Document:

sdgr-ex107_59.htm

 

Exhibit 10.7

Schrödinger, Inc.

 

RESTRICTED STOCK UNIT AGREEMENT FOR NON-U.S. PARTICIPANTS

Schrödinger, Inc. (the “Company”) hereby grants the following restricted stock units pursuant to its 2022 Equity Incentive Plan.  The terms and conditions attached hereto are also a part hereof.

 

Notice of Grant

		
	
 
	
	
Name of recipient (the “Participant”):
	
 

	
Grant Date:
	
 

	
Number of restricted stock units (“RSUs”) granted:
	
 

	
Number, if any, of RSUs that vest immediately on the Grant Date:
	
 

	
RSUs that are subject to vesting schedule:
	
 

	
Vesting Start Date:
	
 

 

Vesting Schedule:

		
	
Vesting Date:
	
Number of RSUs that Vest:

	
 
	
 

	
 
	
 

	
All vesting is dependent on the Participant remaining an Eligible Participant, as provided herein.

 

This grant of RSUs satisfies in full all commitments that the Company has to the Participant with respect to the issuance of stock, stock options or other equity securities.

		
	
 
	
 

		
	
Signature of Participant

 

 

Street Address

 

 

City/State/Zip Code
	
Schrödinger, Inc.

 

 

By:

    Name of Officer:

    Title:

 

 

 

 

Schrödinger, Inc.

 

Restricted Stock Unit Agreement for Non-U.S. Participants

Incorporated Terms and Conditions

 

1.Award of Restricted Stock Units.  The Company hereby grants to the Participant, subject to the terms and conditions set forth in this Restricted Stock Unit Agreement for Non-U.S. Participants, including any additional terms and conditions for the Participant’s country included in the appendix attached hereto (this “Agreement”) and in the Company’s 2022 Equity Incentive Plan (the “Plan”), an award with respect to the number of restricted stock units (the “RSUs”) set forth in the Notice of Grant that forms part of this Agreement (the “Notice of Grant”). Each RSU represents the right to receive one share of common stock, $0.01 par value per share, of the Company (the “Common Stock”) following the vesting of the RSU, subject to the terms and conditions set forth herein.

2.Vesting.  The RSUs shall vest in accordance with the Vesting Schedule set forth in the Notice of Grant (the “Vesting Schedule”). Any fractional shares resulting from the application of any percentages used in the Vesting Schedule shall be rounded down to the nearest whole number of RSUs. As soon as practicable after the vesting of the RSU, the Company will deliver to the Participant, for each RSU that becomes vested, one share of Common Stock, subject to the payment of any taxes pursuant to Section 8. The Common Stock will be delivered to the Participant as soon as practicable following each vesting date, but in any event within 30 days of such date.

3.Forfeiture of Unvested RSUs Upon Cessation of Service.  In the event that the Participant ceases to be an Eligible Participant (as defined below) for any reason or no reason, with or without cause, all of the RSUs that are unvested as of the time of such cessation shall be forfeited immediately and automatically to the Company, without the payment of any consideration to the Participant, effective as of such cessation. The Participant shall have no further rights with respect to the unvested RSUs or any Common Stock that may have been issuable with respect thereto. The Participant shall be an “Eligible Participant” if he or she is an employee, director or officer of, or consultant or advisor to, the Company or any other entity the employees, officers, directors, consultants or advisors of which are eligible to receive awards of RSUs under the Plan.

For purposes of the RSUs, the Participant’s status as an Eligible Participant will be considered terminated as of the date the Participant is no longer actively providing services to the Company, the Employer (as defined below) or any of the other affiliates of the Company (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where the Participant is employed or engaged or the terms of the Participant’s employment or service agreement, if any), and unless otherwise expressly provided in this Agreement or determined by the Company, the Participant’s right to vest in the RSUs and receive shares in settlement of the RSUs under the Plan, if any, will terminate as of such date and will not be extended by any notice period (e.g., the period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where the participant is employed or providing services or the terms of the Participant’s employment or service agreement, if any); the Board or the Committee shall have the exclusive discretion to determine when the Participant is no longer actively providing services for purposes of the RSU grant (including whether the Participant may still be considered to be providing services while on a leave of absence) subject to Section 409A (as defined below).

4.Restrictions on Transfer.  The Participant shall not sell, assign, transfer, pledge, hypothecate, encumber or otherwise dispose of, either voluntarily or by operation of law or otherwise (collectively “transfer”) any RSUs, or any interest therein, except by will or the laws of descent and distribution. The 

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Company shall not be required to treat as the owner of any RSUs or issue any Common Stock to any transferee to whom such RSUs have been transferred in violation of any of the provisions of this Agreement.

5.Rights as a Stockholder.  The Participant shall have no rights as a stockholder of the Company with respect to any shares of Common Stock that may be issuable with respect to the RSUs until the issuance of the shares of Common Stock to the Participant following the vesting of the RSUs.

6.Provisions of the Plan.  This Agreement is subject to the provisions of the Plan, a copy of which is furnished to the Participant with this Agreement.

7.Nature of Grant.  In accepting the grant, the Participant acknowledges, understands and agrees that:

(a)the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan;

(b)the grant of the RSUs is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants of RSUs, or benefits in lieu of RSUs, even if RSUs have been granted in the past;

(c)all decisions with respect to future RSUs or other grants, if any, will be at the sole discretion of the Company;

(d)the RSU grant and participation in the Plan shall not create a right to employment or other service relationship with the Company;

(e)the RSU grant and participation in the Plan shall not be interpreted as forming or amending an employment or service contract with the Company or the Employer, and shall not interfere with the ability of the Company, the Employer or any affiliate of the Company, as applicable, to terminate the Participant’s employment relationship (if any);

(f)the Participant is voluntarily participating in the Plan;

(g)the RSUs and the shares of Common Stock subject to the RSUs, and the income from and value of same, are not intended to replace any pension rights or compensation;

(h)the RSUs and the shares of Common Stock subject to the RSUs, and the income and value of same, are not part of normal or expected compensation for purposes of, including but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, holiday pay, long-service awards, pension or retirement or welfare benefits or similar payments;

(i)unless otherwise agreed with the Company in writing, the RSUs and the shares of Common Stock subject to the RSUs, and the income and value of same, are not granted as consideration for, or in connection with, the service the Participant may provide as a director of a subsidiary of the Company;

(j)the future value of the underlying shares of Common Stock is unknown, indeterminable and cannot be predicted with certainty;

(k)no claim or entitlement to compensation or damages shall arise from forfeiture of the RSUs resulting from the termination of the Participant’s employment or other service relationship (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction 

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where the Participant is employed or engaged or the terms of the Participant’s employment agreement, if any); and

(l)neither the Company, the Employer nor any other subsidiary or affiliate of the Company shall be liable for any foreign exchange rate fluctuation between the Participant’s local currency and the United States Dollar that may affect the value of the RSU or of any amounts due to me pursuant to the settlement of the RSU or the subsequent sale of any shares of Common Stock acquired upon settlement.

 

8.Tax Matters.

(a)Acknowledgments; Responsibility for Taxes. The Participant acknowledges that, regardless of any action taken by the Company or, if different, the Participant’s employer (the “Employer”), the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the Participant’s participation in the Plan and legally applicable or deemed applicable to the Participant (“Tax-Related Items”), is and remains the Participant’s responsibility and may exceed the amount actually withheld by the Company or the Employer.  The Participant further acknowledges that the Company and/or the Employer: (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of this award of RSUs; and (ii) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the RSUs to reduce or eliminate the Participant’s liability for Tax-Related Items or achieve any particular tax result. Further, if the Participant is subject to Tax-Related Items in more than one jurisdiction, the Participant acknowledges that the Company and/or the Employer (or former Employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

(b)Withholding.  Prior to the relevant taxable or tax withholding event and at such time as the Participant is not aware of any material nonpublic information about the Company or the Common Stock and the Participant is not subject to any restriction on trading activities with respect to the Common Stock pursuant to any Company insider trading or other policy, the Participant shall execute the instructions set forth in Schedule A attached hereto (the “Durable Automatic Sale Instructions”) as the means of satisfying the withholding obligations for Tax-Related Items (the “Sell-to-Cover Withholding”); provided that if the Participant has previously executed and delivered to the Company effective automatic sale instructions that by their terms apply to the tax obligation arising from the vesting of the RSUs, the Participant shall not be required to execute the instructions set forth in Schedule A. In the event the Sell-to-Cover Withholding results in over-withholding, the Participant may receive a refund of any over-withheld amount in cash and will have no entitlement to the stock equivalent, or if not refunded, the Participant may seek a refund from the local tax authorities.  In the event of under-withholding, the Participant may be required to pay any additional Tax-Related Items directly to the applicable tax authority, to the Company or to the Employer. The Participant agrees to pay to the Company or the Employer, as applicable, including through withholding from the Participant’s wages or other cash compensation paid to the Participant by the Company and/or the Employer, any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of the Participant’s participation in the Plan that cannot be satisfied by the Sell-to-Cover Withholding. If the Participant fails to comply with his or her obligations in connection with the Tax-Related Items, the Company may refuse to issue or deliver the shares or the proceeds of the sale of shares of Common Stock.

