Document:

EX-10.6

 Exhibit 10.6 

 

STEINWAY MUSICAL INSTRUMENTS HOLDINGS, INC. 

2022 INCENTIVE AWARD PLAN 

RESTRICTED STOCK UNIT GRANT NOTICE 

Capitalized terms not specifically defined in this Restricted Stock Unit Grant Notice (the “Grant Notice”) have the meanings
given to them in the 2022 Incentive Award Plan (as amended from time to time, the “Plan”) of Steinway Musical Instruments Holdings, Inc. (the “Company”). The Company hereby grants to the participant listed below
(“Participant”) the Restricted Stock Units described in this Grant Notice (the “RSUs”), subject to the terms and conditions of the Plan and the Restricted Stock Unit Agreement attached hereto as Exhibit A
(the “Agreement”), both of which are incorporated into this Grant Notice by reference.. 
  

			
	Participant:	  	
		
	Grant Date:	  	
		
	Number of Restricted Stock Units:	  	
		
	Vesting Commencement Date:	  	
		
	Vesting Schedule:	  	[To be specified in individual agreements]

 1 

By Participant’s signature below or electronic acceptance or authentication in a form authorized by the Company, Participant agrees to be
bound by the terms of this Grant Notice, the Plan and the Agreement. Participant has reviewed the Plan, this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant
Notice and fully understands all provisions of the Plan, this Grant Notice and the Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under
the Plan, the Grant Notice, the Agreement or relating to the RSUs. 
  

									
	STEINWAY MUSICAL INSTRUMENTS HOLDINGS, INC.	 		 	PARTICIPANT
					
	By:	 	
                     

	 		 	By:	 	
                     

	Print Name:	 	  
	 		 	Print Name:	 	  

	Title:	 	  
	 		 		 	
		 		 		 	Address:	 	  

		 		 		 		 	  

  

	1	 Sell-to-cover language as set
forth on Annex A to be included as applicable. 

 EXHIBIT A 

TO RESTRICTED STOCK UNIT GRANT NOTICE 

RESTRICTED STOCK UNIT AGREEMENT 

Pursuant to the Grant Notice to which this Agreement is attached, the Company has granted to Participant the number of RSUs set forth in the
Grant Notice. 
 ARTICLE I. 

GENERAL 

Section 1.1    Defined Terms. Capitalized terms not specifically defined herein shall have
the meanings specified in the Plan or the Grant Notice. 
 (a)    “Cessation Date” shall mean the date
of Participant’s Termination of Service (regardless of the reason for such termination). 
 (b)    “CIC
Qualifying Termination” shall mean Termination of Service of Participant by any Participating Company without Cause or by Participant for Good Reason during the twenty-four (24) month period immediately following a Change in Control.

 (c)    “Good Reason” shall mean a Participant having “Good Reason” to terminate the
Participant’s employment as defined in any employment or severance agreement between the Participant and a Participating Company; provided that, in the absence of an agreement containing such a definition, a Participant shall have
“Good Reason” to terminate the Participant’s employment upon, on or after a Change in Control, (i) any material adverse change by the Participating Companies in Participant’s job title, duties, responsibility or authority;
(ii) failure by the Participating Companies to pay Participant any amount of Participant’s annual base salary or bonus when due; (iii) any material diminution of Participant’s annual base salary (other than such a material
diminution that is applied on a substantially comparable basis to similarly-situated employees of the Participating Companies); (iv) the termination or denial of Participant’s right to participate in material employment related benefits that
are offered to similarly-situated employees of the Participating Companies; (v) the movement of Participant’s principal location of work to a new location that is in excess of 30 miles from Participant’s principal location of work as
of the date hereof without Participant’s consent; or (vi) failure by the Company to require any successor to assume and agree to perform the Company’s obligations under this Agreement or any employment or severance agreement with the
Participant; provided that none of the events described in this definition of Good Reason shall constitute Good Reason unless Participant notifies the Company in writing of the event that is purported to constitute Good Reason (which notice is
provided not later than the 30th day following the occurrence of the event purported to constitute Good Reason) and then only if the Company fails to cure such event within 30 days after the
Company’s receipt of such written notice. 
 (d)    “Participating Company” shall mean the
Company or any of its parents or Subsidiaries. 
 Section 1.2    Incorporation of Terms of
Plan. The RSUs and the shares of Common Stock (“Stock”) to be issued to Participant hereunder (“Shares”) are subject to the terms and conditions set forth in this Agreement and the Plan, which is incorporated
herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control. 

 Section 1.3    Consideration to the
Company. In consideration of the grant of the RSUs by the Company, Participant agrees to render faithful and efficient services to any Participating Company. 

ARTICLE II. 
 AWARD OF
RESTRICTED STOCK UNITS AND DIVIDEND EQUIVALENTS 
 Section 2.1    Award of
RSUs. In consideration of Participant’s past and/or continued employment with or service to any Participating Company and for other good and valuable consideration, effective as of the grant date set forth in the Grant Notice (the
“Grant Date”), the Company has granted to Participant the number of RSUs set forth in the Grant Notice, upon the terms and conditions set forth in the Grant Notice, the Plan and this Agreement, subject to adjustments as provided in
Article 12 of the Plan. Each RSU represents the right to receive one Share or, at the option of the Company, an amount of cash as set forth in Section 2.3(b), in either case, at the times and subject to the conditions set
forth herein. However, unless and until the RSUs have vested, Participant will have no right to the payment of any Shares subject thereto. Prior to the actual delivery of any Shares, the RSUs will represent an unsecured obligation of the Company,
payable only from the general assets of the Company. 
 Section 2.2    Vesting of
RSUs and Dividend Equivalents. 
 (a)    Subject to Participant’s continued employment with or
service to the Participating Companies on each applicable vesting date and subject to the terms of this Agreement, the RSUs shall vest in such amounts and at such times as are set forth in the Grant Notice. Each additional RSU which results from
deemed reinvestments of Dividend Equivalents pursuant to Section 2.1(b) hereof shall vest whenever the underlying RSU to which such additional RSU relates vests. 

(c)    In the event Participant incurs a Termination of Service, except as may be otherwise provided by the Administrator
or as set forth in a written agreement between Participant and the Company, Participant shall immediately forfeit any and all RSUs and Dividend Equivalents granted under this Agreement which have not vested or do not vest on or prior to the date on
which such Termination of Service occurs, and Participant’s rights in any such RSUs and Dividend Equivalents which are not so vested shall lapse and expire. 

(d)    Notwithstanding the Grant Notice or the provisions of Section 2.2(a) and
Section 2.2(b), in the event of a CIC Qualifying Termination, the RSUs shall become vested in full on the date of such CIC Qualifying Termination. 

Section 2.3    Distribution or Payment of RSUs. 

(a)    Participant’s RSUs shall be distributed in Shares (either in book-entry form or otherwise) or, at the option
of the Company, paid in an amount of cash as set forth in Section 2.3(b), in either case, as soon as administratively practicable following the vesting of the applicable RSU pursuant to Section 2.2, and, in any event,
no later than March 15th of the calendar year following the year in which such vesting occurred (for the avoidance of doubt, this deadline is intended to comply with the “short-term
deferral” exemption from Section 409A). Notwithstanding the foregoing, the Company may delay a distribution or payment in settlement of RSUs if it reasonably determines that such payment or distribution will violate federal securities laws
or any other Applicable Law, provided that such distribution or payment shall be made at the earliest date at which the Company reasonably determines that the making of such distribution or payment will not cause such violation, as required
by Treasury Regulation Section 1.409A-2(b)(7)(ii), and provided further that no payment or distribution shall be delayed under this Section 2.3(a) if such delay will result in a violation of
Section 409A. 

