Document:

EX-10.1

 Exhibit 10.1 

SCHEDULE A 
 APA
Corporation 
 2022 Performance Share Program 

AWARD NOTICE 
  

			
	Recipient Name:	  	[Name]
		
	Company:	  	APA Corporation
		
	Notice:	  	A summary of the terms of Conditional Grants of Restricted Stock Units (“RSUs”) under the 2022 Performance Share Program is set out in this notice (the “Award Notice”) but subject always to the terms of the APA
Corporation 2016 Omnibus Compensation Plan (the “Plan”) and the 2022 Performance Share Program Agreement (the “Agreement”). In the event of any inconsistency between the terms of this Award Notice, the terms of the Plan and the
Agreement, the terms of the Plan and the Agreement shall prevail. The Conditional Grant is a Cash-Based Award under Section 10 of the Plan and is subject to the provisions of the Plan governing Performance Awards.
		
		  	Selected Eligible Persons have been awarded a conditional grant of APA Corporation RSUs in accordance with the terms of the Plan and the Agreement.
		
		  	Details of the RSUs which you are conditionally entitled to receive is provided to you in this Award Notice and maintained on your account at netbenefits.fidelity.com.
		
	Type of Award:	  	A conditional award of RSUs based on a target percentage of annual base salary determined at the beginning of the Performance Period derived from job level (the “Conditional Grant”).
		
	Restricted Stock Unit:	  	A Restricted Stock Unit (“RSU”) as defined in the Plan and meaning the right granted to the Recipient of the Conditional Grant, as adjusted at the end of the Performance Period, to receive one share of Stock or the cash
equivalent thereof for each RSU at the end of the specified Vesting Period.
		
	Stock:	  	The $0.625 par value common stock of the Company or as otherwise defined in the Plan.
		
	Grant:	  	A Conditional Grant related to ______ Restricted Stock Units (“Target Amount”).
		
	Grant Date:	  	[Date]

  
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	Conditions:	  	Subject always to the terms of the Plan and the Agreement, the Conditional Grant of RSUs shall be made as of the Grant Date. At the end of the Performance Period, the Committee shall derive and confirm the number of Conditional
Grant RSUs that will actually be awarded as RSUs to the Recipient based upon measurement of the specific performance goals, applicable performance percentage levels and applicable weighting percentages during the Performance Period as set forth in
Schedule B to the Agreement, provided that the Recipient remains an Eligible Person and employed by the Company or its Affiliate as of the final day of the Performance Period. Once granted at the conclusion of the Performance Period, such RSUs shall
remain subject to a vesting schedule (as set forth below) (the “Vesting Period”). Once vested, the Recipient shall be paid the value of his or her RSUs in cash (net of cash withheld for applicable tax withholdings) provided that the
Recipient remains employed as an Eligible Person during the Vesting Period including the vesting date.
		
	Performance Measure:	  	The performance measures for the Conditional Grant, the performance percentage levels, and the applicable weighting percentages to be applied over the Performance Period are set forth on Schedule B to the Agreement.
		
		  	At the end of the Performance Period, the Committee shall determine and certify the attainment of each performance goal based on the established performance percentage levels and apply the applicable weighting percentages to
determine the Final Amount of RSUs to be awarded to each Recipient.
		
	Performance Period:	  	The three-year period commencing January 1, 2022 and ending December 31, 2024.
		
	Vesting Period:	  	Except upon a change of control (as described below), death or Disability (as described below), or Retirement (as described below), cessation of employment during the Performance Period shall result in the immediate forfeiture of
the entire amount of the Conditional Grant. Any such RSUs awarded shall vest in accordance with the following schedule, provided that the Recipient remains employed as an Eligible Person as of such vesting date:
		
		  	First trading day following the close of the Performance Period – 50% vested.
		
		  	First trading day on or after the anniversary of the first trading day following the close of the Performance Period – an additional 50% vested.
		
		  	Except as described below, cessation of employment will result in the immediate forfeiture of all unvested RSUs.

  
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		  	Upon such vesting, the applicable amount of cash, subject to required tax withholding, shall be paid by the Company to the Recipient within sixty (60) days of such vesting date.
		
		  	Vesting is accelerated to 100% upon the Recipient’s death or cessation of employment by reason of Disability during the Performance Period or the subsequent Vesting Period (or, only in the case of death, while treated as an
Eligible Person following Retirement (as described herein)). Upon death or cessation of employment by reason of Disability during the Performance Period, the number of RSUs (and related shares of Stock) granted and vested shall be deemed to be 1.00
times the Conditional Grant amount of RSUs (the Target Amount). Upon such vesting, the applicable amount of cash, subject to required tax withholding, shall be paid by the Company to the Recipient’s designated beneficiary, legal
representatives, heirs, or legatees, as applicable, in accordance with the terms of the Plan and this Agreement. The Recipient can name a beneficiary on a form approved by the Committee.
		
		  	Vesting is accelerated to 100% upon the Recipient’s Involuntary Termination or Voluntary Termination with Cause occurring (i) on or after a Change of Control which occurs on or before the end of the Performance Period
provided that the Recipient is an Eligible Person at the time of such termination, with vesting to be in the number of RSUs determined by applying the multiple of 1.00 to the Target Amount or (ii) on or after a Change of Control which occurs
after completion of the Performance Period. Upon such vesting, the applicable amount of cash, subject to required tax withholding, shall be paid by the Company to the Recipient within thirty (30) days of such vesting date.
		
		  	If, after the first three (3) months of the Performance Period (and not before), the Recipient’s termination of employment from the Company and the Affiliates occurs by reason of his or her Retirement, the Recipient shall
be deemed to continue to be employed as an Eligible Person for purposes of this Grant and shall continue to vest with respect to a specified percentage of RSUs over the Vesting Period provided that the Recipient meets the Retirement Conditions set
forth in section 6 of the Agreement. In the event of a Change of Control after the Recipient retires during the period commencing on the first day following the first three (3) months of the Performance Period and ending on the last day of the
Vesting Period, vesting is accelerated to 100% for such Recipient upon the occurrence of the Change of Control. In the event of a Change of Control prior to the Recipient’s termination of employment by reason of Retirement and after the first
three (3) months of the Performance Period and ending on the last day of the Vesting Period, the Recipient shall become 100% vested upon the Recipient’s termination of employment by reason of
Retirement.

  
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		  	Unless expressly otherwise provided in the Agreement with respect to Retirement and Change of Control, the applicable amount of cash, subject to required tax withholding, shall be paid by the Company to the Recipient upon the
earlier to occur of a 409A Change of Control or the normal vesting dates (in the applicable percentage amounts). Payment shall be made within thirty (30) days of a 409A Change of Control or within sixty (60) days of the normal vesting
dates, whichever is applicable.
		
	Withholding:	  	The Company and the Recipient will comply with all federal and state laws and regulations respecting the required withholding, deposit and payment of any income, employment, or other taxes relating to the Grant.
		
	Clawback:	  	This Grant is subject to the Company’s Executive Compensation Clawback Policy (a copy of which is provided with this Notice) and the recoupment and reimbursement policies as provided in the Agreement.
		
	Dividends:	  	The Company will credit each of the Recipient’s Conditional Grant RSUs and RSUs, as applicable, with Dividend Equivalents. For purposes of this Grant, a Dividend Equivalent is an amount equal to the cash dividend payable per
share of Stock multiplied by the number of shares of Stock then underlying such outstanding Conditional Grant RSUs or RSUs, as applicable. Such amount will be credited to a book entry account on Recipient’s behalf at the time the Company pays
any cash dividend on its Stock. The Recipient’s rights in any such Dividend Equivalents will vest at the same time as, and only to the extent that, the underlying Conditional Grant RSUs or RSUs, as applicable, vest and will be distributed at
the same time in cash (subject to applicable withholdings), and only to the extent, as the related RSUs are to be distributed to the Recipient as provided in the Agreement and to which such Dividend Equivalents apply. Dividend Equivalents on
Conditional Grant RSUs will accrue and be credited by the Company but will be subject to the same performance goals, applicable performance percentage levels and applicable weighting percentages as the related Conditional Grant RSUs. Dividend
Equivalents (as so adjusted) will not be paid to a Recipient until such Recipient becomes vested in the related RSUs granted at the end of the Performance Period and will be forfeited in the event of the forfeiture and cancellation of the related
Conditional Grant RSUs and RSUs pursuant to this Agreement.
		
	Acceptance	  	Please complete the on-line grant acceptance as promptly as possible to accept or reject your Conditional Grant. You can access this through your account at netbenefits.fidelity.com. By
accepting your Conditional Grant, you will have agreed to the terms and conditions set forth in the Agreement, including, but not limited to,

  
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		  	the non-compete and non-disparagement provisions set forth in sections 6 and 7 of the Agreement, and the terms and conditions of the Plan. If you do not
accept your grant, your Conditional Grant and the related RSUs will not vest and you will be unable to receive your Conditional Grant or the related RSUs.

  
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 SCHEDULE B 

APA Corporation 
 2022
Performance Share Program 
 PERFORMANCE MEASURES 
  

			
	Performance Goals:	  	1. Total Shareholder Return
		
		  	At the end of the Performance Period, the Committee shall derive and confirm a portion of the number of Conditional Grant RSUs that will actually be awarded as RSUs to the Recipient based upon measurement of total shareholder return
(“TSR”) of Stock as compared to a designated Peer Group during the Performance Period, provided that the Recipient remains an Eligible Person and employed by the Company or its Affiliate as of the final day of the Performance
Period.
		
		  	TSR is determined by dividing (i) the sum of the cumulative amount of a company’s or index fund’s dividends for the performance period (assuming same-day reinvestment into the
company’s common stock or index fund on the ex-dividend date) and the share price of the company or index fund at the end of the performance period minus the share price at the beginning of the
performance period by (ii) the share price at the beginning of the performance period.
		
		  	 •  Begin Price = Average per share closing price of a share or share
equivalent on the applicable stock exchange for the three calendar months immediately preceding the beginning of the performance period

		
		  	 •  End Price = Average per share closing price of a share or share
equivalent on the applicable stock exchange for the last three calendar months of the performance period

		
		  	 •  Dividends = Includes dividends paid throughout performance
period

		
		  	 •  TSR ranking compared to designated Peer Group (24 companies and one index
selected twice)

		
		  	 •  Antero Resources Corp.

		
		  	 •  Chevron Corporation

		
		  	 •  Civitas Resources, Inc.

		
		  	 •  CNX Resources
Corporation

  
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		  	 •  ConocoPhillips Company

		
		  	 •  Continental Resources, Inc.

		
		  	 •  Coterra Energy Inc.

		
		  	 •  Devon Energy Corporation

		
		  	 •  Diamondback Energy, Inc.

		
		  	 •  EOG Resources, Inc.

		
		  	 •  EQT Corporation

		
		  	 •  Exxon Mobil Corporation

		
		  	 •  Hess Corporation

		
		  	 •  Kosmos Energy Ltd.

		
		  	 •  Magnolia Oil & Gas Corporation

		
		  	 •  Matador Resources Company

		
		  	 •  Marathon Oil Corporation

		
		  	 •  Murphy Oil Corporation

		
		  	 •  Occidental Petroleum Corporation

		
		  	 •  Ovintiv Inc.

		
		  	 •  PDC Energy, Inc.

		
		  	 •  Pioneer Natural Resources Co.

