Document:

EX-10.1

 Exhibit 10.1 
  

 
 September 4, 2018 

Mr. Peter Campbell 
 c/o Mimecast North America, Inc. 

191 Spring Street 
 Lexington, MA 02421 

Re: Separation Agreement 
 Dear Peter: 

This letter follows our recent discussions regarding your desire to resign from employment with Mimecast North America, Inc. (the “Company”),
which includes for this purpose your position as Chief Financial Officer of the Company’s parent company, Mimecast Limited (the “Parent Company”). We appreciate your contributions and would like to work with you to make this
transition as smooth as possible for both you and the Company. With that in mind, this letter (the “Separation Agreement”) proposes an amicable arrangement under which you would remain actively employed by the Company during a
transition period and, if successfully completed, you will receive enhanced equity treatment at the end of your employment relationship. If you agree, this Separation Agreement will become a binding agreement between you and the Company as of the
Effective Date (as defined below). 
 The separation date shall be March 31, 2019, unless your employment ends on an earlier date in accordance with
this Separation Agreement. For purposes of this Separation Agreement, the actual last day of your employment shall be referred to as the “Separation Date” and the time period between the date of this letter and the Separation Date
shall be referred to as the “Transition Period.” 
 With those understandings, the Separation Agreement between you and the Company is as
follows: 
 1. Resignations  
 You acknowledge
and agree that you are resigning your employment from the Company and that your resignation is not a termination event that entitles you to severance benefits under the terms of your June 12, 2015 Employment Agreement with the Company, as
amended on July 23, 2018 (the “Employment Agreement”), or otherwise. In connection with the ending of your employment, you hereby resign from all officer, director and manager positions you hold with the Company, its direct or
indirect subsidiaries or controlled entities, and the Parent Company, and any of its direct or indirect subsidiaries or controlled entities, effective on the Separation Date. You agree to execute any documents reasonably requested by the Company or
the Parent Company in order to effectuate your resignations. 

 2. Transition Period 

(a) Duties. During the Transition Period, you shall continue to work and provide services to the Company and the Parent Company as the Chief Financial
Officer on a full-time basis, unless otherwise directed by the Company’s Chief Executive Officer and the Parent Company’s Board of Directors. You agree to work cooperatively and productively with the Company during the Transition Period,
and acknowledge and agree that your title, duties, reporting responsibilities, and/or level of responsibilities may be altered or diminished during the Transition Period at the discretion of the Company and any such changes will not be a breach of
the Employment Agreement. You agree to assist with the transition of Chief Financial Officer responsibilities through the Separation Date, including to a new chief financial officer, if applicable. In addition, following the Separation Date, you
agree to make yourself reasonably available to the Company to respond to requests by the Company for documents and information concerning matters involving facts or events relating to the Company and the Parent Company, and their affiliates or
subsidiaries, that may be within your knowledge, and you further agree to provide truthful information to the Company and the Parent Company, and their affiliates or subsidiaries, or any of their representatives, in each case, as reasonably
requested with respect to pending and future litigation, arbitrations, dispute resolutions, investigations or requests for information. You shall be reimbursed for your reasonable out-of-pocket expenses incurred as a result of such cooperation.

(b) Compensation and Benefits. During the Transition Period, you shall continue to be paid your current base salary and any executive incentive bonus,
if earned, and you will be eligible for employee benefits (including health benefits and reimbursement of authorized business expenses), subject to the terms of the applicable plan documents and generally applicable Company policies. You acknowledge
that you will not eligible to receive any annual executive equity awards that would normally be approved by the Compensation Committee of the Board of Directors of the Parent Company in February or March of 2019. 

(c) Election to End Transition Period Early. The Transition Period will end on March 31, 2019, unless, on an earlier date either:
(i) you elect to resign (in which case the provisions of Section 5(e) of the Employment Agreement shall not apply), (ii) the Company elects to terminate the employment relationship, with or without “Cause” (as
defined in the Employment Agreement) on an earlier date; or (iii) your employment ends due to your death or “Disability”(as defined in the Employment Agreement). If the Company elects to terminate the employment relationship prior
to March 31, 2019, Sections 5 and 6 of the Employment Agreement, as amended, shall apply. In addition, if the Company elects to terminate your employment prior to March 31, 2019 other than for Cause or Disability (each as
defined above), then you shall be entitled to the Accelerated Vesting and Extended Exercise Period (as defined in Section 3 below) in addition to the Severance (as defined in the Employment Agreement) you may be entitled to under
Section 5(d) of the Employment Agreement. For avoidance of doubt, by signing this agreement you are: (i) forfeiting any right you may have had to notice pay or severance in lieu of notice pay in the event of your resignation
for any reason under Section 5(e) of the Employment Agreement or otherwise, and (ii) you acknowledge and agree that, if you resign prior to March 31, 2019 for any reason, you will receive your pay and benefits and
you will continue to vest in your outstanding stock options and other stock-based awards, in each case through the last day of your employment, but you will not be entitled to any other payments, benefits or the enhanced equity rights set forth in
this Separation Agreement. 

  
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 3. Equity Vesting, Acceleration and Extended Exercise Period  

During the Transition Period, you shall continue to vest in all of your stock options and any other stock-based awards, subject to the terms of any and all
applicable equity incentive plan(s) and the applicable award agreement(s) governing the terms of such stock options and other stock-based awards and the provisions of the Employment Agreement related to acceleration of vesting in the event of a Sale
Event (as defined in the Employment Agreement) (collectively, the “Equity Documents”); provided that, if you (a) enter into and comply with this Separation Agreement, (b) work cooperatively and productively with the
Company during the Transition Period, (c) remain continuously employed until March 31, 2019 (unless terminated by the Company prior to that date other than for Cause or Disability), and (d) enter into and do not revoke a release of
claims in the form attached as Exhibit A (the “General Release”) (collectively the “Enhanced Equity Conditions”), then (i) the portion of your stock options and other stock-based awards that would have
vested through March 31, 2020 shall accelerate and vest on the Separation Date (the “Accelerated Vesting”) and (ii) the Company agrees to extend the period in which you shall have the right to exercise the vested portion
of all outstanding stock options such that you shall have the right to exercise the vested portion of such stock options for a period of 180 days following the Separation Date or until the expiration of the option, if earlier (the “Extended
Exercise Period”) (though you understand that any stock option subject to this Extended Exercise Period shall cease to be treated for tax purposes as an incentive stock option). 

For the avoidance of doubt, however, in the event that you do not satisfy the Enhanced Equity Conditions or do not qualify for Accelerated Vesting and the
Extended Exercise Period under this Section 3 or Section 2(c), all of your unvested stock options and other stock-based awards shall immediately cease to continue vesting as of the Separation Date, and your exercise period shall be as set
forth in the Equity Documents. At all times, your stock options and any other stock-based awards shall remain subject to the terms of the Equity Documents, as modified by this Section 3 and Section 2(c). 

4. Continuing Obligations 
 You acknowledge your
continuing obligations under the Employment Agreement, which, among other things, prohibit disclosure of any confidential or proprietary information of the Company. A copy of the Employment Agreement is attached hereto as
Exhibit B, and its terms are incorporated by reference as material terms of this Separation Agreement except as otherwise excluded herein. 

5. Return of Company Property 
 You must return to
the Company on or before the Separation Date (and in any event promptly upon request by the Company) all Company property, including, without limitation, computer equipment, software, keys and access cards, credit cards, files and any documents
(including computerized data and any copies made of any computerized data or software) containing information concerning the Company, its business or its business relationships (in the latter two cases, actual or prospective) (collectively,
“Company Property”). After returning all such Company Property to the Company, you must delete and finally purge any duplicates of files or documents that may contain Company information from any computer or other device that
remains your property after the Separation Date. In the event that you discover that you continue to retain any Company Property, you must return it to the Company immediately. 

  
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 6. Release of All Claims 

In consideration for, among other terms, the Accelerated Vesting and the Extended Exercise Period, to which you acknowledge you would otherwise not be
entitled, you voluntarily release and forever discharge the Company, its affiliated and related entities, its and their respective predecessors, successors and assigns, its and their respective employee benefit plans and fiduciaries of such plans,
and the current and former officers, directors, shareholders, employees, attorneys, accountants and agents of each of the foregoing in their official and personal capacities (collectively referred to as the “Releasees”) generally
from all claims, demands, debts, damages and liabilities of every name and nature, known or unknown (“Claims”) that, as of the date when you sign this Separation Agreement, you have, ever had, now claim to have or ever claimed to
have had against any or all of the Releasees. This release includes, without limitation, all Claims: 
  

	 	•	 	 relating to your employment by and termination of employment with the Company; 

 

	 	•	 	 of wrongful discharge or violation of public policy; 

 

	 	•	 	 of breach of contract; 

 

	 	•	 	 of defamation or other torts; 

 

	 	•	 	 of retaliation or discrimination under federal, state or local law (including, without limitation, Claims of
discrimination or retaliation under the Americans with Disabilities Act and Title VII of the Civil Rights Act of 1964); 

  

	 	•	 	 under any other federal or state statute (including, without limitation, Claims under the Worker Adjustment and
Retraining Notification Act or the Fair Labor Standards Act); 

  

	 	•	 	 for wages, bonuses, incentive compensation, commissions, stock, stock options, vacation pay or any other
compensation or benefits, either under the Massachusetts Wage Act, M.G.L. c. 149, §§148-150C, or otherwise; and 

 

	 	•	 	 for damages or other remedies of any sort, including, without limitation, compensatory damages, punitive damages,
injunctive relief and attorney’s fees; 

 provided, however, that this release shall not affect your rights under this
Separation Agreement. 
 You agree not to accept damages of any nature, other equitable or legal remedies for your own benefit or attorney’s fees or
costs from any of the Releasees with respect to any Claim released by this Separation Agreement. As a material inducement to the Company to enter into this Separation Agreement, you represent that you have not assigned any Claim to any third party.

 7. Non-disparagement 

Subject to Section 8, you agree not to make any disparaging statements concerning the Company or any of its affiliates, products, services or current or
former officers, directors, shareholders, employees or agents. These non-disparagement obligations shall not apply to truthful testimony in any legal proceeding. 

  
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 8. Protected Disclosures 

Nothing contained in this Separation Agreement limits your ability to file a charge or complaint with any federal, state or local governmental agency or
commission (a “Government Agency”). In addition, nothing contained in this Separation Agreement limits your ability to communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be
conducted by any Government Agency, including your ability to provide documents or other information, without notice to the Company, nor does anything contained in this Resignation Agreement apply to truthful testimony in litigation. If you file any
charge or complaint with any Government Agency and if the Government Agency pursues any claim on your behalf, or if any other third party pursues any claim on your behalf, you waive any right to monetary or other individualized relief (either
individually or as part of any collective or class action); provided that nothing in this Separation Agreement limits any right you may have to receive a whistleblower award or bounty for information provided to the Securities and Exchange
Commission. 
 9. Tax Treatment 
 The Company
shall make deductions, withholdings and tax reports with respect to payments and benefits under this Separation Agreement that it reasonably determines to be required. Payments under this Separation Agreement shall be in amounts net of any such
deductions or withholdings. Nothing in this Separation Agreement shall be construed to require the Company to make any payments to compensate you for any adverse tax effect associated with the terms of this Separation Agreement. 

10. Other Provisions 
 (a) Termination of
Payments. If you breach any of your obligations under this Separation Agreement, in addition to any other legal or equitable remedies it may have for such breach, the Company shall have the right to terminate your at-will employment (if you are
still employed), and the Company shall further have the right to recover from you any payments made to you during any time periods following the commencement of any such breach. Any such consequences of a breach by you will not affect the release or
your continuing obligations under this Separation Agreement. 
 (b) Absence of Reliance. In signing this Separation Agreement, you are not relying
upon any promises or representations made by anyone at or on behalf of the Company. 
 (c) Enforceability. If any portion or provision of this
Separation Agreement (including, without limitation, any portion or provision of any section of the Employment Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this
Separation Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Separation
Agreement shall be valid and enforceable to the fullest extent permitted by law. 

  
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 (d) Waiver; Amendment. No waiver of any provision of this Separation Agreement shall be effective
unless made in writing and signed by the waiving party. The failure of a party to require the performance of any term or obligation of this Separation Agreement, or the waiver by a party of any breach of this Separation Agreement, shall not prevent
any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. This Separation Agreement may not be modified or amended except in a writing signed by both you and a duly authorized officer of the Company. 

(e) Jurisdiction. You and the Company hereby agree that the Superior Court of the Commonwealth of Massachusetts and the United States District Court for
the District of Massachusetts shall have the exclusive jurisdiction to consider any matters related to this Separation Agreement, including without limitation any claim of a violation of this Separation Agreement. With respect to any such court
action, you submit to the jurisdiction of such courts and you acknowledge that venue in such courts is proper. 
 (f) Governing Law; Interpretation.
This Separation Agreement shall be interpreted and enforced under the laws of the Commonwealth of Massachusetts, without regard to conflict of law principles. In the event of any dispute, this Separation Agreement is intended by the parties to be
construed as a whole, to be interpreted in accordance with its fair meaning, and not to be construed strictly for or against either you or the Company or the “drafter” of all or any portion of this Separation Agreement. 

(g) Entire Agreement. This Separation Agreement, along with the Employment Agreement and the Equity Documents (as modified herein), constitutes the
entire agreement between you and the Company regarding the subject matter hereof and supersedes any previous agreements or understandings between you and the Company; provided that you acknowledge and accept that your resignation is not a
termination event that entitles you to severance benefits or equity acceleration under the terms of the Employment Agreement. 
 (h) Time for
Consideration; Effective Date. You acknowledge that you have knowingly and voluntarily entered into this Separation Agreement. You understand and acknowledge that you have been given the opportunity to consider this Separation Agreement for ten
(10) days from your receipt of this Separation Agreement before signing it (the “Consideration Period”). To accept this Separation Agreement, you must return a signed, unmodified original or PDF copy of this Separation Agreement so
that it is received by Robert P. Nault at rnault@mimecast.com at or before the expiration of the Consideration Period. If you sign this Separation Agreement before the end of the Consideration Period, you acknowledge that such decision was entirely
voluntary and that you had the opportunity to consider this Separation Agreement for the entire Consideration Period. This Separation Agreement shall become effective on the date when it becomes fully executed (the “Effective
Date”). 
 (i) Counterparts. This Separation Agreement may be executed in separate counterparts. When both counterparts are signed, they
shall be treated together as one and the same document. PDF copies of signed counterparts shall be equally effective as originals. 

