Document:

EXHIBIT 10.1

 

TRANSITION AND SEPARATION AGREEMENT

 

This Transition and Separation
Agreement (the “Agreement”) is entered into by and between David S. Goone (“Employee”) and Intercontinental Exchange
Holdings, Inc., a wholly-owned subsidiary of Intercontinental Exchange, Inc. (“ICE”, and collectively with Intercontinental
Exchange Holdings, Inc., the “Company”).

 

WHEREAS, Employee and IntercontinentalExchange,
Inc. entered an Employment Agreement dated as of February 22, 2012 (the “Employment Agreement”) and the Company, for purposes
of the Employment Agreement, is the successor-in-interest to IntercontinentalExchange, Inc.; and

 

WHEREAS, it has been determined
that Employee’s employment with the Company shall end; and

 

WHEREAS, Employee and the
Company wish to memorialize in writing the terms upon which the employment relationship is ending;

 

THEREFORE, Employee and the
Company agree as follows:

 

1.                 
Date of Separation. Employee’s employment with the Company and all affiliated companies shall end effective as of
February 28, 2024 (the “Separation Date”).

 

2.                 
Transitional Employment Period. In exchange for Employee’s execution and non-revocation of this Agreement, and Employee’s
compliance with its terms and conditions, the Company and Employee agree to the following:

 

(a)              
The Company shall continue to employ Employee for a period from the Effective Date (defined in Section 17 below) to the Separation
Date (the “Employment Term”). Employee’s employment shall remain “at-will,” subject to the terms of this
Agreement and the Employment Agreement (as modified or amended herein), and a termination of Employee’s employment (by either party)
shall not constitute a breach of this Agreement. In the event that Employee’s employment with the Company terminates prior to the
Separation Date for any reason, the Employment Term will end on Employee’s date of termination and that date will be the Separation
Date for all purposes of this Agreement.

 

(b)              
Employee acknowledges and agrees that during and after the Employment Term he shall not be entitled to any bonus compensation (including,
for the avoidance of doubt, any annual performance bonus in relation to the performance years 2022-24), and Employee hereby waives any
and all rights to additional bonus compensation including as provided in Section 3.2 of the Employment Agreement. In the event that the
Company terminates Employee’s employment without Cause (as defined in the Employment Agreement) prior to February 28, 2024, then
provided that Employee timely signs and does not revoke the Separation Waiver and Release appended to this Agreement, (i) Employee will
be entitled to the equity treatment described in Section 4.2(a)(3) of the Employment Agreement (including without limitation the accelerated
vesting described therein) and the right to elect continued group health insurance coverage(s) pursuant to COBRA (to be partially subsidized
by the Company through February 28, 2024), and (ii) Employee will receive no other compensation, severance pay, separation entitlements
or other termination benefits pursuant to this Agreement, the Employment Agreement or otherwise.

 

     

     

    

 

(c)              
Employee’s previously granted equity awards shall continue to vest during the Employment Term in accordance with the terms
of the applicable equity incentive plan document and any applicable equity grant agreement(s); provided, however, that the foregoing shall
not apply to any equity award(s) granted to Employee during February 2022 (the “February 2022 Grants”), and upon the Effective
Date of this Agreement (as defined in Section 17 below) the February 2022 Grants shall be cancelled and forfeited in their entirety. For
the avoidance of doubt, unless Employee is terminated for Cause, Employee’s vested stock options shall remain exercisable for 60
days following termination of his employment. Employee acknowledges and agrees that during the Employment Term he shall not be entitled
to the grant of, and will not receive, any additional equity awards. Employee hereby waives any and all rights to additional equity awards
including as provided in Section 3.3 of the Employment Agreement; and Employee acknowledges that, as of the Separation Date, all unvested
portions of any previously granted equity awards shall be forfeited.

 

(d)              
Except as otherwise provided herein, during the Employment Term, Employee will continue to be entitled to participate in Company
employee benefit plans. Employee’s base annual salary shall remain at its current rate through March 15, 2022. Effective March 16,
2022, Employee’s base annual salary shall be $20,000. All compensation paid to Employee, whether pursuant to this paragraph or otherwise,
shall be subject to applicable tax withholdings and payroll deductions.

 

(e)              
Employee Benefits Upon Separation. Employee shall be entitled to the following employee benefits upon separation of employment
regardless of whether Employee signs this Agreement:

 

(i)                
Group Health Insurance Coverage. Upon employee’s separation from employment with the Company, in accordance with the
terms of the applicable plans, Employee may elect to continue group health insurance coverage(s) at Employee’s own expense pursuant
to COBRA and in accordance with the group health insurance plan. Additional information about continuation coverage under COBRA will be
provided to Employee separately.

