Document:

EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 

REGISTRATION RIGHTS AGREEMENT 
 by
and among 
 EXPEDIA GROUP, INC., 

AP FORT HOLDINGS, L.P. 
 SLP FORT
AGGREGATOR II, L.P. 
 and 
 SLP
V FORT HOLDINGS II, L.P. 
 Dated as of May 5, 2020 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
	ARTICLE I	  

	
	Resale Shelf Registration	  

	Section 1.1	 	 Resale Shelf Registration Statement
	  	 	1	 
	Section 1.2	 	 Effectiveness Period
	  	 	2	 
	Section 1.3	 	 Subsequent Shelf Registration Statement
	  	 	2	 
	Section 1.4	 	 Supplements and Amendments
	  	 	2	 
	Section 1.5	 	 Subsequent Holder Notice
	  	 	3	 
	Section 1.6	 	 Shelf Take-Downs
	  	 	3	 
	Section 1.7	 	 Piggyback Registration
	  	 	4	 
	
	ARTICLE II	  

	
	Demand Registration Rights	  

	Section 2.1	 	 Right to Demand Registrations
	  	 	5	 
	Section 2.2	 	 Number of Demand Registrations
	  	 	6	 
	Section 2.3	 	 Underwritten Offerings Pursuant to Demand Registrations
	  	 	6	 
	Section 2.4	 	 Withdrawal
	  	 	6	 
	
	ARTICLE III	  

	
	Additional Provisions Regarding Registration Rights	  

	Section 3.1	 	 Registration Procedures
	  	 	7	 
	Section 3.2	 	 Suspension
	  	 	10	 
	Section 3.3	 	 Expenses of Registration
	  	 	11	 
	Section 3.4	 	 Cooperation by Holders
	  	 	11	 
	Section 3.5	 	 Rule 144 Reporting
	  	 	11	 
	Section 3.6	 	 Holdback Agreement
	  	 	12	 
	
	ARTICLE IV	  

	
	Indemnification	  

	Section 4.1	 	 Indemnification by Company
	  	 	12	 
	Section 4.2	 	 Indemnification by Holders
	  	 	13	 
	Section 4.3	 	 Notification
	  	 	14	 
	Section 4.4	 	 Contribution
	  	 	15	 

  
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	ARTICLE V	  

	
	Transfer and Termination of Registration Rights	  

	Section 5.1	 	 Transfer of Registration Rights
	  	 	15	 
	Section 5.2	 	 Termination of Registration Rights
	  	 	16	 
	
	ARTICLE VI	  

	
	Miscellaneous	  

	Section 6.1	 	 Amendments and Waivers
	  	 	16	 
	Section 6.2	 	 Extension of Time, Waiver, Etc.
	  	 	16	 
	Section 6.3	 	 Assignment
	  	 	16	 
	Section 6.4	 	 Counterparts
	  	 	16	 
	Section 6.5	 	 Entire Agreement; No Third Party Beneficiary
	  	 	16	 
	Section 6.6	 	 Governing Law; Jurisdiction
	  	 	17	 
	Section 6.7	 	 Waiver of Jury Trial
	  	 	17	 
	Section 6.8	 	 Notices
	  	 	18	 
	Section 6.9	 	 Severability
	  	 	19	 
	Section 6.10	 	 Expenses
	  	 	20	 
	Section 6.11	 	 Interpretation
	  	 	20	 
	Section 6.12	 	 Purchasers
	  	 	20	 

 REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of May 5, 2020 (this “Agreement”),
by and among Expedia Group, Inc., a Delaware corporation (the “Company”), AP Fort Holdings, L.P., a Delaware limited partnership (the “Apollo Purchaser”), SLP Fort Aggregator II, L.P., a Delaware limited partnership
and SLP V Fort Holdings II, L.P., a Delaware limited partnership (together with SLP Fort Aggregator II, L.P., the “SLP Purchasers”) (the SLP Purchasers and the Apollo Purchaser being together referred to as the
“Purchasers”). Capitalized terms used but not defined elsewhere herein are defined in Exhibit A. The Purchasers and any other party that may become a party hereto pursuant to Section 5.1 are referred
to collectively as the “Investors” and individually each as an “Investor”. 
 WHEREAS, the Company and the
Apollo Purchaser are parties to the Investment Agreement, dated as of April 23, 2020 (as it may be amended from time to time, the “Apollo Investment Agreement”), pursuant to which the Company is selling to the Apollo Purchaser,
and the Apollo Purchaser is purchasing from the Company, (a) 600,000 shares of the Company’s Series A Preferred Stock, par value $0.001 per share (“Series A Preferred Stock”), and (b) warrants
(“Warrants”) to purchase up to 4,200,000 shares of Common Stock; 
 WHEREAS, the Company and the SLP Purchasers are parties
to the Investment Agreement, dated as of April 23, 2020 (as it may be amended from time to time, the “SLP Investment Agreement” and, together with the Apollo Investment Agreement, the “Investment Agreements”),
pursuant to which the Company is selling to the SLP Purchasers, and the SLP Purchasers are purchasing from the Company, (a) 600,000 shares of the Series A Preferred Stock and (b) Warrants to purchase up to 4,200,000 shares of Common Stock;

 WHEREAS, as a condition to the obligations of the Company and the Purchasers under the Investment Agreements, the Company and the
Purchasers are entering into this Agreement for the purpose of granting certain registration rights to the Investors. 
 NOW, THEREFORE, in
consideration of the mutual covenants and agreements contained in this Agreement, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 

ARTICLE I 
 Resale Shelf
Registration 
 Section 1.1    Resale Shelf Registration Statement. Subject to the other applicable
provisions of this Agreement, the Company shall use its commercially reasonable efforts to prepare, file and cause to be declared effective, no later than on the first Business Day following the one year anniversary of the date of this Agreement, a
registration statement covering the sale or distribution from time to time by the Holders, on a delayed or continuous basis pursuant to Rule 415 of the Securities Act, of all of the Registrable Securities on Form S-3 (except if the Company is not
eligible as of such one year anniversary of the date of this Agreement to register for resale the Registrable Securities on Form S-3, then the Company shall use its commercially reasonable efforts to prepare, file and cause to be declared effective,
no later than on the first Business Day 

 
following the one year anniversary of the date of this Agreement, a registration statement on another appropriate form which shall provide for the registration of such Registrable Securities for
resale by the Holders in accordance with any reasonable method of distribution elected by the Holders) (any such registration statement, the “Resale Shelf Registration Statement”), (it being agreed that the Resale Shelf Registration
Statement shall be an automatic shelf registration statement that may become effective upon filing with the SEC pursuant to Rule 462(e) if Rule 462(e) is then available to the Company). 

Section 1.2    Effectiveness Period. Once declared effective, the Company shall, subject to the other
applicable provisions of this Agreement, use its commercially reasonable efforts to cause the Resale Shelf Registration Statement to be continuously effective and usable until such time as there are no longer any Registrable Securities (the
“Effectiveness Period”). 
 Section 1.3    Subsequent Shelf Registration Statement. If any
Shelf Registration Statement ceases to be effective under the Securities Act for any reason at any time during the Effectiveness Period, the Company shall use its commercially reasonable efforts to promptly cause such Shelf Registration Statement to
again become effective under the Securities Act (including obtaining the prompt withdrawal of any order suspending the effectiveness of such Shelf Registration Statement), and shall use its commercially reasonable efforts to promptly amend such
Shelf Registration Statement in a manner reasonably expected to result in the withdrawal of any order suspending the effectiveness of such Shelf Registration Statement or file an additional registration statement (a “Subsequent Shelf
Registration Statement”) for an offering to be made on a delayed or continuous basis pursuant to Rule 415 of the Securities Act registering the resale from time to time by the Holders thereof of all securities that are Registrable
Securities as of the time of such filing. If a Subsequent Shelf Registration Statement is filed, the Company shall use its commercially reasonable efforts to (a) cause such Subsequent Shelf Registration Statement to become effective under the
Securities Act promptly after the filing thereof (it being agreed that the Subsequent Shelf Registration Statement shall be an automatic shelf registration statement that shall become effective upon filing with the SEC pursuant to Rule 462(e) if
Rule 462(e) is then available to the Company) and (b) keep such Subsequent Shelf Registration Statement continuously effective and usable until the end of the Effectiveness Period. Any such Subsequent Shelf Registration Statement shall be a
registration statement on Form S-3 to the extent that the Company is eligible to use such form. Otherwise, such Subsequent Shelf Registration Statement shall be on another appropriate form and shall provide for the registration of such Registrable
Securities for resale by the Holders in accordance with any reasonable method of distribution elected by the Holders. 

Section 1.4    Supplements and Amendments. The Company shall supplement and amend any Shelf Registration
Statement if required by the Securities Act or the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement. 

  
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 Section 1.5    Subsequent Holder Notice. If a Person
entitled to the benefits of this Agreement becomes a Holder of Registrable Securities after a Shelf Registration Statement becomes effective under the Securities Act, the Company shall, promptly, following delivery of written notice to the Company
of such Person becoming a Holder and requesting for its name to be included as a selling securityholder in the prospectus related to the Shelf Registration Statement (a “Subsequent Holder Notice”): 

(a)    if required and permitted by applicable law, file with the SEC a supplement to the related prospectus or a
post-effective amendment to the Shelf Registration Statement so that such Holder is named as a selling securityholder in the Shelf Registration Statement and the related prospectus in such a manner as to permit such Holder to deliver a prospectus to
purchasers of the Registrable Securities in accordance with applicable law provided, however, that the Company shall not be required to file more than one post-effective amendment or supplement to the related prospectus for such purpose with respect
to the Apollo Purchaser or its Permitted Transferees (collectively, the “Apollo Group”) or more than one post-effective amendment or supplement to the related prospectus for such purpose with respect to the SLP Purchasers or their
Permitted Transferees (the “SLP Group”), in each case within any fiscal quarter. 
 (b)    if, pursuant
to Section 1.5(a), the Company shall have filed a post-effective amendment to the Shelf Registration Statement that is not automatically effective, use its commercially reasonable efforts to cause such post-effective
amendment to become promptly effective under the Securities Act; and 
 (c)    promptly notify such Holder after the
effectiveness under the Securities Act of any post-effective amendment filed pursuant to Section 1.5(a).  

Section 1.6    Shelf Take-Downs. 

(a)    Subject to any applicable restrictions on transfer in the Investment Agreements or under applicable law, at any time
that any Shelf Registration Statement is effective, if a Holder delivers a notice to the Company stating that it intends to effect a sale or distribution of all or part of its Registrable Securities included by it on any Shelf Registration Statement
(a “Shelf Offering”) and stating the number of the Registrable Securities to be included in such Shelf Offering, then the Company shall, subject to the other applicable provisions of this Agreement, amend or supplement the Shelf
Registration Statement as may be necessary in order to enable such Registrable Securities to be sold and distributed pursuant to the Shelf Offering. 

