Document:

EX-10.19

 Exhibit 10.19 

PW Draft 4/23/19 

SEPARATION AGREEMENT 

This Separation Agreement (the “Agreement”), dated effective as of April 23, 2019 (the “Effective
Date”), by and between Rackspace US, Inc., a Delaware corporation (the “Company”) and Joseph F. Eazor (the “Executive”). 

WHEREAS, the Executive was employed by the Company and the Executive and the Company are parties to an Employment Agreement, dated as of
May 23, 2017 (as amended through the Effective Date, the “Employment Agreement”); 
 WHEREAS, the Executive ceased to
serve as the Chief Executive Officer or in any other officer position with the Company and its subsidiaries and affiliates (the “Company Group”) effective as of April 22, 2019 (the “CEO Officer Termination
Date”), and the Executive’s employment with the Company Group shall be terminated as of June 30, 2019, pursuant to Section 4(a)(iv) of the Employment Agreement; 

WHEREAS, under the terms of the Employment Agreement, the Executive has certain entitlements pursuant to Section 5 of the Employment
Agreement in connection with such termination of employment; 
 WHEREAS, in consideration for the Executive’s additional agreements
described in this Agreement, the Company has agreed to provide additional payments and consideration to which the Executive would not otherwise be entitled; 

WHEREAS, under the terms of the Employment Agreement, the Executive has agreed to comply with certain restrictive covenants during and after
the Executive’s employment; and 
 WHEREAS, the parties desire to set forth in this Agreement the terms and conditions of the
Executive’s separation from employment, and this Agreement shall govern the Executive’s and the Company’s respective rights and obligations in connection with such separation. 

NOW THEREFORE, in consideration of the promises, mutual covenants and other good and valuable consideration set forth in this Agreement, the
receipt and sufficiency of which is hereby acknowledged, the Executive and the Company (the “Parties”) agree as follows: 
 1. Entire
Agreement 
 Except as otherwise expressly provided herein, this Agreement, and the Release (as defined below), is the entire agreement
between the Parties with respect to the subject matter hereof and contains all agreements, whether written, oral, express or implied, between the Parties relating thereto and supersedes and extinguishes all other agreements relating thereto, whether
written, oral, express or implied, between the Parties. 
 2. Termination of Employment 

The Parties agree that the Executive’s employment by the Company and any and all titles, positions and appointments the Executive holds
with the Company or any member of the Company Group, whether as an officer, director, employee, consultant, trustee, committee member, agent or otherwise are terminated as of the CEO Officer Termination Date, except that the Executive shall retain
his status as an employee through June 30, 2019 (the “Employment Termination Date”). Effective as of the CEO Officer Termination Date, the Executive shall have no authority to act on behalf of any member of the Company
Group and shall not hold himself out as having such authority, enter into any agreement or incur any obligations on behalf of any member of the Company Group, commit any member of the Company Group in any manner or otherwise act in an executive or
other decision-making capacity with respect to any member of the Company Group, except as specifically requested by the Company during the period from the CEO Officer Termination Date through the Employment Termination Date. The Executive agrees to
promptly execute such documents as the Company, in its sole discretion, shall reasonably deem necessary to effect such resignations. 

 3. Entitlements 

In consideration for the Executive’s entering into this Agreement, the Executive shall be entitled to the payments and benefits set forth
in this Agreement. Notwithstanding the foregoing or anything to the contrary in this Agreement, the payments and benefits described in this Agreement (other than the Accrued Obligations) are subject to (i) the Executive’s execution and
delivery of an irrevocable release of claims substantially in the form attached to this Agreement as Exhibit A (the “Release”) within sixty (60) days following the CEO Officer Termination Date, and (ii) the
Executive’s continued compliance with this Agreement. No payments or benefits described in this Agreement (other than the Accrued Obligations) shall be made until the Release becomes irrevocable and effective in accordance with its terms, and
any payments or benefits that would have been due or payable prior to such date shall be aggregated and paid with the first payroll period following the Release Effective Date (as defined in the Release). Within five days following the Employment
Termination Date, the Executive shall execute a second release of claims, identical to the Release, except that it shall be dated as of the Employment Termination Date. 

A. Payments and Benefits. 

1. The Company shall pay to the Executive: (i) any amount of the Executive’s base salary earned through the CEO Officer Termination
Date not theretofore paid, (ii) any Annual Bonus for calendar year 2018, that was earned but not yet paid, (iii) any expenses owed to the Executive under Section 3(f) of the Employment Agreement through the CEO Officer Termination
Date, and (iv) any amount arising from the Executive’s participation in, or benefits under, any employee benefit plans, programs, or arrangements under Section 3(d) of the Employment Agreement (other than severance plans, programs, or
arrangements), which amounts shall be payable in accordance with the terms and conditions of such employee benefit plans, programs, or arrangements including, where applicable, any death and disability benefits (the “Accrued
Obligations”). 
 2. Subject to the Executive’s provision of transitional services through May 17, 2019, with such
transition assistance to be provided in good faith in a manner consistent with his provision of services prior to the CEO Officer Termination Date, on Company premises for the first week and remotely for the three weeks thereafter, the Company shall
pay the Executive a lump sum amount equal to $1,143,750 (the “Transition Assistance Payment”), on the first payroll date coincident with or immediately following May 17, 2019. 

3. The Company shall (i) (A) continue to pay the Executive his base salary (at his current annual rate of $825,000) in accordance with the
Company’s customary payroll practices during the period the Executive continues to be employed from the CEO Officer Termination Date through the Employment Termination Date and (B) pay an additional amount as severance pay in an aggregate
amount of $825,000 payable in accordance with the Company’s customary payroll practices in equal installments during the period beginning on the Employment Termination Date and ending on the six (6) month anniversary of the Employment
Termination Date; provided that the Company shall cease any then-remaining payments on the first date that the Executive violates any covenant contained in Section 6 or 7 of the Employment Agreement and (ii) pay the Executive an
amount equal to his Target Bonus ($1,031,250) in a lump sum within sixty (60) days following the CEO Officer Termination Date (collectively, the “Severance Payment”). 

4. If continued coverage under the Company’s health and welfare plans is timely elected by the Executive, the Company shall provide direct
payment of any COBRA premiums from the Employment Termination Date until the earlier of (x) the twelve (12) month anniversary of the Employment Termination Date and (y) the first date that the Executive is no longer eligible for
COBRA. 
 5. To the extent the Executive is required following the CEO Officer Termination Date to continue to make lease payments on his
current residence, the Company agrees to reimburse the Executive for any such remaining lease payments (plus the cancellation/breakage fee ($3,600) in connection with a new lease that the Executive had previously entered into for his new apartment,
as separately disclosed previously to the Company), provided that such aggregate reimbursement amount does not exceed $50,000, and the Executive provides applicable documentation evidencing such lease payments and cancellation/breakage fee payment
as reasonably requested by the Company. 
 6. Notwithstanding anything to the contrary in any Company Group policy or otherwise, the
Executive shall not be required to repay any amount of his relocation reimbursement as described in Section 3(g) of the Employment Agreement. 

