Document:

EX-10.2

 Exhibit 10.2 

PRIVIA HEALTH GROUP, INC. 

SHAREHOLDER RIGHTS AGREEMENT 

Dated as of May 2, 2021 
  

 TABLE OF CONTENTS 

 

							
		 		  	 	Page	 
	 Article I DEFINITIONS
	  	 	1	 
			
	 Section 1.1
	 	Definitions	  	 	1	 
	 Section 1.2
	 	General Interpretive Principles	  	 	6	 
		
	 Article II REPRESENTATIONS AND WARRANTIES
	  	 	6	 
			
	 Section 2.1
	 	Representations and Warranties of the Investors	  	 	6	 
	 Section 2.2
	 	Representations and Warranties of the Company	  	 	7	 
		
	 Article III MANAGEMENT
	  	 	7	 
			
	 Section 3.1
	 	Board of Directors	  	 	7	 
	 Section 3.2
	 	Investor Director Designees	  	 	8	 
	 Section 3.3
	 	Non-Designee Directors	  	 	9	 
	 Section 3.4
	 	Board Committees	  	 	9	 
		
	 Article IV REGISTRATION RIGHTS; COORDINATION COMMITTEE
	  	 	10	 
			
	 Section 4.1
	 	Registration Rights	  	 	10	 
	 Section 4.2
	 	Coordination Committee	  	 	10	 
		
	 Article V ADDITIONAL AGREEMENTS OF THE PARTIES
	  	 	11	 
			
	 Section 5.1
	 	Certain Investor Approval Rights	  	 	11	 
	 Section 5.2
	 	No Promotion	  	 	12	 
	 Section 5.3
	 	Exculpation Among Investors	  	 	12	 
	 Section 5.4
	 	No Fiduciary Duty; Investment Banking Services	  	 	12	 
	 Section 5.5
	 	Logo of the Company and its Subsidiaries	  	 	13	 
	 Section 5.6
	 	In-Kind Distributions	  	 	13	 
		
	 Article VI ADDITIONAL PARTIES
	  	 	13	 
			
	 Section 6.1
	 	Additional Parties	  	 	13	 
		
	 Article VII MISCELLANEOUS
	  	 	13	 
			
	 Section 7.1
	 	Freedom to Pursue Opportunities	  	 	13	 
	 Section 7.2
	 	Effective Time	  	 	14	 
	 Section 7.3
	 	Entire Agreement	  	 	14	 
	 Section 7.4
	 	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	  	 	14	 
	 Section 7.5
	 	Obligations; Remedies	  	 	15	 
	 Section 7.6
	 	Consent of the Investors	  	 	16	 
	 Section 7.7
	 	Amendment and Waiver	  	 	16	 
	 Section 7.8
	 	Binding Effect	  	 	16	 
	 Section 7.9
	 	Termination	  	 	16	 
	 Section 7.10
	 	Non-Recourse	  	 	17	 
	 Section 7.11
	 	Notices	  	 	17	 
	 Section 7.12
	 	Severability	  	 	18	 
	 Section 7.13
	 	No Third-Party Beneficiaries	  	 	18	 
	 Section 7.14
	 	Recapitalizations; Exchanges, Etc.	  	 	19	 
	 Section 7.15
	 	Counterparts	  	 	19	 

  
 i 

 Exhibit A - Form of Registration Rights Agreement 

Exhibit B - Form of Director Indemnification Agreement 
 Annex I
- Form of Audit Committee Charter 
 Annex II - Form of Compensation Committee Charter 

Annex III - Form of Nominating and Corporate Governance Committee Charter 

Annex IV - Form of Compliance Committee Charter 
  

  
 ii 

 SHAREHOLDER RIGHTS AGREEMENT 

This SHAREHOLDER RIGHTS AGREEMENT is made as of May 2, 2021, by and among Privia Health Group, Inc., a Delaware corporation (together
with its successors and assigns, the “Company”), Broad Street Principal Investments, L.L.C., a Delaware limited liability company (“BSPI”), MBD 2013 Holdings, L.P., a Cayman Islands exempted limited partnership
(“MBD”), and Bridge Street 2013 Holdings, L.P., a Cayman Islands exempted limited partnership (“Bridge Street” and, together with BSPI, MBD and their respective Permitted Transferees (as defined herein), each a
“GS Investor” and, collectively, the “GS Investors”), and Pamplona Capital Partners III, L.P., a Cayman Islands exempted limited partnership (together with its Permitted Transferees hereunder, the “Pamplona
Investor” and, together with the GS Investors, each an “Investor” and, collectively, the “Investors”). 

WHEREAS, in connection with an initial public offering (the “IPO”) of shares of common stock, par value $0.01 per share, of
the Company (the “Shares”), the parties hereto desire to enter into this Agreement to govern certain of their rights, duties and obligations with respect to the Investors’ ownership of Shares after consummation of the IPO. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties mutually agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1 Definitions. As used in this Agreement, the following terms shall have the meanings set forth below: 

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly, controls, is controlled by or is
under common control with such Person. The term “control” (including the terms “controlled by” and “under common control with”) as used with respect to any Person, means the power to direct or cause
the direction of the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, as trustee or executor, by contract or otherwise to control such Person within the meaning of such term as used
in Rule 405 under the Securities Act. “Controlled” and “controlling” have meanings correlative to the foregoing. Notwithstanding the foregoing, for purposes hereof, (a) none of the Investors, the Company nor
any of their respective Subsidiaries shall be considered Affiliates of any portfolio operating company in which the Investors or any of their investment fund Affiliates have made a debt or equity investment solely as a result of such investment and
(b) no Person registered as an investment company under the Investment Company Act of 1940 to whom an Affiliate of any Investor serves as investment adviser shall be considered an Affiliate of such Investor solely as a result of such Affiliate
serving as such company’s investment adviser. 
 “Affiliated” shall have a correlative meaning to the term
“Affiliate”. 
 “Agreement” means this Shareholder Rights Agreement. 

  
 1 

 “Approved Budget” means, with respect to any given year, the annual budget
for the Company Group for such year after giving effect to the Investor approval rights set forth in Section 5.1. 

“Beneficial Ownership”, “Beneficial Owner”, “beneficially own” and similar terms have the
meanings set forth in Rule 13d-3 under the Exchange Act; provided, however, that no Investor shall be deemed to beneficially own any securities of the Company held by any other Investor solely by
virtue of the provisions of this Agreement (other than this definition). 
 “BHG Holdings” means Brighton Health Group
Holdings, LLC, a Delaware limited liability company. 
 “Board” means the Board of Directors of the Company. 

“Bridge Street” has the meaning set forth in the Preamble. 

“BSPI” has the meaning set forth in the Preamble. 

“Business Day” means any day, other than a Saturday, Sunday or one on which banks are authorized by law to be closed in New
York, New York. 
 “Bylaws” means the Bylaws of the Company as in effect on any date of determination. 

“Change in Control” means the occurrence of any of the following events: 

(a) the sale or disposition, in one or a series of related transactions, of all or substantially all of the assets of the Company to any
“person” or “group” (as such terms are defined in Section 13(d)(3) of the Exchange Act), other than to any of the Investors or any of their respective Affiliates (collectively, the “Permitted Holders”); 

(b) any person or group, other than the Permitted Holders, is or becomes the Beneficial Owner, directly or indirectly, of more than fifty
percent (50%) of the total voting power of the voting stock of the Company (or any entity which controls the Company, or which is a successor to all or substantially all of the assets of the Company), including by way of merger, recapitalization,
reorganization, redemption, issuance of capital stock, consolidation, tender or exchange offer or otherwise; or 
 (c) a merger of the
Company with or into another Person (other than the Permitted Holders) in which the voting stockholders of the Company immediately prior to such merger cease to hold at least fifty percent (50%) of the voting securities of the surviving entity or
ultimate parent entity (in each case, including the Company) immediately following such merger; provided that, in each case under clause (a), (b) or (c), no Change in Control shall occur unless the Permitted
Holders in such transaction cease to have the ability, without the approval of any Person who is not a Permitted Holder, to elect more directors of the Company (or any resulting entity) than any other stockholder or group of Affiliated stockholders
of the Company. 

  
 2 

 “Charter” means the Certificate of Incorporation of the Company as in
effect on any date of determination. 
 “Chosen Courts” has the meaning set forth in
Section 7.4(b). 
 “Company” has the meaning set forth in the Preamble. 

“Company Group” means the Company, each Subsidiary of the Company and each other Person that is controlled directly or
indirectly by the Company. 
 “Coordination Committee” has the meaning set forth in
Section 4.2(a). 
 “Distribution Event” means a distribution of Shares by BHG Holdings to its
equityholders following the consummation of the IPO. 
 “Encumbrance” means any charge, claim, community or other marital
property interest, right of first option, right of first refusal, mortgage, pledge, lien or other encumbrance. 
 “Equity
Securities” means (a) any capital stock (including the Shares), partnership interests, limited liability company interests, units or any other type of equity interest, or other indicia of equity ownership (including profits interests)
(collectively, “Interests”), (b) any security convertible into or exercisable or exchangeable for, with or without consideration, any Interests (including any option to purchase such convertible security), (c) any security carrying
any warrant or right to subscribe to or purchase any security described in clause (a) or clause (b), or (d) any such warrant or right described in clause (c). 

“Exchange Act” means the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder. 

“First Threshold Date” has the meaning set forth in Section 3.2(a). 