  
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 (c)    In the event that the Company elects to make payment of
Participant’s RSUs in cash, the amount of cash payable with respect to each RSU shall be equal to the Fair Market Value of a Share on the day immediately preceding the applicable distribution or payment date set forth in
Section 2.3(a). All distributions made in Shares shall be made by the Company in the form of whole Shares unless otherwise determined by the Administrator. The Administrator shall determine whether cash shall be given in
lieu of fractional Shares or whether such fractional Shares shall be eliminated by rounding down. 

Section 2.4    Conditions to Issuance of Certificates. The Company shall not be required
to issue or deliver any certificate or certificates for any Shares or to cause any Shares to be held in book-entry form prior to the fulfillment of all of the following conditions: (a) the admission of the Shares to listing on all stock
exchanges on which such Shares are then listed, (b) the completion of any registration or other qualification of the Shares under any state or federal law or under rulings or regulations of the Securities and Exchange Commission or other
governmental regulatory body, which the Administrator shall, in its absolute discretion, deem necessary or advisable, (c) the obtaining of any approval or other clearance from any state, federal or applicable foreign governmental agency that
the Administrator shall, in its absolute discretion, determine to be necessary or advisable, and (d) the receipt of full payment of any applicable withholding tax in accordance with Section 2.5 by the Participating
Company with respect to which the applicable withholding obligation arises. 

Section 2.5    Tax Withholding. Notwithstanding any other provision of this Agreement:

 (a)    As set forth in Section 10.2 of the Plan, the Participating Companies have the authority to deduct or
withhold, or require Participant to remit to the applicable Participating Company, an amount sufficient to satisfy any applicable federal, state, local and foreign taxes (including the employee portion of any FICA obligation) required by Applicable
Law to be withheld with respect to any taxable event arising in connection with the RSUs. [The Participating Companies may withhold or Participant may make such payment in one or more of the forms specified below: 

(i)    by cash or check made payable to the Participating Company with respect to which the withholding obligation
arises; 
 (ii)    by the deduction of such amount from other compensation payable to Participant; 

(iii)    with respect to any withholding taxes arising in connection with the distribution of the RSUs, with the consent
of the Administrator, by requesting that the Company withhold a net number of vested shares of Stock otherwise issuable pursuant to the RSUs having a then current Fair Market Value not exceeding the amount necessary to satisfy the withholding
obligation of the Participating Companies based on the maximum statutory withholding rates in Participant’s applicable jurisdictions for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such taxable
income; 
 (iv)    with respect to any withholding taxes arising in connection with the distribution of the RSUs, with
the consent of the Administrator, by tendering to the Company vested shares of Stock having a then current Fair Market Value not exceeding the amount necessary to satisfy the withholding obligation of the Participating Companies based on the maximum
statutory withholding rates in Participant’s applicable jurisdictions for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such taxable income; 

  
 A-3 

 (v)    with respect to any withholding taxes arising in connection with
the distribution of the RSUs, through the delivery of a notice that Participant has placed a market sell order with a broker acceptable to the Company with respect to shares of Stock then issuable to Participant pursuant to the RSUs, and that the
broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Participating Company with respect to which the withholding obligation arises in satisfaction of such withholding taxes; provided that payment of such
proceeds is then made to the applicable Participating Company at such time as may be required by the Administrator, but in any event not later than the settlement of such sale; or 

(vi)    in any combination of the foregoing.]2 

[In satisfaction of such tax withholding obligations and in accordance with the Sell to Cover Election included in the Grant Notice, the Participant has
irrevocably elected to sell the portion of the Shares to be delivered under the Restricted Stock Units necessary so as to satisfy the tax withholding obligations and shall execute any letter of instruction or agreement required by the Company’s
transfer agent (together with any other party the Company determines necessary to execute the Sell to Cover Election, the “Agent”) to cause the Agent to irrevocably commit to forward the proceeds necessary to satisfy the tax
withholding obligations directly to the Company and/or its Affiliates. Notwithstanding any other provision of this Agreement, the Company shall not be obligated to deliver any new certificate representing Shares to the Participant or the
Participant’s legal representative or enter such Shares in book entry form unless and until the Participant or the Participant’s legal representative shall have paid or otherwise satisfied in full the amount of all federal, state and local
taxes applicable to the taxable income of the Participant resulting from the grant or vesting of the RSUs or the issuance of Shares. In accordance with Participant’s Sell to Cover Election pursuant to the Grant Notice, the Participant hereby
acknowledges and agrees: 
 (vii)    The Participant hereby appoints the Agent as the Participant’s agent and
authorizes the Agent to (1) sell on the open market at the then prevailing market price(s), on the Participant’s behalf, as soon as practicable on or after the Shares are issued upon the vesting of the RSUs, that number (rounded up to the
next whole number) of the Shares so issued necessary to generate proceeds to cover (x) any tax withholding obligations incurred with respect to such vesting or issuance and (y) all applicable fees and commissions due to, or required to be
collected by, the Agent with respect thereto and (2) apply any remaining funds to the Participant’s federal tax withholding. 

(viii)    The Participant hereby authorizes the Company and the Agent to cooperate and communicate with one another to
determine the number of Shares that must be sold pursuant to subsection (i) above. 
 (ix)    The Participant
understands that the Agent may effect sales as provided in subsection (i) above in one or more sales and that the average price for executions resulting from bunched orders will be assigned to the Participant’s account. In addition, the
Participant acknowledges that it may not be possible to sell Shares as provided by subsection (i) above due to (1) a legal or contractual restriction applicable to the Participant or the Agent, (2) a market disruption, or
(3) rules governing order execution priority on the national exchange where the Shares may be traded. The Participant further agrees and acknowledges that in the event the sale of Shares would result in material adverse harm to the Company, as
determined by the Company in its sole discretion, the Company may instruct the Agent not to sell Shares as provided by subsection (i) above. In the event of the Agent’s inability to sell Shares, the Participant will continue to be
responsible for the timely payment to the Company and/or its Affiliates of all federal, state, local and foreign taxes that are required by applicable laws and regulations to be withheld, including but not limited to those amounts specified in
subsection (i) above. 
  
  

	2 	 To remove if sell-to-cover is
included. 

  
 A-4 

 (x)    The Participant acknowledges that regardless of any other term
or condition of this Section 2.5(a), the Agent will not be liable to the Participant for (1) special, indirect, punitive, exemplary, or consequential damages, or incidental losses or damages of any kind, or
(2) any failure to perform or for any delay in performance that results from a cause or circumstance that is beyond its reasonable control. 

(xi)    The Participant hereby agrees to execute and deliver to the Agent any other agreements or documents as the Agent
reasonably deems necessary or appropriate to carry out the purposes and intent of this Section 2.5(a). The Agent is a third-party beneficiary of this Section 2.5(a). 

(xii)    This Section 2.5(a) shall terminate not later than the date on which all tax
withholding obligations arising in connection with the vesting of the Award have been satisfied.]3 

(b)    [With respect to any withholding taxes arising in connection with the RSUs, in the event Participant fails to
provide timely payment of all sums required pursuant to Section 2.5(a), the Company shall have the right and option, but not the obligation, to treat such failure as an election by Participant to satisfy all or any portion
of Participant’s required payment obligation pursuant to Section 2.5(a)(ii) or Section 2.5(a)(iii) above, or any combination of the foregoing as the Company may determine to be appropriate.]4 The Company shall not be obligated to deliver any certificate representing shares of Stock issuable with respect to the RSUs to, or to cause any such Shares to be held in book-entry form by,
Participant or his or her legal representative unless and until Participant or his or her legal representative shall have paid or otherwise satisfied in full the amount of all federal, state, local and foreign taxes applicable with respect to the
taxable income of Participant resulting from the vesting or settlement of the RSUs or any other taxable event related to the RSUs. 

