Document:

Exhibit 10.23

 

VACASA HOLDINGS LLC

2016 EQUITY COMPENSATION INCENTIVE PLAN

UNIT APPRECIATION RIGHT AGREEMENT

 

Unless otherwise defined herein,
the terms defined in the Vacasa Holdings LLC 2016 Equity Compensation Incentive Plan (the “Plan”) will have the same
meanings in this Unit Appreciation Right Agreement (the “Agreement”).

 

NOTICE OF GRANT

 

	 	Name:	<<Employee Name>> (the “Grantee”)

 

	 	Address:	______________________________

 

Grantee has been granted a
Unit Appreciation Right Award (the “Award”), subject to the terms and conditions of the Plan and this Agreement, as follows:

 

	 	Grant Date	<<Grant Date>>

 

	 	Vesting Commencement Date	<<Vest Date>>

 

	 	Exercise Price per Unit	<<Exercise Price>>

 

	 	Total Number of Units Granted	<<Quantity Granted>>

 

	 	Term/Expiration Date:	<<Expiration Date>>

 

Vesting Schedule:

 

Subject to any accelerated
vesting as set forth below or in the Plan, this Award may be exercised, in whole or in part, in accordance with the following schedule:

 

[___]
of the Units subject to this Award will be scheduled to vest on [___] of the Vesting Commencement Date and [___] of the Units subject
to this Award will be scheduled to vest each month thereafter on the same day of the month as the Vesting Commencement Date (or the last
day of the month if there is no corresponding day in a given month), subject to Grantee continuing to be a Service Provider through each
relevant vesting date; provided, however, that any Units subject to this Award that otherwise
would vest on a date prior to the occurrence of either a Change in Control or the date six (6) months and one (1) day following the
completion of the Company’s initial public offering (the “IPO,” and such date six (6) months and one (1) day following
the IPO, the “Post-IPO Date”), will not vest in accordance with the foregoing vesting schedule and instead will vest upon
the earlier of (a) the Change in Control or (b) the Post-IPO Date, subject to Grantee continuing to be a Service Provider
through the relevant vesting date. If Grantee ceases to be a Service Provider for any or no reason before Grantee vests in any Units subject
to this Award, such Units and Grantee’s rights with respect thereto will terminate immediately. For the avoidance of doubt, in the
event that neither the Change in Control nor the Post-IPO Date occurs on or before the Term/Expiration Date set forth above, this
Award and Grantee’s rights hereunder will terminate automatically upon the Term/Expiration Date.

 

     

     

    

 

Termination Period:

 

The vested portion of this
Award shall be exercisable for ninety (90) days after the Grantee ceases to be a Service Provider, unless such cessation is due to the
Grantee’s death or Disability, in which case this Award shall be exercisable for one (1) year after the Grantee ceases to be Service
Provider. Notwithstanding the foregoing sentence, in no event may this Award be exercised after the Term/Expiration Date as provided above
and may be subject to earlier termination as provided in Section 11 of the Plan.

 

    -2-

     

    

 

By Grantee’s signature
and the signature of the Company’s representative below, Grantee and the Company agree that this Unit Appreciation Right Award is
granted under and governed by the terms and conditions of the Plan and this Agreement, including the terms in Appendix A, which
is made a part of this document.

 

	GRANTEE:	 	VACASA HOLDINGS LLC

 

	Signature	 	By

 

	<<Employee Name>>	 	 

	Print Name	 	Title

 

    -3-

     

    

 

APPENDIX A

 

TERMS AND CONDITIONS OF UNIT
APPRECIATION RIGHT 

 

1.                 
Grant of Unit Appreciation Right. The Company hereby grants to the Grantee a Unit Appreciation Right Award, subject to all
of the terms and conditions in this Agreement and the Plan.

 

2.                 
Vesting Schedule. Subject to Section 3, the Unit Appreciation Rights awarded by this Agreement will vest in the Grantee
according to the vesting schedule set forth on the attached Notice of Grant, subject to the Grantee continuing to be a Service Provider
through each applicable vesting date.

 

3.                 
Termination of Unit Appreciation Right. Notwithstanding any contrary provision of this Agreement, if the Grantee ceases
to be a Service Provider for any or no reason, the then-unvested portion of the Award will terminate and the Grantee will have no
further rights thereunder. The Grantee (or, if applicable, the Grantee’s personal representative, designated beneficiary, estate
or the person(s) to whom the Award is transferred pursuant to the Grantee’s will or in accordance with the laws of descent and distribution)
shall have the period set forth in Notice of Grant to exercise the Award to the extent vested as of the date the Grantee ceases to be
a Service Provider. This Award may be exercised only within the term set out in the Notice of Grant of the Agreement or the Plan, and
may be exercised during such term only in accordance with the Plan and the terms of this Agreement. Notwithstanding the foregoing in this
Section 3, in the event that, prior to a Change in Control, the Grantee’s relationship with the Company as a Service Provider
is terminated by the Company for cause (as determined by the Administrator in its sole reasonable discretion, a “Termination for
Cause”), then all outstanding Unit Appreciation Rights issued under this Award shall be forfeited immediately without consideration
therefor upon the Grantee’s Termination for Cause.

 

4.                 
Exercise of Unit Appreciation Right.

 

4.1.           
Method of Exercise. This Award is exercisable by the Grantee during its term in accordance with the Vesting Schedule set
forth in the Notice of Grant and the applicable provisions of the Plan and this Agreement. This Award is exercisable by (i) delivery
of an exercise notice, in the form set forth as Exhibit I attached hereto or in such other form and manner determined by the Administrator,
or (ii) following an electronic or other exercise procedure prescribed by the Administrator, which in either case shall state the
election to exercise the Award, the number of Units in respect of which the Award is being exercised, and such other representations and
agreements as may be required by the Company pursuant to the provisions of the Plan. This Award shall be deemed to be exercised upon receipt
by the Company of a fully executed exercise notice or completion of such exercise procedure, as the Administrator may determine in its
sole discretion.

 

4.2.            Payment
upon Exercise. Upon exercise of all or a specified portion of the Award, the Grantee shall be entitled to receive from the
Company an amount determined as the product of (i) the positive difference (if any) obtained by subtracting (A) the Exercise
Price Per Unit as set forth in the Notice of Grant from (B) the Fair Market Value of a Unit on the date of exercise of the
Award, multiplied by (ii) the number of Units with respect to which the Award is exercised, reduced by any applicable tax
withholding and subject to any limitations the Administrator may impose (such product, the “Exercise Consideration”).
The Exercise Consideration will be paid: (x) if the exercise occurs prior to the earlier of a Change in Control or the
completion of the Company’s initial public offering, in cash or cash equivalent, or (y) in all other cases, in cash or a
cash equivalent, Common Units, other property, or a combination of the foregoing, as determined by the Administrator in its sole
discretion. Such payment shall be made as soon as practicable, but in no event later than sixty (60) days following the date of
exercise. The Administrator may determine in its sole discretion to permit Grantee to purchase the Units underlying the Award
instead of paying to Grantee the Exercise Consideration on such terms and conditions as the Administrator so determines.

