Document:

Exhibit 10.7

 

INDEMNITY
AGREEMENT

 

THIS INDEMNITY AGREEMENT (this “Agreement”)
is made as of [     ], 2020 by and between Starboard Value Acquisition Corp., a Delaware corporation (the “Company”),
and [     ] (“Indemnitee”).

 

RECITALS

 

WHEREAS, the Board of Directors of
the Company (the “Board”) has determined that it is reasonable, prudent and necessary for the Company contractually
to obligate itself to indemnify, hold harmless, exonerate and to advance expenses on behalf of, persons who serve the Company to
the fullest extent permitted by applicable law;

 

WHEREAS, this Agreement is a supplement
to and in furtherance of the Amended and Restated Certificate of Incorporation (the “Charter”) and the Bylaws
(the “Bylaws”) of the Company and any resolutions adopted pursuant thereto, and shall not be deemed a substitute
therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; and

 

WHEREAS, Indemnitee may not be willing
to serve as an officer or director, advisor or in another capacity without adequate protection, and the Company desires Indemnitee
to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf
of the Company on the condition that Indemnitee be so indemnified.

 

NOW, THEREFORE, in consideration
of the premises and the covenants contained herein and subject to the provisions of the letter agreement dated as of [     ], 2020,
the Company and Indemnitee do hereby covenant and agree as follows:

 

TERMS AND
CONDITIONS

 

1.                  
SERVICES TO THE COMPANY. In consideration of the Company’s covenants and obligations hereunder, Indemnitee
will serve or continue to serve as an officer, director, advisor, key employee or any other capacity of the Company, as applicable,
for so long as Indemnitee is duly elected or appointed or retained or until Indemnitee tenders Indemnitee’s resignation or
until Indemnitee is removed. The foregoing notwithstanding, this Agreement shall continue in full force and effect after Indemnitee
has ceased to serve as a director, officer, advisor, key employee or in any other capacity of the Company, as provided in Section
17. This Agreement, however, shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service
to the Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any.

 

2.                  
DEFINITIONS. As used in this Agreement:

 

(a)               
References to “agent” shall mean any person who is or was a director, officer or employee of the
Company or a subsidiary of the Company or other person authorized by the Company to act for the Company, to include such person
serving in such capacity as a director, officer, employee, fiduciary or other official of another corporation, partnership, limited
liability company, joint venture, trust or other enterprise at the request of, for the convenience of, or to represent the interests
of the Company or a subsidiary of the Company.

 

(b)               
The terms “Beneficial Owner” and “Beneficial Ownership” shall have the meanings
set forth in Rule 13d-3 promulgated under the Exchange Act (as defined below) as in effect on the date hereof.

 

     

     

    

 

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

 

(i)                
Acquisition of Stock by Third Party. Other than an affiliate of SVAC Sponsor LLC (the “Sponsor”),
any Person (as defined below) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing
fifteen percent (15%) or more of the combined voting power of the Company’s then outstanding securities entitled to vote
generally in the election of directors, unless (1) the change in the relative Beneficial Ownership of the Company’s securities
by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally
in the election of directors, or (2) such acquisition was approved in advance by the Continuing Directors (as defined below) and
such acquisition would not constitute a Change in Control under part (iii) of this definition;

 

(ii)              
Change in Board of Directors. Individuals who, as of the date hereof, constitute the Board, and any new director
whose appointment by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least
two thirds of the directors then still in office who were directors on the date hereof or whose appointment or nomination for election
was previously so approved (collectively, the “Continuing Directors”), cease for any reason to constitute at
least a majority of the members of the Board;

 

(iii)            
Corporate Transactions. The effective date of a merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination, involving the Company and one or more businesses (a “Business Combination”),
in each case, unless, following such Business Combination: (1) all or substantially all of the individuals and entities who were
the Beneficial Owners of securities of the Company entitled to vote generally in the election of directors immediately prior to
such Business Combination beneficially own, directly or indirectly, more than 51% of the combined voting power of the then outstanding
securities of the surviving or resulting entity or the ultimate parent entity that controls such surviving or resulting entity
(the “Successor”) entitled to vote generally in the election of directors of the Successor (including, without
limitation, a corporation which 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 (as defined below)) in substantially the same proportions as their ownership
immediately prior to such Business Combination, of the securities entitled to vote generally in the election of directors; (2)
other than an affiliate of the Sponsor, no Person (excluding any corporation resulting from such Business Combination) is the Beneficial
Owner, directly or indirectly, of 15% or more of the combined voting power of the then outstanding securities entitled to vote
generally in the election of directors of the Successor except to the extent that such Person was the Beneficial Owner, directly
or indirectly, of 15% or more of the combined voting power of the Company prior to such Business Combination; and (3) at least
a majority of the board of directors (or comparable governing body) of the Successor were Continuing Directors at the time of the
execution of the initial agreement, or of the action of the Board of Directors, providing for such Business Combination;

 

(iv)             
Liquidation. The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement
or series of agreements for the sale or disposition by the Company of all or substantially all of the Company’s assets, other
than factoring the Company’s current receivables or escrows due (or, if such stockholder approval is not required, the decision
by the Board to proceed with such a liquidation, sale, or disposition in one transaction or a series of related transactions);
or

 

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

 

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(d)               
“Corporate Status” describes the status of a person who is or was a director, officer, trustee,
general partner, manager, managing member, fiduciary, employee or agent of the Company or of any other Enterprise (as defined below)
which such person is or was serving at the request of the Company.

 

(e)               
“Delaware Court” shall mean the Court of Chancery of the State of Delaware.

 

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

 

(g)               
“Enterprise” shall mean the Company and any other corporation, constituent corporation (including
any constituent of a constituent) absorbed in a consolidation or merger to which the Company (or any of its wholly owned subsidiaries)
is a party, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee
is or was serving at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee
or agent.

 

(h)               
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(i)                
“Expenses” shall include all direct and indirect costs, fees and expenses of any type or nature
whatsoever, including, without limitation, all reasonable attorneys’ fees and costs, retainers, court costs, transcript costs,
fees of experts, witness fees, travel expenses, fees of private investigators and professional advisors, duplicating costs, printing
and binding costs, telephone charges, postage, delivery service fees, fax transmission charges, secretarial services and all other
disbursements, obligations or expenses in connection with prosecuting, defending, preparing to prosecute or defend, investigating,
being or preparing to be a witness in, settlement or appeal of, or otherwise participating in, a Proceeding (as defined below),
including reasonable compensation for time spent by Indemnitee for which he or she is not otherwise compensated by the Company
or any third party. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding (as
defined below), including without limitation the principal, premium, security for, and other costs relating to any cost bond, supersedeas
bond, or other appeal bond or its equivalent. Expenses, however, shall not include amounts paid in settlement by Indemnitee or
the amount of judgments or fines against Indemnitee.

 

(j)                
References to “fines” shall include any excise tax assessed on Indemnitee with respect to any employee
benefit plan; references to “serving at the request of the Company” shall include any service as a director, officer,
employee, agent or fiduciary of the Company which imposes duties on, or involves services by, such director, officer, employee,
agent or fiduciary with respect to an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in good
faith and in a manner Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee
benefit plan, Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests of the Company”
as referred to in this Agreement.

 

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

 

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(l)                
The term “Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange
Act as in effect on the date hereof; provided, however, that “Person” shall exclude: (i) the Company; (ii) any
Subsidiaries (as defined below) of the Company; (iii) any employment benefit plan of the Company or of a Subsidiary (as defined
below) of the Company or of any corporation owned, directly or indirectly, by the stockholders of the Company in substantially
the same proportions as their ownership of stock of the Company; and (iv) any trustee or other fiduciary holding securities under
an employee benefit plan of the Company or of a Subsidiary (as defined below) of the Company or of a corporation owned directly
or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

 

(m)             
The term “Proceeding” shall include any threatened, pending or completed action, suit, arbitration,
mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened
or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil (including intentional
or unintentional tort claims), criminal, administrative or investigative or related nature, in which Indemnitee was, is, will or
might be involved as a party or otherwise by reason of the fact of Indemnitee’s Corporate Status, whether or not serving
in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement, or advancement of expenses
can be provided under this Agreement.

 

(n)               
The term “Subsidiary,” with respect to any Person, shall mean any corporation, limited liability
company, partnership, joint venture, trust or other entity of which a majority of the voting power of the voting equity securities
or equity interest is owned, directly or indirectly, by that Person.

 

3.                  
INDEMNITY IN THIRD-PARTY PROCEEDINGS. To the fullest extent permitted by applicable law, the Company shall indemnify,
hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 3 if Indemnitee was, is, or is threatened
to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding, other than a Proceeding by or
in the right of the Company to procure a judgment in its favor, by reason of Indemnitee’s Corporate Status. Pursuant to this
Section 3, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses, judgments, liabilities, fines, penalties
and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in
respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee
or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in
good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company and, in the
case of a criminal Proceeding, had no reasonable cause to believe that Indemnitee’s conduct was unlawful.

 

4.                  
INDEMNITY IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY. To the fullest extent permitted by applicable law, the
Company shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 4 if Indemnitee
was, is, or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding by or
in the right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this
Section 4, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred
by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee
acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company.
No indemnification, hold harmless or exoneration for Expenses shall be made under this Section 4 in respect of any claim, issue
or matter as to which Indemnitee shall have been finally adjudged by a court of competent jurisdiction to be liable to the Company,
unless and only to the extent that any court in which the Proceeding was brought or the Delaware Court shall determine upon application
that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably
entitled to indemnification, to be held harmless or to exoneration.

 

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5.                  
INDEMNIFICATION FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL. Notwithstanding any other provisions
of this Agreement except for Section 27, to the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate Status,
a party to (or a participant in) and is successful, on the merits or otherwise, in defending any Proceeding or in defense of any
claim, issue or matter therein, in whole or in part, the Company shall, to the fullest extent permitted by applicable law, indemnify,
hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in connection therewith.
If Indemnitee is not wholly successful in defense of such Proceeding (or part thereof) but is successful, on the merits or otherwise,
in defense of one or more but less than all claims, issues or matters in such Proceeding, the Company shall, to the fullest extent
permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred
by Indemnitee or on Indemnitee’s behalf in connection with each successfully resolved claim, issue or matter. If Indemnitee
is not wholly successful in defense of such Proceeding (or part thereof), the Company also shall, to the fullest extent permitted
by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses reasonably incurred in connection with
a claim, issue or matter related to any claim, issue, or matter on which Indemnitee was successful. For purposes of this Section
and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice,
shall be deemed to be a successful result as to the defense of such claim, issue or matter.

 

6.                  
INDEMNIFICATION FOR EXPENSES OF A WITNESS. Notwithstanding any other provision of this Agreement except for Section
27, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness or deponent in any Proceeding
to which Indemnitee was not or is not a party or threatened to be made a party, Indemnitee shall, to the fullest extent permitted
by applicable law, be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by Indemnitee
or on Indemnitee’s behalf in connection therewith.

 

7.                  
ADDITIONAL INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS. Notwithstanding any limitation in Sections 3, 4,
or 5, except for Section 27, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and
exonerate Indemnitee if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by
or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, fines, penalties and amounts
paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such
Expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee in connection
with the Proceeding. No indemnification, hold harmless or exoneration rights shall be available under this Section 7 on account
of Indemnitee’s conduct which constitutes a breach of Indemnitee’s duty of loyalty to the Company or its stockholders
or is an act or omission not in good faith or which involves intentional misconduct or a knowing violation of the law.

