Document:

Exhibit 10.1

 

EXECUTION VERSION

 

LIMITED GUARANTEE

 

LIMITED GUARANTEE, dated
as of November 17, 2016 (this “Limited Guarantee”), by Mr. Liang Zhang and Ms. Xiuqing Meng (the “Guarantors”
and each, a “Guarantor”) in favor of Synutra International, Inc., a Delaware corporation (the “Guaranteed
Party”). Capitalized terms used but not defined in this Limited Guarantee shall have the meanings assigned to such terms
in the Merger Agreement (as defined below).

 

1.           Guarantee.
(a) To induce the Guaranteed Party to enter into that certain Agreement and Plan of Merger, dated as of the date hereof (as amended,
supplemented or otherwise modified from time to time in accordance with its terms, the “Merger Agreement”),
by and among the Guaranteed Party, Beams Power Investment Limited, a company with limited liability incorporated under the Laws
of the British Virgin Islands (“Parent”), and Beams Power Merger Sub Limited, a Delaware corporation and a wholly-owned
subsidiary of Parent (“Merger Sub”), pursuant to which, among other things, Merger Sub will be merged with and
into the Guaranteed Party, each Guarantor, intending to be legally bound, hereby absolutely, unconditionally and irrevocably guarantees
to the Guaranteed Party, jointly and severally, as primary obligor and not merely as surety, the due and punctual payment and discharge
as and when due of the payment obligations of Parent with respect to (i) the payment of the Parent Termination Fee pursuant to
Section 9.06(b) of the Merger Agreement, and (ii) the indemnification, reimbursement and expense obligations of Parent under Section
7.07(c) of the Merger Agreement (collectively, the “Obligations”); provided, that, notwithstanding anything
to the contrary contained in this Limited Guarantee, this Limited Guarantee may be enforced for payment of money only and in no
event shall the aggregate liability of the Guarantors under this Limited Guarantee, individually or in the aggregate, exceed an
amount equal to (A) the Obligations minus (B) any portion of the Obligations actually paid by Parent to the Guaranteed Party
in accordance with the terms of the Merger Agreement and not otherwise rescinded (the “Maximum Amount”). No
Guarantor shall have any obligations or liability to any person relating to, arising out of or in connection with this Limited
Guarantee other than as expressly set forth herein. All payments hereunder shall be made in lawful money of the United States,
in immediately available funds. Each Guarantor acknowledges that the Guaranteed Party entered into the transactions contemplated
by the Merger Agreement in reliance on this Limited Guarantee.

 

(b)          All
payments made by the Guarantors pursuant to this Limited Guarantee shall be free and clear of any deduction, offset, defense, claim
or counterclaim of any kind. Subject to the terms and conditions of this Limited Guarantee, if Parent fails to pay the Obligations
as and when due, then all of the Guarantors’ liabilities to the Guaranteed Party hereunder in respect of such Obligations
shall become immediately due and payable and the Guaranteed Party may, at the Guaranteed Party’s option and so long as Parent
remains in breach of the Obligations, take any and all actions available hereunder or under applicable Law to collect such Obligations
from the Guarantors (subject to the Maximum Amount), regardless of whether any action is brought against Parent, Merger Sub

 

    	 	 	 

     

    

  

or any other Guarantor, or whether
Parent, Merger Sub or any other Guarantor is joined in any action or actions. Each Guarantor agrees, jointly and severally, to
pay on demand of all reasonable and documented out-of-pocket expenses (including reasonable fees and expenses of counsel) incurred
by the Guaranteed Party in connection with the enforcement of its rights hereunder, which amounts, if paid, will be in addition
to the Obligations and not included within a determination of the Maximum Amount, if (i) such Guarantor asserts in any arbitration,
litigation or other proceeding that this Limited Guarantee is illegal, invalid or unenforceable in accordance with its terms and
the Guaranteed Party prevails in such arbitration, litigation or other proceeding or (ii) such Guarantor fails or refuses to make
any payment to the Guaranteed Party hereunder when due and payable and it is determined judicially or by arbitration that such
Guarantor is required to make such payment hereunder.

 

(c)          The
parties hereto acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Limited
Guarantee were not performed in accordance with its specific terms or were otherwise breached and further agree that the Guaranteed
Party shall be entitled to an injunction, specific performance and other equitable relief against any Guarantor to prevent breaches
of this Limited Guarantee and to enforce specifically the terms and provisions hereof, in addition to any other remedy to which
it is entitled at law or in equity, and shall not be required to provide any bond or other security in connection with any such
order or injunction. Each Guarantor further agrees not to oppose the granting of any such injunction, specific performance and
other equitable relief on the basis that (i) the Guaranteed Party has an adequate remedy at law or (ii) an award of an injunction,
specific performance or other equitable relief is not an appropriate remedy for any reason at law or in equity.

 

2.           Nature
of Guarantee. The Guaranteed Party shall not be obligated to file any claim relating to the Obligations in the event that Parent
or Merger Sub becomes subject to a bankruptcy, reorganization or similar proceeding, and the failure of the Guaranteed Party to
so file shall not affect each Guarantor’s obligations hereunder. This is an unconditional guarantee of payment and not of
collectability. Subject to the terms hereof, each Guarantor’s liability hereunder is absolute, unconditional, irrevocable
and continuing irrespective of any modification, amendment or waiver of or any consent to departure from the Merger Agreement that
may be agreed to by Parent or Merger Sub. In the event that any payment from any Guarantor to the Guaranteed Party in respect of
the Obligations is rescinded or must otherwise be returned for any reason whatsoever, such Guarantor shall remain liable hereunder
with respect to the Obligations (up to the Maximum Amount) as if such payment had not been made by such Guarantor. Each Guarantor
reserves the right to assert as a defense to such payment by the Guarantors under the Limited Guarantee any rights, remedies and
defenses that Parent or Merger Sub may have with respect to payment of any Obligations under the Merger Agreement, other than defenses
arising from the bankruptcy or insolvency of Parent or Merger Sub and other defenses expressly waived herein.

 

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3.           Certain
Waivers. Each Guarantor agrees that the Guaranteed Party may at any time and from time to time, without notice to or further
consent of such Guarantor, extend the time of payment of any of the Obligations, and may also make any agreement with Parent or
Merger Sub for the extension, renewal, payment, compromise, discharge or release thereof, in whole or in part, or for any modification
of the terms thereof or of any agreement between or among the Guaranteed Party, Parent or Merger Sub without in any way impairing
or affecting the Obligations under this Limited Guarantee or affecting the validity or enforceability of this Limited Guarantee.
Each Guarantor agrees that the obligations of such Guarantor hereunder shall not be released or discharged, in whole or in part,
or otherwise affected by (a) the failure or delay of the Guaranteed Party to assert any claim or demand or to enforce any right
or remedy against Parent, Merger Sub or any Guarantor; (b) any change in the time, place or manner of payment of the Obligations
or any rescission, waiver, compromise, consolidation or other amendment or modification of any of the terms of the Merger Agreement
made in accordance with the terms thereof or any other agreement evidencing, securing or otherwise executed in connection with
any portion of the Obligations; (c) any change in the corporate existence, structure or ownership of Parent or Merger Sub; (d)
any insolvency, bankruptcy, reorganization or other similar proceeding affecting Parent or Merger Sub; (e) the existence of any
claim, set-off or other right that such Guarantor may have at any time against Parent, Merger Sub or the Guaranteed Party, whether
in connection with the Obligations or otherwise (other than those permitted under the last sentence of Section 2 above); (f) the
adequacy of any other means the Guaranteed Party may have of obtaining repayment of any of the Obligations; (g) the addition, substitution,
any legal or equitable discharge or release (in the case of a discharge or release, other than a discharge or release of Parent
or Merger Sub with respect to the Obligations as a result of payment in full of the Obligations in accordance with the terms of
the Merger Agreement or as a result of defenses to the payment of the Obligations that would be available to Parent or Merger Sub
under the Merger Agreement) of any other person now or hereafter liable for the Obligations; or (h) invalidity or unenforceability
of the Merger Agreement, but only to the extent resulting from any lack of corporate power or authority of Parent or Merger Sub,
or any officer of Parent or Merger Sub who executes the Merger Agreement. To the fullest extent permitted by Law, each Guarantor
hereby expressly waives any and all rights or defenses arising by reason of any Law which would otherwise require any election
of remedies by the Guaranteed Party. Each Guarantor waives promptness, diligence, notice of the acceptance of this Limited Guarantee
and of the Obligations, presentment, demand for payment, notice of non-performance, default, dishonor and protest, notice of the
incurrence of any Obligations and all other notices of any kind (other than notices required to be provided to Parent and Merger
Sub under the Merger Agreement), all defenses that may be available by virtue of any valuation, stay, moratorium Law or other similar
Law now or hereafter in effect, any right to require the marshaling of assets of any person interested in the transactions contemplated
by the Merger Agreement, and all suretyship defenses generally (other than defenses to the payment of the Obligations (x) that
are available to Parent or Merger Sub under the Merger Agreement, (y) in respect of a breach by the Guaranteed Party of this Limited
Guarantee or (z) in respect of fraud or willful misconduct of the Guaranteed Party or any of its Affiliates in connection with
the Limited Guarantee), including any event, condition or circumstance that might be

 

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construed to constitute an
equitable or legal discharge of such Guarantor’s obligations hereunder. Each Guarantor acknowledges that he or she will receive
substantial direct and indirect benefits from the transactions contemplated by the Merger Agreement and that the waivers set forth
in this Limited Guarantee are knowingly made in contemplation of such benefits. Each Guarantor hereby covenants and agrees that
he or she shall not institute, and shall cause his or her respective Affiliates not to institute, any proceeding asserting that
this Limited Guarantee is illegal, invalid or unenforceable in accordance with its terms, subject to the Bankruptcy and Equity
Exception. The Guaranteed Party hereby agrees that, other than any discharge or release arising from the bankruptcy or insolvency
of Parent or Merger Sub and other defenses expressly waived hereby, to the extent Parent or Merger Sub is relieved of all or any
portion of its payment obligations under the Merger Agreement, the Guarantors shall be similarly relieved of their corresponding
obligations under this Limited Guarantee.