9.Data Privacy.  If the Participant would like to participate in the Plan, the Participant will need to review the information provided in this Section 9 and declare with its signature under this Agreement consent to processing of Participant’s personal data for such processing activities requiring consent.

If the Participant is based in the EEA+ (as defined below), the Participant has the right to withdraw his or her consent for such processing activities at any time and declares that he or she has read the 

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transparency document on the website of the Company or, if different, the Participant’s Employer. The withdrawal of consent does not affect the lawfulness of processing based on consent before its withdrawal. Other processing activities (e.g., the transfer of personal data to tax authorities) are based on other legal grounds, e.g., a legal obligation to which the controller is subject, or a legitimate interest pursued by the controller or by a third party. For such processing activities consent is not needed or given by the Participant.

 

(a)EEA+ Controller and Representative.  If the Participant is based in the European Union (“EU”), the European Economic Area, or the United Kingdom (collectively “EEA+”), the Participant should note that the Company, with its registered address at 1540 Broadway, 24th Floor, New York, New York 10036, United States of America, is the controller responsible for the processing of the Participant’s personal data in connection with the Agreement and the Plan. The Company’s representative in the EEA+ by means of Art. 27 GDPR is Prof. Dr. h.c. Heiko Jonny Maniero, DGD Deutsche Gesellschaft für Datenschutz GmbH, Fraunhoferring 3, 85238 Petershausen. The representative can be reached by email at heiko.maniero@dg-datenschutz.de.

(b)Data Collection and Usage.  The Company collects, uses and otherwise processes certain personal data about the Participant, including, but not limited to, the Participant’s name, home address and telephone number, email address, date of birth, social insurance number, passport or other identification number (e.g., resident registration number), salary, nationality, job title, any shares of stock or directorships held in the Company, details of all options or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in the Participant’s favor, which the Company receives from the Participant, Participant’s Employer or otherwise in connection with this Agreement or the Plan (“Data”), for the purposes of implementing, administering and managing the Plan and allocating shares of Common Stock pursuant to the Plan.

If the Participant is based in the EEA+, the legal basis, where required, for the processing of Data by the Company is: (i) the consent of the Participant; or (ii) the necessity of the data processing for the Company to (1) perform its contractual obligations under this Agreement, (2) comply with legal obligations established in the EEA+, or (3) pursue the legitimate interest of complying with legal obligations established outside of the EEA+.

If the Participant is based outside of the EEA+, the legal basis, where required, for the processing of Data by the Company is the Participant’s consent, as further described below.

(c)Stock Plan Administration Service Providers.  The Company grants access to Data to TD Ameritrade, Inc., an independent service provider, which is assisting the Company with the implementation, administration and management of the Plan (“Broker”). In the future, the Company may select a different service provider and share Data with such other provider serving in a similar manner. Broker will open an account for the Participant to receive and trade shares of Common Stock acquired under the Plan. The Participant may be asked to agree on separate terms and data processing practices with Broker, with such agreement being a condition of participating in the Plan.

(d)International Data Transfers.  In the event the Participant resides, works or is otherwise located outside of the U.S., Data will be transferred from the Participant’s country to the U.S., where the Company and its service providers are based. The Participant understands and acknowledges that the U.S. might not provide a level of protection of personal data equivalent to the level of protection in the Participant’s country.

If the Participant is based in the EEA+, the legal basis, where required, for the transfer of Data from the EEA+ to the Company and for the access to Data granted by the Company to Broker or, as the case may be, a different service provider of the Company in the U.S. is to satisfy the Company’s contractual 

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obligations under the terms of this Agreement and/or its use of the standard data protection clauses adopted by the EU Commission.

If the Participant is based outside of the EEA+, the Company’s legal basis, where required, for the transfer of Data from the Participant’s country to the Company and for the access to Data granted by the Company to Broker or, as the case may be, a different service provider of the Company is the Participant’s consent, as further described below.

(e)Data Retention.  The Company will hold and use the Data only as long as is necessary to implement, administer and manage the Participant’s participation in the Plan, or as required to comply with legal or regulatory obligations, including under tax and security laws.

(f)Data Subject Rights.  The Participant may have a number of rights under data privacy laws in his or her jurisdiction. Depending on where the Participant is based and subject to the conditions set out in applicable law, such rights may include the right to request from the Company access to and rectification, erasure or portability of Data, to restrict or object to the processing of Data, lodge a complaint with a supervisory authority and/or to receive a list with the names and addresses of any potential recipients of Data. To receive additional information regarding these rights or to exercise these rights, the Participant can contact the Company’s data privacy representative at heiko.maniero@dg-datenschutz.de.

(g)Necessary Disclosure of Personal Data.  The Participant understands that providing the Company with Data is necessary for the performance of the Agreement and that the Participant’s refusal to provide Data would make it impossible for the Company to perform its contractual obligations and may affect the Participant’s ability to participate in the Plan.

(h)Voluntariness and Consequences of Consent Denial or Withdrawal.  Participation in the Plan is voluntary and the Participant is providing any consents referred to herein on a purely voluntary basis. The Participant understands that he or she may withdraw any such consent at any time with future effect for any or no reason. If the Participant does not consent, or if the Participant later seeks to withdraw his or her consent, the Participant’s salary from or employment and career with the Employer will not be affected; the only consequence of refusing or withdrawing the Participant’s consent is that the Company would not be able to grant the RSUs, the options or other awards to the Participant or administer or maintain the RSUs, the options or other awards. For more information on the consequences of refusal to consent or withdrawal of consent, the Participant should contact the Company’s data privacy representative at heiko.maniero@dg-datenschutz.de.

If the Participant is based outside of the EEA+, by accepting the RSUs and indicating consent via the Company’s online acceptance procedure, the Participant explicitly declares his or her consent to the entirety of the Data processing operations described in this Section 9 including, without limitation, access to Data provided by the Company to Broker or, as the case may be, a different service provider of the Company in the U.S.

10.Miscellaneous.

(a)Section 409A.  The RSUs awarded pursuant to this Agreement are intended to be exempt from or comply with the requirements of Section 409A of the Code and the Treasury Regulations issued thereunder (“Section 409A”). The delivery of shares of Common Stock following the vesting of the RSUs may not be accelerated or deferred unless permitted or required by Section 409A.

(b)No Advice Regarding Grant.  The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding participation in the Plan, or the 

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acquisition or sale of the underlying shares of Common Stock.  The Participant understands and agrees that he or she should consult with his or her own personal tax, legal and financial advisors regarding participation in the Plan before taking any action related to the Plan.

(c)Governing Law and Venue.  The provisions of this Agreement shall be governed by and interpreted in accordance with the laws of the State of Delaware, excluding choice-of-law principles of the law of such state that would require the application of the laws of a jurisdiction other than the State of Delaware. For purposes of litigating any dispute that arises directly or indirectly from the relationship of the parties evidenced by this grant or this Agreement, the parties hereby submit to the exclusive jurisdiction of the State of New York and agree that such litigation shall be conducted only in the courts of New York County, New York, or the federal courts for the United States for the Southern District of New York, and no other courts, where this grant is made and/or to be performed.

