Document:

EX-4.33

 Exhibit 4.33 

Execution copy 

ASSET PURCHASE AGREEMENT 

This ASSET PURCHASE AGREEMENT (the “Agreement”), dated 22 November, 2019 (“Effective Date”), is made by
and between: 
  

	 	1.	 CorQuest Medical, Inc., a Delaware corporation, with registered office at 2711 Centerville Road, Suite
400, Wilmington, Delaware 19808, County of Newcastle (“Seller”), 

  

	 	2.	 CorQuest MedTech, a société à responsabilité limitée
incorporated under Belgain law, with entreprise number 0733537853, 1320 Beauvechain, rue de l’Etang 33 (“Buyer”); 

Buyer and Seller are collectively referred to herein as the “Parties” and each individually as a “Parties.”; 

and in the presence of Celyad, a Belgian company, with registered office at 1435
Mont-Saint-Guibert, rue Edouard Belin 2 (RPM Brabant Wallon 0891.118.115) (“Celyad”) 

WHEREAS, Seller owns all right, title and interest in the Purchased Assets and wishes to sell to Buyer all right, title and interest in such Purchased
Assets, and Buyer desires to acquire from Seller all right, title and interest in the Purchased Assets, free and clear of any and all Encumbrances. 

NOW, THEREFORE, in consideration of the foregoing and the representations, warranties, covenants and agreements herein contained, and
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows: 
 SECTION 1.
DEFINITIONS. The following terms, as used herein, will have the following meanings: 

1.1    “Acquirer” means the Person with which Buyer enters into a Change of Control. 

1.2    “Affiliate” means, with respect to any particular Person, any other Person directly or indirectly controlling,
controlled by or under common control with such particular Person. 
 1.3    “Agreement” is defined in the preamble.

 1.4    “Applicable Percentage” means: (i) pre-dilution, twenty-five
percent (25%) or (ii) post-dilution but not earlier than the date where Buyer will have raised a minimum of EUR 7Mio to fund its projects and activities (by way of equity, debt, subsides, option fees or any other means), the percentage that the
Seller would have had in the Buyer’s share capital if it had held 25% of the Buyer’s share capital on the date on which the threshold of EUR 7Mio is reached (the “Threshold Date”), taking into account all dilution which
would have affected the Seller’s percentage of share capital as a result of the equity investments occurred after the Threshold Date, in the same proportion as Didier De Cannière and/or Arnaud Van Schevensteen, (and if they have
different percentages, the medium average percentage post-dilution). By way of example, if those two founders would have each held 30% of the Buyer’s share capital at the Threshold Date and then, (i) each 15% of the Buyer’s share
capital after a series of equity investments, the Applicable Percentage would be twelve and a half percent (12.5%), or (ii) one 15% of the Buyer’s share capital after these equity investment, and the other one 10%, the Applicable
Percentage would be twelve and a half percent (12.5%). The application, after the Threshold Date, of adjustment or correction mechanisms with respect to the shareholding of Didier De Cannière and/or Arnaud Van Schevensteen, as agreed with
equity investors, shall be taken into account when calculating this Applicable Percentage. 
 1.5    “Buyer” is defined
in the preamble. 
 1.6    “Change of Control” means: 

(a)    The acquisition or change, in one transaction or series of related transactions, of ownership—directly or
indirectly, beneficially or of record—by any Person or group (within the meaning of the Belgian Companies Code as may be amended from time to time or equivalent body under a different jurisdiction) of the capital stock or membership or equity
interests of Buyer representing more than 50% of either the aggregate ordinary voting power or the aggregate equity value represented by the issued and outstanding capital stock of Buyer; and/or 

  
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 (b)    The direct or indirect sale, transfer or other disposition of all
or substantially all the Buyer’s assets and/or business to which this Agreement relates, including without limitation all or substantially all the Purchased Assets, in one transaction or in a series of related transactions; and/or 

(c)    The consolidation or merger of Buyer with a third party by operation of law or otherwise. 

1.7    “Change of Control Fee” is defined in Section 4.5. 

1.8    “Closing” is defined in Section 2.3(a). 

1.9    “Commercial Sale” means any transaction, following receipt of all necessary government approvals to market a
Product or service, that transfers to a purchaser, for value, physical possession of and title to such Product or service, after which transfer the seller has no right or power to determine the purchaser’s resale price. Any such transfer of
possession and title to a Licensee will not constitute a Commercial Sale unless the Licensee is an end user of the Product. 

1.10    “Docket” means Seller’s or its agent’s list or other means of tracking information relating to the
prosecution and maintenance of the Patent Rights throughout the world, including, without limitation, the names, addresses, email addresses and phone numbers of prosecution counsel and agents, and information relating to deadlines, payments and
filings, which list or other means of tracking information is current as of the Closing. 
 1.11    “Effective Date” is
defined in the preamble. 
 1.12    “Encumbrance” means any mortgage, pledge, lien, charge, encumbrance, license,
defect as to title, security interest, third party claim of any kind, covenant, condition, option, opposition filing, right or restriction of any kind or nature whatsoever. 

1.13    “Governmental Authority” means any federal, state, local, municipal, foreign or other government entity and any
other governmental or quasi-governmental authority of any nature. 
 1.14    “License(s)” means any agreement or
combination of agreements however captioned and regardless of how the conveyances are referred to therein, in which Buyer, its Affiliate, or any Licensee, as applicable directly: (a) grants or otherwise conveys rights in or to any of the
Purchased Assets; (b) agrees not to assert any right in or to the Purchased Assets; (c) has obtained agreement not to practice any right in or to any Purchased Asset; (d) permits the making, offering for sale using, selling or
importing of Products by a third party; (e) provides a third party development, manufacturing, marketing, distribution or acquisition rights for Products; and/or (f) grants an option or other future right to obtain any of the foregoing, in
each case regardless of how such person or entity is referred to therein. For clarity, so defined, Licenses (i) do not include agreement(s) with manufacturers, suppliers, or distributors or the like or other service arrangements entered into by
Buyer or any Licensee for purposes of distribution, supply, and/or manufacturing or similar arrangements of the Product on Buyer’s or such Licensee’s behalf, but only to the extent that neither Buyer nor such Licensee receives
consideration above the fair market value of the Products supplied; and (ii) do include arrangements entered into for the purposes of funding product development in exchange for development, manufacturing, marketing or distribution rights. 

1.15    “Licensee(s)” means each Person other than Buyer that is party to a License or obtains rights thereunder. 

1.16    “Licensing Revenue” means any payments and/or consideration that Buyer or its Affiliate(s) receive(s) in
connection with a License, whether paid before execution of the License, upon its execution, or at any time thereafter, including without limitation license fees, milestone payments, license maintenance fees, premiums paid on an equity investment
(i.e., amounts that exceed market value of equity), and any other payments, but excluding: 

(a)    Royalties based upon Net Sales by Buyer or its Affiliate(s); 

  
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 (b)    equity investments in Buyer up to the amount of the fair market
value of equity purchased on the trading day prior to the public announcement of the investment; 
 (c)    loan proceeds
paid to Buyer by a Licensee in an arm’s length, full recourse debt financing, except to the extent such loan is forgiven or otherwise not repaid; and 

(d)    reimbursement or payment of actual costs for research, development and/or manufacturing activities to be performed
by Buyer in a bona fide transaction and corresponding directly to the research, development and/or manufacturing of Products under and pursuant to a budget included with the specific agreement. 

If Buyer receives non-cash consideration in consideration of a License or in the case of transactions not at arm’s-length, Licensing Revenue will be calculated based on the fair market value of such consideration or transaction, at the time of the transaction, assuming an
arm’s-length transaction made in the ordinary course of business. 
 1.17    “Net
Sales” means the gross amount invoiced and received by Buyer or its Affiliate(s) for the Commercial Sales of Products to an end user. Net Sales excludes the following items (but only as they pertain to the making, using, importing or
selling of Licensed Products, are included in gross revenue, are actually incurred, and are separately stated on each invoice) (collectively, “Deductions”): 

(a)    freight charges from the point of manufacture to the customer’s premises; 

(b)    credit for returns, allowances or trades, if any; and 

(c)    import, export, excise and sales taxes, and custom duties. 

For clarity and regardless of the foregoing, no deductions will be made for commissions paid to any Person, whether they are with independent sales agencies
or regularly employed by Buyer or for cost of collections. 
 If any Products are distributed (i) free of charge, or (ii) at a discounted price
that is substantially lower than the customary price charged by Buyer or its Affiliate(s) or (iii) for any form of non-cash consideration (whether or not at a discount), Net Sales will be calculated based
on the non-discounted amount of the Product charged to an independent third party during the same reporting period or, in the absence of such sales, on the fair market value of the Product. 

