Document:

Exhibit 4.5

 

DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE 

SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

As of December 31, 2021, Clover
Leaf Capital Corp. (“we,” “our,” “us” or the “Company”) had the following three
classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”):
(i) its units, consisting of one share of Class A common stock and one right to receive one-eighth (1/8) of one share of Class A common
stock upon the consummation of an initial business combination (the “units”), (ii) its Class A common stock, $0.0001 par value
per share (“Class A common stock”), and (iii) its rights to receive for each right one-eighth (1/8) of one share of Class
A common stock upon the consummation of an initial business combination.

 

Pursuant
to our amended and restated certificate of incorporation, our authorized capital stock consists of 110,000,000 shares of common
stock, including 100,000,000 shares of Class A common stock, $0.0001 par value and 10,000,000 shares of Class B common
stock, $0.0001 par value, and 1,000,000 shares of undesignated preferred stock, $0.0001 par value. The following description
summarizes the material terms of our capital stock and does not purport to be complete. It is subject to, and qualified in
its entirety by reference to, our amended and restated certificate of incorporation, our bylaws and our rights agreement, each of
which is incorporated by reference as an exhibit to our Annual Report on Form 10-K for the period from February 25, 2021 (inception)
through December 31, 2021 (the “Report”) of which this Exhibit 4.5 is a part.

 

Defined terms used herein
but not otherwise defined shall have the meaning ascribed to such terms in the Company’s Report.

 

Units

 

Each unit consists of (i) one share of our Class A
common stock and (ii) one right to receive one-eighth (1/8) of a share of Class A common stock at the closing of our initial
business combination.

 

Common Stock

 

Common stockholders of record are entitled to one
vote for each share held on all matters to be voted on by stockholders. Holders of the Class A common stock and holders of the Class B
common stock will vote together as a single class on all matters submitted to a vote of our stockholders, except as required by law. Our
board of directors is divided into two classes, each of which will generally serve for a term of two years with only one class of directors
being elected in each year. There is no cumulative voting with respect to the election of directors, with the result that the holders
of more than 50% of the shares voted for the election of directors can elect all of the directors. Our stockholders are entitled to receive
ratable dividends when, as and if declared by the board of directors out of funds legally available therefor.

 

We will provide our stockholders with the opportunity
to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share price, payable
in cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of our initial
business combination including interest earned on the funds held in the trust account and not previously released to us to pay our franchise
and income taxes, divided by the number of then outstanding public shares, subject to the limitations described herein.

 

If we seek stockholder approval of our initial business
combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules,
our amended and restated certificate of incorporation provides that a public stockholder, together with any affiliate of such stockholder
or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the
Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the shares of common stock
sold in our initial public offering, which we refer to as the Excess Shares. However, we would not be restricting our stockholders’
ability to vote all of their shares (including Excess Shares) for or against our initial business combination.

 

In the event of a liquidation, dissolution or winding
up of the company after an initial business combination, our stockholders are entitled to share ratably in all assets remaining available
for distribution to them after payment of liabilities and after provision is made for each class of stock, if any, having preference over
the common stock. Our stockholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to
the common stock, except that we will provide our stockholders with the opportunity to redeem their public shares for cash equal to their
pro-rata share of the aggregate amount then on deposit in the trust account, upon the completion of our initial business combination,
subject to the limitations described herein.

 

     

     

    

 

Rights

 

Each holder of a right will receive one-eighth (1/8)
of one share of Class A common stock upon consummation of our initial business combination. In the event we will not be the surviving
entity upon completion of our initial business combination, each holder of a right will be required to affirmatively convert its rights
in order to receive the 1/8 share of Class A common stock underlying each right (without paying any additional consideration). If
we are unable to complete an initial business combination within the required time period and we redeem the public shares of Class A common
stock for the funds held in the trust account, holders of rights will not receive any such funds in exchange for their rights and the
rights will expire worthless. Every eight (8) rights that you hold will entitle you to receive one share at the closing of the business
combination. We will not issue fractional shares of Class A common stock upon exchange of the rights. If, upon conversion of the rights,
a holder would be entitled to receive a fractional interest in a share, fractional shares will be rounded up to the nearest whole share.

 

As soon as practicable upon the consummation of
our initial business combination, we will direct registered holders of the rights to return their rights to our rights agent. Upon receipt
of the rights, the rights agent will issue to the registered holder of such rights the number of full shares of Class A common stock to
which it is entitled. We will notify registered holders of the rights to deliver their rights to the rights agent promptly upon consummation
of such business combination and have been informed by the rights agent that the process of exchanging their rights for shares of Class
A common stock should take no more than a matter of days. The foregoing exchange of rights is solely ministerial in nature and is not
intended to provide us with any means of avoiding our obligation to issue the shares underlying the rights upon consummation of our initial
business combination. Other than confirming that the rights delivered by a registered holder are valid, we will have no ability to avoid
delivery of the shares underlying the rights. There are no specific contractual penalties for failure to deliver securities to the holders
of the rights upon consummation of an initial business combination, however the holders of the rights will have the ability to bring claims
against us pursuant to the rights agreement. Additionally, in no event will we be required to net cash settle the rights.

