Document:

Document

Exhibit 10.16

SEER, INC.
CLASS A COMMON STOCK PURCHASE AGREEMENT
November 12, 2020

TABLE OF CONTENTS
												
				Page
	1.	Purchase and Sale of Stock
	1
		1.1	Sale and Issuance of Class A Common Stock
	1
		1.2	Closing
	1
				
	2.	Registration Rights
	1
				
	3.	Representations and Warranties of the Company
	2
		3.1	Organization, Good Standing and Qualification
	2
		3.2	Corporate Power; Authorization
	2
		3.3	Valid Issuance of Class A Common Stock
	2
		3.4	Compliance with Other Instruments
	2
		3.5	No Defaults
	2
		3.6	Description of Capital Stock
	3
		3.7	Registration Statement
	3
		3.8	Brokers or Finders
	3
		3.9	Private Placement
	3
		3.10	CFIUS
	3
				
	4.	Representations, Warranties and Covenants of each Investor
	3
		4.1	Good Standing and Qualification
	4
		4.2	Authorization
	4
		4.3	Purchase Entirely for Own Account
	4
		4.4	Disclosure of Information
	4
		4.5	Investment Experience
	4
		4.6	Accredited Investor
	4
		4.7	Brokers or Finders
	4
		4.8	Restricted Securities
	4
		4.9	Legends
	5
		4.10	Lock-Up Agreement
	5
		4.11	CFIUS
	5
				
	5.	Conditions of the Investors’ Obligations at Closing
	5
		5.1	Representations and Warranties
	5
		5.2	Performance
	5
		5.3	Public Offering Shares
	5
		5.4	Restated Rights Agreement
	5
		5.5	Absence of Injunctions, Decrees, Etc
	6
				
	6.	Conditions of the Company’s Obligations at Closing
	6
		6.1	Representations, Warranties and Covenants
	6
		6.2	Public Offering Shares
	6
		6.3	Absence of Injunctions, Decrees, Etc
	6
				

i

												
	7.	Termination
	6
				
	8.	Miscellaneous
	6
		8.1	Publicity
	6
		8.2	Foreign Investment in Real Property tax Act (“FIRPTA”)
	6
		8.3	Survival
	7
		8.4	Successors and Assigns
	7
		8.5	Governing Law
	7
		8.6	Counterparts
	7
		8.7	Notices
	8
		8.8	Brokers or Finders
	8
		8.9	Amendments and Waivers
	8
		8.10	Severability
	8
		8.11	Corporate Securities Law
	8
		8.12	Entire Agreement
	9
		8.13	Specific Performance
	9
		8.14	Confirmation of Securities Holdings
	9

ii

SEER, INC.
CLASS A COMMON STOCK PURCHASE AGREEMENT
THIS CLASS A COMMON STOCK PURCHASE AGREEMENT (the “Agreement”) is made as of November 12, 2020, by and among Seer, Inc., a Delaware corporation (the “Company”), and each of the investors listed on Schedule A attached hereto (each, an “Investor” and collectively, the “Investors”).
In consideration of the mutual covenants contained in this agreement, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Company and each Investor, severally and not jointly, hereby agree as follows:
1.Purchase and Sale of Stock.
1.1Sale and Issuance of Class A Common Stock.  Subject to the terms and conditions of this Agreement, each Investor (or its designated affiliate or co-investor), severally and not jointly, agrees to purchase from the Company, and the Company agrees to sell and issue to each Investor, the Shares (as defined below) applicable to such Investor at a price per share equal to the per share initial public offering price of the Company’s Class A Common Stock (before underwriting discounts and expenses) in the Qualified IPO (as defined below) (the “IPO Price”) at the Closing (as defined below). “Shares” shall mean with respect to a particular Investor such number of shares of the Company’s Class A common stock, par value $0.00001 per share (the “Class A Common Stock”), equal to the Subscription Amount (as defined below) of such Investor divided by the IPO Price, rounded up the nearest whole share.  “Subscription Amount” shall mean with respect to a particular Investor the dollar amount set forth opposite such Investor’s name on Schedule A hereto.  “Qualified IPO” shall mean the issuance and sale of shares of the Class A Common Stock by the Company, pursuant to an Underwriting Agreement (the “Underwriting Agreement”) to be entered into by and among the Company and certain underwriters (the “Underwriters”), in connection with the Company’s contemplated initial public offering pursuant to the Company’s Registration Statement on Form S-1 (the “Registration Statement”).  
1.2Closing.  The purchase and sale of the Shares shall take place at the location and at the time immediately subsequent to the closing of the Qualified IPO (which time and place are designated as the “Closing”).  At the Closing, each Investor shall make payment of its Subscription Amount by wire transfer in immediately available funds to the account specified by the Company against delivery to such Investor of evidence from the Company’s transfer agent of a book entry position evidencing the Shares registered in the name of such Investor, or in such nominee name(s) as designated by such Investor.
2.Registration Rights.  At the Closing, in connection with the purchase of the Shares, any Investor who is not already a party to the Company’s Amended and Restated Investors’ Rights Agreement, dated May 12, 2020, by and among the Company and the stockholders of the Company listed thereto (the “Existing Rights Agreement”), shall become a party to the agreement for the purpose of 

