Document:

exhibit1014

EXHIBIT 10.14  INCENTIVE UNIT AGREEMENT    This INCENTIVE UNIT AGREEMENT (this “Agreement”), dated effective as of the IPO  Closing Date (as defined below), is entered into by and between Cure Aggregator, LLC, a  Delaware limited liability company (“Aggregator”), Cure TopCo, LLC, a Delaware limited  liability company (“Cure TopCo”) and Tad Kendall (“Executive”).    WHEREAS, on February 14, 2020 (the “Date of Grant”), Aggregator issued to Executive  63,188 Class C Common Units of Aggregator (the “Incentive Units”), each of which corresponded  to a Class C Common Unit of Cure TopCo (the “Corresponding Units”), pursuant to the terms of  (1) that certain Incentive Unit Award Agreement, dated as of February 14, 2020, between  Aggregator, Cure TopCo and Executive (the “Incentive Unit Agreement”), (2) the Third Amended  and Restated Limited Liability Company Agreement of Aggregator, dated as of February 12, 2020  (the “Third Amended and Restated Aggregator LLC Agreement”), and (3) the Second Amended  and Restated Limited Liability Company Agreement of Cure TopCo, dated as of November 27,  2019 (the “Second Amended and Restated LLC Agreement”);    WHEREAS, effective February 1, 2021 (the “Termination Date”), Executive experienced  a Termination of Employment (as defined below) and in connection with such Termination of  Employment, (i) 23,695 unvested Incentive Units and the Corresponding Units were cancelled and  forfeited for no consideration, (ii) 31,594 unvested Incentive Units and the Corresponding Units  remained outstanding and eligible to vest pursuant to Section 2.2 of the Incentive Unit Agreement  and (iii) 7,899 vested Incentive Units and the Corresponding Units were retained by Executive  (collectively, the Incentive Units described in clauses (ii) and (iii), the “Retained Incentive Units”  and the “Retained Corresponding Units”);    WHEREAS, pursuant to that certain Reorganization Agreement, dated as of February 10,  2021 (the “Reorganization Agreement”), by and among Cure TopCo, Signify Health, Inc., a  Delaware corporation (“Pubco”), and the other parties thereto, the parties thereto are engaging in  the Reorganization Transactions (as defined in the Reorganization Agreement) in connection with  the IPO;    WHEREAS, as part of the Reorganization Transactions, and pursuant to the Third  Amended and Restated Limited Liability Company Agreement of Cure TopCo adopted on or  around the IPO Closing Date (as defined in the Reorganization Agreement) (as amended from time  to time, the “Cure TopCo LLC Agreement”) and the Fourth Amended and Restated Limited  Liability Company Agreement of Aggregator adopted on or around the IPO Closing Date (as  amended from time to time, the “Aggregator LLC Agreement”), all of the units of membership  interest in Cure TopCo existing immediately prior to the Reorganization Transactions, including  the Retained Corresponding Units, are being reclassified and converted into LLC Units (as defined  in the Cure TopCo LLC Agreement) of Cure TopCo, and all of the units of membership interest in  Aggregator existing immediately prior to the Reorganization Transactions, including the Incentive  Units, are being reclassified and converted into Units (as defined in the Aggregator LLC  Agreement) of Aggregator; and  

 

2      WHEREAS, to the extent that the Retained Incentive Units and Retained Corresponding  Units are unvested and/or subject to forfeiture under the terms of the Incentive Unit Agreement,  the Third Amended and Restated Aggregator LLC Agreement and the Second Amended and  Restated LLC Agreement, as applicable, as of the IPO Closing Date, then such restrictions, as  amended pursuant to this Agreement, shall continue to apply to the Units of Aggregator and the  LLC Units of Cure TopCo issued in exchange for the Retained Incentive Units and Retained  Corresponding Units, respectively, as reflected in this Agreement.    NOW, THEREFORE, in consideration of the mutual promises, covenants, and conditions  contained in this Agreement, the Reorganization Agreement, the Cure TopCo LLC Agreement and  the Aggregator LLC Agreement, and for other good and valuable consideration, the receipt and  sufficiency of which is hereby acknowledged, the parties covenant and agree as follows:    1. Capitalized Terms. The following capitalized terms, as used in this Agreement,  have the meanings given to them in this Section 1. Other capitalized terms have the meanings  given to them elsewhere in this Agreement or, if not so defined, in the Aggregator LLC Agreement  or the Cure TopCo LLC Agreement, as applicable.    “Acceleration Event” means (i) a Change in Control or (ii) the NM Members or their  respective direct or indirect parent entities, as applicable, ceasing to beneficially own, directly or  indirectly, at least 25% of the outstanding Pubco Common Stock (as determined on a fully diluted  basis).    “Base Equity Value” means the cumulative total of (i) the aggregate value of all equity  securities held by the NM Members and their respective direct or indirect parent entities, as  applicable, as of the closing of the transactions contemplated by the Combination Agreement (as  amended, restated, supplemented or otherwise modified from time to time), dated as of November  14, 2019, by and between Cure TopCo and Remedy Partners, LLC, a Delaware limited liability  company (formerly known as Remedy Partners, Inc.) (the “Combination Closing Date”) plus (ii)  any additional investment in equity securities of Cure TopCo by the NM Members and their  respective direct or indirect parent entities, as applicable, following the Combination Closing Date  (including (x) any cash dividend, (y) distribution, (z) the proceeds of any partial liquidation of  Cure TopCo; but excluding (A) any fees or expense reimbursements under any applicable  management or professional services agreement and (B) any fees and expenses realized in  connection with any Change in Control).    “Board” means the Board of Directors of Pubco.    “Cash-on-Cash Return” means, without duplication, the cumulative aggregate gross cash  return realized, and/or the fair market value of marketable securities received by the NM Members  or their respective direct or indirect parent entities, as applicable, in respect of the Base Equity  Value, including, for the avoidance of doubt, any such return or securities received by the NM  Members or their direct or indirect parent entities, as applicable, on a disposition of Pubco  Common Stock or of equity securities of the Company (whether such disposition is to Pubco or  otherwise); provided that with respect to any disposition of Pubco Common Stock by the NM  

 