 B. Equity Awards and Co-Invest. 

1. All of the Executive’s outstanding equity awards (i.e., stock options and restricted stock units in respect of common stock of
Inception Topco, Inc. (“Parent”)), whether vested or unvested, shall be immediately cancelled and cease to be outstanding, and the Company shall pay the Executive in consideration therefor the aggregate amount of $1,500,000, which
shall be payable on the date that the Transition Assistance Payment is made. 
 2. Parent agrees to repurchase Executive’s outstanding
holdings of common stock (and any other equity interests, if any, after giving effect to the cancellation of the equity awards in Section 3.B.1 above) in Parent for a cash payment in the aggregate amount of $1,545,000, pursuant to the form of
repurchase agreement attached hereto as Exhibit B, which shall be payable on the date that the Transition Assistance Payment is made. 

C. Full Satisfaction. The Executive acknowledges and agrees that, except as expressly provided in this Agreement,
(i) the Executive is not entitled to any other compensation or benefits from the Company or any member of the Company Group (including, without limitation, any severance or termination compensation or benefits) and (ii) as of and after the
Employment Termination Date, the Executive shall no longer participate in, accrue service credit or have contributions made on his behalf under any employee benefit plan sponsored by any member of the Company Group in respect of periods commencing
on and following the Employment Termination Date, including, without limitation, any plan which is intended to qualify under Section 401(a) of the Internal Revenue Code of 1986, as amended. 

4. Survival of Certain Provisions; Additional Agreements. Sections 6 (“Non-Competition; Non-Solicitation; Non-Hire”), 7 (“Nondisclosure of Confidential Information; Nondisparagement; Intellectual Property”), 8 (“Injunctive Relief”), and 9
(“Cooperation”) of the Employment Agreement (collectively, the “Surviving Provisions”) shall survive and be incorporated herein. The Executive acknowledges and agrees that the Executive shall remain bound by and subject to the
covenants and obligations set forth in the Surviving Provisions, which shall remain in full force and effect. In addition, the Company shall instruct its officers and directors not to, directly or indirectly, knowingly disparage, criticize, or
otherwise make derogatory statements regarding the Executive. The foregoing sentence shall not be violated by the making of truthful responses to legal process or inquiry by a governmental authority. 

5. Miscellaneous 
 A.
Modification. This Agreement may not be modified or amended, nor may any rights under it be waived, except in a writing signed and agreed to by the Parties. 

B. Notices. Any notice given pursuant to this Agreement to any party hereto shall be deemed to have been duly given when
mailed by registered or certified mail, return receipt requested, or by overnight courier, or by facsimile or telecopy, or when hand delivered as follows: 

If to the Company: 

Rackspace US, Inc. 
 c/o Apollo
Management, L.P. 
 9 West 57th Street,
43rd Floor 
 New York, NY 10019 

Attention: David Sambur, Partner and John Suydam, Chief Legal Officer 

E-mail:
                                      and   
                                         

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

Paul, Weiss, Rifkind, Wharton & Garrison LLP 

1285 Avenue of the Americas 

New York, New York 10019 
 Fax:
(212) 757-3990 
 Attention: Taurie Zeitzer 

                Lawrence I. Witdorchic 

E-mail:
                                       and
                                       

If to the Executive, at the Executive’s most recent address on the payroll records of the Company. 

 or at such other address as either party shall from time to time designate by written notice, in the manner
provided herein, to the other party hereto. 
 C. Successors. The Agreement shall be binding upon and inure to the
benefit of the Parties, their respective heirs, successors and assigns. 
 D. Taxes. The Executive shall be responsible for the
payment of any and all required federal, state, local and foreign taxes incurred, or to be incurred, in connection with any amounts payable to the Executive under this Agreement. Notwithstanding any other provision of this Agreement to the contrary,
the Company or any member of the Company Group, as applicable, may withhold from all amounts payable under this Agreement all federal, state, local and foreign taxes that are required to be withheld pursuant to any applicable laws and regulations.

 E. Section 409A. The parties intend that any amounts payable hereunder that could
constitute “deferred compensation” within the meaning of Section 409A (“Section 409A”) of the Internal Revenue Code of 1986, as amended (the “Code”), will be compliant with or
exempt from Section 409A. Notwithstanding the foregoing, the Company shall have no obligation to indemnify or otherwise hold the Executive (or any beneficiary) harmless from any or all of such taxes or penalties. For purposes of
Section 409A, each of the payments that may be made under this Agreement are designated as separate payments. Notwithstanding anything to the contrary in this Agreement, any payment or benefit under this Agreement or otherwise that is exempt
from Section 409A pursuant to Treasury Regulation § 1.409A-1(b)(9)(v)(A) or (C) (relating to certain reimbursements and in-kind benefits) shall be paid or
provided to the Executive only to the extent that the expenses are not incurred, or the benefits are not provided, beyond the last day of the second calendar year following the calendar year in which the Executive’s “separation from
service” (within the meaning of Section 1.409A-1(h) of the Department of Treasury Regulations) occurs; and provided, further, that such expenses are reimbursed no later than the last day of the third
calendar year following the calendar year in which the Executive’s “separation from service” occurs. To the extent any expense reimbursement or the provision of any in-kind benefit is determined
to be subject to Section 409A (and not exempt pursuant to the prior sentence or otherwise), the amount of any such expenses eligible for reimbursement, or the provision of any in-kind benefit, in one
calendar year shall not affect the provision of in-kind benefits or expenses eligible for reimbursement in any other calendar year (except for any life-time or other aggregate limitation applicable to medical
expenses), and in no event shall any expenses be reimbursed after the last day of the calendar year following the calendar year in which the Executive incurred such expenses, and in no event shall any right to reimbursement or the provision of any in-kind benefit be subject to liquidation or exchange for another benefit. 
 F.
Severability. In the event that any provision of this Agreement is determined to be invalid or unenforceable, the remaining terms and conditions of this Agreement shall be unaffected and shall remain in full force and effect. In
addition, if any provision is determined to be invalid or unenforceable due to its duration and/or scope, the duration and/or scope of such provision, as the case may be, shall be reduced, such reduction shall be to the smallest extent necessary to
comply with applicable law, and such provision shall be enforceable, in its reduced form, to the fullest extent permitted by applicable law. 

