Document:

EX-10.1

   

   

  Exhibit 10.1

  EMPLOYMENT AGREEMENT 

  This EMPLOYMENT AGREEMENT (“Agreement”) dated September 15, 2022 (effective as of March 7, 2022) is by and between Vintage Wine Estates, a California Corporation (“Company”) and Kristina Johnston, (the “Executive”).  Certain other capitalized terms used herein are defined in Section 7.15 below and throughout this Agreement.  

   

  WHEREAS, the Company desires to employ the Executive as its Chief Financial Officer and the Executive desires to accept such employment on the terms and conditions set forth in this Agreement, and 

   

  NOW, THEREFORE, in consideration of the promises and the mutual covenants and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intended to be legally bound hereby, agree as follows: 

  ARTICLE 1 

  TERM OF AGREEMENT AND EMPLOYMENT 

  Section 1.1. Employment and Acceptance.  During the Term (as defined in Section 1.2 below), the Employer shall employ the Executive, and the Executive shall accept such employment and serve the Employer and the Company, subject to the terms of this Agreement.   

  Section 1.2. Term.  The Executive’s Term of employment under this Agreement shall be at-will, subject to the obligations and termination provisions contained in ARTICLE 5 below.  

  ARTICLE 2 

  TITLE; DUTIES, TIME COMMITMENT; LOCATION 

  Section 2.1. Title.  During the period beginning on the Effective Date, the Executive shall serve as the Company’s Chief Financial Officer.  The Chief Financial Officer, the Executive shall perform her duties to the best of her ability, experience and talent, reporting to the Chief Executive Officer of the Company (the “CEO”) and the Board of Directors of the Company (the “Board”), and shall adhere to the Employer’s and the Company’s written policies, rules and regulations governing the conduct of its employees, now in effect, or as subsequently adopted or amended.  

   

  Section 2.2. Time Commitment.  During her employment under this Agreement, the Executive shall use her best efforts to promote the interests of the Company and, unless otherwise agreed to in writing by the Company, shall devote all of her business time to the performance of her duties for the Company and shall not, directly or indirectly, render any services to any other person or organization, whether for compensation or otherwise, except with the prior written consent of the Board; provided that the foregoing shall not prevent the Executive from (a) participating in charitable, civic, educational, professional, community or industry affairs, or (b) managing the Executive’s passive personal investments, or (c) serving either as a member of the board of directors of, or as a paid or unpaid advisor or consultant to (with time commitments 

   

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  comparable to those of a director), up to one other company at any given time in the future with the approval of the Board, so long as such activities individually or in the aggregate do not materially interfere or conflict with the Executive’s duties hereunder or create a potential business or fiduciary conflict (in each case as determined reasonably by the Board). 

  ARTICLE 3 

  COMPENSATION 

  Section 3.1. Base Salary.  During her employment under this Agreement, the Employer shall pay the Executive a base salary at the annualized rate of $320,000 per year, which shall be subject to withholding and customary deductions and be payable in equal installments in accordance with the Employer’s then-customary payroll practices for its executives (the “Base Salary”), subject to review and adjustment by the Board from time to time.  

  Section 3.2. Bonus.  During her employment under this Agreement, the Executive shall be eligible to receive a discretionary bonus, as determined by the Board (or a committee of the Board), in an amount up to 30% of the Base Salary.  This bonus is not guaranteed and shall be payable or not in the sole discretion of the Company based on a variety of factors including but not limited to the achievement of the Company and individual performance objectives and the Executive and otherwise meeting all Company bonus plan requirements.  Executive must be employed in good standing on the bonus payment date to receive a bonus.

  ARTICLE 4 

  BENEFITS AND EXPENSES 

  Section 4.1. Benefit Plans and Programs.  The Executive shall be entitled to participate in all benefit plans and programs generally available to other employees of the Employer on the same basis and to the same extent as other employees, including but not limited to medical, dental and vision coverage.  Without limitation of the foregoing, the Executive shall be eligible to accrue vacation and sick time (“PTO”). 

   

   

  ARTICLE 5 

  TERMINATION OF EMPLOYMENT 

  Section 5.1.  Termination for Cause; Voluntary Termination without Good Reason; Disability; Death. 

  (a)The Company may terminate the Executive’s employment hereunder at any time for Cause as defined in Section 8.14(a) of this Agreement upon written notice to the Executive.  The Executive may voluntarily terminate her employment hereunder at any time without Good Reason as defined in Section 8.14(d) of this Agreement upon not less than forty-five (45) days’ prior written notice to the Company.  As the result of any Disability suffered by the Executive, the Company or the Employer may, upon thirty (30) days’ prior notice to the Executive, terminate the 

   

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  Executive’s employment under this Agreement.  The Executive’s employment shall automatically terminate upon her death.  

   

  (b)If the Executive’s employment is terminated pursuant to Section 5.1(a): 

  (i) the Company shall pay or provide to the Executive, the following (collectively, the “Accrued Obligations”): 

  (A)the Executive’s accrued but unpaid Base Salary through the 

  final date of the Executive’s employment by the (the “Termination Date”), payable on the Termination Date. 

  (B)the Executive’s accrued but unused vacation (in accordance with the Company policies), payable on the Termination Date; and

   

  (C)any amounts or benefits that are vested amounts or vested benefits (including, without limitation, equity compensation) or that the Executive is otherwise entitled to receive under any plan, program, policy or on the Termination Date, in accordance with such plan, program, policy, or practice. 

   

  	Section 5.2. 	Termination Without Cause or Resignation for Good Reason. 

  (a)The Company may terminate the Executive’s employment hereunder at any time without Cause (other than by reason of Disability) upon written notice to the Executive.  The Executive may terminate her employment hereunder for Good Reason upon written notice to the Company in accordance with the definition thereof stated in Section 8.14(d) of this Agreement. 

  (b)If the Executive’s employment is terminated without Cause or for Good Reason, then, subject to Sections 5.3 and 5.4 of this Agreement, the Company shall pay or provide to the Executive:  

  (i)the Accrued Obligations; and

  (ii)	payment of a sum equal to two (2) years of the Executive’s annual Base Salary at the time of the Termination Date (the “Severance Payment”), such sum to be paid out to the Executive in monthly installments over twenty-four (24) consecutive months, commencing on the next regular pay date of the Company following the date the Release Agreement described in this Agreement becomes effective and is no longer subject to revocation, (the Severance Period”).  