1.18    “Party” or “Parties” is defined in the preamble. 

1.19    “Patent Files” means copies (or originals, where available to Seller or its agents) of the following to the
extent comprising or relating to the Patent Rights: (a) all patents, patent applications, assignments and correspondence to and from the United States Patent and Trademark Office and any other foreign patent offices (whether or not to or from
Seller); and (b) all files, records, workbooks (including, without limitation, laboratory notebooks), correspondence, data, notes and information in the possession or control of Seller or its agents. 

1.20    “Patent Rights” means: 

(a)    the European, United States and international patents listed on Exhibit A; 

(b)    the European, United States and other foreign patent applications (including provisional applications) listed on
Exhibit A; 

  
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 (c)    any patent applications claiming priority from the applications
listed on Exhibit A, and any direct or indirect divisional, continuations, continuation-in-part applications and continued prosecution applications (and their
relevant international equivalents) of the patent applications listed on Exhibit A and of such patent applications claiming priority from the applications listed on Exhibit A, and the resulting patents; 

(d)    any patents and patent applications resulting from reissues, reexaminations or extensions (and their relevant
international equivalents, including, without limitation supplementary protection certificates) of the patents described in clauses (a), (b) and (c) above; and 

(e)    foreign (non-United States) patent applications and provisional
applications filed after the Effective Date and the relevant international equivalents to divisional, continuations, continuation-in-part applications and continued
prosecution applications of the patent applications referred to in clauses (a), (b), (c) and (d) above, and the resulting patents. 

1.21    “Person” means any natural person, corporation, general partnership, limited partnership, limited liability
company, proprietorship, other business organization, trust, union, association or governmental or regulatory authority or agency. 

1.22    “Product” means any product or part thereof or service for which the development, manufacture, composition, use,
sale or importation of which in or into a given country is covered in whole or in part by a Valid Claim contained in any of the Purchased Assets. 

1.23    “Purchase Price” is defined in Section 4.2. 

1.24    “Purchased Assets” is defined in Section 2.2(d). 

1.25    “Royalties” is defined in Section 4.3. 

1.26    “Royalty Term” means, on a
country-by-country basis and Product-by-Product basis, the period commencing on the date
of the first Commercial Sale of a Product and ending on the later of (a) the expiration of the last to expire Valid Claim of the applicable patent(s) included in the Purchased Assets, that covers the manufacture, use, sale or importation of
such Product in the country of manufacture or sale; (b) the expiration of the last to expire government exclusivity for the Products in the country of sale; or (c) ten (10) years from the date of first Commercial Sale of such Product in
such country. 
 1.27    “Seller” is defined in the preamble. 

1.28    “Territory” means worldwide. 

1.29    “Valid Claim” means on a country by country basis (a) a claim of any issued, unexpired patent included in
the Purchased Assets that has not been revoked or held unenforceable or invalid by a decision of a court or governmental agency of competent jurisdiction from which no appeal can be taken, or with respect to which an appeal is not taken within the
time allowed for appeal, and that has not been disclaimed or admitted to be invalid or unenforceable through reissue, disclaimer or otherwise; or (b) a claim of any pending or published patent application included in the Purchased Assets that
has not been cancelled, withdrawn or abandoned and that has not been pending for more than ten (10) years from the filing date of the earliest patent application that is within the same patent family as such pending or published application.
For purposes of clarification, if a claim in an application has been pending for more than ten (10) years from the earliest such pending or published application within the same such patent family’s priority date, and a patent subsequently
issues containing such claim, then upon issuance of the patent, the claim will thereafter be considered a Valid Claim. 

  
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 SECTION 2. PURCHASE AND SALE OF ASSETS. 

2.1    Sale of Patent Rights. Subject to the terms and conditions of this Agreement, at the Closing, Seller hereby sells, assigns,
transfers, conveys and delivers to Buyer, and Buyer purchases, acquires and accepts from Seller all right, title and interest throughout the world in and to the Patent Rights free and clear of any and all Encumbrances. 

2.2    Sale of Additional Assets and Rights. At the Closing, Seller also hereby sells, assigns, transfers and conveys to Buyer all
right, title and interest in and to any and all: 
 (a)    inventions, invention disclosures and discoveries described
in any of the Patent Rights that (i)    are included in any claim in the Patent Rights; (ii) are subject matter capable of being reduced to a patent claim in a reissue or reexamination proceeding relating to any of the
Patent Rights; or (iii) could have been included as a claim in any of the Patent Rights; 
 (b)    rights to apply
in any or all countries of the world for patents, registered design, industrial design, certificates of invention, utility models or other governmental grants or issuances of any type related to any of the Patent Rights and the inventions, invention
disclosures and discoveries therein; 
 (c)    causes of action (whether known or unknown or whether currently pending,
filed or otherwise) and other enforcement rights under, or on account of, any of the Patent Rights or the rights described in Section 2.2(b), including, without limitation, all causes of action and other enforcement rights
for damages, injunctive relief and any other remedies of any kind for past, current or future infringement; and 

(d)    rights to collect royalties or other payments under or on account of any of the Patent Rights or any of the
foregoing (the assets and rights described in this Section 2.2 and the Patent Rights, collectively, the “Purchased Assets”). 

2.3    Closing. 

(a)    The execution and delivery of this Agreement and the closing of the purchase and sale of the Purchased Assets
provided for in this Agreement (the “Closing”) will take place on the date hereof at the offices of Celyad SA, rue Edouard Belin 2, 1435 Mont-Saint-Guibert, Belgium. 

(b)    At the Closing, Seller will deliver or cause to be delivered to Buyer the following items: 

 

	 	(i)	 the Patent Assignment; 

 

	 	(ii)	 the Patent Files; and 

 

	 	(iii)	 the Docket. 

(c)    At the Closing, Buyer will deliver or cause to be delivered to Seller the following items: 

 

	 	(i)	 the Purchase Price. 

2.4    Sales and Transfer Taxes. Seller will bear solely all sales, use, excise, and other transfer taxes and duties applicable to
the transfer of the Purchased Assets in connection with this Agreement. Any payment or reimbursement under this Section will be made within ten (10) business days after any such valid request for payment or reimbursement. 

SECTION 3. DILIGENCE IN COMMERCIALIZATION. 
 Buyer
will use commercially reasonable efforts and diligence to research and develop the Purchased Assets, as promptly as is reasonably and commercially feasible, and thereafter to produce and sell Products in a manner consistent with commercially
reasonable efforts to bring the Products to market as soon as practicable. 

  
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 SECTION 4. CONSIDERATION; PAYMENT. 

4.1    In consideration of Seller’s sale, assignment, conveyance, transfer and delivery of the Purchased Assets to Buyer, Buyer will
pay to Seller the Purchase Price, Royalties and other monetary consideration in Euros as set forth herein. 
 4.2    Purchase
Price. At the Closing, and subject to the satisfaction of the conditions contained in this Agreement, Buyer will pay to Seller one Euro (€1.00) (the “Purchase Price”). 

4.3    Royalties. During the Royalty Term, Buyer will pay to Seller in accordance with Section 7.2 for
each calendar quarter on a country-by-country and Product-by-Product basis, a royalty in
the amount equal to the aggregate Net Sales of Products in the Territory during such calendar quarter multiplied by the Applicable Percentage. If, on a
country-by-country basis, the events described in Sections 1.26(a) or 1.26(b) occur before the event described in Section 1.26(c), the
royalty fee will be reduced by the Applicable Percentage in that specific country until the event described in Section 1.26(c) occurs (the royalty payments contemplated by this Section 4.3,
collectively, the “Royalties”). 
 4.4    Licensing Revenue. Buyer will pay to Seller in accordance with
Section 7.2 the Applicable Percentage of any Licensing Revenue received in connection with any License granted (“Licensing Fees”). 

4.5    Change of Control. In the event of a Change of Control, Buyer or the Acquirer (pursuant to
Section 9.5) will pay to Seller the Applicable Percentage applied to the consideration which the Buyer has received with respect to the relevant sold asset. 

In the case of a Change of Control through an asset deal, the fee due shall be calculated by applying the Applicable Percentage to the sale price of the
relevant Purchased Asset(s). 
 If the Change of Control occurs through a share deal, the Parties shall negotiate in good faith in order to determine the
appropriate value the transferred Purchased Assets represent in the overall share valuation, in order to ensure that the Applicable Percentage be exclusively applied to such portion of the share sale price. If the Parties cannot agree on the value
of the transferred Purchased Assets within 2 months from the Change of Control, the article 9.4 will apply. 
 The foregoing fee shall be called the
“Change of Control Fee”. Notwithstanding any other provisions in this Agreement, if the Change of Control Fee is paid, the Seller shall lose all rights to any future Royalties or Licensing Fees. 

