Document:

EX-10.14

 Exhibit 10.14 

 

					
	 

	 		 	 Hims, Inc.

 

	 		 	 340 Bryant Street 3rd Floor

 

	 		 	 San Francisco, CA 94107

 April 28, 2020 

VIA EMAIL DELIVERY 
 Melissa Waters 

 

	 	Re:	 Offer of Separation Compensation 

Dear Melissa: 
 This letter confirms the
agreement (“Agreement”) between you and Hims, Inc. (the “Company”) concerning the terms of your separation and offers you the separation compensation discussed with you in exchange for a general release of claims. 

1. Separation Date: May 1, 2020 is your last day of employment with the Company (the “Separation Date”).

 2. Final Payment of Wages: On your Separation Date, the Company will provide you with your final paycheck in the amount of
$1,345.85 less applicable taxes and deductions, for all wages due you from the Company as of the Separation Date. 
 3. Separation
Compensation: In exchange for your agreement to the general release and waiver of claims and covenant not to sue set forth below and your other promises herein, the Company agrees to provide you with the following that are collectively referred
to as “Separation Compensation”: 
  

	 	a.	 Severance: In exchange for your agreement to the general release and waiver of claims set forth below
and your other promises herein, the Company agrees to pay you, within ten (10) days following the Effective Date (as defined below) of this Agreement, a total of $175,000 less applicable state and federal payroll deductions, which equals six
(6) months of your base salary. You acknowledge you are not otherwise entitled to this Separation Compensation. 

  

	 	b.	 COBRA: Upon your timely election to continue your existing health benefits under COBRA, and consistent
with the terms of COBRA and the Company’s health insurance plan, the Company will pay the insurance premiums to continue your existing health benefits for six (6) months following the Separation Date. After that time you will remain
responsible for, and must continue to pay, the portion of premiums, co-payments, etc. that you would have paid had your employment continued. You will be provided with a separate notice describing your rights
and obligations under COBRA. 

 Melissa Waters 

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	 	c.	 Equity: Subject to your execution of this Agreement, and subject to the approval of the Company’s
Board of Directors, the Company agrees to provide for acceleration of the unvested Shares as further detailed in Section 7 below. 

4. Return of Company Property: You hereby warrant to the Company that, as of your Separation Date, you have returned to the Company all
property or data of the Company of any type whatsoever that has been in your possession or control. 
 5. Other Compensation and
Benefits. You acknowledge that, except as expressly provided in this Agreement, you will not receive any additional compensation, benefits, or Separation Compensation after the Separation Date from the Company and that none is due or owing. For
any Company-sponsored employee compensation or benefit plan, program, policy or arrangement not specifically referenced in this Agreement, you will be treated as a terminated employee effective on your Separation Date. 

6. Confidential Information: You hereby acknowledge that you are and will continue to be bound by the attached Employee Confidential
Information and Inventions Assignment Agreement (Exhibit A hereto) and this Agreement does not modify or impact such Employee Confidential Information and Inventions Assignment Agreement or your obligations under such agreement in any way.
You further acknowledge that as a result of your employment with the Company you have had access to the Company’s Confidential Information (as defined in the agreement), that you will hold all Confidential Information in strictest confidence
and that you will not make use of such Confidential Information on behalf of anyone. You further confirm that you have delivered to the Company all documents and data of any nature containing or pertaining to such Confidential Information and that
you have not taken with you any such documents or data or any reproduction thereof. 
 7. Stock Options: Pursuant to your Stock Option
Agreement with the Company dated April 30, 2019 and the Company’s 2017 Stock Plan (hereafter collectively referred to as the “Stock Option Agreements”), you were granted an option to purchase an aggregate of 1,800,000 shares of
the Company’s Class A Common Stock (the “Option”). You exercised the Option for 1,800,000 shares of Class A Common Stock (the “Shares”) with the Note (as defined below). Pursuant to Section 5 of your offer
letter by and between you and the Company dated March 26, 2019 (the “Offer Letter”), the Company agreed to accelerate the vesting of your Shares by adding six (6) months to your actual period of service (the
“Acceleration”), subject to your execution of this Agreement, if during your vesting period you are terminated by the Company for any other reason other than Cause (as defined in the Offer Letter). Including the Acceleration as of the
Separation Date, 675,000 total of the Shares that you purchased by exercising the Option have vested (the “Vested Shares”) and 1,125,000 Shares remain unvested (the “Unvested Shares”). In addition, the Company hereby notifies you
that it is exercising its right to repurchase from you the 1,125,000 Unvested Shares in exchange for the cancellation of 