[Signature page follows.] 

  
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 Please indicate your agreement to the terms of this Separation Agreement by signing and returning to Robert
P. Nault the original or a PDF copy of this letter within the time period set forth above. 
  

									
	Sincerely,	 		 		 	
				
	MIMECAST NORTH AMERICA, INC.	 		 		 	
					
	By:	 	 /s/ Peter Bauer
	 		 		 	 September 4, 2018

		 	Peter Bauer	 		 		 	Date
		 	Chief Executive Officer	 		 		 	

 By signing below, you acknowledge that you have carefully read and fully understand all of the provisions of this Separation
Agreement and that you are knowingly and voluntarily entering into this Separation Agreement. 
  

					
	 /s/ Peter Campbell
	 		  	 September 4, 2018

	Peter Campbell	 		  	Date

  
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 Exhibit A 

General Release 
 Background

 I, PETER CAMPBELL, acknowledge that in connection with the ending of my employment with Mimecast North America, Inc. (the
“Company”), I entered into a letter agreement dated September 4, 2018 (the “Separation Agreement”). I understand that this is the General Release referenced in the Separation Agreement. I further understand
that I may not sign this General Release until on or after the Separation Date (as defined in the Separation Agreement) but that I must return it to the Company on or before the expiration of the Consideration Period (as defined below). 

Release and Related Terms 
 1. I
acknowledge that the Company has paid me all salary, vacation pay, and all other earned compensation (other than the Accelerated Vesting and Extended Exercise Period under to the Separation Agreement) through the last day of my employment. 

2. I understand that, regardless of whether I sign this General Release, the Separation Agreement shall remain in full force and effect, except
that by not signing I will not have satisfied one of the conditions to receive the Accelerated Vesting and Extended Exercise Period provided in Sections 2(c) and 3 of the Separation Agreement. 

3. I voluntarily release and forever discharge the Company, its affiliated and related entities, its and their respective predecessors,
successors and assigns, its and their respective employee benefit plans and fiduciaries of such plans, and the current and former officers, directors, shareholders, employees, attorneys, accountants and agents of each of the foregoing in their
official and personal capacities (collectively referred to as the “Releasees”) generally from all claims, demands, debts, damages and liabilities of every name and nature, known or unknown (“Claims”) that I have,
ever had, now claim to have or ever claimed to have had against any or all of the Releasees until and through the date I sign this General Release. This release includes, without limitation, all Claims: relating to my employment by and termination
of employment with the Company; of wrongful discharge; of breach of contract; of discrimination or retaliation under federal, state or local law (including, without limitation, Claims of discrimination or retaliation under the Americans with
Disabilities Act, the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964 or Massachusetts General Laws ch. 151B); under any other federal or state statute; of defamation or other torts; of violation of public policy; for
wages, bonuses, incentive compensation, including without limitation Claims pursuant to the Massachusetts Wage Act, stock, stock options, units, profit interests, vacation pay or any other compensation, benefits or equity interest, for damages or
other remedies of any sort, including, without limitation, compensatory damages, punitive damages, injunctive relief and attorney’s fees; and for reinstatement of employment. I represent that I have not filed any Claim against the Releasees in
any forum. Notwithstanding the foregoing, this general release does not release my rights under the Separation Agreement. 

 4. I acknowledge that I received this General Release along with the Separation Agreement
and that I have been given the opportunity to consider this General Release for twenty-one (21) days before signing it (the “Consideration Period”). I also acknowledge that the Company
advises me to consult with an attorney before signing this General Release and that I have been given ample opportunity to do so. I understand that, to accept this General Release, I must return a signed original of this General Release so that it
is received by Robert P. Nault at rnault@mimecast.com (with a copy to legal@mimecast.com) at or before the expiration of the Consideration Period. I understand that for the period of seven (7) days from the date when I sign this General Release
(the “Revocation Period”), I have the right to revoke this General Release by notice to Robert P. Nault at rnault@mimecast.com (with a copy to legal@mimecast.com). For such a revocation to be effective, it must be delivered so that
it is received by Robert P. Nault at or before the expiration of the Revocation Period. This General Release shall not become effective or enforceable during the Revocation Period. This General Release shall become effective on the first business
day following the expiration of the revocation period (the “Effective Date of General Release”). 
 I HAVE READ THIS GENERAL RELEASE
THOROUGHLY, UNDERSTAND ITS TERMS AND HAVE SIGNED IT KNOWINGLY AND VOLUNTARILY. I UNDERSTAND THAT THIS GENERAL RELEASE IS A LEGAL DOCUMENT. 
  

					
	  
	 		 	  

	Peter Campbell	 		 	Date

  
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 Exhibit B 

Employment Agreement 

 EMPLOYMENT AGREEMENT 

This Agreement is made and entered into by and between Mimecast North America, Inc. (the “Company”), a Delaware corporation
with its principal place of business at Waltham, Massachusetts, and Peter Campbell (the “Executive”) as of June 12, 2015 (the “Effective Date”). 

WHEREAS, the Executive has served as the Chief Financial Officer of the Company’s parent, Mimecast Limited, a company organized under the
laws of England and Wales (the “Parent”), and of the subsidiaries of the Parent (collectively with the Parent and the Company, the “Group,” and each of them a “Group Member”) pursuant to a Service
Agreement between the Parent and the Executive dated as of December 22, 2009 (the “Service Agreement”); and 

WHEREAS, the Executive and the Company wish to memorialize their agreement that the Executive shall continue to serve as the Chief Financial
Officer of the Group but shall be employed by the Company. 
 NOW, THEREFORE, in consideration of the foregoing premises and the mutual
promises, terms, provisions and conditions set forth in this Agreement, the Executive and the Company hereby agree: 
 1. Employment.
Subject to the terms and conditions set forth in this Agreement, the Company hereby offers, and the Executive hereby accepts, employment. 

2. Term. Subject to earlier termination as hereinafter provided, the Executive’s employment shall commence on the Effective Date on
an “at will” employment basis, and shall continue until terminated pursuant to Section 5 hereof (the “Term”). 

3. Capacity and Performance. 

(a) During the Term, the Executive shall serve as the Chief Financial Officer of the Group. The Executive shall report to the Board of
Directors of the Parent (the “Board”). In addition, and without further compensation, the Executive shall serve as a director and/or officer of one or more of the Group Members if so elected or appointed from time to time. 

(b) During the Term, the Executive shall be employed by the Company on a full-time basis, shall work primarily from the Company’s offices
in Massachusetts and shall perform the duties and responsibilities of his position and such other duties and responsibilities on behalf of the Group as reasonably may be designated from time to time by the Board. During the Term, the Executive shall
undertake such business, travel, both domestic and international, as is necessary for the proper performance of his duties to the Group. 

(c) During the Term, the Executive shall devote his full business time and his best efforts, business judgment, skill and knowledge exclusively
to the advancement of the business and interests of the Company and the Group and to the discharge of his duties and responsibilities hereunder. The Executive shall not engage in any other business activity or serve in any industry, trade,
professional, governmental or academic position during the Term of this Agreement, except as may be expressly approved in advance by the Board in writing. 

 (d) During the Term, the Executive shall: 

(i) Not take any action that would harm the reputation of any Group Member; 

(ii) Report to the Board his own material wrongdoing and any material wrongdoing or proposed material wrongdoing of any
employee or director of any Group Member (whether alone or in concert with any other employee); 
 (iii) Report to the Board: 

(A) the plans of any other senior employee of any Group Member to leave his or her employment; 

(B) the plans of any other senior employee of any other Group Member to compete with the business of the Group or of any Group
Member; or 
 (C) the misuse by any employee of any Group Member of any Confidential Information or any Intellectual
Property; 
 (iv) Ensure that he meets the requirements of any regulatory body or any other entity whose consent or approval
is required to enable him to undertake any of his duties hereunder; and 
 (v) When requested to do so, fully and promptly
give the Board such explanations, information and assistance as it may require relating to the transactions and affairs of any Group Member of which the Executive shall have knowledge or of which the Executive ought to have knowledge. 

4. Compensation and Benefits. As compensation for all services performed by the Executive during the Term and subject to
the Executive’s performance of his duties and obligations to the Company and the Group, pursuant to this Agreement or otherwise, the Company shall provide the Executive with the following compensation and benefits: 

(a) Base Salary. The Company shall pay the Executive a base salary at the rate of Two Hundred and Eighty -Five Thousand Dollars
($285,000.00) per annum, payable in accordance with the payroll practices of the Company for its executives (such base salary, as from time to time adjusted, the “Base Salary”). The Base Salary shall be reviewed not less than once
in each calendar year and shall be subject to adjustment by the Board, acting in its sole discretion. 
 (b) Incentive and Bonus
Compensation. The Executive shall be eligible to be considered for a bonus annually during the Term. The amount of the bonus shall be fifty percent (50%) of Base Salary, based on its assessment, in its discretion, of the Executive’s
performance and that of the Company against appropriate and reasonably obtainable goals established annually by the Compensation Committee of the Board after consultation with the Executive (the “Bonus”). Any Bonus paid to the
Executive shall be in addition to the Base Salary. Any Bonus due to the Executive hereunder will be payable not later than two and one-half months following the close of the fiscal year for which the Bonus was
earned or as soon as administratively practicable in accordance with Section 7 of the Agreement. 

  
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 (c) Vacations. During the Term, the Executive shall be entitled to earn vacation at
the rate of twenty-five (25) days per year. The vacation year shall be from April 1 to March 31. Up to fifteen (15) days’ earned but unused vacation may be carried forward from one vacation year to the following vacation year,
provided that such carried forward vacation must be used by September 30 of such following vacation year. The Executive may take vacation at the discretion of the Board, and not more than two weeks may be taken at any one time without the prior
written consent of the Board, which shall not be unreasonably withheld. Upon termination of employment, the Executive shall be entitled to receive payment for the number of days of vacation earned but not used (including any days carried over from
the prior vacation year). Vacation shall otherwise be governed by the policies of the Company, as in effect from time to time. 
 (d)
Other Benefits. During the Term hereof, the Executive shall be entitled to participate in any and all Employee Benefit Plans from time to time in effect for employees of the Company generally, except to the extent any such Employee Benefit
Plan is in a category of benefit otherwise provided to the Executive (e.g., a severance pay plan). Such participation shall be subject to the terms of the applicable plan documents and generally applicable Company policies. The Company may
alter, modify, add to or delete its Employee Benefit Plans at any time as it, in its sole judgment, determines to be appropriate, without recourse by the Executive. For purposes of this Agreement, “Employee Benefit Plan” shall have
the meaning ascribed to such term in Section 3(3) of ERISA, as amended from time to time. 
 (e) Business Expenses. The Company
shall pay or reimburse the Executive for all reasonable business expenses incurred or paid by the Executive in the performance of his duties and responsibilities hereunder, subject to any maximum annual limit and other restrictions on such expenses
set by the Company and to such reasonable substantiation and documentation as may be specified by the Company from time to time. Reimbursement to the Executive for expenses eligible for reimbursement shall be paid to the Executive not later than
thirty (30) days following the presentation of the required substantiation and documentation. 
 5. Termination of Employment and
Severance Benefits. The Executive’s employment hereunder shall terminate prior to the expiration of the Term under the following circumstances: 

(a) Death. In the event of the Executive’s death during the Term hereof, the Executive’s employment hereunder shall
immediately and automatically terminate. In such event, the Company shall pay to the Executive’s designated beneficiary or, if no beneficiary has been designated by the Executive in writing, to his estate, (i) any Base Salary earned but
not paid during the final payroll period of the Executive’s employment through the date of termination, (ii) any pro-rata Bonus earned but not paid during the final payroll period of the
Executive’s employment through the date of termination; (iii) pay for any vacation time earned but not used through the date of termination, and (iv) any business expenses incurred by the Executive but
un-reimbursed on the date of termination, provided that such expenses and required substantiation and documentation are submitted within sixty (60) days of termination, that such expenses are reimbursable
under Company policy and that any such expenses subject to the last sentence of Section 4(e) shall be paid not later than the deadline specified therein (all of the foregoing, “Final Compensation”). Any Base Salary, pro-rata Bonus and accrued vacation payable to the Executive shall be payable on the next regular Company payroll date following the Executive’s death. The Company shall have no further obligation to the
Executive hereunder. 

  
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 (b) Disability. 

(i) The Company may terminate the Executive’s employment hereunder, upon one hundred twenty (120) days’ notice
to the Executive, in the event that the Executive becomes disabled during his employment hereunder through any illness, injury, accident or condition of either a physical or psychological nature and, as a result, is unable to perform substantially
all of his duties and responsibilities hereunder, notwithstanding the provision of any reasonable accommodation, for ninety (90) days during any period of three hundred and sixty-five (365) consecutive calendar days. Upon the termination
of the Executive’s employment as a result of disability, the Company shall have no further obligation to the Executive, other than for Final Compensation, which shall be paid to the Executive in accordance with Section 5(a). 

(ii) The Board may designate another employee to act in the Executive’s place during any period of the Executive’s
disability or during the notice period provided in Section 5(b)(i). Notwithstanding any such designation, the Executive shall continue to receive the Base Salary in accordance with Section 4(a) and benefits in accordance with
Section 4(d), to the extent permitted by the then-current terms of the applicable benefit plans, until the Executive becomes eligible for disability income benefits under any disability income plan of the Company or until the termination of his
employment, whichever shall first occur. 
 (iii) While receiving disability income payments under any disability income plan
of the Company, the Executive shall not be entitled to receive any Base Salary under Section 4(a) hereof, but shall continue to participate in Company benefit plans in accordance with Section 4(d) and the terms of such plans, until the
termination of his employment. 
 (iv) If any question shall arise as to whether during any period the Executive is disabled
through any illness, injury, accident or condition of either a physical or psychological nature so as to be unable to perform substantially all of his duties and responsibilities hereunder, the Executive may, and at the request of the Company shall,
submit to a medical examination by a physician selected by the Company to whom the Executive or his duly appointed guardian, if any, has no reasonable objection to determine whether the Executive is so disabled and such determination shall for the
purposes of this Agreement be conclusive of the issue. If such question shall arise and the Executive shall fail to submit to such medical examination, the Company’s determination of the issue shall be binding on the Executive. 