		
		  	 •  Range Resources Corporation

		
		  	 •  Southwestern Energy Company

		
		  	 •  S&P 500 Index

		
		  	 •  S&P 500 Index

		
		  	 •  APA’s performance over a three-year performance period will be directly
ranked within the peer group, resulting in the application of a single multiplier to the target shares to derive the number of shares awarded. The multiplier will range from 0 for performance in the bottom 4 to 2.0 for ranking in the top 4 among the
peer group.

		
		  	 •  Should consolidation among peers in the marketplace occur, the ranking
schedule would adjust to accommodate the reduced number of peers.

		
		  	2. Business Performance
		
		  	The Committee shall derive and confirm a portion of the number of Conditional Grant RSUs that will actually be awarded as RSUs to the Recipient based upon a performance target determined at the beginning of the Performance Period
related to the following criteria:
		
		  	 •  Cash Return on Invested
Capital

  
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		  	Performance is measured based on the three-year average relative to target.
		
		  	3. Environmental, Social, and Governance
		
		  	The Committee shall derive and confirm a portion of the number of Conditional Grant RSUs that will actually be awarded as RSUs to the Recipient based upon an environmental, social, and governance (“ESG”) target determined
at the beginning of the Performance Period related to the following criteria:
		
		  	 •  Reduction in Carbon Dioxide Equivalent (“CO2e”) Emissions

		
		  	The Committee will consider all of the above performance measures related to the Company as a whole as follows:

  

									
	 Metric
	  	Weighting	 	Threshold	 	Target	 	Max
	 Total Shareholder Return
	  	40%	 	23rd	 	14th	 	1st – 4th
	 Cash Return on Invested Capital
	  	40%	 	50%	 	100%	 	200%
	 Reduction in CO2e Emissions
	  	20%	 	50%	 	100%	 	200%

  

			
	Performance Period:	  	Three calendar years
		
		  	 •  1/1/2022 to 12/31/2024

		
	Measurement:	  	1. Total Shareholder Return
		
		  	At the conclusion of the three-year performance period, a calculation of TSR performance will be made and confirmed. 40% of the total Target Amount of RSUs will be determined based upon the final TSR performance as
follows:

  

					
	 Rank Against

Peers
	  	Payout
Multiple	 
	 1
	  	 	2.00	 
	 2
	  	 	2.00	 
	 3
	  	 	2.00	 
	 4
	  	 	2.00	 
	 5
	  	 	1.90	 
	 6
	  	 	1.80	 
	 7
	  	 	1.70	 
	 8
	  	 	1.60	 
	 9
	  	 	1.50	 
	 10
	  	 	1.40	 
	 11
	  	 	1.30	 
	 12
	  	 	1.20	 

  
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	 Rank Against

Peers
	  	 Payout

Multiple
	 
	 13
	  	 	1.10	 
	 14
	  	 	1.00	 
	 15
	  	 	0.90	 
	 16
	  	 	0.80	 
	 17
	  	 	0.70	 
	 18
	  	 	0.60	 
	 19
	  	 	0.50	 
	 20
	  	 	0.40	 
	 21
	  	 	0.30	 
	 22
	  	 	0.20	 
	 23
	  	 	0.10	 
	 24
	  	 	0.00	 
	 25
	  	 	0.00	 
	 26
	  	 	0.00	 
	 27
	  	 	0.00	 

  

			
		 	If APA’s absolute TSR for the three-year performance period is negative, the 40% TSR portion of the total Target Amount of RSUs will be capped at the 1.00 Payout Multiple, regardless of whether the Rank Against Peers above
achieved a higher Payout Multiple.
		
		 	2. Business Performance
		
		 	Cash Return on Invested Capital will be evaluated over the three-year Performance Period against a performance target determined prior to March 31 at the beginning of the performance period. Performance will be measured based
on the three-year average relative to target. 40% of the total Target Amount of RSUs will be determined based upon the three-year average Cash Return on Invested Capital.
		
		 	The three-year average performance for cash return on invested capital will be interpolated as follows to determine the final achievement percentage for each metric.

  

													
	 Metric
	  	 Threshold
	 	 	 Target
	 	 	 Max
	 
	 Cash Return on Invested Capital
	  	 	50	% 	 	 	100	% 	 	 	200	% 

  

			
		 	3. Environmental, Social, and Governance
		
	            	 	ESG will be evaluated over the three-year Performance Period against a CO2e emissions reduction target determined prior to March 31 at the beginning of the performance
period. Performance will be measured against a list of projects identified over the Performance Period to deliver the three-year reduction in CO2e emissions using the CO2e calculation standards applicable to each country of operations. 20% of the total Target Amount of RSUs will be determined based upon the three-year CO2e emissions reduction results.

  
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	                    	 	The three-year CO2e emissions reduction results will be interpolated as follows to determine the final achievement percentage for each metric.

  

													
	 Metric
	  	 Threshold
	 	 	 Target
	 	 	 Max
	 
	 Reduction in CO2e Emissions
	  	 	50	% 	 	 	100	% 	 	 	200	% 

  
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 APA Corporation 

2022 Performance Share Program Agreement 

This 2022 Performance Share Program Agreement (the “Agreement”) relating to a conditional grant of Restricted Stock Units (as
defined in the definition section of the APA Corporation 2016 Omnibus Compensation Plan (the “Plan”)) (the “Conditional Grant”), dated as of the Grant Date set forth in the Notice of Award under the 2022 Performance Share Program
attached as Schedule A hereto (the “Award Notice”), is made between APA Corporation (together with its Affiliates, the “Company”) and each Recipient. The Award Notice is included in and made part of this Agreement. 

In this Agreement and each Award Notice, unless the context otherwise requires, words and expressions shall have the meanings given to them in
the Plan except as herein defined. 
 Definitions 

“409A Change of Control” means a Change of Control that constitutes, with respect to APA Corporation, a “change in the
ownership or effective control of the corporation, or in the ownership of a substantial portion of the assets of the corporation” within the meaning of Section 409A(a)(2)(A)(v) of the Internal Revenue Code of 1986, as amended (the
“Code”) and Treasury Regulations Section 1.409A-3(i)(5). 
 “Award
Notice” means the separate notice, along with Schedule B, given to each Recipient specifying the Target Amount and other applicable performance percentage levels, performance criteria and applicable weighting percentages for that
individual. 
 “Base Salary” means, with regard to any Recipient, such Recipient’s annual base compensation as an
employee of the Company determined immediately prior to the beginning of the Performance Period, without regard to any bonus, pension, profit sharing, stock option, life insurance or salary continuation plan which the Recipient either receives or is
otherwise entitled to have paid on his or her behalf. 
 “Conditional Grant” means the conditional entitlement, evidenced
by this Agreement to receive all or a portion of a Target Amount and Final Amount, subject to and in accordance with the provisions of this Agreement. 

“Disability” or “Disabled” means the Recipient is unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months. Recipient agrees that a final and binding
determination of “Disability” will be made by the Company’s representative under the Company’s group long-term disability plan or any successor thereto or, if there is no such representative and there is a dispute as to the
determination of “Disability,” it will be decided in a court of law in Harris County, Texas. 
 “Fair Market
Value” means the fair market value of a share of the Stock as determined by the Committee by the reasonable application of such reasonable valuation method, consistently applied, as the Committee deems appropriate; provided, however, that
if the Committee has not made such determination, such fair market value shall be the per share closing price of the Stock as reported on Nasdaq or on such other exchange or electronic trading system as, on the date in question, reports the largest
number of traded shares of stock; provided further, however, that, if there are no Stock transactions on such date, the Fair Market Value shall be determined as of the immediately preceding date on which there were Stock transactions. 

  
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 “Final Amount” means with regard to any Recipient, such number of shares of
Restricted Stock Units (“RSUs”) as specified in each Recipient’s Award Notice, times the applicable multiple factor determined under the Performance Measures at the end of the Performance Period. 

“Involuntary Termination” means the termination of employment of the Recipient by the Company or its successor or an
applicable Affiliate for any reason on or after a Change of Control; provided, that the termination does not result from an act of the Recipient that (i) constitutes common-law fraud, a felony, or a gross
malfeasance of duty and (ii) is materially detrimental to the best interests of the Company or its successor; provided that, notwithstanding anything else in this Agreement to the contrary, an Involuntary Termination shall not be deemed to
occur solely because a Recipient transfers employment from the Company to an Affiliate, from an Affiliate to the Company, or from one Affiliate to another Affiliate. 

“Payout Amount” means the vested portion of the Final Amount expressed as an amount of cash equal to the Fair Market Value of
the shares of Stock underlying the RSUs and related Dividend Equivalents. 
 “Peer Group” means the group of companies or
index funds selected by the Committee for purposes of this Agreement as set forth in the Award Notice. Should consolidation among any Peer Group companies in the marketplace occur during the Performance Period, the Committee will determine the
appropriate adjustments to accommodate the reduced number of Peer Group companies for the Performance Period. Should a Change of Control of APA Corporation occur during the Performance Period, the Committee will determine the appropriate adjustments
to measure APA Corporation’s TSR for the Performance Period. The Peer Group companies for any particular Performance Period shall be determined at the commencement of such Performance Period. 

“Performance Measures” means, as set forth in the Award Notice, (i) APA Corporation’s TSR over the Performance
Period compared to the TSR of the Company’s Peer Group over the Performance Period, (ii) APA Corporation’s achievement of pre-established performance goals over the Performance Period, or
(iii) APA Corporation’s achievement of pre-established ESG goals over the Performance Period, as applicable. For purposes of determining TSR performance, at the end of the Performance Period, the
Peer Group companies and the Company will be ranked together based on their TSR for the Performance Period from the highest TSR being number 1 to the lowest TSR being the number of Peer Group companies or index funds, including the Company,
remaining in the group at the end of the Performance Period. Based on the Company’s relative TSR rank amongst the Peer Group companies or index funds for the Performance Period, a Recipient who remains employed as of the last day of the
Performance Period will be issued RSUs at the close of the Performance Period as determined by the Company’s percentile rank as set forth in the Award Notice (the Final Amount). At the end of the Performance Period, the Committee shall also
determine and certify the levels of other specific performance goals achieved and apply the applicable performance percentage levels and weighting percentages as set forth in the Award Notice. Based on the Company’s level of goal achievement, a
Recipient who remains employed as of the last day of the Performance Period will be issued RSUs on the day following the close of the Performance Period as determined by the Committee as set forth in the Award Notice (the Final Amount). 

  
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 “Performance Period” means the three-year period as specified in the Award
Notice. 
 “Recipient” means an Eligible Person who has been designated to receive one or more Conditional Grants in
accordance with the Plan. For purposes of this Agreement, the group of Eligible Persons shall include all full-time and designated part-time employees of the Company who are employed as employees of the Company (as designated by the Company for
payroll purposes), but excluding Egyptian nationals employed outside of the United States, employees categorized by the Company (for payroll purposes) as non-exempt support and field staff, leased employees,
interns, or any employee of the Company who is covered under a collective bargaining agreement, unless such collective bargaining agreement specifically provides for coverage under the Plan. 

“Retirement” means, with respect to a Recipient and for purposes of this Agreement, the date the Recipient terminates
employment with the Company after attaining (i) age 55 and (ii) a certain combination of age and Years of Service set forth in the Matrix in Exhibit “A” attached hereto. 

“Years of Service” means the total number of months from the Recipient’s date of hire by the Company to the date of
termination of employment, plus any months required to be recognized under an appropriate acquisition agreement, divided by 12. 

“Target Amount” means, with regard to any Recipient, such number of RSUs as specified in each Recipient’s Award Notice.
Such Target Amount shall be based upon a target percentage of annual Base Salary determined at the beginning of the Performance Period derived from job level. 