 

     

     

    

 

5.                 
Forfeiture on Termination for Cause. In addition to any other terms and conditions the Administrator may require in its
sole discretion, in the event this Award is settled in Common Units (such Common Units issued to Grantee upon settlement, the “Issued
Units”) and, prior to a Change in Control, the Grantee’s Termination for Cause occurs, then all such outstanding Issued Units
shall be forfeited immediately without consideration therefor upon the Grantee’s Termination for Cause.

 

6.                 
Taxes.

 

6.1.           
Tax Withholding. When the Unit Appreciation Right is settled (or Units purchased, as applicable) upon exercise of the right
or, in the discretion of the Company, at such earlier time as the Tax Obligations are due, the Grantee agrees that the Company (or the
Parent or Subsidiary retaining the services of the Grantee, as applicable) will have the power and the right to deduct or withhold, or
require the Grantee to remit to the Company (or the Parent or Subsidiary retaining the services of the Grantee, as applicable), an amount
sufficient to satisfy all Tax Obligations required or agreed to be withheld by the Company (or the Parent or Subsidiary retaining the
services of the Grantee, as applicable). The Grantee agrees as a condition of the grant of this Award to make arrangements satisfactory
to the Company to enable it to satisfy all withholding or remitting requirements related to any Tax Obligations. The Grantee authorizes
the Company (and/or the Parent or Subsidiary retaining the services of the Grantee) to withhold all applicable Tax Obligations from the
Grantee’s payment under this Agreement, wages or other cash compensation paid to the Grantee by the Company (and/or the Parent or
Subsidiary retaining the services of the Grantee) in an amount sufficient to cover such Tax Obligations. Notwithstanding the foregoing,
the Company, in its sole discretion, may require the Grantee to make alternate arrangements satisfactory to the Company for such Tax Obligations
in advance of the arising of any Tax Obligations. All Tax Obligations and tax consequences related to this Award and any amounts delivered
in payment thereof are the sole responsibility of the Grantee and the Grantee acknowledges and agrees that the Company may refuse to honor
the exercise and refuse to make the payment (or issuance of Units, as applicable) required under this Agreement if such Tax Obligations
are not satisfied at the time of exercise.

 

6.2.            Section
409A. Under Section 409A, a Unit Appreciation Right granted with a per Unit exercise price that is determined by the Internal
Revenue Service (the “IRS”) to be less than the fair market value of a Unit on the date of grant (a “Discount
Right”) may be considered “deferred compensation.” A Discount Right may result in (i) income recognition by the
Grantee prior to the exercise of the award, (ii) an additional twenty percent (20%) federal income tax, and (iii) potential penalty
and interest charges. A Discount Right also may result in additional state income, penalty and interest tax to the Grantee. The
Grantee acknowledges that the Company cannot and has not guaranteed that the IRS will agree that the Exercise Price Per Unit of this
Award equals or exceeds the Fair Market Value of a Unit on the Grant Date in a later examination. The Grantee agrees that if the IRS
determines that the Award was granted with a per Unit exercise price that was less than the fair market value of a Unit on the date
of grant, the Grantee will be solely responsible for Grantee’s costs related to such a determination. In no event will the
Company (or the Parent or Subsidiary retaining the services of the Grantee) have any responsibility, liability, or obligation to
reimburse, indemnify or hold harmless the Grantee for any taxes imposed or other costs incurred as a result of
Section 409A.

 

    -2- 

     

    

 

7.                 
No Rights as Member; No Interest. Neither the Grantee nor any person claiming under or through the Grantee will have any
of the rights or privileges of a Member in respect of any Unit Appreciation Right granted hereunder, or the exercise thereof or in the
case of the purchase of Units upon exercise, unless and until such Units are issued as evidenced by the appropriate entry on the books
of the Company or of any duly authorized transfer agent of the Company. Any payment upon exercise of this Award in whole or in part will
be paid without interest thereon.

 

8.                 
No Effect on Service. The Grantee acknowledges and agrees that the vesting of this Award is earned only by the Grantee continuing
to be a Service Provider through the applicable vesting dates. The Grantee further acknowledges and agrees that this Agreement, the transactions
contemplated hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of the Grantee’s
continuation as a Service Provider for the vesting period, for any period, or at all, and will not interfere with the Grantee’s
right or the right of the Company to terminate the Grantee’s status as a Service Provider at any time, with or without cause.

 

9.                 
Address for Notices. Any notice to be given to the Company under the terms of this Agreement will be addressed to the Company,
in care of its Chief Legal Officer at Vacasa Holdings LLC, 850 NW 13th Avenue, Portland, Oregon 97209, or at such other address as
the Company may hereafter designate in writing.

 

10.             
Grant is Not Transferable. Except to the limited extent permitted in the event of the Grantee’s death, this Award
and the rights and privileges conferred hereby will not be transferred, assigned, pledged or hypothecated in any way (whether by operation
of law or otherwise) and will not be subject to sale under execution, attachment or similar process. Upon any attempt to transfer, assign,
pledge, hypothecate or otherwise dispose of this Award, or any right or privilege conferred hereby, or upon any attempted sale under any
execution, attachment or similar process, this Award and the rights and privileges conferred hereby immediately will become null and void.

 

11.             
Binding Agreement. Subject to the limitation on the transferability of this Award contained herein, this Agreement will
be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.

 

12.              Additional
Conditions to Issuance. If at any time the Company will determine, in its discretion, with respect to the Unit Appreciation
Rights and/or any payment thereunder and/or the Units subject thereto, that the listing, registration, qualification or rule
compliance under any U.S. federal, state, local or non-U.S. law, the tax code and related regulations or upon any securities
exchange or the consent or approval of any governmental regulatory authority is necessary or desirable as a condition to the
issuance of the Unit Appreciation Rights or any payment to the Grantee hereunder, such issuance will not occur unless and until such
listing, registration, qualification, rule compliance, consent or approval will have been completed, effected or obtained free of
any conditions not acceptable to the Company. Where the Company determines that the delivery of the Unit Appreciation Rights or any
payment thereunder (including, without limitation, any issuance of Units) will violate any federal securities laws or other
applicable laws, the Company will defer delivery until the earliest date at which the Company reasonably anticipates that such
delivery no longer will cause such violation. The Company will make all reasonable efforts to meet the requirements of any such U.S.
federal, state, local or non-U.S. law or securities exchange and to obtain any such consent or approval of any such governmental
authority or securities exchange.