(b)    Subject to any applicable restrictions on transfer in the Investment Agreements or under applicable law, a Holder
may, after any Shelf Registration Statement becomes effective, deliver a written notice to the Company (the “Underwritten Shelf Take-Down Notice”) specifying that a Shelf Offering is intended to be conducted through an Underwritten
Offering (such Underwritten Offering, an “Underwritten Shelf Take-Down”), which shall specify the number of Registrable Securities intended to be included in such Underwritten Shelf Take-Down; provided, however, that
the Holders of Registrable Securities may not, without the Company’s prior written consent, (i) launch an Underwritten Shelf Take-Down the anticipated gross proceeds of which shall be less than $100 million (the “Minimum
Amount”) (unless all the Holders are proposing to sell all of their remaining Registrable Securities) or (ii) launch an Underwritten Shelf Take-Down within the period commencing 20 days prior to and ending two (2) days following
the Company’s scheduled earnings release date for any fiscal quarter or year. To the extent an Underwritten Shelf Take-Down is a Marketed Underwritten Offering, the Company shall deliver the Underwritten Shelf Take-Down Notice to the other
Holders of 

  
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Registrable Securities that have been included on such Shelf Registration Statement and permit such Holders to include their Registrable Securities included on the Shelf Registration Statement in
such Underwritten Shelf Take-Down that is a Marketed Underwritten Offering if such Holder notifies the Holder delivering the Underwritten Shelf Take-Down Notice and the Company within three (3) Business Days after delivery of the Underwritten
Shelf Take-Down Notice to such Holder. 
 (c)    In the event of an Underwritten Shelf Take-Down, the Holder delivering
the related Underwritten Shelf Take-Down Notice shall (in the case of a Marketed Underwritten Offering, in consultation with other Holders participating in the Underwritten Shelf Take-Down) select the managing underwriter(s) to administer the
Underwritten Shelf Take-Down; provided that the choice of such managing underwriter(s) shall be subject to the consent of the Company, which is not to be unreasonably withheld. The Company and the Holders of Registrable Securities
participating in an Underwritten Shelf Take-Down will enter into an underwriting agreement in customary form with the managing underwriter or underwriters selected for such offering. 

(d)    The Company will not include in any Underwritten Shelf Take-Down pursuant to this
Section 1.6 any securities that are not Registrable Securities without the prior written consent of the Holder(s) participating in such Underwritten Shelf Take-Down. In the case of an Underwritten Shelf Take-Down that is a
Marketed Underwritten Offering, if the managing underwriter or underwriters advise the Company and the Holders in writing that in its or their good faith opinion the number of Registrable Securities (and, if permitted hereunder, other securities)
requested to be included in such offering exceeds the number of securities which can be sold in such offering in light of market conditions or is such so as to adversely affect the success of such offering, the Company will include in such offering
only such number of securities that can be sold without adversely affecting the marketability of the offering, which securities will be so included in the following order of priority: (i) first, the Registrable Securities of the Holders that
have requested to participate in such Underwritten Shelf Take-Down that is a Marketed Underwritten Offering, allocated pro rata among such Holders on the basis of the percentage of the Registrable Securities owned by such Holders, and
(ii) second, any other securities of the Company that have been requested to be so included. 

Section 1.7    Piggyback Registration. 

(a)    Except with respect to a Demand Registration (as defined below), the procedures for which are addressed in
Article II, if the Company proposes to file a registration statement under the Securities Act with respect to an offering of Common Stock or securities convertible into, or exchangeable or exercisable for, Common Stock, whether or not for
sale for its own account (other than a registration statement (i) on Form S-4, Form S-8 or any successor forms thereto or (ii) filed to effectuate an exchange offer or any employee benefit or
dividend reinvestment plan), in a manner that would permit registration of the Registrable Securities for sale for cash to the public under the Securities Act, then the Company shall give prompt written notice of such filing, which notice shall be
given, no later than ten (10) Business Days prior to the filing date (the “Piggyback Notice”) to the Holders of Registrable Securities. The Piggyback Notice shall offer such Holders the opportunity to include (or cause to be
included) in such registration statement the number of shares of Registrable Securities as each such Holder may request (each, a “Piggyback Registration Statement”). Subject to Section 1.7(b), the Company
shall include in 

  
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each Piggyback Registration Statement all Registrable Securities with respect to which the Company has received written requests for inclusion therein (each, a “Piggyback
Request”) within five (5) Business Days after the date of the Piggyback Notice. The Company shall not be required to maintain the effectiveness of a Piggyback Registration Statement beyond the earlier of (x) 120 days after the
effective date thereof and (y) consummation of the distribution by the Holders of the Registrable Securities included in such registration statement. The Company may withdraw a Piggyback Registration Statement at any time prior to any sales
being made pursuant to the Piggyback Registration Statement without incurring any liability to the Holders. 
 (b)    If
any of the securities to be registered pursuant to the registration giving rise to the rights under this Section 1.7 are to be sold in an Underwritten Offering, the Company shall use commercially reasonable efforts to cause
the managing underwriter or underwriters of a proposed Underwritten Offering to permit Holders of Registrable Securities who have timely submitted a Piggyback Request in connection with such offering to include in such offering all Registrable
Securities included in each Holder’s Piggyback Request on the same terms and subject to the same conditions as any other shares of capital stock, if any, of the Company included in the Underwritten Offering. Notwithstanding the foregoing, if
the managing underwriter or underwriters of such offering advise the Company in writing that in its or their good faith opinion the number of securities exceeds the number of securities which can be sold in such offering in light of market
conditions or is such so as to adversely affect the success of such offering, the Company will include in such Underwritten Offering only such number of securities that can be sold without adversely affecting the marketability of the offering, which
securities will be so included in the following order of priority: (i) first, the securities proposed to be sold by the Company for its own account and (ii) second, the Registrable Securities of the Holders and any other persons with
piggyback registration rights who have the right to participate and that have requested to participate in such offering, allocated pro rata among the selling shareholders according to the total amount of securities entitled to be included
therein owned by each selling shareholder and its Affiliates (other than the Company) or in such other proportions as shall mutually be agreed to by such selling shareholders. 

ARTICLE II 
 Demand
Registration Rights 
 Section 2.1    Right to Demand Registrations. Subject to any applicable
restrictions on transfer in the Investment Agreements or under applicable law, a Holder may, following the one year anniversary of the date of this Agreement (but only if there is no Shelf Registration Statement then in effect covering all of the
Registrable Securities held by such Holder of the class of securities sought to be registered), request, by providing written notice to the Company, that the Company effect the registration under the Securities Act of all or part of the Registrable
Securities (a “Demand Registration”). Each request for a Demand Registration (a “Demand Registration Request”) shall specify the number of Registrable Securities intended to be offered and sold pursuant to the
Demand Registration and the intended method of distribution thereof, including whether it is intended to be an Underwritten Offering. Promptly after receipt of a Demand Registration Request, the Company shall, subject to
Section 2.3, use commercially reasonable efforts to register all Registrable Securities that have been requested to be registered in the Demand Registration Request; provided, that the Company shall not be required
to file a 

  
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registration statement pursuant to this Section 2.1 (a “Demand Registration Statement”) (i) within sixty (60) days following the effective date of
any prior Demand Registration Statement for the same class of Registrable Securities or (ii) if the number of Registrable Securities proposed to be included therein does not either (a) equal or exceed the Minimum Amount (calculated on the
basis of the average closing price of a share of the Common Stock on The Nasdaq Global Select Market over the five trading days preceding such Demand Registration Request in the case of a demand for the registration of offers of Common Stock) or
(b) represent all of the remaining Registrable Securities. Promptly (but in no event later than five (5) Business Days) after receipt by the Company of a Demand Registration Request, the Company shall give written notice of such Demand
Registration Request to all other Holders and shall include in such Demand Registration all Registrable Securities with respect to which the Company received written requests for inclusion therein within ten (10) Business Days after the
delivery of such notice to such Holder. 
 Section 2.2    Number of Demand Registrations. Each of the Apollo
Group and the SLP Group shall be entitled to deliver up to two (2) Demand Registration Requests for the registration of offers of Common Stock held by members of the Apollo Group or the SLP Group, as applicable (which, for the avoidance of
doubt, shall be separate from the Shelf Registration Statement, Shelf Offerings and Underwritten Shelf Take-Downs pursuant to Article I) and up to two (2) Demand Registration Requests for the registration of offers of Series A Preferred
Stock held by members of the Apollo Group or the SLP Group, as applicable (which, for the avoidance of doubt, shall be separate from the Shelf Registration Statement, Shelf Offerings and Underwritten Shelf Take-Downs pursuant to Article I).

 Section 2.3    Underwritten Offerings Pursuant to Demand Registrations. In the event of an Underwritten
Offering pursuant to a Demand Registration, the Holder delivering the Demand Registration Request (in consultation with other Holders participating in such Underwritten Offering) shall select the managing underwriter(s) to administer such
Underwritten Offering; provided that the choice of such managing underwriter(s) shall be subject to the consent of the Company, which is not to be unreasonably withheld. If the managing underwriter or underwriters advise the Company and the
Holders in writing that in its or their good faith opinion the number of Registrable Securities (and, if permitted hereunder, other securities) requested to be included in such offering exceeds the number of securities which can be sold in such
offering in light of market conditions or is such so as to adversely affect the success of such offering, the Company will include in such offering only such number of securities that can be sold without adversely affecting the marketability of the
offering, which securities will be so included in the following order of priority: (i) first, the Registrable Securities of the Holders that have requested to participate in such Underwritten Offering, allocated pro rata among such
Holders on the basis of the percentage of the Registrable Securities owned by such Holders, and (ii) second, any other securities of the Company to be sold for its account. 

Section 2.4    Withdrawal. A Holder may, by written notice to the Company, withdraw its Registrable Securities
from a Demand Registration at any time prior to the effectiveness of the applicable registration statement. Upon receipt of notices from all applicable Holders to such effect, the Company shall cease all efforts to seek effectiveness of the
applicable registration statement with respect to any Registrable Securities. 

