Document:

Document

Exhibit 10.1

INSTRUMENT OF AMENDMENT

EMPLOYMENT AGREEMENT 
BETWEEN
COVETRUS INC. AND MATTHEW FOULSTON

This Amendment to the Employment Agreement dated May 11, 2020 (the “Employment Agreement”) between Covetrus, Inc. (the “Company”) and Matthew Foulston (the “Executive”) is made and effective as of August 5, 2022 by the Company and the Executive.

RECITALS:

A.The Company and the Executive are parties to the Employment Agreement that sets forth the material terms and conditions of the Executive’s employment with the Company as its Chief Financial Officer.

B.The Company and the Executive desire to amend the Employment Agreement to provide for the separation of the Executive’s employment with the Company effective December 31, 2022 and certain other matters. 

AGREEMENT: 

In consideration of the premises and the mutual covenants set forth herein, the Company and the Executive hereby agree to amend the Employment Agreement as follows:

1.Section 1(a) of the Employment Agreement is hereby deleted in its entirety and replaced with the following:

“(a)      Term. This Agreement commenced on the Effective Date and shall continue until December 31, 2022, unless earlier terminated as provided herein (the ‘Term’). Upon the scheduled expiration of the Term on December 31, 2022, the employment of the Executive by the Company shall automatically terminate.” 

2.Section 3(a) of the Employment Agreement is hereby deleted in its entirety and replaced with the following:

“(a)      Annual Incentive Compensation. The Executive shall be entitled to a Target Incentive Bonus with respect to the 2022 fiscal year of the Company in an amount that is the greater of (i) the Executive’s target bonus amount of $540,000; or (ii) the bonus amount earned by the Executive based on the actual achievement of performance goals under the Company’s annual bonus plan for 2022. The Target Incentive Bonus shall be paid in a lump sum after the end of the 2022 fiscal year at the same time and under the same terms and conditions as other executives of the Company; provided that the Executive remains employed by the Company until December 31, 2022 (other than as provided in Section 7(c) hereof), and in no event shall the Executive’s bonus be paid later than March 15, 2023.”
3.Section 3(b) of the Employment Agreement is hereby deleted in its entirety and replaced with the following. 

“(b)      Long-Term Incentive Compensation.  All outstanding equity grants held by the Executive shall continue to vest in accordance with their terms for the remainder of the Term, in accordance with the terms of the applicable award agreements and subject to Section 7(c)(iv) below.” 

4.Sections 7 and 7(a) of the Employment Agreement are hereby deleted in their entirety and are renamed and replaced with the following:

“7.       Termination without Cause; Expiration of Term. If the Executive’s employment is terminated by the Company without Cause (as defined below), or by the Executive for Good Reason (as defined below) prior to the scheduled expiration of the Term on December 31, 2022, or due to the scheduled expiration of the Term on December 31, 2022, the provisions of this Section 7 shall apply.

(a) The Company may terminate the Executive’s employment at any time without Cause upon not less than thirty (30) days’ prior written notice to the Executive, and the Executive may resign for Good Reason (as defined below). The Executive’s employment shall terminate automatically and without action of either party upon the scheduled expiration of the Term on December 31, 2022.” 

5.Sections 7(c)(i) and (ii) of the Employment Agreement are hereby deleted in their entirety and replaced with the following:

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Exhibit 10.1

“(i) (a) if the Executive’s termination date occurs prior to the scheduled expiration of the Term on December 31, 2022, continuation of the Executive’s Base Salary (at the rate then in effect) for the remainder of the Term, and (b) upon the scheduled expiration of the Term on December 31, 2022, continued payments to the Executive for twelve (12) months thereafter at the rate of $2,020,000 annually, which shall be paid in regular payroll installments over such twelve (12) month period following the scheduled expiration of the Term on December 31, 2022;

(ii) The Target Incentive Bonus, payable as and in accordance with Section 3(a) (without duplication); and” 

6.Section 7(c)(iii) of the Employment Agreement is hereby deleted in its entirety and replaced with the following:

“If the Executive timely and properly elects health continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), then continued health (including hospitalization, medical, dental, vision etc.) insurance coverage substantially similar in all material respects as the coverage provided to the Company’s then other active senior executives for the Subsidy Period (as defined below); provided that the Executive shall pay an amount equal to the amount active employees pay for such coverage as of the date of the Executive’s termination (the “Monthly COBRA Costs”) and the period of COBRA health care continuation coverage provided under section 4980B of the Internal Revenue Code, as amended and the regulations and guidance promulgated thereunder (the “Code”) shall run concurrently with the period; provided further that, notwithstanding the foregoing, the amount of any benefits provided by this subsection (c)(iii) shall be reduced or eliminated to the extent the Executive becomes entitled to duplicative benefits by virtue of the Executive’s subsequent or other employment; and provided further that, notwithstanding the foregoing, if the Company’s making payments under this Section 7(c)(iii) would violate any nondiscrimination rules applicable to the Company’s group health plan under which such coverage is made available, or result in the imposition of penalties under the Code or the Affordable Care Act, or be impermissible under applicable law, the Parties agree to reform this Section 7(c)(iii) in a manner as is necessary to comply with such requirements and avoid such penalties.  For purposes of this Section 7(c)(iii), the “Subsidy Period” shall commence on the date that the Executive’s employment with the Company is terminated pursuant to Section 7 (i.e. upon the scheduled expiration of the Term, or, if sooner, the date the Executive’s employment with the Company is terminated by the Company without Cause or by the Executive for Good Reason) and shall continue through the date that is eighteen (18) months following the scheduled expiration of the Term on December 31, 2022.” 

7.A new clause (iv) is added at the end of Section 7(c) of the Employment Agreement to provide as follows: 

“(iv) Effective at the scheduled expiration of the Term on December 31, 2022 or, if earlier, the date of consummation of the transactions proposed by that certain Merger Agreement by and between the Company, Corgi Bidco, Inc., and Corgi Merger Sub, Inc., dated May 24, 2022, (x) all outstanding equity grants held by the Executive that vest based upon the Executive’s continued service over time shall accelerate, and become fully vested and/or exercisable, as the case may be, and (y) all outstanding equity grants held by the Executive that vest based upon attainment of performance criteria shall accelerate, and become vested and/or exercisable, as the case may be, at the applicable target level of performance. Exhibit A provides a complete list of all equity awards subject to this Section 7(c)(iv).”

8.Section 9 of the Employment Agreement is hereby deleted in its entirety and replaced with the following:

“9.       Death; Disability.  Any termination of the Executive’s employment by the Company by reason of death or, subject to the requirements of applicable law, Disability (as defined below), shall be treated for all purposes under this Agreement in the same manner as a termination of the Executive by the Company without Cause or resignation by the Executive for Good Reason as described in Section 7 above.  In the event of the Executive’s death, whether during or after the Executive’s employment, any payments to which the Executive is entitled under the terms of this Agreement shall be paid to the Executive’s estate.”

9.Section 11(a) of the Employment Agreement is hereby deleted in its entirety, and the provisions of Section 7, as amended hereby, shall apply in lieu thereof.

10.Section 12(d) of the Employment Agreement is hereby amended to include the following at the end thereof:

“Notwithstanding the foregoing, neither the Amendment to the Employment Agreement dated May 11, 2020 nor the actions contemplated thereby, including any announcement of the Executive’s termination of employment or the transition of his duties in connection therewith, shall constitute a “Good Reason” for termination of employment.”  

11.A new clause (iii) is added at the end of Section 13(c) of the Employment Agreement to provide as follows:

“(iii) shall not be required to take any steps to mitigate or offset any severance payments that are payable pursuant to Section 7 of this Agreement.” 

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Exhibit 10.1

12.In all other respects, the provisions of the Employment Agreement shall continue in effect and are hereby confirmed.

[Signature Page Follows]

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Exhibit 10.1

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date noted in the first paragraph hereof.

         COVETRUS, INC.

BY:     /s/ Ben Wolin________
Name: Ben Wolin
Title: Chief Executive Officer

 EXECUTIVE 

          /s/ Matthew Foulston       
                                                                                               Matthew Foulston

4EX-10.1

 Exhibit 10.1 

THIS AMENDED AND RESTATED PROMISSORY NOTE (THIS “NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE
AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. 
 AMENDED AND RESTATED PROMISSORY NOTE 

 

			
	 Principal Amount: Up to $1,000,000
	  	Dated as of August 11, 2022

 RECITALS 

WHEREAS, the Maker sold and issued a Promissory Note in the aggregate principal amount of $1,000,000 to the Payee on June 10, 2022 ( the
“Original Note”); and 
 WHEREAS, the Maker and the Payee desire to amend and restate the Original Note. 