3      Members, the Compensation Committee will make such determinations in good faith as are  necessary to allocate the proceeds received on such disposition on a proportionate basis between  the Cure TopCo Pubco Common Stock and the shares of Pubco Common Stock held by the NM  Members that are not Cure TopCo Pubco Common Stock. Any portion of any transaction  consideration to be received by equityholders of Pubco that is subject to any contingency or future  event including, without limitation, transaction escrow arrangement, holdback, installment  arrangements or earnouts shall be included in Cash-on-Cash Return if, when and to the extent  actually received by the NM Members or, without duplication, their respective direct or indirect  parent entities, as applicable. If the NM Members or, without duplication, their respective direct  or indirect parent entities, as applicable, receive non-marketable securities or other non-cash  property pursuant to a distribution or as proceeds from their aggregate investment in equity  securities of Cure TopCo, Executive shall be treated no less favorably than any other member of  the Board of Directors of Cure TopCo or officer of Cure TopCo and its Affiliates who holds  Incentive LLC Units with respect to the inclusion or exclusion of non-marketable securities or  other non-cash property from Cash-on-Cash Return.    “Change in Control” means the occurrence of any one or more of the following events:    (i) any Person, other than (a) any employee plan established by Pubco or any  Subsidiary, (b) Pubco or any of its Affiliates (including, for the avoidance of doubt, New Mountain  Capital, LLC and its Affiliates), (c) an underwriter temporarily holding securities pursuant to an  offering of such securities, or (d) an entity owned, directly or indirectly, by stockholders of Pubco  in substantially the same proportions as their ownership of Pubco, is (or becomes, during any 12-  month period) the “beneficial owner” (as such term is defined in Rule 13d-3 under the Securities  Exchange Act of 1934), directly or indirectly, of securities of Pubco (not including in the securities  beneficially owned by such Person any securities acquired directly from Pubco or its Affiliates  other than in connection with the acquisition by Pubco or its Affiliates of a business) representing  50% or more of the total voting power of the stock of Pubco; provided that the provisions of this  subsection (i) are not intended to apply to or include as a Change in Control any transaction that  is specifically excepted from the definition of Change in Control under subsection (iii) below;    (ii) the consummation of a merger, amalgamation or consolidation of Pubco with  any other corporation or other entity, or the issuance of voting securities in connection with such  a transaction pursuant to applicable stock exchange requirements; provided that immediately  following such transaction the voting securities of Pubco outstanding immediately prior thereto do  not continue to represent (either by remaining outstanding or by being converted into voting  securities of the surviving entity of such merger or consolidation or parent entity thereof) 50% or  more of the total voting power of Pubco’s stock (or, if Pubco is not the surviving entity of such  transaction, 50% or more of the total voting power of the stock of such surviving entity or parent  entity thereof); and provided, further, that such a transaction effected to implement a  recapitalization of Pubco (or similar transaction) in which no Person is or becomes the “beneficial  owner” (as such term is defined in Rule 13d-3 under the Securities Exchange Act of 1934), directly  or indirectly, of securities of Pubco (not including in the securities beneficially owned by such  Person any securities acquired directly from Pubco or its Affiliates other than in connection with  the acquisition by Pubco or its Affiliates of a business) representing 50% or more of either the  

 

4      then-outstanding shares of Class A Common Stock or the combined voting power of Pubco’s then-  outstanding voting securities shall not be considered a Change in Control; or    (iii) the sale or disposition by Pubco of Pubco’s assets in which any Person acquires  (or has acquired during the 12-month period ending on the date of the most recent acquisition by  such Person) assets from Pubco that have a total gross fair market value equal to more than 50%  of the total gross fair market value of all of the assets of Pubco immediately prior to such  acquisition or acquisitions.    Notwithstanding the foregoing, (A) no Change in Control shall be deemed to have occurred  if there is consummated any transaction or series of integrated transactions immediately following  which the record holders of the Class A Common Stock immediately prior to such transaction or  series of transactions continue to have substantially the same proportionate ownership in an entity  which owns substantially all of the assets of Pubco immediately prior to such transaction or series  of transactions, and (B) no Change in Control shall be deemed to have occurred upon the  acquisition of additional control of Pubco by any Person that, prior to such transaction, directly or  indirectly controls, is controlled by, or is under common control with, Pubco.    “Company Group” means, at any given time, Pubco, Cure TopCo, Aggregator and their  Affiliates.    “Compensation Committee” means the Compensation Committee of the Board.    “Corresponding Class B Share” means, with respect to a Incentive LLC Unit, the share of  Class B Common Stock that was issued to Executive pursuant to the Class B Securities Purchase  Agreement entered into between Pubco and Executive and that corresponds to the Corresponding  Incentive Unit (as defined below).    “Cure TopCo Pubco Common Stock” means the shares of Pubco Common Stock received  by the NM Members in connection with the Reorganization Transactions.    “Employment Agreement” means the applicable employment, retention or other  employment letter agreement entered into between Executive and a member of the Company  Group (or any predecessor entity).    “IPO Closing Date” has the meaning given to such term in the Reorganization Agreement.    “NM Members” shall mean (i) New Mountain Partners V, L.P. and its Affiliates in respect  of their investment in Remedy Acquisition, LP, (ii) New Mountain Partners V (AIV-C), L.P., and  (iii) New Mountain Partners V (AIV-C2), L.P., and their respective Affiliates, in each case, other  than Pubco and its direct or indirect subsidiaries.    “Person” means any individual, corporation, partnership, limited liability company, trust,  estate, joint venture, governmental authority or other entity.  

 

5      “Terminated” or “Terminates” means, with respect to Executive, a Termination of  Employment or Service, as applicable.    “Termination of Employment or Service” means a termination of employment or service  (for reasons other than a military or personal leave of absence granted by Cure TopCo) of  Executive from the Company Group. Notwithstanding the foregoing, if no rights of Executive are  reduced or adversely affected, the Compensation Committee may otherwise define Termination of  Employment or Service thereafter, provided that any such change to the definition of the term  “Termination of Employment or Service” does not subject the applicable Incentive LLC Units to  Section 409A of the Code.    2. 83(b) Elections. After the issuance of the Corresponding Incentive Units and the  Incentive LLC Units as contemplated by this Agreement, Aggregator shall execute and deliver to  the Internal Revenue Service (the “IRS”) an election under Section 83(b) of the Code with respect  to the Corresponding Incentive Units and Executive shall execute and deliver to the IRS an election  under Section 83(b) of the Code in the form attached hereto as Appendix A with respect to the  Incentive LLC Units (together the “83(b) Elections”). Executive understands that under Section  83(b) of the Code, regulations promulgated thereunder, and certain IRS administrative  announcements, in the absence of an effective election under Section 83(b) of the Code, the excess  of the fair market value of any Incentive LLC Units, on the date on which any forfeiture restrictions  applicable to such Incentive LLC Units lapse, over the price paid for such Incentive LLC Units,  could be reportable as ordinary income at that time. For this purpose, the term “forfeiture  restrictions” includes the restrictions on transferability and the vesting and reversion conditions  imposed under Sections 3 and 4 of this Agreement. Executive understands that (i) in making an  83(b) Election, Executive may be taxed at the time the Incentive LLC Units are received hereunder  to the extent the fair market value of the Incentive LLC Units exceeds the price for such Incentive  LLC Units and (ii) in order to be effective, the 83(b) Elections must be filed with the IRS within  thirty (30) days after February 12, 2021. Executive hereby acknowledges that: (x) the foregoing  description of the tax consequences of the 83(b) Elections is not intended to be complete and,  among other things, does not describe state, local or foreign income and other tax consequences;  (y) none of Cure TopCo, Aggregator, the NM Members, any of their respective Affiliates or any  of their respective partners, members, equityholders, directors, officers, employees, agents or  representatives (each, a “Related Person”) has provided or is providing Executive with tax advice  regarding the 83(b) Elections or any other matter, and Cure TopCo, Aggregator and the NM  Members and their respective Affiliates have urged Executive to consult Executive’s own tax  advisor with respect to income taxation consequences of receiving, holding and disposing of the  Incentive LLC Units; and (z) none of Cure TopCo, Aggregator, the NM Members or any other  Related Person has advised Executive to rely on any determination by it or its representatives as  to the fair market value specified in the 83(b) Elections and will have no liability to Executive if  the actual fair market value of the Incentive LLC Units on the date hereof exceeds the amount  specified in the respective 83(b) Elections.    3. Incentive Units. The Units of Aggregator issued to Executive in exchange for  Executive’s Retained Incentive Units (the “Incentive LLC Units”) and the LLC Units of Cure  TopCo  issued  to  Aggregator  in  exchange  for  the  Corresponding  Common  Units  (the  