 

8.                  
CONTRIBUTION IN THE EVENT OF JOINT LIABILITY.

 

(a)               
To the fullest extent permissible under applicable law, if the indemnification, hold harmless and/or exoneration
rights provided for in this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company,
in lieu of indemnifying, holding harmless or exonerating Indemnitee, shall pay, in the first instance, the entire amount incurred
by Indemnitee, whether for judgments, liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses,
in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and
relinquishes any right of contribution it may have at any time against Indemnitee.

 

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(b)               
The Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee
(or would be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted
against Indemnitee.

 

(c)               
The Company hereby agrees to fully indemnify, hold harmless and exonerate Indemnitee from any claims for contribution
which may be brought by officers, directors or employees of the Company other than Indemnitee who may be jointly liable with Indemnitee.

 

9.                  
EXCLUSIONS. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement
to make any indemnification, advance expenses, hold harmless or exoneration payment in connection with any claim made against Indemnitee:

 

(a)               
for which payment has actually been received by or on behalf of Indemnitee under any insurance policy or other indemnity
or advancement provision, except with respect to any excess beyond the amount actually received under any insurance policy, contract,
agreement, other indemnity or advancement provision or otherwise;

 

(b)               
for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of
the Company within the meaning of Section 16(b) of the Exchange Act (or any successor rule) or similar provisions of state statutory
law or common law; or

 

(c)               
except as otherwise provided in Sections 14(f) and (g) hereof, prior to a Change in Control, in connection with any
Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated
by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the
Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, hold harmless
or exoneration payment, in its sole discretion, pursuant to the powers vested in the Company under applicable law. Indemnitee shall
seek payments or Advances from the Company only to the extent that such payments or Advances are unavailable from any insurance
policy of the Company covering Indemnitee.

 

10.              
ADVANCES OF EXPENSES; DEFENSE OF CLAIM.

 

(a)               
Notwithstanding any provision of this Agreement to the contrary, except for Section 27, and to the fullest extent
not prohibited by applicable law, the Company shall pay the Expenses incurred by Indemnitee (or reasonably expected by Indemnitee
to be incurred by Indemnitee within three months) in connection with any Proceeding within ten (10) days after the receipt by the
Company of a statement or statements requesting such advances from time to time, prior to the final disposition of any Proceeding.
Advances shall, to the fullest extent permitted by law, be unsecured and interest free. Advances shall, to the fullest extent permitted
by law, be made without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate
entitlement to be indemnified, held harmless or exonerated under the other provisions of this Agreement. Advances shall include
any and all reasonable Expenses incurred pursuing a Proceeding to enforce this right of advancement, including Expenses incurred
preparing and forwarding statements to the Company to support the advances claimed. To the fullest extent required by applicable
law, such payments of Expenses in advance of the final disposition of the Proceeding shall be made only upon the Company’s
receipt of an undertaking, by or on behalf of Indemnitee, to repay the advanced amounts to the extent that it is ultimately determined
that Indemnitee is not entitled to be indemnified by the Company under the provisions of this Agreement, the Charter, the Bylaws,
applicable law or otherwise. If it shall be determined by a final judgment or other final adjudication that Indemnitee was not
so entitled to indemnification, any advancement shall be returned to the Company (without interest) by Indemnitee. This Section
10(a) shall not apply to any Proceeding for which indemnity is not permitted under Section 9 of this Agreement, but shall apply
to any Proceeding referenced in Section 9(b) prior to a final determination that Indemnitee is liable therefor.

 

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

 

(c)               
The Company shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense,
judgment, fine, penalty or limitation on Indemnitee without Indemnitee’s prior written consent.

 

11.              
PROCEDURE FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION.

 

(a)               
Indemnitee agrees to notify promptly the Company in writing upon being served with any summons, citation, subpoena,
complaint, indictment, information or other document relating to any Proceeding, claim, issue or matter therein which may be subject
to indemnification, hold harmless or exoneration rights, or advancement of Expenses covered hereunder. The failure of Indemnitee
to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement,
or otherwise.

 

(b)               
Indemnitee may deliver to the Company a written application to indemnify, hold harmless or exonerate Indemnitee in
accordance with this Agreement. Such application(s) may be delivered from time to time and at such time(s) as Indemnitee deems
appropriate in his or her sole discretion. Following such a written application for indemnification by Indemnitee, Indemnitee’s
entitlement to indemnification shall be determined according to Section 12(a) of this Agreement.

 

12.              
PROCEDURE UPON APPLICATION FOR INDEMNIFICATION.

 

(a)               
A determination, if required by applicable law, with respect to Indemnitee’s entitlement to indemnification
shall be made in the specific case by one of the following methods, which shall be at the election of Indemnitee: (i) by a majority
vote of the Disinterested Directors, even though less than a quorum of the Board, (ii) by a committee of such directors designated
by majority vote of such directors, (iii) if there are no Disinterested Directors, or if such directors so direct, by Independent
Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, or (iv) by vote of the stockholders.
The Company promptly will advise Indemnitee in writing with respect to any determination that Indemnitee is or is not entitled
to indemnification, including a description of any reason or basis for which indemnification has been denied. If it is so determined
that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination.
Indemnitee shall reasonably cooperate with the person, persons or entity making such determination with respect to Indemnitee’s
entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation
or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and
reasonably necessary to such determination. Any costs or Expenses (including reasonable attorneys’ fees and disbursements)
incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company
(irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby agrees to indemnify
and to hold Indemnitee harmless therefrom.

 

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(b)               
In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to
Section 12(a) hereof, the Independent Counsel shall be selected as provided in this Section 12(b). The Independent Counsel shall
be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board), and Indemnitee shall give
written notice to the Company advising it of the identity of the Independent Counsel so selected and certifying that the Independent
Counsel so selected meets the requirements of “Independent Counsel” as defined in Section 2 of this Agreement. If the
Independent Counsel is selected by the Board, the Company shall give written notice to Indemnitee advising Indemnitee of the identity
of the Independent Counsel so selected and certifying that the Independent Counsel so selected meets the requirements of “Independent
Counsel” as defined in Section 2 of this Agreement. In either event, Indemnitee or the Company, as the case may be, may,
within ten (10) days after such written notice of selection shall have been received, deliver to the Company or to Indemnitee,
as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground
that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section
2 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper
and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated,
the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court
of competent jurisdiction has determined that such objection is without merit. If, within twenty (20) days after submission by
Indemnitee of a written request for indemnification pursuant to Section 11(b) hereof, no Independent Counsel shall have been selected
and not objected to, either the Company or Indemnitee may petition the Delaware Court for resolution of any objection which shall
have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as
Independent Counsel of a person selected by the Delaware Court, and the person with respect to whom all objections are so resolved
or the person so appointed shall act as Independent Counsel under Section 12(a) hereof. Upon the due commencement of any judicial
proceeding or arbitration pursuant to Section 14(a) of this Agreement, Independent Counsel shall be discharged and relieved of
any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

 

(c)               
The Company agrees to pay the reasonable fees and expenses of Independent Counsel and to fully indemnify and hold
harmless such Independent Counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this
Agreement or its engagement pursuant hereto.

 

13.              
PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS.

 

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

 

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(b)               
If the person, persons or entity empowered or selected under Section 12 of this Agreement to determine whether Indemnitee
is entitled to indemnification shall not have made a determination within thirty (30) days after receipt by the Company of the
request therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent permitted by law,
be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of
a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in
connection with the request for indemnification, or (ii) a final judicial determination that any or all such indemnification is
expressly prohibited under applicable law; provided, however, that such 30-day period may be extended for a reasonable time, not
to exceed an additional fifteen (15) days, if the person, persons or entity making the determination with respect to entitlement
to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information
relating thereto.

 

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

 

(d)               
For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s
action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied
to Indemnitee by the directors, manager, or officers of the Enterprise in the course of their duties, or on the advice of legal
counsel for the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or managing
member, or on information or records given or reports made to the Enterprise, its Board, any committee of the Board or any director,
trustee, general partner, manager or managing member, by an independent certified public accountant or by an appraiser or other
expert selected by the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or
managing member. The provisions of this Section 13(d) shall not be deemed to be exclusive or to limit in any way the other circumstances
in which Indemnitee may be deemed or found to have met the applicable standard of conduct set forth in this Agreement.

 

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

 

14.              
REMEDIES OF INDEMNITEE.

 

(a)               
In the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled
to indemnification under this Agreement, (ii) advancement of Expenses, to the fullest extent permitted by applicable law, is not
timely made pursuant to Section 10 of this Agreement, (iii) no determination of entitlement to indemnification shall have been
made pursuant to Section 12(a) of this Agreement within thirty (30) days after receipt by the Company of the request for indemnification,
(iv) payment of indemnification is not made pursuant to Section 5, 6, 7 or the last sentence of Section 12(a) of this Agreement
within ten (10) days after receipt by the Company of a written request therefor, (v) a contribution payment is not made in a timely
manner pursuant to Section 8 of this Agreement, (vi) payment of indemnification pursuant to Section 3 or 4 of this Agreement is
not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, or (vii) payment
to Indemnitee pursuant to any hold harmless or exoneration rights under this Agreement or otherwise is not made in accordance with
this Agreement within ten (10) days after receipt by the Company of a written request therefor, Indemnitee shall be entitled to
an adjudication by the Delaware Court to such indemnification, hold harmless, exoneration, contribution or advancement rights.
Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration to be conducted by a single arbitrator
pursuant to the Commercial Arbitration Rules and Mediation Procedures of the American Arbitration Association. Except as set forth
herein, the provisions of Delaware law (without regard to its conflict of laws rules) shall apply to any such arbitration. The
Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

 

    9 

     

    

 

(b)               
In the event that a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee
is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 shall be conducted
in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse
determination.

 

(c)               
In any judicial proceeding or arbitration commenced pursuant to this Section 14, Indemnitee shall be presumed to
be entitled to be indemnified, held harmless, exonerated and to receive advancement of Expenses under this Agreement and the Company
shall have the burden of proving Indemnitee is not entitled to be indemnified, held harmless, exonerated and to receive advancement
of Expenses, as the case may be, and the Company may not refer to or introduce into evidence any determination pursuant to Section
12(a) of this Agreement adverse to Indemnitee for any purpose. If Indemnitee commences a judicial proceeding or arbitration pursuant
to this Section 14, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 10 until a final
determination is made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have
been exhausted or lapsed).

 

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

 

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

 

(f)                
The Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by law against all Expenses
and, if requested by Indemnitee, shall (within ten (10) days after the Company’s receipt of such written request) pay to
Indemnitee, to the fullest extent permitted by applicable law, such Expenses which are incurred by Indemnitee in connection with
any judicial proceeding or arbitration brought by Indemnitee: (i) to enforce his or her rights under, or to recover damages for
breach of, this Agreement or any other indemnification, hold harmless, exoneration, advancement or contribution agreement or provision
of the Charter, or the Bylaws now or hereafter in effect; or (ii) for recovery or advances under any insurance policy maintained
by any person for the benefit of Indemnitee, regardless of the outcome and whether Indemnitee ultimately is determined to be entitled
to such indemnification, hold harmless or exoneration right, advancement, contribution or insurance recovery, as the case may be
(unless such judicial proceeding or arbitration was not brought by Indemnitee in good faith).