“Governmental Authority” means any United States or foreign government, any state or other political subdivision thereof, any
entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including the SEC, or any other authority, agency, department, board, commission or instrumentality of the United States, any
State of the United States or any political subdivision thereof or any foreign jurisdiction, and any court, tribunal or arbitrator(s) of competent jurisdiction, and any United States or foreign governmental or
non-governmental self-regulatory organization, agency or authority. 
 “GS
Investors” has the meaning set forth in the Preamble. 
 “GS Representative” means, initially, BSPI;
provided, that upon delivery of written notice to the Company signed by each GS Investor hereunder, the GS Investors may select an alternative GS Investor that is a signatory to this Agreement as the “GS Representative” for purposes
of Section 5.1 hereof. 

  
 3 

 “Indebtedness” means, with respect to any Person, (a) all indebtedness
of such Person for borrowed money or for the deferred purchase price of property or services (other than trade payables and other similar obligations incurred in the ordinary course of business), (b) all obligations of such Person which are
evidenced by notes, bonds, debentures or similar instruments, (c) all obligations of such Person that have been, or should be, in accordance with GAAP, recorded as capital leases, (d) all obligations of such Person that have been, or
should be, in accordance with GAAP, recorded as a sale-leaseback transaction or leveraged lease, (e) all obligations of such Person in respect of letters of credit or similar instruments (other than such obligations incurred in the ordinary
course of business), and (f) all direct or indirect guarantees (including “keep well” arrangements, support agreements and similar agreements) with respect to the Indebtedness of any other Person referred to in clauses
(a) through (e) above. 
 “Independent” means “independent” as set forth in NASDAQ Rule
5605(a)(2), otherwise in the NASDAQ Rules or in any applicable rules of an exchange on which the securities of the Company are listed and, with respect to the audit committee of the Board, also “independent” as set forth in Rule 10A-3 under the Exchange Act. 
 “Interests” has the meaning set forth in the definition
of “Equity Securities”. 
 “Investor” has the meaning set forth in the Preamble. 

“Investor Director Designee” has the meaning set forth in Section 3.2(a). 

“Investor Group” means the GS Investors or the Pamplona Investor, as applicable, together with their respective Permitted
Transferees hereunder. 
 “IPO” has the meaning set forth in the Recitals. 

“Law” with respect to any Person, means (a) all provisions of all laws, statutes, ordinances, rules, regulations,
permits, certificates or orders of any Governmental Authority applicable to such Person or any of its assets or property or to which such Person or any of its assets or property is subject, including Banking Regulations, and (b) all judgments,
injunctions, orders and decrees of any Governmental Authority in proceedings or actions in which such Person is a party or by which it or any of its assets or properties is or may be bound or subject. 

“MBD” has the meaning set forth in the Preamble. 

“NASDAQ” means the Nasdaq Global Select Market. 

“NASDAQ Rules” means the rules and regulations of the Nasdaq Global Select Market. 

“Non-Designee Director” has the meaning set forth in
Section 3.3. 
 “Notifying Investor Group” has the meaning set forth in
Section 4.3. 
 “Pamplona Investor” has the meaning set forth in the Preamble. 

“Pamplona Representative” means, initially, Pamplona Capital Partners III, L.P.; provided, that upon delivery of
written notice to the Company signed by each Pamplona Investor hereunder, the Pamplona Investors may select an alternative Pamplona Investor that is a signatory to this Agreement as the “Pamplona Representative” for purposes of
Section 5.1 hereof. 

  
 4 

 “Permitted Holders” has the meaning set forth in the definition of
“Change in Control”. 
 “Permitted Transferee” means, with respect to any Investor, any Affiliate of such
Investor. 
 “Person” means an individual, partnership, corporation, business trust, joint stock company, trust,
unincorporated association, joint venture, limited liability company, Governmental Authority or any other entity or organization of whatever nature, and shall include any successor (by merger or otherwise) of such entity or organization. 

“Registration Rights Agreement” has the meaning set forth in Section 4.1. 

“Rule 144” means Rule 144 under the Securities Act. 

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

“Second Threshold Date” has the meaning set forth in Section 3.2(b). 

“Securities Act” means the Securities Act of 1933 and the rules and regulations promulgated thereunder. 

“Shares” has the meaning set forth in the Recitals. 

“Subsidiary” means, with respect to any Person, any corporation, partnership, trust, limited liability company or other non-corporate business enterprise in which such Person (or another Subsidiary of such Person) holds shares, stock or other ownership interests representing (a) more than fifty percent (50%) of the voting power
of all outstanding shares, stock or ownership interests of such entity, (b) the right to receive more than fifty percent (50%) of the net assets of such entity available for distribution to the holders of outstanding shares, stock or ownership
interests upon a liquidation or dissolution of such entity, or (c) a general or managing partnership interest in such entity. 

“Third Threshold Date” has the meaning set forth in Section 3.2(c). 

“Transfer” means, with respect to any Shares, a direct or indirect transfer (including through one or more transfers), sale,
exchange, assignment, pledge, hypothecation or other Encumbrance or other disposition of such Shares, including the grant of an option or other right, whether directly or indirectly, whether voluntarily, involuntarily or by operation of law;
provided, that a Transfer shall not include (a) a Distribution Event, or (b) any a direct or indirect transfer (including through one or more transfers), sale, exchange, assignment, pledge, hypothecation or other Encumbrance or
other disposition of Shares as a result of a direct or indirect transfer (including through one or more transfers), sale, exchange, assignment, pledge, hypothecation or other Encumbrance or other disposition of an interest in The Goldman Sachs
Group, Inc. or the Pamplona Investor, including the grant of an option or other right, whether directly or indirectly, whether voluntarily, involuntarily or by operation of law. 

  
 5 

 “Transferred,” “Transferring” and
“Transferee” shall each have a correlative meaning to the term “Transfer.” 
 Section 1.2 General
Interpretive Principles. The name assigned to this Agreement and the section captions used herein are for convenience of reference only and shall not be construed to affect the meaning, construction or effect hereof. References to this Agreement
shall include all Exhibits, Schedules and Annexes to this Agreement. References to any statute, rule or regulation refer to such statute, rule or regulation as amended, modified, supplemented or replaced from time to time (and, in the case of any
statute, include any rules and regulations promulgated under the statute) and references to any section of any statute or regulation include any successor to such section. References to any Governmental Authority include any successor to such
Governmental Authority. Unless otherwise specified, the terms “hereof,” “herein” and similar terms refer to this Agreement as a whole. For purposes of this Agreement, the words, “include,”
“includes” and “including,” when used herein, shall be deemed in each case to be followed by the words “without limitation.” The terms defined in the singular have a comparable meaning when used in
the plural, and vice versa. The terms “dollars” and “$” shall mean United States dollars. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question
of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties and no presumption or burden of proof will arise favoring or disfavoring any party because of the authorship of any provision of this
Agreement. 
 ARTICLE II 

REPRESENTATIONS AND WARRANTIES 

Section 2.1 Representations and Warranties of the Investors. Each Investor, severally and not jointly, hereby represents and
warrants to the Company and each other Investor that as of the date hereof: 
 (a) This Agreement has been duly authorized, executed, and
delivered by such Investor and, assuming the due execution and delivery of this Agreement by the other parties hereto, this Agreement constitutes a valid and binding obligation of such Investor, enforceable against such Investor in accordance with
its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent transfer, moratorium, reorganization or similar Laws of general applicability relating to or affecting the rights of creditors generally and
subject to general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law). 
 (b) The
execution, delivery, and performance by such Investor of this Agreement and the agreements contemplated hereby and the consummation by such Investor of the transactions contemplated hereby do not and will not, with or without the giving of notice or
the passage of time or both: (i) violate the provisions of any Law applicable to such Investor, or (ii) result in any material breach of any terms or conditions of, or constitute a material default under, any contract, agreement or
instrument to which such Investor is a party. 

  
 6 

 Section 2.2 Representations and Warranties of the Company. The Company hereby
represents and warrants to each Investor that as of the date hereof: 
 (a) This Agreement has been duly authorized, executed, and delivered
by the Company and, assuming the due execution and delivery of this Agreement by the other parties hereto, this Agreement constitutes a valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except
as enforceability may be limited by applicable bankruptcy, insolvency, fraudulent transfer, moratorium, reorganization or similar Laws of general applicability relating to or affecting the rights of creditors generally and subject to general
principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law). 
 (b) The execution, delivery,
and performance by the Company of this Agreement and the agreements contemplated hereby and the consummation by the Company of the transactions contemplated hereby do not and will not, with or without the giving of notice or the passage of time or
both: (i) violate the provisions of any Law applicable to the Company or its properties or assets, or (ii) result in any material breach of any terms or conditions of, or constitute a material default under, any contract, agreement or
instrument to which the Company is a party or by which the Company or its properties or assets are bound. 
 ARTICLE III 

MANAGEMENT 

Section 3.1 Board of Directors. 

(a) Upon the consummation of the IPO and subject to Section 3.2 and Section 3.3, the Board
shall consist of the following eight (8) members: (i) Shawn Morris, the Chief Executive Officer of the Company, (ii) Jeffrey Bernstein, as the initial Investor Director Designee of the GS Investors, (iii) Will Sherrill, as the initial
Investor Director Designee of the Pamplona Investor, and (iv) Jeffrey Butler, David King, Tom McCarthy, Patricia Maryland, and Bill Sullivan as the initial Non-Designee Directors. 

(b) The Company and its Subsidiaries shall reimburse each Investor Director Designee for all reasonable out-of-pocket expenses incurred in connection with their attendance at meetings of the Board or the board of directors (or equivalent governing body) of any of the Company’s Subsidiaries, and any
committees of the foregoing, including travel, lodging, and meal expenses, in accordance with the Company’s reimbursement policies in effect from time to time. 

(c) The Company and its Subsidiaries shall obtain customary director and officer indemnity insurance on commercially reasonable terms which
insurance shall cover each Investor Director Designee. The Company shall enter into a director indemnification agreement, substantially in the form attached as Exhibit B hereto, with each Investor Director Designee. 