 

If we are unable to complete an initial business
combination within the required time period and we liquidate the funds held in the trust account, holders of rights will not receive any
such funds with respect to any of their rights, nor will they receive any distribution from our assets held outside of the trust account
with respect to such rights, and all rights will expire worthless.

 

The shares issuable upon conversion of the rights
will be freely tradable (except to the extent held by affiliates of ours).

 

We have agreed that, subject to applicable law,
any action, proceeding or claim against us arising out of or relating in any way to the rights agreement will be brought and enforced
in the courts of the State of New York or the United States District Court for the Southern District of New York, and we irrevocably
submit to such jurisdiction, which jurisdiction will be the exclusive forum for any such action, proceeding or claim. See “Risk
Factors — Our rights agreement will designate the courts of the State of New York or the United States District Court for the Southern
District of New York as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by holders of
our rights, which could limit the ability of right holders to obtain a favorable judicial forum for disputes with our company.”
This provision does not apply to claims under the Exchange Act or any claim for which the federal district courts of the United States
of America are the sole and exclusive forum.

 

In addition, the rights agreement provide that,
unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States of America shall,
to the fullest extent permitted by law, be the exclusive forum for the resolution of any complaint asserting a cause of action arising
under the Securities Act or the rules and regulations promulgated thereunder.

 

We note that there is uncertainty as to whether
a court would enforce this provision and that investors cannot waive compliance with the federal securities laws and the rules and regulations
thereunder. Section 22 of the Securities Act creates concurrent jurisdiction for state and federal courts over all suits brought to enforce
any duty or liability created by the Securities Act or the rules and regulations thereunder.EX-10.1

 Exhibit 10.1 

Heidrick & Struggles International, Inc. 

Management Severance Pay Plan 

and 
 Summary Plan
Description 
 As Amended and Restated 

Effective April 12, 2022 
  

 HEIDRICK & STRUGGLES INTERNATIONAL, INC. 

MANAGEMENT SEVERANCE PAY PLAN 

AND 
 SUMMARY PLAN
DESCRIPTION 
 TABLE OF CONTENTS 
  

							
	 ARTICLE 1.
	  	ESTABLISHMENT AND PURPOSE	  	 	2	 
	 ARTICLE 2.
	  	DEFINITIONS	  	 	2	 
	 ARTICLE 3.
	  	ELIGIBILITY AND BENEFITS	  	 	4	 
	 ARTICLE 4.
	  	RESTRICTIVE COVENANTS	  	 	7	 
	 ARTICLE 5.
	  	ADMINISTRATION	  	 	9	 
	 ARTICLE 6.
	  	CLAIMS PROCEDURE	  	 	9	 
	 ARTICLE 7.
	  	AMENDMENT AND TERMINATION OF THE PLAN	  	 	11	 
	 ARTICLE 8.
	  	UNFUNDED STATUS OF PLAN	  	 	11	 
	 ARTICLE 9.
	  	MISCELLANEOUS	  	 	11	 
	 ARTICLE 10.
	  	GENERAL INFORMATION	  	 	12	 
	 ARTICLE 11.
	  	STATEMENT OF ERISA RIGHTS	  	 	13	 

 Heidrick & Struggles International, Inc. 

Management Severance Pay Plan 
 Article
1. Establishment and Purpose. 
 1.1 Establishment of the Plan. Heidrick & Struggles International, Inc.
(the “Company”) initially established the Heidrick & Struggles, Inc. Severance Pay Plan (the “Plan”), effective June 14, 2001. The Company has amended and restated the Plan effective as of July 31,
2003, December 31, 2008, December 31, 2010, December 31, 2017, and December 31, 2020 and hereby further amends and restates the Plan effective as of April 12, 2022 as it pertains to Executives. This document
also constitutes the summary plan description of the Plan. 
 1.2 Purpose of the Plan. The purpose of the Plan is to provide
severance benefits to eligible Executives of the Company and its Subsidiaries upon certain terminations of employment, as described below. Benefits under the Plan are intended to be supplemental unemployment benefits. The Plan is intended to
constitute a “severance pay plan” within the meaning of regulations published by the Secretary of Labor at Title 29, Code of Federal Regulations, §2510.3-2(b). No employee or other person shall have a vested right to any benefits
under the Plan. 
 The Plan supersedes any existing severance pay plan, practice or policy of the Company. No severance benefits,
other than those provided by the Plan and described below, will be paid by the Company to an eligible Executive other than as may be provided under collective bargaining agreements or written agreements individually negotiated between the Company
and the Executive. 
 Article 2. Definitions. 