G. Non-Admission. Nothing contained in the Agreement shall be deemed or construed as an
admission of wrongdoing or liability on the part of the Executive or on the part of any member of the Company Group. 
 H. Governing
Law. 
 THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO
AGREEMENTS MADE AND TO BE WHOLLY PERFORMED WITHIN THAT STATE, WITHOUT REGARD TO ITS CONFLICT OF LAWS PROVISIONS OR THE CONFLICT OF LAWS PROVISIONS OF ANY OTHER JURISDICTION WHICH WOULD CAUSE THE APPLICATION OF ANY LAW OTHER THAN THAT OF THE STATE OF
DELAWARE. 
 Each party to this Agreement irrevocably agrees for the exclusive benefit of the other that any and all suits, actions or
proceedings relating to this Agreement (collectively, “Actions” and, individually, an “Action”) may be maintained in either the courts of the State of Delaware or the federal District Courts sitting in Wilmington,
Delaware (collectively, the “Chosen Courts”) and that the Chosen Courts shall have jurisdiction to hear and determine or settle any such Action and that any such Actions may be brought in the Chosen Courts. Each 

 party irrevocably waives any objection that it may have now or hereafter to the laying of the venue of any
Actions in the Chosen Courts and any claim that any Actions have been brought in an inconvenient forum and further irrevocably agrees that a judgment in any Action brought in the Chosen Courts shall be conclusive and binding upon it and may be
enforced in the courts of any other jurisdiction. 
 I. Headings. The headings in this Agreement are for convenience of
identification only and are not intended to describe, interpret, define or limit the scope, extent, or intent of this Agreement or any provision hereof. 

J. Counterparts. The Agreement may be executed by one or more of the Parties hereto on any number of separate counterparts and
all such counterparts shall be deemed to be one and the same instrument. Each party hereto confirms that any facsimile copy of such party’s executed counterpart of the Agreement (or its signature page thereof) shall be deemed to be an executed
original thereof. 
 [Remainder of Page Intentionally Left Blank] 

IN WITNESS WHEREOF, the undersigned have executed this Agreement on the date first written above. 

 

			
	RACKSPACE US, INC.
		
	By:	 	 /s/ Holly B. Windham

	Name:	 	Holly B. Windham
	Title:	 	General Counsel
	
	EXECUTIVE:
	
	/s/ Joseph F. Eazor
	Joseph F. Eazor

  

	 	Exhibit	 A 

RELEASE OF CLAIMS (“Release”) 

6. Release of Claims 
 In partial consideration of the
payments and benefits described in the Separation Agreement (the “Separation Agreement”) dated effective as of April __, 2019, between Rackspace US Inc., a Delaware corporation (the “Company”), and Joseph F. Eazor
(“Executive”), to which Executive agrees that Executive is not entitled until and unless Executive executes this Release and it becomes effective in accordance with the terms hereof, Executive, for and on behalf of himself and his
heirs, successors and assigns, subject to the last sentence of this Section 1, hereby waives and releases any common law, statutory or other complaints, claims, charges or causes of action of any kind whatsoever, both known and unknown, in law
or in equity, which Executive ever had, now has or may have against the Company and its shareholders, parents, subsidiaries, affiliates, predecessors, successors, assigns, directors, officers, partners, members, managers, employees, trustees (in
their official and individual capacities), employee benefit plans and their administrators and fiduciaries (in their official and individual capacities), representatives or agents, and each of their affiliates, successors and assigns (collectively,
the “Releasees”), by 

 reason of facts or omissions which have occurred on or prior to the date that Executive signs this Release,
including, without limitation, any complaint, charge or cause of action arising out of Executive’s employment or termination of employment, or any term or condition of that employment, or arising under federal, state, local or foreign laws
pertaining to employment, including without limitation the Age Discrimination in Employment Act of 1967 (“ADEA,” a law which prohibits discrimination on the basis of age), the Older Workers Benefit Protection Act, the National Labor
Relations Act, the Civil Rights Act of 1991, the Americans With Disabilities Act of 1990, Title VII of the Civil Rights Act of 1964, the Employee Retirement Income Security Act of 1974, the Family and Medical Leave Act, the Sarbanes-Oxley Act of
2002, all as amended, and any other federal, state and local laws relating to discrimination on the basis of age, sex or other protected class, all claims under federal, state or local laws for express or implied breach of contract, wrongful
discharge, defamation, intentional infliction of emotional distress, and any related claims for attorneys’ fees and costs. Executive further agrees that this Release may be pleaded as a full defense to any action, suit, arbitration or other
proceeding covered by the terms hereof which is or may be initiated, prosecuted or maintained by Executive, Executive’s descendants, dependents, heirs, executors, administrators or permitted assigns. By signing this Release, Executive
acknowledges that Executive intends to waive and release any rights known or unknown that Executive may have against the Releasees under these and any other laws; provided that Executive does not waive or release claims with respect to
(i) any rights he may have to the payments and benefits under Section 3 of the Separation Agreement, (ii) any claims or rights under the Company’s indemnification policy in accordance with the operating agreement of the Company
and (iii) rights that cannot be released as a matter of law (collectively, the “Unreleased Claims”). Executive hereby waives any and all claims to reemployment with the Company or any of its affiliates and affirmatively agrees
not to seek further employment with the Company or any of its affiliates. 
 If Executive has worked or is working in California, Executive expressly agrees
to waive the protection of Section 1542 of the California Civil Code, which provides: 
 A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS
THAT THE CREDITOR OR RELEASINGPARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, AND THAT IF KNOWN BY HIM OR HER WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.

 7. Proceedings 
 Executive
acknowledges that Executive has not filed any complaint, charge, claim or proceeding, against any of the Releasees before any local, state, federal or foreign agency, court, arbitrator, mediator, arbitration or mediation panel, or other body (each
individually a “Proceeding”). Executive represents that Executive is not aware of any basis on which such a Proceeding could reasonably be instituted, provided that if Executive is aware of any basis on which such a
Proceeding could reasonably be instituted, then Executive has disclosed such basis to the Company in writing. Executive (i) acknowledges that Executive will not initiate or cause to be initiated on his behalf any Proceeding (except with respect
to an Unreleased Claim) and will not participate in any Proceeding (except with respect to an Unreleased Claim), in each case, except as required by law; and (ii) waives any right Executive may have to benefit in any manner from any relief
(whether monetary or otherwise) arising out of any Proceeding, including any Proceeding conducted by the Equal Employment Opportunity Commission (“EEOC”). Further, Executive understands that, by executing this Release, Executive
will be limiting the availability of certain remedies that Executive may have against the Company and limiting also the ability of Executive to pursue certain claims against the Releasees. Notwithstanding the above, nothing in Section 1 of this
Release shall prevent Executive from (i) initiating or causing to be initiated on his behalf any complaint, charge, claim or proceeding against the Company before any local, state or federal agency, court or other body challenging the validity
of the waiver of his claims under the ADEA contained in Section 1 of this Release (but no other portion of such waiver); or (ii) initiating or participating in an investigation or proceeding conducted by the EEOC. 