NOW, THEREFORE, Maker and Payee agree as follows: 

Altimeter Growth Corp. 2, a Cayman Islands corporation and blank check company (the “Maker”), promises to pay to the order of
Altimeter Growth Holdings 2, a Cayman Islands limited liability company, or its registered assigns or successors in interest (the “Payee”), or order, the principal sum of one million dollars ($1,000,000) or such lesser amount as
shall have been advanced by Payee to Maker prior to the closing of the Business Combination (as defined below) for working capital needs of Maker (each such advance as evidenced on Schedule I hereto, which shall be updated to reflect any
future advances under this Promissory Note after the date hereof), and shall remain unpaid under this Note at the closing of the Business Combination, in lawful money of the United States of America, on the terms and conditions described below. All
payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by the Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions of
this Note. 
 1. Principal. The entire unpaid outstanding principal balance of this Note shall be repayable on the consummation of the
Maker’s merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”). Payee understands that if a Business Combination
is not consummated, this Note will not be repaid and all amounts owed hereunder will be forgiven except to the extent that the Maker has funds available to it outside of its trust account established in connection with its initial public offering
(the “IPO”). Under no circumstances shall any individual, including but not limited to any officer, director employee or stockholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.

 2. Interest and Expenses. No interest shall accrue on the unpaid outstanding principal balance of this Note. Maker will reimburse
Payee for all costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorneys’ fees. 

3. Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum
due under this Note, including (without limitation) reasonable attorneys’ fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance of this Note. 

4. Events of Default. The following shall constitute an event of default (“Event of Default”): 

(a) Failure to Make Required Payments. Failure by Maker to pay the outstanding principal amount due pursuant to this Note within five
(5) business days following the date when due. 
 (b) Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case
under any applicable bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar
official) of Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by
Maker in furtherance of any of the foregoing. 
 (c) Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court
having jurisdiction in the premises in respect of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official)
of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60
consecutive days. 

 5. Remedies. 

(a) Upon the occurrence of an Event of Default specified in Section 4(a) hereof, Payee may, by written notice to Maker, declare this Note
to be due immediately and payable, whereupon the unpaid outstanding principal amount of this Note, and all other amounts payable thereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind,
all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding. 

(b) Upon the occurrence of an Event of Default specified in Sections 4(b) or 4(c), the unpaid outstanding principal balance of this Note, and
all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part of Payee. 

(c) Late payments shall accrue interest at a rate of 8% per annum, or such lesser rate as is permissible by law. 

6. Conversion. Upon the consummation of a Business Combination, the Payee shall have the option, but not the obligation, to convert the
principal balance of this Note, in whole or in part at the option of the Payee, into Class A Ordinary Shares of the Maker, par value $0.0001 (the “Shares”), at a price of $10.00 per Share. As promptly after notice by Payee to Maker to
convert the principal balance of this Note, which must be made at least 24 hours prior to the consummation of the Business Combination, as reasonably practicable and after Payee’s surrender of this Note, Maker shall have issued and delivered to
Payee, without any charge to Payee, in book-entry form or a certificate or certificates (issued in the name(s) requested by Payee) for the number of Shares of Maker issuable upon the conversion of this Note. 

7. Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of
dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or
future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or
extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order
desired by Payee. 
 8. Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance,
performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time,
renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and
agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder. 

9. Notices. All notices, statements or other documents which are required or contemplated by this Agreement shall be: (i) in
writing and delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently provided
to such party or such other address or fax number as may be designated in writing by such party or (iii) by electronic mail, to the electronic mail address most recently provided to such party or such other electronic mail address as may be
designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written confirmation, if sent by
facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail. 

10. Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO
CONFLICT OF LAW PROVISIONS THEREOF. 
 11. Severability. Any provision contained in this Note which is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
 12. Trust Waiver. Notwithstanding anything herein to
the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”) in or to any distribution of or from the trust account in which the proceeds of the IPO conducted by the Maker (including the
deferred underwriters discounts and commissions) and the proceeds of the sale of the shares issued in a private placement that occurred prior to the consummation of the IPO are deposited, as described in greater detail in the registration statement
and prospectus filed with the Securities and Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account for any reason whatsoever. 

13. Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of
the Maker and the Payee. 
 14. Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made
by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void. 

[Signature page follows] 

 IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note
to be duly executed by the undersigned as of the day and year first above written. 
  

			
	 ALTIMETER GROWTH CORP. 2
 a
Cayman Islands corporation

		
	By:	 	 /s/ Hab Siam

		 	Name: Hab Siam
		 	Title:   General Counsel

 Accepted and agreed the 11th day of August, 2022 

 

			
	 ALTIMETER GROWTH HOLDINGS 2

a Cayman Islands limited liability company

		
	By:	 	 /s/ Hab Siam

		 	Name: Hab Siam
		 	Title:   Manager

 [Signature Page to Promissory Note] 

 Schedule I 

Schedule of Advances (as of August 11, 2022) 
  

					
	 Date of Advance
	  	Amount Advanced
from Payee	 
	 Total Amount Advanced
	  			

 [Signature Page to Promissory Note]

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