4.6    Payment; Late Payments; No Refunds. Buyer will pay Seller all amounts due under Sections 4.2,
4.3, 4.4 and 4.5 by wire transfer of immediately available funds in accordance with the wire transaction instructions provided by Seller to Buyer. Any payments due under Sections 4.4 and 4.5 will be
paid within thirty (30) days after Buyer’s receipt thereof. Late payments under this Agreement will be subject to a charge of two percent (2%) per year. The payment of such late charges will not prevent Seller from exercising any other
rights it may have as a consequence of the lateness of any payment. All amounts due by Buyer hereunder will be payable to Seller in Euros. 

4.7    Taxes. Taxes imposed by any Governmental Authority on any activities by Buyer will be paid by Buyer without deduction from
any payment due to Seller hereunder. 
 SECTION 5. REPRESENTATIONS AND WARRANTIES. 

5.1    Seller Representations and Warranties. As a material inducement to Buyer to enter into this Agreement and consummate the
transactions contemplated hereby, Seller hereby makes to Buyer the representations and warranties contained in this Section 5.1. 

  
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 (a)    Authority, Organization, Seller hereby represents and
warrants to Buyer that (i) the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly and validly authorized by all necessary action required on the part of Seller and no other
proceedings on the part of Seller are necessary to authorize this Agreement to which it is a party or to consummate the transactions contemplated hereby; and (ii) this Agreement has been duly and validly executed and delivered by Seller and
constitutes the legal, valid and binding agreement of Seller, enforceable against Seller in accordance with its terms, 

(b)    Title to Purchased Assets. Seller hereby represents and warrants to Buyer that (i) Seller owns all
right, title and interest in and to all of the Purchased Assets, free and clear of any Encumbrance whatsoever; (ii) fees, taxes and costs required to be paid by the Buyer’s founders pertaining to the validity of the Patent Rights
registration have been fully and timely paid, and (iii) such Purchased Assets have not been adjudged by any Governmental Authority invalid or unenforceable in whole or in part. 

(c)    Exhibit A. Seller hereby represents and warrants to Buyer that the information provided in Exhibit is true,
accurate and not misleading at the Effective Date. 
 5,2    Buyer Representations and Warranties. As a material inducement to
Seller to enter into this Agreement and consummate the transactions contemplated hereby, Buyer hereby represents and warrants to Seller that (a) the execution and delivery of this Agreement and the consummation of the transactions contemplated
hereby have been duly and validly authorized by all necessary corporate action required on the part of Buyer and no other proceedings on the part of Buyer are necessary to authorize this Agreement to which it is a party or to consummate the
transactions contemplated hereby; and (b) this Agreement has been duly and validly executed and delivered by Buyer and constitutes the legal, valid and binding agreement of Buyer, enforceable against Buyer in accordance with its terms. 

SECTION 6. FURTHER ASSURANCES. 

6.1    From time to time after the Closing, without further consideration, Seller will, at Buyer’s expense, execute and deliver such
documents to Buyer and take such additional action as Buyer may reasonably request in order to more effectively consummate and perfect the sale and purchase of the Purchased Assets and to more effectively vest in Buyer good and marketable title to
such ownership interest. 
 6.2    Seller hereby grants to the Buyer the right to represent the Seller for carrying out all measures and
acts necessary to effectuate the transfer of the Patent Right and the registration of the said transfer with the competent patent office authorities, 

SECTION 7. REPORTING AND VERIFICATION. 

7.1    Books and Records. Buyer agrees to keep complete and accurate records of or relating to (a) all research, development
and commercialization activities hereunder; and (b) all payment obligations under this Agreement. Such records related to payments hereunder will be kept in accordance with generally accepted accounting practices and will include all
information necessary to permit Seller and/or its representatives to confirm the accuracy of all payments due Seller hereunder, including but not limited to Royalty payments, Seller’s Licensing Revenue, and the Change of Control Fee in
accordance with SECTION 4. 
 7.2    Financial Reports. Within forty “five (45) days after each March 31,
June 30, September 30, and December 31, beginning upon the earlier of (a) the first Commercial Sale of Products, or (b) the first receipt by Buyer of Licensing Revenue, Buyer will deliver to Seller, along with all amounts
due Seller under Sections 4.3 and 4.4, true, accurate and detailed written reports (even if there are no sales). Such reports will include the following information in a form as illustrated in Exhibit B attached hereto and will
set out, for the relevant three- (3-) month period: 
  

	 	(a)	 Number of Products manufactured and sold by Buyer; 

 

	 	(b)	 Invoiced price per unit and total amount invoiced for each such Products; 

 

	 	(c)	 Accounting for all Products used or sold or otherwise transferred by Buyer; 

 

	 	(d)	 Allowable Deductions as set forth in Section 1.17; 

  
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	 	(e)	 Total Net Sales and total Royalties due; 

 

	 	(f)	 Total Licensing Revenue received during such three- (3-) month period
and total amount of payment due pursuant to Section 4.4. 

 With each report, Buyer will include any earned
Royalty payment or share of Licensing Revenue due to Seller for the completed three- (3-) month period. Buyer will report to Seller the date of the first Commercial Sale of a Product within sixty
(60) days of occurrence in each country. 
 7.3    Audit. On reasonable written notice and subject to the same
confidentiality obligations provided for in Section 8.3 herein, Seller, at its own expense, will have the right to have an independent party inspect and audit the books and records of Buyer during usual business hours for the sole purpose of,
and only to the extent necessary for, determining the correctness of payments made under this Agreement. Such examination with respect to any fiscal year will not take place later than five (5) years following the end of such year, and not more
than once in any calendar year. The expense of any such audit will be borne by Seller; provided, however, that, if the audit discloses an error in excess of ten percent (10%) of the total aggregate amount owed to Seller for any period
under audit, then Buyer will pay, in addition to the amount of any underpayment (and interest calculated in accordance with Section 4.6), the documented costs and expenses of the audit within thirty (30) days of
receiving notice thereof from Seller. 
 SECTION 8. BOARD SEAT 

As long as Didier De Canniere and Arnaud Van Schevensteen hold a majority of the voting rights of the Buyer, the Buyer will cause Didier De Canniere and Arnaud
Van Schevensteen to vote in favor of any Board of Directors candidate proposed by the Seller or Celyad. When Didier De Canniere and Arnaud Van Schevensteen do no longer hold a majority of the voting rights of the Buyer, the Buyer shall make its best
efforts in order to have its shareholders’ meeting appointing one member of its Board of Directors the candidate proposed by the Seller or Celyad. 

SECTION 9. GENERAL. 

9.1    Survival of Warranties. The representations and warranties of the Parties contained in or made pursuant to this Agreement
expire 10 years after of the Closing. 
 9.2    Expenses. Each Party will bear its respective expenses and legal fees incurred
with respect to this Agreement, and the transactions contemplated hereby. 
 9.3    Confidentiality. Each Party will not,
directly or indirectly, disclose or otherwise make available to any third party (other than its directors, legal counsel and accountants who are bound by confidentiality obligations) the terms and conditions of this Agreement. Notwithstanding the
foregoing, (a) each Party may disclose the terms and conditions of this Agreement to the extent such disclosure is required to comply with applicable law (including any securities law or regulation or the rules of a securities exchange),
judicial process, or pursuant to a Governmental Authority’s rules and regulations in order to secure regulatory approval, provided, however, that Buyer will first give written notice to Seller of such disclosure and will make a
reasonable effort to maintain the confidentiality of such information; and (b) each Party may disclose the terms and conditions of this Agreement to an actual or potential assignee, investment banker, investor or lender, and their professional
advisers, in each case that is bound by written confidentiality obligations (or in the case of professional advisers, ethical duties) no less stringent than those contained in this Agreement. 

9.4    Governing Law; Consent to Arbitration. The law, including the statutes of limitation, of Belgium will govern this Agreement,
the interpretation and enforcement of its terms and any claim or cause of action (in law or equity), controversy or dispute arising out of or related to it or its negotiation, execution or performance, whether based on contract, tort, statutory or
other law, in each case without giving effect to any confiicts-of-law or other principle requiring the application of the law of any other jurisdiction. Any disputes
arising out of or in relation with this Agreement shall be finally settled under the CEPANI Rules of Arbitration by one (1) arbitrator appointed in accordance with those Rules. The seat of the arbitration shall be Brussels and the arbitration
shall be conducted in French (it being agreed that the parties may produce evidentiary documents in English only). 