(c) By the Company for Cause. The Company may terminate the Executive’s employment hereunder for Cause at any time upon four
(4) months written notice to the Executive setting forth in reasonable detail the nature of such Cause. The following, as determined by the Board in its reasonable judgment, shall constitute Cause for termination: 

  
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 (i) The Executive’s significant failure to perform (other than by
reason of disability), or material negligence in the performance of, his duties and responsibilities to any Group Member that, if susceptible of cure, is not cured within thirty (30) days following notice of such failure from the Board; 

(ii) Material breach by the Executive of any provision of this Agreement or any other agreement with any Group Member that, if
susceptible of cure, is not cured within ten (10) days following notice of such breach from the Board; 
 (iii) Other
conduct by the Executive that could reasonably be expected to be harmful to the business, interests or reputation of any Group Member; 

(iv) The Executive’s commission of any criminal offense or any act of dishonesty or any serious misconduct of any nature,
in each case whether during the performance of his duties or otherwise, that in the opinion of the Board renders the Executive unfit to continue as an executive of the Group; 

(v) The Executive’s being disqualified to take part in the management of any Group Member pursuant to applicable law; 

(vi) The Executive’s due to his failure to meet the requirements of, or his breach of the rules of, any regulatory body
whose consent or approval is required to enable the Executive to undertake all or any of his duties; or 
 (vii) The
Executive’s repeated failure to perform his duties to a standard satisfactory to the Board after being provided a written warning from the Board setting forth in reasonable detail the nature of such failure that, if susceptible of cure, is not
cured within ten (10) days following notice of such failure from the Board. 
 The Executive’s employment shall terminate hereunder upon the
expiration of four (4) months from the delivery of the notice of termination for Cause described in this Section 5(c) and the expiration of any applicable cure period without cure by the Executive. In the event of termination of the
Executive pursuant to this Section 5(c), the Board may elect to waive the period of notice, or any portion thereof, and, if the Board so elects, the Company will pay the Executive his Base Salary,
pro-rata Bonus and Company-paid medical and dental benefits for the period so waived as part of his Final Compensation. Upon the termination of the Executive’s employment for Cause, Final Compensation
shall be paid to the Executive in accordance with Section 5(a). In addition to Final Compensation and provided that no benefits are payable to the Executive under a separate severance agreement as a result of such termination, the Company shall
continue to pay the Executive the Base Salary, pro-rata Bonus and Company-paid medical and dental benefits until the expiration of six (6) months following the date of termination (the
“Severance”). Any such Severance payout shall be inclusive of any payment in lieu of notice due to Executive as provided above. Any obligation of the Company to provide the Severance is conditioned, however, on the execution and delivery
to the Company by the Executive of a timely and effective release of claims in the form provided by the Company by the deadline specified therein, all of which (including the lapse of any period for revoking the Release of Claims as specified in the
Release of Claims) shall have occurred no later than thirty (30) 

  
 -5- 

 calendar day following the date of termination (any such release submitted by such deadline,
the “Release of Claims”). Subject to Section 7 below, any Severance to which the Executive is entitled hereunder shall be payable in accordance with the normal payroll practices of the Company for its executives, with the first
payment, which shall be retroactive to the day immediately following the date the Executive’s employment terminated, being due and payable on the Company’s next regular payday for executives that follows the expiration of thirty
(30) calendar days from the date the Executive’s employment terminates. 
 (d) By the Company Other than for Cause or
Disability. The Company may terminate the Executive’s employment hereunder other than for Cause or disability at any time upon four (4) months written notice to the Executive. Upon the termination of the Executive’s employment
other than for Cause or disability, the Company shall provide the Executive with his Final Compensation, which shall be paid to the Executive in accordance with Section 5(a). In the event of termination of the Executive pursuant to this
Section 5(d), the Board may elect to waive the period of notice, or any portion thereof, and, if the Board so elects, the Company will pay the Executive his Base Salary, pro-rata Bonus and Company-paid
medical and dental benefits for the period so waived as part of his Final Compensation. In addition to Final Compensation and provided that no benefits are payable to the Executive under a separate severance agreement as a result of such
termination, the Company shall continue to pay the Executive the Severance (as defined in Section 5(c) above). Any such Severance payout shall be inclusive of any payment in lieu of notice due to Executive as provided above. Any obligation of
the Company to provide the Severance is conditioned, however, on the execution and delivery to the Company by the Executive of a timely and effective release of claims in the form provided by the Company by the deadline specified therein, all of
which (including the lapse of any period for revoking the Release of Claims as specified in the Release of Claims) shall have occurred no later than thirty (30) calendar day following the date of termination (any such release submitted by such
deadline, the “Release of Claims”). Subject to Section 7 below, any Severance to which the Executive is entitled hereunder shall be payable in accordance with the normal payroll practices of the Company for its executives, with
the first payment, which shall be retroactive to the day immediately following the date the Executive’s employment terminated, being due and payable on the Company’s next regular payday for executives that follows the expiration of thirty
(30) calendar days from the date the Executive’s employment terminates. 
 (e) By the Executive. The Executive may terminate
his employment hereunder at any time upon one hundred twenty (120) days’ notice to the Company, unless such termination would violate any obligation of the Executive to the Company under a separate severance agreement. In the event of
termination of the Executive pursuant to this Section 5(e), the Board may elect to waive the period of notice, or any portion thereof, and, if the Board so elects, the Company will pay the Executive his Base Salary for the period so waived as
part of his Final Compensation. Upon the termination of the Executive’s employment by the Executive, the Company shall have no further obligation to the Executive, other than for Final Compensation, which shall be paid to the Executive in
accordance with Section 5(a). 
 (f) In the event the Executive’s employment with the Company is terminated for any reason, the
Executive agrees to tender his resignation from the Board of Directors and any other board or officer positions held with the Company or its affiliates, effective no later than the date of termination, or at such other mutually agreeable time.
Nothing in this paragraph shall limit or otherwise change the at-will nature of the Executive’s employment by the Company. 

  
 -6- 

 6. Effect of Termination. The provisions of this Section 6 shall apply to any
termination of the Executive’s employment hereunder: 
 (a) Payment by the Company of Final Compensation and any Severance that may be
due under Section 5 shall constitute the entire obligation of the Company to the Executive hereunder. 
 (b) Except for any right of the
Executive to continue medical and dental plan participation in accordance with applicable law, benefits shall terminate pursuant to the terms of the applicable benefit plans based on the date of termination of the Executive’s employment without
regard to any payment of Severance or other payment to the Executive following such date of termination. 
 (c) Provisions of this Agreement
shall survive any termination if so provided herein or if necessary or desirable to accomplish the purposes of other surviving provisions, including without limitation the obligations of the Executive under Sections 8, 9 and 10 hereof. The
obligation of the Company to make payments to or on behalf of the Executive under Section 5(d) hereof is expressly conditioned upon the Executive’s continued full performance of obligations under Sections 8, 9 and 10 hereof. The Executive
recognizes that, except as expressly provided in Section 5(d), no compensation is earned after termination of employment. 
 7.
Timing of Payments and Section 409A Compliance. Notwithstanding any provision to the contrary in this Agreement, if Executive is deemed by the Employer at the time of Executive’s termination to be a “specified employee”
for purposes of Code Section 409A(a)(2)(B)(i), and if any of the payments upon termination set forth herein and/or under any other agreement with the Employer are deemed to be “deferred compensation”, then to the extent delayed
commencement of any portion of such payments is required in order to avoid a prohibited distribution under Code Section 409A(a)(2)(B)(i) and the related adverse taxation under Section 409A, such payments shall not be provided to Executive
prior to the earlier of (i) the expiration of the six-month period measured from the Date of Termination or (ii) such earlier date as permitted under Section 409A without the imposition of
adverse taxation. Upon the first business day following the expiration of such applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this paragraph shall be paid in a lump sum to Executive, and any remaining
payments due shall be paid as otherwise provided herein or in the applicable agreement. No interest shall be due on any amounts so deferred. 

8. Confidential Information. 

(a) The Executive acknowledges that the Group Members continually develop Confidential Information, that the Executive has and will continue to
develop Confidential Information for the Company and other Group Members and that the Executive has and will continue to learn of Confidential Information during the course of employment. The Executive will comply with the policies and procedures of
the Company and other Group Members for protecting Confidential Information and shall not disclose to any Person or use, other than as 

  
 -7- 

 required by applicable law or for the proper performance of his duties and responsibilities to the Group
Members, any Confidential Information obtained by the Executive incident to his employment or other association with the Group Members. The Executive understands that this restriction shall continue to apply after his employment terminates,
regardless of the reason for such termination. The confidentiality obligation under this Section 8 shall not apply to information which is generally known or readily available to the public at the time of disclosure or becomes generally known
through no wrongful act on the part of the Executive or any other Person having an obligation of confidentiality to the Group Members. 
 (b)
All documents, records, tapes and other media of every kind and description relating to the business, present or otherwise, of the Group Members and any copies, in whole or in part, thereof (the “Documents”), whether or not prepared
by the Executive, shall be the sole and exclusive property of the Group Members. The Executive shall safeguard all Documents and shall surrender to the Company at the time his employment terminates, or at such earlier time or times as the Board or
its designee may specify, all Documents then in the Executive’s possession or control. 
 (c) Upon the termination of the
Executive’s employment for any reason, or upon the request of the Board, the Executive shall permanently delete any Confidential Information or Document stored on any medium under the Executive’s control and disclose any and all passwords
necessary or desirable to access information of any kind stored on the information systems of the Company or any other Group Member. 
 9.
Assignment of Rights to Intellectual Property. The Executive shall promptly and fully disclose all Intellectual Property to the Company. The Executive hereby assigns and agrees to assign to the Company (or as otherwise directed by the
Company) the Executive’s full right, title and interest in and to all Intellectual Property. The Executive agrees to execute any and all applications for domestic and foreign patents, copyrights or other proprietary rights and to do such other
acts (including without limitation the execution and delivery of instruments of further assurance or confirmation) requested by the Company to assign the Intellectual Property to the Company and to permit the Company to enforce any patents,
copyrights or other proprietary rights to the Intellectual Property. The Executive will not charge the Company for time spent in complying with these obligations. All copyrightable works that the Executive creates shall be considered “work made
for hire” and shall, upon creation, be owned exclusively by the Company. 
 10. Restricted Activities. 

(a) The Executive acknowledges that he is bound by certain obligations to the Parent and the other Group Members pursuant to Article 17 of the
Service Agreement and that such obligations shall remain in full force and effect in accordance with their terms during his employment by the Company hereunder (the “Existing Obligations.”). 

(b) In addition to the Existing Obligations, the Executive agrees that the following restrictions on his activities during and after his
employment hereunder are necessary to protect the good will, Confidential Information, trade secrets and other legitimate interests of the Group Members: 

  
 -8- 

 (i) During the Term, the Executive will not undertake any outside activity, whether or not
competitive with the business of any Group Member that could reasonably give rise to a conflict of interest or otherwise interfere with his duties and obligations to the Group Members. 

(ii) During the Term and for six (6) months after his employment terminates (the “Restricted Period”), the Executive
shall not, directly or indirectly, whether as owner, partner, investor, consultant, agent, employee, co-venturer or otherwise, compete with any Group Member within any geographic area in which such Group
Member does business or undertake any planning for any business competitive with any Group Member. Specifically, but without limiting the foregoing, the Executive agrees not to engage in any manner in any activity that is directly or indirectly
competitive or potentially competitive with the business of any Group Member as conducted or under consideration at any time during the Executive’s employment and further agrees not to work or provide services, in any capacity, whether as an
employee, independent contractor or otherwise, whether with or without compensation, to any Person who is engaged in any business that is competitive with the business of any Group Member for which the Executive has provided services, as conducted
or in planning during his employment. Restricted activity includes without limitation accepting employment or a consulting position with any Person who is, or at any time within twelve (12) months prior to termination of the Executive’s
employment has been, a customer of any Group Member. For the purposes of this Section 10, the business of any Group Member shall include all Products and the Executive’s undertaking shall encompass all items, products and services that may
be used in substitution for Products. The foregoing, however, shall not prevent the Executive’s passive ownership of two percent (2%) or less of the equity securities of any publicly traded company. 

(iii) During the Restricted Period, the Executive will not directly or indirectly (a) solicit or encourage any customer of any Group
Member to terminate or diminish its relationship with them; or (b) seek to persuade any such customer or prospective customer of any Group Member to conduct with anyone else any business or activity which such customer or prospective customer
conducts or could conduct with the Company or any Group Member; provided that these restrictions shall apply (1) only with respect to those Persons who are or have been a customer of such Group Member at any time within the immediately
preceding twelve (12) month period or whose business has been solicited on behalf of the Company or any Group Member by any of their officers, employees or agents within said twelve (12) month period, other than by form letter, blanket
mailing or published advertisement, and (2) only if the Executive has performed work for such Person, or been introduced to, or otherwise had contact with, such Person as a result of his employment or other associations with any Group Member,
or has had access to Confidential Information which would assist in the Executive’s solicitation of such Person. 
 (iv) During the
Restricted Period, the Executive will not, and will not assist any other Person to, (a) hire or solicit for hiring any employee of any Group Member or seek to persuade any employee of any Group Member to discontinue employment or
(b) solicit or encourage any independent contractor providing services to any Group Member to terminate or diminish its relationship with them. For the purposes of this Agreement, an “employee” of any Group Member is any person
who was such at any time within the preceding twelve (12) months. 

  
 -9- 

 11. Enforcement of Covenants. The Executive acknowledges that he has carefully read
and considered all the terms and conditions of this Agreement, including the restraints imposed upon him pursuant to Sections 8, 9 and 10 hereof. The Executive agrees without reservation that each of the restraints contained herein is necessary for
the reasonable and proper protection of the good will, Confidential Information, trade secrets and other legitimate interests of the Group Members; that each and every one of those restraints is reasonable in respect to subject matter, length of
time and geographic area; and that these restraints, individually or in the aggregate, will not prevent him from obtaining other suitable employment during the period in which the Executive is bound by these restraints. The Executive further agrees
that he will never assert, or permit to be asserted on his behalf, in any forum, any position contrary to the foregoing. The Executive further acknowledges that, were he to breach any of the covenants contained in Sections 8, 9 or 10 hereof, the
damage to each affected Group Member would be irreparable. The Executive therefore agrees that each Group Member, in addition to any other remedies available to it, shall be entitled to preliminary and permanent injunctive relief against any breach
or threatened breach by the Executive of any of said covenants, without having to post bond and to recover its reasonable attorneys’ fees and costs incurred in securing such relief. The Executive understands that his position and/or
responsibilities within the Company may change during the course of his employment. Notwithstanding those possible changes, the Executive understands and agrees that the provisions of and, in particular, Section 8, 9 and 10 hereof, shall remain
in full force and effect. The Executive agrees that the Restricted Period shall be tolled, and shall not run, during any period of time in which he is in violation of the terms thereof, in order that the Group Members shall have all of the
agreed-upon temporal protection recited herein. The parties further agree that, in the event that any provision of Section 8, 9 or 10 hereof shall be determined by any court of competent jurisdiction to be unenforceable by reason of its being
extended over too great a time, too large a geographic area or too great a range of activities, such provision shall be deemed to be modified to permit its enforcement to the maximum extent permitted by law. 