When used herein, the following terms shall have the following meanings: 

2.1 “Affiliate” means any entity in which the Company, directly or indirectly, has at least a five percent ownership
interest. 
 2.2 “Base Salary” means the Executive’s annual base salary rate, including any amounts
deferred by the Executive, in effect as of the Executive’s Termination Date, but excluding bonuses, awards and any other form of additional compensation. 

2.3 “Bonus Amount” means the annual target bonus for the Executive under the Company’s Management Incentive Plan
or any successor management plan as of the Executive’s Termination Date (but not the Fee/SOB Bonus Plan or any successor plan thereto). 

2.4 “Cause” means any of the following: (a) the Executive’s engagement, during the performance of his or her
duties for the Company or a Subsidiary, in acts or omissions constituting dishonesty, fraud, intentional breach of fiduciary obligation or intentional wrongdoing or malfeasance; (b) the Executive’s conviction for a felony; (c) the
Executive’s material violation of the Company’s Code of Ethics or other material written policies of the Company, including  

  
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without limitation policies relating to anti-harassment and hostile work environment, insider trading, conflicts of interest, or the treatment and/or disclosure of confidential information;
(d) the Executive’s conduct causing demonstrable injury to the Company or a Subsidiary or its reputation; (e) the Executive’s failure or refusal to perform his or her duties as the Company or Subsidiary reasonably requires, to
meet goals reasonably established by the Company or Subsidiary, or to abide by the Company’s or Subsidiary’s policies for the operation of its business, and the continuation thereof after the receipt by the Executive of written notice from
the Company or Subsidiary; or (f) the Executive’s illegal use of drugs or use of alcohol or intoxication on work premises, during working time, or which interferes with the performance of his or her duties and obligations on behalf of the
Company. The determination of whether the Executive has been terminated for “Cause” will be made at the sole discretion of the Committee. 

2.5 “Committee” means the Human Resources and Compensation Committee of the Board of Directors of the Company.

 2.6 “Company” means Heidrick & Struggles International, Inc., organized under the laws of the state
of Delaware, including any successor or successors thereto. 
 2.7 “ERISA” means the Employee Retirement
Income Security Act of 1974, as now in effect or as hereafter amended. 
 2.8 “Executive” means any employee
of the Company or a Subsidiary who immediately prior to his or her Termination Date is employed (a) as the Chief Executive Officer of the Company; or (b) in a Tier I, Tier II, Tier III or Tier IV position as defined in the Company’s
Management Incentive Plan. Notwithstanding the foregoing, the term “Executive” does not include any individual who receives benefits under the Heidrick & Struggles International, Inc. Change In Control Severance Plan. 

2.9 “Health Benefits” means the health, dental and/or vision benefits provided under a benefit plan maintained by the
Company or a Subsidiary in which the Executive was participating immediately prior to his or her Termination Date. 
 2.10
“Health Benefits Continuation Period” means the earlier of one year following the Termination Date or the end of the Severance Period. 

2.11 “Severance Factor” means a number equal to (a) two, for an Executive with the title of Chief Executive
Officer of the Company immediately prior to his or her Termination Date; (b) one and one-half, for an Executive in a Tier I position immediately prior to his or her Termination Date; (c) one, for an Executive in a Tier II position
immediately prior to his or her Termination Date; (d) one-half, for an Executive in a Tier III position immediately prior to his or her Termination Date; and (e) one-third, for an Executive in a Tier IV position immediately prior to his or
her Termination Date. 

  
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 2.12 “Severance Period” means the period of time beginning on the
Executive’s Termination Date and continuing for a number of years (or portion thereof) equal to the Executive’s Severance Factor. 

2.13 “Subsidiary” means an entity of which the Company is the direct or indirect beneficial owner of not less than 50%
of an issued and outstanding equity interest of such entity. 
 2.14 “Termination Date” means the effective
date of an Executive’s termination of employment with the Company and all Subsidiaries and Affiliates. 
 Article 3. Eligibility and
Benefits. 
 3.1 Termination of Employment By the Company Without Cause. Subject to the satisfaction of the conditions set
forth in Section 3.3 and Article 4, and the limitations of Section 3.4, if an Executive’s employment with the Company and its Subsidiaries is terminated by the Company or Subsidiary without Cause, the Company shall provide severance
benefits to the Executive as follows: 
 (a) The Company shall pay to the Executive an amount equal to the Executive’s Severance
Factor multiplied by the sum of the Executive’s Base Salary and Bonus Amount. Such amount will be paid to the Executive in equal installments over the Severance Period, in accordance with payroll procedures applicable to similarly situated
employees of the Company, commencing no later than 30 days after the Executive delivers to the Company an executed Release as described in Section 3.3. 