 

(g)               
Interest shall be paid by the Company to Indemnitee at the legal rate under Delaware law for amounts which the Company
indemnifies, holds harmless or exonerates, or advances, or is obliged to indemnify, hold harmless or exonerate or advance for the
period commencing with the date on which Indemnitee requests indemnification, to be held harmless, exonerated, contribution, reimbursement
or advancement of any Expenses and ending with the date on which such payment is made to Indemnitee by or on behalf of the Company.

 

    10 

     

    

 

 

15.              
SECURITY. Notwithstanding anything herein to the contrary, except for Section 27, to the extent requested by Indemnitee
and approved by the Board, the Company may at any time and from time to time provide security to Indemnitee for the Company’s
obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral. Any such security, once provided
to Indemnitee, may not be revoked or released without the prior written consent of Indemnitee.

 

16.              
NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION.

 

(a)               
The rights of Indemnitee as provided by this Agreement shall not be deemed exclusive of any other rights to which
Indemnitee may at any time be entitled under applicable law, the Charter, the Bylaws, any agreement, a vote of stockholders or
a resolution of directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall
limit or restrict any right of Indemnitee under this Agreement in respect of any Proceeding (regardless of when such Proceeding
is first threatened, commenced or completed) or claim, issue or matter therein arising out of, or related to, any action taken
or omitted by such Indemnitee in Indemnitee’s Corporate Status prior to such amendment, alteration or repeals, except as
may otherwise be expressly set forth in such amendment, alteration or repeals and mutually agreed by Indemnitee and the Company.
To the extent that a change in applicable law, whether by statute or judicial decision, permits greater indemnification, hold harmless
or exoneration rights or advancement of expenses than would be afforded currently under the Charter, the Bylaws or this Agreement,
it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change.
No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy
shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity
or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion
or employment of any other right or remedy.

 

(b)               
The Delaware General Corporation Law (the “DGCL”), the Charter and the Bylaws permit the Company
to purchase and maintain insurance or furnish similar protection or make other arrangements including, but not limited to, providing
a trust fund, letter of credit, or surety bond (“Indemnification Arrangements”) on behalf of Indemnitee against
any liability asserted against Indemnitee or incurred by or on behalf of Indemnitee or in such capacity as a director, officer,
employee or agent of the Company, or arising out of Indemnitee’s status as such, whether or not the Company would have the
power to indemnify Indemnitee against such liability under the provisions of this Agreement or under the DGCL, as it may then be
in effect. The purchase, establishment, and maintenance of any such Indemnification Arrangement shall not in any way limit or affect
the rights and obligations of the Company or of Indemnitee under this Agreement except as expressly provided herein, and the execution
and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights and obligations of
the Company or the other party or parties thereto under any such Indemnification Arrangement.

 

(c)               
To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors,
officers, trustees, partners, managers, managing members, fiduciaries, employees, or agents of the Company or of any other Enterprise
which such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with
its or their terms to the maximum extent of the coverage available for any such director, officer, trustee, partner, managers,
managing member, fiduciary, employee or agent under such policy or policies. If, at the time the Company receives notice from any
source of a Proceeding as to which Indemnitee is a party or a participant (as a witness, deponent or otherwise), the Company has
director and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in
accordance with the procedures set forth in the respective policies. The Company shall thereafter use commercially reasonable efforts
to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the
terms of such policies.

 

    11 

     

    

 

(d)               
In the event of any payment under this Agreement, the Company, to the fullest extent permitted by law, shall be subrogated
to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all
action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit
to enforce such rights. No such payment by the Company shall be deemed to relieve any insurer of its obligations.

 

(e)               
The Company’s obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder to Indemnitee
who is or was serving at the request of the Company as a director, officer, trustee, partner, manager, managing member, fiduciary,
employee or agent of any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification, hold
harmless or exoneration payments or advancement of expenses from such Enterprise. Notwithstanding any other provision of this Agreement
to the contrary except for Section 27, (i) Indemnitee shall have no obligation to reduce, offset, allocate, pursue or apportion
any indemnification, hold harmless, exoneration, advancement, contribution or insurance coverage among multiple parties possessing
such duties to Indemnitee prior to the Company’s satisfaction and performance of all its obligations under this Agreement,
and (ii) the Company shall perform fully its obligations under this Agreement without regard to whether Indemnitee holds, may pursue
or has pursued any indemnification, advancement, hold harmless, exoneration, contribution or insurance coverage rights against
any person or entity other than the Company.

 

(f)                
Notwithstanding anything contained herein, the Company is the primary indemnitor, and any indemnification or advancement
obligations of the Sponsor or its affiliates or any other Person is secondary.

 

17.              
DURATION OF AGREEMENT. All agreements and obligations of the Company contained herein shall continue during the period
Indemnitee serves as a director or officer of the Company or as a director, officer, trustee, partner, manager, managing member,
fiduciary, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise
which Indemnitee serves at the request of the Company and shall continue thereafter so long as Indemnitee shall be subject to any
possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 14 of
this Agreement) by reason of Indemnitee’s Corporate Status, whether or not Indemnitee is acting in any such capacity at the
time any liability or expense is incurred for which indemnification or advancement can be provided under this Agreement.

 

18.              
SEVERABILITY. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable
for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including,
without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to
be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or
impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be
deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties
hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of
any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable,
that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

 

    12 

     

    

 

19.              
ENFORCEMENT AND BINDING EFFECT.

 

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

 

(b)               
Without limiting any of the rights of Indemnitee under the Charter or Bylaws of the Company as they may be amended
from time to time, this Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter
hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect
to the subject matter hereof.

 

(c)               
The indemnification, hold harmless, exoneration and advancement of expenses rights provided by or granted pursuant
to this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and permitted
assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all
of the business and/or assets of the Company, but subject to such successor’s compliance with Section 19(d)), shall continue
as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or a director, officer, trustee,
general partner, manager, managing member, fiduciary, employee or agent of any other Enterprise at the Company’s request,
and shall inure to the benefit of Indemnitee and Indemnitee’s spouse, permitted assigns, heirs, devisees, executors and administrators
and other legal representatives.

 

(d)               
The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation
or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement
in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and
to the same extent that the Company would be required to perform if no such succession had taken place.

 

(e)               
The Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date,
may be inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm.
Accordingly, the parties hereto agree that Indemnitee may, to the fullest extent permitted by law, enforce this Agreement by seeking,
among other things, injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable
harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining
any other relief to which Indemnitee may be entitled. The Company and Indemnitee further agree that Indemnitee shall, to the fullest
extent permitted by law, be entitled to such specific performance and injunctive relief, including temporary restraining orders,
preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other security in connection therewith.
The Company acknowledges that in the absence of a waiver, a bond or other security may be required of Indemnitee by a court of
competent jurisdiction. The Company hereby waives any such requirement of such a bond or other security to the fullest extent permitted
by law.

 

20.              
MODIFICATION AND WAIVER. No supplement, modification or amendment of this Agreement shall be binding unless executed
in writing by the Company and Indemnitee. No waiver of any provision of this Agreement shall be enforceable unless in writing and
signed by the party against whom it is to be enforced. No waiver of any of the provisions of this Agreement shall be deemed or
shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver.

 

    13 

     

    

 

21.              
NOTICES. All notices, requests, demands and other communications under this Agreement shall be in writing and shall
be deemed to have been duly given (i) if delivered by hand and receipted for by the party to whom said notice or other communication
shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third (3rd) business day
after the date on which it is so mailed:

 

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

 

(b)               
If to the Company, to:

 

Starboard Value Acquisition Corp.

777 Third Avenue, 18th Floor

New York, NY 10017

Attention: Martin D. McNulty, Jr.

 

With a copy, which shall not constitute notice, to

 

Akin Gump Strauss Hauer & Feld LLP

One Bryant Park

New York, New York 10036

Attn: Alice Hsu

Fax No.: (212) 872-1002

 

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

 

22.              
APPLICABLE LAW AND CONSENT TO JURISDICTION. This Agreement and the legal relations among the parties shall be governed
by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules.
Except with respect to any arbitration commenced by Indemnitee pursuant to Section 14(a) of this Agreement, to the fullest extent
permitted by law, the Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising
out of or in connection with this Agreement shall be brought only in the Delaware Court and not in any other state or federal court
in the United States of America or any court in any other country; (b) consent to submit to the exclusive jurisdiction of the Delaware
Court for purposes of any action or proceeding arising out of or in connection with this Agreement; (c) waive any objection to
the laying of venue of any such action or proceeding in the Delaware Court; and (d) waive, and agree not to plead or to make, any
claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum, or
is subject (in whole or in part) to a jury trial. To the fullest extent permitted by law, the parties hereby agree that the mailing
of process and other papers in connection with any such action or proceeding in the manner provided by Section 21 or in such other
manner as may be permitted by law, shall be valid and sufficient service thereof.

 

    14 

     

    

 

23.              
IDENTICAL COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which shall for all purposes
be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed
by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

 

24.              
MISCELLANEOUS. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be
deemed to constitute part of this Agreement or to affect the construction thereof.

 

25.              
PERIOD OF LIMITATIONS. No legal action shall be brought and no cause of action shall be asserted by or in the right
of the Company against Indemnitee, Indemnitee’s spouse, heirs, executors or personal or legal representatives after the expiration
of two years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished
and deemed released unless asserted by the timely filing of a legal action within such two-year period; provided, however, that
if any shorter period of limitations is otherwise applicable to any such cause of action such shorter period shall govern.

 

26.              
ADDITIONAL ACTS. If for the validation of any of the provisions in this Agreement any act, resolution, approval or
other procedure is required to the fullest extent permitted by law, the Company undertakes to cause such act, resolution, approval
or other procedure to be affected or adopted in a manner that will enable the Company to fulfill its obligations under this Agreement.

 

27.              
WAIVER OF CLAIMS TO TRUST ACCOUNT. Indemnitee hereby agrees that it does not have any right, title, interest or claim
of any kind (each, a “Claim”) in or to any monies in the trust account established in connection with the Company’s
initial public offering for the benefit of the Company and holders of shares issued in such offering, and hereby waives any Claim
it may have in the future as a result of, or arising out of, any services provided to the Company and will not seek recourse against
such trust account for any reason whatsoever.

 

28.              
MAINTENANCE OF INSURANCE. The Company shall use commercially reasonable efforts to obtain and maintain in effect
during the entire period for which the Company is obligated to indemnify Indemnitee under this Agreement, one or more policies
of insurance with reputable insurance companies to provide the officers/directors of the Company with coverage for losses from
wrongful acts and omissions and to ensure the Company’s performance of its indemnification obligations under this Agreement.
Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage
available for any such director or officer under such policy or policies. In all such insurance policies, Indemnitee shall be named
as an insured in such a manner as to provide Indemnitee with the same rights and benefits as are accorded to the most favorably
insured of the Company’s directors and officers.

 

[Signature Page Follows]

 

    15 

     

    

 

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

 

	 	STARBOARD VALUE ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	 Name: Martin D. McNulty, Jr.
	 	 	 Title: Chief Executive Officer
	 	 
	 	INDEMNITEE
	 	 
	 	By:	 
	 	 	 Name:

 

[Signature Page to Indemnity Agreement]Exhibit 10.9

 

FORWARD PURCHASE AGREEMENT

 

This Forward Purchase Agreement (this “Agreement”)
is entered into as of August 17, 2020, among Starboard Value Acquisition Corp. a Delaware corporation (the “Company”),
and each of the purchasers listed on the signature pages hereto (each a “Purchaser”, and collectively,
the “Purchasers”).