 

4.           No
Waiver; Cumulative Rights. No failure on the part of the Guaranteed Party to exercise, and no delay in exercising, any right,
remedy or power hereunder or under the Merger Agreement shall operate as a waiver thereof, nor shall any single or partial exercise
by the Guaranteed Party of any right, remedy or power hereunder preclude any other or future exercise of any right, remedy or power
hereunder. Each and every right, remedy and power hereby granted to the Guaranteed Party or allowed it by Law or other agreement
shall be cumulative and not exclusive of any other, and may be exercised by the Guaranteed Party at any time or from time to time.
The Guaranteed Party shall not have any obligation to exhaust the Guaranteed Party’s rights against Parent or any other person
now or hereafter liable for any Obligations or interested in the transactions contemplated by the Merger Agreement prior to proceeding
against any Guarantor hereunder, and the failure by the Guaranteed Party to pursue rights or remedies against Parent shall not
relieve any Guarantor of any of its liability hereunder, and shall not impair or affect the rights and remedies of the Guaranteed
Party.

 

5.           Representations
and Warranties. Each Guarantor hereby represents and warrants to the Guaranteed Party that:

 

(a)          each
Guarantor has all requisite power and authority to execute, deliver and perform this Limited Guarantee;

 

(b)          the
execution, delivery and performance of this Limited Guarantee do not conflict with or violate any Law applicable to such Guarantor
or by which any property or asset of such Guarantor is bound or affected;

 

(c)          all
consents, approvals, authorizations and permits of, filings with and notifications to, any Governmental Authority necessary for
the due execution, delivery and performance of this Limited Guarantee by such Guarantor have been obtained or made and all conditions
thereof have been duly complied with, and no other action by, and no notice to or filing with, any Governmental Authority is required
from such Guarantor in connection with the execution, delivery or performance of this Limited Guarantee;

 

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(d)          assuming
the due authorization, execution and delivery by the Guaranteed Party of this Limited Guarantee, this Limited Guarantee constitutes
a legal, valid and binding obligation of such Guarantor enforceable against such Guarantor in accordance with its terms, subject
to the Bankruptcy and Equity Exception; and

 

(e)          (i)
such Guarantor has the financial capacity to pay and perform his or her obligations under this Limited Guarantee, and (ii) all
funds necessary for such Guarantor to fulfill his or her obligations under this Limited Guarantee shall be available to such Guarantor
for so long as this Limited Guarantee shall remain in effect in accordance with Section 10 hereof.

 

6.           No
Subrogation. Each Guarantor hereby unconditionally and irrevocably agrees not to exercise any rights that he or she may now
have or hereafter acquire against Parent or Merger Sub with respect to any of the Obligations that arise from the existence, payment,
performance or enforcement of such Guarantor’s obligations under or in respect of this Limited Guarantee, including, without
limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate
in any claim or remedy of the Guaranteed Party against Parent or Merger Sub, whether or not such claim, remedy or right arises
in equity or under contract, statute or common law, including, without limitation, the right to take or receive from Parent or
Merger Sub, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account
of such claim, remedy or right, unless and until the Obligations shall have been paid in full. If any amount shall be paid to any
Guarantor in violation of the immediately preceding sentence at any time prior to the satisfaction in full of the Obligations,
such amount shall be received and held in trust for the benefit of the Guaranteed Party, shall be segregated from other property
and funds of such Guarantor and shall forthwith be paid or delivered to the Guaranteed Party in the same form as so received (with
any necessary endorsement or assignment) to be credited and applied against all amounts payable by such Guarantor under this Limited
Guarantee.

 

7.           No
Assignment. No party hereto may assign its rights, interests or obligations hereunder to any other person (except by operation
of Law) without the prior written consent of each other party hereto; provided, that no assignment shall relieve such Guarantor
of any liability or obligations hereunder except to the extent actually performed or satisfied by the assignee. Any purported assignment
in violation of this Limited Guarantee will be null and void.

 

8.           Notices.
All notices, requests and other communications to any party hereunder shall be given in the manner specified in the Merger Agreement:

 

if to the Guarantors, to:

 

Liang Zhang and Xiuqing Meng

103 Dong Lu Yuan,

Tongzhou District, Beijing 101101, China

Facsimile:          +86
10 8959 3706

Email:                 sherrymeng728@163.com

 

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with a copy to:

 

Davis Polk & Wardwell
LLP

2201 China World Office 2, 1 Jian Guo Men Wai Avenue

Chaoyang District, Beijing 100004, China

Attention:          Howard
Zhang, Esq.

Facsimile:          +86
10 8567 5102

Email:                 howard.zhang@davispolk.com

 

if to the Guaranteed Party, to:

 

Synutra International, Inc.

2275 Research Blvd., Suite 500

Rockville, MD 20850, U.S.A.

Attention:          Clare
Cai

Email:                ncai@synutra.com

 

with a copy to:

 

Cleary Gottlieb Steen & Hamilton LLP

45th Floor, Fortune Financial Center, 5 Dong San
Huan Zhong Lu

Chaoyang District, Beijing 100022, China

Attention:          Ling
Huang, Esq. and Denise Shiu, Esq.

Facsimile:          +86
10 5879 3902

Email:                lhuang@cgsh.com;
dshiu@cgsh.com

 

or, with respect to notices,
requests or other communications directed to any Guarantor, to such other address or facsimile number as such Guarantor shall have
notified the Guaranteed Party in a written notice delivered to the Guaranteed Party in accordance with the Merger Agreement.

 

9.           Termination;
Continuing Guarantee.  Subject to the last sentence of Section 3, this Limited Guarantee shall remain in full force and effect
and shall be binding on each Guarantor, its successors and assigns until the earliest of (a) the Effective Time, if the Closing
is consummated and all amounts to be paid by Parent pursuant to the Merger Agreement are so paid, (b) termination of the Merger
Agreement in a circumstance which does not result in any obligation on the part of Parent to pay the Company the Parent Termination
Fee or any other amounts pursuant to Section 7.07(c) of the Merger Agreement, (c) in the case of a termination of the Merger Agreement
for which the Parent Termination Fee is payable, the date falling 90 days after such termination (unless, in the case of this clause
(c), the Guaranteed Party has previously made a written claim under this Limited Guarantee prior to such date, in which case this
Limited Guarantee shall terminate upon the final, non-appealable resolution of such action and satisfaction by

 

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such Guarantor of any of
his or her obligations finally determined or agreed to be owed by such Guarantor, consistent with the terms hereof), and (d) the
termination of this Limited Guarantee by mutual written agreement of the Guarantors and the Guaranteed Party. Notwithstanding the
foregoing, in the event that the Guaranteed Party or any of its controlled Affiliates asserts in any litigation or other proceeding
that any provision of this Limited Guarantee limiting the Guarantors’ liability to the Maximum Amount are illegal, invalid
or unenforceable in whole or in part or that the Guarantors are liable in excess of or to a greater extent than the Maximum Amount,
or asserts any theory of liability against any Non-Recourse Party or, other than its rights to recover from the Guarantors with
respect to the Obligations, the Guarantors, Parent or Merger Sub with respect to the transactions contemplated by the Merger Agreement,
then (x) the obligations of the Guarantors under this Limited Guarantee shall terminate ab initio and be null and void, (y) if
any Guarantor has previously made any payments under this Limited Guarantee, he or she shall be entitled to recover such payments
and (z) neither the Guarantors nor any Non-Recourse Party shall have any liability to the Guaranteed Party with respect to the
Merger Agreement and the transactions contemplated thereby, or under this Limited Guarantee. If any payment or payments of the
Obligations made by Parent or Merger Sub or any part thereof, are subsequently required to be repaid to a trustee, receiver or
any other person under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment
or payments, the Obligations or part thereof with respect to any Guarantor hereunder intended to be satisfied shall be revived
and continued in full force and effect as if said payment or payments of the Obligations required to be repaid had not been made.

