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Exhibit 10.11
EXECUTION VERSION

COMMON STOCK PURCHASE AGREEMENT
This Common Stock Purchase Agreement (“Agreement”) is made as of September 13, 2021 (the “Effective Date”), by and among Remitly Global, Inc., a Delaware corporation (the “Company”), and PayU Fintech Investments B.V. (the “Investor”).
RECITALS
Whereas, the Investor desires to purchase from the Company, and the Company desires to sell and issue to the Investor, in the aggregate, up to $25.0 million of the common stock, par value $0.0001 per share, of the Company (the “Common Stock”), in a private placement that shall take place immediately following the closing of the Company’s initial public offering of Common Stock (the “IPO”) on the terms and subject to the conditions set forth in this Agreement (the “Financing”).
Whereas, the parties hereto have executed this Agreement on the Effective Date, which is prior to the effectiveness of the registration statement on Form S-1 filed by the Company with the Securities and Exchange Commission (the “SEC”) for the IPO.
Whereas, the closing of the Financing shall take place immediately following the closing of the IPO (the “IPO Closing Date”), subject to the satisfaction of the closing conditions set forth herein, and at the price per share equal to the initial public offering price per share that the Common Stock is sold to the public in the IPO (before any underwriting discounts or commissions) (the “IPO Price”), as set forth on the cover of the final prospectus filed with the SEC.
Whereas, in order to effect the IPO, the Company shall enter into an Underwriting Agreement (the “Underwriting Agreement”) with Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, as representatives of the several underwriters named in Schedule I thereto (the “Underwriters”).
AGREEMENT
Now, Therefore, in consideration of the premises and the mutual covenants herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:
1.Purchase and Sale of Stock.
1.1Sale and Issuance of Stock.  The Company agrees to issue and sell to the Investor, and the Investor agrees to purchase from the Company, in the aggregate, (a) $25.0 million of Common Stock or (b), if a $25.0 million purchase of Common Stock by the Investor would result in the Investor possessing the right to vote Company securities that in the aggregate represent more than 24.99% of the outstanding voting power of the Company immediately after the Financing (the “Aggregate Ownership Threshold”), the dollar amount below $25.0 million that results in the Investor purchasing Common Stock up to the Aggregate Ownership Threshold (the “Investment Amount”), in each case at the IPO Price pursuant to a private placement exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), in accordance with Section 4(a)(2) or Rule 506 of Regulation D promulgated under the Securities Act. The number of shares of Common Stock to be sold by the Company and purchased by the Investor hereunder (the “Shares”) shall equal the number of shares determined by dividing the Investment Amount by the IPO Price (rounded down to the nearest whole share).  Payment of the purchase price (which shall be equal to the total number of Shares to be purchased by the Investor, as calculated pursuant to the immediately preceding sentence, multiplied by the IPO Price) for the Shares (the “Purchase Price”) shall be made immediately following the closing of the IPO by wire transfer of immediately available funds to the account specified in writing by the Company to the 

