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whirlwind-taxreceivablea

PRIVILEGED AND CONFIDENTIAL  TAX RECEIVABLE AGREEMENT  among  SNAP ONE HOLDINGS CORP.   and  THE PERSONS NAMED HEREIN  Dated as of  July 27, 2021  

 

i  TABLE OF CONTENTS  Page  ARTICLE I DEFINITIONS .......................................................................................................... 1 Section 1.1. Definitions ......................................................................................................... 1 ARTICLE II DETERMINATION OF CERTAIN REALIZED TAX BENEFIT ........................ 8 Section 2.1. Tax Benefit Schedule ......................................................................................... 8 Section 2.2. Procedures, Amendments .................................................................................. 9 ARTICLE III TAX BENEFIT PAYMENTS ............................................................................. 10 Section 3.1. Payments .......................................................................................................... 10 Section 3.2. No Duplicative Payments ................................................................................ 10 Section 3.3. Pro Rata Payments ........................................................................................... 11 Section 3.4. Forfeited Escrow Funds Payments .................................................................. 11 ARTICLE IV TERMINATION .................................................................................................. 11 Section 4.1. Early Termination of Agreement; Breach of Agreement ................................ 11 Section 4.2. Early Termination Notice ................................................................................ 13 Section 4.3. Payment upon Early Termination .................................................................... 13 Section 4.4. Termination ..................................................................................................... 14 Section 4.5. Effectiveness .................................................................................................... 14 ARTICLE V SUBORDINATION AND LATE PAYMENTS ................................................... 14 Section 5.1. Subordination ................................................................................................... 14 Section 5.2. Late Payments by the Corporate Taxpayer ...................................................... 14 ARTICLE VI NO DISPUTES; CONSISTENCY; COOPERATION ........................................ 15 Section 6.1. Participation in the Corporate Taxpayer’s Tax Matters .................................. 15 Section 6.2. Consistency ...................................................................................................... 15 Section 6.3. Cooperation ..................................................................................................... 15 ARTICLE VII MISCELLANEOUS ........................................................................................... 16 Section 7.1. Notices ............................................................................................................. 16 Section 7.2. Counterparts ..................................................................................................... 17 Section 7.3. Entire Agreement; Third Party Beneficiaries .................................................. 17 Section 7.4. Governing Law ................................................................................................ 17 Section 7.5. Severability ...................................................................................................... 17 Section 7.6. Successors; Assignment; Amendments; Waivers ............................................ 17 Section 7.7. Titles and Subtitles .......................................................................................... 19 

 

ii  Section 7.8. Resolution of Disputes ..................................................................................... 19 Section 7.9. Reconciliation .................................................................................................. 20 Section 7.10. Withholding ..................................................................................................... 20 Section 7.11. Admission of the Corporate Taxpayer into a Consolidated Group; Transfers  of Corporate Assets ......................................................................................... 21 Section 7.12. Confidentiality ................................................................................................. 21 Section 7.13. TRA Party Representative ............................................................................... 22 

 

TAX RECEIVABLE AGREEMENT  This TAX RECEIVABLE AGREEMENT (this “Agreement”), is dated as of  July 27, 2021, and is among Snap One Holdings Corp., a Delaware corporation (including any  successor corporation, the “Corporate Taxpayer”), Crackle Holdings, L.P., a Delaware limited  partnership (the “Initial TRA Party”), and each of the other persons from time to time that  become a party hereto (each, excluding the Corporate Taxpayer, a “TRA Party” and together the  “TRA Parties”).  RECITALS  WHEREAS, the income, gain, loss, expense and other Tax (as defined below)  items of the Corporate Taxpayer may be affected by the Tax Benefits (as defined below);  WHEREAS, in connection with an initial public offering of the Corporate  Taxpayer, the parties to this Agreement desire to make certain arrangements with respect to the  Tax Benefits and their effect on the Tax liability of Corporate Taxpayer;  WHEREAS, following the execution of this Agreement, but prior to the IPO (as  defined below), the Initial TRA Party will liquidate in accordance with the terms of its limited  partnership agreement and will distribute its rights under this Agreement to certain of its partners  (the “Initial TRA Party Distribution”), whereupon each such partner will become a TRA Party  as an assignee;  WHEREAS, following the Initial TRA Party Distribution, the Corporate Taxpayer  intends to consummate the IPO.  NOW, THEREFORE, in consideration of the foregoing and the respective  covenants and agreements set forth herein, and intending to be legally bound hereby, the parties  hereto agree as follows:  ARTICLE I  DEFINITIONS  Section 1.1. Definitions.  As used in this Agreement, the terms set forth in this  Article I shall have the following meanings (such meanings to be equally applicable to both the  singular and plural forms of the terms defined).  “Actual Tax Liability” means, with respect to any Taxable Year, the sum of  (i) the actual liability for U.S. federal income Taxes of the Corporate Taxpayer as reported on the  Corporate Taxpayer Return and (ii) the product of the U.S. federal taxable income of the  Corporate Taxpayer determined in connection with clause (i) of this sentence and five percent  (5%).  

 

2  “Affiliate” means, with respect to any Person, any other Person that directly or  indirectly, through one or more intermediaries, Controls, is Controlled by, or is under common  Control with, such first Person.  “Agreed Rate” means a per annum rate of LIBOR plus 100 basis points.   “Agreement” is defined in the Preamble to this Agreement.  “Amended Schedule” is defined in Section 2.2(b) of this Agreement.  “Applicable Percentage” means, in respect of any TRA Party, the percentage set  forth opposite such TRA Party’s name on Schedule I hereto, as the same may be updated from  time to time in accordance with Section 7.6(a).  Immediately following the Initial TRA Party  Distribution, Schedule I shall be updated such that the Applicable Percentage of each TRA Party  will be a fraction expressed as a percentage equal to (x) the amount of Common Stock directly  held by such TRA Party immediately after the Initial TRA Party Distribution divided by (y) the  sum of the amount of Common Stock directly held by all TRA Parties immediately after the  Initial TRA Party Distribution. A “Beneficial Owner” of a security is a Person who directly or indirectly,  through any contract, arrangement, understanding, relationship or otherwise, has or shares:   (i) voting power, which includes the power to vote, or to direct the voting of, such security;  and/or (ii) investment power, which includes the power to dispose of, or to direct the disposition  of, such security.  The terms “Beneficially Own” and “Beneficial Ownership” shall have  correlative meanings.  “Board” means the Board of Directors of the Corporate Taxpayer.  “Business Day” means Monday through Friday of each week, except that a legal  holiday recognized as such by the government of the United States of America or the State of  New York shall not be regarded as a Business Day.  “Change of Control” means the occurrence of any of the following events:  (i) any Person or any group of Persons acting together that would constitute a  “group” for purposes of Section 13(d) of the Securities Exchange Act of  1934, as amended, or any successor provisions thereto (excluding (a) a  corporation or other entity owned, directly or indirectly, by the  stockholders of the Corporate Taxpayer in substantially the same  proportions as their ownership of stock of the Corporate Taxpayer or  (b) an H&F Party, any “group” for purposes of Section 13(d) of the  Securities Exchange Act of 1934, as amended (or any successor provisions  thereto) that includes an H&F Party or Permitted Transferees or any  Person more than 50% of the combined voting power of then outstanding  voting securities of which are owned by an H&F Party or Permitted  Transferees or any such “group”) is or becomes the Beneficial Owner,  directly or indirectly, of securities of the Corporate Taxpayer representing  

 

3  more than 50% of the combined voting power of the Corporate Taxpayer’s  then outstanding voting securities; or   (ii) the following individuals cease for any reason to constitute a majority of  the number of directors of the Corporate Taxpayer then serving:   individuals who, on the IPO Date, constitute the Board and any new  director whose appointment or election by the Board or nomination for  election by the Corporate Taxpayer’s stockholders was approved or  recommended by a vote of at least two-thirds (2/3) of the directors then  still in office who either were directors on the IPO Date or whose  appointment, election or nomination for election was previously so  approved or recommended by the directors referred to in this clause (ii); or  (iii) there is consummated a merger or consolidation of the Corporate  Taxpayer with any other corporation or other entity, and, immediately  after the consummation of such merger or consolidation, either (x) the  Board immediately prior to the merger or consolidation does not constitute  at least a majority of the board of directors of the company surviving the  merger or consolidation or, if the surviving company is a Subsidiary, the  ultimate parent thereof, or (y) the voting securities of the Corporate  Taxpayer immediately prior to such merger or consolidation do not  continue to represent or are not converted into more than 50% of the  combined voting power of the then outstanding voting securities of the  Person resulting from such merger or consolidation or, if the surviving  company is a Subsidiary, the ultimate parent thereof; or  (iv) the stockholders of the Corporate Taxpayer approve a plan of complete  liquidation or dissolution of the Corporate Taxpayer or there is  consummated an agreement or series of related agreements for the sale,  lease or other disposition, directly or indirectly, by the Corporate Taxpayer  of all or substantially all of the Corporate Taxpayer’s assets, other than  such sale or other disposition by the Corporate Taxpayer of all or  substantially all of the Corporate Taxpayer’s assets to an entity at least  50% of the combined voting power of the voting securities of which are  owned by stockholders of the Corporate Taxpayer in substantially the  same proportions as their ownership of the Corporate Taxpayer  immediately prior to such sale.  Notwithstanding the foregoing, except with respect to clause (ii) and clause (iii)(x) above, a  “Change of Control” shall not be deemed to have occurred by virtue of the consummation of  any transaction or series of integrated transactions immediately following which the record  holders of the shares of the Corporate Taxpayer immediately prior to such transaction or series of  transactions continue to have substantially the same proportionate ownership in, and own  substantially all of the shares of, an entity which owns, directly or indirectly, all or substantially  all of the assets of the Corporate Taxpayer immediately following such transaction or series of  transactions.  For purposes of this definition, “Permitted Transferee” means with respect to any  

 

4  H&F Party, a transferee to whom such Permitted Investor has assigned an interest in this  Agreement in accordance with Section 7.6.  “Code” means the United States Internal Revenue Code of 1986, as amended.  “Common Stock” means the common stock, $0.01 par value per share, of the  Corporate Taxpayer.  “Control” means the possession, direct or indirect, of the power to direct or cause  the direction of the management and policies of a Person, whether through ownership of voting  securities, by contract or otherwise.  “Corporate Taxpayer” is defined in the Preamble to this Agreement; provided  that the term “Corporate Taxpayer” shall include any company that is a member of any  consolidated tax return of which Snap One Holdings Corp. is the common parent, where  appropriate.  “Corporate Taxpayer Return” means the U.S. federal income Tax Return of the  Corporate Taxpayer filed with respect to Taxes of any Taxable Year.  “Cumulative Realized Tax Benefit” for a Taxable Year means the cumulative  amount of Realized Tax Benefits for all Taxable Years of the Corporate Taxpayer, up to and  including such Taxable Year.  The Realized Tax Benefit for each Taxable Year shall be  determined based on the most recent Tax Benefit Schedules or Amended Schedules, if any, in  existence at the time of such determination; provided, that, for the avoidance of doubt, the  computation of the Cumulative Realized Tax Benefit shall be adjusted to reflect any applicable  Determination with respect to any Realized Tax Benefits.  “Default Rate” means a per annum rate of LIBOR plus 500 basis points.   “Determination” shall have the meaning ascribed to such term in Section 1313(a)  of the Code or similar provision of state or local Tax law, as applicable, or any other event  (including the execution of IRS Form 870-AD) that finally and conclusively establishes the  amount of any liability for Tax.  “Dispute” is defined in Section 7.8(a) of this Agreement.  “Early Termination Date” means the date of an Early Termination Notice for  purposes of determining the Early Termination Payment.  “Early Termination Effective Date” means the date on which an Early  Termination Schedule becomes binding pursuant to Section 4.2.  “Early Termination Notice” is defined in Section 4.2 of this Agreement.  “Early Termination Payment” is defined in Section 4.3(b) of this Agreement.  