  
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 9.5    Assignment; Change of Control; Binding Effect. No Party may assign this
Agreement in whole or in part without the prior written consent of the other Party; provided, however, that, either Party may assign this Agreement without the written consent of the other Party to (a) one of its Affiliates
and (b) an entity succeeding to substantially all the assets and business of such Party to which this Agreement relates by merger, purchase or otherwise. The assigning Party will provide written notice to the other Party of any assignment
hereunder, and Buyer will provide written notice to Seller of any Change of Control. It is anticipated that the Seller be woundup and liquidated shortly after the execution of this Agreement and all its rights and obligations under this Agreement
shall be transferred to its 100% holding company, Celyad, which all Parties hereby agree to. 
 Subject to the foregoing and SECTION 4, (i) this Agreement
will be binding on the Parties and their successors and assigns (including without limitation any Acquirer) and (ii) any permitted assignment or Change of Control will require that Buyer and/or Acquirer (as applicable) pay to Seller the Change
of Control Fee in accordance with section 4.5. The payment of the Change of Control Fee will extinguish the obligation incumbent upon Buyer or Acquirer to pay any Royalties or Licensing Fees under sections 4.3 and 4.4. 

The Buyer or Acquirer will not be relieved of their responsibility for the performance of any obligation that has accrued up until the time of the assignment
or Change of Control. 
 9.6    Notices. Any notice, request, demand or other communication required or permitted hereunder will
be in writing and will be deemed to have been duly given when received if personally delivered; when transmitted, if transmitted by telecopy, electronic or digital transmission method; the day after it is sent if sent for next day delivery to a
domestic address by a recognized overnight delivery service. All notices to a Party will be sent to the addresses set forth below such Party’s signature hereto or to such other address or person as such Party may designate by written notice to
the other Party hereunder. 
 9.7    Miscellaneous. This Agreement may be executed in counterparts, each of which will be deemed
an original, but all of which together will constitute one and the same instrument. The section headings contained in this Agreement are for reference purposes only and will not affect in any way the meaning or interpretation of this Agreement. For
purposes hereof, “including” means “including, without limitation”. This Agreement, including the exhibits referred to herein and the other writings specifically identified herein or contemplated hereby, is complete, reflects the
entire agreement of the Parties with respect to its subject matter, and supersedes all previous written or oral negotiations, commitments and writings. No promises, representations, understandings, warranties and agreements have been made by any of
the Parties hereto except as referred to herein or in such schedules and exhibits or in such other writings; and all inducements to the making of this Agreement relied upon by either Party hereto have been expressed herein or in such schedules or
exhibits or in such other writings. This Agreement may not be amended or modified, nor may compliance with any condition or covenant set forth herein be waived, except by a writing duly and validly executed by each Party hereto, or in the case of a
waiver, the Party waiving compliance. Whenever possible, each provision of this Agreement will be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Agreement will be deemed prohibited or
invalid under such applicable law, such provision will be ineffective to the extent of such prohibition or invalidity, and such prohibition or invalidity will not invalidate the remainder of such provision or the other provisions of this Agreement.

 9.8    Indemnity. The Buyer will fully assume and discharge the Seller (and Celyad as the case maybe) of all obligations or
liabilities incurred by the Seller (or Celyad as the case maybe) vis-a-vis the sellers under the share purchase agreement entered into on 5 November 2014 in
relation to the sale and purchase by Celyad of all shares in the Seller (the “Original Sellers”). The Buyer shall indemnify the Seller (and Celyad as the case may be) against any possible claim from the Original Sellers against Celyad or
against the Seller. If a claim is filed by any of such Original Sellers, the Buyer shall have full control of the discussions and the possible litigation and Celyad and/or the Seller shall comply with the Buyer’s reasonable instructions in this
respect. The Buyer will bear all the costs (including the attorneys’ fees) incurred by the Seller (or by Celyad as the case maybe) in relation to the Original Sellers’ claims. 

  
 9 

 Execution copy 

 

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed as of
the date set forth above by their duly authorized representatives. 
 BUYER 

CorQuest MedTech SRL 
  

									
	By:	 	Arnaud van Schevensteen	 		 	By:	 	Didier De Canniere
	Title:	 	administrateur	 		 	Title:	 	administrateur

 Address for Notice 
 33
rue de 1’Etang 
 1320 Beauvechain 
 Belgium 

Attn: Arnaud van Schevensteen 
 SELLER 

CORQUEST MEDICAL, INC. 
  

			
	By:	 	
	Name:	 	Filippo Petti
	Title:	 	CEO and President

 Address for Notice 

Celyad SA 
 Rue Edouard Belin, 2 

1435 Mont-Saint-Guibert 
 Attn: Legal Department 

  
 10 

 Execution copy 

 

 Exhibit A 

PATENT RIGHTS 
  

									
	 Case Ref.
	 	Official No.	 	 Title
	 	 Registered
Owner
	 	 Comments

	P40376AUA	 	2015214529	 	Introductory Assembly and Method for Inserting Intracardiac Instruments	 	CorQuest Medical, Inc.	 	Patent granted 22 February 2018. Renewal fee paid January 2019.
	P40376BR	 	1120140028036	 	Abandoned.
	P40376CA	 	2844285	 	Abandoned, but grace period may be available.
	P40376CAA	 	2938000	 	Likely abandoned, need to contact agent to confirm status.
	P40376EPA	 	EP3102119	 	Abandoned.
	P40376ILA	 	246869	 	Will have to contact IL agent on this application as we do not have current status.
	P40376JPA	 	6336099	 	Application granted on 11 May 2018, next annuity due 11 May 2021.
	P40376KR	 	1020147005899	 	Abandoned.
	P40376MX	 	354374	 	Application granted on 28 February 2018, next annuity due 9 August 2023.
	P40376MXA	 	MX/a/
2017/010637	 	Will have to contact MX agent on this application as we do not have current status.
	P40376RU	 	2014105115	 	Likely abandoned, need to contact RU agent on this application as we do not have current status.
	P40377AU	 	2014342390	 	Closure System for Atrial Wall	 	Abandoned, but grace period may be available.
	P40377CA	 	2928434	 	Abandoned, but grace period may be available.
	P40377EP	 	EP3062714	 	Abandoned.
	P40377IL	 	245258	 	Likely abandoned, will need to email agent and double check.
	P40377JP	 	2016-526226	 	Application has been expressly withdrawn. Would need to check with agent for any potential restoration.
	P40377US	 	14/065613	 	Pending and in good order, will be used to rescue claims of P40376US.
	P40378AU	 	2013348100	 	Device and Method for Treating Heart Valve Malfunction	 	Application granted on 17 May 2018, need to contact agent to confirm status, grace period may be available in case of issues.
	P40378CA	 	2891356	 	Need to contact agent to confirm status, grace period may be available.
	P40378EP	 	2922502	 	Application granted on 25 April 2018, did not validate application. Is alive in some European States where no validation action was required: France, Germany, Ireland, Luxembourg, Monaco, Switzerland, UK.
	P40378IL	 	238933	 	Abandoned — will need to email IL agent and check.

  
 A-1 

 Execution copy 

 

									
	P40378JP	 	2015-544111	 		 		 	Application has been expressly withdrawn in favor of P40378JPA. Would need to check with agent for any potential restoration.
	P40378JPA	 	2018-005752	 		 		 	Application has been expressly withdrawn. Would need to check with agent for any potential restoration.
	P40378US	 	13/691,087	 		 		 	Abandoned in favor of P40378USA
	P40378USA	 	13/967647	 		 		 	Issue fee has been paid, application will proceed to grant.
	P40379US	 	13/714989	 	Assembly and Method for Left Atrial Appendage Occlusion	 		 	
	 	Pending and in good order, OA replied to in December.
	P40379USA	 	13/838199	 	Pending and in good order, OA replied to in December.
	P40380AU	 	2014354885	 	System for Treating Heart Valve Malfunction Including Mitral Regurgitation	 		 	Need to contact agent to confirm status, grace period may be available in case of issues
	P40380CA	 	2931522	 		 	Need to contact agent to confirm status, grace period may be available in case of issues
	P40380IL	 	245810	 		 	Abandoned — Notice before Examination not filed by deadline of 24 August 2018. Will need to email agent and double check.
	P40380JP	 	2016-554824	 		 	Application has been expressly withdrawn. Would need to check with agent for any potential restoration.
	P40380US	 	9566443	 		 	Application granted on 14 February 2017 — next renewal due 14 August 2018. Maybe possible to restore but will need to check with agent.

 For sake of clarity, the above table includes patent rights in these patent families that have been
expressly abandoned and which may or may not be revived. This to emphasize that the assignment is for all family members, i.e., including all rights that lapsed (and might subsequently be revived). 