 

(ii)             
Accrued Vacation. Employee shall be entitled to additional pay for accrued but unused vacation time (subject to company
policy and applicable law). The payment for accrued vacation shall be made in a lump sum, subject to all applicable tax withholdings,
in the first regular payroll period following Employee’s actual separation date (unless required by law to be paid earlier).

 

(iii)           
Long-term Incentive Compensation. Except as provided otherwise in this Agreement, the term of exercise any stock options,
restricted stock units (“RSU’s”), or other forms of equity previously issued to Employee by the Company shall be governed
by the terms of the applicable equity incentive plan document and any applicable equity grant agreement(s).

 

(iv)            
Qualified Retirement Plan. Employee shall be eligible for distribution of any vested account balance under any qualified
retirement plan (such as a 401(k) plan) sponsored by the Company, pursuant to the terms and conditions of applicable plan documents.

 

(v)              
Other benefits. Except as otherwise expressly stated herein or as otherwise required by law, Employee shall cease to participate
in all employee benefits, plans, policies and practices provided by the Company.

 

    Page 2 of 8

     

    

 

3.                 
Continuing Performance. During the period of the Employment Term through March 15, 2022, Employee shall devote all of Employee’s
time and attention during usual business hours to the satisfactory performance of Employee’s pre-existing duties for the Company
in accordance with Section 2.2 of the Employment Agreement. Effective March 16, 2022: (a) Employee’s title shall be Advisor to the
Chief Executive Officer (reporting to the Chief Executive Officer); (b) Employee’s job responsibilities shall be limited to providing
advisory services on financial, strategic, market and regulatory matters to one or more of the Chief Executive Officer, the President
of ICE, and/or their delegees; (c) Employee shall not be required to report to work at the Company’s facilities, and shall perform
such services as and when requested, upon reasonable notice to Employee, from remote locations (including by email, telephone and/or video-conference)
or at the Company’s facilities or other locations; (d) through March 15, 2023 Employee shall have regular access to the Company’s
corporate networks, systems, and facilities; (e) Employee shall not participate in or retain authority regarding the management or operations
of the Company; (f) Employee hereby resigns, unless the Company and Employee mutually agree otherwise, from (i) any position as an officer,
director or trustee of the Company or any of its subsidiaries or affiliates, and (ii) any board to which Employee has been appointed or
nominated on behalf of the Company; and (g) Employee hereby surrenders all perquisites previously provided to Employee as a named executive
officer. During the entirety of the Employment Term, all policies generally applicable to Company employees shall be applicable to and
binding upon Employee. Nothing in this Agreement (including without limitation in this Section 3 or Section 2 above) shall constitute
an event of Good Reason (as such term is defined in Section 4.2(f) of the Employment Agreement), and Employee specifically waives any
and all rights under the Employment Agreement arising upon an event of Good Reason or a termination by the Company without Cause (except
as expressly provided in Section 2(b) above).

 

4.                 
Execution and Waiver. In exchange for Employee’s timely execution and non-revocation of this Agreement, and timely
execution and non-revocation of the appended Separation Waiver and Release on or within 7 days following the Separation Date, the Company
agrees to provide the benefits described above, including without limitation the offer of continued employment through the Separation
Date (subject to the terms and conditions of this Agreement). Employee waives any and all rights to any compensation upon or relating
to termination pursuant to the Employment Agreement or otherwise (including without limitation any compensation, equity vesting, or other
benefits described in Section 4 of the Employment Agreement).

 

5.                 
Cooperation. As further consideration for the covenants set forth herein, Employee hereby agrees to cooperate fully with
any lawyer, law firm, or consultant that the Company designates with respect to any litigation, deposition, hearing, arbitration, or other
proceeding, in any jurisdiction (including, but not limited to, support of the Company’s, or that of any of its affiliates’,
position in defending any lawsuits or claims concerning which Employee has knowledge, or audits, investigations, lawsuits, complaints
or proceedings by government entities of state or federal law compliance) where the legal or financial interests of the Company or any
of its affiliates are at issue. Employee further covenants that, except with respect to an investigation or proceeding conducted by a
governmental entity, Employee will (i) contact the Company promptly in the event that Employee is served with or notified in writing of
any subpoena, notice or other instruction directing Employee to appear, or produce documents or other information, in any legal proceeding
involving the Company or any of its affiliates, and (ii) will make no such appearance or disclosure, unless required by law, until the
Company has had a reasonable opportunity to contest the right of the requesting person or entity to such appearance or disclosure. The
Company shall reimburse Employee for reasonable travel expenses and other reasonable out-of-pocket expenses (including fees and expenses
of counsel and other experts) associated with Employee’s compliance with the obligations in this paragraph.