  
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 ARTICLE III 

Additional Provisions Regarding Registration Rights 

Section 3.1    Registration Procedures. Subject to the other applicable provisions of this Agreement, in the
case of each registration of Registrable Securities effected by the Company pursuant to Article I or Article II, the Company will: 

(a)    prepare and promptly file with the SEC a registration statement with respect to such securities and use
commercially reasonable efforts to cause such registration statement to become and remain effective for the period of the distribution contemplated thereby, in accordance with the applicable provisions of this Agreement; 

(b)    prepare and file with the SEC such amendments (including post-effective amendments) and supplements to such
registration statement and the prospectus used in connection with such registration statement as may be necessary to keep such registration statement effective for the period specified in paragraph (a) above and comply with the provisions of
the Securities Act with respect to the disposition of all securities covered by such registration statement in accordance with the Holders’ intended method of distribution set forth in such registration statement for such period; 

(c)    furnish to the Holders copies of the registration statement and the prospectus included therein (including each
preliminary prospectus) proposed to be filed and provide such legal counsel a reasonable opportunity to review and comment on such registration statement; 

(d)    if requested by the managing underwriter or underwriters, if any, or the Holder(s), promptly include in any
prospectus supplement or post-effective amendment such information as the managing underwriter or underwriters, if any, or the Holder(s) may reasonably request in order to permit the intended method of distribution of such securities and make all
required filings of such prospectus supplement or post-effective amendment as soon as reasonably practicable after the Company has received such request; provided, however, that the Company shall not be required to take any actions
under this Section 3.1(d) that are not, in the opinion of counsel for the Company, in compliance with applicable law; 

(e)    in the event that the Registrable Securities are being offered in an Underwritten Offering, furnish to the
Holder(s) and to the underwriters of the securities being registered such reasonable number of copies of the registration statement, preliminary prospectus and final prospectus as the Holder(s) or such underwriters may reasonably request in order to
facilitate the public offering or other disposition of such securities; 
 (f)    promptly notify the Holder(s) at any
time when a prospectus relating thereto is required to be delivered under the Securities Act or of the Company’s discovery of the occurrence of any event as a result of which the prospectus included in such registration statement, as then in
effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in the light of the circumstances then existing, and,
subject to Section 3.2, at the request of the Holder(s), promptly prepare and furnish to the Holder(s) a reasonable number of copies of 

  
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a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the Holder(s) of such securities, such prospectus shall not include an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in the light of the circumstances then existing; 

(g)    use commercially reasonable efforts to register and qualify (or exempt from such registration or qualification) the
securities covered by such registration statement under such other securities or “blue sky” laws of such jurisdictions within the United States as shall be reasonably requested in writing by the Holder(s); provided, however,
that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business in any jurisdictions or file a general consent to service of process in any such jurisdictions where it would not otherwise be
required to qualify but for this subsection; 
 (h)    in the event that the Registrable Securities are being offered in
an underwritten public offering, enter into an underwriting agreement, a placement agreement or equivalent agreement, in each case in accordance with the applicable provisions of this Agreement; 

(i)    in connection with an Underwritten Offering, the Company shall cause its officers to use their commercially
reasonable efforts to support the marketing of the Registrable Securities covered by such offering, including but not limited to management presentations (including “electronic road shows” in the nature of management presentations) or
investor calls to the extent reasonably necessary to support the proposed sale of Registrable Securities pursuant to such Underwritten Offering (it being understood that the Company and its officers shall not be obligated to participate in any in-person road show presentations); 
 (j)    use commercially reasonable efforts to
furnish, on the date that such Registrable Securities are delivered to the underwriters for sale, if such securities are being sold through underwriters, (i) an opinion dated such date of the legal counsel representing the Company for the
purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, (ii) a “negative assurances letter”, dated such date of the legal
counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering and (iii) “comfort” letters dated the date of pricing of such offering
and dated such date from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the
underwriters; 
 (k)    in the event that the Registrable Securities covered by such registration statement are shares
of Common Stock, use commercially reasonable efforts to list the Registrable Securities covered by such registration statement with any securities exchange on which the Common Stock is then listed; 

(l)    provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of
such registration statement; 

  
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 (m)    in connection with a customary due diligence review, make
available for inspection by the Holder(s), any underwriter participating in any such disposition of Registrable Securities, if any, and any counsel or accountants retained by the Holder(s) or underwriter (collectively, the “Offering
Persons”), at the offices where normally kept or electronically, during reasonable business hours, all financial and other records, pertinent corporate documents and properties of the Company and its subsidiaries, and cause the officers,
directors and employees of the Company and its subsidiaries to supply all information and participate in customary due diligence sessions in each case reasonably requested by any such representative, underwriter, counsel or accountant in connection
with such registration statement and/or offering; provided, however, that any information that is not generally publicly available at the time of delivery of such information shall be kept confidential by such Offering Persons unless
(i) disclosure of such information is required by court or administrative order or in connection with an audit or examination by, or a blanket document request from, a regulatory or self-regulatory authority, bank examiner or auditor,
(ii) disclosure of such information, in the reasonable judgment of the Offering Persons, is required by law or applicable legal process (including in connection with the offer and sale of securities pursuant to the rules and regulations of the
SEC), (iii) such information is or becomes generally available to the public other than as a result of a non-permitted disclosure or failure to safeguard by such Offering Persons in violation of this Agreement
or (iv) such information (A) was known (after reasonable inquiry) to such Offering Persons (prior to its disclosure by the Company) from a source other than the Company when such source, to the knowledge of the Offering Persons, was not
bound by any contractual, legal or fiduciary obligation of confidentiality to the Company with respect to such information, (B) becomes available to the Offering Persons from a source other than the Company when such source, to the knowledge of
the Offering Persons, is not bound by any contractual, legal or fiduciary obligation of confidentiality to the Company with respect to such information or (C) was developed independently by the Offering Persons or their respective
representatives without the use of, or reliance on, such information provided by the Company. In the case of a proposed disclosure pursuant to (i) or (ii) above, such Person shall be required to give the Company written notice of the proposed
disclosure prior to such disclosure (except in the case of (ii) above when a proposed disclosure was or is to be made in connection with a registration statement or prospectus under this Agreement and except in the case of clause (i) above
when a proposed disclosure is in connection with a routine audit or examination by, or a blanket document request from, a regulatory or self-regulatory authority, bank examiner or auditor); 

(n)    cooperate with the Holder(s) and each underwriter or agent participating in the disposition of Registrable
Securities and their respective counsel in connection with any filings required to be made with FINRA, including the use of commercially reasonable efforts to obtain FINRA’s pre-clearance or pre-approval of the registration statement and applicable prospectus upon filing with the SEC; 

(o)    promptly notify the Holder(s) (i) when the prospectus or any prospectus supplement or post-effective amendment
has been filed and, with respect to such registration statement or any post-effective amendment, when the same has become effective, (ii) of any request by the SEC or other federal or state governmental authority for amendments or supplements
to such registration statement or related prospectus or to amend or to supplement such prospectus or for additional information, (iii) of the issuance by the SEC of any stop order suspending the effectiveness of such registration statement or
the initiation of any proceedings for such purpose, (iv) if at any time the Company has reason to believe that the representations and warranties of the Company contained in any agreement contemplated by Section 3.1(f)
above 

  
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relating to any applicable offering cease to be true and correct or (v) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption
from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose; 

(p)    The Holders agree that, upon receipt of any notice from the Company of the happening of any event of the kind
described in Section 3.1(f), 3.1(o)(ii) or 3.1(o)(iii), the Holders shall discontinue disposition of any Registrable Securities covered by such registration statement or the related prospectus until receipt of the copies of the supplemented or
amended prospectus, which supplement or amendment shall, subject to the other applicable provisions of this Agreement, be prepared and furnished as soon as reasonably practicable, or until the Holders are advised in writing by the Company that the
use of the applicable prospectus may be resumed, and have received copies of any amended or supplemented prospectus or any additional or supplemental filings which are incorporated, or deemed to be incorporated, by reference in such prospectus (such
period during which disposition is discontinued being an “Interruption Period”) and, if requested by the Company, the Holders shall use commercially reasonable efforts to return to the Company all copies then in their possession, of
the prospectus covering such Registrable Securities at the time of receipt of such request. As soon as practicable after the Company has determined that the use of the applicable prospectus may be resumed, the Company will notify the Holders
thereof. In the event the Company invokes an Interruption Period hereunder and in the sole discretion of the Company the need for the Company to continue the Interruption Period ceases for any reason, the Company shall, as soon as reasonably
practicable, provide written notice to the Holders that such Interruption Period is no longer applicable; and 

(q)    shall take all other reasonable steps, at the written request of the Holders, necessary to effect the registration
and offer and sale of the Registrable Securities as required hereby. 
 Section 3.2    Suspension.
(a) The Company shall be entitled, by providing written notice to the Holders, no more than two (2) times in any twelve (12) month period for a period of time not to exceed 90 days in the aggregate, to postpone the filing or
effectiveness of a registration statement to sell Registrable Securities or to require the Holders of Registrable Securities to suspend any offerings or sales of Registrable Securities pursuant to a registration statement, if the Company delivers to
the Holders a certificate signed by an executive officer certifying that such registration and offering would (i) require the Company to make an Adverse Disclosure or (ii) materially interfere with any bona fide material financing,
acquisition, disposition or other similar transaction involving the Company or any of its subsidiaries then under consideration. Such certificate shall contain a statement of the reasons for such suspension and an approximation of the anticipated
length of such suspension, in accordance with the specifications set forth in this Section 3.2. The Purchasers shall keep the information contained in such certificate confidential subject to the same terms set forth in
Section 3.1(m). If the Company postpones registration of Registrable Securities in response to a Underwritten Shelf Take-Down Notice or a Demand Registration Request or requires the Holders to suspend any Underwritten
Offering, the Purchasers shall be entitled to withdraw such Underwritten Shelf Take-Down Notice or a Demand Registration Request, as applicable, and if they do so, such request shall not be treated for any purpose as the delivery of an Underwritten
Shelf Take-Down Notice pursuant to Section 1.6 or a Demand Registration Request pursuant to Section 2.1. 

  
 -10- 

 Section 3.3    Expenses of Registration. All Registration
Expenses incurred in connection with any registration pursuant to Article I or Article II shall be borne by the Company. All Selling Expenses in connection with the sale of Registrable Securities by the Holders of the Registrable
Securities shall be borne, pro rata, by such Holders included in such registration. 

Section 3.4    Cooperation by Holders. The Holder or Holders of Registrable Securities included in any
registration shall, and the Purchasers shall cause such Holder or Holders to, furnish to the Company the number of shares of Common Stock (or any securities convertible, exchangeable or exercisable for Common Stock within 60 days of any such filing)
owned by such Holder or Holders, the number of such Registrable Securities proposed to be sold, the name and address of such Holder or Holders proposing to sell, and the distribution proposed by such Holder or Holders as shall be required in
connection with any registration, qualification or compliance referred to in this Agreement. It is understood and agreed that the obligations of the Company under Article I and Article II are conditioned on the timely provisions of the foregoing
information by such Holder or Holders and, without limitation of the foregoing, will be conditioned on compliance by such Holder or Holders with the following: 

(a)    such Holder or Holders will, and will cause their respective Affiliates to, cooperate with the Company in
connection with the preparation of the applicable registration statement and prospectus and, for so long as the Company is obligated to keep such registration statement effective, such Holder or Holders will and will cause their respective
Affiliates to, provide to the Company, in writing and in a timely manner, for use in such registration statement (and expressly identified in writing as such), all information regarding themselves and their respective Affiliates and such other
information as may be required by applicable law to enable the Company to prepare or amend such registration statement, any related prospectus and any other documents related to such offering covering the applicable Registrable Securities owned by
such Holder or Holders and to maintain the currency and effectiveness thereof; and 
 (b)    during such time as such
Holder or Holders and their respective Affiliates may be engaged in a distribution of the Registrable Securities, such Holder or Holders will, and they will cause their Affiliates to, comply with all laws applicable to such distribution, including
Regulation M promulgated under the Exchange Act, and, to the extent required by such laws, will, and will cause their Affiliates to, among other things (i) not engage in any stabilization activity in connection with the securities of the
Company in contravention of such laws; (ii) distribute the Registrable Securities acquired by them solely in the manner described in the applicable registration statement and (iii) if required by applicable law, cause to be furnished to
each agent or broker-dealer to or through whom such Registrable Securities may be offered, or to the offeree if an offer is made directly by such Holder or Holders or their respective Affiliates, such copies of the applicable prospectus (as amended
and supplemented to such date) and documents incorporated by reference therein as may be required by such agent, broker-dealer or offeree. 