providing such Investor with registration rights under Section 2 of the Existing Rights Agreement with respect to the Shares (the “Restated Rights Agreement”).
3.Representations and Warranties of the Company.  The Company hereby represents and warrants to each Investor that as of the date hereof and as of the date of the Closing:
3.1Organization, Good Standing and Qualification.
(a)The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business as now conducted.
(b)The Company is duly qualified to transact business and is in good standing in each jurisdiction in which it is required to be so qualified or in good standing.
3.2Corporate Power; Authorization.  The Company has all requisite corporate power and authority, and has taken all requisite corporate action necessary to execute and deliver this Agreement, to sell and issue the Shares and to perform all of its obligations under this Agreement. This Agreement and the Restated Rights Agreement constitute valid and legally binding obligations of the Company, enforceable in accordance with their respective terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies, and (iii) to the extent the indemnification provisions contained in the Restated Rights Agreement may be limited by applicable federal or state securities laws.
3.3Valid Issuance of Class A Common Stock.  The Shares have been duly authorized and when issued and paid for in accordance with the terms of this Agreement for the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable and will be free of restrictions on transfer other than restrictions on transfer under applicable state and federal securities laws or as contemplated hereby or by the Restated Rights Agreement.  
3.4Compliance with Other Instruments.
(a)The Company is not in violation or default of any provision of its Amended and Restated Certificate of Incorporation or Amended and Restated Bylaws.
(b)The Company is not in violation or default in any material respect of any instrument, judgment, order, writ, decree or contract to which it is a party or by which it is bound, or, to its knowledge, of any provision of any federal or state statute, rule or regulation applicable to the Company or any of its properties or assets.  
3.5No Defaults.  The execution, delivery and performance of this Agreement and the Restated Rights Agreement, and the consummation of the transactions contemplated by this Agreement, including the issuance of the Shares, and the Restated Rights Agreement will not result in any such violation or default or be in conflict with or constitute, with or without the passage of time and giving of notice, either a default under any (a) indenture, mortgage, deed of trust, loan agreement, license, lease or other agreement or instrument to which the Company is a party or by which the Company is bound or to which any of the property or assets of the Company is subject, (b) its Amended and Restated Certificate of Incorporation or Amended and Restated Bylaws (or other applicable organizational document) of the 