 

10.         No
Recourse.

 

(a)          Notwithstanding
anything that may be expressed or implied in this Limited Guarantee or any document or instrument delivered in connection herewith,
by its acceptance of the benefits of this Limited Guarantee, the Guaranteed Party covenants, agrees and acknowledges that, in the
absence of fraud, no person (other than the Guarantors and any of their permitted assignees) have any obligations under this Limited
Guarantee and that the Guaranteed Party has no right of recovery under this Limited Guarantee, or any claim based on such obligations
against, and no personal liability shall attach to, any Related Person of any of the Guarantors, Merger Sub or Parent (each of
the foregoing, excluding Parent, Merger Sub and any such person that constitutes a Guarantor hereunder, a “Non-Recourse
Party” and collectively, the “Non-Recourse Parties”), through Parent or Merger Sub or otherwise, whether
by or through attempted piercing of the corporate (or limited partnership or limited liability company) veil, by or through a claim
by or on behalf of Parent or Merger Sub against any Non-Recourse Party, by the enforcement of any assessment or by any legal or
equitable proceeding, by virtue of any statute, regulation or applicable Law, or otherwise, except in each case for its right to
recover from (i) the Guarantors, their respective successors and any permitted assignees under and to the extent provided in this
Limited Guarantee and subject to the limitations set forth herein, and (ii) Parent, Merger Sub, their respective successors and
any permitted assignees under and to

 

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the extent expressly provided in
the Merger Agreement (the claims described in clauses (i) and (ii), collectively, the “Retained Claims”).

 

(b)          The
Retained Claims shall be the sole and exclusive remedy of the Guaranteed Party and all of its Related Persons against such Guarantor
and the Non-Recourse Parties in respect of any liabilities or obligations arising under, or in connection with, the Merger Agreement
or the transactions contemplated thereby. Nothing set forth in this Limited Guarantee shall affect or be construed to affect any
liability of Parent or Merger Sub to the Guaranteed Party under the Merger Agreement, or otherwise give or be construed to give
to any person other than the Guaranteed Party any rights or remedies against any person, except as expressly set forth in this
Limited Guarantee.

 

(c)          For
the purposes of this Limited Guarantee, pursuit of a claim against a person by the Guaranteed Party or any Related Person of the
Guarantee Party shall be deemed to be pursuit of a claim by the Guaranteed Party. A person shall be deemed to have pursued a claim
against another person if such first person brings a legal action against such second person, adds such second person to an existing
legal proceeding or otherwise asserts a legal claim of any nature against such second person.

 

(d)          For
the purposes of this Limited Guarantee, the term “Related Person” shall mean any former, current or future director,
officer, agent, employee, general or limited partner, manager, member, stockholder or Affiliate of a person or any former, current
or future director, officer, agent, employee, general or limited partner, manager, member, stockholder or Affiliate of any of the
foregoing.

 

11.         Amendments
and Waivers. No amendment or waiver of any provision of this Limited Guarantee will be valid and binding unless it is in writing
and signed, in the case of an amendment, by each Guarantor and the Guaranteed Party, or in the case of waiver, by the party against
whom the waiver is to be effective. No waiver by any party of any breach or violation of, or default under, this Limited Guarantee,
whether intentional or not, will be deemed to extend to any prior or subsequent breach, violation or default hereunder or affect
in any way any rights arising by virtue of any prior or subsequent such occurrence.

 

12.         Entire
Agreement. This Limited Guarantee and the Merger Agreement constitute the entire agreement with respect to the subject matter
hereof and supersedes any and all prior discussions, negotiations, proposals, undertakings, understandings and agreements, whether
written or oral, among Parent, Merger Sub and each Guarantor or any of their respective Affiliates on the one hand, and the Guaranteed
Party or any of its Affiliates on the other hand.

 

13.         Governing
Law; Submission to Jurisdiction. This Limited Guarantee shall be governed by and construed in accordance with the Laws of the
State of Delaware without regard to the conflicts of law principles thereof. Each of the parties hereto

 

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irrevocably agrees that any
Action arising out of or relating to this Limited Guarantee shall be brought and determined in the Court of Chancery of the State
of Delaware or, only if the Court of Chancery of the State of Delaware declines to accept or does not have jurisdiction over a
particular matter, any court of the United States or any state court located in the State of Delaware (and each such party shall
not bring any Action arising out of or relating to this Limited Guarantee in any court other than the aforesaid courts), and each
of the parties hereto hereby irrevocably submits with regard to any such Action for itself and in respect to its property, generally
and unconditionally, to the exclusive jurisdiction of the aforesaid courts. Each of the parties hereto hereby irrevocably waives,
and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any such Action, (i) any claim that it
is not personally subject to the jurisdiction of the above-named courts for any reason other than the failure to lawfully serve
process, (ii) that it or its property is exempt or immune from jurisdiction of such court or from any legal process commenced in
such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution
of judgment or otherwise), and (iii) that (1) such Action in any such court is brought in an inconvenient forum, (2) the venue
of such Action is improper and (3) this Limited Guarantee or the subject matter hereof or thereof, may not be enforced in or by
such courts.

 

14.         Waiver
of Jury Trial. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS LIMITED GUARANTEE
IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION ARISING OUT OF OR RELATING TO THIS LIMITED GUARANTEE. EACH PARTY
HERETO CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF AN ACTION, (B) SUCH PARTY HAS CONSIDERED THE IMPLICATION
OF THIS WAIVER, (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS LIMITED GUARANTEE
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 15.

 

15.         No
Third Party Beneficiaries. Except for the rights of Non-Recourse Parties provided hereunder, the parties hereto hereby agree
that their respective representations, warranties and covenants set forth herein are solely for the benefit of the other parties
hereto, in accordance with and subject to the terms of this Limited Guarantee and the Merger Agreement, and this Limited Guarantee
is not intended to, and does not, confer upon any person other than the parties hereto any rights or remedies hereunder, including
the right to rely upon the representations and warranties set forth herein.

 

16.         Counterparts.
This Limited Guarantee may be executed and delivered (including by electronic transmission in PDF format or by facsimile transmission)
in one (1) or more counterparts, and by the different parties hereto in separate counterparts, each

 

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of which when executed shall
be deemed to be an original but all of which taken together shall constitute one (1) and the same instrument.

 

17.         Severability.
If any term or other provision of this Limited Guarantee is invalid, illegal or incapable of being enforced by any rule of law,
or public policy, all other conditions and provisions of this Limited Guarantee shall nevertheless remain in full force and effect
so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse
to any party; provided, however, that this Limited Guarantee may not be enforced against the Guarantors without giving
effect to the Maximum Amount or the provisions set forth in Section 3, Section 9 and Section 10. No party hereto shall assert,
and each party shall cause its respective Related Persons not to assert, that this Limited Guarantee or any part hereof is invalid,
illegal or unenforceable. Upon a determination that any term or provision is invalid, illegal or incapable of being enforced, the
parties hereto shall negotiate in good faith to modify this Limited Guarantee so as to effect the original intent of the parties
as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally
contemplated to the fullest extent possible.

 

18.         Headings.
Headings are used for reference purposes only and do not affect the meaning or interpretation of this Limited Guarantee.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the
parties have caused this Limited Guarantee to be executed and delivered as of the date first written above.

 

	 	
        LIANG ZHANG

        

	 	 
	 	/s/ Liang Zhang

 

	 	
        XIUQING MENG

        

	 	 
	 	/s/ Xiuqing Meng

 

[Signature Page to Limited Guarantee]

 

    	 	 	 

     

    

  

IN WITNESS WHEREOF, the
parties have caused this Limited Guarantee to be executed and delivered as of the date first written above.

 

	 	SYNUTRA INTERNATIONAL, INC.
	 	 	 
	 	By:	/s/ Jinrong Chen
	 	 	Name: Jinrong Chen
	 	 	Title:   Director and Chairman of the Special Committee

 

[Signature Page to Limited Guarantee]EX-10.1

 Exhibit 10.1 

NUANCE COMMUNICATIONS, INC. 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT 

This Amended and Restated Agreement (the “Agreement”) is made by and between Nuance Communications, Inc. (the “Company”)
and Paul A. Ricci (the “Executive”), effective as of November 17, 2016 (the “Effective Date”). 
 WHEREAS, the
Company and Executive previously entered into an employment agreement dated November 11, 2011, providing for the employment of Executive as Chairman and Chief Executive Officer of the Company, as subsequently amended by Amendment No. 1,
dated November 12, 2013 and Amendment No. 2, dated June 18, 2015 (collectively, the “Prior Agreement”). 
 WHEREAS,
the Company and Executive have agreed to enter into this Agreement to amend, restate and supersede the Prior Agreement in its entirety. 