 

Recitals

 

WHEREAS, the Company was formed for
the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business
combination with one or more businesses (a “Business Combination”);

 

WHEREAS, the Company has confidentially
submitted to the U.S. Securities and Exchange Commission (the “SEC”) a draft registration statement on Form S-1
(such registration statement, as may be amended from time to time, the “Registration Statement”) for its initial
public offering (“IPO”) of 30,000,000 units (or 34,500,000 units if the IPO over-allotment option (the “IPO
Option”) is exercised in full) (the “Public Units”), at a price of $10.00 per Public Unit, each Public
Unit comprised of one share of the Company’s Class A common stock, par value $0.0001 per share (the “Class A
Shares,” and the Class A Shares included in the Public Units, the “Public Shares”), one-sixth
of one redeemable warrant (the “Detachable Redeemable Warrants”) and a contingent right to receive at least
one-sixth of one redeemable warrant (as further described below) (the “Distributable Redeemable Warrants” and,
together with the Detachable Redeemable Warrants, the “Redeemable Warrants”)), each whole Redeemable Warrant
being exercisable to purchase one Class A Share at an exercise price of $11.50 per share;

 

WHEREAS, following the closing of
the IPO (the “IPO Closing”), the Company will seek to identify and consummate a Business Combination;

 

WHEREAS, in connection with the IPO,
SVAC Sponsor LLC will purchase an aggregate of 5,333,333 warrants (or 5,933,333 warrants if the IPO Option is exercised in full)
at a price of $1.50 per warrant, in a private placement that will close simultaneously with the IPO Closing (the “Private
Placement Warrants”), each Private Placement Warrant exercisable for one Class A Share at $11.50 per share;

 

WHEREAS, proceeds from the IPO and
the sale of the Private Placement Warrants in an aggregate amount equal to the gross proceeds from the IPO will be deposited into
a trust account for the benefit of the holders of the Public Shares (the “Trust Account”), as described in the
Registration Statement;

 

WHEREAS, the holders of Public Shares
(the “Public Stockholders”) have the right to redeem all or a portion of their Public Shares upon the completion of
the Business Combination equal to the amount then in the Trust Account, and the Company has a payment obligation in satisfaction
of any such exercised redemption rights (the “Redemption Obligation”), all as further described in the Registration
Statement;

 

    

     

    

 

WHEREAS, the Company’s
amended and restated certificate of incorporation (as it may be amended from time to time (the “Charter”))
will provide that at the time immediately prior to the closing of the Business Combination (the “Business
Combination Closing”), 5,000,000 warrants (or 5,750,000 warrants if the IPO Option is exercised in full) (the
“Aggregate Warrant Amount”) will be distributed as follows: (a) to the extent that no Public
Stockholders redeem their Public Shares in connection with the Business Combination, the Aggregate Warrant Amount will be
distributed to the Public Stockholders as Distributable Redeemable Warrants pro rata and (b) to the extent that any
Public Stockholders redeem any of their Public Shares in connection with the Business Combination, then (i) one-sixth of
one Distributable Redeemable Warrant will be distributed per each non-redeeming Public Share (collectively, the
“Remaining Public Shares”) and (ii) the warrants in an amount equal to the Aggregate Warrant Amount
less the number of warrants distributed pursuant to clause (i) will be distributed on a pro rata basis to (A) the
holders of the Remaining Public Shares based on their percentage of Class A Shares held after redemptions and the issuance of
any Forward Purchase Shares (as defined below) as Distributable Redeemable Warrants and (B) the Purchasers based on
their percentage of Class A Shares held after redemptions and the issuance of any Forward Purchase Shares as Private
Placement Warrants (the “Forward Purchase Warrants”) (the aggregate amount of Forward Purchase Warrants to
be distributed pursuant to this clause (B), the “Aggregate Forward Purchase Warrants”); and

 

WHEREAS, the parties wish to enter
into this Agreement, pursuant to which immediately prior to the Business Combination Closing, the Company shall issue and sell
to the Purchasers, and the Purchasers shall, on a private placement basis, purchase from the Company the number of Forward Purchase
Shares (as defined below) determined pursuant to Section 1(a)(ii) and receive Forward Purchase Warrants (as consideration
for providing funding for the Redemption Obligation pursuant hereto), if any (the Forward Purchase Shares and the Forward Purchase
Warrants collectively, the “Forward Purchase Securities”), on the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration
of the premises, representations, warranties and the mutual covenants contained in this Agreement, and for other good and valuable
consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

 

Agreement

 

1.             Sale
and Purchase.

 

(a)            Forward
Purchase Shares and Forward Purchase Warrants.

 

(i)             The
Company shall issue and sell to the Purchasers, severally and not jointly, and the Purchasers shall purchase from the Company,
that number of Class A Shares (the “Forward Purchase Shares”) determined as set forth in Section 1(a)(ii),
with the Forward Purchase Shares being allocated among the Purchasers as set forth on Schedule A.

 

(ii)            The
aggregate number of Forward Purchase Shares to be purchased by the Purchasers shall be equal to the quotient of the lesser of
(x) the aggregate amount necessary to satisfy the Redemption Obligations (the “Redemption Amount”) and (y)
$100,000,000, as numerator (such lesser amount, the “Forward Purchase Price”), and $9.50, as denominator. No fractional
Forward Purchase Shares shall be issued. In consideration for the Company’s issuance of the Forward Purchase Shares and Forward Purchase Warrants, each Purchaser shall pay
to the Company its portion of the Forward Purchase Price as determined pursuant to Schedule A by wire transfer of U.S. dollars in immediately
available funds on the terms and conditions set forth herein.

 

(iii)           The
Purchasers shall also receive Forward Purchase Warrants, with each Purchaser receiving its share of the Aggregate Forward Purchase
Warrants on a pro rata basis depending on the percentage of the number of Forward Purchase Shares to be acquired by such Purchaser
and as set forth on Schedule A. The Purchasers acknowledge and agree that they will not be entitled to any Forward Purchase
Warrants to the extent no Public Stockholder exercises its right to redeem its Public Shares in connection with the Business Combination.
The Forward Purchase Warrants shall have the terms set forth in a warrant agreement to be entered into by the Company and a warrant
agent in connection with the IPO (the “Warrant Agreement”).

 

    

     

    

 

(iv)           The
Company shall require the Purchasers to purchase the Forward Purchase Shares by delivering notice to the Purchasers, at least
three (3) Business Days before the Business Combination Closing (or such lesser number of days as the Purchasers may
consent to in writing), specifying the number of Forward Purchase Shares the Purchasers are collectively required to purchase
(as determined in accordance with Section 1(a)(ii)), the number of Forward Purchase Warrants they are entitled to
receive, if any, the date of the Business Combination Closing and instructions for wiring the Forward Purchase Price (the
“Company Notice”). The closing of the sale of Forward Purchase Shares and issuance of the Forward Purchase
Warrants, if any (the “Forward Closing”), shall be held on the same date as and immediately prior to the
Business Combination Closing (such date being referred to as the “Forward Closing Date”). At least one
(1) Business Day prior to the Forward Closing Date, each Purchaser shall deliver to the Company, to be held in escrow
until the Forward Closing, its portion of the Forward Purchase Price for its portion of the Forward Purchase Shares (as set
forth on Schedule A) by wire transfer of U.S. dollars in immediately available funds to the account specified by the Company
in the Company Notice. Immediately prior to the Forward Closing on the Forward Closing Date, (a) the Forward Purchase
Price shall be released from escrow automatically and without further action by the Company or the Purchasers, and
(b) upon such release, the Company shall (x) issue the Forward Purchase Shares and Forward Purchase Warrants, if any, to
each Purchaser, in the amounts set forth on Schedule A, in book-entry form, free and clear of any liens or other restrictions
whatsoever (other than those arising under state or federal securities laws), registered in the name of such Purchaser (or
its nominee in accordance with its delivery instructions), or to a custodian designated by such Purchaser, as applicable, and (y) deliver each Purchaser a notice in accordance with Section 151(f) of the Delaware General Corporation Law (the “DGCL”)
regarding the issuance of such Forward Purchase Shares in book-entry form to such Purchaser containing the legend set forth below.
In the event the Business Combination Closing does not occur on the date scheduled for closing, the Forward Closing shall not
occur and the Company shall promptly (but not later than one (1) Business Day thereafter) return the Forward Purchase
Price to the Purchasers, provided that the return of the Forward Purchase Price shall not terminate
this Agreement or otherwise relieve either party of any of its obligations hereunder and the Company may provide a subsequent
Company Notice pursuant to this Section 1(a)(iv). For purposes of this Agreement, “Business Day”
means any day, other than a Saturday or a Sunday, that is neither a legal holiday nor a day on which banking institutions are
generally authorized or required by law or regulation to close in the City of New York, New York.

 

(b)           Legends.
(1) Each book entry for the Forward Purchase Shares and the securities issuable upon exercise of the Forward Purchase Warrants
shall contain a notation, each certificate (if any) evidencing the Forward Purchase Shares and the securities issuable upon
exercise of the Forward Purchase Warrants shall be stamped or otherwise imprinted with a legend, and each notice given by the Company to any holder of any such Forward Purchase Shares or securities pursuant to Section 151(f) of the
DGCL shall contain a legend, in substantially the following
form:

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF
ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT AND LAWS. THE SALE, PLEDGE, HYPOTHECATION,
OR TRANSFER OF THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN FORWARD PURCHASE AGREEMENT
BY AND AMONG THE HOLDER, THE OTHER PURCHASERS AND THE COMPANY. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST
TO THE SECRETARY OF THE COMPANY.”

 

(2) Each book entry for the Forward Purchase Warrants shall
contain a notation, and each certificate (if any) evidencing the Forward Purchase Warrants shall be stamped or otherwise imprinted
with a legend, in substantially the following form:

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED,
SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE
SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER
DESCRIBED IN THE WARRANT AGREEMENT BY AND AMONG STARBOARD VALUE ACQUISITION CORP. (THE “COMPANY”) AND CONTINENTAL STOCK
TRANSFER & TRUST COMPANY, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO
THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED
IN THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED THE WARRANT AGREEMENT REFERRED TO HEREIN)
WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.”

 

    

     

    

 

(c)            Legend
Removal. If the Forward Purchase Securities and the securities issuable upon exercise of the Forward Purchase Warrants are
eligible to be sold without restriction under, and without the Company being in compliance with the current public information
requirements of, Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”), or there
is an effective registration statement covering the resale of the Forward Purchase Securities and the securities issuable upon
exercise of the Forward Purchase Warrants (and any Purchaser provides the Company with a written undertaking to sell its Forward
Purchase Securities and the securities issuable upon exercise of the Forward Purchase Warrants only in accordance with the plan
of distribution contained in such registration statement and only if such Purchaser has not been informed that the prospectus in
such registration statement is not current or the registration statement is no longer effective), then at any Purchaser’s
request, the Company will cause the Company’s transfer agent to remove the legend set forth in Section 1(b). In connection
therewith, if required by the Company’s transfer agent, the Company will promptly cause an opinion of counsel to be delivered
to and maintained with its transfer agent, together with any other authorizations, certificates and directions required by the
transfer agent that authorize and direct the transfer agent to issue such Forward Purchase Securities and securities issuable upon
exercise of the Forward Purchase Warrants without any such legend; provided that, notwithstanding the foregoing, the Company
will not be required to deliver any such opinion, authorization, certificate or direction if it reasonably believes that removal
of the legend could result in or facilitate transfers of Forward Purchase Securities and securities issuable upon exercise of the
Forward Purchase Warrants in violation of applicable law.