12. Conflicting Agreements. The Executive hereby represents and warrants that the execution of this Agreement and the performance of his
obligations hereunder will not breach or be in conflict with any other agreement to which the Executive is a party or is bound and that the Executive is not now subject to any covenants against competition or similar covenants or any court order or
other legal obligation that would affect the performance of his obligations hereunder. The Executive will not disclose to or use on behalf of the Company any proprietary information of a third party without such party’s consent. 

13. Definitions. Words or phrases which are initially capitalized or are within quotation marks shall have the meanings provided in this
Section and as provided elsewhere herein. For purposes of this Agreement, the following definitions apply: 

  
 -10- 

 (a) “Confidential Information” means any and all information of any Group
Members that is not generally known by those with whom such Group Member competes or does business, or with whom such Group Member plans to compete or do business and any and all information, publicly known in whole or in part or not, which, if
disclosed by any Group Members would assist in competition against them. Confidential Information includes without limitation such information relating to (i) the development, research, testing, manufacturing, marketing and financial activities
of the Group Members, (ii) the Products, (iii) the costs, sources of supply, financial performance and strategic plans of the Group Members, (iv) the identity and special needs of the customers of the Group Members and (v) the
people and organizations with whom the Group Members have business relationships and the nature and substance of those relationships. Confidential Information also includes any information that the any Group Member has received, or may receive
hereafter, belonging to customers or others with any understanding, express or implied, that the information would not be disclosed. 
 (b)
“Intellectual Property” means inventions, discoveries, developments, methods, processes, compositions, works, concepts and ideas (whether or not patentable or copyrightable or constituting trade secrets) conceived, made, created,
developed or reduced to practice by the Executive (whether alone or with others, whether or not during normal business hours or on or off Company premises) during the Executive’s employment that relate to either the Products or any prospective
activity of any Group Member or that make use of Confidential Information or any of the equipment or facilities of any Group Member. 
 (c)
“Person” means an individual, a corporation, a limited liability company, an association, a partnership, an estate, a trust and any other entity or organization, other than the Group Members. 

(d) “Products” mean all products planned, researched, developed, tested, manufactured, sold, licensed, leased or otherwise
distributed or put into use by any Group Member, together with all services provided or planned by any Group Member, during the Executive’s employment. 

14. Withholding. All payments made by the Company under this Agreement shall be reduced by any tax or other amounts required to be
withheld by the Company under applicable law. 
 15. Assignment. Neither the Company nor the Executive may make any assignment of this
Agreement or any interest herein, by operation of law or otherwise, without the prior written consent of the other; provided, however, that the Company may assign its rights and obligations under this Agreement without the consent of the Executive
in the event that the Executive is transferred to a position with any of the Group Members or in the event that the Parent or the Company shall hereafter effect a reorganization, consolidate with, or merge into, any Person or transfer all or
substantially all of its properties or assets to any Person. This Agreement shall inure to the benefit of and be binding upon the Company and the Executive, their respective successors, executors, administrators, heirs and permitted assigns. 

16. Severability. If any portion or provision of this Agreement shall to any extent be declared illegal or unenforceable by a court of
competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion
and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 

  
 -11- 

 17. Waiver. No waiver of any provision hereof shall be effective unless made in
writing and signed by the waiving party. The failure of either party to require the performance of any term or obligation of this Agreement, or the waiver by either party of any breach of this Agreement, shall not prevent any subsequent enforcement
of such term or obligation or be deemed a waiver of any subsequent breach. 
 18. Notices. Any and all notices, requests, demands and
other communications provided for by this Agreement shall be in writing and shall be effective when delivered in person, consigned to a reputable national or international courier service or deposited in the United States mail, postage prepaid,
registered or certified, and addressed to the Executive at his last known address on the books of the Company or, in the case of the Company, at its principal place of business, attention of the Chair of the Board, or to such other address as either
party may specify by notice to the other actually received. 
 19. Entire Agreement. This Agreement constitutes the entire agreement
between the parties and supersedes all prior communications, agreements and understandings, written or oral, with respect to the terms and conditions of the Executive’s employment except only the Existing Obligations, any provisions of the
Service Agreement necessary or desirable to enforcement of the Existing Obligations, and the Executive’s rights and obligations with respect to the securities of the Parent, all of which shall remain in full force and effect in accordance with
their terms. 
 20. Amendment. This Agreement may be amended or modified only by a written instrument signed by the Executive and by
an expressly authorized representative of the Company. 
 21. Headings. The headings and captions in this Agreement are for
convenience only and in no way define or describe the scope or content of any provision of this Agreement. 
 22. Counterparts. This
Agreement may be executed in two or more counterparts, each of which shall be an original and all of which together shall constitute one and the same instrument. 

23. Governing Law. This Agreement is made pursuant to and shall be governed by the laws of the State of Delaware, without regard to its
rules regarding conflict of laws. The parties each irrevocably waive any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement. 

  
 -12- 

 IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by the Company,
by its duly authorized representative, and by the Executive, as of the Effective Date first above written. 
  

							
	THE EXECUTIVE:	 		 	THE COMPANY
				
	

	 		 	By:	 	

	  
	 		 	Title:	 	  
 General
Counsel

  
 -13- 

 AMENDMENT TO EMPLOYMENT AGREEMENT 

This Amendment (“Amendment”) is entered into by and between Mimecast North America, Inc. (the “Company”), a
Delaware corporation with its principal place of business at Lexington, Massachusetts, and Peter Campbell (the “Executive”) as of July 23, 2018. 

WHEREAS, the Company and the Executive entered into an Employment Agreement dated as of June 12, 2015 (the “Employment
Agreement”); and 
 WHEREAS, the Company and the Executive wish to amend certain provisions of the Employment Agreement.

 NOW, THEREFORE, in consideration of the foregoing premises and the mutual promises, terms, provisions and conditions set forth in
this Amendment, the Executive and the Company hereby agree: 
  

	 	1.	 Section 5(c) of the Employment Agreement is hereby deleted in its entirety and replaced with the
following: 

 “(c) By the Company for Cause. The Company may terminate the Executive’s employment
hereunder for Cause at any time upon written notice to the Executive setting forth in reasonable detail the nature of such Cause. The following, as determined by the Board in its reasonable judgment, shall constitute Cause for termination: 

(i) The Executive’s significant failure to perform (other than by reason of disability), or material negligence in the performance of,
his duties and responsibilities to any Group Member that, if susceptible of cure, is not cured within thirty (30) days following notice of such failure from the Board; 

(ii) Material breach by the Executive of any provision of this Agreement or any other agreement with any Group Member that, if susceptible of
cure, is not cured within ten (10) days following notice of such breach from the Board; 
 (iii) Other conduct by the Executive that
could reasonably be expected to be harmful to the business, interests or reputation of any Group Member; 
 (iv) The Executive’s
commission of any criminal offense or any act of dishonesty or any serious misconduct of any nature, in each case whether during the performance of his duties or otherwise, that in the opinion of the Board renders the Executive unfit to continue as
an executive of the Group; 
 (v) The Executive’s being disqualified to take part in the management of any Group Member pursuant to
applicable law; 
 (vi) The Executive’s failure to meet the requirements of, or his breach of the rules of, any regulatory body whose
consent or approval is required to enable the Executive to undertake all or any of his duties; or 

 (vii) The Executive’s repeated failure to perform his duties to a standard
satisfactory to the Board after being provided a written warning from the Board setting forth in reasonable detail the nature of such failure that, if susceptible of cure, is not cured within ten (10) days following notice of such failure from
the Board. 
 The Executive’s employment shall terminate hereunder immediately upon delivery of the notice of termination for Cause
described in this Section 5(c) and the expiration of any applicable cure period without cure by the Executive. Upon the termination of the Executive’s employment for Cause, Final Compensation shall be paid to the Executive in accordance
with Section 5(a) except that the Executive shall not be entitled to any pro-rata Bonus as set forth in Section 5(a)(ii).” 

 

	 	2.	 Section 5 of the Agreement is hereby amended to add a new Section 5(g), which shall read as follows:

 “(g) Equity Acceleration. In the event of a Sale Event (as defined in the Mimecast Limited 2015 Share
Option and Incentive Plan), fifty percent (50%) of the unvested portion of all stock options and other stock-based awards held by the Executive that are subject to time-based vesting (the “Time-Based Equity Awards”) shall accelerate
and become exercisable or nonforfeitable as of the effective time of the Sale Event. In addition, in the event that the Executive’s employment is terminated by the Company without Cause or the Executive resigns for Good Reason (as defined
below), in either case within one (1) year following the Sale Event, subject to the execution and effectiveness of a Release of Claims by the Executive, one hundred percent (100%) of the unvested portion of all Time-Based Equity Awards held by
the Executive shall accelerate and become exercisable or nonforfeitable as of the later of (i) the date of termination of the Executive’s employment or (ii) the effective date of the Release of Claims (such date, the
“Accelerated Vesting Date”). Notwithstanding anything to the contrary in the applicable plans and/or award agreements governing such Time-Based Equity Awards, any termination or forfeiture of unvested shares underlying the
Time-Based Equity Awards that could vest pursuant to the foregoing and otherwise would have occurred on or prior to the Accelerated Vesting Date will be delayed until the Accelerated Vesting Date and will occur only to the extent the Time-Based
Equity Awards do not vest pursuant to this Section 5(g). Notwithstanding the foregoing, no additional vesting of the Time-Based Equity Awards shall occur during the period between the date of termination of the Executive’s employment and
the Accelerated Vesting Date. For purposes of this Agreement, “Good Reason” shall mean that the Executive has complied with the “Good Reason Process” (hereinafter defined) following the occurrence of any of the following
events: (i) a material diminution in the Executive’s responsibilities, authority or duties; (ii) a material diminution in the Executive’s Base Salary except for
across-the-board salary reductions based on the Company’s financial performance similarly affecting all or substantially all senior management employees of the
Company; (iii) a material change in the geographic location at which the Executive provides services to the Company; or (iv) the material 

 breach of this Agreement by the Company. “Good Reason Process” shall mean
that (i) the Executive reasonably determines in good faith that a “Good Reason” condition has occurred; (ii) the Executive notifies the Company in writing of the first occurrence of the Good Reason condition within sixty
(60) days of the first occurrence of such condition; (iii) the Executive cooperates in good faith with the Company’s efforts, for a period not less than thirty (30) days following such notice (the “Cure Period”),
to remedy the condition; (iv) notwithstanding such efforts, the Good Reason condition continues to exist; and (v) the Executive terminates his employment within sixty (60) days after the end of the Cure Period. If the Company cures
the Good Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred.” 
  

	 	3.	 Section 8 of the Agreement is hereby amended to add a new Section 8(d), which shall read as follows:

 “(e) Protected Disclosures and Other Protected Action. Nothing in this Agreement shall be interpreted or
applied to prohibit the Executive from making any good faith report to any governmental agency or other governmental entity (a “Government Agency”) concerning any act or omission that the Executive reasonably believes constitutes a
possible violation of federal or state law or making other disclosures that are protected under the anti-retaliation or whistleblower provisions of applicable federal or state law or regulation. In addition, nothing contained in this Agreement
limits the Executive’s ability to communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including the Executive’s ability to provide documents or
other information, without notice to any Group Company. In addition, for the avoidance of doubt, pursuant to the federal Defend Trade Secrets Act of 2016, the Executive shall not be held criminally or civilly liable under any federal or state trade
secret law or under this Agreement for the disclosure of a trade secret that (i) is made (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (B) solely for the
purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.” 

 

	 	4.	 Except as so amended, the Employment Agreement is in all other respects hereby confirmed and defined terms used
but not defined herein shall have the meanings set forth in the Employment Agreement. 

  

	 	5.	 This Amendment may be executed in two or more counterparts, each of which shall be an original and all of which
together shall constitute one and the same instrument. 

 [Signature Page Follows] 

 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first set
forth above. 
  

			
	MIMECAST NORTH AMERICA, INC.
		
