Document:

qure_Ex10_5

		

			 

		

		

			 

		

		
			March 14, 2018
		

		
			Exhibit 10.5
		

		
			 
		

		
			uniQure N.V.
		

		
			Performance Share Unit Agreement
		

		
			Granted Under 2014 Share Incentive Plan, Amended and Restated effective as of June 15, 2016
		

		
			 
		

		
			NOTICE OF GRANT
		

		
			 
		

		
			This Performance Share Grant Unit Agreement (this “Agreement”) is made as of the Grant Date between uniQure N.V., a public limited company incorporated under the laws of the Netherlands (the “Company”) and the Participant.
		

		
			 
		

		
			1.Grant Date: 
		

		
			 
		

		
			2.Participant Information: 
		

		
			
		

		
			Participant: 
		

		
			
		

		
			3.Number of performance-based restricted share units (“Performance Share Units”): 
		

		
			
		

		
			 
		

		
			This Agreement includes this Notice of Grant and the following General Terms and Conditions (attached as Exhibit A), which are expressly incorporated by reference in their entirety herein.
		

		
			 
		

		
			This Agreement, including the General Terms and Conditions, supersedes all written and/or oral arrangements previously made between the Company and the Participant on the subject of this Agreement.
		

		
			 
		

		
			IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Grant Date by signing below or by electronic acceptance.
		

		
			 
		

		
			uniQure N.V.Participant
		

		
			 
		

		
			By:By:
		

		
			 
		

		
			Name:Matthew KapustaName: 
		

		
			Title:CEO
		

		
			Title:
		

		
			 
		

		
			 
		

		
			

		 

		

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			uniQure N.V.
		

		
			Performance Share Unit Agreement
		

		
			Granted Under 2014 Share Incentive Plan, Amended and Restated effective as of June 15, 2016
		

		
			 
		

		
			 
		

		
			EXHIBIT A
		

		
			General Terms and Conditions
		

		
			

		

			
	
			
				 1.
			Performance Share Unit Grant.  

			
	
			
				 (a)
			This Performance Share Unit Grant Agreement (this “Agreement”) evidences the grant by the Company, on the Grant Date to the Participant, of the number of Performance Based Share Units listed in the Notice of Grant (the “Target Award”), subject to the terms, restrictions and conditions set forth in this Agreement and the uniQure N.V. 2014 Share Incentive Plan, amended and restated effective as of June 15, 2016 (the “Plan”).  Pursuant to this Agreement, the Company hereby grants to the Participant the right to receive ordinary shares of the Company (“Ordinary Shares”) in the amount and on the terms set forth in this Agreement upon achievement of the Performance Goals (as defined on Exhibit B) during the 2018 calendar year (the “Performance Period”) and satisfaction of the requirements of the Vesting Schedule, both as set forth on Exhibit B attached hereto.  No Ordinary Shares shall be issued to the Participant on the Grant Date.  Unless otherwise defined herein, capitalized terms used in this Agreement shall have the meanings set forth in the Plan. 

			
	
			
				 (b)
			The Board of Directors of the Company (the “Board”) shall, as soon as practicable, certify (i) the extent, if any, to which, the Performance Goals have been achieved with respect to the Performance Period, and (ii) the number of Ordinary Shares, if any, earned upon attainment of the Performance Goals.  Such certification shall be final, conclusive and binding on the Participant, and on all other persons, to the maximum extent permitted by law.  In the event that the Board makes a final determination that a specific Performance Goal has not been achieved, the Participant shall have no further rights to receive Ordinary Shares pursuant to such Performance Goal hereunder.  

			
	
			
				 (c)
			The Board may at any time prior to the final determination of whether the Performance Goals have been attained, change the Performance Goals or change the weighting of the Performance Goals to reflect any change in the Participant’s responsibility level or position or any other factor deemed relevant by the Board during the course of the period beginning on the Grant Date and ending on the last day of the Performance Period.    