 8. Time to Consider 

Executive acknowledges that Executive has been advised that he has at least twenty-one (21) days
from the date of receipt of this Release to consider all the provisions of this Release and to the extent Executive signs this Release prior to the expiration of such period he does hereby knowingly and voluntarily waive the remaining portion of
such twenty-one (21) day period. EXECUTIVE FURTHER ACKNOWLEDGES THAT EXECUTIVE HAS READ THIS RELEASE CAREFULLY, HAS BEEN ADVISED BY THE COMPANY TO, AND HAS IN FACT, CONSULTED AN ATTORNEY, AND FULLY
UNDERSTANDS THAT BY SIGNING BELOW EXECUTIVE IS GIVING UP CERTAIN RIGHTS WHICH HE MAY HAVE TO SUE OR ASSERT A CLAIM AGAINST ANY OF THE RELEASEES, AS DESCRIBED IN SECTION 1 OF THIS RELEASE AND THE OTHER PROVISIONS HEREOF. EXECUTIVE ACKNOWLEDGES THAT
EXECUTIVE HAS NOT BEEN FORCED OR PRESSURED IN ANY MANNER WHATSOEVER TO SIGN THIS RELEASE, AND EXECUTIVE AGREES TO ALL OF ITS TERMS VOLUNTARILY. 
 9.
Revocation 
 Executive hereby acknowledges and understands that Executive shall have seven (7) days from the date of execution of
this Release to revoke this Release (including, without limitation, any and all claims arising under the ADEA) and that neither the Company nor any other person is obligated to provide any payments or benefits to Executive pursuant to the Separation
Agreement until eight (8) days have passed since Executive’s signing of this Release without Executive having revoked this Release (such eighth (8th) day, on which the Release becomes
irrevocable and effective, the “Release Effective Date”). If Executive revokes this Release, Executive will be deemed not to have accepted the terms of this Release, and no action will be required of the Company under any section of
this Release. Any revocation of this Release must be made in writing and delivered to the Company in accordance with Section 5(B) of the Separation Agreement. 

10. No Admission 
 This Release does not
constitute an admission of liability or wrongdoing of any kind by Executive or the Company. 
 11. General Provisions 

The provisions of this Release will be binding upon Executive’s heirs, executors, administrators, legal representatives and assigns. A
failure of any of the Releasees to insist on strict compliance with any provision of this Release shall not be deemed a waiver of such provision or any other provision hereof. If any provision of this Release is determined to be so broad as to be
unenforceable, such provision shall be interpreted to be only so broad as is enforceable, and in the event that any provision is determined to be entirely unenforceable, such provision shall be deemed severable, such that all other provisions of
this Release shall remain valid and binding upon Executive and the Releasees. 
 12. Governing Law 

The validity, interpretations, construction and performance of this Release shall be governed by the laws of the State of Delaware without
giving effect to conflict of laws principles. By execution of this Release, the Executive waives any right to trial by jury in connection with any suit, action or proceeding under or in connection with this Release. 

[Remainder of Page Intentionally Left Blank] 

IN WITNESS WHEREOF, Executive has executed and delivered this Release as of the date written below. 

 

					
	4/23/19	 		  	 /s/ Joseph F. Eazor

	DATE	 		  	Joseph F. Eazor

 Exhibit B 

Repurchase Agreement 
 [See
attached.]EX-10.20

 Exhibit 10.20 

CONFIDENTIAL SEPARATION AGREEMENT AND RELEASE 

This Separation Agreement and Release (“Agreement”) is between Louis Alterman (“Employee” or “You”) and
Rackspace US, Inc. (“Rackspace” or the “Company”). 
 1. End of Employment. Your Employment End Date is August 30,
2019. Except as otherwise specified in this Agreement (including Exhibit A to this Agreement), your termination shall be deemed a termination by the Company without Cause. 

2. Severance Payments. 
 a.
Severance Amount. Rackspace will pay you Nine Hundred Sixty Two Thousand Five Hundred Dollars ($962,500), less applicable withholdings and other ordinary payroll deductions (the “Severance Amount”). This Severance Amount does
not include any unpaid wages or earned commissions, or the other payments outlined below, which will be paid separately. The Severance Amount will be paid in 24 equal, biweekly installments, beginning on the first Company payroll date that is at
least 60 days after the Employment End Date These installment payments will continue until all payments have been made unless you are in breach of or do not comply with any of the restrictive covenants set forth in sections 8, 9 and 10, as
determined by the Company. 
 b. Bonus for 2019. Rackspace will pay you a 2019 annual corporate bonus, less applicable
withholdings and other ordinary payroll deductions pursuant to the terms of the Corporate Bonus Plan. The payment amount will be equal to the annual performance bonus that you otherwise would have been entitled to receive if you had been employed by
the Company for the full year 2019 and if you had been employed at the ordinary time of the payout for the 2019 corporate bonus in 2020 (the “Bonus Payment”). This Bonus Payment will be paid in a lump sum no later than March 15, 2020
when bonuses for 2019 are paid to other similarly situated employees. 
 c. Pro-rata Retention
Bonus Amount. Rackspace will pay you Two Hundred Sixteen Thousand Three Hundred Sixty-Three Dollars ($216,363.64) as a pro-rata portion of the retention bonus outlined in the letter dated
February 7, 2019. The pro-rata retention bonus amount will be paid in a lump sum, less applicable withholdings and other ordinary payroll deductions, on the second payroll date after the Effective Date of
this Agreement. 
 d. Equity. The Company agrees to modify the terms of your equity agreements as set forth in that certain
letter agreement attached hereto as Exhibit A and to be executed by the parties on the Effective Date (as defined below). 
 3. No Other
Payments. After the Company pays you the amounts outlined in this Agreement, Rackspace is not obligated to make any additional severance, bonus or wage-related payments to you in any amount or for any purpose. 

4.Release. In exchange for the promises in this Agreement, you agree to irrevocably and unconditionally release all Claims you may now have or
that you could have asserted against the Released Parties as set forth in this section. The “Released Parties” are Rackspace US, Inc., 

