees or members from complying with any lawful subpoena or court order or taking any other actions affirmatively authorized by law.

23.Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California, without giving effect to principles of conflict of laws.

24.Dispute Resolution. The parties hereby agree that all disputes, claims or controversies arising from or otherwise in connection with this Agreement (except for injunctive relief sought by either party) between them and between Executive and any of the Company’s affiliated entities and the successor of all such entities, and any director, stockholder or employee of the Company will be resolved in accordance with Section 13 of the Employment Agreement, except for its attorneys’ fee provision. 

25.Attorneys’ Fees. Except as otherwise provided herein, in any action, litigation or proceeding between the parties arising out of or in relation to this Agreement, including any purported breach of this Agreement, the prevailing party shall be entitled to an award of its costs and expenses, including reasonable attorneys’ fees.

26.Non-Admission of Liability. The parties understand and agree that neither the payment of any sum of money nor the execution of this Agreement by the parties will constitute or be construed as an admission of any wrongdoing or liability whatsoever by any party.

27.Severability. If any one or more of the provisions contained herein (or parts thereof), or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity and enforceability of any such provision in every other respect and of the remaining provisions hereof will not be in any way impaired or affected, it being intended that all of the rights and privileges shall be enforceable to the fullest extent permitted by law.

 

		
	
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28.Entire Agreement. This Agreement represents the sole and entire agreement among the parties and, except as expressly stated herein, supersedes all prior agreements, negotiations and discussions among the parties with respect to the subject matters contained herein.

29.Waiver. No waiver by any party hereto at any time of any breach of, or compliance with, any condition or provision of this Agreement to be performed by any other party hereto may be deemed a waiver of similar or dissimilar provisions or conditions at the same time or at any prior or subsequent time.

30.Amendment. This Agreement may be modified or amended only if such modification or amendment is agreed to in writing and signed by duly authorized representatives of the parties hereto, which writing expressly states the intent of the parties to modify this Agreement.

31.Counterparts. This Agreement may be executed in counterparts, each of which will be deemed to be an original as against any party that has signed it, but both of which together will constitute one and the same instrument.

32.Assignment. This Agreement inures to the benefit of and is binding upon the Company and its successors and assigns, but Executive’s rights under this Agreement are not assignable, except to his/her estate. 

33.Notice. All notices, requests, demands, claims and other communications hereunder shall be in writing and shall be deemed to have been duly given (a) if personally delivered or delivered by overnight courier; (b) if sent by electronic mail, telecopy or facsimile (except for legal process); or (c) if mailed by overnight or by first class, United States certified or registered mail, postage prepaid, return receipt requested, and properly addressed as follows:

 

			
	
If to the Company:
	
 
	
Accuray Incorporated

	
 
	
 
	
1310 Chesapeake Terrace

	
 
	
 
	
Sunnyvale, California 94089

	
 
	
 
	
Attn: Board of Directors

	
 
	
 
	
c/o Corporate Secretary

	
 
	
 
	
Fax No. (408) 789-4205

	
 
	
 
	
 

	
If to Executive:
	
 
	
Address: most recent on file with the Company

	
 
	
 
	
Email: most recent on file with the Company

 

Such addresses may be changed, from time to time, by means of a notice given in the manner provided above. Notice will conclusively be deemed to have been given when personally delivered (including, but not limited to, by messenger or courier); or if given by mail, on the third business day after being sent by first class, United States certified or registered mail; or if given by Federal Express or other similar overnight service, on the date of delivery; or if given by electronic mail, telecopy or facsimile machine during normal business hours on a business day, when confirmation of transmission is indicated by the sender’s machine; or if given by electronic mail, telecopy or facsimile machine at any time other than during normal business hours on a business day, the first business day following when confirmation of transmission is indicated by the sender’s machine. Unless otherwise agreed, notices, requests, demands and other communications delivered to legal counsel of any party hereto, whether or not such counsel shall consist of in-house or outside counsel, shall not constitute duly given notice to any party hereto.

 

		
	
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34.Miscellaneous Provisions.

(a)The parties represent that they have read this Agreement and fully understand all of its terms; that they have conferred with their attorneys, or have knowingly and voluntarily chosen not to confer with their attorneys about this Agreement; that they have executed this Agreement without coercion or duress of any kind; and that they understand any rights that they have or may have, and they are signing this Agreement with full knowledge of any such rights. 

(b)Both parties have participated in the drafting of this Agreement with the assistance of counsel to the extent they desired. The language in all parts of this Agreement must be in all cases construed simply according to its fair meaning and not strictly for or against any party. Whenever the context requires, all words used in the singular must be construed to have been used in the plural, and vice versa, and each gender must include any other gender. The captions of the Sections of this Agreement are for convenience only and must not affect the construction or interpretation of any of the provision herein. 

(c)Each provision of this Agreement to be performed by a party hereto is both a covenant and condition, and is a material consideration for the other party’s performance hereunder, and any breach thereof by the party will be a material default hereunder. All rights, remedies, undertakings, obligations, options, covenants, conditions and agreements contained in this Agreement are cumulative and no one of them is exclusive of any other. Time is of the essence in the performance of this Agreement.

(d)Each party acknowledges that no representation, statement or promise made by any other party, or by the agent or attorney of any other party, except for those in this Agreement, has been relied on by him/her or it in entering into this Agreement.

(e)Unless expressly set forth otherwise, all references herein to a “day” are deemed to be a reference to a calendar day. All references to “business day” mean any day of the year other than a Saturday, Sunday or a public or bank holiday in Orange County, California. Unless expressly stated otherwise, cross-references herein refer to provisions within this Agreement and are not references to any other document. 

(f)Each party to this Agreement will cooperate fully in the execution of any and all other documents and in the completion of any additional actions that may be necessary or appropriate to give full force and effect to the terms and intent of this Agreement.

EACH OF THE PARTIES ACKNOWLEDGES THAT HE/SHE/IT HAS READ THIS AGREEMENT, UNDERSTANDS IT AND IS VOLUNTARILY ENTERING INTO IT, AND THAT IT INCLUDES A WAIVER OF THE RIGHT TO A TRIAL BY JURY, AND, WITH RESPECT TO EXECUTIVE, HE/SHE UNDERSTANDS THAT THIS AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS. 

(Signature page follows)

 

		
	
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IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the dates written below.

 

	
EXECUTIVE:
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
Date:
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
COMPANY:
	
 
	
Accuray Incorporated

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
 
	
 

	
 
	
 
	
Name:
	
 
	
 

	
 
	
 
	
Title:
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
Date:
	
 
	
 

 

 

		
	
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Exhibit B

SECTION 7 OF THE DEFEND TRADE SECRETS ACT OF 2016

“ . . . An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that—(A) is made—(i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. . . . An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual—(A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.”  

 

 

		
	
Executive Employment Agmt Std 11.10.20
	
Accuray ConfidentialExhibit 10.1

 

CONFIDENTIAL

 

SUBSCRIPTION AGREEMENT

 

This SUBSCRIPTION AGREEMENT
(this “Subscription Agreement”) is entered into on February 1, 2021, by and among FAST Acquisition Corp., a
Delaware corporation (the “Company”), FAST Merger Corp., a newly formed Texas corporation that is a wholly owned
subsidiary of the Company (“Newco”) and the undersigned subscriber (“Subscriber”).

 

WHEREAS, the Company
has entered into a Merger Agreement with Fertitta Entertainment, Inc., a Texas corporation (“FEI”), and the other parties
thereto, dated as of February 1, 2021, providing for the combination of the Company and FEI (the “Merger Agreement”
and the transactions contemplated by the Merger Agreement, the “Transaction”);

 

WHEREAS, in connection
with the Transaction, Subscriber desires to subscribe for and purchase from the Company, immediately prior to the consummation
of the Transaction, that number of shares of the Company’s Class A common stock, par value $0.0001 per share (the “Common
Stock”), the Subscribed Shares (as defined below) for a purchase price of $10.00 per share (the “Per Share Price”
and the aggregate of such Per Share Price for all Subscribed Shares being referred to herein as the “Purchase Price”),
and the Company desires to issue and sell to Subscriber the Subscribed Shares in consideration of the payment of the Purchase Price
by or on behalf of Subscriber to the Company;

 

WHEREAS, concurrently
with the execution of this Subscription Agreement, the Company is entering into subscription agreements (the “Other Subscription
Agreements” and together with the Subscription Agreement, the “Subscription Agreements”) with certain
other investors (the “Other Subscribers” and together with Subscriber, the “Subscribers”),
which are on substantially the same terms as the terms of this Subscription Agreement, pursuant to which such Subscribers have
agreed to purchase on the closing date of the Transaction (the “Closing Date”), inclusive of the Subscribed
Shares, an aggregate amount of up to 124,000,000 shares of Common Stock, at the Per Share Price;

 

WHEREAS, pursuant to
that certain Merger Agreement, (i) the Company, will merge with and into Newco, with Newco surviving the merger, and (ii) FEI will
merge with and into a newly formed Texas corporation that is wholly owned subsidiary of Newco, with FEI surviving the Merger as
a wholly owned subsidiary of Newco (the “Mergers”); and

 

WHEREAS, in
connection with the Mergers and immediately following the consummation of the transactions contemplated by the Subscription Agreements,
each share of the common stock of the Company (including each share of Common Stock) will be exchanged for one share of Class A
common stock, par value $0.0001 per share of Newco (collectively, the “Newco Common Stock”).