 

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6.             General Release by the Employee.

 

(a)              
Release. Employee, on behalf of himself and Employee’s spouse, heirs, executors, administrators, assigns, insurers,
attorneys and other persons or entities, acting or purporting to act on Employee’s behalf (collectively, the “Employee Parties”),
does hereby irrevocably and unconditionally release, acquit and forever discharge the Company and its subsidiaries, parent and sister
companies, affiliates, predecessors, successors and assigns, and the present and former directors, officers, employees, partners, members,
representatives, agents, shareholders, attorneys and insurers of any of them (collectively, the “Company Parties”), from any
and all actions, causes of action, suits, claims, charges, obligations, rights, entitlements, liabilities, debts, demands, allegations,
contentions, damages, judgments, levies and executions of any kind (collectively, “Claims”), whether in law or in equity,
known, unknown or unforeseen, vested or contingent, which the Employee Parties have or may have against the Company Parties, including
all Claims by reason of, arising out of, related to, or resulting from Employee’s employment with the Company or the termination
thereof, existing as of the Effective Date.

 

(b)              
Specific Types of Claims Included in Release. Without limiting the generality of the foregoing, this Agreement is intended
to and shall release the Company Parties from any and all Claims, whether known, unknown or unforeseen, vested or contingent, which the
Employee Parties ever had, now have, or may have against the Company Parties arising out of Employee’s employment and/or separation
from employment, including, but not limited to: (i) any Claim under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of
1991, the Americans with Disabilities Act, the Employee Retirement Income Security Act of 1974 (excluding Claims for accrued, vested benefits
under any employee benefit or pension plan of the Company Parties subject to the terms and conditions of such plan and applicable law),
the Family and Medical Leave Act, the Fair Labor Standards Act, the Worker Adjustment Retraining and Notification Act, the Older Workers
Benefit Protection Act of 1990, and the Age Discrimination in Employment Act of 1967 (“ADEA”); (ii) any other Claim (whether
based on any federal, state, or local law, statutory or decisional, or regulation) relating to or arising out of Employee’s employment,
the terms and conditions of such employment, the termination of such employment, and/or any of the events relating directly or indirectly
to or surrounding the termination of that employment, including but not limited to breach of contract (express or implied), tort and other
common law Claims, wrongful discharge, retaliation, detrimental reliance, defamation, libel, slander, emotional distress or compensatory
or punitive damages; and (iii) any Claim for attorneys’ fees, costs, disbursements and/or the like. With respect to unknown Claims,
Employee expressly waives (and understands the significance of doing so) all rights Employee might have under any law that is intended
to protect Employee from waiving such Claims.

 

(c)              
Exceptions to Release. The foregoing release does not release or impair: (i) the Company’s promises and obligations
under this Agreement; (ii) any rights Employee has under any grants of stock options, restricted stock, or other forms of equity that
may have been provided to Employee during his/her employment (such grants to be governed by the applicable equity plan and grant agreement(s));
(iii) any rights Employee has under applicable workers compensation laws; (iv) any vested rights under a qualified retirement plan; (v)
any other Claims that cannot lawfully be released; (vi) Employee’s ability to respond truthfully to a valid subpoena issued by,
file a charge with, or participate in any investigation conducted by, a governmental agency; (vii) any Claims arising for actions or omissions
occurring, and any ADEA Claims that may arise, after the date of Employee’s execution of this Agreement; (viii) any rights to insurance
benefits under any Directors & Officers liability insurance policy maintained by the Company; or (ix) any indemnification rights or
rights to the advancement of expenses which Employee may have (in the absence of this Agreement and independent of the Employment Agreement)
as an employee, officer or director of the Company under applicable law or in accordance with the Company’s Articles of Incorporation
or Bylaws, or under any contractual arrangements concerning such indemnification or rights or clauses governing the Company’s insurance
policies or applicable law.

 

    Page 4 of 8

     

    

 

7.             Representations by Employee.

 

(a)              
Employee represents and warrants to the Company Parties that Employee has read this Agreement and fully understands the effect
hereof, that Employee executes this Agreement of Employee’s own free will and accord for the consideration set forth herein, which
he is not already entitled to receive, and that Employee is not relying on any representations whatsoever of the Company, other than those
set forth herein, as an inducement to enter into this Agreement.