  
 A-2 

 Exhibit B 

SAMPLE FINANCIAL REPORT 
 Buyer: 

Reporting period: 
 Date of report: 

Financial Reporting Form 
  

											
	 Product
	  	 No. units sold that are

subject to Royalties
	  	 Invoiced

price per

unit
	  	 Gross sales
	  	 Allowable

deductions
	  	 Net Sales

	Product name	  		  		  		  		  	
	Product name	  		  		  		  		  	
	Product name	  		  		  		  		  	
	Product name	  		  		  		  		  	
	Total	  		  		  		  		  	

  

			
	 Total net sales
	  	$            
	 Royalty rate
	  	
	 Royalty due
	  	$            

 Total Royalty due: $         

Total Licensing Revenue: $         

Report prepared by: 
 Title: 

Data:                      

  
 B-1Exhibit

Employment Agreement
Spark Energy, Inc.

This Employment Agreement (this “Agreement”) dated March 23, 2019 is between Kevin McMinn (“Employee”) and Spark Energy, Inc. (the “Company”).  Capitalized terms that are not otherwise defined are defined in Exhibit B to this Agreement. 
1.Employment.  The Company will employ Employee in accordance with the terms and conditions set forth in this Agreement and Exhibit A to this Agreement. During the Term (as defined in Exhibit A to this Agreement), Employee will devote his full business time, attention and best efforts to the business of the Company, as may be requested by the Company’s Board of Directors (the “Board”).  Employee acknowledges and agrees that he owes the Company fiduciary duties, including duties of loyalty and disclosure, and that the obligations described in this Agreement are in addition to, and not in lieu of, the obligations owed to the Company and its subsidiaries under common law. 
2.    Termination of Employment.
(a)    Right to Terminate for Convenience.  Either the Company or Employee shall have the right to terminate the employment under this Agreement for convenience at any time and for any reason, or no reason at all, upon written notice to the other party. Such termination shall be effective immediately unless otherwise agreed between the parties.
(b)    Company’s Right to Terminate Employee’s Employment for Cause.  The Company shall have the right to terminate Employee’s employment at any time for Cause.  
(c)    Employee’s Right to Terminate for Good Reason.  Employee shall have the right to terminate Employee’s employment with the Company at any time for Good Reason.  Any assertion by Employee of a termination for Good Reason shall not be effective unless all of the following conditions are satisfied: (i) the condition giving rise to Employee’s termination of employment must have arisen without Employee’s written consent; (ii) Employee must provide written notice to the Board of the existence of such condition(s) within 30 days of the initial existence of such condition(s); (iii) the condition(s) specified in such notice must remain uncorrected for 30 days following the Board’s receipt of such written notice; and (iv) the date of Employee’s termination of employment must occur within 75 days after the initial existence of the condition(s) specified in such notice. 
(d)    Death or Disability.  Upon the death or Disability of Employee, Employee’s employment with Company shall terminate with no further obligation under this Agreement of either party hereunder. 
(e)    Effect of Termination.
(i)    If Employee’s employment is terminated by the Company for convenience pursuant to Section 2(a) above, is terminated as a result of a non-renewal of the Term of this Agreement by the Company pursuant to Exhibit A, or is terminated by Employee for Good Reason pursuant to Section 2(c) above, and Employee: (A) executes within 50 days following the date on which Employee’s employment terminates, and does not revoke within the time provided by the Company to do so, a release of all claims in a form reasonably acceptable to the Company (the “Release”); and (B) abides by Employee’s continuing 

1

obligations under Sections 3 and 4 of this Agreement, then the Company shall pay to Employee any bonus earned for the calendar year prior to the year in which the termination occurs but which is unpaid as of the date of termination (which shall be paid to Employee on the same date as such bonus would have been paid had Employee remained in employment) (the “Post-Termination Bonus Payment”) and make severance payments to Employee in a total amount equal to: (X) 12 months’ worth of Employee’s Base Salary; plus (Y) an additional amount equal to the target annual bonus for the Employee for the year in which Employee is terminated prorated up to the date of termination for the number of days worked during such calendar year and calculated based on relative achievement of key performance targets as determined by the Compensation Committee of the Board in its reasonable discretion (such total severance payments being referred to as the “Severance Payment”).  For the avoidance of doubt, a non-renewal of the Term of this Agreement by Employee, a termination by reason of Employee’s death or Disability, a termination by the Company for Cause a termination of employment by Employee without Good Reason under Section 2(a) above, or a separation qualifying under Section 2(f) below, shall not give rise to a right to the Severance Payment or Post-Termination Bonus Payment under this subsection 2(e)(i). 
(ii)    The Severance Payment will be paid in substantially equal monthly installments in accordance with the Company’s normal payroll practices, beginning on Company’s first pay date that is on or after the 60th day following the date of termination of employment; provided, however, that the first installment payment shall include all amounts that would otherwise have been paid to Employee during the period beginning at termination and ending on the first payment date (without interest) if no delay had been imposed. Any Severance Payment is conditional upon Employee’s compliance with Sections 3 and 4.  Each payment of a portion of the Severance Payment under this Agreement is intended to be a series of separate payments and not as the entitlement to a single payment for purposes of Section 409A.  For purposes of this Agreement, references to Employee’s termination of employment shall mean, and be interpreted in accordance with, Employee’s “separation from service” from the Company within the meaning of Treasury Regulation § 1.409A-1(h)(1)(ii).
(iii)    Upon a termination of employment by Employee for Good Reason, by the Company for convenience or non-renewal by the Company, then all outstanding unvested long term incentive awards granted to the Employee during his employment with the Company under the Long Term Incentive Plan shall become fully vested and exercisable for the remainder of their full term in accordance with, and subject to, any applicable agreements and plan documents as may be amended from time to time.
(iv)     Upon a Change in Control, the Employee shall retain all outstanding long term incentive awards previously granted to Employee under the Long Term Incentive Plan  subject to the existing vesting schedules, the terms of such awards and the terms of the Long Term Incentive Plan and any terms of this Agreement which might otherwise apply, provided that all such awards shall be modified by the Compensation Committee in its discretion to reflect the consideration, whether in shares of stock, other securities, cash or property that the Employee would be entitled to receive had he vested into such awards immediately prior to the Change in Control. 

2

(f)    Effect of Change in Control. In the event of a Change in Control in which the Employee’s employment is terminated by the Company for convenience under Section 2(a), for Good Reason under Section 2(c) or as a result of a non-renewal of the Term of this Agreement by the Company pursuant to Exhibit A within that window consisting of  the period commencing 120 days prior to execution of a definitive agreement for such Change in Control transaction and ending 365 days after consummation or final closing of such transaction, provided Employee: (A) executes within 50 days following the date on which Employee’s employment so terminates under this Section 2(f), and does not revoke within the time provided by the Company to do so, a Release; and (B) abides by Employee’s continuing obligations under Sections 3 and 4 of this Agreement, then the Company shall pay to Employee, and Employee shall be entitled to, the following, in lieu of any Severance Payment under Section 2(e)(i) and (ii) above:
(i)    any bonus earned for the calendar year prior to the year in which the termination occurs but which is unpaid as of the date of termination, which sum shall be paid within 15 days following the date on which employment is terminated; plus
(ii)    an amount equal to the target annual bonus for the Employee for the year in which Employee is terminated prorated up to the date of termination for the number of days worked during such calendar year and calculated based on relative achievement of key performance targets as determined by the Compensation Committee of the Board in its reasonable discretion, which sum shall be paid within 15 days following the date on which employment is terminated; plus
(iii)    a lump sum payment equal to 1.0 times the sum of the Employee’s annual Base Salary then in effect and the full target annual bonus for the year in which the termination date occurs, which shall be paid within 15 days following the date on which employment is terminated; plus
(iv)    If the Employee timely and properly elects health continuation coverage under COBRA, for a period of 18 full months commencing on the first day of the month after the month in which employment was terminated, the Company shall reimburse the Employee for, or pay on Employee’s behalf, the monthly COBRA premium paid by the Employee for himself and his dependents. Such reimbursement shall be paid to the Employee no later than the date on which Employee timely remits the premium payment. The Employee shall be eligible to receive such reimbursement until the earliest of: (i) the completion of the eighteen-month term set forth above; (ii) the date the Employee is no longer eligible to receive COBRA continuation coverage; and (iii) the date on which the Employee receives substantially similar coverage from another employer or other source.  The Company shall pay to the Employee, no later than the time taxes are required to be paid by the Employee or withheld by the Company, an additional amount (the "Gross-up Payment") equal to the sum of the withholding taxes payable by the Executive, plus the amount necessary to put the Employee in the same after-tax position (taking into account any and all applicable federal, state and local income, employment,  and other taxes (including the any income and employment taxes imposed on the Gross-up Payment)) that he would have been in if the Employee had not incurred any withholding tax liability in connection with the COBRA payment.
(v)    For the avoidance of doubt, the provisions of subsection (e)(iii) and (iv) of this Section 2 shall apply with respect to outstanding long term incentive awards previously granted to the Employee.