(b) In addition to the benefits payable pursuant to Section 3.1(a), the Company may, in its discretion, pay to the Executive an amount
equal to the Executive’s Bonus Amount for the performance period in which the Termination Date occurs, subject to any ordinary course adjustments applicable to all participants in the incentive program from which such bonus is derived. Such
Bonus Amount shall be paid to the Executive in one installment in accordance with the Company’s normal payroll schedule, but no later than 30 days after the Executive delivers to the Company an executed Release as described in Section 3.3.

 (c) Through the Health Benefits Continuation Period, the Company shall maintain in full force and pay the full cost of continuation of
the Health Benefits, with the same terms in effect immediately prior to the Termination Date, provided that the Executive’s continued participation is possible under the terms of the benefit plans. In the event that continued participation in
the health benefits plans is not available, the Company shall arrange to provide the Executive (and to the extent applicable, his or her spouse or dependents) with benefits that are comparable to the coverage previously in force. Continuation of
Health Benefits coverage shall cease on the date the Executive becomes employed and covered under another employer’s benefit plan. 
 For US
Executives, a reduction of hours resulting from termination is a “qualifying event” as defined in Section 601 et seq. of ERISA (“COBRA”). If on such date the Executive or his spouse or dependents are covered under the group
health benefit plan, they will be eligible to continue benefits pursuant to COBRA. During the Health Benefits Continuation Period, the Company will 

  
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subsidize the full cost of COBRA health benefits coverage. Receipt of the subsidy is contingent upon the Executive enrolling in COBRA in a timely manner. Following the expiration of the Health
Benefits Continuation Period, the Executive will be responsible for paying the full cost of continued coverage for the remainder of the applicable COBRA period. 

(d) Only for the CEO and Tier I Executives, a number of outstanding and unvested Restricted Stock Units issued under the Company’s
GlobalShare Program or its successor (“RSUs”) (which for clarity do not include performance units or any other type of equity or equity-based awards, nor any RSUs that have already been forfeited in full pursuant to their terms prior to
the Termination Date) will be accelerated, determined as follows. With respect to any RSU award (an “Award”) that is less than fully vested as of the Termination Date, in addition to the number of RSUs that have previously vested as of the
beginning of the then-current vesting period, a number of additional RSUs (rounded to the nearest whole share) will vest, determined as the number of RSUs that would have vested as of the Termination Date during the then-current vesting period in
which the Termination Date occurs if the Award had been issued with a continuous vesting schedule over such vesting period, rather than an annual (or other incremental) vesting schedule, based on a percentage (to four decimal places) equal to the
number of days completed during such vesting period as of the Termination Date, divided by the total number of days in such vesting period. Any accelerated RSUs will be subject to the same terms, conditions and limitations as the remainder of the
Award. 
 3.2 Events Not Constituting Termination of Employment Without Cause. Severance benefits shall not be provided under the
Plan for any Executive in the following instances: 
 (a) the Executive’s voluntary resignation for any reason (with or without
notice), including retirement; 
 (b) the Executive’s death; 

(c) the Executive’s commencement of a leave of absence (including military service leave); 

(d) a physical or mental condition entitling the Executive to benefits under any sick pay or disability income policy or program of the
Company or a Subsidiary or to which the Company or Subsidiary contributes; 
 (e) the transfer of the Executive from employment with the
Company or a Subsidiary to employment with an Affiliate who is not a Subsidiary; 
 (f) the sale of the stock of the Company or a Subsidiary
employing the Executive, if the Executive’s employment continues thereafter; 
 (g) the sale of all or part of the assets of the
Company or a Subsidiary employing the Executive, if the Executive has been offered employment by the buyer of such assets (regardless of whether the Executive accepts such offer of employment); or 

  
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 (h) the outsourcing of a division, department, business unit or function if the Executive
has been offered employment by the entity to which the division, department, business unit or function has been outsourced (regardless of whether the Executive accepts such offer of employment). 