 Melissa Waters 

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 $888,750 of principal of the Promissory Note by and between you and the Company dated as of August 21,
2019 (the “Note”). You and the Company agree that the principal amount of $533,250 will remain outstanding on the Note pursuant to its terms (and, for clarity, will continue to accrue interest). The Company will cancel the stock
certificate that was issued in your name with respect to the shares that you purchased, and it will issue you a new stock certificate for the remaining Vested Shares. The Stock Option Agreements will remain in full force and effect, and you agree to
remain bound by that Agreement. As of the Separation Date, you will have no further interest in the repurchased shares and will have no stockholder rights with respect to those shares. Any other Stock Option Agreements or Stock Purchase Agreements
between you and the Company will also remain in full force and effect. 
 8. General Release and Waiver of Claims: In consideration
for receiving the Separation Compensation described above, to the fullest extent permitted by applicable law, you waive, release and promise never to assert any claims or causes of action, whether or not now known, against the Company or its
predecessors, successors or past or present subsidiaries, stockholders, directors, officers, employees, consultants, attorneys, agents, assigns and employee benefit plans (“Releasees”) with respect to any matter, including (without
limitation) any matter related to your employment with the Company or the termination of that employment, including (without limitation) claims or demands related to base pay, salary, bonuses, commissions, stock, stock options, stock-based
compensation or any other ownership interests in Hims, vacation/paid time off, fringe benefits, expense reimbursements, severance pay, or any other form of compensation; attorneys’ fees or costs; claims of wrongful discharge, constructive
discharge, emotional distress, defamation, invasion of privacy, fraud, breach of contract or breach of the covenant of good faith and fair dealing and any claims of discrimination or harassment based on sex, age, race, national origin, disability or
any other basis under Title VII of the Civil Rights Act of 1964, the California Fair Employment and Housing Act, the Age Discrimination in Employment Act of 1967 (as amended by the Older Workers Benefit Protection Act), the Americans with
Disabilities Act, the Fair Labor Standards Act, the National Labor Relations Act, the Family and Medical Leave Act, the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), the Workers Adjustment and Retraining
Notification Act, the California Labor Code where permitted, and all other laws and regulations relating to employment.    However, this release covers only those claims that arose prior to the execution of this Agreement and
only those claims that may be waived by applicable law. Execution of this Agreement does not bar any claim that arises hereafter, including (without limitation) a claim for breach of this Agreement or any claim to indemnification under
Section 2802 of the California Labor Code, any right you have to file or pursue a claim for workers’ compensation or unemployment insurance, or any rights which are not waivable as a matter of law. To the fullest extent permitted by law,
any dispute regarding the scope of this general release shall be determined by an arbitrator under the procedures set forth in the arbitration agreement between the parties. 

 Melissa Waters 

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 You understand that this Agreement does not limit your ability to file a charge or complaint with the Equal
Employment Opportunity Commission, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (each, a “Government Agency”), except that you acknowledge and agree and hereby waive your
right to any monetary benefits in connection with any such claim, charge or proceeding before the Equal Employment Opportunity Commission, the Securities and Exchange Commission, or any analogous federal, state or other government agency, to the
extent allowed by applicable law. You further understand that this Agreement does not limit your ability to communicate with, or otherwise participate in any investigation or proceeding that may be conducted by, a Government Agency. Notwithstanding
anything to the contrary herein, this Agreement does not limit your right to receive a statutory award for information provided to the Securities and Exchange Commission. 

By signing below, you expressly waive any benefits of Section 1542 of the Civil Code of the State of California, which provides as follows: 

“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY 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.” 