 

(b)              
Employee further represents and warrants to the Company Parties that no litigation or other proceeding has been filed or is pending
by the Employee Parties against the Company Parties; that no person or entity other than Employee has or has had any interest in the matters
released herein; that Employee has the sole right, capacity, and exclusive authority to execute this Agreement; that Employee has not
sold, assigned, transferred, conveyed or otherwise disposed of any of the Claims released herein; and that Employee is not entering into
this Agreement in resolution of an asserted claim of employment discrimination, harassment, or retaliation.

 

(c)              
Employee represents that Employee has had the opportunity to discuss this Agreement with an attorney, and Employee has been advised
by the Company to do so if Employee so desires. Employee covenants and agrees that Employee has been given at least 21 days to contemplate
the terms of this Agreement before executing it, and that if Employee chooses to execute it in fewer than 21 days, Employee does so voluntarily
and of Employee’s own free will and volition.

 

8.             Attorneys’ Fees. In any subsequent litigation or other proceeding to enforce the terms of this Agreement or the appended
Separation Waiver and Release, whether initiated by Employee or the Company, the prevailing party shall be entitled to recover its reasonable
attorneys’ fees and costs, expert witness fees and costs, and court costs, from the other party.

 

9.             Restrictive Covenants.

 

(a)              
Nondisparagement. Employee will not make any statements that are derogatory or disparaging towards any of the Company Parties.
For the purposes of this Agreement, the term “disparage” includes, without limitation, comments or statements made in any
manner or medium (including, without limitation, to the press and/or media, the Company Parties or any individual or entity) which would
adversely affect in any manner (i) the conduct of the business of any of the Company Parties (including, without limitation, any Company
Party’s business plans or prospects) or (ii) the business reputation of any Company Party. This paragraph shall not prohibit Employee
from (A) filing a charge with, or participating in any investigation conducted by, a governmental agency, (B) testifying truthfully in
response to a subpoena or other court rule or order, or (C) in good faith making any statement (1) in order to comply with any legal duty,
(2) in furtherance of lawful commerce (that is not in breach of subsection (c) below), (3) to defend against reputational harm from any
statement that disparages Employee that is made after the execution of this Agreement, (4) to defend against or prosecute any legal claim,
or (5) in response to an investigation by a regulatory or law enforcement agency. The Company agrees that, in response to any inquiries
concerning Employee’s employment, the inquiring party will be referred to Mr. Doug Foley, SVP, HR & Administration (or his successor/designee),
who will state that it is the Company’s policy to only provide, and the Company will only provide, Employee’s dates of employment
and last position held. Nothing in this paragraph shall restrict the Company’s ability to provide complete information with respect
to Employee’s employment when required to do so by law and/or applicable regulatory requirements.

 

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(b)              
Return of Property. As of the Separation Date, Employee shall turn over to Mr. Foley (or his designee) (i) any and all Property
of the Company, as such term is defined in Section 5.1 of the Employment Agreement, and (ii) all other data and information, regardless
of form, in any way pertaining to the Company’s business, employees or customers (and Employee will not retain any such information
or any reproduction or excerpt thereof).

 

(c)              
Employment Agreement Covenants. The covenants contained in Sections 5 and 6 of the Employment Agreement, including without
limitation the arbitration, confidentiality and other post-employment obligations described therein, are incorporated by reference into
this Agreement, and shall continue in full force and effect during the Employment Term and following the Separation Date; provided, however,
that the covenants described in Section 5.5 of the Employment Agreement (Nonsolicitation of Customers or Employees) and the covenant described
in Section 5.7 of the Employment Agreement (Non-Compete) each shall apply in full force and effect to the one-year period following the
Separation Date. Employee hereby acknowledges Employee’s understanding of all the terms of, and the reasonableness of, such covenants
and reaffirms Employee’s obligations thereunder. Employee further acknowledges that Employee’s obligations under such covenants
shall be in addition to Employee’s obligations under the covenants contained in this Section 9; provided, however, that to the extent
a discrepancy exists between any such provisions and this Agreement, the terms of this Agreement shall govern. Notwithstanding anything
in this Agreement or the Employment Agreement, Employee may not be held criminally or civilly liable under any federal or state trade
secret law for the disclosure of a trade secret that is made: (i) in confidence to a federal, state, or local government official, either
directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law, or (ii)
in a complaint or other document that is filed under seal in a lawsuit or other proceeding and does
not disclose the trade secret, except pursuant to court order.