 

6      “Corresponding Incentive Units”) are subject to the vesting conditions set forth in this Section 3.  A portion of the Incentive LLC Units and Corresponding Incentive Units, as set forth on Appendix  B, shall be subject to performance-based vesting conditions (the “Performance-Based Units”). For  purposes of this Agreement and the Aggregator LLC Agreement, the Incentive LLC Units and  Corresponding Incentive Units which are vested as of the date hereof or have become vested in  accordance with this Section 3 shall be referred to herein as the “Vested Units” and the remaining  Incentive LLC Units and Corresponding Incentive Units shall be referred to herein as the  “Unvested Units.” The Incentive LLC Units are subject to the restrictions set forth in this  Agreement.    3.1. Tail Period. Unvested Performance-Based Units shall remain outstanding  and eligible to vest for a period of six (6) months following the Termination Date (such period, the  “Tail Period”) and shall vest, if at all, upon the occurrence during the Tail Period of the  achievement of aggregate Cash-on-Cash Returns by the NM Members (and/or, without  duplication, their direct and indirect parent entities) in accordance with the vesting schedule set  forth on Appendix B. There shall be no proportionate or partial vesting for levels of achievement  of Cash-on-Cash Return between the performance thresholds set forth above, and all vesting shall  occur on a cliff-basis only to the extent that an applicable Cash-on-Cash Return threshold is  achieve. For the avoidance of doubt, the unvested portion of the Performance-Based Units that do  not vest during the Tail Period shall be cancelled and forfeited as of the expiration of the Tail  Period, without any further action on the part of any party hereto.    3.2. Call Rights. Except as otherwise provided in this Agreement, Aggregator  may repurchase from Executive and/or, as applicable, any of his or her Permitted Transferees the  portion of the Incentive LLC Units that are Vested Units based on the most recent valuation under  Section 409A of the Code obtained by Cure TopCo, subject to the sole discretion of the Board.  For purposes of this Section 3.2, all requirements of Executive shall apply equally in full force and  effect with respect to any Permitted Transferee.    3.2.1. Aggregator shall have a period of one hundred eighty (180) days  from the Termination Date (or such longer period as may be necessary to avoid changing  the accounting treatment for the acquisition of the Incentive LLC Units being repurchased  from an equity-based accounting treatment to a liability based accounting treatment (as  contemplated by FASB ASC Topic 718)); provided that such period shall not exceed three  hundred sixty-five (365) days following the Termination Date, in which to give notice in  writing to Executive of Aggregator’s election to exercise its repurchase rights hereunder  and thirty (30) days after delivery of such notice to pay the repurchase price and  consummate the repurchase transaction. For the sake of clarity, Aggregator may elect to  repurchase any of the Incentive LLC Units of Executive and/or, as applicable, any of his  or her Permitted Transferees in one or more separate transactions. The repurchase price, if  any, payable pursuant to Aggregator’s exercise of its repurchase rights hereunder shall be  paid (i) by delivery to Executive of wire transfer or a certified bank check or checks in the  appropriate amount payable to the order of Executive; (ii) by the cancellation of any  indebtedness owed by Executive to Aggregator, Cure TopCo or any of their Affiliates; or  (iii) by issuance of an unsecured promissory note bearing interest (payable at maturity) at  

 

7      a simple rate per annum equal to the prime rate in effect at such time, with such note to  have a maturity date of no greater than seven (7) years following its issuance and otherwise  on customary terms and conditions for promissory notes of such type, including  acceleration in the event of an Acceleration Event; or (iv) any combination of clauses (i),  (ii) or (iii) of this Section 3.2.1, as determined in the sole discretion of Aggregator.  Aggregator may choose to have a designee purchase any Incentive LLC Units elected by  it to be purchased hereunder so long as Aggregator shall bear any reasonable costs and  expenses of Executive in connection with the sale to such designee that Executive would  not have otherwise incurred in connection with a sale to Aggregator. All references to  Aggregator in this Section 3.2 shall refer to such designee as the context requires.  Executive agrees to take all necessary and reasonable actions as directed by Aggregator in  connection with the consummation of a repurchase pursuant to this Section 3.2, including  executing the applicable repurchase documentation. Without limiting the generality of the  foregoing, Aggregator shall be entitled to receive customary representations and warranties  from Executive regarding the Incentive LLC Units being repurchased including, but not  limited to, the representation that Executive has good and marketable title to the Incentive  LLC Units to be repurchased free and clear of all liens, claims and other encumbrances.    4. Restrictions on Unvested Units; Forfeiture.    4.1. Executive may not offer or Transfer or agree to offer or Transfer, grant any  call option with respect to, borrow against, or enter into any swap or derivative transaction with  respect to any Incentive LLC Unit or any interest therein, unless such action is taken in accordance  with Article VI of the Aggregator LLC Agreement. Any attempted or purported Transfer or other  agreement in violation of this Agreement will be void ab initio.    4.2. Notwithstanding anything to the contrary in the Aggregator LLC  Agreement, Executive shall not have the right to exercise (and agrees not to exercise or purport to  exercise) the “Member Exchange” under the Aggregator LLC Agreement with respect to any  Unvested Units.    4.3. If any Vested Units are purchased pursuant to the call right described in  Section 3.2, then each Corresponding Class B Share shall simultaneously be forfeited to Pubco for  no consideration in accordance with Article 4 of the Cure TopCo LLC Agreement. If any Unvested  Units or Vested Units are forfeited following the Termination Date under Section 3, then each such  Unvested Unit (and its Corresponding Class B Share) or Vested Unit (and its Corresponding Class  B Share), as applicable, shall be immediately and automatically forfeited to Aggregator or Cure  TopCo, as applicable (or, in the case of a Corresponding Class B Share, to Pubco), in each case  free and clear of any liens, encumbrances or restrictions, concurrently with the Termination of  Employment or Service, and shall no longer be deemed outstanding, without the payment of  consideration or notice from Aggregator, Cure TopCo or Pubco and without the need for further  action on the part of any Person.    4.4. Except as provided in this Agreement, from and after the IPO Closing Date,  Executive shall have all the rights of a member of Aggregator with respect to the Incentive LLC  