9. Acknowledgment of Waiver of Claims under ADEA and OWBPA. You acknowledge that you are knowingly and voluntarily waiving and releasing
any rights you may have under the Age Discrimination in Employment Act of 1967 (ADEA) and the Older Workers Benefit Protection Act (OWBPA). You agree that this waiver and release does not apply to any rights or claims that may arise under the ADEA
or OWBPA after the Effective Date of this Agreement. You also acknowledge that the consideration given for the waiver and release herein is in addition to anything of value to which you were already entitled. You further acknowledge that you have
been advised by this writing, as required by the ADEA, that (a) your waiver and release do not apply to any rights or claims that may arise after the execution date of this Agreement; (b) you are advised hereby to consult with an attorney
before signing this Agreement; (c) you have up to twenty-one (21) days from the date you receive this Agreement to execute this Agreement (although you may choose to knowingly and voluntarily execute
this Agreement earlier, as signified by an earlier date by the date and signature below); (d) you have seven (7) days following your execution of this Agreement to revoke the Agreement; and (e) this Agreement will not be effective until
the date upon which the revocation period has expired, which will be the eighth day after this Agreement is executed by you (the “Effective Date”); (f) the Company has no obligation to pay any sum or perform any act referred to in this
Agreement until it becomes effective and enforceable; (g) you have carefully read, and understand, all of the provisions of this Agreement; and (h) this Agreement does not affect your ability to test the knowing and voluntary nature of
this Agreement. You acknowledge that any such revocation must be made by delivering a written notice of revocation to Hims, Attention Soleil Boughton, soleil@forhims.com and for such revocation to be effective, notice must be received no later than
11:59 PM (Pacific Time) on the seventh (7th) calendar day after you execute this Agreement 

 Melissa Waters 

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 10. Nondisparagement: You agree that you will not disparage Releasees or their
products, services, agents, representatives, directors, officers, shareholders, attorneys, employees, vendors, affiliates, successors or assigns, or any person acting by, through, under or in concert with any of them, with any written or oral
statement. Nothing in this section or in this Agreement shall prohibit you from providing truthful information in response to a subpoena, court order, written request from an administrative agency or legislature, or other law or legal process. 

11. Arbitration: Except for any claim for injunctive relief arising out of a breach of a party’s obligations to protect the
other’s proprietary information and any matter separately covered by the Arbitration Agreement you signed at the beginning of employment, the parties agree to arbitrate, in San Francisco County, California through JAMS, any and all disputes or
claims arising out of or related to the validity, enforceability, interpretation, performance or breach of this Agreement, whether sounding in tort, contract, statutory violation or otherwise, or involving the construction or application or any of
the terms, provisions, or conditions of this Agreement. Any arbitration may be initiated by a written demand to the other party. The arbitrator’s decision shall be final, binding, and conclusive. The parties further agree that this Agreement is
intended to be strictly construed to provide for arbitration as the sole and exclusive means for resolution of all disputes hereunder to the fullest extent permitted by law. The parties expressly waive any entitlement to have such controversies
decided by a court or a jury. 
 12. Attorneys’ Fees: If any action is brought to enforce the terms of this Agreement, the
prevailing party will be entitled to recover its reasonable attorneys’ fees, costs and expenses from the other party, in addition to any other relief to which the prevailing party may be entitled. 

13. Confidentiality and No Sexual Harassment or Abuse: The contents, terms and conditions of this Agreement must be kept confidential by
you and may not be disclosed except to your immediate family, accountant or attorneys or pursuant to subpoena, court order or other law or legal process. You agree that, except as otherwise allowed in this section or required by law, if you are
asked for information concerning this Agreement, you will state only that you and the Company reached an amicable resolution of any disputes concerning your separation from the Company. Any breach of this confidentiality provision shall be deemed a
material breach of this Agreement.    You and the Company expressly acknowledge and agree that your resignation of employment is in no way related to sexual harassment or abuse (or any allegations or claims related to sexual
harassment or abuse) and that no portion of the compensation, benefits or other consideration payable under this Agreement pertains to any settlement or payment related to sexual harassment or sexual abuse or attorney’s fees related to such a
settlement or payment. 
 14. No Admission of Liability: This Agreement is not and shall not be construed or contended by you to be an
admission or evidence of any wrongdoing or liability on the part of Releasees, their representatives, heirs, executors, attorneys, agents, partners, officers, shareholders, directors, employees, subsidiaries, affiliates, divisions, successors or
assigns. This Agreement shall be afforded the maximum protection allowable under California Evidence Code Section 1152 and/or any other state or federal provisions of similar effect. 