3

3.    Confidentiality.  The Company will provide Employee and give Employee access to Confidential Information during the Term. Employee will hold all Confidential Information in a fiduciary capacity for the benefit of the Company.  During the Term and at all times after termination of Employee’s employment hereunder, Employee will: (a) not disclose any Confidential Information to any person or entity other than in the proper performance of his duties during the Term; (b) not use any Confidential Information except for the benefit of the Company; and (c) take all such precautions as may be reasonably necessary to prevent the disclosure to any third party of any of the Confidential Information.    
Upon termination of employment, Employee will surrender and deliver to the Company all documents (including electronically stored information) and other materials of any nature containing or pertaining to all Confidential Information and any other Company property or property of its subsidiaries (including, without limitation, any Company-issued computer, mobile device, credit card, or other equipment or property), in Employee’s possession, custody and control and Employee will not retain any such document or other materials or property.  
Notwithstanding anything herein to the contrary, nothing in this Agreement shall (i) prohibit the Employee from making reports of possible violations of federal law or regulations to any governmental agency or entity in accordance with the provisions of and the rules promulgated under Section 21F of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or Section 806 of the Sarbanes-Oxley Act of 2002, or of any other whistleblower protection provisions of state or federal law or regulations or waive any right to monetary recovery in connection therewith, or (ii) require notification or prior approval by the Company of any reporting described in clause (i).
4.    Non-Competition and Non-Solicitation.
(a)    The Company shall provide Employee access to the Confidential Information for use only during the Term, and Employee acknowledges and agrees that the Company will be entrusting Employee, in Employee’s unique and special capacity, with developing the goodwill of the Company and its subsidiaries, and in consideration thereof and in consideration of the access to Confidential Information and as a condition to the Company’s entry into this Agreement and employment of Employee, and Employee’s receipt of equity-based compensation pursuant to the Long-Term Incentive Plan as described in Exhibit A, Employee has voluntarily agreed to the covenants set forth in this Section 4.  Employee further agrees and acknowledges that the limitations and restrictions set forth herein, including geographical and temporal restrictions on certain competitive activities, are reasonable in all respects and are material and substantial parts of this Agreement intended and necessary to prevent unfair competition and to protect the Company’s and its subsidiaries’ legitimate business interests, including the protection of its Confidential Information and goodwill.
(b)    Employee agrees that, during the period that he is employed by the Company or any of its subsidiaries and continuing through the date that is 12 months following the date that Employee is no longer employed by the Company or any of its subsidiaries, Employee shall not, without the prior written approval of the Company, directly or indirectly, for himself or on behalf of or in conjunction with any other person or entity of whatever nature engage in any Prohibited Activity.
(c)    During the Term and at all times following the termination of Employee’s employment for whatever reason, Employee shall not (except to the extent required by law) disparage, and shall cause the Employee’s affiliates not to disparage, either orally or in writing, the Company or any of its subsidiaries or affiliates, or any of their directors, officers, managers, agents, representatives, stockholders, investors, partners, members, or employees, or any of their respective businesses, products, services or 

4

practices. During the Term and at all times following the termination of Employee’s employment for whatever reason, the Company shall not (except to the extent required by law) disparage, and shall cause the Company’s subsidiaries not to disparage, either orally or in writing, the Employee.
(d)    Because of the difficulty of measuring economic losses to the Company as a result of a breach of the foregoing covenants, and because of the immediate and irreparable damage that would be caused to the Company for which it would have no other adequate remedy, Employee agrees that the Company and its subsidiaries shall be entitled to enforce the foregoing covenants, in the event of a breach, by injunctions and restraining orders and that such enforcement shall not be the Company’s or such subsidiary’s exclusive remedy for a breach but instead shall be in addition to all other rights and remedies available to the Company or its subsidiaries at law and equity.
(e)    The covenants in this Section 4, and each provision and portion thereof, are severable and separate, and the unenforceability of any specific covenant shall not affect the provisions of any other covenant.  Moreover, in the event any arbitrator or court of competent jurisdiction shall determine that the scope, time or territorial restrictions set forth are unreasonable, then it is the intention of the parties that such restrictions be enforced to the fullest extent which the arbitrator or court deems reasonable, and this Agreement shall thereby be reformed.
5.    Stock Ownership Policy.  On and after April 1, 2023, Employee is expected to hold a number of shares of Class A common stock, par value $0.01 per share, of the Company (“Stock”) with an aggregate value equal to two times Employee’s Base Salary (such value to be determined based on the closing price of a share of Stock as of December 31 of the prior year (the “Stock Ownership Requirement”).   The Stock Ownership Requirement shall be measured on April 1 of each year beginning in 2023. Until the applicable Stock Ownership Requirement is achieved, Employee is encouraged to retain the net shares obtained through the Company’s stock incentive plans.   “Net shares” are those shares that remain after shares are sold or netted to pay the exercise price of stock options (if applicable) and withholding taxes.  To the extent Employee falls below the Stock Ownership Requirement after April 1, 2023, Employee will be required to retain 100% of the net shares obtained through the Company’s stock incentive plans until the Stock Ownership Requirement is met.  In the event of a drop in the share price of the Stock from the beginning of each fiscal year through the end of such year commencing with fiscal year 2022 and for each fiscal year thereafter of more than twenty-five percent (25%), Employee will be entitled to an additional twelve month period commencing on April 1 of the next year to comply with the Stock Ownership Requirement.  Failure to satisfy the Stock Ownership Requirement may impact Employee’s eligibility to receive future cash and equity incentive compensation awards.  All shares of Stock held by Employee (including (i) shares purchased on the open market or (ii) shares held indirectly by Employee (a) under any retirement or deferred compensation plan or (b) held by a spouse or other immediate family member residing in the same household or (c) in a trust for the benefit of  Employee or his family (whether held individually or jointly)) and all shares of Stock underlying awards granted under the Company’s long term incentive plan and which can be settled in Stock (whether vested or unvested, exercised or unexercised, or settled or unsettled) will count towards the Stock Ownership Requirement.  Performance awards held by Employee will count towards the Stock Ownership Requirement at the target level of such awards until settled.
6.    Applicable Law; Submission to Jurisdiction.  This Agreement shall in all respects be construed according to the laws of the State of Texas without regard to its conflict of laws principles that would result in the application of the laws of another jurisdiction.  With respect to any claim or dispute related to or arising under this Agreement or relating to Employee’s employment or the termination thereof, the parties hereby consent to the exclusive jurisdiction, forum and venue of the state and federal courts 

5

located in Houston, Texas.  Notwithstanding the foregoing, the Company and its subsidiaries shall be entitled to enforce their rights under Section 4 in any court of competent jurisdiction.
7.    Entire Agreement and Amendment.  This Agreement, the Long Term Incentive Plan and the award agreement evidencing any equity compensation awards granted under the Long Term Incentive Plan contains the entire agreement of the parties with respect to the matters covered herein; moreover, this Agreement supersedes all prior and contemporaneous agreements and understandings, oral or written, between the parties hereto concerning the subject matter hereof.  This Agreement may be amended only by a written instrument executed by both parties hereto. 
8.    Waiver of Breach.  Any waiver of this Agreement must be executed by the party to be bound by such waiver.  No waiver by either party hereto of a breach of any provision of this Agreement by the other party, or of compliance with any condition or provision of this Agreement to be performed by such other party, will operate or be construed as a waiver of any subsequent breach by such other party or any similar or dissimilar provision or condition at the same or any subsequent time.  The failure of either party hereto to take any action by reason of any breach will not deprive such party of the right to take action at any time while such breach continues.
9.    Assignment.  This Agreement is personal to Employee, and neither this Agreement nor any rights or obligations hereunder shall be assignable or otherwise transferred by Employee.  The Company may assign this Agreement without Employee’s consent, including to any subsidiary of the Company and to any successor (whether by merger, purchase or otherwise) to all or substantially all of the equity, assets or businesses of the Company.
10.    Notices.  Notices provided for in this Agreement shall be in writing and shall be deemed to have been duly received when delivered in person or on the third business day following deposit in the United States mail, registered or certified mail, return receipt requested:  to the address of the Company’s principal offices, Attention: General Counsel, if to the Company; and to the home address of the Employee on file with the Company if to the Employee.
11.    Section 409A.  If any provision of this Agreement does not satisfy the requirements of Section 409A, then such provision shall nevertheless be applied in a manner consistent with those requirements.  Any payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement are exempt from, or compliant with, Section 409A and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Employee on account of non-compliance with Section 409A.  If any payment or benefit provided to the Employee in connection with his termination of employment is determined to constitute "nonqualified deferred compensation" within the meaning of Section 409A and the Employee is determined to be a "specified employee" as defined in Section 409A(a)(2)(b)(i), then all such payments or benefits shall not be paid until the first payroll date to occur following the six-month anniversary of the separation from service date as defined in accordance with Section 409A in a lump sum, and thereafter, any remaining payments shall be paid without delay in accordance with their original schedule.