(d)Entire Agreement; Enforcement of Rights.  This Agreement, together with the Plan, sets forth the entire agreement and understanding of the parties relating to the subject matter herein and supersedes all prior discussions, agreements, commitments, or negotiations between the parties. No adverse modification or amendment of this Agreement, nor any waiver of any rights under this Agreement, will be effective unless in writing and signed by the parties to this Agreement (which may be electronic). The failure by either party to enforce any rights under this Agreement will not be construed as a waiver of any rights of such party.

(e)Severability.  If one or more provisions of this Agreement are held to be unenforceable under applicable laws, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (x) such provision shall be excluded from this Agreement, (y) the balance of this Agreement shall be interpreted as if such provision were so excluded, and (z) the balance of this Agreement shall be enforceable in accordance with its terms.

(f)Consent to Electronic Delivery and Participation.  The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means.  The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.  

(g)Language.  The Participant acknowledges that the Participant is proficient in the English language and, accordingly, understands the provisions of this Agreement and the Plan.  If the Participant has received this Agreement, or any other document related to the RSUs and/or the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.

(h)Compliance with Law.  Notwithstanding any other provision of the Plan or this Agreement, unless there is an exemption from any registration, qualification or other legal requirement applicable to the shares of Common Stock, the Company shall not be required to deliver any shares issuable upon settlement of the RSU prior to the completion of any registration or qualification of the shares under any local, state, federal or foreign securities or exchange control law or under rulings or regulations of the U.S. Securities and Exchange Commission (“SEC”) or of any other governmental regulatory body, or prior to obtaining any approval or other clearance from any local, state, federal or foreign governmental agency, which registration, qualification or approval the Company shall, in its absolute discretion, deem necessary or advisable.  The Participant understands that the Company is under no obligation to register or qualify the shares with the SEC or any state or foreign securities commission or to seek approval or clearance from any governmental authority for the issuance or sale of the shares. Further, the Participant agrees that the 

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Company shall have unilateral authority to amend the Agreement without the Participant’s consent to the extent necessary to comply with securities or other laws applicable to issuance of shares.

(i)Country-Specific Provisions.  The RSUs shall be subject to any special terms and conditions set forth in the Appendix for the Participant’s country. Moreover, if the Participant relocates to one of the countries included in the Appendix, the special terms and conditions for such country will apply to the Participant to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of this Agreement.

(j)Imposition of Other Requirements.  The Company reserves the right to impose other requirements on Participant’s participation in the Plan, on the RSUs, and on any shares of Common Stock issued following the vesting of the RSUs, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the Participant to accept any additional agreements or undertakings that may be necessary to accomplish the foregoing.

(k)Insider Trading/Market Abuse Laws.  The Participant may be subject to insider trading restrictions and/or market abuse laws in applicable jurisdictions, including, but not limited to, the United States and the Participant’s country, which may affect the Participant’s ability to accept, acquire, sell, or otherwise dispose of shares of Common Stock, rights to shares of Common Stock (e.g., RSUs), or rights linked to the value of shares of Common Stock under the Plan during such times as the Participant is considered to have “inside information” regarding the Company (as defined by the laws in the applicable jurisdictions).  Insider trading laws and regulations may prohibit the cancellation or amendment of orders the Participant placed before the Participant possessed inside information.  Furthermore, the Participant could be prohibited from (i) disclosing the inside information to any third party, which may include fellow employees and (ii) “tipping” third parties or causing them otherwise to buy or sell securities.  Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under the Company’s trading policy.  Neither the Company nor any of its affiliates will be responsible for such restrictions or liable for the failure on the Participant’s part to know and abide by such restrictions. The Participant should consult with his or her own personal advisor regarding compliance with such restrictions.

(l)Participant’s Acknowledgements.  The Participant acknowledges that he or she: (i) has read this Agreement; (ii) has been represented in the preparation, negotiation and execution of this Agreement by legal counsel of the Participant’s own choice or has voluntarily declined to seek such counsel; (iii) understands the terms and consequences of this Agreement; (iv) is fully aware of the legal and binding effect of this Agreement; and (v) agrees that in accepting this award, to the extent permitted by law, he or she will be bound by any clawback policy that the Company has in place or may adopt in the future.

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Schrödinger, Inc.

 

COUNTRY-SPECIFIC APPENDIX TO

RESTRICTED STOCK UNIT AGREEMENT FOR NON-U.S. PARTICIPANTS

Capitalized terms used but not defined in this Country-Specific Appendix (the “Appendix”) shall have the same meanings assigned to them in the Plan or the Agreement.

Terms and Conditions

This Appendix, which is part of the Agreement, includes additional terms and conditions that govern the RSUs if the Participant works and/or resides in one of the countries listed below.  If the Participant is a citizen or resident of a country other than the one in which he or she is currently working (or is considered as such for local law purposes), or if the Participant transfers employment or residency to a different country after receiving the RSUs, the Company will, in its discretion, determine the extent to which the terms and conditions contained herein will be applicable to the recipient.

Notifications

This Appendix also includes information regarding certain other issues about which the Participant should be aware with respect to participation in the Plan.  The information is based on the securities, exchange control and other laws in effect in the respective countries as of July 2022. Such laws are often complex and change frequently.  As a result, the recipient should not rely on the information noted herein as the only source of information relating to the consequences of participation in the Plan because the information may be out-of-date when the RSUs vest or settle and/or when the Participant sells any shares of Common Stock acquired under the Plan.

In addition, the information contained herein is general in nature and may not apply to the Participant’s particular situation.  As a result, the Company is not in a position to assure the Participant of any particular result.  Accordingly, the Participant is strongly advised to seek appropriate professional advice as to how the relevant laws in the recipient’s country may apply to his or her situation.

If the Participant is a citizen or resident of a country other than the one in which he or she is currently working (or is considered as such for local law purposes), or transfers employment/residency to a different country after receiving the RSUs, the notifications contained in this Appendix may not be applicable to the Participant in the same manner.

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AUSTRALIA

 

Notifications

 

Tax Conditions.  Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) applies to the RSUs granted under the Plan, such that the RSU grant is intended to be subject to deferred taxation.

 

Securities Law Information.

 

This offer is being made under Division 1A, Part 7.12 of the Corporations Act 2001 (Cth).

Please note that if you offer your shares of Common Stock for sale to a person or entity resident in Australia, your offer may be subject to disclosure requirements under Australian law.  Please obtain legal advice on your disclosure obligations prior to making any such offer.

Exchange Control Information.  If the Participant is an Australian resident, exchange control reporting is required for cash transactions exceeding AUD10,000 and international fund transfers.  If an Australian bank is assisting with the transaction, the bank will file the report on the Participant’s behalf.  If there is no Australian bank involved with the transfer, the Participant will be required to file the report.

 

CANADA

Terms and Conditions

Settlement of RSUs.  Notwithstanding any terms or conditions of the Plan or the Agreement to the contrary, the RSUs will be settled in shares of Common Stock only, not cash.

Cessation of Service.  The following provisions replaces the second paragraph of Section 3 of this Agreement:

For purposes of the RSUs, the Participant’s status as an Eligible Participant will be considered terminated as of the as of the earliest of: 

(1) the date that the Participant is no longer actively employed or providing service to the Company or the Employer (as defined below), 

(2) the date the Participant receives notice of termination from the Company or the Employer, or

(3) the date the Participant’s employment or service with the Company or the Employer is terminated,

regardless of any notice period or period of pay in lieu of such notice or related payments or damages provided or required under local law (including, but not limited to statutory law, regulatory law and/or common law).  Unless otherwise expressly provided in this Agreement or determined by the Company, the Participant’s right to vest in RSUs under the Plan, if any, will terminate as of such date.

The Participant will not be entitled to any pro-rata vesting for that portion of time before the date on which the Participant’s right to vest terminates, nor will the Participant be entitled to any compensation for lost vesting.  For the avoidance of doubt, employment or service during any portion of the vesting period shall not entitle the Participant to vest in a pro rata portion of unvested RSUs.  

In the event the date the Participant is no longer actively providing service cannot be reasonably determined under the terms of this Agreement and the Plan, the Board or the Committee shall have the exclusive discretion to determine when the Participant is no longer actively employed or providing service for 

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purposes of the Participant’s RSUs (including, but not limited to, whether the Participant may still be considered actively employed or providing services while on an approved leave of absence) subject to Section 409A (as defined below).