 

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.
Subject to the terms and conditions hereof, at the Closing (as defined below), Subscriber hereby agrees to subscribe for and purchase,
and the Company hereby agrees to issue and sell to Subscriber, upon the payment of the Purchase Price, the Subscribed Shares (such
subscription and issuance, the “Subscription”). As used herein, the term “Subscribed Shares”
means (a) prior to the consummation of the Mergers, the number of shares of Common Stock set forth on the signature page hereto,
and (b) following the Mergers, the number of shares of Newco Common Stock to be received by the Subscriber by virtue of the Mergers
in respect of such shares of Common Stock.

 

     

     

    

 

2. Closing.

 

a. The
consummation of the Subscription contemplated hereby (the “Closing”) shall occur on the Closing Date immediately
prior to, and is contingent upon, the consummation of the Transaction.

 

b. At
least five (5) Business Days (as defined below) before the anticipated Closing Date, the Company shall deliver written notice to
Subscriber (the “Closing Notice”) specifying (i) the anticipated Closing Date and (ii) the wire instructions for delivery
of the Purchase Price to the Company. No later than two (2) Business Days prior to the Closing Date, Subscriber shall deliver to
the Company such information as is reasonably requested in the Closing Notice in order for the Company to issue the Subscribed
Shares to Subscriber, including, without limitation, the legal name of the person in whose name the Subscribed Shares are to be
issued. No later than two (2) Business Days prior to the Closing Date, Subscriber shall deliver the Purchase Price for the Subscribed
Shares by wire transfer of United States dollars in immediately available funds to the account specified by the Company in the
Closing Notice, such funds to be held by the Company in escrow until the Closing. Upon satisfaction (or, if applicable, waiver)
of the conditions set forth in this Section 2, the Company shall deliver to Subscriber (i) at the Closing, the Subscribed Shares
in book entry form, free and clear of any liens or other restrictions (other than those arising under state or federal securities
laws), in the name of Subscriber (or its nominee in accordance with its delivery instructions), and (ii) as promptly as practicable
after the Closing, evidence from the Company’s transfer agent of the issuance to Subscriber of the Subscribed Shares on and
as of the Closing Date. Notwithstanding the foregoing two sentences, for any Subscriber that informs the Company (1) that it is
an investment company registered under the Investment Company Act of 1940, as amended or (2) that it is advised by an investment
adviser subject to regulation under the Investment Advisers Act of 1940, as amended, then, in lieu of the settlement procedures
in the foregoing two sentences, the following shall apply: such Subscriber shall deliver at 8:00 a.m. New York City time on the
Closing Date (or as soon as practicable following receipt of evidence from the Company’s transfer agent of the issuance to
Subscriber of the Subscribed Shares on and as of the Closing Date) the Purchase Price for the Subscribed Shares by wire transfer
of United States dollars in immediately available funds to the account specified by the Company in the Closing Notice against delivery
by the Company to Subscriber of the Subscribed Shares in book entry form, free and clear of any liens or other restrictions (other
than those arising under state or federal securities laws), in the name of Subscriber (or its nominee in accordance with its delivery
instructions) or to a custodian designated by Subscriber, as applicable, and evidence from the Company’s transfer agent of
the issuance to Subscriber of the Subscribed Shares on and as of the Closing Date. If the consummation of the Transaction does
not occur within two (2) Business Days after the anticipated Closing Date specified in the Closing Notice, unless otherwise agreed
to in writing by the Company and the Subscriber, the Company shall promptly (but in no event later than one (1) Business Day thereafter)
return the funds so delivered by Subscriber to the Company by wire transfer in immediately available funds to the account specified
by Subscriber, and any book entries representing the Subscribed Shares shall be deemed cancelled. Notwithstanding such return or
cancellation. (x) a failure to close on the anticipated Closing Date shall not, by itself, be deemed to be a failure of any of
the conditions to Closing set forth in this Section 2(b) to be satisfied or waived on or prior to the Closing Date, and (y) unless
and until this Subscription Agreement is terminated in accordance with Section 6, Subscriber shall remain obligated (A) to redeliver
funds to the Company following the Company’s delivery to Subscriber of a new Closing Notice and (B) to consummate the Closing
upon satisfaction of the conditions set forth in this Section 2. For the purposes of this Subscription Agreement, “Business
Day” means any day other than a Saturday, Sunday or a day on which the Federal Reserve Bank of New York is closed.

 

    2

     

    

 

c. The
Closing shall be subject to the satisfaction or valid waiver by the Company, on the one hand, or the Subscriber, on the other,
of the conditions that, on the Closing Date:

 

(i) no
suspension of the qualification of the Subscribed Shares for offering or sale or trading in any jurisdiction, or initiation or
threatening of any proceedings for any of such purposes, shall have occurred;

 

(ii) all
conditions precedent to the closing of the Transaction set forth in the Merger Agreement, including the approval of the Company’s
stockholders, shall have been satisfied or waived, and the closing of the Transaction shall be scheduled to occur concurrently
with or immediately following the Closing; and

 

(iii) no
governmental authority (including any gaming authority) shall have enacted, issued, promulgated, enforced or entered any 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 restraining or prohibiting consummation of the transactions
contemplated hereby; and no such governmental authority shall have instituted or threatened in writing a proceeding seeking to
impose any such restraint or prohibition.

 

d. The
obligation of the Company to consummate the Closing shall be subject to the satisfaction or valid waiver by the Company of the
additional conditions that, on the Closing Date:

 

(i) all
representations and warranties of Subscriber contained in this Subscription Agreement shall be true and correct in all material
respects (other than representations and warranties that are qualified as to materiality or Subscriber Material Adverse Effect
(as defined below), which representations and warranties shall be true in all respects) at and as of the Closing Date; and

 

(ii) Subscriber
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 Closing.

 

e. The
obligation of Subscriber to consummate the Closing shall be subject to the satisfaction or valid waiver by Subscriber of the additional
conditions that, on the Closing Date:

 

(i) all
representations and warranties of the Company contained in this Subscription Agreement shall be true and correct in all material
respects (other than representations and warranties that are qualified as to materiality or Company Material Adverse Effect (as
defined below), which representations and warranties shall be true in all respects) at and as of the Closing Date;

 

(ii) the
Company 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 Closing; and

 

(iii) there
shall have been no amendment, waiver or modification to the Merger Agreement that materially and adversely affects (x) the economic
benefits that Subscriber would reasonably expect to receive under this Subscription Agreement, except to the extent consented to
in writing by Subscriber, or (y) the Company.

 

f. Prior
to or at the Closing, Subscriber shall deliver to the Company all such other information as is reasonably requested in order for
the Company to issue the Subscribed Shares to Subscriber, including a duly completed and executed Internal Revenue Service Form
W-9 or appropriate Form W-8.

 

Company Representations
and Warranties. The Company represents and
warrants to Subscriber that:

 

a. Each
of the Company and Newco (i) is duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation,
(ii) has the requisite power and authority to own, lease and operate its properties, to carry on its business as it is now being
conducted and to enter into and, in the case of the Company, perform its obligations under this Subscription Agreement, and (iii)
is duly licensed or qualified to conduct its business and, if applicable, is in good standing under the laws of each jurisdiction
(other than its jurisdiction of incorporation) in which the conduct of its business or the ownership of its properties or assets
requires such license or qualification, except, with respect to the foregoing clause (iii), where the failure to be in good standing
would not reasonably be expected to have a Company Material Adverse Effect. For purposes of this Subscription Agreement, a “Company
Material Adverse Effect” means an event, change, development, occurrence, condition or effect with respect to the Company
and its subsidiaries, taken together as a whole (on a consolidated basis), that, individually or in the aggregate, would be reasonably
expected to have a material adverse effect on the Company’s business, properties, financial condition, stockholders’
equity or results of operations or materially affects the validity of the Subscribed Shares or the legal authority or ability of
the Company to consummate the transactions contemplated hereby, including the issuance and sale of the Subscribed Shares.

 

    3

     

    

 

b. The
Subscribed Shares have been duly authorized and, when issued and delivered to Subscriber against full payment therefor in accordance
with the terms of this Subscription Agreement, will be validly issued, fully paid and non-assessable and will not have been issued
in violation of any preemptive or similar rights created under the Company’s organizational documents or the laws of its
jurisdiction of incorporation.

 

c. This
Subscription Agreement has been duly executed and delivered by each of the Company and Newco, and assuming the due authorization,
execution and delivery of the same by Subscriber, this Subscription Agreement shall constitute the valid and legally binding obligation
of the Company and Newco, respectively, enforceable against each of the Company and Newco in accordance with its terms, except
as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and similar laws affecting creditors
generally and by the availability of equitable remedies.