Investor, subject to the satisfaction of the conditions set forth in this Agreement.  Payment of the Purchase Price for the Shares shall be made against delivery to the Investor of the Shares, which Shares shall be uncertificated and shall be registered in the name of the Investor on the books of the Company by the Company’s transfer agent.
1.2Closing.  The closing of the sale and purchase of the Shares (the “Closing”) will take place remotely via the exchange of documents and signatures after the satisfaction or waiver of each of the conditions set forth in Section 4 and Section 5 (other than those conditions that by their nature are to be satisfied at the Closing, but subject to the fulfillment or waiver of those conditions) immediately following the IPO.
2.Representations and Warranties of the Company.  The Company hereby represents and warrants to the Investor that the following representations are true and correct as of the date hereof and as of the Closing (except to the extent any such representations and warranties expressly relate to an earlier date, in which case such representations and warranties are true and correct as of such earlier date).
2.1Organization, Valid Existence and Qualification.  The Company is a corporation duly organized and validly existing and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business as currently conducted.  The Company is duly qualified to transact business as a foreign corporation in each jurisdiction in which it conducts its business, except where failure to be so qualified could not reasonably be expected to result, either individually or in the aggregate, in a material adverse effect on the Company’s financial condition, business or operations.
2.2Registration Statement.  The Registration Statement, including any prospectus contained therein, as presently filed, does not contain, and, as amended or supplemented, if applicable, will not contain, as of the date of such amendment or supplement, any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, and complied (or, in the case of amendments or supplements filed after the date of this Agreement, will comply) as of its filing date in all material respects with the requirements of the Securities Act and the rules and regulations of the SEC promulgated thereunder. The Registration Statement, as amended and supplemented, when declared effective by the SEC, will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, and will comply in all material respects with the requirements of the Securities Act and the rules and regulations of the SEC promulgated thereunder.  “Registration Statement” means the registration statement on Form S-1, including any prospectus filed pursuant to Rule 424 under the Securities Act, and any free writing prospectuses, relating to the IPO.
2.3Authorization.  All corporate action on the part of the Company, its officers, directors and stockholders necessary for the authorization, execution and delivery of this Agreement, the performance of all obligations of the Company hereunder, and the authorization, issuance, sale and delivery of the Shares, has been taken or will be taken prior to the Closing, and this Agreement constitutes the valid and legally binding obligation of the Company, enforceable in accordance with its terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally, and (b) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies.
2.4Valid Issuance of Shares.  The Shares that are being purchased by the Investor hereunder, when issued, sold and delivered in accordance with the terms of this Agreement for the consideration 
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expressed herein, will be duly and validly issued, fully paid, and nonassessable, and will be transferred to the Investor free of liens, encumbrances and restrictions on transfer other than (a) restrictions on transfer under applicable state and federal securities laws, (b) restrictions on transfer under the Lockup Agreement (as defined below) and (c) any liens, encumbrances or restrictions on transfer that are created or imposed by the Investor.  Subject in part to the truth and accuracy of the Investor’s representations set forth in Section 3 of this Agreement, the offer, sale and issuance of the Shares as contemplated by this Agreement are exempt from the registration requirements of applicable state and federal securities laws.
2.5Non-Contravention.  No consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or local governmental authority on the part of the Company is required in connection with the consummation of the sale and issuance of Shares contemplated by this Agreement, except for the filing of notices of the sale of Shares pursuant to Regulation D promulgated under the Securities Act and applicable state securities laws and any filings or waiting period expirations that may be required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”).  The Company is not in violation or default of any provision of its certificate of incorporation or bylaws, or, in any material respects, of any instrument, judgment, order, writ or decree to which it is a party or by which it is bound, or, to its knowledge, of any provision of any federal or state statute, rule or regulation applicable to the Company, except for such violations or defaults of any federal or state statute, rule or regulation that could not reasonably be expected to result, either individually or in the aggregate, in a material adverse effect on the Company’s financial condition, business or operations.  The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby will not result in any such violation or constitute, with or without the passage of time and giving of notice, either (i) a default in any such instrument, judgment, order, writ or decree, or (ii) an event that results in the creation of any lien, charge or encumbrance upon any assets of the Company or the suspension, revocation, impairment, forfeiture, or nonrenewal of any material permit, license, authorization or approval applicable to the Company, in each case, which could reasonably be expected to result, either individually or in the aggregate, in a material adverse effect on the Company’s financial condition, business or operations.
2.6Description of Capital Stock.  As of the date of the Closing, the statements set forth in the Pricing Prospectus (as defined in the Underwriting Agreement) and Prospectus (as defined in the Underwriting Agreement) under the caption “Description of Capital Stock,” insofar as they purport to constitute a summary of the terms of the Company’s capital stock, are accurate, complete and fair in all material respects.
2.7No Brokers or Finders.  The Company has not engaged any brokers, finders or agents such that the Investor will incur, directly or indirectly, as a result of any action taken by the Company, any liability for brokerage or finders’ fees or agents’ commissions or any similar charges in connection with the sale of the Shares contemplated by this Agreement.
3.Representations and Warranties of the Investor.  The Investor hereby represents and warrants to the Company that the following representations are true and correct as of the date hereof and as of the Closing (except to the extent any such representations and warranties expressly relate to an earlier date, in which case such representations and warranties are true and correct as of such earlier date):
3.1Authorization.  The Investor has all requisite power and authority to enter into this Agreement and this Agreement constitutes its valid and legally binding obligations, enforceable in accordance with its terms except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally, 
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and (b) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies.
3.2Purchase Entirely for Own Account.  This Agreement is made with the Investor in reliance upon the Investor’s representations to the Company, which by the Investor’s execution of this Agreement the Investor hereby confirms, that the Shares acquired by the Investor hereunder will be acquired for investment for the Investor’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Investor has no present intention of selling, granting any participation in, or otherwise distributing the same, except as permitted by applicable federal or state securities laws.  By executing this Agreement, the Investor further represents that the Investor does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participation rights to such person or to any third person, with respect to any of the Shares.
3.3No Solicitation.  At no time was the Investor presented with or solicited by any publicly issued or circulated newspaper, mail, radio, television or other form of general advertising or solicitation in connection with the offer, sale and purchase of the Shares.
3.4Access to Information.  The Investor has received or has had access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the Shares to be purchased by the Investor under this Agreement.  The Investor further has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Shares.  The foregoing, however, does not in any way limit or modify the representations and warranties made by the Company in Section 2 or the right of the Investor to rely thereon.
3.5Investment Experience.  The Investor understands that the purchase of the Shares involves substantial risk. The Investor has experience as an investor in securities of companies in the development stage and acknowledges that the Investor is able to fend for itself, can bear the economic risk of the Investor’s investment in the Shares, and has such knowledge and experience in financial or business matters that the Investor is capable of evaluating the merits and risks of this investment in the Shares and protecting its own interests in connection with this investment. The Investor represents that the office in which its investment decision was made is located at the address set forth in Section 6.8.
3.6Accredited Investor.  The Investor understands the term “accredited investor” within the meaning of Rule 501 of Regulation D promulgated under the Securities Act and is an “accredited investor” for the purposes of acquiring the Shares to be purchased by the Investor under this Agreement.
3.7Restricted Securities. The Investor understands that the Shares are characterized as “restricted securities” under the Securities Act inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under the Securities Act and applicable regulations thereunder such securities may be resold without registration under the Securities Act only in certain limited circumstances. The Investor represents that the Investor is familiar with Rule 144 of the Securities Act, as presently in effect, and understands the resale limitations imposed thereby and by the Securities Act. The Investor understands that the Company is under no obligation to register any of the securities sold hereunder, except as set forth in that certain Seventh Amended & Restated Investors’ Rights Agreement, dated as of August 3, 2020, by and among the Company, the Investors and the other parties identified therein (the “IRA”).
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3.8Legends. The Investor understands that the certificates or book-entry account evidencing the Shares may bear one or all of the following legends (or substantially similar legends):
THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF APPLICABLE STATES.  THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.  INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.
THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP AGREEMENT EXECUTED BY THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER.  AS A RESULT OF SUCH AGREEMENT, THESE SHARES MAY NOT BE TRADED FOR A PERIOD OF TIME AFTER THE DATE OF THE UNDERWRITING AGREEMENT EXECUTED IN CONNECTION WITH THE INITIAL PUBLIC OFFERING OF THE COMMON STOCK OF THE ISSUER HEREOF.  SUCH RESTRICTION IS BINDING ON TRANSFEREES OF THESE SHARES.
3.9No Brokers.  The Investor has not incurred, and will not incur in connection with the purchase of the Shares, any brokerage or finders’ fees, or agents’ commissions or similar liabilities.
4.Conditions to the Investor’s Obligations at Closing.  The obligations of the Investor to consummate the Closing are subject to the fulfillment or waiver, on or by the Closing, of each of the following conditions, which waiver may be given by written communication to the Company:
4.1Representations and Warranties.  Each of the representations and warranties of the Company contained in Section 2, (a) that are not qualified as to materiality or material adverse effect shall be true and accurate in all material respects on and as of the Closing with the same force and effect as if they had been made at the Closing, except for those representations and warranties that address matters only as of a particular date (which shall remain true and correct as of such particular date), and (b) that are qualified as to materiality or material adverse effect shall be true and accurate in all respects on and as of the Closing with the same force and effect as if they had been made at the Closing, except for those representations and warranties that address matters only as of a particular date (which shall remain true and correct as of such particular date).
4.2Performance.  The Company shall have performed and complied in all material respects with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing and shall have obtained all approvals, consents and qualifications necessary to complete the purchase and sale described herein.
4.3IPO.  The Registration Statement shall have been declared effective by the SEC. The Underwriters shall have purchased the Firm Shares (as defined in the Underwriting Agreement) at the IPO Price (less any underwriting discounts or commissions) pursuant to the Underwriting Agreement.
4.4Qualifications.  All authorizations, approvals, waiting period expirations or terminations, or permits, if any, of any governmental authority or regulatory body of the United States or of any state that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be duly obtained and effective as of the Closing, other than (a) the filing pursuant to Regulation D, 
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promulgated under the Securities Act, and (b) the filings required by applicable state “blue sky” securities laws, rules and regulations.
4.5HSR Waiting Period.  The filings of any of the Investor and the Company pursuant to the HSR Act shall have been made and the applicable waiting period and any extension thereof shall have expired or been terminated.
4.6Absence of Injunctions and Decrees. During the period from the Effective Date to immediately prior to the Closing, no governmental authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any decision, injunction, decree, ruling, law or order enjoining or otherwise prohibiting or making illegal the consummation of the transactions contemplated at the Closing.
5.Conditions to the Company’s Obligations at Closing.  The obligations of the Company to the Investor to consummate the Closing are subject to the fulfillment, on or by the Closing, of each of the following conditions, which waiver may be given by written communication to the Investor:
5.1Representations and Warranties.  The representations and warranties of the Investor contained in Section 3 shall be true and accurate in all material respects on and as of the Closing with the same force and effect as if they had been made at the Closing.
5.2Performance.  The Investor shall have performed and complied in all material respects with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by the Investor on or before the Closing and shall have obtained all approvals, consents and qualifications necessary to complete the purchase and sale described herein.
5.3IPO.  The Registration Statement shall have been declared effective by the SEC. The Underwriters shall have purchased the Firm Shares at the IPO Price (less any underwriting discounts or commissions) pursuant to the Underwriting Agreement.
5.4IPO Lockup. The Investor shall have signed a lockup agreement in the form previously agreed upon by the Investor and the Underwriters (the “Lockup Agreement”).  The Shares shall be subject to the terms of the lockup agreement.
5.5Absence of Injunctions and Decrees. During the period from the Effective Date to immediately prior to the Closing, no governmental authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any decision, injunction, decree, ruling, law or order enjoining or otherwise prohibiting or making illegal the consummation of the transactions contemplated at the Closing.
6.Miscellaneous.
6.1Acknowledgment and Waiver. The Company and the Investor agree upon and acknowledge the satisfaction or waiver of any and all rights and obligations of either the Company or the Investor under Section 3.2 (Registration Rights - Company Registration) of the IRA with respect to the IPO.  For the avoidance of doubt, the Company and the Investor hereby acknowledge and agree that the Shares shall be considered Registrable Securities (as such term is defined in the IRA).
6.2Removal of Restrictive Legends.  Following the expiration of the lock-up period set forth in the Lockup Agreement, in the event that the Shares become registered under the Securities Act or are eligible to be transferred without restriction in accordance with Rule 144 under the Securities Act, the Company shall (x) instruct the Company’s transfer agent to issue new uncertificated (book-entry) 
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instruments representing the Shares, which shall not contain the legends set forth in Section 3.8 that are no longer applicable and (y) take all actions with the Company’s transfer agent reasonably requested by the Investor to permit such un-legended Shares to be deposited into the account specified by the Investor to the Company in writing; provided that, the Investor delivers a customary representation letter to the extent requested by the Company’s transfer agent.
6.3Publicity. No party shall issue any press release or make any other public announcement, including any website posting or social media post, that includes the name or any logo or brand name of any party, or discloses the terms of this Agreement or the fact that the Investor has made or proposes to make an investment in the Company, except for the Company’s disclosure in the Registration Statement, as may be required by law, or with the prior written consent of the other parties. Each party will provide reasonable advance notice to the other parties prior to making any disclosure of this Agreement or the terms hereof in any filings made with the SEC, and will provide the other parties with reasonable opportunity to review and comment on such proposed disclosures.
6.4Survival of Representations and Warranties.  The representations and warranties of the Company and the Investor contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and the Closing, and shall in no way be affected by any investigation of the subject matter thereof made by or on behalf of the Investor or the Company.
6.5Governing Law.  This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware (without reference to the conflicts of law provisions thereof).
6.6Counterparts; Electronic Signatures.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  This Agreement may be executed and delivered by email in portable document format (.pdf) and upon such delivery of the signature page by such method will be deemed to have the same effect as if the original signature had been delivered to the other parties.
6.7Headings; Interpretation.  In this Agreement, (a) the meaning of defined terms shall be equally applicable to both the singular and plural forms of the terms defined, (b) the captions and headings are used only for convenience and are not to be considered in construing or interpreting this Agreement and (c) the words “including,” “includes” and “include” shall be deemed to be followed by the words “without limitation.” All references in this Agreement to sections, paragraphs, exhibits and schedules shall, unless otherwise provided, refer to sections and paragraphs hereof and exhibits and schedules attached hereto, all of which exhibits and schedules are incorporated herein by this reference.
6.8Notices. All notices which are required or permitted hereunder shall be in writing and sufficient if delivered personally, sent by email (and promptly confirmed by personal delivery, registered or certified mail or overnight courier), sent by nationally-recognized overnight courier or sent by registered or certified mail, postage prepaid, return receipt requested, addressed as follows:
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	if to the Company, to:	Remitly Global, Inc.
		1111 Third Avenue, Suite 2100
		Seattle, WA 98101
		Attention: Saema Somalya, General Counsel 
		Email: [***]
		
	with a copy to (which shall
	Fenwick & West LLP
	not constitute notice):	Attention: Katherine Duncan
		Email: kduncan@fenwick.com
		
	if to the Investor, to:	PayU Fintech Investments B.V.
		Symphony Offices, Gustav Mahlerplein 5, 1082, Amsterdam, the