Notwithstanding the foregoing, if applicable employment standards legislation explicitly requires continued entitlement to vesting during a statutory notice period, the Participant’s right to vest in the unvested RSUs under the Plan, if any, will terminate effective as of the last day of the Participant’s minimum statutory notice period, but he or she will not earn or be entitled to pro-rated vesting if the vesting date falls after the end of the Participant’s statutory notice period, nor will he or she be entitled to any compensation for lost vesting.

Securities Law Information.  The Participant will not be permitted to sell or otherwise dispose of the shares of Common Stock acquired upon settlement of the RSUs within Canada.  The Participant will only be permitted to sell or dispose of any shares of Common Stock if such sale or disposal takes place outside of Canada on the facilities on which such shares of Common Stock are traded.

Notifications

Foreign Asset/Account Reporting Information.  Canadian residents are required to report their foreign specified property on form T1135 (Foreign Income Verification Statement) if the total cost of the foreign specified property exceeds C$100,000 at any time in the year.  The right to acquire shares of Common Stock must be reported (generally at nil cost) if the C$100,000 threshold is exceeded because of other foreign specified property held.  Foreign specified property includes shares of Common Stock acquired under the Plan, and their cost generally is the adjusted cost base (“ACB”) of the shares.  The ACB ordinarily would equal the fair market value of the shares of Common Stock at the time of acquisition less the purchase price, but if such Canadian resident owns other shares of Common Stock, this ACB have to be averaged with the ACB of the other shares.  The form T1135 generally must be filed by April 30th of the following year.  Canadian residents should consult with a personal advisor to ensure compliance with the applicable reporting requirements.

FRANCE

Terms and Conditions

 

Consent to Receive Information in English.  By accepting the RSUs, the Participant confirms that he or she has read and understood the Plan and the Agreement, including all terms and conditions included therein, which were provided in the English language.  The Participant accepts the terms of those documents accordingly.

En acceptant les RSUs, le Titulaire de les RSUs confirme avoir lu et compris le Plan et le Contrat y relatifs, incluant tous leurs termes et conditions, qui ont été transmis en langue anglaise. Le Titulaire de les RSUs accepte les dispositions de ces documents en connaissance de cause.

Notifications

Tax Information.  The RSUs are not intended to qualify for special tax and social security treatment applicable to restricted stock units granted under Section L.225-197-1 to L.225-197-6 of the French Commercial Code, as amended.

Foreign Asset/Account Reporting Information.  If the Participant holds cash or shares of Common Stock outside of France, the Participant must declare all foreign bank and brokerage accounts (including any accounts that were opened or closed during the tax year) on an annual basis, on form No. 3916, together with his or her income tax return.  It is the Participant’s responsibility to comply with French foreign asset 

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and account reporting requirements, and neither the Company nor the Employer will be liable for any resulting fines or penalties.

GERMANY

Notifications

 

Exchange Control Information.  If the Participant remits funds in excess of €12,500 out of or into Germany, such cross-border payment must be reported monthly to the German Federal Bank (Bundesbank). The Participant is responsible for the reporting obligation and should file the report (“Allgemeine Meldeportal Statistik”) electronically by the fifth day of the month following the month in which the payment is made. A copy of the report can be accessed via the Bundesbank’s website at www.bundesbank.de and is available in both German and English.

Foreign Asset/Account Reporting Information.  If the acquisition of shares of Common Stock under the Plan leads to a “qualified participation” at any point during the calendar year, the Participant will need to report the acquisition when he or she files his or her tax return for the relevant year. A qualified participation is attained if (i) the value of the shares of Common Stock acquired exceeds €150,000 or (ii) in the unlikely event the Participant holds shares of Common Stock exceeding 10% of the Company’s total Common Stock. The Participant is responsible for complying with this reporting obligation and should confer with his or her personal tax advisor to determine his or her obligations in this regard.

 

INDIA

Notifications

 

Exchange Control Information. Indian residents are required to repatriate the proceeds from the sale of shares of Common Stock to India within specified timeframes. The Participant must retain the foreign inward remittance certificate received from the bank where the foreign currency is deposited in the event that the Reserve Bank of India or the Employer requests proof of repatriation.  It is the Participant’s responsibility to comply with these requirements. Neither the Company nor the Employer will be liable for any fines or penalties resulting from the Participant’s failure to comply with any applicable laws.

 

Foreign Asset/Account Reporting Information. Indian residents are required to declare any foreign bank accounts and any foreign financial assets (including shares of Common Stock held outside of India) in their annual tax returns.  The Participant is responsible for complying with this reporting obligation and should confer with his or her personal tax advisor to determine his or her obligations in this regard.

IRELAND

Notifications

Director Notification Obligation. If the Participant is a director, shadow director, or secretary of an Irish affiliate, the Participant is required to notify such Irish affiliate in writing if the Participant receives or disposes of an interest in the Company representing more than 1% of the Company’s voting share capital (e.g., RSUs, shares of Common Stock, etc.), if the Participant becomes aware of the event giving rise to such notification requirement, or if the Participant becomes a director, shadow director, or secretary of an Irish affiliate if such an interest exists at the time. This notification requirement also applies with respect to the interests of a spouse or children under the age of 18 (whose interests will be attributed to the director, shadow director, or secretary).

 

12

 

 

 

JAPAN

Notifications

Foreign Asset / Account Reporting Information. The Participant will be required to report details of any assets held outside of Japan as of December 31st to the extent such assets have a total net fair market value exceeding ¥50 million.  Such report will be due by March 15th each year.  The Participant is responsible for complying with this reporting obligation and should confer with their personal tax advisor to determine the Participant’s obligations in this regard.

 

NETHERLANDS

 

There are no country-specific provisions.

 

SOUTH KOREA

 

Notifications

Foreign Asset / Account Reporting Information. The Participant must declare all foreign financial accounts (e.g., non-Korean bank accounts, brokerage accounts) to the Korean tax authority and file a report with respect to such accounts in June of the following year if the monthly balance of such accounts exceeds KRW 500 million (or an equivalent amount in foreign currency) on any month-end date during a calendar year. The Participant is responsible for complying with this reporting obligation and should confer with their personal tax advisor to determine the Participant’s obligations in this regard.

 

UNITED KINGDOM

 

Terms and Conditions

Tax Matters.The following provision supplements Section 8 of the Agreement:

Without limitation to Section 8 of the Agreement, the Participant agrees that the Participant is liable for all Tax-Related Items and hereby covenants to pay all such Tax-Related Items, as and when requested by the Company or the Employer or by Her Majesty’s Revenue and Customs (“HMRC”) (or any other tax authority or any other relevant authority).  The Participant also agrees to indemnify and keep indemnified the Company and the Employer against any Tax-Related Items that they are required to pay or withhold or have paid or will pay to HMRC (or any other tax authority or any other relevant authority) on the Participant’s behalf.

Notwithstanding the foregoing, if the Participant is a director or an executive officer of the Company (within the meaning of such terms for purposes of Section 13(k) of the Exchange Act), the Participant acknowledges that the Participant may not be able to indemnify the Company or the Employer for the amount of any income tax not collected from or paid by the Participant, as it may be considered a loan.  In this case, the amount of any income tax not collected within 90 days of the end of the U.K. tax year in which the event giving rise to the Tax-Related Item(s) occurs may constitute an additional benefit to the Participant on which additional income tax and National Insurance contributions (“NICs”) may be payable.  The Participant will be responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Company or the Employer (as appropriate) for the value of any employee NICs due on this additional benefit, which the Company or the Employer may recover from the Participant by any of the means referred to in the Plan or Section 8 of the Agreement.

13

 

 

Schedule A

Durable Automatic Sale Instructions

 

This Durable Automatic Sale Instruction is being delivered to Schrödinger, Inc. (the “Company”) by the undersigned (the “Participant”) on the date set forth below. The Participant acknowledges that the Company has granted, or may in the future from time to time grant, to the Participant restricted stock units (“RSUs”) under the Company’s equity incentive plans as in effect from time to time. The Participant hereby consents and agrees that any taxes due on or following a vesting date as a result of the vesting or settlement of RSUs on such date shall be paid through a durable automatic sale of shares as follows:

 

(a)The Participant desires to establish a process to satisfy such withholding obligation in respect of all RSUs that have been, or may in the future be, granted by the Company to the Participant through an automatic sale of a portion of the shares of the Common Stock that would otherwise be issued to the Participant on each applicable vesting date, such portion to be in an amount sufficient to satisfy such withholding obligation, with the proceeds of such sale delivered to the Company in satisfaction of such withholding obligation.