  Section 5.3 Release Agreement.  The Company’s payment of the Severance Payment shall be contingent upon the Executive executing a release of claims against the Company, and related parties (the “Release”) and the Release becoming effective (and no longer subject to revocation) within thirty (30) days following the Termination Date.  It is understood and agreed that the 

   

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  Release becoming effective and no longer subject to revocation is an express condition precedent to Company’s obligations under Section 5.2(b)(ii).

  Section 5.4 409A Compliance.  All payments under this Agreement are intended to comply with or be exempt from the requirements of Section 409A of the Code (“Section 409A”). To the extent that any provision in this Agreement is ambiguous as to its compliance with Section 409A, or to the extent any provision in this Agreement must be modified to comply with Section 409A, such provision shall be read, or shall be modified in such a manner so that no payment due to the Executive shall be subject to an “additional tax” within the meaning of Section 409A(a)(1)(B).   If necessary to comply with the restriction in Section 409A(a)(2)(B) of the Code concerning payments to “specified employees,” any payment on account of the Executive’s separation from service that would otherwise be due hereunder within six (6) months after such separation shall be delayed until the first business day of the seventh month following the Termination Date and the first such payment shall include the cumulative amount of any payments (without interest) that would have been paid prior to such date if not for such restriction.  Each payment in a series of payments hereunder shall be deemed to be a separate payment for purposes of Section 409A. To the extent required to avoid an accelerated or additional tax under Section 409A, amounts reimbursable to the Executive under this Agreement shall be paid to the Executive on or before the last day of the year following the year in which the expense was incurred and the amount of expenses eligible for reimbursement (and in-kind benefits provided to the Executive) during any one year may not affect amounts reimbursable or provided in any subsequent year.  In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Executive by Section 409A or damages for failing to comply with Section 409A. 

  ARTICLE 6 

  CONFIDENTIALITY  

   

  Section 6.1.   Confidentiality.  Executive agrees to execute and be bound by the Confidentiality Agreement attached hereto and incorporated herein by reference as Exhibit A.  Executive expressly acknowledges and agrees that Executive’s obligations under the Confidentiality Agreement shall survive the termination of this Agreement and of Executive’s employment.

  ARTICLE 7 

  ARBITRATION 

  Section 7.1. The parties agree that, except as set forth in Section 8.3, any dispute, claim or controversy concerning Executive’s employment or separation therefrom, or any dispute, claim or controversy arising out of or relating to any interpretation, construction, performance or breach of this Agreement, shall be settled by arbitration to be held in San Francisco, California in accordance with the JAMS Employment Arbitration Rules & Procedures (a copy of the Rules can be obtained from www.jamsadr.com/rules-employment-arbitration) or the then current rules as adopted by the arbitration company agreed to by Executive and the Company.  The dispute will be decided by a single neutral arbitrator.  The arbitrator may grant injunctions or other relief in such dispute or controversy.  The arbitrator shall authorize discovery sufficient to adequately arbitrate the parties’ claims as determined by the arbitrator, including access to essential 

   

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  documents and witnesses.  The decision of the arbitrator shall be made in writing and will be final, conclusive, and binding on the parties to the arbitration.  To the extent allowed by law, the parties to this Agreement intend to arbitrate any disputes between them on an individual basis only.  The parties agree that they shall not join or consolidate claims submitted for arbitration under this Agreement with those of any other persons, and that no form of class, collective, or representative action shall be maintained without the mutual consent of the parties.  The parties agree, to the extent required by law, the Company will pay those costs specific to the arbitration process including the cost of the arbitrator.  The parties agree, to the extent allowed by law, the prevailing party in arbitration shall be entitled to recover fees and costs associated with the arbitration including, but not limited to, attorneys’ fees as determined by the arbitrator.  Any disputes regarding whether the parties may pursue a class, collective, or representative action, in arbitration are to be decided by a court of competent jurisdiction.  For all other issues, the arbitrator and not any federal, state, or local court or agency, shall have the exclusive authority to resolve any dispute relating to the interpretation, applicability, enforceability, or formation of this Agreement, including, but not limited to, any claim that all or any part of this Agreement is void or voidable. Judgment may be entered on the arbitrator’s decision in any court having jurisdiction.  This arbitration provision is governed by the Federal Arbitration Act.

  ARTICLE 8

  GENERAL PROVISIONS

  Section 8.1. Entire Agreement.  This Agreement when executed, contains a complete statement of all the terms of the arrangements between the Executive and the Company or any affiliate of the Company with respect to the Executive’s employment by the Company or any affiliate of the Company and supersedes all other agreements and understandings, whether oral or in writing, between the parties hereto with respect to the Executive’s employment and service and the other subject matter hereof.  For the avoidance of doubt, except as otherwise specifically set forth in Section 5.2(b) above, nothing in this agreement shall be deemed to alter or limit the Executive’s rights with respect to his/her options to purchase shares of the Company’s stock, and any other awards under the Plan (or any successor plan). Each party acknowledges that no representations, inducements, promises or agreements, whether oral or in writing, have been made by any party, or on behalf of any party, which are not embodied herein.  No agreement promises or statement not contained in this Agreement shall be valid and binding, unless agreed to in writing and signed by the parties sought to be bound thereby. 

  Section 8.2. Notices.  Any notice or other communication required or permitted hereunder shall be in writing and shall be delivered personally or sent by nationally recognized overnight courier service (with next business day delivery requested).  Any such notice or communication shall be deemed given and effective, in the case of personal delivery, upon receipt by the other party, and, in the case of a courier service, upon the next business day after dispatch of the notice or communication.  Any such notice or communication shall be addressed as follows: 

   

   

   

   

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  If to the Company, to: 

   

  Vintage Wine Estates, Inc.

  937 Tahoe Boulevard

  Incline Village, NV 89451

  Attention: Patrick A. Roney

   

                          If to the Executive, to: 

   

  Kristina Johnston, 

  914 Cheese Factory Road, 

  Honeoye Falls, NY 14472

   

   

  Any person named above may designate another address by giving notice in accordance with this Section to the other persons named above.  

  Section 8.3. Governing Law: Jurisdiction; Recovery of Fees, etc.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of California, without regard to principles of conflicts of law. To the extent that any claim or action arising out of this Agreement or the Executive’s employment by the Company or termination therefrom cannot be arbitrated under Section 7.1 of this Agreement, such claim or action shall be brought and heard in the state and federal courts of the State of Nevada, and the parties hereto hereby irrevocably submit to the exclusive jurisdiction of any such courts. 

