Document:

Exhibit 10.2

 

Execution
Version

 

TAX
MATTERS AGREEMENT

BY AND AMONG

Rexnord Corporation, 

LAND NEWCO, INC.,

AND

REGAL BELOIT CORPORATION

DATED AS OF FEBRUARY 15, 2021

 

    

     

    

 

TABLE
OF CONTENTS

 

	 	 	 	 	Page
	Section 1. 	Definition
    of Terms	2
	 	 	 
	Section 2. 	Allocation
    of Tax Liabilities	12
	 	 	 
	Section
    2.01	 	General Rule	12
	Section
    2.02	 	Attribution of Taxes	12
	Section
    2.03	 	Transaction Taxes	13
	 	 	 
	Section 3.	Preparation
    and Filing of Tax Returns	13
	 	 	 
	Section
    3.01	 	General	13
	Section
    3.02	 	Responsibility for
    Preparation and Filing and Payment of Taxes Shown Due	13
	Section
    3.03	 	Tax Reporting Practices	14
	Section
    3.04	 	Consolidated or
    Combined Tax Returns	14
	Section
    3.05	 	Right to Review
    Tax Returns	14
	Section
    3.06	 	Refunds, Carrybacks
    and Amended Tax Returns	15
	Section
    3.07	 	Apportionment of
    Tax Attributes	17
	Section
    3.08	 	Section 336(e) Election	17
	Section
    3.09	 	Remainco Compensation
    for Tax Receivables	17
	 	 	 
	Section 4. 	Tax
    Payments	18
	 	 	 
	Section
    4.01	 	Payment of Taxes	18
	Section
    4.02	 	Indemnification
    Payments	18
	 	 	 
	Section 5. 	Tax
    Benefits and Remainco Tax Attributes	19
	 	 	 
	Section
    5.01	 	Tax Benefits	19
	 	 	 
	Section 6. 	Tax-Free
    Status	20
	 	 	 
	Section
    6.01	 	Restrictions on
    Spinco	20
	Section
    6.02	 	Liability for Distribution
    Tax-Related Losses	23
	Section
    6.03	 	Procedures Regarding
    Ruling Requests	23
	 	 	 
	Section 7. 	Cooperation
    and Reliance	24
	 	 	 
	Section
    7.01	 	Assistance and Cooperation	24
	Section
    7.02	 	Income Tax Return
    Information	25
	Section
    7.03	 	Non-Performance	25
	Section
    7.04	 	Costs	25
	 	 	 
	Section 8. 	Tax
    Records	25
	 	 	 
	Section
    8.01	 	Retention of Tax
    Records	25
	Section
    8.02	 	Access to Tax Records	26
	 	 	 
	Section 9. 	Tax
    Contests	26
	 	 	 
	Section
    9.01	 	Notice	26
	Section
    9.02	 	Control of Tax Contests	27
	 	 	 
	Section 10. 	Effective
    Date; Termination of Prior Intercompany Tax Allocation Agreements	28

 

    

     

    

 

TABLE
OF CONTENTS 

(continued)

 

	 	 	 	 	 	Page
	Section 11. 	Survival of Obligations	 	29
	 	 	 	 
	Section 12. 	Treatment of Payments; Tax Gross
    Up	 	29
	 	 	 	 
	Section
    12.01 	 	Treatment of Tax Indemnity and Tax Benefit Payments	 	29
	Section
    12.02 	 	Tax Gross Up	 	29
	 	 	 	 
	Section 13. 	Disagreements	 	29
	 	 	 	 
	Section
    13.01 	 	Disputes	 	29
	Section
    13.02 	 	Referral to Tax Advisor for Computational Disputes	 	30
	Section
    13.03 	 	Injunctive Relief	 	30
	 	 	 	 
	Section 14. 	Expenses	 	30
	 	 	 	 
	Section 15. 	General Provisions	 	31
	 	 	 	 
	Section
    15.01 	 	Notices	 	31
	Section
    15.02 	 	Binding Effect; Assignment	 	32
	Section
    15.03 	 	Waiver	 	32
	Section
    15.04 	 	Severability	 	32
	Section
    15.05 	 	Authority	 	33
	Section
    15.06 	 	Further Action	 	33
	Section
    15.07 	 	Integration	 	33
	Section
    15.08 	 	Rules of Construction	 	33
	Section
    15.09 	 	Double Recovery	 	34
	Section
    15.10 	 	Counterparts	 	34
	Section
    15.11 	 	Governing Law; Jurisdiction; Remedies	 	35
	Section
    15.12 	 	Amendment	 	35
	Section
    15.13 	 	Remainco or Spinco Affiliates	 	35
	Section
    15.14 	 	Successors	 	35
	Section
    15.15 	 	Third-Party-Beneficiaries	 	36

 

    

     

    

 

TAX
MATTERS AGREEMENT

 

This
TAX MATTERS AGREEMENT (this “Agreement”) is entered into as of February 15, 2021, by and among Rexnord Corporation,
a Delaware corporation (“Remainco”), Land Newco, Inc., a Delaware corporation and indirect wholly owned subsidiary
of Remainco (“Spinco,” and together with Remainco, the “Companies,” and each a “Company”),
and Regal Beloit Corporation, a Wisconsin corporation (“RMT Partner,” and together with Remainco and Spinco,
the “Parties,” and each a “Party”).

 

RECITALS

 

WHEREAS,
the Board of Directors of Remainco has determined that it is in the best interests of Remainco and its shareholders to separate
the Spinco Business from the Remainco Retained Business and to divest the Spinco Business in the manner contemplated by the Separation
and Distribution Agreement by and between Remainco and Spinco (the “Separation and Distribution Agreement”)
and the Merger Agreement;

 

WHEREAS,
the Board of Directors of Remainco and the Board of Directors of Spinco have approved the transfer of the Spinco Assets (as defined
in the Separation and Distribution Agreement) to Spinco and its Affiliates and the assumption by Spinco and its Affiliates of
the Spinco Liabilities (as defined in the Separation and Distribution Agreement), all as more fully described in the Separation
and Distribution Agreement and the other Ancillary Agreements;

 

WHEREAS,
Remainco owns all of the issued and outstanding shares of Chase Acquisition I, Inc., a Delaware corporation (“Acquisitionco”),
which in turn owns all of the issued and outstanding shares of RBS Global, Inc., a Delaware corporation (“Debtco”),
which in turn currently owns all of the outstanding membership interests of Rexnord, LLC, a Delaware limited liability company
(“Intermediateco”), which in turn currently owns all of the issued and outstanding shares of the common stock,
$0.01 par value, of Spinco (the “Spinco Common Stock”);

 

WHEREAS,
as more fully described in the Separation and Distribution Agreement and the other Ancillary Agreements, (1) immediately
prior to the Effective Time, Intermediateco will effect the Contribution and distribute all of the shares of Spinco Common Stock
held by Intermediateco to Debtco (the “First Distribution”), (2) immediately after the First Distribution,
Debtco will distribute all of the shares of Spinco Common Stock received in the First Distribution to Acquisitionco (the “Second
Distribution”), (3) immediately after the Second Distribution, Acquisitionco will distribute all of the shares of Spinco
Common Stock received in the Second Distribution to Remainco (the “Third Distribution”) and (4) immediately
after the Third Distribution, Remainco will distribute all of the shares of Spinco Common Stock received in the Third Distribution
to the holders of the outstanding shares of common stock, $0.01 par value, of Remainco (the “Remainco Common Stock”)
as of the close of business on the Record Date by means of a pro rata distribution and in accordance with a distribution ratio
to be determined by the Board of Directors of Remainco (the “Spin-Off, and, together with the First Distribution
and the Second Distribution, the “Distributions”);

 

    1

     

    

 

WHEREAS,
for U.S. federal income tax purposes, the Contribution and the Second Distribution, taken together, are intended to qualify as
a “reorganization” within the meaning of Sections 355 and 368(a)(1)(D) of the Code and each of the Distributions (other
than the First Distribution) is intended to qualify as a distribution described in Section 355 of the Code;

 

WHEREAS,
for U.S. federal income tax purposes, it is the intention of the Companies that the Spin-Off, except for cash received in lieu
of any fractional shares, will qualify as tax-free under Section 355(a) of the Code to Remainco shareholders and as tax-free to
Remainco under Section 355(c) of the Code;

 

WHEREAS,
pursuant to the Agreement and Plan of Merger, dated as of the date hereof (the “Merger Agreement”), by and
among Remainco, Spinco, RMT Partner, and Phoenix 2021, Inc., a Delaware corporation (“Merger Sub”), immediately
following the Spin-Off, Merger Sub will merge with and into Spinco (the “Merger”) and all shares of Spinco
Common Stock will be converted into the right to receive common stock, par value $0.01 per share, of RMT Partner, upon the terms
and subject to the conditions set forth in the Merger Agreement;

 

WHEREAS,
for U.S. federal income tax purposes, it is the intention of the Parties that the Merger qualify as a “reorganization”
within the meaning of Section 368(a) of the Code;

 

WHEREAS,
in connection with the Contribution, the Distributions and the Merger, the Parties desire to set forth their agreement with respect
to tax matters for taxable periods prior to and including the Distribution Date.

 

NOW,
THEREFORE, in consideration of the foregoing and the terms, conditions, covenants and provisions of this Agreement, each of the
Parties mutually covenants and agrees as follows:

 

Section
1.            Definition of Terms. For purposes of this Agreement (including
the recitals hereof), the following terms have the following meanings:

 

“Active
Business” means any business relied on to satisfy (i) the active trade or business requirements of Section 355(b) of
the Code and Treasury Regulation Section 1.355-3 or (ii) the continuity of business enterprise requirements under Treasury Regulation
Section 1.368-1(d), to the extent identified as such in the Tax Materials.

 

“Active
Business Entity” means any entity identified in the Tax Materials as conducting an Active Business as of the Distribution
Date.

 

“Adjustment”
means a Remainco Adjustment, a Spinco Adjustment or a Joint Adjustment.

 

“Affiliate”
has the meaning set forth in the Separation and Distribution Agreement.

 

“Agreement”
has the meaning set forth in the Preamble.

 

“Ancillary
Agreements” has the meaning set forth in the Separation and Distribution Agreement.

 

    2

     

    

 

“Benefited
Party” has the meaning set forth in Section 3.06(a)(iii).

 

“Business
Day” has the meaning set forth in the Separation and Distribution Agreement.

 

“Capital
Stock” means all classes or series of capital stock of a Company, including (a) common stock, (b) all options, warrants
and other rights to acquire such capital stock and (c) all instruments properly treated as stock in the Company for U.S. federal
income tax purposes.

 

“Chosen
Courts” has the meaning set forth in Section 15.11 of this Agreement.

 

“Claiming
Company” shall have the meaning set forth in Section 3.06(a)(i) of this Agreement.

 

“Code”
means the U.S. Internal Revenue Code of 1986, as amended.

 

“Companies”
and “Company” have the meanings set forth in the Preamble.

 

“Contribution”
has the meaning ascribed to the term “Spinco Contribution” in the Separation and Distribution Agreement.

 

“Controlling
Company” has the meaning set forth in Section 9.02(a) of this Agreement.

 

“Correlative
Detriment” means an increase in a Tax of a Company (or its Affiliates) that occurs as a result of the Tax position that
is the basis for a claim for Refund by the Claiming Company or for a Final Determination, utilizing the assumptions set forth
in the description of Remainco Full Taxpayer or Spinco Full Taxpayer, as the case may be.

 

“Dispute”
has the meaning set forth in Section 13.01 of this Agreement.

 

“Distribution
Date” has the meaning set forth in the Separation and Distribution Agreement.

 

“Distributions”
has the meaning set forth in the Recitals.

 

“Distribution
Taxes” means, without duplication, any and all Taxes (a) required to be paid by or imposed on a Company or any of its
Affiliates resulting from, or directly arising in connection with, the failure of the Contribution and First Distribution, taken
together, to qualify as a reorganization described in Sections 355(a) and 368(a)(1)(D) of the Code (or the failure to qualify
under or the application of corresponding provisions of the Tax Laws of other jurisdictions); or (b) required to be paid by or
imposed on a Company or any of its Affiliates resulting from, or directly arising in connection with, the failure of the stock
distributed in the Distributions to constitute “qualified property” for purposes of Sections 355(d), 355(e)
and 361(c) of the Code (or any corresponding provision of the Tax Laws of other jurisdictions).

 

“Distribution
Tax-Related Losses” means (a) all Distribution Taxes imposed pursuant to any Final Determination and (b) all reasonable
accounting, legal and other professional fees and court costs incurred in connection with such Distribution Taxes, in each case,
resulting from the failure of the Contribution and the Distributions to have Tax-Free Status.

 

    3

     

    

 

“Due
Date” means the date (taking into account all valid extensions) upon which a Tax Return is required to be filed with
or Taxes are required to be paid to a Tax Authority, whichever is applicable.

 

“Effective
Time” has the meaning set forth in the Merger Agreement.

 

“Employee
Matters Agreement” has the meaning set forth in the Separation and Distribution Agreement.

 

“Entity”
has the meaning set forth in the Separation and Distribution Agreement.

 

“Extraordinary
Transaction” means any action that is not in the ordinary course of business, but shall not include any action expressly
required or otherwise contemplated by the Separation and Distribution Agreement, the Merger Agreement or any Ancillary Agreements
or that is undertaken pursuant to the Contribution, the Distribution or the Separation Transactions.

 

“Final
Determination” means the final resolution of liability for any Tax, which resolution may be for a specific issue or
adjustment or for a taxable period, (a) by IRS Form 870 or 870-AD (or any successor forms thereto), on the date of acceptance
by or on behalf of the taxpayer, or by a comparable form under the laws of a state, local, or non-U.S. taxing jurisdiction, except
that a Form 870 or 870-AD or comparable form shall not constitute a Final Determination to the extent that it reserves (whether
by its terms or by operation of law) the right of the taxpayer to file a claim for refund or the right of the Tax Authority to
assert a further deficiency in respect of such issue or adjustment or for such taxable period (as the case may be); (b) by a decision,
judgment, decree, or other order by a court of competent jurisdiction, which has become final and unappealable; (c) by a closing
agreement or accepted offer in compromise under Sections 7121 or 7122 of the Code, or a comparable agreement under the laws of
a state, local, or non-U.S. taxing jurisdiction; (d) by any allowance of a refund or credit in respect of an overpayment of Tax,
but only after the expiration of all periods during which such refund may be recovered (including by way of offset) by the jurisdiction
imposing such Tax; (e) by a final settlement resulting from a treaty-based competent authority determination; or (f) by any other
final disposition, including by reason of the expiration of the applicable statute of limitations or by mutual agreement of the
Companies.

 

“Final
Overlap Shareholder Spreadsheet” has the meaning set forth in Schedule D to the Merger Agreement.

 

“Group”
means the Remainco Group or the Spinco Group, or both, as the context requires.

 

“Income
Taxes” means:

 

(a)       all
Taxes based upon, measured by, or calculated with respect to (i) net income or profits (including, any capital gains, minimum
tax or any Tax on items of tax preference, but not including sales, use, real, or personal property, gross or net receipts, value
added, excise, leasing, transfer or similar Taxes), or (ii) multiple bases (including, corporate franchise, doing business and
occupation Taxes) if one or more bases upon which such Tax is determined is described in clause (a)(i) above; and

 

    4

     

    

 

(b)       any
related interest and any penalties, additions to such Tax or additional amounts imposed with respect thereto by any Tax Authority.

 

“Income
Tax Returns” means all Tax Returns that relate to Income Taxes.

 

“Internal
Restructuring” has the meaning set forth in the Separation and Distribution Agreement.

 

“IRS”
means the United States Internal Revenue Service.

 

“Joint
Adjustment” means any proposed adjustment by a Tax Authority or claim for refund asserted in a Tax Contest which is
neither a Spinco Adjustment nor a Remainco Adjustment.

 

“Law”
means any Legal Requirement as defined in in the Separation and Distribution Agreement.

 

“Liabilities”
has the meaning set forth in the Separation and Distribution Agreement.

 

“Merger”
has the meaning set forth in the Recitals.

 

“Merger
Agreement” has the meaning set forth in the Separation and Distribution Agreement.

 

“Merger
Sub” has the meaning set forth in the Recitals.

 

“Mixed
Business Tax Return” means any Tax Return, including any consolidated, combined or unitary Tax Return, that reflects
or reports Taxes that relate to at least one asset or activity that is part of the Remainco Retained Business, on the one hand,
and at least one asset or activity that is part of the Spinco Business, on the other hand.

 

“Non-Controlling
Company” has the meaning set forth in Section 9.02(b) of this Agreement.

 

“Overlap
Shareholders” has the meaning set forth in the Merger Agreement.

 

“Parties”
and “Party” have the meanings set forth in the Preamble.

 

“Past
Practices” has the meaning set forth in Section 3.03(a) of this Agreement.

 

“Payment
Date” means (a) with respect to any Remainco federal consolidated Income Tax Return, the due date for any required installment
of estimated taxes determined under Section 6655 of the Code, the due date (determined without regard to extensions) for filing
the return determined under Section 6072 of the Code, and the date the return is filed, and (b) with respect to any other Tax
Return, the corresponding dates determined under the applicable Tax Law.

 

“Payor”
has the meaning set forth in Section 4.02(a) of this Agreement.

 

“Person”
has the meaning set forth in the Separation and Distribution Agreement, and includes Entities.

 

    5

     

    

 

“Post-Distribution
Period” means any Tax Period beginning after the Distribution Date, and, in the case of any Straddle Period, the portion
of such Straddle Period beginning the day after the Distribution Date.

 

“Post-Distribution
Ruling” has the meaning set forth in Section 6.01 of this Agreement.

 

“Pre-Distribution
Period” means any Tax Period ending on or before the Distribution Date, and, in the case of any Straddle Period, the
portion of such Straddle Period ending on the Distribution Date.

 

“Preliminary
Tax Advisor” has the meaning set forth in Section 13.03 of this Agreement.

 

“Privilege”
has the meaning set forth in the Separation and Distribution Agreement.

 

“Proposed
Acquisition Transaction” means a transaction or series of transactions (or any agreement, understanding or arrangement,
within the meaning of Section 355(e) of the Code and Treasury Regulations Section 1.355-7, or any other Treasury Regulations promulgated
thereunder, to enter into a transaction or series of transactions), whether such transaction is supported by Company management
or shareholders, is a hostile acquisition, or otherwise, as a result of which a Company would merge or consolidate with any other
Person or as a result of which any Person or any group of related Persons would (directly or indirectly) acquire, or have the
right to acquire, from a Company and/or one or more holders of outstanding shares of Capital Stock, (x) with respect to Spinco,
any share of Capital Stock of the Company, or (y) with respect to Remainco, a number of shares of Capital Stock of the Company
that would, when combined with any other changes in ownership of Capital Stock pertinent for purposes of Section 355(e) of the
Code, comprise forty percent (40%) or more of (A) the value of all outstanding shares of stock of the Company as of the date of
such transaction, or in the case of a series of transactions, the date of the last transaction of such series, or (B) the total
combined voting power of all outstanding shares of voting stock of the Company as of the date of such transaction, or in the case
of a series of transactions, the date of the last transaction of such series. Notwithstanding the foregoing, a Proposed Acquisition
Transaction shall not include (i) the adoption by a Company of a shareholder rights plan, (ii) issuances by a Company that satisfy
Safe Harbor VIII (relating to acquisitions in connection with a person’s performance of services) or Safe Harbor IX (relating
to acquisitions by a retirement plan of an employer) of Treasury Regulations Section 1.355-7(d) or (iii) transfers of Capital
Stock of a Company that satisfy Safe Harbor VII (relating to public trading) of Treasury Regulation Section 1.355-7(d). For purposes
of determining whether a transaction constitutes an indirect acquisition, any recapitalization resulting in a shift of voting
power or any redemption of shares of stock shall be treated as an indirect acquisition of shares of stock by the non-exchanging
shareholders. This definition and the application thereof are intended to monitor compliance with Section 355(e) of the Code and
shall be interpreted accordingly. Any clarification of, or change in, the statute or Treasury Regulations promulgated under Section
355(e) of the Code shall be incorporated in this definition and its interpretation. For the avoidance of doubt, the Merger shall
not constitute a Proposed Acquisition Transaction.

 

“Record
Date” has the meaning set forth in the Separation and Distribution Agreement.

 

    6

     

    

 

“Refund”
means any refund (or credit in lieu thereof) of Taxes (including any overpayment of Taxes that can be refunded or, alternatively,
applied to other Taxes payable), including any interest paid on or with respect to such refund of Taxes; provided, however,
the amount of the refund of Taxes shall be net of any Taxes imposed by any Tax Authority on the receipt of the refund.

 

“Remainco”
has the meaning set forth in the Preamble.

 

“Remainco
Adjustment” means any proposed adjustment by a Tax Authority or claim for refund asserted in a Tax Contest to the extent
Remainco would be solely responsible for any resulting Tax or solely entitled to receive any resulting Tax Benefit under this
Agreement.

 

“Remainco
Retained Business” has the meaning provided in the Separation and Distribution Agreement.

 

“Remainco
Common Stock” has the meaning set forth in the Recitals.

 

“Remainco
Consolidated Return” means any U.S. federal consolidated Income Tax Return required to be filed by Remainco as the “common
parent” of an “affiliated group” (in each case, within the meaning of Section 1504 of the Code), and any consolidated,
combined, unitary or similar Income Tax Return required to be filed by Remainco under a similar or analogous provision of state,
local or non-U.S. Law.

 

“Remainco
Consolidated Taxes” means any Taxes attributable to any Remainco Consolidated Return.

 

“Remainco
Full Taxpayer” means the assumption that each relevant member of the Remainco Group (a) is subject to the highest marginal
regular statutory Income Tax rate, (b) in the case of a Tax Benefit, has sufficient taxable income to permit the realization or
receipt of the relevant Tax Benefit at the earliest possible time, and (c) in the case of an Adjustment, will not utilize any
Tax Attribute other than a Tax Attribute arising from the Adjustment at issue.

 

“Remainco
Group” has the meaning set forth in the Separation and Distribution Agreement.

 

“Remainco
SAG” means the “separate affiliated group” as defined in Section 355(b)(3) of the Code that includes Remainco.

 

“Remainco
Tainting Act” means (a) any action (or the failure to take any action) within its control by Remainco or any member
of the Remainco Group (including entering into any agreement, understanding or arrangement or any negotiations with respect to
any transaction or series of transactions) that, (b) any event (or series of events) involving the capital stock of Remainco,
any assets of Remainco or any assets of any member of the Remainco Group that, or (c) any breach by Remainco or any member of
the Remainco Group of any representation, warranty or covenant made by them in this Agreement, the Merger Agreement, any Ancillary
Agreement or the Tax Materials that, in each case, would affect the Tax-Free Status; provided, however, the term
 “Remainco Tainting Act” shall not include any action expressly required or permitted by the Separation and Distribution
Agreement, the Merger Agreement or any Ancillary Agreements or undertaken pursuant to the Distribution Documents (other than any
action described in Section 6.01).

 

    7

     

    

 

“Remainco
Taxes” means, without duplication, (a) any Remainco Consolidated Taxes, (b) any Taxes that are attributable to the Remainco
Retained Business, (c) any Taxes imposed (i) on gain recognized under Treasury Regulations Section 1.1502-19(b) in connection
with an excess loss account with respect to the stock of Spinco or any member of the Spinco Group at the time of the Distributions,
(ii) on net deferred gains taken into account under Treasury Regulations Section 1.1502-13(d) with respect to deferred intercompany
transactions between a Spinco Group member and a Remainco Group member and (iii) under similar or corresponding provisions of
state, local or non-U.S. Law, (d) any Taxes attributable to a Remainco Tainting Act, (e) any Taxes attributable to Spinco or a
member of the Spinco Group attributable to any Pre-Distribution Period, and (f) any Taxes with respect to the Separation Transactions
or the Internal Restructuring.

 

“Required
Company” shall have the meaning set forth in Section 4.02(a) of this Agreement.

 

“Responsible
Company” means, with respect to any Tax Return, the Company having responsibility for preparing and filing such Tax
Return under this Agreement.

 

“Restricted
Period” means the period beginning at the Effective Time and ending on the two (2)-year anniversary of the day after
the Distribution Date.

 

“Retention
Date” shall have the meaning set forth in Section 8.01 of this Agreement.

 

“RMT
Partner” has the meaning set forth in the Preamble.

 

“Ruling
Request” means the letter filed by Remainco with the IRS requesting the rulings specified in clauses (a) through (c)
contemplated in the definition of Ruling set forth in the Merger Agreement (including all attachments, exhibits, and other materials
submitted with such ruling request letter and any amendment or supplement to such ruling request letter).

