Document:

Exhibit 10.1

 

AMENDED
AND RESTATED PRIVATE PLACEMENT WARRANTS PURCHASE AGREEMENT

 

THIS AMENDED AND RESTATED PRIVATE PLACEMENT
WARRANTS PURCHASE AGREEMENT, dated as of September 9, 2020 (as it may be amended from time to time, this “Agreement”),
is entered into by and between Starboard Value Acquisition Corp., a Delaware corporation (the “Company”),
and SVAC Sponsor LLC, a Delaware limited liability company (the “Purchaser”), and amends and restates
in its entirety, the Private Placement Warrants Purchase Agreement made as of August 17, 2020, by and between the Company and the
Purchaser, for the sole purpose to reflect the stock dividend declared and distributed to the holders of the Company’s Class
B common stock and the proposed sale of the Company’s units.

 

WHEREAS, the Company intends to consummate
an initial public offering of the Company’s units (the “Public Offering”), each unit consisting
of one share of the Company’s Class A common stock, par value $0.0001 per share (a “Share”), one-sixth
of one redeemable warrant and a contingent right to receive additional redeemable warrants, each whole warrant exercisable for
one Share at an exercise price of $11.50 per Share, as set forth in the Company’s registration statements on Form S-1 related
to the Public Offering (collectively, the “Registration Statement”); and

 

WHEREAS, the Purchaser wishes to purchase,
and the Company wishes to issue and sell to the Purchaser, at a price of $1.50 per warrant, an aggregate of 6,133,333 warrants
(or 6,853,333 warrants if the underwriters in the Public Offering exercise their over-allotment option in full) (the “Warrants”),
each Warrant entitling the holder to purchase one Share at an exercise price of $11.50 per Share.

 

NOW THEREFORE, in consideration of the mutual
promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows:

 

AGREEMENT

 

Section
1.                    
Authorization, Purchase and Sale; Terms of the Warrants.

 

A                  
Authorization of the Warrants. The Company has duly authorized the issuance and sale of the Warrants to the
Purchaser.

 

B                   
Purchase and Sale of the Warrants.

 

(i)                 
As payment in full for the 6,133,333 Warrants (the “Initial Warrants”) being purchased
under this Agreement, the Purchaser shall pay $9,200,000 (the “Purchase Price”), by wire transfer of
immediately available funds in accordance with the Company’s wiring instructions, on the business day immediately preceding
the effective date of the Registration Statement, or on such other date as the Company and the Purchaser may agree.

 

(ii)               
In the event that the underwriters’ over-allotment option is exercised in full or in part, the Purchaser shall
purchase up to an additional 720,000 Warrants, in the same proportion as the amount of the over-allotment option that is being
exercised (the additional Warrants being purchased, the “Additional Warrants”). As payment in full for
the Additional Warrants being purchased, the Purchaser shall pay $1.50 per Additional Warrant, for up to an aggregate amount of
$1,080,000, by wire transfer of immediately available funds in accordance with the Company’s wiring instructions, on the
business day immediately preceding the applicable Closing Date (as defined below), or on such other date as the Company and the
Purchaser may agree.

 

(iii)             
The closing of the purchase and sale of the Initial Warrants shall take place simultaneously with the closing of
the Public Offering (the “Initial Closing Date”). The closing of the purchase and sale of any Additional
Warrants, if applicable, shall take place simultaneously with the closing of the applicable portion of the over-allotment option
being exercised (such closing date(s), together with the Initial Closing Date, the “Closing Dates” and
each, a “Closing Date”).

 

C                   
Terms of the Warrants.

 

(i)                 
The Warrants shall have the terms set forth in a Warrant Agreement to be entered into by the Company and a warrant
agent in connection with the Public Offering (the “Warrant Agreement”).

 

    1

     

    

 

(ii)               
 On or prior to the Initial Closing Date, the Company and the Purchaser shall enter into a registration rights agreement
(the “Registration Rights Agreement”), pursuant to which the Company will grant certain registration
rights to the Purchaser relating to the Warrants and the Shares underlying the Warrants.

 

Section
2.                    
Representations and Warranties of the Company. As a material inducement to the Purchaser to enter
into this Agreement and purchase the Warrants, the Company hereby represents and warrants to the Purchaser (which representations
and warranties shall survive the Closing Dates) that:

 

A                  
Incorporation and Corporate Power. The Company is a corporation duly incorporated, validly existing and in
good standing under the laws of the State of Delaware and is qualified to do business in every jurisdiction in which the failure
to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating results or assets
of the Company. The Company possesses all requisite corporate power and authority necessary to carry out the transactions contemplated
by this Agreement and the Warrant Agreement.

 

B                   
Authorization; No Breach.