 

5  “Early Termination Rate” means the lesser of (i) 6.5% per annum, compounded  annually, and (ii) LIBOR plus 200 basis points.  “Early Termination Schedule” is defined in Section 4.2 of this Agreement.   “Escrow Agreement” means the Escrow Agreement, dated as of July 27, 2021,  by and among the Corporate Taxpayer, the TRA Party Representative and Wilmington Trust,  National Association, as escrow agent.  “Exchange Agreement” means each of the Exchange Acknowledgement and  Agreements, dated as of July 27, 2021, by and among the Corporate Taxpayer, the Initial TRA  Party, Crackle Holdings GP LLC and the respective management unitholders identified on the  signature page attached thereto.  “Expert” is defined in Section 7.9 of this Agreement.  “Forfeited Escrow Funds” means Escrow Funds in respect of any Additional  Payments (each as defined in the Escrow Agreement) that are forfeited in accordance with the  applicable Exchange Agreement and the Escrow Agreement.  “Future TRAs” is defined in Section 5.1 of this Agreement.  “H&F Party” means any TRA Party that is an Affiliate of Hellman & Friedman  Capital Partners VIII, L.P., Hellman & Friedman LLC or any of their respective Affiliates,  investment funds or successors.  For the avoidance of doubt, the Initial TRA Party is an H&F  Party.   “Hypothetical Tax Liability” means, with respect to any Taxable Year, the sum  of (i) the liability for U.S. federal income Taxes of the Corporate Taxpayer using the same  methods, elections, conventions and similar practices used on the relevant Corporate Taxpayer  Return and (ii) the product of the U.S. federal taxable income of the Corporate Taxpayer  determined in connection with clause (i) of this sentence and five percent (5%), but calculated  without taking into account the use of Tax Benefits, if any.  For the avoidance of doubt,  Hypothetical Tax Liability shall be determined without taking into account the carryover or  carryback of any Tax item (or portions thereof) that is attributable to the Tax Benefits.   “Imputed Interest” means any interest imputed under Section 1272, 1274 or 483  or other provision of the Code and any similar provision of state or local Tax law, as applicable,  with respect to the Corporate Taxpayer’s payment obligations under this Agreement.  “Initial TRA Party Distribution” is defined in the Preamble to this Agreement “Interest Amount” is defined in Section 3.1(b) of this Agreement.  “IPO” means the initial public offering of Common Stock by the Corporate  Taxpayer.  “IPO Date” means the closing date of the IPO.  

 

6  “IPO Date Amortization” means the amortization deductions with respect to  “amortizable section 197 intangibles” as defined in Section 197(c) and (d) of the Code, and the  reduction of taxable income and gain attributable to existing tax basis in any such assets, that is  held by the Corporate Taxpayer or any of its Subsidiaries (including for this purpose any Person  that will be a Subsidiary of the Corporate Taxpayer immediately prior to the IPO Date)  immediately prior to the IPO Date.  Notwithstanding the foregoing, the term “IPO Date  Amortization” shall not include any Tax attribute that is used to offset Taxes of the Corporate  Taxpayer, if such offset Taxes are attributable to taxable periods (or portions thereof) ending  immediately prior to the IPO Date.   “IRS” means the United States Internal Revenue Service.  “LIBOR” means during any period, the rate which appears on the Bloomberg  Page BBAM1 (or on such other substitute Bloomberg page that displays rates at which U.S.  dollar deposits are offered by leading banks in the London interbank deposit market or such  other commercially available source providing quotations of such rates as may be designated by  the Corporate Taxpayer from time to time), or the rate which is quoted by another source  selected by the Corporate Taxpayer as an authorized information vendor for the purpose of  displaying rates at which U.S. dollar deposits are offered by leading banks in the London  interbank deposit market (an “Alternate Source”), at approximately 11:00 a.m., London time,  two (2) Business Days prior to the first day of such period as the London interbank offered rate  for U.S. dollars having a borrowing date and a maturity comparable to such period (or if there  shall at any time, for any reason, no longer exist a Bloomberg Page BBAM1 (or any substitute  page) or any LIBOR Alternate Source, a comparable replacement rate determined by the  Corporate Taxpayer and the TRA Party Representative at such time, which determination shall  be conclusive absent manifest error); provided, that at no time shall LIBOR be less than 0%.  If  the Corporate Taxpayer has made the determination (such determination to be conclusive absent  manifest error) that (i) LIBOR is no longer a widely recognized benchmark rate for newly  originated loans in the U.S. loan market in U.S. dollars or (ii) the applicable supervisor or  administrator (if any) of LIBOR has made a public statement identifying a specific date after  which LIBOR shall no longer be used for determining interest rates for loans in the U.S. loan  market in U.S. dollars, then the Corporate Taxpayer and the TRA Party Representative shall (as  determined by the Corporate Taxpayer and the TRA Party Representative to be consistent with  market practice generally), establish a replacement interest rate (the “Replacement Rate”), in  which case, the Replacement Rate shall, subject to the next two sentences, replace LIBOR for all  purposes under this Agreement.  In connection with the establishment and application of the  Replacement Rate, this Agreement shall be amended solely with the consent of the Corporate  Taxpayer and the TRA Party Representative, as may be necessary or appropriate, in the  reasonable judgment of the Corporate Taxpayer and the TRA Party Representative, to effect the  provisions of this section.  The Replacement Rate shall be applied in a manner consistent with  market practice; provided, that in each case, to the extent such market practice is not  administratively feasible for the Corporate Taxpayer, such Replacement Rate shall be applied as  otherwise reasonably determined by the Corporate Taxpayer and the TRA Party Representative.  “Material Objection Notice” is defined in Section 4.2 of this Agreement.  “Net Tax Benefit” is defined in Section 3.1(b) of this Agreement.  

 

7  “NOLs” means, without duplication, the United States federal net operating  losses, capital losses, research and development credits, excess Section 163(j) limitation  carryforwards and any United States federal tax attributes subject to carryforward under Section  381 of the Code of the Corporate Taxpayer or its Subsidiaries relating to taxable periods ending  on or before the IPO Date.   “Objection Notice” is defined in Section 2.2(a) of this Agreement.   “Person” means any individual, corporation, firm, partnership, joint venture,  limited liability company, estate, trust, business association, organization, governmental entity or  other entity.  “Realized Tax Benefit” means, for a Taxable Year, the excess, if any, of the  Hypothetical Tax Liability over the Actual Tax Liability of the Corporate Taxpayer.  If all or a  portion of the Actual Tax Liability for the Taxable Year arises as a result of an audit by a Taxing  Authority of any Taxable Year, such liability shall not be included in determining the Realized  Tax Benefit unless and until there has been a Determination.  “Reconciliation Dispute” is defined in Section 7.9 of this Agreement.   “Reconciliation Procedures” is defined in Section 2.2(a) of this Agreement.  “Schedule” means any of:  (i) a Tax Benefit Schedule or (ii) the Early  Termination Schedule.  “Senior Obligations” is defined in Section 5.1 of this Agreement.  “Subsidiaries” means, with respect to any Person, as of any date of  determination, any other Person as to which such Person, owns, directly or indirectly, or  otherwise controls more than 50% of the voting power or other similar interests or the sole  general partner interest or managing member or similar interest of such Person.  “TRA Party” is defined in the Preamble to this Agreement. “TRA Party Representative” means H&F Copper Holdings VIII, L.P., a  Delaware Limited Partnership.   “Tax Benefits” means the NOLs, IPO Date Amortization and any tax deductions  attributable to (i) payments made under this Agreement or (ii) Imputed Interest.  “Tax Benefit Payment” is defined in Section 3.1(b) of this Agreement.   “Tax Benefit Schedule” is defined in Section 2.2(a) of this Agreement.  “Tax Return” means any return, declaration, report or similar statement required  to be filed with respect to Taxes (including any attached schedules), including, without  limitation, any information return, claim for refund, amended return and declaration of estimated  Tax.  

 

8  “Taxable Year” means a taxable year of the Corporate Taxpayer as defined in  Section 441(b) of the Code or comparable section of state or local Tax law, as applicable (and,  therefore, for the avoidance of doubt, may include a period of less than 12 months for which a  Tax Return is made), ending on or after the IPO Date.  “Taxes” means any and all United States federal, state and local taxes,  assessments or similar charges that are based on or measured with respect to net income or  profits, and any interest related to such Tax.  “Taxing Authority” means any domestic, federal, national, state, county or  municipal or other local government, any subdivision, agency, commission or authority thereof,  or any quasi-governmental body exercising any taxing authority or any other authority exercising  Tax regulatory authority.  “Treasury Regulations” means the final, temporary and proposed regulations  under the Code promulgated from time to time (including corresponding provisions and  succeeding provisions) as in effect for the relevant taxable period.  “Valuation Assumptions” shall mean, as of an Early Termination Date, the  assumptions that in each Taxable Year ending on or after such Early Termination Date, (1) the  Corporate Taxpayer will have taxable income sufficient to fully utilize any Tax Benefit (subject  to the assumptions in clause (2) below) during the Taxable Year (including, for the avoidance of  doubt, tax deductions attributable to future payments made under this Agreement, or Imputed  Interest attributable to such future payments, that would be paid in accordance with the  Valuation Assumptions) in which such deductions would become available, (2) any NOLs or  loss carryovers generated by deductions arising from any Tax Benefit that are available as of the  date of such Early Termination Date will be used by the Corporate Taxpayer on a pro rata basis  from the date of such Early Termination Date through the earlier of (x) the scheduled expiration  date under applicable Tax law of such NOLs or loss carryovers or (y) the fifth (5th) anniversary  of the Early Termination Date, (3) the utilization of the Tax Benefits for such Taxable Year or  future Taxable Years, as applicable, will be determined based on the Tax laws in effect on the  Early Termination Date and (4) the United States federal income tax rates that will be in effect  for each such Taxable Year will be those specified for each such Taxable Year by the Code and  other law as in effect on the Early Termination Date.  ARTICLE II  DETERMINATION OF CERTAIN REALIZED TAX BENEFIT  Section 2.1. Tax Benefit Schedule.  (a) Tax Benefit Schedule.  Within ninety (90) calendar days after the filing of  the United States federal income tax return of the Corporate Taxpayer for any Taxable Year in  which there is a Realized Tax Benefit, the Corporate Taxpayer shall provide to the TRA Party  Representative a schedule showing, in reasonable detail, the calculation of the Tax Benefit  Payments to be made to each TRA Party for such Taxable Year (a “Tax Benefit Schedule”).   

 

9  Each Tax Benefit Schedule will become final as provided in Section 2.2(a) and may be amended  as provided in Section 2.2(b) (subject to the procedures set forth in Section 2.2(b)).  (b) Applicable Principles.  Subject to Section 3.3(a), the Realized Tax Benefit  for each Taxable Year is intended to measure the decrease in the actual liability for U.S. federal  income Taxes, and to approximate the decrease in the actual liability for U.S. state and local  income Taxes, of the Corporate Taxpayer for such Taxable Year attributable to the Tax Benefits,  determined using a “with and without” methodology.  Carryovers or carrybacks of any Tax item  attributable to the Tax Benefits shall be considered to be subject to the rules of the Code and the  Treasury Regulations, as applicable, governing the use, limitation and expiration of carryovers or  carrybacks of the relevant type.  If a carryover or carryback of any Tax item includes a portion  that is attributable to the Tax Benefits and another portion that is not, such portions shall be  considered to be used in accordance with the “with and without” methodology.  Section 2.2. Procedures, Amendments.  (a) Procedure.  Every time the Corporate Taxpayer delivers to the TRA Party  Representative an applicable Schedule under this Agreement, including any Amended Schedule  delivered pursuant to Section 2.2(b), the Corporate Taxpayer shall also (x) deliver to the TRA  Party Representative supporting schedules and work papers, as determined by the Corporate  Taxpayer or as reasonably requested by the TRA Party Representative, providing reasonable  detail regarding data and calculations that were relevant for purposes of preparing the Schedule  and (y) allow the TRA Party Representative reasonable access at no cost to the appropriate  representatives at the Corporate Taxpayer, as determined by the Corporate Taxpayer or as  reasonably requested by the TRA Party Representative, in connection with a review of such  Schedule.  Without limiting the generality of the preceding sentence, the Corporate Taxpayer  shall ensure that any Tax Benefit Schedule that is delivered to the TRA Party Representative,  along with any supporting schedules and work papers, provides a reasonably detailed  presentation of the calculation of the Actual Tax Liability of the Corporate Taxpayer and the  Hypothetical Tax Liability, and identifies any material assumptions or operating procedures or  principles that were used for purposes of such calculations.  An applicable Schedule or  amendment thereto shall become final and binding on all parties thirty (30) calendar days from  the date on which the TRA Party Representative is treated as having received the applicable  Schedule or amendment thereto under Section 7.1 unless the TRA Party Representative (i) within  thirty (30) calendar days from such date provides the Corporate Taxpayer with notice of a  material objection to such Schedule (“Objection Notice”) made in good faith or (ii) provides a  written waiver of such right of any Objection Notice within the period described in clause (i)  above, in which case such Schedule or amendment thereto becomes binding on the date the  waiver is received by the Corporate Taxpayer.  If the Corporate Taxpayer and the TRA Party  Representative, for any reason, are unable to successfully resolve the issues raised in the  Objection Notice within thirty (30) calendar days after receipt by the Corporate Taxpayer of an  Objection Notice, the Corporate Taxpayer and the TRA Party Representative shall employ the  reconciliation procedures as described in Section 7.9 of this Agreement (the “Reconciliation  Procedures”).  The TRA Party Representative will fairly represent the interests of each of the  TRA Parties and shall use reasonable efforts to timely raise and pursue, in accordance with this  Section 2.2(a), any reasonable objection to a Schedule or amendment thereto timely  communicated in writing to the TRA Party Representative by a TRA Party.  