		Netherlands

		Attention: Fady Abdel-Nour; Alex Umfrid

		Email: [***]; [***]

		
	with a copy to (which
	Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP
	shall not constitute
	550 Allerton Street 
	notice):
	Redwood City, California 94063 
		Attention: Colin Conklin
		Email: cconklin@gunder.com 

6.9No Finder’s Fees.  The Investor agrees to indemnify and to hold harmless the Company from any liability for any commission or compensation in the nature of a finder’s or broker’s fee (and any asserted liability as a result of the performance of services of any such finder or broker) for which the Investor or any of its officers, partners, employees, or representatives is responsible.  The Company agrees to indemnify and hold harmless the Investor from any liability for any commission or compensation in the nature of a finder’s or broker’s fee (and any asserted liability as a result of the performance of services by any such finder or broker) for which the Company or any of its officers, employees or representatives is responsible.
6.10Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the Investor.  Any amendment or waiver effected in accordance with this Section 6.10 shall be binding upon each holder of any Shares at the time outstanding, each future holder of such securities and the Company. No delay or failure to require performance of any provision of this Agreement shall constitute a waiver of that provision as to that or any other instance. No waiver granted under this Agreement as to any one provision herein shall constitute a subsequent waiver of such provision or of any other provision herein, nor shall it constitute the waiver of any performance other than the actual performance specifically waived.
6.11Severability.  If any provision of this Agreement is determined by any court or arbitrator of competent jurisdiction to be invalid, illegal or unenforceable in any respect, such provision will be enforced to the maximum extent possible given the intent of the parties hereto.  If such clause or provision cannot be so enforced, such provision shall be stricken from this Agreement and the remainder 
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of this Agreement shall be enforced as if such invalid, illegal or unenforceable clause or provision had (to the extent not enforceable) never been contained in this Agreement.
6.12Entire Agreement.  This Agreement, together with all exhibits and schedules hereto, constitute the entire agreement and understanding of the parties with respect to the subject matter hereof and supersede any and all prior negotiations, correspondence, agreements, understandings duties, or obligations, whether oral or written, between or among the parties hereto with respect to the specific subject matter hereof.
6.13Third Parties.  Nothing in this Agreement, express or implied, is intended to confer upon any person, other than the parties hereto and their successors and assigns, any rights or remedies under or by reason of this Agreement.
6.14Assignment.  Until the date that is two days prior to the Closing, the Investor may assign, in its sole discretion, any or all of its rights and interests under this Agreement to one or more of its affiliates.  Notice of any assignment or reallocation of Shares shall be delivered to the Company pursuant to Section 6.8.
6.15Costs, Expenses.  The Company and the Investor will each bear its own expenses in connection with the preparation, execution and delivery of this Agreement and the consummation of the Financing.
6.16Further Assurances.  The parties agree to execute such further documents and instruments and to take such further actions as may be reasonably necessary to carry out the purposes and intent of this Agreement.
6.17Termination.  This Agreement shall automatically terminate upon the earliest to occur, if any, of: (a) either the Company, on the one hand, or the Underwriters, on the other hand, advising the other in writing, prior to the execution of the Underwriting Agreement, that they have determined not to proceed with the IPO, (b) termination of the Underwriting Agreement (other than the provisions thereof which survive termination) prior to the sale of any of the Common Stock to the Underwriters in the IPO, (c) the Registration Statement is withdrawn, (d) the written consent of each of the Company and the Investor or (e) October 31, 2021, in the event that the Underwriting Agreement has not been executed by such date.
6.18Waiver of Conflicts. The Investor acknowledges that Fenwick & West LLP (“Fenwick”), counsel to the Company, may have performed and may now or in the future perform legal services for the Investor or its affiliates in matters unrelated to the transactions described in this Agreement. Accordingly, each party to this Agreement hereby (a) acknowledges that they have had an opportunity to ask for and have obtained information relevant to this disclosure, (b) acknowledges that Fenwick represents only the Company in connection with this Agreement and the transactions contemplated hereby, and not the Investor or any stockholder, director or employee of the Investor and (c) gives its informed consent to Fenwick’s representation of the Company in connection with this Agreement and the transactions contemplated hereby.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
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In Witness Whereof, the parties hereto have executed this Common Stock Purchase Agreement as of the date first written above.
						
	COMPANY:
		
	Remitly Global, Inc.
		
	By:	/s/Matthew Oppenheimer

		
	Name:	Matthew Oppenheimer

		
	Title:	Chief Executive Officer

[SIGNATURE PAGE TO COMMON STOCK PURCHASE AGREEMENT]

In Witness Whereof, the parties hereto have executed this Common Stock Purchase Agreement as of the date first written above.
						
	INVESTOR:

		
	PAYU FINTECH INVESTMENTS B.V.
		
		
	By:	/s/ Franka Olbers
		
	Name:	Franka Olbers
		
	Title:	Director

[SIGNATURE PAGE TO COMMON STOCK PURCHASE AGREEMENT]Exhibit 10.1

  

   

  

   
    

    

    
      September 8, 2021

       

      Katherine Boden Holland

        Address on File with the Company

      

       

      Re:            Severance Agreement and General Release

       

      Dear Kathy:

       

      As we have discussed, your employment with Adtalem Global Education Inc. (“Adtalem” or “the Company”) will end effective September 30, 2021
        (“Separation Date”).  We are interested in resolving cooperatively your separation of employment.  Toward this end, we offer: (i) the following Severance Agreement and General Release (the “Release Agreement”) and (ii) the Supplemental Release
        Agreement, attached as Exhibit A (the “Supplemental Release Agreement”).

      

      

      Please note that some provisions of the Release Agreement apply whether or not you sign this Release Agreement.  Other provisions apply
        only if you sign.  Throughout the Release Agreement, we have tried to make this distinction clear.

      

      

      For example, the terms and conditions set forth in Paragraph 1 below will apply regardless of whether you sign this Release Agreement
        and/or the Supplemental Release Agreement.  Conversely, you will not be eligible to receive the Severance Benefits set forth in Paragraph 2 below unless you sign and do not revoke this Release Agreement.  (Please see Paragraph 24 below for
        what it means to revoke this Release Agreement.).

      

      

      You may consider for twenty-one (21) days
          following your receipt of this Release Agreement whether you wish to sign it.  Because this is a legal document, you are encouraged to review carefully the
          proposed Release Agreement with your attorney.

      

      

      1.           General Terms of the Separation of Your Employment.  As noted above, regardless of whether you sign this Release Agreement and/or the Supplemental Release Agreement:

       

      (a)            Your last day of employment will be September 30, 2021.  You will be paid for all time worked through your Separation Date.

       

      (b)            To the extent you are enrolled, your eligibility to participate in Company-sponsored group health coverage as an employee of the Company will end on September 30, 2021. 
          Thereafter, you will be eligible to continue to participate in this health coverage in accordance with a federal law called the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), subject to COBRA’s terms, conditions and restrictions (and
          subject to any COBRA subsidy that may be available under the American Rescue Plan Act of 2021 and any applicable guidance from the Department of Labor or Internal Revenue Service thereunder).

       

      
        
          

      

       

        

      (c)            Your eligibility to participate in all other Company sponsored group benefits, including group life and disability coverage, will end on your Separation Date.

       

      (d)            You will be reimbursed for all reasonable expenses you have incurred on behalf of the Company prior to the Separation Date in accordance with the Company’s reimbursement
          guidelines.

       

      (e)            You are required to comply with the Adtalem Global Education Inc. Executive Employment Agreement signed by you on April 22, 2018, a copy of which is attached as Exhibit B (the
          “Employment Agreement”).

       

      (f)            You are required to comply with Paragraphs 7, 8 and 9 below.

       

      2.           Severance Benefits.

       

      (a)            If you timely sign and do not revoke this Release Agreement, agreeing to be bound by the General Release in Paragraph 3 below and the other terms and conditions of this Release
          Agreement described below, the Company will provide you with the following (subsection (i) and (ii) below, the “Severance Benefits”):

       

      (i)            The Company will pay you five hundred dollars ($500.00), payable in one lump sum payment, less withholding of all applicable federal, state and local taxes (“Severance
          Payment”).  The Severance Payment will be paid on the Company’s first regularly scheduled payroll date occurring after the expiration of the Revocation Period set forth in Paragraph 24 below.  For purposes of this Release Agreement, the term
          “Severance Benefits” includes the payment made to you or on your behalf per this subsection (i).