1. Duties and Scope of Employment.  

(a) Positions and Duties. Executive will serve as both Chairman of the Board and Chief Executive Officer of the Company. Executive will
render such business and professional services in the performance of Executive’s duties (consistent with Executive’s position within the Company) as shall reasonably be assigned to him by the Company’s Board of Directors (the
“Board”). 
 (b) Board Membership. During the Employment Term (as defined below), Executive will serve as the Chairman of
the Board, subject to any required stockholder approval. 
 (c) Obligations. During the Employment Term and except as otherwise
approved by the Compensation Committee, Executive will devote Executive’s full business efforts and time to the Company. For the duration of the Employment Term, Executive agrees not to actively engage in any other employment, occupation,
director or consulting activity for any direct or indirect remuneration without the prior approval of the Board. Such approval will not be unreasonably withheld, provided, however, that Executive may, without the approval of the Board, serve in any
capacity with any civic, educational or charitable organization, or as a member of corporate Boards of Directors (but in all cases subject to Executive’s compliance with the terms of the Confidential Information Agreement and the terms of this
Agreement). 
 2. Employment Term. Subject to earlier termination as provided for below, the Company will continue to employ
Executive for the term commencing on November 11, 2016 through March 31, 2018 (the “Employment Term”). 

Notwithstanding the foregoing, Executive and the Company acknowledge that this employment relationship may be terminated at any time prior to
the expiration of the Employment Term, upon ninety (90) days written notice to the other party, with or without Cause or for any or no reason, at the option either of the Board or Executive and that in the event the Company or Executive
terminate Executive’s employment with the Company prior to the end of the Employment Term, Executive will only be entitled to those payments and benefits, if any, as provided for in Section 5 of this Agreement. 

 3. Compensation. 

(a) Base Salary. The Company will pay Executive as compensation for Executive’s services a Base Salary at the annualized rate of
$800,000. The Base Salary will be reviewed at a minimum of once per year to ensure Executive’s total compensation is consistent with current market practices and in line with Executive’s performance. The Base Salary will be paid through
payroll periods that are consistent with the Company’s normal payroll practices and will be subject to the usual and required withholding. 

(b) Performance Bonus. Executive will be eligible to receive an annual target bonus of (i) up to one hundred fifty percent
(150%) of Executive’s then Base Salary based upon the achievement of performance goals for Fiscal Year 2017 and (ii) up to seventy-five percent (75%) of Executive’s then Base Salary based upon the achievement of performance
goals for the first half of Fiscal Year 2018, respectively, set by the Compensation Committee of the Board. The performance goals will be based on the Company’s achievement of goals for proforma revenue and earnings or other performance goals,
determined by the Compensation Committee of the Board, after receiving input from, and consulting with, Executive. The performance goals for Fiscal Year 2017 will be set by the Compensation Committee no later than December 9, 2016. The
performance goals for first half Fiscal Year 2018 will be set by the Compensation Committee no later than November 30, 2017. The actual percentage of Base Salary payable as a bonus for any year will depend, upon the extent to which the
applicable performance criteria have been achieved. Any bonus actually earned will be paid as soon as practicable (but no later than two and one-half (2 1⁄2)
months) after the end of the fiscal year for which the bonus is earned. Once the performance goals are approved by the Compensation Committee, they may not be changed without the consent of Executive. 

(c) Equity Grants. Within thirty (30) days of the date hereof, the Compensation Committee of the Board shall grant to the
Executive equity awards under the Company’s 2000 Stock Plan (the “Plan”) as follows: 
 (i) Two hundred and fifty thousand
(250,000) shares will be granted in the form of a restricted stock purchase right at a per share purchase price equal to the par value of the Company’s common stock on the date of the grant. This right will be intended to be exempt from
Section 409A and therefore not subject to the six month delay provided under Section 409A. Subject to Executive’s continued employment with the Company through the applicable vesting date (or as otherwise provided in Section 5 of
this Agreement), one hundred percent (100%) of the shares acquired under the right will vest on September 30, 2017. 
 (ii)
[RESERVED]  
 (iii) Three hundred and seventy-five thousand (375,000) shares will be in the form of performance
restricted stock units (“PSUs”) granted under the Plan. The number of shares that vest under the PSUs (if any) will depend on the level of achievement of performance goals set by the Compensation Committee (but only after considering in
good faith input from Executive on the proposed goals) no later than September 30, 2017. 

  
 -2- 

 (iv) All equity awards described in this Section 3(c) will be subject to the terms of award
agreements to be prepared in accordance with the terms herein and otherwise be subject to the all of the terms and conditions of the Plan. Before setting the performance goals for any PSUs, the Committee will seek and consider any input from
Executive. In addition, the first half Fiscal Year 2018 performance goals will utilize the same metrics (but not the same values thereof), scaling index and over-achievement opportunity as used for the Fiscal Year 2016 performance shares granted to
Executive. Once the performance goals are approved by the Compensation Committee, they may not be changed without the prior consent of Executive, except to the limited extent necessary or appropriate to reflect corporate transactions and other
material and non-ordinary course events. For the avoidance of doubt, the equity grants provided in this Section 3(c) do not affect Executive’s previously-granted but unvested performance-based restricted stock unit award for five hundred
thousand (500,000) shares (which award vests based on performance Fiscal Year 2017 performance, and for which the performance goals will (i) be set by the Compensation Committee no later than December 9, 2016, and (ii) utilize
the same metrics (but not the same values thereof), scaling index and over-achievement opportunity as used for the Fiscal Year 2016 performance shares granted to Executive). 

(d) Retention Amounts. At the conclusion of Executive’s employment as the Chief Executive Officer of the Company for any reason
except for voluntary resignation by Executive other than for Good Reason prior to the end of the Employment Term, the Company shall pay to Executive, and Executive shall be irrevocably entitled to receive (i) an amount equal to eight million
four hundred thousand dollars ($8,400,000) in cash (the “Retention Amount”), and (ii) the payments set forth in Section 5(a)(i) and Section 5(a)(ii) (the “Severance Amounts”). Notwithstanding anything in this
Agreement to the contrary, the Retention Amount and the Severance Amounts shall be irrevocable and not subject to risk of forfeiture by Executive for any reason except for voluntary resignation by Executive other than for Good Reason prior to the
end of the Employment Term. The payment date for the Retention Amount shall be the date of the termination of Executive’s employment as CEO of the Company and the Severance Amount shall be paid as provided in Section 5. 

(e) Car Allowance. For each calendar year during the Employment Term and any applicable Severance Period, the Company will reimburse
Executive $20,000 (or such greater amount as approved by the Board or Compensation Committee, consistent with the Company’s practice with respect to other executive officers), less applicable tax withholdings, as a car allowance included in the
Executive’s pay in equal monthly or bi-weekly installments. Alternatively, the Company may lease a car for Executive’s use, subject to the same dollar maximum. The allowance or lease payment is inclusive of all insurance and other costs
for the vehicle. When the Employment Term or Severance Period ends (as may be applicable), the payments under this Section 3(e) will end, even if the dollar maximum for that calendar year has not yet been reached. 

(f) Tax & Financial Services Allowance. During the Employment Term and any applicable Severance Period, the Company will
reimburse Executive for reasonable professional services expenses actually incurred by Executive for tax, financial and/or estate planning. For any 

  
 -3- 

 
calendar year, the maximum total expenses incurred during that year that are reimbursable under this Section 3(f) will equal a gross amount of twenty five thousand dollars ($25,000). Any
reimbursements to Executive will be less applicable tax withholdings. In order to be reimbursed, Executive must submit reasonable documentation of the expenses incurred within sixty (60) days after the end of the calendar year in which the
expenses were incurred. Reimbursement of eligible expenses will be made no later than sixty (60) days after Executive’s submission of the required documentation. Expenses incurred after the end of the Employment Term or any applicable
Severance Period will not be reimbursable, even if the dollar maximum for that calendar year has not yet been reached. This right to reimbursement will be subject to the following additional requirements: (i) the amount of any reimbursement
provided during one taxable year will not affect any expenses eligible for reimbursement in any other taxable year; (ii) in all cases, expenses will be reimbursed no later than the last day of Executive’s taxable year that immediately
follows the taxable year in which the costs or expenses were incurred, and (iii) the right to any such reimbursement will not be subject to liquidation or exchange for another benefit or payment. 

(g) Expenses. The Company will reimburse Executive for reasonable travel, lodging and other expenses incurred by Executive in the
furtherance of the performance of Executive’s duties hereunder, in accordance with the Company’s expense reimbursement policy as in effect from time to time. 

(h) IT Support. During the Employment Term, the Company will provide reasonable IT equipment and support for Executive that is
comparable to that provided historically by the Company to Executive. The Company also will provide comparable support during any applicable Severance Period, but only for so long as Executive provides reasonable transition support during the
Severance Period (which support may be provided remotely and on a reasonable, as needed basis. 
 4. Benefits. 