			
	
			
				 2.
			Shareholder Rights.  Prior to the issuance, if any, of Ordinary Shares pursuant to the terms of this Agreement and the Plan, the Participant shall not (a) have any of the rights or privileges of a shareholder of the Company, including the right to vote the Ordinary Shares underlying the Performance Share Units, (b) have the right to receive any dividends or other distributions, and (c) have any interest in any fund or specific assets of the Company by reason of this Agreement.

		
			    
		

		
			

		 

		

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				 3.
			Vesting.  

			
	
			
				 (a)
			The Ordinary Shares subject to this Agreement will become earned based on the actual level of performance achieved with respect to the Performance Goals during the Performance Period on the terms set forth on Exhibit B and as determined by the Board and the earned Performance Share Units will become vested if the Participant satisfies the requirements of the Vesting Schedule set forth on Exhibit B.  

			
	
			
				 (b)
			If the Participant ceases to be employed by the Company or a subsidiary of the Company employing the Participant (the “Employer”) prior to the Vesting Date (as defined in Exhibit B) as a result of a termination by the Employer without Cause (as defined below) or the Participant’s resignation for Good Reason (as defined below), as of the Vesting Date, the Participant shall be entitled to the number of Performance Share Units earned pursuant to the Performance Goals as of the date of termination.

			
	
			
				 (c)
			If the Participant ceases to be employed by the Employer for any reason prior to the applicable Vesting Date, other than due to a termination without Cause or the Participant’s resignation for Good Reason, the Participant shall forfeit all Performance Share Units and the Participant will not have any rights with respect to Performance Share Units that have not yet become vested as of the date the Participant ceases to be employed by the Employer, irrespective of the level of achievement of the Performance Goals; provided, however, that if such termination is a result of the death or permanent disability of the Participant, the Performance Share Units shall not be forfeited and shall remain subject to vesting pursuant to the terms hereof and exercisable by the Participant or his or her estate, as the case may be. 

			
	
			
				 (d)
			For purposes of this agreement, the following terms have the following meanings:

			
	
			
				 (e)
			“Good Reason” means (I) a material reduction in the Participant’s base compensation, (II) a material reduction in the Participant’s authority, responsibilities or duties, (III) a material change in the geographic location at which the Participant must provide services for the Employer, or (IV) a material breach by the Company of this Agreement or by the Employer of the terms of the written employment agreement under which the Participant provides services to the Employer, if applicable; provided that the Participant provides the Employer notice of the event constituting Good Reason within 30 days following the occurrence of the event, the Employer fails to cure the event constituting Good Reason within 30 days following receipt of such notice and the Participant ceases employment with the Employer within 10 days following the end of the Employer’s 30-day cure period.  

			
	
			
				 (f)
			“Cause” means willful misconduct by the Participant or willful failure by the Participant to perform his or her responsibilities to the Employer (including, without limitation, breach by the Participant of any provision of any employment, consulting, advisory, nondisclosure, non-competition or other similar agreement between the Participant and the Employer), as determined by the Employer, which determination shall be conclusive.  The Participant’s employment shall be considered to have been terminated for Cause if the Employer determines on or before, or within 30 days after, the Participant’s resignation, that termination for Cause was warranted.

		
			

		 

		

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				 4.
			Issuance.

			
	
			
				 (a)
			Ordinary Shares equal to the number of Performance Share Units that the Participant earns upon achievement of the Performance Goals and becomes vested in the right to receive in accordance with the Vesting Schedule, in each case, as set forth on Exhibit B, shall be issued to the Participant in accordance with Exhibit B.

			
	
			
				 (b)
			The obligation of the Company to deliver the Ordinary Shares to the Participant following the Vesting Date shall be subject to all applicable laws, rules, and regulations and such approvals by governmental agencies as may be deemed appropriate to comply with relevant securities laws and regulations.

			
	
			
				 5.
			Nonassignability of Ordinary Shares.  The right to receive Ordinary Shares may not be sold, assigned, transferred, pledged or otherwise encumbered by the person to whom they are granted, either voluntarily or by operation of law, except by will or the laws of descent and distribution applicable to such Participant, except as permitted under the Plan or by the Board.  Any attempt to sell, assign, transfer, pledge or otherwise encumber the right to receive Ordinary Shares contrary to the provisions of this Agreement and the Plan, and the levy of any execution, attachment or similar process upon the right to receive the shares, shall be null, void and without effect.