       

      (ii)            The Company releases and forever discharges you, to the maximum extent permitted by law, from any and all claims, causes of action, complaints, lawsuits or liabilities of any
          kind (collectively the "Company Released Claims") which the Company has or may have against you.  The Company is hereby waiving any and all Company Released Claims that can be waived, to the maximum extent permitted by law, which the Company has
          or may have against you arising out of or relating to any conduct, matter, event or omission existing or occurring before the Company signs this Release Agreement, and any monetary or other relief for such Company Released Claims. 
          Notwithstanding the terms of this subsection (ii), the Company is not waiving any required claw-back of your compensation per the Company’s Incentive Compensation Recoupment Policy and/or the requirements of the Sarbanes-Oxley Act of 2002 and
          other applicable laws, regulations and administrative rulings.

       

      (b)            You will not be eligible for the Severance Benefits described in this Paragraph 2 unless you:  (i) timely sign this Release Agreement after you receive it and return the Release
          Agreement to the Company (at the address below) after you sign it; (ii) do not timely revoke it in accordance with Paragraph 24, below; (iii) comply with your obligations under this Release Agreement, including but not limited to the requirements
          under Paragraph 9 regarding the return of company property and documents; and (iv) you have complied with and remain in compliance with the terms and conditions of the Employment Agreement.  The Company’s address/email for communications related
          to this Release Agreement is:

       

      
        
          

      

       

        

       Adtalem Global Education

         ATTN: Douglas Beck, General Counsel

         500 W. Monroe Street, Suite 28

         Chicago, IL 6066

         Douglas.Beck@adtalem.com

       

      (c)            Should your employment be terminated by the Company for “Cause,” or if you resign from your employment with the Company prior to September 30, 2021, you will not be eligible for
          the Severance Benefits and this Release Agreement and the General Release in Paragraph 3, will remain in full force and effect.  For purposes of this Agreement, “Cause” shall have the same definition as per the Employment Agreement.

       

      3.           General Release.

       

      (a)            In exchange for the Company’s Severance Benefits described in Paragraph 2 above, individually or in the aggregate, you release and forever discharge, to the maximum extent
          permitted by law, the Company and each of the other “Releasees” as defined below from any and all claims, causes of action, complaints, lawsuits or liabilities of any kind (collectively “Claims”) as described below which you, your heirs, agents,
          administrators or executors have or may have against the Company or any of the other Releasees.

       

      (b)            By agreeing to this General Release, you are waiving any and all Claims that can be waived, to the maximum extent permitted by law, which you have or may have against the
          Company or any of the other Releasees arising out of or relating to any conduct, matter, event or omission existing or occurring before you sign this Release Agreement, and any monetary or other personal relief for such Claims, including but not
          limited to the following:

       

      (i)              any Claims having anything to do with your employment with the Company and/or any of its parent, subsidiary, related and/or affiliated companies;

       

      (ii)             any Claims having anything to do with the termination of your employment, effective on the Separation Date, with the Company and/or with any of its parent, subsidiary, related
          and/or affiliated companies;

       

      (iii)            any Claims for severance, benefits, bonuses, commissions and/or other compensation of any kind, including but not limited to any claim for benefits or payments under any
          Employment Agreement or policy of any kind;

       

      (iv)             any Claims under any offer letter to you;

       

      (v)              any Claims for reimbursement of expenses of any kind;

       

      (vi)             any Claims for attorneys’ fees and/or costs;

       

      
        
          

      

       

        

      (vii)            any Claims under the Employee Retirement Income Security Act (“ERISA”);

       

      (viii)           any Claims of discrimination and/or harassment based on age, sex, pregnancy, race, religion, color, creed, disability, handicap, failure to accommodate, citizenship, national
          origin, ancestry, family status, parental status, marital status, domestic or sexual violence victim status, sexual orientation, gender identity, genetic information or any other factor protected by federal, state or local law as enacted or
          amended (such as the Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq., the Older Workers Benefit Protection Act, Title VII of the Civil Rights Act of 1964, Section 1981 of the Civil Rights Act of 1866, the Americans with Disabilities
          Act, the Equal Pay Act, the Genetic Information Non-Discrimination Act, the Illinois Human Rights Act, the Illinois Employee Classification Act, the Illinois Equal Pay Act of 2003, the Delaware Discrimination in Employment Act, the Delaware Equal
          Pay Law, the Delaware Handicap Persons Employment Protections Act) and any Claims for retaliation under any of the foregoing laws;

       

      (ix)             any Claims regarding leaves of absence including, but not limited to, any Claims under the federal Family and Medical Leave Act and/or under any other state and/or local paid
          and/or unpaid leave and paid time off laws including the Illinois Employee Sick Leave Act, the Illinois Victims’ Economic Safety and Security Act, the Illinois Family Military Leave Act, the Illinois Child Bereavement Act;

       

      (x)              any Claims under the federal and/or any state constitution;

       

      (xi)             any Claims under the Fair Credit Reporting Act;

       

      (xii)            any Claims arising under the Immigration Reform and Control Act (“IRCA”);

       

      (xiii)           any Claims under any employment agreement with the Company;

       

      (xiv)           any Claims arising under the Uniformed Services Employment and Reemployment Rights Act (“USERRA”) or any state law governing military leave;

       

      (xv)            any Claims for violation of public policy;

       

      (xvi)           any whistleblower or retaliation Claims, including but not limited to any Claims under any state or local whistleblower laws including the Illinois Whistleblower Act and the
          Delaware Whistleblowers’ Protection Act;

       

      (xvii)          any Claims for emotional distress or pain and suffering;

       

      (xviii)         any Claims under the Workers Retraining Notification Act (“WARN”) or any state or local laws that require advance notice before a plant closing, mass lay off or other job
          losses; and/or

       

      
        
          

      

       

        

      (xix)            any other statutory, regulatory, common law or other Claims of any kind, including, but not limited to, Claims for breach of express or implied contract and/or oral agreement,
          libel, slander, fraud, invasion of privacy, wrongful discharge, intentional infliction of emotional distress, negligence, promissory estoppel, equitable estoppel, quantum meruit, restitution and misrepresentation.

       

      (c)            The term “Releasees” includes:  the Company, any company, directly or indirectly, controlled by, controlling or under common control by the Company including, but not limited
          to, the Company’s subsidiary entities, parent, partners, joint ventures, and predecessors, as well as its successors and assigns (collectively “Affiliates”), and each of their respective past and present employees, officers, directors, attorneys,
          owners, partners, insurers, benefit plan fiduciaries and agents, in their individual as well as official capacity, and all of their respective predecessors, successors and assigns.

       

      (d)            It is important that you understand that this General Release includes all Claims known or unknown by you, those that you may have already asserted or raised as well as those
          that you have never asserted or raised.

       

      4.           Non-Released Claims.  The General Release in Paragraph 3 above does not apply to:

       

      (a)            any Claims for vested benefits under any 401(k) plan;

       

      (b)            any Claims to require the Company to honor its commitments set forth in this Release Agreement and in the Supplemental Release Agreement;

       

      (c)            any Claims to interpret or to determine the scope, meaning, enforceability or effect of this Release Agreement or the Supplemental Release Agreement;

       

      (d)            any Claims that arise after you have signed this Release Agreement;

       

      (e)            any Claims for worker’s compensation benefits, any Claims for unemployment compensation benefits and any other Claims that cannot be waived by a private agreement, and/or

       

      (f)            any Claim for coverage under director and officer liability insurance or for your contractual rights to indemnification per Section 25 of the Employment Agreement.

       

      The General Release is subject to and limited by your Retained Rights in Paragraph 5.

       

      5.           Retained Rights.

       

      (a)            Nothing in this Release Agreement is intended to or shall be interpreted to restrict or otherwise interfere with your right and/or obligation to:  (i) testify truthfully in any
          forum; (ii) contact, cooperate with,  provide information to, or testify or otherwise participate in any action, investigation or proceeding of, any federal, state, or local government agency, commission or entity (including, but not limited to
          the Department of Justice (“DOJ”), the Equal Employment Opportunity Commission (“EEOC”), the National Labor Relations Board (“NLRB”), the Department of Labor (“DOL”), the Securities and Exchange Commission (“SEC”) or Occupational Safety and
          Health Administration (“OSHA”)); or (iii) disclose any information or produce any documents as is required by law or legal process.