  
 1 

 Rackspace Hosting, Inc., Datapipe, Inc. and all of their respective affiliates, subsidiaries, related
companies, partnerships, or joint ventures, and, with respect to each of them, their predecessors and successors; and with respect to each entity, all of its past and present employees, officers, directors, fiduciaries, agents, administrators,
stockholders, owners, investors, and representatives, assigns, attorneys, agents, both in their individual and corporate capacities, and any other persons acting by, through, under or in concert with any of the persons or entities listed in this
subsection. 
 You understand and agree that you are waiving and releasing all claims against the Released Parties, of any known and unknown claims,
promises, causes of action, including but not limited to breach of contract, conversion, invasion of privacy, intentional infliction of emotional distress, promissory estoppel, equitable estoppel, assault, battery, defamation, disparagement,
negligence, fraud, torts, and any and all similar rights of any type (“Released Claims” or “Claim(s)”) that you may have against any Released Party. You further understand that the Claims that you are releasing may arise under
many different laws (including statutes, regulations, other administrative guidance, and common law doctrines), including, but not limited to: the Age Discrimination in Employment Act; the Older Workers Benefit Protection Act; Title
VII of the Civil Rights Act; Section 1981 of the Civil Rights Act; Executive Order 11246; the Equal Pay Act; Lilly Ledbetter Fair Pay Act; the Americans with Disabilities Act, as amended, Section 503 and 504 of the Rehabilitation Act; the
Genetic Information Nondiscrimination Act; the Texas Workers’ Compensation Act; Chapter 21 of the Texas Labor Code; the WARN Act; the Employee Retirement Income Security Act; the Fair Labor Standards Act; the National Labor Relations Act; the
Family and Medical Leave Act; the Uniformed Services Employment and Reemployment Rights Act; the Defend Trade Secrets Act; any federal, state, or local laws restricting an employer’s right to terminate employees, or otherwise regulating
employment; any federal, state, or local law enforcing express or implied employment contracts or requiring an employer to deal with employees fairly or in good faith; Claims for physical or personal injury (including, but not limited to, Claims
based on the negligence of the Released Parties), wrongful discharge, intentional infliction of emotional distress, fraud, fraud in the inducement, negligent misrepresentation, negligent infliction of emotional distress, defamation, invasion of
privacy, conversion, theft, interference with contract or with prospective economic advantage, negligent investigation, claims for wages, severance, bonus, salary, commission and/or benefits, breach of express or implied contract, and breach of
covenants of good faith and fair dealing, and similar or related Claims. 
 PLEASE NOTE THAT THIS RELEASE INCLUDES A RELEASE OF CLAIMS FOR
NEGLIGENCE AND GROSS NEGLIGENCE. THIS DOCUMENT IS INTENDED TO BE A COMPLETE RELEASE OF ALL CLAIMS. 
 You understand that you are releasing
Claims that you may not know about. You affirm that this is your knowing and voluntary intent, even though you recognize that someday you might learn that some of all of the facts you currently believe to be true are untrue, and even though you
might then regret having signed this Release. Nevertheless, you are assuming that risk, and you agree that this Release will remain effective in all respects in any such case. You expressly waive all rights you might have under any law that is
intended to protect you from waiving unknown Claims. You understand the significance of doing so. 

  
 2 

 Right to File Charge. Nothing in this Agreement should be construed as precluding or
preventing you from filing a charge with any governmental agency or assisting any governmental agency in the investigation into any allegations of discrimination or retaliation against the Company. 

Future Claims; Counsel. This Agreement does not release any claims or causes of action that accrue or arise after the date you sign this
Agreement. You are advised to review this Agreement with an attorney, at your expense, concerning its effect prior to signing it. 
 5. Confidential
Information, Company Property. 
 a. You will not, directly or indirectly, for your own benefit or for the benefit of another,
reveal, use or disclose to any other person, firm, corporation, or other party or make, directly or indirectly, any commercial or other use of any information not publicly known about Rackspace or its prospects, services, suppliers, products,
customers, finances, data processing, purchasing, accounting or marketing systems, whether current or in development such information being privileged, confidential business and/or trade secret information of Rackspace(“Confidential
Information”). 
 b. As a result of your employment by Rackspace, you may have had access to, or knowledge of, confidential business
information or trade secrets of third parties. You also agree to preserve and protect the confidentiality of such third-party confidential information and trade secrets to the same extent, and on the same basis, as the privileged confidential
business and/or trade secret information of Rackspace. 
 c. All written materials, records, and other documents made by, or coming into the
possession of, you during the period of your employment by Rackspace which contain or disclose privileged, confidential business and/or trade secret information will be and remain the property of Rackspace. Upon termination of your employment with
Rackspace, you will promptly deliver the same, and all copies thereof, to Rackspace. 
 d. On or before the Employment End Date, you will
return to Company all property belonging to Company that you possess or possessed but provided to a third party, including but not limited to, all equipment or other materials and all originals and copies of Company documents, files, memoranda,
notes, computer-readable information (maintained on a removable drive, home computer, or in any other form) and video or tape recordings of any kind other than personal materials relating solely to you. You warrant and represent that you have not
retained, distributed or caused to be distributed, and will not retain, distribute or cause to be distributed, any original or duplicates of any such Company property specified in this section. 

6. Cooperation. You agree to cooperate with the Company and its designated attorneys, representatives and agents in connection with the
transition of your duties, any actual or threatened judicial, administrative, or other legal or equitable proceeding in which Company is or may become involved. Upon reasonable notice, you agree to meet with and provide Company and its designated
attorneys, representatives or agents all information and knowledge you may have relating to the subject matter of any such proceeding. Rackspace agrees to reimburse you for any reasonable pre-approved out of
pocket expenses incurred by you as a result of your cooperation. 

  
 3 

 7. Non-Disparagement. You will not, directly or
indirectly, make false, misleading or disparaging statements or representations, or statements or representations that could be interpreted as such, whether written or oral, regarding Rackspace, including statements or representations regarding its
products, services, management, employees and customers. However, this prohibition should not be construed as preventing you from complying with any legal subpoena or communicating with any governmental agency when required by law. 

8. Non-Solicitation of Company Employees. To further preserve the Confidential Information, for twelve
(12) months after employment ends, you will not, directly or indirectly, (i) hire or engage any current employee of Company, including anyone employed by or providing services to Company within the
6-month period preceding your last day of employment or engagement; (ii) solicit or encourage any employee to terminate employment or services with Company; or (iii) solicit or encourage any employee
to accept employment with or provide services to you or any business associated with you. 
 9.
Non-Solicitation of Customers and Suppliers. To further preserve the Confidential Information, for twelve (12) months after employment ends, you agree not to directly or indirectly, on your
own behalf or on behalf of any other person or entity, recruit or otherwise solicit or induce any customer or supplier of the Company to terminate its employment or arrangement with the Company, otherwise change its relationship with the Company or
establish any relationship with you or any of your affiliates for any business purpose deemed competitive with the business of the Company. 
 10. Non-Competition. To further preserve the Confidential Information, you agree that for twelve (12) months after employment ends (the “Restricted Period”), you will not work, directly or
indirectly, as an employee, contractor, officer, owner, consultant, or director, in any business anywhere in the world that sells hosting and information technology services substantially similar to those services provided by the Company, namely
(i) provisioning, hosting, management, monitoring, supporting, or maintenance of applications, computer servers (whether dedicated, shared or virtual) and network connectivity in a datacenter for remote use via the Internet, (ii) hosted
email, storage, collaboration, computer, virtual networking and substantially similar services, and (iii) all substantially similar related services, all of the foregoing being defined for the purposes of this Agreement as “Hosting.”
Provided, that the foregoing restriction shall not prevent Employee from becoming an employee of or contractor for a division of any Hosting company that does not provide Hosting services, as long as you do not, for the Restricted Period, perform
services, (including but not limited to providing information, advice, strategy, recruiting or any other interaction with regard to business matters) for a division of such company that provides Hosting services. Notwithstanding the foregoing, you
shall be permitted to acquire a passive stock or equity interest in such a business, provided that the stock or other equity interest acquired is not more than two percent (2%) of the outstanding interest in such business. 