 

8      Units and as a stockholder of Pubco with respect to the Corresponding Class B Shares, including  the right to vote the Corresponding Class B Share in respect of a Vested Unit; provided, that any  capital stock or securities of Aggregator or Pubco that Executive receives with respect to the  Incentive LLC Units or Corresponding Class B Shares through a stock dividend, stock split,  reverse stock split, recapitalization, or similar transaction will be subject to the same restrictions  applicable to the Incentive LLC Units or Corresponding Class B Shares with respect to which such  capital stock or other securities was distributed or received, as set forth in this Agreement.  Executive will be the record owner of each Incentive LLC Unit until or unless such Incentive LLC  Unit reverts to Aggregator as provided under this Agreement or is Transferred in accordance with  the terms of this Agreement and the Aggregator LLC Agreement, and as record owner will be  entitled to all rights granted to owners of the LLC Units of Aggregator, except as expressly  provided under this Agreement or the Aggregator LLC Agreement.    4.5. The Corresponding Incentive Units and Incentive LLC Units shall be  uncertificated unless otherwise determined by Cure TopCo, in the case of the Corresponding  Incentive Units, or Aggregator, in the case of the Incentive LLC Units.    4.6. If Executive is not already a party to the Aggregator LLC Agreement, then  Executive agrees that upon execution of this Agreement, Executive agrees to join and become a  party to the Aggregator LLC Agreement and be fully bound by, and subject to all of the covenants,  terms and conditions of the Aggregator LLC Agreement as though an original party thereto and  Aggregator agrees to accept Executive as a party to the Aggregator LLC Agreement and that this  Agreement shall serve as Executive’s joinder to the Aggregator LLC Agreement.    4.7. By virtue of the issuance of the Incentive LLC Units hereunder and  Executive’s execution of this Agreement, Executive shall be deemed to have granted a power of  attorney to the Board of Directors of Aggregator with respect to all Incentive LLC Units owned  by Executive and acquired by Executive hereunder, which power of attorney shall, for the  avoidance of doubt, include a grant by Executive of a perpetual and irrevocable power of attorney  to Aggregator, with full right, power and authority to take all actions necessary and/or desirable  on behalf of Executive to effectuate the provisions of this Section 4.    5. Compensation Committee Discretion. The Compensation Committee shall in good  faith make all determinations necessary or appropriate to determine whether the Incentive LLC  Units shall have become vested. The Compensation Committee’s determinations shall be final,  binding and conclusive upon all parties, absent manifest error or bad faith. The Compensation  Committee may, in its sole discretion, provide for accelerated vesting of any portion of the  Incentive LLC Units at any time and for any reason.    6. No Right to Continued Service. Executive agrees that no provision contained in this  Agreement shall entitle Executive to be employed or resume employment by the Company Group.    7. Executive Representations. Executive shall be deemed to acknowledge and make  the following representations and warranties and as otherwise may be requested by Cure TopCo  or Aggregator for compliance with applicable laws, and any issuances of Incentive LLC Units by  

 

9      Aggregator and any issuance of Corresponding Incentive Units by Cure TopCo hereunder shall be  made in reliance upon the express representations and warranties of Executive:    7.1. Executive is acquiring and will hold the Incentive LLC Units to be issued  hereunder for investment for Executive’s account only and not with a view to, or for resale in  connection with, any “distribution” thereof within the meaning of the Securities Act or other  applicable securities laws.    7.2. Executive will not Transfer the Incentive LLC Units in violation of this  Agreement, the Aggregator LLC Agreement, the Securities Act (or the rules and regulations  promulgated thereunder) or under any other applicable securities laws; provided that, the foregoing  shall in no way limit Executive’s ability to Transfer the Incentive LLC Units pursuant to the  provisions of the Aggregator LLC Agreement. Executive agrees that Executive will not Transfer  the Incentive LLC Units to be issued hereunder unless and until Executive has complied with all  requirements of this Agreement and the Aggregator LLC Agreement applicable to the disposition  of such Incentive LLC Units.    7.3. Executive has had the opportunity to ask questions and receive answers  from Cure TopCo and Aggregator concerning the terms and conditions of the issuance of the  Incentive LLC Units and to obtain any additional information which Cure TopCo or Aggregator  possesses or can acquire without unreasonable effort or expense that Executive has requested.    7.4. Executive is an experienced and sophisticated investor and has such  knowledge and experience in financial and business matters as are necessary to evaluate the merits  and risks of an investment in the Incentive LLC Units and the Corresponding Incentive Units.    7.5. Executive has only relied on the advice of, or has consulted with,  Executive’s own legal, financial and tax advisors, and the determination of Executive to acquire  Incentive LLC Units pursuant to this Agreement has been made by Executive independent of any  statements or opinions as to the advisability of such acquisition or as to the properties, business,  prospects or condition (financial or otherwise) of Cure TopCo, Aggregator or any of their  respective Subsidiaries which may have been made or given by any other Person (including all  Persons acquiring Incentive LLC Units on the date hereof) or by any agent or employee of such  Person and independent of the fact that any other Person has decided to become a holder of  Incentive LLC Units.    7.6. Executive hereby represents and warrants that Executive is an “accredited  investor” as defined in Rule 501(a)(6) of Regulation D of the Securities Act as the result of having  (i) individual income in excess of $200,000 in each of 2019 and 2020, or joint income with  Executive’s spouse in excess of $300,000 in each of 2019 and 2020, and (ii) a reasonable  expectation of having individual income in excess of $200,000 in 2021, or joint income with  Executive’s spouse in excess of $300,000 in 2021.    8. Specific Performance.  Each of the parties agrees that any breach of the terms of  this Agreement will result in irreparable injury and damage to the other parties, for which there is  

 