	By:	 	 /s/ Peter Bauer

	Name:	 	Peter Bauer
	Title:	 	CEO/President
	
	EXECUTIVE
	
	 /s/ Peter Campbell

	Peter Campbell

 [Signature Page to the Amendment to Employment Agreement]Exhibit 10.1

 

MASTER SERVICES AGREEMENT

 

by and among

 

NRG YIELD, INC.,

 

NRG YIELD LLC,

 

NRG YIELD OPERATING LLC

 

and

 

ZEPHYR RENEWABLES LLC

 

as Manager

 

Dated as of August 31, 2018

 

 

TABLE OF CONTENTS

 

	
ARTICLE 1 INTERPRETATION
    	
1
    
	
1.1
    	
Definitions
    	
1
    
	
1.2
    	
Headings and Table of   Contents
    	
5
    
	
1.3
    	
Interpretation
    	
5
    
	
1.4
    	
Service Recipients   Third Party Beneficiaries
    	
6
    
	
1.5
    	
Actions by the Manager   or the Service Recipients
    	
6
    
	
 
    	
 
    	
 
    
	
ARTICLE 2 APPOINTMENT OF   THE MANAGER
    	
7
    
	
2.1
    	
Appointment and   Acceptance
    	
7
    
	
2.2
    	
Other Service   Recipients
    	
7
    
	
2.3
    	
Subcontracting and   Other Arrangements
    	
7
    
	
 
    	
 
    	
 
    
	
ARTICLE 3 SERVICES AND   POWERS OF THE MANAGER
    	
7
    
	
3.1
    	
Services
    	
7
    
	
3.2
    	
Supervision of   Manager’s Activities
    	
7
    
	
3.3
    	
Restrictions on the   Manager
    	
8
    
	
3.4
    	
Errors and Omissions   Insurance
    	
8
    
	
 
    	
 
    	
 
    
	
ARTICLE 4 RELATIONSHIP   BETWEEN THE MANAGER AND THE SERVICE RECIPIENTS
    	
8
    
	
4.1
    	
Other Activities
    	
8
    
	
4.2
    	
Independent Contractor,   No Partnership or Joint Venture
    	
8
    
	
 
    	
 
    	
 
    
	
ARTICLE 5 MANAGEMENT AND   EMPLOYEES
    	
9
    
	
5.1
    	
Management and   Employees
    	
9
    
	
 
    	
 
    	
 
    
	
ARTICLE 6 INFORMATION AND   RECORDS
    	
9
    
	
6.1
    	
Books and Records
    	
9
    
	
6.2
    	
Examination of Records   by the Service Recipients
    	
9
    
	
6.3
    	
Access to Information   by Manager Group
    	
10
    
	
6.4
    	
Additional Information
    	
10
    
	
6.5
    	
Confidential   Information
    	
11
    
	
 
    	
 
    	
 
    
	
ARTICLE 7 FEES AND   EXPENSES
    	
11
    
	
7.1
    	
Annual Fee
    	
11
    
	
7.2
    	
Computation and Payment   of Quarterly Annual Fee
    	
12
    
	
7.3
    	
Governmental Charges
    	
12
    
	
7.4
    	
Computation and Payment   of Governmental Charges
    	
12
    
	
 
    	
 
    	
 
    
	
ARTICLE 8 REPRESENTATIONS AND WARRANTIES OF   THE MANAGER AND THE SERVICE RECIPIENTS
    	
12
    
	
8.1
    	
Representations and   Warranties of the Manager
    	
12
    
	
8.2
    	
Representations and   Warranties of the Service Recipients
    	
13
    

 

i

 

	
ARTICLE 9 LIABILITY AND INDEMNIFICATION
    	
14
    
	
9.1
    	
Indemnity
    	
14
    
	
9.2
    	
Limitation of Liability
    	
15
    
	
9.3
    	
Benefit to all Manager   Indemnified Parties
    	
16
    
	
 
    	
 
    	
 
    
	
ARTICLE 10 TERM AND TERMINATION
    	
16
    
	
10.1
    	
Term
    	
16
    
	
10.2
    	
Termination by the   Service Recipients
    	
16
    
	
10.3
    	
Termination by the   Manager
    	
17
    
	
10.4
    	
Survival Upon   Termination
    	
18
    
	
10.5
    	
Action Upon Termination
    	
18
    
	
10.6
    	
Release of Money or   other Property Upon Written Request
    	
18
    
	
 
    	
 
    	
 
    
	
ARTICLE 11 ARBITRATION
    	
19
    
	
11.1
    	
Dispute
    	
19
    
	
11.2
    	
Arbitration
    	
19
    
	
11.3
    	
Continued Performance
    	
20
    
	
11.4
    	
Urgent Relief
    	
20
    
	
 
    	
 
    	
 
    
	
ARTICLE 12 GENERAL PROVISIONS
    	
20
    
	
12.1
    	
Amendment, Waiver
    	
20
    
	
12.2
    	
Assignment
    	
21
    
	
12.3
    	
Failure to Pay When Due
    	
21
    
	
12.4
    	
Invalidity of   Provisions
    	
22
    
	
12.5
    	
Entire Agreement
    	
22
    
	
12.6
    	
Mutual Waiver of Jury   Trial
    	
22
    
	
12.7
    	
Consent to Jurisdiction
    	
22
    
	
12.8
    	
Governing Law
    	
23
    
	
12.9
    	
Enurement
    	
23
    
	
12.10
    	
Notices
    	
23
    
	
12.11
    	
Further Assurances
    	
24
    
	
12.12
    	
Counterparts
    	
24
    

 

	
Appendices
    	
 
    	
 
    
	
Appendix A
    	
 
    	
Services
    

 

ii

 

MASTER SERVICES AGREEMENT

 

This MASTER SERVICES AGREEMENT is made as of August 31, 2018 (the “Effective Date”), by and among NRG Yield, Inc., a Delaware corporation (“NYLD”), NRG Yield LLC, a Delaware limited liability company (“NYLD LLC”), NRG Yield Operating LLC, a Delaware limited liability company (“NYLD Op”), and Zephyr Renewables LLC, a Delaware limited liability company (the “Manager”). Each of NYLD, NYLD LLC, NYLD Op and the Manager is referred to herein as a “Party”, and together as the “Parties”.

 

RECITALS

 

A.                                    NYLD, NYLD LLC and NYLD Op directly and indirectly, as applicable, hold interests in the Service Recipients (as defined below).

 

B.                                    NYLD, NYLD LLC and NYLD Op wish to engage the Manager to provide or arrange for other Service Providers (as defined below) to provide the services set forth in this Agreement to the Service Recipients, subject to the terms and conditions of this Agreement, and the Manager wishes to accept such engagement.

 

C.                                    NYLD and Manager have also entered into a Master Services Agreement, dated as of August 31, 2018 (the “Corresponding MSA”), pursuant to which NYLD has agreed to provide, or cause to be provided, services to Manager on the terms and conditions set forth therein.

 

NOW THEREFORE in consideration of the mutual representations, warranties, covenants and agreements contained in this Agreement and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the Parties agree as follows:

 

ARTICLE 1
 INTERPRETATION

 

1.1                               Definitions

 

In this Agreement, except where the context otherwise requires, the following terms will have the following meanings:

 

“AAA” has the meaning assigned thereto in Section 11.2.1.

 

“Acquired Assets” means any renewable and conventional generation and thermal infrastructure asset acquired after the date hereof by any member of the YieldCo Group.

 

“Affiliate” means with respect to any Person, any other Person that, directly or indirectly, through one or more intermediaries, Controls or is Controlled by, or is in common Control with, such Person.

 

“Agreement” means this Master Services Agreement, and “herein,” “hereof,” “hereby,” “hereunder” and similar expressions refer to this Agreement and include every instrument

 

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supplemental or ancillary to this Agreement and, except where the context otherwise requires, not to any particular article or section thereof.

 

“Annual Fee” means the Management Group’s Cost of providing the Services for any calendar year; provided, that the Annual Fee for the first full calendar year following the Effective Date shall not exceed the amount set forth on Appendix A under the heading of “Effective Date Cost” or “Post-Transition Cost”, as applicable. The Annual Fee may be increased or decreased from time to time by an agreed upon amount resulting from the amendment of the scope of the Services pursuant to Section 12.1.1.

 

“Arbitration” has the meaning assigned thereto in Section 11.2.1.

 

“Arbitrators” has the meaning assigned thereto in Section 11.2.4.

 

“Business” means the business carried on from time to time by the YieldCo Group.

 

“Business Day” means every day except a Saturday or Sunday, or a legal holiday in the City of New York on which banking institutions are authorized or required by law, regulation or executive order to close.

 

“Claims” has the meaning assigned thereto in Section 9.1.1.

 

“Conflicts Committee” means the Corporate Governance, Conflicts and Nominating Committee of NYLD.

 

“Control” or “control” (including the terms “controlled by” and “under common control with”), with respect to the relationship between or among two or more Persons, means the possession, directly or indirectly, of the power to direct or cause the direction of the affairs or management of a Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Corresponding MSA” has the meaning assigned thereto in the recitals.

 

“Costs” means all costs and expenses incurred by the Manager Group in connection with the provision of the Services. Without limiting the generality of the foregoing, Costs are expected to include, among other things: (a) fees, costs and expenses incurred in connection the calculation and payment of taxes and the preparation and filing of tax returns; (b) fees, costs and expenses in connection with the procurement and allocation of insurance; (c) fees, costs and expenses incurred in connection with acquisition of information technology assets and implementation of information technology systems; and (d) any other fees, costs and expenses incurred by the relevant member of the Manager Group that are reasonably necessary for the performance by the relevant member of the Manager Group of its duties and functions under this Agreement.

 

“Dispute” has the meaning assigned thereto in Section 11.1.

 

“Effective Date” has the meaning assigned thereto in the preamble.

 

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“Expense Statement” has the meaning assigned thereto in Section 7.4.

 

“GAAP” means generally accepted accounting principles in the United States used by NYLD in preparing its financial statements from time to time.

 

“Governing Body” means (i) with respect to a corporation, the board of directors of such corporation, (ii) with respect to a limited liability company, the manager(s) or managing member(s) of such limited liability company, (iii) with respect to a limited partnership, the board, committee or other body of the general partner of such partnership that serves a similar function or the general partner itself (or if any such general partner is itself a limited partnership, the board, committee or other body of such general partner’s general partner that serves a similar function or such general partner’s partner) and (iv) with respect to any other Person, the body of such Person that serves a similar function, and in the case of each of (i) through (iv) includes any committee or other subdivision of such body and any Person to whom such body has delegated any power or authority, including any officer and managing director.

 

“Governing Instruments” means (i) the certificate of incorporation and bylaws in the case of a corporation, (ii) the articles of formation and operating agreement in the case of a limited liability company (iii) the partnership agreement in the case of a partnership, and (iv) any other similar governing document under which an entity was organized, formed or created and/or operates.

 

“Governmental Authority” means any (i) international, national, multinational, federal, state, regional, municipal, local or other government, governmental or public department, central bank, court, tribunal, arbitral body, commission, board, bureau, agency or instrumentality, domestic or foreign, including ISO/RTOs, (ii) self-regulatory organization or stock exchange, (iii) subdivision, agent, commission, board, or authority of any of the foregoing, or (iv) quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or for the account of any of the foregoing.

 

“Governmental Charges” has the meaning assigned thereto in Section 7.3.

 

“Indemnifying Party” means a Person against whom a claim for indemnification is asserted pursuant to Article 9.

 

“Interest Rate” means, for any day, the rate of interest equal to the (a) overnight U.S. dollar London interbank offered rate on such day, and if such rate is unavailable, (b) the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published for such day by the Federal Reserve Bank of New York.

 

“ISO/RTO” means an independent electricity system operator, a regional transmission organization, national system operator or any other similar organization overseeing the transmission of energy in any jurisdiction in which the YieldCo Group owns assets or operates.

 

3

 

“Laws” means any and all applicable (i) laws, constitutions, treaties, statutes, codes, ordinances, principles of common law and equity, rules, regulations and municipal bylaws whether domestic, foreign or international, (ii) judicial, arbitral, administrative, ministerial, departmental and regulatory judgments, orders, writs, injunctions, decisions, and awards of any Governmental Authority, and (iii) policies, practices and guidelines of any Governmental Authority which, although not actually having the force of law, are considered by such Governmental Authority as requiring compliance as if having the force of law, and the term “applicable,” with respect to such Laws and in the context that refers to one or more Persons, means such Laws that apply to such Person or Persons or its or their business, undertaking, property or securities at the relevant time and that emanate from a Governmental Authority having jurisdiction over the Person or Persons or its or their business, undertaking, property or securities.

 

“Liabilities” has the meaning assigned thereto in Section 9.1.1.

 

“Manager Group” means the Manager and its direct and indirect Subsidiaries (other than any member of the YieldCo Group).

 

“Manager Indemnified Parties” has the meaning assigned thereto in Section 9.1.1.

 

“Manager” has the meaning assigned thereto in the preamble.

 

“NYLD” has the meaning assigned thereto in the preamble.

 

“NYLD LLC” has the meaning assigned thereto in the preamble.

 

“NYLD Op” has the meaning assigned thereto in the preamble.

 

“Operating and Administrative Agreements” means the operating and administrative agreements in effect as of the Effective Date between certain members of the YieldCo Group and Affiliates of the Manager for such YieldCo Group members’ operating and administrative needs and, with respect to any Acquired Assets any operating and administrative agreements between any of the Acquired Assets and Affiliates of the Manager for such asset’s operating and administrative needs in effect as of the date of acquisition of the Acquired Asset by a member of the YieldCo Group.

 

“Operational and Other Services” means any services provided by any member of the Manager Group to any member of the YieldCo Group, including financial advisory, operations and maintenance, marketing, agency, development, operating management and other services, including services provided under any Operating and Administrative Agreement.

 

“Party” has the meaning assigned thereto in the preamble.

 

“Permit” means any consent, license, approval, registration, permit or other authorization granted by any Governmental Authority.

 

4

 

“Person” means any natural person, partnership, limited partnership, limited liability partnership, joint venture, syndicate, sole proprietorship, company or corporation (with or without share capital), limited liability corporation, unlimited liability company, joint stock company, unincorporated association, trust, trustee, executor, administrator or other legal personal representative, regulatory body or agency, government or Governmental Authority, authority or entity however designated or constituted and pronouns have a similarly extended meaning.

 

“Quarter” means a calendar quarter ending on the last day of March, June, September or December.

 

“Rules” has the meaning assigned thereto in Section 11.2.1.

 

“Service Providers” means the Manager, any member of the Manager Group and any other entity or individual that the Manager has arranged to provide the Services to any Service Recipient.

 

“Service Recipient” means NYLD, NYLD LLC, NYLD Op and their Subsidiaries as of the Effective Date, as well as any other direct and indirect Subsidiary of NYLD, NYLD LLC, NYLD Op, as applicable, acquired or formed after the date hereof that receives Services from a Service Provider pursuant to this Agreement.

 

“Services” has the meaning assigned thereto in Section 3.1.

 

“Subsidiary” means, with respect to any Person, (i) any other Person that is directly or indirectly Controlled by such Person, (ii) any trust in which such Person holds all of the beneficial interests or (iii) any partnership, limited liability company or similar entity in which such Person holds all of the interests other than the interests of any general partner, managing member or similar Person.

 

“Third Party Claim” has the meaning assigned thereto in Section 9.1.2.

 

“Transaction Fees” means fees paid or payable by the Service Recipients, which are on market terms, with respect to financial advisory services ordinarily carried out by investment banks in the context of mergers and acquisitions transactions.

 

“YieldCo Group” means NYLD, NYLD LLC, NYLD Op and their direct and indirect Subsidiaries.

 

1.2                               Headings and Table of Contents

 

The inclusion of headings and a table of contents in this Agreement are for convenience of reference only and will not affect the construction or interpretation hereof.

