Document:

Exhibit 10.1

 

CONFIDENTIAL

 

TRANSITION AND SEPARATION AGREEMENT

 

This Transition and Separation
Agreement (the “Agreement”) is made this 12th day of May, 2021, by ProSight Global, Inc. (“the “Company”)
and Robert Bailey (the “Executive”).

 

WHEREAS, the Executive has
informed the Company of his intent to retire from his role as Chief Underwriting Officer on May 12, 2021, and the Company has requested
that the Executive transition his responsibilities to his successor and provide certain services to the Company after such date, and

 

WHEREAS the parties agree
that the Executive shall continue to be employed until the Termination Date (as defined below) in exchange for certain consideration.

 

NOW, THEREFORE, in consideration
of such services and the mutual covenants and promises herein contained, the Company and the Executive hereby agree as follows:

 

1.       Transition
Period and Termination of Employment.

 

(a)       Effective
as of May 12, 2021 (the “Transition Date”), the Executive shall resign from his position as Chief Underwriting Officer
of the Company and its subsidiaries. From the Transition Date through the earlier of (i) the Closing Date (as defined in that certain
Agreement and Plan of Merger, dated as of January 14, 2021, by and among Pedal Parent, Inc., Pedal Merger Sub, Inc. and the Company (the
 “Merger Agreement”)) of the transaction contemplated by the Merger Agreement and (ii) September 1, 2021 (the “Termination
Date”), the Executive shall continue to be an employee of the Company and shall perform the duties set forth in Exhibit A
(collectively, the “Duties”). The period from the Transition Date through the Termination Date shall be referred to
as the “Transition Period.” During the Transition Period, the Executive shall continue be paid his current base salary
in accordance with the Company’s existing payroll procedures.

 

(b)       On
the Termination Date, the Executive’s employment with the Company and its subsidiaries and affiliates will terminate and the Executive
shall be deemed to have resigned from all positions the Executive holds with the Company. If requested by the Company, the Executive will
confirm any such resignations in writing. For the avoidance of doubt, prior to the Termination Date, the Executive shall be an employee
of the Company and shall not provide services to any other person, firm or organization, other than services without compensation to not-for-profit
organizations that do not interfere with the Executive’s duties or as otherwise approved by the Company.

 

2.       Cash
Severance and Treatment of Outstanding Equity Awards and Shares. 

 

(a)       Cash
Severance. Subject to Section 3 and the Executive’s continued service to the Company through the Termination Date and ongoing
compliance with the restrictive covenants described in Section 5, the Executive shall receive the Severance Payments described in Section
3.2 of his Employment Agreement with the Company, dated as of August 7, 2019 (the “Employment Agreement”) in a lump
sum. In the event that the Closing Date takes place prior to September 1, 2021 such that the Termination Date occurs prior to September
1, 2021, the lump sum Severance Payments shall be increased to include payment of the Executive’s current base salary through September
1, 2021, and the Executive’s Target Pro Rata Bonus (as defined in the Employment Agreement) shall be pro-rated through and including
September 1, 2021 (such that the Executive’s Target Pro Rata Bonus shall be equal to 75% of the Executive’s target bonus for
the 2021 calendar year). The lump sum Severance Payments shall be paid to Executive within 14 days of the effectiveness of the Release
described in Section 3.

 

     

     

    

 

(b)       Subject
to Section 3 and the Executive’s satisfactory performance of the Duties in Exhibit A through the Termination Date and ongoing compliance
with the restrictive covenants described in Section 5 of this Agreement, the Executive’s outstanding equity awards will, to the
extent not previously vested, vest in full on the Termination Date and will be settled in cash at a price of $12.85 per share.