Section 3.5    Rule 144 Reporting. With a view to making available the benefits of Rule 144 to the Holders,
the Company agrees that, for so long as a Holder owns Registrable Securities, the Company will use its commercially reasonable efforts to: 

(a)    make and keep public information available, as those terms are understood and defined in Rule 144, at all times
after the date of this Agreement; and 

  
 -11- 

 (b)    so long as a Holder owns any Restricted Securities, furnish to
the Holder upon request given in accordance with Section 6.8 (i) a written statement by the Company as to its compliance with the reporting requirements of the Exchange Act; (ii) a copy of the most recent periodic
report of the Company and any other such reports and documents filed by the Company that may be requested by the Holder; and (iii) any other such information or documentation as may be requested by a Holder pursuant to an SEC rule or regulation
that permits the sale of securities without registration or pursuant to Form S-3, whichever is applicable. 

Section 3.6    Holdback Agreement. If the Company shall file a registration statement (other than in
connection with the registration of securities issuable pursuant to an employee stock option, stock purchase or similar plan or pursuant to a merger, exchange offer or a transaction of the type specified in Rule 145(a) under the Securities Act) with
respect to an underwritten public offering of Common Stock or securities convertible into, or exchangeable or exercisable for, such securities or otherwise informs the Purchasers that it intends to conduct such an offering utilizing an effective
registration statement or pursuant to an underwritten Rule 144A and/or Regulation S offering and provides the Purchasers and each Holder the opportunity to participate in such offering in accordance with and to the extent required by
Section 1.7, each Holder participating in such offering shall, if requested by the managing underwriter or underwriters, enter into a customary “lock-up” agreement relating to the sale, offering
or distribution of Registrable Securities, in the form reasonably requested by the managing underwriter or underwriters, covering the period commencing on the date of the prospectus pursuant to which such offering may be made and continuing until up
to 90 days from the date of such prospectus; provided that nothing herein will prevent (i) any Holder from making a transfer to an Affiliate, (ii) any pledge of Registrable Securities by a Holder in connection with a Permitted Loan
(as defined in the Investment Agreements) or (iii) or any foreclosure in connection with a Permitted Loan (as defined in the Investment Agreements) or transfer in lieu of a foreclosure thereunder, in each case that is otherwise in compliance
with applicable securities laws. 
 ARTICLE IV 

Indemnification 

Section 4.1    Indemnification by Company. To the extent permitted by applicable law, the Company will, with
respect to any Registrable Securities covered by a registration statement or prospectus, or as to which registration, qualification or compliance under applicable “blue sky” laws has been effected pursuant to this Agreement, indemnify and
hold harmless each Holder, each Holder’s current and former officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents, employees and Affiliates, and each Person controlling such Holder within the meaning of
Section 15 of the Securities Act and such Holder’s current and former officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents, employees and Affiliates, and each underwriter thereof, if any, and each
Person who controls any such underwriter within the meaning of Section 15 of the Securities Act (collectively, the “Company Indemnified Parties”), from and against any and all expenses, claims, losses, damages, costs (including
costs of preparation, reasonable attorney’s fees and expenses and any legal or other fees or expenses reasonably incurred by such party in connection with any investigation or proceeding), judgments, fines, penalties, charges, amounts paid in
settlement and other liabilities, joint or several, (or actions or proceedings, whether commenced or threatened, in 

  
 -12- 

 
respect thereof) (collectively, “Losses”) to the extent arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any
registration statement, prospectus, preliminary prospectus, offering circular, “issuer free writing prospectus” (as such term is defined in Rule 433 under the Securities Act) or other document, in each case related to such registration
statement, or any amendment or supplement thereto, or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they
were made, not misleading, or any violation by the Company of the Securities Act, the Exchange Act, any state securities law or any rules or regulations thereunder applicable to the Company and (without limiting the preceding portions of this
Section 4.1), the Company will reimburse each of the Company Indemnified Parties for any reasonable and documented out-of-pocket legal expenses
and any other reasonable and documented out-of-pocket expenses actually incurred in connection with investigating, defending or, subject to the last sentence of this
Section 4.1, settling any such Losses or action, as such expenses are incurred; provided that the Company’s indemnification obligations shall not apply to amounts paid in settlement of any Losses or action if
such settlement is effected without the prior written consent of the Company (which consent shall not be unreasonably withheld or delayed), nor shall the Company be liable to a Holder in any such case for any such Losses or action to the extent that
it arises out of or is based upon a violation or alleged violation of any state or federal law (including any claim arising out of or based on any untrue statement or alleged untrue statement or omission or alleged omission in the registration
statement or prospectus) which occurs in reliance upon and in conformity with written information regarding such Holder furnished to the Company by such Holder or its authorized representatives expressly for use in connection with such registration
by or on behalf of any Holder; it being understood and agreed that the only such information furnished by any Holder consists of the information described as such in Section 4.2 below. 

Section 4.2    Indemnification by Holders. To the extent permitted by applicable law, each Holder will, if
Registrable Securities held by such Holder are included in the securities as to which registration or qualification or compliance under applicable “blue sky” laws is being effected, indemnify, severally and not jointly with any other
Holders of Registrable Securities, the Company, each of its representatives, each Person who controls the Company or such underwriter within the meaning of Section 15 of the Securities Act (collectively, the “Holder Indemnified
Parties”), against all Losses (or actions in respect thereof) to the extent arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any registration statement, prospectus, preliminary
prospectus, offering circular, “issuer free writing prospectus” or other document, in each case related to such registration statement, or any amendment or supplement thereto, or based on any omission (or alleged omission) to state therein
a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, and will reimburse each of the Holder Indemnified Parties for any reasonable and
documented out-of-pocket legal expenses and any other reasonable and documented
out-of-pocket expenses actually incurred in connection with investigating, defending or, subject to the last sentence of this Section 4.2,
settling any such Losses or action, as such expenses are incurred, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration statement,
prospectus, offering circular, “issuer free writing prospectus” or other document in reliance upon and in conformity with written information regarding such Holder furnished to the Company by such Holder or its authorized representatives
and stated to be 

  
 -13- 

 
specifically for use therein; it being understood and agreed that the only such information furnished by any Holder consists of the number of shares of Common Stock (or any securities
convertible, exchangeable or exercisable for Common Stock within 60 days of any such filing) owned by such Holder, the number of Registrable Securities proposed to be sold by such Holder, the name and address of such Holder proposing to sell, and
the distribution proposed by such Holder; provided, however, that in no event shall any indemnity under this Section 4.2 payable by the Purchasers and any Holder exceed an amount equal to the net proceeds
received by such Holder in respect of the sale of the Registrable Securities giving rise to such indemnification obligation. The indemnity agreement contained in this Section 4.2 shall not apply to amounts paid in
settlement of any Losses or action if such settlement is effected without the prior written consent of the applicable Holder (which consent shall not be unreasonably withheld or delayed). 

Section 4.3    Notification. If any Person shall be entitled to indemnification under this Article IV (each,
an “Indemnified Party”), such Indemnified Party shall give prompt notice to the party required to provide indemnification (each, an “Indemnifying Party”) of any claim or of the commencement of any proceeding as to
which indemnity is sought. The Indemnifying Party shall have the right, exercisable by promptly giving written notice to the Indemnified Party after the receipt of written notice from such Indemnified Party of such claim or proceeding, to assume, at
the Indemnifying Party’s expense, the defense of any such claim or litigation, with counsel reasonably satisfactory to the Indemnified Party and, after notice from the Indemnifying Party to such Indemnified Party of its election to assume the
defense thereof, the Indemnifying Party will not (so long as it shall continue to have the right to defend, contest, litigate and settle the matter in question in accordance with this paragraph) be liable to such Indemnified Party hereunder for any
legal expenses and other expenses subsequently incurred by such Indemnified Party in connection with the defense thereof; provided, however, that an Indemnified Party shall have the right to employ separate counsel in any such claim or
litigation, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless (i) the use of counsel chosen by the Indemnifying Party to represent the Indemnified Party would present such counsel with a conflict
of interest; (ii) such action includes both the Indemnified Party and the Indemnifying Party and the Indemnified Party shall have reasonably concluded that there may be legal defenses available to it and/or other Indemnified Parties that are
different from or additional to those available to the Indemnifying Party; (iii) the Indemnifying Party shall have failed within a reasonable period of time to employ counsel reasonably satisfactory to the Indemnified Party and assume such
defense and the Indemnified Party is or would reasonably be expected to be materially prejudiced by such delay or (iv) the Indemnifying Party agrees to pay such fees and expenses. The failure of any Indemnified Party to give notice as provided
herein shall relieve an Indemnifying Party of its obligations under this Article IV only to the extent that the failure to give such notice is materially prejudicial or harmful to such Indemnifying Party’s ability to defend such action. No
Indemnifying Party, in the defense of any such claim or litigation, shall, except with the prior written consent of each Indemnified Party (which consent shall not be unreasonably withheld or delayed), consent to entry of any judgment or enter into
any settlement which (A) does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation and (B) does not include
any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Party. The indemnity agreements contained in this Article IV shall not apply to amounts paid in settlement of any claim, loss, damage,
liability or action if such settlement is effected without the prior written consent of the Indemnifying Party, which consent 