 

2.             Representations
and Warranties of the Purchasers. Each Purchaser represents and warrants, severally and not jointly, to the Company as follows,
as of the date hereof:

 

(a)           Organization
and Power. The Purchaser is duly organized, validly existing, and in good standing under the laws of the jurisdiction of its
formation and has all requisite power and authority to carry on its business as presently conducted and as proposed to be conducted.

 

(b)           Authorization.
The Purchaser has full power and authority to enter into this Agreement. This Agreement, when executed and delivered by the Purchaser,
will constitute the valid and legally binding obligation of the Purchaser, enforceable against the Purchaser in accordance with
its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and
any other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws
relating to the availability of specific performance, injunctive relief or other equitable remedies, or (iii) to the extent
the indemnification provisions contained in the Registration Rights (as defined below) may be limited by applicable federal or
state securities laws.

 

(c)            Governmental
Consents and Filings. No consent, approval, order or authorization of, or registration, qualification, designation, declaration
or filing with, any federal, state or local governmental authority is required on the part of the Purchaser in connection with
the consummation of the transactions contemplated by this Agreement.

 

    

     

    

 

(d)           Compliance
with Other Instruments. The execution, delivery and performance by the Purchaser of this Agreement and the consummation by
the Purchaser of the transactions contemplated by this Agreement will not result in any violation or default (i) of any provisions
of its organizational documents, (ii) of any instrument, judgment, order, writ or decree to which it is a party or by which
it is bound, (iii) under any note, indenture or mortgage to which it is a party or by which it is bound, (iv) under any
lease, agreement, contract or purchase order to which it is a party or by which it is bound or (v) of any provision of federal
or state statute, rule or regulation applicable to the Purchaser, in each case (other than clause (i)), which would have a
material adverse effect on the Purchaser or its ability to consummate the transactions contemplated by this Agreement.

 

(e)           Purchase
Entirely for Own Account. This Agreement is made with the Purchaser in reliance upon the Purchaser’s representation to
the Company, which by the Purchaser’s execution of this Agreement, the Purchaser hereby confirms, that the Forward Purchase
Securities to be acquired by the Purchaser will be acquired for investment for each Purchaser’s own account, not as a nominee
or agent, and not with a view to the resale or distribution of any part thereof in violation of any state or federal securities
laws, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the
same in violation of law. By executing this Agreement, the Purchaser further represents that the Purchaser does not presently have
any contract, undertaking, agreement or arrangement with any Person to sell, transfer or grant participations to such Person or
to any third Person, with respect to any of the Forward Purchase Securities. For purposes of this Agreement, “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity or any government or any department or agency thereof.

 

(f)            Disclosure
of Information. The Purchaser has had an opportunity to discuss the Company’s business, management, financial affairs
and the terms and conditions of the offering of the Forward Purchase Securities, as well as the terms of the Company’s proposed
IPO, with the Company’s management.

 

(g)           Restricted
Securities. The Purchaser understands that the offer and sale of the Forward Purchase Securities and securities issuable upon
exercise of the Forward Purchase Warrants to the Purchaser has not been, and will not be, registered under the Securities Act by
reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the
bona fide nature of the investment intent and the accuracy of the Purchaser’s representations as expressed herein. The Purchaser
understands that the Forward Purchase Securities and securities issuable upon exercise of the Forward Purchase Warrants are “restricted
securities” under applicable U.S. federal and state securities laws and that, pursuant to these laws, the Purchaser must
hold the Forward Purchase Securities and securities issuable upon exercise of the Forward Purchase Warrants indefinitely unless
they are registered with the SEC and qualified by state authorities, or an exemption from such registration and qualification requirements
is available. The Purchaser acknowledges that the Company has no obligation to register or qualify the Forward Purchase Securities
and securities issuable upon exercise of the Forward Purchase Warrants for resale, except pursuant to the Registration Rights.
The Purchaser further acknowledges that if an exemption from registration or qualification is available, it may be conditioned
on various requirements including, but not limited to, the time and manner of sale, the holding period for the Forward Purchase
Securities and securities issuable upon exercise of the Forward Purchase Warrants, and on requirements relating to the Company
which are outside of the Purchaser’s control, and which the Company is under no obligation and may not be able to satisfy.
The Purchaser understands that the offering to the Purchaser of the Forward Purchase Securities and securities issuable upon exercise
of the Forward Purchase Warrants is not and is not intended to be part of the IPO, and that the Purchaser will not be able to rely
on the protection of Section 11 of the Securities Act. The Purchaser understands that Rule 144 adopted pursuant to the
Securities Act will not be available for resale transactions prior to the Business Combination and may not be available for resale
transactions after the Business Combination.

 

    

     

    

 

(h)           No
Public Market. The Purchaser understands that no public market now exists for the Forward Purchase Securities, and that the
Company has made no assurances that a public market will ever exist for the Forward Purchase Securities.

 

(i)            High
Degree of Risk. The Purchaser understands that its agreement to acquire the Forward Purchase Securities involves a high degree
of risk which could cause the Purchaser to lose all or part of its investment.

 

(j)            Non-Public
Information. The Purchaser acknowledges its obligations under applicable securities laws with respect to the treatment of material
non-public information relating to the Company.

 

(k)           Accredited
Investor. The Purchaser is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the
Securities Act.

 

(l)            No
General Solicitation. Neither the Purchaser, nor, to its knowledge, any of its officers, directors, employees, agents, stockholders
or partners has either directly or indirectly, including, through a broker or finder (i) engaged in any general solicitation,
or (ii) published any advertisement in connection with the offer and sale of the Forward Purchase Securities.

 

(m)          Residence.
The Purchaser’s principal place of business is the office or offices located at the address of the Purchaser set forth on
the signature page hereof.

 

(n)           Adequacy
of Financing. The Purchaser has available to it sufficient funds to satisfy its obligations under this Agreement.

 

(o)           No
Other Representations and Warranties; Non-Reliance. Except for the specific representations and warranties contained in
this Section 2 and in any certificate or agreement delivered pursuant hereto, none of the Purchaser nor any Person
acting on behalf of the Purchaser nor any of the Purchaser’s affiliates (the “Purchaser Parties”)
has made, makes or shall be deemed to make any other express or implied representation or warranty with respect to the
Purchaser and this offering, and the Purchaser Parties disclaim any such representation or warranty. Each Purchaser hereby
expressly acknowledges and agrees (on their own behalf and on behalf of each other Purchaser Party) that, except for the
specific representations and warranties expressly made by the Company in Section 3 of this Agreement, no Purchaser Party
is relying on or has relied on any representations or warranties that may have been made by the Company, any Person on behalf
of the Company or any of the Company’s affiliates (collectively, the “Company Parties”) or any other
Person in connection with or regarding the Purchaser Parties’ entry into this Agreement or agreement to consummate the transactions contemplated hereby, the
Company, this offering, the proposed IPO or a potential Business Combination.

 

3.             Representations
and Warranties of the Company. The Company represents and warrants to the Purchasers as follows:

 

(a)           Incorporation
and Corporate Power. The Company is duly incorporated and validly existing and in good standing as a corporation under the
laws of the State of Delaware and has all requisite corporate power and authority to carry on its business as presently conducted
and as proposed to be conducted. The Company has no subsidiaries.

 

    

     

    

 

(b)           Capitalization.
As of the date of this Agreement, the authorized share capital of the Company consists of:

 

(i)             200,000,000
Class A Shares, none of which are issued and outstanding.

 

(ii)            20,000,000
Class B common stock, par value $0.0001 per share (the “Class B Shares”), 8,625,000 of which are issued
and outstanding, and 1,125,000 of which are subject to forfeiture depending on the extent to which the IPO over-allotment option
is exercised. All of the outstanding Class B Shares have been duly authorized, are fully paid and nonassessable and were issued
in compliance with all applicable federal and state securities laws.

 

(iii)            1,000,000
preferred shares, none of which are issued and outstanding.

 

(c)            Authorization.
All corporate action required to be taken by the Company’s Board of Directors and stockholders in order to authorize the
Company to enter into this Agreement, and to issue the Forward Purchase Securities at the Forward Closing, and the securities issuable
upon exercise of the Forward Purchase Warrants, has been taken or will be taken prior to the Forward Closing. All action on the
part of the stockholders, directors and officers of the Company necessary for the execution and delivery of this Agreement, the
performance of all obligations of the Company under this Agreement to be performed as of the Forward Closing, and the issuance
and delivery of the Forward Purchase Securities and the securities issuable upon exercise of the Forward Purchase Warrants has
been taken or will be taken prior to the Forward Closing. This Agreement, when executed and delivered by the Company, shall constitute
the valid and legally binding obligation of the Company, enforceable against the Company in accordance with its terms except (i) as
limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application
relating to or affecting the enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability
of specific performance, injunctive relief, or other equitable remedies, or (iii) to the extent the indemnification provisions
contained in the Registration Rights may be limited by applicable federal or state securities laws.

 

(d)            Valid
Issuance of Forward Purchase Securities. The Forward Purchase Securities, when issued, sold and delivered in accordance with
the terms and for the consideration set forth in this Agreement and the Warrant Agreement, and the securities issuable upon exercise
of the Forward Purchase Warrants, when issued in accordance with the terms of the Forward Purchase Warrants and this Agreement,
will be validly issued, fully paid and nonassessable, and free of all preemptive or similar rights, taxes, liens, encumbrances
and charges with respect to the issue thereof and restrictions on transfer other than restrictions on transfer specified under
this Agreement, applicable state and federal securities laws and liens or encumbrances created by or imposed by the Purchasers.
Assuming the accuracy of the representations of each Purchaser in this Agreement and subject to the filings described in Section 3(e) below,
the Forward Purchase Securities will be issued in compliance with all applicable federal and state securities laws.

 

(e)            Governmental
Consents and Filings. Assuming the accuracy of the representations and warranties made by each Purchaser in this Agreement,
no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal,
state or local governmental authority is required on the part of the Company in connection with the consummation of the transactions
contemplated by this Agreement, except for filings pursuant to applicable state securities laws, if any, and pursuant to the Registration
Rights.

 

    

     

    

 

(f)            Compliance
with Other Instruments. The execution, delivery and performance by the Company of this Agreement and the consummation by the
Company of the transactions contemplated by this Agreement will not result in any violation or default (i) of any provisions
of the Charter or bylaws of the Company, (ii) of any instrument, judgment, order, writ or decree to which the Company is a
party or by which it is bound, (iii) under any note, indenture or mortgage to which the Company is a party or by which it
is bound, (iv) under any lease, agreement, contract or purchase order to which the Company is a party or by which it is bound
or (v) of any provision of federal or state statute, rule or regulation applicable to the Company, in each case (other
than clause (i)) which would have a material adverse effect on the Company or its ability to consummate the transactions contemplated
by this Agreement.