  Section 8.4. Waiver.  Either party may waive compliance by the other party with any provision of this Agreement.  The failure of a party to insist on strict adherence to any term of this Agreement on any occasion shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.  No waiver of any provision shall be construed as a waiver of any other provision.  Any waiver must be in writing. 

  Section 8.5. Severability.  If any one or more of the terms, provisions, covenants and restrictions of this Agreement shall be determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated and the parties will attempt to agree upon a valid and enforceable provision which shall be a reasonable substitute for such invalid and unenforceable provision in light of the tenor of this Agreement, and, upon so agreeing, shall incorporate such substitute provision in this Agreement.  In addition, if any one or more of the provisions contained in this Agreement shall for any reason be determined by a court of competent jurisdiction to be excessively broad as to duration, geographical scope, activity, or subject, it shall be construed, by limiting or reducing it, to be enforceable to the extent compatible with then applicable law. 

  Section 8.6. Counterparts.  This Agreement may be executed in any number of counterparts and each such duplicate counterpart shall constitute an original, any one of which may be introduced in evidence or used for any other purpose without the production of its 

   

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  duplicate counterpart.  Moreover, notwithstanding that any of the parties did not execute the same counterpart, each counterpart shall be deemed for all purposes to be an original, and all such counterparts shall constitute one and the same instrument, binding on all the parties hereto. 

  Section 8.7. Advice of Counsel.  Both parties hereto acknowledge that they have had the opportunity to seek and obtain the advice of counsel before entering into this Agreement and have done so to the extent desired and have fully read the Agreement and understand the meaning and import of all the terms hereof.  

  Section 8.8. Assignment.  This Agreement shall inure to the benefit of the Company and its successors and assigns and shall be binding upon the Company and its successors and assigns.  This Agreement shall also be binding upon the Executive and inure to the benefit of the Executive and the Executive’s heirs, administrators, executors, and assigns. The Executive shall not assign or delegate her duties under this Agreement, and any such assignment or delegation shall be null and void. 

  Section 8.9. Agreement to Take Actions.  Each party to this Agreement shall execute and deliver such documents, certificates, agreements, and other instruments, and shall take all other actions, as may be reasonably necessary or desirable to perform her or its obligations under this Agreement. 

  Section 8.10. No Attachment.  Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation or to execution, attachment, levy or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void and of no effect; provided, however, that nothing in this Section 8.10 shall preclude the assumption of such rights by executors, administrators or other legal representatives of the Executive or the Executive’s estate and their assigning any rights hereunder to the person or persons entitled thereto. 

  Section 8.11. Source of Payment.  Except as otherwise provided under the terms of any applicable employee benefit plan, all payments provided for under this Agreement shall be paid in cash from the general funds of the Company.  The Company shall not be required to establish a special or separate fund or other segregation of assets to assure such payments, and, if the Company shall make any investments to aid it in meeting its obligations hereunder, the Executive shall have no right, title, or interest whatever in or to any such investments except as may otherwise be expressly provided in a separate written instrument relating to such investments.  Nothing contained in this Agreement, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship, between Company and  the Executive or any other person.  To the extent that any person acquires a right to receive payments from the Company hereunder, such right, without prejudice to rights which employees may have, shall be no greater than the right of an unsecured creditor.  The Executive shall not look to the owners of the Company for the satisfaction of any obligations of the Company under this Agreement. 

   

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  Section 8.12. Tax Withholding.  The Employer or other payor is authorized to withhold from any benefit provided or payment due hereunder, the amount of withholding taxes due any federal, state, or local authority in respect of such benefit or payment and to take such other action as may be necessary in the opinion of the Board to satisfy all obligations for the payment of such withholding taxes. 

  Section 8.13. Survival.  The terms of ARTICLES 5, 6 and 7 of this Agreement shall survive the termination of this Agreement and Executive’s employment hereunder. 

  Section 8.14. Definitions.  The following definitions apply to this Agreement: 

  (a)“Cause” means the Executive’s (i) conviction of, or guilty plea or plea of no contest to, a felony or other crime involving dishonesty, theft or moral turpitude, (ii) commission of a fraudulent or illegal act in respect of the Company  (iii) willful misconduct or gross negligence in the performance of the Executive’s duties to the Company, (iv) failure to perform the Executive’s duties under this Agreement (other than any such failure resulting from illness or injury) that is, or reasonably could be expected to be, materially injurious to the business, operations or reputation of the Company (monetarily or otherwise), (v) material violation of the Company’s written policies or procedures in effect from time to time, or (vi) material breach of the Executive’s representations, warranties, covenants and other obligations under the this Agreement; provided, however, to the extent that any failure, violation or breach described in clauses (iv), (v) or (vi) is subject to cure, then such violation, failure or breach shall not constitute “Cause” unless the Company provides the Executive with written notice of such violation, failure or breach and the Executive fails to cure such violation, failure or breach within thirty (30) days of receipt of such notice.     

  (b)“Code” means the Internal Revenue Code of 1986, as amended. 

  (c)	Disability” means a determination by the Company in accordance with applicable law that because of a physical or mental injury or illness, the Executive is unable to perform the essential functions of her job with or without reasonable accommodation for a period of (i) ninety (90) consecutive days; or (ii) one hundred twenty (120) days (whether consecutive or non-consecutive) during any twelve (12) month period. 

  (d)	“Good Reason” means the occurrence of any of the following events, without the express written consent of the Executive: (i) a material reduction in the Executive’s Base Salary; (ii) a material diminution in the Executive’s title, duties, authorities, or responsibilities (other than as specifically contemplated in Sections 2.1 and 2.2); or (iii) the Company’s material breach of the Company’s obligations under this Agreement.  “Good Reason” shall not be deemed to exist, however, unless (1) the Executive shall have given written notice to the Company specifying in reasonable detail the Company’s acts or omissions that the Executive alleges 

   

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  constitute “Good Reason” within sixty (60) days after the first occurrence of such circumstances and the Company shall have failed to cure any such act or omission within thirty (30) days of receipt of such written notice, and (2) the Executive actually terminates employment within thirty (30) days following the expiration of the Company’s or the Employer’s cure period as set forth above.  Otherwise, any claim of such circumstances as “Good Reason” shall be deemed irrevocably waived by the Executive. 