 

(i)                 
The execution, delivery and performance of this Agreement and the Warrants have been duly authorized by the Company
as of the Closing Dates. This Agreement constitutes a valid and binding obligation of the Company, enforceable in accordance with
its terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability
relating to or affecting creditors’ rights and to general equitable principles (whether considered in a proceeding in equity
or law). Upon issuance in accordance with, and payment pursuant to, the terms of the Warrant Agreement and this Agreement, the
Warrants will constitute valid and binding obligations of the Company, enforceable in accordance with their terms as of the Closing
Dates.

 

(ii)               
The execution and delivery by the Company of this Agreement and the Warrants, the issuance and sale of the Warrants,
the issuance of the Shares upon exercise of the Warrants and the fulfillment of, and compliance with, the respective terms hereof
and thereof by the Company do not and will not as of any Closing Date (a) conflict with or result in a breach of the terms, conditions
or provisions of, (b) constitute a default under, (c) result in the creation of any lien, security interest, charge or encumbrance
upon the Company’s capital stock or assets under, (d) result in a violation of, or (e) require any authorization, consent,
approval, exemption or other action by or notice or declaration to, or filing with, any court or administrative or governmental
body or agency pursuant to the certificate of incorporation or the bylaws of the Company (in effect on the date hereof or as may
be amended prior to completion of the contemplated Public Offering), or any material law, statute, rule or regulation to which
the Company is subject, or any agreement, order, judgment or decree to which the Company is subject, except for any filings required
after the date hereof under federal or state securities laws.

 

C                   
Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant
Agreement, the Shares issuable upon exercise of the Warrants will be duly and validly issued, fully paid and nonassessable. On
the date of issuance of the Warrants, the Shares issuable upon exercise of the Warrants shall have been reserved for issuance.
Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, the Purchaser will have
good title to the Warrants purchased by it and the Shares issuable upon exercise of such Warrants, free and clear of all liens,
claims and encumbrances of any kind, other than (i) transfer restrictions hereunder and under the other agreements contemplated
hereby, (ii) transfer restrictions under federal and state securities laws, and (iii) liens, claims or encumbrances imposed due
to the actions of the Purchaser.

 

D                  
Governmental Consents. No permit, consent, approval or authorization of, or declaration to or filing with,
any governmental authority is required in connection with the execution, delivery and performance by the Company of this Agreement
or the consummation by the Company of any other transactions contemplated hereby, except for applicable requirements of the Securities
Act of 1933, as amended (the “Securities Act”).

 

E                   
Regulation D Qualification. Neither the Company nor, to its actual knowledge, any of its affiliates, officers,
directors or beneficial stockholders of 20% or more of its outstanding securities, has experienced a disqualifying event as enumerated
pursuant to Rule 506(d) of Regulation D under the Securities Act.

 

    2

     

    

 

Section 3.                    
Representations and Warranties of the Purchaser. As a
material inducement to the Company to enter into this Agreement and issue and sell the Warrants to the Purchaser, the Purchaser
hereby represents and warrants to the Company (which representations and warranties shall survive the Closing Dates) that:

 

A                  
Organization and Requisite Authority. The Purchaser possesses all requisite power and authority necessary
to carry out the transactions contemplated by this Agreement.

 

B                   
Authorization; No Breach.

 

(i)                 
This Agreement constitutes a valid and binding obligation of the Purchaser, enforceable in accordance with its terms,
subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating
to or affecting creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or law).

 

(ii)               
The execution and delivery by the Purchaser of this Agreement and the fulfillment of and compliance with the terms
hereof by the Purchaser do not and shall not as of the Closing Dates (a) conflict with or result in a breach by the Purchaser of
the terms, conditions or provisions of, (b) constitute a default under, (c) result in the creation of any lien, security interest,
charge or encumbrance upon the Purchaser’s equity or assets under, (d) result in a violation of, or (e) require any authorization,
consent, approval, exemption or other action by or notice or declaration to, or filing with, any court or administrative or governmental
body or agency pursuant to the Purchaser’s organizational documents (in effect on the date hereof or as may be amended prior
to completion of the contemplated Public Offering), or any material law, statute, rule or regulation to which the Purchaser is
subject, or any agreement, instrument, order, judgment or decree to which the Purchaser is subject, except for any filings required
after the date hereof under federal or state securities laws.

 

C                   
Investment Representations.

 

(i)                 
The Purchaser is acquiring the Warrants and, upon exercise of the Warrants, the Shares issuable upon such exercise
(collectively, the “Securities”), for the Purchaser’s own account, for investment purposes only
and not with a view towards, or for resale in connection with, any public sale or distribution thereof.