 

“Separation
and Distribution Agreement” has the meaning set forth in the Recitals.

 

“Separation
Plan” has the meaning set forth in the Separation and Distribution Agreement.

 

“Separation
Transactions” means those transactions undertaken by the Companies and their Affiliates pursuant to the Separation Plan
to separate ownership of the Spinco Business from ownership of the Remainco Retained Business.

 

“Single
Business Tax Return” means any Tax Return including any consolidated, combined or unitary Tax Return that reflects or
reports Tax Items relating only to the Remainco Retained Business, on the one hand, or the Spinco Business, on the other (but
not both).

 

“Spinco”
has the meaning set forth in the Preamble.

 

“Spinco
Adjustment” means any proposed adjustment by a Tax Authority or claim for refund asserted in a Tax Contest to
the extent Spinco would be solely responsible for any resulting Tax or solely entitled to receive any resulting Tax Benefit under
this Agreement.

 

    8

     

    

 

“Spinco
Business” has the meaning set forth in the Separation and Distribution Agreement.

 

“Spinco
Common Stock” has the meaning set forth in the Recitals.

 

“Spinco
Full Taxpayer” means the assumption that each relevant member of the Spinco Group (a) is subject to the highest marginal
regular statutory Income Tax rate, (b) in the case of a Tax Benefit, has sufficient taxable income to permit the realization or
receipt of the relevant Tax Benefit at the earliest possible time, (c) in the case of an Adjustment, will not utilize any Tax
Attribute other than a Tax Attribute arising from the Adjustment at issue.

 

“Spinco
Group” has the meaning set forth in the Separation and Distribution Agreement.

 

“Spinco
New Debt” has the meaning set forth in the Separation and Distribution Agreement.

 

“SpinCo
Replacement Debt” has the meaning set forth in Section 6.01(a) of this Agreement.

 

“Spinco
SAG” means the “separate affiliated group” as defined in Section 355(b)(3) of the Code that includes Spinco.

 

“Spinco
Tainting Act” means (a) any action (or the failure to take any action) within its control by Spinco or any member of
the Spinco Group (including entering into any agreement, understanding or arrangement or any negotiations with respect to any
transaction or series of transactions) that, (b) any event (or series of events) involving the capital stock of Spinco, any assets
of Spinco or any assets of any member of the Spinco Group that, or (c) any breach by Spinco or any member of the Spinco Group
of any representation, warranty or covenant made by them in this Agreement, the Merger Agreement, any Ancillary Agreement
or the Tax Materials that, in each case, would affect the Tax-Free Status; provided, however, that the term “Spinco
Tainting Act” shall not include any action expressly required or permitted by the Separation and Distribution Agreement,
the Merger Agreement or any Ancillary Agreements (other than any action described in Section 6.01) or undertaken pursuant to,
or prior to, the Distributions.

 

“Spinco
Taxes” means, without duplication, (a) any Taxes of Spinco or a member of the Spinco Group attributable to any Post-Distribution
Period , (b) any Taxes attributable to a Spinco Tainting Act, and (c) any Taxes attributable to an Extraordinary Transaction effected
after the Effective Time on the Distribution Date by Spinco or a member of the Spinco Group at the direction of RMT Partner, in
the case of each of clauses (a) through (c), other than Remainco Taxes.

 

“Straddle
Period” means any Tax Period that begins on or before and ends after the Distribution Date.

 

“Tax”
or “Taxes” means (a) any income, gross income, gross receipts, profits, capital stock, franchise, withholding,
payroll, social security, workers compensation, unemployment, disability, property, ad valorem, stamp, excise, severance, occupation,
service, sales, use, license, lease, transfer, import, export, value added, escheat or unclaimed property liability, customs,
duties, alternative minimum, estimated or other tax (including any fee, assessment, or other charge in the nature of or in lieu
of any tax) imposed by any governmental entity or political subdivision thereof, and any interest, penalties, additions to tax,
or additional amounts in respect of the foregoing and (b) all liabilities in respect of any items described in clause (a) payable
by reason of assumption, transferee or successor liability, operation of Law or Treasury Regulations Section 1.1502-6(a) (or any
predecessor or successor thereof or any analogous or similar provision under Law), in each case, including any Taxes resulting
from an Adjustment.

 

    9

     

    

 

“Tax
Advisor” means a tax counsel or accountant of recognized standing in the relevant jurisdiction.

 

“Tax
Attribute” means a net operating loss, net capital loss, investment credit, foreign tax credit, excess charitable contribution,
general business credit or any other Tax Item that could affect a Tax.

 

“Tax
Authority” means, with respect to any Tax, the governmental entity or political subdivision thereof that imposes such
Tax and the agency (if any) charged with the collection of such Tax for such entity or subdivision.

 

“Tax
Benefit” means any refund, credit, or other reduction in otherwise required Tax payments (determined on a “with
and without” basis) that is actually received, net of reasonable expenses related to establishing the Tax Benefit.

 

“Tax
Contest” means an audit, review, examination, or any other administrative or judicial proceeding with the purpose or
effect of redetermining Taxes (including any administrative or judicial review of any claim for refund).

 

“Tax-Free
Status” means the following U.S. federal income Tax consequences in connection with the Distributions and certain related
transactions, (a) the qualification of the Contribution and Second Distribution, taken together, as a “reorganization”
described in Sections 355(a) and 368(a)(1)(D) of the Code, (b) each of the Distributions (other than the First Distribution) as
a transaction in which the Spinco Common Stock distributed to Acquisitionco, to Remainco and to holders of Remainco Common Stock,
respectively, is “qualified property” for purposes of Sections 355(c) and 361(c) of the Code (and neither Section
355(d) nor Section 355(e) of the Code cause such Spinco Common Stock to be treated as other than “qualified property”
for such purposes), (c) the nonrecognition of income, gain or loss by Intermediateco and Spinco upon the Contribution and the
Second Distribution under Sections 355, 361 and/or 1032 of the Code, as applicable, other than intercompany items or excess loss
accounts taken into account pursuant to the Treasury Regulations promulgated pursuant to Section 1502 of the Code, and (d) the
nonrecognition of income, gain or loss by Acquisitionco, Remainco and the holders of Remainco Common Stock, respectively upon
the receipt of Spinco Common Stock in the Distributions (except with respect to the receipt of cash in lieu of fractional shares
of Spinco Common Stock, if any).

 

“Tax-Free
Transaction Failure” shall have the meaning set forth in Section 3.08 of this Agreement.

 

“Tax
Item” means any item of income, gain, loss, deduction, expense, or credit, or other attribute that may have the effect
of increasing or decreasing any Tax.

 

    10

     

    

 

“Tax
Law” means the law of any governmental entity or political subdivision thereof relating to any Tax.

 

“Tax
Materials” means the Tax Opinions/Rulings or any submission, certificate, representation letter or other material delivered
by the Parties to a Tax Advisor or Tax Authority in connection with the rendering of any Tax Opinions/Rulings; provided that Tax
Materials shall exclude any materials not provided to RMT Partner to review prior to execution.

 

“Tax
Opinions/Rulings” means (x) the formal written opinions or similar memoranda of a Tax Advisor regarding the Tax-Free
Status and/or (y) the rulings by the IRS or other Tax Authority received in respect of a Ruling Request delivered to Remainco
(and made available to Spinco or, if prior to the Effective Time, RMT Partner), in each case, in connection with the Contribution,
the Distributions or the Merger or otherwise with respect to the Separation Transactions, including, for the avoidance of doubt,
the Remainco Tax Opinion.

 

“Tax
Period” means, with respect to any Tax, the period for which the Tax is reported as provided under the Code or other
applicable Tax Law.

 

“Tax
Records” means any Tax Returns, Tax Return work papers, documentation relating to any Tax Contests, and any other books
of account or records (whether or not in written, electronic or other tangible or intangible forms and whether or not stored on
electronic or any other medium) required to be maintained under the Code or other applicable Tax Laws or under any record retention
agreement with any Tax Authority.

 

“Tax
Return” means any report of Taxes due, any claim for refund of Taxes paid, any information return with respect to Taxes,
or any other similar report, statement, declaration, or document required to be filed under the Code or other Tax Law, including
any attachments, exhibits, or other materials submitted with any of the foregoing, and including any amendments or supplements
to any of the foregoing.

 

“Transaction
Taxes” mean any Taxes other than Distribution Taxes (a) imposed on or by reason of the Contribution and Distributions,
or (b) imposed on the distribution of cash or any other property from Spinco to Intermediateco, Acquisitionco or Remainco, including
any Transfer Taxes.

 

“Transfer
Tax” means any sales, use, privilege, transfer (including real property transfer), intangible, recordation, registration,
documentary, stamp, duty or similar Tax imposed with respect to the Separation Transactions.

 

“Treasury
Regulations” means the regulations promulgated from time to time under the Code as in effect for the relevant Tax Period.

 

“Unqualified
Tax Opinion” means an unqualified “will” opinion of a Tax Advisor, on which the Companies may rely to the
effect that a transaction will not affect the Tax-Free Status. Any such opinion must assume that the Contribution and Distributions
would have qualified for Tax-Free Status.

 

    11

     

    

 

Section
2.              Allocation of Tax Liabilities.

 

Section
2.01          General Rule.

 

(a)          
Remainco Liability. Remainco shall be liable for, and shall indemnify and hold harmless the Spinco Group from and against
(x) any liability for Remainco Taxes and (y) any Distribution Tax-Related Losses for which Remainco is responsible pursuant to
Section 6.02.

 

(b)          
Spinco Liability. Spinco shall be liable for, and shall indemnify and hold harmless the Remainco Group from and against (x)
any liability for Spinco Taxes and (y) any Distribution Tax-Related Losses for which Spinco is responsible pursuant to Section
6.02.

 

Section
2.02          Attribution of Taxes.

 

(a)         
General. For all purposes of this Agreement, a Tax and any Tax Items shall be considered attributable to the Spinco Business
on the one hand and the Remainco Retained Business on the other (but not both) to the extent that such Tax and/or Tax Item would
result if such Tax Return were prepared on a separate basis taking into account only the operations and assets of the Spinco Business
on the one hand and only the operations and assets of the Remainco Retained Business on the other hand (but not both), as applicable.
With respect to U.S. federal Income Taxes, Remainco and Spinco shall cooperate in good faith to determine such amount on a separate
pro forma Spinco Group consolidated return prepared: (i) including only Tax Items of members of the Spinco Group that were included
in the relevant Remainco Consolidated Return; (ii) using all elections, accounting methods and conventions used on such Remainco
Consolidated Return; and (iii) applying the highest statutory marginal corporate income Tax rate in effect for such taxable period.
With respect to other Income Taxes attributable to the Spinco Business, Remainco and Spinco shall cooperate in good faith to determine
such amount using similar principles. With respect to any other Tax Items, Remainco and SpinCo shall cooperate in good faith to
determine, and otherwise in accordance with this Agreement, which Tax Items are properly attributable to assets or activities
of the Spinco Business (and in the case of a Tax Item that is properly attributable to both the Spinco Business and the Remainco
Retained Business, the allocation of such Tax Item between the Spinco Business and the Remainco Retained Business).

 

(b)          
Straddle Period Tax Allocation. Remainco and Spinco shall take all actions necessary or appropriate to close the taxable year
of Spinco and each member of the Spinco Group for all Tax purposes as of the close of the Distribution Date to the extent permissible
or required under applicable Law. If applicable Law does not require or permit Spinco or any member of the Spinco Group, as the
case may be, to close its taxable year on the Distribution Date, then the allocation of income or deductions required to determine
any Taxes or other amounts attributable to the portion of the Straddle Period ending on, or beginning after, the Distribution
Date shall be made by means of a closing of the books and records of Spinco or such member of the Spinco Group as of the close
of the Distribution Date; provided that exemptions, allowances or deductions that are calculated on an annual or periodic
basis shall be allocated between such portions in proportion to the number of days in each such portion; provided,
further, that real property and other property or similar periodic Taxes shall be apportioned on a per diem basis.

 

    12

     

    

 

Section
2.03         Transaction Taxes. Transaction Taxes shall be allocated 100% to Remainco.

 

Section
3.             Preparation and Filing of Tax Returns.

 

Section
3.01        General. Tax Returns shall be prepared and filed when due (including extensions) in accordance
with this Section 3. The Companies shall provide, and shall cause their Affiliates to provide, assistance and cooperation to one
another in accordance with Section 8 with respect to the preparation and filing of Tax Returns, including providing information
required to be provided in Section 7.

 

Section
3.02         Responsibility for Preparation and Filing and Payment of Taxes Shown Due.

 

(a)         
Remainco Consolidated Return. Remainco shall prepare and file all Remainco Consolidated Returns for a Pre-Distribution Period
or a Straddle Period. Notwithstanding anything to the contrary in this Agreement, for all Tax purposes, the Parties shall report
any Extraordinary Transactions that are effected by the Spinco Group on the Distribution Date after the Effective Time as occurring
on the day after the Distribution Date to the extent permitted by Treasury Regulations Section 1.1502-76(b)(1)(ii)(B) or any similar
or analogous provision of state, local or non-U.S. Law.

 

(b)         
Mixed Business Tax Returns

 

(i)            
Remainco shall prepare and file (or cause to be prepared and filed) any Mixed Business Tax Return for a Pre-Distribution Period
or a Straddle Period required by Law to be filed by the Remainco Group.

 

(ii)          
Spinco shall prepare and file (or cause to be prepared and filed) any Mixed Business Tax Return for a Pre-Distribution Period
or a Straddle Period required by Law to be filed by the Spinco Group after the Distribution Date.

 

(c)         
Single Business Tax Returns.

 

(i)            
Remainco shall prepare and file (or cause to be prepared and filed) any Single Business Tax Return for a Pre-Distribution Period
or a Straddle Period required by Law to be filed by the Remainco Group.

 

(ii)          
Spinco shall prepare and file (or cause to be prepared and filed) any Single Business Tax Return for a Pre-Distribution Period
or a Straddle Period required by Law to be filed by the Spinco Group after the Distribution Date.

 

(d)         
Notwithstanding anything to the contrary in this Section 3, (i) the portion of any Tax Return that relates to any Taxes attributable
to a Remainco Tainting Act shall be prepared by the Responsible Company in the manner determined by Remainco in its sole discretion,
(ii) the portion of any Tax Return not described in the foregoing clause (i) that relates to any Taxes attributable to a Spinco
Tainting Act shall be prepared by the Responsible Company in the manner determined by Spinco in its sole discretion, and (iii)
the portion of any Tax Return that relates to any Taxes attributable
to an error in the Final Overlap Shareholder Spreadsheet shall be prepared jointly by Remainco and Spinco. For the avoidance of
doubt, the foregoing sentence shall apply only to the extent that the Parties shall be aware of the Remainco Tainting Act, the
Spinco Tainting Act, or an error in the Final Overlap Shareholder Spreadsheet, as applicable, at the time such Tax Return is prepared.

 

    13

     

    

 

Section
3.03          Tax Reporting Practices.

 

(a)          
General Rule. With respect to any Tax Return that either Company has the obligation and right to prepare and file, or cause
to be prepared and filed, under Section 3.02, for any Pre-Distribution Period or any Straddle Period (or Post-Distribution Period
to the extent items reported on such Tax Return might reasonably be expected to affect items as reported on any Tax Return for
any Pre-Distribution Period or any Straddle Period), such Tax Return shall be prepared in accordance with past practices, accounting
methods, elections or conventions (“Past Practices”), including, for example, the methodology historically
adopted by the Companies for the accrual of non-U.S. Taxes for purposes of computing any foreign tax credit for U.S. tax purposes,
used with respect to the Tax Returns in question (unless there is no reasonable basis for the use of such Past Practices), and
to the extent any items are not covered by Past Practices (or in the event that there is no reasonable basis for the use of such
Past Practices), in accordance with reasonable Tax accounting practices selected by the Company preparing and filing the Tax Return.

 

Section
3.04          Consolidated or Combined Tax Returns.

 

(a)          
Spinco will elect and join and will cause its Affiliates to elect and join, in filing any consolidated, combined or unitary
Tax Returns that Remainco determines in good faith are required to be filed or that Remainco chooses to file pursuant to Section
3.02 with respect to any Pre-Distribution Period.

 

(b)         
With respect to all Remainco Consolidated Returns for the taxable year which includes the Distribution Date, Remainco shall
use the closing of the books method under Treasury Regulations Section 1.1502-76.

 

Section
3.05          Right to Review Tax Returns.

 

(a)          
Except as otherwise agreed by the Companies, in the case of any material Tax Returns provided for by Section 3.02, to the
extent not previously filed, no later than thirty (30) days prior to the Due Date of each such Tax Return (reduced to fifteen
(15) days for state or local Tax Returns), the Responsible Company shall make available or cause to be made available drafts of
such Tax Return (together with all related work papers) to the other Company. The other Company shall have access to any and all
data and information necessary for the preparation of all such Tax Returns and the Companies shall cooperate fully in the preparation
and review of such Tax Returns. Subject to the preceding sentence, no later than fifteen (15) days after receipt of such Tax Returns
(reduced to ten (10) days for state or local Tax Returns), the other Company shall have a right to object to such Tax Return (or
items with respect thereto) by written notice to the Responsible Company; such written notice shall contain such disputed item
(or items) and the basis for its objection.

 

    14

     

    

 

(b)         
If a Company does object by proper written notice described in Section 3.05(a), the Companies shall act in good faith to resolve
any such dispute as promptly as practicable; provided, however, that, notwithstanding anything to the contrary contained
herein, if the Companies have not resolved the disputed item or items by the day five (5) days prior to the Due Date of such Tax
Return, such Tax Return shall be filed as prepared pursuant to this Section 3.05 (revised to reflect all initially disputed items
that the Companies have agreed upon prior to such date).

 

(c)         
In the event a Tax Return is filed that includes any disputed item for which proper notice was given pursuant to Section 3.05(a)
that was not finally resolved and agreed upon, such disputed item (or items) shall be resolved in accordance with Section 13.
In the event that the resolution of such disputed item (or items) in accordance with Section 13 with respect to a Tax Return is
inconsistent with such Tax Return as filed, the Responsible Company (with cooperation from the other Company) shall, as promptly
as practicable, amend such Tax Return to properly reflect the final resolution of the disputed item (or items). In the event that
the amount of Taxes shown to be due and owing on a Tax Return is adjusted as a result of a resolution pursuant to Section 13,
proper adjustment shall be made to the amounts previously paid or required to be paid in accordance with Section 4 in a manner
that reflects such resolution.

 

Section
3.06         Refunds, Carrybacks and Amended Tax Returns.

 

(a)         
Refunds.

 

(i)            
Each Company (and its Affiliates) (the “Claiming Company”) shall be entitled to Refunds that relate to Taxes
for which it (or its Affiliates) is liable hereunder. For the avoidance of doubt, to the extent that a particular Refund of Taxes
may be allocable to a Straddle Period with respect to which the Parties may share responsibility pursuant to Sections 2 and 3,
the portion of such Refund to which each Party will be entitled shall be determined by comparing the amount of payments made by
a Party to a Tax Authority or to the other Party (and reduced by the amount of payments received from the other Party) pursuant
to Sections 2 and 3 with the Tax liability of such Party as determined under Section 2.01, taking into account the facts as utilized
for purposes of claiming such Refund.

 

(ii)          
Notwithstanding Section 3.06(a)(i), to the extent a claim for a Refund results in a Correlative Detriment to the other Company
(or its Affiliates), any such Refund that is received by the Claiming Company (or its Affiliates) shall, and only to the extent
thereof, be paid to the other Company (or its Affiliates) that incurs such Correlative Detriment.

 

(iii)         
In the event of an adjustment relating to Taxes pursuant to a Final Determination for which one Party is responsible under this
Agreement which would have given rise to a Refund but for an offset against the Taxes for which the other Party is or may be responsible
pursuant to this Agreement (the “Benefited Party”), then the Benefited Party shall pay to the other Party,
within ten (10) days of the Final Determination of such adjustment an amount equal to the amount of such reduction in the Taxes
of the Benefited Party.

 

    15

     

    

 

(iv)          
Any Refund or portion thereof to which a Claiming Company is entitled pursuant to this Section 3.06(a) that is received or deemed
to have been received as described herein by the other Company (or its Affiliates) shall be paid by such other Company to the
Claiming Company in immediately available funds in accordance with Section 4. To the extent a Company (or its Affiliates) applies
or causes to be applied an overpayment of Taxes as a credit toward or a reduction in Taxes otherwise payable (or a Tax Authority
requires such application in lieu of a Refund) and such Refund, if received, would have been payable by such Company to the Claiming
Company pursuant to this Section 3.06(a), such Company shall be deemed to have actually received a Refund to the extent thereof
on the date on which the overpayment is applied to reduce Taxes otherwise payable.

 

(v)           
Notwithstanding anything to the contrary in this Agreement, any Company that has claimed (or caused one or more of its Affiliates
to claim) a Refund shall be liable for any Taxes that become due and payable as a result of the subsequent adjustment, if any,
to the Refund claim.

 

(b)        
Carrybacks.

 

(i)            
To the extent permitted by applicable Law, Spinco shall relinquish, waive or otherwise forgo the carryback of any loss, credit
or other Tax Attribute from any Post-Distribution Period to any Pre-Distribution Period or Straddle Period with respect to Taxes
reflected on a Remainco Consolidated Return.

 

(ii)           
Notwithstanding anything to the contrary in this Agreement, any Company that has claimed (or caused one or more of its Affiliates
to claim) a Tax Attribute carryback shall be liable for any Taxes that result from such carryback claim or become due and payable
as a result of the subsequent adjustment, if any, to the carryback claim.

 

(iii)          
A Company shall be entitled to any Refund that is attributable to, and would not have arisen but for, a carryback of a Tax Attribute
by such Company pursuant to the provisions set forth in Section 3.06(b).

 

(iv)          
A Company shall be entitled to any Tax Benefit actually recognized by the other Company or its Affiliates as a result of any carryback
of a Tax Attribute by such first Company.

 

(c)         
Amended Tax Returns.

 

(i)            
Notwithstanding Section 3.01, neither Company (nor its Affiliates) shall file an amended Tax Return for a Pre-Distribution Period
or a Straddle Period without the consent in its sole discretion, of the other Company; provided, however, that Remainco
may file any such amended Tax Return to the extent it relates solely to Remainco Taxes.

 

(ii)           
A Company that is permitted (or whose Affiliate is permitted) to file an amended Tax Return shall not be relieved of any liability
for payments pursuant to this Agreement notwithstanding that the other Company consented to the filing of such amended Tax Return
giving rise to such liability.

 

    16

     

    

 

Section
3.07         Apportionment of Tax Attributes. Remainco shall reasonably determine in good faith, and
advise Spinco in writing, of the amount of any Tax Attributes arising in a Pre-Distribution Period that shall be allocated or
apportioned to the Spinco Group under applicable Law, provided that this Section 3.07 shall not be construed as obligating Remainco
to undertake an “earnings & profits study” or similar determinations. The Remainco Group and the Spinco Group
agree to compute all Taxes for Post-Distribution Periods consistently with the determination of the allocation of Tax Attributes
pursuant to this Section 3.07 unless otherwise required by a Final Determination. Subject to sections 3.08 and 3.09, to the extent
that the amount of any Tax Attribute is later reduced or increased as a result of a Final Determination, such reduction or increase
shall be allocated to the Party to which such Tax Attribute was allocated pursuant to this Section 3.07.

 

Section
3.08         Section 336(e) Election. Remainco shall make a timely protective election under and in
accordance with Section 336(e) of the Code and the Treasury Regulations issued thereunder with respect to the Spin-Off for Spinco
and each Spinco entity that is a domestic corporation for U.S. federal income tax purposes (a “Section 336(e) Election”).
Remainco shall provide a copy of the contents of a Section 336(e) Election and any agreements or filings required in connection
with a Section 336(e) Election to Spinco for consent, which shall not be unreasonably withheld or delayed. Spinco shall take any
action reasonably requested by Remainco in connection with the filing of a Section 336(e) Election. It is intended that a Section
336(e) Election have no effect unless the Spin-Off is a “qualified stock disposition” either because (i) the Spin-Off
is not a transaction described in Treasury Regulations Section 1.336-1(b)(5)(i)(B) or (ii) Treasury Regulations Section 1.336-1(b)(5)(ii)
applies to the Spin-Off (any such circumstance, a “Tax-Free Transaction Failure”). For the avoidance of doubt, if
the Section 336(e) Election becomes effective, the calculation of Remainco Taxes and Spinco Taxes, as the case may be, shall take
into account any income, gain, loss or deduction arising from the Section 336(e) Election.