(b)Upon any vesting of the Participant’s RSUs from and after the date of this Durable Automatic Sale Instructions, the Company shall arrange for the sale of such number of shares of Common Stock issuable with respect to the Participant’s RSUs that vest as is sufficient to generate net proceeds sufficient to satisfy the Company’s minimum statutory withholding obligations (or, for Participants outside the United States, applicable statutory withholding obligations) with respect to the income recognized by the Participant upon or following the vesting of the RSUs (based on minimum statutory withholding rates for all tax purposes, including payroll and social security taxes, that are applicable to such income) (or, for Participants outside the United States, applicable statutory withholding rates), and the net proceeds of such sale shall be delivered to the Company in satisfaction of such tax withholding obligations.

(c)The Participant hereby appoints the Chief Executive Officer, the Chief Financial Officer and the Chief Legal Officer (or a person holding a similar title), and any of them acting alone and with full power of substitution, to serve as his or her attorneys in fact to arrange for the sale of the Participant’s Common Stock in accordance with this Schedule A.  The Participant agrees to execute and deliver such documents, instruments and certificates as may reasonably be required in connection with the sale of the shares pursuant to this Schedule A.

(d)The Participant represents to the Company that, as of the date hereof, he or she is not aware of any material nonpublic information about the Company or the Common Stock and is not subject to any restriction on trading activities with respect to the Common Stock pursuant to any Company insider trading policy or other policy or prohibited from entering into these Durable Automatic Sales Instructions by an such policy.  The Participant and the Company have structured this Agreement, including this Schedule A, to constitute a “binding contract” relating to the sale of Common Stock, consistent with the affirmative defense to liability under Section 10(b) of the Securities Exchange Act of 1934, as amended under Rule 10b5-1(c) promulgated under such Act.

The Company shall not deliver any shares of Common Stock to the Participant until it is satisfied that all required withholdings have been made.

 

 

_______________________________

 

Participant Name:  ________________

 

Date:  __________________________

14Exhibit 10.1

 

SPONSOR SUPPORT AGREEMENT

 

This Sponsor Support Agreement
(this “Sponsor Agreement”) is dated as of August 3, 2022, by and among Colonnade Sponsor II LLC, a Cayman Islands limited
liability company (the “Sponsor”), Colonnade Acquisition Corp. II, a Cayman Islands exempted company limited by shares
(which shall domesticate as a Delaware corporation prior to the Closing (as defined in the Merger Agreement (as defined below)) (“Acquiror”),
and Plastiq Inc., a Delaware corporation (the “Company”). Capitalized terms used but not defined herein shall have
the respective meanings ascribed to such terms in the Merger Agreement.

 

WHEREAS, as of the date hereof,
the Sponsor is the holder of record and the “beneficial owner” (within the meaning of Rule 13d-3 under the Exchange Act) of
8,250,000 shares of Acquiror Class B Common Stock and 5,733,333 Acquiror Private Placement Warrants (collectively, the “Subject
Securities”);

 

WHEREAS, contemporaneously with
the execution and delivery of this Sponsor Agreement, Acquiror, Pasadena Merger Sub Inc., a Delaware corporation (“Merger Sub”),
and the Company, have entered into an Agreement and Plan of Merger (as may be amended or modified from time to time, the “Merger
Agreement”), dated as August 3, 2022, pursuant to which, among other transactions, Merger Sub is to merge with and into the
Company, with the Company continuing on as the surviving entity and a wholly owned subsidiary of Acquiror, on the terms and conditions
set forth therein (the “Merger”); and

 

WHEREAS, as an inducement to
Acquiror and the Company to enter into the Merger Agreement and to consummate the transactions contemplated therein, the parties hereto
desire to agree to certain matters as set forth herein.

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual agreements contained herein, and intending to be legally bound hereby, the parties hereto hereby agree
as follows:

 

     

     

    

 

ARTICLE
I

SPONSOR SUPPORT AGREEMENT; COVENANTS

 

Section 1.1
Binding Effect of Merger Agreement. The Sponsor hereby acknowledges that it has read the Merger Agreement and this Sponsor
Agreement and has had the opportunity to consult with its tax and legal advisors. The Sponsor shall be bound by and comply with Sections
7.4 (No Solicitation by Acquiror) and 11.12 (Publicity) of the Merger Agreement (and any relevant definitions contained
in any such Sections) as if the Sponsor was an original signatory to the Merger Agreement with respect to such provisions.

 

Section 1.2
Lock-up; No Transfer.

 

(a) During the period
commencing on the date hereof and ending on the earliest of (a) the Effective Time, (b) such date and time as the Merger Agreement
shall be terminated in accordance with Section 10.1 (Termination) thereof (the earlier of (a) and (b), the
“Expiration Time”) and (c) the liquidation of Acquiror, the Sponsor shall not, without the prior written consent
of the Company, (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise
dispose of or agree to dispose of, directly or indirectly, file (or participate in the filing of) a registration statement with the
SEC (other than the Proxy Statement/Registration Statement) or establish or increase a put equivalent position or liquidate or
decrease a call equivalent position within the meaning of Section 16 of the Exchange Act, with respect to any Subject Securities
owned by Sponsor (unless the transferee agrees to be bound by this Sponsor Agreement), (ii) enter into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of any Subject Securities owned by the
Sponsor or (iii) publicly announce any intention to effect any transaction specified in clause (i) or (ii) (clauses (i) - (iii)
collectively, a “Transfer”); provided, however, that the Sponsor may Transfer any such Subject
Securities to any Affiliate of the Sponsor or any member of the Sponsor (each a “Permitted Transfer”); provided, further,
that any Permitted Transfer shall be permitted only if, as a precondition to such Transfer, the transferee agrees in a writing,
reasonably satisfactory in form and substance to the Company, to assume all of the obligations of the Sponsor under, and be bound by
all of the terms of, this Sponsor Agreement; provided, further, that any Transfer permitted under this Section
1.2(a) shall not relieve the Sponsor of its obligations under this Agreement. Any Transfer in violation of this Section
1.2(a) shall be null and void.

 

(b)
Notwithstanding anything contrary set forth in the Insider Letter, during the period commencing upon the Closing and ending on
the date that is 180 days following the Closing (the “Lock-up Period”), the Sponsor shall not Transfer any Lock-up
Shares (as defined below), other than pursuant to a Permitted Transfer; provided, that any Permitted Transfer shall be permitted
only if, as a precondition to such Transfer, the transferee agrees in a writing, reasonably satisfactory in form and substance to the
Company, to assume all of the obligations of the Sponsor under, and be bound by all of the terms of, this Sponsor Agreement; provided,
further, that any Transfer permitted under this Section 1.2(b) shall not relieve the Sponsor of its obligations under this
Agreement. Any Transfer in violation of this Section 1.2(b) shall be null and void.

 

(c)
Notwithstanding the provisions set forth in Section 1.2(b), if (i) at least 120 days have elapsed since the Closing and
(ii) the Lock-up Period is scheduled to end during a Blackout Period (as defined below) or within five (5) Trading Days (as defined below)
prior to a Blackout Period (such period, the “Specified Period”), the Lock-up Period shall end ten (10) Trading Days
prior to the commencement of the Blackout Period (the “Blackout-Related Release”); provided that the Acquiror
shall announce the date of the expected Blackout-Related Release through a major news service, or on a Form 8-K, at least two (2) Trading
Days in advance of the Blackout-Related Release; and provided further that the Blackout-Related Release shall not occur unless
the Acquiror shall have publicly released its earnings results for the quarterly period during which the Closing occurred. For the avoidance
of doubt, in no event shall the Lock-Up Period end earlier than 120 days after the Closing pursuant to the Blackout-Related Release.