 Melissa Waters 

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 15. Complete and Voluntary Agreement: This Agreement, together with Exhibit A hereto,
the Arbitration Agreement you signed at the beginning of your employment with the Company, and the Stock Option Agreements, constitute the entire agreement between you and Releasees with respect to the subject matter hereof and supersedes all prior
negotiations and agreements, whether written or oral, relating to such subject matter. You acknowledge that neither Releasees nor their agents or attorneys have made any promise, representation or warranty whatsoever, either express or implied,
written or oral, which is not contained in this Agreement for the purpose of inducing you to execute the Agreement, and you acknowledge that you have executed this Agreement in reliance only upon such promises, representations and warranties as are
contained herein, and that you are executing this Agreement voluntarily, free of any duress or coercion. 
 16. Severability: The
provisions of this Agreement are severable, and if any part of it is found to be invalid or unenforceable, the other parts shall remain fully valid and enforceable. Specifically, should a court, arbitrator, or government agency conclude that a
particular claim may not be released as a matter of law, it is the intention of the parties that the general release, the waiver of unknown claims and the covenant not to sue above shall otherwise remain effective to release any and all other
claims. 
 17. Modification; Counterparts; Facsimile/PDF Signatures: It is expressly agreed that this Agreement may not be altered,
amended, modified, or otherwise changed in any respect except by another written agreement that specifically refers to this Agreement, executed by authorized representatives of each of the parties to this Agreement. This Agreement may be executed in
any number of counterparts, each of which shall constitute an original and all of which together shall constitute one and the same instrument. Execution of a facsimile or PDF copy shall have the same force and effect as execution of an original, and
a copy of a signature will be equally admissible in any legal proceeding as if an original. 
 18. Governing Law: This Agreement shall
be governed by and construed in accordance with the laws of the State of California. 
 If you agree to abide by the terms outlined in this
letter, please sign this letter below and also sign the attached copy and return it to me on or before the end of the review period noted in Paragraph 10. I wish you the best in your future endeavors. 

 

							
		 		 	Sincerely,
			
		 		 	Hims, Inc.
				
		 		 	By:	 	 /s/ Andrew Dudum

		 		 		 	Andrew Dudum, CEO
				
	READ, UNDERSTOOD AND AGREED	 		 		 	
				
	 /s/ Melissa Waters
	 		 	Date:	 	04 / 28 / 2020
	Melissa WatersEX-10.16

 Exhibit 10.16 

HIMS, INC. 
 CHANGE IN
CONTROL AND SEVERANCE AGREEMENT 
 This Change in Control Severance Agreement (the “Agreement”) is made and
entered into by and between Andrew Dudum (the “Executive”) and Hims, Inc., a Delaware corporation (the “Company”), effective as of the date specified in Section 1 below. 

This Agreement provides severance and acceleration benefits in connection with certain qualifying terminations of Executive’s employment
with the Company. Upon its effectiveness, this Agreement shall supersede any existing severance and acceleration provisions set forth in Executive’s offer letter, employment agreement or equity award agreement or similar agreement or
understanding. 
 Certain capitalized terms are defined in Section 8. 

The Company and Executive agree as follows: 

1. Term. This Agreement shall become effective as of October 22, 2020 (the “Effective Date”). Unless
terminated sooner, this Agreement will terminate automatically on the three-year anniversary of the Effective Date. 
 2. Severance
Benefits. 
 (a) Severance Period. For purposes of this Agreement, the “Severance Period” shall be a period of twelve
months following the Executive’s Separation. 
 (b) Involuntary Termination Not Involving a Change in Control. If Executive is
subject to an Involuntary Termination which occurs prior to, or more than 12 months following, a Change in Control, and Executive satisfies the conditions described in Section 2(d) below, then Executive shall be entitled to the following
severance benefits: (i) continued payment of Executive’s Base Salary during the Severance Period; (ii) continued payment of the employer’s portion of health insurance premiums under COBRA (assuming the Executive properly and
timely elects to continue health insurance coverage under COBRA) for the Executive and Executive’s eligible dependents until the earliest of (1) the end of the Severance Period, (2) the expiration of the Executive’s continuation
coverage under COBRA or (3) the date when the Executive becomes eligible for substantially equivalent health insurance coverage in connection with new employment; and (iii) unless the Company provides otherwise when an equity award is
granted, accelerated vesting (and, if applicable, exercisability) as if the Executive had completed additional months of continuous service equal to the Severance Period; provided, however, that in the case of equity awards subject to
performance conditions, such equity awards will become vested (and, if applicable, exercisable) if and only if the applicable performance conditions are satisfied during the Severance Period. For avoidance of doubt, if Executive is subject to an
Involuntary Termination pursuant to this Subsection (b), the portion of Executive’s then-outstanding and unvested (and, if applicable, unexercisable) equity awards subject to 