 

Section
3.09        Remainco Compensation for Tax Receivables. If and to the extent that there
is a Tax-Free Transaction Failure and the resulting Taxes (including any Taxes attributable to the Section 336(e) Election) are
considered Remainco Taxes (rather than Spinco Taxes), (a)(i) Remainco shall be entitled to periodic payments from Spinco equal
to 10% of the tax savings arising from the step-up in tax basis resulting from the Section 336(e) Election and (ii) the Parties
shall negotiate in good faith the terms of a tax receivable agreement to govern the calculation of such payments; provided that
any such tax saving in clause (i) shall be determined using a “with and without” methodology (treating any deductions
or amortization attributable to the step-up in tax basis resulting from the Section 336(e) Election as the last items claimed
for any taxable year, including after the utilization of any available net operating loss carryforwards) and (b) Spinco shall
indemnify and hold harmless Remainco for, and shall pay to Remainco, with respect to 90% of (i) the amount, if any, by which Remainco
Taxes are increased, determined using a “with and without” methodology, that are attributable to the effectiveness
of the Section 336(e) Election as a result of the Tax-Free Transaction Failure as compared to the Remainco Taxes that would otherwise
be payable as a result of the Tax-Free Transaction Failure had the Section 336(e) Election not been made, and (ii) all reasonable
accounting, legal and other professional fees and court costs incurred solely in connection with the amount described in the immediately
preceding clause (i), with such payments being made, with respect to Remainco Taxes, on or prior to each Payment Date or, if later,
three (3) Business Days after receiving notice from Remainco of the amount of such Remainco Taxes, and, in the case of the items
set forth in sub-clause (ii) of this clause (b), three (3) Business Days after receiving notice from Remainco of such amount.

 

    17

     

    

 

 

Section
4.              Tax Payments.

 

Section
4.01          Payment of Taxes.

 

(a)          
Computation and Payment of Tax Due. At least three (3) Business Days prior to any Payment Date for any Tax Return, the Responsible
Company shall compute the amount of Tax required to be paid to the applicable Tax Authority (taking into account the requirements
of Section 3.03 relating to consistent reporting practices, as applicable) with respect to such Tax Return on such Payment Date.
The Responsible Company shall pay such amount to such Tax Authority on or before such Payment Date. The Responsible Company shall
provide notice to the other Company setting forth such other Company’s responsibility for the amount of Taxes paid to the
Tax Authority and provide proof of payment of such Taxes.

 

(b)          
Computation and Payment of Liability with Respect to Tax Due. Within fifteen (15) days following the earlier of (i) the due
date (including extensions) for filing any such Tax Return (excluding any Tax Return with respect to payment of estimated Taxes
or Taxes due with a request for extension of time to file) or (ii) the date on which such Tax Return is filed, if Remainco is
the Responsible Company, then Spinco shall pay to Remainco the amount allocable to the Spinco Group under the provisions of this
Agreement, and if Spinco is the Responsible Company, then Remainco shall pay to Spinco the amount allocable to the Remainco Group
under the provisions of this Agreement. For the avoidance of doubt, however, the thirty (30) day period described herein shall
not commence unless and until the Responsible Company notifies the other Company pursuant to Section 4.01(a) hereof, nor shall
interest accrue during any time period where such notification has not been received.

 

(c)          
Adjustments Resulting in Underpayments. In the case of any adjustment pursuant to a Final Determination with respect to any
such Tax Return, the Responsible Company shall pay to the applicable Tax Authority when due any additional Tax due with respect
to such Tax Return required to be paid as a result of such adjustment pursuant to such Final Determination. The Responsible Company
shall compute the amount attributable to the Spinco Group or the Remainco Group (as the case may be) in accordance with this Agreement
and Spinco shall pay to Remainco any amount due Remainco (or Remainco shall pay Spinco any amount due Spinco) under this Agreement
within thirty (30) days from the later of (i) the date the additional Tax was paid by the Responsible Company or, in an instance
where no cash payment is due to a Tax Authority, the date of such Final Determination, or (ii) the date of receipt of a written
notice and demand from the Responsible Company for payment of the amount due, accompanied by evidence of payment and a statement
detailing the Taxes paid and describing in reasonable detail the particulars relating thereto.

 

Section
4.02          Indemnification Payments.

 

(a)          
If any Company (the “Payor”) is required under applicable Tax Law to pay to a Tax Authority a Tax that
another Company (the “Required Company”) is liable for under this Agreement, the Payor shall provide notice
to the Required Company for the amount due, accompanied by evidence of payment and a statement detailing the Taxes paid and describing
in reasonable detail the particulars relating thereto. Such Required Company shall have a period of thirty (30) days after the
receipt of notice to respond thereto. Unless the Required Company disputes the amount it is liable for under this Agreement, the
Required Company shall reimburse the Payor within forty-five (45) days of delivery by the Payor of the notice described above.
To the extent the Required Company does not agree with the amount the Payor claims the Required Company is liable for under this
Agreement, the dispute shall be resolved in accordance with Section 13.

 

    18

     

    

 

(b)          
Any Tax indemnity payment required to be made by the Required Company pursuant to this Agreement shall be reduced by any corresponding
Tax Benefit payment required to be made to the Required Company by the other Company pursuant to Section 5. For the avoidance
of doubt, a Tax Benefit payment is treated as corresponding to a Tax indemnity payment to the extent the Tax Benefit realized
is directly attributable to the same Tax Item (or adjustment of such Tax Item pursuant to a Final Determination) that gave rise
to the Tax indemnity payment.

 

(c)          
All indemnification payments under this Agreement shall be made by Remainco directly to Spinco and by Spinco directly to Remainco;
provided, however, that if the Companies mutually agree with respect to any such indemnification payment, any member
of the Remainco Group, on the one hand, may make such indemnification payment to any member of the Spinco Group, on the other
hand, and vice versa. All indemnification payments shall be treated in the manner described in Section 12.

 

Section
5.              Tax Benefits and Remainco Tax Attributes.

 

Section
5.01          Tax Benefits.

 

(a)          
If a member of the Spinco Group recognizes any Tax Benefit as a result of an adjustment pursuant to a Final Determination
to any Taxes for which a member of the Remainco Group is liable hereunder and such Tax Benefit would not have arisen but for such
adjustment (determined on a “with and without” basis), or if a member of the Remainco Group recognizes any Tax Benefit
as a result of an adjustment pursuant to a Final Determination to any Taxes for which a member of the Spinco Group is liable hereunder
and such Tax Benefit would not have arisen but for such adjustment (determined on a “with and without” basis), Spinco
or Remainco, as the case may be, shall make a payment to the other company within one hundred twenty (120) days following such
actual recognition of the Tax Benefit, in an amount equal to such Tax Benefit.

 

(b)          
No later than one hundred twenty (120) days after a Tax Benefit described in Section 5.01(a) is actually recognized by a member
of the Remainco Group or a member of the Spinco Group, Remainco (if a member of the Remainco Group recognizes such Tax Benefit)
or Spinco (if a member of the Spinco Group recognizes such Tax Benefit) shall provide the other Company with notice of the amount
payable to such other Company by Remainco or Spinco pursuant to this Section 5. In the event that Remainco or Spinco disagrees
with any such calculation described in this Section 5.01(b), Remainco or Spinco shall so notify the other Company in writing within
thirty (30) days of receiving the written calculation set forth above in this Section 5.01(b). Remainco and Spinco shall endeavor
in good faith to resolve such disagreement, and, failing that, the amount payable under this Section 5 shall be determined in
accordance with the disagreement resolution provisions of Section 13 as promptly as practicable.

 

    19

     

    

  

 

For
the avoidance of doubt, this Section 5 shall apply to any adjustment under Section 482 of the Code or any similar provisions by
any Tax Authority increasing the amount of payments received or deemed received by (1) any member of the Remainco Group from any
member of the Spinco Group or (2) any member of the Spinco Group from any member of the Remainco Group.

 

Section
6.             Tax-Free Status.

 

Section
6.01         Restrictions on the Companies.

 

(a)         
Restrictions on Spinco. During the Restricted Period, Spinco and RMT Partner shall not:

 

(i)           
enter into any Proposed Acquisition Transaction, approve any Proposed Acquisition Transaction for any purpose, or allow any Proposed
Acquisition Transaction to occur, with respect to Spinco;

 

(ii)          
merge or consolidate with any other Person (other than (i) pursuant to the Merger or (ii) any merger or consolidation in which
Spinco merges with an entity wholly-owned, directly or indirectly, by RMT Partner and Spinco is the surviving corporation) or
liquidate or partially liquidate; or approve or allow any merger, consolidation, liquidation, or partial liquidation of any of
the Active Business Entities;

 

(iii)         
approve or allow the discontinuance, cessation, or sale or other transfer of, or a material change in, any Active Business;

 

(iv)         
approve or allow the sale, issuance, or other disposition, directly or indirectly, of any share of, or other equity interest or
an instrument convertible into an equity interest in, any of the Active Business Entities;

 

(v)          
sell or otherwise dispose of more than thirty-five percent (35%) percent of its consolidated gross or net assets, or approve or
allow the sale or other disposition (to an Affiliate or otherwise) of more than thirty-five percent (35%) of its consolidated
gross or net assets or more than thirty-five percent (35%) of the consolidated gross or net assets of the Active Business conducted
by a particular Active Business Entity (in each case excluding sales or other dispositions (i) in the ordinary course of business
or (ii) to a Person that is a disregarded entity separate from the transferor for U.S. federal income tax purposes, and measured
based on fair market values as of the Distribution Date);

 

(vi)         
amend its certificate of incorporation (or other organizational documents), or take any other action or approve or allow the taking
of any action, whether through a stockholder vote or otherwise, affecting the voting rights of Spinco stock;

 

    20

     

    

 

(vii)         
issue shares of a new class of non-voting stock, or otherwise issue shares of stock in a non-pro rata proportion that could reasonably
be expected to have adverse consequences under Section 355(e) of the Code;

 

(viii)        
purchase, directly or through any Affiliate, any of RMT Partner’s outstanding stock, other than through stock purchases
meeting the requirements of Section 4.05(1)(b) of Revenue Procedure 96-30 (without regard to the effect of Revenue Procedure 2003-48
on Revenue Procedure 96-30);

 

(ix)          
refinance or assume (excluding any guarantee of the Spinco New Debt by the RMT Partner or any of its Affiliates), within a year
of the Distributions, the Spinco New Debt; provided that, for purposes of this Section 6.01(a)(ix), SpinCo may repay all or any
portion of the SpinCo New Debt with the proceeds of new third-party indebtedness of SpinCo (the “SpinCo Replacement Debt”)
in which case the representations, warranties and covenants in this Agreement with respect to the SpinCo New Debt shall be deemed
to refer to the SpinCo Replacement Debt;

 

(x)           
with respect to the Distributions, take any action or fail to take any action, or permit any member of the Spinco Group to take
any action or fail to take any action, that is inconsistent with any representation or covenant made in the Tax Opinions/Rulings
or the Ruling Request; or

 

(xi)          
take any action or permit any other member of the Spinco Group to take any action (including any transactions with a third-party
or any transaction with any Company) that, individually or in the aggregate (taking into account other transactions described
in this Section 6.01) would be reasonably likely to adversely affect the Tax-Free Status;

 

provided,
however, that in the case of any of the Active Business Entities, Spinco or RMT Partner shall be permitted to take such
action or one or more actions set forth in the foregoing clauses (ii), (iv) or (v) in connection with any internal restructuring
or integration transaction as long as such action does not cause the Spinco SAG to cease conducting the Active Business being
conducted by such Active Business Entity; provided further, that Spinco or RMT Partner shall be permitted to take such action
or one or more actions set forth in the foregoing clauses (i) through (x) if, prior to taking any such actions, Spinco or RMT
Partner shall (1) have received a favorable private letter ruling from the IRS, or a ruling from another Tax Authority that confirms
that such action or actions will not result in Distribution Taxes, taking into account such actions and any other relevant transactions
in the aggregate (a “Post-Distribution Ruling”), in form and substance satisfactory to Remainco in its discretion,
which discretion shall be reasonably exercised in good faith to prevent the imposition on Remainco, or responsibility for payment
by Remainco, of Distribution Taxes (which discretion shall include consideration of the reasonableness of any representations
made in connection with such Post-Distribution Ruling) or (2) have received an Unqualified Tax Opinion, taking into account such
actions and any other relevant transactions in the aggregate, in form and substance satisfactory to Remainco (including any representations
or assumptions that may be included in such Unqualified Tax Opinion), acting reasonably and in good faith solely to prevent the
imposition on Remainco, or responsibility for payment by Remainco, of Distribution Taxes. Spinco and RMT Partner shall provide
a copy of the Post-Distribution Ruling or the Unqualified Tax Opinion described in this paragraph to Remainco as soon as practicable
prior to taking or failing to take any action set forth in the foregoing clause (a) through (j). Remainco’s evaluation of
a Post-Distribution Ruling or Unqualified Tax Opinion may consider, among other factors, the appropriateness of any underlying
assumptions, representations, and covenants made in connection with such Post-Distribution Ruling or Unqualified Tax Opinion.
Spinco shall bear all costs and expenses of securing any such Post-Distribution Ruling or Unqualified Tax Opinion and shall reimburse
Remainco for all reasonable out-of-pocket costs and expenses that Remainco may incur in good faith in seeking to obtain or evaluate
any such Post-Distribution Ruling or Unqualified Tax Opinion.

 

    21

     

    

 

 

(b)         
Restrictions on Remainco. During the Restricted Period, Remainco shall not:

 

(i)            
enter into any Proposed Acquisition Transaction, approve any Proposed Acquisition Transaction for any purpose, or allow any Proposed
Acquisition Transaction to occur with respect to Remainco;

 

(ii)           
merge or consolidate with any other Person or liquidate or partially liquidate; or approve or allow any merger, consolidation,
liquidation, or partial liquidation of any of the Active Business Entities;

 

(iii)          
approve or allow the discontinuance, cessation, or sale or other transfer of, or a material change in, any Active Business;

 

(iv)          
approve or allow the sale, issuance, or other disposition, directly or indirectly, of any share of, or other equity interest or
an instrument convertible into an equity interest in, any of the Active Business Entities;

 

(v)           
sell or otherwise dispose of more than thirty-five percent (35%) percent of its consolidated gross or net assets, or approve or
allow the sale or other disposition (to an Affiliate or otherwise) of more than thirty-five percent (35%) of its consolidated
gross or net assets or more than thirty-five percent (35%) of the consolidated gross or net assets of the Active Business conducted
by a particular Active Business Entity (in each case excluding sales or other dispositions (i) in the ordinary course of business
or (ii) to a Person that is a disregarded entity separate from the transferor for U.S. federal income tax purposes, and measured
based on fair market values as of the Distribution Date);

 

(vi)          
amend its certificate of incorporation (or other organizational documents), or take any other action or approve or allow the taking
of any action, whether through a stockholder vote or otherwise, affecting the voting rights of Remainco stock;

 

(vii)         
issue shares of a new class of non-voting stock, or otherwise issue shares of stock in a non-pro rata proportion that could reasonably
be expected to have adverse consequences under Section 355(e) of the Code;

 

(viii)        
with respect to the Distributions, take any action or fail to take any action, or permit any member of the Remainco Group to take
any action or fail to take any action, that is inconsistent with any representation or covenant made in the Tax Opinions/Rulings
or the Ruling Request; or

 

    22

     

    

 

(ix)          
take any action or permit any other member of the Remainco Group to take any action (including any transactions with a third-party
or any transaction with any Company) that, individually or in the aggregate (taking into account other transactions described
in this Section 6.01) would be reasonably likely to adversely affect the Tax-Free Status;

 

provided,
however, that in the case of any of the Active Business Entities, Spinco or RMT Partner shall be permitted to take such
action or one or more actions set forth in the foregoing clauses (ii), (iv) or (v) in connection with any internal restructuring
or integration transaction as long as such action does not cause the Remainco SAG to cease conducting the Active Business being
conducted by such Active Business Entity; provided further, that Remainco shall be permitted to take such action or one or more
actions set forth in the foregoing clauses (i) through (ix) if, prior to taking any such actions, Remainco shall (1) have received
a favorable Post-Distribution Ruling, in form and substance satisfactory to RMT Partner in its discretion, which discretion shall
be reasonably exercised in good faith to prevent the imposition on Spinco, or responsibility for payment by Spinco, of Distribution
Taxes (which discretion shall include consideration of the reasonableness of any representations made in connection with such
Post-Distribution Ruling) or (2) have received an Unqualified Tax Opinion, taking into account such actions and any other relevant
transactions in the aggregate, in form and substance satisfactory to RMT Partner (including any representations or assumptions
that may be included in such Unqualified Tax Opinion), acting reasonably and in good faith solely to prevent the imposition on
Spinco, or responsibility for payment by Spinco, of Distribution Taxes. Remainco shall provide a copy of the Post-Distribution
Ruling or the Unqualified Tax Opinion described in this paragraph to RMT Partner as soon as practicable prior to taking or failing
to take any action set forth in the foregoing clause (a) through (j). RMT Partner’s evaluation of a Post-Distribution Ruling
or Unqualified Tax Opinion may consider, among other factors, the appropriateness of any underlying assumptions, representations,
and covenants made in connection with such Post-Distribution Ruling or Unqualified Tax Opinion. Remainco shall bear all costs
and expenses of securing any such Post-Distribution Ruling or Unqualified Tax Opinion and shall reimburse RMT Partner for all
reasonable out-of-pocket costs and expenses that Spinco may incur in good faith in seeking to obtain or evaluate any such Post-Distribution
Ruling or Unqualified Tax Opinion.

 

Section
6.02        Liability for Distribution Tax-Related Losses. In the event that Distribution Taxes become
due and payable to a Tax Authority pursuant to a Final Determination, then, notwithstanding anything to the contrary in this Agreement:

 

(a)         
if such Distribution Taxes are attributable to a Remainco Tainting Act, then Remainco shall be responsible for any Distribution
Tax-Related Losses;

 

(b)         
if such Distribution Taxes are attributable to a Spinco Tainting Act, then Spinco shall be responsible for any Distribution
Tax-Related Losses;

  

(c)           
if such Distribution Taxes are attributable to both a Remainco Tainting Act and a Spinco Tainting Act, responsibility for
such Distribution Tax-Related Losses shall be allocated between Remainco and Spinco according to relative fault; provided, however,
that if such Distribution Taxes result from the application of Section 355(e) of the Code to the Distributions, (i) Remainco shall
be one hundred percent (100%) responsible for any Distribution Tax-Related Losses if a Remainco Tainting Act causes the application
of Section 355(e) of the Code and a Spinco Tainting Act does not cause the application of Section 355(e) of the Code, and (ii)
Spinco shall be one hundred percent (100%) responsible for any Distribution Tax-Related Losses if a Spinco Tainting Act cause
the application of Section 355(e) of the Code and a Remainco Tainting Act does not cause the application of Section 355(e) of
the Code;

 

    23

     

    

 

 

(d)          
if such Distribution Taxes are attributable to an error on the Final Overlap Shareholder Spreadsheet or otherwise to the failure
of the Tax-Free Status because of an issue with respect to the computation or availability of Overlap Shareholders, then Spinco
shall be responsible for 90% of any Distribution Tax-Related Losses and Remainco shall be responsible for 10% of any Distribution
Tax-Related Losses; and

 

(e)           
if such Distribution Taxes are not attributable to a Remainco Tainting Act or a Spinco Tainting Act or an event described
in Section 6.02(d) of this Agreement, then Remainco shall be one hundred percent (100%) responsible for any Distribution Tax-Related
Losses.

 

Section
7.              Cooperation and Reliance.

 

Section
7.01           Assistance and Cooperation.

 

(a)          
The Companies shall cooperate (and cause their respective Affiliates to cooperate) with each other and with each other’s
agents, including accounting firms and legal counsel, in connection with Tax matters relating to the Companies and their Affiliates
including (i) preparation and filing of Tax Returns, (ii) determining the liability for and amount of any Taxes due (including
estimated Taxes) or the right to and amount of any refund of Taxes, (iii) examinations of Tax Returns, and (iv) any administrative
or judicial proceeding in respect of Taxes assessed or proposed to be assessed. Such cooperation shall include making all information
and documents in their possession relating to the other Company and its Affiliates available to such other Company as provided
in Section 8. Each of the Companies shall also make available to the other, as reasonably requested and available, personnel (including
officers, directors, employees and agents of the Companies or their respective Affiliates) responsible for preparing, maintaining,
and interpreting information and documents relevant to Taxes, and personnel reasonably required as witnesses or for purposes of
providing information or documents in connection with any administrative or judicial proceedings relating to Taxes.

 

(b)          
Any information or documents provided under this Section 7 shall be kept confidential by the Company receiving the information
or documents, except as may otherwise be necessary in connection with the filing of Tax Returns or in connection with any administrative
or judicial proceedings relating to Taxes. Notwithstanding any other provision of this Agreement or any other agreement, (i) neither
Company nor any Affiliate shall be required to provide the other Company or any Affiliate or any other Person access to or copies
of any information or procedures (including the proceedings of any Tax Contest) other than information or procedures that relate
solely to the first Company, the business or assets of the first Company or any of its Affiliates and (ii) in no event shall any
Company or its Affiliates be required to provide the other Company, any of the other Company’s Affiliates or any other Person
access to or copies of any information if such action could reasonably be expected to result in the waiver of any Privilege. In
addition, in the event that a Company determines that the provision of any information to the other Company or an Affiliate of
the other Company could be commercially detrimental, violate any Law or agreement or waive any Privilege, the Company shall use
reasonable best efforts to permit compliance with its obligations under this Section 7 in a manner that avoids any such harm or
consequence.

 

    24

     

    

 

Section
7.02        Tax Return Information. Spinco and Remainco acknowledge that time is of the essence in
relation to any request for information, assistance or cooperation made by Remainco or Spinco pursuant to Section 7.01 or this
Section 7.02. Each Company shall provide to the other Company information and documents relating to its Group required by the
other Company to prepare Tax Returns. Any information or documents the Responsible Company requires to prepare such Tax Returns
shall be provided in such form as the Responsible Company reasonably requests and in sufficient time for the Responsible Company
to file such Tax Returns on a timely basis.

 

Section
7.03         Non-Performance. If a Company (or any of its Affiliates) fails to comply with any of its
obligations set forth in this Section 7 upon reasonable request and notice by the other Company (or any of its Affiliates) and
such failure results in the imposition of additional Taxes, the non-performing Company shall be liable in full for such additional
Taxes.

 

Section
7.04         Costs. Each Company shall devote the personnel and resources necessary in order to carry
out this Section 7 and shall make its employees available on a mutually convenient basis to provide explanations of any documents
or information provided hereunder. Each Company shall carry out its responsibilities under this Section 7 at its own cost and
expense.

 

Section
8.             Tax Records.

 

Section
8.01         Retention of Tax Records. Each Company shall preserve and keep all Tax
Records exclusively relating to the assets and activities of its Group for Pre-Distribution Periods (including Tax Records relevant
to the abandoned property audits commenced prior to the date hereof in the possession of the Spinco Group, including electronic
records in the Spinco Group’s SAP Software Solutions or Navision systems), and Remainco shall preserve and keep all other
Tax Records relating to Taxes of the Groups for Pre-Distribution Periods, for so long as the contents thereof may become material
in the administration of any matter under the Code or other applicable Tax Law, but in any event until the later of (i) the expiration
of any applicable statutes of limitations, or (ii) seven (7) years after the Distribution Date (such later date, the “Retention
Date”). After the Retention Date, each Company may dispose of such Tax Records upon ninety (90) days’ prior written
notice to the other Company. If, prior to the Retention Date, (a) a Company reasonably determines that any Tax Records which it
would otherwise be required to preserve and keep under this Section 8 are no longer material in the administration of any matter
under the Code or other applicable Tax Law and the other Company agrees, then such first Company may dispose of such Tax Records
upon ninety (90) days’ prior notice to the other Company. Any notice of an intent to dispose given pursuant to this Section
8.01 shall include a list of the Tax Records to be disposed of describing in reasonable detail each file, book, or other record
accumulation being disposed. The notified Company shall have the opportunity, at its cost and expense, to copy or remove, within
such ninety (90)-day period, all or any part of such Tax Records. If, at any time prior to the Retention Date, a Company determines
to decommission or otherwise discontinue any computer program or information technology system used to access or store any Tax
Records (including electronic records in the Spinco Group’s SAP Software Solutions or Navision systems), then such Company
may decommission or discontinue such program or system upon ninety (90) days’ prior notice to the other Company and the
other Company shall have the opportunity, at its cost and expense, to copy, within such ninety (90)-day period, all or any part
of the underlying data relating to the Tax Records accessed by or stored on such program or system.