(a) Employee Benefits. During the Employment Term, Executive will be entitled to participate in the employee benefit plans currently
and hereafter maintained by the Company of general applicability to other senior executives of the Company, including, without limitation, the Company’s group medical, dental, vision, disability, life insurance, and flexible-spending account
plans. The Company reserves the right to cancel or change the benefit plans and programs it offers to its employees at any time. 
 (b)
Executive Medical Benefit. During the Employment Term and any applicable Severance Period, the Company will reimburse Executive for reasonable professional services expenses actually incurred by Executive for wellness expenses (including
enhanced executive physical exams, wellness coaching and training, and wellness facilities). For any calendar year, the maximum total expenses incurred during that year that are reimbursable under this Section 4(b) will equal a gross amount of
fifty thousand dollars ($50,000). Any reimbursements to Executive will be less applicable tax withholdings. In order to be reimbursed, Executive must submit reasonable documentation of the expenses incurred within sixty (60) days after the end
of the calendar year in which the expenses were incurred. Reimbursement of eligible expenses will be made no later than sixty (60) days after Executive’s submission of the required documentation. Expenses incurred after

  
 -4- 

 
the end of the Employment Term or any applicable Severance Period will not be reimbursable, even if the dollar maximum for that calendar year has not yet been reached. This right to reimbursement
will be subject to the following additional requirements: (i) the amount of any reimbursement provided during one taxable year will not affect any expenses eligible for reimbursement in any other taxable year; (ii) in all cases, expenses
will be reimbursed no later than the last day of Executive’s taxable year that immediately follows the taxable year in which the costs or expenses were incurred, and (iii) the right to any such reimbursement will not be subject to
liquidation or exchange for another benefit or payment. 
 (c) Life Insurance Policy. During the Employment Term, the Company shall
continue to pay the annual premium for an enhanced life insurance benefit equal to $1,000,000 in value. The life insurance policy shall be a term-life policy with Executive as the owner of the policy. 

(d) Long-Term Disability Policy. During the Employment Term, the Company will pay the premiums for an enhanced long-term disability
insurance policy that will provide coverage of sixty percent (60%) of Executive’s base eligible earnings. This long-term disability policy will be subject to Executive’s continuing to satisfy all applicable eligibility requirements
imposed by the long-term disability insurance company. 
 5. Severance.  

Upon termination of employment, Executive shall receive payment of (a) his Base Salary, as then in effect, through the date of
termination of employment, (b) a pro rata portion of his Performance Bonus for the fiscal year in which Executive’s employment terminates (measured and paid as if Executive had remained employed through the applicable fiscal year end), and
(c) all accrued vacation, expense reimbursements and any other benefits (other than severance benefits, except as provided below) due to Executive through the date of termination of employment in accordance with established Company plans and
policies or applicable law (the “Accrued Obligations”). In addition, the following will apply: 
 (a) Termination by the Company
other than for Cause, Death or Disability. In the event (i) that Executive’s employment with the Company is terminated for any reason other than Cause, Death or Disability (each as defined below), or (ii) of the expiration of the
Employment Term, then, subject to Executive’s compliance with the provisions in Section 5(e), Executive will be entitled to receive through the term of the Severance Period: 

(i) continuing payments during the Severance Period equal to two (2) times Executive’s Base Salary. The Base Salary will equal the
average of the last ninety (90) days of employment multiplied by four (4). These payments will be made by taking the two (2) times Executive’s Base Salary and then dividing it into equal amounts by the number of payroll periods during
the Severance Period. These payments will be made in accordance with the Company’s normal payroll policies and subject to the usual, required withholding. 

(ii) continuing payments equal to one and one-half
(1 1⁄2) times Executive’s target Performance Bonus, which had been in effect in the fiscal year ending prior to the year of termination. In the event
that Executive earned more than the target bonus in the fiscal year ending prior to the year of termination, that amount will be utilized. These payments will be made by taking 

  
 -5- 

 
the one and one-half (1 1⁄2) times Executive’s target Performance Bonus (or the amount actually
received in the fiscal year prior to the year of termination, whichever is higher) that had been in effect in the fiscal year ending prior to the year of termination and then dividing it into equal amounts by the number of payroll periods during the
Severance Period. These payments will be made in accordance with the Company’s normal payroll policies and subject to the usual, required withholding. 

(iii) continued payment by the Company of the group medical, dental and vision continuation coverage premiums for Executive and
Executive’s eligible dependents under Title X of the Consolidated Budget Reconciliation Act of 1985, as amended (“COBRA”) during the Severance Period under the Company’s group health plans, as then in effect. However, if the
Company determines after diligently pursuing all alternatives that it cannot provide the COBRA benefits in this clause (iii) without violating applicable laws (including, without limitation, Section 2716 of the Public Health Service Act
and the Employee Retirement Income Security Act of 1974, as amended) or incurring additional taxes or other penalties, the Company in lieu thereof will provide to Executive a taxable lump sum payment in an amount equal to the monthly COBRA premium
that Executive would be required to pay to continue the group health coverage in effect on the date of Executive’s termination of employment (which amount will be based on the premium for the first month of COBRA coverage) for the number of
months equal to the Severance Period, which payment will be made regardless of whether Executive elects COBRA continuation coverage; 

(iv) continued payment of the annual premium for the remaining term of the life insurance policy specified in Section 4(c) above; 

(v) continued vesting of any unvested time-based shares of restricted stock and time-based restricted stock units for a period of twenty-four
(24) months following Executive’s employment termination date; 
 (vi) [RESERVED] 

(vii) if the Company terminates Executive for a reason other than Cause, Death or Disability the goals for any unvested performance-based
restricted stock units or performance-based shares of restricted stock will be deemed achieved at one hundred percent (100%) of target levels and will be vested on the last day of employment. 

(viii) an extended period of time to exercise vested options for a period of two (2) years or until their original expiration date,
whichever is sooner; 
 (ix) a lump sum of five hundred thousand dollars ($500,000), less applicable tax withholdings; and 

(x) The Company will permit Executive, after the expiration of Executive’s eligibility for COBRA described in (iii) above, to
participate in the Company’s group medical, dental and vision plans, provided that (A) the Company will not be required to provide such participation if the Company determines that such participation would violate applicable law for the

  
 -6- 

 
Company or for other participants in the plans, (B) Executive, if permitted to so participate, will pay the full cost of such participation as determined based on the standard rate that the
Company charges to COBRA participants, and (C) Executive’s participation, if any, will end no later than a period of ten years after the expiration of Executive’s eligibility for COBRA. 

(b) Termination due to Death or Disability. If the Executive’s employment with the Company is terminated due to his Death or his
becoming Disabled, then Executive or Executive’s estate (as the case may be) will (i) receive an amount equal to two (2) times Executive’s Base Salary at the time of the death or disability plus an amount equal to (100%) of
Executive’s target Performance Bonus, as then in effect in the fiscal year ending prior to the death or disability, (ii) continued payment of the annual premium for the remaining term of the life insurance policy specified in
Section 4(c) above; (iii) be entitled to immediate one hundred percent (100%) vesting of any Company stock options or Stock Awards held by the Executive that were unvested immediately prior to his termination of employment,
(iv) an extended period of time to exercise vested options for a period of two (2) years or until their original expiration date, (v) receive Company-paid coverage for a period of up to three (3) years or as eligible under Title
X of COBRA for Executive (if applicable) and Executive’s eligible dependents under the Company’s health benefit plans (or, at the Company’s option, coverage under a separate plan), providing benefits that are no less favorable than
those provided under the Company’s plans immediately prior to Executive’s death, provided, however, if the Company determines in its sole discretion that it cannot provide the COBRA benefits in this clause (v) without potentially
violating applicable laws (including, without limitation, Section 2716 of the Public Health Service Act and the Employee Retirement Income Security Act of 1974, as amended), the Company in lieu thereof will provide to Executive a taxable lump
sum payment in an amount equal to the monthly COBRA premium that Executive would be required to pay to continue the group health coverage in effect on the date of Executive’s termination of employment (which amount will be based on the premium
for the first month of COBRA coverage) for a period of three (3) years following Executive’s termination of employment, which payment will be made regardless of whether Executive elects COBRA continuation coverage; (vi) receive the
payment described in Section 5(a)(ix), and (vii) be entitled to receive all compensation and benefits from the Company for which he is eligible under other policies or plans. 