  [Signature Page Follows]

   

   

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  IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

   

   

  							COMPANY

   

  							By:  /s/ Pat Roney__________

  							Name:  Pat Roney

  							Title:  Chief Executive Officer

   

   

  							EXECUTIVE

   

  							/s/ Kristina Johnston________

  							Name:  Kristina Johnston

  							Title:    Chief Financial Officer

   

  Exhibits:

  •Exhibit A (Employee Confidentiality and Intellectual Property Assignment Agreement)

   

   

   

  10Exhibit 10.1

     

   
   

     

   
  
    SCHOLAR ROCK, INC.

     

    EMPLOYMENT AGREEMENT

     

    This Employment Agreement (“Agreement”) is made as of November 7, 2022, between Scholar Rock, Inc., a Delaware corporation (the “Company”),

      and Jing Marantz (the “Employee”) and is effective commencing on the Employee’s first day of employment at the Company (the “Effective Date”), which is expected to be on or before November 14, 2022.

     

    NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other
      good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

     

    1.            Employment.

     

    (a)            Term.  The term of this Agreement shall commence on the Effective Date and continue until terminated in accordance with the provisions hereof (the “Term”).  The
        Employee’s employment with the Company will be “at will,” meaning that the Employee’s employment may be terminated by the Company or the Employee at any time and for any reason subject to the terms of this Agreement.

     

    (b)            Position and Duties.  During the Term, the Employee shall serve as the Chief Medical Officer (the “CMO”) of the Company and shall have such duties and authorities as
        may from time to time be prescribed by the Chief Executive Officer (the “CEO”), or other authorized executive.  The Employee shall devote the Employee’s full working time and efforts to the business and affairs of the Company. 
        Notwithstanding the foregoing, the Employee may serve on other boards of directors, in each instance with the prior written approval of the CEO, or engage in religious, charitable or other community activities as long as such services and
        activities do not interfere with the Employee’s performance of the Employee’s duties to the Company as provided in this Agreement.

     

    (c)            Work Location.  During the Term, the Employee’s primary work location will be the Company’s offices in Massachusetts; provided that the Employee may work from the
        Employee’s home office in accordance with the Company’s policies and procedures relating to remote work, as may be in effect from time to time.

     

    2.            Compensation and Related Matters.

     

    (a)            Base Salary.  During the Term, the Employee’s annual base salary shall be $465,000.  The Employee’s base salary shall be reviewed annually by the Compensation Committee of
        the Board of Directors of Scholar Rock Holding Corporation (such Board of Directors, the “Board” and such Compensation Committee the “Compensation Committee”) or the Company.  The base salary in effect at any given time is referred to
        herein as “Base Salary.”  The Base Salary shall be payable in a manner that is consistent with the Company’s usual payroll practices.

     

    (b)            Incentive Compensation.  Beginning in calendar year 2023 (payable in 2024), the Employee shall be eligible to receive cash incentive compensation as determined by the Board or the Compensation Committee from time to time.  The Employee’s target annual incentive compensation shall be 40% of the Employee’s Base Salary.  The target annual incentive compensation in effect at
        any given time is referred to herein as the “Target Annual Incentive Compensation”.  For the avoidance of doubt, the Employee will not be eligible for any cash incentive compensation for calendar year 2022 (payable in 2023).  Except as
        otherwise provided herein, to earn incentive compensation, the Employee must be employed by the Company on the day such incentive compensation is paid.

     

    
      
        

    

    
     

    

    (c)            Expenses.  The Employee shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by the Employee during the Term in performing services
        hereunder, in accordance with the policies and procedures then in effect and established by the Company.

     

    (d)            Other Benefits.  During the Term, the Employee shall be eligible to participate in or receive benefits under the Company’s employee benefit plans in effect from time to
        time, subject to the terms of such plans.

     

    (e)            Vacations.  During the Term, the Employee shall be entitled to paid vacation in accordance with the Company’s policies and procedures as may be amended from time to time. 
        The Employee shall also be entitled to all paid holidays given by the Company in accordance with the policies and procedures then in effect and established by the Company.

     

    (f)            Equity.  On or after November 14, 2022, in connection with the commencement of the Employee’s employment and as an inducement grant consistent with the requirements of NASDAQ Stock Market Rule 5635(c), subject to the
        approval of the Board or the Compensation Committee and the Employee’s employment with the Company on the date of grant, the Employee shall be granted a stock option to purchase 250,000 shares of SR Holding Corporation’s (“SR Holding’s”)
        common stock (the “Stock Option Award”) at an exercise price per share equal to the closing price of SR Holding’s common stock on the Nasdaq Global Market on the date of grant (or if no closing market price is reported for such date, the
        closing market price on the immediately preceding date for which a closing market price is reported).  The Stock Option Award will vest with respect to 25% of the shares of SR Holding’s common stock underlying the Stock Option Award on the first
        anniversary of the Effective Date (the “Vesting Commencement Date”), and the remaining 75% of the shares of SR Holding’s common stock underlying the Stock Option Award shall vest in 12 equal quarterly installments following the Vesting
        Commencement Date, subject to the Employee’s continued Service Relationship (as defined in SR Holding’s 2022 Inducement Equity Plan (as amended and/or restated from time to time, the “Plan”)) with SR Holding through each applicable vesting
        date.  The Stock Option Award will be subject to all terms and conditions and other provisions set forth in the Plan and a Stock Option Award Agreement (such agreement, with the Plan, the “Equity Documents”).  The Employee may also be
        eligible to receive future equity awards, in the sole discretion of the Board or the Compensation Committee.

     

    3.            Termination.  During the Term, the Employee’s employment hereunder may be terminated without any breach of this Agreement under the following circumstances:

     

    (a)            Death.  The Employee’s employment hereunder shall terminate upon the Employee’s death.