 

(d)              
Remedies. The parties acknowledge that the restrictions contained in this Section 9 are reasonable and appropriate for the
protection of the Company’s legitimate business interests, and that they will not unduly impair Employee’s ability to find
other employment. Employee acknowledges and agrees that, in the event of a violation of one or more of Employee’s covenants in this
Section 9, in addition to and not in lieu of any other remedy to which the Company may be entitled, the Company may be permitted to seek
and obtain immediate injunctive relief, restraining further breach by Employee, in a court of competent jurisdiction, and without the
necessity for posting of a bond or other security (and accordingly, if no bond is posted, without the protection of a bond’s limitation
on wrongful injunction liability). In addition to and not in lieu of any other remedy to which the Company may be entitled, no further
payments or benefits of any kind that would otherwise inure to Employee pursuant to this Agreement shall accrue or be owed, and any future
payments and benefits hereunder shall be forfeited, immediately upon Employee’s breach of any of the covenants in this Section 9.

 

10.             
No Admission of Liability. This Agreement shall not be construed as an admission of liability by the Company, or an admission
that the Company has acted in any way wrongfully towards Employee. The parties specifically deny and disclaim any such liability or wrongful
conduct.

 

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11.             
Taxation and Withholding; 409A Compliance.

 

(a)              
Employee acknowledges that payments and benefits hereunder may be taxable and that the Company makes no representation or warranty
regarding the income tax effects of any payment or benefit provided hereunder. Employee shall be solely responsible for any tax liability
with respect to all payments and benefits provided under this Agreement. The Company may withhold from any amounts payable under this
Agreement such federal, state or local taxes as shall be required to be withheld pursuant to any applicable law or regulation.

 

(b)              
If a payment date that complies with Section 409A of the Internal Revenue Code of 1986, as amended, and the official guidance thereunder
(“Section 409A”) is not otherwise provided herein for any payment (in cash or in-kind) or reimbursement that would otherwise
constitute “deferred compensation” under Section 409A, then such payment or reimbursement, to the extent such payment or reimbursement
becomes due hereunder, shall in all events be made not later than 21⁄2 months after the end of the later of the fiscal year or the
calendar year in which the payment or reimbursement is no longer subject to a substantial risk of forfeiture.

 

(c)              
It is the intention of both Employee and the Company that the benefits and rights to which Employee is entitled pursuant to this
Agreement are exempt from or comply with Section 409A, to the extent that the requirements of Section 409A are applicable thereto, and
the provisions of this Agreement shall be construed in a manner consistent with that intention. If Employee or the Company believe, at
any time, that any such benefit or right that is subject to Section 409A does not so comply, Employee or the Company shall promptly advise
the other and shall negotiate reasonably and in good faith to amend the terms of such benefits and rights such that they comply with Section
409A (with the most limited possible economic effect on Employee and the Company).

 

(d)              
Notwithstanding any time of payment otherwise designated in this Agreement, if on Employee’s “separation from service”
as defined in Section 409A Employee is a “specified employee” within the meaning of Section 409A, to the extent required by
Section 409A any amounts payable to Employee by reason of Employee’s “separation from service” with the Company will
not be paid to Employee until the date that is 6 months and one day following Employee’s separation from service.

 

12.             
Severability. In the event any portion or clause of this Agreement is deemed invalid or unenforceable in a court of law,
the remainder of the Agreement shall be severed from the invalid or unenforceable portion.

 

13.             
Entire Agreement. Except as otherwise expressly provided in this Agreement (including to the extent this Agreement incorporates
by reference provisions of the Employment Agreement and any continuing post-employment obligations therein), any prior agreement (whether
written or oral) between the parties with respect to the subject matter of this Agreement is null and void, as this Agreement expresses
the entire agreement of the parties with respect to its subject matter. This Agreement may only be modified in writing signed by both
parties.

  

14.             
Assignment. This Agreement shall accrue to the benefit of the Company and its successors and assigns, and shall be freely
assignable to any entity with which the Company may merge or otherwise combine, or to which the Company may transfer substantial assets.
This Agreement is personal to Employee and may not be assigned by Employee.

 

15.             
Governing Law. This Agreement shall be construed in accordance with, and governed by, the laws of the State of Illinois.

 

16.             
Counterparts. This Agreement may be executed in counterparts, including those transmitted by electronic means, each of which
shall be deemed an original and all of which taken together shall constitute one and the same document.