 
performance-based vesting that is eligible to vest (and become exercisable) pursuant to clause (iii) will remain outstanding during the Severance Period, so that any additional benefits due
pursuant to clause (iii) may be provided if the performance conditions are satisfied during the Severance Period, provided further that in no event will any of Executive’s equity awards remain outstanding beyond the award’s
maximum term. 
 (c) Involuntary Termination Involving a Change in Control. If Executive is subject to an Involuntary Termination
which occurs in connection with, or within 12 months following, a Change in Control, and Executive satisfies the conditions described in Section 2(d) below, then Executive shall be entitled to the following severance benefits:
(i) continued payment of Executive’s Base Salary and target bonus (assuming achievement at 100% of goals) for a period of 12 months following their Separation; (ii) continued payment of the employer’s portion of health insurance
premiums under COBRA (assuming the Executive properly and timely elects to continue health insurance coverage under COBRA) for the Executive and Executive’s eligible dependents until the earliest of (1) the end of the 12-month period following the Executive’s Separation, (2) the expiration of the Executive’s continuation coverage under COBRA or (3) the date when the Executive becomes eligible for substantially
equivalent health insurance coverage in connection with new employment; and (iii) unless the Company provides otherwise when an equity award is granted, and provided that such equity awards remain outstanding following such Change in Control,
one hundred percent of the unvested portion of each outstanding equity award that Executive holds as of the Involuntary Termination will vest and, if applicable, become exercisable; provided, however, that in the case of equity awards subject
to performance conditions, such equity awards will become vested (and, if applicable, exercisable) if and only if the applicable performance conditions are satisfied during the 12-month period following such
Separation. For avoidance of doubt, if Executive is subject to an Involuntary Termination pursuant to this Subsection (c), the portion of Executive’s then-outstanding and unvested (and, if applicable, unexercisable) equity awards subject to
performance-based vesting that is eligible to vest (and become exercisable) pursuant to clause (iii) will remain outstanding during the 12-month period following Executive’s Separation, so that any
additional benefits due pursuant to clause (iii) may be provided if the performance conditions are satisfied during the 12-month period following the Executive’s Separation, provided further
that in no event will any of Executive’s equity awards remain outstanding beyond the award’s maximum term. 
 (iii)
Preconditions to Severance and Change in Control Benefits / Timing of Benefits. As a condition to Executive’s receipt of any benefits described in Section 2, Executive shall execute and allow to become effective a general release of
claims in the form provided by the Company, comply with the Executive’s continuing obligations (including the return of Company property) to the Company, and, if requested by the Company, immediately resign from all positions Executive holds
with the Company, including as a member of the Company’s Board of Directors and as a member of the board of directors of any subsidiaries of the Company. Executive must execute and return the release on or before the date specified by the
Company, which will in no event be later than 50 days after Executive’s employment terminates. If Executive fails to return the release by the deadline or if Executive revokes the release, then Executive will not be entitled to the benefits
described in this section 2. All such benefits will be provided, or such payments will commence, within 60 days after Executive’s Involuntary Termination. If such 60-day period spans two calendar years,
then payments or benefits will in any event be made or begin in the second calendar year. 

  
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 3. Section 409A. The Company intends that all payments and benefits provided under
this Agreement or otherwise are exempt from, or comply with, with the requirements of Code Section 409A so that none of the payments or benefits will be subject to the additional tax imposed under Code Section 409A, and any ambiguities
herein will be interpreted in accordance with such intent. For purposes of Code Section 409A, each payment, installment or benefit payable under this Agreement is hereby designated as a separate payment. In addition, if the Company determines
that Executive is a “specified employee” under Code Section 409A(a)(2)(B)(i) at the time of Executive’s Separation, then (i) any severance payments or benefits, to the extent that they are subject to Code Section 409A,
will not be paid or otherwise provided until the first business day following the earlier of (A) expiration of the six-month period measured from Executive’s Separation or (B) the date of
Executive’s death and (ii) any installments that otherwise would have been paid or provided prior to such date will be paid or provided in a lump sum when the severance payments or benefits commence. 