 

(ii)               
The Purchaser is an “accredited investor” as such term is defined in Rule 501(a)(3) of Regulation D under
the Securities Act and the Purchaser has not experienced a disqualifying event as enumerated pursuant to Rule 506(d) of Regulation
D under the Securities Act.

 

(iii)             
The Purchaser understands that the Securities are being offered and will be sold to it in reliance on specific exemptions
from the registration requirements of the United States federal and state securities laws and that the Company is relying upon
the truth and accuracy of, and the Purchaser’s compliance with, the representations and warranties of the Purchaser set forth
herein in order to determine the availability of such exemptions and the eligibility of the Purchaser to acquire such Securities.

 

(iv)              
The Purchaser did not enter into this Agreement as a result of any general solicitation or general advertising within
the meaning of Rule 502(c) under the Securities Act.

 

(v)               
The Purchaser has been furnished with all materials relating to the business, finances and operations of the Company
and materials relating to the offer and sale of the Securities which have been requested by the Purchaser. The Purchaser has been
afforded the opportunity to ask questions of the executive officers and directors of the Company. The Purchaser understands that
its investment in the Securities involves a high degree of risk and it has sought such accounting, legal and tax advice as it has
considered necessary to make an informed investment decision with respect to the acquisition of the Securities.

 

(vi)              
The Purchaser understands that no United States federal or state agency or any other government or governmental agency
has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the
Securities by the Purchaser nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

    3

     

    

 

(vii)            
 The Purchaser understands that: (a) the Securities have not been and are not being registered under the Securities
Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered
thereunder or (2) sold in reliance on an exemption therefrom; (b) except as specifically set forth in the Registration Rights Agreement,
neither the Company nor any other person is under any obligation to register the Securities under the Securities Act or any state
securities laws or to comply with the terms and conditions of any exemption thereunder; and (c) Rule 144 adopted pursuant to the
Securities Act will not be available for resale transactions of Securities prior to a business combination and may not be available
for resale transactions of Securities after a business combination.

 

(viii)          
The Purchaser has such knowledge and experience in financial and business matters, knowledge of the high degree of
risk associated with investments in the securities of companies in the development stage such as the Company, is capable of evaluating
the merits and risks of an investment in the Securities and is able to bear the economic risk of an investment in the Securities
in the amount contemplated hereunder for an indefinite period of time. The Purchaser has adequate means of providing for its current
financial needs and contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized
by the investment in the Securities. The Purchaser can afford a complete loss of its investment in the Securities.

 

(ix)              
The Purchaser understands that the Warrants shall bear the legend substantially in the form set forth in the Warrant
Agreement.

 

Section
4.                    
Conditions of the Purchaser’s Obligations. The obligations of the Purchaser to purchase and
pay for the Warrants are subject to the fulfillment, on or before each Closing Date, of each of the following conditions:

 

A                  
Representations and Warranties. The representations and warranties of the Company contained in Section
2 shall be true and correct at and as of such Closing Date as though then made.

 

B                   
Performance. The Company shall have performed and complied with all agreements, obligations and conditions
contained in this Agreement that are required to be performed or complied with by it on or before each Closing Date.

 

C                   
No Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall
have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any
self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any of
the transactions contemplated by this Agreement or the Warrant Agreement.

 

D                  
Warrant Agreement. The Company shall have entered into the Warrant Agreement on terms satisfactory to the
Purchaser.

 

Section
5.                    
Conditions of the Company’s Obligations. The obligations of the Company to the Purchaser
under this Agreement are subject to the fulfillment, on or before each Closing Date, of each of the following conditions:

 

A                  
Representations and Warranties. The representations and warranties of the Purchaser contained in Section
3 shall be true and correct at and as of such Closing Date as though then made.

 

B                   
Performance. The Purchaser shall have performed and complied with all agreements, obligations and conditions
contained in this Agreement that are required to be performed or complied with by the Purchaser on or before such Closing Date.

 

C                   
No Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall
have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any
self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any of
the transactions contemplated by this Agreement or the Warrant Agreement.

 

    4

     

    

 

D                  
 Warrant Agreement. The Company shall have entered into the Warrant Agreement.

 

Section
6.                    
Termination. This Agreement may be terminated at any time after February 14, 2021 upon the election
by either the Company or the Purchaser upon written notice to the other parties if the closing of the Public Offering does not
occur prior to such date.

 

Section
7.                    
Definitions. Terms used but not otherwise defined in this Agreement shall have the meaning assigned
to such terms in the Registration Statement.

 

Section
8.                    
Miscellaneous.

 

A                  
Successors and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained
in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors
of the parties hereto whether so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties
may not assign this Agreement, other than assignments by the Purchaser to affiliates thereof.

 

B                   
Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to
be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under
applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating
the remainder of this Agreement.