(c) Termination After Change of Control or Due to Good Reason at any Time. If, (i) at any time during the Employment Term
Executive resigns for Good Reason (as defined below); or (ii) within twelve (12) months following a Change of Control (as defined below), Executive’s employment with the Company is terminated for a reason other than (A) Cause,
(B) Executive becoming Disabled or (C) Executive’s death, then, subject to Executive’s compliance with the provisions in Section 5(e), Executive will be entitled to receive the severance payments and benefits set forth in
Section 5(a) and the receive the payment described in Section 5(a)(ix); provided, however Executive shall receive (i) two and one-half (2  1⁄2)
times his Base Salary as then in effect, (ii) plus an amount equal to two (2.0) times his target Performance Bonus which had been in effect in the fiscal year ending prior to the year of termination, and (iii) immediate 100%
acceleration of any unvested options or other equity awards (including specifically the Stock Awards), rather than continued vesting over the severance period. 

  
 -7- 

 (d) Other Termination. (i) If the Executive terminates employment with the Company
other than for Good Reason (as defined below), then Executive will receive payment of the Accrued Obligations but he shall not be entitled to the Retention Amount, the Severance Amounts or any other compensation or benefits (including, without
limitation, accelerated vesting of stock options and unvested Stock Awards) from the Company, except to the extent provided under the applicable stock option agreement(s), Company benefit plans or as may be required by law (for example, under
COBRA); and (ii) if Executive’s employment with the Company is terminated for Cause, then Executive will receive payment of the Accrued Obligations, the Retention Amount and the Severance Amounts, but he shall not be entitled to any other
compensation or benefits (including, without limitation, accelerated vesting of stock options and unvested Stock Awards) from the Company, except to the extent provided under the applicable stock option agreement(s), Company benefit plans or as may
be required by law (for example, under COBRA) 
 (e) Conditions to Receive Severance Package. Except for the Accrued Obligations, the
applicable provisions of his equity award agreements and the Company’s equity plan(s) under which his equity awards were granted, and other payments to which Executive may be entitled by law, the severance payments, continued benefits (or lump
sum payment of benefits, as applicable), continued vesting, vesting acceleration and the ability to exercise stock options described in this Section 5 will be provided to Executive if the following conditions are satisfied: (i) Executive
complies with all surviving provisions of the Confidential Information Agreement, and any other confidentiality or proprietary rights agreement signed by Executive and the non-competition provisions set forth
herein (to the extent permitted by applicable laws); and (ii) Executive executes and delivers to the Company, and does not revoke, a full general release, in a form acceptable to the Company, releasing all claims, known or unknown, that
Executive may have against the Company, and any subsidiary or related entity, their officers, directors, employees and agents, arising out of or any way related to Executive’s employment or termination of employment with the Company (the
“Release”) which the Company will provide to Executive no later than five (5) days following the date of Executive’s termination of employment, provided the Release becomes effective and irrevocable no later than sixty (60)
days following the date of Executive’s termination of employment (such deadline, the “Release Deadline Date”). If the Release does not become effective and irrevocable by the Release Deadline Date, Executive will forfeit any rights to
severance or benefits under this Agreement. If the Release becomes effective by the Release Deadline Date, severance payments and benefits under this Agreement will be provided, or in the case of installments, will commence, on the sixtieth (60th) day following the date of Executive’s termination of employment and any severance payments and benefits otherwise payable to Executive during the sixty (60) day period immediately
following the date of Executive’s termination of employment will be provided in a lump sum to Executive on the sixtieth (60th) day following Executive’s termination of employment,
with any remaining payments and benefits to be provided in accordance with this Agreement. 
 (f) Cause. For purposes of this
Agreement, “Cause” means Executive’s employment with the Company is terminated after a majority of the Board has found any of the following to exist: (i) that Executive has been convicted of a felony in connection with the
performance of his obligations to the Company or which adversely affects the Executive’s ability to perform such obligations; (ii) a breach of any duty of loyalty owed to the Company by Executive, or the unauthorized usurpation of any
Company corporate opportunity by Executive, that has a material detrimental effect on the Company’s reputation or business; (iii) the commission by the Executive of an intentional act of fraud or embezzlement which was intended to and
results in loss, damage or 

  
 -8- 

 
injury to the Company, whether directly or indirectly; (iii) a material disclosure of the Company’s confidential or proprietary information by the Executive which violates the terms of
the Confidential Information Agreement; or (iv) Executive’s continued substantial willful nonperformance (except by reason of Disability) of any material obligations under this Agreement after Executive has received a written demand for
performance by the Board and has failed to cure such nonperformance within fifteen (15) business days of receiving such notice. Other than for a termination pursuant to Section 5(f)(i), Executive shall receive notice and an opportunity to
be heard before the Board with Executive’s own attorney before any termination for Cause is deemed effective. Notwithstanding anything to the contrary, the Board may immediately place Executive on administrative leave (with full pay and
benefits to the extent legally permissible) and suspend all access to Company information, employees and business should Executive wish to avail himself of his opportunity to be heard before the Board prior to the Board’s termination for Cause.
If Executive avails himself of his opportunity to be heard before the Board, and then fails to make himself available to the Board within five (5) business days of such request to be heard, the Board may thereafter cancel the administrative
leave and terminate Executive for Cause. 
 (g) Change of Control. For the purposes of this Agreement, a “Change of
Control” means the occurrence of any of the following events, but only to the extent such event constitutes a “change in control event” for purposes of Section 409A: (i) any “person” (as such term is used in
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) becomes the “beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing 50% or more of the
total voting power represented by the Company’s then outstanding voting securities; or (ii) a change in the composition of the Board occurring within a one-year period, as a result of which fewer than a majority of the directors are
Incumbent Directors (“Incumbent Directors” will mean directors who either (A) are members of the Board as of the Effective Date, or (B) are elected, or nominated for election, to the Board with the affirmative votes of at least a
majority of the Board at the time of such election or nomination (but will not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the election of directors to the Company)); or
(iii) the date of the consummation of a merger or consolidation of the Company with any other corporation that has been approved by the stockholders of the Company, other than a merger or consolidation which would result in the voting
securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the total voting
power represented by the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or (iv) the date of the consummation of the sale or disposition by the Company of all or
substantially all the Company’s assets. 
 (h) Disabled. For purposes of this Agreement, “Disabled” means Executive
being unable to perform the principal functions of his duties due to a medically certifiable physical or mental impairment, but only if such inability has lasted or is reasonably expected to last for at least six months. Whether Executive is
Disabled will be determined by a third party administrator of the Company’s long-term disability program. 

  
 -9- 

 (i) Good Reason. For purposes of this Agreement, “Good Reason” means
(i) without the Executive’s consent, a significant reduction of the Executive’s duties, position, reporting status, or responsibilities relative to the Executive’s duties (for the avoidance of doubt, a significant reduction of
duties will be deemed to occur if the Company’s shareholders do not elect the Executive to the Board following proper nomination, and/or if, assuming the Executive is a member of the Board, the Board does not appoint Executive as Chairman),
position, reporting status, or responsibilities in effect immediately prior to such reduction, or the removal of the Executive from such position, duties and responsibilities or change in reporting status, unless the Executive is provided with
comparable duties, position and responsibilities or reporting status; also a reduction in duties, position, reporting status or responsibilities by virtue of the Company being acquired and made part of a larger entity will constitute “Good
Reason” unless the Executive remains in his position as Chief Executive Officer of a publicly traded company that conducts substantially the same core operations, business and activities as were conducted by the Company prior to any such
acquisition or similar corporate transaction; (ii) without the Executive’s consent, a substantial reduction, by the Board of the Executive’s Base Salary as in effect immediately prior to such reduction (unless such reduction is part
of an overall Company effort that effects similarly situated senior executives of the Company); (iii) without the Executive’s consent, the requirement that Executive relocate his principal place of employment more than fifty
(50) miles from the current location of the Company’s principal executive offices in Sunnyvale, CA; (iv) a material breach by the Company of this Agreement; and (v) failure of Executive to be nominated as a Board member.
Executive will not resign for Good Reason without first providing the Company with written notice of the acts or omissions constituting the grounds for “Good Reason” within ninety (90) days of the initial existence of the grounds for
“Good Reason” and, if such grounds are susceptible to cure, a reasonable cure period of not less than thirty (30) days following the date of such notice. Any resignation for Good Reason must occur within two years of the initial
existence of the grounds constituting Good Reason. 
 (j) Severance Period. For purposes of this Agreement, “Severance
Period” means the period beginning on the date of Executive’s termination of employment with the Company and ending on the date eighteen (18) months later for all reasons other than a termination following a Change of Control or for
Good Reason. “Severance Period” for a termination following a Change of Control or for a termination by the Executive for Good Reason means the period beginning on the date of Executive’s termination of employment with the Company and
ending on the date twenty-four (24) months later. 
 6. Confidential Information. Executive agrees to continue to comply
with any agreement Executive has entered into with the Company regarding confidential information and/or invention assignment (the “Confidential Information Agreement”). 

7. Assignment. This Agreement will be binding upon and inure to the benefit of (a) the heirs, executors and legal
representatives of Executive upon Executive’s death. None of the rights of Executive to receive any form of compensation payable pursuant to this Agreement may be assigned or transferred except by will, trust, or the laws of descent and
distribution. Any other attempted assignment, transfer, conveyance or other disposition of Executive’s right to compensation or other benefits will be null and void. 