  
 7 

 Section 3.2 Investor Director Designees. 

(a) During the period from and after the consummation of the IPO until the first date on which an Investor Group ceases to Beneficially Own a
number of Shares in the aggregate equal to or in excess of fifteen percent (15%) of the then-outstanding Shares (such date with respect to the GS Investors or the Pamplona Investor, as the case may be, the “First Threshold Date”),
such Investor Group shall have the right (but not the obligation) to designate three (3) individuals for election to the Board (any individual designated by an Investor Group, an “Investor Director Designee”); provided,
that, for so long as the Board consists of less than nine (9) members and the Company is not deemed to be a “controlled company” for purposes of the NASDAQ Rules, in the event that an Investor Group has elected to designate three
(3) Investor Director Designees pursuant to this Section 3.2(a), at least two (2) of such Investor Director Designees of such Investor Group shall meet (i) the applicable director independence requirements
set forth in the NASDAQ Rules and the Exchange Act, and (ii) to the extent applicable to each such Investor Director Designee in light of such Investor Director Designee’s prospective Board committee assignment(s), the applicable Board
committee composition requirements set forth in the NASDAQ Rules and the Exchange Act, in each case, subject to applicable “phase-in” and other exemptions set forth in the NASDAQ Rules and the
Exchange Act which the Company may rely on. 
 (b) During the period from and after the First Threshold Date with respect to an Investor
Group until the first date on which such Investor Group ceases to Beneficially Own a number of Shares in the aggregate equal to or in excess of ten percent (10%) of the then-outstanding Shares (such date with respect to the GS Investors or the
Pamplona Investor, as the case may be, the “Second Threshold Date”), such Investor Group shall have the right (but not the obligation) to designate only two (2) Investor Director Designee; provided, that in the event
that an Investor Group has elected to designate two (2) Investor Director Designees pursuant to this Section 3.2(b), at least one such Investor Director Designee of such Investor Group shall meet (i) the
applicable director independence requirements set forth in the NASDAQ Rules and the Exchange Act, and (ii) to the extent applicable to such Investor Director Designee in light of such Investor Director Designee’s prospective Board
committee assignment(s), the applicable Board committee composition requirements set forth in the NASDAQ Rules and the Exchange Act, in each case, subject to applicable “phase-in” and other
exemptions set forth in the NASDAQ Rules and the Exchange Act which the Company may rely on. 
 (c) During the period from and after the
Second Threshold Date with respect to an Investor Group until the first date on which such Investor Group ceases to Beneficially Own a number of Shares in the aggregate equal to or in excess of five percent (5%) of the then-outstanding Shares (such
date with respect to the GS Investors or the Pamplona Investor, as the case may be, the “Third Threshold Date”), such Investor Group shall have the right (but not the obligation) to designate only one (1) Investor Director
Designee. 
 (d) From and after the Third Threshold Date with respect to an Investor Group, such Investor Group shall have no right to
designate any Investor Director Designees hereunder. 
 (e) The Company shall include each Investor Director Designee among the
Company’s and its directors’ nominees for election to the Board at all of the Company’s applicable annual or special meetings of stockholders (or actions by written consent) at which directors are to be elected, subject to
satisfaction of the requirements of Law and the Company’s organizational and governance documents regarding service as a director of the Company. 

  
 8 

 (f) Except as provided in Section 3.2(e), if the number of
individuals that either the GS Investors or the Pamplona Investor have the right to designate for election to the Board is decreased pursuant to Section 3.2(b), Section 3.2(c) or
Section 3.2(d), then the corresponding number of directors designated by such Investor pursuant to the foregoing provisions of this Section 3.2 shall immediately offer to resign from the Board. In
the event that any Investor Director Designee offers to tender his or her resignation, the Board shall promptly determine whether to accept such resignation and, if the Board chooses to accept such resignation, the Company and the applicable
Investor Group shall be immediately required to take any and all actions necessary or appropriate to cooperate in ensuring the removal of such individual from his or her directorship. Except as provided above, the GS Investors and the Pamplona
Investor shall have the sole and exclusive right to immediately remove their respective Investor Director Designees from the Board, as well as the exclusive right to designate the individual to fill vacancies that are created by reason of the death,
removal or resignation of such Investor Director Designees. 
 (g) To the extent nominated or designated by the GS Investors or the Pamplona
Investor, the Company and each of the other Investors shall take all actions necessary and within their control and to the extent permissible by Law to cause the nomination, election, removal or replacement of the Investor Director Designees as
provided for herein, including (i) in the case of the Company, soliciting proxies for each Investor Director Designee to the same extent it does so for its other director nominees, and (ii) in the case of the Investors, voting the Shares
held by such Investor (whether at a meeting or acting by written consent). No Investor shall take any action with respect to the Company that would be inconsistent with the provisions of this Agreement. 

Section 3.3 Non-Designee Directors. Subject to
Section 5.1(a)(viii), at all times following the consummation of the IPO, the Board shall include a sufficient number of directors not Affiliated with and not nominated or designated by the Investors or Affiliated with the
Company (other than, in each case, in their capacity as directors) who shall be Independent (the “Non-Designee Directors”) in order to permit the Company to satisfy the applicable director
independence and Board committee composition requirements set forth in the NASDAQ Rules and the Exchange Act. 
 Section 3.4 Board
Committees. Upon the consummation of the IPO, the Board shall have established the following committees: 
 (a) An audit committee having
the responsibilities set forth in the Audit Committee Charter attached hereto as Annex I and which shall at all times meet the requirements of NASDAQ Rule 5605(c)(2) and Rule 10A-3 under the Exchange
Act. 
 (b) A compensation committee having the responsibilities set forth in the Compensation Committee Charter attached hereto as Annex
II and which shall at all times meet the requirements of NASDAQ Rule 5605(d)(2) and Rule 10C-1 under the Exchange Act. 

(c) A nominating and corporate governance committee having the responsibilities set forth in the Nominating and Corporate Governance Committee
Charter attached hereto as Annex III and which shall at all times meet the requirements of NASDAQ Rule 5605(e). 

  
 9 

 (d) A compliance committee having the responsibilities set forth in the Compliance Committee
Charter attached hereto as Annex IV. 
 ARTICLE IV 

REGISTRATION RIGHTS; COORDINATION COMMITTEE 

Section 4.1 Registration Rights. Effective as of the consummation of the IPO, the Company shall grant to each of the Investors and
certain other members of BHG Holdings registration rights in substantially the same form as set forth in the form of Registration Rights Agreement attached as Exhibit A hereto (the “Registration Rights Agreement”). 

Section 4.2 Coordination Committee. 

(a) Effective as of the consummation of the IPO, the Investors shall create a coordination committee (the “Coordination
Committee”), which shall not be a committee of the Board, and will maintain such committee for so long as this Agreement remains in effect or until disbanded with the written consent of each Investor Group. During the period following the
IPO, the Coordination Committee shall facilitate coordination of (i) the exercise of registration rights pursuant to the Registration Rights Agreement, (ii) dispositions of Shares held by the Investors pursuant to Rule 144 as provided in
Section 4.2(b), and (iii) following the occurrence of a Distribution Event, any distributions of Shares by any Investor to its investors as provided in Section 4.2(b). The GS Investors and the
Pamplona Investor will have the right to designate an equal number of members of the Coordination Committee and shall be permitted to remove and replace such designees, and to fill any vacancies resulting from the death, removal or resignation of
any such designee, from time to time. Subject to the terms and conditions of this Section 4.2 set forth above, the procedures governing the conduct of the Coordination Committee shall be established from time to time by the
written consent of the Investors. 
 (b) Following the consummation of the IPO, an Investor wishing to (i) Transfer any Shares pursuant
to Rule 144, (ii) exercise its demand registration rights pursuant to the Registration Rights Agreement, or (iii) distribute any Shares to such Investor’s investors, shall consult with the Coordination Committee prior to taking such action
or entering into any definitive agreement with respect to such action, and shall use reasonable efforts to minimize any adverse impact to the other Investors in respect of such Transfer or distribution. 

Section 4.3 Certain Notice Requirements. From and after the consummation of the IPO, an Investor Group (for purposes of this
Section 4.3, a “Notifying Investor Group”) shall provide the other applicable Investor Group with written notice prior to the time that such Notifying Investor Group acquires, during any twelve
(12) month period following the consummation of the IPO, Beneficial Ownership of an aggregate amount of Shares in excess of nine-tenths of a percent (0.90%) of the aggregate amount of issued and outstanding Shares. 

  
 10 

 ARTICLE V 

ADDITIONAL AGREEMENTS OF THE PARTIES 

Section 5.1 Certain Investor Approval Rights. 