 

1.3                               Interpretation

 

In this Agreement, unless the context otherwise requires:

 

5

 

1.3.1                     words importing the singular shall include the plural and vice versa, words importing gender shall include all genders or the neuter, and words importing the neuter shall include all genders;

 

1.3.2                     the words “include”, “includes”, “including”, or any variations thereof, when following any general term or statement, are not to be construed as limiting the general term or statement to the specific items or matters set forth or to similar items or matters, but rather as referring to all other items or matters that could reasonably fall within the broadest possible scope of the general term or statement;

 

1.3.3                     references to any Person include such Person’s successors and permitted assigns;

 

1.3.4                     any reference to a statute, regulation, policy, rule or instrument shall include, and shall be deemed to be a reference also to, all amendments made to such statute, regulation, policy, rule or instrument and to any statute, regulation, policy, rule or instrument that may be passed which has the effect of supplementing or superseding the statute, regulation, policy, rule or instrument so referred to;

 

1.3.5                     any reference to this Agreement or any other agreement, document or instrument shall be construed as a reference to this Agreement or, as the case may be, such other agreement, document or instrument as the same may have been, or may from time to time be, amended, varied, replaced, amended and restated, supplemented or otherwise modified;

 

1.3.6                     where a reference in this Agreement is made to a Section or Schedule, such reference shall be to a Section or Schedule to this Agreement unless otherwise indicated;

 

1.3.7                     in the event that any day on which any amount is to be determined or any action is required to be taken hereunder is not a Business Day, then such amount shall be determined or such action shall be required to be taken at or before the requisite time on the next succeeding day that is a Business Day; and

 

1.3.8                     except where otherwise expressly provided, all amounts in this Agreement are stated and shall be paid in U.S. currency.

 

1.4                               Service Recipients Third Party Beneficiaries

 

The Manager agrees that each of the Service Recipients, including any Service Recipient formed or acquired after the Effective Date in accordance with Section 2.2, shall be, and is hereby, named as express third-party beneficiaries of this Agreement entitled to all the benefits conferred under this Agreement.

 

1.5                               Actions by the Manager or the Service Recipients

 

Unless the context requires otherwise, where the consent of or a determination is required by the Manager or Service Recipient hereunder, the Parties shall be entitled to conclusively rely upon it having been given or taken, as applicable, if, the Manager or such Service Recipient, as applicable, has communicated the same in writing.

 

6

 

ARTICLE 2
 APPOINTMENT OF THE MANAGER

 

2.1                               Appointment and Acceptance

 

2.1.1                     Subject to and in accordance with the terms, conditions and limitations in this Agreement, NYLD, NYLD LLC and NYLD Op hereby appoint the Manager to provide or arrange for other Service Providers to provide the Services to the Service Recipients.

 

2.1.2                     The Manager hereby accepts the appointment provided for in Section 2.1.1 and agrees to act in such capacity and to provide or arrange for other Service Providers to provide the Services to the Service Recipients upon the terms, conditions and limitations in this Agreement.

 

2.2                               Other Service Recipients

 

The Parties acknowledge that any Subsidiary of NYLD, NYLD LLC or NYLD Op formed or acquired in the future that is not a Service Recipient on the date hereof may become a Service Recipient under this Agreement. In the event that any such addition results in an amendment of the scope of the Services, such amendment shall be effectuated as provided by Section 12.1.1.

 

2.3                               Subcontracting and Other Arrangements

 

The Manager may subcontract to any other member of the Manager Group or any of its Affiliates, or arrange for the provision of any or all of the Services to be provided by it under this Agreement by any other member of the Manager Group or any of its Affiliates, and each of NYLD, NYLD LLC and NYLD Op hereby consents to any such subcontracting or arrangement; provided that the Manager shall remain responsible to the Service Recipients for any Services provided by such Person. Any such subcontracting will be subject to the terms of this Agreement and covered by the fees payable under this Agreement.

 

ARTICLE 3
 SERVICES AND POWERS OF THE MANAGER

 

3.1                               Services

 

The Manager will provide, or arrange for the provision by other Service Providers of, and will have the exclusive power and authority to provide or arrange for the provision by other Service Providers of, the services set forth on Appendix A, as such Appendix A may be updated from time to time in accordance with this Agreement (the “Services”), to the Service Recipients.

 

3.2                               Supervision of Manager’s Activities

 

The Manager shall, at all times, be subject to the supervision of the relevant Service Recipient’s Governing Body and shall only provide or arrange for the provision of such Services as such Governing Body may request from time to time.

 

7

 

3.3                               Restrictions on the Manager

 

3.3.1                     The Manager shall, and shall cause any other Service Provider to, refrain from taking any action that is not in compliance with or would violate any Laws or that otherwise would not be permitted by the Governing Instruments of the Service Recipients. If the Manager or any Service Provider is instructed to take any action that is not in such compliance by a Service Recipient’s Governing Body, such person will promptly notify such Governing Body of its judgment that such action would not comply with or violate any such Laws or otherwise would not be permitted by such Governing Instrument.

 

3.3.2                     In performing its duties under this Agreement, each member of the Manager Group shall be entitled to rely in good faith on qualified experts, professionals and other agents (including on accountants, appraisers, consultants, legal counsel and other professional advisors) and shall be permitted to rely in good faith upon the direction of a Service Recipient’s Governing Body to evidence any approvals or authorizations that are required under this Agreement. All references in this Agreement to the Service Recipients or Governing Body for the purposes of instructions, approvals and requests to the Manager will refer to the Governing Body.

 

3.4                               Errors and Omissions Insurance

 

The Manager shall, and shall cause any other Service Provider to, at all times during the term of this Agreement maintain “errors and omissions” insurance coverage and other insurance coverage which is customarily carried by Persons performing functions that are similar to those performed by the Service Providers under this Agreement with reputable insurance companies and in an amount which is comparable to that which is customarily maintained by such other Persons. In each case, the relevant Service Recipients shall be included as additional insured or loss payees under the relevant policies.

 

ARTICLE 4
 RELATIONSHIP BETWEEN THE MANAGER AND THE SERVICE RECIPIENTS

 

4.1                               Other Activities

 

No member of the Manager Group (and no Affiliate, director, officer, member, partner, shareholder or employee of any member of the Manager Group) shall be prohibited from engaging in other business activities or sponsoring, or providing services to, third parties that compete directly or indirectly with the Service Recipients.

 

4.2                               Independent Contractor, No Partnership or Joint Venture

 

The Parties acknowledge that the Manager is providing or arranging for the provision of the Services hereunder as an independent contractor and that the Service Recipients and the Manager are not partners or joint venturers with or agents of each other, and nothing herein will be construed so as to make them partners, joint venturers or agents or impose any liability for that reason on any of them as a result of this Agreement; provided, however, that nothing herein

 

8

 

will be construed so as to prohibit the Service Recipients and the Manager from embarking upon an investment together as partners, joint venturers or in any other manner whatsoever.

 

ARTICLE 5
 MANAGEMENT AND EMPLOYEES

 

5.1                               Management and Employees

 

5.1.1                     The Manager shall arrange, or shall cause another member of the Manager Group to arrange, for such qualified personnel and support staff to be available to carry out the Services. Such personnel and support staff shall devote such of their time to the provision of the Services to the Service Recipients as the relevant member of the Manager Group reasonably deems necessary and appropriate in order to fulfill its obligations hereunder. Such personnel and support staff need not have as their primary responsibility the provision of the Services to the Service Recipients or be dedicated exclusively to the provision of the Services to the Service Recipients.

 

5.1.2                     Each of NYLD, NYLD LLC and NYLD Op shall, and shall cause each of the other Service Recipients to, do all things reasonably necessary on its part as requested by any member of the Manager Group consistent with the terms of this Agreement to enable such member of the Manager Group to fulfill its obligations, covenants and responsibilities hereunder, including making available to such member of the Manager Group, and granting such member of the Manager Group access to, the employees and contractors of the Service Recipients as any member of the Manager Group may from time to time reasonably request.

 

5.1.3                     The Manager agrees, and agrees to cause the Manager Group, to exercise the power and discharge the duties conferred under this Agreement honestly and in good faith, and to exercise the degree of care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. Manager shall be responsible for any member of the Manager Group’s failure to exercise such power and duties in accordance with the standards set forth in this Section 5.1.3.

 

ARTICLE 6
 INFORMATION AND RECORDS

 

6.1                               Books and Records

 

The Manager shall, or shall cause any other member of the Manager Group to, as applicable, maintain proper books, records and documents on behalf of each Service Recipient, in which complete, true and correct entries, in conformity in all material respects with GAAP and all requirements of applicable Laws, will be made.

 

6.2                               Examination of Records by the Service Recipients

 

Upon reasonable prior notice by the Service Recipients to the relevant member of the Manager Group, the relevant member of the Manager Group will make available to the Service Recipients and their authorized representatives, for examination during normal business hours on

 

9

 

any Business Day, all books, records and documents required to be maintained under Section 6.1. In addition, the applicable member of the Manager Group will make available to the Service Recipients or their authorized representatives such financial and operating data in respect of the performance of the Services under this Agreement as may be in existence and as the Service Recipients or their authorized representatives will from time to time reasonably request, including for the purposes of conducting any audit in respect of expenses of the Service Recipients or other matters necessary or advisable to be audited in order to conduct an audit of the financial affairs of the Service Recipients. Any examination of records will be conducted in a manner which will not unduly interfere with the conduct of the business of any member of the Manager Group in the ordinary course.

 

6.3                               Access to Information by Manager Group

 

6.3.1                     Each of NYLD, NYLD LLC and NYLD Op shall, and shall cause the other Service Recipients to:

 

6.3.1.1                         grant, or cause to be granted, to the Manager Group full access to all documentation and information reasonably necessary in order for the Manager Group to perform its obligations, covenants and responsibilities pursuant to the terms hereof and to enable the Manager Group to provide the Services; and

 

6.3.1.2                         provide, or cause to be provided, all documentation and information as may be reasonably requested by any member of the Manager Group, and promptly notify the appropriate member of the Manager Group of any material facts or information of which the Service Recipients are aware, including any known, pending or threatened suits, actions, claims, proceedings or orders by or against any member of the YieldCo Group before any Governmental Authority, that may affect the performance of the obligations, covenants or responsibilities of the Manager Group pursuant to this Agreement, including maintenance of proper financial records.

 

6.4                               Additional Information

 

The Parties acknowledge and agree that conducting the activities and providing the Services contemplated herein may have the incidental effect of providing additional information which may be utilized with respect to, or may augment the value of, business interests and related assets in which any of the Service Providers or any of its Affiliates has an interest and that, subject to compliance with this Agreement, none of the Service Providers or any of their respective Affiliates will be liable to account to the Service Recipients with respect to such activities or results; provided, however, that the relevant Service Provider will not (and will cause its Affiliates not to), in making any use of such additional information, do so in any manner that the relevant Service Provider or its Affiliates knows, or ought reasonably to know, would cause or result in a breach of any confidentiality provision of agreements to which any Service Recipient is a party or is bound.

 

10

 

6.5                               Confidential Information

 

Manager shall not, and shall cause the other members of the Management Group not to, without the prior written consent of NYLD, publicly disclose any information it may have or obtain, in Manager’s capacity as a manager under this Agreement, concerning the Service Recipients and their respective assets, business, operations or prospects (the “Confidential Information”); provided, however, that Confidential Information shall not include information that (a) becomes generally available to the public other than as a result of a disclosure by a member of the Manager Group or any of its directors, officers, agents, or other representatives, (b) becomes available to a member of the Manager Group or any of its directors, officers, agents, or other representatives on a nonconfidential basis prior to its disclosure by the Service Recipients or their respective Affiliates, or their respective directors, officers, agents, or other representatives (and is not received in any other capacity of the members of the Manager Group) or (c) is required or requested to be disclosed by a member of the Manager Group as a result of any applicable legal or regulatory requirement or rule or regulation of any stock exchange, or other regulatory authority having jurisdiction over such member of the Manager Group. Notwithstanding the foregoing, the members of the Manager Group may disclose Confidential Information received by them to their employees, consultants, legal counsel, or other agents involved in providing services under this Agreement; provided, that Manager informs each such Person who has access to the Confidential Information of the confidential nature of such Confidential Information, the terms of this Agreement, and that such terms apply to them. If any member of the Manager Group is required to disclose information pursuant to clause (c) or (d) above, such member of the Manager Group will provide the NYLD with prompt written notice so that the NYLD may seek a protective order or other appropriate remedy or waive compliance with the non-disclosure provisions of this Section 6.5 with respect to the information required to be disclosed. If such protective order or other remedy is not obtained, Manager will furnish only that portion of such information that counsel advises is legally required to be furnished and will exercise reasonable efforts, at NYLD’s expense, to obtain reliable assurance that confidential treatment will be accorded such information. Notwithstanding anything contained in this Agreement to the contrary, the obligations of Manager set forth in this Section 6.5 shall survive any termination of this Agreement for a period of 12 months after such termination.

 

ARTICLE 7
 FEES AND EXPENSES

 

7.1                               Annual Fee

 

7.1.1                     NYLD LLC, on behalf of the Service Recipients, hereby agrees to pay, during the term of this Agreement, the Annual Fee. The Annual Fee shall be pro-rated and paid quarterly in arrears. For purposes of the initial payment hereunder, the Annual Fee will accrue commencing on the Effective Date and will be pro-rated based on the actual number of days during the first Quarter in which this Agreement is in effect.

 

7.1.2                     The Annual Fee will not be reduced by operation of this Agreement by the amount of (i) any fees for Operational and Other Services that are paid or payable by any member of the YieldCo Group to any member of the Manager Group or (ii) any Transaction Fees.

 

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7.1.3                     Notwithstanding Section 7.1.2, the Annual Fee will be offset against the Annual Fee (as defined in the Corresponding MSA) payable under the Corresponding MSA.

 

7.2                               Computation and Payment of Quarterly Annual Fee

 

7.2.1                     Following the end of each Quarter, Manager shall prepare and deliver to NYLD LLC the accrued quarterly installment of the Annual Fee for such Quarter. NYLD LLC will, subject to any offset as contemplated by Section 7.1.3, pay the quarterly installment of the Annual Fee for each Quarter as soon as practicable following the end of the Quarter with respect to which such payment is due, but in any event no later than 30 days following the end of such Quarter.