 

10  (b) Amended Schedule.  The applicable Schedule for any Taxable Year may  be amended from time to time by the Corporate Taxpayer (i) in connection with a Determination  affecting such Schedule, (ii) to correct inaccuracies in the Schedule identified as a result of the  receipt of additional factual information relating to a Taxable Year after the date the Schedule  was provided to the TRA Party Representative, (iii) to comply with the Expert’s determination  under the Reconciliation Procedures, (iv) to reflect a change in the Realized Tax Benefit for such  Taxable Year attributable to a carryback or carryforward of a loss or other tax item to such  Taxable Year, or (v) to reflect a change in the Realized Tax Benefit for such Taxable Year  attributable to an amended Tax Return filed for such Taxable Year (any such Schedule, an  “Amended Schedule”).  The Corporate Taxpayer shall provide an Amended Schedule to each  TRA Party within ninety (90) calendar days of the occurrence of an event referenced in clauses  (i) through (v) of the preceding sentence.   ARTICLE III  TAX BENEFIT PAYMENTS   Section 3.1. Payments.  (a) Payments.  Within five (5) Business Days after a Tax Benefit Schedule  delivered to the TRA Party Representative becomes final in accordance with Section 2.1(a), the  Corporate Taxpayer shall pay to each TRA Party for such Taxable Year the Tax Benefit Payment  in respect of such TRA Party determined pursuant to Section 3.1(b).  Each such Tax Benefit  Payment shall be made by wire transfer of immediately available funds to the bank account  previously designated by such TRA Party to the Corporate Taxpayer or as otherwise agreed by  the Corporate Taxpayer and such TRA Party or, in the absence of such designation or agreement,  by check mailed to the last mailing address provided by such TRA Party to the Corporate  Taxpayer.  For the avoidance of doubt, no Tax Benefit Payment shall be made in respect of  estimated Tax payments, including, without limitation, federal estimated income Tax payments.  (b) A “Tax Benefit Payment” in respect of a TRA Party for a Taxable Year  means an amount, not less than zero, equal to the sum of such TRA Party’s Applicable  Percentage of the Net Tax Benefit and the Interest Amount with respect thereto.  For the  avoidance of doubt, for Tax purposes, the Interest Amount shall not be treated as interest but  instead shall be treated as additional consideration in the applicable transaction, unless otherwise  required by law.  The “Net Tax Benefit” for a Taxable Year shall be an amount equal to the  excess, if any, of 85% of the Cumulative Realized Tax Benefit as of the end of such Taxable  Year, over the total amount of payments previously made under Section 3.1(a) (excluding  payments attributable to Interest Amounts); provided, for the avoidance of doubt, that no such  recipient shall be required to return any portion of any previously made Tax Benefit Payment.   The “Interest Amount” shall equal the interest on the Net Tax Benefit calculated at the Agreed  Rate from the due date (without extensions) for filing the Corporate Taxpayer Return with  respect to Taxes for such Taxable Year until the payment date under Section 3.1(a).   Section 3.2. No Duplicative Payments.  It is intended that the provisions of  this Agreement will not result in duplicative payment of any amount (including interest) required  

 

11  under this Agreement.  The provisions of this Agreement shall be construed in the appropriate  manner to ensure such intentions are realized.  Section 3.3. Pro Rata Payments.  (a) Notwithstanding anything in Section 3.1 to the contrary, to the extent that  the aggregate Tax benefit of the Corporate Taxpayer with respect to the Tax Benefits is limited  in a particular Taxable Year because the Corporate Taxpayer does not have sufficient taxable  income, the Net Tax Benefit for the Corporate Taxpayer shall be allocated among all parties  eligible for a Tax Benefit Payment under this Agreement in proportion to the amounts of Net Tax  Benefit that would have been allocated to each party if the Corporate Taxpayer had sufficient  taxable income so that there were no such limitation.   (b) If for any reason the Corporate Taxpayer does not fully satisfy its payment  obligations to make all Tax Benefit Payments due under this Agreement in respect of a particular  Taxable Year, then the Corporate Taxpayer and the TRA Parties agree that (i) Tax Benefit  Payments for such Taxable Year shall be allocated to all parties eligible to receive Tax Benefit  Payments under this Agreement in such Taxable Year in proportion to the amounts of Tax  Benefit Payments, respectively, that would have been made to each TRA Party if the Corporate  Taxpayer had sufficient cash available to make such Tax Benefit Payments and (ii) prior to  making any Tax Benefit Payments in respect of any Taxable Year, all Tax Benefit Payments to  all TRA Parties in respect of all prior Taxable Years shall be made in full; provided, however,  that any payments that were previously held by the Corporate Taxpayer on behalf of a TRA  Party and have now become due and payable pursuant to Section 3.4 shall be made prior to any  other Tax Benefit Payments.  Section 3.4. Forfeited Escrow Funds Payments.  Within five (5) Business  Days of the end of the quarter following the forfeiture of any Forfeited Escrow Funds pursuant to  the applicable Exchange Agreement and the Escrow Agreement, such funds shall be promptly  distributed by the Escrow Agent (as defined in the Escrow Agreement) to the TRA Parties pro  rata (based on their respective Applicable Percentages).  Such payments shall be made pursuant  to the terms and conditions set forth in the Escrow Agreement.  The Corporate Taxpayer and the  TRA Party Representative agree to take such action as is necessary under the Escrow Agreement  or any other agreement to effectuate the foregoing.    ARTICLE IV  TERMINATION   Section 4.1. Early Termination of Agreement; Breach of Agreement.  (a) The Corporate Taxpayer may terminate this Agreement at any time with  respect to all amounts payable to the TRA Parties by paying to each TRA Party the Early  Termination Payment in respect of such TRA Party; provided, however, that this Agreement  shall only terminate upon the receipt of the Early Termination Payment by all of the TRA  Parties, and provided, further, that the Corporate Taxpayer may withdraw any notice to execute  its termination rights under this Section 4.1(a) prior to the time at which any Early Termination  

 

12  Payment has been paid.  Upon payment of the Early Termination Payment in respect of each  TRA Party by the Corporate Taxpayer, the Corporate Taxpayer shall have no further payment  obligations under this Agreement, other than for any (i) Tax Benefit Payment due and payable  and that remains unpaid as of the date the Early Termination Notice is delivered and (ii) Tax  Benefit Payment due for the Taxable Year ending with or including the date of the Early  Termination Notice (except to the extent that the amount described in this clause (ii) is included  in the Early Termination Payment).   (b) In the event that (1) the Corporate Taxpayer breaches any of its material  obligations under this Agreement, whether as a result of failure to make any payment when due,  failure to honor any other material obligation required hereunder, or by operation of law as a  result of the rejection of this Agreement in a case commenced under the Bankruptcy Code or  otherwise or (2) (A) the Corporate Taxpayer shall commence any case, proceeding or other  action (i) under any existing or future law of any jurisdiction, domestic or foreign, relating to  bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief  entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking  reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or  other relief with respect to it or its debts or (ii) seeking an appointment of a receiver, trustee,  custodian, conservator or other similar official for it or for all or any substantial part of its assets,  or it shall make a general assignment for the benefit of creditors or (B) there shall be commenced  against the Corporate Taxpayer any case, proceeding or other action of the nature referred to in  clause (A) above that remains undismissed or undischarged for a period of sixty (60) calendar  days, all obligations hereunder shall be automatically accelerated and shall be immediately due  and payable, and such obligations shall be calculated as if an Early Termination Notice had been  delivered on the date of such event and shall include, but not be limited to, (x) the Early  Termination Payments calculated as if an Early Termination Notice had been delivered on such  date, (y) any Tax Benefit Payment due and payable and that remains unpaid as of such date and  (z) any Tax Benefit Payment due for the Taxable Year ending with or including such date;  provided that procedures similar to the procedures of Section 4.2 and 4.3 shall apply with respect  to the determination of the amount payable by the Corporate Taxpayer pursuant to this sentence  mutatis mutandis.  Notwithstanding the foregoing, (other than as set forth in subsection (2)  above), in the event that the Corporate Taxpayer breaches this Agreement, each TRA Party shall  be entitled to elect to receive the amounts set forth in clauses (x), (y) and (z) above or to seek  specific performance of the terms hereof.  The parties agree that the failure to make any payment  due pursuant to this Agreement within three (3) months of the date such payment is due shall be  deemed to be a breach of a material obligation under this Agreement for all purposes of this  Agreement, and that it will not be considered to be a breach of a material obligation under this  Agreement to make a payment due pursuant to this Agreement within three months of the date  such payment is due.  Notwithstanding anything in this Agreement to the contrary, it shall not be  a breach of a material obligation of this Agreement if the Corporate Taxpayer fails to make any  Tax Benefit Payment when due to the extent that the Corporate Taxpayer has insufficient funds  to make such payment; provided that the interest provisions of Section 5.2 shall apply to such  late payment (unless the Corporate Taxpayer does not have sufficient cash to make such payment  as a result of limitations imposed by any Senior Obligations, in which case Section 5.2 shall  apply, but the Default Rate shall be replaced by the Agreed Rate).  

 

13  (c) In the event of a Change of Control, then all obligations hereunder shall be  automatically accelerated and shall be immediately due and payable, and such obligations shall  be calculated as if an Early Termination Notice had been delivered on the date of such Change of  Control and utilizing the Valuation Assumptions by substituting in each case the terms “the  closing date of a Change of Control” in each place where the phrase “Early Termination Date”  appears.  Such obligations shall include, but not be limited to, (1) the Early Termination  Payments calculated as if an Early Termination Notice had been delivered on such date, (2) any  Tax Benefit Payment due and payable and that remains unpaid as of such date and (3) any Tax  Benefit Payment due for the Taxable Year ending with or including such date; provided that  procedures similar to the procedures of Section 4.2 and 4.3 shall apply with respect to a Change  of Control, mutatis mutandis. Section 4.2. Early Termination Notice.  If the Corporate Taxpayer chooses to  exercise its right of early termination under Section 4.1(a) above, the Corporate Taxpayer shall  deliver to the TRA Party Representative notice of such intention to exercise such right (“Early  Termination Notice”) and a schedule (“Early Termination Schedule”) specifying the  Corporate Taxpayer’s intention to exercise such right and showing in reasonable detail the  calculation of the Early Termination Payment for each TRA Party.  The Early Termination  Schedule shall become final and binding on all parties thirty (30) calendar days from the first  date on which the TRA Party Representative is treated as having received such Schedule or  amendment thereto under Section 7.1 unless the TRA Party Representative (i) within thirty (30)  calendar days after such date provides the Corporate Taxpayer with notice of a material objection  to such Schedule made in good faith (“Material Objection Notice”) or (ii) provides a written  waiver of such right of a Material Objection Notice within the period described in clause (i)  above, in which case such Schedule becomes binding on the date the waiver is received by the  Corporate Taxpayer.  If the Corporate Taxpayer and the TRA Party Representative, for any  reason, are unable to successfully resolve the issues raised in such notice within thirty (30)  calendar days after receipt by the Corporate Taxpayer of the Material Objection Notice, the  Corporate Taxpayer and the TRA Party Representative shall employ the Reconciliation  Procedures in which case such Schedule becomes binding ten (10) days after the conclusion of  the Reconciliation Procedures.  The TRA Party Representative will fairly represent the interests  of each TRA Party and shall timely raise and pursue, in accordance with this Section 4.2, any  reasonable objection to an Early Termination Schedule or amendment thereto timely  communicated in writing to the TRA Party Representative by a TRA Party.  Section 4.3. Payment upon Early Termination.  (a) Within five (5) Business Days after an Early Termination Effective Date,  the Corporate Taxpayer shall pay to each TRA Party an amount equal to the Early Termination  Payment in respect of such TRA Party.  Such payment shall be made by wire transfer of  immediately available funds to a bank account or accounts designated by such TRA Party or as  otherwise agreed by the Corporate Taxpayer and such TRA Party or, in the absence of such  designation or agreement, by check mailed to the last mailing address provided by such TRA  Party to the Corporate Taxpayer.  (b) The “Early Termination Payment” in respect of a TRA Party shall equal  such TRA Party’s Applicable Percentage of the present value, discounted at the Early  