 

d. Assuming
the accuracy of the representations and warranties of Subscriber, the execution and delivery of this Subscription Agreement, the
issuance and sale of the Subscribed Shares and the compliance by the Company with all of the provisions 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 the Company pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement,
lease, license or other agreement or instrument to which the Company is a party or by which the Company is bound or to which any
of the property or assets of the Company is subject; (ii) the organizational documents of the Company; 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 Company or any of its properties that, in the case of clauses (i) and (iii), would reasonably be expected to have a Company
Material Adverse Effect.

 

e. Assuming
the accuracy of the representations and warranties of the Subscriber, the Company 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 (including the New York Stock Exchange) or other person in connection
with the execution, delivery and performance of this Subscription Agreement (including, without limitation, the issuance of the
Subscribed Shares), other than (i) filings required by applicable state securities laws, (ii) the filing of the Registration Statement
(as defined below) pursuant to Section 5, (iii) other required filings with the Securities and Exchange Commission (the
“Commission”) relating to the Transaction, (iv) those required by the New York Stock Exchange, including with
respect to obtaining stockholder approval, if applicable, (v) those required to consummate the Transaction as provided under the
Merger Agreement, (vi) the filing of notification under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, if applicable,
(vii) any filings required by any relevant gaming authority and (viii) the failure of which to obtain would not reasonably be expected
to have a Company Material Adverse Effect.

 

    4

     

    

 

f. As
of their respective dates, all reports, statements, schedules, prospectuses, proxy statements, registration statements and other
documents required to be filed by the Company with the Commission prior to the date of this Subscription Agreement (the “SEC
Reports”) complied in all material respects with the requirements of the Securities Act of 1933, as amended (the “Securities
Act”) and the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the rules and regulations
of the Commission promulgated thereunder, and none of the SEC Reports, when filed, contained any untrue statement of a material
fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading. The Company has timely filed each SEC Report since its
initial registration of the Common Stock with the Commission. The financial statements of the Company included in the SEC Reports
comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect
thereto as in effect at the time of filing and fairly present in all material respects the financial position of the Company as
of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited
statements, to normal, year-end audit adjustments. There are no material outstanding or unresolved comments in comment letters
from the Staff of the Commission with respect to any of the SEC Reports.

 

g. As
of the date hereof, the authorized share capital of the Company consists of 380,000,000 shares of Common Stock, 20,000,000 shares
of Class B common stock, par value $0.0001 per share (“Class B Common Stock”), and 1,000,000 preferred shares,
par value $0.0001 per share (“Preferred Shares”). As of the date hereof: (i) 20,000,000 shares of Common Stock,
5,000,000 shares of Class B Common Stock and no Preferred Shares were issued and outstanding; (ii) 16,000,000 warrants, each exercisable
to purchase one share of Common Stock at $11.50 per share (“Warrants”), were issued and outstanding, including
6,000,000 private placement warrants; and (iii) no Common Stock was subject to issuance upon exercise of outstanding options. No
Warrants are exercisable on or prior to the Closing. All (i) issued and outstanding Common Stock has been duly authorized and validly
issued, is fully paid and non-assessable and is not subject to preemptive rights and (ii) outstanding Warrants have been duly authorized
and validly issued, are fully paid and are not subject to preemptive rights. As of the date hereof, except as set forth above and
pursuant to (i) the Other Subscription Agreements, and (ii) the Merger Agreement, there are no outstanding options, warrants or
other rights to subscribe for, purchase or acquire from the Company any Common Stock or other equity interests in the Company (collectively,
“Equity Interests”) or securities convertible into or exchangeable or exercisable for Equity Interests. As of
the date hereof, the Company has no subsidiaries and does not own, directly or indirectly, interests or investments (whether equity
or debt) in any person, whether incorporated or unincorporated. There are no stockholder agreements, voting trusts or other agreements
or understandings to which the Company is a party or by which it is bound relating to the voting of any Equity Interests, other
than (A) the letter agreements entered into by the Company in connection with the Company’s initial public offering on August
20, 2020 pursuant to which the Company’s sponsor and the Company’s executive officers and independent directors agreed
to vote in favor of any proposed Business Combination (as defined therein), which includes the Transaction, and (B) as contemplated
by the Merger Agreement. Except as described in the SEC Reports, there are no securities or instruments issued by or to which the
Company is a party containing anti-dilution or similar provisions that will be triggered by the issuance of (i) the Subscribed
Shares or (ii) the shares to be issued pursuant to any Other Subscription Agreement.

 

    5

     

    

 

h. Except
for such matters as have not had and would not reasonably be expected to have a Company Material Adverse Effect, there is no (i)
suit, action, proceeding or arbitration before a governmental authority or arbitrator pending, or, to the knowledge of the Company,
threatened in writing against the Company or (ii) judgment, decree, injunction, ruling or order of any governmental authority or
arbitrator outstanding against the Company.

 

i. The
issued and outstanding shares of Common Stock are registered pursuant to Section 12(b) of the Exchange Act, and are listed for
trading on the New York Stock Exchange under the symbol “FST.” There is no suit, action, proceeding or investigation
pending or, to the knowledge of the Company, threatened against the Company by the New York Stock Exchange or the Commission with
respect to any intention by such entity to deregister the shares of Common Stock or prohibit or terminate the listing of the shares
of Common Stock on the New York Stock Exchange. The Company has taken no action that is designed to terminate the registration
of the shares of Common Stock under the Exchange Act.

 

j. Upon
consummation of the Transaction, the issued and outstanding shares of Newco Common Stock will be registered pursuant to Section
12(b) of the Exchange Act and will be listed for trading on the New York Stock Exchange.

 

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 Subscribed Shares by the Company to Subscriber.

 

l. Neither
the Company nor any person acting on its behalf has engaged or will engage in any form of general solicitation or general advertising
(within the meaning of Regulation D) in connection with any offer or sale of the Subscribed Shares. The Subscribed Shares 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.

 

    6

     

    

 

m. The
Company is in compliance with all applicable laws, except where such non-compliance would not, individually or in the aggregate,
be reasonably expected to have a Company Material Adverse Effect. The Company has not received any written communication, from
a governmental authority that alleges that the Company 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 expected to have a Company Material Adverse
Effect.

 

n. Other
than the Other Subscription Agreements, the Company 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 Company, and no Other Subscription Agreement includes
terms and conditions that are materially more advantageous to any such other Subscriber than Subscriber hereunder. The Other Subscription
Agreements have not been amended in any material respect following the date of this Subscription Agreement and reflect the same
Per Share Price and terms that are no more favorable in any material respect to such Subscriber thereunder than the terms of this
Subscription Agreement.

 

o. Except
for the Placement Agent (as defined below), no broker or finder is entitled to any brokerage or finder’s fee or commission
solely in connection with the sale of the Subscribed Shares to Subscriber.

 

p. The
Company is not, and immediately after receipt of payment for the Subscribed Shares will not be, an “investment company”
within the meaning of the Investment Company Act of 1940, as amended.

 

q. The
Company acknowledges and agrees that, notwithstanding anything herein to the contrary, the Subscribed Shares may be pledged by
Subscriber in connection with a bona fide margin agreement, which shall not be deemed to be a transfer, sale or assignment of the
Subscribed Shares hereunder, and Subscriber effecting a pledge of Subscribed Shares shall not be required to provide Company with
any notice thereof or otherwise make any delivery to Company pursuant to this Agreement. Company hereby agrees to execute and deliver
such documentation as a pledgee of the Subscribed Shares may reasonably request in connection with a pledge of the Subscribed Shares
to such pledgee by Subscriber.

 

Subscriber Representations
and Warranties. Subscriber represents
and warrants to the Company that:

 

a. Subscriber
(i) is duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and (ii) has
the requisite power and authority to enter into and perform its obligations under this Subscription Agreement.

 

b. This
Subscription Agreement has been duly executed and delivered by Subscriber, and assuming the due authorization, execution and delivery
of the same by the Company, this Subscription Agreement shall constitute the valid and legally binding obligation of Subscriber,
enforceable against Subscriber in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium and similar laws affecting creditors generally and by the availability of equitable remedies.

 

    7

     

    

 

c. Assuming
the accuracy of the representations and warranties of the Company in this Subscription Agreement, the execution and delivery of
this Subscription Agreement, the purchase of the Subscribed Shares and the compliance by Subscriber with all of the provisions
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 pursuant to the terms of (i) any indenture,
mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which Subscriber is a party or by which
Subscriber is bound or to which any of the property or assets of Subscriber is subject; (ii) the organizational documents of Subscriber;
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 any of its properties that, in the case of clauses (i) and (iii), would reasonably be expected
to have, individually or in the aggregate, a Subscriber Material Adverse Effect. For purposes of this Subscription Agreement, a
“Subscriber Material Adverse Effect” means an event, change, development, occurrence, condition or effect with
respect to Subscriber that would reasonably be expected to have a material adverse effect on Subscriber’s ability to consummate
the transactions contemplated hereby, including the purchase of the Subscribed Shares.