 

C                   
Counterparts. This Agreement may be executed simultaneously in two or more counterparts, none of which need
contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same agreement.
Signatures to this Agreement transmitted via facsimile or e-mail shall be valid and effective to bind the party so signing.

 

D                  
Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience
only and do not constitute a substantive part of this Agreement. The use of the word “including” in this Agreement
shall be by way of example rather than by limitation.

 

E                   
Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in
accordance with and governed by the laws of New York applicable to contracts wholly performed within the borders of such state,
without giving effect to the conflict of law principles thereof. The parties hereto irrevocably submit to the exclusive jurisdiction
of any federal court sitting in the Southern District of New York or any state court located in New York County, State of New York,
over any suit, action or proceeding arising out of or relating to this Agreement. To the fullest extent they may effectively do
so under applicable law, the parties hereto irrevocably waive and agree not to assert, by way of motion, as a defense or otherwise,
any claim that they are not subject to the jurisdiction of any such court, any objection that they may now or hereafter have to
the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action
or proceeding brought in any such court has been brought in an inconvenient forum.

 

F                    
Amendments. This Agreement may not be amended, modified or waived as to any particular provision, except by
a written instrument executed by the parties hereto.

 

[Signature page follows]

 

    5

     

    

 

IN WITNESS WHEREOF, the parties hereto
have executed this Agreement to be effective as of the date first set forth above.

 

	 	STARBOARD VALUE ACQUISITION CORP.
	 	 
	 	By:	/s/ Martin D. McNulty, Jr.
	 	 	Name: Martin D. McNulty, Jr.
	 	 	Title: Chief Executive Officer
	 	 	 
	 	SVAC SPONSOR LLC
	 	 
	 	By:	/s/ Kenneth R. Marlin
	 	 	Name: Kenneth R. Marlin
	 	 	Title: Authorized Signatory

 

[Signature Page to A&R Private Placement Warrants Purchase Agreement]Exhibit 10.2

 

Execution version

 

September 9, 2020

Starboard Value Acquisition Corp.

777 Third Avenue, 18th Floor

New York, NY 10017

(212) 845-7977

 

Re: Initial Public Offering

 

Ladies and Gentlemen:

 

This letter (this “Letter Agreement”)
is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) to be
entered into by and among Starboard Acquisition Corp., a Delaware corporation (the “Company”), and UBS Securities
LLC, as representative (the “Representative”) of the several underwriters (collectively, the “Underwriters”),
relating to an underwritten initial public offering (the “Public Offering”) of up to 41,400,000 of the Company’s
units (including up to 5,400,000 units that may be purchased to cover over-allotments, if any) (the “Units”),
each comprised of one share of the Company’s Class A common stock, par value $0.0001 per share (the “Common Stock”),
one-sixth of one redeemable warrant (each, a Detachable Redeemable Warrant”) and a contingent right to receive at
least one-sixth of one redeemable warrant following the redemption time related to the Company’s initial Business Combination
under certain circumstances and subject to adjustments as described in the Prospectus (as defined below) (the “Distributable
Redeemable Warrants”). The Distributable Redeemable Warrants and the Detachable
Redeemable Warrants are collectively referred to as the “Redeemable Warrants.” Each whole Redeemable
Warrant (each, a “Redeemable Warrant”) entitles the holder thereof to purchase one share of Common Stock at
a price of $11.50 per share, subject to adjustment. The Units will be sold in the Public Offering pursuant to a registration statement
on Form S-1 and prospectus (the “Prospectus”) filed by the Company with the U.S. Securities and Exchange Commission
(the “Commission”) and the Company has applied to have the Units listed on the Nasdaq Capital Market. Certain
capitalized terms used herein are defined in paragraph 11 hereof.

 

In order to induce the Company and the Underwriters
to enter into the Underwriting Agreement and to proceed with the Public Offering and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, each of SVAC Sponsor LLC (the “Sponsor”) and the
undersigned individuals, each of whom is a member of the Company’s board of directors, or a member of the Company’s
management team (each, an “Insider” and collectively, the “Insiders”), hereby severally (and
not jointly and severally) agrees with the Company as follows:

 

1.              
The Sponsor and each Insider agrees that if the Company seeks stockholder approval of a proposed Business Combination, then
in connection with such proposed Business Combination, it, he or she shall (i) vote any shares of Capital Stock owned by it, him
or her in favor of any proposed Business Combination and (ii) not redeem any shares of Capital Stock owned by it, him or her in
connection with such stockholder approval. If the Company seeks to consummate a proposed Business Combination by engaging in a
tender offer, the Sponsor and each Insider agrees that it, he or she will not sell or tender any shares of Capital Stock owned
by it, him or her in connection therewith.