 

3.       Release
of Claims. In exchange for the consideration set forth in Sections 2 and, if applicable, Section 4(b) of this Agreement, the Executive
agrees to sign a general release of claims in favor of the Company, substantially in the form attached hereto as Exhibit B (the
 “Release”), which Release must be executed within twenty-one (21) days of the date of the Executive’s termination
of employment and must not be revoked for seven (7) days thereafter, at which point the Release will become irrevocable. The payment (or
first payment) of any amounts payable contingent upon the effectiveness of the Release shall be made on the first payroll date following
the date that the Release becomes effective.

 

4.       Termination
of Employment Before the Termination Date.

 

(a)       Accrued
Amounts. Upon the Executive’s termination of employment for any reason, the Executive will be entitled to receive (i) base salary
earned but unpaid through the date of termination, (ii) any accrued and unpaid employee benefits under any plans or programs of the Company,
pursuant to the terms of such plans and (iii) any unreimbursed expenses in accordance with the expense reimbursement policy of the Company
(the “Accrued Amounts”).

 

(b)       Mutually
Agreed Termination Before the Termination Date. If the Executive and the Company mutually agree to terminate the Executive’s
employment after the Transition Date but before the Termination Date, subject to Section 3 and the Executive’s continued service
to the Company through such mutually agreed termination date and ongoing compliance with the restrictive covenants described in Section
5 of this Agreement, with respect to the benefits provided in subsection (ii) and (iii) of this Section 4(b), the Executive will be entitled
to receive (i) the Accrued Amounts, (ii) the Cash Severance as set forth in Section 2(a) of this Agreement and (iii) the vesting in respect
of the Executive’s equity awards as set forth in Section 2(b) of this Agreement.

 

(c)       Termination
Due to Death or Disability. In the event of the Executive’s death or disability before the Termination Date, the Executive will
be entitled to receive the benefits contained in Sections 4(b)(i) through (iii), provided that in the event of the Executive’s
disability, the benefits contained in Sections 4(b)(ii) and (iii) will be subject to Section 3 and the Executive’s ongoing compliance
with the restrictive covenants described in Section 5 of this Agreement.

 

     

     

    

 

(d)       Termination
Without Cause or For Good Reason. In the event the Company terminates the Executive’s employment without Cause (as defined in
the Employment Agreement) or Executive resigns his employment for Good Reason (as defined in the Employment Agreement, provided
that the Executive agrees that the changes to his position and duties as agreed hereto in this Agreement shall not constitute “Good
Reason”) before the Termination Date, the Executive will be entitled to receive the benefits contained in Section 4(b)(i) through
(iii), subject to Section 3 and the Executive’s ongoing compliance with the restrictive covenants described in Section 5 of this
Agreement.

 

(e)       Termination
for Cause or Without Good Reason. In the event that the Company terminates the Executive’s employment for Cause before the Termination
Date or the Executive resigns without Good Reason before the Termination Date, unless otherwise agreed by the parties pursuant to Section
4(b), the Transition Period will end, and the Executive will only be entitled to receive the Accrued Amounts.

 

5.       Restrictive
Covenants. The Executive affirms that the restrictive covenants set forth in Section 4 of the Employment Agreement (the “Restrictive
Covenants”) will continue to apply following the termination of his employment in accordance with their terms. In
the event that the Company believes that Executive has breached any of the Restrictive Covenants, the Company shall provide the Executive
with written notice of the alleged breach. Upon receipt of such notice, Executive shall have a period of 10 (ten) business days to cure
such breach (the “Notice Period”). If after the Notice Period, the Company does not believe that the alleged breach has been
cured, the Company shall notify the Executive of same and may pursue the legal remedies noted herein. In
the event that a Court of competent jurisdiction makes a finding that Executive has breached any of the Restricted Covenants, Executive
acknowledges and agrees that he will pay damages to the Company within five days of demand in the amount of 10% of the Severance Payments
for each such violation, without waiving the release granted herein. Executive
acknowledges and agrees that the remedy at law available to the Company for breach of any of Executive’s post termination obligations
under the Employment Agreement or Executive’s obligations under this Agreement would be inadequate and that damages flowing from
such a breach may not readily be susceptible to being measured in monetary terms. Accordingly, Executive acknowledges and agrees that,
in addition to any other rights or remedies that the Company may have at law, in equity or under this Agreement, upon adequate proof of
Executive’s violation of any such provision of this Agreement, the Company shall be entitled to immediate injunctive relief and
may obtain a temporary order restraining any threatened or further breach, without the necessity of proof of actual or consequential damage
or the necessity of posting a bond.