 

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13.             
Plan Governs. This Agreement is subject to all terms and provisions of the Plan. In the event of a conflict between one
or more provisions of this Agreement and one or more provisions of the Plan, the provisions of the Plan will govern.

 

14.             
Administrator Authority. The Plan Administrator will have the power to interpret the Plan and this Agreement and to adopt
such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any
such rules (including, but not limited to, the determination of whether or not and to what extent the Award has vested). All actions taken
and all interpretations and determinations made by the Administrator in good faith will be final and binding upon the Grantee, the Company
and all other interested persons.

 

15.             
Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents related to this Award granted
under the Plan or future awards that may be granted under the Plan by electronic means or request the Grantee’s consent to participate
in the Plan by electronic means. The Grantee hereby consents to receive such documents by electronic delivery and agrees to participate
in the Plan through any online or electronic system established and maintained by the Company or another third party designated by the
Company.

 

16.             
Captions. Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction
of this Agreement.

 

17.             
Agreement Severable. In the event that any provision in this Agreement will be held invalid or unenforceable, such provision
will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions
of this Agreement.

 

18.             
Modifications to the Agreement. The Plan is established voluntarily by the Company, it is discretionary in nature, and the
Company, in its discretion, may elect to terminate, suspend or modify the terms of the Plan at any time, to the extent permitted by the
Plan. The Grantee agrees to be bound by such termination, suspension or modification regardless of whether notice is given to the Grantee
of such event. The Company reserves the right to revise this Agreement as it deems necessary or advisable, in its sole discretion and
without the consent of the Grantee, to comply with Section 409A or otherwise to avoid imposition of any additional tax or income recognition
under Section 409A in connection to this Award of Unit Appreciation Rights. Further, the Company reserves the right to impose other requirements
on the Grantee’s participation in the Plan, and on the Unit Appreciation Rights granted hereunder, to the extent the Company determines
it is necessary or advisable for legal or administrative reasons, and to require the Grantee to execute any additional agreements or undertakings
that may be necessary to accomplish the foregoing. This Agreement, together with the Plan which is incorporated herein by reference, constitute
the entire understanding of the parties on the subjects covered. The Grantee expressly warrants that he or she is not accepting this Agreement
in reliance on any promises, representations, or inducements other than those contained in this Agreement and the Plan. Modifications
to this Agreement or the terms of the Plan governing this Agreement can be made only in an express written contract executed by a duly
authorized officer of the Company.

 

19.             
 Governing Law. This Agreement shall be governed by the laws of the State of Oregon, without giving effect to the conflict
of law principles thereof.

* * *

 

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EXHIBIT I

 

VACASA HOLDINGS LLC

 

2016 EQUITY COMPENSATION
INCENTIVE PLAN

 

UNIT APPRECIATION RIGHT AGREEMENT

 

EXERCISE NOTICE

 

Vacasa Holdings LLC

850 NW 13th Avenue

Portland, Oregon 97209

Attention:

 

1.       Exercise
of Unit Appreciation Right Award. Effective as of today, ________________, the undersigned (the “Grantee”) hereby
elects to exercise ______________ Units under and pursuant to the Company’s 2016 Equity Compensation Incentive Plan (the “Plan”) and
the Unit Appreciation Right Agreement dated [___] (the “Agreement”). Unless otherwise
defined herein, the terms defined in the Plan shall have the same defined meanings in this Exercise Notice.

 

2.       Representations
of Grantee. The Grantee acknowledges that the Grantee has received, read and understood the Plan and the Agreement and agrees to abide
by and be bound by their terms and conditions.

 

3.       Tax
Consultation. The Grantee understands that the Grantee’s exercise hereunder may have tax consequences for the Grantee. The Grantee
represents that the Grantee has consulted with any tax consultants the Grantee deems advisable in connection with the exercise hereunder
and that the Grantee is not relying on the Company for any tax advice.

 

4.       Entire
Agreement; Governing Law. The Plan and Agreement are incorporated herein by reference. This Exercise Notice, the Plan and the Agreement
constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings
and agreements of the Company and the Grantee with respect to the subject matter hereof, and may not be modified adversely to the Grantee’s
interest except by means of a writing signed by the Company and the Grantee. This Agreement is governed by the laws of the State of Oregon,
without giving effect to the conflict of law principles thereof.

 

[Signature Page Follows]

 

     

     

    

 

 

Submitted by:

 

GRANTEE

 

 

	Signature	 

 

	<<Employee Name>>	 

Print Name

 

Accepted by:

 

VACASA HOLDINGS LLC

 

 

	Signature	 

  

	Title	 

 

	Print Name	 

 

  

[Signature Page to Exercise
Notice of Unit Appreciation Right Agreement]

 

    -2-Exhibit 10.24

 

INDEMNIFICATION
And Advancement AGREEMENT

 

This Indemnification and Advancement
Agreement (“Agreement”) is made as of ________ __, 20__ by and between Vacasa, Inc., a Delaware corporation (the “Company”),
and ______________, [a member of the Board of Directors/an officer/an employee/an agent/a fiduciary] of the Company (“Indemnitee”).
This Agreement supersedes and replaces any and all previous Agreements between the Company and Indemnitee covering indemnification and
advancement.

 

RECITALS

 

WHEREAS, the Board of Directors
of the Company (the “Board”) believes that highly competent persons have become more reluctant to serve publicly-held corporations
as directors, officers, or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification
and advancement of expenses against inordinate risks of claims and actions against them arising out of their service to and activities
on behalf of the corporation;

 

WHEREAS, the Board has determined
that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense,
liability insurance to protect persons serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such
insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company
believes that, given current market conditions and trends, such insurance may be available to it in the future only at higher premiums
and with more exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises
are being increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally
would have been brought only against the Company or business enterprise itself. The Certificate of Incorporation of the Company require
indemnification of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant to the General
Corporation Law of the State of Delaware (the “DGCL”). The Certificate of Incorporation and the DGCL expressly provide that
the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between
the Company and members of the board of directors, officers and other persons with respect to indemnification and advancement of expenses;

 

WHEREAS, the uncertainties
relating to such insurance, to indemnification, and to advancement of expenses may increase the difficulty of attracting and retaining
such persons;

 

WHEREAS, the Board has determined
that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company and its stockholders
and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;

 

WHEREAS, it is reasonable,
prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons
to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that
they will not be so indemnified;

 

     

     

    

 

WHEREAS, this Agreement is
a supplement to and in furtherance of Certificate of Incorporation and any resolutions adopted pursuant thereto, and is not a substitute
therefor, nor diminishes or abrogates any rights of Indemnitee thereunder; and

 

WHEREAS, Indemnitee does
not regard the protection available under Certificate of Incorporation, DGCL and insurance as adequate in the present circumstances, and
may not be willing to serve or continue to serve as an officer or director without adequate additional protection, and the Company desires
Indemnitee to serve or continue to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional
service for or on behalf of the Company on the condition that Indemnitee be so indemnified and be advanced expenses.