6

12.    Section 280G.
(a)    Notwithstanding any other provision of this Agreement or any other plan, arrangement or agreement to the contrary, if any of the payments or benefits provided or to be provided by the Company or its affiliates to the Employee or for the Employee's benefit pursuant to the terms of this Agreement or otherwise ("Covered Payments") constitute parachute payments ("Parachute Payments") within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the "Code") and would, but for this Section 12 be subject to the excise tax imposed under Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed by state or local law or any interest or penalties with respect to such taxes (collectively, the "Excise Tax"), then prior to making the Covered Payments, a calculation shall be made comparing (i) the Net Benefit (as defined below) to the Employee of the Covered Payments after payment of the Excise Tax to (ii) the Net Benefit to the Employee if the Covered Payments are limited to the extent necessary to avoid being subject to the Excise Tax. Only if the amount calculated under (i) above is less than the amount under (ii) above will the Covered Payments be reduced to the minimum extent necessary to ensure that no portion of the Covered Payments is subject to the Excise Tax (that amount, the "Reduced Amount"). "Net Benefit" shall mean the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes. 
(b)    Any such reduction shall be made in accordance with Section 409A of the Code and the following: the Covered Payments shall be reduced in a manner that maximizes the Employee's economic position. In applying this principle, the reduction shall be made in a manner consistent with the requirements of Section 409A of the Code, and where two economically equivalent amounts are subject to reduction but payable at different times, such amounts shall be reduced on a pro rata basis but not below zero.
(c)    Any determination required under this Section 12 shall be made in writing in good faith by the accounting firm that was the Company's independent auditor immediately before the change in control (the "Accountants"), which shall provide detailed supporting calculations to the Company and the Employee as requested by the Company or the Employee. The Company and the Employee shall provide the Accountants with such information and documents as the Accountants may reasonably request in order to make a determination under this Section 12. For purposes of making the calculations and determinations required by this Section 12, the Accountants may rely on reasonable, good faith assumptions and approximations concerning the application of Section 280G and Section 4999 of the Code. The Accountants' determinations shall be final and binding on the Company and the Employee. The Company shall be responsible for all fees and expenses incurred by the Accountants in connection with the calculations required by this Section 12.
(d)    It is possible that after the determinations and selections made pursuant to this Section 12 the Employee will receive Covered Payments that are in the aggregate more than the amount otherwise provided under this Section 12 ("Overpayment") or less than the amount otherwise provided under this Section 12 ("Underpayment"). 
(i)    In the event that: (A) the Accountants determine, based upon the assertion of a deficiency by the Internal Revenue Service against either the Company 

7

or the Employee which the Accountants believe has a high probability of success, that an Overpayment has been made or (B) it is established pursuant to a final determination of a court or an Internal Revenue Service proceeding that has been finally and conclusively resolved that an Overpayment has been made, then the Employee shall pay any such Overpayment to the Company together with interest at the applicable federal rate (as defined in Section 7872(f)(2)(A) of the Code) from the date of the Employee's receipt of the Overpayment until the date of repayment.
(ii)     In the event that: (A) the Accountants, based upon controlling precedent or substantial authority, determine that an Underpayment has occurred or (B) a court of competent jurisdiction determines that an Underpayment has occurred, any such Underpayment will be paid promptly by the Company to or for the benefit of the Employee together with interest at the applicable federal rate (as defined in Section 7872(f)(2)(A) of the Code) from the date the amount would have otherwise been paid to the Employee until the payment date. 
13.    Effect of Termination.  The provisions of Sections 2(e), 2(f), 3, 4, 6 and 11 and those provisions necessary to interpret and enforce them, shall survive any termination of this Agreement and any termination of the employment relationship between Employee and the Company.
14.    Third-Party Beneficiaries.  Each subsidiary of the Company that is not a signatory to this Agreement is an intended, third-party beneficiary of Employee’s obligations under Sections 3 and 4 above and shall be entitled to enforce such obligations as if a party hereto. 
15.    Severability.  If an arbitrator or court of competent jurisdiction determines that any provision of this Agreement is invalid or unenforceable, then the invalidity or unenforceability of that provision shall not affect the validity or enforceability of any other provision of this Agreement and all other provisions shall remain in full force and effect.

    
Employee Name: Kevin McMinn

SPARK ENERGY, INC.

By: /s/ James G Hones II    
Name: James G. Jones II    
Title: CFO    

8

EXHIBIT A TO EMPLOYMENT AGREEMENT
OF KEVIN MCMINN

Title:  Chief Operating Officer

Duties: Those normally incidental to the title identified above, as well as such additional duties as may be assigned to Employee by the Board from time to time.

Term:  The term of this Agreement shall be for the period beginning on the date of the Agreement and ending on December 31, 2021.  On January 1, 2022 and on each subsequent anniversary thereafter, this Agreement shall automatically renew and extend for a period of 12 months unless written notice of non-renewal is delivered from either party to the other not less than 30 days prior to the expiration of the then-existing Term.  The Term shall include the initial term and any renewal periods.  The Term shall end effective as of the date of termination of Employee’s employment for any reason.
Base Salary:  Annual base salary of $300,000.00 (less applicable taxes and withholdings) as adjusted from time to time by the Company (the “Base Salary”) payable in conformity with the Company’s customary payroll practices for similarly situated employees as may exist from time to time, but no less frequently than monthly.

RSUs:  Employee shall be awarded 30,000 RSUs upon the execution of this Agreement, which shall vest according to the following schedule:

May 18, 2021: 25%
May 18, 2022: 25%
May 18, 2023: 25%
May 18, 2024: 25%

Bonus:  Employee shall be eligible to participate in such annual bonus plan as may be established by the Company in its discretion from time to time and in which other similarly situated Company employees are eligible to participate, subject to the terms and conditions of the applicable plan in effect from time to time. The Company shall not, however, be obligated to institute, maintain, or refrain from changing, amending, or discontinuing, any bonus plan, so long as such changes are similarly applicable to similarly situated Company employees generally.  Except to the extent specifically provided for in Section 2(e)(i) or 2(f), any bonus shall not be payable unless Employee remains continuously employed within the Company to the date on which such bonus is paid.
Equity Based Compensation:  Employee will be eligible to receive equity based compensation awards pursuant to, and subject to the terms of, an equity compensation plan adopted by the Company, as such plan may be amended by the Company from time to time (the “Long Term Incentive Plan”).  Such awards will be in an amount determined by the Company and subject to the terms and conditions established by the Board or a committee thereof.  

Benefits:  Employee shall be eligible to participate in the same benefit plans and programs in which other similarly situated Company employees are eligible to participate, subject to the terms and conditions of the applicable plans and programs in effect from time to time.  The Company shall not be obligated to institute, 

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maintain, or refrain from changing, amending, or discontinuing, any such plan or policy, so long as such changes are similarly applicable to similarly situated Company employees.
Indemnity and D&O Insurance:  The Company hereby agrees to indemnify, defend and hold harmless Employee (and their legal representatives and other successors) to the fullest extent permitted under applicable law against all costs, charges and expenses whatsoever (including all judgments, fines and amounts paid in settlement and all attorneys' fees and disbursements) incurred or sustained by Employee (or their legal representatives or successors) in connection with any action, suit, proceeding or claim to which Employee may be a party, whether personally sued or subject to an action, by reason of his being an officer, employee, agent or otherwise acting on behalf of the Company or any affiliate or subsidiary thereof, assuming Employee acted in good faith, for a purpose which they reasonably believed to be in the interest of the Company. The Employee will have the ability to select their counsel for such matters. The Company shall use its best efforts to maintain Director and Officer insurance, containing commercially reasonable terms and conditions, including but not limited to tail coverage for officers and directors. 

.  