The Restricted Period outlined above will be tolled and will not run during any such time that you are in breach of the restrictive covenants in section 8, 9
and 10 , and once tolled will not begin to run again until such time as all violations have ceased. 

  
 4 

 You recognize that the restrictions in this section may substantially limit your future flexibility in many
ways. You acknowledge you have received adequate consideration for the promises and restrictions set forth in this agreement. You agree to waive any objection to the validity of these restrictions and acknowledge that these limited prohibitions are
reasonable as to time, geographical area and scope of activities to be restrained and that these limited prohibitions do not impose a greater restraint than is necessary to protect Rackspace’s goodwill, proprietary information and other
business interests. You further agree that any breach of these covenants will result in irreparable damage and injury to Rackspace and that Rackspace will be entitled to injunctive relief in any court of competent jurisdiction without the necessity
of posting any bond. 
 11. Management Investors’ Rights Agreements. In the event that you own, or subsequently acquire through the
exercise of any vested options, common stock of Inception Topco, Inc. (the “Shares”), the parent company of Rackspace, you are bound by the terms of that certain Management Investors’ Rights Agreements, dated as of April 7, 2017
(the “MIRA”). Please be aware that if you own Shares, you will continue to be bound by the terms of the MIRA in all respects, including the obligation you (and/or your spouse and estate, as applicable) have, subject to the terms of the
MIRA, to inform Rackspace upon the occurrence of certain events that may have implications on the ownership of the Shares, including divorce, death or bankruptcy. As long as you have the right to exercise vested options for the Shares, Rackspace
will make available to you, on a confidential basis via secure website, certain periodic financial information with respect to Inception Topco, Inc. In order to receive this information you must provide your personal email address to
                                         
   . Once your right to exercise any vested options has terminated, this periodic financial information may no longer be available to you (even if you own Shares). If you are a party to any equity grant agreements, you may have rights,
obligations, and deadlines under the terms and conditions of those agreements. 
 12. Confidentiality. Except as provided below, you and
Rackspace agree to maintain in confidence both the existence and terms of this Agreement. Rackspace may disclose the terms of this Agreement consistent with business necessity. You may disclose the existence and terms of this Agreement to your
spouse or domestic partner and with your legal and or financial advisors or as otherwise required by law or governmental agency. 
 13.
Section 409A. 
 a. General. You and Rackspace agree, to the extent applicable, this Agreement shall be interpreted
in accordance with, and incorporate the terms and conditions required by, Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the Department of Treasury Regulations and other interpretive guidance issued
thereunder, including without limitation any such regulations or other guidance that may be issued after the date hereof. It is intended that this Agreement will comply with Section 409A of the Code, and Department of Treasury guidance,
including the exemptions for short-term deferrals, separation pay arrangements, reimbursements, and in-kind distributions, and this Agreement shall administered accordingly, and interpreted and construed on a
basis consistent with such intent. Notwithstanding any provision of this Agreement to the contrary, in the event that the Company determines that any amounts payable hereunder will be taxable currently to the Employee under
Section 409A(a)(1)(A) of the Code and related Department of Treasury guidance, the Company and the Employee shall cooperate in good faith to (i) adopt such amendments to this Agreement and appropriate policies and procedures, including
amendments and policies with retroactive effect, that they mutually determine to be necessary or appropriate to preserve the intended tax treatment 

  
 5 

 of the benefits provided by this Agreement, to preserve the economic benefits of this Agreement, and to
avoid less-favorable accounting or tax consequences for the Company, and/or (ii) take such other actions as mutually determined to be necessary or appropriate to exempt the amounts payable hereunder from Section 409A of the Code or to
comply with the requirements of Section 409A of the Code and thereby avoid the application of penalty taxes thereunder; provided, however, that this Section 13 does not create an obligation on the part of the Company to modify this
Agreement or any other agreement, arrangement or plan and does not guarantee that the amounts payable hereunder will not be subject to interest or penalties under Section 409A, and in no event whatsoever shall the Company or any of its
affiliates be liable for any additional tax, interest, or penalties that may be imposed on you as a result of Section 409A of the Code or any damages for failing to comply with Section 409A of the Code. 

b. Separation from Service under Section 409A. Notwithstanding any provision to the contrary in this Agreement: (i) no
Severance Payments shall be payable unless the termination of your employment constitutes a “separation from service” within the meaning of Section 1.409A-1(h) of the Department of Treasury
Regulations; (ii) if you are deemed at the time of your separation from service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, to the extent that delayed commencement of any portion of the
Severance Payments (after taking into account all exclusions applicable to such Severance Payment under Section 409A) is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of the
Severance Payments shall not be provided to you prior to the earlier of (A) the expiration of the six-month period measured from the date of your “separation from service” with the Company (as such
term is defined in the Department of Treasury Regulations issued under Section 409A) and (B) the date of your death; provided, that upon the earlier of such dates, all payments deferred pursuant to this Section 13(b) shall be paid to
you in a lump sum, and any remaining Severance Payments shall be paid as otherwise provided herein; (iii) the determination of whether you are a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code as of the
time of your separation from service shall be made by the Company in accordance with the terms of Section 409A of the Code and applicable guidance thereunder (including, without limitation,
Section 1.409A-1(i) of the Department of Treasury Regulations and any successor provision thereto); (iv) for purposes of Section 409A of the Code, your right to receive installment payments of the
Severance Payments shall be treated as a right to receive a series of separate and distinct payments; and (v) to the extent that any reimbursement of expenses or in-kind benefits constitutes
“deferred compensation” under Section 409A, such reimbursement or benefit shall be provided no later than December 31 of the year following the year in which the expense was incurred. The amount of expenses reimbursed in one year
shall not affect the amount eligible for reimbursement in any subsequent year. The amount of any in-kind benefits provided in one year shall not affect the amount of
in-kind benefits provided in any other year. Reimbursements and in-kind benefits are not subject to liquidation or exchange for another benefit. The preceding
provisions, however, will not be construed as a guarantee by the Company of any particular tax effect to you under this Agreement. 
 14. Tax
Consequences. You acknowledge and agree that you are solely responsible for the tax consequences to you of any benefits conferred on you, or any payments made to you or on your behalf, under the terms of this Agreement. Rackspace has not
made any representations to you concerning any possible tax consequences of any payments made pursuant to this Agreement. 

  
 6 

 15. Entire Agreement. This Agreement represents the entire agreement by and between the
parties and there are no other agreements or understandings related to the subject matter herein other than the MIRA and your equity grant agreement(s), if any, which survive the end of your employment and continue in effect. This Agreement may not
be changed except by written agreement signed by the parties. 
 16. Binding Heirs, Successors and Assigns. Except as herein expressly
provided, the terms and provisions of this Agreement will inure to the benefit of and be binding upon the heirs, successors, assigns and legal representatives of the parties. 