3.3 Benefits Conditioned on Release. 

(a) Receipt of the severance benefits described in Section 3.1 is conditioned upon the Executive’s execution of a written release
and separation agreement in form and substance satisfactory to the Company in its sole discretion (the “Release”), and the Release becoming effective in accordance with its terms and applicable law. The Release also shall contain the
Executive’s agreement to the restrictive covenants as described in Article 4 of the Plan. The severance benefits described in Section 3.1 shall not be paid or provided to the Executive until the Release is executed and becomes effective,
and any severance benefits described in Section 3.1(a) that are suspended as a result of the Release not being effective until after the Termination Date shall be included in the next regularly scheduled payroll date applicable to the
Executive. The failure or refusal of an Executive to timely sign the Release, or the Executive’s revocation of the Release, will disqualify the Executive from receiving the severance benefits described in Section 3.1. The Company shall
provide the Release to the Executive not later than the Executive’s Termination Date. 
 (b) An Executive who is otherwise entitled to
severance benefits described in Section 3.1, but within 60 days of his Termination Date does not execute, or revokes, the Release described in 3.3(a) above shall not be eligible to receive such benefits but shall be eligible to receive a
severance benefit under the Plan in an amount equal to two weeks of the Executive’s Base Salary. Such amount will be paid within 10 days after it is determined that the Executive has failed to timely execute the Release or has revoked the
Release. 
 3.4 Offset of Severance Benefits. To the extent not otherwise prohibited by applicable law: 

(a) If any federal, state, or local law, including, without limitation, “plant closing” and “anti-takeover” laws, as well
as the Worker Adjustment and Retraining Notification Act, 29 U.S.C. §2101 et seq. or any otherwise applicable statute, requires the Company or a Subsidiary to give advance notice or make a payment of any kind to an Executive because of that
individual’s involuntary termination due to a layoff, reduction in force, plant or facility closing, sale of business, or similar event, the benefits provided under the Plan will either be reduced or eliminated, as the case may be, by an amount
equal to the payment due thereunder. 
 (b) Severance benefits payable hereunder will be reduced by any and all severance or other similar
post-termination payments that are required to be made by the Company or a Subsidiary pursuant to any applicable law, under any collective bargaining agreement, or pursuant to any employment agreement or severance arrangement between the Company or
a Subsidiary and the Executive. 

  
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 3.5 Withholding Taxes. The Company or Subsidiary may withhold from all payments due
to an Executive (or his or her beneficiary, representative or estate) hereunder all taxes which, by applicable federal, state, local or other law, the Company or a Subsidiary is required to withhold therefrom. 

3.6 Other Benefits. The Executive’s entitlement to benefits under any other plan or arrangement maintained or provided by the
Company or Subsidiary shall be determined in accordance with the terms thereof; provided that no Executive shall accrue or be entitled to any additional employee benefits under any plans, programs or arrangements, vacation days, paid holidays, paid
sick days or other similar benefits, all of which will terminate as of the date of the Executive’s Termination Date, and no severance benefits shall be taken into account in determining benefits under any retirement or pension plan. 

3.7 Death. If the Executive dies before receiving the severance benefits described herein: 

(a) the severance pay to which the Executive is entitled pursuant to Section 3.1(a) or 3.3(b) shall be distributed to the
Executive’s designated beneficiary, or if none, then to his representative or estate; 
 (b) the Executive’s eligible spouse and
dependents shall continue to be eligible for continued Health Benefits during the Severance Period and for continued Health Benefits pursuant to COBRA at the end of the Severance Period, in accordance with Section 3.1(b); and 

(c) any RSUs described in Section 3.1(d) will be settled to the Executive’s beneficiary in accordance with the terms of the Award.

 Article 4. Restrictive Covenants. 

4.1 Acknowledgement and Agreement. As a condition to receiving the severance benefits described in the Plan, the Executive must, as part
of the Release described in Section 3.3, either (a) expressly acknowledge and agree that the Executive will continue to remain subject to any confidentiality, non-solicitation and/or non-competition provisions entered into in connection
with any other agreement or compensation award with the Company or (b) in the absence of such provisions in any such agreement or award, expressly agree that the Executive will be subject to the restrictive covenants described in
Section 4.2 below. 
 4.2 Covenant Not to Compete; Covenant Not to Solicit. An Executive to which Section 4.1(b) applies
shall agree that for (i) twelve months after the Executive’s Termination Date for the CEO or any Tier I Executive, or (ii) six months after the Executive’s Termination Date for all other Executives: 

(a) the Executive shall not work on the account of any client of the Company with whom such Executive had a direct relationship or as to which
the Executive had a significant supervisory responsibility or otherwise was significantly involved at any time during the two years prior to such Termination Date; 

  
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 (b) the Executive shall not hire, solicit for hire, or assist any other person in soliciting
or hiring any employment candidate with whom the Executive has had contact while at the Company during the two years prior to such Termination Date; 