 

    2

     

    

 

(d) For purposes of this
Section 1.2:

 

(i)
 the term “Blackout Period” means a broadly applicable and regularly scheduled period during which trading in
the Acquiror’s securities would not be permitted under the Acquiror’s insider trading policy;

 

(ii)
the term “Lock-up Shares” means the shares of Acquiror Common Stock held by the Sponsor immediately following
the Closing (other than shares of Acquiror Common Stock acquired in the public market or pursuant to a transaction exempt from registration
under the Securities Act of 1933, as amended, pursuant to a subscription agreement where the issuance of Acquiror Common Stock occurs
on or after the Closing); and

 

(iii)
the term “Trading Day” is a day on which the New York Stock Exchange and the Nasdaq Stock Market are open for
the buying and selling of securities.

 

Section 1.3
New Shares. In the event that (a) any Acquiror Common Shares, Acquiror Warrants or other equity securities of Acquiror are
issued to the Sponsor after the date of this Sponsor Agreement pursuant to any stock dividend, stock split, recapitalization, reclassification,
combination or exchange of Acquiror Common Shares or Acquiror Warrants of, on or affecting the Acquiror Common Shares or Acquiror Warrants
owned by the Sponsor or otherwise, (b) the Sponsor purchases or otherwise acquires beneficial ownership of any Acquiror Common Shares,
Acquiror Warrants or other equity securities of Acquiror after the date of this Sponsor Agreement, or (c) the Sponsor acquires the right
to vote or share in the voting of any Acquiror Common Shares or other equity securities of Acquiror after the date of this Sponsor Agreement
(such Acquiror Common Shares, Acquiror Warrants or other equity securities of Acquiror, collectively the “New Securities”),
then such New Securities acquired or purchased by the Sponsor shall be subject to the terms of this Sponsor Agreement to the same extent
as if they constituted the Subject Securities owned by the Sponsor as of the date hereof.

 

Section 1.4
Closing Date Deliverables. On the Closing Date, the Sponsor shall deliver to Acquiror and the Company a duly executed copy
of that certain Amended and Restated Registration Rights Agreement, by and among Acquiror, the Company, the Sponsor, certain of the Company’s
stockholders or their respective affiliates, as applicable, in substantially the form attached as Exhibit C to the Merger Agreement.

 

Section 1.5
Sponsor Agreements.

 

(a)
At any meeting of the shareholders of Acquiror, however called, or at any adjournment thereof, or in any other circumstance in
which the vote, consent or other approval of the shareholders of Acquiror is sought, the Sponsor shall (i) appear at each such meeting
or otherwise cause all of its Acquiror Common Shares to be counted as present thereat for purposes of calculating a quorum and (ii) vote
(or cause to be voted), or execute and deliver a written consent (or cause a written consent to be executed and delivered) covering, all
of its Acquiror Common Shares:

 

(i)
in favor of each Transaction Proposal;

 

    3

     

    

 

(ii) against any Business
Combination Proposal or any proposal relating to a Business Combination Proposal (in each case, other than the Transaction Proposals);

 

(iii)
against any merger agreement or merger (other than the Merger Agreement and the Merger), consolidation, combination, sale of substantial
assets, reorganization, recapitalization, dissolution, liquidation or winding up of or by Acquiror;

 

(iv)
against any change in the business, management or Board of Directors of Acquiror (other than in connection with the Transaction
Proposals or pursuant to the Merger Agreement or the Ancillary Agreements); and

 

(v)
against any proposal, action or agreement that would (A) impede, frustrate, prevent or nullify any provision of this Sponsor Agreement,
the Merger Agreement or the Merger, (B) result in a breach in any respect of any covenant, representation, warranty or any other obligation
or agreement of Acquiror or the Merger Sub under the Merger Agreement, (C) result in any of the conditions set forth in Article IX (Conditions
to Obligations) of the Merger Agreement not being fulfilled or (D) change in any manner the dividend policy or capitalization of,
including the voting rights of any class of capital stock of, Acquiror.

 

The Sponsor hereby agrees
that the Sponsor shall not commit or agree to take any action inconsistent with the foregoing.

 

(b)
Except as set forth herein, the Sponsor shall comply with, and fully perform all of its obligations, covenants and agreements set
forth in, the Insider Letter (as defined below), including the obligations of the Sponsor pursuant to Section 1 therein to not redeem
any Acquiror Common Shares owned by the Sponsor in connection with the transactions contemplated by the Merger Agreement.

 

(c)
During the period commencing on the date hereof and ending on the earlier of the Effective Date and the termination of the Merger
Agreement pursuant to Section 10.1 (Termination) thereof, without the prior written consent of the Company, Sponsor shall not modify
or amend any Contract listed on Schedule I hereto (which consent shall not be unreasonably conditioned, delayed or denied so long
as such modification or amendment is in connection with or relates to the transactions contemplated by the Merger Agreement or an Ancillary
Agreement).

 

Section 1.6
Further Assurances. The Sponsor shall take, or cause to be taken, all actions and do, or cause to be done, all things reasonably
necessary under applicable Laws to consummate the Merger and the other transactions contemplated by the Merger Agreement on the terms
and subject to the conditions set forth therein and herein.

 

Section 1.7
No Inconsistent Agreement. The Sponsor hereby represents and covenants that the Sponsor has not entered into, and shall
not enter into, any agreement that would restrict, limit or interfere with the performance of the Sponsor’s obligations hereunder.

 

    4

     

    

 

Section 1.8 Insider
Letter. Neither the Sponsor nor Acquiror shall amend, terminate or otherwise modify that certain letter agreement, dated as of
March 9, 2021, by and among the Acquiror, the Sponsor and certain of the Acquiror’s current and former officers and directors
(the “Insider Letter”), without the Company’s prior written consent.

 

Section 1.9
Wavier of Anti-Dilution Provision. The Sponsor hereby (but subject to the consummation of the Merger) waives (for itself,
for its successors, heirs and assigns), to the fullest extent permitted by law and the amended and restated memorandum and articles of
association of Acquiror (as may be amended from time to time, the “Articles”), the provisions of Article 17.3 of the
Articles to have the Acquiror Class B Common Stock convert to Acquiror Class A Common Stock at a ratio of greater than one-for-one. The
waiver specified in this Section 1.9 shall be applicable only in connection with the transactions contemplated by the Merger Agreement
and this Sponsor Agreement (and any shares of Acquiror Class A Common Stock or equity-linked securities issued in connection with the
transactions contemplated by the Merger Agreement and this Sponsor Agreement) and shall be void and of no force and effect if the Merger
Agreement shall be terminated for any reason.

 

Section 1.10
Sponsor Forfeiture.

 

(a)
Effective immediately prior to (and contingent upon) the Closing (and for the avoidance of doubt, after the Domestication has occurred),
the Sponsor shall forfeit (the “Share Forfeiture”) (x) 1,250,000 shares of Domesticated Acquiror Common Stock and (y)
solely in the event that the Acquiror Trust Amount (as defined below) is less than $75,000,000, 1,250,000 shares of Domesticated Acquiror
Common Stock (the aggregate number of shares of Domesticated Acquiror Common Stock to be forfeited by the Sponsor pursuant to this Section
1.10(a), the “Forfeited Shares”).

 

(b)
For purposes of Section 1.10(a), “Acquiror Trust Amount” shall mean the dollar amount remaining in the
Trust Account (excluding any interest earned on the funds held in the Trust Account) after giving effect to the Acquiror Share Redemption
(excluding any interest earned on the Acquiror Class A Common Stock).

 

(c) To effect the Share Forfeiture
immediately prior to (and contingent upon) the Closing (and for the avoidance of doubt, after the Domestication has occurred):

 

(i)
 the Sponsor shall surrender the Forfeited Shares to Acquiror for cancellation and in exchange for no consideration;

 

(ii)
Acquiror shall immediately retire and cancel all of the Forfeited Shares (and shall direct the Acquiror’s transfer agent
(or so other intermediaries as appropriate) to take any and all such actions incidental thereto); and

 

(iii)
the Sponsor and Acquiror each shall take such actions as are reasonably necessary to cause the Forfeited Shares to be retired and
cancelled, after which such Forfeited Shares shall no longer be issued, outstanding, convertible or exercisable.

 

(d)
For purposes of this Section 1.10, shares of the Forfeited Securities (in all cases) shall be rounded down to the nearest
whole number.