  
 -14- 

 
shall not be unreasonably withheld or delayed. The indemnification set forth in this Article IV shall be in addition to any other indemnification rights or agreements that an Indemnified Party
may have. An Indemnifying Party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel (in addition to appropriate local counsel) for all parties
indemnified by such Indemnifying Party with respect to such claim, unless in the reasonable judgment of any Indemnified Party a conflict of interest may exist between such Indemnified Party and any other Indemnified Parties with respect to such
claim. 
 Section 4.4    Contribution. If the indemnification provided for in this Article IV is held
by a court of competent jurisdiction to be unavailable to an Indemnified Party, other than pursuant to its terms, with respect to any Losses or action referred to therein, then, subject to the limitations contained in this Article IV, the
Indemnifying Party, in lieu of indemnifying such Indemnified Party hereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses or action in such proportion as is appropriate to reflect the relative
fault of the Indemnifying Party, on the one hand, and the Indemnified Party, on the other, in connection with the actions, statements or omissions that resulted in such Losses or action, as well as any other relevant equitable considerations. The
relative fault of the Indemnifying Party, on the one hand, and the Indemnified Party, on the other hand, shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a
material fact or omission or alleged omission to state a material fact, has been made (or omitted) by, or relates to information supplied by such Indemnifying Party, on the one hand, or such Indemnified Party, on the other hand, and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent any such action, statement or omission. The Company and the Holders agree that it would not be just and equitable if contribution pursuant to this
Section 4.4 was determined solely upon pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding sentence of this
Section 4.4. Notwithstanding the provisions of this Section 4.4, an Indemnifying Party that is a Holder shall not be required to contribute to any amount in excess of the amount by which the net
proceeds to the Indemnifying Party from the sale of the Registrable Securities sold in a transaction that resulted in Losses in respect of which contribution is sought in such proceeding pursuant to this Section 4.4 exceed the amount of any
damages such Indemnifying Party has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission (including as a result of any indemnification obligation hereunder). No Person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

ARTICLE V 
 Transfer and
Termination of Registration Rights 
 Section 5.1    Transfer of Registration Rights. Any rights to
cause the Company to register securities granted to a Holder under this Agreement may be transferred or assigned to any Investor in connection with (a) a Transfer (as defined in the Investment Agreements) of Series A Preferred Stock, Warrants
or Common Stock, as applicable, to such Person in a Transfer pursuant to Section 5.07(b)(i) or by Section 5.07(b)(vi) of the Investment Agreements or (b) a pledge by such Holder of its rights and an assignment by such Holder of its
rights in connection 

  
 -15- 

 
with a foreclosure under a pledge of Registrable Securities, in each case, pursuant to a Permitted Loan (as defined in the Investment Agreements); provided, however, in the case of
each of clauses (a) and (b), that (i) prior written notice of such assignment of rights is given to the Company and (ii) such Investor agrees in writing to be bound by, and subject to, this Agreement as a “Holder” pursuant
to a written instrument in form and substance reasonably acceptable to the Company. 

Section 5.2    Termination of Registration Rights. The rights of any particular Holder to cause the Company to
register securities under Article I or Article II shall terminate with respect to such Holder upon the date upon which such Holder no longer holds any Registrable Securities. 

ARTICLE VI 
 Miscellaneous

 Section 6.1    Amendments and Waivers. Any provision of this Agreement may be amended or waived if,
and only if, such amendment or waiver is in writing and is signed by the Company and the Holder(s) with respect to which such amendment or waiver is applicable. 

Section 6.2    Extension of Time, Waiver, Etc. The parties hereto may, subject to applicable law,
(a) extend the time for the performance of any of the obligations or acts of the other party or (b) waive compliance by the other party with any of the agreements contained herein applicable to such party or, except as otherwise provided
herein, waive any of such party’s conditions. Notwithstanding the foregoing, no failure or delay by the parties hereto in exercising any right hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude
any other or further exercise thereof or the exercise of any other right hereunder. Any agreement on the part of a party hereto to any such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of such
party; provided that the Purchasers may execute such waivers on behalf of any Investor. 

Section 6.3    Assignment. Except as provided in Section 5.1, neither this Agreement
nor any of the rights, interests or obligations hereunder shall be assigned, in whole or in part, by operation of law or otherwise, by any of the parties hereto without the prior written consent of the other party hereto; provided,
however, that the Purchasers may provide any such consent on behalf of the Investors. 

Section 6.4    Counterparts. This Agreement may be executed in one or more counterparts (including by
facsimile or electronic mail), each of which shall be deemed to be an original but all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts have been signed by each of the
parties hereto and delivered to the other parties hereto. 
 Section 6.5    Entire Agreement; No
Third Party Beneficiary. This Agreement, including the Transaction Documents (as defined in the Investment Agreements), constitutes the entire agreement, and supersedes all other prior agreements and understandings, both written and oral, among
the parties and their Affiliates, or any of them, with respect to the subject matter hereof and thereof. No provision of this Agreement shall confer upon any Person other than the parties hereto and their permitted assigns any rights or remedies
hereunder. 

  
 -16- 

 Section 6.6    Governing Law; Jurisdiction. 

(a)    This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware applicable
to contracts executed in and to be performed entirely within that State, regardless of the laws that might otherwise govern under any applicable conflict of laws principles. 

(b)    All legal or administrative proceedings, suits, investigations, arbitrations or actions
(“Actions”) arising out of or relating to this Agreement shall be shall be heard and determined in the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware declines to accept jurisdiction
over any Action, any state or federal court within the State of Delaware) and the parties hereto hereby irrevocably submit to the exclusive jurisdiction and venue of such courts in any such Action and irrevocably waive the defense of an inconvenient
forum or lack of jurisdiction to the maintenance of any such Action. The consents to jurisdiction and venue set forth in this Section 6.6 shall not constitute general consents to service of process in the State of Delaware
and shall have no effect for any purpose except as provided in this paragraph and shall not be deemed to confer rights on any Person other than the parties hereto. Each party hereto agrees that service of process upon such party in any Action
arising out of or relating to this Agreement shall be effective if notice is given by overnight courier at the address set forth in Section 6.8 of this Agreement. The parties hereto agree that a final judgment in any such
Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable law; provided, however, that nothing in the foregoing shall restrict any party’s rights to
seek any post-judgment relief regarding, or any appeal from, a final trial court judgment. 

Section 6.7    Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE
UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) IT UNDERSTANDS AND HAS CONSIDERED THE
IMPLICATIONS OF SUCH WAIVER, (C) IT MAKES SUCH WAIVER VOLUNTARILY AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 6.7. 

  
 -17- 

 Section 6.8    Notices. All notices, requests and other
communications to any party hereunder shall be in writing and shall be deemed given if delivered personally, emailed (which is confirmed) or sent by overnight courier (providing proof of delivery) to the parties at the following addresses: 

 

	 	(a)	 If to the Company, to it at: 

Expedia Group, Inc. 
 1111
Expedia Group Way West 
 Seattle, Washington 98119 

Attn: Chief Financial Officer (with a copy to the Chief Legal Officer at the same address) 

							
		 	Email:	  	ehart@expediagroup.com	  	
		 		  	bdzielak@expedia.com	  	

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

Wachtell, Lipton, Rosen & Katz 

51 West 52nd Street 
 New York,
New York 10019 

							
		 	Attn:	  	Andrew J. Nussbaum	  	
		 		  	Edward J. Lee	  	
		 	Phone:	  	(212) 403-2000	  	
		 	Email:	  	AJNussbaum@wlrk.com	  	
		 		  	EJLee@wlrk.com	  	

  

	 	(b)	 If to the Apollo Purchaser at: 

AP Fort Holdings, L.P. 
 c/o
Apollo Global Management, Inc. 
 9 West 57th Street 

New York, NY 10019 

							
		 	Attn:	  	Laurie Medley	  	
		 	Phone:	  	212-515-3484	  	
		 	Email:	  	lmedley@apollo.com	  	

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

Sidley Austin LLP 
 787 Seventh
Avenue 
 New York, NY 10019 

							
		 	Attn:	  	Adam Weinstein	  	
		 		  	John Butler	  	
		 	Phone:	  	(212) 839-5371	  	
		 	Fax:	  	(212) 839-5599	  	
		 	Email:	  	AWeinstein@sidley.com	  	
		 		  	John.Butler@sidley.com	  	

  
 -18- 

 and 

Paul, Weiss, Rifkind, Wharton & Garrison LLP 

1285 Avenue of the Americas 

New York, New York 10019 

							
		 	Attn:	  	Gregory A. Ezring	  	
		 		  	Brian M. Janson	  	
		 	Phone:	  	(212) 373-3000	  	
		 	Fax:	  	(212) 757-3990	  	
		 	Email:	  	GEzring@paulweiss.com	  	
		 		  	BJanson@paulweiss.com	  	

  

	 	(c)	 If to the SLP Purchasers at: 

SLP Fort Aggregator II, L.P. 

SLP V Fort Holdings II, L.P. 

c/o Silver Lake 
 550 Hudson
Yards 
 550 West 34th Street, 40th Floor 

New York, New York 10001 

							
		 	Attn:	  	Andrew J. Schader	  	
		 	Email:	  	andy.schader@silverlake.com	  	

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

Simpson Thacher & Bartlett LLP 

425 Lexington Ave 
 New York, NY
10017 

							
		 	Attn:	  	Ken Wallach	  	
		 		  	Sunny Cheong	  	
		 		  	Kathryn King Sudol	  	
		 	Phone:	  	(212) 455-2000	  	
		 	Email:	  	kwallach@stblaw.com	  	
		 		  	scheong@stblaw.com	  	
		 		  	ksudol@stblaw.com	  	

 or such other address, email address or facsimile number as such party may hereafter specify by like notice to the other
parties hereto. All such notices, requests and other communications shall be deemed received on the date of actual receipt by the recipient thereof if received prior to 5:00 p.m. local time in the place of receipt and such day is a Business Day in
the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding Business Day in the place of receipt. 

Section 6.9    Severability. If any term, condition or other provision of this Agreement is determined by a
court of competent jurisdiction to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other terms, provisions and conditions of this Agreement shall nevertheless remain in full force and effect. Upon such
determination that 

  
 -19- 

 
any term, condition or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible to the fullest extent permitted by applicable law. 

Section 6.10    Expenses. Except as provided in Section 3.3, all costs and expenses,
including fees and disbursements of counsel, financial advisors and accountants, incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses. 

Section 6.11    Interpretation. The rules of interpretation set forth in Section 7.12 of the Investment
Agreements shall apply to this Agreement, mutatis mutandis. 
 Section 6.12    Purchasers. 

(a)    Each Holder hereby consents, for so long as any Purchaser holds any Registrable Securities, to (i) the
appointment of the Purchasers, acting together, as the attorneys-in-fact for and on behalf of such Holder and (ii) the taking by the Purchasers, acting together, of
any and all actions and the making of any decisions required or permitted by, or with respect to, this Agreement and the transactions contemplated hereby, including (A) the exercise of the power to agree to execute any consents under this
Agreement and all other documents contemplated hereby and (B) to take all actions necessary in the judgment of the Purchasers for the accomplishment of the foregoing and all of the other terms, conditions and limitations of this Agreement and
the transactions contemplated hereby. 
 (b)    Each Holder shall be bound by the actions taken by the Purchasers
exercising the rights granted to them by this Agreement or the other documents contemplated by this Agreement, and the Company shall be entitled to rely on any such action or decision of the Purchasers. 

[Signature pages follow] 

  
 -20- 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the
date first above written. 
  

			
	EXPEDIA GROUP, INC.
		
	By:	 	 /s/ Eric Hart

	Name:	 	Eric Hart
	Title:	 	Chief Financial Officer

 [Signature Page to Registration Rights Agreement] 

 
			
	AP FORT HOLDINGS, L.P.
	