(c)    [In the event any tax withholding obligation arising in connection with the RSUs will be satisfied under
Section 2.5(a)(iii), then the Company may elect to instruct any brokerage firm determined acceptable to the Company for such purpose to sell on Participant’s behalf a whole number of shares from those shares of Stock
then issuable to Participant pursuant to the RSUs as the Company determines to be appropriate to generate cash proceeds sufficient to satisfy the tax withholding obligation and to remit the proceeds of such sale to the Participating Company with
respect to which the withholding obligation arises. Participant’s acceptance of this Award constitutes Participant’s instruction and authorization to the Company and such brokerage firm to complete the transactions described in this
Section 2.5(c), including the transactions described in the previous sentence, as applicable. The Company may refuse to issue any shares of Stock in settlement of the RSUs to Participant until the foregoing tax withholding
obligations are satisfied, provided that no payment shall be delayed under this Section 2.5(c) if such delay will result in a violation of Section 409A of the Code.]5 

(d)    Participant is ultimately liable and responsible for all taxes owed in connection with the RSUs, regardless of any
action any Participating Company takes with respect to any tax withholding obligations that arise in connection with the RSUs. No Participating Company makes any representation or undertaking regarding the treatment of any tax withholding in
connection with the awarding, vesting or payment of the RSUs or the subsequent sale of Shares. The Participating Companies do not commit and are under no obligation to structure the RSUs to reduce or eliminate Participant’s tax liability. 

 
  
  

 

	3 	 To keep if sell-to-cover is
included. 

	4 	 To remove if sell-to-cover is
included. 

	5 	 To remove if sell-to-cover is
included. 

  
 A-5 

 Section 2.6    Rights as Stockholder.
Neither Participant nor any Person claiming under or through Participant will have any of the rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares
(which may be in book-entry form) will have been issued and recorded on the records of the Company or its transfer agents or registrars, and delivered to Participant (including through electronic delivery to a brokerage account). Except as otherwise
provided herein, after such issuance, recordation and delivery, Participant will have all the rights of a stockholder of the Company with respect to such Shares, including, without limitation, the right to receipt of dividends and distributions on
such Shares. 
 ARTICLE III. 

Section 3.1    Restrictive Covenants. In consideration of the benefits being provided to
Participant pursuant to this Agreement, Participant agrees to be bound by the restrictive covenants contained in this Article III. 

(a)    Obligation to Maintain Confidentiality. Participant agrees not to divulge to third parties, or use in a
manner not authorized by the Company, any confidential or Company proprietary information gathered or learned by Participant during his or her employment with the Participating Companies or their respective affiliates. “Confidential
Information” includes, but is not limited to, information in oral, written or recorded form regarding business plans, trade or business secrets, Company financial records, supplier contracts or relationships, or any other information that
the Company does not regularly disclose to the public. To the extent that Participant has any doubt as to whether information constitutes Confidential Information, Participant agrees to obtain advice from the Company’s General Counsel prior to
divulging or using such information. Participant understands and agrees that divulging such information to third parties, or using such information in an unauthorized manner, would cause serious competitive harm to the Company. Confidential
Information shall exclude: (a) information that is generally known by or available for use by the public, (b) information that was known by Participant prior to his or her employment with the Company (including its predecessor in interest,
affiliates and Subsidiaries) and was obtained, to the best of Participant’s knowledge, without violation of any obligation of confidentiality to the Company, or (c) information that is required to be disclosed pursuant to applicable law or
a court order. If information is required to be disclosed because of a court order, Participant must notify the Company’s General Counsel immediately. Nothing in this Section 3.1(a) shall be interpreted to preclude
Participant from communicating to a governmental agency about terms or conditions of employment or legal compliance issues, or from cooperating with an investigation being conducted by a governmental agency. 

(b)    Ownership of Property. Participant acknowledges that all discoveries, concepts, ideas, inventions,
innovations, improvements, developments, methods, processes, programs, designs, analyses, drawings, reports, patent applications, copyrightable work, and mask work (whether or not including any Confidential Information) and all registrations or
applications related thereto, all other proprietary information, and all similar or related information (whether or not patentable) that relate to the Participating Companies’ or affiliates’ actual or anticipated business, research and
development, or existing or future products or services, and that were or are conceived, developed, contributed to, made or reduced to practice by Participant (either solely or jointly with others) while employed by or in the service of the
Participating Companies or their respective affiliates (including, without limitation, prior to the date of this Agreement) (including any of the foregoing that constitutes any proprietary information or records) (“Work Product”)
belong to the Participating Companies or their respective affiliates, and Participant hereby assigns, and agrees to assign, all of the above Work Product to a Participating Company or affiliate thereof.

  
 A-6 

 
Any copyrightable work prepared in whole or in part by Participant in the course of Participant’s work for any of the foregoing entities shall be deemed a “work made for hire”
under the copyright laws, and the Participating Company or affiliate thereof shall own all rights therein. To the extent that any such copyrightable work is not a “work made for hire”, Participant hereby assigns and agrees to assign to the
Participating Company or affiliate thereof all right, title, and interest, including without limitation, copyright in and to such copyrightable work. Participant shall as promptly as practicable under the circumstances disclose such Work Product and
copyrightable work to the Company and perform all actions reasonably requested by the Company (whether during or after Participant’s employment with or service to the Participating Companies and their respective affiliates) to establish and
confirm the Participating Company’s or such affiliate’s ownership (including, without limitation, assignments, consents, powers of attorney, and other instruments). Participant is hereby provided notice of immunity under the federal Defend
Trade Secrets Act of 2016, which states: (i) 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 (1) in confidence to a
federal, state, or local government official, either directly or indirectly, or to an attorney and (2) solely for the purpose of reporting or investigating a suspected violation of law, or (B) is made in a complaint or other document filed
in a lawsuit or other proceeding, if such filing is made under seal; and (ii) 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. 

(c)    Third Party Information. Participant understands that the Participating Companies and their respective
affiliates will receive from third parties confidential or proprietary information (“Third Party Information”) subject to a duty on the Participating Companies or their respective affiliates part to maintain the confidentiality of
such information and to use it only for certain limited purposes. During the period of Participant’s employment with or service to the Company or its Subsidiaries or affiliates and thereafter, and without in any way limiting the provisions of
Section 3.1(a) above, Participant will hold Third Party Information in the strictest confidence and will not disclose to any one (other than personnel and consultants of the Participating Companies and their respective
affiliates who need to know such information in connection with their work for the Participating Companies and their respective affiliates) or use, except in connection with Participant’s work for the Participating Companies or their respective
affiliates, Third Party Information unless expressly authorized by the Company in writing or unless and to the extent that the Third Party Information (a) becomes generally known to and available for use by the public other than as a result of
Participant’s acts or omissions to act, (b) was known to Participant prior to Participant’s employment with or service to the Participating Companies or their respective affiliates and was obtained, to the best of Participant’s
knowledge, without violation of any obligation of confidentiality to the Company, or (c) is required to be disclosed pursuant to any applicable law or court order. 