“Total Shareholder Return” or “TSR” is determined by dividing (i) the sum of the cumulative amount of a
company’s dividends for the Performance Period (assuming same-day reinvestment into the company’s common stock on the ex-dividend date) and the share price of
the company at the end of the Performance Period minus the share price at the beginning of the Performance Period, by (ii) the share price at the beginning of the Performance Period. 

“Voluntary Termination with Cause” occurs upon a Recipient’s separation from service of his or her own volition and one
or more of the following conditions occurs without the Recipient’s consent on or after a Change of Control: 
  

	 	(a)	 There is a material diminution in the Recipient’s base compensation, compared to his or her rate of base
compensation on the date of the Change of Control. 

  

	 	(b)	 There is a material diminution in the Recipient’s authority, duties or responsibilities.

  

	 	(c)	 There is a material diminution in the authority, duties or responsibilities of the Recipient’s supervisor,
such as a requirement that the Recipient (or his or her supervisor) report to a corporate officer or employee instead of reporting directly to the board of directors. 

  
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	 	(d)	 There is a material diminution in the budget over which the Recipient retains authority. 

 

	 	(e)	 There is a material change in the geographic location at which the Recipient must perform his or her service,
including, for example the assignment of the Recipient to a regular workplace that is more than 50 miles from his or her regular workplace on the date of the Change of Control. 

The Recipient must notify the Company of the existence of one or more adverse conditions specified in clauses (a) through (e) above within 90 days of the
initial existence of the adverse condition. The notice must be provided in writing to the Company or its successor, attention: Vice President, Human Resources. The notice may be provided by personal delivery or it may be sent by email, inter-office
mail, regular mail (whether or not certified), fax, or any similar method. The Company’s Vice President, Human Resources, or his/her delegate shall acknowledge receipt of the notice within 5 business days; the acknowledgement shall be sent to
the Recipient by certified mail. Notwithstanding the foregoing provisions of this definition, if the Company remedies the adverse condition within 30 days of being notified of the adverse condition, no Voluntary Termination with Cause shall occur.

 Terms 
 1. Conditional
Grant of RSUs. Subject to the provisions of this Agreement and the provisions of the Plan and Award Notice, the Company shall conditionally grant to the Recipient, pursuant to the Plan, a right to receive the Target Amount of RSUs set forth in
the Recipient’s Award Notice. Such Target Amount shall be adjusted to a Final Amount at the end of the Performance Period based upon the results of the Performance Measures, as determined by the Committee. Notwithstanding the foregoing, the
Target Amount shall be adjusted to a Final Amount of RSUs at the conclusion of the Performance Period solely for each Recipient who remains employed or is deemed to be employed on account of Retirement as of the last day of the Performance Period.
The award of the Final Amount shall give the Recipient the right, upon vesting, to receive an amount of cash equal to the Fair Market Value of an equal number of shares of $0.625 par value common stock of the Company (“Stock”) to that of
the number of RSUs comprising the Final Amount. 
 2. Vesting and Payment of Cash. Subject to the provisions of section 3, the Payout
Amounts shall be payable in increments strictly in accordance with the following schedule: 
 (a) The entitlement to receive an amount of
cash equal to the Fair Market Value of the number of shares of Stock pursuant to the RSUs comprising the Final Amount shall vest fifty percent (50%) and become payable as of the first day following the close of the Performance Period, provided that
the Recipient remains employed as an Eligible Person on such date. Except as otherwise provided herein, such cash, subject to applicable withholding, shall be paid by the Company to the Recipient within sixty (60) days of such vesting date.

 (b) The entitlement to receive the remaining fifty percent (50%) of an amount in cash equal to the Fair Market Value of number of the
shares of Stock pursuant to the RSUs comprising the Final Amount shall vest and become payable as of the first anniversary of the first day following the close of the Performance Period, provided that the Recipient remains employed as an Eligible
Person on such applicable vesting date. Except as otherwise provided herein, such cash, subject to applicable withholding, shall be paid by the Company to the Recipient within sixty (60) days of such vesting date. 

  
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 3. Termination of Employment, Retirement, Death, or Disability prior to the end of the
Performance Period. Except as set forth below, a cessation of employment with the Company prior to the end of the Performance Period will result in the Target Amount being forfeited for all purposes. 

(a) If the Recipient dies while employed by the Company regardless whether Recipient has accepted the Conditional Grant, or if the Recipient is
no longer employed by the Company by reason of Disability (as defined in this Agreement), during the Performance Period, the Recipient shall be entitled to an amount equal to the Target Amount of RSUs and shall become 100% vested in such Target
Amount. Payment shall be made as soon as administratively practicable, but in no event (i) in the case of death, shall the payment occur later than the last day of the calendar year following the calendar year in which such death occurs or
(ii) in the case of cessation of employment by reason of Disability, shall the payment occur later than thirty (30) days following the date upon which the Recipient is Disabled and is no longer employed by the Company. If clause
(ii) is applicable and the payment period spans two consecutive calendar years, payment shall be made in the second calendar year of such consecutive calendar years. Such payment shall be made to the Recipient’s designated beneficiary,
legal representatives, heirs, or legatees, as applicable. Each Recipient may designate a beneficiary on a form approved by the Committee. 

(b) If the Recipient leaves the employment of the Company by reason of Retirement after the first three (3) months of the Performance
Period (and not before) and prior to the end of the Performance Period, any Final Amounts not previously vested shall continue to vest following the Recipient’s termination of employment by reason of Retirement as if the Recipient remained an
Eligible Person in the employ of the Company until the vesting dates set forth in section 2 above, provided that such Recipient shall be entitled to continue vesting only if such Recipient satisfies the Retirement Conditions set forth in section 6
below (except in the case of death) and only with respect to the specified percentage of such unvested Final Amounts set forth in Exhibit “A” for a certain combination of age and Years of Service attained by the Recipient as of the
Recipient’s Retirement under the Matrix set forth in Exhibit “A”. An amount of cash equal to the Fair Market Value of an equal number of shares of Stock that vests pursuant to this section 3(b) and subject to applicable withholding,
shall be paid by the Company to the Recipient who is retired, within sixty (60) days of such vesting date. 
 4. Termination of
Employment, Retirement, Death or Disability after the end of the Performance Period. Except as set forth below, each Conditional Grant shall be subject to the condition that the Recipient has remained an Eligible Person from the award of the
Conditional Grant of RSUs until the applicable vesting date as follows: 
 (a) If the Recipient voluntarily leaves the employment of the
Company (other than for reason of Retirement), or if the employment of the Recipient is terminated by the Company for any reason or no reason, any Final Amounts not previously vested shall thereafter be void and forfeited for all purposes. 

  
 15 

 (b) A Recipient shall become 100% vested in all Final Amounts on the date the Recipient dies
while employed by the Company regardless whether Recipient has accepted the Conditional Grant (or while continuing to vest pursuant to section 4(c) below), or on the date the Recipient is no longer employed by the Company by reason of Disability.
Payment shall be made as soon as administratively practicable, but in no event (i) in the case of death, shall the payment occur later than the last day of the calendar year following the calendar year in which such death occurs or (ii) in
the case of cessation of employment by reason of Disability, shall the payment occur later than thirty (30) days following the date upon which the Recipient is Disabled and is no longer employed by the Company. If clause (ii) is applicable
and the payment period spans two consecutive calendar years, payment shall be made in the second calendar year of such consecutive calendar years. Such payment shall be made to the Recipient’s designated beneficiary, legal representatives,
heirs, or legatees, as applicable. Each Recipient may designate a beneficiary on a form approved by the Committee. 
 (c) If the Recipient
leaves the employment of the Company by reason of Retirement after the end of the Performance Period, any Final Amounts not previously vested shall continue to vest following the Recipient’s termination of employment by reason of Retirement
after the end of the Performance Period as if the Recipient remained an Eligible Person in the employ of the Company until the vesting date set forth in section 2(b) above, provided that such Recipient shall be entitled to continue vesting only if
such Recipient satisfies the Retirement Conditions set forth in section 6 below (except in the case of death) and only with respect to the specified percentage of such unvested Final Amounts set forth in Exhibit “A” for a certain
combination of age and Years of Service attained by the Recipient as of the Recipient’s Retirement under the Matrix set forth in Exhibit “A”. An amount of cash equal to the Fair Market Value of an equal number of shares of Stock that
vests pursuant to this section 4(c) and subject to applicable withholding, shall be paid by the Company to the Recipient who is retired, within sixty (60) days of such vesting date. 

5. Change of Control. 
 (a) Pursuant to
Section 13.1(c)(iii) and (d) of the Plan, the following provisions of this section 5 of the Agreement shall supersede Sections 13.1(a), (b) and (c) of the Plan. Without any further action by the Committee or the Board, in the event of
the Recipient’s Involuntary Termination or Voluntary Termination with Cause which occurs (i) on or after a Change of Control and (ii) prior to the end of the Performance Period, the Recipient shall become 100% vested as of the date of
such Involuntary Termination or Voluntary Termination with Cause in the number of RSUs determined by applying the multiple of 1.00 to the Target Amount. Subject to section 12(b) of this Agreement, payment shall occur within thirty (30) days of
the date of such Involuntary Termination or Voluntary Termination with Cause, subject to required tax withholding. 
 (b) In the event of a
Recipient’s Involuntary Termination or Voluntary Termination with Cause occurring on or after a Change of Control which occurs after the end of the Performance Period, the Recipient shall become 100% vested in the Final Amount of RSUs as of the
date of such Involuntary Termination or Voluntary Termination with Cause. Subject to section 12(b) of this Agreement, payment shall occur within thirty (30) days of the date of such Involuntary Termination or Voluntary Termination with Cause,
subject to required tax withholding. 
 (c) In the event of a Change of Control following the Recipient’s termination of employment by
reason of Retirement, after the first three (3) months of the Performance Period and ending on the last day of the Vesting Period, the Recipient, shall become 100% vested in the unvested Final Amount of RSUs as of the date of the Change of
Control. Subject to section 12(b) of this Agreement, payment shall occur within thirty (30) days of a 409A Change of Control 

  
 16 

 
provided that if no 409A Change of Control occurs during the Performance Period, nor during the period of continued vesting as set forth in section 3(b) and 4(c) of this Agreement, then the Final
Amount shall be paid by the Company to the Recipient who is retired, within sixty (60) days of the vesting dates (in the applicable percentage amounts) set forth in section 2 of this Agreement, subject to required tax withholding. In the event
of a Change of Control prior to the Recipient’s termination of employment by reason of Retirement and after the first three (3) months of the Performance Period and ending on the last day of the Vesting Period, the Recipient shall become
100% vested in the unvested Final Amount of RSUs as of the date that the Recipient terminates employment by reason of Retirement. For the purpose of vesting as set forth in the prior sentence, a Recipient’s Involuntary Termination or Voluntary
Termination with Cause after a Change of Control shall be deemed a termination by reason of Retirement. Subject to section 12(b) of this Agreement, if the Recipient terminates employment by reason of Retirement after a Change of Control, the
Recipient shall receive payment with respect to 100% of such Final Amount within sixty (60) days of the vesting dates (in the applicable percentage amounts) as set forth in section 2 of this Agreement, subject to required tax withholding. 