17. Arbitration. All claims and matters in question arising out of this Agreement or the relationship between the Parties, whether sounding in
contract, tort, a statutory cause of action or otherwise, will be resolved by binding arbitration pursuant to the Federal Arbitration Act. Either Party, however, may bring an action in any court of competent jurisdiction to compel arbitration under
this Agreement; enforce or vacate an arbitration award; or seek injunctive relief. This arbitration will be administered by the American Arbitration Association (“AAA”) in accordance with the National Rules for Resolution of Employment
Disputes of the American Arbitration Association (“National Rules”) in effect at the time the dispute arose. There will be one arbitrator selected pursuant to the National Rules, unless the Parties agree on a different arbitration service.
The arbitrator will issue a reasoned award within six (6) months of the filing of the arbitration notice. The Company will pay for your initial filing fee to the extent that it is more than a court filing. 

18. Jurisdiction. The substantive laws of Texas govern this Agreement, and exclusive venue for any dispute will be Bexar County, Texas or in San
Antonio, Texas. 
 19. Headings. The headings in this Agreement were used for administrative convenience only and will not be used in
interpreting or construing the meaning of any provision. 
 20. Invalid Provision. If any provision of this Agreement is or may be held by a
court of competent jurisdiction to be invalid, void, or unenforceable to any extent, the validity of the remaining parts, terms or provision of this Agreement will not be affected thereby, and such illegal or invalid part, term, or provision will be
deemed not to be part of this Agreement. The remaining provisions will nevertheless survive and continue in full force and effect. 
 21.
Interpretation. This Agreement will be construed as a whole according to its fair meaning. It will not be construed strictly for or against you. Unless the context indicates otherwise, the singular or plural number will be deemed to
include the other. Captions are intended solely for the convenience of reference and will not be used in the interpretation of this Agreement. 
 22.
Consideration of Agreement and Older Worker Benefit Protection Act. You acknowledge that you have been advised in writing by the Company that you should consult an attorney before executing this Agreement. You understand that you have twenty-one (21) calendar days from the date this Agreement is provided to you to decide whether to sign it. If you fail to sign and return this Agreement within
twenty-one (21) days from the date that it was provided to you, all payment amounts offered in this Agreement are withdrawn and revoked automatically, and you will not be entitled to any payment or
benefits that you are not otherwise entitled to under law. You may decide to sign this Agreement prior to the expiration of the twenty-one (21) day period. However, if you choose to do so, then you affirm
that this is your voluntary choice. 

  
 7 

 23. Revocation Period. You understand and acknowledge that you have seven (7) calendar
days following the date that you sign and return this Agreement to revoke your acceptance of the Agreement. This Agreement will not become effective and enforceable and the payment amounts offered in this Agreement will not become payable until
after this revocation period has expired without revocation. 
 24. Counterparts. This Agreement may be executed in a number of identical
counterparts, each of which for all purposes is deemed an original and all of which constitute collectively one Agreement. 
 25. Effective
Date. This Agreement, if signed and returned to the Company, is effective and enforceable the later of: (i) your Employment End Date or (ii) seven (7) calendar days following the date it is signed and returned, if not revoked
during the seven day period (the “Effective Date”). 
 26. Review by Employee. You acknowledge the following: 

(1) That you carefully read this Agreement, and that you understood it; 

(2) That you were advised and have had the opportunity to consult an attorney, at your expense, regarding the terms and meaning of this
Agreement; 
 (3) That you understand your deadline of twenty-one (21) days, to consider whether
to agree and accept this Agreement; 
 (4) That you understand that the Agreement is effective and enforceable on the Effective Date as
defined above. 
 [SIGNATURE PAGE FOLLOWS] 

  
 8 

PLEASE READ THIS AGREEMENT CAREFULLY AND CONSIDER ALL OF ITS PROVISIONS BEFORE SIGNING IT. IT INCLUDES A RELEASE OF KNOWN AND UNKNOWN CLAIMS,
INCLUDING CLAIMS BASED ON NEGLIGENCE. IF YOU WISH, YOU SHOULD TAKE ADVANTAGE OF THE FULL REVIEW PERIOD AFFORDED UNDER THIS AGREEMENT AND YOU SHOULD CONSULT AN ATTORNEY OF YOUR CHOOSING. 

 

							
	Employee:	  		  	
				
	By:	  	Louis Alterman  (printed name)	  		  	
		  	/s/ Louis Alterman  (signature)	  		  	Date: 30 August 2019

  

							
	Rackspace:	  		  	
				
	By:	  	Kelly Butler  (printed name)	  		  	
		  	/s/ Kelly Butler  (signature)	  		  	Date: 31 August 2019
		  	K Butler        (title)	  		  	
	On Behalf of Rackspace	  		  	

 IF YOU AGREE AND SIGN THIS AGREEMENT, PLEASE RETURN A SIGNED COPY OF THE ENTIRE AGREEMENT TO THE CHIEF PEOPLE OFFICER OR
GENERAL COUNSEL PRIOR TO THE DEADLINE. 

  
 9 

 EXHIBIT A 

August 30, 2019 
 Louis Alterman 

Rackspace US, Inc. 
 One Fanatical Way 

San Antonio, Texas 78218 
  

	 	Re:	 Equity Acceleration Agreement 

Dear Louis: 
 Reference is hereby made to the following: 

 

	 	•	 	 Separation Agreement, dated as of August 30, 2019, by and between you and Rackspace US, Inc. (the
“Separation Agreement”); 

  

	 	•	 	 Non-Qualified Stock Option Agreement, dated as of June 29, 2017, by
and between you and Inception Topco, Inc. (the “Company”)( as amended by that certain Modification of Performance Options, dated as of November 6, 2018, the “Option Agreement”), pursuant to which you were
granted (i) 26,667 Tranche A Options and (ii) 53,333 Tranche B Options (as each such term is defined in the Option Agreement); and 

  

	 	•	 	 Restricted Stock Unit Agreement, dated as of November 28, 2018 (the “RSU Agreement”), by
and between you and the Company, pursuant to which you were granted (i) 20,000 Tranche A RSUs and (ii) 20,000 Tranche B RSUs (as each such term is defined in the RSU Agreement). 

Terms used herein but not defined herein have the meanings set forth in the Option Agreement or the RSU Agreement, as applicable. 

Subject to the terms and conditions set forth in the Separation Agreement and your acknowledgment and acceptance of this letter agreement, as evidenced by
your signature below, you and the Company hereby agree as follows: 
  

	 	1.	 Notwithstanding the terms set forth in the Option Agreement, the Company hereby accelerates the vesting of
5,334 Tranche A Options (the “Accelerated Options”) such that the Accelerated Options will be deemed to vest on the Employment End Date (as defined in the Separation Agreement). As of the Employment End Date, you (i) will have
an aggregate of 16,964 vested Tranche A Options (including the Accelerated Options), and (ii) hereby forfeit all unvested Options except as otherwise set forth below. All vested Options shall be exercisable in accordance with the terms of the
Option Agreement. 