	By: AP Fort Advisors, LLC, its general partner
	
	By: Apollo Hybrid Value Advisors, L.P., its sole member
	
	By: Apollo Hybrid Value Capital Management, LLC, its general partner
		
	By:	 	 /s/ Joseph D. Glatt

	Name:	 	Joseph D. Glatt
	Title:	 	Vice President

 [Signature Page to Registration Rights Agreement] 

 
			
	SLP FORT AGGREGATOR II, L.P.
	
	By: SLP V Aggregator GP, L.L.C., its general partner
	
	By: Silver Lake Technology Associates V, L.P., its managing member
	
	By: SLTA V (GP), L.L.C., its general partner
	
	By: Silver Lake Group, L.L.C., its managing member
		
	By:	 	 /s/ Greg Mondre

	Name:	 	Greg Mondre
	Title:	 	Co-Chief Executive Officer

 [Signature Page to Registration Rights Agreement] 

 
			
	SLP V FORT HOLDINGS II, L.P.
	
	By: SLP V Fort GP II, L.L.C., as general partner
	
	By: Silver Lake Technology Associates V, L.P., its managing member
	
	By: SLTA V (GP), L.L.C., its general partner
	
	By: Silver Lake Group, L.L.C., its managing member
		
	By:	 	 /s/ Greg Mondre

	Name:	 	Greg Mondre
	Title:	 	Co-Chief Executive Officer

 [Signature Page to Registration Rights Agreement] 

 EXHIBIT A 

DEFINED TERMS 
  

	1.	 The following capitalized terms have the meanings indicated: 

“Adverse Disclosure” means public disclosure of material non-public information that,
in the good faith judgment of the Company (after consultation with legal counsel): (i) would be required to be made in any registration statement filed with the SEC by the Company so that such registration statement would not be materially
misleading; (ii) would not be required to be made at such time but for the filing, effectiveness or continued use of such registration statement; and (iii) the Company has a bona fide business purpose for not disclosing publicly.

 “Affiliates” shall have the meaning given to such term in the Investment Agreements. 

“Business Day” shall have the meaning given to such term in the Investment Agreements. 

“Common Stock” means all shares currently or hereafter existing of the Company’s common stock, par value $0.0001 per
share. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor statute thereto, and the
rules and regulations of the SEC promulgated thereunder. 
 “FINRA” means the Financial Industry Regulatory Authority, Inc.

 “Form S-3” means such form under the Securities Act as in effect on the date
hereof or any registration form under the Securities Act subsequently adopted by the SEC that permits incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

“Holder” means any Investor holding Registrable Securities. 

“Marketed Underwritten Offering” means any Underwritten Offering that includes a customary “electronic road show”
or other marketing efforts by the Company and the underwriters, which for the avoidance of doubt, shall not include block trades (it being understood that nothing in this Agreement shall require the Company to participate in any in-person road show). 
 “Permitted Transferee” with respect to the Apollo Purchaser or
the SLP Purchasers means any Person who becomes a Holder or is otherwise entitled to registration rights hereunder as a result of a transfer by the Apollo Purchaser or the SLP Purchasers or their respective Affiliates, as applicable, in each case in
accordance with Section 5.1 hereof, the Investment Agreements and applicable law. 
 “Person”
means any individual, corporation, limited liability company, partnership, joint venture, association, trust, unincorporated organization or any other entity, including a governmental authority. 

  
 A-1 

 “register”, “registered” and
“registration” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such registration statement or the
automatic effectiveness of such registration statement, as applicable. 
 “Registrable Securities” means, (x) as of
any date of determination, any shares of Common Stock hereafter held by any Purchaser Party (as such term is defined in the Investment Agreements), including any Common Stock issuable upon the exercise of any Warrants, and any other securities
issued or issuable with respect to any such shares of Common Stock by way of share split, share dividend, distribution, recapitalization, merger, exchange, replacement, reorganization, conversion or similar event and (y) as of any date of
determination that is more than five years after the date of this Agreement, any shares of Series A Preferred Stock held by a Purchaser Party (as such term is defined in the Investment Agreements), and any other securities issued or issuable with
respect to any such shares of Series A Preferred Stock by way of share split, share dividend, distribution, recapitalization, merger, exchange, replacement, reorganization, conversion or similar event. As to any particular Registrable Securities,
once issued, such securities shall cease to be Registrable Securities when (i) such securities are sold or otherwise transferred pursuant to an effective registration statement under the Securities Act, (ii) such securities shall have
ceased to be outstanding, (iii) such securities have been transferred in a transaction in which the Holder’s rights under this Agreement are not assigned in accordance with the terms of this Agreement to the transferee of the securities,
(iv) such securities are sold in a broker’s transaction under circumstances in which all of the applicable conditions of Rule 144 (or any similar provisions then in force) are met, or (v) as to any Registrable Securities that are
Common Stock of a Holder, at any time such Holder and its Affiliates own less than 1% of the outstanding shares of Common Stock (assuming all Warrants of such Holder and its Affiliates have been exercised). 

“Registration Expenses” means all (a) expenses incurred by the Company in complying with Article I or Article
II, including all registration, qualification, listing and filing fees, printing expenses, escrow fees, and fees and disbursements of counsel for the Company, fees and disbursements of the Company’s independent public accountants, fees and
disbursements of the transfer agent, blue sky fees and expenses; and (b) reasonable, documented out-of-pocket fees and expenses of one outside legal counsel for all
Holders retained in connection with any registration contemplated hereby. 
 “Restricted Securities” means any Common Stock
required to bear the legend set forth in Section 5.08(a) of the Investment Agreements. 
 “Rule 144” means Rule 144
promulgated under the Securities Act and any successor provision. 
 “Rule 462(e)” means Rule 462(e) promulgated under the
Securities Act and any successor provision. 
 “SEC” means the U.S. Securities and Exchange Commission. 

  
 A-2 

 “Securities Act” means the Securities Act of 1933, as amended, and any
successor statute thereto, and the rules and regulations of the SEC promulgated thereunder. 
 “Selling Expenses” means all
underwriting discounts, selling commissions and stock transfer taxes applicable to the securities registered by the Holders and the fees and expenses of any auditor of any Holders or any counsel to any Holders (other than such fees and expenses
included in Registration Expenses). 
 “Shelf Registration Statement” means the Resale Shelf Registration Statement, a
Subsequent Shelf Registration Statement or any other shelf registration statement pursuant to which any Registrable Securities are registered, as applicable. 

“Underwritten Offering” means a registered offering in which securities of the Company are sold to one or more underwriters
on a firm-commitment basis for reoffering to the public. 
  

	2.	 The following terms are defined in the Sections of the Agreement indicated: 

INDEX OF TERMS 
  

					
	 Term
	  	 Section
	 
	Actions	  	 	Section 6.6(b)	 
	Agreement	  	 	Preamble	 
	Apollo Group	  	 	Section 1.5(a)	 
	Apollo Purchaser	  	 	Preamble	 
	Company	  	 	Preamble	 
	Company Indemnified Parties	  	 	Section 4.1	 
	Demand Registration	  	 	Section 2.1	 
	Demand Registration Request	  	 	Section 2.1	 
	Demand Registration Statement	  	 	Section 2.1	 
	Effectiveness Period	  	 	Section 1.2	 
	Holder Indemnified Parties	  	 	Section 4.2	 
	Indemnified Party	  	 	Section 4.3	 
	Indemnifying Party	  	 	Section 4.3	 
	Interruption Period	  	 	Section 3.1(o)	 
	Investment Agreements	  	 	Recitals	 
	Investor	  	 	Preamble	 
	Investors	  	 	Preamble	 
	Losses	  	 	Section 4.1	 
	Minimum Amount	  	 	Section 1.6(b)	 
	Offering Persons	  	 	Section 3.1(m)	 
	Piggyback Notice	  	 	Section 1.7(a)	 
	Piggyback Registration Statement	  	 	Section 1.7(a)	 
	Piggyback Request	  	 	Section 1.7(a)	 
	Purchasers	  	 	Preamble	 
	Resale Shelf Registration Statement	  	 	Section 1.1	 
	Series A Preferred Stock	  	 	Recitals	 
	Shelf Offering	  	 	Section 1.6(a)	 

  
 A-3 

					
	SLP Group	  	 	Section 1.5(a)	 
	SLP Purchasers	  	 	Preamble	 
	Subsequent Holder Notice	  	 	Section 1.5	 
	Subsequent Shelf Registration Statement	  	 	Section 1.3	 
	Underwritten Shelf Take-Down	  	 	Section 1.6(b)	 
	Underwritten Shelf Take-Down Notice	  	 	Section 1.6(b)	 
	Warrants	  	 	Recitals	 

  
 A-4osur-ex101_61.htm

Exhibit 10.1

 

RETIREMENT AGREEMENT

This Retirement Agreement (“Agreement”) is made as of  May 1, 2020, by and between Anthony Zezzo II (“Executive”) and OraSure Technologies, Inc. (collectively, with its predecessors, successors, affiliates and subsidiaries, the “Company”) (jointly referred to as the “Parties” and singularly as a “Party”):

RECITALS

WHEREAS, Executive has been employed by the Company as its Executive Vice President, Business Unit Leader, Infectious Disease; and

WHEREAS, Executive and the Company are currently parties to an Employment Agreement, dated as of January 3, 2011 (the “Employment Agreement”); and 

WHEREAS, Executive will retire from the Company on or before December 31, 2020, on a date to be mutually agreed to by Executive and the Company (the “Retirement Date”); and

WHEREAS, in consideration of Executive’s service to the Company and his retirement, Executive and the Company have entered into this Agreement to set forth the terms and conditions of Executive’s employment between the date hereof and the Retirement Date (the “Transition Period”) and the amicable termination of Executive’s employment as of the Retirement Date.

NOW THEREFORE, in consideration of the mutual promises made herein, intending to be legally bound, the Parties hereby agree as follows:

COVENANTS

1.Termination of Employment and Resignation.  Executive hereby retires and terminates his employment, and resigns all offices, titles and positions with the Company as of the Retirement Date.  Such termination of employment and resignation by Executive shall constitute a voluntary termination and resignation by Executive.  Executive agrees that no severance or other amounts are payable in connection with Executive’s termination and resignation under the Employment Agreement or otherwise, except as provided in this Agreement.

2.Service During Transition Period.  During the Transition Period, Executive agrees to continue to perform his duties as Executive Vice President, Business Unit Leader, Infectious Disease of the Company in accordance with the Employment Agreement and to assist the Company in the transition of Executive’s duties and responsibilities to a successor designated by the Company.

3.Compensation Upon Retirement.  In consideration of Executive’s retirement on the Retirement Date and Executive fulfilling his obligations under this Agreement including his obligations during the Transition Period, and subject to Executive executing the General Release attached as Exhibit A hereto in accordance with Section 11 of this Agreement and such General 

Release becoming effective on the eighth day after execution thereof without Executive exercising his right to revoke such General Release, Executive shall be entitled to the items of compensation set forth in Sections 4, 5, 6 and 7 of this Agreement.  Executive and the Company acknowledge and agree that Executive would not be entitled to all of such items of compensation had he not executed this Agreement and the General Release and that such items of compensation constitute compensation to which Executive is not otherwise entitled.