 

7.3                               Governmental Charges

 

NYLD LLC, on behalf of the Service Recipients, shall pay or reimburse the relevant member of the Manager Group for all sales taxes, use taxes, value added taxes, withholding taxes or other similar taxes, customs duties or other governmental charges (“Governmental Charges”) that are levied or imposed by any Governmental Authority on such member of the Manager Group by reason of the provision of the Services by such member of the Manager Group in connection with this Agreement or any other agreement contemplated by this Agreement, or the fees or other amounts payable in connection therewith, except for any income taxes, corporation taxes, capital taxes or other similar taxes payable by any member of the Manager Group which are personal to such member of the Manager Group. Any failure by any member of the Manager Group to collect monies on account of these Governmental Charges shall not constitute a waiver of the right to do so. Governmental Charges will be offset against Governmental Charges (as defined in the Corresponding MSA) payable under the Corresponding MSA.

 

7.4                               Computation and Payment of Governmental Charges

 

From time to time the Manager shall, or shall cause the other Service Providers to, prepare statements (each an “Expense Statement”) documenting the Governmental Charges to be reimbursed pursuant to this Article 7 and shall deliver such statements to the relevant Service Recipient. All Governmental Charges reimbursable pursuant to this Article 7 shall, subject to any offset as contemplated by Section 7.3, be reimbursed by NYLD LLC, on behalf of the Service Recipients, no later than the date which is 30 days after receipt of an Expense Statement. The provisions of this Section 7.4 shall survive the termination of this Agreement.

 

ARTICLE 8
 REPRESENTATIONS AND WARRANTIES
 OF THE MANAGER AND THE SERVICE RECIPIENTS

 

8.1                               Representations and Warranties of the Manager

 

The Manager hereby represents and warrants to the Service Recipients that:

 

8.1.1                     it is validly organized and existing under the laws of the State of Delaware;

 

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8.1.2                     it, or any another Service Provider, as applicable, holds, and shall hold, such Permits as are necessary to perform its obligations hereunder and is not aware of, or shall inform the Service Recipients promptly upon knowledge of, any reason why such Permits might be cancelled;

 

8.1.3                     it has the power, capacity and authority to enter into this Agreement and to perform its obligations hereunder;

 

8.1.4                     it has taken all necessary action to authorize the execution, delivery and performance of this Agreement;

 

8.1.5                     the execution and delivery of this Agreement by it and the performance by it of its obligations hereunder do not and will not contravene, breach or result in any default under its Governing Instruments, or under any mortgage, lease, agreement or other legally binding instrument, Permit or applicable Law to which it is a party or by which it or any of its properties or assets may be bound, except for any such contravention, breach or default which would not have a material adverse effect on the business, assets, financial condition or results of operations of the Manager;

 

8.1.6                     no authorization, consent or approval, or filing with or notice to any Person is required in connection with the execution, delivery or performance by it of this Agreement; and

 

8.1.7                     this Agreement constitutes its valid and legally binding obligation, enforceable against it in accordance with its terms, subject to (i) applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other laws of general application limiting the enforcement of creditors’ rights and remedies generally and (ii) general principles of equity, including standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to the availability of equitable remedies, whether such principles are considered in a proceeding at law or in equity.

 

8.2                               Representations and Warranties of the Service Recipients

 

NYLD, NYLD LLC and NYLD Op, each hereby represents and warrants, on its behalf and on behalf of each of the other Service Recipients, to the Manager that:

 

8.2.1                     it is validly organized and existing under the Laws governing its formation and organization;

 

8.2.2                     it, or the relevant Service Recipient, holds such Permits necessary to own and operate the projects and entities that it directly or indirectly owns or operates from time to time and is not aware of any reason why such Permits might be cancelled;

 

8.2.3                     it has the power, capacity and authority to enter into this Agreement and to perform its duties and obligations hereunder;

 

8.2.4                     it has taken all necessary action to authorize the execution, delivery and performance of this Agreement;

 

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8.2.5                     the execution and delivery of this Agreement by it and the performance by it of its obligations hereunder do not and will not contravene, breach or result in any default under its Governing Instruments, or under any mortgage, lease, agreement or other legally binding instrument, Permit or applicable Law to which it is a party or by which any of its properties or assets may be bound, except for any such contravention, breach or default which would not have a material adverse effect on the business, assets, financial condition or results of operations of the Service Recipients as a whole;

 

8.2.6                     no authorization, consent or approval, or filing with or notice to any Person is required in connection with the execution, delivery or performance by it of this Agreement; and

 

8.2.7                     this Agreement constitutes its valid and legally binding obligation, enforceable against it in accordance with its terms, subject to: (i) applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other laws of general application limiting the enforcement of creditors’ rights and remedies generally; and (ii) general principles of equity, including standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to the availability of equitable remedies, whether such principles are considered in a proceeding at law or in equity.

 

ARTICLE 9
 LIABILITY AND INDEMNIFICATION

 

9.1                               Indemnity

 

9.1.1                     NYLD, NYLD LLC and NYLD Op hereby jointly and severally agree, to the fullest extent permitted by applicable Laws, to indemnify and hold harmless, and to cause each other Service Recipient to indemnify and hold harmless, each member of the Manager Group, any of its Affiliates (other than any member of the YieldCo Group) and any directors, officers, agents, members, partners, stockholders and employees and other representatives of each of the foregoing (each, a “Manager Indemnified Party”) from and against any claims, liabilities, losses, damages (but expressly excluding any consequential damages that were not reasonably foreseeable and punitive damages, except to the extent awarded in a final judgment in respect of a Third Party Claim), costs or expenses (including legal fees) (“Liabilities”) incurred by them or threatened in connection with any and all actions, suits, investigations, proceedings or claims of any kind whatsoever, whether arising under statute or action of a Governmental Authority or otherwise or in connection with the business, investments and activities of the Service Recipients or in respect of or arising from this Agreement or the Services provided hereunder (“Claims”), including any Claims arising on account of the Governmental Charges contemplated by Section 7.3; provided, that no Manager Indemnified Party shall be so indemnified with respect to any Claim to the extent that such Claim is finally determined by a final and non-appealable judgment entered by a court of competent jurisdiction, or pursuant to a settlement agreement agreed to by such Manager Indemnified Party, to have resulted from such Manager Indemnified Party’s bad faith, fraud, willful misconduct or gross negligence or, in the case of a criminal matter, conduct undertaken with knowledge that the conduct was unlawful.

 

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9.1.2                     If any action, suit, investigation, proceeding or claim is made or brought by any third party with respect to which an Indemnifying Party is obligated to provide indemnification under this Agreement (a “Third Party Claim”), the Manager Indemnified Party will have the right to employ its own counsel in connection therewith, and the reasonable fees and expenses of such counsel, as well as the reasonable costs (excluding an amount reimbursed to such Manager Indemnified Party for the time spent in connection therewith) and out-of-pocket expenses incurred in connection therewith will be paid by the Indemnifying Party in such case, as incurred but subject to recoupment by the Indemnifying Party if ultimately it is not liable to pay indemnification hereunder.

 

9.1.3                     The Manager Indemnified Party and the Indemnifying Party agree that, promptly after the receipt of notice of the commencement of any Third Party Claim, the Manager Indemnified Party will notify the Indemnifying Party in writing of the commencement of such Third Party Claim (provided, that any accidental failure to provide any such notice will not prejudice the right of any such Manager Indemnified Party hereunder) and, throughout the course of such Third Party Claim, such Manager Indemnified Party will use its reasonable best efforts to provide copies of all relevant documentation to such Indemnifying Party, and to keep the Indemnifying Party apprised of the progress thereof, and to discuss with the Indemnifying Party all significant actions proposed.

 

9.1.4                     The Parties expressly acknowledge and agree that the right to indemnity provided in this Section 9.1 shall be in addition to and not in derogation of any other liability which the Indemnifying Party in any particular case may have or of any other right to indemnity or contribution which any Manager Indemnified Party may have by statute or otherwise at law.

 

9.1.5                     The indemnity provided in this Section 9.1 shall survive the completion of Services rendered under, or any termination or purported termination of, this Agreement.

 

9.2                               Limitation of Liability

 

9.2.1                     The Manager assumes no responsibility under this Agreement other than to render the Services in good faith and will not be responsible for any action of a Service Recipient’s Governing Body in following or declining to follow any advice or recommendations of the relevant Service Provider.

 

9.2.2                     The Service Recipients hereby agree that no Manager Indemnified Party will be liable to a Service Recipient, a Service Recipient’s Governing Body (including, for greater certainty, a director or officer of a Service Recipient or another individual with similar function or capacity) or any security holder or partner of a Service Recipient for any Liabilities that may occur as a result of any acts or omissions by the Manager Indemnified Party pursuant to or in accordance with this Agreement, except to the extent that such Liabilities are finally determined by a final and non-appealable judgment entered by a court of competent jurisdiction to have resulted from the Manager Indemnified Party’s bad faith, fraud, willful misconduct or gross negligence, or in the

 

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case of a criminal matter, conduct undertaken with knowledge that the conduct was unlawful.

 

9.2.3                     The maximum amount of the aggregate liability of the Manager Indemnified Parties pursuant to this Agreement will be equal to the amounts previously payable (not taking into account any offset contemplated by Article 7) in respect of Services pursuant to this Agreement in the two most recent calendar years by the Service Recipients pursuant to Article 7.

 

9.2.4                     For the avoidance of doubt, the provisions of this Section 9.2 shall survive the completion of the Services rendered under, or any termination or purported termination of, this Agreement.

 

9.3                               Benefit to all Manager Indemnified Parties

 

9.3.1                     NYLD, NYLD LLC and NYLD Op on behalf of themselves and the other Service Recipients, hereby constitute the Manager as trustee for each of the Manager Indemnified Parties of the covenants of the Service Recipients under this Article 9 with respect to such Manager Indemnified Parties and the Manager hereby accepts such trust and agrees to hold and enforce such covenants on behalf of the Manager Indemnified Parties.

 

9.3.2                     The Manager hereby constitutes the Service Recipients as trustees for each Service Recipient’s Governing Body (including, for greater certainty, a director or officer of a Service Recipient or another individual with similar function or capacity) or any security holder or partner of a Service Recipient, of the covenants of the Manager under this Article 9 with respect to such parties and the Service Recipients hereby accept such trust and agree to hold and enforce such covenants on behalf of such parties.

 

ARTICLE 10
 TERM AND TERMINATION

 

10.1                        Term

 

This Agreement shall continue in full force and effect in perpetuity until terminated in accordance with Section 10.2, Section 10.3 or Section 12.1.1.

 

10.2                        Termination by the Service Recipients

 

10.2.1              NYLD, on behalf of the Service Recipients, may, subject to Section 10.2.2, terminate this Agreement effective upon 30 days’ prior written notice of termination to the Manager without payment of any termination fee if:

 

10.2.1.1                  any member of the Manager Group defaults in the performance or observance of any material term, condition or agreement contained in this Agreement in a manner that results in material harm to the Service Recipients and such default continues for a period of 30 days after written notice thereof specifying such default and requesting that the same be remedied in such 30-day period;

 

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10.2.1.2                  any member of the Manager Group engages in fraud, misappropriation of funds or embezzlement against any Service Recipient;

 

10.2.1.3                  any member of the Manager Group is grossly negligent in the performance of its obligations under this Agreement, and such gross negligence results in material harm to the Service Recipients;

 

10.2.1.4                  the Manager, NYLD, NYLD LLC or NYLD Op makes a general assignment for the benefit of its creditors, institutes proceedings to be adjudicated voluntarily bankrupt, consents to the filing of a petition of bankruptcy against it, is adjudicated by a court of competent jurisdiction as being bankrupt or insolvent, seeks reorganization under any bankruptcy law or consents to the filing of a petition seeking such reorganization or has a decree entered against it by a court of competent jurisdiction appointing a receiver liquidator, trustee or assignee in bankruptcy or in insolvency.

 

10.2.2              This Agreement may only be terminated pursuant to Section 10.2.1 above by NYLD with the prior approval of a majority of the members of the Conflicts Committee.

 

10.2.3              This Agreement may also be terminated by NYLD pursuant to Section 12.1.1 with the prior approval of a majority of the members of the Conflicts Committee.

 

10.2.4              Each of NYLD, NYLD LLC and NYLD Op hereby agrees and confirms that this Agreement may not be terminated due solely to the poor performance or underperformance of any of their Subsidiaries or the Business or any investment made by any member of the YieldCo Group on the recommendation of any member of the Manager Group.

 

10.3                        Termination by the Manager

 

10.3.1              The Manager may terminate this Agreement effective upon 180 days’ prior written notice of termination to NYLD without payment of any termination fee if:

 

10.3.1.1                  any Service Recipient defaults in the performance or observance of any material term, condition or agreement contained in this Agreement in a manner that results in material harm to the Manager and such default continues for a period of 30 days after written notice thereof specifying such default and requesting that the same be remedied in such 30-day period; or

 

10.3.1.2                  any Service Recipient makes a general assignment for the benefit of its creditors, institutes proceedings to be adjudicated voluntarily bankrupt, consents to the filing of a petition of bankruptcy against it, is adjudicated by a court of competent jurisdiction as being bankrupt or insolvent, seeks reorganization under any bankruptcy law or consents to the filing of a petition seeking such reorganization or has a decree entered against it by a court of competent jurisdiction appointing a receiver liquidator, trustee or assignee in bankruptcy or in insolvency.

 

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10.4                        Survival Upon Termination

 

If this Agreement is terminated pursuant to this Article 10 or Article 12, such termination will be without any further liability or obligation of any Party, except as provided in Section 1.3, Section 6.4, Section 6.5, Article 9, this Section 10.4, Section 10.6, Article 11, Section 12.3, Section 12.4, Section 12.5, Section 12.6, Section 12.7, Section 12.8, Section 12.9 and Section 12.10.

 

10.5                        Action Upon Termination

 

10.5.1              From and after the effective date of the termination of this Agreement, the Manager shall not be entitled to receive the Annual Fee for further Services under this Agreement, but will be paid all compensation accruing to and including the date of termination (including such day).

 

10.5.2              Upon any termination of this Agreement, the Manager shall promptly:

 

10.5.2.1                  after deducting any accrued compensation and reimbursements to which it is then entitled, pay to the Service Recipients all money collected and held for the account of the Service Recipients pursuant to this Agreement;

 

10.5.2.2                  deliver to the Service Recipients’ Governing Bodies a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Governing Bodies with respect to the Service Recipients; and

 

10.5.2.3                  deliver to the Service Recipients’ Governing Bodies all property and documents of the Service Recipients then in the custody of the Manager Group.