 

2.              
The Sponsor and each Insider hereby agrees that in the event that the Company fails to consummate a Business Combination
within 24 months from the closing of the Public Offering, or such later period approved by the Company’s stockholders in
accordance with the Company’s amended and restated certificate of incorporation (the “Charter”), the Sponsor
and each Insider shall take all reasonable steps to cause the Company to (i) cease all operations except for the purpose of winding
up, (ii) as promptly as reasonably possible but not more than 10 business days thereafter, subject to lawfully available funds
therefor, redeem 100% of the Common Stock sold as part of the Units in the Public Offering (the “Offering Shares”),
at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (net
of amounts withdrawn to pay the Company’s taxes (“Permitted Withdrawals”) and up to $100,000 of interest
to pay dissolution expenses), divided by the number of then outstanding Offering Shares, which redemption will completely extinguish
all Public Stockholders’ rights as stockholders of the Company (including the right to receive further liquidating distributions,
if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval
of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each
case to the Company’s obligations under Delaware law to provide for claims of creditors and other requirements of applicable
law. The Sponsor and each Insider agree to not propose any amendment to the Charter that would modify the substance or timing of
the Company’s obligation to provide holders of Common Stock the right to have their shares redeemed or to provide for the
redemption of or to redeem 100% of the Offering Shares if the Company does not complete a Business Combination within 24 months
from the closing of the Public Offering or with respect to any other material provisions relating to stockholders’ rights
or pre-initial Business Combination activity, unless the Company provides its Public Stockholders with the opportunity to redeem
their Offering Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount
then on deposit in the Trust Account, including interest (net of Permitted Withdrawals), divided by the number of then outstanding
Offering Shares.

 

    1 

    

    

 

The Sponsor and each Insider acknowledges
that it, he or she has no right, title, interest or claim of any kind in or to any monies held in the Trust Account or any other
asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares held by it, him or her. The
Sponsor and each Insider hereby further waives, with respect to any shares of Capital Stock held by it, him or her, if any, any
redemption rights it, he or she may have in connection with the consummation of a Business Combination, including, without limitation,
any such rights available in the context of a stockholder vote to approve such Business Combination or in the context of a tender
offer made by the Company to purchase shares of Common Stock (although the Sponsor, the Insiders and their respective affiliates
shall be entitled to redemption and liquidation rights with respect to any Offering Shares it or they hold if the Company fails
to consummate a Business Combination within the 24 months from the closing of the Public Offering) or in connection with a stockholder
vote to approve an amendment to the Charter to modify the substance or timing of the Company’s obligation to provide holders
of Common Stock the right to have their shares redeemed or to provide for the redemption of or to redeem 100% of the Offering Shares
if the Company does not complete a Business Combination within the 24 months from the Closing of the Public Offering or with respect
to any other material provisions relating to stockholders' rights or pre-initial Business Combination activity.

 

3.              
During the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, the
Sponsor and each Insider shall not, without the prior written consent of the Representative, (i) sell, offer to sell, contract
or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or
indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning
of Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations
of the Commission promulgated thereunder, with respect to any Units, shares of Capital Stock, Redeemable Warrants or any securities
convertible into, or exercisable, or exchangeable for, shares of Capital Stock owned by it, him or her, (ii) enter into any swap
or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Units,
shares of Capital Stock, Redeemable Warrants or any securities convertible into, or exercisable, or exchangeable for, shares of
Capital Stock owned by it, him or her, whether any such transaction is to be settled by delivery of such securities, in cash or
otherwise, or (iii) publicly announce any intention to effect any transaction specified in clause (i) or (ii); provided,
however, that the foregoing shall not apply to the forfeiture of any Founder Shares pursuant to their terms or any transfer
of Founder Shares to current or future independent directors of the Company (as long as such current or future independent director
is or becomes subject to the terms of this Letter Agreement with respect to such Founder Shares at the time of such transfer).
Each of the Insiders and the Sponsor acknowledges and agrees that, prior to the effective date of any release or waiver of the
restrictions set forth in this paragraph 3 or paragraph 7 below, the Company shall announce the impending release or waiver by
press release through a major news service at least two business days before the effective date of the release or waiver. Any such
release or waiver granted shall only be effective two business days after the publication date of such press release. The provisions
of this paragraph will not apply if (i) the release or waiver is effected solely to permit a transfer of securities without consideration
and (ii) the transferee has agreed in writing to be bound by the same terms described in this Letter Agreement to the extent and
for the duration that such terms remain in effect at the time of the transfer.