(c) with respect to an Executive whose principal responsibilities are of a corporate nature or for a corporate department (e.g., finance, tax,
treasury, legal, business affairs, etc.) and do not principally involve client service related functions, such Executive shall not work for or provide services to a principal competitor of the Company in a substantially similar corporate function as
such Executive held with the Company during the two-year period prior to the Executive’s Termination Date, or with respect to an Executive whose principal responsibilities are of a client service related nature (e.g., executive recruiting or
search, etc.), such Executive shall not work for or provide services to a competitor of the Company on the account of any substantial competitor of any client of the Company for which such Executive had substantial responsibility during the two-year
period prior to the Termination Date and shall not work directly for such a competitor of such a client; and 
 (d) the Executive may not
(i) directly or indirectly solicit or hire, or assist any other person in soliciting or hiring, any person who, as of the Executive’s Termination Date, was employed by the Company or was in the process of being recruited for employment by
the Company, or (ii) induce any such person to terminate his or her employment with or recruitment by the Company. 
 4.3
Remedies. 
 (a) If the Company in good faith determines that the Executive has breached any of the restrictive covenants
described in Section 4.1 or 4.2 as applicable, the Company shall cease providing any of the severance benefits described in Section 3.1 and the Executive shall promptly repay to the Company any amount equal to the aggregate of the
severance payments described in Section 3.1 previously received from the Company. 
 (b) These restrictive covenants are in addition to
any other rights the Company may have in law or at equity or under any other agreement. 
 (c) The Executive shall further agree that it is
impossible to measure in money the damages which will accrue to the Company in the event the Executive breaches the restrictive covenants. Therefore, if the Company shall institute any action or proceeding to enforce the provisions hereof, the
Executive shall agree to waive the claim or defense that the Company has an adequate remedy at law and the Executive shall agree not to assert in any such action or proceeding the claim or defense that the Company has an adequate remedy at law. The
foregoing shall not prejudice the Company’s right to require the Executive to account for and pay over to the Company any profit obtained by the Executive as a result of any transaction constituting a breach of the restrictive covenants. 

  
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 Article 5. Administration. 

5.1 Committee. The Plan shall be administered by the Committee. The Committee shall have full authority, consistent with the Plan, to
administer the Plan, including the authority to make participation decisions and the authority to interpret and construe any provisions of the Plan. The Committee may, subject to the provisions of the Plan, establish such rules and regulations as it
deems necessary or advisable for the proper administration of the Plan, and may make determinations and may take such other action in connection with or in relation to the Plan as it deems necessary or advisable. The decisions of the Committee shall
be final and binding on all parties. 
 5.2 Indemnification. No member of the Board of the Directors of the Company or the Committee
shall be liable for any action taken or determination made hereunder in good faith. Service on the Committee shall constitute service as a member of the Board so that the members of the Committee shall be entitled to indemnification and
reimbursement as directors of the Company pursuant to the Company’s Amended and Restated Certificate of Incorporation and Amended and Restated By-Laws. 

Article 6. Claims Procedure. 

6.1 Claims Procedures. 

(a) An Executive claiming a benefit under the Plan that has been denied for any reason may file a written claim with the Committee. The
Executive will be notified in writing within 90 days after the claim is filed (or the Executive will receive a written notice within such 90 days stating an additional 90 days is needed to rule upon the claim, in which case the Executive will
receive a written notice within 180 days). If the claim is denied, the notification will (i) indicate the reasons for the denial and cite the specific Plan provisions on which the denial is based; (ii) describe any additional information
that may be needed for approval of the Executive’s claim; and (iii) explain the review procedure. 
 (b) If this claim is denied,
the Executive may request a review of the claim denial within 60 days after receipt of the denial notice. The Executive may request in writing the opportunity to review pertinent documents prior to submission of a written appeal. Within 60 days
after receiving the written appeal, the Committee will notify the Executive in writing of its final decision (or the Executive will receive a written notice within such 60 days stating an additional 60 days is needed to rule upon the claim, in which
case the Executive will receive a written notice within 120 days). This decision will contain specific reasons and cite the Plan provisions on which the denial is based. 

6.2 Arbitration of Disputes. 

(a) Any disagreement, dispute, controversy or claim arising out of or relating to the Plan or the interpretation or validity hereof not
settled under the claims procedure in Section 6.1 shall be settled exclusively and finally by binding arbitration. It is specifically understood and agreed that any disagreement, dispute or controversy which cannot be resolved between the
parties, 

  
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including without limitation any matter relating to the interpretation of the Plan, shall be submitted to arbitration irrespective of the magnitude thereof, the amount in controversy or whether
such disagreement, dispute or controversy would otherwise be considered justifiable or ripe for resolution by a court or arbitral tribunal. 

(b) The arbitration shall be conducted in accordance with the Employment Arbitration Rules (the “Arbitration Rules”) of the American
Arbitration Association, except as otherwise provided below. 
 (c) The arbitral tribunal shall consist of one arbitrator. The parties to
the arbitration jointly shall directly appoint such arbitrator within 30 days of initiation of the arbitration. If the parties shall fail to appoint such arbitrator as provided above, such arbitrator shall be appointed in accordance with the
Arbitration Rules and shall be a person who (i) maintains his or her or her principal place of business within 30 miles of the location of the arbitration as set forth in Section (d) of this Section 6.2 and (ii) has had
substantial experience in employment and/or executive compensation matters. The party who does not prevail in the arbitration shall pay all of the fees and expenses of such arbitrator and any related costs. 