       

      
        
          

      

       

        

      (b)            Further, nothing in this Release Agreement in general or the General Release in Paragraph 3 in particular prevents you from contacting or filing a charge with any federal, state
          or local government agency, commission or entity (including, but not limited to the DOJ, NLRB, SEC, EEOC and DOL).  However, the General Release does prevent you, to the maximum extent permitted by law, from obtaining any monetary or other
          personal relief for any of the Claims you have released in Paragraph 3 with regard to any charge you may file or which may be filed on your behalf.  Notwithstanding the foregoing, nothing in this Release Agreement limits your right to receive an
          award for information provided to the SEC pursuant to Rule 21F-17 promulgated under the Securities Exchange Act of 1934, as amended, or for information provided to any government agency, commission or entity.  You are entitled to make reports and
          disclosures or otherwise take action under this Paragraph without authorization from or notification to the Company.

       

      6.           Adequacy of Consideration.  You acknowledge and agree that you are not eligible for the Severance Benefits under Paragraph 2 above unless you sign and do not revoke this Release Agreement. 
          You also acknowledge and agree that such Severance Benefits:

       

      (a)            constitute adequate consideration to support your General Release in Paragraph 3 above and other obligations set forth in this Release Agreement; and

       

      (b)            fully compensate you for the Claims you are releasing.

       

      For purposes of this paragraph, “consideration” means something of value to which you are not already entitled.

       

      7.           Prohibition on Your Using or Disclosing Certain Information.  Regardless of whether you sign this Release Agreement:

       

      (a)            You are prohibited from using or disclosing Confidential and/or Proprietary Information.  Confidential and/or Proprietary Information refers to confidential or proprietary
          information that you acquired in the course of your employment with the Company and which is not generally known by or readily accessible to the public; this may include, but is not limited to:  pricing strategies, profit margins and other
          non-public financial information; legal, accounting, marketing and business plans, strategies and techniques; trade secrets; the identity of the Company’s customers, suppliers or vendors; attorney-client privileged information; and other
          information not generally known by or readily accessible to the public.  This restriction is in addition to your obligations under the Employment Agreement, attached as Exhibit B.  This restriction is subject to and limited by your Retained
          Rights in Paragraph 5 above.

       

      
        
          

      

       

        

      (b)            Nothing in this Release Agreement is intended to or shall be interpreted to prohibit disclosure of information to the limited extent permitted by and in accordance with the
          federal Defend Trade Secrets Act of 2016 (“DTSA”).  Stated otherwise, disclosures that are protected by the DTSA as follows do not violate this Release Agreement.  The DTSA provides that:  “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 – in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and 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.”  The DTSA further provides that:  “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.”

       

      8.           Duty to Notify.  In the event you receive a request or demand, orally, in writing, electronically or otherwise, for the disclosure or production of Confidential and/or Proprietary
          Information as defined above, you must immediately contact Douglas Beck, General Counsel (or the General Counsel at the time of such request) by telephone.  Regardless of whether you are successful in reaching by telephone, you also must notify
          Douglas Beck or the applicable General Counsel immediately in writing, via email.  A copy of the request or demand, as well as any and all documents potentially responsive to the request or demand, shall be included with the written
          notification.  You shall wait a minimum of ten (10) days (or the maximum time permitted by such legal process, if less) after sending the letter before making a disclosure or production to give the Company time to determine whether the disclosure
          or production involves Confidential and/or Proprietary Information, in which event the Company may seek to prohibit and/or restrict the production and/or disclosure and/or to obtain a protective order with regard thereto.  This obligation shall
          not apply in the event of requests or demands for Confidential Information from the government (federal, state or local) commission, agency or entity.

       

      9.           Company Property and Documents.  Regardless of whether you sign this Release Agreement, you must return to the Company’s Human Resources Department, retaining no copies of:

       

      (a)            all Company property (including, but not limited to, office, desk or file cabinet keys, Company identification/pass cards, Company-provided credit cards, motor vehicles and
          Company equipment, such as computers, cell phones, iPhones, printouts, inventory, marketing materials, products and inventory, including any equipment issued to you through the eMoney Flexible Work Option Policy, all Company training materials
          and marketing materials and all materials created on behalf of or at the expense of the Company etc.).

       

      (b)            all Company documents that you identify pursuant to a reasonable search (including, but not limited to, all hard copy, electronic and other files, forms, lists, charts,
          photographs, correspondence, computer records, programs, notes, memos, disks, DVDs, etc.).

       

      The Company will arrange for return of all Company property and documents consistent with this Paragraph 9 at a mutually agreed date and time at its expense.

       

      
        
          

      

       

        

      10.         Non-Defamation.  You agree that you will not make any defamatory comments, in writing, orally or electronically, about the Company or any other Releasee (as defined above) and their
          respective services.  This restriction is subject to and limited by your Retained Rights in Paragraph 5.  The Company shall not issue any statements or press releases, whether in writing, orally or electronically, that are defamatory to you, and
          shall take reasonable measures to cause the members of its board of directors and its senior executive team (i.e. its CEO and the direct reports to the CEO) to refrain from making statements defamatory to you, whether in writing, orally or
          electronically.

       

      11.         Post-Employment Restrictions.  You agree that you remain obligated to comply with the restrictive covenants set forth in the Employment Agreement, including the Non-Compete, Non-Solicitation
          provision set forth in Paragraph 13 of the Employment Agreement, which survive the cessation of your employment and remain in full force and effect.  The parties hereto also each acknowledge and agree that your continued adherence to such
          covenants is a material inducement to the Company to provide you with the Severance Benefits contained in Paragraph 2 hereof and that a breach of such covenants constitutes a breach of this Release Agreement.

       

      12.         Legal and Equitable Remedies.  You acknowledge that the covenants set forth in this Release Agreement are fair and reasonable and necessary for the protection of the legitimate business
          interests of the Company, and that you received adequate consideration for the covenants in this Release Agreement, including the Employment Agreement.  You acknowledge that a violation by you of any of the covenants contained in Paragraphs 7, 8,
          10 and 11 of this Release Agreement would cause irreparable damage to the Company in an amount that would be material but not readily ascertainable, and that any remedy at law (including the payment of damages) would be inadequate.  Accordingly,
          you agree that, notwithstanding any provision of this Release Agreement to the contrary, the Company shall be entitled (without the necessity of showing economic loss or other actual damage) to injunctive relief (including temporary restraining
          orders, preliminary injunctions, and/or permanent injunctions) in any court of competent jurisdiction for any actual or threatened breach of any of the covenants set forth in Paragraphs 7, 8, 10 and 11 of this Release Agreement in addition to any
          other legal or equitable remedies it may have.  You hereby waive any right to require the Company to obtain a bond in connection with such proceedings.  The Company shall also be entitled to recover from you its reasonable attorneys’ fees and
          costs of any action that it successfully brings against Employee for or related to a breach or threatened breach of Paragraphs 7, 8, 10 and 11 of this Release Agreement.

       

      13.         Ineligibility for Reemployment.  You are not eligible for employment or re-employment with, or placement by any third party (including but not limited to any employment or staffing agency)
          to provide services for, the Company or any other Releasee.  You agree that you will not apply for employment or reemployment with the Company or any other Release and your agreement is a purely contractual term and is no way an involuntary,
          discriminatory or retaliatory imposition upon you by the Company or any other Releasee.  You further agree that the execution of this Release Agreement is good and sufficient cause for the Company and/or any other Releasee to reject any
          application for employment or other work by you.

       

      
        
          

      

       

        

      14.         Confidentiality of this Release Agreement.  You agree that, at all times, the existence, terms and conditions of this Release Agreement and the Supplemental Release Agreement will be kept
          secret and confidential and will not be disclosed voluntarily to any third party, except:  (i) to your spouse, domestic partner, civil union partner or immediate family member; (ii) to the extent required by law; (iii) in connection with any
          Claim to interpret or determine the scope, meaning, enforceability or effect of the Release Agreement; (iv) to obtain confidential legal, tax or financial advice with respect thereto; or (v) in connection with any of your Retained Rights as set
          forth in Paragraph 5.

       

      15.         Cooperation and Transition of Duties.

       

      (a)            You agree to fully cooperate in the transition of your duties and responsibilities as directed by the Company including, but not limited to, assistance in each of your former
          areas of responsibility.

       

      (b)            You agree to assist, consult with, and cooperate with the Company or other Releasee in any litigation or administrative proceeding or inquiry that involves the Company or any
          other Releasee about which you have any knowledge or information as a result of your employment with the Company (a “Matter”), including but not limited to providing complete and truthful information and testimony to the Company and other
          Releasee and their respective attorneys regarding any Matter that presently exists or that may arise going forward, subject to reimbursement for your reasonable out-of-pocket expenses for items such as travel, meals, lodging and telephone calls
          and with consideration for your other business and personal commitments. Your duties per this subsection (b) shall be scheduled at reasonable times and locations, taking into account your then-current professional and personal obligations.