4. Section 280G. Notwithstanding anything contained in this Agreement to the contrary, in the event that the payments and benefits
provided pursuant to this Agreement, together with all other payments and benefits received or to be received by Executive (“Payments”), constitute “parachute payments” within the meaning of Code Section 280G,
and, but for this Section 4, would be subject to the excise tax imposed by Code Section 4999 (the “Excise Tax”), then the Payments shall be made to Executive either (i) in full or (ii) as to such lesser
amount as would result in no portion of the Payments being subject to the Excise Tax (a “Reduced Payment”), whichever of the foregoing amounts, taking into account applicable federal, state and local income taxes and the
Excise Tax, results in Executive’s receipt on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of the Payments may be subject to the Excise Tax. If a
Reduced Payment is to be made under this section, reduction of Payments will occur in the following order: reduction of cash payments, then cancellation of equity-based payments and accelerated vesting of equity awards, and then reduction of
employee benefits. If accelerated vesting of equity awards is to be reduced, such acceleration of vesting will be cancelled in the reverse order of the date of grant. In the event that cash payments or other benefits are reduced, such reduction
shall occur in reverse order beginning with the payments and benefits which are to be paid furthest away in time. All determinations required to be made under this Section 4 (including whether any of the Payments are parachute payments and
whether to make a Reduced Payment) will be made by an independent accounting firm selected by the Company. For purposes of making the calculations required by this section, the accounting firm may make reasonable assumptions and approximations
concerning applicable taxes and may rely on reasonably, good faith interpretations concerning the application of Code Sections 280G and 4999. The Company will bear the costs that the accounting firm may reasonably incur in connection with the
calculations contemplated by this Section 4. The accounting firm’s determination will be binding on both Executive and the Company absent manifest error. 

5. Company’s Successors. Any successor to the Company to all or substantially all of the Company’s business and/or assets
shall assume the Company’s obligations under this Agreement and agree expressly to perform the Company’s obligations under this Agreement in the same manner and to the same extent as the Company would be required to perform such
obligations in the absence of a succession. 

  
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 6. Miscellaneous Provisions. 

(a) Modification or Waiver. No provision of this Agreement may be modified, waived or discharged unless the modification, waiver or
discharge is agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the
other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 
 (b)
Integration. This Agreement represents the entire agreement and understanding between the parties as to the subject matter herein and supersedes all prior or contemporaneous agreements, whether written or oral, with respect to the subject
matter of this Agreement. 
 (c) Choice of Law. The validity, interpretation, construction and performance of this Agreement shall be
governed by the internal substantive laws, but not the conflicts of law rules, of the State of California. 
 (d) Tax Withholding.
Any payments provided for hereunder are subject to reduction to reflect applicable withholding and payroll taxes and other reductions required under federal, state or local law. The Company reserves the right to treat any payments made hereunder
related to COBRA premiums as taxable income to the Executive to the extent the Company deems necessary or advisable to avoid adverse tax consequences to the Executive, the Company or the Company’s other service providers. 

(e) Notices. Any notice required by the terms of this Agreement shall be given in writing. It shall be deemed effective upon
(i) personal delivery, (ii) deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid or (iii) deposit with Federal Express Corporation, with shipping charges prepaid. Notice shall
be addressed to the Company at its principal executive office (attention General Counsel) and to the Executive at the address that they most recently provided to the Company in accordance with this Subsection (e). 

(f) Severability. The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or
enforceability of any other provision hereof, which shall remain in full force and effect. 
 (g) Counterparts. This Agreement may be
executed in counterparts, each of which shall be deemed an original, but all of which together will constitute one and the same instrument. 

7. At-Will Employment. Nothing contained in this Agreement shall (a) confer upon Executive
any right to continue in the employ of the Company, (b) constitute any contract or agreement of employment, or (c) interfere in any way with the at-will nature of Executive’s employment with the
Company. 