			
	
			
				 6.
			Provisions of the Plan.  This grant is subject to the provisions of the Plan (including the provisions relating to amendments to the Plan), a copy of which will be furnished to the Participant. 

			
	
			
				 7.
			Withholding.  No Ordinary Shares will be issued unless and until the Participant pays to the Employer, or makes provision satisfactory to the Employer for payment of, any national, federal, state and local or other income, national insurance, social and employment taxes required by law to be withheld in respect of this grant. Without limiting the generality of the forgoing, on the Settlement Date, the Participant shall cause to be sold such number of Ordinary Shares as shall be required such that the proceeds thereof shall be sufficient to cover all amounts required to be withheld by the Company in respect of tax, and shall cause the proceeds thereof to be remitted to the Company.

			
	
			
				 8.
			No Employment or Other Rights.  This grant shall not confer upon the Participant any right to be retained by or in the employ or service of the Employer and shall not interfere in any way with the right of the Employer to terminate the Participant’s employment or service at any time.  The right of the Employer to terminate the Participant’s employment or service pursuant to the terms of the Participant’s employment agreement, if any, is specifically reserved.

			
	
			
				 9.
			Recoupment Policy.  The Participant agrees that the Participant will be subject to any applicable claw back and recoupment policies, share trading policies and other policies that may be applicable to the Participant as an employee of the Employer, as in effect from time to time, whether or not approved before or after the Grant Date.

			
	
			
				 10.
			Assignment by Company.  The rights and protections of the Company hereunder shall extend to any successors or assigns of the Company and to the Company’s parents, subsidiaries, 

		 

		

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	and affiliates.  This Agreement may be assigned by the Company without the Participant’s consent.

			
	
			
				 11.
			Notice.  Any notice to the Company provided for in this Agreement shall be addressed to the Head of Human Resources or Chief Financial Officer at their corporate address at the Company, and any notice to the Participant shall be addressed to such Participant at the current address shown on the payroll of the Employer, or to such other address as the Participant may designate to the Employer in writing.  Any notice shall be delivered by hand, sent by telecopy or enclosed in a properly sealed envelope addressed as stated above, registered and deposited with postage prepaid.

			
	
			
				 12.
			Nature of the Grant.  In accepting the Performance Share Units, the Participant acknowledges that:

			
	
			
				 (a)
			the Plan is established voluntarily by the Company, it provides for certain criteria in order to be eligible to receive an award, it is restricted in time, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the Plan and this Agreement;

			
	
			
				 (b)
			the grant of the Performance Share Units is voluntary and occasional and does not create any contractual or other right to receive future grants, or benefits in lieu of grants, even if grants have been granted repeatedly in the past;

			
	
			
				 (c)
			all decisions with respect to future grants, if any, will be at the sole discretion of the Board;

			
	
			
				 (d)
			the Participant is voluntarily participating in the Plan;

			
	
			
				 (e)
			the Performance Share Units are an extraordinary item that do not constitute compensation of any kind for services of any kind rendered to the Company or the Employer, and which is outside the scope of the Participant’s employment or consultancy agreement of his or her corporate mandate, if any; 

			
	
			
				 (f)
			the Performance Share Units are not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculation of any severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension, retirement or welfare benefits or similar payments and in no event should be considered as compensation for, or relating in any way, to past services for the Company or the Employer;

			
	
			
				 (g)
			in the event that the Participant is not an employee of the Company, the Performance Share Units and the Participant’s participation in the Plan will not be interpreted to form an employment or service contract or relationship with the Company; 

			
	
			
				 (h)
			the future value of the underlying Ordinary Shares is unknown and cannot be predicted with certainty; if the Participant’s Performance Share Units never vest, the Participant will not be eligible to receive any Ordinary Shares; and 

			
	
			
				 (i)
			in consideration of the Performance Share Units, no claim or entitlement to compensation or damages shall arise from termination of the Performance Share Units or from 

		 

		

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	any decrease in value of the Performance Share Units or Ordinary Shares that may be or have been acquired resulting from termination of the Participant’s employment, consultancy or corporate mandate by or with the Company or the Employer (for any reason whatsoever and whether or not in breach of contract or local laws) and the Participant irrevocably releases the Company and the Employer from any such claim that may arise. 