       

      16.         Governing Law and Venue.  This Release Agreement, and all issues and questions concerning the construction, validity, enforcement and interpretation of this Release Agreement, will be
          governed by, and construed in accordance with, the internal laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the state of Delaware or any other jurisdiction) that would
          cause the application of the laws of any jurisdiction other than the state of Delaware.  The parties agree that all litigation arising out of or relating to Release Agreement must be brought exclusively in Delaware.

       

      17.         Statement of Non-Admission.  Nothing in this Release Agreement is intended as or shall be construed as an admission or concession of liability or wrongdoing by the Company or any other
          Releasee as defined above.  Rather, the proposed Release Agreement is being offered for the sole purpose of settling cooperatively and amicably any and all possible disputes between the parties.

       

      
        
          

      

       

        

      18.         Interpretation of Release Agreement.  Nothing in this Release Agreement is intended to violate any law or shall be interpreted to violate any law.  If any paragraph subpart of any
          paragraph in this Release Agreement or the application thereof is construed to be overbroad and/or unenforceable, then the court making such determination shall have the authority to narrow the paragraph or subpart of the paragraph as necessary
          to make it enforceable and the paragraph or subpart of the paragraph shall then be enforceable in its/their narrowed form.  Moreover, each paragraph or subpart of each paragraph in this Release Agreement is independent of and severable (separate)
          from each other.  In the event that any paragraph or subpart of any paragraph in this Release Agreement is determined to be legally invalid, overly broad and/or unenforceable by a court and is not modified by a court to be enforceable, the
          affected paragraph or subpart of such paragraph shall be stricken from the Release Agreement, and the remaining paragraphs or subparts of such paragraphs of this Release Agreement shall remain in full, force and effect.

       

      19.         Entire Release Agreement.  This Release Agreement constitutes the entire agreement between the parties and supersedes any and all prior representations, agreements, written or oral,
          expressed or implied by the Company or any Releasee relating to your employment except for the restrictions of the Employment Agreement which by their terms shall remain in full force and effect.  This Release Agreement cannot not be modified or
          amended other than by an agreement in writing signed by both you and an authorized representative of the Company.

       

      20.         Acknowledgment.  You acknowledge and agree that, subsequent to the termination of your employment, and other than as provided in this Release Agreement and the Supplemental Release
          Agreement, you shall not be eligible for any payments from the Company or Company-paid benefits, except as expressly set forth in this Release Agreement.  You also acknowledge and agree that you have been paid for all time worked and have
          received all other compensation, benefits, bonuses, commissions and/or other compensation of any kind owed to you, except for any payments owed to you pursuant to Paragraph 1 which shall be paid to you regardless of whether you sign this Release
          Agreement.

       

      21.         Headings/Days.  The headings contained in this Release Agreement are for convenience of reference only and are not intended, and shall not be construed, to modify, define, limit, or expand
          the intent of the parties as expressed in this Release Agreement, and they shall not affect the meaning or interpretation of this Release Agreement.  All references to a number of days throughout this Release Agreement refer to calendar days.

       

      22.         Successors and Assigns.  This Release Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs and successors.  The Company may assign this
          Release Agreement to any person or entity, including, but not limited to, any successor, parent, subsidiary or affiliated entity of the Company.  The Company also may assign this Release Agreement in connection with any sale or merger (whether a
          sale or merger of stock or assets or otherwise) of the Company or the business of the Company.  You expressly consent to the assignment of the restrictions and requirements set forth in this Release Agreement including but not limited to those in
          Paragraphs 7, 8 10 and 11 above of this Release Agreement to any new owner of the Company’s business or purchaser of the Company.  You may not assign, pledge, or encumber your interest in this Release Agreement, or any part thereof, without the
          written consent of the Company.

       

      
        
          

      

       

        

      23.         Representations.  You agree and understand that:

       

      (a)            you have read carefully the terms of this Release Agreement, including the General Release;

       

      (b)            you have had an opportunity to and have been encouraged to review this Release Agreement, including the General Release, with an attorney;

       

      (c)            you understand the meaning and effect of the terms of this Release Agreement, including the General Release;

       

      (d)            you were given twenty-one (21) days to review and to determine whether you wished to sign this Release Agreement, including the General Release;

       

      (e)            your decision to sign this Release Agreement, including the General Release, is of your own free and voluntary act without compulsion of any kind;

       

      (f)            no promise or inducement not expressed in this Release Agreement has been made to you;

       

      (g)            you understand that you are waiving your Claims as set forth in Paragraph 3 above, including, but not limited to, Claims for age discrimination under the Age Discrimination in
          Employment Act (subject to the limitations in Paragraph 4 above and your Retained Rights in Paragraph 5 above); and

       

      (h)            you have adequate information to make a knowing and voluntary waiver of any and all Claims as set forth in Paragraph 3 above.

       

      24.         Revocation Period.  If you sign this Release Agreement, you will retain the right to revoke it for seven (7) days (the “Revocation Period”).  If you revoke this Release Agreement, you are
          indicating that you have changed your mind and do not want to be legally bound by this Release Agreement.  The Release Agreement shall not be effective until after the Revocation Period has expired without your having revoked it.  To revoke this
          Release Agreement, you must send a letter via certified mail or email to Douglas Beck, General Counsel, Douglas.Beck@adtalem.com with a copy to John Nixon, Esq. Jnixon@duanemorris.com.  The letter must be post-marked/emailed within seven (7) days
          of your execution of this Release Agreement.  If the seventh day is a Sunday or federal holiday, then the letter must be post-marked on the following business day.  If you revoke this Release Agreement on a timely basis, you shall not be eligible
          for the Severance Benefits as set forth in Paragraph 2 above.

       

      25.         Offer Expiration Date.  You may consider for twenty-one (21) days following your receipt of this Release Agreement whether you wish to sign it.  If
          you do not sign this Release Agreement within this period of time, then this offer is withdrawn and you will not be eligible for the Severance Benefits set forth in Paragraph 2 above.  To the extent the Company agrees to make any modifications to
          this Release Agreement, you understand and agree that the review period will not restart.

       

      
        
          

      

       

        

      26.         Counterparts.  This Release Agreement and any agreement referenced herein may be executed in counterparts, each of which shall be deemed an original but which together shall constitute one
          and the same instrument.  The exchange of a fully executed Release Agreement (in counterparts or otherwise) by electronic transmission in PDF format or by facsimile shall be sufficient to bind the parties to the terms and conditions of this
          Release Agreement.

       

      *        *        *

       

       

        

       

        

       

        

      
        
          

      

       

        

      If you agree with the all of the terms of this Release Agreement, please sign below, indicating that you understand, agree with and intend to be legally bound
        by this Release Agreement, including the General Release, and return the signed Release Agreement to Douglas Beck, General Counsel, Douglas.Beck@adtalem.com.

       

        

      	 	 	Sincerely,

            
	 	 	 
	 	 	 
	 	 	/s/ Douglas Beck 

            
	 	 	
              Douglas Beck, General Counsel

            
	 	 	 
	
              UNDERSTOOD AND AGREED,

                  INTENDING TO BE LEGALLY BOUND:

                

            	 	 
	 	 	 
	Katherine Boden Holland	 	 
	 	 	 
	 	 	 
	/s/ Katherine Boden Holland 

            	 	 
	 	 	 
	 	 	 
	September 13, 2021 

            	 	 
	
              Date

            	 	 

      
        

        

        
          
            

        

      

       

        

      Exhibit A

      Supplemental Release Agreement

      

      

      September 30, 2021

       

      Katherine Boden Holland

        Address on File with the Company

      

       

      Re:            Supplemental Release Agreement

       

      Dear Kathy:

       

      The separation of your employment from Adtalem Global Education Inc. (“Adtalem” or “the Company”) is effective September 30, 2021 (“Separation Date”). 
        Accordingly, this Supplemental Release Agreement is being provided to you pursuant to the Severance Agreement and General Release dated September 8, 2021.  You may consider for twenty-one (21) days after your Separation Date whether you wish to
        sign this Supplemental Release Agreement.  You are encouraged to review this Supplemental Release Agreement with your attorney.  Please note that you may not sign this Supplemental Release Agreement before your
          Separation Date. Regardless of whether you sign this Supplemental Release Agreement the Company will pay you all Accrued Benefits (as defined in the Adtalem Global Education Inc. Executive Employment Agreement signed by you on April 22,
        2018 (the "Employment Agreement")), within thirty (30) days following the Separation Date.

      

      

      1.            Severance Benefits.

       

      (a)            If you timely sign and do not revoke this Supplemental Release Agreement, agreeing to be bound by the Supplemental General Release in Paragraph 2 below and the other terms and
          conditions of this Supplemental Release Agreement described below, the Company will provide you with the payments and benefits per subsections (i) – (iv) below (the “Severance Benefits”):

       

      (i)            The Company will pay you one and one-half (1 1⁄2) times the sum of your base salary and target MIP Award in the amount of $1,510,237,
          based on your base pay and target MIP as of your Separation Date, less taxes and other deductions required by law (the “Severance Payments”).  The Severance Payments will be payable in eighteen (18) equal monthly payments.  Subject to (d) below,
          the first installment will be due on the Company’s first regularly scheduled payroll date occurring after the expiration of the Revocation Period set forth in Paragraph 9 below.  Your schedule of payments will not extend beyond the date on which
          any Severance Payments would qualify as deferred compensation under §409A of the Internal Revenue Code.