Company, or (c) any statute or any judgment, order, rule or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its properties, except, in the case of clauses (a) and (c), for such defaults, breaches, or violations that would not, individually or in the aggregate, have a material adverse effect on the consummation of the transactions contemplated hereby. 
3.6Description of Capital Stock.  As of the date of the Closing, the statements set forth in the Pricing Prospectus (as defined in the Underwriting Agreement) and Prospectus (as defined in the Underwriting Agreement) under the caption “Description of Capital Stock,” insofar as they purport to constitute a summary of the terms of the Company’s capital stock, are accurate, complete and fair in all material respects.
3.7Registration Statement.  The Registration Statement, and any amendment thereto, including any information deemed to be included therein pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) promulgated under the Securities Act of 1933, as amended (the “Securities Act”), complied (or, in the case of amendments filed after the date of this Agreement, will comply) as of its filing date in all material respects with the requirements of the Securities Act and the rules and regulations of the SEC promulgated thereunder, and did not (or, in the case of amendments filed after the date hereof, will not) contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.  As of the date it is declared effective by the SEC, the Registration Statement, as so amended, and any related registration statements, will comply in all material respects with the requirements of the Securities Act and the rules and regulations of the SEC promulgated thereunder, and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.  Any preliminary prospectus included in the Registration Statement or any amendment thereto, any free writing prospectus related to the Registration Statement and any final prospectus related to the Registration Statement filed pursuant to Rule 424 promulgated under the Securities Act, in each case as of its date, will comply in all material respects with the requirements of the Securities Act and the rules and regulations promulgated thereunder, and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.
3.8Brokers or Finders.  The Company has not incurred, and will not incur, directly or indirectly, as a result of any action taken by the Company, any liability for brokerage or finders’ fees or agents’ commissions or any similar charges in connection with the sale of the Shares contemplated by this Agreement, except as otherwise disclosed to the Investor.
3.9Private Placement.  Assuming the accuracy of the representations, warranties and covenants of each Investor set forth in Section 4 of this Agreement, no registration under the Securities Act is required for the offer and sale of the Shares by the Company to the Investor under this Agreement.
3.10CFIUS.  The Company does not engage in the “design, fabrication, development, testing, production or manufacture” of “critical technologies” within the meaning of Section 721 of the Defense Production Act of 1950, as amended, including all implementing regulations thereof (the “DPA”).
4.Representations, Warranties and Covenants of each Investor.  Each Investor, severally but not jointly, hereby represents and warrants that as of the date hereof and as of the date of the Closing:

4.1Organization, Good Standing and Qualification.  Such Investor is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization. 
4.2Authorization.  Such Investor has full power and authority to enter into this Agreement and, if applicable, the Restated Rights Agreement, and each such agreement to which the Investor is a party constitutes a valid and legally binding obligation of such Investor, enforceable in accordance with its terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies and (iii) to the extent the indemnification provisions contained in the Restated Rights Agreement may be limited by applicable federal or state securities laws.  Such Investor further represents that it will have sufficient funds available to pay the Subscription Amount and consummate the purchase of the Shares pursuant to Section 1 of this Agreement.
4.3Purchase Entirely for Own Account.  Such Investor hereby confirms, that the Shares to be received by such Investor will be acquired for investment for such Investor’s own account, not as a nominee or agent, and not with a view to the distribution of any part thereof, and that such Investor has no present intention of selling, granting any participation in, or otherwise distributing the same, except as permitted by applicable federal or state securities laws.  Such Investor further represents that such Investor does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to any of the Shares.
4.4Disclosure of Information.  Such Investor believes it has received all the information it considers necessary or appropriate for deciding whether to purchase the Shares.  Such Investor further represents that it has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Shares and the business, assets, financial condition and prospects of the Company.  
4.5Investment Experience.  Such Investor has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Company and the Shares (and has sought such accounting, legal and tax advice as such Investor has considered necessary to make an informed investment decision) and is aware that there are substantial risks incident to the purchase of the Shares. 
4.6Accredited Investor.  Such Investor is an “accredited investor” within the meaning of Regulation D, Rule 501(a), promulgated by the SEC under the Securities Act, as presently in effect.
4.7Brokers or Finders.  Such Investor has not engaged any brokers, finders or agents, such that the Company will, incur, directly or indirectly, as a result of any action taken by such Investor, any liability for brokerage or finders’ fees or agents’ commissions or any similar charges in connection with this Agreement.
4.8Restricted Securities.  Such Investor understands that the Shares will be characterized as “restricted securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations such securities may be resold without registration under the Securities Act, only in certain limited circumstances.  In this connection, such Investor represents that it is familiar with 