 

d. Subscriber
(i) is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) or an “accredited
investor” (within the meaning of Rule 501(a) under the Securities Act) satisfying the applicable requirements set forth on
Annex A, (ii) is acquiring the Subscribed Shares only for its own account and not for the account of others, or if Subscriber is
subscribing for the Subscribed Shares as a fiduciary or agent for one or more investor accounts, Subscriber has full investment
discretion with respect to each such account, and the full power and authority to make the acknowledgements, representations and
agreements herein on behalf of each owner of each such account, and (iii) is not acquiring the Subscribed Shares with a view to,
or for offer or sale in connection with, any distribution thereof in violation of the Securities Act (and has provided the Company
with the requested information on Annex A following the signature page hereto). Subscriber is not an entity formed for the specific
purpose of acquiring the Subscribed Shares and is an “institutional account” as defined in FINRA Rule 4512(c).

 

    8

     

    

 

e. Subscriber
understands that the Subscribed Shares are being offered in a transaction not involving any public offering within the meaning
of the Securities Act and that the Subscribed Shares have not been registered under the Securities Act. Subscriber understands
that the Subscribed Shares may not be resold, transferred, pledged or otherwise disposed of by Subscriber absent an effective registration
statement under the Securities Act, except (i) to the Company or a subsidiary thereof, (ii) pursuant to an applicable exemption
from the registration requirements of the Securities Act (including, without limitation, a private resale pursuant to the so-called
“Section 4(a)(11⁄2)”), or (iii) an ordinary course pledge such as a broker lien over account property generally
and, in each of cases (i)-(iii), in accordance with any applicable securities laws of the states and other jurisdictions of the
United States, and as a result of these transfer restrictions, Subscriber may not be able to readily resell the Subscribed Shares
and may be required to bear the financial risk of an investment in the Subscribed Shares for an indefinite period of time. Subscriber
acknowledges and agrees that the Subscribed Shares will not be eligible for offer, resale, transfer, pledge or disposition pursuant
to Rule 144 promulgated under the Securities Act until at least one year from the Closing Date. Subscriber understands that it
has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Subscribed Shares.
Subscriber acknowledges and agrees that, at the time of issuance, the certificate or book
entry position representing the Subscribed Shares will bear or reflect, as applicable, a legend substantially similar to the following:

 

“THIS
SECURITY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE
EXEMPTION THEREFROM. THE HOLDER OF THIS SECURITY AGREES THAT THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED, ONLY (I) PURSUANT TO ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, (II) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR (III) TO THE COMPANY, IN EACH OF CASES (I) THROUGH
(III) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES.”

 

f. Subscriber
understands and agrees that Subscriber is purchasing the Subscribed Shares directly from the Company. Subscriber further acknowledges
that there have not been, and Subscriber hereby agrees that it is not relying on, any representations, warranties, covenants or
agreements made to Subscriber by the Company, Newco, the Placement Agent, any of their respective affiliates or any control persons,
officers, directors, employees, partners, agents or representatives, any other party to the Transaction or any other person or
entity, expressly or by implication, other than those representations, warranties, covenants and agreements of the Company set
forth in this Subscription Agreement. Subscriber acknowledges that certain information provided by the Company was based on projections,
and such projections were prepared based on assumptions and estimates that are inherently uncertain and are subject to a wide variety
of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially
from those contained in the projections.

 

g. In
making its decision to purchase the Subscribed Shares, Subscriber 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 Subscribed Shares, including with respect to the Company, Newco and the Transaction
(including FEI and its respective subsidiaries (collectively, the “Acquired Companies”)). Subscriber represents
and agrees that Subscriber and Subscriber’s professional advisor(s), if any, have had the full opportunity to ask such questions,
receive such answers and obtain such information as Subscriber and such undersigned’s professional advisor(s), if any, have
deemed necessary to make an investment decision with respect to the Subscribed Shares. Subscriber acknowledges and agrees that
neither Jefferies LLC, acting as placement agent to the Company (the “Placement Agent”), nor any affiliate of
the Placement Agent has provided Subscriber with any information or advice with respect to the Subscribed Shares nor is such information
or advice necessary or desired. Neither the Placement Agent nor any of its affiliates has made or makes any representation as to
the Company, Newco or the Acquired Companies or the quality or value of the Subscribed Shares and the Placement Agent and any of
its respective affiliates may have acquired non-public information with respect to the Company, Newco or the Acquired Companies
which Subscriber agrees need not be provided to it. Neither the Placement Agent nor any of its representatives has any responsibility
with respect to the completeness or accuracy of any information or materials furnished to such Subscriber in connection with the
transactions contemplated hereby. In connection with the issuance of the Subscribed Shares to Subscriber, neither the Placement
Agent nor any of its affiliates has acted as a financial advisor or fiduciary to Subscriber.

 

    9

     

    

 

h. Subscriber
became aware of this offering of the Subscribed Shares solely by means of direct contact between Subscriber and the Company, or
their respective representatives or affiliates, or by means of contact from the Placement Agent and the Subscribed Shares were
offered to Subscriber solely by direct contact between Subscriber and the Company, or their respective representatives or affiliates.
Subscriber did not become aware of this offering of the Subscribed Shares, nor were the Subscribed Shares offered to Subscriber,
by any other means. Subscriber acknowledges that the Company represents and warrants that the Subscribed 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.

 

i. Subscriber
acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Subscribed 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 Subscribed Shares, and Subscriber has had an opportunity to seek, and has sought, such accounting, legal,
business and tax advice as Subscriber has considered necessary to make an informed investment decision.

 

j. Subscriber
has adequately analyzed and fully considered the risks of an investment in the Subscribed Shares and determined that the Subscribed
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 Company. Subscriber acknowledges specifically that a
possibility of total loss exists.

 

    10

     

    

 

k. Subscriber
understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Subscribed
Shares or made any findings or determination as to the fairness of this investment.

 

l. Subscriber
is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons administered by the U.S.
Treasury Department’s Office of Foreign Assets Control (“OFAC”) or in any Executive Order issued by the
President of the United States and administered by OFAC (“OFAC List”), or a person or entity prohibited by any
sanctions program by OFAC, the United Nations Security Council, the European Union, Her Majesty’s Treasury of the United
Kingdom, or other relevant sanctions authority (collectively, “Sanctions”), (ii) a Designated National as defined
in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (iii) a non-U.S. shell bank or providing banking services indirectly
to a non-U.S. shell bank. Subscriber agrees to provide law enforcement agencies, if requested thereby, such records as required
by applicable law, provided that Subscriber is permitted to do so under applicable law. Subscriber represents that, if it is a
financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.), as amended by the USA PATRIOT Act of 2001
and its implementing regulations (collectively, the “BSA/PATRIOT Act”), Subscriber maintains policies and procedures
reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. Subscriber also represents that, to the extent
required, it maintains policies and procedures reasonably designed for the screening of its investors against Sanctions, including
the OFAC List. Subscriber further represents and warrants that, to the extent required, it maintains policies and procedures reasonably
designed to ensure that the funds held by Subscriber and used to purchase the Subscribed Shares were legally derived.

 

m. Subscriber
does not have, as of the date hereof, and during the 30-day period immediately prior to the date hereof such Subscriber has not
entered into, any “put equivalent position” as such term is defined in Rule 16a-1 under the Exchange Act or short sale
positions with respect to the securities of the Company. Notwithstanding the foregoing, in the case of a Subscriber that is a multi-managed
investment vehicle or an owner of a separate account whereby separate portfolio managers manage separate portions of such Subscriber’s
assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing
other portions of such Subscriber’s assets, the representation set forth above shall only apply with respect to the portion
of assets managed by the portfolio manager that made the investment decision to purchase the Subscribed Shares covered by this
Agreement.

 

n. If
Subscriber is an employee benefit plan that is subject to Title I of ERISA, 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”) or 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 ERISA) or other plan that is not subject to the foregoing 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, or an entity whose underlying assets are considered to include “plan assets” of any such plan,
account or arrangement (each, a “Plan”) subject to the fiduciary or prohibited transaction provisions of ERISA
or section 4975 of the Code, Subscriber represents and warrants that (i) neither the Company nor, to Subscriber’s knowledge,
any of the Company’s affiliates (the “Transaction Parties”) has acted as the Plan’s fiduciary, or
has been relied on for advice, with respect to its decision to acquire and hold the Subscribed Shares, and none of the Transaction
Parties shall at any time be relied upon as the Plan’s fiduciary with respect to any decision to acquire, continue to hold
or transfer the Subscribed Shares and (ii) the acquisition and holding of the Subscribed Shares will not result in a non-exempt
prohibited transaction under ERISA or Section 4975 of the Code.

 

    11

     

    

 

o. Subscriber
at the Closing will have sufficient funds to pay the Purchase Price pursuant to Section 2(b).