       

      
        
          

      

       

      

      (ii)            The Company will pay for eighteen (18) months of continued health benefit plan coverage following the Separation Date at active employee levels, with the active employee cost
          for you and your eligible dependents; such health benefits shall be provided and paid for by you per regular payroll periods of Adtalem commencing with the first payroll period following the your Separation Date and continuing until the earlier
          of (1) the eighteen (18) month anniversary of your Separation Date, or (2) the date you are eligible for equivalent coverage and benefits under the plans and programs of a subsequent employer.  Medical expenses (as defined in Code Section 213(d))
          paid pursuant to this paragraph are intended to be exempt from Code Section 409A to the extent permitted under Treasury Regulation §§1.409A-1(b)(9)(v)(B) and -3(i)(1)(iv)(B).  However, to the extent any health benefits provided pursuant to this
          paragraph do not qualify for exemption under Code Section 409A, Adtalem shall provide you with a lump sum payment in an amount equal to the number of months of coverage to which you are entitled times the then applicable premium for the relevant
          health plan in which you participated.  Such lump sum amount will be paid during the second month following the month in which such coverage expires.

       

      (iii)            The Company will provide you with a nine (9) month senior executive level outplacement program the provider of which shall be selected by the Company in the Company’s sole
          discretion with such expenses being payable to the outplacement service as soon as administratively practicable but in no event later that the last day of the calendar year immediately following the calendar year in which such expense was
          incurred.

       

      (b)            You will not be eligible for the Severance Benefits unless you:  (i) timely sign this Supplemental Release Agreement and return it to the Company (at the address below) after
          you sign it; (ii) do not timely revoke it in accordance with Paragraph 8, below; (iii) comply with your obligations under the Release Agreement, including but not limited to the requirements regarding the return of company property and documents;
          and (iv) you have complied with and remain in compliance with the terms and conditions of the Employment Agreement.  The Company’s address/email for communications related to this Supplemental Release Agreement is:

       

       Adtalem Global Education

         ATTN: Douglas Beck, General Counsel

         500 W. Monroe Street, Suite 28

         Chicago, IL 6066

         Douglas.Beck@adtalem.com

       

      (c)            Should your employment be terminated by the Company for “Cause” or if you resign from your employment with the Company prior to September 30, 2021, you will not be eligible for
          the Severance Benefits in this Supplemental Release Agreement, and the Release Agreement dated September 8, 2021 will remain in full force and effect.  For purposes of this Supplemental Release Agreement, “Cause” shall have the same definition as
          per the Employment Agreement.

       

      
        
          

      

       

      

      (d)            The Severance Benefits are intended, where possible, to qualify for an exemption from Code Section 409A.  Accordingly, the provisions of this Supplemental Release Agreement
          shall be applied so that those payments and benefits qualify for such an exemption, to the maximum extent allowable.  However, to the extent any payment to which you become entitled under this Supplemental Release Agreement is deemed to
          constitute an item of deferred compensation subject to, and not exempt from, the requirements of Section 409A, the provisions of this Supplemental Release Agreement applicable to that payment shall be applied so that such payment is made in
          compliance with the applicable requirements of code Section 409A.  Additionally, because you are a “specified employee” as that term is defined in Code Section 409A, any Severance Benefits described in the Paragraph 1 that are: (A) subject to
          Code Section 409A and not subject to exemption therefrom; and (B) payable to you during the first six months following the Separation Date shall be deferred until the date which is six months and one day following the Separation Date, with the
          first payment being in an amount equal to the total amount to which you would otherwise have been entitled during the period following the Separation Date of employment if the six-month deferral had not been required.

       

      (e)            The Company releases and forever discharges you, to the maximum extent permitted by law, from any and all claims, causes of action, complaints, lawsuits or liabilities of any
          kind (collectively the "Company Released Claims") which the Company has or may have against you.  The Company is hereby waiving any and all Company Released Claims that can be waived, to the maximum extent permitted by law, which the Company has
          or may have against you arising out of or relating to any conduct, matter, event or omission existing or occurring before the Company signs this Release Agreement, and any monetary or other relief for such Company Released Claims. 
          Notwithstanding the terms of this subsection (e), the Company is not waiving any required claw-back of your compensation per the Company’s Incentive Compensation Recoupment Policy and/or the requirements of the Sarbanes-Oxley Act of 2002 and
          other applicable laws, regulations and administrative rulings.

       

      2.            Supplemental General Release.

       

      (a)            In addition to the Severance Benefits described in Paragraph 2 of the Release Agreement dated September 8, 2021 which has not been paid, and in exchange for the Severance
          Benefits described in  Paragraph 1 of this Supplemental Release Agreement, you release and forever discharge, to the maximum extent permitted by law, the Company and each of the other “Releasees” as defined below from any and all claims, causes
          of action, complaints, lawsuits or liabilities of any kind (collectively “Claims”) as described below which you, your heirs, agents, administrators or executors have or may have against the Company or any of the other Releasees.

       

      (b)            By agreeing to this Supplemental General Release, you are waiving any and all Claims that can be waived, to the maximum extent permitted by law, which you have or may have
          against the Company or any of the other Releasees arising out of or relating to any conduct, matter, event or omission existing or occurring before you sign this Release Agreement, and any monetary or other personal relief for such Claims,
          including but not limited to the following:

       

      (i)            any Claims having anything to do with your employment with the Company and/or any of its parent, subsidiary, related and/or affiliated companies;

       

      
        
          

      

       

      

      (ii)            any Claims having anything to do with the termination of your employment, effective on the Separation Date, with the Company and/or with any of its parent, subsidiary, related
          and/or affiliated companies;

       

      (iii)            any Claims for severance, benefits, bonuses, commissions and/or other compensation of any kind, including but not limited to any claim for benefits or payments under any
          Employment Agreement or policy of any kind;

       

      (iv)            any Claims under any offer letter to you;

       

      (v)             any Claims for reimbursement of expenses of any kind;

       

      (vi)            any Claims for attorneys’ fees and/or costs;

       

      (vii)           any Claims under the Employee Retirement Income Security Act (“ERISA”);

       

      (viii)          any Claims of discrimination and/or harassment based on age, sex, pregnancy, race, religion, color, creed, disability, handicap, failure to accommodate, citizenship, national
          origin, ancestry, family status, parental status, marital status, domestic or sexual violence victim status, sexual orientation, gender identity, genetic information or any other factor protected by federal, state or local law as enacted or
          amended (such as the Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq., the Older Workers Benefit Protection Act, Title VII of the Civil Rights Act of 1964, Section 1981 of the Civil Rights Act of 1866, the Americans with Disabilities
          Act, the Equal Pay Act, the Genetic Information Non-Discrimination Act, the Illinois Human Rights Act, the Illinois Employee Classification Act, the Illinois Equal Pay Act of 2003, the Delaware Discrimination in Employment Act, the Delaware Equal
          Pay Law, the Delaware Handicap Persons Employment Protections Act) and any Claims for retaliation under any of the foregoing laws;

       

      (ix)            any Claims regarding leaves of absence including, but not limited to, any Claims under the federal Family and Medical Leave Act and/or under any other state and/or local paid
          and/or unpaid leave and paid time off laws including the Illinois Employee Sick Leave Act, the Illinois Victims’ Economic Safety and Security Act, the Illinois Family Military Leave Act, the Illinois Child Bereavement Act;

       

      (x)             any Claims under the federal and/or any state constitution;

       

      (xi)            any Claims under the Fair Credit Reporting Act;

       

      (xii)           any Claims arising under the Immigration Reform and Control Act (“IRCA”);

       

      (xiii)          any Claims under any employment agreement with the Company;

       

      
        
          

      

       

      

      (xiv)          any Claims arising under the Uniformed Services Employment and Reemployment Rights Act (“USERRA”) or any state law governing military leave;

       

      (xv)           any Claims for violation of public policy;

       

      (xvi)          any whistleblower or retaliation Claims, including but not limited to any Claims under any state or local whistleblower laws including the Illinois Whistleblower Act and the
          Delaware Whistleblowers’ Protection Act;

       

      (xvii)         any Claims for emotional distress or pain and suffering;

       

      (xviii)        any Claims under the Workers Retraining Notification Act (“WARN”) or any state or local laws that require advance notice before a plant closing, mass lay off or other job
          losses; and/or

       

      (xix)          any other statutory, regulatory, common law or other Claims of any kind, including, but not limited to, Claims for breach of express or implied contract and/or oral agreement,
          libel, slander, fraud, invasion of privacy, wrongful discharge, intentional infliction of emotional distress, negligence, promissory estoppel, equitable estoppel, quantum meruit, restitution and misrepresentation.