 

    25

     

    

 

 

Section
8.02          Access to Tax Records. The Companies and their respective Affiliates shall make available
to each other for inspection and copying during normal business hours upon reasonable notice all Tax Records (and, for the avoidance
of doubt, any pertinent underlying data accessed or stored on any computer program or information technology system, including
in the Spinco Group’s SAP Software Solutions or Navision systems)) in their possession and shall permit the other Company
and its Affiliates, authorized agents and representatives and any representative of a Tax Authority or other Tax auditor direct
access during normal business hours upon reasonable notice to any computer program or information technology system used to access
or store any Tax Records, in each case to the extent reasonably required by the other Company in connection with the preparation
of Tax Returns or financial accounting statements, audits, litigation, or the resolution of items under this Agreement. To the
extent any Tax Records are required to be or are otherwise transferred by the Companies or their respective Affiliates to any
person other than an Affiliate, the Company or its respective Affiliate shall transfer such records to the other Company at such
time.

 

Section
9.              Tax Contests.

 

Section
9.01          Notice. Each of the Companies shall provide prompt notice to the other Company of any written
communication from a Tax Authority regarding any pending or threatened Tax audit, assessment or proceeding or other Tax Contest
of which it becomes aware related to Taxes for which it is indemnified by the other Company hereunder. Such notice shall attach
copies of the pertinent portion of any written communication from a Tax Authority and contain factual information (to the extent
known) describing any asserted Tax liability in reasonable detail and shall be accompanied by copies of any notice and other documents
received from any Tax Authority in respect of any such matters. If an indemnified Company has knowledge of an asserted Tax liability
with respect to a matter for which it is entitled to indemnification hereunder and such Company fails to give the indemnifying
Company prompt notice of such asserted Tax liability and the indemnifying Company is entitled under this Agreement to contest
the asserted Tax liability, then (i) if the indemnifying Company is precluded from contesting the asserted Tax liability in any
forum as a result of the failure to give prompt notice, the indemnifying Company shall have no obligation to indemnify the indemnified
Company for such Tax liability or any other Taxes arising from such failure, and (ii) if the indemnifying Company is not precluded
from contesting the asserted Tax liability in any forum, but such failure to give prompt notice results in a material monetary
detriment to the indemnifying Company, then any amount which the indemnifying Company is otherwise required to pay the indemnified
Company pursuant to this Agreement shall be reduced by the amount of such detriment.

 

    26

     

    

 

Section
9.02          Control of Tax Contests.

 

(a)          
Controlling Company. In the case of any Tax Contest with respect to any Tax Return, the Company that would be primarily liable
under this Agreement to pay the applicable Tax Authority the Taxes resulting from such Tax Contest shall administer and control
such Tax Contest (the “Controlling Company”); provided, however, with respect to any Tax Contest relating to
a Pre-Distribution Period and Spinco with respect to which Remainco is the Controlling Company, Remainco at its election may direct
Spinco to conduct all or part of such Tax Contest subject to the supervision and direction of Remainco at Remainco’s expense.

 

(b)         
Settlement Rights. The Controlling Company must obtain the prior consent, such consent not to be unreasonably withheld,
conditioned or delayed, of the other non-controlling Company (the “Non-Controlling Company”) prior to contesting,
litigating, compromising or settling any Tax Contest related to an adjustment which the Non-Controlling Company may reasonably
be expected to become liable to make any indemnification payment under this Agreement (or any payment under Section 5). Unless
waived by the Companies in writing, in connection with any potential adjustment in a Tax Contest as a result of which adjustment
the Non-Controlling Company may reasonably be expected to become liable to make any indemnification payment under this Agreement
(or any payment under Section 5) to the Controlling Company under this Agreement: (i) the Controlling Company shall keep the Non-Controlling
Company informed in a timely manner of all actions taken or proposed to be taken by the Controlling Company with respect to such
potential adjustment in such Tax Contest; (ii) the Controlling Company shall provide the Non-Controlling Company copies of any
written materials relating to such potential adjustment in such Tax Contest received from any Tax Authority; (iii) the Controlling
Company shall timely provide the Non-Controlling Company with copies of any correspondence or filings submitted to any Tax Authority
or judicial authority in connection with such potential adjustment in such Tax Contest; (iv) the Controlling Company shall consult
with the Non-Controlling Company (including, without limitation, regarding the use of outside advisors to assist with the Tax
Contest) and offer the Non-Controlling Company a reasonable opportunity to comment before submitting any written materials prepared
or furnished in connection with such potential adjustment in such Tax Contest; and (v) the Controlling Company shall defend such
Tax Contest diligently and in good faith. The failure of the Controlling Company to take any action specified in the preceding
sentence with respect to the Non-Controlling Company shall not relieve the Non-Controlling Company of any liability and/or obligation
which it may have to the Controlling Company under this Agreement except to the extent that the Non-Controlling Company was actually
harmed by such failure, and in no event shall such failure relieve the Non-Controlling Company from any other liability or obligation
which it may have to the Controlling Company.

 

(c)          
Tax Contest Participation. Unless waived by the Companies in writing, the Controlling Company shall provide the Non-Controlling
Company with written notice reasonably in advance of, and the Non-Controlling Company shall have the right to attend, any formally
scheduled meetings with Tax Authorities or hearings or proceedings before any judicial authorities in connection with any potential
adjustment in a Tax Contest pursuant to which the Non-Controlling Company may reasonably be expected to become liable to make
any indemnification payment (or any payment under Section 5) to the Controlling Company under this Agreement. The failure of the
Controlling Company to provide any notice specified in this Section 9.02(c) to the Non-Controlling Company shall not relieve the
Non-Controlling Company of any liability and/or obligation which it may have to the Controlling Company under this Agreement except
to the extent that the Non-Controlling Company was actually harmed by such failure, and in no event shall such failure relieve
the Non-Controlling Company from any other liability or obligation which it may have to the Controlling Company.

 

    27

     

    

 

 

(d)          
Power of Attorney. Each member of the Spinco Group shall execute and deliver to Remainco (or such member of the Remainco Group
as Remainco shall designate) any power of attorney or other similar document reasonably requested by Remainco (or such designee)
in connection with any Tax Contest (as to which Remainco is the Controlling Company) described in this Section 9. Each member
of the Remainco Group shall execute and deliver to Spinco (or such member of the Spinco Group as Spinco shall designate) any power
of attorney or other similar document requested by Spinco (or such designee) in connection with any Tax Contest (as to which Spinco
is the Controlling Company) described in this Section 9.

 

(e)           
Costs. All external out-of-pocket costs and expenses that are incurred by the Controlling Company with respect to a Tax Contest
related to an adjustment which the Non-Controlling Company may reasonably be expected to become liable to make any indemnification
payment under this Agreement shall be shared by the Companies according to each Company’s relative share of the potential
Tax liability with respect to the Tax Contest as determined under this Agreement; provided, however, that a Non-Controlling
Company shall not be liable for fees payable to outside advisors to the extent that the Controlling Company failed to consult
with the Non-Controlling Company pursuant to Section 9.02(b). If the Controlling Company incurs out-of-pocket costs and expenses
to be shared under this Section 9.02(e) during a fiscal quarter, such Controlling Company shall provide notice to the Non-Controlling
Company within thirty (30) days after the end of such fiscal quarter for the amount due from such Non-Controlling Company pursuant
to this Section 9.02(e), describing in reasonable detail the particulars relating thereto. Such Non-Controlling Company shall
have a period of thirty (30) days after the receipt of notice to respond thereto. Unless the Non-Controlling Company disputes
the amount it is liable for under this Section 9.02(e), the Non-Controlling Company shall reimburse the Controlling Company within
forty-five (45) days of delivery by the Controlling Company of the notice described above. To the extent the Non-Controlling Company
does not agree with the amount the Controlling Company claims the Non-Controlling Company is liable for under this Section 9.02(e),
the dispute shall be resolved in accordance with Section 13. During the first month of each fiscal quarter in which it expects
to incur costs for which reimbursement may be sought under this Section 9.02(e), the Controlling Company will provide the Non-Controlling
Company with a good faith estimate of such costs.

 

Section
10.            Effective Date; Termination of Prior Intercompany Tax Allocation Agreements.
This Agreement shall be effective as of the date hereof. As of the Distribution Date, (i) all prior intercompany Tax allocation
agreements or arrangements between one or more members of the Remainco Group, on the one hand, and one or more members of the
Spinco Group, on the other hand, shall be terminated; and (ii) amounts due under such agreements shall be settled. Upon such termination
and settlement, no further payments by or to Remainco or by or to Spinco with respect to such agreements shall be made, and all
other rights and obligations resulting from such agreements between the Companies and their Affiliates shall cease at such time.

 

    28

     

    

 

Section
11.            Survival of Obligations. The representations, warranties, covenants and
agreements set forth in this Agreement shall be unconditional and absolute and shall remain in effect without limitation as to
time.

 

Section
12.            Treatment of Payments; Tax Gross Up.

 

Section
12.01        Treatment of Tax Indemnity and Tax Benefit Payments. In the absence of any change in Tax treatment under
the Code or other applicable Tax Law,

 

(a)          
any Tax indemnity payments made by a Company under this Agreement shall be treated for Tax purposes by the Payor and the recipient
as distributions or capital contributions, as appropriate, occurring immediately before the Spin-Off (but only to the extent the
payment does not relate to a Tax allocated to the Payor in accordance with Section 1552 of the Code or the Treasury Regulations
thereunder or Treasury Regulations Section 1.1502-33(d) (or under corresponding principles of other applicable Tax Laws)) or as
payments of an assumed or retained liability, and

 

(b)          
any Tax Benefit payments made by a Company under Section 5, shall be treated for Tax purposes by the Payor and the recipient
as distributions or capital contributions, as appropriate, occurring immediately before the Spin-Off (but only to the extent the
payment does not relate to a Tax allocated to the Payor in accordance with Section 1552 of the Code or the Treasury Regulations
thereunder or Treasury Regulations Section 1.1502-33(d) (or under corresponding principles of other applicable Tax Laws)) or as
payments of an assumed or retained liability.

 

Section
12.02       Tax Gross Up. If notwithstanding the manner in which Tax indemnity payments and Tax Benefit payments were
reported, there is an adjustment to the Tax liability of a Company as a result of its receipt of a payment pursuant to this Agreement
(disregarding for these purposes any such adjustment which arises solely as a result of a failure of the recipient Company to
distribute such payment in the manner described in Section 361(b)(1)(A) of the Code) such payment shall be appropriately adjusted
so that the amount of such payment, reduced by all Income Taxes payable with respect to the receipt thereof (but taking into account
all correlative Tax Benefits resulting from the payment of such Income Taxes), shall equal the amount of the payment which the
Company receiving such payment would otherwise be entitled to receive pursuant to this Agreement.

 

Section
13.            Disagreements.

 

Section
13.01        Disputes. Except as set forth in Section 13.03 and Section 13.04, in the event of any dispute or disagreement
(a “Dispute”) between any member of the Remainco Group and any member of the Spinco Group under this Agreement,
the provisions of Article VII of the Separation and Distribution Agreement shall apply mutatis mutandis.

 

    29

     

    

  

Section
13.02       Referral to Tax Advisor for Computational Disputes. Notwithstanding anything
to the contrary in Section 13.01, with respect to any Dispute under this Agreement involving computational matters
(excluding, for the avoidance of doubt, the determination under the Merger Agreement of Overlap Shareholders), if the Parties
are not able to resolve the Dispute through the process set forth in Section 13.01, then such Dispute will be referred to a
Tax Advisor acceptable to each of the Companies to act as an arbitrator in order to resolve the Dispute. In the event that
the Companies are unable to agree upon a Tax Advisor within fifteen (15) days following the completion of the discussion
process, the Companies shall each separately retain an independent, nationally recognized law or accounting firm (each, a
 “Preliminary Tax Advisor”), which Preliminary Tax Advisors shall jointly select a Tax Advisor on behalf of
the Companies to act as an arbitrator in order to resolve the Dispute. The Tax Advisor may, in its discretion, obtain the
services of any third-party appraiser, accounting firm or consultant that the Tax Advisor deems necessary to assist it in
resolving such disagreement. The Tax Advisor shall furnish written notice to the Companies of its resolution of any such
Dispute as soon as practical, but in any event no later than thirty (30) days after its acceptance of the matter for
resolution. Any such resolution by the Tax Advisor will be conclusive and binding on the Companies. Following receipt of the
Tax Advisor’s written notice to the Companies of its resolution of the Dispute, the Companies shall each take or cause
to be taken any action necessary to implement such resolution of the Tax Advisor. Each Company shall pay its own fees and
expenses (including the fees and expenses of its representatives) incurred in connection with the referral of the matter to
the Tax Advisor (and the Preliminary Tax Advisors, if any). All fees and expenses of the Tax Advisor (and the Preliminary Tax
Advisors, if any) in connection with such referral shall be shared equally by the Companies.

 

Section
13.03       Injunctive Relief. Nothing in this Section 13 will prevent either Company from seeking injunctive relief
if any delay resulting from the efforts to resolve the Dispute through the process set forth above could result in serious and
irreparable injury to either Company. Notwithstanding anything to the contrary in this Agreement, Remainco and Spinco are the
only members of their respective Group entitled to commence a dispute resolution procedure under this Agreement, and each of Remainco
and Spinco will cause its respective Group members not to commence any dispute resolution procedure other than as provided in
this Section 13.

 

Section
14.           Expenses. Except as otherwise expressly provided to the contrary in this
Agreement or in any Ancillary Agreement, any amount to be paid or reimbursed by a Party (and/or a member of such Party’s
Group), on the one hand, to the other Party (and/or a member of such Party’s Group), on the other hand, under this Agreement
shall be paid or reimbursed hereunder within 30 days after presentation of an invoice or a written demand therefor and setting
forth, or accompanied by, reasonable documentation or other reasonable explanation supporting such amount.

 

    30

     

    

 

Section
15.           General Provisions.

 

Section
15.01       Notices. All notices, requests, demands and other communications under this Agreement shall be in writing
and shall be deemed to have been duly given or made as follows: (a) if sent by registered or certified mail in the U.S. return
receipt requested, upon receipt; (b) if sent by nationally recognized overnight air courier (such as Federal Express), two
(2) Business Days after mailing; (c) if sent by facsimile transmission or e-mail before 5:00 p.m. Central Time, when transmitted
and receipt is confirmed; (d) if sent by facsimile transmission or e-mail after 5:00 p.m. Central Time and receipt is confirmed,
on the following Business Day; or (e) if otherwise actually personally delivered, when delivered; provided that
such notices, requests, demands and other communications are delivered to the physical address, e-mail address or facsimile number set forth below, or to such other address as any Party shall provide by like notice to the other Parties to this Agreement:

 

if
to Remainco or, prior to the Distributions, Spinco, to:

 

Rexnord
Corporation

511 W. Freshwater Way

Milwaukee, WI 53204

Attention: Patricia M. Whaley, Vice President, General Counsel & Secretary

Email: [Redacted]

 

with
a copy (which shall not constitute notice) to:

 

Morgan,
Lewis & Bockius LLP

101
Park Avenue

New
York, NY 10178

Attention:
R. Alec Dawson and Andrew L. Milano

Phone:
(212) 309-7092

            (212)
309-6252

Fax:
(212) 309-6001

Email:
alec.dawson@morganlewis.com

            andrew.milano@morganlewis.com

 

and

 

Richards,
Layton & Finger, P.A.

920
North King Street

P.O.
Box 551

Wilmington,
DE 19801

Attention:
Mark Gentile and Stephanie Norman

Phone:
(302) 651-7722; (302) 651-7756

Email:
gentile@rlf.com; norman@rlf.com

 

if
to RMT Partner or, following the Distributions, Spinco, to:

 

Regal
Beloit Corporation

200 State Street

Beloit, WI 53511

Attention: Thomas E. Valentyn, Vice President, General Counsel and Secretary

Email: [Redacted]

 

with
a copy (which shall not constitute notice) to:

 

Sidley
Austin LLP

One South Dearborn Street

Chicago, IL 60603

Attention: Scott R. Williams and Christopher R. Hale

Fax: (312) 853-7036

Email: swilliams@sidley.com and chale@sidley.com

 

    31

     

    

 

A
copy of any notice from Remainco to Spinco, or from Spinco to Remainco, prior to the Distributions shall be provided to RMT Partner
in accordance with the notice procedures set forth in this Section 15.01.

 

Section
15.02       Binding Effect; Assignment. This Agreement shall be binding upon, and shall be enforceable by and inure
solely to the benefit of, the Parties and their respective successors and permitted assigns; provided, however, that neither
this Agreement nor any Party’s rights or obligations hereunder may be assigned or delegated by such Party without the prior
written consent of the other Parties, except that a Party may assign any of its rights under this Agreement: (i) as collateral
security to a creditor, (ii) to one of its Affiliates or (iii)(A) in connection with the sale of all or substantially all of its
assets or (B) in the case of RMT Partner or Spinco in connection with the sale of substantially all of the assets of the Spinco
Business or the business unit of which it is a part; provided, however, that in each case, no such assignment shall relieve such
Party of any of its obligations. Any attempted assignment or delegation of this Agreement or any of such rights or obligations
by any Party in violation of this Agreement without the prior written consent of the other Parties shall be void and of no effect.

 

Section
15.03       Waiver. No failure on the part of any Party to exercise any power, right, privilege or remedy under this
Agreement, and no delay on the part of any Party in exercising any power, right, privilege or remedy under this Agreement, shall
operate as a waiver of such power, right, privilege or remedy; and no single or partial exercise of any such power, right,
privilege or remedy shall preclude any other or further exercise thereof or of any other power, right, privilege or remedy. The
rights and remedies hereunder are cumulative and not exclusive of any rights or remedies that any Party would otherwise have.
No Party shall be deemed to have waived any claim arising out of this Agreement, or any power, right, privilege or remedy under
this Agreement, unless the waiver of such claim, power, right, privilege or remedy is expressly set forth in a written instrument
duly executed and delivered on behalf of such Party, and, in the case of waivers by Remainco or Spinco or any of their Subsidiaries,
consented to in writing by RMT Partner; and any waiver shall not be applicable or have any effect except in the specific
instance in which it is given.

 

Section
15.04       Severability. Any term or provision of this Agreement (or part thereof) that is
invalid or unenforceable in any situation in any jurisdiction shall not affect the validity or enforceability of the remaining
terms and provisions of this Agreement or the validity or enforceability of the offending term or provision (or part thereof)
in any other situation or in any other jurisdiction. If a final judgment of a court of competent jurisdiction declares that any
term or provision of this Agreement (or part thereof) is invalid or unenforceable, the Parties agree that the court making such
determination shall have the power to limit such term or provision (or part thereof), to delete specific words or phrases or to
replace such term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the
intention of the invalid or unenforceable term or provision (or part thereof), and this Agreement shall be valid and enforceable
as so modified. In the event such court does not exercise the power granted to it in the prior sentence, the Parties agree to
replace such invalid or unenforceable term or provision (or part thereof) 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 or provision.

 

    32

     

    

 

Section
15.05      Authority. Each of the Parties represents to the other that (a) it has the corporate or other requisite
power and authority to execute, deliver and perform this Agreement, (b) the execution, delivery and performance of this Agreement
have been duly authorized by all necessary corporate or other action, (c) it has duly and validly executed and delivered this
Agreement, and (d) this Agreement is a legal, valid and binding obligation, enforceable against it in accordance with its terms,
subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights
generally and general equity principles.

 

Section
15.06       Further Action. The Parties shall execute and deliver all documents, provide all information, and take or
refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement, including the execution
and delivery to the other Parties and their Affiliates and representatives of such powers of attorney or other authorizing documentation
as is reasonably necessary or appropriate in connection with Tax Contests (or portions thereof) under the control of such other
Parties in accordance with Section 9.

 

Section
15.07       Integration. The exhibits and schedules hereto shall be construed with and as an integral part of this Agreement
to the same extent as if the same had been set forth verbatim herein. Nothing in the exhibits or schedules hereto constitutes
an admission of any liability or obligation of any member of the Remainco Group or the Spinco Group or any of their respective
Affiliates to any third party, nor, with respect to any third party, an admission against the interests of any member of the Remainco
Group or the Spinco Group or any of their respective Affiliates. The inclusion of any item or liability or category of item or
liability on any exhibit or schedule hereto is made solely for purposes of allocating potential liabilities among the Parties
and shall not be deemed as or construed to be an admission that any such liability exists. Except as expressly set forth herein,
this Agreement is not intended to address, and should not be interpreted to address, the matters specifically and expressly covered
by the Separation and Distribution Agreement, the Merger Agreement or any of the other Ancillary Agreements. In furtherance thereof,
except as otherwise specifically set forth in this Agreement or the Separation and Distribution Agreement, the rights and obligations
of the Parties with respect to Taxes shall be governed by this Agreement.

 

Section
15.08       Rules of Construction.

 

(a)         
For purposes of this Agreement, whenever the context requires: the singular number shall include the plural, and vice versa;
the masculine gender shall include the feminine and neuter genders; the feminine gender shall include the masculine and neuter
genders; and the neuter gender shall include masculine and feminine genders.

 

(b)         
The Parties agree that any rule of construction to the effect that ambiguities are to be resolved against the drafting Party
shall not be applied in the construction or interpretation of this Agreement.

 

(c)          
As used in this Agreement, unless otherwise specified, the words “include” and “including,” and variations
thereof, shall not be deemed to be terms of limitation, but rather shall be deemed to be followed by the words “without
limitation.”

 

    33

     

    

 

(d)          
As used in this Agreement, the word “extent” in the phrase “to the extent” shall mean the degree to
which a subject or other thing extends, and such phrase shall not mean simply “if.”

 

(e)          
As used in this Agreement, the terms “or,” “any” or “either” are not exclusive.

 

(f)          
Except as otherwise indicated, all references in this Agreement to “Articles,” “Sections,” “Exhibits”
and “Schedules” are intended to refer to Sections or Articles of this Agreement and exhibits or schedules to this
Agreement.

 

(g)         
As used in this Agreement, the terms “hereunder,” “hereof,” “hereto,” “herein”
and words of similar import shall be deemed to refer to this Agreement as a whole and not to any particular Section or other provision.

 

(h)         
The headings contained in this Agreement are for convenience of reference only, shall not be deemed to be a part of this Agreement
and shall not be referred to in connection with the construction or interpretation of this Agreement.

 

(i)          
Any payment to be made pursuant hereto shall be made in U.S. dollars and by wire transfer of immediately available funds.

 

(j)          
Unless the context requires otherwise, references in this Agreement to “Remainco” shall also be deemed to refer
to the applicable member of the Remainco Group, references to “Spinco” shall also be deemed to refer to the applicable
member of the Spinco Group and, in connection therewith, any references to actions or omissions to be taken, or refrained from
being taken, as the case may be, by Remainco or Spinco shall be deemed to require Remainco or Spinco, as the case may be, to cause
the applicable members of the Remainco Group or the Spinco Group, respectively, to take, or refrain from taking, any such action.
In the event of any inconsistency or conflict which may arise in the application or interpretation of any of the definitions set
forth in Section 1, for the purpose of determining what is and is not included in such definitions, any item explicitly included
on a schedule referred to in any such definition shall take priority over any provision of the text thereof.

 

Section
15.09       Double Recovery. Nothing in this Agreement is intended to confer to or impose upon any Party a duplicative
recovery with respect to any matter arising out of the same facts and circumstances.

 

Section
15.10      Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed an original
and all of which shall constitute one and the same instrument. The exchange of a fully executed Agreement (in counterparts or
otherwise) by facsimile or electronic transmission shall be sufficient to bind the Parties to the terms and conditions of this
Agreement.