6. Conditions to Post-Retirement Vesting. If the Recipient has attained age 55 and a certain combination of age and Years of Service
set forth in the Matrix in Exhibit “A” attached hereto and terminates employment with the Company and the Affiliates by reason of Retirement after the first three (3) months of the Performance Period, it is agreed by the Company and
the Recipient that: 
 (a) subject to the provisions of this section 6(a) and sections 6(b) and 6(c), such Recipient shall continue to vest
in the specified percentage of the unvested Final Amount of RSUs set forth in Exhibit “A”, for the combination of age and Years of Service attained by such Recipient as of his or her Retirement under the Matrix set forth in Exhibit
“A”, following the date of his or her termination by reason of Retirement as if the Recipient continued in employment as an Eligible Person provided that the Grant Date of the unvested RSUs is prior to such termination date in an amount of
time which allows the Recipient to provide the written notice as follows and the Recipient has provided advance written notice not before three (3) months following the Grant Date and not less than the number of months prior to such termination
date as set forth in the Schedule below to APA Corporation’s Vice President, Human Resources, or his or her delegate, and to his or her direct manager, regarding the Recipient’s intent to terminate employment for reason of Retirement;
provided, however, a Recipient who is at least age 55 and attained the necessary combination of age and Years of Service under the Matrix set forth in Exhibit “A” for Retirement need not provide such advance written notice of
his or her intent to terminate employment by reason of Retirement if the Company elects to require such Recipient to, or (as part of a reduction in force or otherwise in writing in exchange for a written release) offers such Recipient the
opportunity to, terminate employment with the Company by reason of Retirement: 
  

			
	Age	  	Advance Written Notice
	  
	  	  

	65 or older	  	3 months
	between (and including) 55 and 64	  	6 months

 ; and it is further agreed that 

  
 17 

 (b) in consideration for the continued vesting treatment afforded to the Recipient under
section 6(a), Recipient shall, after Retirement and during the period commencing on the first day following the first three (3) months of the Performance Period and ending on the last day of the Vesting Period (the “Continued Vesting
Period”), refrain from becoming employed by, or consulting with, or becoming substantially involved in the business of, any business that competes with the Company or its Affiliate in the business of exploration or production of oil or natural
gas wherever from time to time conducted throughout the world (a “Competitive Business”) and Recipient shall provide to the Company, upon Company’s request, (x) a written certification, in a form provided by or satisfactory to
the Company, as to Recipient’s compliance with the forgoing conditions and/or (y) his/her U.S. Individual Income Tax Return for any return filed by the Recipient which relates to any time during the Continued Vesting Period to allow the
Company to verify that Recipient has complied with the foregoing conditions; provided, that the Recipient may purchase and hold for investment purposes less than five percent (5%) of the shares of any Competitive Business whose shares are
regularly traded on a national securities exchange or inter-dealer quotation system, and provided further, that the Recipient may provide services solely as a director of any Competitive Business whose shares are regularly traded on a
national securities exchange or inter-dealer quotation system if, during the Continued Vesting Period, (i) the Recipient only attends board and board committee meetings, votes on recommendations of management, and discharges his/her fiduciary
obligations under the law and (ii) the Recipient is not involved in, and does not advise or consult on, the marketing, government relations, customer relations, or the
day-to-day management, supervision, or operations of such Competitive Business; and it is further agreed that 

(c) in consideration for the continued vesting treatment afforded to the Recipient under section 6(a), Recipient shall, during the Continued
Vesting Period, refrain from making, or causing or assisting any other person to make, any oral or written communication to any third party about the Company, any Affiliate and/or any of the employees, officers or directors of the Company or any
Affiliate which impugns or attacks, or is otherwise critical of, the reputation, business or character of such entity or person; or that discloses private or confidential information about their business affairs; or that constitutes an intrusion
into their seclusion or private lives; or that gives rise to unreasonable publicity about their private lives; or that places them in a false light before the public; or that constitutes a misappropriation of their name or likeness. 

Notwithstanding the foregoing provisions of this section 6 of the Agreement, (i) in the event that the Recipient fails to satisfy any of the conditions
set forth in sections 6(a), (b) and (c) above, the Recipient shall not be entitled to vest in the specified percentage under the Matrix set forth in Exhibit “A” in any unvested Final Amount of RSUs after the date of Retirement and the
unvested Final Amount of RSUs subject to this Agreement shall be forfeited and (ii) the Recipient shall not have any right to continue to vest upon Retirement in any future awards granted under the Plan once the Recipient provides the notice of
Retirement as set forth in section 6(a) above. 
 7. Prohibited Activity. In consideration for this Grant and except as permitted by
Section 6(b) above, the Recipient agrees not to engage in any “Prohibited Activity” while employed by the Company or within three years after the date of the Recipient’s termination of employment. A “Prohibited
Activity” will be deemed to have occurred, as determined by the Committee in its sole and absolute discretion, if the Recipient (i) divulges any non-public, confidential or proprietary information of
the Company, but excluding information that (a) becomes generally available to the public other than as a result of the Recipient’s public use, disclosure, or fault, or (b) becomes available to the Recipient on a non-confidential basis after the Recipient’s employment termination date from a source other than the Company prior to the public use or disclosure by the Recipient, provided that such source is not bound by a
confidentiality 

  
 18 

 
agreement or otherwise prohibited from transmitting the information by contractual, legal or fiduciary obligation; (ii) directly or indirectly, consults with or becomes affiliated with,
participate or engage in, or becomes employed by any business that is competitive with the Company, wherever from time to time conducted throughout the world, including situations where the Recipient solicits or participates in or assists in any way
in the solicitation or recruitment, directly or indirectly, of any employees of the Company; or (iii) engages in publishing any oral or written statements about the Company, and/or any of its directors, officers, or employees that are
disparaging, slanderous, libelous, or defamatory; or that disclose private or confidential information about their business affairs; or that constitute an intrusion into their seclusion or private lives; or that give rise to unreasonable publicity
about their private lives; or that place them in a false light before the public; or that constitute a misappropriation of their name or likeness. 

8. Payment and Tax Withholding. Upon receipt of any entitlement to cash under this Agreement and, if applicable, upon the
Recipient’s attainment of eligibility to terminate employment by reason of Retirement pursuant to section 4(c), the Recipient shall make appropriate arrangements with the Company to provide for the amount of minimum tax and social security
withholding, if any, required by law, including without limitation Sections 3102 and 3402 or any successor section(s) of the Internal Revenue Code and applicable state and local income and other tax laws. The payment of a Payout Amount shall be
based on the Fair Market Value of the shares of Stock on the applicable date of vesting to which such tax withholding relates. Where appropriate, cash shall be withheld by the Company to satisfy applicable tax withholding requirements rather than
paid directly to the Recipient. 
 9. Non-Transferability of Conditional Grant and Unvested Final
Amount. The Conditional Grant and any unvested Final Amount shall not be transferable otherwise than by testamentary will or the laws of descent and distribution, or in accordance with a valid beneficiary designation on a form approved by the
Committee, subject to the conditions and exceptions set forth in Section 15.2 of the Plan. 
 10. No Right to Continued
Employment. Neither the RSUs or the cash payment pursuant to a Conditional Grant nor any terms contained in this Agreement shall confer upon the Recipient any express or implied right to be retained in the employment or service of the Company
for any period, nor restrict in any way the right of the Company, which right is hereby expressly reserved, to terminate the Recipient’s employment or service at any time for any reason or no reason. The Recipient acknowledges and agrees that
any right to receive RSUs or cash pursuant to a Conditional Grant is earned only by continuing as an employee of the Company at the will of the Company, or satisfaction of any other applicable terms and conditions contained in the Plan and this
Agreement, and not through the act of being hired, being granted the Conditional Grant, or acquiring RSUs or cash pursuant to the Conditional Grant hereunder. 

11. The Plan. In consideration for this Conditional Grant, the Recipient agrees to comply with the terms of the Plan and this
Agreement. This Agreement is subject to all the terms, provisions and conditions of the Plan, which are incorporated herein by reference, and to such regulations as may from time to time be adopted by the Committee. The Conditional Grant is a
Cash-Based Award under Section 10 of the Plan and is subject to the provisions of the Plan governing Performance Awards. Unless defined herein, capitalized terms are used herein as defined in the Plan. In the event of any conflict between the
provisions of the Plan and this Agreement, the provisions of the Plan shall control, and this Agreement shall be deemed to be modified accordingly. The Plan and the prospectus describing the Plan can be found on the Company’s HR intranet and
the Plan document can be found on Fidelity’s website (netbenefits.fidelity.com). A paper copy of the Plan and the prospectus shall be provided to the recipient upon the Recipient’s written request to the Company at 2000 Post Oak Blvd.,
Suite 100, Houston, Texas 77056-4400, Attention: Corporate Secretary. 

  
 19 

 12. Compliance with Laws and Regulations. 

(a) The Conditional Grant and any obligation of the Company to deliver RSUs and cash hereunder shall be subject in all respects to (i) all
applicable laws, rules and regulations and (ii) any registration, qualification, approvals or other requirements imposed by any government or regulatory agency or body which the Committee shall, in its discretion, determine to be necessary or
applicable. 
 (b) This Conditional Grant is intended to comply with, or be exempt from, the applicable requirements of Section 409A of
the Code and the rules and regulations issued thereunder and shall be administered accordingly. Notwithstanding anything in this Agreement to the contrary, if the RSUs constitute “deferred compensation” under Section 409A of the Code
and any RSUs become payable pursuant to the Recipient’s termination of employment, settlement of the RSUs shall be delayed for a period of six months after the Recipient’s termination of employment if the Recipient is a “specified
employee” as defined under Code Section 409A(a)(2)(B)(i) and if required pursuant to Section 409A of the Code. If settlement of the RSUs is delayed, the RSUs shall be settled on the first day of the first calendar month following the
end of the six-month delay period. If the Recipient dies during the six-month delay, the RSUs shall be settled and paid to the Recipient’s designated beneficiary,
legal representatives, heirs or legatees, as applicable, as soon as practicable after the date of death. Notwithstanding any provision to the contrary herein, payments made with respect to this Conditional Grant may only be made in a manner and upon
an event permitted by Section 409A of the Code, and all payments to be made upon a termination of employment hereunder may only be made upon a “separation from service,” as such term is defined in Section 11.1 of the Plan.
Recipient shall not have any right to determine a date of payment of any amount under this Agreement. This Agreement may be amended without the consent of the Recipient in any respect deemed by the Board or the Committee to be necessary in order to
preserve compliance with Section 409A of the Code. If the Grant and this Agreement is subject to Section 409A of the Code and the rules and regulations issued thereunder, and, except as set forth in section 5(a), the vesting date shall be
the “designated payment date” or “specified date” under Treasury Regulation 1.409A-3(d). 

13. Notices. Unless otherwise provided in this Agreement, all notices by the Recipient or the Recipient’s assignees shall be
addressed to the Administrative Agent, Fidelity, through the Recipient’s account at netbenefits.fidelity.com, or such other address as the Company may from time to time specify. All notices to the Recipient shall be addressed to the Recipient
at the Recipient’s address in the Company’s records. 
 14. Other Plans. The Recipient acknowledges that any income derived
from the Conditional Grant shall not affect the Recipient’s participation in, or benefits under, any other benefit plan or other contract or arrangement maintained by the Company or any Affiliate. 

  
 20 

 15. Terms of Employment. The Plan is a discretionary plan. The Recipient hereby
acknowledges that neither the Plan nor this Agreement forms part of the Recipient’s terms of employment and nothing in the Plan may be construed as imposing on the Company or any Affiliate a contractual obligation to offer participation in the
Plan to any employee of the Company or any Affiliate. The Company or any Affiliate is under no obligation to make further Grants to any Recipient under the Plan. The Recipient hereby acknowledges that if the Recipient ceases to be an employee of the
Company or any Affiliate for any reason or no reason, the Recipient shall not be entitled by way of compensation for loss of office or otherwise howsoever to any sum. 