 

NOW, THEREFORE, in consideration
of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

Section 1.     Services
to the Company. Indemnitee agrees to serve as [a/an] [director/officer/employee/agent/fiduciary] of the Company. Indemnitee may at
any time and for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by operation
of law). This Agreement does not create any obligation on the Company to continue Indemnitee in such position and is not an employment
contract between the Company (or any of its subsidiaries or any Enterprise) and Indemnitee.

 

Section 2.     Definitions.
As used in this Agreement:

 

(a)           “Affiliate”
shall have the meaning set forth in Rule 405 under the Securities Act of 1933, as amended (as in effect on the date hereof).

 

(b)           “Agent”
means any person who is authorized by the Company or an Enterprise to act for or represent the interests of the Company or an Enterprise,
respectively.

 

(c)           A
 “Change in Control” occurs upon the earliest to occur after the date of this Agreement of any of the following events:

 

i.            Acquisition
of Stock by Third Party. Any Person (as defined below), other than a Designated Person, is or becomes the Beneficial Owner (as defined
below), directly or indirectly, of securities of the Company representing fifteen percent (15%) or more of the combined voting power of
the Company’s then outstanding securities unless the change in relative beneficial ownership of the Company’s securities by
any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the
election of directors;

 

ii.            Change
in Board of Directors. During any period of two (2) consecutive years (not including any period prior to the execution of this
Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other than a director
designated by a person who has entered into an agreement with the Company to effect a transaction described in Sections 2(c)(i),
2(c)(iii) or 2(c)(iv) whose election by the Board or nomination for election by the Company’s stockholders was
approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the
period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a
majority of the members of the Board;

 

    -2- 

     

    

 

iii.            Corporate
Transactions. The effective date of a merger or consolidation of the Company with any other entity, other than a merger or consolidation
which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to
represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the
combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and
with the power to elect at least a majority of the board of directors or other governing body of such surviving entity;

 

iv.            Liquidation.
The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition by
the Company of all or substantially all of the Company’s assets; and

 

v.            Other
Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of
Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined below),
whether or not the Company is then subject to such reporting requirement.

 

vi.            For
purposes of this Section 2(c), the following terms have the following meanings:

 

		1	“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.

 

		2	“Person” has the meaning as set forth in Sections 13(d) and 14(d) of the Exchange
Act; provided, however, that Person excludes (i) the Company, (ii) any trustee or other fiduciary holding securities under an
employee benefit plan of the Company, and (iii) any corporation owned, directly or indirectly, by the stockholders of the Company
in substantially the same proportions as their ownership of stock of the Company.

 

		3	“Beneficial Owner” has the meaning given to such term in Rule 13d-3 under the Exchange
Act; provided, however, that Beneficial Owner excludes any Person otherwise becoming a Beneficial Owner by reason of the stockholders
of the Company approving a merger of the Company with another entity.

 

(d)            “Corporate
Status” describes the status of a person who is or was acting as a director, officer, employee, fiduciary, or Agent of the Company
or an Enterprise.

 

    -3- 

     

    

 

(e)            “Designated
Person” means (a) collectively Mossytree Inc. and its Affiliates and Related Parties (as defined below); (b) collectively
Series 1 of SLP Venice Aggregator, L.P. and Series 2 of SLP Venice Aggregator, L.P., together with their Affiliates and
any funds, partnerships or other co-investment vehicles managed, advised or controlled by any of the foregoing or any of their
respective Affiliates, (c) collectively RW Vacasa AIV LP, Riverwood Capital Partners II (Parallel-B) L.P., RCP III Vacasa AIV
L.P., Riverwood Capital Partners III (Parallel-B) L.P., and RCP III (A) Vacasa AIV L.P., together with their Affiliates and any
funds, partnerships or other co-investment vehicles managed, advised or controlled by any of the foregoing or any of their
respective Affiliates, and (d) collectively LEGP I VCS, LLC, LEGP II VCS, LLC, LEVEL EQUITY OPPORTUNITIES FUND 2015, L.P.,
LEVEL EQUITY OPPORTUNITIES FUND 2018, L.P., and Level Equity - VCS Investors, LLC, together with their Affiliates and any funds,
partnerships or other co-investment vehicles managed, advised or controlled by any of the foregoing or any of their respective
Affiliates.

 

(f)            “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is
sought by Indemnitee.

 

(g)            “Enterprise”
means any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other entity for which
Indemnitee is or was serving at the request of the Company as a director, officer, employee, or Agent.

 

(h)            “Expenses”
includes all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts and other professionals, witness
fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, any federal,
state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement,
ERISA excise taxes and penalties, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting,
defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding.
Expenses also include (i) Expenses incurred in connection with any appeal resulting from any Proceeding, including without limitation
the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent, and (ii) for
purposes of Section 14(d) only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense
of Indemnitee’s rights under this Agreement, by litigation or otherwise. Expenses, however, do not include amounts paid in settlement
by Indemnitee or the amount of judgments or fines against Indemnitee.

 

(i)            “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is,
nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party
(other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar indemnification
agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the
foregoing, the term “Independent Counsel” does not include any person who, under the applicable standards of professional
conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine
Indemnitee’s rights under this Agreement.

 

    -4- 

     

    

 

(j)            The
term “Proceeding” includes any threatened, pending or completed action, suit, claim, counterclaim, cross claim, arbitration,
mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed
proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal, administrative, legislative, or
investigative (formal or informal) nature, including any appeal therefrom, in which Indemnitee was, is or will be involved as a party,
potential party, non-party witness or otherwise by reason of Indemnitee’s Corporate Status or by reason of any action taken by Indemnitee
(or a failure to take action by Indemnitee) or of any action (or failure to act) on Indemnitee’s part while acting pursuant to Indemnitee’s
Corporate Status, in each case whether or not serving in such capacity at the time any liability or Expense is incurred for which indemnification,
reimbursement, or advancement of Expenses can be provided under this Agreement. A Proceeding also includes a situation the Indemnitee
believes in good faith may lead to or culminate in the institution of a Proceeding.