     

    (b)            Termination by Company for Cause.  The Company may terminate the Employee’s employment hereunder for Cause.  For purposes of this Agreement, “Cause” shall mean: (i)
        conduct by the Employee constituting a material act of misconduct in connection with the performance of the Employee’s duties, including, without limitation, misappropriation of funds or property of the Company or any of its subsidiaries or
        affiliates other than the occasional, customary and de minimis use of Company property for personal purposes; (ii) the commission by the Employee of any felony or a misdemeanor involving moral turpitude, deceit, dishonesty or fraud, or any conduct
        by the Employee that would reasonably be expected to result in material injury or reputational harm to the Company or any of its subsidiaries or affiliates if the Employee were retained in the Employee’s position; (iii) continued non-performance by
        the Employee of the Employee’s duties hereunder (other than by reason of the Employee’s physical or mental illness, incapacity or disability) which has continued for more than 30 days following written notice of such non-performance from the
        Company; (iv) a material breach by the Employee of any of the Continuing Obligations (as defined below) which has not been cured (or is incapable of or otherwise cannot be cured) within 30 days after the Company gives the Employee written notice
        regarding such breach; (v) a material violation by the Employee of the Company’s written employment policies which has not been cured (or which is incapable of or otherwise cannot be cured) within 30 days after the Company gives the Employee
        written notice regarding such violation; or (vi) failure to cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities, after being instructed by the Company to cooperate, or the willful
        destruction or failure to preserve documents or other materials known to be relevant to such investigation or the inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation.

     

    
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    (c)            Termination Without Cause.  The Company may terminate the Employee’s employment hereunder at any time without Cause.  Any termination by the Company of the Employee’s
        employment under this Agreement which does not constitute a termination for Cause under Section 3(b) and does not result from the death of the Employee under Section 3(a) shall be deemed a termination without Cause.

     

    (d)            Termination by the Employee.  The Employee may terminate the Employee’s employment hereunder at any time for any reason, including but not limited to Good Reason.  For
        purposes of this Agreement, “Good Reason” shall mean that the Employee has complied with the Good Reason Process (hereinafter defined) following the occurrence of any of the following events without the Employee’s consent: (i) a material
        diminution in the Employee’s responsibilities, authority or duties; (ii) a material diminution in the Employee’s Base Salary except for across-the-board salary reductions based on the Company’s financial performance similarly affecting all or
        substantially all senior management employees of the Company; (iii) a change of more than 30 miles in the geographic location at which the Employee is required to provide services to the Company; or (iv) the material breach by the Company of this
        Agreement. “Good Reason Process” shall mean that (i) the Employee reasonably determines in good faith that a “Good Reason” condition has occurred; (ii) the Employee notifies the Company in writing of the first occurrence of the Good Reason
        condition within 60 days of the first occurrence of such condition; (iii) the Employee cooperates in good faith with the Company’s efforts, for a period not less than 30 days following such notice (the “Cure Period”), to remedy the
        condition; (iv) notwithstanding such efforts, the Good Reason condition continues to exist; and (v) the Employee terminates the Employee’s employment within 60 days after the end of the Cure Period.  If the Company cures the Good Reason condition
        during the Cure Period, Good Reason shall be deemed not to have occurred.

     

    (e)            Notice of Termination.  Except for termination as specified in Section 3(a), any termination of the Employee’s employment by the Company or any such termination by the
        Employee shall be communicated by written Notice of Termination to the other party hereto.  For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this
        Agreement relied upon.

     

    (f)            Date of Termination.  For purposes of this Agreement, “Date of Termination” shall mean: (i) if the Employee’s employment is terminated by the Employee’s death, the
        date of the Employee’s death; (ii) if the Employee’s employment is terminated by the Company for Cause under Section 3(b), the date on which a Notice of Termination is given; (iii) if the Employee’s employment is terminated by the Company without
        Cause under Section 3(c), the date on which a Notice of Termination is given or the date otherwise specified by the Company in the Notice of Termination; (iv) if the Employee’s employment is terminated by the Employee under Section 3(d) without
        Good Reason, the date on which a Notice of Termination is given or the date otherwise specified by the Employee in the Notice of Termination, and (v) if the Employee’s employment is terminated by the Employee under Section 3(d) for Good Reason, the
        date on which a Notice of Termination is given after the end of the Cure Period.  Notwithstanding the foregoing, in the event that the Employee gives a Notice of Termination to the Company, the Company may unilaterally accelerate the Date of
        Termination and such acceleration shall not result in a termination by the Company for purposes of this Agreement.

     

    4.            Compensation Upon Termination.

     

    (a)            Termination Generally.  If the Employee’s employment with the Company is terminated for any reason, the Company shall pay or provide to the Employee (or to the Employee’s
        authorized representative or estate) (i) any Base Salary earned through the Date of Termination, unpaid expense reimbursements (subject to, and in accordance with, Section 2(c) of this Agreement) and unused vacation that accrued through the Date of
        Termination on or before the time required by law but in no event more than 30 days after the Employee’s Date of Termination; and (ii) any vested benefits the Employee may have under any employee benefit plan of the Company through the Date of
        Termination, which vested benefits shall be paid and/or provided in accordance with the terms of such employee benefit plans (collectively, the “Accrued Benefit”).

     

    
      3

      
        

    

     

    

    (b)            Termination by the Company without Cause or by the Employee for Good Reason.  During the Term, if the Employee’s employment is terminated by the Company without Cause as
        provided in Section 3(c), or the Employee terminates the Employee’s employment for Good Reason as provided in Section 3(d), then the Company shall pay the Employee the Employee’s Accrued Benefit.  In addition, subject to the Employee signing a
        separation agreement in a form and manner satisfactory to the Company, containing, among other provisions, a general release of claims in favor of the Company and related persons and entities, a reaffirmation of all of the Employee’s Continuing
        Obligations (as defined below), and, in the Company’s sole discretion, a one-year post employment noncompetition agreement, and shall provide that if Employee breaches any of the Continuing Obligations, all payments of the Severance Amount shall
        immediately cease (the “Separation Agreement and Release”) and the Separation Agreement and Release becoming irrevocable and fully effective, all within 60 days after the Date of Termination (or such shorter time period provided in the
        Separation Agreement and Release), which shall include a 7 business day revocation period:

     

    (i)       the Company shall pay the Employee an amount equal to 9 months of the Employee’s Base Salary (the “Severance Amount”); provided in the event the Employee is entitled to any payments pursuant to the Restrictive Covenant Agreement, the Severance Amount received in any calendar year will be reduced by the amount the Employee
      is paid in the same such calendar year pursuant to the Restrictive Covenant Agreement (the “Restrictive Covenant Agreement Setoff”).  Notwithstanding the foregoing, if the Employee breaches any of the Continuing Obligations, all payments of
      the Severance Amount shall immediately cease; 

     

    