 

 

(remainder of page left intentionally blank)

 

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17.             
Effective Date. Employee may accept this Agreement by signing it and returning it to Mr. Foley no later than 21 days after
Employee has received it, or this offer will be deemed revoked. After executing this Agreement, Employee shall have seven (7) days (the
“Revocation Period”) to revoke it by indicating Employee’s desire to do so in writing delivered to the Company contact
by no later than 5:00 p.m. on the seventh (7th) day after the date Employee signs this Agreement. The effective date of this Agreement
shall be the eighth (8th) day after Employee signs it (the “Effective Date”). If the last day of the Revocation Period falls
on a Saturday, Sunday or holiday, the last day of the Revocation Period will be deemed to be the next business day. In the event Employee
does not accept this Agreement as set forth above, or in the event Employee revokes it during the Revocation Period, this Agreement, including
but not limited to the obligation of the Company to provide Employee with the payments and benefits described above, shall be deemed automatically
null and void.

 

IN WITNESS WHEREOF, the parties
have executed this Agreement effective on the Effective Date.

 

 

	 	Intercontinental Exchange Holdings, Inc.
	 	 	 
	 	By:	/s/ Douglas A. Foley	 
	 	Title: 	SVP, HR & Administration	 
	 	 	 
	 	 	 
	 	/s/ David S. Goone	 
	 	David S. Goone	 
	 	 	 
	 	March 14, 2022	 
	 	Date of signature	 

 

 

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SEPARATION WAIVER AND RELEASE

 

I, David S. Goone, in exchange for good and valuable
consideration as set forth more fully in the Transition and Separation Agreement between me and Intercontinental Exchange Holdings, Inc.,
a wholly-owned subsidiary of Intercontinental Exchange, Inc. (“ICE”, and collectively with Intercontinental Exchange Holdings,
Inc., the “Company”), dated _____________, 2022 (the “Transition Agreement”), the receipt and adequacy
of which is hereby acknowledged, for myself and on behalf of my spouse, heirs, executors, administrators, assigns, insurers, attorneys
and other persons or entities, acting or purporting to act on my behalf (collectively, the “Releasors”), hereby irrevocably
and unconditionally release and forever discharge the Company and its subsidiaries, parent and sister companies, affiliates, predecessors,
successors and assigns, and the present and former directors, officers, employees, partners, members, representatives, agents, shareholders,
attorneys and insurers of any of them (collectively, the “Releasees”) from any and all actions, causes of action, suits,
claims, charges, obligations, rights, entitlements, liabilities, debts, demands, allegations, contentions, damages, judgments, levies
and executions of any kind (collectively, “Claims”), whether in law or in equity, known, unknown or unforeseen, vested or
contingent, which any of the Releasors have or may have against the Releasees, including all Claims by reason of, arising out of, related
to, or resulting from my employment with the Company or the termination thereof, including, without limitation, Claims under any federal,
state, local or foreign law; breach of contract; fraud or misrepresentation; intentional or negligent infliction of emotional distress;
breach of the covenant of good faith and fair dealing; promissory estoppel; negligence; wrongful termination of employment; or unlawful
employment practices. This includes, without limitation, a release to the fullest extent permitted by law of all rights and claims arising
on or before the date I sign this Separation Waiver and Release, involving Claims under (i) Title VII of the Civil Rights Act of 1964,
the Civil Rights Act of 1991, the Americans with Disabilities Act, the Employee Retirement Income Security Act of 1974 (excluding Claims
for accrued, vested benefits under any employee benefit or pension plan of the Company Parties subject to the terms and conditions of
such plan and applicable law), the Family and Medical Leave Act, the Fair Labor Standards Act, the Worker Adjustment Retraining and Notification
Act, the Older Workers Benefit Protection Act of 1990, and the Age Discrimination in Employment Act of 1967 (“ADEA”); (ii)
any other Claim (whether based on any federal, state, or local law, statutory or decisional, or regulation) relating to or arising out
of my employment, the terms and conditions of such employment, the termination of such employment, and/or any of the events relating directly
or indirectly to or surrounding the termination of that employment, including but not limited to breach of contract (express or implied),
tort and other common law Claims, wrongful discharge, retaliation, detrimental reliance, defamation, libel, slander, emotional distress
or compensatory or punitive damages; and (iii) any Claim for attorneys’ fees, costs, disbursements and/or the like. With respect
to unknown claims, I expressly waive (and understand the significance of doing so) all rights I might have under any law that is intended
to protect me from waiving such claims.