10      no adequate remedy at law. Each of the parties therefore agrees that in the event of a breach or  any threat of breach, the other parties shall be entitled to an immediate injunction and restraining  order to prevent such breach, threatened breach or continued breach, and/or compelling specific  performance of this Agreement, without having to prove the inadequacy of money damages as a  remedy or balancing the equities between the parties. Such remedies shall be in addition to any  other remedies (including monetary damages) to which the other parties may be entitled at law or  in equity. Each party hereby waives any requirement for the securing or posting of any bond in  connection with any such equitable remedy.    9. Amendments and Waivers. The Board shall have the right to amend this  Agreement with the consent of Executive; provided, however, that to the extent necessary under  any applicable law, regulation, or exchange requirement, no amendment shall be effective unless  approved by the members of Aggregator if required by applicable law, regulation, or exchange  requirement.    10. Governing Law; Venue; Service of Process; Waiver of Jury Trials.    10.1. This Agreement shall be governed by, and construed in accordance with,  the laws of the State of Delaware, without giving effect to any choice of law or conflict of law  rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause  the application of the laws of any jurisdiction other than the State of Delaware. Any dispute  relating hereto shall be heard in the state or federal courts of Delaware, and the parties agree to  jurisdiction and venue therein (it being understood and agreed that any order from any such court  may be enforced in any other jurisdiction). Each of the parties hereto hereby waives, to the fullest  extent permitted by law, any right to trial by jury of any claim, demand, action, or cause of action  arising under or related to this Agreement whether now existing or hereafter arising, and whether  in contract, tort, equity, or otherwise. The parties hereto each hereby agrees and consents that any  such claim, demand, action, or cause of action shall be decided by court trial without a jury and  that the parties hereto may file an original counterpart of a copy of this Agreement with any court  as written evidence of the consent of the parties hereto to the waiver of their right to trial by jury.    10.2. Executive (i) agrees that service of process in any such claim, demand,  action, proceeding or cause of action arising under this Agreement may be effected by mailing a  copy of such process by registered or certified mail (or any substantially similar form of mail),  postage prepaid, to such party, in the case of Executive, at Executive’s address shown in the books  and records of Aggregator or Cure TopCo, in the case of Aggregator, at Aggregator’s principal  offices, attention General Counsel, or in the case of Cure TopCo, at Cure TopCo’s principal  offices, attention General Counsel, and (ii) agrees that nothing in this Agreement shall affect the  right to effect service of process in any other manner permitted by the laws of the State of  Delaware.    11. Severability. Whenever possible, each provision of this Agreement shall be  interpreted in such manner as to be effective and valid under applicable law, but if any provision  of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable  law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any  

 

11      other provision or any other jurisdiction, but this Agreement shall be reformed, construed and  enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been  contained herein.    12. Notice. Unless otherwise provided herein, all notices, requests, demands, claims  and other communications to be given or delivered under or by reason of the provisions of this  Agreement shall be in writing and shall be deemed to have been duly received (a) upon receipt by  hand delivery, (b) upon receipt after being mailed by certified or registered mail, postage prepaid,  (c) the next business day after being sent via a nationally recognized overnight courier, or (d) upon  confirmation of delivery if transmitted by electronic mail electronic mail in portable document  format (PDF format) with an electronic read receipt requested, to the email address indicated  (provided a copy thereof is also sent by one of the other methods described in this Section 13. Such  notices, demands and other communications shall be sent to the address, email address or facsimile  number indicated below:  (a) If to Aggregator or Cure TopCo:  Cure Aggregator, LLC  Cure TopCo, LLC  c/o New Mountain Capital, L.L.C.  787 Seventh Avenue  New York, NY 10019  Attention: Vignesh Aier and Kyle Peterson  E-mail: vaier@newmountaincapital.com  kpeterson@newmountaincapital.com    Cure TopCo, LLC  4055 Valley View Lane, Suite 400  Dallas, Texas 75244  Attention: Bradford Kyle Armbrester and Steven Senneff  Email: karmbrester@signifyhealth.com  ssenneff@signifyhealth.com    with a copy (with shall not constitute notice) to:    David Polk & Wardwell, LLP  450 Lexington Avenue  New York, NY 10017  Attention: Shane Tintle and Jeffrey P. Crandall  Email: shane.tintle@davispolk.com  jeffrey.crandall@davispolk.com    (b) If to Executive, at the most recent address or electronic mail address contained in  the Aggregator’s and Cure TopCo’s records.  

 

12      13. Dispute Resolution. Any dispute or disagreement which may arise under, or as a  result of, or which may in any way relate to, the interpretation, or construction or of this Agreement  shall be determined by the Compensation Committee, in good faith, whose determination shall be  final, binding and conclusive for all purposes.    14. Successors and Assigns. This Agreement shall be binding on, inure to the benefit  of and be enforceable by Cure TopCo, Aggregator, Executive and their respective personal  representatives, heirs, successors and assigns (including all subsequent holders of one or more of  the Incentive LLC Units). Any Person acquiring or claiming an interest in an Incentive LLC Unit,  in any manner whatsoever, shall be subject to and bound by all terms, conditions and restrictions  of this Agreement without regard to whether such Person has executed a counterpart hereof or any  other document contemplated hereby.    15. Notice. All notices, consents, waivers and other communications required or  permitted by this Agreement shall be in writing and shall be deemed given to a party when  delivered or sent in accordance with Section 9.5 of the Aggregator LLC Agreement (to, in the case  of Executive, the address kept on file in Cure TopCo’s or Aggregator’s records).    16. Counterparts. This Agreement may be executed in one or more counterparts, each  of which shall be deemed to be an original but all of which together will constitute one and the  same instrument. A facsimile or portable document format (PDF) copy of a counterpart signature  page to this Agreement shall be deemed an original for all purposes.    17. Entire Agreement. This Agreement sets forth the entire agreement of the parties  hereto with respect to the subject matter contained herein and supersede all prior agreements,  promises, covenants, arrangements, communications, representations or warranties, whether oral  or written, by any officer, member, manager or representative of any party hereto in respect of  such subject matter. Without limiting the forgoing, this Agreement supersedes and replaces the  Incentive Unit Agreement (other than with respect to any restrictive covenants set forth therein)  which shall be of no further force and effect as of the IPO Closing Date.    18. Transfer of Personal Data. Executive authorizes, agrees and unambiguously  consents to the transmission by Cure TopCo or Aggregator (or any Affiliate of Cure TopCo or  Aggregator) of any personal data information related to the Incentive LLC Units awarded under  this Agreement for legitimate business purposes. This authorization and consent is freely given by  Executive.    19. Effectiveness. This Agreement shall be effective as of the IPO Closing Date  (contingent on the closing of the IPO). If the IPO Closing Date does not occur for any reason, then  (a) this Agreement shall be null and void, and (b) Executive shall continue to own the Incentive  Units subject to the Third Amended and Restated Aggregator LLC Agreement, the Second  Amended and Restated LLC Agreement and the Incentive Unit Agreement.    [Signature Page Follows]  

 

    SIGNATURE PAGE  TO  INCENTIVE UNIT AGREEMENT    IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the  date first above written.      Print Name: Tad Kendall          CURE TOPCO, LLC      Name:   Bradford Kyle Armbrester    Title:    Chief Executive Officer        CURE AGGREGATOR, LLC      Name:   Bradford Kyle Armbrester    Title:    Chief Executive Officer    

 