(d) The arbitration shall be conducted within 30 miles of the Executive’s principal work location, or in such other city in the United
States of America as the parties to the dispute may designate by mutual written consent. 
 (e) At any oral hearing of evidence in
connection with the arbitration, each party thereto or its legal counsel shall have the right to examine its witnesses and to cross-examine the witnesses of any opposing party. No evidence of any witness shall be presented unless the opposing party
or parties shall have the opportunity to cross-examine such witness, except as the parties to the dispute otherwise agree in writing. 
 (f)
Any decision or award of the arbitral tribunal shall be final and binding upon the parties to the arbitration proceeding. The parties hereto hereby waive to the extent permitted by law any rights to appeal or to seek review of such award by any
court or tribunal. The parties hereto agree that the arbitral award may be enforced against the parties to the arbitration proceeding or their assets wherever they may be found and that a judgment upon the arbitral award may be entered in any court
having jurisdiction. 
 (g) Nothing herein contained shall be deemed to give the arbitral tribunal any authority, power, or right to alter,
change, amend, modify, add to, or subtract from any of the provisions of the Plan. 
 6.3 Limitations on Claims. The claims procedure
described in Section 6.1 herein must be exhausted before the Executive or his representative can pursue the claim further. All claims, including claims not subject to the claims procedures, must be commenced within three years after the cause
of action accrues; provided, however, that all claims for penalties for failure of the Committee to provide documents the Executive has requested must be commenced within one year after the first time the Executive requested the documents. 

  
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 Article 7. Amendment and Termination of the Plan. 

The Board of Directors of the Company has the right in its sole discretion to amend, reduce, suspend, modify and/or terminate the Plan in whole
or in part at any time by formal written action, without either the consent of, or prior notification to, any Executive. Executives have no vested rights to any benefits under the Plan. 

Article 8. Unfunded Status of Plan. 

The Plan is intended to constitute an “unfunded” plan and Executives shall have no claim against the Company or its assets other than
as unsecured general creditors. 
 Notwithstanding the foregoing, the Company may establish a trust or purchase other property to assist it
in meeting its obligations hereunder; provided, however, that in no event shall any Executive have any interest in such trust or property other than as an unsecured general creditor, and this provision shall not apply to the extent funding would
result in noncompliance with Section 409A(b) of the Code. 
 Article 9. Miscellaneous. 

9.1 Nonalienation of Benefits. No Executive shall have the right to alienate, anticipate, commute, pledge, encumber or assign any of the
benefits or payments which he or she has not yet actually received under this Plan. 
 9.2 Employment Status. The employment
of the Executive by the Company or Subsidiary is “at will.” The Plan does not constitute a contract of employment or impose on the Company or a Subsidiary any obligation to retain the Executive as an employee, to change the status of the
Executive’s employment, or to change the policies of the Company or Subsidiary regarding termination of employment. 
 9.3
Payment Limitations. It is intended that all or most of the severance benefits payable under the Plan will be exempt from Section 409A of the Internal Revenue Code (“Section 409A”) pursuant to Treas. Reg. §1.409A-1(b)(4) or
§1.409A-1(b)(9)(iii) and (iv), and the Plan will be construed and interpreted accordingly. If, however, on the Executive’s Termination Date he or she is a “Specified Employee” as determined in accordance with the procedures set
forth in Treas. Reg. §1.409A-1(i), any amounts payable to the Executive that are subject to Section 409A shall not be paid until six months following the Executive’s Termination Date, or if earlier, the Executive’s subsequent
death. For purposes of Treas. Reg. §1.409A-2(b)(2), each installment payment shall be treated as a separate payment. Under no circumstances, however, shall the Company or any Subsidiary be responsible for any taxes or tax consequences of any
Executive, whether under Section 409A or otherwise.  
 9.4 Beneficiaries. Each Executive may designate one or more
persons or entities as the primary and/or contingent beneficiaries of any amounts owing to the Executive under the Plan. Such designation must be in the form of a signed writing acceptable to the Committee. Executives may make or change such
designations at any time. 

  
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 9.5 Number. Except where otherwise indicated by the context, the plural shall include
the singular, and the singular shall include the plural. 
 9.6 Severability. In the event any provision of the Plan shall be
held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included. Further, the captions
of the Plan are not part of the provisions hereof and shall have no force and effect. 
 9.7 Applicable Law. To the extent not
preempted by the laws of the United States, the laws of the State of Illinois, without regard to its conflicts of laws principles, shall be the controlling law in all matters relating to the Plan. 