  
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 8. Definitions. The following terms referred to in this Agreement shall have the
following meanings: 
 (a) “Base Salary” means Executive’s annual base salary as in effect immediately prior to
an Involuntary Termination; provided, however, that in the event of a Resignation for Good Reason due to a material reduction in Executive’s base salary, “Base Salary” means Executive’s annual base salary as in effect immediately
prior to such reduction. 
 (b) “Cause” means (i) Executive’s unauthorized use or disclosure of the
Company’s confidential information or trade secrets, which use or disclosure causes material harm to the Company, (ii) Executive’s material breach of any agreement with the Company, (iii) Executive’s material failure to
comply with the Company’s written policies or rules (including without limitation the Company’s ethics or insider trading policies), (iv) Executive’s conviction of, or plea of “guilty” or “no contest” to, a felony
under the laws of the United States or any State, (v) Executive’s gross negligence or willful misconduct in the performance of Executive’s duties for the Company (with financial accounting improprieties deemed to constitute gross
negligence or willful misconduct), (vi) Executive’s continuing failure to perform assigned duties after receiving written notification of the failure from the Company or (vii) Executive’s failure to cooperate in good faith with a
governmental or internal investigation of the Company or its directors, officers or employees, if the Company has requested such cooperation. 

(c) “Change in Control” means: 

(i) Any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing more than 50%
of the total voting power represented by the Company’s then-outstanding voting securities; 
 (ii) The consummation of the sale or
disposition by the Company of all or substantially all of the Company’s assets; 
 (iii) The consummation of a merger or consolidation
of the Company with or into any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity or its parent) more than 50% of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or
consolidation; or 

  
 -5- 

 (iv) Individuals who are members of the Company’s board of directors (the
“Incumbent Board”) cease for any reason to constitute at least a majority of the members of the Company’s board of directors over a period of 12 months; provided, however, that if the appointment or election (or
nomination for election) of any new board member was approved or recommended by a majority vote of the members of the Incumbent Board then still in office, such new member shall, for purposes of this Agreement, be considered as a member of the
Incumbent Board. 
 Solely for purposes of this Change in Control definition, references to the Company herein shall be deemed to refer to any
publicly-listed parent entity of the Company. A transaction shall not constitute a Change in Control if it is an internal restructuring of the Company or if its sole purpose is to change the state of the Company’s incorporation or to create a
holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction. In addition, if a Change in Control constitutes a payment event with respect
to any amount which is subject to Code Section 409A, then the transaction must also constitute a “change in control event” as defined in Treasury Regulation Section 1.409A-3(i)(5) to the
extent required by Code Section 409A. 
 For the avoidance of doubt, any initial public offering, any subsequent public offering, or other capital
raising event, and any merger effected solely to change the Company’s domicile or to become publicly listed through acquisition by a special purpose acquisition company or any recapitalization consummated in connection therewith shall not
constitute a “Change in Control.” 
 (d) “Code” means the U.S. Internal Revenue Code of 1986, as amended.

 (e) “COBRA” means the Consolidated Omnibus Budget Reconciliation Act. 

(f) “Involuntary Termination” means either (i) a Termination without Cause or (ii) a Resignation for Good
Reason. 
 (g) “Resignation for Good Reason” means a Separation as a result of Executive’s resignation within
12 months after one of the following conditions has come into existence without Executive’s consent: (i) a material diminution of Executive’s Base Salary in effect prior to such reduction (other than a reduction that is part of an across-the-board reduction applicable to all senior executives of the Company), provided that a reduction of less than 10% of Executive’s Base Salary will not be
considered a material reduction; (ii) a material diminution of Executive’s duties, authorities or responsibilities; or (iii) a material change in the geographic location at which Executive must perform services for the Company that
increases Executive’s one-way commute by more than 50 miles. A Resignation for Good Reason will not be deemed to have occurred unless Executive gives the Company written notice of the condition within 90
days after the condition comes into existence and the Company fails to remedy the condition within 30 days after receiving such written notice. 

(h) “Separation” means a “separation from service” as defined in the regulations under Code
Section 409A. 
 (i) “Termination Without Cause” means a Separation as a result of the termination of
Executive’s employment by the Company without Cause, provided Executive is willing and able to continue performing services within the meaning of Treasury Regulation 1.409A-1(n)(1). For the avoidance of
doubt, a termination due to death or permanent disability shall not be considered a Termination Without Cause. 

  
 -6- 

 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the
Company by its duly authorized officer, as of the day and year indicated below. 
  

			
	COMPANY
		
	By:	 	/s/ Soleil Boughton
	Name:	 	Soleil Boughton
	Title: 	 	Chief Legal Officer & Corporate Secretary
	
	EXECUTIVE
		
	By:	 	/s/ Andrew Dudum
	Name:	 	Andrew Dudum
	Title: 	 	Chief Executive Officer

  
 -7-

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