  

	 	2.	 Notwithstanding the terms set forth in the RSU Agreement, the Company hereby accelerates the vesting of 4,000
Tranche A RSUs (the “Accelerated RSUs”) such that the Accelerated RSUs will be deemed to vest on the Employment End Date. As of the Employment End Date, you (i) will have an aggregate of 7,200 vested RSUs (including the
Accelerated RSUs), and (ii) hereby forfeit all unvested RSUs except as otherwise set forth below. All vested RSUs shall be settled in accordance with the terms of the RSU Agreement. 

 

	 	3.	 The fourth paragraph of Section 4(b) of the Option Agreement is hereby amended and restated in its
entirety as follows: 

  
 Page 1 of 3 

 If a Termination of Relationship occurs (x) prior to the occurrence of a Change in
Control and (y) as a result of (A) a termination of the Optionee’s employment or other service relationship by the Company or its Subsidiaries without Cause, (B) the Optionee’s death, serious illness or Disability or
(C) any resignation by the Optionee for Good Reason, (1) 100% of the unvested portion of the Tranche B Option (if any) shall remain outstanding and eligible to become a Vested Option during the 90 day period following such Termination of
Relationship (the “90-Day Period”) upon achievement of the performance criteria set forth in Section 4(b) (after giving effect to Section 4(c)(i), if applicable) during such 90-Day Period, and (2) in the event that the performance criteria set forth in Section 4(b) (after giving effect to Section 4(c)(i), if applicable) are not met during such 90-Day Period, 50% of the unvested portion of the Tranche B Option (if any) shall remain outstanding and eligible to become a Vested Option during the 3-month period
immediately following the expiration of the 90-Day Period (the “Additional Six Month Period”) upon achievement of the performance criteria set forth in Section 4(b) (after giving effect
to Section 4(c)(i), if applicable) during the Additional Six Month Period, and in either case, any such portion that becomes a Vested Option shall remain outstanding pursuant to the provisions of Section 8(a) as if the Termination of
Relationship occurred on the date of vesting; provided, that (I) 50% of the Tranche B Option which remains unvested as of 90-Day Period, (II) any portion of the Tranche B Option which remains
unvested as of the end of the Additional Six Month Period, or (III) if earlier, after giving effect to the application of Section 4(c)(i) to the extent a Change in Control occurs and Apollo elects to give effect to Section 4(c)(i),
shall be immediately forfeited; provided, further, that if a Change in Control occurs during such 90-Day Period or Additional Six Month Period, as applicable, and Apollo does not elect to give effect to
Section 4(c)(i), any unvested portion of the Tranche B Option shall remain outstanding and the provisions of Section 4(b)(2) below (and not the provisions of Section 4(c)(ii)) will apply to such unvested portion of the Tranche B
Option. 
  

	 	4.	 Section 8(a) of the Option Agreement is hereby amended and restated in its entirety as follows:

  

	 	(a)	 Except as otherwise provided in Section 4(b)(2), following a Termination of Relationship, the Option shall
automatically terminate without consideration and shall become null and void and be of no further force and effect upon the earliest of: 

  

	 	(i)	 The tenth anniversary of the Grant Date; or 

 

	 	(ii)	 The date it is determined that Optionee is a “Bad Leaver” (as defined in the Investor Rights
Agreement). 

  

	 	5.	 The fourth paragraph of Section 3(b) of the RSU Agreement is hereby amended and restated in its entirety
as follows: 

 If a Termination of Relationship occurs (x) prior to the occurrence of a Change in Control and
(y) as a result of (A) a termination of the Grantee’s employment or other service relationship by the Company or its Subsidiaries without Cause, (B) the Grantee’s death, serious illness or Disability or (C) any resignation
by the Grantee for Good Reason, (1) 100% of the unvested portion of the Tranche B RSUs (if any) shall remain outstanding and eligible to become a Vested RSUs during the 90 day period following such Termination of Relationship (the “90-Day Period”) upon achievement of the performance criteria set forth in Section 3(b) (after giving effect to Section 3(c)(i), if applicable) during such
90-Day Period, and (2) in the event that the performance criteria set forth in Section 3(b) (after giving effect to Section 3(c)(i), if applicable) are not met during such 

  
 Page 2 of 3 

 90-Day Period, 50% of the unvested portion of the
Tranche B RSUs (if any) shall remain outstanding and eligible to become Vested RSUs during the 6-month period immediately following the expiration of the 90-Day Period
(the “Additional Six Month Period”) upon achievement of the performance criteria set forth in Section 3(b) (after giving effect to Section 3(c)(i), if applicable) during the Additional Six Month Period; provided,
that (I) 50% of the Tranche B RSUs which remain unvested as of 90-Day Period, (II) any portion of the Tranche B RSUs which remain unvested as of the end of the Additional Six Month Period, or
(III) if earlier, after giving effect to the application of Section 3(c)(i) to the extent a Change in Control occurs and Apollo elects to give effect to Section 3(c)(i), shall be immediately forfeited; provided, further, that
if a Change in Control occurs during such 90-Day Period or Additional Six Month Period, as applicable, and Apollo does not elect to give effect to Section 3(c)(i), any unvested portion of the Tranche B
RSUs shall remain outstanding and the provisions of Section 3(b)(2) below (and not the provisions of Section 3(c)(ii)) will apply to such unvested portion of the Tranche B RSUs. 

 

	 	6.	 Section 3(d) of the RSU Agreement is hereby amended by restating the proviso thereof in its entirety as
follows: 

 provided, that, in the event that the Grantee experiences a Termination of Relationship for Cause or if
it is later determined that the Grantee is a “Bad Leaver” (as defined in the Investor Rights Agreement), then all unvested RSUs then held by the Grantee (whether vested or unvested) shall immediately be forfeited. 

 

	 	7.	 Neither Apollo nor any officer, director, employee or other representative of the Company or any of its
affiliates had made, or is making, any representation and warranty to you (or any other person) regarding the likelihood or timing of a possible Change of Control, the achievement of any level of MOIC or any other fact or circumstance that could
impact the vesting of your Tranche B Options and/or Tranche B RSUs. By your signature below, you hereby (i) acknowledge and accept the foregoing disclaimer of representations and warranties, and (ii) confirm that you are not relying on any
such representation or warranty in making your decision to enter into this letter agreement or the Separation Agreement. 

  

	 	8.	 Section 14 (Governing Law; Consent to Jurisdiction), 15 (Counterparts), 16 (Entire Agreement), 18
(Enforcement) and 19 (Waiver of Jury Trail) of the Option Agreement and the RSU Agreement shall apply to this letter agreement mutatis mutandis. 

 

			
	INCEPTION TOPCO, INC.
		
	By:	 	  

	Name:	 	Holly Windham
	Title:	 	EVP, General Counsel

 Acknowledged and Agreed this 30th day of August, 2019. 

 

	
	  

	Louis Alterman

  
 Page 3 of 3

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