 

(k)            “Related
Party” means, with respect to any Person, (i) any controlling stockholder, controlling member, general partner, subsidiary,
spouse or immediate family member (in the case of an individual) of such Person, (ii) any estate, trust, corporation, partnership
or other entity, the beneficiaries, stockholders, partners or owners of which consist solely of one or more of Mossytree Inc. and its
Affiliates (other than the Company and its subsidiaries, if applicable) and Related Parties and/or such other Persons referred to in the
immediately preceding clause (i), or (iii) any executor, administrator, trustee, manager, director or other similar fiduciary of
any Person referred to in the immediately preceding clause (ii), acting solely in such capacity.

 

Section 3.         Indemnity
in Third-Party Proceedings. The Company will indemnify Indemnitee in accordance with the provisions of this Section 3 if Indemnitee
is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company
to procure a judgment in its favor. Pursuant to this Section 3, the Company will indemnify Indemnitee to the fullest extent permitted
by applicable law against all Expenses, judgments, fines and amounts paid in settlement (including all interest, assessments and other
charges paid or payable in connection with or in respect of such Expenses, judgments, fines and amounts paid in settlement) actually and
reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein,
if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the
Company and, in the case of a criminal Proceeding had no reasonable cause to believe that Indemnitee’s conduct was unlawful.

 

Section 4.     Indemnity
in Proceedings by or in the Right of the Company. The Company will indemnify Indemnitee in accordance with the provisions of
this Section 4 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right
of the Company to procure a judgment in its favor. Pursuant to this Section 4, the Company will indemnify Indemnitee to the
fullest extent permitted by applicable law against all Expenses actually and reasonably incurred by Indemnitee or on
Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good
faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. The Company will
not indemnify Indemnitee for Expenses under this Section 4 related to any claim, issue or matter in a Proceeding for which
Indemnitee has been finally adjudged by a court to be liable to the Company, unless, and only to the extent that, the
Delaware Court of Chancery or any court in which the Proceeding was brought determines upon application by Indemnitee that, despite
the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to
indemnification.

 

    -5- 

     

    

 

Section 5.     Indemnification
for Expenses of a Party Who is Wholly or Partly Successful. To the fullest extent permitted by applicable law, the Company will indemnify
Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in connection with any Proceeding the extent that Indemnitee
is successful, on the merits or otherwise. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits
or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company will indemnify Indemnitee
against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with or related to each
successfully resolved claim, issue or matter to the fullest extent permitted by law. For purposes of this Section 5 and without limitation,
the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, will be deemed to be a successful
result as to such claim, issue or matter.

 

Section 6.     Indemnification
For Expenses of a Witness. To the fullest extent permitted by applicable law, the Company will indemnify Indemnitee against all Expenses
actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with any Proceeding to which Indemnitee is
not a party but to which Indemnitee is a witness, deponent, interviewee, or otherwise asked to participate.

 

Section 7.     Partial
Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion
of Expenses, but not, however, for the total amount thereof, the Company will indemnify Indemnitee for the portion thereof to which Indemnitee
is entitled.

 

Section 8.     Additional
Indemnification. Notwithstanding any limitation in Sections 3, 4, or 5, the Company will indemnify Indemnitee to the fullest extent
permitted by applicable law (including but not limited to, the DGCL and any amendments to or replacements of the DGCL adopted after the
date of this Agreement that expand the Company’s ability to indemnify its officers and directors) if Indemnitee is a party to or
threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its
favor).

 

Section 9.     Exclusions.
Notwithstanding any provision in this Agreement, the Company is not obligated under this Agreement to make any indemnification payment
to Indemnitee in connection with any Proceeding:

 

(a)            for
which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except to
the extent provided in Section 16(b) and except with respect to any excess beyond the amount paid under any insurance policy
or other indemnity provision; or

 

(b)            for
(i) an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company
within the meaning of Section 16(b) of the Exchange Act (as defined in Section 2(c) hereof) or similar
provisions of state statutory law or common law, (ii) any reimbursement of the Company by the Indemnitee of any bonus or other
incentive-based or equity-based compensation or of any profits realized by the Indemnitee from the sale of securities of the
Company, as required in each case under the Exchange Act (including any such reimbursements that arise from an accounting
restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or
the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of
Section 306 of the Sarbanes-Oxley Act) or (iii) any reimbursement of the Company by Indemnitee of any compensation
pursuant to any compensation recoupment or clawback policy adopted by the Board or the compensation committee of the Board,
including but not limited to any such policy adopted to comply with stock exchange listing requirements implementing
Section 10D of the Exchange Act; or

 

    -6- 

     

    

 

(c)            initiated
by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors,
officers, employees or other indemnitees, unless (i) the Proceeding or part of any Proceeding is to enforce Indemnitee’s rights
to indemnification or advancement, of Expenses, including a Proceeding (or any part of any Proceeding) initiated pursuant to Section 14
of this Agreement, (ii) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (iii) the
Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law.

 

Section 10.     Advances
of Expenses.

 

(a)         The
Company will advance, to the extent not prohibited by law, the Expenses incurred by Indemnitee in connection with any Proceeding (or any
part of any Proceeding) not initiated by Indemnitee or any Proceeding (or any part of any Proceeding) initiated by Indemnitee if (i) the
Proceeding or part of any Proceeding is to enforce Indemnitee’s rights to obtain indemnification or advancement of Expenses from
the Company or Enterprise, including a proceeding initiated pursuant to Section 14 or (ii) the Board authorized the Proceeding
(or any part of any Proceeding) prior to its initiation. The Company will advance the Expenses within thirty (30) days after the receipt
by the Company of a statement or statements requesting such advances from time to time, whether prior to or after final disposition of
any Proceeding.

 

(b)          Advances
will be unsecured and interest free. Indemnitee undertakes to repay the amounts advanced (without interest) to the extent that it is ultimately
determined that Indemnitee is not entitled to be indemnified by the Company, thus Indemnitee qualifies for advances upon the execution
of this Agreement and delivery to the Company. No other form of undertaking is required other than the execution of this Agreement. The
Company will make advances without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s
ultimate entitlement to indemnification under the other provisions of this Agreement.

 

Section 11.     Procedure
for Notification of Claim for Indemnification or Advancement.