 

14  Termination Rate as of the applicable Early Termination Effective Date, of the Tax Benefit  Payments that would be required to be paid by the Corporate Taxpayer to such TRA Party  beginning from the Early Termination Date and assuming that the Valuation Assumptions in  respect of such TRA Party are applied and that each Tax Benefit Payment for the relevant  Taxable Year would be due and payable on the due date (without extensions) under applicable  law as of the Early Termination Effective Date for filing the Corporate Taxpayer Return.   Section 4.4. Termination.  This Agreement shall be considered terminated on  the date on which all Tax Benefit Payments have been made under this Agreement.  Section 4.5. Effectiveness.  This Agreement shall be effective as of the IPO  Date.  ARTICLE V  SUBORDINATION AND LATE PAYMENTS  Section 5.1. Subordination.  Notwithstanding any other provision of this  Agreement to the contrary, any Tax Benefit Payment or Early Termination Payment required to  be made by the Corporate Taxpayer to the TRA Parties under this Agreement shall rank  subordinate and junior in right of payment to any principal, interest or other amounts due and  payable in respect of any obligations in respect of indebtedness for borrowed money of the  Corporate Taxpayer and its Subsidiaries (“Senior Obligations”) and shall rank pari passu in  right of payment with all current or future unsecured obligations of the Corporate Taxpayer that  are not Senior Obligations.  To the extent that any payment under this Agreement is not  permitted to be made at the time payment is due as a result of this Section 5.1 and the terms of  agreements governing Senior Obligations, such payment obligation nevertheless shall accrue for  the benefit of the TRA Parties and the Corporate Taxpayer shall make such payments at the first  opportunity that such payments are permitted to be made in accordance with the terms of the  Senior Obligations.  Notwithstanding any other provision of this Agreement to the contrary, to  the extent that the Corporate Taxpayer or any of its Affiliates enters into future Tax receivable or  other similar agreements (“Future TRAs”), the Corporate Taxpayer shall ensure that the terms  of any such Future TRA shall provide that the Tax Benefits subject to this Agreement are  considered senior in priority to any Tax benefits subject to any such Future TRA for purposes of  calculating the amount and timing of payments under any such Future TRA.  Section 5.2. Late Payments by the Corporate Taxpayer.  The amount of all  or any portion of any Tax Benefit Payment or Early Termination Payment not made to the TRA  Parties when due under the terms of this Agreement, whether as a result of Section 5.1 or  otherwise, shall be payable together with any interest thereon, computed at the Default Rate and  commencing from the date on which such Tax Benefit Payment or Early Termination Payment  was first due and payable until, but not including, the date of actual payment.  

 

15  ARTICLE VI  NO DISPUTES; CONSISTENCY; COOPERATION  Section 6.1. Participation in the Corporate Taxpayer’s Tax Matters.   Except as otherwise provided herein, the Corporate Taxpayer shall have full responsibility for,  and sole discretion over, all Tax matters concerning the Corporate Taxpayer, including without  limitation the preparation, filing or amending of any Tax Return and defending, contesting or  settling any issue pertaining to Taxes.  Notwithstanding the foregoing, the Corporate Taxpayer  shall notify the TRA Party Representative of, and keep the TRA Party Representative reasonably  informed with respect to, the portion of any audit of the Corporate Taxpayer by a Taxing  Authority the outcome of which is reasonably expected to materially affect the rights and  obligations of any TRA Party under this Agreement, and shall provide to the TRA Party  Representative reasonable opportunity to provide information and other input to the Corporate  Taxpayer and its advisors concerning the conduct of any such portion of such audit.  Section 6.2. Consistency.  The Corporate Taxpayer and the TRA Parties agree  to report and cause to be reported for all purposes, including federal, state and local Tax purposes  and financial reporting purposes, all Tax-related items (including, without limitation, each Tax  Benefit Payment) in a manner consistent with that contemplated by this Agreement or specified  by the Corporate Taxpayer in any Schedule required to be provided by or on behalf of the  Corporate Taxpayer under this Agreement unless otherwise required by law.  The Corporate  Taxpayer shall (and shall cause its Subsidiaries to) use reasonable efforts (for the avoidance of  doubt, taking into account the interests and entitlements of all of the TRA Parties under this  Agreement) to defend the Tax treatment contemplated by this Agreement and any Schedule in  any audit, contest or similar proceeding with any Taxing Authority.  Section 6.3. Cooperation.  The TRA Party Representative, on behalf of each  TRA Party, agrees to (a) furnish to the Corporate Taxpayer in a timely manner such information,  documents and other materials as the Corporate Taxpayer may reasonably request for purposes  of making any determination or computation necessary or appropriate under this Agreement,  preparing any Tax Return or contesting or defending any audit, examination or controversy with  any Taxing Authority, (b) make itself available to the Corporate Taxpayer and its representatives  to provide explanations of documents and materials and such other information as the Corporate  Taxpayer or its representatives may reasonably request in connection with any of the matters  described in clause (a) above and (c) reasonably cooperate in connection with any such matter,  and the Corporate Taxpayer shall reimburse the TRA Party Representative for any reasonable  and documented out-of-pocket costs and expenses incurred pursuant to this Section.  Upon the  request of the TRA Party Representative, the Corporate Taxpayer shall cooperate in taking any  action reasonably requested by the TRA Party Representative in connection with any TRA  Party’s tax or financial reporting and/or the consummation of any assignment or transfer of any  TRA Party’s rights and/or obligations under this Agreement, including without limitation,  providing any information or executing any documentation.  

 

16  ARTICLE VII  MISCELLANEOUS   Section 7.1. Notices.  All notices, requests, claims, demands and other  communications hereunder shall be in writing and shall be deemed duly given and received (a)  on the date of delivery if delivered personally, or by facsimile or email with confirmation of  transmission by the transmitting equipment or (b) on the first Business Day following the date of  dispatch if delivered by a recognized next-day courier service.  All notices hereunder shall be  delivered as set forth below, or pursuant to such other instructions as may be designated in  writing by the party to receive such notice:  If to the Corporate Taxpayer to:  Snap One Holdings Corp.  1800 Continental Blvd, Suite 300  Charlotte, North Carolina 28273  Attention:  Mike Carlet  Julie Lackey   E-mail:        mike.carlet@snapav.com  julie.lackey@SnapOne.com  with a copy (which shall not constitute actual or constructive notice) to:  Simpson Thacher & Bartlett LLP  2475 Hanover Street  Palo Alto, California 94304  Attention: William B. Brentani  Atif Azher  E-mail:  wbrentani@stblaw.com  aazher@stblaw.com  If to the TRA Party Representative, to:  H&F Copper Holdings VIII, L.P.  c/o Hellman & Friedman LLC  415 Mission Street, Suite 5700  San Francisco, California 94105  Attention: Arrie R. Park   E-mail:  apark@HF.com   with a copy (which shall not constitute actual or constructive notice) to:  Simpson Thacher & Bartlett LLP  2475 Hanover Street  Palo Alto, California 94304  

 

17  Attention: William B. Brentani  Atif Azher  E-mail:  wbrentani@stblaw.com  aazher@stblaw.com  Any party may change its address, fax number or email by giving the other party written notice  of its new address, fax number or email in the manner set forth above.  Notice to any TRA Party  shall be delivered to the last mailing address provided by such TRA Party to the Corporate  Taxpayer.  Section 7.2. Counterparts.  This Agreement may be executed in one or more  counterparts, all of which shall be considered one and the same agreement and shall become  effective when one or more counterparts have been signed by each of the parties and delivered to  the other parties, it being understood that all parties need not sign the same counterpart.  Delivery  of an executed signature page to this Agreement by facsimile transmission shall be as effective  as delivery of a manually signed counterpart of this Agreement.  Section 7.3. Entire Agreement; Third Party Beneficiaries.  This Agreement  constitutes the entire agreement and supersedes all prior agreements and understandings, both  written and oral, among the parties with respect to the subject matter hereof.  This Agreement  shall be binding upon and inure solely to the benefit of each party hereto and their respective  successors and permitted assigns and nothing in this Agreement, express or implied, is intended  to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever  under or by reason of this Agreement.  Section 7.4. Governing Law.  This Agreement shall be governed by, and  construed in accordance with, the law of the State of Delaware.  Section 7.5. Severability.  If any term or other provision of this Agreement is  invalid, illegal or incapable of being enforced by any law or public policy, all other terms and  provisions of this Agreement shall nevertheless remain in full force and effect so long as the  economic or legal substance of the transactions contemplated hereby is not affected in any  manner materially adverse to any party.  Upon such determination that any term or other  provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in  good faith to modify this Agreement so as to effect the original intent of the parties as closely as  possible in an acceptable manner in order that the transactions contemplated hereby are  consummated as originally contemplated to the greatest extent possible.  Section 7.6. Successors; Assignment; Amendments; Waivers.  (a) Each TRA Party may assign any of its rights under this Agreement to any  Person so long as such transferee has executed and delivered, or, in connection with such  transfer, executes and delivers, a joinder to this Agreement, substantially similar in form and  substance to Exhibit A hereto, agreeing to become a TRA Party for all purposes of this  Agreement, except as otherwise provided in such joinder; provided, that, if any H&F Party (an  “Assigning H&F Party”) proposes to transfer and/or assign any of its rights under this  

 

18  Agreement to any Person (other than another H&F Party or Permitted Assignee thereof), then  (i) such Assigning H&F Party shall have the right to require each TRA Party (other than the  H&F Parties) to transfer and/or assign to such Person an equivalent proportion of such TRA  Party’s rights under this Agreement on the same economic terms and conditions as such  Assigning H&F Party, following reasonable advance notice delivered by such Assigning H&F  Party to each such TRA Party containing the material terms and conditions (to the extent  reasonably determinable) with respect to such transfer and/or assignment and (ii) in the event  that such H&F Assigning Party does not exercise its rights pursuant to the foregoing clause (i),  such H&F Assigning Party shall provide each TRA Party (other than the H&F Parties) with the  right to transfer or assign to such Person an equivalent proportion of such TRA Party’s rights  under this Agreement on the same economic terms and conditions as the Assigning Party,  exercisable by such TRA Party within five (5) Business Days following reasonable advance  notice delivered by such Assigning H&F Party to each such TRA Party containing the material  terms and conditions (to the extent reasonably determinable) with respect to such transfer and/or  assignment, in each case of the foregoing clauses (i) and (ii), (x) with such transfer and/or  assignment being effectuated pursuant to such procedures and documentation as the TRA Party  Representative shall reasonably determine and (y) each TRA Party shall cooperate with the TRA  Party Representative and the applicable Assigning H&F Party in connection therewith (including  taking or causing to be taken all such actions as the TRA Party Representative or such H&F  Assigning Party deems to be reasonably necessary or appropriate in order to consummate  expeditiously such transfer and/or assignment).In connection with any such assignment, the  Corporate Taxpayer shall update Schedule I to reflect the Applicable Percentage of the assignor  and assignee.    (b) No provision of this Agreement may be amended unless such amendment  is approved in writing by each of the Corporate Taxpayer and by the TRA Parties who would be  entitled to receive at least two-thirds of the total amount of the Early Termination Payments  payable to all TRA Parties hereunder if the Corporate Taxpayer had exercised its right of early  termination, including the TRA Party Representative; provided, that no such amendment shall be  effective if such amendment will have a disproportionate effect on the payments one or more  TRA Parties receive under this Agreement unless such amendment is consented in writing by  such TRA Parties disproportionately affected who would be entitled to receive at least two-thirds  of the total amount of the Early Termination Payments payable to all TRA Parties  disproportionately affected hereunder if the Corporate Taxpayer had exercised its right of early  termination.  No provision of this Agreement may be waived unless such waiver is in writing and  signed by the party against whom the waiver is to be effective.  For clarity, updates to Schedule I  contemplated by Section 7.6(a) shall not be considered an amendment for purposes of this  Section 7.6(b).    (c) All of the terms and provisions of this Agreement shall be binding upon,  shall inure to the benefit of and shall be enforceable by the parties hereto and their respective  successors, assigns, heirs, executors, administrators and legal representatives.  The Corporate  Taxpayer shall require and cause any direct or indirect successor (whether by purchase, merger,  consolidation or otherwise) to all or substantially all of the business or assets of the Corporate  Taxpayer by written agreement, expressly to assume and agree to perform this Agreement in the  same manner and to the same extent that the Corporate Taxpayer would be required to perform if  no such succession had taken place.  