			
	
			
				 13.
			Data Privacy.  The Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of his or her personal data as described in this agreement by and among, as applicable, his or her Employer or contracting party and the Company for the exclusive purpose of implementing, administering and managing his or her participation in the Plan.

		
			The Participant understands that the Company holds certain personal information about him or her, including, but not limited to, his or her name, home address and telephone number, work location and phone number, date of birth, hire date, details of all Performance Share Units or any other entitlement to Ordinary Shares awarded, cancelled, exercised, vested, unvested or outstanding in the Participant’s favor, for the purpose of implementing, administering and managing the Plan (“Personal Data”).  The Participant understands that Personal Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, that these recipients may be located in the Participant’s country or elsewhere and that the recipient’s country may have different data privacy laws and protections than the Participant’s country.  The Participant understands that he or she may request a list with the names and addresses of any potential recipients of the Personal Data by contacting his or her local human resources representative.  The Participant authorizes the recipients to receive, possess, use, retain and transfer the Personal Data, in electronic or other form, for the purposes of implementing, administering and managing his or her participation in the Plan, including any requisite transfer of such Personal Data as may be required to a broker or other third party with whom the Participant may elect to deposit any Ordinary Shares acquired pursuant to the Performance Share Units.  The Participant understands that Personal Data will be held only as long as is necessary to implement, administer and manage his or her participation in the Plan.  The Participant understands that he or she may, at any time, view Personal Data, request additional information about the storage and processing of Personal Data, require any necessary amendments to Personal Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her local human resources representative.  The Participant understands, however, that refusing or withdrawing his or her consent may affect his or her ability to participate in the Plan.  For more information on the consequences of Participant’s refusal to consent or withdrawal of consent, the Participant understands that he or she may contact his or her local human resources representative.      
		

			
	
			
				 14.
			Section 409A.  It is intended that the Performance Share Units awarded hereunder shall comply with the requirements of Section 409A of the Code (and any regulations and guidelines issued thereunder) or an exemption, and this Agreement shall be interpreted on a basis consistent with such intent.  Payments shall only be made on an event and in a manner permitted by Section 409A of the Code, including the six-month delay for specified employees consistent with Section 11(g) of the Plan, if applicable.  This Agreement may be amended without the consent of the 

		 

		

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	Participant in any respect deemed by the Board to be necessary in order to preserve compliance with Section 409A of the Code.

		
			
		

		
			

		 

		

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			EXHIBIT B
		

		
			 
		

		
			Target Award: 
		

		
			 
		

		
			Performance Period: 
		

		
			 
		

		
			Performance Goals:  
		

		
			 
		

		
			Vesting Schedule:  
		

		
			 
		

		
			Issuance Schedule:  
		

		 

		

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			EU1/ 90093673.2EX-4.1

 Exhibit 4.1 

CONFIDENTIAL 
 VOTING
AGREEMENT 
 This Voting Agreement (the “Agreement”) is made as of the 2nd day of February 2017, by and among Spotify Technology S.A., a limited liability company incorporated under the laws of Luxembourg, with address 42-44 Avenue
De La Gare, L-1610, Luxembourg, and corporate ID No B 123 052 (the “Company”), MH1 LLC, a limited liability company incorporated under the laws of Delaware, with address for purposes hereof
c/o Gunderson Dettmer et al. LLP, 220 West 42nd Street, 17th Floor, New York, NY 10036 (the “Stockholder”), and D.G.E.
Investments Limited, a company incorporated under the laws of Cyprus, with address Arch. Makariou & Kalograion 4, Nicolaides Sea View City, 9th Floor, Offices 903-904, Block A-B, 6016 Larnaca, Cyprus (the “Proxyholder”). 
 RECITALS 