16. Data Protection. By accepting this Agreement (whether by electronic means or otherwise), the Recipient hereby consents to the
holding and processing of personal data provided by the Recipient to the Company for all purposes necessary for the operation of the Plan. These include, but are not limited to: 

(a) administering and maintaining Recipient records; 

(b) providing information to any registrars, brokers or third party administrators of the Plan; and 

(c) providing information to future purchasers of the Company or the business in which the Recipient works. 

17. Clawback Policy. If required by the Sarbanes-Oxley Act of 2002 and/or by the Dodd-Frank Wall Street Reform and Consumer Protection
Act of 2010, each Recipient’s Award shall be conditioned on repayment or forfeiture in accordance with applicable law. In addition, the Company’s Executive Compensation Clawback Policy is hereby incorporated by reference and shall form a
part of this Agreement and each Recipient’s Award shall be subject to such Policy. In connection with a material negative accounting restatement by the Company as the result of fraud, intentional misconduct, or gross negligence by the
Recipient, Awards and payments in connection with Awards granted under this Agreement may be subject to recovery and Recipient may be required to repay to the Company all or a portion of any Award or payments received in connection with any Award
hereunder. In the event that the Company determines to seek recovery with respect to an Award under this Agreement, an affected Recipient may elect to repay the applicable clawback amount in cash or, if shares of Stock received pursuant to an
affected Award are still owned by the Recipient, in net after-tax shares of Stock received pursuant to the Award. The date for determination of the value of the applicable compensation to be repaid shall be
the vesting date of the affected Award and the amount of any applicable repayment shall be determined based upon the net after-tax amount realized by the Recipient as income on such vesting date, applying the
highest marginal tax rate for federal, state and local income taxes. 
 18. Severability. If any provision of this Agreement is held
invalid or unenforceable, the remainder of this Agreement shall nevertheless remain in full force and effect, and if any provision is held invalid or unenforceable with respect to particular circumstances, it shall nevertheless remain in full force
and effect in all other circumstances, to the fullest extent permitted by law. 
 ***** 

  
 21 

 APA Corporation 

Executive Compensation Clawback Policy 

Should the Company’s reported financial or operating results be subject to a material negative restatement as the result of fraud, intentional
misconduct, or gross negligence of an executive officer, the Company has the right to recover from such executive officer an amount corresponding to any incentive award or portion thereof (including any cash bonus or equity-based award) that the
Company determines would not have been granted, vested, or paid had the Company’s results as originally reported been equal to the Company’s results as subsequently restated. The Company will apply a three-year lookback period from the
date of any such material negative restatement. Subject to applicable law, the Company has the right to recover such amount by requiring the executive officer to re-pay such amount to the Company by direct
payment to the Company or such other means or combination of means as the Company determines to be appropriate. 
 If the Company determines to seek a
recovery pursuant to this policy, it shall make a written demand for repayment from the executive officer and, if such person does not, within a reasonable period of time following such demand, tender repayment in response to such demand, and the
Company determines that he or she is unlikely to do so, the Company may seek a court order against the executive officer for such repayment. 
 The Company
may not seek recovery to the extent it determines (i) that to do so would not be cost effective or (ii) that it would be better for the Company not to do so. In making such determination, the Company shall take into account such
considerations as it deems appropriate, including, without limitation, (A) the likelihood of success under governing law versus the cost and effort involved, (B) whether the assertion of a claim may prejudice the interests of the Company,
including in any related proceeding or investigation, (C) the passage of time since the occurrence of the act in the event of fraud or intentional illegal conduct, and (D) any pending legal proceeding relating to such fraud or intentional
illegal conduct. 
 This Policy applies to any incentive compensation for years commencing after the adoption of this Policy. 

  
 22 

 Exhibit “A” 

 
 

 

  
 23EX-10.1

  Exhibit 10.1

  Amendment No. 1 to share purchase AGREEMENT

  This Amendment No. 1 to Share Purchase Agreement (this “Amendment”), dated as of December 31, 2021 (the “Effective Date”), is entered by and among: 

  On one side

  Entravision Digital Holdings, LLC, a limited liability company validly incorporated and existing under the Laws of the State of Delaware, with corporate address at 2711 Centerville Road, Suite 400, Wilmington, County of New Castle, Delaware 19808, United States of America, (“Holdings” or “Buyer”). The Buyer is duly represented by Mr. Walter Francis Ulloa, of legal age, [●], with address for the purposes of this agreement at [●], [●], in his position as Chief Executive Officer of the Buyer.

  On the other side

  Mr. Carlos Córdoba, of legal age, an Argentinian citizen, [●], with address for the purposes of this agreement at [●], with Argentinian national ID number [●], in force, with Spanish Tax Identification Number [●], in force, in his own name and right.

  Mr. Germán Herebia, of legal age, an Argentinian citizen, [●], with address for the purposes of this agreement at [●], with Argentinian national ID number [●], in force, with Spanish Foreign Identification Number [●], in force, in his own name and right.

  Mr. Rodrigo Marcos, of legal age, an Argentinian citizen, [●], with address for the purposes of this agreement at [●], with Argentinian national ID number [●], in force, with Spanish Foreign Identification Number [●], in force, in his own name and right.

  Mr. Lucas Morea, of legal age, an Argentinian citizen, married, with address for the purposes of this agreement at [●], with Argentinian national ID number [●] in force, with Spanish Foreign Identification Number [●], in force, in his own name and right.

  Mr. Carlos Córdoba, Mr. Germán Herebia, Mr. Rodrigo Marcos and Mr. Lucas Morea are collectively referred to herein as the “Individual Sellers” and each of them individually as a “Individual Seller”. 

  Sorin Properties, S.L., a company validly incorporated under the Laws of the Netherlands Antilles, pursuant to public deed granted on [●], and existing under the Laws of Spain, which domicile was transferred to Spain by means of public deed granted before the public Notary of Madrid, Mr. Ignacio Martínez-Gil Vich, on [●], under number [●] of his records, with corporate address at [●], registered at the Commercial Registry of Madrid under [●], and with Spanish Tax ID number [●] (“Sorin Properties” and, together with the Individual Sellers, the “Sellers”). Sorin is duly represented by Mr. Francisco Duque Delgado, of legal age, a Spanish citizen, with address for the purposes of this agreement at [●], with Spanish national ID number [●], in force, pursuant to his position as joint and several director of Sorin.

  The Sellers, the Buyer and the Sellers Representative (defined below) are collectively referred to herein as “Parties” and each of them individually as a “Party”.

  1

   

  

  And on the other side

  Entravision Communications Corporation, a corporation validly formed and existing under the Laws of the State of Delaware, with corporate address at 2425 Olympic Blvd., Suite 6000 West, Santa Monica, California 90404, United States of America (“Entravision”). The Guarantor is duly represented by Mr. Walter Francis Ulloa, of legal age, [●], with address for the purposes of this agreement at [●], [●], in his position as Chief Executive Officer of Entravision.

  And on the other side 

  Redmas Ventures, S.L., a company validly incorporated and existing under the Laws of Spain, pursuant to public deed granted before the Notary of Madrid Mr. Ignacio Gil-Antuñano Vizcaino, on [●], under number [●] of his records, with corporate address at [●], registered at the Commercial Registry of Madrid under [●], and holder of Tax ID number [●] (the “Company”). The Company is duly represented by Mr. Walter Francis Ulloa, of legal age, [●], with address for the purposes of this agreement at [●], [●], in force, pursuant to his position as member of the Board of Directors of the Company expressly authorized by the Board for these purposes.

  RECITALS

  A.	Whereas Holdings, as buyer, and Sorin and the Individual Sellers, as sellers, had previously entered into a certain Share Purchase Agreement, dated as of October 13, 2020, (the “2020 SPA”), pursuant to which Holdings acquired 51% of all of the issued and outstanding shares of capital stock in the Company.  

  B.	Whereas Holdings, as buyer, Sorin and the Individual Sellers, as sellers, Entravision, as guarantor, and Company, as company, previously entered into a certain Share Purchase Agreement, dated as of August 25, 2021, (the “2021 SPA”), pursuant to which Holdings acquired from the Sellers the remaining 49% of the issued and outstanding shares of capital stock in the Company not acquired by Holdings pursuant to the 2020 SPA. 

  C.	Whereas, under the 2021 SPA, it was agreed that the Purchase Price payable by Holdings to the Sellers in full consideration for the Sale Shares consisted of the Earn-Out, the mechanism set forth and described on Schedule 2.2 of the 2021 SPA. In addition, Articles 8 and 9 of the 2021 SPA regulated the granting of certain rights of the Sellers and commitments of Holdings in respect of the Company to be in place during the term of the Earn-Out.

  D. 	Whereas, in connection with the separation of the Individuals Sellers from the Group Companies, the Parties have agreed to amend the 2021 SPA in order to, among other things, (a) the terminate the rights granted to the Individual Sellers under Articles 8 and 9 of the 2021 SPA, and (b) provide the Individual Sellers with an accelerated Earn-Out. 

  E.	As a result of the foregoing, the Parties have agreed to enter into this Amendment to modify the 2021 SPA, which will be governed as follows: 

  2

   

  

  ARTICLE 1.DEFINITIONS; PURPOSE

  1.1Definitions. Unless otherwise defined under this Amendment, capitalized terms used hereunder shall have the meaning specified in the 2021 SPA. Where there is an inconsistency between the definitions set forth in the 2021 SPA and the definitions set forth in this Amendment, then the definitions set forth this Amendment shall prevail. 

  1.2Purpose. The purpose of this Amendment is to novate by amendment the 2021 SPA, without extinguishment or termination thereof, as a consequence of the separation of the Individual Sellers from the Group Companies.

  ARTICLE 2.AMENDMENT OF THE SPA

  The Parties hereby agree to novate by amendment the 2021 SPA, modifying the following Articles thereof as indicated below, with effects from the date hereof. 

  2.1Amendment of Article 8 of the 2021 SPA: Earn-Out Period Operations.  Effective as of the Effective Date: 

  (a)Section 8.1 (Board of Directors) shall hereafter be read as follows:

  “8.1	Board of Directors.  The Buyer acknowledges and agrees that (a) the Company will be managed by a Board of Directors comprised of five members, (b) that Sorin Properties will be entitled to designate one member of the Board of Directors and (c) it shall comply and cause the Company to comply with Sections 8.2 through 8.6 below.  The Parties acknowledge and agree that the Chairman of the Board of Directors will be appointed by Entravision and that the secretary of the Board (which may not be a director) will be approved by Sorin Properties.”

  (b)Section 8.3 (formerly, Support from Sellers) shall hereafter be read as follows:

  “8.3 Support from Sorin Properties.  Sorin Properties, its Affiliates and its respective representatives will continue to provide strategic advice and client support to the Group Companies with respect to the Business in a manner consistent with past practices, including through participation in meetings with important business partners and clients.  Notwithstanding the foregoing, in no event will such advice and support be deemed to require Sorin Properties and its Affiliates or representative to provide services to, or incur expenses on behalf of, the Group Companies.”

  (c)The first paragraph of Section 8.7 (Reserved Matters) shall hereafter be read as follows (with the reminder of Section 8.7 remaining unmodified):

  “8.7 	Reserved Matters.  The Buyer acknowledges and agrees that it shall not cause the Company or any of the Group Companies to undertake any Reserved Matter (as defined below) without either (i) the consent of the member of the Board of Directors designated by Sorin Properties, if the Board of Directors has authority over such Reserved Matter; or (ii) the consent of Sorin Properties, if the Buyer (as Company’s sole shareholder) has authority over approval of such Reserved Matter.”