    Appendix A    PROTECTIVE ELECTION TO INCLUDE AMOUNT IN GROSS INCOME  PURSUANT TO SECTION 83(b) OF THE INTERNAL REVENUE CODE    On February 12, 2021, the undersigned acquired 618,317 LLC Units (the “Incentive LLC  Units”) of Cure Aggregator, LLC, a Delaware limited liability company (“Aggregator”) with a  value of $24.00 per Incentive LLC Unit in exchange for LLC Units of Aggregator. The total  amount paid by the undersigned for the Incentive LLC Units was LLC Units of Aggregator with  an aggregate value of $14,839,608. The Incentive LLC Units are subject to a substantial risk of  forfeiture (described below) that may not be avoided by a transfer of the Incentive LLC Units to  another person and are also subject to certain restrictions on transfer.  The undersigned desires to make an election to have the receipt of the Incentive LLC Units  taxed under the provisions of Code §83(b) at the time the undersigned acquired the Incentive LLC  Units.  Therefore, pursuant to Code §83(b) and Treasury Regulation §1.83-2 promulgated  thereunder, the undersigned hereby makes an election, with respect to the Incentive LLC Units  (described below), to report as taxable income for calendar year 2021 the excess (if any) of the  Incentive LLC Units’ fair market value on February 12, 2021 over the purchase price thereof.  The following information is supplied in accordance with Treasury Regulation §1.83-2(e):  1. The name, address and social security number of the undersigned:  Name: Tad Kendall  Address:      SSN:       2. A description of the property with respect to which the election is being made: 618,317 LLC  Units of Aggregator.  3. The date on which the Incentive LLC Units were transferred: February 12, 2021.  The taxable  year for which such election is made: 2021.  4. The restrictions to which the property is subject: Under certain circumstances, the Incentive  LLC Units may be forfeited.  5. The fair market value on February 12, 2021 of the property with respect to which the election  is being made, determined without regard to any lapse restrictions: $14,839,608.  6. The amount paid or to be paid for such property: LLC Units of Aggregator with an aggregate  fair market value of $14,839,608.  * * * * *        A copy of this election has been furnished to Aggregator pursuant to Treasury Regulations §1.83-  2(d).  

 

      Dated: , 2021          Tad Kendall  

 

    Appendix B    Number of Incentive LLC Units: 618,317  Number of Corresponding Incentive Units: 618,317    Number of Vested Units: 123,633  Number of Performance-Based Units: 494,654        Performance-Based Unit Vesting Schedule:    Percentage Vesting Cash-on-Cash Return  0.00% Less than 2 times the Base Equity Value  100.00%  2 times tor more Base Equity Value  

 

          Certificate Of Completion    Envelope Id: 66D1028C880A4F34957F34C952EA1A86 Status: Completed  Subject: Please DocuSign: Converted_IU_Agreement_Kendall.pdf  Source Envelope:  Document Pages: 16 Signatures: 2 Envelope Originator:  Certificate Pages: 1 Initials: 0 Barbara Waters  AutoNav: Enabled  EnvelopeId Stamping: Disabled  Time Zone: (UTC-06:00) Central Time (US & Canada)  4055 Valley View Ln # 700  Dallas, TX  75244-5074  bwaters@signifyhealth.com  IP Address: 75.115.162.90  Record Tracking    Status: Original  3/23/2021 10:06:34 AM  Holder: Barbara Waters  bwaters@signifyhealth.com  Location: DocuSign      Kyle Armbrester  karmbrester@signifyhealth.com  CEO  Security Level: Email, Account Authentication  (Optional) Signature Adoption: Pre-selected Style  Using IP Address: 68.161.208.252  Sent: 3/23/2021 10:08:14 AM  Viewed: 3/23/2021 10:18:28 AM  Signed: 3/23/2021 10:18:37 AM    Electronic Record and Signature Disclosure:  Not Offered via DocuSign                          Barbara Waters  bwaters@signifyhealth.com  Security Level: Email, Account Authentication  (Optional)  Electronic Record and Signature Disclosure:  Not Offered via DocuSign  Sent: 3/23/2021 10:08:14 AM  Resent: 3/23/2021 10:18:38 AM    Witness Events Signature Timestamp  Notary Events Signature Timestamp  Envelope Summary Events Status Timestamps  Envelope Sent  Certified Delivered  Signing Complete  Completed  Hashed/Encrypted  Security Checked  Security Checked  Security Checked  3/23/2021 10:08:14 AM  3/23/2021 10:18:28 AM  3/23/2021 10:18:37 AM  3/23/2021 10:18:37 AM  Payment Events Status Timestamps    Carbon Copy Events Status Timestamp  Certified Delivery Events Status Timestamp  Intermediary Delivery Events Status Timestamp  Agent Delivery Events Status Timestamp  Editor Delivery Events Status Timestamp  In Person Signer Events Signature Timestamp  Signer Events Signature TimestampDocument

EXHIBIT 10.38
CURE TOPCO, LLC
AMENDED AND RESTATED synthetic equity Plan
Effective as of February 16, 2021
1.Defined Terms
Exhibit A, which is incorporated herein by reference, defines certain terms used in this Plan.
2.Purpose
The purpose of this Plan is to provide for the grant of cash-based Awards to Participants.
3.Limits on Awards Under the Plan
A maximum of [●] Synthetic LLC Units may be issued in respect of Awards under this Plan (the “Maximum Unit Number”).  For purposes of this Section 3, any Synthetic LLC Units that have been forfeited and cancelled as provided in any Award Agreement or pursuant to this Plan will not be automatically added back to the Maximum Unit Number.
4.Eligibility and Participation
The Administrator will select Participants from among those Employees, consultants, and advisors to, the Company or its Affiliates who, in the opinion of the Administrator, are in a position to make a significant contribution to the success of the Company and its Affiliates.
5.Rules Applicable to Awards
(a)Award Provisions.  The Administrator will determine the terms of all Awards, subject to the limitations provided herein.  Unless otherwise determined by the Administrator, all Awards will be made pursuant to the terms and conditions set forth in a Synthetic LLC Unit Award Agreement approved by the Administrator (an “Award Agreement”).  By accepting any Award granted hereunder, the Participant agrees to the terms of the Award Agreement governing the Award and this Plan.
(b)Term of Plan.  No Awards may be granted after the IPO Closing Date, but previously granted Awards may continue beyond that date in accordance with their terms.
(c)Transferability.  Except as the Administrator otherwise expressly consents to in writing, no rights under or in respect of any Award and no Synthetic LLC Units subject to any Award may be Transferred other than by will or by the laws of descent and distribution.  In addition, the Transfer of Synthetic LLC Units will be subject to all further restrictions on Transfer contained in the Award Agreement governing the Award.  Any attempted Transfer of Synthetic LLC Units in violation of any of the foregoing restrictions or any restrictions on Transfer contained in the Award Agreement governing the Award shall be null and void ab initio and result in an automatic forfeiture and cancellation of all Synthetic LLC Units subject to such attempted Transfer.
(d)Vesting, etc.  The Administrator may determine the time or times at which an Award will vest and such time or times shall be set forth in the Award Agreement in respect of such Award.  Without limiting the foregoing, the Administrator may at any time accelerate the vesting of Synthetic LLC Units subject to an Award Agreement.  Unless the Administrator expressly provides otherwise in an Award Agreement, immediately upon the cessation of the Participant’s Employment, all Synthetic LLC Units subject to an Award Agreement that are then 