(a) During the period from and after the consummation of the IPO until the First Threshold Date with respect to an Investor Group, the Company
shall not (and shall cause its Subsidiaries not to), take, approve or commit or agree to take any of the following actions without the prior written consent of such Investor Group; provided, that, for purposes of this
Section 5.1, the Company shall be entitled to conclusively rely upon a written consent signed by the GS Representative or the Pamplona Representative purporting to consent on behalf of the Investor Group of which it is a
part: 
 (i) the consummation of any transaction or series of transactions that, whether by merger, amalgamation, business
combination, sale of Equity Securities, asset disposition or other means, results in a Change in Control; 
 (ii) the
adoption or approval of the annual budget of the Company Group; 
 (iii) except as otherwise previously approved in an
Approved Budget for a given year, (A) any acquisition (whether by merger, consolidation or otherwise) of Equity Securities of, or other investment in, any Person or business (including through an acquisition of assets, operations or business
and any joint venture, partnership or similar arrangement) with a value (including any liabilities assumed in connection with such acquisition) in excess of fifteen percent (15%) of the total assets of the Company Group, or (B), any sale, lease,
exchange or other disposition of any assets or properties of the Company Group having a value in excess of fifteen percent (15%) of the total assets of the Company Group; 

(iv) the issuance of any Equity Securities of any member of the Company Group, excluding (A) the issuance of any Equity
Securities under any equity incentive plan that has been approved by the Board, (B) the issuance of any Equity Securities by (1) wholly owned Subsidiaries of the Company to the Company or another wholly owned Subsidiary of the Company, or
(2) joint ventures or non-wholly owned Subsidiaries to the extent that neither the Company nor any of its Subsidiaries has control over such issuance, and (C) the issuance of any Equity Securities
with an aggregate issuance or subscription amount, when measured together with the aggregate issuance or subscription amount in respect of all prior issuances of Equity Securities pursuant to this clause (C), that is not greater than
$50 million; 
 (v) any creation, incurrence, or assumption of Indebtedness by the Company or any of its Subsidiaries
that, immediately after such creation, incurrence or assumption, would result in the aggregate Indebtedness of the Company Group exceeding an amount equal to $50 million; 

(vi) any amendment of, or modification to, the Charter or the Bylaws; 

  
 11 

 (vii) the entry into any new line of business or any material modification
of the scope of any existing line of business of the Company Group; 
 (viii) any increase or decrease in the size of the
Board; 
 (ix) the hiring or termination of the Company’s Chief Executive Officer, Chief Financial Officer or Chief
Operating Officer; and 
 (x) the entry into any agreement, resolution or commitment with respect to any of the foregoing
matters set forth in clauses (i) through (ix) of this Section 5.1(a). 
 (b) From and after the First
Threshold Date with respect to each Investor Group, the Company’s obligations set forth in Section 5.1(a) shall automatically terminate without the requirement of any further action by any party hereto and the terms
and conditions of this Section 5.1 shall cease to be of any further force or effect. 
 Section 5.2 No
Promotion. The Company agrees that it will not (and that the Company will cause its Subsidiaries not to), without the prior written consent of the applicable Affiliate of the GS Investors or the applicable Affiliate of the Pamplona Investor, as
the case may be, in each instance, (a) use in advertising, publicity, or otherwise the name of Goldman, Sachs & Co. LLC, Pamplona Capital Management LLP or any of their respective Affiliates, or any partner or employee of any such
Affiliates, nor any trade name, trademark, trade device, service mark, symbol or any abbreviation, contraction or simulation thereof owned by Goldman, Sachs & Co. LLC, Pamplona Capital Management LLP, or any of their respective Affiliates,
or (b) represent, directly or indirectly, that any product or any service provided by the Company Group has been approved or endorsed by Goldman, Sachs & Co. LLC, Pamplona Capital Management LLP, or any of their respective Affiliates.

 Section 5.3 Exculpation Among Investors. Each Investor acknowledges that it is not relying upon any person, firm or
corporation, other than the public information filed by the Company with the SEC relating to its Shares, in making its investment or decision to sell, retain its investment or further invest in the Company. Each Investor agrees that neither such
Investor nor the respective controlling persons, officers, directors, partners, agents, or employees of such Investor shall be liable to any other Investor for any action heretofore or hereafter taken or omitted to be taken by any of them in
connection with the purchase of the Shares. 
 Section 5.4 No Fiduciary Duty; Investment Banking Services. The parties hereto
acknowledge and agree that nothing in this Agreement shall create a fiduciary duty of Goldman, Sachs & Co. LLC or any of its Affiliates or Pamplona Capital Management LLP or any of its Affiliates to the Company or the Investors.
Notwithstanding anything to the contrary herein or any actions or omissions by representatives of Goldman, Sachs & Co. LLC or any of its Affiliates or Pamplona Capital Management LLP or any of its Affiliates in whatever capacity, including
as a director, it is understood that none of Goldman, Sachs & Co. LLC or any of its Affiliates or Pamplona Capital Management LLP or any of its Affiliates is acting as a financial advisor, agent or underwriter to the Company or any of its
Affiliates or otherwise on behalf of the Company or any of its Affiliates unless retained to provide such services pursuant to a separate written agreement executed by the Company and such other Person. 

  
 12 

 Section 5.5 Logo of the Company and its Subsidiaries. The Company grants the
Investors permission to use the Company’s and its Subsidiaries’ names and logos in the Investors’ or their respective Affiliates’ marketing materials solely to reflect that the Company is, or was, at one time a portfolio company
of such Investor. The Investors or their respective Affiliates, as applicable, shall include a trademark attribution notice giving notice of the Company’s or its Subsidiaries’ ownership of its trademarks in the marketing materials in which
the Company’s or its Subsidiaries’ names and logos appear. 
 Section 5.6 In-Kind
Distributions. If BHG Holdings or any Investor seeks to effectuate an in-kind distribution of all or part of its Shares to its direct or indirect equityholders, the Company will, subject to applicable
lockups pursuant to the Registration Rights Agreement, reasonably cooperate with and assist the Company’s transfer agent, the applicable Investors and each such Investor’s equityholders, as applicable, to facilitate such in-kind distribution in the manner reasonably requested by the applicable Investors, including pursuant to the delivery of instruction letters by the Company or its counsel to the Company’s transfer agent and
the delivery of Shares without restrictive legends, to the extent no longer applicable. 
 ARTICLE VI 

ADDITIONAL PARTIES 

Section 6.1 Additional Parties. Additional parties, provided they are Permitted Transferees, may be added to and be bound
by and receive the benefits afforded by this Agreement upon the signing and delivery of a counterpart of this Agreement by the Company and the acceptance thereof by such additional parties and, to the extent permitted by
Section 7.7, amendments may be effected to this Agreement reflecting such rights and obligations, consistent with the terms of this Agreement, of such party as the Company, the Investors and such party may agree. 

ARTICLE VII 

MISCELLANEOUS 

Section 7.1 Freedom to Pursue Opportunities. 

(a) The parties expressly acknowledge and agree that, to the extent permitted by applicable Law: (i) each of the Investors and their
respective Affiliates shall, to the fullest extent permissible by Law, have no duty to refrain from directly or indirectly (A) engaging in the same or similar business activities or lines of business in which the Company or any of its
Affiliates now engages or proposes to engage or (B) otherwise competing with the Company or any of its Affiliates; (ii) none of the Company, any of its Subsidiaries or any Investor shall have any rights in and to the business ventures of
any Investor, its Affiliates, or the income or profits derived therefrom; (iii) each of the Investors and their respective Affiliates may do business with any potential or actual customer or supplier of the Company or any of its Subsidiaries or
may employ or otherwise engage any officer or employee of the Company or any of its Subsidiaries; and (iv) in the event that any Investor or its respective Affiliates acquire knowledge of a potential transaction or other matter or business
opportunity which may be a corporate opportunity for itself, herself or himself and the Company or any of its Affiliates, such Investor or its respective Affiliates shall, to the fullest extent permitted by applicable Law, have no fiduciary duty or
other duty (contractual or otherwise) to communicate, present or offer such transaction or other business opportunity to the Company or any of its Affiliates and, to the fullest extent permitted by applicable Law, shall not be liable to the Company
or its stockholders or to any Affiliate of the Company for breach of any fiduciary duty or other duty (contractual or otherwise) as a stockholder, director or officer of the Company solely by reason of the fact that such Investor or its respective
Affiliates pursue or acquire such corporate opportunity for itself, herself or himself, offers or directs such corporate opportunity to another Person, or does not present such corporate opportunity to the Company or any of its Affiliates;
provided, that this Section 7.1 shall not apply to any directors of the Company or any of its Subsidiaries that are not also Investor Director Designees; provided, further, that any actions taken,
directly or indirectly, by any publicly-traded Affiliate (or any of its officers, directors or employees) of an Investor shall not be deemed to be an action taken by such Investor; provided, further, that, with respect to clause
(iv) of this Section 7.1(a), the Company does not renounce its interest in any corporate opportunity offered to any director of the Company if such opportunity is expressly offered to such Person solely in his or
her capacity as a director or officer of the Company and the provisions of this Section 7.1(a) shall not apply to any such corporate opportunity. 

  
 13 

 (b) To the extent permitted by applicable Law, each Investor (for itself and on behalf of
the Company) hereby acknowledges and agrees that, (i) in the event of any conflict of interest between the Company or any of its Subsidiaries, on the one hand, and any Investor, on the other hand, such Investor (or the Investor Director
Designees appointed by such Investor acting in their capacity as a director) may act in such Investor’s best interest and (ii) no Investor (or the Investor Director Designees appointed by such Investor acting in their capacity as a
director), shall be obligated (A) to reveal to the Company or any of its Subsidiaries confidential information belonging to or relating to the business of such Investor, or (B) to recommend or take any action in its capacity as such
Investor or Investor Director Designee, as the case may be, that prefers the interest of the Company or any of its Subsidiaries over the interest of such Investor or Investor Director Designee, as the case may be. 

Section 7.2 Effective Time. The operative provisions of this Agreement shall become effective upon the consummation of the
IPO. 
 Section 7.3 Entire Agreement. This Agreement, together with the form of Registration Rights Agreement in Exhibit
A hereto, and all of the other Exhibits, Annexes and Schedules hereto and thereto, constitute the entire understanding and agreement between the parties as to the matters covered herein and therein and supersede and replace any prior
understanding, agreement or statement of intent, in each case, written or oral, of any and every nature with respect thereto between the parties as to the matters covered herein and therein. In the event of any inconsistency between this Agreement
and any document executed or delivered to effect the purposes of this Agreement, including, the bylaws of any company, this Agreement shall govern as among the parties hereto. 