    (ii)      if the Employee was participating in the Company’s group health plan immediately prior to the Date of Termination and
      elects COBRA health continuation, then the Company shall, for the period of 9 months following the Date of Termination or the Employee’s COBRA health continuation period, whichever is shorter, pay the cost of the monthly employer contribution (either
      by direct payment to the group health plan provider or the COBRA provider or by reimbursing the Employee for such cost) that the Company would have made to provide health insurance to the Employee if the Employee had remained employed by the Company;
      provided, however, if the Company determines that it cannot pay such amounts to the group health plan provider or the COBRA provider (if applicable) without potentially violating applicable law (including, without limitation, Section 2716 of
      the Public Health Service Act), then the Company shall convert such payments to payroll payments directly to the Employee for the time period specified above.  Such payments shall be subject to tax-related deductions and withholdings and paid on the
      Company’s regular payroll dates; and

    

     

    

     (iii)     the amounts payable under Section 4(b)(i) and (ii), to the extent taxable, shall be paid out in substantially equal installments
      in accordance with the Company’s payroll practice commencing within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second
      calendar year, the Severance Amount shall begin to be paid in the second calendar year by the last day of such 60-day period; provided, further, that the initial payment shall include a catch-up payment to cover amounts retroactive to the day
      immediately following the Date of Termination.  Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).

    

    
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    5.            Compensation Upon Termination after a Change in Control.  The provisions of this Section 5 set forth certain terms of an agreement reached between the Employee and the
        Company regarding the Employee’s rights and obligations upon the occurrence of a Change in Control (as defined below) of the Company.  These provisions are intended to assure and encourage in advance the Employee’s continued attention and
        dedication to the Employee’s assigned duties and the Employee’s objectivity during the pendency and after the occurrence of any such event.  These provisions shall apply in lieu of, and expressly supersede, the provisions of Section 4(b) regarding
        the Severance Amount and other benefits upon a termination of employment, if such termination of employment occurs within 18 months after the occurrence of the first event constituting a Change in Control.  These provisions shall terminate and be
        of no further force or effect beginning 18 months after the occurrence of a Change in Control.

     

    (a)            Change in Control.  During the Term, if within 18 months after a Change in Control, the Employee’s employment is terminated by the Company without Cause as provided in
        Section 3(c) or the Employee terminates the Employee’s employment for Good Reason as provided in Section 3(d), then, subject to the signing of the Separation Agreement and Release by the Employee and the Separation Agreement and Release becoming
        irrevocable and fully effective, all within 60 days after the Date of Termination (or such shorter time period provided in the Separation Agreement and Release), which shall include a 7 business day revocation period:

     

    (i)       the Company shall pay the Employee a lump sum in cash in an amount equal to 1 times the sum of (A) the Employee’s Base
      Salary (or the Employee’s Base Salary in effect immediately prior to the Change in Control, if higher than the Employee’s then-current Base Salary) plus (B) the Employee’s Annual Incentive Compensation (collectively, the “Change in Control Payment”);
      provided that the Change in Control Payment shall be reduced by the amount of the Restrictive Covenant Agreement Setoff, if applicable.  For purposes of this Agreement, “Annual Incentive Compensation” shall mean the Target Annual
      Incentive Compensation the Employee would have been entitled to receive in the fiscal year of the Date of Termination (or the Employee’s Target Annual Incentive Compensation in the fiscal year immediately prior to the Change in Control, if higher). 
      For the avoidance of doubt, in no event shall “Annual Incentive Compensation” include any sign-on bonus, retention bonus or any other special bonus;

     

    

     (ii)      notwithstanding anything to the contrary in the Equity Documents, time-based stock options and other time-based
      stock-based awards held by the Employee that are subject solely to time-based vesting (the “Time-Based Equity Awards”) shall immediately accelerate and become fully vested and exercisable or nonforfeitable as of the later of (i) the Date of
      Termination and (ii) the effective date of the Separation and Release (the “Accelerated Vesting Date”); and

     

    

    (iii)     if the Employee was participating in the Company’s group health plan immediately prior to the Date of Termination and
      elects COBRA health continuation, then the Company shall, for the period of 12 months following the Date of Termination or the Employee’s COBRA health continuation period, whichever is shorter, pay the cost of the monthly employer contribution
      (either by direct payment to the group health plan provider or the COBRA provider or by reimbursing the Employee for such cost) that the Company would have made to provide health insurance to the Employee if the Employee had remained employed by the
      Company; provided, however, if the Company determines that it cannot pay such amounts to the group health plan provider or the COBRA provider (if applicable) without potentially violating applicable law (including, without limitation, Section
      2716 of the Public Health Service Act), then the Company shall convert such payments to payroll payments directly to the Employee for the time period specified above.  Such payments shall be subject to tax-related deductions and withholdings and paid
      on the Company’s regular payroll dates; and

     

    

    (iv)     The amounts payable under Section 5(a)(i) and (iii), to the extent taxable, shall be paid or commence to be paid within
      60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, such payment shall be paid or commence to be paid in the second calendar year by the last day
      of such 60-day period.

    

    
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    (b)            Additional Limitation.

     

    (i)       Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation, payment or
      distribution by the Company to or for the benefit of the Employee, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner consistent with Section 280G of the Internal
      Revenue Code of 1986, as amended (the “Code”) and the applicable regulations thereunder (the “Aggregate Payments”), would be subject to the excise tax imposed by Section 4999 of the Code, then the Aggregate Payments shall be reduced
      (but not below zero) so that the sum of all of the Aggregate Payments shall be $1.00 less than the amount at which the Employee becomes subject to the excise tax imposed by Section 4999 of the Code; provided that such reduction shall only
      occur if it would result in the Employee receiving a higher After Tax Amount (as defined below) than the Employee would receive if the Aggregate Payments were not subject to such reduction.  In such event, the Aggregate Payments shall be reduced in
      the following order, in each case, in reverse chronological order beginning with the Aggregate Payments that are to be paid the furthest in time from consummation of the transaction that is subject to Section 280G of the Code: (1) cash payments not
      subject to Section 409A of the Code; (2) cash payments subject to Section 409A of the Code; (3) equity-based payments and acceleration; and (4) non-cash forms of benefits; provided that in the case of all the foregoing Aggregate Payments all
      amounts or payments that are not subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c) shall be reduced before any amounts that are subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c).