 

p. Subscriber
agrees that, notwithstanding Section 8(i), the Placement Agent may rely upon the representations and warranties made by
Subscriber to the Company in this Subscription Agreement.

 

q. No
foreign person (as defined in 31 C.F.R. Part 800.224) in which the national or subnational governments of a single foreign state
have a substantial interest (as defined in 31 C.F.R. Part 800.244) will acquire a substantial interest in the Company as a result
of the purchase and sale of Subscribed Shares hereunder such that a declaration to the Committee on Foreign Investment in the United
States would be mandatory under 31 C.F.R. Part 800.401, and no foreign person will have control (as defined in 31 C.F.R. Part 800.208)
over the Company from and after the Closing as a result of the purchase and sale of Subscribed Shares hereunder.

 

r. Neither
the due diligence investigation conducted by the Subscriber in connection with making its decision to acquire the Subscribed Shares
nor any representations and warranties made by the Subscriber herein shall modify, amend or affect the Subscriber’s right
to rely on the truth, accuracy and completeness of the Company’s representations and warranties contained herein.

 

s. HSR
Act; Gaming Approvals. If applicable, in connection with the Transaction, the Subscriber shall (i) comply promptly but in no
event later than 10 Business Days after the date hereof with all applicable notification and reporting requirements pursuant to
the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”) and (ii) promptly file and obtain approvals
from all Gaming Regulatory Authorities that may be necessary to effectuate the Transaction. If applicable, Subscriber shall use
its reasonable best efforts to furnish to the Company or FEI, as applicable, as promptly as reasonably practicable all information
required for any notification or filing to be made pursuant to the HSR Act or to any Gaming Regulatory Authority in connection
with the Transaction. If applicable, Subscriber shall request early termination of all applicable waiting periods under the HSR
Act with respect to the Transaction and shall use its reasonable best efforts to (i) cooperate in good faith with the relevant
authorities; (ii) substantially comply with any information or document requests; and (iii) obtain the termination or expiration
of all waiting periods under the HSR Act, in each case, in connection with the Transaction. For the purpose of this paragraph,
“Gaming Regulatory Authority” means the competent governmental authority in Louisiana, Michigan, Mississippi, Nevada,
New Jersey and Pennsylvania and any other governmental authority in any other state that the Company identifies to Subscriber that
regulate gambling, betting and gaming activities (if any) in those jurisdictions, including (for the avoidance of doubt) the Nevada
Gaming Control Board and the Nevada Gaming Commission, New Jersey Casino Control Commission, Mississippi Gaming Commission, Louisiana
Gaming Control Board, Michigan Gaming Control Board and Pennsylvania Gaming Control Board.

 

    12

     

    

 

5. Registration
of Subscribed Shares.

 

a. Newco
agrees that, within fifteen (15) Business Days after Closing Date (the “Filing Deadline”), it will file with
the Commission (at Newco’s sole cost and expense) a registration statement registering the resale of the Subscribed Shares
(including the prospectus in such registration statement, amendments (including post-effective amendments) and supplements to such
registration statement, and all exhibits to and material incorporated by reference in such registration statement, the “Registration
Statement”), and Newco 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) sixty (60) calendar days (or ninety (90)
calendar days if the Commission notifies Newco that it will “review” the Registration Statement) following the Closing
Date and (ii) the 5th Business Day after the date Newco is notified (orally or in writing, whichever is earlier) by
the Commission that the Registration Statement will not be “reviewed” or will not be subject to further review (such
earlier date, the “Effectiveness Deadline”), provided, that if
such day falls on a Saturday, Sunday or other day that the Commission is closed for business, the Effectiveness Deadline shall
be extended to the next Business Day on which the Commission is open for business. Newco will use its commercially reasonable efforts
to provide a draft of the Registration Statement to the undersigned for review at least two (2) Business Days in advance of
filing the Registration Statement; provided that, for the avoidance of doubt, in no event shall Newco be required to delay or postpone
the filing of such Registration Statement as a result of or in connection with Subscriber’s review. Unless otherwise agreed
to in writing by the Subscriber, the Subscriber shall not be identified as a statutory underwriter in the Registration Statement
unless requested by the Commission or another regulatory agency; provided, that if the Commission or another regulatory agency
requests that a Subscriber be identified as a statutory underwriter in the Registration Statement, Subscriber will have the opportunity
to withdraw from the Registration Statement upon its prompt written request to Newco. Notwithstanding the foregoing,
if the Commission prevents Newco from including any or all of the shares proposed to be registered under the Registration Statement
due to limitations on the use of Rule 415 of the Securities Act for the resale of the Subscribed Shares by the applicable stockholders
or otherwise, such Registration Statement shall register for resale such number of Subscribed Shares which is equal to the maximum
number of Subscribed Shares as is permitted by the Commission. In such event, the number of Subscribed Shares to be registered
for each selling stockholder named in the Registration Statement shall be reduced pro rata among all such selling stockholders.
The undersigned agrees to disclose its beneficial ownership, as determined in accordance with Rule 13d-3 of the Exchange Act, of
Subscribed Shares to Newco (or its successor) upon request to assist Newco in making the determination described above. Newco’s
obligations to include the Subscribed Shares in the Registration Statement are contingent upon Subscriber furnishing in writing
to Newco such information regarding Subscriber, the securities of Newco held by Subscriber and the intended method of disposition
of the Subscribed Shares as shall be reasonably requested by Newco to effect the registration of the Subscribed Shares, and Subscriber
shall execute such documents in connection with such registration as Newco may reasonably request that are customary of a selling
stockholder in similar situations, including providing that Newco shall be entitled to postpone and suspend the use of the Registration
Statement during any customary blackout or similar period or as permitted hereunder, provided that Subscriber shall not in connection
with the foregoing be required to execute any lock-up or similar agreement or otherwise be subject to any contractual restriction
on the ability to transfer the Subscribed Shares. In the case of the registration effected by Newco pursuant to this Subscription
Agreement, Newco shall, upon reasonable request, inform Subscriber as to the status of such registration. Subscriber shall not
be entitled to use the Registration Statement for an underwritten offering of Subscribed Shares. For purposes of this Section 5,
“Subscribed Shares” shall include the Subscribed Shares acquired pursuant to this Subscription Agreement and any other
equity security of Newco issued or issuable with respect to the Subscribed Shares by way of share split, dividend, distribution,
recapitalization, merger, exchange, replacement or similar event or otherwise. For purposes of clarification, any failure by Newco
to file the Registration Statement by the Filing Deadline or to effect such Registration Statement by the Effectiveness Deadline
shall not otherwise relieve Newco of its obligations to file or effect the Registration Statement set forth in this Section 5.

 

    13

     

    

 

b. Newco
agrees that, except for such times as Newco is permitted hereunder to suspend the use of the prospectus forming part of a Registration
Statement, Newco will use its commercially reasonable efforts to cause such Registration Statement to remain continuously effective
with respect to Subscriber until the earlier of (i) three (3) years from the issuance of the Subscribed Shares, (ii) the date on
which all of the Subscribed Shares shall have been sold, and (iii) the first date on which the undersigned can sell all of its
Subscribed Shares under Rule 144 of the Securities Act without limitation as to the manner of sale or the amount of such securities
that may be sold and without the requirement for Newco to be in compliance with the current public information required under Rule
144(c)(1) (or Rule 144(i)(2), if applicable). At its expense, Newco shall:

 

(i) advise
Subscriber within five (5) Business Days (A) 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; (B) 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;
(C) of the receipt by Newco of any notification with respect to the suspension of the qualification of the Subscribed Shares included
therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and (D) 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 included therein 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, Newco shall not, when so advising Subscriber of such events, provide Subscriber with
any material, nonpublic information regarding Newco other than to the extent that providing notice to Subscriber of the occurrence
of the events listed in (A) through (D) above may be deemed to constitute material, nonpublic information regarding Newco;

 

    14

     

    

 

(ii) use
its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration Statement
as soon as reasonably practicable;

 

(iii) upon
the occurrence of any event contemplated above, except for such times as Newco is permitted hereunder to suspend, and has suspended,
the use of a prospectus forming part of a Registration Statement, Newco 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 Subscribed 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;

 

(iv) use
its commercially reasonable efforts to cause all Subscribed Shares to be listed on each securities exchange or market, if any,
on which the shares of Newco Class A Common Stock have been listed;

 

(v) use
its commercially reasonable efforts (A) to take all other steps necessary to effect the registration of the Subscribed Shares contemplated
hereby and (B) with a view to making available to Subscriber the benefits of Rule 144 or any similar rule or regulation of the
Commission that may permit Subscriber to sell the Subscribed Shares to the public without registration, for so long as the Subscriber
holds the Subscribed Shares to (I) make and keep public information available, as those terms are understood and defined in Rule
144, (II) file all reports and other materials required to be filed by the Exchange Act so long as Newco remains subject to such
requirements and the filing of such reports and other documents is required for the applicable provisions of Rule 144, and (III)
furnish to Subscriber, promptly upon reasonable written request, (x) a written statement by Newco, if true, that it has complied
with the reporting requirements of Rule 144, the Securities Act and the Exchange Act and (y) such other information as may reasonably
be requested to enable Subscriber to sell the Subscribed Shares under Rule 144 without registration; and

 

(vi) if
the Subscribed Shares are in the opinion of counsel to Newco, eligible for removal of the restrictive legend in Section 4(e), then
at the Subscriber’s request, Newco shall request its transfer agent to remove any remaining restrictive legend set forth
on such shares.