Section 7.4 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. 

(a) This Agreement shall be construed and enforced in accordance with, and the rights and duties of the parties shall be governed by, the law
of the State of Delaware, without regard to principles of conflicts of laws that would result in the application of the law of any other jurisdiction. 

  
 14 

 (b) Each party agrees that it will bring any action or proceeding in respect of any claim
arising out of this Agreement or the transactions contemplated hereby exclusively in the Court of Chancery of the State of Delaware or, if such court shall not have jurisdiction, another federal or state court of competent jurisdiction located in
the State of Delaware (the “Chosen Courts”), and, solely in connection with claims arising under this Agreement or the transactions that are the subject of this Agreement, (i) irrevocably submits to the exclusive jurisdiction
of the Chosen Courts, (ii) waives any objection to laying venue in any such action or proceeding in the Chosen Courts, (iii) waives any objection that the Chosen Courts are an inconvenient forum or do not have jurisdiction over any party
and (iv) agrees that service of process upon such party in any such action or proceeding will be effective if notice is given in accordance with Section 7.11. 

(c) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT
ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION OR OTHER PROCEEDING DIRECTLY OR
INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT: (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SUIT OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) EACH PARTY MAKES THIS
WAIVER VOLUNTARILY, AND (IV) EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section 7.4(c). 

Section 7.5 Obligations; Remedies. The Company and the Investors shall be entitled to enforce their rights under this Agreement
specifically, to recover damages by reason of any breach of any provision of this Agreement (including, without limitation, costs of enforcement) and to exercise all other rights existing in their favor. The parties hereto agree that irreparable
damage would occur if any provision of this Agreement were not performed in accordance with its specific terms or were otherwise breached. Accordingly, the parties shall be entitled to specific performance of the terms of this Agreement without the
necessity of proving the inadequacy of monetary damages as a remedy, including an injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof, in addition to any other
remedy to which they are entitled at law or in equity. Each of the parties hereby further waives (a) any defense in any action for specific performance that a remedy at law would be adequate, and (b) any requirement under any Law to post
security or a bond as a prerequisite to obtaining equitable relief. All remedies, either under this Agreement or by Law or otherwise afforded to any party, shall be cumulative and not alternative. 

  
 15 

 Section 7.6 Consent of the Investors. Subject to the terms and conditions of
Section 5.1, if any consent, approval or action of the Investors is required at any time pursuant to this Agreement, such consent, approval or action shall be deemed given if the holders of a majority of the outstanding
Shares held by each Investor Group at such time provide such consent, approval or action in writing at such time, unless this Agreement provides for more specific consent requirements of the Investors with respect to such consent, approval or
action. 
 Section 7.7 Amendment and Waiver. 

(a) The terms and provisions of this Agreement may be modified or amended at any time and from time to time only by the written consent of the
Company and, for so long as the Third Threshold Date has not occurred with respect to an Investor Group, each Investor forming part of such Investor Group. If reasonably requested by an Investor, the Company agrees to execute and deliver any
amendments to this Agreement which the Company in its reasonable discretion concludes are not adverse to Company or its public stockholders to the extent so requested by such Investor in connection with the addition of a Permitted Transferee in
accordance with Section 6.1 or a recipient of any newly-issued Shares as a party hereto. Any amendment, modification or waiver effected in accordance with the foregoing shall be effective and binding on the Company and all
Investor Parties. 
 (b) Any failure by any party at any time to enforce any of the provisions of this Agreement shall not be construed a
waiver of such provision or any other provisions hereof. 
 Section 7.8 Binding Effect. Except as otherwise expressly provided
herein, the provisions hereof shall inure to the benefit of, and be binding upon, the parties’ successors and permitted assigns. 

Section 7.9 Termination. 

(a) This Agreement shall automatically terminate as to any Investor Group on the Third Threshold Date with respect to such Investor Group. 

(b) This Agreement shall automatically terminate upon the earlier of (i) all Investors ceasing to be a party to this Agreement in
accordance with Section 7.9(a), (ii) a Change in Control; (iii) the written agreement of the Company and the Investors that hold Shares at such time; and (iv) the dissolution or liquidation of the Company. In the
event of any termination of this Agreement as provided in this Section 7.9, this Agreement shall forthwith become wholly void and of no further force or effect (except for this Article VII, which shall survive) and
there shall be no liability on the part of any parties hereto or their respective Affiliates, except as provided in this Article VII. Notwithstanding the foregoing, no party hereto shall be relieved from liability for any willful breach of
this Agreement. 

  
 16 

 Section 7.10 Non-Recourse.
Notwithstanding anything that may be expressed or implied in this Agreement or any document or instrument delivered in connection herewith, and notwithstanding the fact that certain of the Investors may be partnerships or limited liability
companies, by its acceptance of the benefits of this Agreement, the Company and each Investor covenant, agree, and acknowledge that no Person (other than the parties hereto) has any obligations hereunder, and that no recourse under this Agreement or
any documents or instruments delivered in connection with this Agreement shall be had against any current or future director, officer, employee, general or limited partner or member of any Investor or of any Affiliate or assignee thereof, whether by
the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable Law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed
on or otherwise be incurred by any the former, current and future equity holders, controlling persons, directors, officers, employees, agents, Affiliates, members, managers, general or limited partners or assignees of the Investors or any former,
current or future equity holders, controlling persons, directors, officers, employees, agents, Affiliates, members, managers, general or limited partners or assignees of any of the foregoing, as such, for any obligation of any Investor under this
Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation. 

Section 7.11 Notices. Any and all notices, designations, offers, acceptances or other communications provided for herein shall be
deemed duly given (a) when delivered personally by hand, (b) when sent by email upon confirmation of receipt or (c) one Business Day following the day sent by overnight courier: 

if to the Company, to: 
 Privia
Health Group, Inc. 
 950 N. Glebe Rd., S 

Arlington, VA 22203 
 Attention:
Thomas Bartrum, General Counsel 
 Email: tbartrum@priviahealth.com 

with a copy (which shall not constitute notice) to: 

Davis Polk & Wardwell LLP 

450 Lexington Ave. 
 New York,
NY 10017 
 Attention: Richard Truesdell, Esq, 

Email: richard.truesdell@davispolk.com 

if to any GS Investor, to: 
 c/o
Goldman, Sachs & Co. LLC 
 200 West Street 

New York, New York 10282-2198 

Attention: Jeffrey Bernstein 

Email: jeff.bernstein@gs.com 

and 
 c/o Goldman,
Sachs & Co. LLC 
 200 West Street 

New York, New York 10282-2198 

Attention: Benjamin Haskins, Esq. 

Email: Ben.Haskins@gs.com 

  
 17 

 with a copy (which shall not constitute notice) to: 

Fried, Frank, Harris, Shriver & Jacobson LLP 

One New York Plaza 
 New York,
NY 10004 
 Attention: Robert Schwenkel, Esq.; Matthew Soran, Esq. 

Email: Robert.Schwenkel@friedfrank.com; 

Matthew.Soran@friedfrank.com; 

if to the Pamplona Investor, to: 

c/o Pamplona Capital Management LLP 

667 Madison Avenue, 22nd Floor 

New York, NY 10065 
 Attention:
Will Sherrill; William Pruellage 
 Email: WSherrill@pamplonafunds.com; 

WPruellage@pamplonafunds.com 

with a copy (which shall not constitute written notice) to: 

Lowenstein Sandler LLP 
 1251
Avenue of the Americas, 18th Floor 
 New York, NY 10020 

Attention: Michael Brosse 

Email: mbrosse@lowenstein.com 

Section 7.12 Severability. Whenever possible, each provision or portion of any provision of this Agreement shall be interpreted in
such manner as to be effective and valid under applicable Law, but if any provision or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable Law in any jurisdiction, such
invalidity, illegality or unenforceability shall not affect any other provision or portion of any provision in such jurisdiction, and this Agreement shall be reformed, construed and enforced in such jurisdiction such that the invalid, illegal or
unenforceable provision or portion thereof shall be interpreted to be only so broad as is enforceable. 
 Section 7.13 No
Third-Party Beneficiaries. This Agreement shall be binding upon and inure solely to the benefit of the parties hereto and their permitted assigns and successors, and nothing herein, express or implied, is intended to or shall confer upon any
other Person or entity, any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

  
 18 

 Section 7.14 Recapitalizations; Exchanges, Etc. The provisions of
this Agreement shall apply to the full extent set forth herein with respect to Shares, to any and all shares of capital stock of the Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets or otherwise)
which may be issued in respect of, in exchange for, or in substitution of the Shares, by reason of a stock dividend, stock split, stock issuance, reverse stock split, combination, recapitalization, reclassification, merger, consolidation or
otherwise. 
 Section 7.15 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be
deemed an original, but all of which together shall constitute a single instrument. Copies of executed counterparts transmitted by telecopy or other electronic transmission service shall be considered original executed counterparts for purposes of
this Section 8.15. 
 [Signature Page Follows] 

 

  
 19 

 IN WITNESS WHEREOF, each of the undersigned has executed this Agreement or caused this
Agreement to be executed on its behalf as of the date first written above. 
  

			
	PRIVIA HEALTH GROUP, INC.
		
	By:	 	 /s/ Thomas Bartrum

	Name:	 	Thomas Bartrum
	Title:	 	General Counsel

 [Signature Page to Privia Health Group, Inc. Shareholder Rights Agreement] 

 
			
	BROAD STREET PRINCIPAL INVESTMENTS, L.L.C.
		
	By:	 	 /s/ Adrian Jones

	Name:	 	Adrian Jones
	Title:	 	Vice President
	
	MBD 2013 HOLDINGS, L.P.
	