 

(g)           Operations.
As of the date hereof, the Company has not conducted, and prior to the IPO Closing the Company will not conduct, any operations
other than organizational activities and activities in connection with offerings of its securities.

 

(h)           No
General Solicitation. Neither the Company, nor any of its officers, directors, employees, agents or stockholders has either
directly or indirectly, including, through a broker or finder (i) engaged in any general solicitation, or (ii) published
any advertisement in connection with the offer and sale of the Forward Purchase Securities.

 

(i)            No
Other Representations and Warranties; Non-Reliance. Except for the specific representations and warranties contained in this
Section 3 and in any certificate or agreement delivered pursuant hereto, none of the Company Parties has made, makes or shall
be deemed to make any other express or implied representation or warranty with respect to the Company, this offering, the proposed
IPO or a potential Business Combination, and the Company Parties disclaim any such representation or warranty. Except for the specific
representations and warranties expressly made by the Purchasers in Section 2 of this Agreement and in any certificate or agreement
delivered pursuant hereto, the Company Parties specifically disclaim that they are relying upon any other representations or warranties
that may have been made by the Purchaser Parties.

 

4.             Registration
Rights; Transfer

 

(a)            Registration.
The Company agrees that each Purchaser shall have the registration rights set forth on Exhibit A (the “Registration
Rights”).

 

(b)           Indemnification.

 

(i)            The
Company shall, notwithstanding any termination of this Agreement, indemnify, defend and hold harmless the Purchasers (to the extent
a seller under the Forward Registration Statement (as defined below)), the officers, directors, agents, partners, members, managers,
stockholders, affiliates, employees and investment advisers of the Purchasers, each Person who controls any Purchaser (within the
meaning of Section 15 of the Securities Act or Section 20 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)), and the officers, directors, partners, members, managers, stockholders, agents, affiliates, employees and investment
advisers of each such controlling Person, to the fullest extent permitted by applicable law, from and against any and all losses,
claims, damages, liabilities, costs (including, without limitation, reasonable costs of preparation and investigation and reasonable
attorneys’ fees) and expenses (collectively, “Losses”), as incurred, that arise out of or are based upon
(i) any untrue or alleged untrue statement of a material fact contained in the Forward Registration Statement, any prospectus
included in the Forward Registration Statement or any form of prospectus or in any amendment or supplement thereto or in any preliminary
prospectus, or arising out of or relating to any omission or alleged omission to state a material fact required to be stated therein
or necessary to make the statements therein (in the case of any prospectus or form of prospectus or supplement thereto, in light
of the circumstances under which they were made) not misleading, or (ii) any violation or alleged violation by the Company
of the Securities Act, the Exchange Act or any state securities law or any rule or regulation thereunder, in connection with
the performance of its obligations under this Section 4, except to the extent, but only to the extent, that such untrue statements,
alleged untrue statements, omissions or alleged omissions are based solely upon information regarding the Purchasers furnished
in writing to the Company by the Purchasers expressly for use therein. The Company shall notify the Purchasers promptly of the
institution, threat or assertion of any proceeding arising from or in connection with the transactions contemplated by this Section 4
of which the Company is aware. Such indemnity shall remain in full force and effect regardless of any investigation made by or
on behalf of an indemnified party and shall survive the transfer of the Registrable Securities (as defined below) by the Company.

 

    

     

    

 

(ii)             Each
Purchaser shall, severally and not jointly with any other selling stockholder named in the Forward Registration Statement, indemnify
and hold harmless the Company, its directors, officers, agents and employees, each Person who controls the Company (within the
meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, agents
or employees of such controlling Persons, to the fullest extent permitted by applicable law, from and against all Losses, as incurred,
arising out of or that are based upon any untrue or alleged untrue statement of a material fact contained in the Forward Registration
Statement, any prospectus included in the Forward Registration Statement, or any form of prospectus, or in any amendment or supplement
thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein (in the case of any prospectus, or any form of prospectus
or supplement thereto, in light of the circumstances under which they were made) not misleading to the extent, but only to the
extent, that such untrue statements or omissions are based solely upon information regarding such Purchaser furnished in writing
to the Company by such Purchaser expressly for use therein. In no event shall the liability of any Purchaser be greater in amount
than the dollar amount of the net proceeds received by such Purchaser upon the sale of the Registrable Securities giving rise to
such indemnification obligation.

 

(c)           Transfer.
This Agreement and all of the Purchasers’ rights and obligations hereunder (including each Purchaser’s obligation to
purchase the Forward Purchase Shares) may be transferred or assigned, at any time and from time to time, to one or more affiliates
or third parties (each such transferee, a “Transferee”), subject to prior written consent of the Company. Notwithstanding the foregoing, any Purchaser transferring its rights and obligations
hereunder shall remain bound by the obligations set forth in Section 5(b) and Section 5(c) following any such transfer. Upon any such assignment:

 

(i)              the
applicable Transferee shall execute a signature page to this Agreement, substantially in the form of Schedule B hereto (the
“Transferee Joinder”), which shall reflect the number of Forward Purchase Shares to be purchased by such Transferee
(the “Transferee Securities”), and, upon such execution, such Transferee shall have all the same rights and
obligations of the Purchasers hereunder with respect to the Transferee Securities, including the right to receive the applicable
number of Forward Purchase Warrants, if any, and references herein to the “Purchasers” shall be deemed to refer to
and include any such Transferee with respect to such Transferee and to its Transferee Securities; provided, that any representations,
warranties, covenants and agreements of each Purchaser and any such Transferee shall be several and not joint and shall be made
as to each Purchaser or any such Transferee, as applicable, as to itself only; and

 

(ii)             upon
a Transferee’s execution and delivery of a Transferee Joinder, the number of Forward Purchase Shares to be purchased by
the transferring Purchaser hereunder shall be reduced by the total number of Forward Purchase Shares to be purchased by the
applicable Transferee pursuant to the applicable Transferee Joinder, which reduction shall be evidenced by such Purchaser and
the Company amending Schedule C to this Agreement to reflect each transfer and updating the “Number of Forward Purchase
Shares” and “Aggregate Purchase Price for Forward Purchase Shares” on such Purchaser’s signature
page hereto to reflect such reduced number of Forward Purchase Shares, and such transferring Purchaser shall be fully
and unconditionally released from its obligation to purchase such Transferee Securities hereunder and shall lose its rights
to receive the corresponding number of Forward Purchase Warrants. For the avoidance of doubt, this Agreement need not be
amended and restated in its entirety, but only Schedule C and such Purchaser’s signature page hereto need be so
amended and updated and executed by such Purchaser and the Company upon the occurrence of any such transfer of Transferee
Securities.

 

    

     

    

 

5.            Additional
Agreements and Acknowledgements of the Purchasers.

 

(a)           Trust
Account.

 

(i)              Each
Purchaser hereby acknowledges that it is aware that the Company will establish the Trust Account for the benefit of its public
stockholders upon the IPO Closing. Each Purchaser, for itself and its affiliates, hereby agrees that it has no right, title, interest
or claim of any kind in or to any monies held in the Trust Account, or any other asset of the Company as a result of any liquidation
of the Company, except for redemption and liquidation rights, if any, such Purchaser may have in respect of any Public Shares held
by it.

 

(ii)             Each
Purchaser hereby agrees that it shall have no right of set-off or any right, title, interest or claim of any kind (“Claim”)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account
that it may have now or in the future, except for redemption and liquidation rights, if any, such Purchaser may have in respect
of any Public Shares held by it. In the event any Purchaser has any Claim against the Company under this Agreement, such Purchaser
shall pursue such Claim solely against the Company and its assets outside the Trust Account and not against the property or any
monies in the Trust Account, except for redemption and liquidation rights, if any, such Purchaser may have in respect of any Public
Shares held by it.

 

(b)           Voting.
Each Purchaser hereby agrees (i) that if the Company seeks stockholder approval of a proposed Business Combination, then in
connection with such proposed Business Combination, such Purchaser shall vote any Class A Shares  Shares
owned by it in favor of any proposed Business Combination and (ii) to vote any Class A Shares owned by it in favor of any
amendment to the Charter to (A) modify the substance or timing of the Company’s obligation to provide holders of the
Class A Shares the right to have their Class A Shares redeemed or to redeem 100% of the Public Shares if the Company does not
complete its initial Business Combination with 24 months from the IPO Closing or (B) with respect to any other material
provision relating to stockholders’ rights or pre-initial Business Combination activity. 

 

(c)           No
Redemptions. Each Purchaser agrees not to redeem any Class A Shares owned by it in connection with the Business Combination.

 

(d)           No
Short Sales. Each Purchaser hereby agrees that neither it, nor any Person acting on its behalf or pursuant to any understanding
with it, will engage in any Short Sales with respect to securities of the Company prior to the Business Combination Closing. For
purposes of this Section, “Short Sales” shall include, without limitation, all “short sales”
as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, and all types of direct and indirect stock
pledges (other than pledges in the ordinary course of business as part of prime brokerage arrangements), forward sale contracts,
options, puts, calls, swaps and similar arrangements (including on a total return basis), and sales and other transactions through
non-U.S. broker dealers or foreign regulated brokers.

 

6.             Listing.
The Company will use commercially reasonable efforts to effect and maintain the listing of the Class A Shares and Redeemable
Warrants on the Nasdaq Stock Market LLC (or another national securities exchange).

 

7.             Forward
Closing Conditions.

 

(a)           The
obligation of the Purchasers to purchase the Forward Purchase Shares at the Forward Closing under this Agreement shall be subject
to the fulfillment, at or prior to the Forward Closing of each of the following conditions, any of which, to the extent permitted
by applicable laws, may be waived by the Purchasers:

 

(i)             The
Business Combination shall be consummated substantially concurrently with the purchase of the Forward Purchase Shares;

 

    

     

    

 

(ii)            The
Company shall have entered into the Warrant Agreement;

 

(iii)           The
representations and warranties of the Company set forth in Section 3 of this Agreement shall have been true and correct as
of the date hereof and shall be true and correct as of the Forward Closing Date, as applicable, with the same effect as though
such representations and warranties had been made on and as of such date (other than any such representation or warranty that is
made by its terms as of a specified date, which shall be true and correct as of such specified date), except where the failure
to be so true and correct would not have a material adverse effect on the Company or its ability to consummate the transactions
contemplated by this Agreement;

 

(iv)           The
Company shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required
by this Agreement to be performed, satisfied or complied with by the Company at or prior to the Forward Closing;

 

(v)            No
order, writ, judgment, injunction, decree, determination, or award shall have been entered by or with any governmental, regulatory,
or administrative authority or any court, tribunal, or judicial, or arbitral body, and no other legal restraint or prohibition
shall be in effect, preventing the purchase by the Purchasers of the Forward Purchase Shares or the issuance of the Forward Purchase
Warrants to the Purchasers; and

 

(vi)           The
Company shall have delivered to the Purchasers a certificate evidencing the Company’s good standing as a Delaware corporation.