 

6.       Section
409A.

 

(a)       Compliance.
The intent of the parties is that payments and benefits under this Agreement be exempt from or comply with Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”) (together with the regulations and guidance thereunder, “Section
409A”); accordingly, to the maximum extent permitted, the Agreement shall be interpreted accordingly. The Parties acknowledge
and agree that the interpretation of Section 409A and its application to the terms of this Agreement is uncertain and may be subject to
change as additional guidance and interpretations become available. Anything to the contrary herein notwithstanding, all benefits or payments
provided by the Company to the Executive that would be deemed to constitute “nonqualified deferred compensation” within the
meaning of Section 409A are intended to comply with Section 409A. If, however, any such benefit or payment is deemed to not comply with
Section 409A, the Company and the Executive agree to renegotiate in good faith any such benefit or payment (including, without limitation,
as to the timing of any severance payments payable hereof) so that either (i) Section 409A will not apply or (ii) compliance with Section
409A will be achieved; provided, however, that any resulting renegotiated terms shall provide to the Executive the after-tax economic
equivalent of what otherwise has been provided to the Executive pursuant to the terms of this Agreement, and provided further,
that any deferral of payments or other benefits shall be only for such time period as may be required to comply with Section 409A. In
no event whatsoever shall the Company be liable for any tax, interest or penalties that may be imposed on the Executive by Section 409A
or any damages for failing to comply with Section 409A.

 

     

     

    

 

(b)       Six-Month
Delay for Specified Employees. If any payment, compensation or other benefit provided to the Executive in connection with the Executive’s
employment termination is determined, in whole or in part, to constitute “nonqualified deferred compensation” within the meaning
of Section 409A and the Executive is a specified employee as defined in Section 409A(2)(B)(i), no part of such payments shall be paid
before the day that is six (6) months plus one (1) day after the Executive’s Termination Date (the “New Payment Date”).
The aggregate of any payments that otherwise would have been paid to the Executive during the period between the date of termination and
the New Payment Date shall be paid to the Executive in a lump sum on such New Payment Date. Thereafter, any payments that remain outstanding
as of the day immediately following the New Payment Date shall be paid without delay over the time period originally scheduled, in accordance
with the terms of this Agreement. Notwithstanding the foregoing, to the extent that the foregoing applies to the provision of any ongoing
welfare benefits to the Executive that would not be required to be delayed if the premiums therefor were paid by the Executive, the Executive
shall pay the full cost of premiums for such welfare benefits during the six-month period and the Company shall pay the Executive an amount
equal to the amount of such premiums paid by the Executive during such six-month period promptly after its conclusion.

 

(c)       Termination
as Separation from Service. A termination of employment shall not be deemed to have occurred for purposes of any provision of this
Agreement providing for the payment of any amounts or benefits subject to Section 409A upon or following a termination of employment until
such termination is also a “separation from service” within the meaning of Section 409A and for purposes of any such provision
of this Agreement, references to a “resignation,” “termination,” “terminate,” “termination of
employment” or like terms shall mean separation from service. As permitted by Treasury Regulation 1.409A-1(h)(1)(ii), 49% shall
be substituted in lieu of 20% for the average level of bona fide services performed during the immediately preceding 36 month period in
order to constitute a “separation from service.”