 

(a)            Indemnitee
will notify the Company in writing of any Proceeding with respect to which Indemnitee intends to seek indemnification or advancement of
Expenses hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof. Indemnitee will include
in the written notification to the Company a description of the nature of the Proceeding and the facts underlying the Proceeding and provide
such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what
extent Indemnitee is entitled to indemnification following the final disposition of such Proceeding. Indemnitee’s failure to notify
the Company will not relieve the Company from any obligation it may have to Indemnitee under this Agreement, and any delay in so notifying
the Company will not constitute a waiver by Indemnitee of any rights under this Agreement. The Secretary of the Company will, promptly
upon receipt of such a request for indemnification or advancement, advise the Board in writing that Indemnitee has requested indemnification
or advancement.

 

(b)            The
Company will be entitled to participate in the Proceeding at its own expense.

 

    -7- 

     

    

 

Section 12.     Procedure
Upon Application for Indemnification.

 

(a)            Unless
a Change in Control has occurred, the determination of Indemnitee’s entitlement to indemnification will be made:

 

i.               by
a majority vote of the Disinterested Directors, even though less than a quorum of the Board;

 

ii.            by
a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of
the Board;

 

iii.            if
there are no such Disinterested Directors or, if such Disinterested Directors so direct, by written opinion provided by Independent Counsel
selected by the Board; or

 

iv.              if
so directed by the Board, by the stockholders of the Company.

 

(b)            If
a Change in Control has occurred, the determination of Indemnitee’s entitlement to indemnification will be made by written opinion
provided by Independent Counsel selected by Indemnitee (unless Indemnitee requests such selection be made by the Board)

 

(c)            The
party selecting Independent Counsel pursuant to subsection (a)(iii) or (b) of this Section 12 will provide written
notice of the selection to the other party. The notified party may, within ten (10) days after receiving written notice of the
selection of Independent Counsel, deliver to the selecting party a written objection to such selection; provided, however,
that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of
 “Independent Counsel” as defined in Section 2 of this Agreement, and the objection will set forth with
particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected will act as
Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve
as Independent Counsel unless and until such objection is withdrawn or the Delaware Court has determined that such objection is
without merit. If, within thirty (30) days after the later of submission by Indemnitee of a written request for indemnification
pursuant to Section 11(a) hereof and the final disposition of the Proceeding, Independent Counsel has not been
selected or, if selected, any objection to has not been resolved, either the Company or Indemnitee may petition the Delaware Court
for the appointment as Independent Counsel of a person selected by such court or by such other person as such court designates. Upon
the due commencement of any judicial proceeding or arbitration pursuant to Section 14(a) of this
Agreement, Independent Counsel will be discharged and relieved of any further responsibility in such capacity (subject to the
applicable standards of professional conduct then prevailing).

 

    -8- 

     

    

 

 

(d)            Indemnitee
will cooperate with the person, persons or entity making the determination with respect to Indemnitee’s entitlement to indemnification,
including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged
or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination.
The Company will advance and pay any Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making the indemnification
determination irrespective of the determination as to Indemnitee’s entitlement to indemnification and the Company hereby indemnifies
and agrees to hold Indemnitee harmless therefrom. The Company promptly will advise Indemnitee in writing of the determination that Indemnitee
is or is not entitled to indemnification, including a description of any reason or basis for which indemnification has been denied and
providing a copy of any written opinion provided to the Board by Independent Counsel.

 

(e)            If
it is determined that Indemnitee is entitled to indemnification, the Company will make payment to Indemnitee within thirty (30) days after
such determination.

 

Section 13.            Presumptions
and Effect of Certain Proceedings.

 

(a)            In
making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination
will, to the fullest extent not prohibited by law, presume Indemnitee is entitled to indemnification under this Agreement if Indemnitee
has submitted a request for indemnification in accordance with Section 11(a) of this Agreement, and the Company will, to the
fullest extent not prohibited by law, have the burden of proof to overcome that presumption. Neither the failure of the Company (including
by its directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement
that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination
by the Company (including by its directors or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, will
be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

 

(b)            If
the determination of the Indemnitee’s entitlement to indemnification has not made pursuant to Section 12 within sixty
(60) days after the later of (i) receipt by the Company of Indemnitee’s request for indemnification pursuant to
Section 11(a) and (ii) the final disposition of the Proceeding for which Indemnitee requested indemnification (the
 “Determination Period”), the requisite determination of entitlement to indemnification will, to the fullest
extent not prohibited by law, be deemed to have been made and Indemnitee will be entitled to such indemnification, absent (i) a
misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not
materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under
applicable law. The Determination Period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the
person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires such
additional time for the obtaining or evaluating of documentation and/or information relating thereto; and provided, further, the
Determination Period may be extended an additional fifteen (15) days if the determination of entitlement to indemnification is to be
made by the stockholders pursuant to Section 12(a)(iv) of this Agreement.

 

    -9-

     

    

 

(c)            The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of
nolo contendere or its equivalent, will not (except as otherwise expressly provided in this Agreement) of itself adversely affect
the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee
reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee
had reasonable cause to believe that Indemnitee’s conduct was unlawful.

  

(d)            For
purposes of any determination of good faith, Indemnitee will be deemed to have acted in good faith if Indemnitee acted based on the
records or books of account of the Company, its subsidiaries, or an Enterprise, including financial statements, or on information supplied
to Indemnitee by the directors or officers of the Company, its subsidiaries, or an Enterprise in the course of their duties, or on the
advice of legal counsel for the Company, its subsidiaries, or an Enterprise or on information or records given or reports made to the
Company or an Enterprise by an independent certified public accountant or by an appraiser, financial advisor or other expert selected
with reasonable care by or on behalf of the Company, its subsidiaries, or an Enterprise. Further, Indemnitee will be deemed to have
acted in a manner “not opposed to the best interests of the Company,” as referred to in this Agreement if Indemnitee acted
in good faith and in a manner Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee
benefit plan. The provisions of this Section 13(d) is not exclusive and does not limit in any way the other circumstances in
which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.

 

(e)            The
knowledge and/or actions, or failure to act, of any director, officer, trustee, partner, managing member, fiduciary, agent or employee
of the Enterprise may not be imputed to Indemnitee for purposes of determining Indemnitee’s right to indemnification under this
Agreement.

 

Section 14.            Remedies
of Indemnitee.