 

    15

     

    

 

c. Notwithstanding
anything to the contrary contained herein, Newco may delay or postpone filing of such Registration Statement and from time to time
require Subscriber not to sell under the Registration Statement or suspend the use of any such Registration Statement if it determines
that in order for the Registration Statement to not contain a material misstatement or omission, an amendment thereto would be
needed, or if the negotiation or consummation of a transaction by Newco or its subsidiaries is pending or an event has occurred,
which negotiation, consummation or event, Newco’s board of directors reasonably believes, upon the advice of legal counsel,
would require additional disclosure by Newco in the Registration Statement of material information that Newco 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 Newco’s board of directors, upon the advice of legal counsel, to cause the Registration Statement to fail
to comply with applicable disclosure requirements (each such circumstance, a “Suspension Event”); provided,
that, (i) Newco shall not so delay filing or so suspend the use of the Registration Statement for a period of more than forty five
(45) consecutive days, or for more than a total of ninety (90) days, or on more than two (2) occasions, in each case in any three
hundred sixty (360)-day period and (ii) Newco shall use commercially reasonable efforts to make such registration statement available
for the sale by Subscriber of such securities as soon as practicable thereafter. Upon receipt of any written notice from Newco
(which notice shall not contain any material non-public information regarding Newco) of the happening of any Suspension Event during
the period that the Registration Statement is effective or if as a result of a Suspension Event the 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 light of the circumstances under which they were made (in the case of the prospectus)
not misleading, Subscriber agrees that (i) it will immediately discontinue offers and sales of the Subscribed Shares under the
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 Newco 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 Newco
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 Newco unless otherwise required by law or subpoena. If so directed by Newco, Subscriber will deliver to Newco
or, in Subscriber’s sole discretion destroy, all copies of the prospectus covering the Subscribed Shares in Subscriber’s
possession; provided, however, that this obligation to deliver or destroy all copies of the prospectus covering the Subscribed
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.

 

    16

     

    

 

d. The
Company shall, notwithstanding any termination of this Subscription Agreement, indemnify, defend and hold harmless Subscriber (to
the extent a seller under the Registration Statement), the officers, directors, agents, partners, members, managers, stockholders,
affiliates, employees and investment advisers of Subscriber, each person who controls Subscriber (within the meaning of Section
15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, partners, members, managers, stockholders,
agents, affiliates, employees and investment advisers of each such controlling person, to the fullest extent permitted by applicable
law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’
fees) and expenses (collectively, “Losses”), as incurred, that arise out of or are based upon (i) any untrue
or alleged untrue statement of a material fact contained (or incorporated by reference) in the Registration Statement, or arising
out of or relating to any omission or alleged omission to state a material fact required to be stated therein or necessary to make
the statements therein (in the case of any prospectus or form of prospectus or supplement thereto, in light of the circumstances
under which they were made) not misleading, or (ii) any violation or alleged violation by the Company of the Securities Act, the
Exchange Act or any state securities law or any rule or regulation thereunder, in connection with the performance of its obligations
under this Section 5, except to the extent, but only to the extent, that such untrue statements, alleged untrue statements, omissions
or alleged omissions are based solely upon information regarding Subscriber furnished in writing to the Company by Subscriber expressly
for use therein. The Company shall notify Subscriber promptly of the institution, threat or assertion of any proceeding arising
from or in connection with the transactions contemplated by this Section 5 of which the Company is aware. Such indemnity shall
remain in full force and effect regardless of any investigation made by or on behalf of an indemnified party and shall survive
the transfer of the Subscribed Shares by Subscriber. Notwithstanding the forgoing, the Company’s indemnification obligations
shall not apply to amounts paid in settlement of any Losses or action if such settlement is effected without the prior written
consent of the Company (which consent shall not be unreasonably withheld or delayed).

 

e. Subscriber
shall, severally and not jointly with any Other Subscriber, indemnify and hold harmless the Company, its directors, officers, agents
and employees, each person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the
Exchange Act), and the directors, officers, agents or employees of such controlling persons, to the fullest extent permitted by
applicable law, from and against all Losses, as incurred, arising out of or are based upon any untrue or alleged untrue statement
of a material fact contained in any Registration Statement, or arising out of or relating to any omission or alleged omission of
a material fact required to be stated therein or necessary to make the statements therein (in the case of any prospectus, or any
form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading to the extent,
but only to the extent, that such untrue statements or omissions are based solely upon information regarding Subscriber furnished
in writing to the Company by Subscriber expressly for use therein. In no event shall the liability of Subscriber be greater in
amount than the dollar amount of the net proceeds received by Subscriber upon the sale of the Subscribed Shares giving rise to
such indemnification obligation. Notwithstanding the forgoing, Subscriber’s indemnification obligations shall not apply to
amounts paid in settlement of any Losses or action if such settlement is effected without the prior written consent of Subscriber
(which consent shall not be unreasonably withheld or delayed).

 

    17

     

    

 

f. If
the indemnification provided under this Section 5 from the indemnifying party is unavailable or insufficient to hold harmless an
indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying
party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as
a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative
fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative
fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action
in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material
fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party’s
and indemnified party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action.
The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be subject to the
limitations set forth in this Section 6 and deemed to include any legal or other fees, charges or expenses reasonably incurred
by such party in connection with any investigation or proceeding. No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this Section 5(f) from any person
who was not guilty of such fraudulent misrepresentation. Each indemnifying party’s obligation to make a contribution pursuant
to this Section 5(f) shall be individual, not joint and several, and in no event shall the liability of Subscriber hereunder exceed
the net proceeds received by Subscriber upon the sale of the Subscribed Shares giving rise to such indemnification obligation.

 

g. Subscriber
hereby agrees that neither it, nor any person or entity acting on its behalf or pursuant to any understanding with it, shall execute
any short sales or engage in other similar or equivalent hedging transactions of any kind with respect to securities of the Company
during the period commencing on the date of this Subscription Agreement through the Closing (or such earlier termination of this
Subscription Agreement). Notwithstanding the foregoing, in the case of a Subscriber that is a multi-managed investment vehicle
or an owner of a separate account whereby separate portfolio managers manage separate portions of such Subscriber’s assets
and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions
of such Subscriber’s assets, the restriction set forth above shall only apply with respect to the portion of assets managed
by the portfolio manager that made the investment decision to purchase the Subscribed Shares covered by this Agreement.

 

    18

     

    

 

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 earlier
to occur of (a) such date and time as the Merger Agreement is terminated in accordance with its terms, (b) upon the mutual written
agreement of the Company, Newco and the Subscriber to terminate this Subscription Agreement, (c) if, on the Closing Date of the
Transaction, any of the conditions to Closing set forth in Section 2 of this Subscription Agreement have not been satisfied as
of the time required hereunder to be so satisfied or waived by the party entitled to grant such waiver and, as a result thereof,
the transactions contemplated by this Subscription Agreement are not consummated or (d) the date that is twelve (12) months after
the date hereof; 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 reasonable and documented
out-of-pocket losses, liabilities or damages arising from such breach. The Company shall notify Subscriber of the termination
of the Merger Agreement promptly after the termination thereof.

 

7. Trust
Account Waiver. Subscriber hereby acknowledges
that the Company has established a trust account (the “Trust Account”) containing the proceeds of its initial
public offering (the “IPO”) and from certain private placements occurring simultaneously with the IPO (including
interest accrued from time to time thereon) for the benefit of the Company’s public stockholders and certain other
parties (including the underwriters of the IPO). For and in consideration of the Company entering into this Subscription
Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Subscriber hereby irrevocably waives any and all right, title, interest or claim of any kind it has 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, regardless of whether such claim arises based on contract, tort, equity or any
other theory of legal liability; provided however, that nothing in this Section 7 shall be deemed to limit any
Subscriber’s right to distributions from the Trust Account in accordance with the Company’s amended and restated
certificate of incorporation in respect of Common Stock of the Company acquired by any means other than pursuant to this
Subscription Agreement, or shall serve to limit or prohibit the Subscriber’s right to pursue a claim against the
Company for legal relief against assets held outside the Trust Account, for specific performance or other equitable relief,
or shall serve to limit or prohibit any claims that the Subscriber may have in the future against Company’s assets or
funds that are not held in the Trust Account (including any funds that have been released from the Trust Account and any
assets that have been purchased or acquired with any such funds).