 

(d)       Payments
for Reimbursements, In-Kind Benefits. All reimbursements for costs and expenses under this Agreement shall be paid in no event later
than the end of the calendar year following the calendar year in which the Executive incurs such expense. With regard to any provision
herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Section 409A, (i) the right to
reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (ii) the amount of expenses
eligible for reimbursements or in-kind benefits provided during any taxable year shall not affect the expenses eligible for reimbursement
or in-kind benefits to be provided in any other taxable year, provided, however, that the foregoing clause (ii) shall not be violated
with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such expenses are subject
to a limit related to the period the arrangement is in effect.

 

     

     

    

 

(e)       Payments
within Specified Number of Days. Whenever a payment under this Agreement specifies a payment period with reference to a number of
days (e.g., “payment shall be made within thirty (30) days following the date of termination”), the actual date of
payment within the specified period shall be within the sole discretion of the Company.

 

(f)       Installments
as Separate Payment. If under this Agreement, an amount is paid in two or more installments, for purposes of Section 409A, each installment
shall be treated as a separate payment.

 

7.       Miscellaneous
Provisions. 

 

(a)       Withholding
Taxes. The Company shall be entitled to withhold from any amounts to be paid or benefits provided to the Executive hereunder any federal,
state, local or foreign withholding, FICA contributions, or other taxes, charges or deductions that the Company is from time to time required
to withhold.

 

(b)       Publicity.
The Executive shall have the right to review and approve any public announcement of his retirement, including the terms of this Agreement.

 

(c)       Governing
Law. This Agreement will be governed by and construed in accordance with the laws of the State of New York, without reference to principles
of conflicts of law. The parties agree that venue is proper in New York.

 

(d)       Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees. In the event of the Executive’s death, all amounts payable hereunder to
the Executive that are then unpaid, shall be paid to the Executive’s beneficiary designated by him in writing to the Company or,
in the absence of such designation, to the Executive’s estate.

 

(e)       Entire
Agreement. This Agreement contains the entire understanding of the parties with respect to the subject matter hereto and supersedes
any and all prior agreements, arrangements and understandings, whether written or oral, between the Parties with respect thereto, except
as to references to the Employment Agreement herein This Agreement may not be altered or modified other than in a writing signed by the
Executive and an authorized representative of the Company.

 

 

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

 

 

	 	PROSIGHT GLOBAL, INC.
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Larry Hannon	 
	 	Name:	Larry Hannon	 
	 	Title:	President and CEO	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	EXECUTIVE
	 	 
	 	 	 	 
	 	By: 	/s/ Robert Bailey	 
	 	 	Robert Bailey	 

 

 

     

     

    

 

EXHIBIT A

DUTIES

 

 

		·	Finalize reinsurance submission process

		·	Other reasonable duties as may be assigned by the CEO (Larry Hannon) of the Company, such as assisting the new CUO in their transition

 

 

 

 

 

 

 

     

     

    

 

EXHIBIT B

 

GENERAL RELEASE OF ALL CLAIMS

 

This General Release
of all Claims (this “Agreement”) is entered into by Robert Bailey (“Executive”) on [●] (the
 “Effective Date”).

 

In consideration of the promises
set forth in the Transition and Separation Agreement among Executive and ProSight Global, Inc. (the “Company”) dated
[●], 2021, as amended from time to time (the “Separation Agreement”), as well as any promises set forth in this
Agreement, Executive and the Company agrees as follows:

 

		(1)	Executive’s General Release and Waiver of Claims

 

For purposes of this Agreement,
the “Released Parties” means, individually and collectively, the Company, its parent, subsidiary, and affiliated companies,
GS Capital Partners VI Fund, L.P., and its subsidiaries and affiliated funds, TPG Partners VI, L.P. and its direct and indirect parent
companies, subsidiaries and affiliates, including affiliated investment funds and management companies, and each of such entities’
successors, assigns, current or former employees, officers, directors, owners, shareholders, representatives, administrators, fiduciaries,
agents, insurers, and employee benefit programs (and the trustees, administrators, fiduciaries and insurers of any such programs).