8. Indemnification. Subject to applicable law, Executive will be provided indemnification but on terms no less favorable than
provided to any other Company executive officer and subject to the terms of any separate written indemnification agreement as well as the Company’s charter. 

  
 -10- 

 9. Notices. All notices, requests, demands and other communications called for
hereunder will be in writing and will be deemed given (i) on the date of delivery if delivered personally, (ii) one (1) day after being sent by a well-established commercial overnight service, or (iii) four (4) days after
being mailed by registered or certified mail, return receipt requested, prepaid and addressed to the parties or their successors at the following addresses, or at such other addresses as the parties may later designate in writing: 

If to the Company:  

Nuance Communications, Inc. 
 One
Wayside Road 
 Burlington, MA 01803 

Attn: Senior Vice President — Human Resources 

If to Executive:  

at the last residential address known by the Company. 

10. Severability. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be
illegal, unenforceable or void, this Agreement will continue in full force and effect without said provision. 
 11. Original
Agreement. Executive and the Company previously entered into the Prior Agreement. Executive and the Company agree that this Agreement will supersede and replace the Prior Agreement in its entirety. 

12. Non-Competition and Non-Solicitation. If Executive’s employment with the Company terminates pursuant to Sections 5(a),
5(b), or 5(c) of this Agreement, for a period beginning on the Effective Date and ending 18 months after the Executive ceases to be employed by the Company (or 24 months following termination of Executive’s employment if such termination occurs
within twelve months following a Change of Control of the Company or Executive terminates for Good Reason) (the “Non-Competition Period”) Executive, directly or indirectly, whether as employee, owner, sole proprietor, partner, director,
member, consultant, agent, founder, co-venturer or otherwise, will, to the fullest extent allowable under applicable law in the Territory: (i) not engage, participate or invest in a company whose primary business is voice recognition or natural
language processing; (ii) not engage, participate or invest in a large Information Technology (“IT”) company, such as Microsoft or IBM, in a position in which his principal involvement would be in the business of speech recognition
software; (iii) not solicit, induce or influence any person to leave employment with the Company; (iv) not directly or indirectly solicit business from any of the Company’s customers and users on behalf of any company defined in
Section 12(i) or (ii) above. For purposes of this Section, “Territory” shall mean all areas of the world where the Company provided goods or services, had customers, or otherwise conducted business at any time during the two-year
period prior to the date of Executive’s termination of employment with the Company. Nothing in this Agreement shall prohibit the Executive from owning (as a passive investment): (a) not more than

  
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two percent of any class of publicly traded securities of any entity or (b) not more than five percent of any class of non-publicly traded securities of any entity. Notwithstanding
the foregoing, if Executive’s employment with the Company terminates pursuant to Section 5(d) of this Agreement, and not pursuant to Sections 5(a), 5(b), or 5(c) of this Agreement, the Non-Competition Period will be limited to twelve
(12) months. Executive agrees that nothing in this Section 12 shall affect his continuing obligations under the Confidential Information Agreement. 

Executive acknowledges that he will derive significant value from the Company’s agreement to provide him with Confidential Information to
enable him to optimize the performance of his duties to the Company. Executive further acknowledges that his fulfillment of the obligations of this Agreement, including, but not limited to, his obligations pursuant to the Confidential Information
Agreement and obligations pursuant to this Section 12 are necessary to protect Company proprietary information and, consequently, to preserve the value and goodwill of the Company. Executive also acknowledges the time, geographic, and scope
limitations of the obligations described in this Section 12 are fair and reasonable in all respects. If, in any judicial or arbitral proceeding, a court or arbitrator refuses to enforce any of the covenants contained in this Section 12, or
any portion thereof, then such unenforceable covenant (or such part) shall be revised or, if such revision is not permitted it shall be eliminated from the Agreement, to the extent necessary to permit the remaining covenants (or portions thereof) to
be enforced. In the event that any portion of Section 12, including but not limited to the time, geographic, or scope limitations are deemed to exceed those permitted by applicable law, then such provisions shall be reformed to the maximum
time, geographic, or scope limitations permitted by such law. In the event that the applicable court or arbitrator does not exercise the power granted to it in the preceding sentence, Executive and the Company agree to replace such invalid or
unenforceable term or provision with a valid and enforceable term or provision that will achieve, to the extent possible, the economic, business and other purposes of such invalid or unenforceable term. 

13. Non Disparagement. Following the date Executive ceases to be employed by the Company, Executive will not disparage in any
way the Company, its Officers, directors, employees, investors, shareholders, administrators, affiliates, divisions, subsidiaries, predecessor or successor corporations, or assigns, and will refrain from any defamation, libel or slander of any of
those parties, and any tortious interference with the contracts, relationships and prospective economic advantage of any of those parties. Likewise, following the date Executive ceases to be employed by the Company, its officers, directors,
employees, administrators, and affiliates, will not disparage, except as otherwise required by law, in any way the Executive, and will refrain from any defamation, libel or slander of the Executive, and, subject to provisions of Section 12 of
this Agreement, will refrain from any tortious interference with the contracts, relationships and prospective economic advantage of the Executive. 

14. Entire Agreement. This Agreement, together with the Confidential Information Agreement and the Company’s organizational
documents, the equity awards agreements entered into between Executive and the Company and the applicable Company equity plan(s), represents the entire agreement and understanding between the Company and Executive concerning the subject matter
herein and Executive’s employment relationship with the Company, and supersedes and replaces any and all prior or contemporaneous agreements and understandings whether written or oral between the Executive and the Company (including, but not
limited, to, the Prior Agreement). 

  
 -12- 

 15. Arbitration and Equitable Relief. 

(a) In consideration of Executive’s employment with the Company, the Company’s promise to arbitrate all employment-related disputes
with Executive, and Executive’s receipt of the compensation and other benefits paid to him by the Company, at present and in the future, Executive and the Company agree that to the extent permitted by law, any dispute or controversy arising out
of, relating to, or in connection with this Agreement, including Executive’s employment or relationship with the Company or the termination of Executive’s employment or relationship with the Company, or the interpretation, validity,
construction, performance, breach, or termination thereof will be settled by binding arbitration to be held in San Francisco, California, pursuant to the Federal Arbitration Act (the “FAA”) and the arbitration provisions set forth in
California Code of Civil Procedure Sections 1280 through 1294.2 (the “CCP Act”) and California law. Executive may bring a proceeding as a private attorney general, as permitted by law. The FAA governs this Agreement and shall continue to
apply with full force and effect, notwithstanding the application of procedural rules set forth in the CCP Act and California law. Executive agrees to arbitrate any and all common law and/or statutory claims under local, state, or federal law. For
all claims and disputes that Executive agrees to arbitrate, he and the Company expressly agree to waive, and do waive, any right to a trial by jury. Any arbitration will be administered by Judicial Arbitration & Mediation Services, Inc.
(“JAMS”), pursuant to its Employment Arbitration Rules and Procedures (the “JAMS Rules”), which are available at http://www.jamsadr.com/rules-employment-arbitration/. The arbitrator may decide any motion brought by any
party to the arbitration, including the ability to grant injunctions or other relief in such dispute or controversy, applying the standards set forth under the California Code of Civil Procedure. The decision of the arbitrator will be final,
conclusive and binding on the parties to the arbitration, and will be issued in writing. The arbitrator shall have the power to award any remedies available under applicable law, including attorneys’ fees and costs to the prevailing party where
provided by applicable law. Judgment may be entered on the arbitrator’s decision in any court having jurisdiction. Except as provided by the CCP Act and this Agreement, arbitration shall be the sole, exclusive, and final remedy for any dispute
between Executive and the Company. Except as provided in the CCP Act and this Agreement, neither Executive nor the Company will be permitted to pursue or participate in a court action regarding claims that are subject to arbitration. 

(b) The arbitrator and/or any state or federal court will apply California law to the merits of any dispute or claim, without reference to the
rules of conflict of law. To the extent that the JAMS Rules conflict with California law, California law shall take precedence. Executive hereby expressly consents to the personal jurisdiction of the state and federal courts located in San Francisco
County California for any action or proceeding arising from or relating to this Agreement and/or relating to any arbitration in which the parties are participants. 

(c) The Company will pay the direct costs and expenses of the arbitration, with the exception of any filing fees associated with an
arbitration Executive initiates, though Executive will only pay so much of the filing fees as he would have paid if he instead had filed a complaint in a court of law. 