 

10.6                        Release of Money or other Property Upon Written Request

 

The Manager hereby agrees that any money or other property of the Service Recipients or their Subsidiaries held by the Manager Group under this Agreement shall be held by the relevant member of the Manager Group as custodian for such Person, and the relevant member of the Manager Group’s records shall be appropriately marked clearly to reflect the ownership of such money or other property by such Person. Upon the receipt by the relevant member of the Manager Group of a written request signed by a duly authorized representative of a Service Recipient requesting the relevant member of the Manager Group to release to the Service Recipient any money or other property then held by the relevant member of the Manager Group for the account of such Service Recipient under this Agreement, the relevant member of the Manager Group shall release such money or other property to the Service Recipient promptly, but in no event later than 7 days following such request. The relevant member of the Manager Group shall not be liable to any Service Recipient, a Service Recipient’s Governing Body or any other Person for any acts performed or omissions to act by a Service Recipient in connection with the money or other property released to the Service Recipient in accordance with the second sentence of this Section 10.6. Each Service Recipient shall indemnify and hold harmless the relevant member of the Manager Group, any of its Affiliates (other than any member of the YieldCo Group) and any directors, officers, agents, members, partners, shareholders and

 

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employees and other representatives of each of the foregoing from and against any and all Liabilities which arise in connection with the relevant member of the Manager Group’s release of such money or other property to such Service Recipient in accordance with the terms of this Section 10.6. Indemnification pursuant to this provision shall be in addition to any right of such Persons to indemnification under Section 10.1. For the avoidance of doubt, the provisions of this Section 10.6 shall survive termination of this Agreement. The Service Recipients hereby constitute the Manager as trustee for each Person entitled to indemnification pursuant to this Section 10.6 of the covenants of the Service Recipients under this Section 10.6 with respect to such Persons and the Manager hereby accepts such trust and agrees to hold and enforce such covenants on behalf of such Persons.

 

ARTICLE 11
 ARBITRATION

 

11.1                        Dispute

 

Any dispute or disagreement of any kind or nature between the Parties arising out of or in connection with this Agreement (a “Dispute”) shall be resolved in accordance with this Article 11.

 

11.2                        Arbitration

 

11.2.1              Any Dispute shall be submitted to arbitration (the “Arbitration”) by three (3) Arbitrators pursuant to the procedure set forth in this Section 11.2 and pursuant to the then current Commercial Arbitration Rules (the “Rules”) of the American Arbitration Association (“AAA”). If the provisions of this Section 11.2 are inconsistent with the provisions of the Rules and to the extent of such inconsistency, the provisions of this Section 11.2 shall prevail in any Arbitration.

 

11.2.2              Any Party may make a demand for Arbitration by sending a notice in writing to any other Party, setting forth the nature of the Dispute, the amount involved and the name of one arbitrator appointed by such Party. The demand for Arbitration shall be made no later than thirty (30) days after the event giving rise to the Dispute.

 

11.2.3              Within thirty (30) days after any demand for Arbitration under Section 11.2.2, the other Party shall send a responding statement, which shall contain the name of one arbitrator appointed by the responding Party.

 

11.2.4              Within thirty (30) days of the appointment of the second arbitrator, the two party-appointed arbitrators shall appoint the third arbitrator, who shall act as the chair of the arbitration panel. The third arbitrator shall be appointed from the AAA National Roster (collectively with the two party-appointed arbitrators, the “Arbitrators”).

 

11.2.5              In connection with any Arbitration, the Arbitrators shall allow reasonable requests for (i) the production of documents relevant to the dispute and (ii) taking of depositions.

 

11.2.6              The seat of the arbitration will be the State of Delaware and the language of the arbitration will be English. The Arbitration hearings shall be held in a location in the

 

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State of Delaware specified in the demand for Arbitration and shall commence no later than thirty (30) days after the determination of the Arbitrator under Section 11.2.4.

 

11.2.7              The decision of the Arbitrators shall be made not later than sixty (60) days after its appointment. The decision of the Arbitrators shall be final without appeal and binding on the Parties, and may be enforced in any court of competent jurisdiction.

 

11.2.8              Each Party involved in the Dispute shall bear the costs and expenses of all lawyers, consultants, advisors, witnesses and employees retained by it in any Arbitration. The expenses of the Arbitrators shall be paid equally by the Parties unless the Arbitrators otherwise provides in its award.

 

11.2.9              Notwithstanding any conflicting choice of law provisions in this Agreement or any applicable principles of conflicts of law, the arbitration provisions set forth herein, and any Arbitration conducted hereunder, shall be governed exclusively by the Federal Arbitration Act, 9 U.S.C. § 1, et seq.

 

11.2.10       Judgment on the award rendered by the Arbitrators may be entered in any court having jurisdiction thereof.

 

11.3                        Continued Performance

 

During the conduct of Dispute resolution procedures pursuant to this Article 11, the Parties shall continue to perform their respective obligations under this Agreement and neither Party shall exercise any other remedies to resolve a Dispute.

 

11.4                        Urgent Relief

 

Nothing in this Article 11 will prejudice the right of a Party to seek urgent injunctive or declaratory relief from a court pursuant to Section 12.8.2.

 

ARTICLE 12
 GENERAL PROVISIONS

 

12.1                        Amendment, Waiver

 

12.1.1              NYLD is entitled to amend the scope of the Services, including by reducing the number of Service Recipients or the nature or description of the Services or otherwise, by providing 90 days’ prior written notice to the Manager; provided, however, that NYLD may not increase the scope of the Services without the Manager’s prior written consent (not to be unreasonably withheld, conditioned or delayed); provided, further, however, that prior to such modification, NYLD and the Manager shall agree in writing to any modification of the Annual Fee resulting from such change in scope. Subject to Section 10.2.3, in the event that NYLD and the Manager are unable to agree on a modified Annual Fee, NYLD may terminate this Agreement after the end of such 90-day period by providing 30 days’ prior written notice to the Manager. Notwithstanding the notice period set forth in this Section 12.1.1, in the event of an assignment pursuant to

 

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Section 12.2.1(ii) below, NYLD may amend the scope of Services as set forth in this Section 12.1.1 by providing 30 days’ prior written notice to the Manager.

 

12.1.2              Except as expressly provided in this Agreement, no amendment or waiver of this Agreement, except pursuant to the first sentence of Section 12.1.1 above, will be binding unless the prior approval of a majority of the members of the Conflicts Committee is obtained and the amendment or waiver is executed in writing by the Party to be bound thereby. No waiver of any provision of this Agreement will constitute a waiver of any other provision nor will any waiver of any provision of this Agreement constitute a continuing waiver unless otherwise expressly provided. A Party’s failure or delay in exercising any right under this Agreement will not operate as a waiver of that right. A single or partial exercise of any right will not preclude a Party from any other or further exercise of that right or the exercise of any other right.

 

12.2                        Assignment

 

12.2.1              This Agreement shall not be assigned by the Manager without the prior written consent of NYLD, except (i) pursuant to Section 2.3, (ii) in the case of assignment to a Person that is the Manager’s successor by merger, consolidation or purchase of assets, in which case the successor shall be bound under this Agreement and by the terms of the assignment in the same manner as the Manager is bound under this Agreement or (iii) to an Affiliate of the Manager or a Person that is, in the reasonable and good faith determination of the Conflicts Committee, an experienced and reputable manager, in which case the Affiliate or assignee shall be bound under this Agreement and by the terms of the assignment in the same manner as the Manager is bound under this Agreement. In addition, provided, that the Manager provides prior written notice to the Service Recipients for informational purposes only, nothing contained in this Agreement shall preclude any pledge, hypothecation or other transfer or assignment of the Manager’ rights under this Agreement, including any amounts payable to the Manager under this Agreement, to a bona fide lender as security.

 

12.2.2              This Agreement shall not be assigned by any of the Service Recipients without the prior written consent of the Manager, except in the case of assignment by any such Service Recipient to a Person that is its successor by merger, consolidation or purchase of assets, in which case the successor shall be bound under this Agreement and by the terms of the assignment in the same manner as such Service Recipient is bound under this Agreement.

 

12.2.3              Any purported assignment of this Agreement in violation of this Article 12 shall be null and void.

 

12.3                        Failure to Pay When Due

 

Any amount payable by any Service Recipient to any member of the Manager Group hereunder which is not remitted when so due will remain due (whether on demand or otherwise) and interest will accrue on such overdue amounts (both before and after judgment) at a rate per annum equal to the Interest Rate.

 

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12.4                        Invalidity of Provisions

 

Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction will not affect the validity or enforceability of any other provision hereof. To the extent permitted by applicable law, the Parties waive any provision of law which renders any provision of this Agreement invalid or unenforceable in any respect. The Parties will engage in good faith negotiations to replace any provision which is declared invalid or unenforceable with a valid and enforceable provision, the economic effect of which comes as close as possible to that of the invalid or unenforceable provision which it replaces.

 

12.5                        Entire Agreement

 

This Agreement constitutes the entire agreement between the Parties pertaining to the subject matter of this Agreement. There are no warranties, conditions, or representations (including any that may be implied by statute) and there are no agreements in connection with such subject matter except as specifically set forth or referred to in this Agreement. No reliance is placed on any warranty, representation, opinion, advice or assertion of fact made either prior to, contemporaneous with, or after entering into this Agreement, by any Party or its directors, officers, employees or agents, to any other Party or its directors, officers, employees or agents, except to the extent that the same has been reduced to writing and included as a term of this Agreement, and none of the Parties has been induced to enter into this Agreement by reason of any such warranty, representation, opinion, advice or assertion of fact. Accordingly, there will be no liability, either in tort or in contract, assessed in relation to any such warranty, representation, opinion, advice or assertion of fact, except to the extent contemplated above.

 

For the avoidance of doubt, nothing in this Agreement should be construed or interpreted as an amendment, modification or termination of, or conflict with, any of the Operating and Administrative Agreements. Each such agreement, and all its terms, including payments to be made thereunder, shall survive the entry into this Agreement and shall terminate in accordance with its terms.

 

12.6                        Mutual Waiver of Jury Trial

 

AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES TO ENTER INTO THIS AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY.

 

12.7                        Consent to Jurisdiction

 

EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE DELAWARE COURT OF CHANCERY OR, TO THE EXTENT SUCH COURT DECLINES TO ACCEPT JURISDICTION OVER A PARTICULAR MATTER, ANY FEDERAL COURT OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE OF DELAWARE, FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING TO ENFORCE THE ARBITRATION PROVISION IN ARTICLE 11

 

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OR TO SPECIFICALLY ENFORCE THE TERMS OF THIS AGREEMENT PURSUANT TO SECTION 12.8.2. THE DECISION IN ANY ARBITRATION SHALL BE FINAL AND BINDING AND MAY BE ENTERED IN ANY COURT HAVING JURISDICTION THEREOF. IF ANY PARTY FAILS TO APPEAR AT ANY PROPERLY NOTICED ARBITRATION PROCEEDING, AN AWARD MAY BE ENTERED AGAINST THAT PARTY IN A COURT HAVING JURISDICTION THEREOF.

 

12.8                        Governing Law

 

12.8.1              The internal law of the State of Delaware will govern and be used to construe this Agreement without giving effect to applicable principles of conflicts of law to the extent that the application of the laws of another jurisdiction would be required thereby.

 

12.8.2              The Parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement and the transactions contemplated hereby were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and the transactions contemplated hereby and to enforce specifically the terms and provisions of this Agreement and the transactions contemplated hereby in the courts of Delaware, this being in addition to any other remedy to which such Party is entitled at law or in equity.

 

12.9                        Enurement

 

This Agreement will enure to the benefit of and be binding upon the Parties and their respective successors and permitted assigns.

 

12.10                 Notices

 

Any notice, demand or other communication to be given under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given (i) when delivered personally to the recipient, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; but if not, then on the next Business Day, (iii) one Business Day after it is sent to the recipient by reputable overnight courier service (charges prepaid) or (iv) three Business Days after it is mailed to the recipient by first class mail, return receipt requested. Such notices, demands and other communications shall be sent to the addresses specified below, or at such address or to the attention of such other Person as the recipient party has specified by prior written notice to the sending party. Any Party may change such Party’s address for receipt of notice by giving prior written notice of the change to the sending Party as provided herein. Notices and other communications will be addressed as follows:

 

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If to the Service Recipients:

 

NRG Yield, Inc.
 300 Carnegie Center, Suite 300
 Princeton, NJ 08540
 Attn: Chad Plotkin, Chief Financial Officer
 Email:              chad.plotkin@nrg.com

ogc@nrgyield.com

 

If to the Manager:

 

Zephyr Renewables LLC
 100 California Street
 Suite 200
 Carlsbad, CA 92008
 Attn: Alicia Stevenson
 Email: Alicia.stevenson@nrg.com

 

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

 

Zephyr Renewables LLC
 5790 Fleet Street
 Suite 200
 Carlsbad, CA 92008
 Attn: General Counsel
 Email: Jennifer.hein@nrg.com

 

12.11                 Further Assurances

 

Each of the Parties will promptly do, make, execute or deliver, or cause to be done, made, executed or delivered, all such further acts, documents and things as the other Party may reasonably require from time to time for the purpose of giving effect to this Agreement and will use reasonable efforts and take all such steps as may be reasonably within its power to implement to their full extent the provisions of this Agreement.

 

12.12                 Counterparts

 

This Agreement may be signed in counterparts and each of such counterparts will constitute an original document and such counterparts, taken together, will constitute one and the same instrument.

 

(Signature pages follow)

 

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

 

	
 
    	
NRG   YIELD, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Chad Plotkin
    
	
 
    	
 
    	
Name:
    	
Chad   Plotkin
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President & CFO
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
NRG   YIELD LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Chad Plotkin
    
	
 
    	
 
    	
Name:
    	
Chad Plotkin
    
	
 
    	
 
    	
Title:
    	
Senior Vice President, CFO & Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
NRG   YIELD OPERATING LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Chad Plotkin
    
	
 
    	
 
    	
Name:
    	
Chad   Plotkin
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President, CFO & Treasurer
    

 

[Signature Page to Master Services Agreement]

 

 

	
 
    	
ZEPHYR RENEWABLES LLC, as Manager
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Craig Cornelius
    
	
 
    	
 
    	
Name:
    	
Craig   Cornelius
    
	
 
    	
 
    	
Title:
    	
President
    

 

[Signature Page to Master Services Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00287-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00287-of-00352.parquet"}]]