 

19  Section 7.7. Titles and Subtitles.  The titles of the sections and subsections of  this Agreement are for convenience of reference only and are not to be considered in construing  this Agreement.  Section 7.8. Resolution of Disputes.  (a) Any and all disputes which are not governed by Section 7.9 and cannot be  settled amicably, including any ancillary claims of any party, arising out of, relating to or in  connection with the validity, negotiation, execution, interpretation, performance or non- performance of this Agreement (including the validity, scope and enforceability of this  arbitration provision) (each, a “Dispute”) shall be finally settled by arbitration conducted by a  single arbitrator in Delaware in accordance with the then-existing Rules of Arbitration of the  International Chamber of Commerce.  If the parties to the Dispute fail to agree on the selection  of an arbitrator within thirty (30) calendar days of the receipt of the request for arbitration, the  International Chamber of Commerce shall make the appointment.  The arbitrator shall be a  lawyer admitted to the practice of law in the State of Delaware and shall conduct the proceedings  in the English language.  Performance under this Agreement shall continue if reasonably possible  during any arbitration proceedings.   (b) Notwithstanding the provisions of paragraph (a), the Corporate Taxpayer   may bring an action or special proceeding in any court of competent jurisdiction for the purpose  of compelling a party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration  hereunder, and/or enforcing an arbitration award and, for the purposes of this paragraph (b), each  TRA Party (i) expressly consents to the application of paragraph (c) of this Section 7.8 to any  such action or proceeding, (ii) agrees that proof shall not be required that monetary damages for  breach of the provisions of this Agreement would be difficult to calculate and that remedies at  law would be inadequate and (iii) irrevocably appoints the Corporate Taxpayer as agent of such  TRA Party for service of process in connection with any such action or proceeding and agrees  that service of process upon such agent, who shall promptly advise the TRA Party of any such  service of process, shall be deemed in every respect effective service of process upon the TRA  Party in any such action or proceeding.  (c) (i) EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE  JURISDICTION OF COURTS LOCATED IN THE STATE OF DELAWARE FOR THE  PURPOSE OF ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH THE  PROVISIONS OF THIS SECTION 7.8, OR ANY JUDICIAL PROCEEDING ANCILLARY  TO AN ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR  RELATING TO OR CONCERNING THIS AGREEMENT.  Such ancillary judicial proceedings  include any suit, action or proceeding to compel arbitration, to obtain temporary or preliminary  judicial relief in aid of arbitration, or to confirm an arbitration award.  The parties acknowledge  that the fora designated by this paragraph (c) have a reasonable relation to this Agreement, and to  the parties’ relationship with one another; and  (ii) The parties hereby waive, to the fullest extent permitted by applicable law,  any objection which they now or hereafter may have to personal jurisdiction or to the  laying of venue of any such ancillary suit, action or proceeding brought in any court  

 

20  referred to in the preceding paragraph of this Section 7.8 and such parties agree not to  plead or claim the same.  Section 7.9. Reconciliation.  In the event that the Corporate Taxpayer and the  TRA Party Representative are unable to resolve a disagreement with respect to the matters  governed by Sections 2.2 and 4.2 within the relevant period designated in this Agreement  (“Reconciliation Dispute”), the Reconciliation Dispute shall be submitted for determination to a  nationally recognized expert (the “Expert”) in the particular area of disagreement mutually  acceptable to both parties.  The Expert shall be a partner or principal in a nationally recognized  accounting or law firm, and unless the Corporate Taxpayer and the TRA Party Representative  agree otherwise, the Expert shall not, and the firm that employs the Expert shall not, have any  material relationship with the Corporate Taxpayer or the TRA Party Representative or other  actual or potential conflict of interest.  If the Corporate Taxpayer and the TRA Party  Representative are unable to agree on an Expert within fifteen (15) calendar days of receipt by  the respondent(s) of written notice of a Reconciliation Dispute, the Expert shall be appointed by  the International Chamber of Commerce Centre for Expertise.  The Expert shall resolve any  matter relating to the Early Termination Schedule or an amendment thereto within thirty (30)  calendar days and shall resolve any matter relating to a Tax Benefit Schedule or an amendment  thereto within fifteen (15) calendar days or as soon thereafter as is reasonably practicable, in  each case after the matter has been submitted to the Expert for resolution.  Notwithstanding the  preceding sentence, if the matter is not resolved before any payment that is the subject of a  disagreement would be due (in the absence of such disagreement) or any Tax Return reflecting  the subject of a disagreement is due, the undisputed amount shall be paid on the date prescribed  by this Agreement and such Tax Return may be filed as prepared by the Corporate Taxpayer,  subject to adjustment or amendment upon resolution.  The costs and expenses relating to the  engagement of such Expert or amending any Tax Return shall be borne by the Corporate  Taxpayer except as provided in the next sentence.  The Corporate Taxpayer and the TRA Party  Representative shall bear their own costs and expenses of such proceeding, unless (i) the Expert  adopts the TRA Party Representative’s position, in which case the Corporate Taxpayer shall  reimburse the TRA Party Representative for any reasonable out-of-pocket costs and expenses in  such proceeding, or (ii) the Expert adopts the Corporate Taxpayer’s position, in which case the  TRA Party Representative shall reimburse the Corporate Taxpayer for any reasonable out-of- pocket costs and expenses in such proceeding.  Any dispute as to whether a dispute is a  Reconciliation Dispute within the meaning of this Section 7.9 shall be decided by the Expert.   The Expert shall finally determine any Reconciliation Dispute and the determinations of the  Expert pursuant to this Section 7.9 shall be binding on the Corporate Taxpayer and each of the  TRA Parties and may be entered and enforced in any court having jurisdiction.  Section 7.10. Withholding.  The Corporate Taxpayer shall be entitled to deduct  and withhold from any payment payable pursuant to this Agreement such amounts as the  Corporate Taxpayer is required to deduct and withhold with respect to the making of such  payment under the Code or any provision of state, local or foreign Tax law.  To the extent that  amounts are so withheld and paid over to the appropriate Taxing Authority by the Corporate  Taxpayer, such withheld amounts shall be treated for all purposes of this Agreement as having  been paid to the Person in respect of whom such withholding was made.  

 

21  Section 7.11. Admission of the Corporate Taxpayer into a Consolidated  Group; Transfers of Corporate Assets.  (a) If the Corporate Taxpayer is or becomes a member of an affiliated or  consolidated group of corporations that files a consolidated income tax return pursuant to  Sections 1501 et seq. of the Code or any corresponding provisions of state or local law, then:   (i) the provisions of this Agreement shall be applied with respect to the group as a whole and  (ii) Tax Benefit Payments, Early Termination Payments and other applicable items hereunder  shall be computed with reference to the consolidated taxable income of the group as a whole.  (b) If any entity that is obligated to make a Tax Benefit Payment or Early  Termination Payment hereunder transfers one or more assets to a corporation (or a Person  classified as a corporation for United States federal income tax purposes) with which such entity  does not file a consolidated tax return pursuant to Section 1501 of the Code or any corresponding  provisions of state, local or foreign law (including as a result of any series of transactions or  acts), such entity, for purposes of calculating the amount of any Tax Benefit Payment or Early  Termination Payment (e.g., calculating the gross income of the entity and determining the  Realized Tax Benefit of such entity) due hereunder, shall be treated as having disposed of such  asset in a fully taxable transaction on the date of such transfer.  The consideration deemed to be  received by such entity shall be equal to the gross fair market value of the transferred asset.  For  purposes of this Section 7.11(b), a transfer of a partnership interest shall be treated as a transfer  of the transferring partner’s share of each of the assets and liabilities of that partnership.  If any  member of a group described in Section 7.11(a) that is obligated to make a Tax Benefit Payment  or Early Termination Payment hereunder deconsolidates from the group (or the Corporate  Taxpayer deconsolidated from the group), then the Corporate Taxpayer shall cause such member  (or the parent of the consolidated group in a case where the Corporate Taxpayer deconsolidates  from the group) to assume the obligation to make Tax Benefit Payments in a manner consistent  with the terms of this Agreement as the member actually realizes such Tax Benefits.  If a  member of a group described in Section 7.11(a) assumes an obligation to make Tax Benefit  Payments hereunder, then the initial obligor is relieved of the obligation assumed.   Section 7.12. Confidentiality.  (a) Each TRA Party and each of their assignees acknowledge and agree that  the information of the Corporate Taxpayer is confidential and, except in the course of performing  any duties as necessary for the Corporate Taxpayer and its Affiliates, as required by law or legal  process or to enforce the terms of this Agreement, such person shall keep and retain in the  strictest confidence and not disclose to any Person any confidential matters, acquired pursuant to  this Agreement, of the Corporate Taxpayer and its Affiliates and successors learned by the TRA  Party heretofore or hereafter.  This Section 7.12 shall not apply to (i) any information that has  been made publicly available by the Corporate Taxpayer or any of its Affiliates, becomes public  knowledge (except as a result of an act of any TRA Party in violation of this Agreement) or is  generally known to the business community, (ii) the disclosure of information to the extent  necessary for the TRA Parties to prepare and file their Tax Returns, to respond to any inquiries  regarding the same from any Taxing Authority or to prosecute or defend any action, proceeding  or audit by any Taxing Authority with respect to such returns and (iii) any information a TRA  Party discloses to a potential transferee pursuant to Section 7.6 under the terms of a  

 

22  confidentiality agreement to the extent that that such potential transferee agrees to be bound by  customary confidentiality provisions with respect to any confidential information of the  Corporate Taxpayer.  Notwithstanding anything to the contrary herein, (A) neither the TRA  Party Representative nor the Corporate Taxpayer shall be required to disclose to any TRA Party  any information that it reasonably deems to be confidential pursuant to the terms hereof unless  such TRA Party has executed an agreement pursuant to which such TRA Party agrees to be  bound by the terms of this Section 7.12 and (B) each TRA Party and each of its assignees (and  each employee, representative or other agent of the TRA Party or its assignees, as applicable)  may disclose to any and all Persons, without limitation of any kind, the tax treatment and tax  structure of the Corporate Taxpayer and its Affiliates, and any of their transactions, and all  materials of any kind (including opinions or other tax analyses) that are provided to the TRA  Party relating to such tax treatment and tax structure.  (b) If any of the TRA Party Representative or any TRA Party or an assignee  commits a breach, or threatens to commit a breach, of any of the provisions of this Section 7.12,  the Corporate Taxpayer shall have the right and remedy to have the provisions of this Section  7.12 specifically enforced by injunctive relief or otherwise by any court of competent jurisdiction  without the need to post any bond or other security, it being acknowledged and agreed that any  such breach or threatened breach shall cause irreparable injury to the Corporate Taxpayer or any  of its Subsidiaries or the TRA Parties and the accounts and funds managed by the Corporate  Taxpayer and that money damages alone shall not provide an adequate remedy to such Persons.   Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies  available at law or in equity.  Section 7.13. TRA Party Representative.  (a) Appointment.  By executing this Agreement, each of the TRA Parties shall  be deemed to have irrevocably constituted the TRA Party Representative as his, her or its agent  and attorney in fact with full power of substitution to act from and after the date hereof and to do  any and all things and execute any and all documents on behalf of such TRA Parties which may  be necessary, convenient or appropriate to facilitate any matters under this Agreement, including  but not limited to:  (i) execution of the documents and certificates required pursuant to this  Agreement; (ii) except to the extent specifically provided in this Agreement receipt and  forwarding of notices and communications pursuant to this Agreement; (iii) administration of the  provisions of this Agreement; (iv) any and all consents, waivers, amendments or modifications  deemed by the TRA Party Representative, in its sole and absolute discretion, to be necessary or  appropriate under this Agreement and the execution or delivery of any documents that may be  necessary or appropriate in connection therewith; (v) amending this Agreement or any of the  instruments to be delivered to the Corporate Taxpayer pursuant to this Agreement; (vi) taking  actions the TRA Party Representative is expressly authorized to take pursuant to the other  provisions of this Agreement; (vii) negotiating and compromising, on behalf of such TRA  Parties, any dispute that may arise under, and exercising or refraining from exercising any  remedies available under, this Agreement or any other agreement contemplated hereby and  executing, on behalf of such TRA Parties, any settlement agreement, release or other document  with respect to such dispute or remedy; and (viii) engaging attorneys, accountants, agents or  consultants on behalf of such TRA Parties in connection with this Agreement or any other  agreement contemplated hereby and paying any fees related thereto.  