	By: MBD Advisors, L.L.C., its General Partner
		
	By:	 	 /s/ Adrian Jones

	Name:	 	Adrian Jones
	Title:	 	Vice President
	
	BRIDGE STREET 2013 HOLDINGS, L.P.
	
	By: Bridge Street Opportunity Advisors, L.L.C., its General Partner
		
	By:	 	 /s/ Adrian Jones

	Name:	 	Adrian Jones
	Title:	 	Vice President

  
 [Signature Page to Privia Health
Group, Inc. Shareholder Rights Agreement] 

 
			
	PAMPLONA CAPITAL PARTNERS III, L.P.
	
	By: Pamplona Equity Advisors III Ltd., its general partner
		
	By:	 	 /s/ Ronan Guilfoyle

	Name:	 	Ronan Guilfoyle
	Title:	 	Director

 [Signature Page to Privia Health Group, Inc. Shareholder Rights Agreement] 

 Exhibit A 

Form of Registration Rights Agreement 

[Attached] 

 Exhibit B 

Form of Director Indemnification Agreement 

[Attached] 

 Annex I 

Form of Audit Committee Charter 

[Attached] 

 Annex II 

Form of Compensation Committee Charter 

[Attached] 

 Annex III 

Form of Nominating and Corporate Governance Committee Charter 

[Attached] 

 Annex IV 

Form of Compliance Committee Charter 

[Attached]Exhibit 10.1
​
AGREE REALTY CORPORATION
70 East Long Lake Road
Bloomfield Hills, Michigan   48304
​
Employment AGREEMENT
This EMPLOYMENT AGREEMENT (this “Agreement”) is made effective as of the 8th day of February 2021, by and between AGREE REALTY CORPORATION, a Maryland corporation (the “Company”), and SIMON LEOPOLD (the “Executive”).
WITNESSETH:
 WHEREAS, the Company and the Executive desire to enter into an Employment Agreement dated February __, 2021, pursuant to which the Executive agrees to serve as the Company’s Executive Vice President, Chief Financial Officer, and Secretary;
 WHEREAS, this Agreement sets forth the terms and conditions of the Executive’s employment with the Company;
 WHEREAS, the Executive is expected to make certain contributions to the financial strength of the Company; and
 WHEREAS, Executive is not precluded from entering into this Agreement by any obligations to others;
NOW, THEREFORE, in consideration of the mutual covenants hereinafter contained, the parties hereto hereby agree as follows:
1.Employment; Term.  The Company hereby employs the Executive and the Executive agrees to serve the Company as the Company’s Executive Vice President, Chief Financial Officer, and Secretary. The “Employment Period” under this Agreement shall be the period commencing on February 22, 2021 (the Effective Date”) and ending on February 28, 2023; provided that, upon expiration of the Employment Period, the Employment Period will automatically be extended for successive two-year periods unless either party gives written notice of non-renewal to the other at least 60 days prior to the expiration of the Employment Period or any subsequent renewal period.
2.Termination.  Subject to the terms and conditions set forth herein, the Executive’s employment may be terminated by either party hereto upon thirty (30) days’ written notice to the other party hereto, except that Company may terminate Executive’s employment without notice pursuant to Section 6(c) hereof.
3.Duties.  The Executive shall serve as the Company’s Executive Vice President, Chief Financial Officer, and Secretary and, consistent with the Company’s bylaws and the duties and responsibilities customarily associated with such positions in a public corporation of similar size and business and subject to the direction of the Board and the Chief Executive Officer, shall have general responsibility and ultimate authority for implementation of the policies of the Company and for the management of the business, accounting and financial affairs of the Company. The Executive also shall have any additional duties and any additional responsibilities which may from time to time be reasonably designated by the Board or Chief Executive Officer; provided that the scope of his duties and the extent of his responsibilities shall not be substantially different from the duties and responsibilities customarily associated with the position of Executive Vice President, Chief Financial Officer, and Secretary in a public corporation of a similar size and business. At all times, the Executive shall be subject to the direction of the Board.  During the Employment Period, the Executive shall devote his full business time and best efforts to the business and affairs of the Company and its subsidiaries.  Notwithstanding the foregoing, the Executive may: (i) engage in any civic or charitable activities for which the Executive receives de minimis compensation or other pecuniary advantage; (ii) 

invest his personal assets in any business that is not competitive with the Company or any of its subsidiaries, provided that such investment will not require any services on the part of the Executive which would unreasonably interfere with his obligations hereunder; (iii) purchase securities that are listed on a national securities exchange of any entity that is competitive with the Company or any of its subsidiaries, provided that the Executive may not beneficially own five percent (5%) or more of any class of such securities; (iv) serve as a director of a publicly traded entity that is not competitive with the Company or any of its subsidiaries; and (v) participate in any other activity approved in advance in writing by the Board.  For purposes of this Section 3, a business or entity is “competitive with the Company or any of its subsidiaries” if such business or entity consists of or includes, in whole or in part, any type or line of net lease retail real estate business.
4.Compensation.  The Company shall pay to the Executive a minimum salary of Four Hundred Fifty Thousand ($450,000.00) per annum as compensation to the Executive for the services rendered by the Executive hereunder, including, but not limited to, all services rendered by the Executive as an officer of the Company and its subsidiaries. Such compensation shall be payable in regular installments in accordance with the customary payroll practices of the Company.  The Compensation Committee shall review the Executive’s salary at least annually to determine whether the Executive’s salary shall be adjusted based on such criteria as the Compensation Committee shall from time to time establish.  For purposes of this Agreement, “salary” means the amount established and adjusted from time to time pursuant to this Section 4. Executive shall be eligible to receive a target annual bonus of 100% of the annual salary based on attainment of performance targets up to a maximum value of 150% and a threshold value of 50% (the “Annual Bonus”). By way of example, see preliminary 2020/2021 Compensation Plan attached as Exhibit A. Executive shall be eligible for target long-term incentive compensation equal to One Million Three Hundred Thousand ($1,300,000.00) to be awarded in restricted stock and performance awards in accordance with the Company’s 2020 Omnibus Incentive Plan (the “2020 Plan”). The first grant shall be awarded on or about March 1, 2021.  
5.Benefits.

(a)The Company agrees to reimburse the Executive for all reasonable and necessary travel, business entertainment and other business expenses incurred by the Executive in connection with the performance of his duties under this Agreement in accordance with the policies and procedures established by the Company from time to time.  Such reimbursements shall be made by the Company on a timely basis, but no later than 60 days from the date such expenses are incurred, upon submission by the Executive of documentation in accordance with the policies and procedures established by the Company from time to time.  All such reimbursements shall be subject to reasonable limitations, which may from time to time be prescribed by the Company.  The expense reimbursement provided for any calendar year shall not affect the expenses eligible for reimbursement provided in any other calendar year, and the Executive’s right to expense reimbursement cannot be liquidated or exchanged for any other benefit.
(b)The Executive shall be entitled to participate in any and all life insurance, medical insurance, hospitalization or disability insurance, health programs, retirement plans, fringe benefit programs and other benefit plans which are made generally available during the Employment Period by the Company to executives of the Company, including, but not limited to, the 2020 Plan (to the extent that the Executive is eligible under the terms of such plans or programs).   Additionally, the Executive shall be entitled to receive annual paid vacation and paid holidays made available pursuant to Company policy. 

6.Termination.  The amounts described in Sections 6 and 7 hereof will be in lieu of any termination or severance payments required by the Company’s policies or applicable law (other than as required under applicable law), and will constitute Executive’s sole and exclusive rights and remedies with respect to the termination of Executive’s employment with the Company.  The Company may withhold from any payments hereunder all federal, state, city or other taxes to the extent required by applicable law. 

(a) Death; Disability.  In the event of the death or Disability of the Executive, the Executive’s employment hereunder shall terminate, and the Company shall pay to the Executive or the Executive’s personal representative or estate, as the case may be, in cash (i) salary and other benefits earned and accrued under this Agreement prior to the termination date, including reimbursement for expenses, (ii) provided the Company has not yet paid out any amount in satisfaction of the annual cash bonus for the fiscal year preceding the year of termination, an amount equal to the prorated portion of the Annual Bonus at “target” level for the year in which the termination 

occurs, payable within 70 days after such termination date, and continuation to Executive’s spouse and dependents of fully paid health insurance under the Company’s health plans and programs applicable to senior executives during the 1 year period following the date of termination. Subject to Section 19(d) hereof, to the extent not specified above, the payments under this Section 6(a) shall be paid within ten (10) days of such termination.  

For purposes of this Agreement, “Disability” shall mean the inability of the Executive to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months.
(b) Good Reason or Other Than for Cause, Death or Disability.  Except with respect to a Change in Control (which is covered by Section 7 hereof), in the event that Executive’s employment is terminated by the Company for any reason other than death, Disability or Cause, or the Executive’s employment is terminated by Executive for Good Reason, the Company shall pay to the Executive in cash (i) any accrued but unpaid salary and accrued but unused vacation due to Executive’s termination, (ii) reimbursement of expenses incurred but unpaid prior to Executive’s termination, (iii) a cash payment equal to 100% of base salary, payable in equal installments over a 12 month period in accordance with the Company’s usual and customary payroll practices, (iv) a cash payment equal to 100% of Executive’s Annual Bonus at the “target” level for the year in which the Executive’s employment is terminated payable in equal installments over a 12 month period in accordance with the Company’s usual and customary payroll practices, (v) for a period of one year after termination, such health benefits under the Company’s health plans and programs applicable to senior executives of the Company generally as Executive would have received and at such costs to Executive as would have applied in the absence of such termination, provided that the Company shall in no event be required to provide any benefits otherwise required herein after such time as Executive becomes entitled to receive benefits from another employer or recipient of Executive’s services.  Subject to Section 19(d) hereof, the payments under clauses (iii) and (iv) hereof shall be paid or commence on the 60th day following the date of termination of employment subject to the execution, delivery and nonrevocation of a release.