 

4.              
In the event of the liquidation of the Trust Account, the Sponsor (which for purposes of clarification shall not extend
to any shareholders, members, managers of the Sponsor or any Insider), solely in its corporate capacity, agrees to indemnify and
hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited
to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation, whether
pending or threatened, or any claim whatsoever) to which the Company may become subject as a result of any claim by (i) any third
party (other than the Company’s independent registered public accounting firm) for services rendered or products sold to
the Company or (ii) any prospective target business with which the Company has discussed entering into a transaction agreement
(a “Target”); provided, however, that such indemnification of the Company by the Sponsor (x) shall
apply only to the extent necessary to ensure that such claims by a third party or a Target do not reduce the amount of funds in
the Trust Account to below the lesser of (i) $10.00 per Offering Share or (ii) the actual amount per Offering Share held in the
Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per Offering Share is then held in the
Trust Account due to reductions in the value of the trust assets, in each case, less Permitted Withdrawals, (y) shall not apply
to any claims by a third party (including a Target) that executed a waiver of any and all rights to the monies held in the Trust
Account (whether or not such waiver is enforceable) and (z) shall not apply to any claims under the Company’s indemnity of
the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended. The Sponsor shall
have the right to defend against any such claim with counsel of its choice reasonably satisfactory to the Company if, within 15
days following written receipt of notice of the claim to the Sponsor, the Sponsor notifies the Company in writing that it shall
undertake such defense. For the avoidance of doubt, none of the Company’s officers or directors will indemnify the Company
for claims by third parties, including, without limitation, claims by vendors and prospective target businesses.

 

    2 

    

    

 

5.              
To the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 5,400,000
Units within 45 days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor and Martin D. McNulty,
Jr. agree to forfeit, at no cost, a number of Founder Shares, to be split pro rata between them based on the number of Founder
Shares they hold upon the consummation of the Public Offering, equal to the product of 1,350,000 multiplied by a fraction, (i)
the numerator of which is 5,400,000 minus the number of Units purchased by the Underwriters upon the exercise of their over-allotment
option, if any, and (ii) the denominator of which is 5,400,000. To the extent that the size of the Public Offering is increased
or decreased, the Company will effect a capitalization or share repurchase, redemption or stock split or other appropriate mechanism,
as applicable, immediately prior to the consummation of the Public Offering in such amount as to maintain the ownership of the
Capital Stock of the Initial Stockholders at 20.0% of the Company’s issued and outstanding Capital Stock upon the consummation
of the Public Offering. In connection with such increase or decrease in the size of the Public Offering, (A) references to 5,400,000
in the numerator and denominator of the formula in the first sentence of this paragraph shall be changed to a number equal to 15%
of the number of shares included in the Units issued in the Public Offering and (B) the reference to 1,350,000 in the formula set
forth in the first sentence of this paragraph shall be adjusted to such number of Founder Shares that the Sponsor would have to
return to the Company in order to hold (with all of the Initial Stockholders) an aggregate of 20.0% of the Company’s issued
and outstanding Capital Stock after the Public Offering.

 

6.              
(a) Each Insider hereby agrees not to become an officer or director of any other special purpose acquisition company with
a class of securities registered under the Exchange Act until the Company has entered into a definitive agreement with respect
to a Business Combination or the Company has failed to complete a Business Combination within 24 months after the closing of the
Public Offering or such later period as approved by the Company’s stockholders in accordance with the Charter.

 

(b) The Sponsor and each Insider hereby agrees
and acknowledges that: (i) the Underwriters and the Company would be irreparably injured in the event of a breach by such Sponsor
or Insider of its, his or her obligations under paragraphs 1, 2, 3, 4, 5, 6(a) 7(a), 7(b), and 9, as applicable, of this Letter
Agreement (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching party shall be entitled
to injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event of such breach.

 

7.              
(a) The Sponsor and each Insider agrees that it, he or she shall not Transfer any Founder Shares (or shares of Common Stock
issuable upon conversion thereof) until the earlier of (A) one year after the completion of the Company’s initial Business
Combination or (B) subsequent to the Business Combination, (x) if the closing price of the Common Stock equals or exceeds $12.00
per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days
within any 30-trading day period commencing at least 150 days after the Company’s initial Business Combination or (y) the
date on which the Company completes a liquidation, merger, stock exchange, reorganization or other similar transaction that results
in all of the Company’s public stockholders having the right to exchange their shares of Common Stock for cash, securities
or other property (the “Founder Shares Lock-up Period”).

 

    3 

    

    

 

(b) The Sponsor agrees that it shall not Transfer
any Private Placement Warrants (or shares of Common Stock issued or issuable upon the exercise of the Private Placement Warrants)
until 30 days after the completion of a Business Combination (the “Private Placement Warrants Lock-up Period”,
together with the Founder Shares Lock-up Period, the “Lock-up Periods”).