 

(a)            Indemnitee
may commence litigation against the Company in the Delaware Court of Chancery to obtain indemnification or advancement of Expenses
provided by this Agreement in the event that (i) a determination is made pursuant to Section 12 of this Agreement
that Indemnitee is not entitled to indemnification under this Agreement, (ii) the Company does not advance Expenses pursuant to
Section 10 of this Agreement, (iii) the determination of entitlement to indemnification is not made pursuant to
Section 12 of this Agreement within the Determination Period, (iv) the Company does not indemnify Indemnitee pursuant to
Section 5 or 6 or the second to last sentence of Section 12(d) of this Agreement within thirty (30) days after
receipt by the Company of a written request therefor, (v) the Company does not indemnify Indemnitee pursuant to Section 3,
4, 7, or 8 of this Agreement within thirty (30) days after a determination has been made that Indemnitee is entitled to
indemnification, or (vi) in the event that the Company or any other person takes or threatens to take any action to declare
this Agreement void or unenforceable, or institutes any litigation or other action or Proceeding designed to deny, or to recover
from, the Indemnitee the benefits provided or intended to be provided to the Indemnitee hereunder. Indemnitee must commence such
Proceeding seeking an adjudication or an award in arbitration within one hundred and eighty (180) days following the date on which
Indemnitee first has the right to commence such Proceeding pursuant to this Section 14(a); provided, however,
that the foregoing clause does not apply in respect of a Proceeding brought by Indemnitee to enforce Indemnitee’s rights under
Section 5 of this Agreement. The Company will not oppose Indemnitee’s right to seek any such adjudication or award in
arbitration.

 

    -10-

     

    

  

(b)            If
a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to indemnification, any judicial
proceeding or arbitration commenced pursuant to this Section 14 will be conducted in all respects as a de novo trial, or arbitration,
on the merits and Indemnitee may not be prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration
commenced pursuant to this Section 14 the Company will have the burden of proving Indemnitee is not entitled to indemnification or
advancement of Expenses, as the case may be, and will not introduce evidence of the determination made pursuant to Section 12 of
this Agreement.

 

(c)            If
a determination is made pursuant to Section 12 of this Agreement that Indemnitee is entitled to indemnification, the Company will
be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14, absent (i) a
misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially
misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.

 

(d)            The
Company is, to the fullest extent not prohibited by law, precluded from asserting in any judicial proceeding or arbitration commenced
pursuant to this Section 14 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and will
stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.

 

(e)            It
is the intent of the Company that, to the fullest extent permitted by law, the Indemnitee not be required to incur legal fees or
other Expenses associated with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement by
litigation or otherwise because the cost and expense thereof would substantially detract from the benefits intended to be extended
to the Indemnitee hereunder. The Company, to the fullest extent permitted by law, will (within thirty (30) days after receipt
by the Company of a written request therefor) advance to Indemnitee such Expenses which are incurred by Indemnitee in connection
with any action concerning this Agreement, Indemnitee’s right to indemnification or advancement of Expenses from the
Company, or concerning any directors’ and officers’ liability insurance policies maintained by the Company, and will
indemnify Indemnitee against any and all such Expenses unless the court determines that each of the Indemnitee’s claims in
such action were made in bad faith or were frivolous or are prohibited by law.

 

Section 15.           Non-exclusivity;
Survival of Rights; Insurance; Subrogation.

 

(a)            The
indemnification and advancement of Expenses provided by this Agreement are not exclusive of any other rights to which Indemnitee may at
any time be entitled under applicable law, the Certificate of Incorporation, any agreement, a vote of stockholders or a resolution of
directors, or otherwise. The indemnification and advancement of Expenses provided by this Agreement may not be limited or restricted by
any amendment, alteration or repeal of this Agreement in any way with respect to any action taken or omitted by Indemnitee in Indemnitee’s
Corporate Status occurring prior to any amendment, alteration or repeal of this Agreement. To the extent that a change in Delaware law,
whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under
the Certificate of Incorporation or this Agreement, it is the intent of the parties hereto that Indemnitee enjoy by this Agreement the
greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy,
and every other right and remedy is cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing
at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, will not prevent the concurrent
assertion or employment of any other right or remedy.

 

    -11-

     

    

 

(b)            The
Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement of Expenses and/or insurance provided
by one or more other Persons with whom or which Indemnitee may be associated. The relationship between the Company and such other Persons,
other than an Enterprise, with respect to the Indemnitee’s rights to indemnification, advancement of Expenses, and insurance is
described by this subsection, subject to the provisions of subsection (d) of this Section 15 with respect to a Proceeding concerning
Indemnitee’s Corporate Status with an Enterprise.

 

i.            The
Company hereby acknowledges and agrees:

 

1)            the
Company is the indemnitor of first resort with respect to any request for indemnification or advancement of Expenses made pursuant to
this Agreement concerning any Proceeding;

 

2)            the
Company is primarily liable for all indemnification and indemnification or advancement of Expenses obligations for any Proceeding, whether
created by law, organizational or constituent documents, contract (including this Agreement) or otherwise;

 

3)            any
obligation of any other Persons with whom or which Indemnitee may be associated to indemnify Indemnitee and/or advance Expenses to Indemnitee
in respect of any proceeding are secondary to the obligations of the Company’s obligations;

 

4)            the
Company will indemnify Indemnitee and advance Expenses to Indemnitee hereunder to the fullest extent provided herein without regard to
any rights Indemnitee may have against any other Person with whom or which Indemnitee may be associated or insurer of any such Person;
and

 

ii.            the
Company irrevocably waives, relinquishes and releases (A) any other Person with whom or which Indemnitee may be associated from any
claim of contribution, subrogation, reimbursement, exoneration or indemnification, or any other recovery of any kind in respect of amounts
paid by the Company to Indemnitee pursuant to this Agreement and (B) any right to participate in any claim or remedy of Indemnitee
against any Person, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including, without
limitation, the right to take or receive from any Person, directly or indirectly, in cash or other property or by set-off or in any other
manner, payment or security on account of such claim, remedy or right.

 

    -12-

     

    

 

iii.          In
the event any other Person with whom or which Indemnitee may be associated or their insurers advances or extinguishes any liability or
loss for Indemnitee, the payor has a right of subrogation against the Company or its insurers for all amounts so paid which would otherwise
be payable by the Company or its insurers under this Agreement. In no event will payment by any other Person with whom or which Indemnitee
may be associated or their insurers affect the obligations of the Company hereunder or shift primary liability for the Company’s
obligation to indemnify or advance of Expenses to any other Person with whom or which Indemnitee may be associated.

 

iv.            Any
indemnification or advancement of Expenses provided by any other Person with whom or which Indemnitee may be associated is specifically
in excess over the Company’s obligation to indemnify and advance Expenses or any valid and collectible insurance (including but
not limited to any malpractice insurance or professional errors and omissions insurance) provided by the Company.