 

Except as provided in the
next paragraph, in consideration of the payments made and to be made, and benefits provided and to be provided, to Executive pursuant
to the Separation Agreement, Executive hereby unconditionally and forever releases, discharges and waives any and all actual and potential
claims, liabilities, demands, actions, causes of action, suits, costs, controversies, judgments, decrees, verdicts, attorneys’ and
consultants’ fees, damages, indemnities and obligations of every kind and nature, in law, equity, or otherwise, known and unknown,
suspected and unsuspected, disclosed and undisclosed, arising out of or in any way related to agreements, events, acts or conduct at any
time prior to and including the execution date of this Agreement, other than the Excluded Obligations (as defined below) (the “Released
Claims”) against the Released Parties. The Released Claims include any and all matters relating to Executive’s employment
including, without limitation, claims or demands related to salary, bonuses, commissions, stock, equity awards, or any other ownership
interest in the Company or any of their affiliates, vacation pay, fringe benefits, expense reimbursements, severance pay, or any other
form of compensation; claims for discrimination based upon race, color, sex, creed, national origin, age, disability or any other characteristic
protected by federal, state or local law or any other violation of any Equal Employment Opportunity Law, ordinance, rule, regulation or
order, including, without limitation, Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Americans
with Disabilities Act; claims under the Employee Retirement Income Security Act of 1974, as amended; the Equal Pay Act; the Fair Labor
Standards Act, as amended; the Family and Medical Leave Act of 1993, as amended; the Age Discrimination in Employment Act of 1967, as
amended (the “ADEA”), the New York State Human Rights Law, the New York Labor Law, the New York State Civil Rights
Law, the New York City Human Rights Law, New Jersey Law Against Discrimination, New Jersey Conscientious Employee Protection Act, The
New Jersey Family Leave Act, The New Jersey Wage Payment Law, The New Jersey Wage and Hour Law, The New Jersey Equal Pay Act, retaliation
claims under the New Jersey Workers’ Compensation Law, or the laws of any country governing discrimination in employment, the payment
of wages or benefits, or any other aspect of employment. The Released Claims also include claims for wrongful discharge, fraud or misrepresentation
under any statute, rule or regulation or under the common law and any other claims under the common law.

 

     

     

    

 

Notwithstanding the
foregoing, Executive does not release, discharge or waive any claims related to (1) rights to payments and benefits provided under
the Separation Agreement that are contingent upon the execution by Executive of this Agreement, (2) any vested equity interest in
the Company or an affiliate, (3)  rights under the ProSight Global, Inc. Stockholders Agreement, dated July 29, 2019, and any
equity ownership agreement, (4)
rights to any vested benefits or rights under any health and welfare plans or other employee benefit plans or programs sponsored by
the Company or an affiliate (including by way of example and without limitation, the Executive’s right to pursue a claim for
benefits under the Company’s or an affiliate’s group health plan with respect to a claim arising prior to the date of
this Agreement), (5) rights as an equity holder of the Company or an affiliate, (6) rights to be indemnified and/or advanced
expenses under any corporate document of the Company or an affiliate, any agreement or pursuant to applicable law or to be covered
under any applicable directors’ and officers’ liability insurance policies, (7) any claim or cause of action to enforce
the Executive’s rights under this Agreement, (8) any right to receive an award from a government agency under its
whistleblower program for reporting in good faith a possible violation of law to such government agency, (10) any recovery to which
Executive may be entitled pursuant to applicable workers’ compensation and unemployment insurance laws, (11) Executive’s
right to challenge the validity of the waiver and release of ADEA claims, and (12) any right where a waiver is expressly prohibited
by law (the “Excluded Obligations”).