 

8. Miscellaneous.

 

a. All
notices, requests, demands, claims, and other communications hereunder shall be in writing. Any notice, request, demand, claim,
or other communication hereunder shall be deemed duly given (i) when delivered personally to the recipient, (ii) when sent, if
sent by electronic mail or facsimile (if provided), during normal business hours of the recipient, and if not sent during normal
business hours, then on the recipient’s next Business Day, (iii) one Business Day after being sent to the recipient by reputable
overnight courier service (charges prepaid), or (iv) four (4) Business Days after being mailed to the recipient by certified or
registered mail, return receipt requested and postage prepaid, and, in each case, addressed to the intended recipient at its address
specified on the signature page hereof or to such electronic mail address or address as subsequently modified by written notice
given in accordance with this Section 8(a). A courtesy electronic copy of any notice sent by methods (i), (iii), or (iv)
above shall also be sent to the recipient via electronic mail if provided in the applicable signature page hereof or to an electronic
mail address as subsequently modified by written notice given in accordance with this Section 8(a).

 

    19

     

    

 

b. Subscriber
acknowledges that the Company and Newco will rely on the acknowledgments, understandings, agreements, representations and warranties
contained in this Subscription Agreement. Prior to the Closing, Subscriber agrees to promptly notify the Company if it becomes
aware that any of the acknowledgments, understandings, agreements, representations and warranties of Subscriber set forth herein
are no longer accurate in all material respects. The Company and Newco acknowledge that Subscriber will rely on the acknowledgments,
understandings, agreements, representations and warranties contained in this Subscription Agreement. Prior to the Closing, the
Company agrees to promptly notify Subscriber if it becomes aware that any of the acknowledgments, understandings, agreements, representations
and warranties of the Company or Newco set forth herein are no longer accurate in all material respects.

 

c. Each
of the Company, Newco and Subscriber 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.

 

d. Each
party shall pay all of its own expenses in connection with this Subscription Agreement and the transactions contemplated herein.

 

e. Neither
this Subscription Agreement nor any rights that may accrue to Subscriber hereunder (other than the Subscribed Shares acquired hereunder,
if any, and Subscriber’s rights under Section 5 hereof with respect to such Subscribed Shares) may be transferred
or assigned. Neither this Subscription Agreement nor any rights that may accrue to the Company hereunder may be transferred or
assigned (provided, that, for the avoidance of doubt, the Company may transfer the Subscription Agreement and its rights hereunder
solely in connection with the consummation of the Transaction and exclusively to another entity under the control of, or under
common control with, the Company). Notwithstanding the foregoing, Subscriber may assign its rights and obligations under this Subscription
Agreement to one or more of its affiliates (including other investment funds or accounts managed or advised by the investment manager
who acts on behalf of the Subscriber) or, with the Company’s prior written consent, to another person, provided that no such
assignment shall relieve Subscriber of its obligations hereunder if any such assignee fails to perform such obligations, unless
the Company has given its prior written consent to such relief.

 

    20

     

    

 

f. All
of the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive the Closing.

 

g. The
Company and Newco may request from Subscriber such additional information as the Company or Newco may reasonably deem necessary
to evaluate the eligibility of Subscriber to acquire the Subscribed Shares and to register the Subscribed Shares for resale, and
Subscriber shall promptly provide such information as may be reasonably requested, to the extent readily available and to the extent
consistent with its internal policies and procedures, provided that the Company agrees to keep such information confidential, except
to the extent required to be included in the Registration Statement. Subscriber acknowledges that the Company and Newco may file
a copy of this Subscription Agreement with the Commission as an exhibit to a periodic report or a registration statement of the
Company or Newco, as applicable.

 

h. This
Subscription Agreement may not be amended, modified, waived or terminated (other than pursuant to the terms of Section 6 above)
except by an instrument in writing, signed by each of the parties hereto.

 

i. This
Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations
and warranties, both written and oral, among 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 permitted successors
and assigns.

 

j. 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.

 

k.  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.

 

l. This
Subscription Agreement may be executed and delivered in one or more counterparts (including by facsimile or electronic mail or
in .pdf) and by different parties in separate counterparts, with the same effect as if all parties hereto had signed the same document.
All counterparts so executed and delivered shall be construed together and shall constitute one and the same agreement.

 

m. This
Subscription Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns
and is not for the benefit of, nor may any provision hereof be enforced by, any other person; provided, however,
that the Placement Agent may rely on the representations, warranties, agreements and covenants of the Company and Newco contained
in this Subscription Agreement and may rely on the representations and warranties of the respective Subscribers contained in this
Subscription Agreement as if such representations, warranties, agreements, and covenants, as applicable, were made directly to
the Placement Agent.

 

    21

     

    

 

n. The
parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Subscription Agreement
were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties
shall be entitled to an injunction or injunctions to prevent breaches of this Subscription Agreement and to enforce specifically
the terms and provisions of this Subscription Agreement, this being in addition to any other remedy to which such party is entitled
at law, in equity, in contract, in tort or otherwise.

 

o. This
Subscription Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard
to the principles of conflicts of laws that would otherwise require the application of the law of any other state.

 

p. EACH
PARTY AND ANY PERSON ASSERTING RIGHTS AS A THIRD PARTY BENEFICIARY HEREBY WAIVES ITS RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY
CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OR RELATED TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY
IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY OR ANY AFFILIATE OF ANY
OTHER SUCH PARTY, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS OR OTHERWISE. THE PARTIES AGREE THAT ANY SUCH CLAIM OR CAUSE
OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR
RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH
SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS SUBSCRIPTION AGREEMENT OR ANY PROVISION HEREOF.
THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS SUBSCRIPTION AGREEMENT.

 

q. The
parties agree that all disputes, legal actions, suits and proceedings arising out of or relating to this Subscription Agreement
must be brought exclusively in the Court of Chancery of the state of Delaware and any state appellate court therefrom within the
state of Delaware (or, if the Court of Chancery of the state of Delaware declines to accept jurisdiction over a particular matter,
any federal court within the state of Delaware or, in the event each federal court within the state of Delaware declines to accept
jurisdiction over a particular matter, any state court within the state of Delaware) (collectively the “Designated Courts”).
Each party hereby consents and submits to the exclusive jurisdiction of the Designated Courts. No legal action, suit or proceeding
with respect to this Subscription Agreement may be brought in any other forum. Each party hereby irrevocably waives all claims
of immunity from jurisdiction and any objection which such party may now or hereafter have to the laying of venue of any suit,
action or proceeding in any Designated Court, including any right to object on the basis that any dispute, action, suit or proceeding
brought in the Designated Courts has been brought in an improper or inconvenient forum or venue. Each of the parties also agrees
that delivery of any process, summons, notice or document to a party hereof in compliance with Section 8(a) of this Subscription
Agreement shall be effective service of process for any action, suit or proceeding in a Designated Court with respect to any matters
to which the parties have submitted to jurisdiction as set forth above.

 

    22

     

    

 

r. This
Subscription Agreement may only be enforced against, and any claim, action, suit or other legal proceeding based upon, arising
out of, or related to this Subscription Agreement, or the negotiation, execution or performance of this Subscription Agreement,
may only be brought against the entities that are expressly named as parties hereto and then only with respect to the specific
obligations set forth herein with respect to such party.

 

s. The
Company shall, by 9:00 a.m., New York City time, on the first (1st) Business Day immediately following the date of this Subscription
Agreement, issue one or more press releases or file with the Commission a Current Report on Form 8-K (collectively, the “Disclosure
Document”) disclosing, to the extent not previously publicly disclosed, all material terms of the transactions contemplated
hereby (and by the Other Subscription Agreements), the Transaction and any other material, nonpublic information that the Company
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 Company’s knowledge, Subscriber shall not be in possession of any material, non-public information received
from the Company or any of its officers, directors or employees or the Placement Agent, and the Subscriber shall no longer be subject
to any confidentiality or similar obligations under any current agreement, whether written or oral, with the Company or any of
its officers, directors or employees or the Placement Agent, relating to the transactions contemplated by this Subscription Agreement.
Except with the express written consent of Subscriber and unless prior thereto the Subscriber shall have executed a written agreement
regarding the confidentiality and use of such information, the Company shall not, and shall cause its officers, directors, employees
and agents, not to, provide Subscriber with any material, non-public information regarding the Company or the Transaction from
and after the filing of the Disclosure Document. Notwithstanding the foregoing, the Company shall not, and shall instruct its representatives,
including the Placement Agent and its respective affiliates not to, publicly disclose the name of Subscriber or any affiliate or
investment adviser of Subscriber, or include the name of Subscriber or any affiliate or investment adviser of Subscriber in any
press release or in any filing with the Commission or any regulatory agency or trading market, without the prior written consent
(including by e-mail) of Subscriber, except as required by the federal securities laws, rules or regulations and to the extent
such disclosure is required by other laws, rules or regulations, at the request of the staff of the Commission or regulatory agency
or under the New York Stock Exchange regulations, in which case the Company shall provide Subscriber with prior written notice
(including by e-mail) of such permitted disclosure, and shall reasonably consult with Subscriber regarding such disclosure. Subscriber
will promptly provide any information reasonably requested by the Company for any regulatory application or filing made or approval
sought in connection with the Transaction (including filings with the Commission).