       

      (c)            The term “Releasees” includes:  the Company, its Affiliates, and each of their respective past and present employees, officers, directors, attorneys, owners, partners, insurers,
          benefit plan fiduciaries and agents, in their individual as well as official capacity, and all of their respective predecessors, successors and assigns.

       

      (d)            It is important that you understand that this General Release includes all Claims known or unknown by you, those that you may have already asserted or raised as well as those
          that you have never asserted or raised.

       

      3.            Non-Released Claims.  The Supplemental General Release in Paragraph 2 above does not apply to:

       

      (a)            any Claims for vested benefits under any 401(k) plan;

       

      (b)            any Claims to require the Company to honor its commitments set forth in this Supplemental Release Agreement;

       

      (c)            any Claims to interpret or to determine the scope, meaning, enforceability or effect of this Supplemental Release Agreement;

       

      (d)            any Claims that arise after you have signed this Supplemental Release Agreement;

       

      
        
          

      

       

      

      (e)            any Claims for worker’s compensation benefits, any Claims for unemployment compensation benefits and any other Claims that cannot be waived by a private agreement; and/or

       

      (f)            any Claim for coverage under director and officer liability insurance or for your contractual rights to indemnification per Section 25 of the Employment Agreement.

       

      The Supplemental Release Agreement is subject to and limited by your Retained Rights in Paragraph 4.

       

      4.            Retained Rights.

       

      (a)            Nothing in this Supplemental Release Agreement is intended to or shall be interpreted to restrict or otherwise interfere with your right and/or obligation to:  (i) testify
          truthfully in any forum; (ii) contact, cooperate with,  provide information to, or testify or otherwise participate in any action, investigation or proceeding of, any federal, state, or local government agency, commission or entity (including,
          but not limited to the Department of Justice (“DOJ”), the Equal Employment Opportunity Commission (“EEOC”), the National Labor Relations Board (“NLRB”), the Department of Labor (“DOL”), the Securities and Exchange Commission (“SEC”) or
          Occupational Safety and Health Administration (“OSHA”)); or (iii) disclose any information or produce any documents as is required by law or legal process.

       

      (b)            Further, nothing in this Supplemental Release Agreement in general or the Supplemental General Release in Paragraph 2 in particular prevents you from contacting or filing a
          charge with any federal, state or local government agency, commission or entity (including, but not limited to the DOJ, NLRB, SEC, EEOC and DOL).  However, the Supplemental Release Agreement does prevent you, to the maximum extent permitted by
          law, from obtaining any monetary or other personal relief for any of the Claims you have released in Paragraph 3 with regard to any charge you may file or which may be filed on your behalf.  Notwithstanding the foregoing, nothing in this
          Supplemental Release Agreement limits your right to receive an award for information provided to the SEC pursuant to Rule 21F-17 promulgated under the Securities Exchange Act of 1934, as amended, or for information provided to any government
          agency, commission or entity. You are entitled to make reports and disclosures or otherwise take action under this Paragraph without authorization from or notification to the Company.

       

      5.            Adequacy of Consideration.  You acknowledge and agree that this Supplemental Release Agreement is supported by adequate consideration.  You further acknowledge that the Severance Benefits as
          set forth in Paragraph 1 are being offered pursuant to the Employment Agreement and agree that you are not eligible for any severance under any other policy, plan, or prior agreement, other than the Release Agreement.

       

      
        
          

      

       

      

      6.            Interpretation of Supplemental Release Agreement.  Nothing in this Supplemental Release Agreement is intended to violate any law or shall be interpreted to violate any law.  If any
          paragraph subpart of any paragraph in this Supplemental Release Agreement or the application thereof is construed to be overbroad and/or unenforceable, then the court making such determination shall have the authority to narrow the paragraph or
          subpart of the paragraph as necessary to make it enforceable and the paragraph or subpart of the paragraph shall then be enforceable in its/their narrowed form.  Moreover, each paragraph or subpart of each paragraph in this Supplemental Release
          Agreement is independent of and severable (separate) from each other.  In the event that any paragraph or subpart of any paragraph in this Supplemental Release Agreement is determined to be legally invalid, overly broad and/or unenforceable by a
          court and is not modified by a court to be enforceable, the affected paragraph or subpart of such paragraph shall be stricken from the Supplemental Release Agreement, and the remaining paragraphs or subparts of such paragraphs of this
          Supplemental Release Agreement shall remain in full, force and effect.

       

      7.            Representations.  You agree and understand that:

       

      (a)            you have read carefully the terms of this Supplemental Release Agreement, including the Supplemental General Release;

       

      (b)            you have had an opportunity to and have been encouraged to review this Supplemental Release Agreement, including the Supplemental General Release, with an attorney;

       

      (c)            you understand the meaning and effect of the terms of this Supplemental Release Agreement, including the Supplemental General Release;

       

      (d)            you were given twenty-one (21) days to review and to determine whether you wished to sign this Supplemental Release Agreement, including the Supplemental General Release;

       

      (e)            your decision to sign this Supplemental Release Agreement, including the Supplemental General Release, is of your own free and voluntary act without compulsion of any kind;

       

      (f)            no promise or inducement not expressed in this Supplemental General Release has been made to you;

       

      (g)            you understand that you are waiving your Claims as set forth in Paragraph 2 above, including, but not limited to, Claims for age discrimination under the Age Discrimination in
          Employment Act (subject to the limitations in Paragraph 3 above and your Retained Rights in Paragraph 4 above); and

       

      (h)            you have adequate information to make a knowing and voluntary waiver of any and all Claims as set forth in Paragraph 2 above.

       

      
        
          

      

       

      

      8.            Post-Employment Restrictions.  You agree that you remain obligated to comply with the restrictive covenants set forth in the Employment Agreement, including the Non-Compete, Non-Solicitation
          provision set forth in Paragraph 13 of the Employment Agreement, which survive the cessation of your employment and remain in full force and effect.  The parties hereto also each acknowledge and agree that your continued adherence to such
          covenants is a material inducement to the Company to provide you with the Severance Benefits and that a breach of such covenants constitutes a breach of this Supplemental Release Agreement.  In such case, the Company reserves the right to pursue
          recoupment of any and all amounts paid to you pursuant to this Supplemental Release Agreement.

       

      9.            Revocation Period.  If you sign this Supplemental Release Agreement, you will retain the right to revoke it for seven (7) days (the “Revocation Period”).  If you revoke this Supplemental
          Release Agreement, you are indicating that you have changed your mind and do not want to be legally bound by this Supplemental Release Agreement.  The Supplemental Release Agreement shall not be effective until after the Revocation Period has
          expired without your having revoked it.  To revoke this Supplemental Release Agreement, you must send a letter via certified mail or email to Douglas Beck, General Counsel, Douglas.Beck@adtalem.com with a copy to John Nixon, Esq.
          Jnixon@duanemorris.com.  The letter must be post-marked/emailed within seven (7) days of your execution of this Supplemental Release Agreement.  If the seventh day is a Sunday or federal holiday, then the letter must be post-marked on the
          following business day.  If you revoke this Supplemental Release Agreement on a timely basis, you shall not be eligible for the Severance Benefits as set forth in Paragraph 1 above.

       

      10.            Offer Expiration Date.  As set forth above, you may consider for twenty-one (21) days following your Separation Date whether you wish to sign this Supplemental Release Agreement.  If you do
          not sign this Supplemental Release Agreement within this period of time, then this offer is withdrawn and you will not be eligible for the Severance Benefits set forth in Paragraph 1 above.  To the extent the Company agrees to make any
          modifications to this Supplemental Release Agreement, you understand and agree that the review period will not restart.  Please note that you may not sign this Supplemental Release Agreement before your Separation Date.

       

      *        *        *

       

       

      

      
        
          

      

       

      

      If you agree with the all of the terms of this Supplemental Release Agreement, please sign below, indicating that you understand, agree with and intend to be
        legally bound by this Supplemental Release Agreement, including the Supplemental General Release, and return the signed Supplemental Release Agreement to Douglas Beck, General Counsel, Douglas.Beck@adtalem.com.

       

      

      
        
          	 	 	Sincerely,

                
	 	 	 
	 	 	 
	 	 	 

                
	 	 	
                  Douglas Beck, General Counsel

                
	 	 	 
	
                  UNDERSTOOD AND AGREED,

                      INTENDING TO BE LEGALLY BOUND:

                    

                	 	 
	 	 	 
	Katherine Boden Holland	 	 
	 	 	 
	 	 	 
	 

                	 	 
	 	 	 
	 	 	 
	 

                	 	 
	
                  Date

                	 	 

          
            

            

          

        

        

        

        
          
            

        

        

        

      

      Exhibit B

      Employment Agreement

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