(d)    Nonsolicitation. Participant acknowledges that, in the course of Participant’s employment, Participant
will become familiar with the Participating Companies’ and their respective affiliates’ trade secrets and with other confidential information concerning the Participating Companies and their respective affiliates and that
Participant’s services will be of special, unique and extraordinary value to the Participating Companies and their respective affiliates. Participant agrees that, while employed by any Participating Company or its affiliates, and continuing
until the twelve (12) month anniversary of the date of any termination of Participant’s employment or service, Participant shall not directly or indirectly through another entity (i) induce or attempt to induce any employee of the
Participating Companies or their respective affiliates to leave the employ of the Participating Companies or their respective affiliates, or in any way interfere with the relationship between the Participating Companies or their respective
affiliates and any employee thereof, (ii) hire any person who was an employee of the Participating Companies or their respective affiliates within 180 days prior to the time such employee was hired by Participant, (iii) induce or attempt
to induce any customer, supplier, licensee or other business relation of the Participating 

  
 A-7 

 
Companies or their respective affiliates to cease doing business with the Participating Companies or their respective affiliates or in any way interfere with the relationship between any such
customer, licensee or business relation and the Participating Companies or their respective affiliates, or (iv) directly or indirectly acquire or attempt to acquire an interest in any business relating to the business of the Company or its
Subsidiaries or affiliates and with which any of the Participating Companies or their respective affiliates have entered into substantive negotiations or has requested and received confidential information relating to the acquisition of such
business by the Participating Companies or their respective affiliates in the two-year period immediately preceding Participant’s termination of employment with any Participating Company. 

(e)    Non-disparagement. Participant agrees that at no time during his or
her employment by any Participating Company or thereafter shall he or she make, or cause or assist any other person to make, any statement or other communication to any third party which impugns or attacks, or is otherwise critical of, in any
material respect, the reputation, business or character of the Participating Companies or their respective affiliates or any of their respective directors, officers or employees; provided that Participant shall not be required to make any untruthful
statement or to violate any law. 
 Section 3.2    Enforcement. If, at the time of
enforcement of Article III of this Agreement, a court holds that the restrictions stated therein are unreasonable under circumstances then existing, the parties hereto agree that the maximum duration, scope or geographical area reasonable under such
circumstances shall be substituted for the stated period, scope or area and that the court shall be allowed to revise the restrictions contained herein to cover the maximum duration, scope and area permitted by law. Participant agrees that because
his or her services are unique and Participant has access to confidential information, money damages would be an inadequate remedy for any breach of this Article III and its subsections. Participant agrees that the Participating Companies and their
respective affiliates, in the event of a breach or threatened breach of this Article III or any of its subsections, may seek injunctive or other equitable relief in addition to any other remedy available to them in a court of competent jurisdiction
without posting bond or other security. 
 Section 3.3    Acknowledgments. Participant
acknowledges that the provisions of this Article III and its subsections are (a) in addition to, and not in limitation of, any obligation of Participant under the terms of any other agreement with the Participating Companies or their respective
affiliates (including, without limitation, the restrictive covenants in any employment or severance agreement between the Participant and any Participating Company, which Participant acknowledges remain in full force and effect in accordance with
their terms), and (b) in consideration of (i) employment with the Participating Companies, and (ii) additional good and valuable consideration as set forth in this Agreement. In addition, Participant agrees and acknowledges that the
restrictions contained in this Article III and its subsections do not preclude Participant from earning a livelihood, nor do they unreasonably impose limitations on Participant’s ability to earn a living. Participant agrees and acknowledges
that the potential harm to the Participating Companies or their respective affiliates of the non-enforcement of this Article III and its subsections outweighs any potential harm to Participant of its
enforcement by injunction or otherwise. Participant acknowledges that he or she has carefully read this Agreement and has given careful consideration to the restraints imposed upon Participant by this Agreement, and is in full accord as to their
necessity for the reasonable and proper protection of confidential and proprietary information of the Participating Companies and their respective affiliates now existing or to be developed in the future. Participant expressly acknowledges and
agrees that each and every restraint imposed by this Agreement is reasonable with respect to subject matter, time period and geographical area. 

  
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 ARTICLE IV. 

OTHER PROVISIONS 

Section 4.1    Administration. The Administrator shall have the power to interpret the
Plan, the Grant Notice and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan, the Grant Notice and this Agreement as are consistent therewith and to interpret, amend or revoke any such rules.
All actions taken and all interpretations and determinations made by the Administrator will be final and binding upon Participant, the Company and all other interested Persons. To the extent allowable pursuant to Applicable Law, no member of the
Committee or the Board will be personally liable for any action, determination or interpretation made with respect to the Plan, the Grant Notice or this Agreement. 

Section 4.2    RSUs Not Transferable. The RSUs may not be sold, pledged, assigned
or transferred in any manner other than by will or the laws of descent and distribution, unless and until the Shares underlying the RSUs have been issued, and all restrictions applicable to such Shares have lapsed. No RSUs or any interest or right
therein or part thereof shall be liable for the debts, contracts or engagements of Participant or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any
other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be
null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence. 

Section 4.3    Adjustments The Administrator may accelerate the vesting of all or a
portion of the RSUs in such circumstances as it, in its sole discretion, may determine. Participant acknowledges that the RSUs and the Shares subject to the RSUs are subject to adjustment, modification and termination in certain events as provided
in this Agreement and the Plan, including Section 12.2 of the Plan. 

Section 4.4    Notices. Any notice to be given under the terms of this Agreement to the
Company shall be addressed to the Company in care of the Secretary of the Company at the Company’s principal office, and any notice to be given to Participant shall be addressed to Participant at Participant’s last address reflected on the
Company’s records. By a notice given pursuant to this Section 4.4, either party may hereafter designate a different address for notices to be given to that party. Any notice shall be deemed duly given when sent via
email or when sent by certified mail (return receipt requested) and deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service. 

Section 4.5    Titles. Titles are provided herein for convenience only and are not to
serve as a basis for interpretation or construction of this Agreement. 

Section 4.6    Governing Law. The laws of the State of Delaware shall govern the
interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws. 

Section 4.7    Conformity to Securities Laws. Participant acknowledges that the Plan, the
Grant Notice and this Agreement are intended to conform to the extent necessary with all Applicable Laws, including, without limitation, the provisions of the Securities Act and the Exchange Act, and any and all regulations and rules promulgated
thereunder by the Securities and Exchange Commission and state securities laws and regulations. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the RSUs are granted, only in such a manner as to conform to
Applicable Law. To the extent permitted by Applicable Law, the Plan, the Grant Notice and this Agreement shall be deemed amended to the extent necessary to conform to Applicable Law. 

  
 A-9 

 Section 4.8    Amendment, Suspension and
Termination. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Administrator or the Board, provided that, except
as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely affect the RSUs in any material way without the prior written consent of Participant. 

Section 4.9    Successors and Assigns. The Company may assign any of its rights under
this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in Section 4.2 and the Plan, this
Agreement shall be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 

Section 4.10    Limitations Applicable to Section 16 Persons.
Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the RSUs (including RSUs which result from the deemed reinvestment of Dividend Equivalents), the Dividend
Equivalents, the Grant Notice and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule
16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by Applicable Law, this Agreement shall be deemed amended to the extent necessary to conform
to such applicable exemptive rule. 
 Section 4.11    Not a Contract of Employment.
Nothing in this Agreement or in the Plan shall confer upon Participant any right to continue to serve as an employee or other service provider of any Participating Company or shall interfere with or restrict in any way the rights of any
Participating Company, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any time for any reason whatsoever, with or without cause, except to the extent (i) expressly provided otherwise in a
written agreement between a Participating Company and Participant or (ii) where such provisions are not consistent with applicable foreign or local laws, in which case such applicable foreign or local laws shall control. 