    

held by the Participant or by the Participant’s permitted transferees, if any, to the extent not already vested will be automatically forfeited and cancelled.
(e)Timing of Payment.  Except as otherwise set forth in an Award Agreement, no amount shall be payable with respect to Synthetic LLC Units prior to the vesting of such Synthetic LLC Units in accordance with the terms of the Award Agreement.  In the event that amounts, if any, become payable with respect to Synthetic LLC Units, such amounts shall be paid by the Company or an Affiliate thereof, as appropriate, as soon as reasonably practicable following the applicable vesting date, but in no event later than March 15 following the year in which such vesting date occurs.
(f)Withholding.  The Administrator will make such provision for the withholding of taxes (or similar liability) or any other required tax payments in any jurisdiction as it deems necessary.
(g)Unfunded and Unsecured Interests.  The obligations of the Company hereunder shall be unfunded and unsecured, and nothing contained herein shall be construed as providing for assets to be held in trust or escrow or any other form of segregation of the assets of the Company or any Affiliate thereof for the benefit of the Participant.
(h)Rights Limited.  Nothing in this Plan will be construed as giving any Person the right to continued employment or service with the Company or its Affiliates.  The loss of potential payment in respect of an Award will not constitute an element of damages in the event of termination of Employment for any reason, even if the termination is in violation of an obligation of the Company or Affiliate to the Participant.
(i)Section 409A; Limitation of Liability
(i) Synthetic LLC Units under the Plan are intended to either be exempt from or comply with the rules of Section 409A of the Code, and each such Award shall be construed accordingly.  Granted Awards may be modified at any time, in the Administrator’s discretion, to the extent necessary to maintain such exemption or compliance, as applicable, from Section 409A of the Code; provided, that no such modification shall decrease the number of Synthetic LLC Units held by a Participant without the Participant’s consent.
(ii) Notwithstanding anything to the contrary in this Plan, neither the Company, nor any Affiliate, nor the Administrator, nor any Person acting on behalf of the Company, any Affiliate, or the Administrator, shall be liable to any Participant or to the estate or beneficiary of any Participant or to any other holder of an Award by reason of any acceleration of income, or any additional tax, asserted by reason of the failure of the Award to satisfy or the requirements for exemption under Section 409A of the Code, by reason of Section 4999 of the Code or for any other reason.
6.Effect of Covered Transaction
Except as otherwise provided in an Award Agreement, the following provisions shall apply in the event of any Covered Transaction:
(a)Assumption or Substitution.  In connection with a Covered Transaction, the Administrator may provide, with respect to any Awards that do not vest in connection with such Covered Transaction, for the assumption of some or all Awards or for the grant of new awards in substitution therefor by the acquiror or survivor or the parent or other affiliate of the Company or the acquiror or survivor.  Any such new awards may, in the discretion of the Administrator, contain such restrictions, if any, as the Administrator deems appropriate to reflect any vesting conditions or other restrictions to which the Award was subject prior to such substitution.
(b)Termination of Awards upon Consummation of a Covered Transaction.  Unless otherwise specified by the Administrator, and subject to Section 6(c) below, each Award that does not vest in connection with a Covered Transaction or that is not assumed pursuant to Section 6(a) above will terminate automatically upon consummation of the Covered Transaction; provided, that, subject to the payment provisions contained in the Award 
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Agreement, the Administrator shall have the discretion to require that any amounts that would have been delivered, exchanged or otherwise paid in respect of unvested Synthetic LLC Units in connection with the Covered Transaction (if such Synthetic LLC Units had been vested at the time of such Covered Transaction) be made payable in the future subject to such vesting and other restrictions as the Administrator deems appropriate to carry out the intent of any relevant vesting provisions contained in the Award Agreements relating thereto.
(c)Acceleration of Vesting in the Discretion of the Administrator.  In connection with any Covered Transaction, the Administrator may provide for the acceleration of the vesting of any unvested Synthetic LLC Units subject to an Award Agreement.  Except as so determined by the Administrator in its discretion or as expressly set forth in an Award Agreement, there shall be no acceleration of vesting of Awards in connection with any Covered Transaction.
7.Amounts Payable in Respect of an Award
Each Synthetic LLC Unit that becomes vested under the terms of the applicable Award Agreement shall be automatically cancelled in exchange for the right to receive a cash payment (subject to Section 6 above and the other provisions of this Plan and the applicable Award Agreement) equal to the Cash Payment Amount.  The amount of each Synthetic LLC Unit shall be determined by the Administrator in accordance with this Section 7 in its sole discretion.  The amount shall be payable by either the Company or the Affiliate to which the Participant provides services. 
8.Administration
The Administrator has discretionary authority, subject only to the express provisions of this Plan, to interpret this Plan, determine eligibility for and grant Awards, determine, modify or waive the terms and conditions of any Award, prescribe all forms, rules and procedures relating to this Plan and Awards hereunder and otherwise do all things necessary to carry out the purpose of this Plan.  Determinations of the Administrator made under this Plan will be conclusive and will bind all interested parties, including all Participants and all successors, assigns and transferees thereof.
9.Amendment and Termination
The Administrator may at any time or times amend this Plan or any outstanding Award Agreement for any purpose that may at the time be permitted by law, and may at any time terminate this Plan as to any future grants of Awards; provided, that except as otherwise expressly provided in this Plan, the Administrator may not, without the Participant’s consent, alter the terms of an outstanding Award in a manner that would reasonably be expected to have a material adverse effect on the Participant’s rights under the Award, unless the Administrator expressly reserved the right to do so at the time of the granting of the Award, provided that any amendment to comply with applicable law, to preserve the intended tax treatment of such Award or to increase the number of Synthetic LLC Units that may be granted under the Plan shall be expressly permitted under the terms of this Plan.
10.Governing Law; Severability
The validity, construction, and effect of this Plan shall be determined in accordance with the laws of the State of Delaware applicable to contracts made and to be performed therein.
If any provision of this Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any person or Award, or would disqualify this Plan or any Award under any law deemed applicable by the Administrator, such provision shall be construed or deemed amended to conform the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Administrator, materially altering the intent of this Plan or the Award, such provision shall be stricken as to such jurisdiction, person or Award and the remainder of this Plan and any such Award shall remain in full force and effect.
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Exhibit A
Definitions of Terms
The following terms, when used in the Plan, will have the meanings and be subject to the provisions set forth below:
“Administrator” means the Board, except that the Board may delegate its authority under the Plan (a) to a committee of the Board such of its duties, powers and responsibilities as it may determine; and (b) to such Employees or other persons as it designates such ministerial tasks as it determines to be appropriate.  In the event of any delegation described in the preceding sentence, the term “Administrator” will include the person or persons so delegated to the extent of such delegation.
“Affiliate” means all Persons directly or indirectly controlling, controlled by or under common control with the Company, where control may be by management authority, equity interest or otherwise.
“Award” means an award of Synthetic LLC Units under the Plan.
“Award Agreement” has the meaning set forth in Section 5(a) of the Plan.
“Board” means the board of directors of Pubco.
“Cash Payment Amount” means, in respect of vested Synthetic LLC Units, an amount equal to the product of (i) the number of vested Synthetic LLC Units and (ii) the Per Unit Price.  
“Cause” means (a) if Participant is party to an employment or severance agreement with the Company or any of its Affiliates in which “cause” is defined, the occurrence of any circumstance defined as “cause” in such employment or severance agreement for so long as such agreement is in effect, or (b) if Participant is not party to an effective employment or severance agreement with the Company or any of its Affiliates in which “cause” is defined, one of the following events or conditions, as determined by the Board in its reasonable judgement: (i) Participant’s indictment for, commission of, or a plea of guilty or nolo contendere to, a (A) felony or (B) a criminal act involving fraud, misappropriation, embezzlement, theft, or moral turpitude; (ii) Participant’s embezzlement, breach of fiduciary duty or fraud with regard to the Company or any of its assets or businesses; (iii) the failure by such Participant to perform his or her material duties or comply with the lawful and reasonable instructions of the Board or his or her direct supervisor in a manner consistent with his or her position and duties hereunder; (iv) Participant’s dishonesty, willful misconduct, or illegal conduct relating to the affairs of the Company or any of its Subsidiaries or Affiliates or customers; (v) Participant’s breach of a material provision of any contractual obligation to the Company or any of its Subsidiaries or Affiliates entities; (vi) Participant’s material violation of any agreement with the Company or any of its Affiliates that contains non-competition, non-solicitation, non-hire, non-disparagement, confidentiality, or assignment of intellectual property restrictions to which the Participant is subject; or (vii) other conduct by Participant that may be harmful to the business, interests, or reputation of the Company or any of its Affiliates, including any material violation of a Company policy. 
“Code” means the U.S. Internal Revenue Code of 1986, as from time to time amended and in effect, or any successor statute as from time to time in effect.
“Company” means Cure TopCo, LLC, a Delaware limited liability company.
“Compensation Committee” means the Compensation Committee of the Board.