 

The foregoing release does not release
or impair: (a) the Company’s promises and obligations under the Transition Agreement; (b) any rights under any grants of stock
options, restricted stock, or other forms of equity that may have been provided to me during my employment (such grants to be governed
by the applicable equity plan and grant agreement(s)); (c) any rights under applicable workers compensation laws; (d) any vested rights
under a qualified retirement plan; (e) any other Claims that cannot lawfully be released; (f) my ability to respond truthfully to a valid
subpoena issued by, file a charge with, or participate in any investigation conducted by, a governmental agency; (g) any Claims arising
for actions or omissions occurring, and any ADEA Claims that may arise, after the date of my execution of this Agreement; (h) any rights
to insurance benefits under any Directors & Officers liability insurance policy maintained by the Company; or (i) any indemnification
rights or rights to the advancement of expenses which he may have (in the absence of this Agreement and independent of the Employment
Agreement) as an employee, officer or director of the Company under applicable law or in accordance with the Company’s Articles
of Incorporation or Bylaws, or under any contractual arrangements concerning such indemnification or rights or clauses governing the
Company’s insurance policies or applicable law.

 

By signing this Separation Waiver and Release,
I hereby acknowledge and confirm the following: (i) I am advised by the Company in connection with my termination to consult with an attorney
of my choice prior to signing this Separation Waiver and Release; (ii) I have been given a period of not fewer than 21 days to consider
the terms of this Separation Waiver and Release; (iii) I am providing the release and discharge set forth in this paragraph only in exchange
for consideration in addition to anything of value to which I am already entitled; and (iv) I knowingly and voluntarily accept the terms
of this Separation Waiver and Release.

 

    1 

     

    

 

Nothing in this Separation Waiver and Release
shall prohibit or restrict the Releasors, the Company, or the Company’s attorneys from: (1) making any disclosure of relevant
and necessary information or documents in any action, investigation, or proceeding relating to this Separation Waiver and Release or as
required by law or legal process; or (2) participating, cooperating, or testifying in any action, investigation, or proceeding with, or
providing information to, any governmental agency or legislative body, including, but not limited to, filing a charge with the Equal Employment
Opportunity Commission (“EEOC”) and/or pursuant to the Sarbanes-Oxley Act; provided that, to the extent permitted
by law, upon receipt of any subpoena, court order or other legal process compelling the disclosure of any such information or documents,
the disclosing party gives prompt written notice to the other party so as to permit such other party to protect such party’s interests
in confidentiality to the fullest extent possible. 

 

By signing this Separation Waiver and Release
I acknowledge that I have read this Separation Waiver and Release carefully and understand all of its terms. Further, I acknowledge that
I am entering into this Separation Waiver and Release voluntarily and of my own free will. In signing this Separation Waiver and Release,
I acknowledge that I have not relied on any statements or explanations made by anyone associated with or employed by the Company.

 

I UNDERSTAND THAT I HAVE HAD AT LEAST TWENTY-ONE
(21) DAYS TO CONSIDER WHETHER TO SIGN THIS SEPARATION WAIVER AND RELEASE, HOWEVER, THIS WAIVER AND RELEASE WILL NOT BE ACCEPTED IF SIGNED
PRIOR TO MY ACTUAL SEPARATION DATE. I WILL HAVE SEVEN (7) DAYS AFTER SIGNING THIS SEPARATION WAIVER AND RELEASE (“REVOCATION
PERIOD”) TO REVOKE THIS SEPARATION WAIVER AND RELEASE. MY REVOCATION WILL NOT BE EFFECTIVE UNLESS IT IS IN WRITING AND SIGNED
BY ME AND RECEIVED BY THE COMPANY PRIOR TO THE EXPIRATION OF THE REVOCATION PERIOD. THE REVOCATION PERIOD COMMENCES IMMEDIATELY FOLLOWING
THE DATE I SIGN AND DELIVER THIS SEPARATION WAIVER AND RELEASE. THE REVOCATION PERIOD WILL EXPIRE AT 5:00 P.M. EASTERN STANDARD TIME
ON THE LAST DAY OF THE REVOCATION PERIOD; PROVIDED, HOWEVER, THAT IF THE SEVENTH DAY IS A NON-BUSINESS DAY, THE REVOCATION PERIOD
SHALL EXTEND TO 5:00 P.M. ON THE NEXT SUCCEEDING BUSINESS DAY.

 

I UNDERSTAND THAT BECAUSE THIS SEPARATION WAIVER
AND RELEASE IS AN IMPORTANT LEGAL DOCUMENT AND AFFECTS MY LEGAL RIGHTS, THE COMPANY ADVISES ME TO CONSULT AN ATTORNEY BEFORE SIGNING THIS
SEPARATION WAIVER AND RELEASE.

 

 

AGREED AND ACCEPTED BY:

  

	Signature: 	 

 

	Dated: 	 

 

Typed or printed name: David S. Goone

 

    2Document

March 15, 2022
Chris Urmson
via Aurora Operations, Inc.
Dear Chris,

This letter agreement (the “Agreement”) is entered into between Chris Urmson (“you”) and Aurora Innovation, Inc.  (“Aurora” or “we”), effective as of the date signed below (the “Effective Date”), to confirm the terms and conditions of your employment with Aurora. 