Section 4.12    Entire Agreement. The Plan, the Grant Notice and this Agreement
(including any exhibit hereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings, notices, communications and agreements of the Company and Participant with respect to the subject matter hereof.

 Section 4.13    Section 409A. This Award is not intended to constitute
“nonqualified deferred compensation” within the meaning of Section 409A. However, notwithstanding any other provision of the Plan, the Grant Notice or this Agreement, if at any time the Administrator determines that this Award (or any
portion thereof) may be subject to Section 409A, the Administrator shall have the right in its sole discretion (without any obligation to do so or to indemnify Participant or any other Person for failure to do so) to adopt such amendments to
the Plan, the Grant Notice or this Agreement, or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as the Administrator determines are necessary or appropriate for
this Award either to be exempt from the application of Section 409A or to comply with the requirements of Section 409A. 

Section 4.14    Agreement Severable. In the event that any provision of the Grant Notice
or this Agreement is held invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of the Grant Notice or this Agreement. 

  
 A-10 

 Section 4.15    Limitation on
Participant’s Rights. Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed
as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any,
with respect to the RSUs and Dividend Equivalents. 
 Section 4.16    Counterparts. The
Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable Law, each of which shall be deemed an original and all of which together shall constitute one instrument. 

Section 4.17    [Broker-Assisted Sales. In the event of any broker-assisted sale of
shares of Stock in connection with the payment of withholding taxes as provided in Section 2.5(a)(iii) or Section 2.5(a)(v): (A) any shares of Stock to be sold through a broker-assisted sale will be sold on the day the tax withholding
obligation arises or as soon thereafter as practicable; (B) such shares of Stock may be sold as part of a block trade with other participants in the Plan in which all participants receive an average price; (C) Participant will be
responsible for all broker’s fees and other costs of sale, and Participant agrees to indemnify and hold the Company harmless from any losses, costs, damages, or expenses relating to any such sale; (D) to the extent the proceeds of such
sale exceed the applicable tax withholding obligation, the Company agrees to pay such excess in cash to Participant as soon as reasonably practicable; (E) Participant acknowledges that the Company or its designee is under no obligation to
arrange for such sale at any particular price, and that the proceeds of any such sale may not be sufficient to satisfy the applicable tax withholding obligation; and (F) in the event the proceeds of such sale are insufficient to satisfy the
applicable tax withholding obligation, Participant agrees to pay immediately upon demand to the Participating Company with respect to which the withholding obligation arises an amount in cash sufficient to satisfy any remaining portion of the
applicable Participating Company’s withholding obligation.]6 
  

 

	6 	 To remove if sell-to-cover
included. 

  
 A-11 

 ANNEX A 

Grant Notice Sell-to-Cover Language 

Withholding Tax Election: By accepting this Award electronically through the Plan service provider’s online grant acceptance policy, the
Participant understands and agrees that as a condition of the grant of the RSUs hereunder, the Participant is required to, and hereby affirmatively elects to (the “Sell to Cover Election”), (1) sell that number of Shares determined in
accordance with Section 2.5 of the Agreement as may be necessary to satisfy all applicable withholding obligations with respect to any taxable event arising in connection with the RSUs and similarly sell such number of Shares as may be
necessary to satisfy all applicable withholding obligations with respect to any other awards of restricted stock units granted to the Participant under the Plan or any other equity incentive plans of the Company, and (2) to allow the Agent (as
defined in the Agreement) to remit the cash proceeds of such sale(s) to the Company. Furthermore, the Participant directs the Company to make a cash payment equal to the required tax withholding from the cash proceeds of such sale(s) directly to the
appropriate taxing authorities. The Participant has carefully reviewed Section 2.5 of the Agreement and the Participant hereby represents and warrants that on the date hereof he or she is not aware of any material, nonpublic
information with respect to the Company or any securities of the Company, is not subject to any legal, regulatory or contractual restriction that would prevent the Agent from conducting sales, does not have, and will not attempt to exercise,
authority, influence or control over any sales of Shares effected by the Agent pursuant to the Agreement, and is entering into the Agreement and this election to “sell to cover” in good faith and not as part of a plan or scheme to evade
the prohibitions of Rule 10b5-1 (regarding trading of the Company’s securities on the basis of material nonpublic information) under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”). It is the Participant’s intent that this election to “sell to cover” comply with the requirements of Rule 10b5-1(c)(1)(i)(B) under the Exchange Act and be interpreted to comply with
the requirements of Rule 10b5-1(c) under the Exchange Act.EX-10.7

 Exhibit 10.7 

April 13, 2022 
 Benjamin Steiner 

XXX XXXX XX XX, XXX XX 
 New York, NY 10024 

RE: Termination of Employment Agreement in Connection with IPO 

Dear Ben: 
 Reference is made to the letter agreement regarding
your employment, dated as of May 1, 2016 and amended as of January 9, 2019, with Paulson & Co., Inc. ( “Paulson”) and Steinway Musical Instruments, Inc. (“SMI”), attached hereto as
Exhibit A (the “Prior Agreement”). By this letter agreement (this “Agreement”), you, Paulson, and SMI hereby mutually agree that you wish to terminate the Prior Agreement and that, effective as
of immediately prior to the initial public offering of Steinway Musical Instruments Holdings, Inc., the Prior Agreement shall terminate and be of no further force or effect. Following the termination of the Prior Agreement, your employment with SMI
and any subsidiary or affiliate of SMI shall continue on an at-will basis. 
 This Agreement shall have no impact on
any other agreements between you, Paulson, or SMI, including, without limitation, any agreements regarding your Series B1 Membership Interest in Paulson Pianissimo LLC. All such agreements shall remain in full force and effect in accordance with
their terms. 
 This Agreement may be amended or modified only in a signed writing executed by each of the parties hereto. 

[signature page follows] 

 IN WITNESS WHEREOF, the parties hereto now execute this Agreement, with the intent to be legally bound, as
of the date first set forth above. 
 Paulson & Co., Inc. 
  

			
	By:	 	 /s/ Michael Waldorf

	Name:	 	Michael Waldorf
	Title:	 	Managing Director/ Partner

 Steinway Musical Instruments, Inc. 
  

			
	By:	 	 /s/ Jennifer Wang

	Name:	 	Jennifer Wang
	Title:	 	Chief Legal Officer

  

	
	 /s/ Benjamin Steiner

	Benjamin Steiner

 EXHIBIT A 

The Prior Agreement 
 [see
attached] 

 Benjamin Steiner 

XXX XXXX XX XX, XXX XX 
 New York, NY 10024 

Dear Ben: 
 This letter agreement (“Letter
Agreement”), with an effective date of May 1, 2016, will confirm your compensation as well as certain of your obligations as an employee of both Paulson & Co. Inc. (“Paulson & Co.”) and Steinway Musical
Instruments Inc. (“Steinway”) (together, “Paulson”). This Letter Agreement will supersede and nullify any other agreement or understanding, whether oral or written, between you and Paulson. In consideration of your employment
with Paulson, the representations and agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which you hereby acknowledge by your signature below, you and Paulson agree as follows: 

1.    Employment. Your employment is “at-will.”
Notwithstanding anything contained in this Letter Agreement or other Paulson policies, your employment may be terminated by you or by Paulson at any time, for any reason or for no reason, with or without notice. This Letter Agreement is not a
contract for a guaranteed term. 
 2.    Compensation. While an employee of Paulson, your compensation
shall be as follows: 
 (a)    Total Combined Cash Compensation from Steinway and Paulson &
Co. You shall receive a cash base salary in the annualized amount of $500,000 for 2016 and a guaranteed cash bonus of $750,000 for 2016. You shall receive a cash base salary in the annualized amount of $500,000 for 2017 and a
guaranteed cash bonus of $500,000 for 2017. You shall receive a cash base salary in the annualized amount of $500,000 for 2018 and a guaranteed cash bonus of $500,000 for 2018. All such payments are payable in accordance with the regular payroll
practices of Paulson. In the event of termination of employment, you shall receive a pro rata portion of the cash bonus payable to you for the year of termination. 