4.Severance.  Subject to the requirements of Section 3, Executive shall receive a sum amount equal to $418,726.00 (12 months of salary), less applicable taxes and withholdings (the “Severance Payment”). The Severance Payment shall be paid to Executive in equal amounts on each of the Company’s regularly scheduled payroll dates beginning with thirty (30) days after the requirements of Section 3 have been satisfied.

5.Treatment of Outstanding Equity Awards.  Subject to the requirements of Section 3, (i) the unvested portions of all awards of options to purchase the Company’s common stock (“Stock Options”) and all awards of time-vested restricted stock (“Restricted Stock”) granted to Executive  prior to the date of this Agreement and which are outstanding and unvested as of the Retirement Date, shall vest in full on the Retirement Date and (ii) all awards of performance 4-vested restricted units (“PVRUs”) granted to Executive prior to the date of this Agreement and which are outstanding and unvested as of the Retirement Date, shall vest in full three years after the applicable grant date for such PVRUs in accordance with the terms of the relevant agreement pursuant to which such PVRUs were granted to Executive and the terms of the Company’s Stock Award Plan (“Award Plan”) without the requirement that Executive continue to be employed by the Company after the Retirement Date.  The vesting of PVRUs shall also be subject to the satisfaction of the relevant performance measures applicable to such PVRUs, as specified in the applicable award agreement.  Any shares of the Company’s Common Stock that vest with respect to such PVRUs shall be paid out and delivered to Executive at the same time and in the same manner as such awards are paid to other Company senior executives in accordance with the applicable award agreements and the Award Plan, consistent with past practices.

6.2021 Equity Award.  Subject to the requirements of Section 3, Executive shall receive a normal annual equity award in 2021 for performance during 2020 pursuant to the Company’s Long-Term Incentive Policy (“LTIP”) as provided in this Section 5 (the “2021 LTIP Award”).  The 2021 LTIP Award (i) shall have an aggregate grant date value at least equal to Executive’s target of 125% of base salary under the LTIP multiplied by (A) the number of days Executive remains employed during 2020 to and including the Retirement Date divided by (B) 365, (ii) shall consist of 50% Restricted Stock and 50% PVRUs and (iii) shall be awarded at the same time as the annual 2021 LTIP awards are granted to other Company senior executives.  Consistent with past practices, the PVRUs shall vest three years after the grant date so long as certain performance metrics are met as determined by the Company’s Board of Directors. The terms and conditions of the 2021 LTIP Award shall be the same as the 2021 awards made to other senior executives under the LTIP, except that (y) the portion of the 2021 LTIP Award consisting of Restricted Stock shall vest as of the award date and (z) the portion of the 2021 LTIP Award consisting of PVRUs shall vest in accordance with the terms of the applicable award agreement without the requirement that Executive continue to be employed by the Company after the Retirement Date. Any shares of the Company’s Common Stock that vest with respect to PVRUs contained in the 2021 LTIP Award shall be paid out and delivered to Executive at the same time and in the same manner as such 

2

awards are paid to other Company senior executives in accordance with the applicable award agreements and the Award Plan, consistent with past practices

7.2020 Bonus.  Executive shall receive a bonus payment under the Company’s 2020 Incentive Plan (the “2020 IP”) equal to 40% of his base salary, subject to adjustment to reflect the actual bonus pool funding under the 2020 IP approved by the Company’s Board of Directors (the “2020 Bonus”). Payment of the 2020 Bonus shall be made at the same time the Company pays bonuses to other senior executives under the 2020 IP, less applicable taxes and withholdings. 

8.Health Care Continuation.  If the Executive elects to receive continuation coverage under the Company’s group health plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) and maintains such coverage for the full period permitted by law, Executive may thereafter elect to continue such coverage at his own cost and expense under the terms of the Company’s group health plan.

9.Confidential Information.  Executive shall maintain the confidentiality of all of the Company’s confidential and proprietary information according to the terms of his Confidentiality Agreement dated January 3, 2011 (“Confidentiality Agreement”), which is incorporated herein by reference.  Executive shall also return to the Company all of the Company’s property, including all confidential and proprietary information, and all documents and information that Executive obtained in connection with his employment with the Company, on or before the Retirement Date or such later date as the Company may specify.   Notwithstanding the foregoing, Executive Shall be entitled to retain his laptop and cell phone provided by the Company.

10.Payment of Accrued Salary and Benefits.  The Company shall pay Executive all unpaid salary, accrued vacation, paid time off, and any and all other benefits or compensation that were earned, accrued or vested but unpaid as of the Retirement Date (the “Accrued Benefits”) on the first normal payroll date of the Company following the Retirement Date or such other time as may be specified in the applicable plan, agreement or other arrangement governing the terms of the Accrued Benefits.

11.Release of Claims.  On the Retirement Date, Executive agrees to execute the General Release attached hereto as Exhibit A and to deliver a copy thereof top the Company’s General Counsel.  Executive acknowledges that his agreement to execute the general Release is a material inducement for the Company to enter into this Agreement.  Executive further acknowledges and agrees that the receipt of the compensation specified in Sections 4, 5, 6 and 7 of this Agreement is contingent upon Executive signing, delivering to the Company on or prior to the Retirement Date and not revoking or rescinding the General Release.  

12.No Pending or Future Lawsuits.  Executive represents that he has no lawsuits, claims, or actions pending in his name, or on behalf of any other person or entity, against the Company or any of the other Releasees (as defined in the General Release).  Executive also represents that he does not intend to bring any claims on his own behalf or on behalf of any other person or entity against the Company or any of the other Releasees.

13.Application for Employment.  Executive understands and agrees that, as a condition of this Agreement, he shall not be entitled to any employment with the Company, its subsidiaries, or any 

3

successor, and he hereby waives any alleged right of employment or re-employment with the Company, its subsidiaries or related companies, or any successor.  Executive further acknowledges and agrees that the forbearance to seek future employment stated in this paragraph is purely contractual, and is in no way involuntary, discriminatory or retaliatory.  

14.Assistance.  Executive agrees to personally provide reasonable assistance and cooperation to the Company in activities related to the prosecution or defense of any pending or future lawsuits or claims involving the Company.  The Company will reimburse Executive for any reasonable out of pocket costs and expenses incurred in connection with providing such assistance.

15.No Cooperation.  Except as otherwise prohibited by law, Executive agrees that he will not knowingly counsel or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against any of the Releasees, unless under a subpoena or other court order to do so.  Employee agrees both to immediately notify the Company upon receipt of any such subpoena or court order, and to furnish, within three (3) business days of its receipt, a copy of such subpoena or court order to the Company.  If approached by anyone for counsel or assistance in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints against any of the Releasees, Executive shall state no more than that he cannot provide counsel or assistance.

16.Non-Disparagement.  At no time before, on or after the Retirement Date shall Executive publish or otherwise transmit any disparaging, derogatory or defamatory remarks, comments or statements, whether written or oral, regarding the Company, its affiliates or their respective officers, directors, employees, consultants, reputations, products, operations, procedures, policies or services, which are reasonably likely to (i) damage the reputation of the Company or its affiliates or (ii) interfere with the contracts or business relationships of the Company or its affiliates.  This paragraph shall not restrict or prevent Executive from providing truthful testimony as required by court order or other legal process.  

17.Attorneys’ Fees and Costs.  Except as otherwise provided herein, in the event that either Party brings an action to enforce or effect its rights under this Agreement, the prevailing Party shall be entitled to recover its costs and expenses, including the costs of mediation, arbitration, litigation, court fees, plus reasonable attorneys’ fees incurred in connection with such an action.

18.Arbitration.  The parties agree that any and all disputes arising out of, or relating to, the terms of this Agreement, their interpretation, and any of the matters herein released, shall be subject to binding arbitration in Philadelphia, Pennsylvania before the American Arbitration Association under its Employment Arbitration Rules.  The Parties agree that the prevailing Party in any arbitration shall be entitled to injunctive relief in any court of competent jurisdiction to enforce the arbitration award.  The arbitrator shall have no authority to add to, subtract from, or otherwise modify the terms of this Agreement or to make awards beyond those provided for by the statute or other cause of action under with the claim arises.  The Parties agree that the prevailing Party in any arbitration shall be awarded its reasonable attorneys’ fees and costs to the extent permissible under the Employment Arbitration Rules.  The Parties hereby agree to waive their right to have any dispute between them resolved in a court of law by a judge or jury.  This section will not prevent either Party from seeking injunctive relief (or any other provisional remedy) from any court having jurisdiction over the Parties and the subject matter of their dispute 

4

relating to Executive’s obligations under this Agreement and the agreements incorporated herein by reference.

19.Representations.  Each Party represents that it has had the opportunity to consult with an attorney, and has carefully read and understands the scope and effect of the provisions of this Agreement.  Neither Party has relied upon any representations or statements made by the other Party hereto which are not specifically set forth in this Agreement.

20.Severability; Substitution.  In the event that any provision in this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable, or void, this Agreement shall continue in full force and effect without said provision so long as the remaining provisions remain intelligible and continue to reflect the original intent of the Parties.  

21.Entire Agreement.  This Agreement, the Employment Agreement, the Confidentiality Agreement and any and all restricted stock award agreements, restricted unit award agreements and stock option agreements represent the entire agreement and understanding between the Company and Executive concerning the subject matter of this Agreement and Executive’s relationship with the Company, and supersede and replace any and all prior agreements and understandings between the Parties concerning the subject matter of this Agreement and Executive’s relationship with the Company.

22.No Oral Modification.  Any modification or amendment of this Agreement, or additional obligation assumed by either Party in connection with this Agreement, shall be effective only if placed in writing and signed by both Parties or their authorized representatives.

23.Section 409A.  This Agreement is intended to comply with Code Section 409A (to the extent applicable) and the Parties hereto agree to interpret, apply and administer this Agreement in the least restrictive manner necessary to comply therewith and without resulting in any increase in the amounts owed hereunder by the Company.  Notwithstanding anything herein to the contrary, neither the Company nor any of its affiliates shall have any liability to Executive or to any other person if the payments and benefits provided in this Agreement that are intended to be exempt from or compliant with Code Section 409A are not so exempt or compliant.  Executive’s right to receive installment payments hereunder shall be treated as a right to receive a series of separate payments and, accordingly, each installment payment shall at all times be considered a separate and distinct payment for purposes of Code Section 409A.

24.Governing Law.  This Agreement shall be governed by the laws of the Commonwealth of Pennsylvania, without regard for choice of law provisions.

25.Counterparts.  This Agreement may be executed in counterparts, and each counterpart shall have the same force and effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned.