 

		(2)	Executive’s Release and Waiver of Claims Under the
Age Discrimination in Employment Act

 

Executive acknowledges that
the Company hereby advised Executive to consult with an attorney of Executive’s choosing, and through this Agreement advise Executive
to consult with Executive’s attorney with respect to possible claims under the ADEA, and Executive acknowledges that Executive understands
that the ADEA is a federal statute that prohibits discrimination, on the basis of age, in employment, benefits and benefit plans. Executive
wishes to knowingly and voluntarily waive any and all claims under the ADEA that Executive may have, as of the Effective Date, against
the Released Parties, and hereby waives such claims. Executive further understands that, by signing this Agreement, Executive is in fact
waiving, releasing and forever giving up any claim under the ADEA against the Released Parties that may have existed on or prior to the
Effective Date. Executive acknowledges that the Company has informed Executive that Executive has, at his or her option, at least twenty-one
(21) days following the Effective Date in which to sign the waiver of this claim under ADEA, which option Executive may waive by signing
this Agreement prior to the end of such twenty-one (21) day period. Executive also understands that Executive has seven (7) days following
the date on which Executive signs this Agreement within which to revoke the release contained in this paragraph, by providing to the Company
a written notice of Executive’s revocation of the release and waiver contained in this paragraph. Executive further understands
that this right to revoke the release contained in this paragraph relates only to this paragraph and does not act as a revocation of any
other term of this Agreement.

 

     

     

    

 

		(3)	Proceedings

 

Executive has not filed, and
agrees not to initiate or cause to be initiated on Executive’s behalf, any complaint, charge, claim or proceeding against the Company
or any other Released Party before any local, state or federal agency, court or other body relating to the Released Claims (each, individually,
a “Proceeding”), and agrees not to participate voluntarily in any Proceeding. Executive waives any right Executive
may have to benefit in any manner from any relief (whether monetary or otherwise) arising out of any Proceeding. For the avoidance of
doubt, this Section 3 shall not apply to the Excluded Obligations.

 

		(4)	Remedies

 

If Executive initiates or
voluntarily participates in any Proceeding, or if Executive fails to abide by any of the terms of this Agreement or the restrictive covenants
contained in the Separation Agreement, or if Executive revokes the ADEA release contained in Section 2 of this Agreement within the seven
(7)-day period provided under Section 2, the Company may, in addition to any other remedies they may have, reclaim any amounts paid to
Executive under the termination provisions of the Separation Agreement or terminate any benefits or payments that are subsequently due
under the Separation Agreement and are payable based on Executive executing this Agreement, without waiving the release granted herein.
Executive acknowledges and agrees that the remedy at law available to the Company for breach of any of Executive’s post-termination
obligations under the Separation Agreement or Executive’s obligations under Sections 1, 2 and 3 of this Agreement would be inadequate
and that damages flowing from such a breach may not readily be susceptible to being measured in monetary terms. Accordingly, Executive
acknowledges, consents and agrees that, in addition to any other rights or remedies that the Company may have at law, in equity or under
this Agreement, upon adequate proof of Executive’s violation of any such provision of this Agreement, the Company shall be entitled
to immediate injunctive relief and may obtain a temporary order restraining any threatened or further breach, without the necessity of
proof of actual or consequential damage or the necessity of posting a bond. This provision shall not adversely affect any rights Executive
may have under the ADEA.

 

Executive understands that
by entering into this Agreement Executive will be limiting the availability of certain remedies that Executive may have against the Company
and limiting also Executive’s ability to pursue certain claims against the Company.

 

		(5)	Severability Clause

 

In the event any provision
or part of this Agreement is found to be invalid or unenforceable, only that particular provision or part so found, and not the entire
Agreement, will be inoperative.

 

     

     

    

 

		(6)	Non-admission

 

Nothing contained in this
Agreement will be deemed or construed as an admission of wrongdoing or liability on the part of the Executive, the Company or any of the
Released Parties.

 

		(7)	Governing Law

 

The validity, interpretation,
construction and performance of this Agreement and disputes or controversies arising with respect to the transactions contemplated herein
shall be governed by the laws of the State of New York, irrespective of New York’s choice-of-law principles that would apply the
law of any other jurisdiction.