A. The Stockholder has acquired shares of the Company, and may acquire additional shares of the Company prior to an Initial Offering (as
defined herein) (such existing and future-acquired shares held by the Stockholder, from time to time, referred to as the “Acquired Shares”; for the avoidance of doubt, shares acquired by the Stockholder following an Initial Offering
shall not be deemed Acquired Shares or Shares hereunder). 
 B. This Agreement, among other things, requires the Stockholder to vote all such
Acquired Shares and any securities of the Company issued with respect to, upon conversion of, or in exchange or substitution of such shares, whether beneficially owned or otherwise, or as to which it has voting power (collectively, the
“Shares”), in the manner set forth herein. 
 AGREEMENT 

NOW THEREFORE, in consideration of the above recitals and the mutual covenants made herein, the parties agree as follows: 

 

	 	1.	Voting Arrangements. 

 (a) The Stockholder agrees that the Proxyholder shall have
the sole right to vote the Shares, in its sole discretion, on all matters for which approval of the holders of the Company’s capital stock is sought (either by vote or written consent) or upon which such holders are otherwise entitled to vote
or consent; provided, however, that Proxyholder shall not have the right to vote, or to direct the Stockholder to vote, any Shares in a manner that violates or conflicts with the Stockholder’s obligations under the Shareholders’ Agreement
(as defined below) or Articles (as defined below), and any such action shall be void ab initio. For purposes of this Agreement, the term “Shareholders’ Agreement” means the Shareholders’ Agreement, dated as of
November 20, 2013, by and among the Company and certain of its stockholders, as may be amended from time to time. For purposes of this Agreement, the term “Articles” means the articles of association of the Company, as may be
amended from time to time. 
 (b) The Stockholder agrees that, during and for the term of this Agreement until the termination of this
Agreement in accordance with Section 5.1 hereof, unless the Proxyholder provides explicit written instruction to vote the Stockholder’s Shares under this Agreement or the Proxyholder provides explicit written notice that the Stockholder
shall be permitted by such Proxyholder to vote in a manner other than as such Proxyholder instructs, the Stockholder shall abstain from voting any of its Shares (in person, by proxy or by action by written consent, as applicable) on all matters.

  
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 CONFIDENTIAL 
  

	 	2.	Transfer. 

 (a) Without limiting the Stockholder’s obligations under the
Shareholders’ Agreement, in the event of any Transfer by the Stockholder during the term of this Agreement and prior to an Initial Offering, (i) the Stockholder shall inform the Company and the Proxyholder of such Transfer no less than 5
business days prior to such Transfer and (ii) the pledgee, transferee or donee shall furnish the Proxyholder and the Company with a written agreement to be bound by the provisions of this Agreement Such Transfer shall not be valid unless and
until the Company and the Proxyholder receive such written agreement. Such pledgee, transferee or donee shall be treated as a “Stockholder” for purposes of this Agreement. For avoidance of doubt, the Company shall not permit the transfer
of any of the Shares on its books or issue new certificates representing any such Shares during the term of this Agreement unless and until the person(s) to whom such Shares are to be transferred shall have executed the written agreement referred to
in this Section 2 and any additional agreement required under any other applicable agreements between the parties hereto, including the Shareholders’ Agreement. For the avoidance of doubt, the foregoing provisions of this Section 2(a)
shall not apply to any Transfer by the Stockholder after the Initial Offering, and any Shares Transferred after the Initial Offering shall no longer be subject to this Agreement as of the date of such Transfer. 

(b) For purposes of this Agreement, “Transfer” shall mean and include any sale, assignment, encumbrance, hypothecation,
pledge, conveyance in trust, gift, transfer by bequest, devise or descent, or other transfer or disposition of any kind, including, but not limited to, distributions to the Stockholder’s direct or indirect equity holders, transfers to
receivers, levying creditors, trustees or receivers in bankruptcy proceedings or general assignees for the benefit of creditors, whether voluntary or by operation of law, directly or indirectly, of any of the Shares. The provisions of this
Section 2 shall not apply to any Transfer by the Stockholder pursuant to the drag-along rights or tag-along rights set forth in the Shareholders’ Agreement. For purposes of this Agreement,
“Initial Offering” shall mean the earlier to include of (i) the consummation of a public offering of shares of the Company’s capital stock with the listing of such shares on a stock exchange or similar market place of
recognized national or international standing or (ii) the Company first becoming subject to public reporting or registration obligations under any applicable securities laws or regulations (e.g., Section 12(g) of U.S. Securities Exchange
Act of 1934, as amended). 
  