 

    5

     

    

 

(e)
The parties hereto intend that, for United States federal and applicable state and local, income tax purposes, the Share Forfeiture
shall be treated as a contribution governed by Section 118 of the Internal Revenue Code of 1986, as amended (the “Code”),
and the parties shall prepare and file all relevant United States federal, state and local income tax returns consistent with such intended
treatment absent a contrary “determination” (within the meaning of Section 1313(a) of the Code).

 

Section 1.11
Sponsor Indemnity. For a period of six (6) years after the Closing Date, the Company will indemnify, exonerate and hold
harmless the Sponsor and its members, managers and officers from and against any and all actions, causes of action, suits, claims, liabilities,
losses, damages and costs and out-of-pocket expenses in connection therewith (including reasonable attorneys’ fees and expenses)
(“Indemnified Liabilities”) incurred by the Sponsor before, on or after the date of this Sponsor Agreement, arising
out of any third-party action, cause of action, suit, litigation, investigation, inquiry, arbitration or claim relating to the transactions
contemplated by the Merger Agreement which names the Sponsor as a defendant (or co-defendant) arising from the Sponsor’s ownership
of equity interests of the Acquiror or its alleged, purported or actual control or ability to influence the Acquiror; provided,
that the foregoing shall not apply to (i) any Indemnified Liabilities to the extent arising out of any breach by the Sponsor or its members,
managers and officers of this Sponsor Agreement or any other agreement between the Sponsor or its members, managers and officers, on the
one hand, and the Company or any of its subsidiaries, on the other hand, or (ii) the willful misconduct, gross negligence or fraud of
the Sponsor or its members, managers and officers.

 

ARTICLE
II

REPRESENTATIONS AND WARRANTIES

 

Section 2.1
Representations and Warranties of the Sponsor. The Sponsor represents and warrants as of the date hereof to Acquiror and
the Company as follows:

 

(a) Organization; Due
Authorization. The Sponsor is duly organized, validly existing and in good standing under the Laws of the jurisdiction in which
it is incorporated, formed, organized or constituted, and the execution, delivery and performance of this Sponsor Agreement and the
consummation of the transactions contemplated hereby are within the Sponsor’s corporate, limited liability company or
organizational powers and have been duly authorized by all necessary corporate, limited liability company or organizational actions
on the part of the Sponsor. This Sponsor Agreement has been duly executed and delivered by the Sponsor and, assuming due
authorization, execution and delivery by the other parties to this Sponsor Agreement, this Sponsor Agreement constitutes a legally
valid and binding obligation of the Sponsor, enforceable against the Sponsor in accordance with the terms hereof (except as
enforceability may be limited by bankruptcy Laws, other similar Laws affecting creditors’ rights and general principles of
equity affecting the availability of specific performance and other equitable remedies). If this Sponsor Agreement is being executed
in a representative or fiduciary capacity, the Person signing this Sponsor Agreement has full power and authority to enter into this
Sponsor Agreement on behalf of the Sponsor.

 

    6

     

    

 

(b)
Ownership. The Sponsor is the record and beneficial owner (as defined in the Securities Act) of, and has good title to,
all of the Sponsor’s Subject Securities, and there exist no Liens or any other limitation or restriction (including any restriction
on the right to vote, sell or otherwise dispose of such Subject Securities (other than transfer restrictions under the Securities Act))
affecting any such Subject Securities, other than Liens pursuant to (i) this Sponsor Agreement, (ii) the Acquiror Governing Documents,
(iii) the Merger Agreement, (iv) the Insider Letter or (v) any applicable securities Laws. The Sponsor’s Subject Securities are
the only equity securities in Acquiror owned of record or beneficially by the Sponsor on the date of this Sponsor Agreement, and none
of the Sponsor’s Subject Securities are subject to any proxy, voting trust or other agreement or arrangement with respect to the
voting of such Subject Securities, except as provided hereunder and under the Insider Letter. Other than the Acquiror Warrants held by
the Sponsor, the Sponsor does not hold or own any rights to acquire (directly or indirectly) any equity securities of Acquiror or any
equity securities convertible into, or which can be exchanged for, equity securities of Acquiror.

 

(c)
No Conflicts. The execution and delivery of this Sponsor Agreement by the Sponsor does not, and the performance by the Sponsor
of its obligations hereunder will not, (i) conflict with or result in a violation of the organizational documents of the Sponsor or (ii)
require any consent or approval that has not been given or other action that has not been taken by any Person (including under any Contract
binding upon the Sponsor or the Sponsor’s Subject Securities), in each case, to the extent such consent, approval or other action
would prevent, enjoin or materially delay the performance by the Sponsor of its obligations under this Sponsor Agreement.

 

(d)
Litigation. There are no Actions pending against the Sponsor, or to the knowledge of the Sponsor threatened against the
Sponsor, before (or, in the case of threatened Actions, that would be before) any arbitrator or any Governmental Authority, which in any
manner challenges or seeks to prevent, enjoin or materially delay the performance by the Sponsor of its obligations under this Sponsor
Agreement.

 

(e)
Brokerage Fees. Except as described on Section 5.13 (Broker’s Fees) of the Acquiror Disclosure Letter, no broker,
finder, investment banker or other Person is entitled to any brokerage fee, finders’ fee or other commission in connection with
the transactions contemplated by the Merger Agreement based upon arrangements made by the Sponsor, for which Acquiror or any of its Affiliates
may become liable.

 

(f)  
 Affiliate Arrangements. Except as set forth on Schedule I attached hereto, neither the Sponsor nor any anyone related
by blood, marriage or adoption to the Sponsor or, to the knowledge of the Sponsor, any Person in which the Sponsor has a direct or indirect
legal, contractual or beneficial ownership of 5% or greater is party to, or has any rights with respect to or arising from, any Contract
with Acquiror or its Subsidiaries.

 

(g)
Acknowledgment. The Sponsor understands and acknowledges that each of Acquiror and the Company is entering into the Merger
Agreement in reliance upon the Sponsor’s execution and delivery of this Sponsor Agreement.

 

    7

     

    

 

ARTICLE
III

MISCELLANEOUS

 

Section 3.1
Termination. This Sponsor Agreement and all of its provisions shall terminate and be of no further force or effect upon
the earliest of (a) the Expiration Time, (b) the liquidation of Acquiror and (c) the written agreement of the Sponsor, Acquiror, and the
Company. Upon such termination of this Sponsor Agreement, all obligations of the parties under this Sponsor Agreement will terminate,
without any liability or other obligation on the part of any party hereto to any Person in respect hereof or the transactions contemplated
hereby, and no party hereto shall have any claim against another (and no person shall have any rights against such party), whether under
contract, tort or otherwise, with respect to the subject matter hereof; provided, however, that the termination of this Sponsor Agreement
shall not relieve any party hereto from liability arising in respect of any breach of this Sponsor Agreement prior to such termination.
This Article III shall survive the termination of this Sponsor Agreement.

 

Section 3.2
Governing Law. This Sponsor Agreement, and all claims or causes of action (whether in contract or tort) that may be based
upon, arise out of or relate to this Sponsor Agreement or the negotiation, execution or performance of this Sponsor Agreement (including
any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this
Sponsor Agreement) will be governed by and construed in accordance with the internal Laws of the State of Delaware applicable to agreements
executed and performed entirely within such State.

 

Section 3.3
CONSENT TO JURISDICTION AND SERVICE OF PROCESS; WAIVER OF JURY TRIAL.