  

    34

     

    

 

Section
15.11       Governing Law; Jurisdiction; Remedies. This Agreement shall be governed by,
and construed in accordance with, the Laws of the State of Delaware, regardless of the laws that might otherwise govern under
applicable principles of conflicts of laws thereof. In any dispute between any of the Parties arising out of or relating to
this Agreement or any of the transactions contemplated hereby: (a) each of the Parties irrevocably and unconditionally
consents and submits to the exclusive jurisdiction and venue of the Court of Chancery of the State of Delaware or, if under
applicable Law, the Court of Chancery does not have subject matter jurisdiction over such matter in any federal court in the
State of Delaware or, if under applicable Law, neither such court has subject matter jurisdiction over such matter, in any
other state court in the State of Delaware, and in each case any appellate court with jurisdiction therefrom (the
 “Chosen Courts”); (b) each of the Parties irrevocably waives the right to trial by jury; and (c) each of the
Parties irrevocably and unconditionally waives, and agrees not to assert, by way of motion or as a defense, counterclaim or
otherwise, any claim (i) that it is not personally subject to the jurisdiction of the Chosen Courts as described herein for
any reason; (ii) that it or its property is exempt or immune from jurisdiction of any such court or from any legal
process commenced in such courts; and (iii) that (x) the claim, action, suit or other dispute in any such court is
brought in an inconvenient forum; (y) the venue of such claim, action, suit or other dispute is improper; or (z)
this Agreement, the Ancillary Agreements, or the subject matter hereof or thereof, may not be enforced in or by such courts.
Each of the Parties further agrees that, to the fullest extent permitted by applicable Law, service of any process, summons,
notice or document in accordance with the provisions of Section 15.01 will be effective service of process for any claim,
action, suit or other dispute in the Chosen Courts, with respect to any matters to which it has submitted to jurisdiction as
set forth in this paragraph. The Parties hereby agree that a final judgment in any such claim, suit, action or other dispute
will be conclusive, subject to any appeal, and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by applicable Law. The Parties agree that irreparable damage would occur and that the Parties would not have
any adequate remedy at law in the event that any of the provisions of this Agreement were not performed in accordance with
their specific terms or were otherwise breached. It is accordingly agreed that the Parties shall be entitled to specific
performance and injunctive or other equitable relief to prevent breaches of this Agreement and to enforce specifically the
terms and provisions of this Agreement without the requirement for the posting of any bond, this being in addition to any
other remedy to which they are entitled at law or in equity. All rights and remedies existing under this Agreement
are cumulative to, and not exclusive of, any rights or remedies otherwise available.

 

Section
15.12       Amendment. This Agreement may not be amended except by an instrument in writing signed by an authorized
representative of each of the Parties..

 

Section
15.13      Remainco or Spinco Affiliates. If, at any time, Remainco or Spinco acquires or creates one or more Affiliates
that are includable in the Remainco Group or Spinco Group, as the case may be, they shall be subject to this Agreement and all
references to the Remainco Group or Spinco Group, as the case may be, herein shall thereafter include a reference to such Affiliates.

 

Section
15.14       Successors. This Agreement shall be binding on and inure to the benefit of any successor by merger, acquisition
of assets, or otherwise, to any of the Parties hereto (including but not limited to any successor of Remainco or Spinco succeeding
to the Tax attributes of either under Section 381 of the Code), to the same extent as if such successor had been an original Party
to this Agreement. As of the Effective Time, this Agreement shall be binding on RMT Partner and RMT Partner shall be subject to
the obligations and restrictions imposed on Spinco hereunder and, for the avoidance of doubt, any restrictions applicable to Spinco
shall apply to RMT Partner mutatis mutandis.

 

    35

     

    

 

Section
15.15      Third-Party-Beneficiaries. This Agreement is solely for the benefit of the Parties and nothing in this Agreement,
express or implied, is intended to or shall confer upon any Person (other than the Parties) any right, benefit or remedy of any
nature whatsoever under or by reason of this Agreement.

 

[Signature
page follows.]

 

    36

     

    

 

IN
WITNESS WHEREOF, each Party has caused this Agreement to be executed on its behalf by a duly authorized officer on the date first
set forth above.

	 	 	 
	Rexnord Corporation, a Delaware corporation
	 	 
	By:	/s/ Todd
A. Adams	 
	Name:	Todd A. Adams	 
	Title:	President and Chief Executive Officer	 
	 	 
	Land Newco, Inc., a Delaware corporation
	 	 	 
	By:	/s/ Todd
A. Adams	 
	Name:	Todd A. Adams	 
	Title:	President	 

    

     

    

 

IN
WITNESS WHEREOF, each Party has caused this Agreement to be executed on its behalf by a duly authorized officer on the date first
set forth above.

	 	 	 
	Regal Beloit Corporation, a Wisconsin corporation
	 	 
	By:	/s/ Louis
V. Pinkham	 
	Name:	Louis V. Pinkham	 
	Title:	Chief Executive OfficerExhibit 10.3

 

Execution
Version

  

EMPLOYEE
MATTERS AGREEMENT

 

BY
AND AMONG

 

REXNORD
CORPORATION,

 

LAND
NEWCO, INC.

 

AND

 

REGAL
BELOIT CORPORATION

 

DATED
AS OF FEBRUARY 15, 2021

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	Page
	 	 
	Article
    I   DEFINITIONS	1
	Section 1.1  	“90% Amount”	1
	Section 1.2   	“Affiliate”	1
	Section 1.3   	“Agreement”	2
	Section 1.4   	“Ancillary Agreement”	2
	Section 1.5   	“Assume”	2
	Section 1.6   	“Assumed Remainco Benefit Liabilities”	2
	Section 1.7   	“Benefit Arrangement”	2
	Section 1.8   	“Business Day”	2
	Section 1.9   	“Cash Incentive Programs”	2
	Section 1.10   	“Chosen Courts”	2
	Section 1.11  	“Closing”	2
	Section 1.12   	“Closing Date”	2
	Section 1.13   	“COBRA”	2
	Section 1.14   	“Code”	2
	Section 1.15   	“Confidentiality Agreement”	2
	Section 1.16   	“Consent”	2
	Section 1.17   	“Contract”	3
	Section 1.18   	“Distributions”	3
	Section 1.19   	shall have the meaning set forth in the Separation Agreement.	3
	Section 1.20   	“Distribution Date”	3
	Section 1.21   	“Effective Time”	3
	Section 1.22   	“Employee Representative Body”	3
	Section 1.23   	“Entity”	3
	Section 1.24   	“ERISA”	3
	Section 1.25   	“Exchange Act”	3
	Section 1.26   	“FSA Participants”	3
	Section 1.27   	“Governmental Body”	3
	Section 1.28   	“Group”	3
	Section 1.29   	“Inactive Employee”	3
	Section 1.30   	“Indemnifiable Loss”	3
	Section 1.31   	“Internal Restructuring”	3
	Section 1.32   	“Legal Proceeding”	3
	Section 1.33   	“Legal Requirement”	4
	Section 1.34   	“Liabilities”	4
	Section 1.35   	“Merger Agreement”	4
	Section 1.36   	“Merger Sub”	4
	Section 1.37   	“Non-US Spinco Employee”	4
	Section 1.38   	“Non-US Spinco Transferred Employee”	4
	Section 1.39   	“NYSE”	4
	Section 1.40   	“Party” and “Parties”	4
	Section 1.41   	“Pension Transfer Date”	4
	Section 1.42   	“Person”	4

 

     i

     

    

 

TABLE
OF CONTENTS 

(continued)

 

	 	 	Page
	 	 	 
	Section 1.43   	“PTO”	4
	Section 1.44   	“Regular Trading Hours”	4
	Section 1.45  	“Remainco”	4
	Section 1.46   	“Remainco Benefit Arrangement”	4
	Section 1.47   	“Remainco Board”	4
	Section 1.48   	“Remainco Common Stock”	4
	Section 1.49   	“Remainco Deferred Compensation Plan”	4
	Section 1.50   	“Remainco Employee”	5
	Section 1.51   	“Remainco Equity Awards”	5
	Section 1.52   	“Remainco Equity Plan”	5
	Section 1.53   	“Remainco FSA”	5
	Section 1.54   	“Remainco Group”	5
	Section 1.55   	“Remainco Pension Plan”	5
	Section 1.56   	“Remainco Pension Trust”	5
	Section 1.57   	“Remainco Phantom Stock Options”	5
	Section 1.58   	“Remainco Pre-Distribution Share Value”	5
	Section 1.59   	“Remainco PSU”	5
	Section 1.60   	“Remainco Retiree Welfare Plans”	5
	Section 1.61   	“Remainco Retirement Plan”	5
	Section 1.62   	“Remainco RSU”	5
	Section 1.63   	“Remainco Stock Option”	5
	Section 1.64   	“Return from Inactivity Date”	6
	Section 1.65   	“Returning Inactive Employee”	6
	Section 1.66   	“RMT Partner”	6
	Section 1.67   	“RMT Partner Benefit Arrangement”	6
	Section 1.68   	“RMT Partner Board”	6
	Section 1.69   	“RMT Partner Common Stock”	6
	Section 1.70   	“RMT Partner Equity Plan”	6
	Section 1.71   	“RMT Partner Group”	6
	Section 1.72   	“RMT Partner Phantom Stock Option”	6
	Section 1.73   	“RMT Partner Post-Merger Share Value”	6
	Section 1.74   	“RMT Partner Ratio”	6
	Section 1.75   	“RMT Partner Retirement Plan”	6
	Section 1.76   	“RMT Partner RSU”	6
	Section 1.77   	“RMT Partner Special Dividend”	6
	Section 1.78   	“RMT Partner Stock Option”	6
	Section 1.79   	“Section 414(l) Amount”	6
	Section 1.80   	“Separation Agreement”	7
	Section 1.81   	“Separation Effective Time”	7
	Section 1.82   	“Spinco”	7
	Section 1.83   	“Spinco Benefit Arrangement”	7
	Section 1.84   	“Spinco Business”	7
	Section 1.85   	“Spinco Common Stock”	7
	Section 1.86   	“Spinco DCP Participant”	7

 

     ii

     

    

 

TABLE
OF CONTENTS 

(continued)

 

	 	 	Page
	 	 	 
	Section 1.87   	“Spinco Employee”	7
	Section 1.88   	“Spinco Employee Schedule”	7
	Section 1.89   	“Spinco Former Employee”	7
	Section 1.90   	“Spinco FSA”	7
	Section 1.91   	“Spinco Group”	7
	Section 1.92   	“Spinco Indemnitees”	7
	Section 1.93   	“Spinco Labor Agreement”	7
	Section 1.94   	“Spinco Pension Participants”	7
	Section 1.95   	“Spinco Pension Plan”	8
	Section 1.96   	“Spinco Pension Trust”	8
	Section 1.97   	“Spinco Retiree Welfare Participant”	8
	Section 1.98   	“Spinco Retiree Welfare Plans”	8
	Section 1.99   	“Spinco Transferred Employee”	8
	Section 1.100   	“Subsidiary”	8
	Section 1.101   	“Substituted RMT Partner Incentive Awards”	8
	Section 1.102   	“Tax”	8
	Section 1.103   	“Trading Day”	8
	Section 1.104   	“Transferred Benefits”	8
	Section 1.105   	“Transfer Regulations”	8
	Section 1.106   	“True-Up Amount”	8
	Section 1.107   	“True-Up Date”	8
	Section 1.108   	“UAE Spinco Employee”	9
	Section 1.109   	“US Spinco Employee”	9
	Section 1.110   	“US Spinco Transferred Employee”	9
	Section 1.111   	“WTW”	9
	Article
    II   ASSIGNMENT OF EMPLOYEES and Employee liabilities	9
	Section 2.1   	Transfer of Employees	9
	Section 2.2   	Remainco Indemnities in Respect of the Transfer of Employment	11
	Section 2.3   	Employee
Liabilities; Severance	12
	Article
    III   PAY AND BENEFITS	13
	Section 3.1   	In General	13
	Section 3.2   	Severance	14
	Section 3.3   	Participation in Remainco Benefit Arrangements	14
	Section 3.4   	Participation in Spinco Benefit Arrangements	15
	Section 3.5   	General Enrollment into RMT Partner Benefit Arrangements	15
	Section 3.6   	Paid
Time Off	16
	Section 3.7   	Cooperation	16
	Article
    IV   CASH AND EQUITY INCENTIVE COMPENSATION PLANS	16
	Section 4.1   	Cash Incentives	16
	Section 4.2   	Equity Awards	17

 

     iii

     

    

 

TABLE
OF CONTENTS 

(continued)

  

	 	 	Page
	 	 	 
	Article V   U.S. Pension Plan	20
	Section 5.1   	Pension Plan Spinoff and Related Asset Transfer	20
	Article
    VI   U.S. defined contribution plans	23
	Section 6.1   	U.S.
Defined Contribution Plans	23
	Article
    VII   U.S. NON-QUALIFIED DEFERRED COMPENSATION PLANS	23
	Section 7.1   	U.S. Non-Qualified Deferred Compensation Plan	23
	Article
    VIII   U.S. Retiree Health, Dental and Life Benefits	24
	Section 8.1   	US Retiree Health, Dental and Life Benefits	24
	Article
    IX   FLEXIBLE SPENDING ACCOUNTS	25
	Section 9.1   	Flexible Spending Accounts	25
	Article
    X   MISCELLANEOUS	26
	Section 10.1   	Entire Agreement; Counterparts; Exchanges
by Facsimile	26
	Section 10.2   	No Modifications	26
	Section 10.3   	Ancillary Agreements	26
	Section 10.4   	Relation to Other Documents	26
	Section 10.5   	Legal Requirements; Confidentiality Agreement	27
	Section 10.6   	Notices	27
	Section 10.7   	Waiver	28
	Section 10.8   	Assignment	29
	Section 10.9   	Termination	29
	Section 10.10   	Amendment	29
	Section 10.11   	Subsidiaries	29
	Section 10.12   	Third-Party-Beneficiaries	29
	Section 10.13   	Governing Law; Jurisdiction; Specific Performance;
Remedies	29
	Section 10.14   	Severability	30
	Section 10.15   	No Double Recovery	30
	Section 10.16   	Construction	30

 

     iv

     

    

 

EMPLOYEE
MATTERS AGREEMENT

 

This
Employee Matters Agreement (this “Agreement”) is entered into as of February 15, 2021 (the “Agreement
Effective Date”), by and among: (i) Rexnord Corporation, a Delaware corporation (“Remainco”);
(ii) Land Newco, Inc., a Delaware corporation and wholly owned indirect Subsidiary of Remainco (“Spinco”);
and (iii) Regal Beloit Corporation, a Wisconsin corporation (“RMT Partner”) (each a “Party”
and together, the “Parties”).

 

RECITALS

 

Whereas,
Remainco is engaged, directly and indirectly, in the Spinco Business;

 

Whereas,
the Board of Directors of Remainco (the “Remainco Board”) has determined that it is advisable and in the best
interests of Remainco and Remainco’s stockholders to separate the Spinco Business from the other businesses of Remainco
and to divest the Spinco Business in the manner contemplated by the Separation and Distribution Agreement, dated as of February
15, 2021, by and among Remainco, Spinco and RMT Partner (as it may be amended, modified or supplemented from time to time, the
 “Separation Agreement”) and the Agreement and Plan of Merger, dated February 15, 2021, by and among Remainco,
Spinco, RMT Partner and Phoenix 2021, Inc., a Delaware corporation and a direct wholly owned Subsidiary of RMT Partner (“Merger
Sub”) (as it may be amended, modified or supplemented from time to time, the “Merger Agreement”);

 

Whereas,
the Parties contemplate that, pursuant to the Merger Agreement, immediately after the Distributions and at the Effective Time,
Merger Sub shall be merged (the “Merger”) with and into Spinco, with Spinco surviving the Merger as a wholly
owned direct Subsidiary of RMT Partner, and all outstanding shares of Spinco Common Stock shall be converted into the right to
receive shares of RMT Partner Common Stock on the terms and subject to the conditions of the Merger Agreement and in accordance
with the Delaware General Corporation Law and the Wisconsin Business Corporations Law; and

 

Whereas,
in connection with the foregoing, the Parties have agreed to enter into this Agreement to allocate between them assets, Liabilities
and responsibilities with respect to certain employee compensation, pension and benefit plans, programs and arrangements and certain
employment matters.

 

Now,
Therefore, in consideration of the foregoing
and the covenants and agreements contained herein, and intending to be legally bound hereby, the Parties agree as follows:

 

Article
I

DEFINITIONS

 

As
used in this Agreement, the following terms shall have the respective meanings set forth or referenced below:

 

Section
1.1      “90% Amount” shall have the meaning set forth in Section 5.1(c) below.

 

Section
1.2      “Affiliate” shall have the meaning set forth in the Separation Agreement.

 

     1

     

    

 

Section
1.3      “Agreement” shall have the meaning set forth in the
Preamble.

 

Section
1.4      “Ancillary Agreement” shall have the meaning set forth in the Separation Agreement, including the
Separation Agreement, but excluding this Agreement.

 

Section
1.5      “Assume” shall have the meaning set forth in the Separation Agreement. The terms “Assumed”
and “Assumptions” shall have the correlative meaning.

 

Section
1.6      “Assumed Remainco Benefit Liabilities” shall have the meaning set forth in Section 2.3(a) below.

 

Section
1.7      “Benefit Arrangement” shall mean, with respect to an Entity, (a) each “employee benefit plan,”
within the meaning of Section 3(3) of ERISA (whether or not ERISA is applicable to such plan) and (b) each other employment, individual
consulting, compensation, bonus, commission, incentive, severance or redundancy, termination pay, retention, transaction bonus,
change in control, Tax gross-up, relocation, repatriation, expatriation, deferred compensation, profit-sharing, stock option,
phantom stock option, restricted stock, stock unit, stock appreciation right or other stock-related award, health or welfare benefit,
death benefit, disability benefit, perquisite, fringe benefit, sick pay, paid time off, vacation pay, leave of absence, pension,
supplemental pension or retirement benefit plan, program, policy, practice or Contract, in each case whether or not in writing
and whether or not funded.

 

Section
1.8      “Business Day” shall have the meaning set forth in the Separation Agreement.

 

Section
1.9      “Cash Incentive Programs” shall have the meaning set forth in Section 4.1 below.

 

Section
1.10    “Chosen Courts” shall have the meaning set forth in Section 10.13 below.

 

Section
1.11     “Closing” shall have the meaning set forth in the Merger Agreement.

 

Section
1.12     “Closing Date” shall have the meaning set forth in the Merger Agreement.

 

Section
1.13     “COBRA” shall mean the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended and
as codified at Section 601 et seq. of ERISA and at Section 4980B of the Code, and any similar state or local law.

 

Section
1.14     “Code” shall mean the U.S. Internal Revenue Code of 1986, as amended, and the regulations promulgated
thereunder.

 

Section
1.15     “Confidentiality Agreement” shall have the meaning set forth in the Merger Agreement.

 

Section
1.16     “Consent” shall have the meaning set forth in the Separation Agreement.

 

     2

     

    

 

Section
1.17     “Contract” shall mean any written, oral or other agreement, contract, subcontract, lease, instrument,
note, option, warranty, purchase order, license, sublicense, insurance policy, or legally binding commitment or undertaking of
any nature.

 

Section
1.18     “Distributions” shall have the meaning set forth in the Separation Agreement.

 

Section
1.20     “Distribution Date” shall have the meaning set forth in the Separation Agreement.

 

Section
1.21     “Effective Time” shall have the meaning set forth in the Merger Agreement.

 

Section
1.22     “Employee Representative Body” means any union, works council, staff association, health and safety
committee, or other agency or representative body certified or otherwise recognized for the purposes of bargaining collectively
or established for the purposes of notification of or consultation on behalf of any employees.

 

Section
1.23     “Entity” shall have the meaning set forth in the Separation Agreement.

 

Section
1.24     “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended, and the regulations
promulgated thereunder.

 

Section
1.25     “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the regulations
promulgated thereunder.

 

Section
1.26     “FSA Participants” shall have the meaning set forth in Section 9.1(a) below.

 

Section
1.27      “Governmental Body” shall have the meaning set forth in the Separation Agreement.

 

Section
1.28     “Group” shall mean (a) with respect to Remainco, the Remainco Group, (b) with respect to Spinco,
the Spinco Group and (c) with respect to RMT Partner, the RMT Partner Group.

 

Section
1.29     “Inactive Employee” shall have the meaning set forth in Section 2.1(b)(ii).

 

Section
1.30     “Indemnifiable Loss” shall have the meaning set forth in the Separation Agreement.

 

Section
1.31     “Internal Restructuring” shall have the meaning set forth in the Separation Agreement.

 

Section
1.32     “Legal Proceeding” shall have the meaning set forth in the Separation Agreement.

 

     3

     

    

 

Section
1.33     “Legal Requirement” shall have the meaning set forth in the Separation Agreement.

 

Section
1.34     “Liabilities” shall have the meaning set forth in the Separation Agreement.

 

Section
1.35     “Merger Agreement” shall have the meaning set forth in the Recitals.

 

Section
1.36     “Merger Sub” shall have the meaning set forth in the Recitals.

 

Section
1.37     “Non-US Spinco Employee” shall mean any Spinco Employee who is not a US Spinco Employee.

 

Section
1.38     “Non-US Spinco Transferred Employee” shall mean any Spinco Transferred Employee other than a US
Spinco Transferred Employee.

 

Section
1.39     “NYSE” means the New York Stock Exchange.

 

Section
1.40     “Party” and “Parties” shall have the respective meanings set forth in the Preamble.

 

Section
1.41     “Pension Transfer Date” shall have the meaning set forth in Section 5.1(c) below.

 

Section
1.42     “Person” shall have the meaning set forth in the Separation Agreement.

 

Section
1.43     “PTO” shall have the meaning set forth in Section 3.6(a) below.

 

Section
1.44     “Regular Trading Hours” shall mean the period beginning at 9:30 A.M., New York City time, and
ending at 4:00 PM, New York City time.

 

Section
1.45     “Remainco” shall have the meaning set forth in the Preamble.

 

Section
1.46     “Remainco Benefit Arrangement” shall mean any Benefit Arrangement that either (i) is maintained
or contributed to, or required to be maintained or contributed to, by any member of the Remainco Group or with respect to which
any member of the Remainco Group is a party, (ii) with respect to which any member of the Remainco Group has or may incur or become
subject to any Liability or obligation, or (iii) in which any current or former Remainco Employee participates; but shall exclude
any Spinco Benefit Arrangement.

 

Section
1.47     “Remainco Board” shall have the meaning set forth in the Recitals.

 

Section
1.48     “Remainco Common Stock” shall mean the common stock, $0.01 par value per share, of Remainco.

 

Section
1.49     “Remainco Deferred Compensation Plan” shall mean the Rexnord Corporation Deferred Compensation
Plan, effective as of January 1, 2016, as amended July 26, 2017.

 

     4

     

    

 

Section
1.50     “Remainco Employee” shall mean an employee of a member of the Remainco Group or the Spinco Group,
other than a Spinco Employee.

 

Section
1.51     “Remainco Equity Awards” shall mean the Remainco Stock Options, the Remainco Phantom Stock Options,
the Remainco RSUs and the Remainco PSUs.

 

Section
1.52     “Remainco Equity Plan” shall mean (i) the 2006 Stock Option Plan of Remainco, (ii) the Remainco
2012 Performance Incentive Plan, (iii) the Remainco Performance Incentive Plan, as amended and restated effective May 18, 2016,
and (iv) the Remainco Performance Incentive Plan, as amended and restated on July 25, 2019.

 

Section
1.53     “Remainco FSA” shall mean the Optum FSA benefits, as provided under the Rexnord Welfare Plan.

 

Section
1.54     “Remainco Group” shall have the meaning set forth in the Separation Agreement.

 

Section
1.55      “Remainco Pension Plan” shall mean the Rexnord Pension Plan, as amended and restated effective
as of January 1, 2018.

 

Section
1.56     “Remainco Pension Trust” shall mean the trust established to hold the assets of the Remainco Pension
Plan.

 

Section
1.57     “Remainco Phantom Stock Options” means an award designated as a “phantom stock option”
under any of the Remainco Equity Plans before the Separation Effective Time.

 

Section
1.58     “Remainco Pre-Distribution Share Value” shall mean the closing price per share of Remainco Common
Stock on the Trading Day immediately prior to the Distribution Date based on “regular way” trading on the NYSE during
Regular Trading Hours.

 

Section
1.59     “Remainco PSU” shall mean a performance stock unit award granted by Remainco under any of the
Remainco Equity Plans before the Separation Effective Time.

 

Section
1.60     “Remainco Retiree Welfare Plans” shall mean the post-retirement medical, dental and life insurance
coverage or benefits provided to Spinco Retiree Welfare Participants and their surviving spouses or beneficiaries receiving such
coverage or benefits pursuant to the Remainco Benefit Arrangements set forth in Schedule 8.1(b).

 

Section
1.61     “Remainco Retirement Plan” shall mean the Rexnord LLC 401(k) Plan.

 

Section
1.62     “Remainco RSU” shall mean an award of restricted stock units granted by Remainco under any of the Remainco
Equity Plans before the Separation Effective Time.

 

Section
1.63     “Remainco Stock Option” shall mean an award of stock options to purchase shares of Remainco Common
Stock granted under any of the Remainco Equity Plans before the Separation Effective Time.

 

     5

     

    

 

Section
1.64     “Return from Inactivity Date” shall have the meaning set forth in Section 2.1(b)(iii) below.

 

Section
1.65     “Returning Inactive Employee” shall have the meaning set forth in Section 2.1(b)(iii) below.

 

Section
1.66     “RMT Partner” shall have the meaning set forth in the Preamble.

 

Section
1.67     “RMT Partner Benefit Arrangement” shall mean any Benefit Arrangement sponsored, maintained or
contributed to, or required to be maintained or contributed to, by any member of the RMT Partner Group.