	 	3.	Irrevocable Proxy and Power of Attorney. 

 To secure the Stockholder’s
obligations to vote the Shares in accordance with this Agreement and to comply with the other terms hereof, the Stockholder hereby appoints Proxyholder, or its designees, as such Stockholder’s true and lawful proxy and attorney, with the power
to act alone and with full power of substitution, to vote or act by written consent with respect to all the Shares and hereby appoints Proxyholder, or its designees, as such Stockholder’s true and lawful proxy and attorney, with the power to
act alone and with full power of substitution, to vote or act by written consent with respect to all the Shares purchased from Proxyholder, in accordance with the provisions set forth in this Agreement, and to execute all appropriate instruments
consistent with this Agreement on behalf of the Stockholder. The proxy and power granted by the Stockholder pursuant to this Section 3 are coupled with an interest and are given to 

  
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 CONFIDENTIAL 
  

 secure the performance of such party’s duties under this Agreement. Except in the case of bad faith,
gross negligence, willful misconduct or material breach of this Agreement by the Proxyholder, each such proxy and power will be irrevocable during and for the term of this Agreement until the termination of this Agreement in accordance with
Section 5.1 hereof. 
  

	 	4.	Additional Representations, Covenants and Agreements. 

 4.1 No
Revocation. The proxy granted in Section 3 may not be revoked during the term of this Agreement. 
 4.2 Stock Splits,
Dividends, Etc. In the event of any issuance of shares of the Company’s voting securities hereafter to the Stockholder as a result of ownership of the Shares (including, without limitation, in connection with any stock split, stock
dividend, recapitalization, reorganization, conversion of the Shares, or the like), such shares shall automatically become subject to this Agreement. 

4.3 Specific Enforcement. It is agreed and understood that monetary damages would not adequately compensate an injured party for
the breach of this Agreement by any party, that this Agreement shall be specifically enforceable, and that any breach or threatened breach of this Agreement shall be the proper subject of a temporary or permanent injunction or restraining order.
Further, each party hereto waives any claim or defense that there is an adequate remedy at law for such breach or threatened breach. 

4.4 Liability. The Proxyholder shall not be liable for any error of judgment nor for any act done or omitted, nor for any mistake
of fact or law nor for anything which such Proxyholder may do or refrain from doing in good faith, nor shall the Proxyholder have any accountability hereunder, except for its own bad faith, gross negligence or willful misconduct The Company shall
have no liability arising under this Agreement except in the case of willful misconduct by the Company of its obligations under this Agreement. 
  

	 	5.	Termination. 

 5.1 Termination Events. This Agreement shall
terminate upon the earliest of: 
 (a) In the sole discretion of the Proxyholder, with the express written consent of the Proxyholder (which
it shall be under no obligation to provide); 
 (b) At such time as Mr. Daniel Ek (“Founder”) ceases to control
Proxyholder; 
 (c) At such time as Founder becomes incapacitated, dies or ceases to provide services to the Company for any reason; 

(d) Immediately before the consummation of an Acquisition, or 

(e) With respect to any Shares Transferred after the Initial Offering, on the date of such Transfer. 

  
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 CONFIDENTIAL 
  

 For purposes of this Agreement: 

“Acquisition” shall mean any event with a bona fide third party that (i) results in a liquidation, dissolution or winding up of the
Company, (ii) would result in such third party (together with any affiliated parties) owning at least fifty (50) percent of all shares of the Company then outstanding (regardless of the form of transaction proposed in such offer), (iii)
involves the sale or exclusive license by the Company of all or substantially all of its assets, or (iv) constitutes a Trade Sale as defined in the Shareholders’ Agreement. 

“control” shall mean the power to direct or cause the direction of the management and policies of the organization, directly or indirectly,
whether through ownership of voting securities, by contract or otherwise. 
  