For purposes of this Agreement, “Cause” shall mean:  (i) the Executive’s willful failure or refusal to perform specific reasonable directives of the Chief Executive Officer or Board, which directives are consistent with the scope and nature of the Executive’s duties and responsibilities under this Agreement, and which are not remedied by the Executive within sixty (60) days after written notice of his failure by the Board; (ii) a felony conviction of the Executive; or (iii) a material misconduct by the Executive, including breach of his obligations under Sections 8 and 9 hereof.  No act or failure to act on the part of the Executive shall be deemed “willful” under (i) hereof if it was due primarily to an error in judgment or negligence, but shall be deemed “willful” only if done or omitted to be done by the Executive not in good faith and without reasonable belief that his action or omission was in the best interests of the Company. A material violation of Sections 8 or 9 hereof shall constitute “cause” and shall void any obligations of the Company otherwise existing hereunder for post-termination benefits, provided that Executive shall receive notice of, and opportunity to respond to a claim of such material violation of Sections 8 or 9.  
For purposes of this Agreement, “Good Reason” shall mean:  (i) a material breach of this Agreement by the Company; (ii) other than for Cause, a material reduction in the nature or scope of the Executive’s title, authority, powers, functions, duties, or responsibilities; (iii) a material reduction in the salary paid to Executive or benefits provided to Executive; or (iv) without Executive’s written consent, a transfer of the place of employment of more than thirty (30) miles from the Company’s principal executive headquarters. A termination by the Executive shall not be for Good Reason unless the Executive gives the Company written notice specifying the event or condition that the Executive asserts constitutes Good Reason, the notice is given no more than ninety (90) days after the occurrence of the event or initial existence of the condition that the Executive asserts constitutes Good Reason, during the thirty (30) days following such notice the Company either fails to remedy or cure the event or condition or notifies the Executive in writing that it will not remedy or cure the event or condition and the Executive resigns within thirty (30) days after the end of the cure period or, if earlier, the date the Company notifies the Executive in writing that the Company will not remedy or cure the event or condition that the Executive asserts constitutes Good Reason.
(c) Cause or Without Good Reason.  In the event Executive’s employment is terminated by the Company for Cause, or is terminated by Executive without Good Reason, the Company shall pay the Executive in cash the salary and other benefits (but excluding any Annual Bonus not yet paid) earned and accrued prior to the date of termination including reimbursement for expenses.  Subject to Section 19(d) hereof, the foregoing payments shall 

be made within ten (10) days of such termination.  Except as set forth in this Section 6(c) or as required by law, (i) any and all other benefits which the Executive would otherwise have been entitled to receive pursuant to the terms of this Agreement or applicable law shall be forfeited and (ii) any unvested securities of the Company issued to the Executive under the 2020 Plan or any similar plan shall be forfeited.
(d) Nonrenewal. If the Executive’s employment is terminated for nonrenewal of the employment agreement by either party, Executive shall receive (i) any accrued but unpaid salary and accrued but unused vacation due to Executive’s termination, (ii) reimbursement of expenses incurred but unpaid prior to Executive’s termination, and (iii) a prorated Annual Bonus at the “target” level for the year in which the Executive’s employment is terminated payable in a single lump sum. Subject to Section 19(d) hereof, the amounts payable under (iii) and (v) shall be paid or commence on the 60th day following the date of termination of employment subject to the execution, delivery and nonrevocation of a release.
(e)Timing.  To the extent not set forth in Section 6(a)-(c) hereof or otherwise provided in Section 19(d) hereof, any amounts under Section 6(a)-(c) will be paid, and the book-entry shares, if any, for the vested securities will be delivered, as soon as reasonably possible, but in no event later than 30 days after the termination occurs.

7.Change in Control of the Company.

(a)If a Change in Control of the Company occurs prior to the end of the Employment Period and (a) Executive’s employment is terminated within twelve (12) months following a change of control by the Company for reasons other than death, Disability or Cause or (b) the Executive terminates employment with the Company within 12 months following a change of control for Good Reason, then, the Company, or any successor thereto, will pay to the Executive in cash, (i) any accrued but unpaid salary and accrued but unused vacation due to Executive’s termination, (ii) reimbursement of expenses incurred but unpaid prior to Executive’s termination, (iii) a cash payment equal to 300% of salary, payable in equal installments over a 12 month period in accordance with the Company’s usual and customary payroll practices, (iv) a cash payment equal to 300% of Executive’s Annual Bonus at the “target” level for the year in which the Executive’s employment is terminated payable in equal installments over a 12 month period in accordance with the Company’s usual and customary payroll practices, (v) for a period of one year after termination, such health benefits under the Company’s health plans and programs applicable to senior executives of the Company generally as Executive would have received and at such costs to Executive as would have applied in the absence of such termination, provided that the Company shall in no event be required to provide any benefits otherwise required herein after such time as Executive becomes entitled to receive benefits from another employer or recipient of Executive’s services and (vi) a prorated Annual Bonus at “target” level for the year in which Executive’s employment is terminated payable in a single lump sum. Subject to Section 19(d) hereof, the payments under clauses (iii), (iv) and (vii) hereof shall be paid or commence on the 60th day following the date of termination of employment subject to the execution, delivery and nonrevocation of a release.   
(b)Notwithstanding any other provision of this Agreement, in the event that the Company or Executive determines, based upon the advice of its tax advisors, (i) that part or all of the consideration, compensation or benefits to be paid to Executive under Section 7(a) or any other provision hereof constitute payments “contingent on a change in ownership or control” of the Company within the meaning of the Treasury Regulations under Section 280G(b)(2) (or a successor provision) of the Internal Revenue Code of 1986, as amended (“parachute payments”), and (ii) that the aggregate present value of such parachute payments, singularly or together with the aggregate present value of any consideration, compensation or benefits to be paid to Executive under any other plan, arrangement or agreement which constitute parachute payments (collectively, the “Parachute Amount”), exceeds 2.99 times the Executive’s “base amount” as defined in Section 280G(b)(3) of the Code (the “Executive Base Amount”), then the amounts constituting parachute payments which would otherwise be payable to or for the benefit of Executive shall be reduced to the extent necessary so that the Parachute Amount is equal to 2.99 times the Executive Base Amount (the “Reduced Amount”); provided, however, that the Company shall pay to Executive the Parachute Amount without reduction if it is determined that payment of the Parachute Amount would generate more after−tax income to Executive than the Reduced Amount.  In the event of a reduction of the payments that would otherwise be paid to Executive, then the Company may elect which and how much of any particular entitlement shall be eliminated or reduced and shall notify Executive promptly of such election; provided, however that the aggregate reduction shall be no more than as set forth in the preceding sentence of this Section 7(b). 

(c)For purposes of this Agreement, a “Change in Control” shall mean the occurrence of any of the following events at any time during the Employment Period: 

(i)          The Company is merged, consolidated or reorganized into or with another corporation or other legal person and as a result of such merger, consolidation or reorganization less than a majority of the combined voting power of the then-outstanding securities of the entity resulting from such merger, consolidation or reorganization immediately after such transaction are held in the aggregate by holders of the combined voting power of the then-outstanding securities of the Company entitled to vote generally in the election of directors of the Company (“Voting Stock”) immediately prior to such transaction; 
(ii)     The Company sells all or substantially all of its assets to any other corporation or other legal person, and less than a majority of the combined voting power of the then-outstanding voting securities of the purchaser immediately after such transaction are held in the aggregate by the holders of Voting Stock of the Company immediately prior to such sale; 
(iii)    If a report is filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), disclosing that any person (as the term “person” is used in Section 13(d)(3) or Section 14(d)(2) of the Exchange Act), other than Richard Agree or Joey Agree, and their immediate family and affiliates, in aggregate, is the beneficial owner (as the term “beneficial owner” is defined under Rule 13d-3 or any successor rule or regulation promulgated under the Exchange Act) of securities representing 25% or more of the Voting Stock;
Notwithstanding the foregoing provision of Section 7(c)(iii) hereof, a Change in Control shall not be deemed to have occurred for purposes of this Agreement solely because the Company, an entity in which the Company directly or indirectly beneficially owns 50% or more of the voting securities of such entity, any Company-sponsored employee stock ownership plan or any other employee benefit plan of the Company either files or becomes obligated to file a report with the Securities and Exchange Commission under the Exchange Act disclosing beneficial ownership by such entity of Voting Stock in excess of 25% or otherwise or that a change in control of the Company has or may have occurred or will or may occur in the future by reason of such beneficial ownership.  Notwithstanding the foregoing provisions of this Section 7(c), a transaction or occurrence identified in Section 7(c) (i), (ii), (iii) or (iv) shall not be deemed to be a Change in Control unless it constitutes a “change in control event” within the meaning of Treasury Regulations Section 1.409A-3(i)(5)(i).
8.Non-Competition; Non-Solicitation.  The Executive agrees that if the Executive’s employment is terminated for any reason, that for a one (1) year period (as to non-competition) and for a two (2) year period (as to non-solicitation) following the termination date:

(a)The Executive shall not engage in any business which is competitive with the business of the Company or any of its subsidiaries as of the termination date.  For the purposes of this Section 8, a business shall be deemed “competitive” if it consists of or includes the type or line of net lease business engaged in by the Company or any of its subsidiaries as of the date of such termination.  For purposes of this Agreement, the executive shall be deemed to “engage in a business” if he: (i) participates, directly or indirectly, in such business as a director, officer, stockholder, employee, salesman, partner, individual proprietor or independent contractor; (ii) acts as a paid consultant, representative or advisor to such business; (iii) participates in such business as an investor (whether through loans, contributions to capital or otherwise) or has a controlling influence over such business; or (iv) permits his name to be used by or in connection with such business, provided that nothing herein contained shall be deemed to preclude the purchase of securities that are listed on a national securities exchange of any entity that is competitive with the Company or any of its subsidiaries, provided that the Executive may not beneficially own five percent (5%) or more of any class of such securities.
(b)The Executive will not directly, or indirectly through another person or entity, (i) solicit any employee of the Company or its subsidiaries to leave the employ of the Company or its subsidiaries, or in any way interfere with the relationship between the Company or its subsidiaries, on the one hand, and any employee thereof, on the other hand, (ii) hire any person who was an employee of the Company or its subsidiaries until one year after such individual’s employment relationship with the Company or its subsidiaries has been terminated or (iii) induce or attempt to induce any customer, supplier or other business relation of the Company or its subsidiaries to cease doing 

business with the Company or its subsidiaries, or in any way interfere with the relationship between any such customer, supplier or business relation, on the one hand, and the Company or its subsidiaries, on the other hand.