 

23  (b) Expenses.  If at any time the TRA Party Representative shall incur out of  pocket expenses in connection with the exercise of its duties hereunder, upon written notice to  the Corporate Taxpayer from the TRA Party Representative of documented costs and expenses  (including fees and disbursements of counsel and accountants) incurred by the TRA Party  Representative in connection with the performance of its rights or obligations under this  Agreement and the taking of any and all actions in connection therewith, the Corporate Taxpayer  shall reduce any future payments (if any) due to the TRA Parties hereunder pro rata (based on  their respective Applicable Percentages) by the amount of such expenses which it shall instead  remit directly to the TRA Party Representative.  In connection with the performance of its rights  and obligations under this Agreement and the taking of any and all actions in connection  therewith, the TRA Party Representative shall not be required to expend any of its own funds  (though, for the avoidance of doubt but without limiting the provisions of this Section 7.13(b), it  may do so at any time and from time to time in its sole discretion).  (c) Limitation on Liability.  The TRA Party Representative shall not be liable  to any TRA Party for any act of the TRA Party Representative arising out of or in connection  with the acceptance or administration of its duties under this Agreement, except to the extent any  liability, loss, damage, penalty, fine, cost or expense is actually incurred by such TRA Party as a  proximate result of the gross negligence, bad faith or willful misconduct of the TRA Party  Representative (it being understood that any act done or omitted pursuant to the advice of legal  counsel shall be conclusive evidence of good faith and reasonable judgment).  The TRA Party  Representative shall not be liable for, and shall be indemnified by the TRA Parties (on a several  but not joint basis) for, any liability, loss, damage, penalty or fine incurred by the TRA Party  Representative (and any cost or expense incurred by the TRA Party Representative in connection  therewith and herewith and not previously reimbursed pursuant to subsection (b) above) arising  out of or in connection with the acceptance or administration of its duties under this Agreement,  and such liability, loss, damage, penalty, fine, cost or expense shall be treated as an expense  subject to reimbursement pursuant to the provisions of subsection (b) above, except to the extent  that any such liability, loss, damage, penalty, fine, cost or expense is the proximate result of the  gross negligence, bad faith or willful misconduct of the TRA Party Representative (it being  understood that any act done or omitted pursuant to the advice of legal counsel shall be  conclusive evidence of good faith and reasonable judgment).  (d) Actions of the TRA Party Representative.  A decision, act, consent or  instruction of the TRA Party Representative shall constitute a decision of all TRA Parties and  shall be final, binding and conclusive upon each TRA Party, and the Corporate Taxpayer may  rely upon any decision, act, consent or instruction of the TRA Party Representative as being the  decision, act, consent or instruction of each TRA Party.  The Corporate Taxpayer is hereby  relieved from any liability to any person for any acts done by the Corporate Taxpayer in  accordance with any such decision, act, consent or instruction of the TRA Party Representative.  [The remainder of this page is intentionally blank]  

 

 

 

 

 

 

 

Schedule I  TRA Party Applicable Percentage Hellman & Friedman Capital Partners VIII, L.P. 43.040%  Hellman & Friedman Capital Partners VIII (Parallel), L.P. 19.317%  HFCP VIII (Parallel-A), L.P. 3.651%  H&F Executives VIII, L.P. 1.096%  H&F Associates VIII, L.P. 0.225%  H&F Copper Holdings VIII, L.P. 32.671%  100%  

 

Exhibit A  Form of Joinder  This JOINDER (this “Joinder”) to the Tax Receivable Agreement (as defined  below), is by and among Snap One Holdings Corp. a Delaware corporation (including any  successor corporation,  the “Corporate Taxpayer”), ______________________ (“Transferor”) and  ______________________ (“Transferee”).  WHEREAS, on ______________________, Transferee shall acquire  ______________________ percent of the Transferor’s right to receive payments that may become  due and payable under the Tax Receivable Agreement (as defined below) (the “Acquired  Interests”) from Transferor (the “Acquisition”); and  WHEREAS, Transferor, in connection with the Acquisition, has required  Transferee to execute and deliver this Joinder pursuant to Section 7.6(a) of the Tax Receivable  Agreement, dated as of July 27, 2021, between the Corporate Taxpayer and the TRA Parties (as  defined therein) (the “Tax Receivable Agreement”).  NOW, THEREFORE, in consideration of the foregoing and the respective  covenants and agreements set forth herein, and intending to be legally bound hereby, the parties  hereto agree as follows:  Section 1.1 Definitions.  To the extent capitalized words used in this Joinder are  not defined in this Joinder, such words shall have the respective meanings set forth in the Tax  Receivable Agreement.  Section 1.2 Acquisition.  For good and valuable consideration, the sufficiency  of which is hereby acknowledged by the Transferor and the Transferee, the Transferor hereby  transfers and assigns absolutely to the Transferee all of the Acquired Interests.  Section 1.3 Joinder.  Transferee hereby acknowledges and agrees (i) that it has  received and read the Tax Receivable Agreement, (ii) that the Transferee is acquiring the Acquired  Interests in accordance with and subject to the terms and conditions of the Tax Receivable  Agreement and (iii) to become a “TRA Party” (as defined in the Tax Receivable Agreement) for  all purposes of the Tax Receivable Agreement.  Section 1.4 Notice.  Any notice, request, consent, claim, demand, approval,  waiver or other communication hereunder to Transferee shall be delivered or sent to Transferee at  the address set forth on the signature page hereto in accordance with Section 7.1 of the Tax  Receivable Agreement.  Section 1.5 Governing Law.  This Joinder shall be governed by and construed  in accordance with the law of the State of Delaware.  

 

IN WITNESS WHEREOF, this Joinder has been duly executed and delivered by  Transferee as of the date first above written.   Snap One Holdings Corp.  By:    Name:    Title:    [TRANSFEROR]  By:    Name:    Title:    [TRANSFEREE]  By:    Name:    Title:    Address for notices:EX-10.1

 Exhibit 10.1 

TRANSITION, SEPARATION, AND RELEASE OF CLAIMS AGREEMENT 

This Transition, Separation, and Release of Claims Agreement (the “Agreement”) is made as of the Agreement Effective Date (as
defined below) by and between Aveo Pharmaceuticals, Inc. (the “Company”) and Michael N. Needle, M.D. (“Executive”) (together, the “Parties”). 

WHEREAS, the Company and Executive are parties to the Severance and Change in Control Agreement dated as of January 9, 2015
(the “Severance Agreement”); 
 WHEREAS, Executive currently serves as the Company’s Chief Medical Officer;

 WHEREAS, Executive desires to retire from the Company and the Parties desire to establish mutually agreed upon terms for
Executive’s transition and separation from employment with and service as an officer of the Company; and 
 WHEREAS, the Parties
agree that the payments, benefits and rights set forth in this Agreement shall be the exclusive payments, benefits and rights due to Executive, and the Parties acknowledge and agree that Executive is not and shall not be eligible to receive any
further or additional payments or benefits, including, without limitation, pursuant to the Severance Agreement. 
 NOW, THEREFORE, in
consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 

 

	1.	 Resignation from Positions; Separation Date; Transition Period –

 (a) Executive’s effective date of separation from employment with the Company will be November 19, 2021 (the
“Separation Date”). Executive hereby resigns, as of the Separation Date, from his position as Chief Medical Officer of the Company and from any and all other positions he holds as an officer or employee of the Company and, as may be
applicable, its subsidiaries, and further agrees to execute and deliver any documents reasonably necessary to effectuate such resignations, as requested by the Company. 

(b) The period between the date Executive signs this Agreement (the “Agreement Effective Date”) and the Separation Date will
be a transition period (the “Transition Period”), during which Executive will perform such transition duties as may be requested by and at the direction of the Company (the “Transition Duties”). Executive will use
his best efforts to professionally, timely, and cooperatively perform such Transition Duties, and understands that his doing so is a condition of his eligibility for the Separation Benefits (as defined below). During the Transition Period, Executive
will continue to receive his current base salary and to participate in the Company’s benefit plans to the extent he remains eligible (and pursuant to the terms and conditions of such plans). 

(c) Upon the Separation Date, Executive shall be paid, in accordance with the Company’s regular payroll practices, all unpaid base salary
earned through the Separation Date, including any amounts for accrued but unused vacation time to which Executive is entitled through such date in accordance with Company policy, and reimbursement of any properly incurred unreimbursed business
expenses incurred through the Separation Date (together, the “Accrued Obligations”). As of the Separation Date, all salary payments from the Company will cease and any benefits Executive had as of the Separation Date under
Company-provided benefit plans, programs, or practices will terminate, except as required by federal or state law or as otherwise specifically set 

 
forth in this Agreement. Notwithstanding the foregoing, and for the avoidance of doubt, the Company retains the right to terminate Executive’s employment prior to the Separation Date for
Cause (as defined in Section 1.1 of the Severance Agreement, except that, for purposes of this Agreement, references in such definition to “the Agreement” shall be construed as referencing this Agreement). In the event of
Executive’s termination for Cause prior to the Separation Date, Executive will receive only the Accrued Obligations, and will not be eligible for or entitled to the Separation Benefits or any other payments or benefits following such
termination. 
  

	2.	 Separation Benefits – Provided Executive (i) signs and returns this Agreement on or
before September 1, 2021, (ii) signs and returns the Additional Release of Claims attached hereto as Attachment A (the “Additional Release”) on, but not before, the Separation Date and does not revoke the Additional Release
during the Revocation Period (as defined below), and (c) abides by all of his obligations hereunder, the Company will provide Executive with the following separation benefits (the “Separation Benefits”): 

 

	 	a.	 Severance Pay – Commencing in the Company’s first regularly scheduled payroll cycle that
follows the Additional Release Effective Date (as defined below) and continuing until twelve (12) months thereafter, (the “Severance Period”), Executive will receive severance pay in the form of salary continuation payments made at
his base salary rate as of the Separation Date, less all applicable taxes and withholdings, and paid in accordance with the Company’s regular payroll practices. 

 

	 	b.	 COBRA Contribution – Should Executive be eligible for and timely elect to continue receiving group
health and/or dental insurance coverage under the law known as COBRA, the Company shall, commencing on the Additional Release Effective Date, and continuing until the earlier of (x) the date on which the Severance Period expires, or
(y) the end of the calendar month in which Executive becomes eligible to receive group health insurance coverage under another employer’s benefit plan (as applicable, the “COBRA Contribution Period”), pay on
Executive’s behalf the amount of the premiums for such coverage that the Company pays on behalf of active and similarly situated employees with the same type of coverage. The balance of such premiums during the COBRA Contribution Period, and
all premium costs after the COBRA Contribution Period, shall be paid by Executive on a monthly basis during the elected period of insurance coverage under COBRA for as long as, and to the extent that, he remains eligible for and elects to
remain enrolled in COBRA continuation coverage. Executive agrees that, should he become eligible for health and/or dental insurance coverage under another employer’s benefit plan prior to the date on which the Severance Period expires, he will
so inform the Company in writing within five (5) business days of becoming eligible. 

  

	 	c.	 Extension of Exercise Period. Effective as of the Additional Release Effective Date, any outstanding and
vested options to acquire shares of Company common stock held by Executive as of the Separation Date shall remain exercisable for a period of twelve (12) 

	 	
months following the Separation Date, and otherwise remain subject to the terms of the applicable stock option agreement and the plan under which each such option was granted. For the avoidance
of doubt, as of the Additional Release Effective Date, the vested portion of each option shall be treated as a nonqualified stock option for tax purposes even if that option was intended to be an incentive stock option. The portion of each option
other than the vested portion of each option shall be cancelled and terminated as of the Separation Date and shall be of no further force or effect following the Separation Date. 