  
 -13- 

 (d) EXECUTIVE HAS READ AND UNDERSTANDS SECTION 15, WHICH DISCUSSES ARBITRATION. EXECUTIVE
UNDERSTANDS THAT BY SIGNING THIS AGREEMENT, EXECUTIVE AGREES TO THE EXTENT PERMITTED BY LAW, TO SUBMIT ANY FUTURE CLAIMS ARISING OUT OF, RELATING TO, OR IN CONNECTION WITH THIS AGREEMENT, OR THE INTERPRETATION, VALIDITY, CONSTRUCTION, PERFORMANCE,
BREACH, OR TERMINATION THEREOF TO BINDING ARBITRATION, AND THAT THIS ARBITRATION CLAUSE CONSTITUTES A WAIVER OF EXECUTIVE’S RIGHT TO A JURY TRIAL AND RELATES TO THE RESOLUTION OF ALL DISPUTES RELATING TO ALL ASPECTS OF THE EMPLOYER/EXECUTIVE
RELATIONSHIP, INCLUDING BUT NOT LIMITED TO, THE FOLLOWING CLAIMS: ANY AND ALL CLAIMS FOR WRONGFUL DISCHARGE OF EMPLOYMENT; BREACH OF CONTRACT, BOTH EXPRESS AND IMPLIED; BREACH OF THE COVENANT OF GOOD FAITH AND FAIR DEALING, BOTH EXPRESS AND IMPLIED;
NEGLIGENT OR INTENTIONAL INFLICTION OF EMOTIONAL DISTRESS; NEGLIGENT OR INTENTIONAL MISREPRESENTATION; NEGLIGENT OR INTENTIONAL INTERFERENCE WITH CONTRACT OR PROSPECTIVE ECONOMIC ADVANTAGE; AND DEFAMATION; ANY AND ALL CLAIMS FOR VIOLATION OF ANY
FEDERAL STATE OR MUNICIPAL STATUTE, INCLUDING, BUT NOT LIMITED TO, THE AMERICANS WITH DISABILITIES ACT OF 1990, THE FAIR LABOR STANDARDS ACT, AND ANY LAW OF THE STATE OF CALIFORNIA; AND ANY AND ALL CLAIMS ARISING OUT OF ANY OTHER LAWS AND
REGULATIONS RELATING TO EMPLOYMENT OR EMPLOYMENT DISCRIMINATION. EXECUTIVE UNDERSTANDS THAT THIS AGREEMENT DOES NOT PROHIBIT HIM FROM PURSUING AN ADMINISTRATIVE CLAIM WITH A LOCAL, STATE, OR FEDERAL ADMINISTRATIVE BODY OR GOVERNMENT AGENCY THAT IS
AUTHORIZED TO ENFORCE OR ADMINISTER LAWS RELATING TO EMPLOYMENT, INCLUDING, BUT NOT LIMITED TO, THE EQUAL EMPLOYMENT OPPORTUNITY COMMISSION. THIS AGREEMENT DOES, HOWEVER, PRECLUDE EXECUTIVE FROM PURSUING A COURT ACTION REGARDING ANY SUCH CLAIM,
EXCEPT AS PERMITTED BY LAW. 
 16. No Oral Modification, Cancellation or Discharge. This Agreement may be changed or
terminated only in writing (signed by Executive and the Company). 
 17. Withholding. The Company is authorized to withhold,
or cause to be withheld, from any payment or benefit under this Agreement the full amount of any applicable withholding taxes. 
 18.
Governing Law. This Agreement will be governed by the laws of the State of California (with the exception of its conflict of law provisions). 

19. Acknowledgment. Executive acknowledges that he has had the opportunity to discuss this matter with and obtain advice from
his private attorney, has had sufficient time to, and has carefully read and fully understands all the provisions of this Agreement, and is knowingly and voluntarily entering into this Agreement. 

20. Attorneys’ Fees. Executive will be reimbursed his reasonable attorneys’ fees incurred with respect to the
negotiation of this Agreement, provided that Executive delivers to the Company proper documentation of the fees incurred no later than December 1, 2016. The Company will make such reimbursement (or directly pay the fees) no later than
December 31, 2016. 

  
 -14- 

 21. Code Section 409A. 

(a) Notwithstanding anything to the contrary in this Agreement, no Deferred Compensation Separation Benefits (as defined below) will become
payable under this Agreement until Executive has a “separation from service” within the meaning of Section 409A of the Code, and any proposed or final regulations and guidance promulgated thereunder (“Section 409A”).
Further, if Executive is a “specified employee” within the meaning of Section 409A at the time of Executive’s termination (other than due to death), and the severance payable to Executive, if any, pursuant to this Agreement, when
considered together with any other severance payments or separation benefits, are considered deferred compensation under Section 409A (together, the “Deferred Compensation Separation Benefits”), such Deferred Compensation Separation
Payments that are otherwise payable within the first six (6) months following Executive’s termination of employment will become payable on the first payroll date that occurs on or after the date six (6) months and one (1) day
following the date of Executive’s termination of employment. All subsequent Deferred Compensation Separation Benefits, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding
anything herein to the contrary, if Executive dies following his termination but prior to the six (6) month anniversary of his termination, then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as
administratively practicable after the date of Executive’s death and all other Deferred Compensation Separation Benefits will be payable in accordance with the payment schedule applicable to each payment or benefit. Each payment and benefit
payable under this Agreement is intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. 

(b) Any amount paid under this Agreement that satisfies the requirements of the “short-term deferral” rule set forth in
Section 1.409A-1(b)(4) of the Treasury Regulations shall not constitute Deferred Compensation Separation Benefits for purposes of Section 21(a) above. 

(c) Any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service pursuant to
Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit (as defined below) shall not constitute Deferred Compensation Separation Benefits for purposes of Section 21(a) above. For purposes of
this Section 21(c), “Section 409A Limit” will mean the lesser of two (2) times: (1) Executive’s annualized compensation based upon the annual rate of pay paid to Executive during the Company’s taxable year
preceding the Company’s taxable year of Executive’s termination of employment as determined under Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1); or (ii) the maximum amount that may be taken into account under a qualified plan pursuant
to Section 401(a)(17) of the Code for the year in which Executive’s employment is terminated. 
 (d) Reimbursement benefits
provided under the Agreement are intended to be exempt from or comply with Section 409A under Treasury Regulation Sections 1.409A-1(b)(9)(v) and/or
1.409A-3(i)(1)(iv), such that they do not provide for the impermissible deferral of any compensation 

  
 -15- 

 The foregoing provisions are intended to comply with the requirements of Section 409A so
that none of the severance payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply. The Company and Executive agree to work
together in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Executive
under Section 409A. 
 22. Limitation on Payments. In the event that the severance and other benefits provided for in
this Agreement or otherwise payable to Executive (i) constitute “parachute payments” within the meaning of Section 280G of the Code, and (ii) but for this Section 22, would be subject to the excise tax imposed by
Section 4999 of the Code (the “Excise Tax”), then Executive’s benefits under this Agreement shall be either 

delivered in full, or 

delivered as to such lesser extent which would result in no portion of such benefits being subject to the Excise Tax, 

whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the Excise Tax, results in the receipt by
Executive on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be taxable under Section 4999 of the Code. If a reduction in severance and other benefits constituting
“parachute payments” is necessary so that benefits are delivered to a lesser extent, reduction will occur in the following order: (1) reduction of cash payments in reverse chronological order (i.e., the cash payment owed on the latest
date following the occurrence of the event triggering the excise tax will be the first cash payment to be reduced), (2) cancellation of equity awards granted within the twelve-month period prior to a “change of control” (as determined
under Code Section 280G) that are deemed to have been granted contingent upon the change of control (as determined under Code Section 280G), in the reverse order of date of grant of the awards (i.e., the most recently granted equity awards
will be cancelled first), (3) cancellation of accelerated vesting of equity awards in the reverse order of date of grant of the awards (i.e., the vesting of the most recently granted equity awards will be cancelled first) and (4) reduction
of continued employee benefits in reverse chronological order (i.e., the benefit owed on the latest date following the occurrence of the event triggering the Excise Tax will be the first benefit to be reduced). In no event will Executive have any
discretion with respect to the ordering of payment reductions. 
 Unless the Company and Executive otherwise agree in writing, any determination required
under this Section shall be made in writing by a nationally recognized firm of independent public accountants selected by the Company (the “Accountants”), whose determination shall be conclusive and binding upon Executive and the Company
for all purposes. For purposes of making the calculations required by this Section, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the
application of Section 280G and 4999 of the Code. The Company and Executive shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Section. The
Company shall bear all costs for fees related to the Accountants’ services in connection with any calculations contemplated by this Section. 

  
 -16- 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement on the respective dates set forth below: 

 

					
	EXECUTIVE	 		 	
			
	/s/ Paul A. Ricci	 		 	Date: November 17, 2016
	Paul A. Ricci	 		 	
	Chairman and Chief Executive Officer	 		 	
			
	COMPANY	 		 	
			
	/s/ Robert Frankenberg	 		 	Date: November 17, 2016
	Robert Frankenberg	 		 	
	Chairman of the Compensation Committee of	 		 	
	The Board of Directors	 		 	

  
 -17-

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