  3

   

  

  2.2Amendment of Article 9 of the 2021 SPA: Sellers Information Rights.  Effective as of the Effective Date, Article 9 (formerly, Sellers Information Rights) shall hereafter be read as follows:

  “ARTICLE 9. SORIN PROPERTIES INFORMATION RIGHTS

  9.1	Information Rights. During the period commencing on the date hereof and terminating on the earlier to occur of the expiration of Period 3 or the payment of the Accelerated Earn-Out Payment, the Buyer will cause the Company to inform Sorin Properties of all matters related to the Business and the general progress of the Company to the extent and in the manner reasonably requested by Sorin Properties.  In particular, to the extent readily available in the Company’s accounting reporting system in the Ordinary Course of Business:	 

  (a) The Buyer will cause the Company to inform Sorin Properties within the 45 days following the end of each calendar quarter of the EBITDA (as defined in Schedule 2.2) of the Company and the Group Companies for the twelve-month period ending on the last day of such calendar quarter. 

  (b) The Buyer will cause the Company to deliver fully annotated, consolidated financial statements Sorin Properties showing, in respect of the Company and the Group Companies the income statement, reflecting revenues, operating results, overall results, balance sheet and relevant cash flow information on a quarterly basis, within 60 days of the calendar quarter end.

  (c) The Buyer will cause the Company to deliver fully, consolidated annotated financial statements to Sorin Properties showing, in respect of the Company and the Group Companies the income statement, reflecting revenues, operating results, overall results, balance sheet and relevant cash flow information on an annual basis, within 90 days of year end.

  (d) The Buyer will cause the Company to deliver detailed local operating income statements to Sorin Properties showing, in respect of the Company and the Group Companies reflecting revenues, operating results, and overall results, and relevant cash flow information on a quarterly basis, within 60 days of the calendar quarter end.

  (e) The Buyer will cause the Company to deliver detailed local operating income statements to Sorin Properties showing, in respect of the Company and the Group Companies reflecting revenues, operating results, and overall results, and relevant cash flow information on an annual basis, within 90 days of quarter end.

  (f) On an annual basis, Buyer will cause the Company to provide Sorin Properties with a copy of the Company’s annual corporate income tax return.

  (g) The Buyer will cause the Company to provide Sorin Properties with such information reasonably requested by Sorin Properties, provided that the Company can reasonably provide such information through its accounting reporting systems in the Ordinary Course of Business.

  4

   

  

  (h) The Buyer will cause the Company to make available to Sorin Properties any and all financial statements and reports and any other operating or business information of the Company and the Group Companies that are provided to Entravision, as and when such reports and information are delivered to Entravision. 

  9.2	Confidentiality of Information Provided. Sorin Properties hereby acknowledges and accepts that the director designated by Sorin Properties will receive the information related to the Company and the Group Companies and the Business on a confidential basis, but the confidentiality obligation will not prevent the director from sharing the information, on a confidential basis, with Sorin Properties or, to the extent that Sorin Properties is legally or contractually bound to do so, a customary general information package (on a confidential basis) with its investors.  However, in no event shall Sorin Properties or the director designated by Sorin Properties share information with any Individual Seller, investor or any representative of such investor which is a competitor (i.e. an investor competing with the Business), or an Affiliate of such competitor (it being acknowledged and agreed that Sorin Properties and any of its Affiliates will not be deemed competitors of the Company for the purposes of this Section 9.2) and provided further, that nothing shall prohibit or preclude a Party from disclosing information as required by Law.”

  2.3Amendment of Schedule 2.2. (Earn-Out) to the 2021 SPA.  Effective as of the Effective Date, Schedule 2.2. to the 2021 SPA (Earn-Out) shall hereafter be revoked and substituted by Schedule 1 to this Amendment.

  ARTICLE 3.CLOSING PAYMENT; Termination of the relationship of the Individual Sellers and the Group Companies; release 

  3.1Closing Payment.  Within 5 Business Days following the Effective Date, the Buyer shall pay or cause to be paid to each Individual Seller, by bank wire transfer of immediately available funds to accounts designated in writing by Carlos Córdoba, on behalf of the Individual Sellers, an amount equal to the following (each such Individual Seller’s “Closing Payment Share”): (i) the Closing Payment (as defined in Schedule 1 to this Amendment), (ii) multiplied by such Individual Seller’s Proportional Share.  

  3.2An Individual Seller’s “Proportional Share” means, in respect of (i) Mr. Carlos Córdoba, 46.51%; (ii) Mr. Germán Herebia, 46.51%; (iii) Mr. Rodrigo Marcos, 3.49%; and (iv) Mr. Lucas Morea, 3.49% (i.e., each Individual Seller’s proportional share of the aggregate Seller Ownership Percentage of the Individual Sellers).   

  3.3Removal of the Individual Sellers from the Group Companies.  On or immediately after the Effective Date, the Individual Sellers must be removed from the positions held as employees, shareholders, directors, officers and/or attorneys, in the Group Companies, as identified in Schedule 2 and as may otherwise be identified following the Effective Date.

  3.4Release. Each Individual Seller hereby waives, acquits, forever discharges and releases, effective as of the Effective Date, on behalf of himself and each of his respective past, present and future Affiliates, all of the stockholders, partners and members of each such 

  5

   

  

  Affiliate, and each of their respective successors and assigns (collectively, the “Releasing Parties”), to the fullest extent permitted by law, any and all actions, causes of action, damages, judgments, liabilities, and rights against Buyer, Guarantor, the Company, the Group Companies and any of their respective stockholders, partners, equityholders, directors, members, managers, officers, agents, employees, consultants, counsel, accountants and other representatives, and any of their respective Affiliates, whether absolute or contingent, liquidated or unliquidated, known or unknown, determined, determinable or otherwise, that each Individual Seller or any of the Releasing Parties has ever had or may now or hereafter have relating to the Buyer, Guarantor, the Company or the Group Companies or their respective businesses with respect to any matter, cause or event occurring contemporaneously with or prior to the Effective Date, whether in law or in equity, in contract, in tort or otherwise, in any capacity; provided, however, that this release shall not apply to any rights or claims of the Releasing Parties which are set forth in this Agreement. 

  ARTICLE 4.miscellaneous

  4.1Validity of the 2021 SPA. This Amendment is constituted as an integral part of the 2021 SPA as from the Effective Date, and Article 2 hereto entails the amendment, but not the extinguishment nor termination, of the 2021 SPA. Accordingly, other than as expressly amended by Article 2 hereto, the 2021 SPA shall remain in force, in all its term and with full effects, by and between the Parties.

  4.2Applicability of provisions of the 2020 SPA and the 2021 SPA to this Amendment. The terms and provisions of each of (A) Articles 7.1 (Further Assurances), 7.2 (Publicity), 9.4 (Notice and Opportunity to Defend), 9.9 (Specific Performance), 10.1 (Expenses and Taxes), 10.3 (No Assignment), 10.4, (Headings), 10.6 (Amendment), 10.7 (Extension, Waiver), 10.8 (Construction), 10.9 (Severability), 10.10 (Notices), 10.11 (Third Party Beneficiaries), 10.12 (Governing Law), 10.13 (Jurisdiction) and 10.14 (Waiver of Jury) of the 2020 SPA, and (B) Article 12.4 (Entire Agreement) of the 2021 SPA, are incorporated to this Agreement by reference as if set forth herein in their entirety and will apply mutatis mutandis hereto.

  4.3Sale of Shares.  On the date hereof, Carlos Córdoba shall execute a purchase agreement pursuant to which he shall sell all of his outstanding equity interests in Audio.Ad Brasil to Holdings or its designee.

  4.4Amendment of non-competition agreement. On the date hereof, Carlos Córdoba and Holdings shall execute an amendment to the non-competition agreement, executed by and between them on October 13, 2020, for the purposes of amending Clause 2.(a) thereunder and setting forth that the non-competition period shall end on December 31, 2024.

  [Signature Pages Follow]

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  IN WITNESS WHEREOF, the parties have caused this Amendment to be executed and delivered in eight (8) counterparts and to one effect, as of the day and year first above written.

  BUYER / HOLDINGS:

  ENTRAVISION DIGITAL HOLDINGS, LLC

  By:			/s/ Walter Francis Ulloa

  	Name:	Walter Francis Ulloa

  	Title:	Chief Executive Officer

   

   

   

  [Signature page to Amendment No. 1 to Share Purchase Agreement]

   

  

  SELLERS:

Mr. Carlos Córdoba 

  By:	/s/ Carlos Córdoba 		

  	 

   

   

   

  [Signature page to Amendment No. 1 to Share Purchase Agreement]

   

  

  Mr. Germán Herebia  

  By:	/s/ Germán Herebia		

  	 

   

   

   

  [Signature page to Amendment No. 1 to Share Purchase Agreement]

   

  

  Mr. Rodrigo Marcos  

  By:	/s/ Rodrigo Marcos		

  	 

   

   

   

  [Signature page to Amendment No. 1 to Share Purchase Agreement]

   

  

  Mr. Lucas Morea  

  By:	/s/ Lucas Morea		

  	 

   

   

   

  [Signature page to Amendment No. 1 to Share Purchase Agreement]

   

  

  Sorin Properties, S.L. Unipersonal

  By:	/s/ Francisco Duque Delgado		

  	Name:	Francisco Duque Delgado

  	Title: Joint and several director

   

   

  [Signature page to Amendment No. 1 to Share Purchase Agreement]

   

  

  ENTRAVISION:

Entravision Communications Corporation 

  By:	/s/ Walter Francis Ulloa		

  	Name:	Walter Francis Ulloa

  	Title:	Chief Executive Officer

   

   

   

  [Signature page to Amendment No. 1 to Share Purchase Agreement]

   

  

  COMPANY:

REDMAS VENTURES, S.L. 

  By:			/s/ Walter Francis Ulloa

  	Name:	Mr. Walter Francis Ulloa

  	Title:	Board director expressly authorized

   

   

   

  [Signature page to Amendment No. 1 to Share Purchase Agreement]

   

  

  Schedule 1

   

  Earn-Out as from the Effective Date

   

  1.Definitions. In addition to the definitions set forth in Section 1.1 of the Agreement, for the purposes of this Schedule, the following terms shall be defined as follows:

  “2021 Dividend Payment” shall be an amount equal to 49% of any dividends, or interest or any distribution of funds, whether in cash or in kind, actually paid by the Company to its shareholders during the period commencing on January 1, 2021 and terminating on the date on which the Period 1 Earn Out Payment is made, but in no event later than June 30, 2022.

  “2021 EBITDA” means the EBITDA of the Business for the calendar year 2021.

  “2022 Dividend Payment” shall be an amount equal to 32.6% of any dividends, or interest or any distribution of funds, whether in cash or in kind, actually paid by the Company to the Buyer (as its sole shareholder) during the period commencing on the date on which the Period 1 Earn Out Payment is made and terminating on the date on which the Period 2 Earn Out Payment is made, but in no event later than June 30, 2023.

  “2022 EBITDA” means the EBITDA of the Business for the calendar year 2022.

  “2023 Dividend Payment” shall be an amount equal to 16.3% of any dividends, or interest or any distribution of funds, whether in cash or in kind, actually paid by the Company to the Buyer (as its sole shareholder) during the period commencing on the date on which the Period 2 Earn Out Payment is made and terminating on the date on which the Period 3 Earn Out Payment is made, but in no event June 30, 2024.