1.Title/Position. You will continue to serve as Aurora’s Chief Executive Officer. You also will continue to report to Board of Directors (the “Board”) of Aurora Innovation, Inc., Aurora’s parent (“Parent”) and will perform the duties and responsibilities customary for such position and such other related duties as are lawfully assigned. By signing this Agreement, you confirm that you continue to have no contractual commitments or other legal obligations that would prohibit you from performing your duties for Aurora.

2.Base Salary. Your current annual base salary is $400,000, which will be payable, less any applicable withholdings, in accordance with Aurora’s normal payroll practices. Your annual base salary will be subject to review and adjustment from time to time by the Compensation Committee of the Board (the “Committee”), as applicable, in its sole discretion.  

3.Annual Bonus. Effective for the annual bonus paid in 2023, you will be eligible to receive a target annual bonus equal to 40% of the base salary you were paid by Aurora during the preceding calendar year. This bonus is payable in the sole discretion of the Committee, and will be determined based on your individual and Aurora’s overall performance. It will be subject to all applicable deductions and withholdings, and to the extent permitted by applicable law, you must be employed by Aurora at the time the bonus is paid in order to be eligible to receive it.  Your annual bonus opportunity and the applicable terms and conditions may be adjusted from time to time by the Committee, in its sole discretion.

4.Equity Awards.

a.In the first quarter of 2022, the Committee granted you 2 restricted stock unit awards under Parent’s 2021 Equity Incentive Plan (the “2021 Plan”) covering: (i) 578,239 shares (the “2022 RSUs”); and (ii) 289,120 shares (the “2023 RSUs”).  The 2022 RSUs will vest as to 40% on May 20, 2022, and as to 20% quarterly thereafter on Parent’s standard quarterly vesting dates, subject to continued service through each vesting date.  The 2023 RSUs will vest as to 25% on May 20, 2023, and 25% quarterly thereafter on Parent’s standard quarterly vesting dates, subject to continued service through each vesting date.  All restricted stock units will be subject to the 2021 Plan and form of restricted stock unit agreement thereunder.
 
b.You will continue to be eligible to receive additional equity awards pursuant to any plans or arrangements Parent may have in effect from time to time. The Committee will determine in its sole discretion whether you will be granted any such equity awards and the terms of any such award in accordance with the terms of any applicable plan or arrangement that may be in effect from time to 
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50 33rd Street  •  Pittsburgh  •  Pennsylvania  •  15201

time. Your equity awards outstanding as of the Effective Date will continue in effect on their existing terms.

5.Employee Benefits. You will continue to be eligible to participate in the benefit plans and programs established by Aurora for its employees from time to time, subject to their applicable terms and conditions, including without limitation any eligibility requirements. Aurora reserves the right to modify, amend, suspend or terminate the benefit plans and programs it offers to its employees at any time.

6.Proprietary Agreement. Your acceptance of this Agreement confirms that the terms of the Property Information and Inventions Agreement you previously signed with Aurora dated June 9, 2017 (the “PIIA”) still applies.  

7.At-Will Employment. Aurora is an “at-will” employer.  Your employment with Aurora will be for no specific period of time.  Your employment with Aurora will be “at will,” meaning that either you or Aurora may terminate your employment at any time and for any reason, or no reason.  Any contrary representations that may have been made to you are hereby superseded.  This is the full and complete agreement between you and Aurora on this term.  Aurora may modify your job duties, title, compensation and benefits, as well as its personnel policies and procedures from time to time as necessary and in its sole discretion.  However, the “at will” nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of Aurora (other than you).

8.Miscellaneous. This Agreement, together with the PIIA, and any outstanding equity awards granted to you by Aurora and the applicable award agreements thereunder, constitute the entire agreement between you and Aurora regarding the material terms and conditions of your employment, and they supersede and replace all prior negotiations, representations or agreements between you and Aurora. 

* * * * *

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50 33rd Street  •  Pittsburgh  •  Pennsylvania  •  15201

We’re thrilled for you to continue on the team!
 
Very truly yours,
 
AURORA OPERATIONS, INC.
 
/s/ William Mouat
By: William Mouat
Title: General Counsel, Vice President, Secretary & Treasurer
 

I have read and accept this confirmatory employment letter
 
Signature of Employee:
 /s/ Chris Urmson
Dated: March 15, 2022
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50 33rd Street  •  Pittsburgh  •  Pennsylvania  •  15201

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