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EXHIBIT B
TO EMPLOYMENT AGREEMENT OF KEVIN MCMINN
DEFINITIONS

“Business” means the products or services offered, marketed, or sold, or with respect to which there are active plans to offer, market or sell, by the Company or its subsidiaries during the period in which Employee is employed by the Company or any of its subsidiaries and for which Employee has material responsibility or about which Employee obtains Confidential Information, which such products and services include, without limitation, the business of supplying electricity and natural gas to homes and businesses.
“Business Opportunity” means any commercial, investment or other business opportunity relating to the Business.
“Cause” means:
(i)    Employee’s material breach of this Agreement, or any other material obligation owed to the Company or any of its subsidiaries; provided that, if the Company determines that any such breach is capable of cure by Employee, written notice of such breach must be delivered to Employee and Employee must be given a period of 15 days following delivery of such notice to cure the breach;
(ii)    the commission of an act of gross negligence, willful misconduct, breach of fiduciary duty, fraud, theft or embezzlement on the part of Employee, which such act has an adverse effect on the Company or any of its subsidiaries or can reasonably be expected to have an adverse effect on the Company or any of its subsidiaries;
(iii)    the conviction or indictment of Employee, or a plea of nolo contendere by Employee, to any felony or any crime involving moral turpitude; 
(iv)    Employee’s willful failure or refusal to perform Employee’s obligations pursuant to this Agreement or willful failure or refusal to follow the lawful instructions of the Board; provided that, if the Company determines that any such failure is capable of cure by Employee, written notice of such failure must delivered to Employee and Employee must be given a period of 15 days following delivery of such notice to cure the failure; or
(v)    any conduct by Employee which is materially injurious (monetarily or otherwise) to the Company or any of its subsidiaries.
 “Change in Control” means the occurrence of one of the following events
(i)    The consummation of an agreement to acquire or a tender offer for beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act): (X) by any Person, of 50% or more of the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”), or (Y) by any Person (including the Company or its affiliates) of 90% or more of the then total outstanding shares of Class A Common Stock of the Company; provided, however, that for purposes of this subsection (i), the following acquisitions shall 

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not constitute a Change in Control:  (A) any acquisition directly from the Company, or (B) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company;
(ii)    Individuals who constitute the Incumbent Board cease for any reason to constitute at least a majority of the Board;
(iii)    Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company or an acquisition of assets of another entity (a “Business Combination”), in each case, unless, following such Business Combination, (A) the Outstanding Company Voting Securities immediately prior to such Business Combination represent or are converted into or exchanged for securities that represent or are convertible into more than 50% of, respectively, the then outstanding shares of common stock or common equity interests and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors or other governing body, as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that as a result of such transaction owns the Company, or all or substantially all of the Company’s assets either directly or through one or more subsidiaries), (B) no Person (excluding any employee benefit plan (or related trust) of the Company or the entity resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or more of, respectively, the then outstanding shares of common stock or common equity interests of the entity resulting from such Business Combination or the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors or other governing body of such entity, except to the extent that such ownership results solely from ownership of the Company that existed prior to the Business Combination, and (C) at least a majority of the members of the board of directors or similar governing body of the entity resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; 
(iv)    Approval by the stockholders of the Company of a complete liquidation or dissolution of the Company;
(v)    a public offering or series of public offerings by Retailco, LLC and its affiliates, as a selling shareholder group, in which their total interest drops below 10 million of the total Outstanding Company Voting Securities;
(vi)    a disposition by Retailco, LLC and its affiliates in which their total interest drops below 10 million of the total Outstanding Company Voting Securities; or
(vii)    Any other business combination, liquidation event of Retailco, LLC and its affiliates or restructuring of the Company which the Compensation Committee deems in its discretion to achieve the principles of a Change in Control notwithstanding that such transaction does not fall with the foregoing list; provided for any transaction in which a member of the Compensation Committee shall have a financial interest (other than ownership of equity awards under the Long Term Incentive Plan and common stock constituting less than 1% of the total outstanding shares), such member shall not participate or vote in this determination.   
“COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985.
“Confidential Information” means: all non-public information, designs, ideas, concepts, improvements, product developments, discoveries and inventions, whether patentable or not, that are conceived, made, developed or acquired by or disclosed to Employee, individually or in conjunction with others, during or 

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prior to the Term that relate to the Company’s or its subsidiaries businesses or properties, products or services (including all such information relating to hedging strategies and current, prospective and historic customer segmentation analysis, corporate opportunities, business plans, strategies for developing business and market share, research, financial and sales data, pricing terms, evaluations, opinions, interpretations, acquisition prospects, customer requirements, the identity of key contacts within customers’ organizations or within the organization of acquisition prospects, or marketing and merchandising techniques, prospective names and marks).  All documents, videotapes, written presentations, brochures, drawings, memoranda, notes, records, files, correspondence, manuals, models, specifications, computer programs, e-mail, voice mail, electronic databases, maps, drawings, architectural renditions, models and all other writings or materials of any type including or embodying any Confidential Information shall be deemed Confidential Information and be subject to the same restrictions on disclosure applicable to Confidential Information pursuant to this Agreement. For purposes of this Agreement, Confidential Information shall not include any information that (i) is or becomes generally available to the public other than as a result of a disclosure or wrongful act of Employee; (ii) was available to Employee on a non-confidential basis before its disclosure by the Company; or (iii) becomes available to Employee on a non-confidential basis from a source other than the Company, provided that such source is not bound by a confidentiality agreement with the Company or any of its subsidiaries.
“Covered Vendor or Supplier” means any individual, corporation, partnership, limited liability company, association, trust, unincorporated organization, or other entity who is or was: (A) a vendor or supplier of  the Company or any of its subsidiaries at any time during the last 12 months of Employee’s employment with the Company or any of its subsidiaries; or (B) a prospective vendor or supplier of the Company or any of its subsidiaries about which Employee had confidential information or with which Employee had contact in Employee’s capacity as a representative of the Company or any of its subsidiaries. 
“Covered Employee or Agent” means any individual, corporation, partnership, limited liability company, association, trust, unincorporated organization, or other person or entity who is or was an employee, director, officer, contractor, consultant, or vendor of the Company or any of its subsidiaries at any time during the Term and for a period of twelve months after termination of Employee’s employment.
 “Disability” shall exist if Employee is unable to perform the essential functions of Employee’s position, with reasonable accommodation, due to an illness or physical or mental impairment or other incapacity that continues, or can reasonably be expected to continue, for a period in excess of 90 days, whether or not consecutive.  The determination of whether Employee has incurred a Disability will be made in good faith by the Board.
“Good Reason” means:
(i)    the material diminution of Employee’s Base Salary; 
(ii)    the material diminution in Employee’s title, duties, authority or responsibilities at the Company;
(iii)    the relocation of the Company’s corporate offices at which Employee is required to perform services by more than fifty (50) miles from its location as of the date of this Agreement; or
(iv)    a material breach by the Company of any other material obligation under this Agreement or any other written agreement between Employee and the Company.

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“Incumbent Board” means the portion of the Board constituted of the individuals who are members of the Board as of the effective date of this Agreement and any other individual who becomes a director of the Company after the effective date of this Agreement and whose election or appointment by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least a majority of the directors then comprising the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Incumbent Board. 
“Market Area” means that geographic area in the United States of America in which the Company or any of its subsidiaries (A) engages in business, (B) sells or markets to, or obtains products or services from, Covered Customers or Suppliers, (C) has Covered Employees or Agents located, or (D) contemplates doing any of the foregoing, which such area includes Texas, Connecticut, Illinois, Maryland, Massachusetts, Maine, New Hampshire, New Jersey, New York, Pennsylvania, Arizona, California, Colorado, Florida, Indiana, Michigan, Nevada, Delaware, the District of Columbia and Ohio.
“Person” means any person or entity of any nature whatsoever, specifically including an individual, a firm, a company, a corporation, a partnership, a limited liability company, a trust or other entity; a Person, together with that Person’s affiliates and associates (as those terms are defined in Rule 12b-2 under the Exchange Act, provided that “registrant” as used in Rule 12b-2 shall mean the Company), and any Persons acting as a partnership, limited partnership, joint venture, association, syndicate or other group (whether or not formally organized), or otherwise acting jointly or in concert or in a coordinated or consciously parallel manner (whether or not pursuant to any express agreement), for the purpose of acquiring, holding, voting or disposing of securities of the Company with such Person, shall be deemed a single “Person.”
“Prohibited Activity” means:
(a)    to engage in or participate within the Market Area in competition with the Company or any of its subsidiaries in any aspect of the Business, including directly or indirectly owning, managing, operating, joining, becoming an employee or consultant of, or loaning money to or selling or leasing equipment or real estate to or otherwise being affiliated with any person or entity engaged in, or planning to engage in, the Business in competition, or anticipated competition, in the Market Area, with the Company or any of its subsidiaries;
(b)    to appropriate any Business Opportunity of, or relating to, the Company or any of its subsidiaries located in the Market Area;
(c)    to solicit, canvass, approach, entice or induce any Covered Customer or Supplier to cease, fail to establish, or lessen such Covered Customer or Supplier’s business with the Company or any of its subsidiaries; or
(d)    to solicit, canvass, approach, entice or induce any Covered Employee or Agent to alter, lessen or terminate his, her or its employment, engagement or relationship with the Company or any of its subsidiaries.

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