 

(b)           The
obligation of the Company to sell the Forward Purchase Shares and issue the Forward Purchase Warrants, if any, at the Forward Closing
under this Agreement shall be subject to the fulfillment, at or prior to the Forward Closing of each of the following conditions,
any of which, to the extent permitted by applicable laws, may be waived by the Company:

 

(i)             The
Business Combination shall be consummated substantially concurrently with the purchase of the Forward Purchase Shares;

 

(ii)            The
representations and warranties of the Purchasers set forth in Section 2 of this Agreement shall have been true and correct
as of the date hereof and shall be true and correct as of the Forward Closing Date, as applicable, with the same effect as though
such representations and warranties had been made on and as of such date (other than any such representation or warranty that is
made by its terms as of a specified date, which shall be true and correct as of such specified date), except where the failure
to be so true and correct would not have a material adverse effect on the Purchasers or their ability to consummate the transactions
contemplated by this Agreement;

 

(iii)           The
Purchasers shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by the Purchasers at or prior to the Forward Closing; and

 

(iv)            No
order, writ, judgment, injunction, decree, determination, or award shall have been entered by or with any governmental, regulatory,
or administrative authority or any court, tribunal, or judicial, or arbitral body, and no other legal restraint or prohibition
shall be in effect, preventing the purchase by the Purchasers of the Forward Purchase Shares or the issuance of the Forward Purchase
Warrants to the Purchasers.

 

    

     

    

 

 

8.            Termination.
This Agreement may be terminated at any time prior to the Forward Closing:

 

(a)           by
mutual written consent of the Company and the Purchasers;

 

(b)           automatically:

 

(i)            if
the IPO is not consummated on or prior to February 15, 2021; or

 

(ii)           if
the Business Combination is not consummated within twenty-four (24) months from the IPO Closing or such later period approved by
the Company’s stockholders in accordance with the Charter.

 

In the event of any termination of this
Agreement pursuant to this Section 8, the Forward Purchase Price (and interest thereon, if any), if previously paid, and each
Purchaser’s funds paid in connection herewith shall be promptly returned to such Purchaser, and thereafter this Agreement
shall forthwith become null and void and have no effect, without any liability on the part of the Purchasers or the Company and
their respective directors, officers, employees, partners, managers, members, or stockholders and all rights and obligations of
each party shall cease; provided, however, that nothing contained in this Section 8 shall relieve any party from liabilities
or damages arising out of any fraud or willful breach by such party of any of its representations, warranties, covenants or agreements
contained in this Agreement.

 

9.            General
Provisions.

 

(a)           Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed
effectively given upon the earlier of actual receipt, or (a) personal delivery to the party to be notified,
(b) when sent, if sent by electronic mail during normal business hours of the recipient, and if not sent during normal
business hours, then on the recipient’s next Business Day, (c) five (5) Business Days after having been sent
by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) Business Day after
deposit with a nationally recognized overnight courier, freight prepaid, specifying next Business Day delivery, with written
verification of receipt. All communications sent to the Company shall be sent to: Starboard Value Acquisition Corp., 777
Third Avenue, 18th Floor, New York, NY 10017, Attention: Martin McNulty, email: mmcnulty@starboardvalue.com, with
a copy to the Company’s counsel at Akin Gump Strauss Hauer & Feld LLP, One Bryant Park, New York, New York,
10036, Attention: Alice Hsu, email: ahsu@akingump.com. 

 

All communications to the Purchasers shall
be sent to the Purchasers’ address as set forth on the signature page hereof, or to such e-mail address or address as subsequently modified by written notice given in accordance with this Section 9(a).

 

(b)           No
Finder’s Fees. Each party represents that it neither is nor will be obligated for any finder’s fee or commission
in connection with this transaction. Each Purchaser agrees to indemnify and to hold harmless the Company from any liability for
any commission or compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and the
costs and expenses of defending against such liability or asserted liability) for which such Purchaser or any of its officers,
employees or representatives is responsible. The Company agrees to indemnify and hold harmless the applicable Purchaser from any
liability for any commission or compensation in the nature of a finder’s or broker’s fee arising out of this transaction
(and the costs and expenses of defending against such liability or asserted liability) for which the Company or any of its officers,
employees or representatives is responsible.

 

     

     

    

 

(c)           Survival
of Representations and Warranties. All of the representations and warranties contained herein shall survive the Forward
Closing for a period of three (3) years.

 

(d)           Entire
Agreement. This Agreement, together with any documents, instruments and writings that are delivered pursuant hereto or referenced
herein, constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes
all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate
in any way to the subject matter hereof or the transactions contemplated hereby.

 

(e)           Successors.
All of the terms, agreements, covenants, representations, warranties, and conditions of this Agreement are binding upon, and inure
to the benefit of and are enforceable by, the parties hereto and their respective successors. Nothing in this Agreement, express
or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any
rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

(f)            Assignments.
Except as otherwise specifically provided herein, no party hereto may assign either this Agreement or any of its rights, interests,
or obligations hereunder without the prior written approval of the other parties.

 

(g)           Counterparts.
This Agreement may be executed in two or more counterparts, each of which will be deemed an original but all of which together
will constitute one and the same instrument.

 

(h)           Headings.
The section headings contained in this Agreement are inserted for convenience only and will not affect in any way the meaning
or interpretation of this Agreement.

 

(i)            Governing
Law. This Agreement, the entire relationship of the parties hereto, and any litigation between the parties (whether grounded
in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the
laws of the State of New York, without giving effect to its choice of laws principles.

 

(j)            Jurisdiction.
The parties (i) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of New York and to the
jurisdiction of the United States District Court for the Southern District of New York for the purpose of any suit, action or other
proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising
out of or based upon this Agreement except in state courts of New York or the United States District Court for the Southern District
of New York, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit,
action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property
is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that
the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced
in or by such court.

 

(k)           Waiver
of Jury Trial. The parties hereto hereby waive any right to a jury trial in connection with any litigation pursuant to this
Agreement and the transactions contemplated hereby.

 

     

     

    

 

(l)            Amendments.
This Agreement may not be amended, modified or waived as to any particular provision, except with the prior written consent of
the Company and the Purchasers.

 

(m)          Severability.
The provisions of this Agreement will be deemed severable and the invalidity or unenforceability of any provision will not affect
the validity or enforceability of the other provisions hereof; provided that if any provision of this Agreement, as applied
to any party hereto or to any circumstance, is adjudged by a governmental authority, arbitrator, or mediator not to be enforceable
in accordance with its terms, the parties hereto agree that the governmental authority, arbitrator, or mediator making such determination
will have the power to modify the provision in a manner consistent with its objectives such that it is enforceable, and/or to
delete specific words or phrases, and in its reduced form, such provision will then be enforceable and will be enforced.

 

(n)          Expenses.
Each of the Company and the Purchasers will bear its own costs and expenses incurred in connection with the preparation, execution
and performance of this Agreement and the consummation of the transactions contemplated hereby, including all fees and expenses
of agents, representatives, financial advisors, legal counsel and accountants. The Company shall be responsible for the fees of
its transfer agent, stamp taxes and all The Depository Trust Company fees associated with the issuance of the Forward Purchase
Shares.

 

(o)          Construction.
The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of
intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption
or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement.
Any reference to any federal, state, local, or foreign law will be deemed also to refer to law as amended and all rules and
regulations promulgated thereunder, unless the context requires otherwise. The words “include,” “includes,”
and “including” will be deemed to be followed by “without limitation.” Pronouns in masculine,
feminine, and neuter genders will be construed to include any other gender, and words in the singular form will be construed to
include the plural and vice versa, unless the context otherwise requires. The words “this Agreement,” “herein,”
“hereof,” “hereby,” “hereunder,” and words of similar import refer to
this Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties hereto intend that each
representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached any
representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty
or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has
not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty,
or covenant.

 

(p)          Waiver.
No waiver by any party hereto of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional
or not, may be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder
or affect in any way any rights arising because of any prior or subsequent occurrence.

 

(q)          Specific
Performance. Each Purchaser agrees that irreparable damage may occur in the event any provision of this Agreement was not performed
by such Purchaser in accordance with the terms hereof and that the Company shall be entitled to seek specific performance of the
terms hereof, in addition to any other remedy at law or equity.

 

(r)           Confidentiality.
Except as may be required by law, regulation or applicable stock exchange listing requirements, unless and until the transactions
contemplated hereby and the terms hereof are publicly announced or otherwise publicly disclosed by the Company, the parties hereto
shall keep confidential and shall not publicly disclose the existence or terms of this Agreement.

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed this Agreement to be effective as of the date first set forth above.

 

	PURCHASERS:	 
	 	 
	STARBOARD VALUE AND OPPORTUNITY
        MASTER FUND LTD

         

        By: Starboard Value LP,
        its investment manager
	 

 

	By:	/s/ Kenneth R. Marlin	 
	 	Name: Kenneth R. Marlin	 
	 	Title:   Authorized Signatory	 

 

	Address for

Notices:	
        777 Third Avenue, 18th Floor,

        New York, New York 10017
	 

 

	
        

        STARBOARD VALUE AND OPPORTUNITY S LLC

         

        By: Starboard Value LP, its manager
	 

 

	By:	/s/ Kenneth R. Marlin	 
	 	Name: Kenneth R. Marlin	 
	 	Title:   Authorized Signatory	 

 

	Address for

Notices:	
        777 Third Avenue, 18th Floor,

        New York, New York 10017
	 

 

	
        

        STARBOARD VALUE LP, in its capacity as the investment manager
        of a certain managed account

         

        By: Starboard Value GP LLC, its general partner
	 

 

	By:	/s/
Kenneth R. Marlin	 
	 	Name:
Kenneth R. Marlin    	 
	 	Title:   Authorized Signatory	 

 

	Address for

Notices:	
        777 Third Avenue, 18th Floor,

        New York, New York 10017
	 

 

[Signature
Page to Forward Purchase Agreement]

 

     

     

    

 

	
        STARBOARD VALUE AND OPPORTUNITY C LP

         

        By: Starboard Value R LP, its general partner
	 

 

	By:	/s/ Kenneth R. Marlin	 
	 	Name: Kenneth R. Marlin	 
	 	Title:   Authorized Signatory	 

 

	Address for

Notices:	
        777 Third Avenue, 18th Floor,

        New York, New York 10017
	 

 

	
        

        STARBOARD VALUE AND OPPORTUNITY MASTER FUND L LP

         

        By: Starboard Value L LP, its general partner

 

	By:	/s/ Kenneth R. Marlin	 
	 	Name: Kenneth R. Marlin	 
	 	Title:   Authorized Signatory	 

 

	Address for

Notices:	
        777 Third Avenue, 18th Floor,

        New York, New York 10017
	 

 

	
        

        STARBOARD X MASTER FUND LTD

         

        By: Starboard Value LP, its investment manager
	 

 

	By:	/s/ Kenneth R. Marlin	 
	 	Name: Kenneth R. Marlin	 
	 	Title:   Authorized Signatory	 

 

	Address for

Notices:	
        777 Third Avenue, 18th Floor,

        New York, New York 10017
	 

 

COMPANY:

 

STARBOARD VALUE ACQUISITION CORP.