 

	 	d.	 2021 Bonus. Notwithstanding the Company’s requirement that an employee must remain employed at the
time of payout to be eligible to receive an annual bonus, the Company will pay Executive one hundred eighty seven thousand six hundred seventy three dollars and twenty cents ($187,069.20), less applicable taxes and withholdings, representing 100% of
the target bonus for which Executive would have been eligible had he remained employed with the Company on the date that bonuses related to 2021 are paid to active and similarly situated employees. This payment will be made in a single lump sum in
the first regularly scheduled payroll cycle that follows the Additional Release Effective Date. 

 Other than the
Separation Benefits and Accrued Obligations, Executive will not be eligible for, nor shall he have a right to receive, any payments or benefits from the Company following the Separation Date. Executive acknowledges that he will not be eligible to
receive the Separation Benefits if he fails to timely enter into this Agreement or the Additional Release, or if he timely revokes the Additional Release or fails to abide by his obligations hereunder.  

It is intended that each installment of the separation payments and benefits provided under this Agreement shall be treated as a separate
“payment” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended, and the guidance issued thereunder (“Section 409A”). Neither the Company nor Executive shall have the right
to accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A. 
  

	3.	 Release of Claims – In exchange for the consideration set forth in this Agreement, which
Executive acknowledges he would not otherwise be entitled to receive, Executive hereby fully, forever, irrevocably and unconditionally releases, remises and discharges the Company, its affiliates, subsidiaries, parent companies, predecessors, and
successors, and all of their respective past and present officers, directors, stockholders, partners, members, employees, agents, representatives, plan administrators, attorneys, insurers and fiduciaries (each in their individual and corporate
capacities) (collectively, the “Released Parties”) from any and all claims, charges, complaints, demands, actions, causes of action, suits, rights, debts, sums of money, costs, accounts, reckonings, covenants, contracts, agreements,
promises, doings, omissions, damages, executions, obligations, liabilities, and expenses (including attorneys’ fees and costs), of every kind and nature that Executive ever had or now has against any or all of the Released Parties, whether
known or unknown, including, but not limited to, any and all claims arising out of or relating to Executive’s employment with and/or separation from the Company, including, but not limited to, all claims under Title VII of the Civil Rights Act
of 1964, 42 U.S.C. § 2000e et seq., the Americans With Disabilities Act of 1990, 42 U.S.C. § 12101 et seq., the Genetic Information Nondiscrimination Act of 2008, 42 U.S.C. § 2000ff et seq.,
the Family and Medical Leave Act, 29 U.S.C. § 2601 et seq., the Worker Adjustment and Retraining Notification Act (“WARN”), 29 U.S.C. § 2101 et seq., the Rehabilitation Act of 1973, 29 U.S.C. §
701 et seq., Executive Order 11246, Executive Order 11141, the Fair Credit Reporting Act, 15 U.S.C. § 1681 et seq., and the Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. § 1001
et seq., all as 

	 	
amended; all claims arising out of the Massachusetts Fair Employment Practices Act, Mass. Gen. Laws ch. 151B, § 1 et seq., the Massachusetts Civil Rights Act, Mass. Gen. Laws
ch. 12, §§ 11H and 11I, the Massachusetts Equal Rights Act, Mass. Gen. Laws. ch. 93, § 102, Mass. Gen. Laws ch. 214, § 1C (Massachusetts right to be free from sexual harassment law), the Massachusetts Labor and Industries Act,
Mass. Gen. Laws ch. 149, § 1 et seq., Mass. Gen. Laws ch. 214, § 1B (Massachusetts right of privacy law), the Massachusetts Maternity Leave Act, Mass. Gen. Laws ch. 149, § 105D, and the Massachusetts Small Necessities
Leave Act, Mass. Gen. Laws ch. 149, § 52D, all as amended; all rights and claims under the Massachusetts Wage Act, Mass. Gen. Laws ch. 149, § 148 et seq., as amended (Massachusetts law regarding payment of wages and overtime),
including any rights or claims thereunder to unpaid wages, including overtime, bonuses, commissions, and accrued, unused vacation time; all common law claims including, but not limited to, actions in defamation, intentional infliction of emotional
distress, misrepresentation, fraud, wrongful discharge, and breach of contract (including, without limitation, all claims arising out of or related to the Severance Agreement); all claims to any non-vested
ownership interest in the Company, contractual or otherwise; all state and federal whistleblower claims to the maximum extent permitted by law; and any claim or damage arising out of Executive’s employment with and/or separation from the
Company (including a claim for retaliation) under any common law theory or any federal, state or local statute or ordinance not expressly referenced above; provided, however, that this release of claims shall not (i) prevent Executive from
filing a charge with, cooperating with, or participating in any investigation or proceeding before, the Equal Employment Opportunity Commission or a state fair employment practices agency (except that Executive acknowledges that he may not recover
any monetary benefits in connection with any such charge, investigation, or proceeding, and Executive further waives any rights or claims to any payment, benefit, attorneys’ fees or other remedial relief in connection with any such charge,
investigation or proceeding); or (ii) be construed in any way to release the Company from any obligation it may have pursuant to any applicable agreement or applicable law to indemnify Executive from any third party action brought against
Executive based on his employment with the Company, or to reduce or eliminate any coverage Executive may have under the Company’s director and officer liability policy, if any. 

 

	4.	 Continuing Obligations – Executive acknowledges and reaffirms his continuing
obligations pursuant to the Invention and Non-Disclosure Agreement he executed in connection with his employment, which obligations survive his separation from employment and remain in full force and effect.
Executive further acknowledges and reaffirms his continuing obligations to refrain from the Restricted Activities set forth in Section 4 of the Severance Agreement (i.e., his obligations with respect to
non-competition, non-solicitation, and non-disparagement), which Section 4 and the obligations therein remain in full force
and effect. 

  

	5.	 Non-Disparagement – Executive understands and agrees
that, except as otherwise permitted by Section 8 below, and in addition to his non-disparagement obligation set forth in Section 4 of the Severance Agreement, he will not at any time, in public or
private, make any false, disparaging, negative, critical, adverse, derogatory or defamatory statements, whether orally or in writing, including online (including, without limitation, on any social media, networking, or employer review site) or
otherwise, to any person or entity, including, but not limited to, any media outlet, industry group, key opinion leader, financial institution, research analyst or current or former employee, board member, consultant, shareholder, client or customer
of the Company, regarding the Company, or any of the other Released Parties, or regarding the Company’s business, operations, products, programs, affairs, performance, personnel, technology, science, intellectual property, plans, strategies,
approaches, prospects, financial condition or development related matters. For the avoidance of doubt, the foregoing shall not prevent Executive from stating or repeating factual information with respect to the Company or its assets which is
otherwise publicly available. 

	6.	 Return of Company Property – Executive agrees that, except as he may be specifically
instructed otherwise by the Company’s Chief Executive Officer, he will, no later than the Separation Date (or at such earlier time as may be requested by the Company), return to the Company all keys, files, records (and copies thereof),
equipment (including, but not limited to, computer hardware, software, printers, flash drives and other storage devices, wireless handheld devices, cellular phones, tablets, etc.), Company identification, and any other Company-owned property in his
possession or control, and that he will leave intact all, and will not otherwise not destroy, delete, or make inaccessible to the Company any, electronic Company documents, including, but not limited to, those that he developed or helped to develop
during his employment. Executive further agrees that, except as he may be specifically instructed otherwise by the Company’s Chief Executive Officer, he will not (a) retain any copies in any form or media; (b) maintain access to any
copies in any form, media, or location; (c) store any copies in any physical or electronic locations that are not readily accessible or not known to the Company or that remain accessible to him; or (d) send, give, or make accessible any
copies to any persons or entities that the Company has not authorized to receive such electronic or hard copies. Executive further agrees that, except as he may be specifically instructed otherwise by the Company’s Chief Executive Officer, he
will, no later than the Separation Date (or at such earlier time as may be requested by the Company) cancel all accounts for his benefit, if any, in the Company’s name, including but not limited to, credit cards, telephone charge cards,
cellular phone accounts, and computer accounts. 

  

	7.	 Confidentiality – Executive understands and agrees that, except as otherwise permitted by
Section 8 below or agreed to in writing by the Company, the contents of the negotiations and discussions resulting in this Agreement shall be maintained as confidential by Executive and his agents and representatives and shall not be disclosed
by Executive or his agents and representatives. 

  

	8.	 Scope of Disclosure Restrictions – Nothing in this Agreement or elsewhere prohibits
Executive from communicating with government agencies about possible violations of federal, state, or local laws or otherwise providing information to government agencies, filing a complaint with government agencies, or participating in government
agency investigations or proceedings. Executive is not required to notify the Company of any such communications; provided, however, that nothing herein authorizes the disclosure of information Executive obtained through a communication that was
subject to the attorney-client privilege. Further, notwithstanding Executive’s confidentiality and nondisclosure obligations, Executive is hereby advised as follows pursuant to the Defend Trade Secrets Act: “An individual shall not be held
criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an
attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual
who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual
(A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.” 

  

	9.	 Cooperation – Executive agrees that, to the extent permitted by law, he shall cooperate
fully with the Company in: (i) any internal investigation; (ii) any investigation, defense or prosecution of 

	 	
any claims or actions which already have been brought, are currently pending, or which may be brought in the future against the Company by a third party or by or on behalf of the Company against
any third party, whether before a state or federal court, any state or federal government agency, or a mediator or arbitrator; or (iii) any other administrative, regulatory, or judicial inquiry, investigation, proceeding or arbitration.
Executive’s full cooperation hereunder shall include, but not be limited to, making himself available to the Company upon reasonable notice for interviews and factual investigations; appearing at the Company’s request to give testimony
without requiring service of a subpoena or other legal process; volunteering to the Company pertinent information; and turning over all relevant documents which are in or may come into his possession. The term “cooperation” does not
mean that Executive must provide information that is favorable to the Company; it means only that Executive will provide truthful information within his knowledge and possession upon request of the Company. The Company will reimburse Executive
for all reasonable and documented travel expenses that he incurs at the Company’s request to comply with this paragraph. Executive further agrees that, to the extent permitted by law, he will notify the Company promptly in the event that
he is served with a subpoena (other than a subpoena issued by a government agency), or in the event that he is asked to provide a third party (other than a government agency) with information concerning any actual or potential complaint or
claim against the Company. 

  

	10.	 Amendment and Waiver – This Agreement and the Additional Release, upon their
respective effective dates, shall be binding upon the Parties and may not be modified in any manner, except by an instrument in writing of concurrent or subsequent date signed by duly authorized representatives of the Parties. This Agreement and the
Additional Release are binding upon and shall inure to the benefit of the Parties and their respective agents, assigns, heirs, executors/administrators/personal representatives, and successors. No delay or omission by the Company in exercising any
right under this Agreement or the Additional Release shall operate as a waiver of that or any other right. A waiver or consent given by the Company on any one occasion shall be effective only in that instance and shall not be construed as a bar to
or waiver of any right on any other occasion. 

  

	11.	 Validity – Should any provision of this Agreement or the Additional Release be declared or
be determined by any court of competent jurisdiction to be illegal or invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby and said illegal or invalid part, term or provision shall be deemed not to be a
part of this Agreement or the Additional Release. 

  

	12.	 Nature of Agreement – Both Parties understand and agree that this Agreement is a
transition and separation agreement and does not constitute an admission of liability or wrongdoing on the part of the Company or Executive. 