(b)    Profit Participation. You shall receive a 4% profit interest in Paulson & Co.’s equity in
Steinway (if you become Chief Executive Officer of Steinway, such profit interest shall increase to 6% beginning at such time). The value of this equity shall be represented by units (“Units”) calculated based upon a formula (LTM EBITDA *
9x Multiple – Net Debt – Paulson’s Equity Investment in Steinway), so long as you are employed by Paulson, and subject to a four (4) year vesting period with 25% vesting per year. For the avoidance of doubt, the profit interest
will fully vest on May 1, 2020. Upon full vesting or upon termination of your employment with Paulson & Co. and Steinway, you shall have the option of converting the Units into Steinway stock or taking cash. If you elect to receive the
Units as cash, while the intention would be to pay cash at the time of vesting or termination, depending on the liquidity of Steinway, such cash payment may be deferred up to a maximum of one (1) year at John Paulson’s discretion. 

In the event of a sale of Steinway, the profit interest would fully vest upon the sale, and the value of the profit interest would be
calculated based upon the equity proceeds received in the sale, not based upon the formula above. Payment of the profit interest in the event of a sale would be payable to you upon closing of the transaction. 

 (c)    Withholdings. All payments pursuant to this Letter
Agreement shall be subject to applicable withholding for federal, state and local taxes. 
 3.    Calculation of
Profit Interest. 
 (a)    Definitions, with regard to the calculation of the profit interest: 

(i)    “LTM EBITDA” is defined as LTM Management EBITDA, adjusted for accrued bonus, (as
presented in Steinway’s customary financial statements) as of the most recent financial quarter preceding full vesting or termination. 

(ii)    “Net Debt” is defined as LTM four quarter average of total debt, minus cash, (as
presented in Steinway’s customary financial statements) as of the most recent financial quarter preceding full vesting or termination. 

(iii)    “Paulson’s Equity Investment in Steinway” is defined as the total equity invested
in Steinway by Paulson & Co. and affiliates. This amount is equal to $212.78 million. 

4.    Benefits. During your employment with Paulson, you shall be eligible to participate in any benefit
plans or programs available to Paulson’s employees at your level as may exist from time to time, subject always to the terms of such plans and programs, which may be amended from time to time by Paulson. 

5.    Termination. 

(a)    Payments Upon Death, Disability, or Termination by Paulson Without Cause. If your employment is terminated
due to your death, Disability (as defined below), or by Paulson without Cause (as defined below), you shall receive: (i) any accrued and unpaid cash compensation through the date of your termination, payable on the next payroll date following
termination, (ii) a pro rata portion of the cash bonus payable to you for the year of termination and (iii) vesting of a pro rata portion of the Profit Participation, if any, due to vest for the year of termination, provided you or your
heirs execute and do not revoke the Release described in this paragraph 4(a). Payments under paragraph 4(a)(ii), if any, shall be made within sixty (60) days of the applicable year end. 

Notwithstanding anything herein to the contrary, you shall not be entitled to any payments under subparagraph 4(a)(ii) upon your termination
of employment unless you or your heirs, as applicable, execute, without revocation, a valid and effective general release agreement releasing any and all claims against the Paulson Entities (as defined below), in a form acceptable to Paulson (a
“Release”). 
 (b)    Payments Upon a Termination for Cause. In the event that your employment is
terminated by Paulson for Cause, you shall receive no payments from Paulson, the Fund and its affiliates (including, but not limited to, any non-vested Profit Participation) other than Base Salary and any
vested portion of Profit Participation through the date of termination. 

  
 2 

 (c)    For purposes of this Letter Agreement, the following definitions
shall apply: 
 (i)    “Disability” means your inability to perform the essential functions of
your job as a result of physical or mental illness or injury for 90 days during any 180 day period. 

(ii)    “Cause” means (A) your commission of a felony or any crime involving dishonesty or
theft; (B) conduct in connection with your employment duties or responsibilities that is fraudulent, unlawful or grossly negligent; (C) your willful misconduct; (D) your contravention of specific lawful directions related to a
material duty or responsibility which is directed to be undertaken from Paulson; (E) your breach of your material obligations under this Letter Agreement, including, but not limited to breach of your obligations under paragraphs 5 through 10,
and your continued inattention to or failure to perform adequately your duties as identified in paragraph 1; (F) any acts of dishonesty resulting or intending to result in your personal gain or enrichment at the expense of Paulson or the Paulson
Entities (as defined below); (G) your failure to comply with a material policy of Paulson or the Paulson Entities; or (H) your engaging in personal conduct which seriously discredits or damages, or could seriously discredit or damage, Paulson
or the Paulson Entities (including, but not limited to harassment or discrimination of employees, or the use or possession at work of any illegal controlled substance). A termination for “Cause” shall be effective immediately (or on such
other date set forth by Paulson). Paulson’s decision not to terminate you for Cause as soon as it learns that you have engaged in behavior which constitutes Cause shall not be deemed a waiver of its ability to terminate you for Cause in
connection with this behavior. 
 6.    Confidential Information. You acknowledge that you shall acquire
while an employee at Paulson Confidential Information (as defined below) regarding Paulson, its affiliates and affiliated funds, and Steinway (the “Paulson Entities”). Accordingly, you agree that, without Paulson’s prior written
consent, you shall not, at any time, other than in the ordinary course of your employment responsibilities, disclose to any unauthorized person or otherwise use any such Confidential Information for any reason other than the business of the Paulson
Entities. “Confidential Information” means non-public information concerning the Paulson Entities’ business or operations plans, strategies, know-how,
portfolios, prospects or objectives; their structure, products, product development, technology, distribution, sales, services, support and marketing plans, practices, and operations; the prices, costs and details of their services; the financial
condition and results of their operations; the position of the Paulson Entities and their clients in any portfolio investment; the performance of the Paulson Entities (or any portion thereof) or any accounts; the research and development activities
or plans of the Paulson Entities; the clients and client list (including, without limitation, the identity of clients, names, addresses, contact persons and the client’s business or investment status or needs) of the Paulson Entities;
information received from third parties under confidential conditions; the management organization of the 

  
 3 

 
Paulson Entities and related information (including, without limitation, data and other information concerning the compensation and benefits paid to members, officers, directors, employees and
the management of members of the Paulson Entities); the Paulson Entities’ personnel and compensation policies; operating policies and manuals; the Paulson Entities’ financial records and related information; means of gaining access to the
Paulson Entities’ computer data systems and related information; any existing and new or envisioned financial, investment and trading plans, designs, products and data; the Paulson Entities’ computer aided financial, investment and trading
systems, software, strategies, programs and plans; their financial, investment and trading data, formulas, patterns, compilations, studies, strategies, methods, techniques, processes and system analyses; and any other financial, commercial, business
or technical information related to, or any of the products or services made, developed, or sold by, the Paulson Entities or their clients. Confidential Information shall not include information that (i) the Paulson Entities previously
disclosed to the general public or is in the public domain, or (ii) was known to you on a non-confidential basis before your employment with Paulson. For the avoidance of doubt, the terms of this Letter
Agreement are Confidential Information, and as such may not be discussed with any Paulson personnel other than the President, Chief Operating Officer, and/or General Counsel. 