 

    23

     

    

 

t. If
Subscriber is a Massachusetts Business Trust, a copy of the Agreement and Declaration of Trust of Subscriber or any affiliate thereof
is on file with the Secretary of State of the Commonwealth of Massachusetts and notice is hereby given that the Subscription Agreement
is executed on behalf of the trustees of Subscriber or any affiliate thereof as trustees and not individually and that the obligations
of the Subscription Agreement are not binding on any of the trustees, officers or stockholders of Subscriber or any affiliate thereof
individually but are binding only upon Subscriber or any affiliate thereof and its assets and property.

 

u. The
obligations of Subscriber under this Subscription Agreement are several and not joint with the obligations of any Other Subscriber
or any other investor under the Other Subscription Agreements, and Subscriber shall not be responsible in any way for the performance
of the obligations of any Other Subscriber under this Subscription Agreement or any other investor under the Other Subscription
Agreements. The decision of Subscriber to purchase Subscribed Shares pursuant to this Subscription Agreement has been made by Subscriber
independently of any Other Subscriber or any other investor and independently of any information, materials, statements or opinions
as to the business, affairs, operations, assets, properties, liabilities, results of operations, condition (financial or otherwise)
or prospects of the Company or any of its subsidiaries which may have been made or given by any Other Subscriber or investor or
by any agent or employee of any Other Subscriber or investor, and neither Subscriber nor any of its agents or employees shall have
any liability to any Other Subscriber or investor (or any other person) relating to or arising from any such information, materials,
statements or opinions. Nothing contained herein or in any Other Subscription Agreement, and no action taken by Subscriber or investor
pursuant hereto or thereto, shall be deemed to constitute the Subscriber and other investors as a partnership, an association,
a joint venture or any other kind of entity, or create a presumption that the Subscriber and other investors are in any way acting
in concert or as a group with respect to such obligations or the transactions contemplated by the this Subscription Agreement and
the Other Subscription Agreements. Subscriber acknowledges that no Other Subscriber has acted as agent for the Subscriber in connection
with making its investment hereunder and no Other Subscriber will be acting as agent of the Subscriber in connection with monitoring
its investment in the Subscribed Shares or enforcing its rights under this Subscription Agreement. Subscriber shall be entitled
to independently protect and enforce its rights, including without limitation the rights arising out of this Subscription Agreement,
and it shall not be necessary for any Other Subscriber or investor to be joined as an additional party in any proceeding for such
purpose.

 

v. Each
party hereto agrees for the express benefit of the Placement Agent, its affiliates and its representatives that:

 

(i) Neither
Jefferies LLC (as Placement Agent) nor any of its affiliates or any of its representatives (1) has any duties or obligations other
than those specifically set forth herein or in the engagement letter, dated as of December 15, 2020, among the Company and Jefferies
LLC (the “Engagement Letter”); (2) shall be liable for any improper payment made in accordance with the information
provided by the Company; (3) makes any representation or warranty, or has any responsibilities as to the validity, accuracy, value
or genuineness of any information, certificates or documentation delivered by or on behalf of the Company pursuant to this Subscription
Agreement or in connection with any of the transactions contemplated herein; or (4) shall be liable (x) for any action taken, suffered
or omitted by any of them in good faith and reasonably believed to be authorized or within the discretion or rights or powers conferred
upon it by this Subscription Agreement or (y) for anything which any of them may do or refrain from doing in connection with this
Subscription Agreement, except for such party’s own gross negligence, willful misconduct or bad faith.

 

(ii) The
Placement Agent, its affiliates and its representatives shall be entitled to (1) rely on, and shall be protected in acting upon,
any certificate, instrument, opinion, notice, letter or any other document or security delivered to any of them by or on behalf
of the Company, and (2) be indemnified by the Company for acting as Placement Agent hereunder pursuant the indemnification provisions
set forth in the Engagement Letter.

 

[Signature pages follow.]

    24

     

    

 

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

 

	
         

        
	FAST ACQUISITION CORP.
	 	 	 
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Address for Notices:
	 	 	 
	 	3 Minetta Street
	 	New York, New York 10012

                    

                                                                        

 

    25

     

    

 

	 	FAST MERGER CORP.
	 	 	 
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Address for Notices:
	 	 	 
	 	3 Minetta Street
	 	New York, New York 10012

 

	 	SUBSCRIBER: 
	 	 
	 	Print Name: 	 

 

	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Address for Notices:
	 	 
	 	 
	 	 
	 	 
	 	Name in which shares are to be registered:
	 	 

 

	 	 	 	 
	Number of Subscribed Shares subscribed for:	 	 	______________________	 
	 	 	 	 	 
	Price Per Subscribed Share:	 	$	10.00	 
	 	 	 	 	 
	Aggregate Purchase Price:	 	$	____________________	 

 

You must pay the Purchase
Price by wire transfer of United States dollars in immediately available funds to the account of the Company specified by the Company
in the Closing Notice.

 

    26

     

    

Annex
A

 

ELIGIBILITY REPRESENTATIONS
OF SUBSCRIBER

 

This Annex A should be completed by Subscriber

and constitutes a part of the Subscription Agreement.

 

		A.	QUALIFIED INSTITUTIONAL BUYER STATUS (Please check the box, if applicable)

 

		☐	Subscriber is a “qualified institutional buyer”
(as defined in Rule 144A under the Securities Act).

 

** OR **

 

		B.	ACCREDITED INVESTOR STATUS (Please check the box)

 

		☐	Subscriber is an “accredited investor” (within the meaning of Rule 501(a) under the
Securities Act) and has marked and initialed the appropriate box below indicating the provision under which it qualifies as an
“accredited investor.”

 

** AND **

 

		C.	AFFILIATE STATUS

(Please check the applicable box)

 

SUBSCRIBER:

 

		☐	is:

 

		☐	is not:

 

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

 

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(es) below, the provision(s) below which
apply to Subscriber and under which Subscriber accordingly qualifies as an institutional “accredited investor.”

 

		☐	Any bank, registered broker or dealer, insurance company, registered investment company, business
development company, small business investment company, private business development company, or rural business investment company;

 

		☐	Any investment adviser registered pursuant to section 203 of the Investment Advisers Act or registered
pursuant to the laws of a state;

 

		☐	Any investment adviser relying on the exemption from registering with the Commission under section
203(l) or (m) of the Investment Advisers Act;

 

    27

     

    

 

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

 

		☐	Any (i) corporation, limited liability company or partnership, (ii) Massachusetts or similar business
trust, or (iii) organization described in section 501(c)(3) of the Internal Revenue Code, in each case that was not formed for
the specific purpose of acquiring the securities offered and that has total assets in excess of $5,000,000;

 

		☐	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 Section 230.506(b)(2)(ii) of Regulation
D under the Securities Act;

 

		☐	Any entity, other than an entity described in the categories of “accredited investors”
above, not formed for the specific purpose of acquiring the securities offered, owning investments in excess of $5,000,000;

 

		☐	Any “family office,” as defined under the Investment Advisers Act that satisfies all
of the following conditions: (i) with assets under management in excess of $5,000,000, (ii) that is not formed for the specific
purpose of acquiring the securities offered, and (iii) whose prospective investment is directed by a person who has such knowledge
and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective
investment;

 

		☐	Any “family client,” as defined under the Investment Advisers Act, of a family office
meeting the requirements in the previous paragraph and whose prospective investment in the issuer is directed by such family office
pursuant to the previous paragraph; or

 

		☐	Any entity in which all of the equity owners are “accredited investors”.

 

[Specify
which tests: ]

 

		☐	Any director, executive officer, or general partner of the issuer of the securities being offered
or sold, or any director, executive officer, or general partner of a general partner of that issuer;

 

    28

     

    

 

		☐	Any natural person whose individual net worth, or joint net worth with that person’s spouse
or spousal equivalent, exceeds $1,000,000. For purposes of calculating a natural person’s net worth: (a) the person’s
primary residence shall not be included as an asset; (b) indebtedness that is secured by the person’s primary residence,
up to the estimated fair market value of the primary residence at the time of the sale of securities, shall not be included as
a liability (except that if the amount of such indebtedness outstanding at the time of sale of securities exceeds the amount outstanding
60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be
included as a liability); and (c) indebtedness that is secured by the person’s primary residence in excess of the estimated
fair market value of the primary residence at the time of the sale of securities shall be included as a liability;

 

		☐	Any natural person who had an individual income in excess of $200,000 in each of the two most recent
years or joint income with that person’s spouse or spousal equivalent 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 natural person holding in good standing one or more professional certifications or designations
or credentials from an accredited educational institution that the Commission has designated as qualifying an individual for accredited
investor status; or

 

		☐	Any natural person who is a “knowledgeable employee,” as defined in the Investment
Company Act, of the issuer of the securities being offered or sold where the issuer would be an investment company, as defined
in section 3 of such act, but for the exclusion provided by either section 3(c)(1) or section 3(c)(7) of such act.

 

 

 

29

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