     

    

     (ii)      For purposes of this Section 5(b), the “After Tax Amount” means the amount of the Aggregate Payments less all
      federal, state, and local income, excise and employment taxes imposed on the Employee as a result of the Employee’s receipt of the Aggregate Payments.  For purposes of determining the After Tax Amount, the Employee shall be deemed to pay federal
      income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest marginal rates of individual taxation in
      each applicable state and locality, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes.

     

    

     (iii)     The determination as to whether a reduction in the Aggregate Payments shall be made pursuant to Section 5(b)(i) shall
      be made by a nationally recognized accounting firm selected by the Company (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and the Employee within 15 business days of the Date of Termination,
      if applicable, or at such earlier time as is reasonably requested by the Company or the Employee.  Any determination by the Accounting Firm shall be binding upon the Company and the Employee.

     

    

    (c)            Definitions.  For purposes of this Section 5, the following terms shall have the following meanings:

     

    “Change in Control” shall mean any of the following:

     

    (i)       any “person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Act”)

      (other than SR Holding, any of its subsidiaries, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of SR Holding or any of its subsidiaries), together with all “affiliates” and
      “associates” (as such terms are defined in Rule 12b-2 under the Act) of such person, shall become the “beneficial owner” (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, of securities of SR Holding representing 50% or
      more of the combined voting power of SR Holding’s then outstanding securities having the right to vote in an election of the Board (“Voting Securities”) (in such case other than as a result of an acquisition of securities directly from SR
      Holding); or

     

    

    
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       (ii)      the date a majority of the members of the Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board
        before the date of the appointment or election; or

       

      

      (iii)     the consummation of (A) any consolidation or merger of SR Holding where the stockholders of SR Holding, immediately prior to the consolidation or merger, would not, immediately after the
        consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, shares representing in the aggregate more than 50% of the voting shares of SR Holding issuing cash or securities in the
        consolidation or merger (or of its ultimate parent corporation, if any), or (B) any sale or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the
        assets of SR Holding and its affiliates on a consolidated basis.

       

      

    

    Notwithstanding the foregoing, a Change in Control shall not be deemed to have occurred for purposes of the foregoing clause (i) solely as
      the result of an acquisition of securities by SR Holding which, by reducing the number of shares of Voting Securities outstanding, increases the proportionate number of Voting Securities beneficially owned by any person to 50% or more of the combined
      voting power of all of the then outstanding Voting Securities; provided, however, that if any person referred to in this sentence shall thereafter become the beneficial owner of any additional shares of Voting Securities (other than pursuant
      to a stock split, stock dividend, or similar transaction or as a result of an acquisition of securities directly from SR Holding) and immediately thereafter beneficially owns 50% or more of the combined voting power of all of the then outstanding
      Voting Securities, then a Change in Control shall be deemed to have occurred for purposes of the foregoing clause (i).

     

    6.            Section 409A.

     

    (a)            Anything in this Agreement to the contrary notwithstanding, if at the time of the Employee’s separation from service within the meaning of Section 409A of the Code, the Company
        determines that the Employee is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Employee becomes entitled to under this Agreement on account of the Employee’s
        separation from service would be considered deferred compensation otherwise subject to the 20% additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall
        not be payable and such benefit shall not be provided until the date that is the earlier of (A) 6 months and 1 day after the Employee’s separation from service, or (B) the Employee’s death.  If any such delayed cash payment is otherwise payable on
        an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision, and the balance of the installments shall be
        payable in accordance with their original schedule.

     

    (b)            All in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by the Employee during the time periods set
        forth in this Agreement.  All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was
        incurred.  The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except for any
        lifetime or other aggregate limitation applicable to medical expenses).  Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

     

    
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    (c)            To the extent that any payment or benefit described in this Agreement constitutes “non-qualified deferred compensation” under Section 409A of the Code, and to the extent that such
        payment or benefit is payable upon the Employee’s termination of employment, then such payments or benefits shall be payable only upon the Employee’s “separation from service.”  The determination of whether and when a separation from service has
        occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A‐1(h).

     

    (d)            The parties intend that this Agreement will be administered in accordance with Section 409A of the Code.  To the extent that any provision of this Agreement is ambiguous as to its
        compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code.  Each payment pursuant to this Agreement is intended to constitute a separate payment for
        purposes of Treasury Regulation Section 1.409A‐2(b)(2).  The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and
        regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party.

     

    (e)            The Company makes no representation or warranty and shall have no liability to the Employee or any other person if any provisions of this Agreement are determined to constitute
        deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.

     

    7.            Continuing Obligations.

     

    (a)            Restrictive Covenant Agreement.  As a material condition of this Agreement, the Employee will execute the Employee Non-Competition, Non-Solicitation, Confidentiality and
        Assignment Agreement (the “Restrictive Covenant Agreement”), attached hereto as Exhibit A, prior to the Effective Date.  The Employee acknowledges and agrees that, among other things, the Employee’s opportunity to receive:  the
        incentive compensation, the equity grant and the protections of the severance and change in control provisions, all as set forth in this Employment Agreement, are fair and reasonable consideration independent from the continuation of Employee’s
        employment to support the noncompetition provision in the Restrictive Covenant Agreement  (the “Noncompete Provision”).  The Employee and the Company further acknowledge and agree that the Noncompete Provision will not become effective until
        the later of:  (i) the Effective Date, or (ii) ten (10) business days from the date the Employee first receives this Employment Agreement and the Restrictive Covenant Agreement from the Company.  For purposes of this Agreement, the obligations in
        this Section 7 and those that arise in the Restrictive Covenant Agreement and any other agreement related to confidentiality, assignment of inventions, or other restrictive covenants shall collectively be referred to as the “Continuing
          Obligations”.

     

    (b)            Third-Party Agreements and Rights.  The Employee hereby confirms that the Employee is not bound by the terms of any agreement with any previous employer or other party
        which restricts in any way the Employee’s use or disclosure of information, other than confidentiality restrictions (if any), or the Employee’s engagement in any business.  The Employee represents to the Company that the Employee’s execution of
        this Agreement, the Employee’s employment with the Company and the performance of the Employee’s proposed duties for the Company will not violate any obligations the Employee may have to any such previous employer or other party.  In the Employee’s
        work for the Company, the Employee will not disclose or make use of any information in violation of any agreements with or rights of any such previous employer or other party, and the Employee will not bring to the premises of the Company any
        copies or other tangible embodiments of non-public information belonging to or obtained from any such previous employment or other party.