The restrictions of this paragraph apply regardless of whether such Confidential Information is in written, graphic, recorded, photographic or
any machine-readable form or is orally conveyed to you. 
 7.    Paulson Property. You acknowledge that
all originals and copies of materials, records and documents (including materials maintained electronically) generated by you or coming into your possession or under your control while an employee or prior thereto, including but not limited to
information relating to the Confidential Information of the Paulson Entities, are the sole property of the Paulson Entities. Upon the termination of your employment, or upon Paulson’s request at any time, you will promptly deliver all copies of
such materials to Paulson. While an employee and at all times thereafter, you will not remove or cause to be removed from Paulson’s premises any record, file, memorandum, document, equipment or other item relating to the business of the Paulson
Entities, including but not limited to any computer data related to the foregoing, except in furtherance of your duties to Paulson. 

8.    Work Product. You agree that all ideas, inventions, discoveries, systems, interfaces, protocols,
concepts, formats, suggestions, creations, developments, arrangements, designs, programs, products, processes, investment strategies, materials, computer programs or software, databases, improvements, valuation models, risk management tools,
portfolio optimization models, or other properties related to the business of Paulson Entities conceived, made or developed during the Term, whether conceived by you alone or working with others, and whether patentable or not (the “Work
Product”), shall be owned by, and belong exclusively to, Paulson. You hereby assign to Paulson your entire rights to the Work Product and agree to execute any documents and take any action reasonably requested by Paulson to protect the rights
of Paulson Entities, in any Work Product. Without limiting the generality of the foregoing, you acknowledge that any copyrightable subject matter created by you within the scope of your responsibilities to Paulson Entities, whether containing or
involving Confidential Information or not, is deemed a work-made-for-hire under Chapter 17 of the United States Code, entitled “Copyrights,” as amended, and
Paulson Entities shall be deemed the author and owner thereof for any purposes whatsoever. In the event of any unauthorized publication of any Confidential Information, Paulson Entities shall automatically own the copyright in such publication. 

  
 4 

9.    Non-Competition. You agree that during the period you are
employed with Paulson and for 90 days following the termination of your employment for any other reason than by Paulson without Cause, you shall not engage in “Competition” with Paulson. For purposes of this Agreement,
“Competition” by you means your engaging in any activity which calls for the application of the same or similar specialized knowledge or skills as those utilized by you in your activities with Paulson, or otherwise directly or indirectly
being employed by or acting as a consultant to, or being a research analyst, salesman, sourcer, trader, manager, portfolio manager, director, officer, employee, principal, agent, stockholder, member, owner or partner of, or permitting your name to
be used in connection with the activities of any other business or organization (including financial services organizations) anywhere in the world which primarily provides services and/or products of a nature substantially similar to those provided
by Paulson during your employment with Paulson. 

10.    Non-Solicitation. 

(a)    You agree that while an employee and for a six (6) month period following the termination of your employment
for any reason or at any time, you shall not directly or indirectly, as principal, agent, independent contractor, consultant, director, officer, employee, employer, advisor, stockholder, partner, member or in any other individual or representative
capacity whatsoever, whether paid or unpaid, either for your own benefit or the benefit of any other person or entity (i) solicit, induce or encourage the resignation of any member, partner or employee of the Paulson Entities, or any individual
who was a member, partner or employee of the Paulson Entities at any time during the six (6) month period immediately prior to the termination of your employment; (ii) interfere in any way with the relationship between the Paulson Entities
and any member, partner or employee or any individual who was a member, partner or employee of the Paulson Entities at any time during the six (6) month period immediately prior to the termination of your employment; or (iii) hire, or
participate in the hiring of, any member, partner or employee of the Paulson Entities or any individual who was a member, partner or employee of the Paulson Entities at any time during the six (6) month period immediately prior to the
termination of your employment. 
 (b)    During your employment and for a six (6) month period following the
termination of your employment, you shall not, directly or indirectly, on behalf of yourself or any other person: (i) interfere, or attempt to interfere, with the relationship between Paulson Entities and any of their investors or clients or
any investor or client who was an investor or client of Paulson Entities at any time during the six (6) month period immediately prior to the termination of your employment; or (ii) solicit any existing or prospective investor or client of
Paulson Entities or any investor or client who was an investor or client of Paulson Entities at any time during the six (6) month period immediately prior to the termination of your employment. 

11.    Disclosures to Third Parties. 

(a)    You agree that you shall not comment upon or provide information about John Paulson or Paulson or any of the
Paulson Entities or any funds or accounts managed by Paulson, or any of its or their business or personnel, unless and to the extent you are specifically directed to do so by an authorized officer of Paulson. 

  
 5 

 (b)    You shall refrain from making any defamatory or commercially
disparaging statements about John Paulson or Paulson or any of the Paulson Entities or any of the funds or accounts managed by Paulson, or any of its or their business or personnel. Truth shall not be a defense to this undertaking. 

12.    Remedy for Breach. You hereby acknowledge that the provisions of paragraphs 5 through 10 are
reasonable and necessary for the protection of the Paulson Entities. You further acknowledge that the Paulson Entities will be irreparably harmed if such covenants are not specifically enforced. Accordingly, you agree that, in addition to any other
relief to which Paulson may be entitled, including claims for damages, Paulson shall be entitled to seek and obtain injunctive relief (without the requirement of any bond) from a court of competent jurisdiction for the purpose of restraining you
from an actual or threatened breach of such covenants and/or to recover from you any profit, income or gain earned by you as a result of your violation of the provisions of paragraphs 5 through 10. 

13.    Miscellaneous. 

(a)    No Other Restrictions. You represent and warrant that to the best of your knowledge, you are not a party to
or subject to any restrictive covenants, legal restrictions or other agreements in favor of any entity or person which would in any way preclude, inhibit, impair or limit your ability to perform your obligations under this Letter Agreement,
including, but not limited to, non-competition agreements, non-solicitation agreements or confidentiality agreements and your employment does not violate the terms of
any agreement to which you are a party. You agree that you will treat all proprietary or other confidential information that you acquired during your employment with any former employer as strictly confidential, and not use it for the benefit of the
Paulson Entities. 
 (b)    Entire Agreement. Except as expressly set forth herein, this Letter Agreement
supersedes any and all existing agreements, oral or written, between you and Paulson relating to the terms and conditions of your association with Paulson. In the event of any inconsistencies between the terms of this Letter Agreement and any other
document or agreement governing the parties hereto, the parties agree that the terms of this Letter Agreement shall control. 

(c)    Amendments and Waivers. No provisions of this Letter Agreement may be amended, modified, waived or
discharged except as agreed to in writing by you and Paulson. The failure of a party to insist upon strict adherence to any term of this Letter Agreement on any occasion shall not be considered a waiver thereof or deprive that party of the right
thereafter to insist upon strict adherence to that term or any other term of this Letter Agreement. 

(d)    Survival. Paragraphs 5, 6, 7, 8, 9, 10, 11 and 12 of this Letter Agreement shall survive after the
termination of your employment. 