 

(c)            To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers,
employees, or agents of the Company, the Company will obtain a policy or policies covering Indemnitee to the maximum extent of the
coverage available for any such director, officer, employee or agent under such policy or policies, including coverage in the event
the Company does not or cannot, for any reason, indemnify or advance Expenses to Indemnitee as required by this Agreement. If, at
the time of the receipt of a notice of a claim pursuant to this Agreement, the Company has director and officer liability insurance
in effect, the Company will give prompt notice of such claim or of the commencement of a Proceeding, as the case may be, to the
insurers in accordance with the procedures set forth in the respective policies. The Company will thereafter take all necessary or
desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in
accordance with the terms of such policies. Indemnitee agrees to assist the Company efforts to cause the insurers to pay such
amounts and will comply with the terms of such policies, including selection of approved panel counsel, if required.

 

(d)            The
Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee for any Proceeding concerning Indemnitee’s Corporate
Status with an Enterprise will be reduced by any amount Indemnitee has actually received as indemnification or advancement of Expenses
from such Enterprise. The Company and Indemnitee intend that any such Enterprise (and its insurers) be the indemnitor of first resort
with respect to indemnification and advancement of Expenses for any Proceeding related to or arising from Indemnitee’s Corporate
Status with such Enterprise. The Company’s obligation to indemnify and advance Expenses to Indemnitee is secondary to the obligations
the Enterprise or its insurers owe to Indemnitee. Indemnitee agrees to take all reasonably necessary and desirable action to obtain from
an Enterprise indemnification and advancement of Expenses for any Proceeding related to or arising from Indemnitee’s Corporate Status
with such Enterprise.

 

(e)            In
the event of any payment made by the Company under this Agreement, the Company will be subrogated to the extent of such payment to all
of the rights of recovery of Indemnitee from any Enterprise or insurance carrier. Indemnitee will execute all papers required and take
all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit
to enforce such rights.

 

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Section 16.            Duration
of Agreement. This Agreement continues until and terminates upon the later of: (a) ten (10) years after the date that Indemnitee
ceases to have a Corporate Status or (b) one (1) year after the final termination of any Proceeding then pending in respect
of which Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and of any Proceeding commenced by Indemnitee
pursuant to Section 14 of this Agreement relating thereto. The indemnification and advancement of Expenses rights provided by or
granted pursuant to this Agreement are binding upon and be enforceable by the parties hereto and their respective successors and assigns
(including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business
or assets of the Company), continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or
of any other Enterprise, and inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and
administrators and other legal representatives.

 

Section 17.           Severability.
If any provision or provisions of this Agreement is held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the
validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any
Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid,
illegal or unenforceable) will not in any way be affected or impaired thereby and remain enforceable to the fullest extent permitted by
law; (b) such provision or provisions will be deemed reformed to the extent necessary to conform to applicable law and to give the
maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including,
without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable,
that is not itself invalid, illegal or unenforceable) will be construed so as to give effect to the intent manifested thereby.

 

Section 18.              Interpretation.
Any ambiguity in the terms of this Agreement will be resolved in favor of Indemnitee and in a manner to provide the maximum indemnification
and advancement of Expenses permitted by law. The Company and Indemnitee intend that this Agreement provide to the fullest extent permitted
by law for indemnification and advancement in excess of that expressly provided, without limitation, by the Certificate of Incorporation,
vote of the Company stockholders or disinterested directors, or applicable law.

 

Section 19.               Enforcement.

 

(a)            The
Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order
to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this
Agreement in serving or continuing to serve as a director or officer of the Company.

 

(b)            This
Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided,
however, that this Agreement is a supplement to and in furtherance of the Certificate of Incorporation and applicable law, and is not
a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

 

    -14-

     

    

 

Section 20.            Modification
and Waiver. No supplement, modification or amendment of this Agreement is binding unless executed in writing by the parties hereto.
No waiver of any of the provisions of this Agreement will be deemed or constitutes a waiver of any other provisions of this Agreement
nor will any waiver constitute a continuing waiver.

  

Section 21.            Notice
by Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with any summons, citation, subpoena,
complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification or advancement
of Expenses covered hereunder. The failure of Indemnitee to so notify the Company does not relieve the Company of any obligation which
it may have to the Indemnitee under this Agreement or otherwise.

 

Section 22.            Notices.
All notices, requests, demands and other communications under this Agreement will be in writing and will be deemed to have been duly given
if (a) delivered by hand to the other party, (b) sent by reputable overnight courier to the other party or (c) sent by
facsimile transmission or electronic mail, with receipt of oral confirmation that such communication has been received:

 

(a)            If
to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee provides to
the Company.

 

(b)            If
to the Company to:

 

Vacasa, Inc. 

850 NW 13th Ave 

Portland, OR 97209 

Attention: Lisa Jurinka, Chief Legal Officer 

Email: legal@vacasa.com

 

or to any other address as may have been furnished to Indemnitee by
the Company.

 

Section 23.            Contribution.
To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee
for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, will contribute to the amount incurred by Indemnitee, whether
for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim
relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances
of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or
transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers,
employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).

 

Section 24.           Applicable
Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties are governed by, and construed and enforced
in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except with respect to any arbitration
commenced by Indemnitee pursuant to Section 14(a) of this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally
(i) agree that any action or Proceeding arising out of or in connection with this Agreement may be brought only in the Delaware Court
of Chancery and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent
to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or Proceeding arising out of or in connection
with this Agreement, (iii) waive any objection to the laying of venue of any such action or Proceeding in the Delaware Court, and
(iv) waive, and agree not to plead or to make, any claim that any such action or Proceeding brought in the Delaware Court has been
brought in an improper or inconvenient forum.

 

    -15-

     

    

 

Section 25.            Identical
Counterparts. This Agreement may be executed in one or more counterparts, each of which will for all purposes be deemed to be an original
but all of which together constitutes one and the same Agreement. Only one such counterpart signed by the party against whom enforceability
is sought needs to be produced to evidence the existence of this Agreement.

 

Section 26.            Headings.
The headings of this Agreement are inserted for convenience only and do not constitute part of this Agreement or affect the construction
thereof.

 

IN WITNESS WHEREOF, the parties
have caused this Agreement to be signed as of the day and year first above written.

 

	COMPANY.	 	INDEMNITEE
	 	 	 
	By:	 	 	 	 
	Name:	 	Name:	 
	Office: 	 	Address:	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

    -16-

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