 

Section
1.68     “RMT Partner Board” shall have the meaning set forth in Section 4.2(a) below.

 

Section
1.69     “RMT Partner Common Stock” shall have the meaning set forth in the Merger Agreement.

 

Section
1.70     “RMT Partner Equity Plan” shall mean the RMT Partner Corporation 2018 Equity Incentive Plan.

 

Section
1.71     “RMT Partner Group” shall have the meaning set forth in the Separation Agreement.

 

Section
1.72     “RMT Partner Phantom Stock Option” shall have the meaning set forth in Section 4.2(a)(ii) below.

 

Section
1.73     “RMT Partner Post-Merger Share Value” shall mean the closing price per share of RMT Partner Common
Stock trading on the NYSE during Regular Trading Hours on the first full Trading Day following the Effective Time.

 

Section
1.74     “RMT Partner Ratio” shall mean the quotient obtained by dividing the RMT Partner Post-Merger Share
Value by the Remainco Pre-Distribution Share Value.

 

Section
1.75     “RMT Partner Retirement Plan” shall have the meaning set forth in Section 6.1(b) below.

 

Section
1.76     “RMT Partner RSU” shall have the meaning set forth in Section 4.2(a)(iii) below.

 

Section
1.77     “RMT Partner Special Dividend” shall have the meaning set forth in the Merger Agreement.

 

Section
1.78     “RMT Partner Stock Option” shall have the meaning set forth in Section 4.2(a)(i) below.

 

Section
1.79     “Section 414(l) Amount” shall have the meaning set forth in Section 5.1(c) below.

 

     6

     

    

 

Section
1.80     “Separation Agreement” shall have the meaning set forth in the Recitals.

 

Section
1.81     “Separation Effective Time” shall have the meaning set forth in the Separation Agreement.

 

Section
1.82     “Spinco” shall have the meaning set forth in the Preamble.

 

Section
1.83     “Spinco Benefit Arrangement” shall mean any Benefit Arrangement that (i) is maintained or contributed
to, or required to be maintained or contributed to, by any member of the Spinco Group or with respect to which any member of the
Spinco Group is a party, and (ii) in which the only participants or other parties thereto are Spinco Employees and Spinco Former
Employees.

 

Section
1.84     “Spinco Business” shall have the meaning set forth in the Separation Agreement.

 

Section
1.85     “Spinco Common Stock” shall mean the common stock of Spinco, par value $0.01 per share.

 

Section
1.86     “Spinco DCP Participant” shall have the meaning set forth in Section 7.1 below.

 

Section
1.87     “Spinco Employee” shall have the meaning set forth in Section 2.1(a)(i) below.

 

Section
1.88     “Spinco Employee Schedule” shall have the meaning set forth in Section 2.1(a)(i) below.

 

Section
1.89     “Spinco Former Employee” shall mean an individual whose employment with any member of the Remainco
Group or Spinco Group terminated prior to the Distributions, and immediately prior to such termination provided services primarily
to the Spinco Business.

 

Section
1.90     “Spinco FSA” shall have the meaning set forth in Section 9.1(a) below.

 

Section
1.91      “Spinco Group” shall have the meaning set forth in the Separation Agreement.

 

Section
1.92     “Spinco Indemnitees” shall have the meaning set forth in the Separation Agreement.

 

Section
1.93     “Spinco Labor Agreement” means any agreement with any Employee Representative Body to which Remainco
or a member of the Remainco Group, or Spinco or member of the Spinco Group, is a party or bound that pertains to any Spinco Employees.

 

Section
1.94     “Spinco Pension Participants” shall have the meaning set forth in Section 5.1(b) below.

 

     7

     

    

 

Section
1.95     “Spinco Pension Plan” shall mean the PMC Business Pension Plan, which is intended to be a Tax-qualified
defined benefit pension plan under Section 401(a) of the Code.

 

Section
1.96     “Spinco Pension Trust” shall mean the trust established to hold the assets of the Spinco Pension
Plan and which shall be designed to be Tax exempt under Section 501(a) of the Code.

 

Section
1.97     “Spinco Retiree Welfare Participant” means the Spinco Transferred Employees and Spinco Former
Employees who participate in the Remainco Retiree Welfare Plan immediately prior to the Distributions.

 

Section
1.98     “Spinco Retiree Welfare Plans” shall mean the post-retirement medical, dental and life insurance
coverage or benefits established pursuant to Article VIII hereof to provide Spinco Retiree Welfare Participants and their surviving
spouses or beneficiaries with such coverage.

 

Section
1.99     “Spinco Transferred Employee” shall have the meaning set forth in Section 2.1(b)(i) below.

 

Section
1.100   “Subsidiary” shall have the meaning set forth in the Separation Agreement.

 

Section
1.101    “Substituted RMT Partner Incentive Awards” shall have the meaning set forth in Section 4.2(b)
below.

 

Section
1.102    “Tax” shall have the meaning set forth in the Tax Matters Agreement by and among Remainco, Spinco
and RMT Partner, dated as of the date of February 15, 2021, as it may be amended from time to time in accordance with the terms
thereof.

 

Section
1.103    “Trading Day” shall mean the period of time during any given day, commencing with the determination
of the opening price on the NYSE and ending with the determination of the closing price on the NYSE, in which trading and settlement
in Remainco Common Stock or RMT Partner Common Stock are permitted on the NYSE.

 

Section
1.104    “Transferred Benefits” shall have the meaning set forth in Section 5.1(b) below.

 

Section
1.105    “Transfer Regulations” shall mean the Council Directive 2001/23/EC of 12 March 2001 and any subsequent
amendments (“Acquired Rights Directive”), and any equivalent Legal Requirement (a) in any jurisdiction that
has either implemented the Acquired Rights Directive or (b) that provides for or requires the automatic transfer or assignment
of any person’s employment, as a result of the Internal Restructuring and the Distributions and any of the other transactions
contemplated under this Agreement, the Merger Agreement and the Ancillary Agreements.

 

Section
1.106    “True-Up Amount” shall have the meaning set forth in Section 5.1(c).

 

Section
1.107    “True-Up Date” shall have the meaning set forth in Section 5.1(c).

 

     8

     

    

 

Section
1.108        “UAE Spinco Employee” shall mean the Spinco Employee employed by Rexnord Middle East FZE as
of the date of this Agreement.

 

Section
1.109          “US Spinco Employee” shall mean any Spinco Employee who primarily provides services in the United
States.

 

Section
1.110          “US Spinco Transferred Employee” shall mean any Spinco Transferred Employee who primarily provides
services in the United States.

 

Section
1.111          “WTW” shall have the meaning set forth in Section 5.1(d) below.

 

Article
II

ASSIGNMENT OF EMPLOYEES and Employee liabilities

 

Section
2.1            Transfer of Employees.

 

(a)           Scope
of Employees.

 

(i)       For
purposes of this Agreement, “Spinco Employee” means: (A) each employee of Remainco Group or Spinco Group, including
temporary employees, who, as determined solely by Remainco, is primarily providing services to the Spinco Business immediately
prior to the Distribution Date; and (B) each employee of Remainco Group or Spinco Group who, in the joint opinion of Remainco
and RMT Partner, is providing services to the Spinco Business prior to the Distribution Date and is necessary for the Spinco Business
to operate. Spinco Employees exclude those employees of Remainco Group or Spinco Group who do not report into the Spinco Business
organization and who, as determined solely by Remainco, are not providing substantial services to the Spinco Business prior to
the Distribution Date and are not necessary for the Spinco Business to operate. For the avoidance of doubt, subject to Section
2.1(b)(iii) below, Spinco Employees shall include any such employee who (1) is actively at work as of the Distribution Date or
(2) is not actively at work as of the Distribution Date as a result of disability or illness, or a vacation, personal day or similar
short-term absence. Remainco shall provide to RMT Partner an initial schedule of all anticipated Spinco Employees no later than
one hundred twenty (120) days following the Agreement Effective Date, which schedule will contain for each employee: (a) an anonymized
employee identifier; (b) employing Entity; (c) position; (d) date of hire; (e) service date; (f) annual salary or hourly wage;
(g) work location (including country, state or province and city); (h) target annual cash bonus for the year in which the Distributions
are expected to occur; (i) target long-term incentive opportunity for the year in which the Distributions are expected to occur;
(j) with respect to US Spinco Employees, whether such Spinco Employee is on a leave of absence, the type of leave and expected
return date; (k) for US Spinco Employees and the UAE Spinco Employee(s), information regarding applicable work or employment permits,
visas, or passes (if any); and (l) the information required to be provided under Section 2.3(b)(ii) of the Merger Agreement (the
 “Spinco Employee Schedule”).

 

     9

     

    

 

(ii)       Following
delivery of the Spinco Employee Schedule to RMT Partner, Remainco will make available to RMT Partner updated versions of the Spinco
Employee Schedule every thirty (30) days thereafter, and the final schedule (which includes the final list of Spinco Employees)
will be provided no earlier than seven (7) days prior to the Distribution Date and no later than two (2) days prior to the Distribution
Date. Remainco shall notify RMT Partner immediately of any changes to the Spinco Employee Schedule which occur after the date
the final schedule is provided. In circumstances where RMT Partner reasonably considers that an employee listed in the Spinco
Employee Schedule is not a Spinco Employee, RMT Partner may notify Remainco in writing of the reasons for such concern, and Remainco
shall as promptly as reasonably practicable (and no later than ten (10) days) following receipt of such notification determine
in good faith whether such employee is correctly included in the Spinco Employee Schedule, and provide RMT Partner with a response
in writing stating whether or not the employee will remain on the Spinco Employee Schedule and reasons for such determination.

 

(b)          Transfer
of Employment.

 

(i)        Except
to the extent otherwise provided in this Section 2.1(b), effective no later than immediately before the Distributions, Remainco
and Spinco shall, or shall cause the respective members of their Groups to: (A) cause each Spinco Employee not already employed
in the Spinco Group to be employed by a member of the Spinco Group, provided, that, with respect to Non-US Spinco Employees, subject
to any applicable Legal Requirement, such transfer, if any, shall occur prior to or simultaneously with the Distributions or as
soon as commercially reasonable thereafter, and (B) cause any employee who is not a Spinco Employee but is employed by a member
of the Spinco Group to be employed by a member of the Remainco Group, and, in furtherance of this Section 2.1(b)(i), the Parties
shall cooperate reasonably and in good faith to give effect to these covenants, including without limitation, with respect to
any Non- US Spinco Employees. Each Spinco Employee who remains employed by a member of the Spinco Group immediately following
the Closing, or whose employment transfers to a member of the Spinco Group following the Closing, shall be referred to herein
as a “Spinco Transferred Employee.”

 

(ii)       Except
as provided in subsection (iii) below, the Parties shall use commercially reasonable efforts to ensure that each Spinco Employee
who is on short or long-term disability leave or an approved or legally-protected, under the applicable Legal Requirement in the
applicable jurisdiction, leave of absence (including military leave with reemployment rights under federal law and leave under
the Family and Medical Leave Act of 1993) (an “Inactive Employee”) prior to the Distribution Date returns to
employment with a member of the Spinco Group no later than immediately before the Distributions, if permitted by the applicable
Legal Requirement, and otherwise as soon as possible after such employee’s return to active employment.

 

(iii)      Except
to the extent otherwise required by any applicable Legal Requirement (including any applicable Legal Requirement pertaining to
automatic transfers of employees) or a Spinco Labor Agreement, no US Spinco Employee who is an Inactive Employee as of the Distribution
Date shall be employed by a member of the Spinco Group on the Distribution Date. Notwithstanding the foregoing, Remainco and Spinco
shall cause any US Spinco Employee who is an Inactive Employee as of the Distribution Date who returns to active duty employment
(with or without any accommodations required by an applicable Legal Requirement) not later than the later of (A) twelve (12) months
after the Distribution Date or (B) such longer period as required by the applicable Legal Requirement that applies to employees
of Remainco generally in a particular jurisdiction or any applicable Spinco Labor Agreement (each a “Returning Inactive
Employee”), to be employed by a member of the Spinco Group effective as of the date on which such US Spinco Employee
returns to active duty employment (the “Return from Inactivity Date”). Except to the extent otherwise required
by any applicable Legal Requirement (including any applicable Legal Requirement pertaining to automatic transfers of employees)
or a Spinco Labor Agreement, the obligations of Spinco under this Agreement in respect of a US Spinco Employee who is an Inactive
Employee as of the Distribution Date shall not commence unless and until his or her Return from Inactivity Date, as applicable
and such employee shall be treated as a Spinco Transferred Employee as of the date the employee commences employment with the
Spinco Group; provided, however, for the avoidance of doubt, effective as of such Returning Inactive Employee’s Return from
Inactivity Date (if any), Spinco shall, or shall cause a member of the Spinco Group to, Assume (and shall reimburse Remainco or
the applicable member of the Remainco Group for) all other Liabilities pertaining to such Spinco Transferred Employee who is a
Returning Inactive Employee to the same extent required with respect to other Spinco Transferred Employees with the same national
jurisdiction. All Liabilities pertaining to any Spinco Employee who was an Inactive Employee as of immediately prior to the Distribution
Date and does not qualify as a Returning Inactive Employee shall be retained by Remainco or the appropriate member of the Remainco
Group.

 

     10

     

    

 

(c)       Notwithstanding
anything to the contrary in this Agreement, as of the Separation Effective Time, Spinco shall, or shall cause the applicable members
of the Spinco Group to, Assume, in accordance with its terms, each Spinco Labor Agreement covering Spinco Transferred Employees
as of immediately prior to the Separation Effective Time, provided, however, that in the event any such Spinco Labor Agreement
also covers any Remainco Employees or Spinco Employees who are not Spinco Transferred Employees, Spinco shall, or shall cause
the applicable members of the Spinco Group to, Assume such Spinco Labor Agreement only with respect to Spinco Transferred Employees.

 

(d)       For
the avoidance of doubt, nothing herein shall restrict the right of RMT Partner Group or Spinco Group to terminate the employment
of any Spinco Employee, provided that any such termination is effected in accordance with any requirements (if any) under any
applicable Legal Requirement or any applicable Benefit Arrangement.

 

Section
2.2         Remainco Indemnities in Respect of the Transfer of Employment. In addition to any other provisions of this Agreement,
the Ancillary Agreements or as otherwise specifically set forth in any provision of the Merger Agreement, and notwithstanding
anything to the contrary set forth in this Article II, Remainco shall to the fullest extent permitted by law indemnify, defend
and hold harmless the Spinco Indemnitees from and against any and all Indemnifiable Losses of the Spinco Indemnitees relating
to, arising out of, by reason of or otherwise in connection with (a) any event, act or omission relating to the employment of
or termination thereof of any Remainco Employee, regardless of when such event, act or omission occurs, (b) solely with respect
to employee transfers to or from Euroflex Transmissions (India) Private Limited or Rexnord Middle East FZE, a breach of the Transfer
Regulations by Remainco or Spinco, or a failure by Remainco or Spinco to notify, consult with or obtain the consent of any Employee
Representative Body, and (c) the transfer to any member of the Spinco Group of any individual (howsoever this occurs and whether
such individual is designated as an employee, worker or independent contractor) who is not a Spinco Employee (whether such Indemnifiable
Losses are incurred in relation to the hire, employment or termination of such individual). For purposes of this Section 2.2,
Remainco represents that no Non-US Spinco Employee will transfer from one employer Entity to another employer Entity other than
in connection with Euroflex Transmissions (India) Private Limited and Rexnord Middle East FZE.

 

     11

     

    

 

Section
2.3        Employee Liabilities; Severance.

 

(a)       Employee
Liabilities. Effective as of the later of the Separation Effective Time or the time at which an individual becomes a Spinco
Transferred Employee, Spinco shall Assume: (i) all Liabilities under all Remainco Benefit Arrangements relating to Spinco Transferred
Employees or Spinco Former Employees, whenever incurred, only to the extent set forth in this Agreement; provided, however, that
Spinco shall reimburse the Remainco Group for any claim for benefits by any Spinco Transferred Employee or Spinco Former Employee
(or their respective dependents) after the Separation Effective Time which was incurred prior to the Separation Effective Time
under any Remainco Benefit Arrangement that is not funded by an insurance policy, trust or similar funding arrangement, other
than claims under a flexible spending account which shall be addressed under Article IX (the Liabilities described in this Section
2.3(a)(i), the “Assumed Remainco Benefit Liabilities”); (ii) all Liabilities arising out of, relating to or
resulting from the employment, service, termination of employment or termination of service of all Spinco Employees and Spinco
Former Employees and their dependents and beneficiaries (and any alternate payees in respect thereof), to the extent arising out
of, relating to or resulting from such individuals’ service to the Spinco Business; and (iii) any other Liabilities or obligations
expressly assigned to or Assumed or retained by Spinco or any member of the Spinco Group under this Agreement. Remainco and Remainco
Group shall Assume or retain all Liabilities arising under or otherwise related to the Remainco Benefit Arrangements, including
all Liabilities (i) under Section 412 of the Code and Section 302 or Title IV of ERISA, and (ii) resulting from a violation of
the continuation of coverage requirements under COBRA, in each case, except to the extent such Liabilities are Assumed Remainco
Benefit Liabilities. Remainco and Remainco Group shall Assume or retain all Liabilities of the Spinco Group related to the failure
to provide qualifying offers of health coverage (as determined under Treas. Regs. Section 54.4980H-4 and 54.4980H-5) to employees
under Section 4980H of the Code with respect to the 2020 calendar year. Remainco and Remainco Group shall retain all Liabilities
related to or arising with respect to the Remainco Employees, Spinco Employees who are not Spinco Transferred Employees, and any
former employee of the Remainco Group who is not a Spinco Former Employee.

 

(b)       Remainco
Benefit Arrangements. Prior to the Distribution Date, the Remainco Group will cause any Remainco Benefit Arrangement (and
any agreement, arrangement or Contract related thereto) to which any member of the Spinco Group is a party or with respect to
which the Spinco Group has any Liability or obligation to be assigned in full to a member of the Remainco Group, if so assignable,
or appropriately amended or terminated such that no member of the Spinco Group shall be a party to such Remainco Benefit Arrangement
or have any Liability or obligation with respect to such Remainco Benefit Arrangement as of or following the Distribution Date;
provided, however, that in no event shall the Remainco Group be required to assign or amend any Remainco Benefit Arrangement which
is not assignable (or cannot be amended to affect an assignment or other transfer) by its terms (including any terms imposing
Consent requirements or conditions on an assignment where such Consents or conditions have not yet been obtained or fulfilled,
subject to Section 2.5 of the Separation Agreement, the terms of which shall apply to this Section 2.3(b) mutatis mutandis).

 

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(c)       Severance.
As of the Separation Effective Time, Spinco shall Assume all Liabilities for severance payable to any Spinco Employee or Spinco
Former Employee.

 

(d)       COBRA.
The Remainco Group shall be solely responsible for providing continued health coverage required by COBRA to (i) Spinco Former
Employees and Spinco Employees who are not Spinco Transferred Employees (and their qualifying beneficiaries) who experience a
COBRA qualifying event (as defined in Section 4980B of the Code) under the applicable Remainco Benefit Arrangement at any time
and (ii) Spinco Transferred Employees (and their qualifying beneficiaries) who experience a COBRA qualifying event under the applicable
Remainco Benefit Arrangement on or prior to the Separation Effective Time (individuals in (i) and (ii) collectively, the “COBRA
Participants”), and Spinco shall reimburse the Remainco Group within 15 days following the end of each calendar quarter
following the Separation Effective Time for any claims or obligations incurred under the applicable Remainco Benefit Arrangement
as a result of such COBRA coverage (other than those paid under an stop-loss or other insurance policy) by each COBRA Participant
whose COBRA coverage ceased during such calendar quarter, which, in the aggregate with all claims incurred by all other COBRA
Participants whose coverage ceased in prior calendar quarters, exceed the sum of (i) the amount of premiums collected through
the end of such calendar quarter and (ii) any amounts previously paid to the Remainco Group by Spinco pursuant to this Section
8.1(d) with respect to COBRA Participants whose coverage previously ceased. Spinco or its successor, as applicable, and the applicable
Spinco Benefit Arrangement or RMT Partner Benefit Arrangement shall be solely responsible for providing continued health coverage
to the extent required by COBRA to all Spinco Employees who experience a COBRA qualifying event after the Separation Effective
Time, and shall be solely responsible for all claims, obligations and Liabilities incurred as a result of such COBRA coverage.

 

(e)       Workers’
Compensation Claims. Without limiting Section 2.2(a) and without regard to the legal Entity obligated to discharge such workers’
compensation Liabilities under any applicable Legal Requirement, as per Section 6.1(b) of the Separation Agreement, Spinco shall
be responsible for securing workers’ compensation insurance coverage as is required by the applicable Legal Requirement.
Claims for occurrences prior to the Separation Effective Time under workers’ compensation insurance of the Remainco Group
shall be subject to the provisions of Article VI of the Separation Agreement, mutatis mutandis.

 

Article
III

PAY AND BENEFITS

 

Section
3.1        In General. Except to the extent otherwise required by any applicable Legal Requirement or Spinco Labor Agreement,
for the period commencing on the Closing Date and ending on the twelve (12) month anniversary of the Closing Date, RMT Partner
shall, or shall cause the applicable member of the Spinco Group to, provide each US Spinco Transferred Employee and each Non-US
Spinco Transferred Employee who is not afforded significant protections under an applicable Legal Requirement, in each case, whose
employment is not governed by a Spinco Labor Agreement, with:

 

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(a)       base
pay or wage rate no less than the base pay or wage rate such Spinco Transferred Employee received immediately prior to the Distribution
Date;

 

(b)       a
target annual cash bonus compensation opportunity no less than the target annual cash bonus opportunity such Spinco Transferred
Employee received immediately prior to the Distribution Date;

 

(c)       employee
benefits (excluding post-termination or retirement welfare benefits, long-term incentive opportunities and change in control or
retention benefits) that have a value which is substantially similar in the aggregate to (i) the employee benefits such Spinco
Transferred Employee received immediately prior to the Distribution Date or (ii) the employee benefits provided to similarly situated
employees of the RMT Partner Group from and after the Closing Date; and

 

(d)       paid
time off (e.g., vacation and additional personal paid time off, but excluding disability and other medical-related leaves of absence)
no less favorable than the paid time off such Spinco Transferred Employee received immediately prior to the Distribution Date.

 

RMT
Partner shall, or shall cause the applicable member of the Spinco Group to, provide each Spinco Transferred Employee covered by
a Spinco Labor Agreement with compensation and employee benefits at the level required by and in compliance with the applicable
Spinco Labor Agreement.

 

For
the avoidance of doubt, nothing herein shall restrict the right of RMT Partner Group or Spinco Group to terminate the employment
of any Spinco Transferred Employee, provided that any such termination is effected in accordance with Section 3.2 and requirements
(if any) under any applicable Legal Requirement or the applicable Benefit Arrangement.

 

Section
3.2         Severance. Without limiting Section 3.1 above, except to the extent otherwise required by any applicable Legal Requirement
or any Spinco Labor Agreement, for the twelve (12) month period immediately following the Closing Date, RMT Partner shall, or
shall cause the applicable member of the Spinco Group to, provide each Spinco Transferred Employee whose employment terminates
during such period with severance no less favorable than the severance such Spinco Transferred Employee would have received upon
such Spinco Transferred Employee’s termination of employment under the same or similar circumstances immediately prior to
the Distribution Date pursuant to the applicable Remainco Benefit Arrangement (in effect as of the date hereof), factoring in
such Spinco Transferred Employee’s additional length of service and changes in his or her eligible pay between the Distribution
Date and the date of his or her termination.

 

Section
3.3         Participation in Remainco Benefit Arrangements. Except as otherwise expressly provided for in this Agreement or
as otherwise expressly agreed to in writing between the Parties, (a) effective as of the Separation Effective Time, Spinco and
each member of the Spinco Group, to the extent applicable, shall cease to be a participating employer in any Remainco Benefit
Arrangement and (b) effective as of the Separation Effective Time or such later time at which the applicable individual becomes
a Spinco Transferred Employee, each Spinco Transferred Employee shall cease to participate in, be covered by, accrue benefits
under, or be eligible to contribute to any Remainco Benefit Arrangement, in either case except as required by any applicable Legal
Requirement or the terms of the applicable Remainco Benefit Arrangement.

 

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Section
3.4         Participation in Spinco Benefit Arrangements. Except as otherwise provided for in this Agreement or as otherwise
expressly agreed to in writing between the Parties, (a) effective as of the Separation Effective Time, Remainco and each member
of the Remainco Group, to the extent applicable, shall cease to be a participating employer in any Spinco Benefit Arrangement
and (b) effective as of the Separation Effective Time, each Remainco Employee and Spinco Employee who is not a Spinco Transferred
Employee shall cease to participate in, be covered by, accrue benefits under, or be eligible to contribute to any Spinco Benefit
Arrangement, in either case except as required by any applicable Legal Requirement or the terms of the applicable Spinco Benefit
Arrangement.