  
 6 

 (e)    Governing Law. This Letter Agreement shall be governed by
and construed in accordance with the laws of the State of New York applicable to agreements made and/or to be performed in that State, without regard to any choice of law provisions thereof. 

(f)    Severability. If any provision of this Letter Agreement is invalid or unenforceable, the balance of this
Letter Agreement shall remain in effect. You acknowledge that the restrictive covenants contained in paragraphs 5 through 10 are a condition of this Letter Agreement and are reasonable and valid in geographical and temporal scope and in all other
respects. 
 (g)    Successors and Assigns. This Letter Agreement shall be binding upon and inure to the benefit
of the Parties and their respective successors, heirs (in your case) and assigns. No rights or obligations of Paulson under this Letter Agreement may be assigned or transferred by Paulson without your prior written consent, such consent not to be
unreasonably withheld, except that such rights or obligations may be assigned or transferred pursuant to a merger or consolidation in which Paulson is not the continuing entity, or a sale, liquidation, or other disposition of all or substantially
all of the assets of Paulson, provided that the assignee or transferee is the successor to all or substantially all of the assets of Paulson and assumes the liabilities, obligations and duties of Paulson under this Letter Agreement, either
contractually or as a matter of law. Paulson further agrees that, in the event of any disposition of its business and assets described in the preceding sentence, it shall use its best efforts to cause such assignee or transferee expressly to assume
the liabilities, obligations and duties of Paulson hereunder. None of your rights or obligations under this Letter Agreement may be assigned or transferred by you, without Paulson’s prior written consent, other than your rights to compensation
and benefits, which may be transferred only by will or operation of law or in an applicable plan, program, grant or agreement of Paulson pursuant to which such rights have been awarded. In the event of your death or a judicial determination of your
incompetence, references in this Letter Agreement to you shall be deemed to refer, where appropriate, to your legal representative, or, where appropriate, to your beneficiary or beneficiaries. 

(h)    Judicial Modification. If any court or arbitrator determines that any of the covenants in paragraphs 5
through 10 or any part of any of them, is invalid or unenforceable, the remainder of such covenants and parts thereof shall not thereby be affected and shall be given full effect, without regard to the invalid portion. Notwithstanding paragraph
12(f), it is agreed that if any such covenant should be judged by a court or other body having jurisdiction over this Letter Agreement to be invalid or unenforceable for any reason (including, without limitation, due to the extent of its geographic
scope or the period of such covenant), such covenant shall apply to the maximum extent otherwise permitted at applicable law with such modifications as will be necessary to make it valid and enforceable. 

(i)    Arbitration. You and Paulson agree to arbitrate any controversy or claim arising out of this Agreement or
otherwise relating to your employment by Paulson or the termination of such employment to the extent required (including, but not limited to, any claims of breach of contract, wrongful termination or age, sex, race or other discrimination); provided
that Paulson shall have the right to, and be permitted to, seek and obtain injunctive relief from a court of competent jurisdiction pursuant to paragraph 11. Any such arbitration shall be fully and finally resolved in binding arbitration in a
proceeding in the State of New York, in accordance 

  
 7 

 
with the Employment Rules and Mediation Procedures of the American Arbitration Association (the “AAA”) before a single arbitrator. The arbitrator shall not have the authority to modify
or change any of the terms of this Agreement, except as provided in paragraph 12(h) hereof. The arbitrator’s award shall be final and binding upon you and Paulson, and judgment upon the award may be entered in any court of competent
jurisdiction in any state of the United States or country or application may be made to such court for a judicial acceptance of the award and an enforcement as the law of such jurisdiction may require or allow. Each party shall bear the costs and
fees incurred in any such arbitration, including legal fees and expenses. 
 (j)    Indemnification. To the
fullest extent permitted by law, but subject to the conditions and limitations of this Section, Paulson shall indemnify and hold you harmless from and against any and all claims, liabilities, damages, losses, costs and expenses (including amounts
paid in satisfaction of judgments, in compromises and settlements, as fines and penalties and legal or other costs and reasonable expenses of investigating or defending against any claim or alleged claim) of any nature whatsoever, known or unknown,
liquidated or unliquidated (collectively, “Losses”), arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which you may be involved, or threatened to be involved, as
a party or otherwise, which relates to or arises out of your employment, association or activities with TrinetTrinet or Paulson, their property, their business or affairs, or that arises out of or in any way relates to any businesses, entities or
individuals that previously were in any way affiliated with Trinet or Paulson, or with respect to which you served as a director or manager at the direction of Trinet or Paulson. It is understood and agreed that the indemnification by Paulson
hereunder shall be applicable only if and to the extent that either (x) Paulson is insured for amounts covered by this indemnification obligation pursuant to an E&O or similar policy or (y) the acts giving rise to the need for
indemnification are covered by an indemnification obligation from the Funds for which you provided services. For the avoidance of doubt, it is the intent of Paulson to make available to you the indemnification benefits available pursuant to
(z) E&O insurance coverage carried by Paulson and (w) indemnification obligations assumed by the Funds serviced by you. Paulson shall be entitled to assume control of any defense using counsel of its choosing. If Paulson chooses not to
do so, then Paulson shall provide you with separate legal counsel selected by you and reasonably acceptable to Paulson. The payment of reasonable expenses (including reasonable attorneys’ fees) incurred by you in defending any claim, demand,
action, suit or proceeding (to the extent Paulson has not assumed control of the defense and you are entitled to indemnification for such expense) shall (subject to receipt of such amounts pursuant to clauses (x) or (y) above,) be advanced to
you by Paulson within twenty (20) days after your written request for such payment to Paulson, supported by appropriate documentation; provided, that you must promptly repay such advances to the extent that it is ultimately determined that you
are not entitled to be indemnified with respect to the claims or Losses to which they relate. In no event shall you be entitled to settle or compromise any claim for which you are seeking indemnification without the express prior written consent of
Paulson. 
 If the foregoing correctly sets forth the terms of our arrangement, please confirm your agreement therewith by countersigning in
the space below. 

  
 8 

 
			
	Sincerely,
	
	Paulson & Co. Inc.
		
	By:	 	 /s/ John Paulson

	Name: John Paulson
	Title: President

 Confirmed and Agreed as of January 4, 2018: 

 

			
	By:	 	 /s/ Ben Steiner

	
	Name: Ben Steiner

 Benjamin Steiner 

XXX XXXX XX XXXXX, XXX XXX 
 New York, NY 10024 

Dear Ben: 
 This letter agreement (“Amendment”) serves
as an amendment to part 2(a) of the letter agreement executed January 4, 2018 (“Agreement”) between yourself and Paulson & Co. Inc. (“Paulson & Co.”) and Steinway Musical Instruments Inc.
(“Steinway”). 
 In each of 2019 and 2020, you will receive a $450,000 base salary from Steinway and separately a $50,000 base salary from
Paulson & Co. In addition, in each of those years, you will have a target bonus of $300,000 in the Steinway bonus plan and will separately receive a $200,000 bonus from Paulson & Co. In the event of termination of employment, you
shall receive a pro rata portion of the cash bonus payable to you for the year of termination. 
 Except as set forth in this Amendment, the Agreement is
unaffected and shall continue in full force and effect in accordance with its terms. 
  

			
	Sincerely,
		
	By:	 	 /s/ John Paulson

	John Paulson
	President, Paulson & Co.
	Chairman, Steinway Musical Instruments Inc.

 Confirmed and Agreed as of January [9], 2019: 
  

			
	By:	 	 /s/ Ben Steiner

	Ben Steiner

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