     

    
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    (c)            Litigation and Regulatory Cooperation.  During and after the Employee’s employment, the Employee shall cooperate fully with any reasonable request of the Company in the
        defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate to events or occurrences that transpired while the Employee was employed by the Company.  The
        Employee’s full cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually
        convenient times.  During and after the Employee’s employment, the Employee also shall cooperate fully with the Company in connection with any investigation or review of any federal, state or local regulatory authority as any such investigation or
        review relates to events or occurrences that transpired while the Employee was employed by the Company.  The Company shall reimburse the Employee for any reasonable out‐of‐pocket expenses incurred in connection with the Employee’s performance of
        obligations pursuant to this Section 7(c).

     

    (d)            Relief.  The Employee agrees that it would be difficult to measure any damages caused to the Company which might result from any breach by the Employee of the Continuing
        Obligations, and that in any event money damages would be an inadequate remedy for any such breach.  Accordingly, subject to Section 8 of this Agreement, the Employee agrees that if the Employee breaches, or proposes to breach, any portion of this
        Agreement, the Company shall be entitled, in addition to all other remedies that it may have, to an injunction or other appropriate equitable relief to restrain any such breach without showing or proving any actual damage to the Company.  In
        addition, in the event the Employee breaches, or proposes to breach, any portion of the Continuing Obligations during a period when the Employee is receiving severance payments pursuant to Section 4 or Section 5 hereof, the Company shall have the
        right to suspend or terminate such severance payments.  Such suspension or termination shall not limit the Company’s other options with respect to relief for such breach and shall not relieve the Employee of the Employee’s duties under this
        Agreement.

     

    (e)            Protected Disclosures and Other Protected Action.  Nothing contained in this Agreement limits the Employee’s ability to communicate with any federal, state or local
        governmental agency or commission, including to provide documents or other information, without notice to the Company.

     

    8.            Arbitration of Disputes.  Any controversy or claim arising out of or relating to this Agreement or the breach thereof or otherwise arising out of the Employee’s employment
        or the termination of that employment (including, without limitation, any claims of unlawful employment discrimination or retaliation, whether based on race, religion, national origin, sex, gender, age, disability, sexual orientation, or any other
        protected class under applicable law, including without limitation Massachusetts General Laws Chapter 151B)  shall, to the fullest extent permitted by law, be settled by arbitration in any forum and form agreed upon by the parties or, in the
        absence of such an agreement, under the auspices of the American Arbitration Association (“AAA”) in Boston, Massachusetts in accordance with the Employment Dispute Resolution Rules of the AAA, including, but not limited to, the rules and
        procedures applicable to the selection of arbitrators.  In the event that any person or entity other than the Employee or the Company may be a party with regard to any such controversy or claim, such controversy or claim shall be submitted to
        arbitration subject to such other person or entity’s agreement.  Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof.  This Section 8 shall be specifically enforceable.  Notwithstanding the
        foregoing, this Section 8 shall not preclude either party from pursuing a court action for the sole purpose of obtaining a temporary restraining order or a preliminary injunction in circumstances in which such relief is appropriate; provided that
        any other relief shall be pursued through an arbitration proceeding pursuant to this Section 8.

     

    9.            Consent to Jurisdiction.  To the extent that any court action is permitted consistent with or to enforce Section 8 of this Agreement, the parties hereby consent to the
        jurisdiction of the Superior Court of the Commonwealth of Massachusetts and the United States District Court for the District of Massachusetts.  Accordingly, with respect to any such court action, the Employee (a) submits to the personal
        jurisdiction of such courts; (b) consents to service of process; and (c) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of process.

     

    
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    10.            Integration.  This Agreement, together with the Continuing Obligations, and the Equity Documents, constitutes the entire agreement between the parties with respect to the
        subject matter hereof and supersedes all prior agreements between the parties concerning such subject matter.

     

    11.            Withholding.  All payments made by the Company to the Employee under this Agreement shall be net of any tax or other amounts required to be withheld by the Company under
        applicable law.

     

    12.            Successor to the Employee.  This Agreement shall inure to the benefit of and be enforceable by the Employee’s personal representatives, executors, administrators, heirs,
        distributees, devisees and legatees.  In the event of the Employee’s death after the Employee’s termination of employment but prior to the completion by the Company of all payments due to the Employee under this Agreement, the Company shall
        continue such payments to the Employee’s beneficiary designated in writing to the Company prior to the Employee’s death (or to the Employee’s estate, if the Employee fails to make such designation).

     

    13.            Enforceability.  If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement) shall to any
        extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or
        unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

     

    14.            Survival.  The provisions of this Agreement shall survive the termination of this Agreement and/or the termination of the Employee’s employment to the extent necessary to
        effectuate the terms contained herein.

     

    15.            Waiver.  No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party.  The failure of any party to require the performance
        of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

     

    16.            Notices.  Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by a
        nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return receipt requested, to the Employee at the last address the Employee has filed in writing with the Company or, in the case of the Company, at
        its main offices, attention of the Board.

     

    17.            Amendment.  This Agreement may be amended or modified only by a written instrument signed by the Employee and by a duly authorized representative of the Company.

     

    18.            Governing Law.  This is a Massachusetts contract and shall be construed under and be governed in all respects by the laws of the Commonwealth of Massachusetts without
        giving effect to the conflict of laws principles thereof.

     

    19.            Counterparts.  This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be an original; but such
        counterparts shall together constitute one and the same document.

     

    20.            Successor to Company.  The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of
        the business or assets of the Company expressly to assume and agree to perform this Agreement to the same extent that the Company would be required to perform it if no succession had taken place.  Failure of the Company to obtain an assumption of
        this Agreement at or prior to the effectiveness of any succession shall be a material breach of this Agreement.

     

    
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    21.            Gender Neutral.  Wherever used herein, a pronoun in the masculine gender shall be considered as including the feminine gender unless the context clearly indicates
        otherwise.

     

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    IN WITNESS WHEREOF, the parties have executed this Agreement effective on the date and year first above written.

     

    
      	
               

            	SCHOLAR ROCK, INC.	
               

            
	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            
	
               

            	By:

            	
               

            	
               

            
	
               

            	Its:

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            
	
               

            	EMPLOYEE	
               

            
	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            
	
               

            	Jing Marantz	
               

            

    

     

    

     

    

    
      
        

    

     

    

    Exhibit A

    

    

    Employee Non-Competition, Non-Solicitation,

    Confidentiality and Assignment Agreement

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