 

EXECUTIVE ACKNOWLEDGES
THAT EXECUTIVE HAS READ THIS AGREEMENT AND THAT EXECUTIVE FULLY KNOWS, UNDERSTANDS AND APPRECIATES ITS CONTENTS, AND THAT EXECUTIVE HEREBY
EXECUTES THE SAME AND MAKES THIS AGREEMENT AND THE RELEASE AND AGREEMENTS PROVIDED FOR HEREIN VOLUNTARILY AND OF EXECUTIVE’S OWN
FREE WILL.

 

 

 

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IN WITNESS WHEREOF, the Executive
has executed this Agreement as of the date set forth below (or, if Executive does not include a date under Executive’s signature
line, the date set forth shall be the date this Agreement, signed by Executive, is received by either of the Company).

 

 

	 	EXECUTIVE	 
	 	 	 
	 	  	 	 
	 	Name: Robert Bailey	 
	 	Address: [●]	 
	 	 	 
	 	Dated: _____________	 
	 	(signed by Employee) (received by Company)	 

 

 

 

 

 

 

[Signature Page to General Release]adma_ex101.htm

EXHIBIT 10.1

 

Certain confidential information contained in this exhibit was omitted by means of redacting a portion of the text and replacing it with [****], pursuant to Regulation S-K Item 601(b) of the Securities Act of 1933, as amended. Certain confidential information has been excluded from the exhibit because it is: (i) not material; and (ii) would be competitively harmful if publicly disclosed.

  

SECOND AMENDMENT TO PLASMA PURCHASE AGREEMENT

NORMAL SOURCE PLASMA PURCHASE FROM BPC TO ADMA

 

This Second Amendment to the Plasma Purchase Agreement (this “Amendment #2”) by and between Grifols Worldwide Operations Limited, a corporation having a place of business at Grange Castle Business Park, Grange Castle, Clondalkin, Dublin 22, Ireland (“GWWO”), as the successor-in-interest to BPC Plasma, Inc., formerly, Biotest Pharmaceuticals Corporation (“BPC”), and ADMA BioManufacturing, LLC., a Delaware limited liability corporation having a place of business at 465 Route 17 South, Ramsey, New Jersey 07446 (“ADMA”), is effective as of May 12, 2021 execution (the “Effective Date”).

 

WHEREAS, BPC and ADMA were parties to that certain Plasma Purchase Agreement, effective as of June 6, 2017 (as amended, or otherwise modified from time to time, the “Agreement”), pursuant to which ADMA purchased from BPC certain quantities of Normal Source Plasma (“Plasma” or “NSP”);

 

WHEREAS, on December 10, 2018, BPC notified ADMA of the assignment of BPC’s rights and obligations under the Agreement to GWWO, its affiliate, effective January 1, 2019; and

 

NOW, THEREFORE, in consideration of the respective promises contained herein and other valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows:

 

Amendment: 

 

	
1.
	
Section A.1., entitled, “TERM OF AGREEMENT”, is hereby deleted and replaced in its entirety as follows:

	
 
	
 
	
 

		
1. TERM OF AGREEMENT. Unless terminated earlier as provided herein, the term of the Agreement shall become effective on the Effective Date and shall remain in effect until December 31, 2022. 

	
 
	
 
	
 

	
2.
	
Section A.2., entitled, “PRICE AND VOLUMES”, is hereby deleted and replaced in its entirety as follows:

	
 
	
 
	
 

		
2. PRICE AND VOLUMES. 

	
 
	
 
	
 

		
a.
	
ADMA agrees to purchase and GWWO agrees to sell Plasma in the following quantities and prices, unless mutually agreed to otherwise in writing between the parties:

   

	
YEAR
	
Quantity (liters)
	
Price/Liter (USD)

	
2021
	
[****] [****]
	
$[****]

 

$[****]

	
2022
	
[****]
	
$[****]

 

	
 
	
b.
	