  “2023 EBITDA” means the EBITDA of the Business for the calendar year 2023. 

  “Accelerated Earn-Out Payment” has the meaning set forth in Exhibit II to this Schedule.

  “Acceleration Event” has the meaning set forth in Section 4  of this Schedule. 

  “Acceleration Event EBITDA” has the meaning set forth in Exhibit II to this Schedule.

  “Arbitration Firm” means PricewaterhouseCoopers in the United States, or if such firm is unable or unwilling to act in such capacity, the Arbitration Firm will be such “Big 4” accounting firm in the United States selected by agreement of Buyer and the Sellers Representative, provided that Buyer and the Sellers Representative agree that such firm shall not have any material commercial or professional relationship with any of the parties hereto.

  “Business” means the business of developing, operating, providing, marketing and/or selling Company Products and Services by the Group Companies or any successor entity(ies) or business unit, as applicable.

   

  

  “Business Day” means any day other than a Saturday, a Sunday or any other day on which the Federal Reserve Bank of New York (U.S.) are closed.

  “Buyer Response Notice” has the meaning set forth in Section 2(b) of this Schedule.

  “Closing Payment” means $14,730,000 ([omitted information]).

  “COGS” (i.e., “Cost of Goods Sold”) means the costs that are directly related to creating or providing the Company Products and Services, calculated in accordance with GAAP.   

  “Company Products and Services” means all products and services developed, operated, provided, marketed and/or sold by the Group Companies.

  “Disputed Item” has the meaning set forth in Section 2(b) of this Schedule.

  “Dividend Payment(s)” means the 2021 Dividend Payment, the 2022 Dividend Payment or the 2023 Dividend Payment and all of them collectively, as applicable.

  “Earn-Out Acceleration” has the meaning set forth in Section 4  of this Schedule.

  “Earn-Out Acceleration Notice” has the meaning set forth in Section 4 of this Schedule.

  “Earn-Out Acceleration Period” has the meaning set forth in Section 4 of this Schedule.

  “Earn-Out Payment(s)” means the Period 1 Earn-Out Payment, Period 2 Earn-Out Payment or Period 3 Earn-Out Payment and all of them collectively, as applicable.

  “Earn-Out Period” means Period 1, Period 2 or Period 3, as applicable.

  “Earn-Out Statement” has the meaning set forth in Section 2(a) of this Schedule.

  “EBITDA” means an amount in U.S. Dollars equal to (i) Net Revenue for the Earn-Out Period, minus (ii) the Expenses for the Earn-Out Period, in each case calculated in accordance with GAAP and subject to the terms of this Agreement, excluding the effects of acquisition accounting under ASC 805, Business Combinations, as it relates to the transactions contemplated by this Schedule, or the Agreement. 

  “Expenses” means the expenses of the Business related to the development, provision, marketing, sale and other operations related to the Company Products and Services during the corresponding Earn-Out Period, as determined in accordance with GAAP and consistent with the information reported by Entravision in its financial statements filed with the U.S. Securities and Exchange Commission, and subject to the terms of this Agreement. Without limiting the generality of the foregoing, “Expenses” will include the following costs, fees and expenses: 

  i.COGS; and

   

  

  ii.the following operating expenses, without duplication: 

  1.travel and entertainment (and related) expenses; 

  2.expenses relating to marketing and public relations related to Company Products and Services; 

  3.all rent and other payments pursuant to leases for real estate; 

  4.all legal expenses and fees incurred or accrued by the Business; 

  5.all expenses and fees incurred or accrued relating to human resources and other administrative and operational expenses related to the Business; 

  6.any costs, Taxes or expenses associated with severance paid to terminated employees;

  7.all technology and IT expenses, including related to the research, development or deployment of any Company Products and Services, but excluding any such expenses that are capitalized in accordance with GAAP; 

  8.all foreign currency transaction gains and losses with respect to the Business, excluding foreign currency translation gains and losses that are classified as other comprehensive income in accordance with GAAP;

  9.all selling, general, and administrative expenses related to the Business; and 

  10.all expenses actually incurred for items identified in the annual budget relating to accounting, bookkeeping and financial reporting with respect to the operation of the Business, including the Chief Financial Officer of the Group Companies (unless such person is an employee of Entravision or any of its Affiliates other than the Group Companies) and the financial and accounting staff.   

  Notwithstanding anything in the foregoing to the contrary, the following will be excluded from Expenses during the corresponding Earn-Out Period: (a) all third-party interest expenses, (b) all income tax expenses, (c) all depreciation and amortization expenses and impairment of assets, (d) all third-party costs and expenses incurred by the Company as a result of or in connection with Entravision’s public company filing and/or other regulatory compliance obligations, including without limitation any auditing, legal, or Sarbanes-Oxley Act compliance costs or personnel employed by the Company for such purposes (unless otherwise agreed), (e) any allocations or expenses relating to Entravision’s employees, and (f) expenses that are (1) actually incurred during the corresponding Earn-Out Period, (2) identified as an expense to be excluded from Expenses pursuant to the Annual Budget or a written request by the Key Managers to the Board setting forth in detail the intended use and amount of such expense, and (3) approved by the Board to be excluded from Expenses, related to the following: any extraordinary item, any 

   

  

  merger or acquisition by the Company of another business, restructuring by the Company or incurred in the development of or launch of new lines of business or new publishers.

  “GAAP” means U.S. Generally Accepted Accounting Principles as applied by Entravision in the preparation of its financial statements reflecting the results of operations during the corresponding Earn-Out Period, as filed with the SEC by Entravision in the event Entravision is obligated to make such filings. 

  “Net Revenue” means, with respect to the corresponding Earn-Out Period, an amount equal to (i) gross revenue generated from the sale of Company Products and Services to third parties, less (ii) third party advertising agency commissions, less (iii) ordinary adjustments for under delivery; in each case of (i), (ii), and (iii) calculated in accordance with GAAP. 

  “Objection Notice” has the meaning set forth in Section 2(b) of this Schedule.

  “Objection Period” has the meaning set forth in Section 2(b) of this Schedule.

  “Ordinary Course of Business” means the ordinary and usual course of day-to-day operations of the Business of the Group Companies, as consistent with past custom and practice (including with respect to quantity and frequency); provided, however, that conduct that results in a violation of Law or breach of contract shall in no event be deemed Ordinary Course of Business.

  “Period 1” means the calendar year ended December 31, 2021.

  “Period 1 Earn-Out Payment” shall be:

  (a) for Sorin Properties, an amount equal to (i) 2021 EBITDA, (ii) multiplied by 49%, (iii) multiplied by 6, (iv) divided by 3, and (v) multiplied by the Seller Ownership Percentage of Sorin Properties; and 

  (b) for each Individual Seller, an amount equal to the following: (A) an amount equal to the product of: (i) 2021 EBITDA, (ii) multiplied by 49%, (iii) multiplied by 6, (iv) multiplied by such Individual Seller’s Seller Ownership Percentage, less (B) the amount of such Individual Seller’s Closing Payment Share.

  “Period 2” means the calendar year ended December 31, 2022.

  “Period 2 Earn-Out Payment” shall be:

  (a) for Sorin Properties, an amount equal to (i) 2022 EBITDA, (ii) multiplied by 49%, (iii) multiplied by 6, (iv) divided by 3, and (v) multiplied by the Seller Ownership Percentage of Sorin Properties; and 

  (b) for each Individual Seller, (i) in the event 2022 EBITDA is equal to or less than 2021 EBITDA, $0 and (ii) in the event that 2022 EBITDA is greater than 2021 EBITDA, then an amount equal to: (A) the difference between the 2022 EBITDA and 2021 EBITDA, (B) multiplied

   

  

   by 49%, (C) multiplied by 6, (D) divided by 3, and (E) multiplied by such Individual Seller’s Seller Ownership Percentage.

  “Period 3” means the calendar year ended December 31, 2023.

  “Period 3 Earn-Out Payment” shall be:

  (a) for Sorin Properties, an amount equal to the sum of: (A) an amount equal to the product of: (i) 2023 EBITDA, (ii) multiplied by 49%, (iii) multiplied by 6, (iv) divided by 3, (v) multiplied by the Seller Ownership Percentage of Sorin Properties, plus (B) an amount equal to the product of (i) the Period 3 Earn-out Additional Payment, (ii) multiplied by the Seller Ownership Percentage of Sorin Properties; and 

  (b) for each Individual Seller, (i) if 2023 EBITDA is equal to or less than 2021 EBITDA, then an amount equal to the Period 3 Earn-Out Additional Payment multiplied by such Individual Seller’s Seller Ownership Percentage, or (ii) if 2023 EBITDA is greater than 2021 EBITDA, then an amount equal to the sum of: (A) (i) the difference between the 2023 EBITDA and 2021 EBITDA, (ii) multiplied by 49%, (iii) multiplied by 6, (iv) divided by 3, and (v) multiplied by such Individual Seller’s Seller Ownership Percentage, plus (B) an amount equal to the product of: (i) the Period 3 Earn-Out Additional Payment (ii) multiplied by such Individual Seller’s Seller Ownership Percentage.

  “Period 3 Earn-Out Additional Payment” shall be an amount equal to: (i) $10,000,000, less (ii) 49 percent of any amounts for the acquisition of any equity or assets of a company that is not an Affiliate of the Company (the “Target”) that are paid by the Company (x) between the Effective Date and the last day of Period 3 or (y) with respect to the Target’s performance during such period; provided that the Period 3 Earn-Out Additional Payment will not be reduced to an amount less than $0 (and for the avoidance of doubt, all third-party transaction-related expenses will be deemed to be Expenses).

   

  “SEC” means the United States Securities and Exchange Commission.

  “Seller Ownership Percentage” shall mean, in respect of (i) Sorin Properties, 75.04 %, (ii) Mr. Carlos Córdoba, 11.61 %; (iii) Mr. Germán Herebia, 11.61 %; (iv) Mr. Rodrigo Marcos, 0.87 %; and (v) Mr. Lucas Morea, 0.87 %.