 

Section
3.5        General Enrollment into RMT Partner Benefit Arrangements.

 

(a)       Enrollment
into RMT Partner Benefit Arrangements. Except to the extent otherwise required under any applicable Legal Requirement, and
subject to the terms of this Agreement, RMT Partner shall, or shall cause the applicable member of the RMT Partner Group to, take
commercially reasonable actions to cause, effective as of the Effective Time or such later time at which the applicable individual
becomes a Spinco Transferred Employee, each Spinco Transferred Employee to be eligible to commence participation in all RMT Partner
Benefit Arrangements for which he or she is eligible, provided that the applicable Spinco Transferred Employee’s commencement
of participation in RMT Partner Benefit Arrangements shall in all cases be subject to such Spinco Transferred Employee’s
satisfaction of any enrollment, election and other applicable requirements for participation.

 

(b)       Length
of Service Crediting. Except to the extent otherwise required by any applicable Legal Requirement, RMT Partner shall, or shall
cause the applicable member of the RMT Partner Group to, take commercially reasonable actions to recognize all service before
the Effective Time of any Spinco Transferred Employee with any member of the Remainco Group or Spinco Group and with any predecessor
employer (to the extent such predecessor employer service was taken into account under an applicable Remainco Benefit Arrangement
or Spinco Benefit Arrangement and indicated on the final Spinco Employee Schedule as the Spinco Transferred Employee’s period
of service) for all purposes (other than for purposes of benefit accruals under any defined benefit pension plan other than the
Spinco Pension Plan). Notwithstanding the foregoing, except to the extent otherwise required by any applicable Legal Requirement,
neither RMT Partner nor any member of the RMT Partner Group shall be required to recognize such service to the extent doing so
would result in the duplication of benefits.

 

(c)       Without
limiting the generality of the foregoing provisions of Section 3.5(a), (i) RMT Partner shall use commercially reasonable efforts
to cause each Spinco Transferred Employee to be immediately eligible to participate, without any waiting time, in any and all
RMT Partner Benefit Arrangements to the extent coverage under the RMT Partner Benefit Arrangement is provided by RMT Partner to
similarly situated employees of the RMT Partner Group in the applicable jurisdiction as of the Effective Time, (ii) for purposes
of each RMT Partner Benefit Arrangement that is a medical, dental or vision benefit plan, RMT Partner shall use commercially reasonable
efforts to cause all pre-existing condition exclusions and actively-at-work requirements of such RMT Partner Benefit Arrangement
to be waived for each Spinco Transferred Employee and his or her covered dependents, and (iii) RMT Partner shall use commercially
reasonable efforts to cause any eligible expenses incurred by each Spinco Transferred Employee and his or her covered dependents
during the portion of the plan year of the Remainco Benefit Arrangement that is a medical benefit plan ending on the date such
employee’s participation in the corresponding Remainco Benefit Arrangement ends to be taken into account under such RMT
Partner Benefit Arrangement for purposes of satisfying all deductible, coinsurance and maximum out-of-pocket requirements applicable
to such employee and his or her covered dependents for the applicable plan year as if such amounts had been paid in accordance
with the RMT Partner Benefit Arrangement.

 

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Section
3.6        Paid Time Off.

 

(a)       Assumed
Paid Time off Liabilities. Except to the extent prohibited by any applicable Legal Requirement, effective as of the Separation
Effective Time, Spinco shall, or shall cause a member of the Spinco Group to, Assume all Liabilities for earned but unused paid
time off (“PTO”) of the Spinco Transferred Employees through the Distribution Date. RMT Partner Group and Spinco
Group will administer earned but unused PTO benefits for Spinco Transferred Employees in accordance with any applicable Spinco
Labor Agreement and Legal Requirement.

 

(b)       Payment
of Paid Time off Benefits Where Required by Legal Requirement. Notwithstanding anything to the contrary in this Agreement,
where required by any applicable Legal Requirement or Spinco Labor Agreement, as soon as administratively practicable following
the Distribution Date (and no later than the earliest date required by any applicable Legal Requirement), Remainco shall, or shall
cause the applicable member of the Remainco Group to, pay out all earned but unused vacation benefits to each Spinco Transferred
Employee entitled to be paid such benefits by reason of the occurrence of any of the Distributions, the Internal Restructuring,
or the Merger.

 

Section
3.7         Cooperation. RMT Partner Group’s and Spinco Group’s
obligations under this Article III are expressly conditioned upon Remainco, for a period of eighteen (18) months following the
Distribution Date, using commercially reasonable efforts to provide to RMT Partner Group and Spinco Group and their respective
agents and representatives all information reasonably necessary for RMT Partner Group and Spinco Group to comply with the obligations
set forth in this Article III within a reasonable time following receipt of a reasonable written request from any member of RMT
Partner Group, any member of Spinco Group or any of their respective agents or representatives.

 

Article
IV

CASH AND EQUITY INCENTIVE COMPENSATION PLANS

 

Section
4.1         Cash Incentives. During the period beginning as of the date of this Agreement and extending until the Distribution
Date, except as set forth on Schedule 4.1 to this Agreement, with respect to Spinco Employees, for all cash incentive programs
with performance periods of one year or less (including annual bonuses for 2021) (“Cash Incentive Programs”),
Remainco shall establish target incentive opportunities, performance metrics, and other terms and conditions (including timing
of payment and conditions to be entitled to payment) in the ordinary course of business and consistent with past practice. To
the extent payments are due under any such Cash Incentive Program prior to the Distribution Date, Remainco shall pay, or cause
to be paid, amounts under such Cash Incentive Programs to Spinco Employees in the ordinary course of business and consistent with
past practice. To the extent payments are not due under any such Cash Incentive Program prior to the Distribution Date, Spinco
shall, or shall cause a member of the Spinco Group to, pay amounts due under such Cash Incentive Programs to Spinco Employees
in the ordinary course of business and consistent with past practice.

 

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Section
4.2            Equity Awards.

 

(a)           Remainco
Equity Awards. At or prior to the Separation Effective Time, Remainco and RMT Partner, the Remainco Board and the Board of
Directors of RMT Partner (the “RMT Partner Board”), and the compensation committees of the Remainco Board and
the RMT Partner Board, as applicable, shall adopt any resolutions to take all steps necessary to effectuate the treatment of the
Remainco Equity Awards in accordance with the applicable Remainco Equity Plan and RMT Partner Equity Plan and award agreements,
as follows:

 

(i)       Remainco
Stock Options. Each Remainco Stock Option (or any portion thereof), whether or not vested, that is outstanding as of immediately
prior to the Separation Effective Time and held by a Spinco Transferred Employee shall be converted as of the Effective Time into,
or substituted with, an option to purchase shares of RMT Partner Common Stock (each such award, an “RMT Partner Stock
Option”) pursuant to the terms of the RMT Partner Equity Plan, subject to terms and conditions from and after the Effective
Time that are substantially similar to the terms and conditions applicable to the corresponding Remainco Stock Option, including
vesting conditions, where applicable, immediately prior to the Separation Effective Time; provided, however, that from and
after the Effective Time, (x) the number of shares of RMT Partner Common Stock subject to such RMT Partner Stock Option shall
equal (A) the number of shares of Remainco Common Stock subject to the corresponding Remainco Stock Option immediately prior to
the Separation Effective Time divided by (B) the RMT Partner Ratio, with any fractional share rounded down to the nearest whole
share, (y) the per-share exercise price of such RMT Partner Stock Option shall equal (A) the per-share exercise price of the corresponding
Remainco Stock Option immediately prior to the Separation Effective Time multiplied by (B) the RMT Partner Ratio, rounded up to
the nearest whole cent, and (z) with respect to each such RMT Partner Stock Option, “change of control” shall have
the meaning set forth in the RMT Partner Equity Plan (i.e., a “change of control” of RMT Partner rather than Remainco);
provided, however, that the exercise price and the number of shares of RMT Partner Common Stock purchasable pursuant
to such RMT Partner Stock Options shall be determined in a manner consistent with the requirements of Section 409A of the Code.

 

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(ii)       Remainco
Phantom Stock Options. Each Remainco Phantom Stock Option (or any portion thereof), whether or not vested, that is outstanding
as of immediately prior to the Separation Effective Time and held by a Spinco Transferred Employee shall be converted as of the
Effective Time into, or substituted with, an option to receive cash based on a number of shares of RMT Partner Common Stock (each
such award, an “RMT Partner Phantom Stock Option”) pursuant to the terms of the RMT Partner Equity Plan, subject
to terms and conditions from and after the Effective Time that are substantially similar to the terms and conditions applicable
to the corresponding Remainco Phantom Stock Option, including vesting conditions, where applicable, immediately prior to the Separation
Effective Time; provided, however, that from and after the Effective Time, (x) the number of shares of RMT Partner Common
Stock subject to such RMT Partner Phantom Stock Option shall equal (A) the number of shares of Remainco Common Stock subject to
the corresponding Remainco Phantom Stock Option immediately prior to the Separation Effective Time divided by (B) the RMT Partner
Ratio, with any fractional share rounded down to the nearest whole share, (y) the per-share exercise price of such RMT Partner
Phantom Stock Option shall equal (A) the per-share exercise price of the corresponding Remainco Phantom Stock Option immediately
prior to the Separation Effective Time multiplied by (B) the RMT Partner Ratio, rounded up to the nearest whole cent, and (z)
with respect to each such RMT Partner Phantom Stock Option, “change of control” shall have the meaning set forth in
the RMT Partner Equity Plan (i.e., a “change of control” of RMT Partner rather than Remainco).

 

(iii)       Remainco
RSUs. Each Remainco RSU held by a Spinco Transferred Employee immediately prior to the Separation Effective Time shall be
converted into, or substituted with, an award of a number of RMT Partner restricted stock units (each, an “RMT Partner
RSU”) determined by dividing the number of shares of Remainco Common Stock subject to each Remainco RSU by the RMT Partner
Ratio. If the resulting product includes a fractional share, the number of shares of RMT Partner Common Stock subject to the RMT
Partner RSU shall be rounded up to the nearest whole share. The RMT Partner RSUs shall be subject to substantially the same terms
and conditions (including vesting terms) as in effect for the corresponding Remainco RSU immediately prior to the Separation Effective
Time; provided, however, with respect to each such RMT Partner RSU, “change of control” shall have the meaning
set forth in the RMT Partner Equity Plan (i.e., a “change of control” of RMT Partner rather than Remainco).

 

(iv)       Remainco
PSUs. Each Remainco PSU held by a Spinco Transferred Employee immediately prior to the Separation Effective Time shall be
converted into, or substituted with, a number of RMT Partner RSUs determined by dividing the number of shares of Remainco Common
Stock subject to each Remainco PSU that would be issued if the applicable performance period ended on the Separation Effective
Time (based on the actual level of performance through the Separation Effective Time, or such other level of performance deemed
achieved, as determined in the sole discretion of the Remainco Board or compensation committee thereof) by the RMT Partner Ratio.
If the resulting product includes a fractional share, the number of shares of RMT Partner Common Stock subject to the RMT Partner
RSU shall be rounded up to the nearest whole share. The RMT Partner RSUs shall be subject to substantially the same terms and
conditions (including time-based vesting terms but excluding any terms related to performance which will be fixed as of the Separation
Effective Time) as in effect for the corresponding Remainco PSU immediately prior to the Separation Effective Time; provided,
however, with respect to each such RMT Partner RSU, “change of control” shall have the meaning set forth in the RMT
Partner Equity Plan (i.e., a “change of control” of RMT Partner rather than Remainco); provided further, however,
that with respect to any Remainco PSU, the Remainco Board or its compensation committee may, in its sole discretion, accelerate
the time-based vesting condition, in which case such Remainco PSU will be settled immediately prior to the Distributions in the
form of Remainco Common Stock and shall not be converted into, or substituted with, RMT Partner RSUs.

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(b)       Adjustments
to Substituted RMT Partner Incentive Awards. Notwithstanding anything to the contrary herein, if, following the Closing, in
the good faith judgment of the RMT Partner Board or the compensation committee, an adjustment to the terms of the RMT Partner
Stock Options, RMT Partner Phantom Stock Options and RMT Partner RSUs contemplated by Section 4.2(a) above (the “Substituted
RMT Partner Incentive Awards”) in connection with the RMT Partner Special Dividend is necessary or advisable to prevent
dilution or enlargement of the benefits or potential benefits intended to be made available under the Substituted RMT Partner
Incentive Awards, the RMT Partner Board or the compensation committee thereof shall adjust each of the Substituted RMT Partner
Incentive Awards in such a manner so as to prevent dilution or enlargement of the benefits or potential benefits intended to be
made available thereunder. All such adjustments and judgments in connection therewith shall be within the sole discretion of the
RMT Partner Board or the compensation committee thereof.

 

(c)       Section
16(b) of the Exchange Act. By approving the adoption of this Agreement, the Remainco Board and the RMT Partner Board intend
to exempt from the short-swing profit recovery provisions of Section 16(b) of the Exchange Act, by reason of the application of
Rule 16b-3 thereunder, all acquisitions and dispositions of equity incentive awards by directors and officers of each of Remainco
and RMT Partner, and the Remainco Board and the RMT Partner Board also intend expressly to approve, in respect of any equity-based
award, the use of any method for the payment of an exercise price and the satisfaction of any applicable Tax withholding (specifically
including the actual or constructive tendering of shares in payment of an exercise price and the withholding of option shares
from delivery in satisfaction of applicable Tax withholding requirements) to the extent that such method is permitted under the
applicable RMT Partner Equity Plan, the Remainco Equity Plan, and any applicable award agreement.

 

(d)       Registration.
Promptly following the Closing, RMT Partner shall file a registration statement on Securities and Exchange Commission Form S-8
(or other available form) with respect to the shares of RMT Partner Common Stock authorized for issuance from and after the Closing
under RMT Partner Stock Options and (to the extent the settlement thereof requires registration under the Securities Exchange
Act of 1933, as amended) RMT Partner RSUs, and RMT Partner shall use commercially reasonable efforts to maintain after the Closing
effective registration statements with the Securities and Exchange Commission with respect to the exercise of such RMT Partner
Stock Options and (to the extent the settlement thereof requires registration under the Securities Exchange Act of 1933, as amended)
RMT Partner RSUs.

 

(e)       Tax
Withholding. Upon the vesting, exercise or settlement, as applicable, of RMT Partner Stock Options, RMT Partner Phantom Stock
Options and RMT Partner RSUs, RMT Partner and the holder of such award shall be responsible for ensuring the satisfaction of all
applicable Tax payment and withholding requirements in respect thereof and for ensuring the collection and remittance of applicable
Taxes to the applicable Governmental Body.

 

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(f)       Cooperation.
Each Party acknowledges and agrees to use commercially reasonable efforts to cooperate with each other and with third-party providers
to effect withholding and remittance of Taxes, as well as required Tax reporting, in a timely, efficient, and appropriate manner
to further the purposes of this Article IV, and to administer all employee equity awards that are outstanding immediately following
the Effective Time (including all such equity awards that are adjusted in accordance with this Article IV) to the extent consistent
with this Agreement and applicable law, for a period of eighteen (18) months following the Closing Date.

 

Article
V

U.S. Pension Plan

 

Section
5.1        Pension Plan Spinoff and Related Asset Transfer.

 

(a)       Prior
to the Distribution Date, Remainco shall have caused a member of the Spinco Group to (1) adopt the Spinco Pension Plan, which
shall have provisions that mirror the Remainco Pension Plan (other than with respect to provisions regarding sponsorship and administration
which shall reflect the Distributions), and (2) adopt and enter into the Spinco Pension Trust, which shall have provisions that
mirror the Remainco Pension Trust (other than with respect to provisions regarding sponsorship and administration which shall
reflect the Distributions), in each case, which shall be subject to review by and approval of RMT Partner, which approval shall
not be unreasonably withheld or delayed. Remainco shall provide the Spinco Pension Plan and the Spinco Pension Trust to RMT Partner
at least sixty (60) days prior to the Distribution Date, and RMT Partner shall provide any comments to these documents in writing
at least thirty (30) days prior to the Distribution Date.

 

(b)       Effective
as of the Separation Effective Time, Remainco and Spinco shall take all action necessary to effectuate the transfer from the Remainco
Pension Plan to the Spinco Pension Plan of all Liabilities of the Remainco Pension Plan for benefits accrued through the Distribution
Date in respect of the Spinco Transferred Employees and Spinco Former Employees who are participants in the Remainco Pension Plan
and all Spinco Transferred Employees’ and Spinco Former Employees’ surviving spouses or beneficiaries entitled to
receive benefits under the Remainco Pension Plan immediately prior to the Distributions and in each case, who are listed on Schedule
A of the Spinco Pension Plan (the “Spinco Pension Participants”) and all assets relating thereto (as described
in paragraph (c) below), in a manner that satisfies Sections 401(a)(12), 411(d)(6) and 414(l) of the Code and Section 4044 of
ERISA (the “Transferred Benefits”). Following such transfer, the Spinco Pension Participants shall no longer
be eligible to participate in the Remainco Pension Plan, and none of the Remainco Group, any affiliate of the Remainco Group or
the Remainco Pension Plan shall thereafter have any further responsibility for the Transferred Benefits, subject to any corrections,
true ups or other actions, in each case, as set forth below. Such pension spinoff shall not affect the status of the Remainco
Pension Plan and the Spinco Pension Plan as “frozen plans” with respect to future eligibility to participate and benefit
accruals. Remainco shall retain sponsorship of, be responsible for the management and administration of, and be responsible for
all Liabilities under the Remainco Pension Plan and the Remainco Pension Trust, and none of the Spinco Group, any affiliate of
the Spinco Group or the Spinco Pension Plan shall have any Liability relating to the Remainco Pension Plan.

 

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(c)       Effective
as of the Distribution Date, Remainco shall, or shall cause the applicable member of the Remainco Group to, cause (or shall have
caused) the trustee of the Remainco Pension Trust to transfer to the trustee of the Spinco Pension Trust (i) ninety percent (90%)
of a good faith estimate of the Section 414(l) Amount (as defined below) prior to or as soon as practicable after the Distribution
Date (the “90% Amount”) (the specific date, the “Pension Transfer Date”), as adjusted to
reflect investment experience in the Remainco Pension Plan during the period commencing on the Distribution Date and ending immediately
prior to the Pension Transfer Date, and (ii) the remaining portion of the Section 414(l) Amount (the “True-Up
Amount”) no later than thirty (30) days following the date on which the Section 414(l) Amount becomes conclusive, final
and binding as described in Section 5.1(d) (the specific date, the “True-Up Date”); provided that all
such transfers will be conducted in compliance with applicable law and with any applicable notice requirements to any Governmental
Body. The True-Up Amount shall be adjusted from the Distribution Date to the True-Up Date to reflect investment experience in
the Remainco Pension Plan, the Spinco Pension Plan’s allocable share of recordkeeping, administration and investment expenses,
PBGC premiums, and any benefit distributions made to the Spinco Pension Participants. For this purpose, the “Section
414(l) Amount” means the amount of assets required to be transferred to the Spinco Pension Plan, based on the
amount of Liabilities transferred to the Spinco Pension Plan from the Remainco Pension Plan on the Pension Transfer Date determined
under the requirements of Section 414(l) of the Code and the regulations promulgated thereunder as if the Remainco Pension
Plan had then terminated and its assets were allocated to plan participants in accordance with Section 4044 of ERISA based on
the assumptions described in Treasury Regulation Section 1.414(l)-1(b)(5)(ii). For the avoidance of doubt, any amounts transferred
from the trustee of the Remainco Pension Trust to the trustee of the Spinco Pension Trust prior to the Pension Transfer Date shall
reduce the amount necessary to fund the 90% Amount on the Pension Transfer Date (e.g., if five percent (5%) of the good
faith estimate of the Section 414(l) Amount was transferred prior to the Pension Transfer Date then only eighty-five percent
(85%) more would need to be transferred on the Pension Transfer Date). Notwithstanding the foregoing, in the event that the True-Up
Amount is a negative number, RMT Partner shall, or shall cause, the trustee of the Spinco Pension Trust to transfer to the trustee
of the Remainco Pension Trust, an amount equal to such negative True-up Amount.

 

(d)       The
Section 414(l) Amount, the determination of the 90% Amount and the True-Up Amount, and any applicable adjustments to any
such amounts shall be determined by Willis Towers Watson, the enrolled actuaries for the Remainco Pension Plan (“WTW”).
As soon as practicable after the determination of the 90% Amount (which shall be made based on a good faith estimate of the Section
414(l) Amount by WTW), and no later than ten (10) Business Days prior to the Pension Transfer Date, Remainco shall provide
RMT Partner with documentation supporting the calculations underlying such determination for review and comment, and Remainco
shall provide (or shall cause to be provided) an actuary designated by RMT Partner with information reasonably requested by RMT
Partner or its agent or representative to also calculate the Section 414(l) Amount and the 90% Amount, and any applicable
adjustments to either, and to verify that such calculations have been performed in a manner consistent with Section 414(l)
of the Code, Section 208 of ERISA, Section 4044 of ERISA and this Agreement. As soon as practicable, but no later than ninety
(90) days following the Distribution Date, Remainco or WTW shall provide RMT Partner’s actuary with Remainco’s finalized
calculation of the Section 414(l) Amount and the information provided pursuant to the previous sentence, mutatis mutandis.
Within forty-five (45) days following receipt by RMT Partner’s actuary of WTW’s calculation of the Section 414(l)
Amount, any applicable adjustments and the information described in the preceding sentence, RMT Partner shall notify Remainco
in writing if there is a good faith dispute between WTW and RMT Partner’s actuary as to the calculation of the Section 414(l)
Amount or any of the applicable adjustments thereto. If RMT Partner does not notify Remainco of any such good faith dispute within
such 45-day period, the determination of WTW shall become conclusive, final and binding. If any such dispute remains unresolved
for thirty (30) days following Remainco’s receipt of such written notification from RMT Partner, Remainco and RMT Partner
shall (in writing) jointly select and appoint a third actuary (the cost of which shall be borne equally by Remainco and RMT Partner),
who shall make a final and binding determination of the Section 414(l) Amount and any applicable adjustments thereto in
accordance with applicable Legal Requirement and this Agreement. Each of Remainco and RMT Partner shall be responsible for the
cost of its own actuary and attorney’s fees.

 

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(e)       In
the event that Remainco discovers individuals who should have been, but were not, properly designated in the Spinco Pension Plan
as Spinco Pension Participants within the eighteen (18)-month period following the True-Up Date, Remainco shall cause the trustee
of the Remainco Pension Trust to transfer sufficient assets to the trustee of the Spinco Pension Trust to fund the accrued benefits
of such individuals under the Spinco Pension Plan and such individuals shall thereafter be Spinco Pension Participants. In the
event that Remainco discovers individuals who should have been, but were not, properly designated in the Spinco Pension Plan as
Spinco Pension Participants after the eighteen (18)-month anniversary of the True-Up Date, such individuals will thereafter remain
participants in the Remainco Pension Plan. Remainco and WTW shall use commercially reasonable efforts to work with RMT Partner’s
actuary in such a manner that will allow RMT Partner’s actuary to audit and confirm the accuracy of all underlying participant
data used to determine the amount of the accrued benefit of each Spinco Pension Participant prior to the Distribution Date. To
the extent the parties discover within eighteen (18) months after the date on which the final pension transfer amount is determined
under this Agreement that an incorrect amount (either too much or too little) of assets has been transferred from the Remainco
Pension Plan to the Spinco Pension Plan based on a mistake in the calculation of any Spinco Pension Participant’s benefit,
the parties shall take all corrective action necessary to ensure that such assets have been properly transferred between the Remainco
Pension Plan and the Spinco Pension Plan in accordance with ERISA and the Code.

 

(f)       The
Parties agree to promptly provide such pertinent data or information as each other may reasonably require to implement the requirements
of this Article V (including information required for purposes of RMT Partner’s actuary’s verification process described
in Section 5.1(d) and verification of each Spinco Pension Participant’s accrued benefit as set forth in Section 5.1(e)).
Remainco shall, or shall cause the administrator of the Remainco Pension Plan, to provide to RMT Partner’s actuary, no later
than immediately prior to the Distribution Date in a format reasonably requested by RMT Partner’s actuary, all employment,
service, and payroll data and all other information reasonably necessary to determine the accrued benefit of each Spinco Pension
Participant under the Remainco Pension Plan that is to be transferred from the Remainco Pension Plan to the Spinco Pension Plan.
The Parties shall cooperate and coordinate in (i) making all filings required under the Code and ERISA (including all reports
required under ERISA Section 4043), (ii) responding to any inquiries from any Governmental Bodies relating to the spinoff or any
filings related thereto, (iii) implementing all appropriate communications with Spinco Pension Participants with respect to the
actions contemplated by this Article V, and (iv) transferring appropriate records. Each Party shall bear its own costs related
to this Article V.