9.Confidentiality.  The Executive shall not at any time use or divulge, furnish or make accessible to anyone (other than in the regular course of the business of the Company or any of its subsidiaries) any information regarding trade secrets, proprietary information or other confidential information (including, but not limited to, any information concerning customers or accounts) with respect to the business affairs of the Company or any of its subsidiaries.  This Section 9 shall not apply to information that is or becomes generally available (i) to the public other than as result of a disclosure by Executive or any of its representatives, or (ii) to Executive or its representatives on a non-confidential basis from a source (other than the Company or its representatives) which Executive reasonably believes is not prohibited from disclosing such information to Executive by a contractual, legal or fiduciary obligation to the Company or any of its representatives.
10.Notices.  All notices relating to this Agreement shall be in writing and shall be deemed to have been given (i) when delivered personally, (ii) upon receipt when sent via electronic transmission, (iii) three days after the date of mailing, if sent in the United States by registered or certified first-class mail, or (iv) one day after the date of mailing, if sent by nationally recognized overnight courier, and shall be sent return receipt requested in a postpaid envelope, addressed to the other party at the address set forth below, or to such changed address as the other party may have fixed by written notice; provided, however, that any notice of change of address shall be effective only upon receipt:

 
	To the Company
	Agree Realty Corporation

	 
	70 E. Long Lake Road

	 
	Bloomfield Hills, MI 48304
Email:  dspehar@agreerealty.com

	 
	Attention:  Board of Directors

	 
	 

	To the Executive
	Simon Leopold

	 
	
	 
	​
Email: ​ ​​ ​​ ​

	 
	Attention:  Simon Leopold

	​
	​

11.Assignability, Binding Effect.  This Agreement shall inure to the benefit of and be binding upon the Company, its successors and assigns, including without limitation any corporation which may acquire all or substantially all of the Company’s assets and business or with or into which the Company may be consolidated or merged, and shall inure to the benefit of and be binding upon the Executive, his heirs, executors, administrators and legal representatives, provided that the obligations of the Executive hereunder may not be assigned or delegated.
12.Survival.  Notwithstanding the expiration or termination of this Agreement, Sections 5-18 hereof shall survive and continue in full force and effect in accordance with their respective terms. 
13.Complete Understanding; Amendment; Waiver.  This Agreement constitutes the complete understanding and supersedes all prior understandings, both oral and written and including the Agreement, between the parties with respect to the subject hereof, and no statement, representation, warranty or covenant has been made by either party with respect thereto except as expressly set forth herein.  This Agreement shall not be altered, modified, amended or terminated except by written instrument signed by each of the parties hereto.  Waiver by either party hereto of any breach hereunder by the other party shall not operate as a waiver of any other breach, whether similar to or different from the breach waived.  No delay on the part of the Company or the Executive in the exercise of any of their respective rights or remedies shall operate as a waiver thereof, and no single or partial exercise by the Company or the Executive of any such right or remedy shall preclude other or further exercise thereof. 

To the extent permitted by applicable law or the Company’s benefit plans, this Agreement shall supersede any other plan, agreement or arrangement with the Company regarding the Executive’s employment and termination of employment. 
14.Severability.  If any provision of this Agreement or the application of any such provision to any party or circumstances shall be determined by any court of competent jurisdiction to be invalid and unenforceable to any extent, the remainder of this Agreement or the application of such provision to such person or circumstances other than those to which it is so determined to be invalid and unenforceable, shall not be affected thereby, and each provision hereof shall be enforced to the fullest extent permitted by law.
15.Governing Law.  This Agreement shall be governed and construed in accordance with the internal laws of the State of Michigan, without giving effect to any choice of law or conflict or law provisions or rules that would cause the application of the laws of any jurisdiction other than the State of Michigan. In case of a claim of breach and resulting litigation, the losing party shall be obligated to pay the reasonable attorneys’ fees of the prevailing party.
16.Indemnification.  The Company shall indemnify and hold harmless the Executive against judgments, fines, amounts paid in settlement and reasonable expenses, including attorneys’ fees actually and necessarily incurred, in any action or proceeding to which the Executive is made a party by reason of the fact that he is or was an officer of the Company acting within the scope of his employment, to the fullest extent permitted by law, the Bylaws of the Company and the Articles of Incorporation of the Company. 
17.Counterparts.  This Agreement may be executed in counterparts, all of which together shall constitute one agreement binding on all parties hereto.
18.Titles and Captions.  All paragraph, article or section titles or captions in this Agreement are for convenience only and in no way define, limit, extend or describe the scope or intent of any provisions hereof.
19.Code Section 409A Compliance.

(a)The intent of the parties is that payments and benefits under this Agreement shall be exempt from, or comply with, Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder (collectively, “Code Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted consistent with that intent. In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Executive by Code Section 409A or damages for failing to be exempt from, or to comply with, Code Section 409A. 
(b)In the event that any provision of this Agreement is determined by the Company or the Executive to not be exempt from, or to not comply with, Code Section 409A, the Company shall fully cooperate with the Executive to reform this Agreement to effect an exemption from Code Section 409A or to correct any noncompliance with Code Section 409A to the extent permitted under any guidance, procedure, or method promulgated by the Internal Revenue Service now or in the future that provides for such correction as a means to avoid or mitigate any taxes, interest or penalties that would otherwise be incurred by the Executive on account of noncompliance with Code Section 409A.
(c)A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits that are considered deferred compensation under Code Section 409A that are payable upon or following a termination of employment unless such termination is also a “separation from service” with the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment,” or like terms shall mean “separation from service.”
(d)Notwithstanding any other payment date or schedule provided herein to the contrary, if the Executive is deemed on the date of termination to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B), then each of the following shall apply: 

(i)          With regard to any payment that is considered deferred compensation under Code Section 409A payable on account of a “separation from service,” to the extent required under Code Section 409A such payment shall be made on the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of such “separation from service” of the Executive, and (B) the date of Executive’s death (the “Delay Period”). All payments delayed pursuant to the preceding sentence shall be paid to the Executive in a lump sum on the first business day of the seventh month following the Executive’s “separation from service”, with interest on any such payments calculated using an interest rate not less than the average prime interest rate published in the Wall Street Journal on such payment date; and
(ii)         To the extent that any benefits to be provided during the Delay Period are considered deferred compensation under Code Section 409A provided on account of a “separation from service,” and such benefits are not otherwise exempt from Code Section 409A, the Executive shall pay the cost of such benefits during the Delay Period, and the Company shall reimburse the Executive (to the extent that such costs would otherwise have been paid by the Company or to the extent that such benefits would otherwise have been provided by the Company at no cost to the Executive) the Company’s share of the cost of such benefits on the first day of the seventh month following the Executive’s “separation from service” and any remaining benefit shall be provided by the Company following expiration of the Delay Period in accordance with the procedures specified herein. The payments described in this paragraph shall be made with interest, calculated using an interest rate not less than the average prime interest rate published in the Wall Street Journal on such payment date.
(e)With respect to any amount of expenses eligible for reimbursement or the provision of any in-kind benefits under this Agreement, to the extent such payment or benefit would be considered deferred compensation under Section 409A or is required to be included in Executive’s gross income for federal income tax purposes, such expenses (including, without limitation, expenses associated with in-kind benefits) will be reimbursed by the Company no later than December 31st of the year following the year in which Executive incurs the related expenses. In no event will the reimbursements or in-kind benefits to be provided by the Company in one taxable year affect the amount of reimbursements or in-kind benefits to be provided in any other taxable year, nor will Executive’s right to reimbursement or in-kind benefits be subject to liquidation or exchange for another benefit.
(f)Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes “deferred compensation” for purposes of Code Section 409A be subject to offset, counterclaim or recoupment by any other amount payable to Executive unless otherwise permitted by Code Section 409A. 
(g)Whenever a provision of this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within ten (10) days of such termination”), the actual date of payment within the specified period shall be within the sole discretion of the Company.

IN WITNESS WHEREOF, each of the parties hereto has duly executed this Agreement as of the date set forth below.
 
	

	

	

	AGREE REALTY CORPORATION
	 

	 
	 

	By: ​ ​/s/ Joel Agree​ ​​ ​​ ​
	​

	Name: Joel Agree
	 

	Title: President and Chief Executive Officer
	​

	Date: February 19, 2021
	 

	 
	 
	 

	EXECUTIVE
	 

	 
	 
	 

	By: ​ ​/s/ Simon Leopold​ ​​ ​
	 

	Name: Simon Leopold
	 

	Date: February 19, 2021
	 

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Exhibit A
[Preliminary Compensation Plan Example]

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