  3.Earn-Out Determination.

  a.Earn-Out Statement.  As promptly as practical after the end of an Earn-Out Period, but not later than 90 calendar days after the last day of the applicable Earn-Out Period, Buyer will prepare and deliver, or cause to be prepared and delivered, to the Seller Representative, a written statement setting forth (i) the Buyer’s calculation (supported by a breakdown in reasonable detail) of EBITDA for such Earn-Out Period, and (ii) based upon Buyer’s calculation of EBITDA, the applicable Earn-Out Payment owing with respect to such Earn-Out Period (each, an “Earn-Out Statement”); provided, however, that if Entravision has not filed its Form 10-K for the applicable Earn-Out Period with the SEC as of the date that is 90 calendar days after the last day of the applicable Earn-Out Period, then Buyer will be required to deliver the Earn-Out Statement within 10 calendar days of the filing of such Form 10-K with the SEC. Exhibit I

   

  

   attached hereto includes, for illustrative purposes, an example of calculation of an Earn-Out Payment based on the figures resulting from an estimated forecast for Period 1 as of the date hereof. 

  b.Dispute.  The Seller Representative will have 20 Business Days from its receipt of each Earn-Out Statement (the “Objection Period”) to review the applicable Earn-Out Statement. Upon the expiration of the applicable Objection Period, the Seller Representative will be deemed to have accepted (and will be deemed to have waived all rights with respect to), and will be bound by, the applicable Earn-Out Statement and the calculation of any Earn-Out Payment set forth therein, unless the Seller Representative has notified the Buyer in writing of its disagreement with the applicable Earn-Out Statement prior to the expiration of the applicable Objection Period (the “Objection Notice”), specifying each disputed item (each, a “Disputed Item”) and setting forth in reasonable detail the basis for each dispute.  The Buyer will have 20 Business Days from the date on which it receives the Objection Notice to review and respond in good faith to such objection (“Buyer Response Notice”).  To the extent the Buyer and the Seller Representative are able to negotiate in good faith mutually agreeable resolutions for each Disputed Item, the applicable Earn-Out Statement will be modified as necessary to reflect such mutually agreed resolution(s).  If the Buyer and the Seller Representative are able to resolve all Disputed Items, the applicable Earn-Out Statement and the calculation of the Earn-Out Payment set forth therein, as modified by such resolutions, will be deemed final, non-appealable and binding among the Buyer, the Sellers and the Seller Representative for all purposes of this Schedule.

  c.Arbitration of Disputes.  If the Seller Representative and the Buyer are unable to resolve all Disputed Items within 20 Business Days after delivery of the Buyer Response Notice (or such longer period as may be mutually agreed by the Buyer and the Seller Representative), then all unresolved Disputed Items shall be submitted to the Arbitration Firm, which shall be jointly engaged by the Buyer and the Seller Representative, to promptly review the applicable Earn-Out Statement and resolve the Disputed Items.  The Buyer and the Seller Representative will request that the Arbitration Firm render its determination within 60 days following submission to it of such Disputed Items.  The scope of the disputes to be resolved by the Arbitration Firm is limited to the Disputed Items.  In resolving any Disputed Item, the Arbitration Firm (i) will determine the resolution of the Disputed Items for purposes of establishing the Company’s EBITDA for the corresponding Earn-Out Period, and the resulting Earn-Out Payment for such Earn-Out Period, each in accordance with the provisions of this Schedule, including the definitions, calculations and accounting rules set forth herein, (ii) may not assign a value to any item greater than the greatest value claimed for such item by either the Buyer or the Seller Representative or less than the smallest value claimed for such item by either the Buyer of the Seller Representative, and (iii) will base its determination solely on written materials submitted by the Buyer and the Seller Representative (and not on any independent review).  Furthermore, the Parties acknowledge and agree that the Arbitration Firm shall have the sole and exclusive authority to resolve the Disputed Items even if the resolution of legal issues is required to resolve the Disputed Items.  The Parties further agree that the Arbitration Firm shall also have the sole authority to determine whether any such legal issues exist and, to the extent they do, to retain and consult with legal counsel of Arbitration Firm’s choosing with respect to legal conclusions or judgments arising from the Disputed Items, provided that the Parties agree that such legal counsel shall not have any material commercial or professional relationship with any of the Parties.  The costs of any fees and expenses of the Arbitration Firm will be borne in equal parts by the Buyer, on the one hand, and the Sellers, on the other hand. All determinations made by the Arbitration 

   

  

  Firm will be final, conclusive and binding on the Parties, absent fraud or manifest error on the part of the Arbitration Firm, upon which the Arbitration Firm will deliver to the Buyer and the Seller Representative a revised Earn-Out Statement setting forth the updated calculation of Company’s EBITDA for the applicable Earn-Out Period and the applicable Earn-Out Payment, as modified by the Arbitration Firm’s final determinations, which will be deemed final, non-appealable and binding among the parties hereto for all purposes of this Schedule, and upon which a judgment may be rendered by a court of competent jurisdiction, and will not be subject to further appeal or review.

  d.Access.  For purposes of complying with the terms of this Section 2(d), each Party will cooperate with and make available to the other parties and its representatives (i) information, records, data and working papers, and (ii) will permit access to its facilities and personnel, upon advance written notice of not less than two Business Days and during normal business hours, in each case as may be reasonably required in connection with the analysis of the applicable Earn-Out Statement and the resolution of the Disputed Items so long as directly relevant to such analysis; provided, however, (A) in no event will any Party be required to produce information that cannot be provided by such Party through its respective accounting or Tax reporting principles, methods or policies and reporting systems in the Ordinary Course of Business, (B) the provision of any information or access pursuant to this Section 2(d) will be subject to execution of confidentiality agreements as requested by the applicable Party providing such information or access, and (C) nothing in this Section 2(d) will require any Party to disclose information that is subject to any applicable privilege, including, without limitation, attorney-client privilege or the privilege of attorney work product.

  4.Payments.

  a.Earn-Out Payments.  The Earn-Out Payments, if any is owing pursuant to the terms of this Schedule, shall be paid by Buyer within 10 Business Days following final determination of the applicable Earn-Out Payment pursuant to Section 2 hereof.  

  b.No Certificate; No Ownership Interest.  Each Seller’s right to receive the Earn-Out Payments shall not be represented by a certificate or other instrument, shall not represent an ownership interest in Buyer, the Company or any of its subsidiaries or any of their respective Affiliates, and shall not entitle the Sellers to any rights common to any holder of Buyer’s, the Company or any of its subsidiaries, or any of their respective Affiliates common stock or other ownership interests.  The right to receive the Earn-Out Payments shall not bear any interest (except as set forth in Clause 12.5 of the Agreement).

  c.Dividend Payments.  The Company may, from time to time and as determined by the Board or the Buyer, declare and pay dividends, interest or distribution of funds, whether in cash or in kind, to the Buyer (as its sole shareholder).  

  i.In the event that the Company declares and pays to the Buyer (as its sole shareholder) any such dividends, interest or distributions from and after the date hereof and concluding on June 30, 2022, the Buyer shall pay to each Individual Seller an amount equal to (i) the amount of the 2021 Dividend Payment, (ii) multiplied by the Seller Ownership Percentage of such Individual Seller.

   

  

  ii.In the event that the Company declares and pays to the Buyer (as its sole shareholder) any such dividends, interest or distributions from and after the date hereof and concluding on June 30, 2024, the Buyer shall pay to Sorin Properties an amount equal to (i) the amount of the applicable Dividend Payment related to such dividend, interest or distribution, (ii) multiplied by the Seller Ownership Percentage of Sorin Properties.  

  iii.Each Dividend Payment will be paid by the Buyer, within 10 Business Days following payment by the Company to the Buyer of the corresponding dividend, interest or distribution, by wire transfer of immediately available funds to an account designated in writing by Sorin Properties.

  d.Consideration for the Sale Shares.  The Buyer and the Sellers acknowledge that the Closing Payment, Earn-Out Payments and the Dividend Payments constitute full consideration for the Sale Shares sold by the Sellers to the Buyer pursuant to the Agreement.

  5.Acceleration of Earn-Out Payments.  Upon the occurrence of an Acceleration Event (as defined below), the Seller Representative may elect to accelerate the Earn-Out Payments (an “Earn-Out Acceleration”) and in connection therewith receive an amount determined in accordance with the provisions of Exhibit II, attached hereto; provided, however, that the Seller Representative may not elect to accelerate any portion of the Earn-Out Payment with respect to any Earn-Out Period which has concluded prior to the occurrence of the Acceleration Event.  The Seller Representative will have a period of 60 days following the occurrence of the Acceleration Event (the “Earn-Out Acceleration Period”) to elect an Earn-Out Acceleration by delivering written notice of such election to the Buyer (an “Earn-Out Acceleration Notice”).  In the event an Earn-Out Acceleration Notice has not been delivered prior to the conclusion of the Earn-Out Acceleration Period, Seller Representative, on behalf of the Sellers, will be deemed to have elected not to exercise the Earn-Out Acceleration.  The Accelerated Earn-Out Payment, as defined and calculated pursuant to Exhibit II, attached hereto, shall be paid to the Sellers promptly (and in any event within 10 Business Days) following final determination of the Accelerated Earn-Out Payment pursuant to wire instructions delivered by the Seller Representative to Buyer on not less than three Business Days’ advance written notice.  

  For purposes hereof, the term “Acceleration Event” shall mean (a) any transaction or series of transactions resulting in Entravision or the Buyer, directly or indirectly, holding less than a majority of the direct total voting power of the Company, (b) an Entravision Change of Control, (c) a sale of all or substantially all of the assets of the Company or of any of the Group Companies, (d) a breach of the covenant set forth in Section 10.2, and/or (e) the approval by the relevant governing body of the Company (i.e., the general shareholders meeting or the Board of Directors) without the favorable vote of either the director appointed by Sorin Properties or the approval of Sorin Properties to the relevant sole shareholder resolution, of (i) a Reserved Matter; or (ii) the Annual Budget or the approval of any material amendments to an Annual Budget previously approved by the Board with the favorable vote of the director appointed by Sorin Properties; or (iii) the appointment, removal or replacement of the CEO of the Company.  

  Following payment of the Accelerated Earn-Out Payment, the Sellers will have no further right to, and Buyer will be under no further obligation to make, any further Earn-Out Payments under this Schedule.

   

   

  

  Exhibit II to Schedule 2.2

   

  Accelerated Earn-Out Payment

   

  In the event the Seller Representative, on behalf of the Sellers, timely elects an Earn-Out Acceleration, the amount  payable to the Sellers in connection with such Earn-Out Acceleration (the “Accelerated Earn-Out Payment”) shall be an amount equal calculated as follows: 

   

  If such election occurs prior to the conclusion of Period 1, Sorin Properties will receive an amount equal to the EBITDA for the most recently completed four calendar quarters immediately prior to the occurrence of the Acceleration Event (the “Acceleration Event EBITDA”), multiplied by 49%, multiplied by 6, multiplied by the Seller Ownership Percentage of Sorin Properties.  The Individual Sellers will not be entitled to receive an Accelerated Earn-Out Payment if the Earn-Out Acceleration occurs prior to the conclusion of Period 1 and shall instead receive the Period 1 Earn-Out Payment. 

   

  If such election occurs after the conclusion of Period 1 but prior to the conclusion of Period 2:

   

  (a) Sorin Properties shall receive an amount equal to the Acceleration Event EBITDA, multiplied by 49%, multiplied by 4, multiplied by the Seller Ownership Percentage of Sorin Properties and 

   

  (b) each Individual Seller shall receive, (i) in the event the Acceleration Event EBITDA is equal to or less than 2021 EBITDA, $0 and (ii) in the event that the Acceleration Event EBITDA is greater than 2021 EBITDA, then an amount equal to: (A) the difference between the Acceleration Event EBITDA and 2021 EBITDA, (B) multiplied by 49%, (C) multiplied by 4, and (D) multiplied by such Individual Seller’s Seller Ownership Percentage.

   

  If such election occurs after the conclusion of Period 2 but prior to the conclusion of Period 3:

   

   (a) Sorin Properties shall receive an amount equal to the Acceleration Event EBITDA, multiplied by 49%, multiplied by 2, multiplied by the Seller Ownership Percentage of Sorin Properties, and 

   

  (b) each Individual Seller shall receive, (i) in the event the Acceleration Event EBITDA is equal to or less than 2021 EBITDA, $0 and (ii) in the event that the Acceleration Event EBITDA is greater than 2021 EBITDA, then an amount equal to: (A) the difference between the Acceleration Event EBITDA and 2021 EBITDA, (B) multiplied by 49%, (C) multiplied by 2, and (D) multiplied by such Individual Seller’s Seller Ownership Percentage.

   

   

  

  Promptly (and in any event within 60 following receipt of an Earn-Out Acceleration Notice), the Buyer will deliver to the Seller Representative a statement setting forth the Accelerated Earn-Out Payment.  Any disputes with respect to the Buyer’s determination of the Accelerated Earn-Out Payment shall be handled pursuant to the procedures and timelines set forth in Sections 2(b) – (d) hereof.

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