 

(c) Notwithstanding the provisions set forth
in paragraphs 3 and 7(a) and (b), Transfers of the Founder Shares, Private Placement Warrants and shares of Common Stock issued
or issuable upon the exercise or conversion of the Private Placement Warrants or the Founder Shares and that are held by the Sponsor,
any Insider or any of their permitted transferees (that have complied with this paragraph 7(c)), are permitted (i) to the Company’s
officers or directors, any affiliates or family members of any of the Company’s officers or directors, any members of the
Sponsor, or any affiliates of the Sponsor, including to funds affiliated with Starboard Value LP, and to limited partners of funds
affiliated with Starboard Value LP, provided that any such transfers to limited partners are made on a pro rata basis pursuant
to the organizational documents of such funds and internal allocation policy; (ii) in the case of an individual, by gift to a member
of the individual’s immediate family, to a trust, the beneficiary of which is a member of the individual’s immediate
family or an affiliate of such individual, or to a charitable organization; (iii) in the case of an individual, by virtue of laws
of descent and distribution upon death of the individual; (iv) in the case of an individual, pursuant to a qualified domestic relations
order; (v) by private sales or transfers made in connection with the consummation of a Business Combination at prices no greater
than the price at which the securities were originally purchased; (vi) in the event of the Company’s liquidation prior to
the completion of an initial Business Combination; (vii) by virtue of the laws of the State of Delaware or the Sponsor’s
limited liability company agreement upon dissolution of the Sponsor; (viii) in the event of the Company’s completion of a
liquidation, merger, stock exchange, reorganization or other similar transaction which results in all of the Company’s public
stockholders having the right to exchange their shares of Common Stock for cash, securities or other property subsequent to the
Company’s completion of a Business Combination; (ix) to any “transferee” as defined in the Forward Purchase Agreement
and the Optional Share Purchase Agreement; or (x) to a nominee or custodian of a person or entity to whom a disposition or transfer
would be permissible under clauses (i) through (ix) above; provided, however, that in the case of clauses (i) through
(v) and (ix) and (x), these permitted transferees must enter into a written agreement with the Company agreeing to be bound by
the transfer restrictions herein and the other restrictions contained in this Agreement (including provisions relating to voting,
the Trust Account and liquidating distributions).

 

8.              
The Sponsor and each Insider represents and warrants that it, he or she has never been suspended or expelled from membership
in any securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended
or revoked. Each Insider’s biographical information furnished to the Company (including any such information included in
the Prospectus) is true and accurate in all respects and does not omit any material information with respect to the Insider’s
background. The Sponsor and each Insider’s questionnaire furnished to the Company is true and accurate in all respects. The
Sponsor and each Insider represents and warrants that: it, he or she is not subject to or a respondent in any legal action for,
any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the offering
of securities in any jurisdiction; it, he or she has never been convicted of, or pleaded guilty to, any crime (i) involving fraud,
(ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining to any dealings in any securities
and it, he or she is not currently a defendant in any such criminal proceeding.

 

9.              
Except as disclosed in the Prospectus, neither the Sponsor nor any Insider nor any affiliate of the Sponsor or any Insider,
nor any director or officer of the Company, shall receive from the Company any finder’s fee, reimbursement, consulting fee,
monies in respect of any repayment of a loan or other compensation prior to, or in connection with any services rendered in order
to effectuate the consummation of the Company’s initial Business Combination (regardless of the type of transaction that
it is), other than the following, none of which will be made from the proceeds held in the Trust Account prior to the completion
of the initial Business Combination: repayment of a loan and advances of up to $300,000 made to the Company by the Sponsor to cover
expenses related to the organization of the Company and the Public Offering; payment to the Sponsor for office space and related
support services for a total of $10,000 per month for up to 24 months; reimbursement for any reasonable out-of-pocket expenses
related to identifying, investigating and consummating an initial Business Combination, and repayment of loans, if any, and on
such terms as to be determined by the Company from time to time, made by the Sponsor, Starboard Value LP or certain of the Company’s
officers and directors to finance transaction costs in connection with an intended initial Business Combination, provided,
that, if the Company does not consummate an initial Business Combination, a portion of the working capital held outside the Trust
Account may be used by the Company to repay such loaned amounts so long as no proceeds from the Trust Account are used for such
repayment. Up to $1,500,000 of such loans may be convertible into warrants of the post Business Combination entity at a price of
$1.50 per warrant at the option of the lender. Such warrants would be identical to the Private Placement Warrants, including as
to exercise price, exercisability and exercise period.

 

    4 

    

    

 

10.            
The Sponsor and each Insider has full right and power, without violating any agreement to which it is bound (including,
without limitation, any non-competition or non-solicitation agreement with any employer or former employer), to enter into this
Letter Agreement and, as applicable, to serve as an officer and/or a director on the board of directors of the Company and hereby
consents to being named in the Prospectus as an officer and/or a director of the Company.