	 	6.	Miscellaneous. 

 6.1 Successors and Assigns. The terms and
conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Stockholder, the Company and the Proxyholder. Nothing in this Agreement, express or implied, is intended to confer upon any
party other than the parties hereto or the respective successors and assigns thereof any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. Except for an assignment by
the Company by operation of law or by the Stockholder pursuant to Transfer in compliance with Section 2, this Agreement may not be assigned by any party hereto without the prior written consent of the other parties hereto. 

6.2 Amendments and Waivers. Any term hereof may be amended or waived only with the written consent of the Stockholder and the
Proxyholder, except where such amendment or waiver shall materially negatively alter the rights or obligations of the Company hereunder, in which case any such amendment or waiver shall also require the written consent of the Company. Any amendment
or waiver effected in accordance with this Section 6.2 shall be binding upon the Company, the Proxyholder and the Stockholder, and each of the respective successors and assigns to the Company or the Proxyholder. 

6.3 Conflict of Terms. In the event of a conflict between this Agreement (or any portion thereof) and the Shareholders’
Agreement (as now existing or as may be amended from time to time), the terms of the Shareholders’ Agreement shall prevail. 
 6.4
Notices. Notwithstanding anything to the contrary contained herein, any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient and received on the earlier of (a) the date of delivery, when
delivered personally, by overnight mail, courier or sent by electronic mail (e-mail) or fax, or (b) forty-eight (48) hours after being deposited in the U.S. mail, as certified or registered mail,
with postage prepaid, and addressed to the party to be notified at such party’s address, e-mail address or fax number as set forth on the signature page hereto, or as subsequently modified by written
notice. Any electronic mail (e-mail) communication shall be deemed to be “in writing” for purposes of this Agreement. 

6.5 Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties
agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the
balance of the Agreement shall be interpreted as if such provision were so excluded and (c) the balance of the Agreement shall be enforceable in accordance with its terms. 

  
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 CONFIDENTIAL 
  

 6.6 Governing Law and Dispute Resolution. Except as to matters with respect to
Luxembourg corporate law, which shall be governed by Luxembourg corporate law, this Agreement shall be governed by the material laws of Sweden without regard to its rules on conflict of laws. In the event of a dispute arising under this Agreement,
the Stockholder and the Proxyholder undertake to attempt to resolve such dispute by mutual agreement through good faith discussions for a period of at least two weeks prior to formally commencing arbitration. Any dispute, controversy or claim
arising out of or in connection with this Agreement, or the breach, termination or invalidity thereof, shall be finally settled by arbitration administered at the Arbitration Institute of the Stockholm Chamber of Commerce (“SCC
Institute”). Where the amount in dispute does not exceed €100,000, the SCC Institute’s Rules for Expedited Arbitrations shall apply. Where the amount in dispute exceeds
€100,000, the Rules of the SCC Institute shall apply. Where the amount in dispute exceeds €100,000, but not €1,000,000, the Arbitral Tribunal shall be composed of a sole arbitrator. Where the amount in dispute exceeds €1,000,000
the Arbitral Tribunal shall be composed of three arbitrators. The amount in dispute includes the claimant’s claims in the request for arbitration and any counterclaims in the respondent’s reply to the request for arbitration. The
proceedings shall take place in Stockholm and shall be conducted in the English language unless the Stockholder, Proxyholder and the Company agree otherwise. The arbitration proceedings and all information and documentation related thereto shall be
confidential, unless otherwise agreed between the Stockholder, Proxyholder and the Company in writing. 
 6.7 Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. 

6.8 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be
considered in construing or interpreting this Agreement. 
 [Signature page follows] 

  
 5 

 CONFIDENTIAL 
  

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

	
	D.G.E INVESTMENT LIMITED
	
	 /s/ Avgousta Andreou Zreitini /s/ Katarina Lif Burren

	Name: Avgousta Andreou Zreitini, Director; Katarina Lif Burren, Director
	
	MH1 LLC
	
	 /s/ Steven Boyd

	Name: Steven Boyd
	
	SPOTIFY TECHNOLOGY S.A.
	
	 /s/ Horacio Gutierrez

	Name: Horacio Gutierrez, General Counsel

  
 -6-

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