 

     22

     

    

 

(g)       All
participant elections (including beneficiary designations, qualified domestic relations orders, or qualified medical child support
orders) with respect to the participation of each Spinco Pension Participant in the Remainco Pension Plan shall be transferred
to and be in full force and effect under the Spinco Pension Plan in accordance with the terms of such plan and to the extent permissible
under such plan, until such elections are replaced or revoked by the Spinco Pension Participant who made such election.

 

Article
VI

U.S. defined contribution plans

 

Section
6.1        U.S. Defined Contribution Plans.

 

(a)       Effective
as of the Separation Effective Time, (i) the active participation of each US Spinco Transferred Employee who is a participant
in the Remainco Retirement Plan shall automatically cease and no US Spinco Transferred Employee shall thereafter accrue any benefits
under any such Remainco Retirement Plan and (ii) Remainco shall cause each such US Spinco Transferred Employee to become fully
vested in such US Spinco Transferred Employee’s account balances under such Remainco Retirement Plan.

 

(b)       As
of the Effective Time, RMT Partner shall cause, or shall cause the applicable member of the RMT Partner Group to cause, one or
more defined contribution plans that include a qualified cash or deferred arrangement within the meaning of Section 401(k) of
the Code (any such plan, a “RMT Partner Retirement Plan”) to allow each US Spinco Transferred Employee to make
a “direct rollover” to the RMT Partner Retirement Plan of the account balances of such Spinco Transferred Employee,
including promissory notes evidencing any outstanding loans, under the Remainco Retirement Plan in which such US Spinco Transferred
Employee participated prior to the Closing; provided that such Remainco Retirement Plan permits such a direct rollover and if
such direct rollover is elected and permitted in accordance with applicable Legal Requirements by such US Spinco Transferred Employee.

 

Article
VII

U.S. NON-QUALIFIED DEFERRED COMPENSATION PLANS

 

Section
7.1         U.S. Non-Qualified Deferred Compensation Plan. Remainco shall provide to RMT Partner, at the time Remainco provides
the final Spinco Employee Schedule set forth in Section 2.1(a)(ii), a list of each Spinco Transferred Employee who participates
in the Remainco Deferred Compensation Plan (each Spinco Transferred Employee who is a participant in the Remainco Deferred Compensation
Plan immediately prior to the Distributions, a “Spinco DCP Participant”). On and after the Effective Time,
RMT Partner shall, or shall cause the applicable member of the RMT Partner Group to, notify Remainco of the occurrence of (a)
any payment event with respect to a Spinco DCP Participant under the Remainco Deferred Compensation Plan identified in such list
of Spinco DCP Participants and (b) the “separation from service” under Section 409A of the Code of any Spinco DCP
Participant, whether or not such separation from service is a payment event, in each case, as promptly as practicable but in no
event later than thirty (30) days following such separation from service, and shall promptly provide to Remainco any other relevant
information reasonably requested by Remainco in writing for purposes of administering the Remainco Deferred Compensation Plan
with respect to the Spinco DCP Participants.

 

     23

     

    

 

Article
VIII

U.S. Retiree Health, Dental and Life Benefits

 

Section
8.1        US Retiree Health, Dental and Life Benefits.

 

(a)       Prior
to the Distribution Date, Remainco shall have caused a member of the Spinco Group to (1) adopt one or more Spinco Retiree Welfare
Plans, which shall have provisions that mirror the Remainco Retiree Welfare Plans (other than with respect to provisions regarding
sponsorship and administration which shall reflect the Distributions), and (2) adopt and enter into any insurance Contracts or
policies with respect to any Spinco Retiree Welfare Plan, which shall have provisions that mirror the insurance Contracts and
policies currently pertaining to the Remainco Retiree Welfare Plans (other than with respect to provisions regarding sponsorship
and administration which shall reflect the Distributions), in each case, which shall be subject to review by and approval of RMT
Partner, which approval shall not be unreasonably withheld or delayed. Remainco shall provide the Spinco Retiree Welfare Plans
and any insurance Contracts or policies with respect to the Spinco Retiree Welfare Plans to RMT Partner at least sixty (60) days
prior to the Distribution Date, and RMT Partner shall provide any comments to these documents in writing at least thirty (30)
days prior to the Distribution Date.

 

(b)       As
of the Distribution Date, Spinco shall, or shall cause a member of the Spinco Group to, Assume all Liabilities to provide benefits
to Spinco Retiree Welfare Participants and their surviving spouses or beneficiaries receiving such coverage or benefits pursuant
to the Remainco Retiree Welfare Plans as of immediately prior to the Distributions, and the Spinco Retiree Welfare Participants
shall no longer be eligible to participate in the Remainco Retiree Welfare Plan, and none of the Remainco Group or the Remainco
Retiree Welfare Plan shall thereafter have any further responsibility for such benefits. Remainco shall retain sponsorship of,
be responsible for the management and administration of, and be responsible for all Liabilities under the Remainco Retiree Welfare
Plan and any related insurance Contracts or policies, and none of the Spinco Group, any affiliate of the Spinco Group or the Spinco
Retiree Welfare Plans shall have any Liability relating to the Remainco Retiree Welfare Plan.

 

(c)       The
Parties agree to promptly provide such pertinent data or information as each other may reasonably require to implement the requirements
of this Article VIII. The Parties shall cooperate in (i) implementing all appropriate communications with Spinco Retiree Welfare
Participants with respect to the actions contemplated by this Article VIII, and (ii) transferring appropriate records. Each Party
shall bear its own costs related to this Article VIII.

 

(d)       All
participant elections with respect to the participation of each Spinco Retiree Welfare Participant in the Remainco Retiree Welfare
Plan shall be transferred to and be in full force and effect under the Spinco Retiree Welfare Plan in accordance with the terms
of such plan and to the extent permissible under such plan, until such elections are replaced or revoked by the Spinco Retiree
Welfare Participant who made such election.

 

     24

     

    

 

Article
IX

FLEXIBLE SPENDING ACCOUNTS

 

Section
9.1        Flexible Spending Accounts.

 

(a)       Effective
on or prior to the Distribution Date, Remainco shall cause a member of Spinco Group to adopt a cafeteria plan intended to comply
with Section 125 of the Code that includes a healthcare flexible spending account program and a dependent care flexible spending
account program (the “Spinco FSA”) that is substantially similar to the Remainco FSA. RMT Partner shall, or
shall cause a member of Spinco Group or RMT Partner Group, to maintain the Spinco FSA for the remainder of the calendar year in
which the Effective Time occurs for each Spinco Transferred Employee who, in the portion of the calendar year on or prior to the
Distribution Date, contributed to the Remainco FSA (the “FSA Participants”). During the period from the Effective
Time until the last day of the plan year of the Remainco FSA that commenced immediately prior to the Effective Time, RMT Partner
shall, or shall cause a member of Spinco Group or RMT Partner Group, to continue, the salary reduction elections made by the FSA
Participants (adjusted, to the extent necessary, to take into account any changes to applicable premiums related to any RMT Partner
Benefit Arrangements) and allow each FSA Participant to receive reimbursement from such participant’s flexible spending
reimbursement account under the Spinco FSA on substantially the same terms and conditions as would have been applicable to such
participant as if such FSA Participant were employed by Remainco Group following the Distribution Date during such period and
continued to participate in the Remainco FSA. If the aggregate amount withheld from the FSA Participants’ compensation under
the Remainco FSA for the plan year in which the Distribution Date occurs exceeds the aggregate amount of reimbursements paid to
the FSA Participants prior to the Distribution Date under the Remainco FSA for such plan year, Remainco shall transfer (or cause
to be transferred) to RMT Partner within forty-five (45) days after the Distribution Date a cash payment equal to such excess,
if any. If the aggregate amount of reimbursements paid to the FSA Participants under the Remainco FSA prior to the Distribution
Date for the plan year in which the Distribution Date occurs exceeds the aggregate amount withheld prior to the Distribution Date
from FSA Participants’ compensation under the Remainco FSA for such plan year, RMT Partner shall transfer to Remainco within
forty-five (45) days after the Distribution Date a cash payment equal to such excess, if any. Spinco shall Assume and be solely
responsible for all claims for reimbursement by FSA Participants under the terms of the Spinco FSA, whether incurred prior to,
on or after the Distribution Date, that have not been paid in full as of the Distribution Date, which claims shall be paid pursuant
to and under the terms of the Spinco FSA.

 

(b)       RMT
Partner Group and Spinco Group’s obligations under this Article IX are expressly conditioned upon Remainco providing to
RMT Partner Group and Spinco Group and their respective agents and representatives all information reasonably necessary for RMT
Partner Group and Spinco Group to comply with the obligations set forth in this Article IX within a reasonable time following
receipt of a reasonable written request from any member of RMT Partner Group, any member of Spinco Group or any of their respective
agents or representatives.

 

     25

     

    

 

Article
X

MISCELLANEOUS

 

Section
10.1       Entire Agreement; Counterparts; Exchanges by Facsimile. This Agreement, the Merger Agreement, the Ancillary
Agreements and the Confidentiality Agreement, including the exhibits and schedules hereto and thereto and the other agreements
referred to herein and therein shall constitute the entire agreement and shall supersede all prior agreements and understandings,
both written and oral, among or between any of the Parties with respect to the subject matter hereof and thereof. This Agreement
may be executed in several counterparts, each of which shall be deemed an original and all of which shall constitute one and the
same instrument. The exchange of a fully executed Agreement (in counterparts or otherwise) by facsimile or electronic transmission
shall be sufficient to bind the Parties to the terms and conditions of this Agreement.

 

Section
10.2       No Modifications. Nothing herein, express or implied, is intended or shall be construed to (i) constitute an amendment
to any Benefit Arrangement, Remainco Benefit Arrangement, Spinco Benefit Arrangement, RMT Partner Benefit Arrangement or other
compensation and benefits plan maintained for or provided to Spinco Employees or Spinco Former Employees or any other persons
prior to or following the Closing Date or (ii) confer upon or give to any person (including, for the avoidance of doubt, any Spinco
Employee, Spinco Former Employee or any other current or former employees, directors, or independent contractors of the Remainco
Group or Spinco Group, or on or after the Closing, RMT Partner Group or any of their post-Closing affiliates), other than the
parties hereto, any legal or equitable or other rights or remedies with respect to the matters provided for in this Agreement
under or by reason of any provision of this Agreement. No Spinco Employees or Spinco Former Employees, including any beneficiary
or dependent thereof, or any other person not a party to this Agreement, shall be entitled to assert any claim hereunder.

 

Section
10.3       Ancillary Agreements. Except as expressly set forth herein, this Agreement is not intended to address, and
should not be interpreted to address, the matters specifically and expressly covered by the Ancillary Agreements.

 

Section
10.4       Relation to Other Documents. To the extent there is any inconsistency between
this Agreement and the terms of another agreement pertaining to the Distributions or Merger (other than any Spinco Labor Agreement)
that is the subject of this Agreement and such inconsistency (a) arises in connection with or as a result of employment with or
the performance of services before or after the Distributions for any member of the Remainco Group, Spinco Group or RMT Partner
Group and (b) relates to the allocation of Liabilities attributable to any Benefit Arrangement or the employment, service, termination
of employment or termination of service of all present or former Remainco Employees, Spinco Employees, Spinco Former Employees
or any of their dependents and beneficiaries (and any alternate payees in respect thereof) and other service providers (including
any individual who is, or was or is determined to be an independent contractor, temporary employee, temporary service worker,
consultant, freelancer, agency employee, leased employee, on-call worker, incidental worker, or non-payroll worker or in any other
employment, non-employment, or retainer arrangement, or relationship with any member of the Remainco Group or the Spinco Group),
the terms of this Agreement shall prevail.

 

     26

     

    

 

Section
10.5       Legal Requirements; Confidentiality Agreement. Nothing herein shall require the Remainco Group, the Spinco Group,
or the RMT Partner Group to disclose any information if such disclosure would jeopardize any attorney-client privilege or contravene
any applicable Legal Requirement or binding agreement entered into prior to the date of this Agreement; provided that the parties
shall cooperate to disclose such information to the extent possible without jeopardizing such privilege or contravening such Legal
Requirements or binding agreements. All information exchanged pursuant to this Agreement shall be subject to the Confidentiality
Agreement.

 

Section
10.6       Notices. All notices, requests, demands and other communications under this Agreement shall be in writing and shall
be deemed to have been duly given or made as follows: (a) if sent by registered or certified mail in the U.S. return receipt requested,
upon receipt; (b) if sent by nationally recognized overnight air courier (such as Federal Express), two (2) Business Days
after mailing; (c) if sent by facsimile transmission or e-mail before 5:00 p.m. Central Time, when transmitted and receipt
is confirmed; (d) if sent by facsimile transmission or e-mail after 5:00 p.m. Central Time and receipt is confirmed, on the
following Business Day; or (e) if otherwise actually personally delivered, when delivered; provided that such notices,
requests, demands and other communications are delivered to the physical address, e-mail address or facsimile number set forth
below, or to such other address as any Party shall provide by like notice to the other Parties to this Agreement:

 

if
to RMT Partner or Spinco (after the Separation Effective Time):

 

Regal
Beloit Corporation

200 State Street

Beloit, WI 53511

Attention: Thomas E. Valentyn, Vice President, General Counsel and Secretary

Email: [Redacted]

 

with
a copy (which shall not constitute notice) to:

 

Sidley
Austin LLP

One South Dearborn Street

Chicago, IL 60603

Attention: Scott R. Williams and Christopher R. Hale

Fax: (312) 853-7036

Email: swilliams@sidley.com and chale@sidley.com

 

if
to Remainco or Spinco (prior to the Separation Effective Time):

 

Rexnord
Corporation

511 W. Freshwater Way

Milwaukee, WI 53204

Attention: Patricia M. Whaley, Vice President, General Counsel & Secretary

Email: [Redacted]

 

     27

     

    

 

with
a copy (which shall not constitute notice) to:

 

Morgan,
Lewis & Bockius LLP

101 Park Avenue

New York, NY 10178

Attention: R. Alec Dawson and Andrew L. Milano

Phone: (212) 309-7092

             (212) 309-6252

Fax:     (212) 309-6001

Email: alec.dawson@morganlewis.com

             andrew.milano@morganlewis.com

 

and

 

Richards,
Layton & Finger, P.A. 

920
North King Street 

P.O.
Box 551 

Wilmington,
DE 19801 

Attention:
Mark Gentile and Stephanie Norman 

Phone:
(302) 651-7722; (302) 651-7756 

Email:
gentile@rlf.com; norman@rlf.com

 

A
copy of any notice from Remainco to Spinco, or from Spinco to Remainco, prior to the Separation Effective Time shall be provided
to RMT Partner in accordance with the notice procedures set forth in this Section 10.6.

 

Section
10.7      Waiver.

 

(a)       No
failure on the part of any Party to exercise any power, right, privilege or remedy under this Agreement, and no delay on the part
of any Party in exercising any power, right, privilege or remedy under this Agreement, shall operate as a waiver of such power,
right, privilege or remedy; and no single or partial exercise of any such power, right, privilege or remedy shall preclude
any other or further exercise thereof or of any other power, right, privilege or remedy. The rights and remedies hereunder are
cumulative and not exclusive of any rights or remedies that any Party would otherwise have.

 

(b)       No
Party shall be deemed to have waived any claim arising out of this Agreement, or any power, right, privilege or remedy under this
Agreement, unless the waiver of such claim, power, right, privilege or remedy is expressly set forth in a written instrument duly
executed and delivered on behalf of such Party and, in the case of waivers by Remainco or Spinco or any of their Subsidiaries,
consented to in writing by RMT Partner; and any such waiver shall not be applicable or have any effect except in the specific
instance in which it is given.

 

     28

     

    

 

Section
10.8       Assignment. This Agreement shall be binding upon, and shall be enforceable by and inure solely to the benefit of,
the Parties and their respective successors and permitted assigns; provided, however, that neither this Agreement nor any
Party’s rights or obligations hereunder may be assigned or delegated by such Party without the prior written consent of
the other Parties, except that a Party may assign any of its rights under this Agreement: (i) as collateral security to a creditor,
(ii) to one of its Affiliates or (iii)(A) in connection with the sale of all or substantially all of its assets or (B) in the
case of RMT Partner or Spinco in connection with the sale of substantially all of the assets of the Spinco Business or the business
unit of which it is a part; provided, however, that in each case, no such assignment shall relieve such Party of
any of its obligations. Any attempted assignment or delegation of this Agreement or any of such rights or obligations by any Party
in violation of this Agreement without the prior written consent of the other Parties shall be void and of no effect.

 

Section
10.9       Termination. This Agreement shall terminate without further action at any time before the Separation Effective
Time upon termination of the Merger Agreement. If so terminated, no Party shall have any Liability of any kind to any other Party
or any other Person on account of this Agreement, except as provided in the Merger Agreement.

 

Section
10.10     Amendment. This Agreement may not be amended except by an instrument in writing signed by an authorized representative
of each of the Parties.

 

Section
10.11     Subsidiaries. Each of the Parties shall cause to be performed, all actions, agreements and obligations set forth
herein to be performed by any of its Subsidiaries (including Spinco and its Subsidiaries) with respect to (a) Remainco prior to
the Separation Effective Time and (b) the RMT Partner following the Effective Time.

 

Section
10.12     Third-Party-Beneficiaries. This Agreement is solely for the benefit of the Parties and nothing in this Agreement,
express or implied, is intended to or shall confer upon any Person (other than the Parties) any right, benefit or remedy of any
nature whatsoever under or by reason of this Agreement.

 

Section
10.13     Governing Law; Jurisdiction; Specific Performance; Remedies. This Agreement shall be governed by,
and construed in accordance with, the laws of the State of Delaware, regardless of the laws that might otherwise govern under
applicable principles of conflicts of laws thereof. In any Legal Proceeding between any of the Parties arising out of or relating
to this Agreement or any of the transactions contemplated hereby: (a) each of the Parties irrevocably and unconditionally consents
and submits to the exclusive jurisdiction and venue of the Court of Chancery of the State of Delaware or, if under applicable
Legal Requirements, the Court of Chancery does not have subject matter jurisdiction over such matter, in any federal court in
the State of Delaware or, if under applicable Legal Requirements, neither such court has subject matter jurisdiction over such
matter, in any other state court in the State of Delaware, and in each case any appellate court with jurisdiction therefrom (the
 “Chosen Courts”); (b) each of the Parties irrevocably waives the right to trial by jury; and (c)
each of the Parties irrevocably and unconditionally waives, and agrees not to assert, by way of motion or as a defense, counterclaim
or otherwise, any claim (i) that it is not personally subject to the jurisdiction of the Chosen Courts as described herein for
any reason; (ii) that it or its property is exempt or immune from jurisdiction of any such court or from any legal process
commenced in such courts; and (iii) that (x) the claim, action, suit or other Legal Proceeding in any such court is brought
in an inconvenient forum; (y) the venue of such claim, action, suit or other Legal Proceeding is improper; or (z) this
Agreement, the Ancillary Agreements, or the subject matter hereof or thereof, may not be enforced in or by such courts. Each of
the Parties further agrees that, to the fullest extent permitted by applicable Legal Requirements, service of any process, summons,
notice or document in accordance with the provisions of Section 10.6 will be effective service of process for any claim, action,
suit or other Legal Proceeding in the Chosen Courts with respect to any matters to which it has submitted to jurisdiction as set
forth in this paragraph. The Parties hereby agree that a final judgment in any such claim, suit, action or other Legal Proceeding
will be conclusive, subject to any appeal, and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by applicable Legal Requirements. The Parties agree that irreparable damage would occur and that the Parties would
not have any adequate remedy at law in the event that any of the provisions of this Agreement were not performed in accordance
with their specific terms or were otherwise breached. It is accordingly agreed that the Parties shall be entitled to specific
performance and injunctive or other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms
and provisions of this Agreement without the requirement for the posting of any bond, this being in addition to any other remedy
to which they are entitled at law or in equity. All rights and remedies existing under this Agreement are cumulative to, and not
exclusive of, any rights or remedies otherwise available.

 

     29

     

    

 

Section
10.14     Severability. Any term or provision of this Agreement (or part thereof) that is invalid or unenforceable in any
situation in any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions of this Agreement
or the validity or enforceability of the offending term or provision (or part thereof) in any other situation or in any other
jurisdiction. If a final judgment of a court of competent jurisdiction declares that any term or provision of this Agreement (or
part thereof) is invalid or unenforceable, the Parties agree that the court making such determination shall have the power to
limit such term or provision (or part thereof), to delete specific words or phrases or to replace such term or provision with
a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable
term or provision (or part thereof), and this Agreement shall be valid and enforceable as so modified. In the event such court
does not exercise the power granted to it in the prior sentence, the Parties agree to replace such invalid or unenforceable term
or provision (or part thereof) 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 or provision.

 

Section
10.15     No Double Recovery. Nothing in this Agreement is intended to confer to or impose upon any Party a duplicative
recovery with respect to any matter arising out of the same facts and circumstances.

 

Section
10.16     Construction.

 

(a)        For
purposes of this Agreement, whenever the context requires: the singular number shall include the plural, and vice versa;
the masculine gender shall include the feminine and neuter genders; the feminine gender shall include the masculine and neuter
genders; and the neuter gender shall include masculine and feminine genders.

 

     30

     

    

 

(b)       The
Parties agree that any rule of construction to the effect that ambiguities are to be resolved against the drafting Party shall
not be applied in the construction or interpretation of this Agreement.

 

(c)       As
used in this Agreement, unless otherwise specified, the words “include” and “including,” and variations
thereof, shall not be deemed to be terms of limitation, but rather shall be deemed to be followed by the words “without
limitation.”

 

(d)       As
used in this Agreement, the word “extent” in the phrase “to the extent” shall mean the degree to which
a subject or other thing extends, and such phrase shall not mean simply “if.”

 

(e)       As
used in this Agreement, the terms “or,” “any” or “either” are not exclusive.

 

(f)        Except
as otherwise indicated, all references in this Agreement to “Articles,” “Sections,” “Exhibits”
and “Schedules” are intended to refer to Sections or Articles of this Agreement and Exhibits or Schedules to this
Agreement.

 

(g)       As
used in this Agreement, the terms “hereunder,” “hereof,” “hereto,” “herein” and
words of similar import shall be deemed to refer to this Agreement as a whole and not to any particular Section or other provision.

 

(h)       The
headings contained in this Agreement are for convenience of reference only, shall not be deemed to be a part of this Agreement
and shall not be referred to in connection with the construction or interpretation of this Agreement.

 

(i)        Unless
the context requires otherwise, references in this Agreement to “Remainco” shall also be deemed to refer to the applicable
member of the Remainco Group, references to “Spinco” shall also be deemed to refer to the applicable member of the
Spinco Group, references to “RMT Partner” shall also be deemed to refer to the applicable member of the RMT Partner
Group and, in connection therewith, any references to actions or omissions to be taken, or refrained from being taken, as the
case may be, by Remainco, Spinco or RMT Partner shall be deemed to require Remainco, Spinco or RMT Partner, as the case may be,
to cause the applicable members of the Remainco Group, the Spinco Group or the RMT Partner Group, respectively, to take, or refrain
from taking, any such action. In the event of any inconsistency or conflict which may arise in the application or interpretation
of any of the definitions set forth in Article I, for the purpose of determining what is and is not included in such definitions,
any item explicitly included on a Schedule referred to in any such definition shall take priority over any provision of the text
thereof.

 

[Signatures
of the Parties on Next Page]

 

     31

     

    

 

IN
WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the day and year first above written.

 

	 	REXNORD CORPORATION
	 	 	 	 
	 	By:	/s/ Todd
    A. Adams	 
	 	Name:	Todd A. Adams	 
	 	Title:	President and Chief Executive Officer 	 
	 	 	 	 
	 	LAND NEWCO, INC.
	 	 	 	 
	 	By:	/s/ Todd
A. Adams	 
	 	Name:	Todd A. Adams 	 
	 	Title:	President	 

 

[Signature
Page to Employee Matters Agreement]

 

     

     

    

 

	 	REGAL BELOIT CORPORATION
	 	 	 	 
	 	By:	/s/ Louis
    V. Pinkham	 
	 	Name:	Louis V. Pinkham	 
	 	Title:	Chief Executive Officer	 

 

[Signature
Page to Employee Matters Agreement]

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