 

(a) THE PARTIES TO THIS
SPONSOR AGREEMENT SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE STATE COURTS LOCATED IN WILMINGTON, DELAWARE OR THE COURTS OF THE
UNITED STATES LOCATED IN WILMINGTON, DELAWARE IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS SPONSOR
AGREEMENT AND ANY RELATED AGREEMENT, CERTIFICATE OR OTHER DOCUMENT DELIVERED IN CONNECTION HEREWITH AND BY THIS SPONSOR AGREEMENT
WAIVE, AND AGREE NOT TO ASSERT, ANY DEFENSE IN ANY ACTION FOR THE INTERPRETATION OR ENFORCEMENT OF THIS SPONSOR AGREEMENT AND ANY
RELATED AGREEMENT, CERTIFICATE OR OTHER DOCUMENT DELIVERED IN CONNECTION HEREWITH, THAT THEY ARE NOT SUBJECT THERETO OR THAT SUCH
ACTION MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SUCH COURTS OR THAT THIS SPONSOR AGREEMENT MAY NOT BE ENFORCED IN OR BY SUCH
COURTS OR THAT THEIR PROPERTY IS EXEMPT OR IMMUNE FROM EXECUTION, THAT THE ACTION IS BROUGHT IN AN INCONVENIENT FORUM, OR THAT THE
VENUE OF THE ACTION IS IMPROPER. SERVICE OF PROCESS WITH RESPECT THERETO MAY BE MADE UPON ANY PARTY TO THIS SPONSOR AGREEMENT BY
MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO SUCH PARTY AT ITS ADDRESS AS PROVIDED IN Section
3.8.

 

    8

     

    

 

(b)
WAIVER OF TRIAL BY JURY. EACH PARTY HERETO HEREBY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS
SPONSOR AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING
TO THIS SPONSOR AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS SPONSOR AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS
WAIVER, (III) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (IV) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS SPONSOR AGREEMENT
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section 3.3.

 

Section 3.4
Assignment. This Sponsor Agreement and all of the provisions hereof will be binding upon and inure to the benefit of the
parties hereto and their respective heirs, successors and permitted assigns. Neither this Sponsor Agreement nor any of the rights, interests
or obligations hereunder will be assigned (including by operation of law) without the prior written consent of the parties hereto.

 

Section 3.5
Specific Performance. The parties hereto agree that irreparable damage may occur in the event that any of the provisions
of this Sponsor Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed
that the parties hereto shall be entitled to seek an injunction or injunctions to prevent breaches of this Sponsor Agreement and to enforce
specifically the terms and provisions of this Sponsor Agreement in the chancery court or any other state or federal court within the State
of Delaware, this being in addition to any other remedy to which such party is entitled at law or in equity.

 

Section 3.6
Amendment. This Sponsor Agreement may not be amended, changed, supplemented, waived or otherwise modified or terminated,
except upon the execution and delivery of a written agreement executed by Acquiror, the Company and the Sponsor.

 

Section 3.7 Severability.
If any provision of this Sponsor Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other
provisions of this Sponsor Agreement will remain in full force and effect. Any provision of this Sponsor Agreement held invalid or
unenforceable only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable.

 

    9

     

    

 

Section 3.8
Notices. All notices and other communications among the parties hereto shall be in writing and shall be deemed to have been
duly given (a) when delivered in person, (b) when delivered after posting in the United States mail having been sent registered or certified
mail return receipt requested, postage prepaid, (c) when delivered by FedEx or other nationally recognized overnight delivery service
or (d) when e-mailed during normal business hours (and otherwise as of the immediately following Business Day), addressed as follows:

 

	 	If to Acquiror:
	 	 
	 	Colonnade Acquisition Corp. II
	 	1400 Centrepark Boulevard, Suite 810
	 	West Palm Beach, FL 33401
	 	Attention:	Joseph Sambuco
	 	 	Remy Trafelet
	 	Email: 	jsambuco@claacq.com
	 	 	rtrafelet@claacq.com
	 	 	 
	 	with a copy to (which will not constitute notice):
	 	 
	 	White & Case LLP
	 	1221 Avenue of the Americas
	 	New York, NY 10020
	 	Attention:	Joel Rubinstein
	 		Matthew Kautz
	 	Email: 	joel.rubinstein@whitecase.com
	 	 	mkautz@whitecase.com
	 	 	 
	 	If to the Company:
	 	 
	 	Plastiq Inc.
	 	360 9th Street
	 	San Francisco, CA 94110
	 	Attention: 	Sirena Roberts, General Counsel
	 	Email: 	legal@plastiq.com
	 	 	 
	 	with a copy to (which shall not constitute notice):
	 	 
	 	Latham & Watkins LLP
	 	885 Third Ave
	 	New York, NY 10022
	 	Attention:	Justin Hamill
	 	 	Ryan Maierson
	 	Email:	justin.hamill@lw.com
	 	 	ryan.maierson@lw.com

 

    10

     

    

 

	 	If to the Sponsor:
	 	 
	 	Colonnade Sponsor II LLC
	 	c/o Colonnade Acquisition Corp. II
	 	1400 Centrepark Boulevard, Suite 810
	 	West Palm Beach, FL 33401
	 	Attention:	Joseph Sambuco
	 	 	Remy Trafelet
	 	Email: 	jsambuco@claacq.com
	 	 	rtrafelet@claacq.com
	 	 	 
	 	with a copy to (which will not constitute notice):
	 	 
	 	White & Case LLP
	 	1221 Avenue of the Americas
	 	New York, NY 10020
	 	Attention:	Joel Rubinstein
	 	 	Matthew Kautz
	 	Email: 	joel.rubinstein@whitecase.com
	 	 	mkautz@whitecase.com

 

Section 3.9
Counterparts. This Sponsor Agreement may be executed in two or more counterparts (any of which may be delivered by electronic
transmission), each of which shall constitute an original, and all of which taken together shall constitute one and the same instrument.

 

Section 3.10
Trust Account Waiver. Section 11.1 (Trust Account Waiver) of the Merger Agreement is hereby incorporated into this
Sponsor Agreement, mutatis mutandis.

 

Section 3.11
Entire Agreement. This Sponsor Agreement and the agreements referenced herein constitute the entire agreement and understanding
of the parties hereto in respect of the subject matter hereof and supersede all prior understandings, agreements or representations by
or among the parties hereto to the extent they relate in any way to the subject matter hereof.

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY
BLANK]

 

    11

     

    

 

IN
WITNESS WHEREOF, the Sponsor, Acquiror, and the Company have each caused this Sponsor Support Agreement to be duly executed as of the
date first written above.

 

	 	SPONSOR:
	 	 
	 	COLONNADE SPONSOR II LLC
	 	 
	 	By:	/s/ Joseph S. Sambuco
	 	 	Name:	Joseph S. Sambuco
	 	 	Title: 	Manager

 

[Signature Page to Sponsor Support Agreement]

 

     

     

    

 

	 	ACQUIROR:
	 	 
	 	COLONNADE ACQUISITION CORP. II
	 	 
	 	By:	/s/ Remy W. Trafelet
	 	 	Name:	Remy W. Trafelet
	 	 	Title:	Chief Executive Officer

 

[Signature
Page to Sponsor Support Agreement] 

 

     

     

    

 

	 	COMPANY:
	 	 
	 	PLASTIQ INC. 
	 	 
	 	By:	/s/ Eliot L. Buchanan
	 	 	Name:	Eliot L. Buchanan
	 	 	Title: 	Chief Executive Officer

 

[Signature Page to Sponsor Support Agreement]

 

     

     

    

 

Schedule I

 

Affiliate Agreements

 

	1.	Letter Agreement, dated March 9, 2021, by and among the Acquiror,
its executive officers, its directors and Sponsor.

 

	2.	Registration Rights Agreement, dated March 9, 2021, between
the Acquiror, Sponsor and certain other security holders named therein

 

	3.	Administrative Services Agreement, dated March 9, 2021, between the Acquiror and Sponsor.

 

	4.	Indemnity Agreement, dated as of March 9, 2021, by and between Colonnade Acquisition Corp. II and Manny
De Zarraga.

 

	5.	Indemnity Agreement, dated as of March 9, 2021, by and between Colonnade Acquisition Corp. II and Lee
J. Solomon.

 

	6.	Indemnity Agreement, dated as of March 9, 2021, by and between Colonnade Acquisition Corp. II and Emil
W. Henry, Jr.

 

	7.	Indemnity Agreement, dated as of March 9, 2021, by and between Colonnade Acquisition Corp. II and Joseph
S. Sambuco.

 

	8.	Indemnity Agreement, dated as of March 9, 2021, by and between Colonnade Acquisition Corp. II and Remy
W. Trafelet.

 

	9.	Indemnity Agreement, dated as of March 9, 2021, by and between Colonnade Acquisition Corp. II and Christopher
B. Glinski.

 

[Schedule I to Sponsor Support Agreement]

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