9.8 Notices. All notices and other communications required or permitted hereunder shall be in writing and shall be deemed to have been
duly given when delivered or five days after deposit in the United States mail, certified and return receipt requested, postage prepaid, addressed as follows: 

If to the Company: 

Heidrick & Struggles International, Inc. 

233 South Wacker Drive, Suite 4900 

Chicago, Illinois 60606 

Attention: General Counsel 
 If
to an Executive, the Executive’s last known address as indicated in the Company’s personnel records, or to such other address as either party may have provided to the other in writing in accordance herewith, except that notices of change
of address shall be effective only upon receipt. 
 9.9 Effective Date. The effective date of this Plan as amended and restated is
April 12, 2022. The Plan shall apply with respect to any Executive’s termination of employment occurring on and after such date. 

Article 10. General Information. 
  

			
		
	Plan Name:	  	Heidrick & Struggles International, Inc.
		  	Management Severance Pay Plan
		
	Type of Plan:	  	Welfare
		
	Name and Address Plan	  	Heidrick & Struggles International, Inc.
	Sponsor:	  	233 S. Wacker Drive, Suite 4900
		  	Chicago, IL 60606
		
	Plan Sponsor EIN:	  	36-2681268
		
		  	(Heidrick & Struggles International, Inc.)

  
 - 12 - 

 
			
	Plan Administrator:	  	 Human Resources & Compensation Committee

Heidrick & Struggles International,
 Inc. 233 S. Wacker Drive,
Suite 4900
 Chicago, IL 60606
 Attn: General
Counsel

		
	Plan Number:	  	506
		
	Plan Year:	  	The 12-month period ending each December 31.
		
	Agent for Service of Legal Process:	  	Service of legal process may be made upon the Company at the above address.
		
	Plan Costs:	  	 Costs of the Plan are paid by the Company

out of its general assets

		
	Insurance:	  	 Benefits provided by the Plan are not insured by

the Pension Benefit Guaranty Corporation under
 Title IV of ERISA,
because the insurance
 provisions under ERISA are not applicable to the Plan.

 Article 11. Statement of ERISA Rights. 

As a participant in the Plan, an Executive is entitled to certain rights and protections under ERISA. ERISA provides that all Plan participants
will be entitled to: 
  

	 	(1)	 examine, without charge, at the Committee’s office and at other specified locations, all Plan documents,
including a copy of the latest annual report (Form 5500 Series), if any, filed by the Plan with the U. S. Department of Labor; and 

  

	 	(2)	 obtain, upon written request, copies of all Plan documents and other Plan information, including a copy of the
latest annual report (Form 5500 Series). The Committee may make a reasonable charge for the copies. 

 In addition to
creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the Plan. The people who operate the Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in the
interest of Executives and their beneficiaries. No one, including an employer, union, or any other person, may fire an Executive or otherwise discriminate against an Executive in any way to prevent him or her from obtaining a benefit or from
exercising their rights under ERISA. 

  
 - 13 - 

 If a claim for a benefit is denied or ignored in whole or in part, the Executive must
receive a written explanation of the reason for the denial. In addition, the Executive has a right to obtain copies of documents relating to the decision without charge. An Executive has the right to have the Committee review and reconsider the
claim. 
 Under ERISA, there are steps the Executive can take to enforce the above rights. For instance, if the Executive requests a copy of
Plan documents or the latest annual report for the Plan from the Committee and does not receive them within 30 days, he or she may file suit in a federal court. In such a case, the court may require the Committee to provide the materials and pay the
Executive up to $110 a day until he or she receives the materials, unless the materials were not sent because of reasons beyond the control of the Committee. 

If the Executive has a claim for benefits which is denied or ignored, in whole or in part, the Executive may file suit in a state or federal
court, subject to the Plan’s claims procedures, including any arbitration requirements. If it should happen that Plan fiduciaries misuse the Plan’s money (if any), or if the Executive is discriminated against for asserting his or her
rights, the Executive may seek assistance from the U.S. Department of Labor, or the Executive may file suit in a federal court, subject to the Plan’s claims procedures, including any arbitration requirements. 

If an Executive has any questions about the Plan, he or she should contact the Committee. If an Executive has any questions about this
statement, or about his or her rights under ERISA, or if the Executive needs assistance in obtaining documents from the Committee, the Executive should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of
Labor, listed in the telephone directory or at 200 Constitution Avenue N.W., Washington, D.C. 20210. The Executive may also obtain certain publications about his or her rights and responsibilities under ERISA by calling the publications hotline of
the Employee Benefits Security Administration. 

  
 - 14 -

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