 

11.            
As used herein, (i) “Business Combination” shall mean a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Capital
Stock” shall mean, collectively, the Common Stock and the Founder Shares; (iii) “Founder Shares” shall
mean the 10,350,000 shares of the Company’s Class B common stock, par value $0.0001 per share (up to 1,350,000 of which are
subject to forfeiture depending on the extent to which the underwriters’ over-allotment option is exercised), of which 8,625,000
were initially issued to the Sponsor and 1,725,000 of which were issued as a stock dividend on September 9, 2020, prior to the
consummation of the Public Offering; (iv) “Forward Purchase Agreement” shall mean that certain amended and restated
forward purchase agreement by and among the Company and certain clients of Starboard Value LP; (v) “Optional Share Purchase
Agreement” shall mean that certain optional share purchase agreement by and among the Company and certain clients of
Starboard Value LP; (vi) “Initial Stockholders” shall mean the Sponsor and any other holder of Founder Shares
immediately prior to the Public Offering; (vii) “Private Placement Warrants” shall mean the warrants to purchase
up to 6,133,333 shares of Common Stock of the Company (or 6,853,333 shares of Common Stock if the over-allotment option is exercised
in full) that the Sponsor has agreed to purchase for an aggregate purchase price of $9,200,000 in the aggregate (or $10,280,000
if the over-allotment option is exercised in full), or $1.50 per warrant, in a private placement that shall occur simultaneously
with the consummation of the Public Offering; (viii) “Public Stockholders” shall mean the holders of securities
issued in the Public Offering; (ix) “Trust Account” shall mean the trust fund into which a portion of the net
proceeds of the Public Offering and the sale of the Private Placement Warrants shall be deposited; and (x) “Transfer”
shall mean the (a) sale or assignment of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option
to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent
position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange
Act and the rules and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap
or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any security,
whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement
of any intention to effect any transaction specified in clause (a) or (b).

 

12.            
This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject
matter hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or
oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement
may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except
by a written instrument executed by all parties hereto.

 

13.            
Except as otherwise provided herein, no party hereto may assign either this Letter Agreement or any of its rights, interests,
or obligations hereunder without the prior written consent of the other parties. Any purported assignment in violation of this
paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee.
This Letter Agreement shall be binding on the Sponsor and each Insider and their respective successors, heirs and assigns and
permitted transferees.

 

14.            
Nothing in this Letter Agreement shall be construed to confer upon, or give to, any person or entity other than the parties
hereto any right, remedy or claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation, promise
or agreement hereof. All covenants, conditions, stipulations, promises and agreements contained in this Letter Agreement shall
be for the sole and exclusive benefit of the parties hereto and their successors, heirs, personal representatives and assigns and
permitted transferees.

 

    5 

    

    

 

15.            
This Letter Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts
shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

16.            
This Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof
shall not affect the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore,
in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of
this Letter Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid
and enforceable.

 

17.            
This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York,
without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this
Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit
to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive
jurisdiction and venue or that such courts represent an inconvenient forum.

 

18.            
Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall
be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested),
by hand delivery or facsimile transmission.

 

19.            
This Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods or (ii) the liquidation
of the Company; provided, however, that this Letter Agreement shall earlier terminate in the event that the Public
Offering is not consummated and closed by February 14, 2021; provided further that paragraph 4 of this Letter Agreement
shall survive such liquidation.

 

[Signature Page Follows]

 

    6 

    

    

 

	 	Sincerely,
	 	SVAC Sponsor LLC
	 	 
	 	By:	/s/ Kenneth R. Marlin
	 	 	Name: Kenneth R. Marlin
	 	 	Title: Authorized Person

 

	 	/s/ Martin D. McNulty, Jr.
	 	Martin D. McNulty, Jr.
	 	 
	 	/s/ Kenneth R. Marlin
	 	Kenneth R. Marlin
	 	 
	 	/s/ Jeffrey C. Smith
	 	Jeffrey C. Smith
	 	 
	 	/s/ Pauline J. Brown
	 	Pauline J. Brown
	 	 
	 	/s/ Michelle Felman
	 	Michelle Felman
	 	 
	 	/s/ Lowell W. Robinson
	 	Lowell W. Robinson
	 	 
	 	/s/ Robert L. Greene
	 	Robert L. Greene

 

Acknowledged and Agreed:

Starboard Value Acquisition Corp.

 

	By:	/s/ Martin D. McNulty, Jr.	 
	 	Name: Martin D. McNulty, Jr.	 
	 	Title: Chief Executive Officer	 

 

[Signature Page to Letter Agreement]

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