  

	13.	 Time for Consideration and Revocation; Acknowledgements – Executive acknowledges that
he was initially presented with this Agreement on August 25, 2021 (the “Receipt Date”). Executive further acknowledges that he has been given a reasonable amount of time following the Receipt Date to consider this Agreement,
that he was given at least twenty-one (21) days following the Receipt Date to consider the Additional Release, and that the Company is hereby advising him to consult with an attorney of his own choosing
prior to signing this Agreement and the Additional Release. Executive understands that he may revoke the Additional Release for a period of seven (7) days after he signs it (the “Revocation Period”) by notifying the Company in
writing. Executive further understands that the Additional Release shall be of no force or effect unless he signs and returns it on, but not before, the Separation Date and does not revoke it during the Revocation Period by notifying the Company in
writing (the day immediately following the expiration of such Revocation Period without a revocation, the “Additional Release Effective 

	 	
Date”). Executive further acknowledges and agrees that any changes made to this Agreement or the Additional Release following his initial receipt of this Agreement on the Receipt
Date, whether material or immaterial, shall not re-start or affect in any manner the twenty-one (21) day consideration period. Executive understands and agrees that
by entering into the Additional Release he will be waiving any and all rights or claims he might have under the Age Discrimination in Employment Act, as amended by the Older Workers Benefit Protection Act, and that he will have received
consideration beyond that to which he was previously entitled. 

  

	14.	 Voluntary Assent – Executive affirms that no other promises or agreements of any kind
have been made to or with Executive by any person or entity whatsoever to cause him to sign this Agreement, and that he fully understands the meaning and intent of this Agreement and that he has had the opportunity to be represented by counsel of
his own choosing. Executive further states and represents that he has carefully read this Agreement, understands the contents herein, freely and voluntarily assents to all of the terms and conditions hereof, and signs his name of his own free act.

  

	15.	 Governing Law – This Agreement shall be interpreted and construed by the laws of the
Commonwealth of Massachusetts, without regard to conflict of laws provisions. Each of the Company and Executive hereby irrevocably submits to and acknowledges and recognizes the exclusive jurisdiction and venue of the courts of the Commonwealth of
Massachusetts, or if appropriate, the United States District Court for the District of Massachusetts (which courts, for purposes of this Agreement, are the only courts of competent jurisdiction), over any suit, action or other proceeding arising out
of, under or in connection with this Agreement or the subject matter thereof. Each of the Company and Executive waives any objection to laying venue in any such action or proceeding in such courts, waives any objection that such courts are an
inconvenient forum or do not have jurisdiction over either party, and agrees that service of process upon such party in any such action or proceeding shall be effective if such process is given as a notice in accordance with the terms of this
Agreement. 

  

	16.	 Entire Agreement – This Agreement, including the Additional Release, contains and
constitutes the entire understanding and agreement between the Parties hereto with respect to Executive’s transition and separation from the Company, separation benefits, and the settlement of claims against the Company, and cancels all
previous oral and written negotiations, agreements, commitments and writings in connection therewith, including, without limitation, the Severance Agreement (other than Section 4 thereof, which remains in full force and effect). 

  

	17.	 Tax Acknowledgement – In connection with the Separation Benefits to be provided to Executive
pursuant to this Agreement, the Company shall withhold and remit to the tax authorities the amounts required under applicable law, and Executive shall be responsible for all applicable taxes owed by him with respect to such Separation Benefits under
applicable law. Executive acknowledges that he is not relying upon the advice or representation of the Company with respect to the tax treatment of any of the Separation Benefits set forth in this Agreement. Executive further acknowledges and agrees
that the Company is not making any representations or warranties to him and shall have no liability to him or any other person if any provisions of or payments and benefits provided under this Agreement are determined to constitute deferred
compensation subject to Section 409A but not to satisfy an exemption from, or the conditions of, that section. 

	18.	 Counterparts – This Agreement may be executed in several counterparts, each of which shall
be deemed to be an original, but all of which together will constitute one and the same Agreement. Facsimile and PDF signatures shall be deemed to be of equal force and effect as originals. 

[Remainder of page intentionally left blank] 

 IN WITNESS WHEREOF, the Parties have set their hands and seals to this Agreement as of the date(s) written
below. 
  

					
	AVEO PHARMACEUTICALS, INC.
			
	By:	  	   /s/ Michael P. Bailey
	  	Date: 8/27/2021
	Name:	  	  Michael P. Bailey	  	
	Title:	  	  President and Chief Executive Officer	  	

 I hereby agree to the terms and conditions set forth above. I have been given a reasonable amount of
time to consider this Agreement and I have chosen to execute this on the date below. I understand that my eligibility to receive the Separation Benefits is contingent upon my timely execution, return, and
non-revocation of the Additional Release, and that I have been given at least twenty-one (21) days to consider such Additional Release, and will have seven
(7) days in which to revoke my acceptance after I sign such Additional Release. 
 Michael M. Needle, M.D. 

 

			
	 /s/ Michael M. Needle, M.D.
	  	Date: 8/27/2021

 ATTACHMENT A 

ADDITIONAL RELEASE OF CLAIMS 

This Additional Release of Claims (this “Additional Release”) is made as of the date set forth opposite Michael N. Needle,
M.D.’s (“Executive”) signature below. Capitalized terms used but not defined herein have the meanings set forth in the Transition, Separation, and Release of Claims Agreement (the “Separation Agreement”) to
which this Additional Release is attached as Attachment A. 
 WHEREAS, Executive’s Separation Date has occurred on the
execution date of this Additional Release; and 
 WHEREAS, Executive is entering into this Additional Release in accordance with the
terms and conditions set forth in Section 2 of the Separation Agreement. 
 NOW, THEREFORE, in consideration of the covenants
and agreements contained in the Separation Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Executive hereby agrees as follows: 

1.    Release – In exchange for the consideration set forth in the Separation Agreement, which Executive
acknowledges he would not otherwise be entitled to receive, Executive hereby fully, forever, irrevocably and unconditionally releases, remises and discharges the Company, its affiliates, subsidiaries, parent companies, predecessors, and successors,
and all of their respective past and present officers, directors, stockholders, partners, members, employees, agents, representatives, plan administrators, attorneys, insurers and fiduciaries (each in their individual and corporate capacities)
(collectively, the “Released Parties”) from any and all claims, charges, complaints, demands, actions, causes of action, suits, rights, debts, sums of money, costs, accounts, reckonings, covenants, contracts, agreements, promises,
doings, omissions, damages, executions, obligations, liabilities, and expenses (including attorneys’ fees and costs), of every kind and nature that Executive ever had or now has against any or all of the Released Parties, whether known or
unknown, including, but not limited to, any and all claims arising out of or relating to Executive’s employment with and/or separation from the Company, including, but not limited to, all claims under Title VII of the Civil Rights Act of 1964,
42 U.S.C. § 2000e et seq., the Americans With Disabilities Act of 1990, 42 U.S.C. § 12101 et seq., the Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq., the Genetic Information
Nondiscrimination Act of 2008, 42 U.S.C. § 2000ff et seq., the Family and Medical Leave Act, 29 U.S.C. § 2601 et seq., the Worker Adjustment and Retraining Notification Act (“WARN”), 29 U.S.C. §
2101 et seq., the Rehabilitation Act of 1973, 29 U.S.C. § 701 et seq., Executive Order 11246, Executive Order 11141, the Fair Credit Reporting Act, 15 U.S.C. § 1681 et seq., and the Employee
Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. § 1001 et seq., all as amended; all claims arising out of the Massachusetts Fair Employment Practices Act, Mass. Gen. Laws ch. 151B, § 1 et
seq., the Massachusetts Civil Rights Act, Mass. Gen. Laws ch. 12, §§ 11H and 11I, the Massachusetts Equal Rights Act, Mass. Gen. Laws. ch. 93, § 102, Mass. Gen. Laws ch. 214, § 1C (Massachusetts right to be free from
sexual harassment law), the Massachusetts Labor and Industries Act, Mass. Gen. Laws ch. 149, § 1 et seq., Mass. Gen. Laws ch. 214, § 1B (Massachusetts right of privacy law), the Massachusetts Maternity Leave Act, Mass. Gen.
Laws ch. 149, § 105D, and the Massachusetts Small Necessities Leave Act, Mass. Gen. Laws ch. 149, § 52D, all as amended; all rights and claims under the Massachusetts Wage Act, Mass. Gen. Laws ch. 149, § 148 et seq., as amended
(Massachusetts law regarding payment of wages and overtime), including any rights or claims thereunder to unpaid wages, including overtime, bonuses, commissions, and accrued, unused vacation time; all common law claims including, but not limited to,
actions in defamation, intentional infliction of emotional distress, misrepresentation, fraud, wrongful discharge, and breach of contract (including, without limitation, all claims arising out of or related to the Severance Agreement); all claims to
any non-vested ownership interest in the Company, contractual or otherwise; all state and federal 

 
whistleblower claims to the maximum extent permitted by law; and any claim or damage arising out of Executive’s employment with and/or separation from the Company (including a claim for
retaliation) under any common law theory or any federal, state or local statute or ordinance not expressly referenced above; provided, however, that this release of claims shall not (i) prevent Executive from filing a charge with, cooperating
with, or participating in any investigation or proceeding before, the Equal Employment Opportunity Commission or a state fair employment practices agency (except that Executive acknowledges that he may not recover any monetary benefits in connection
with any such charge, investigation, or proceeding, and Executive further waives any rights or claims to any payment, benefit, attorneys’ fees or other remedial relief in connection with any such charge, investigation or proceeding); or
(ii) be construed in any way to release the Company from any obligation it may have pursuant to any applicable agreement or applicable law to indemnify Executive from any third party action brought against Executive based on his employment with
the Company, or to reduce or eliminate any coverage Executive may have under the Company’s director and officer liability policy, if any. 

2.    Return of Company Property – Executive confirms that, except as he has been specifically instructed
otherwise by the Company’s Chief Executive Officer, he has returned to the Company all keys, files, records (and copies thereof), equipment (including, but not limited to, computer hardware, software, printers, flash drives and other storage
devices, wireless handheld devices, cellular phones, tablets, etc.), Company identification, and any other Company-owned property in his possession or control, and that he has left intact all, and has otherwise not destroyed, deleted, or made
inaccessible to the Company any, electronic Company documents, including, but not limited to, those that he developed or helped to develop during his employment. Executive further confirms that, except as he has been specifically instructed
otherwise by the Company’s Chief Executive Officer, he has not (a) retained any copies in any form or media; (b) maintained access to any copies in any form, media, or location; (c) stored any copies in any physical or electronic
locations that are not readily accessible or not known to the Company or that remain accessible to him; or (d) sent, given, or made accessible any copies to any persons or entities that the Company has not authorized to receive such electronic
or hard copies. Executive further confirms that, except as he has been specifically instructed otherwise by the Company’s Chief Executive Officer, he has canceled all accounts for his benefit, if any, in the Company’s name, including but
not limited to, credit cards, telephone charge cards, cellular phone accounts, and computer accounts. 
 3.    Business Expenses;
Final Compensation – Executive acknowledges that he has been reimbursed by the Company for all business expenses incurred in conjunction with the performance of his employment and that no other reimbursements are owed to him. Executive
further acknowledges that he has received all compensation due to him from the Company, including, but not limited to, all wages, bonuses and accrued, unused vacation time, and that, other than the Separation Benefits, he is not eligible or entitled
to receive any additional payments or consideration from the Company. 
 4.    Acknowledgments – Executive
acknowledges that, in order to receive the Separation Benefits, he must sign and return this Additional Release on, but not before, the Separation Date, and not revoke it. Executive acknowledges that he has been given at least twenty-one (21) days to consider this Additional Release, and that the Company advised him to consult with an attorney of his own choosing prior to signing this Additional Release. Executive understands that he
may revoke this Additional Release for a period of seven (7) days after he signs it by notifying the Company in writing, and the Additional Release shall not be effective or enforceable until the expiration of this seven (7) day revocation
period. Executive understands and agrees that by entering into this Additional Release, he is waiving any and all rights or claims he might have under the Age Discrimination in Employment Act, as amended by the Older Workers Benefit Protection Act,
and that he has received consideration beyond that to which he was previously entitled. 

 5.    Voluntary Assent – Executive affirms that no other promises or
agreements of any kind have been made to or with him by any person or entity whatsoever to cause him to sign this Additional Release, and that he fully understands the meaning and intent of this Additional Release. Executive states and represents
that he has had an opportunity to fully discuss and review the terms of this Additional Release with an attorney. Executive further states and represents that he has carefully read this Additional Release, understands the contents herein, freely and
voluntarily assents to all of the terms and conditions hereof, and signs his name of his own free act. 
 For the avoidance of doubt, this Additional
Release supplements, and in no way limits, the Separation Agreement. 
 I hereby provide this Additional Release as of the current date. I intend that
this Additional Release will become a binding agreement between me and the Company if I do not revoke my acceptance in seven (7) days. 
  

					
	Michael N. Needle, M.D.	 	
                     
                   
	  	Date:

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