“Covered Transaction” means any of (a) a consolidation, merger, recapitalization, reclassification, reorganization, exchange of securities, or other similar transaction or series of related transactions, including a sale or other disposition of equity interests, in which the Company is not the surviving entity or which results in the acquisition of all or substantially all of the equity interests in the Company by a single Person or by a group of 
    

Persons, including by means of any disposition of a Subsidiary (whether by means of a sale of equity securities, merger or otherwise); (b) a sale or transfer of all or substantially all the Company’s and its Subsidiaries’ assets, taken as a whole; or (c) a dissolution or liquidation of the Company, or (d) a transaction with an independent third Person or group of independent third Persons acting in concert, pursuant to which such Person or Persons, directly or indirectly, acquire, in any single transaction or series of related transactions, (i) Equity Securities of the Company (or of any surviving or resulting Person) possessing a majority of the voting power and economic and other rights with respect to the Company and its Subsidiaries, or (ii) all or substantially all of the Company’s and its Subsidiaries’ assets determined on a consolidated basis (in either case of (i) or (ii), whether by merger, consolidation, sale, exchange, issuance, Transfer or redemption of the Company’s Equity Securities, by sale, exchange or transfer of the Company’s consolidated assets or Subsidiaries or otherwise).
“Employee” means any individual who is employed by, or serves as a director, officer, manager, key employee or service provider or equivalent of, the Company or an Affiliate.
“Employment” means a Participant’s employment or other service relationship with the Company and/or its Affiliates.  Employment will be deemed to continue, unless the Administrator expressly provides otherwise, so long as the Participant is employed by, or otherwise is providing services in a capacity described in Section 4 of the Plan to the Company or its Affiliates, provided, that, if a Participant is both an employee and a director or member of a board of managers or directors of the Company or any of its Affiliates, as applicable, Employment with respect to such Participant shall only mean service as an employee of the Company or its Affiliates.  If a Participant’s employment or other service relationship is with an Affiliates and that entity ceases to be an Affiliate, the Participant’s Employment will be deemed to have Terminated when the entity ceases to be an Affiliate unless the Participant transfers his or her service relationship to the Company or its remaining Affiliates.  The term “Employed” has a correlative meaning.
“Equity Securities” has the meaning set forth in the LLC Agreement.
“IPO Closing Date” means the date of the closing of the initial underwritten public offering of Pubco.
“LLC Agreement” means the Third Amended and Restated Limited Liability Company Agreement of the Company adopted on or around the IPO Closing Date. 
“LLC Unit” has the meaning set forth in the LLC Agreement.
“Maximum Unit Number” has the meaning set forth in Section 3 of the Plan.
“Participant” means an individual who is granted an Award under the Plan.
“Per Unit Price” means the arithmetic average of the volume weighted average prices for a share of Class A common stock, par value $0.01 per share, of Pubco (“Class A Common Stock”) on the principal U.S. securities exchange or automated or electronic quotation system on which the Class A Common Stock trades, as reported by The Wall Street Journal or its successor, for each of the thirty (30) consecutive full trading days ending on and including the last full trading day immediately prior to the applicable vesting date of a Synthetic LLC Unit, subject to appropriate and equitable adjustment for any stock splits, reverse splits, stock dividends or similar events affecting the Class A Common Stock. If the Class A Common Stock no longer trades on a securities exchange or automated or electronic quotation system, then the Per Unit Price shall be determined in good faith by the Compensation Committee.
“Person” means an individual, a partnership (including a limited partnership), a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, association or other entity of a governmental entity.
“Plan” means this Cure TopCo, LLC Amended and Restated Synthetic Equity Plan, as from time to time amended, modified or supplemented and in effect.
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“Pubco” means Signify Health, Inc., a Delaware corporation.
“Subsidiary” means any direct or indirect subsidiary of the Company.
“Synthetic LLC Unit” means a notional unit that relates to an LLC Unit granted to an Employee pursuant to the Plan in respect of services to the Company or its Affiliates.
“Termination,” “Terminated” or “Terminates” means that a Participant’s Employment with the Company and all of its Affiliates has ceased for any reason whatsoever (including, but not limited to, by reason of redundancy, death, permanent disability or adjudicated incompetency).
 “Transfer” means any transfer, sale, assignment, pledge, hypothecation or other disposition, whether directly or indirectly, whether effected with or without consideration, voluntarily or involuntarily, by operation of law or otherwise, or whether inter vivos or upon death.
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