 

	By:	
/s/ Martin D. McNulty, Jr.	 
	 	Name:	Martin D. McNulty, Jr.	 
	 	Title:	Chief Executive Officer	 

 

[Signature
Page to Forward Purchase Agreement]

 

     

     

    

 

EXHIBIT A

REGISTRATION
RIGHTS

 

1. Within thirty (30) days after the Business
Combination Closing, the Company shall use commercially reasonable efforts (i) to file a registration statement on Form S-3
for a secondary offering (including any successor registration statement covering the resale of the Registrable Securities a “Forward
Registration Statement”) of (x) the Forward Purchase Shares, (y) the Forward Purchase Warrants (including any
Class A Shares issued or issuable upon the exercise of any such Forward Purchase Warrants) and (z) any other equity security
of the Company issued or issuable with respect to the securities referred to in clause (x) by way of a stock dividend or stock
split or in connection with a combination of shares, recapitalization, merger, consolidation or reorganization (collectively, the
“Registrable Securities”) pursuant to Rule 415 under the Securities Act; provided that if Form S-3
is unavailable for such a registration, the Company shall register the resale of the Registrable Securities on another appropriate
form and undertake to register the Registrable Securities on Form S-3 as soon as such form is available, (ii) to cause
the Forward Registration Statement to be declared effective under the Securities Act promptly thereafter, but in no event later
than sixty (60) days thereafter, and (iii) to maintain the effectiveness of such Forward Registration Statement with respect
to each Purchaser’s Registrable Securities until the earlier of (A) the date on which such Purchaser ceases to hold
Registrable Securities covered by such Forward Registration Statement and (B) the date all of such Purchaser’s Registrable
Securities covered by the Forward Registration Statement can be sold publicly without restriction or limitation under Rule 144
under the Securities Act and without the requirement to be in compliance with Rule 144(c)(1) under the Securities Act.

 

2. In the event the Company is prohibited
by applicable rule, regulation or interpretation by the staff (“Staff”) of the SEC from registering all of the
Registrable Securities on a Forward Registration Statement or the Staff requires that any Purchaser be specifically identified
as an “underwriter” in order to permit such registration statement to become effective, and such Purchaser does not
consent in writing to being so named as an underwriter in such registration statement, the number of Registrable Securities to
be registered on such Forward Registration Statement will be reduced on a pro rata basis among all the holders of Registrable Securities
to be so included, unless otherwise required by the Staff, so that the number of Registrable Securities to be registered is permitted
by the Staff and such Purchaser is not required to be named as an “underwriter”; provided, that any Registrable
Securities not registered due to this paragraph 2 of this Exhibit A shall thereafter as soon as allowed by the SEC guidance
be registered to the extent the prohibition no longer is applicable.

 

3. If at any time the Company proposes to
file a registration statement (a “Registration Statement”) on its own behalf, or on behalf of any other Persons
who have registration rights (“Other Holders”), relating to an underwritten offering of shares of common stock,
or engage in an Underwritten Shelf Takedown (as defined below) off an existing registration statement (a “Company Offering”),
then the Company will provide each Purchaser and its Transferee (collectively, the “Piggyback Holders”) with
notice in writing (an “Offer Notice”) at least five (5) Business Days prior to such filing, which Offer
Notice will offer to include in the Registration Statement Registrable Securities of each Purchaser (collectively “Piggyback
Securities”). Within five (5) Business Days (or, in the case of an Offer Notice delivered to the Piggyback Holders
in connection with an Underwritten Shelf Takedown, within three (3) Business Days) after receiving the Offer Notice, the Piggyback
Holders may make a written request (a “Piggyback Request”) to the Company to include some or all of the Piggyback
Holders’ Registrable Securities in the Registration Statement. If the underwriter(s) for any Company Offering advise
the Company that marketing factors require a limitation on the number of securities that may be included in the Company Offering:
(A) if the Registration Statement relating to the Company Offering is to be filed on behalf of the Company then the number
of securities to be so included shall be allocated as follows (i) first, to the Company; and (ii) second, to the Piggyback
Holders and holders of Class A Shares or other equity securities of the Company or other Persons that the Company is obligated
to register in a Registration pursuant to separate written contractual arrangements with such Persons (pro rata based on the respective
number of Registrable Securities held by such Person prior to the applicable Company Offering); and (B) if the Registration
Statement relating to the Company Offering is to be filed on behalf of Other Holders then the number of securities to be so included
shall be allocated as follows: (i) first to such Other Holders; (ii) second, to the Piggyback Holders and holders of
Class A Shares or other equity securities of the Company other Persons that the Company is obligated to register in a registration
effected in compliance with the requirements of the Securities Act, pursuant to separate written contractual arrangements with
such Persons (pro rata based on the respective number of Registrable Securities held by such Person prior to the applicable Company
Offering); and (iii) third, to the Company. Notwithstanding anything to the contrary in this paragraph 3, the Company hereby
agrees that it will not provide an Offer Notice to any Piggyback Holder unless such Piggyback Holder agrees in writing to treat
the contents of such Offer Notice as material non-public information.

 

     

     

    

 

4. At any time during which the Company
has an effective Forward Registration Statement with respect to any Purchaser’s Registrable Securities, any such Purchaser
may make a written request (which request shall specify the intended method of disposition thereof) (a “Shelf Takedown
Request”) to the Company to effect a sale, of all or a portion of the Purchaser’s Registrable Securities that are
covered by the Forward Registration Statement, and the Company shall use commercially reasonable efforts to file, to the extent
required by applicable law or regulation, a prospectus supplement (a “Shelf Takedown Prospectus Supplement”)
for such purpose as soon as reasonably practicable following receipt of a Shelf Takedown Request. Such Purchaser may request that
any such sale be conducted as an underwritten public offering (an “Underwritten Shelf Takedown”). The Company
shall not be obligated to effect more than four Underwritten Shelf Takedowns.

 

5. The determination of whether any offering
of Registrable Securities pursuant to a Forward Registration Statement or a Shelf Takedown Prospectus Supplement will be an underwritten
offering shall be made in the sole discretion of the Purchasers, after consultation with the Company, and the Purchasers shall
have the right, after consultation with the Company, to determine the plan of distribution, including the price at which the Registrable
Securities are to be sold and the underwriting commissions, discounts and fees (and the Piggyback Holders or Requesting Holders
(as applicable) shall not have the right to make any determinations other than whether it wishes to include its Requesting Holder
Securities in the prospectus supplement). The Purchasers shall select the investment banker or bankers and managers to administer
the offering, including the lead managing underwriter (provided that such investment banker or bankers and managers shall
be reasonably satisfactory to the Company).

 

6. In connection with any underwritten offering,
the Company shall enter into such customary agreements and take all such other actions in connection therewith (including those
requested by the Purchasers) in order to facilitate the disposition of such Registrable Securities as are reasonably necessary
or required, and in such connection enter into a customary underwriting agreement that provides for customary opinions, comfort
letters and officer’s certificates and other customary deliverables.

 

7. The Company shall pay all fees and expenses
incident to the performance of or compliance with its obligation to prepare, file and maintain each Forward Registration Statement
(including the fees of its counsel and accountants). The Company shall also pay all Registration Expenses. For purposes of this
paragraph 7, “Registration Expenses” shall mean the out-of-pocket expenses of a Company Offering or Underwritten
Shelf Takedown, including, without limitation, the following: (i) all registration and filing fees (including fees with respect
to filings required to be made with the Financial Industry Regulatory Authority) and any securities exchange on which the Registrable Securities are then listed; (ii) fees
and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of one counsel for the
underwriters in connection with blue sky qualifications of the Registrable Securities); (iii) printing, messenger, telephone
and delivery expenses; (iv) reasonable fees and disbursements of counsel for the Company; (v) reasonable fees and disbursements
of all independent registered public accountants of the Company incurred specifically in connection with such Underwritten Shelf
Takedown; and (vi) reasonable fees and expenses of one legal counsel selected by the Purchasers who will represent all the
selling shareholders, and who may also serve as counsel to the Purchasers or the Company or both.

 

    	 	Exhibit A-2	 

     

    

 

8. The Company may suspend the use of a
prospectus included in a Forward Registration Statement by furnishing to the Purchasers a written notice (“Suspension
Notice”) stating that in the good faith judgment of the Company, it would be either (i) prohibited by the Company’s
insider trading policy (as if the Purchaser were covered by such policy) or (ii) materially detrimental to the Company and
its stockholders for such prospectus to be used at such time. The Company’s right to suspend the use of such prospectus under
clause (ii) of the preceding sentence may be exercised for a period of not more than sixty (60) days after the date of such
notice to the Purchasers; provided such period may be extended for an additional thirty (30) days with the consent of a
majority-in-interest of the holders of Registrable Securities covered by such Forward Registration Statement, which consent shall
not be unreasonably withheld; provided further, that such right to suspend the use of a prospectus shall be exercised by
the Company not more than once in any twelve (12) month period. A holder of Registrable Securities shall not effect any sales of
Registrable Securities pursuant to a Forward Registration Statement at any time after it has received a Suspension Notice from
the Company and prior to receipt of an End of Suspension Notice (as defined below). The holders may recommence effecting sales
of the Registrable Securities pursuant to such Forward Registration Statement following further written notice to such effect (an
“End of Suspension Notice”) from the Company to the holders. The Company shall act in good faith to permit any
suspension period contemplated by this paragraph to be concluded as promptly as reasonably practicable.

 

9. The Purchasers agree that, except as
required by applicable law, the Purchasers shall treat as confidential the receipt of any Suspension Notice (provided that
in no event shall such notice contain any material nonpublic information of the Company) hereunder and shall not disclose or use
the information contained in such Suspension Notice without the prior written consent of the Company until such time as the information
contained therein is or becomes public, other than as a result of disclosure by a holder of Registrable Securities in breach of
the terms of this Agreement.

 

10. The Company’s obligation under
paragraph 1 of this Exhibit A is subject to the Purchasers furnishing to the Company in writing such information as the Company
reasonably requests for use in connection with a Forward Registration Statement, the related prospectus, or any amendment or supplement
thereto.

 

12. The Company shall cooperate with the
Purchasers, to the extent the Registrable Securities become freely tradable, to facilitate the timely preparation and delivery
of certificates (not bearing any restrictive legend) representing the Registrable Securities to be offered pursuant to a Forward
Registration Statement and enable such certificates to be in such denominations or amounts, as the case may be, as the Purchasers
may reasonably request and registered in such names as the Purchasers may request.

 

13. If requested by any Purchaser, the Company
shall as soon as practicable, subject to any Suspension Notice, (i) incorporate in a prospectus supplement or post-effective
amendment such information as such Purchaser reasonably requests to be included therein relating to the sale and distribution of
Registrable Securities, including, without limitation, information with respect to the number of Registrable Securities being offered
or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in
such offering; (ii) make all required filings of such prospectus supplement or post-effective amendment after being notified
of the matters to be incorporated in such prospectus supplement or post-effective amendment; and (iii) supplement or make
amendments to any Registration Statement if reasonably requested by such Purchaser holding any Registrable Securities.

 

    	 	Exhibit A-3	 

     

    

 

14. As long as any Purchaser shall own Registrable
Securities, the Company, at all times while it shall be reporting under the Exchange Act, covenants to file all reports required
to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act, and to promptly
furnish the Purchasers with true and complete copies of all such filings, unless filed through the SEC’s EDGAR system. The
Company further covenants that it shall take such further action as any Purchaser may reasonably request, all to the extent required
from time to time, to enable such Purchaser to sell the Class A Shares held by such Purchaser without registration under the
Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act, including
providing any legal opinions. Upon the request of such Purchaser, the Company shall deliver to such Purchaser a written certification
of a duly authorized officer as to whether it has complied with such requirements.

 

15. The rights, duties and obligations of
any Purchaser under this Exhibit A may be assigned or delegated by such Purchaser in conjunction with and to the extent of
any permitted transfer or assignment of Registrable Securities by such Purchaser to any permitted transferee or assignee.

 

    	 	Exhibit A-4

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