26.Headings Irrelevant.  The headings in this Agreement are intended as a convenience to the reader and are not intended to convey any legal meaning.

5

27.Voluntary Execution of Agreement.  This Agreement is executed voluntarily and with the full intent of releasing all claims, and without any duress or undue influence by any of the Parties.  The Parties acknowledge that:

(a) They have read this Agreement;

(b) They have been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of their own choice or that they have voluntarily declined to seek such counsel;

(c) They understand the terms and consequences of this Agreement and of the releases it contains; and

(d) They are fully aware of the legal and binding effect of this Agreement.

 

[Signature Page Follows]

 

6

IN WITNESS WHEREOF, the Parties have executed this Agreement on the dates set forth below.

 

	
	
ORASURE TECHNOLOGIES, INC. 

By: /s/ Stephen S. Tang

Name:  Stephen S. Tang, Ph.D.

Title: President and Chief Executive Officer

Dated:  May 1, 2020

EXECUTIVE

/s/ Anthony Zezzo II

Anthony Zezzo II

 

Dated: May 1, 2020

 

 

 

 

 

 

 

EXHIBIT A

 

RELEASE AGREEMENT

THIS RELEASE AGREEMENT (the “Agreement”) is entered into on this ___ day of _______, ____, by and between Anthony Zezzo II (“Executive”) and OraSure Technologies, Inc., a Delaware corporation, together with each and every of its predecessors, successors (by merger or otherwise), parents, subsidiaries, affiliates, divisions and related entities directors, officers, Executives, attorneys and agents, whether present or former (collectively the “Company”);

WHEREAS, Executive is entitled to receive certain compensation under a Retirement Agreement and Release (“Retirement Agreement”), dated ____________, between Executive and the Company;

WHEREAS, Executive agrees to execute this Release Agreement as additional consideration for such compensation; and

WHEREAS, capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in the Retirement Agreement.

NOW, THEREFORE, the parties agree as follows, in consideration of the mutual covenants and obligations contained herein, and intending to be legally held bound:

1.Consideration.  In consideration for Executive’s receipt of compensation as provided in the foregoing Retirement Agreement, Executive is willing to enter into this Agreement and provide the release set forth herein.

2.Executive’s Release.  Executive, on behalf of Executive, Executive’s heirs, executors, successors, assigns and representatives, hereby unconditionally and irrevocably releases, settles and forever discharges the Company, together with each and every one of its predecessors, successors (by merger or otherwise), parents, subsidiaries, affiliates, divisions and related entities, and all of their directors, officers, executives, attorneys and agents, whether present or former, and benefit plans (and the administrators, fiduciaries and agents of such plans) (collectively the “Releasees”), from any and all suits, causes of action, complaints, obligations, demands, or claims of any kind, whether in law or in equity, direct or indirect, known or unknown, suspected or unsuspected (hereinafter “Claims”), which the Executive ever had or now has arising out of or relating to any matter, thing or event occurring up to and including the date of this Agreement.  Except as otherwise expressly provided in this Agreement, the Claims released by Executive specifically includes, but is not limited to:

(a)any and all claims for wages and benefits including, without limitation, salary, stock, options, commissions, royalties, license fees, health and welfare benefits, separation pay, vacation pay, incentives, and bonuses;

(b)any and all claims for wrongful discharge, breach of contract (whether express or implied), or for breach of the implied covenant of good faith and fair dealing;

(c)any and all claims for alleged employment discrimination on the basis of age, race, color, religion, sex, national origin, veteran status, disability and/or handicap and any and all other claims in violation of any federal, state or local statute, ordinance, judicial precedent or executive order, including but not limited to claims under the following statutes: Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. §2000e et seq., the Civil Rights Act of 1866, 42 U.S.C. §1981, the Age Discrimination in Employment Act,  29 U.S.C. §621 et seq., the Older Workers Benefit Protection Act, 29 U.S.C. §626(f), the Americans with Disabilities Act, 42 U.S.C. §12101 et seq., the Family and Medical Leave Act of 1993, the Fair Labor Standards Act,  the Employee Retirement Income Security Act of 1974, or any comparable statute of any other state, country, or locality except as required by law, but excluding claims for vested benefits under the Company’s pension plans;

(d)any and all claims under any federal, state or local statute or law;

(e)any and all claims in tort (including but not limited to any claims for misrepresentation, defamation, interference with contract or prospective economic advantage, intentional or negligent infliction of emotional distress, duress, loss of consortium, invasion of privacy and negligence);

(f)any and all claims for attorneys’ fees and costs; and

(g)any and all other claims for damages of any kind.

It is the intention of Executive and Company that the language relating to the description of released claims in this Section shall be accorded the broadest possible interpretation.  Notwithstanding the foregoing, nothing contained in this paragraph shall apply to, or shall release the Company from, (i) any obligation of the Company under this Agreement or the Retirement Agreement; (ii) any accrued or vested benefit of Executive pursuant to any employee benefit plan of the Company, including any benefit not yet due and payable; (iii) any obligation of the Company under existing stock options, restricted stock or other stock awards; or (iv) any right to indemnification under the By-Laws or Certificate of Incorporation of the Company or any subsidiary or any insurance policy maintained by the Company or any subsidiary or other entity.

3.Acknowledgment.  Executive understands that his release extends to all of the aforementioned Claims which arose on or before the date of this Agreement, whether now known or unknown, suspected or unsuspected, and that this constitutes an essential term of this Agreement.  Executive further understands and acknowledges the significance and consequence of this Agreement and of each specific release and waiver, and expressly consents that this Agreement shall be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected claims, demands, obligations, and causes of action, if any, as well as those relating to any other claims, demands, obligations or causes of action herein above-specified.

4.Remedies.  All remedies at law or in equity shall be available to the Company for the enforcement of this Agreement.  This Agreement may be pleaded as a full bar to 

 

the enforcement of any claim that Executive may assert against the Company in violation of this Agreement.

5.Promise Not To Sue.

(a)Executive agrees and covenants not to file, initiate, or join any lawsuit (individually, with others, or as part of a class), in any forum, pleading, raising, or asserting any claim(s) barred or released by this Agreement.  If Executive does so, and the action is found to be barred in whole or in part by this Agreement, Executive agrees to pay the attorneys’ fees and costs, or the proportions thereof, incurred by the applicable Releasee in defending against those claims that are found to be barred by this Agreement.  While this Agreement will serve to release any ADEA claims, the attorneys’ fees/cost shifting provision set forth in this paragraph will not apply to any claims challenging the validity of the release contained in this Agreement under the ADEA.

(b)Notwithstanding any of the foregoing to the contrary, nothing in this Agreement or otherwise shall prohibit Executive from (a) reporting possible violations of federal law or regulation to any governmental agency or entity or self-regulatory organization (including but not limited to the Department of Justice, the Securities and Exchange Commission, Congress and any agency Inspector General), or making other disclosures that are protected under the whistleblower provisions of federal law or regulations (it being understood that Executive does not need the prior authorization of Company to make any such reports or disclosures or to notify Company that Executive has made such reports or disclosures), or (b) providing truthful testimony or statements to the extent, but only to the extent, required by applicable law, rule, regulation, legal process or by any court, arbitrator, mediator or administrative, regulatory, judicial or legislative body (including any committee thereof) with apparent jurisdiction (provided, however, that in such event, except as set forth in the foregoing clause (a) above, Executive will give Company prompt written notice thereof prior to such disclosure so that Company may seek appropriate protection for such information). 

6.No Admissions.  Neither the execution of this Agreement by the Company, nor the terms hereof, constitute or should be construed to constitute any admission or evidence of any wrongdoing, liability or violation of any federal, state or local law or the common law on the part of the Company.  

7.Confidentiality.  To the extent not otherwise made public by the Company or permitted by this Agreement, Executive shall not disclose or publicize the terms or fact of this Agreement or any circumstances related to the termination of Executive’s employment, directly or indirectly, to any person or entity, except to Executive’s attorney, spouse, and to others as required by law.  Executive is specifically prohibited from disclosing the facts or terms of this Agreement to any former or present executive of the Company except as required by law. Executive further agrees that in the event Executive receives a subpoena, order, or other legal process seeking disclosure of the information referred to in this Agreement or Executive’s Employment Agreement, within five (5) business days of such receipt then Executive shall immediately notify Company's General Counsel of such subpoena, request or order and cooperate with Company in any efforts to oppose such disclosure.

 

8.Entire Agreement.  This Agreement, together with the terms of the Retirement Agreement, contain the entire agreement of the parties with respect to the subject matter hereof, supersede any prior agreements or understandings with respect to the subject matter hereof, and shall be binding upon their respective heirs, executors, administrators, successors and assigns.  For the avoidance of doubt, Executive agrees that the obligations contained in this Agreement (including without limitation under Sections 5 and 6 of this Agreement) are in addition to, and not in lieu of, any obligations Executive may have as the result of any confidentiality, non-disparagement, nondisclosure or restrictive covenant agreements with Company or as a matter of law, including without limitation under Executive’s Confidentiality Agreement with Company dated XX and the Retirement Agreement.

9.Severability.  If any term or provision of this Agreement shall be held to be invalid or unenforceable for any reason, the validity or enforceability of the remaining terms or provisions shall not be affected, and such term or provision shall be deemed modified to the extent necessary to make it enforceable.

10.Advice of Counsel; Revocation Period.  Executive is hereby advised to seek the advice of counsel.  Executive acknowledges that he is acting of his own free will, that he has been afforded a reasonable time to read and review the terms of this Agreement, and that Executive is voluntarily entering into this Agreement with full knowledge of its provisions and effects.  Executive intends that this Agreement shall not be subject to any claim for duress.  Executive further acknowledges that he has been given at least twenty-one (21) days within which to consider this Agreement and that if Executive decides to execute this Agreement before the twenty-one day period has expired, Executive does so voluntarily and waives the opportunity to use the full review period.  Executive also acknowledges that he has seven (7) days following his execution of this Agreement to revoke acceptance of this Agreement, with the Agreement not becoming effective until the revocation period has expired.  If Executive chooses to revoke his acceptance of this Agreement, he should provide written notice to:

General Counsel

OraSure Technologies, Inc.

220 East First Street

Bethlehem, Pennsylvania 18015

11.Amendments.  Neither this Agreement nor any term hereof may be orally changed, waived, discharged, or terminated, and may be amended only by a written agreement signed by the parties hereto.

12.Governing Law.  This Agreement shall be governed by the laws of the Commonwealth of Pennsylvania, without regard to the conflict of law principles of any jurisdiction.

13.Legally Binding.  The terms of this Agreement contained herein are contractual, and not a mere recital.

{Signature Page Follows}

 

IN WITNESS WHEREOF, the parties, acknowledging that they are acting of their own free will, have caused the execution of this Agreement as of this day and year written below.

	
	
OraSure Technologies, Inc.

	
By: _________________________________

	
Name: _______________________________

	
Title: ________________________________

	
_____________________________________

	
Anthony Zezzo II

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