The price of all purchases of NSP under this Agreement includes all required screening tests and NAT for HIV, HBV, HCV, HAV, and Parvo B-19. Any additional required testing as specified by the U.S. Food and Drug Administration (the “FDA”) (or foreign equivalent) or due to a change in the ADMA Specifications (as defined below), will be billed to ADMA at GWWO’s actual costs.

	
 
	
 
	
 

	
 
	
c. 
	
In the event compliance with one or more new government regulations or quality procedures or change in the specifications requested by ADMA (any of the foregoing being a “Required Change”) is required, but is not contemplated in this Agreement, and results in a material increase to GWWO actual costs to procure, store, provide and supply NSP, both Parties shall re-negotiate the change in the purchase price of NSP in good faith within ninety (90) days of the Required Change, which shall be retroactive to the effective date of the Required Change. 

  

	 
	
1

	
	 

 

	
3. 
	
Section J is hereby deleted in part as it relates to GWWO notices and replaced with the following:

  

	
 
	
To Grifols: 
	
[****]

	
 
	
 
	
[****]

[****]

[****]

[****]

 

	
 
	
With a copy to: 
	
[****]

	
 
	
 
	
[****]

[****]

[****]

   

	
 4. 
	
Section A.4, entitled, “SHIPMENT TERMS” is hereby deleted in its entirety and replaced with the following:

	
 
	
 
	
 

	
 
	
4. SHIPMENT TERMS. All shipments shall be made FOB BPC Plasma Center or GWWO’s designated freezer warehouse, which shall be at GWWO’s discretion. GWWO will invoice ADMA for the NSP at time of shipment. ADMA shall take ownership and bear all risk of loss upon pick up by ADMA’s designated carrier from the BPC plasma center or GWWO’s designated warehouse, which shall be at GWWO’s discretion, and ADMA shall at its own expense be responsible for freight charges, insurance, handling and forwarding agent’s fees, taxes, storage and all other charges applicable to the NSP.

	
 
	
 
	
 

	
 5. 
	
For avoidance of doubt, any and all terms and conditions as set forth in the Letter Amendment, by and between the Parties, dated July 19, 2018, shall be null and void and superseded by this Amendment #2. 

	
 
	
 

	
 6. 
	
Section K., entitled, “CHANGE IN CONTROL” is hereby deleted.

	
 
	
 

	
 7. 
	
All references in the Agreement to “BPC” and “Biotest Pharmaceuticals Corporation” shall hereby be amended to refer to “Grifols Worldwide Operations Limited”, as successor-in-interest to BPC.

  

Miscellaneous:

 

Except as expressly provided herein, all terms and conditions set forth in the Agreement remain unchanged and continue in full force and effect. This Amendment #2 shall govern in the event of any conflict between this Amendment #2 and the Agreement. It is agreed by the parties that all references to the Agreement hereafter made by them in any document or instrument delivered pursuant to or in connection with the Agreement shall be deemed to refer to the Agreement as amended hereby.

 

This Amendment #2 and the Agreement embody the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersede all prior agreements and understandings relating to the subject matter hereof. 

 

This Amendment #2 may be executed in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same single document, and any such counterpart containing an electronically scanned or facsimile signature will have the same effect as original manual signatures.

 

The parties agree that they and their employees shall execute all documents and do all other things necessary to carry out the intent to implement the provisions of this Amendment #2.

 

	 
	
2

	
	 

 

IN WITNESS WHEREOF, the parties hereby have caused this Amendment #2 to be executed and the persons signing below warrant that they are duly authorized to sign for and on behalf of their respective parties. 

 

	
ADMA BioManufacturing, LLC 
	
 
	
Grifols Worldwide Operations Limited 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
By: 
	
/s/ Adam Grossman 
	
 
	
By: 
	
/s/ Alfredo Arroyo 
	
 

	
Name: 
	
Adam Grossman 
	
 
	
Name: 
	
Alfredo Arroyo 
	
 

	
Title: 
	
President & Chief Executive Officer 
	
 
	
Title: 
	
Chief Financial Officer 
	
 

 

	 
	
3

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