Rule 144 promulgated under the Securities Act, as presently in effect, and understands the resale limitations imposed thereby and by the Securities Act.
4.9Legends.  Such Investor understands that the Shares may bear one or all of the following legends:
“THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. SUCH SHARES MAY NOT BE SOLD, PLEDGED OR TRANSFERRED IN THE ABSENCE OF SUCHREGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT.
THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.
4.10Lock-Up Agreement.  Such Investor hereby confirms that it has executed and delivered, or prior to Closing will execute and deliver, to the Underwriters the lock-up agreement provided by the Company (the “Lock-Up Agreement”). The Lock-Up Agreement is, or will be at Closing, in full force and effect, and following the consummation of the transactions contemplated by this Agreement will remain in full force and effect, including with respect to the Shares.  
4.11CFIUS.  Investor is not a “foreign person” in which the national or subnational governments of a single foreign state have a “substantial interest,” as defined in the DPA.
5.Conditions of the Investors’ Obligations at Closing.  The obligations of each Investor under Section 1.1 of this Agreement are subject to the fulfillment on or before the Closing of each of the following conditions.
5.1Representations and Warranties.  The representations and warranties of the Company in Section 3 shall be true and correct in all material respects as of the date hereof and as of the Closing, other than those representations set forth in Sections 3.1(a), 3.2, 3.3, 3.4(a), 3.5 and 3.10 which shall be true and correct in all respects as of the date hereof and as of the Closing.
5.2Performance.  The Company shall have performed and complied in all material respects with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing and shall have obtained all approvals, consents and qualifications necessary to complete the purchase and sale described herein.
5.3Public Offering Shares.  The Underwriters shall have purchased, immediately prior to the purchase of the Shares by each Investor hereunder, the Underwritten Shares (as defined in the Underwriting Agreement) pursuant to the Registration Statement and Underwriting Agreement.
5.4Restated Rights Agreement.  The Restated Rights Agreement shall have been executed and delivered by the Company and other parties to the Existing Rights Agreement sufficient to amend the Existing Rights Agreement pursuant to Section 6.6 thereof.

5.5Absence of Injunctions, Decrees, Etc.  During this period from the date of this Agreement to immediately prior to the Closing, no governmental authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any decision, injunction, decree, ruling, law or order permanently enjoining or otherwise prohibiting or making illegal the consummation of the transactions contemplated at the Closing.
6.Conditions of the Company’s Obligations at Closing. The obligations of the Company under subsection 1.1 of this Agreement are subject to the fulfillment on or before the Closing of each of the following conditions.
6.1Representations, Warranties and Covenants.  The representations, warranties and covenants of each Investor contained in Section 3 shall be true and correct in all material respects as of the date hereof and as of the Closing.
6.2Public Offering Shares.  The Underwriters shall have purchased, immediately prior to the purchase of the Shares by each Investor hereunder, the Underwritten Shares (as defined in the Underwriting Agreement) pursuant to the Registration Statement and Underwriting Agreement, with an initial offering amount to the public (before underwriting discount and commissions) of at least $75 million.
6.3Absence of Injunctions, Decrees, Etc.  During this period from the date of this Agreement to immediately prior to the Closing, no governmental authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any decision, injunction, decree, ruling, law or order permanently enjoining or otherwise prohibiting or making illegal the consummation of the transactions contemplated at the Closing.
7.Termination.  This Agreement shall terminate upon the earliest to occur, if any, of: (a) with respect to the rights and obligations of the Company and the Investor, as applicable to each other, at any time upon the written consent of the Company and such Investor, (b) either the Company, on the one hand, or the Underwriters, on the other hand, advising the other in writing, prior to execution of the Underwriting Agreement, that they have determined not to proceed with the Qualified IPO, (c) the withdrawal by the Company of the Registration Statement, (d) the termination of the Underwriting Agreement, or (ii) December 31, 2020, if the Closing has not occurred on or prior to such date.
8.Miscellaneous.
8.1Publicity. No party shall issue any press release or make any other public announcement, including any website posting or social media post, that includes the name or any logo or brand name of any party, or discloses the terms of this Agreement or the fact that the Investors have made or propose to make an investment in the Company, except as may be required by law, including as contemplated in the Registration Statement, or with the prior written consent of the other parties.  Each party will provide reasonable advance notice to the other parties prior to making any disclosure of this Agreement or the terms hereof in any filings made with the SEC, and will provide the other parties with reasonable opportunity to review and comment on such proposed disclosures. 
8.2Foreign Investment in Real Property tax Act (“FIRPTA”). Only to the extent that Investor has at any time held 5% or greater of the fair market value of the Company as defined in Treasury Regulation Section 1.897-1(c)(2)(iii)(A), the Company shall use commercially reasonable efforts to avoid becoming a “United States real property holding corporation” within the meaning of Section 897(c)(2) of the Internal Revenue Code of 1986, as amended (the “Code”). So long as Investor 

continues to own the shares it is purchasing hereunder, in the event the Company is or becomes a United States real property holding corporation, the Company shall provide prompt notice to Investor following any “determination date” (as defined in Treasury Regulation Section 1.897-2(c)(1)) on which the Company is or becomes a United States real property holding corporation. In addition, upon any reasonable written request by Investor (including, but not limited to, prior to any secondary share purchases by Investor), the Company shall provide Investor with a written statement informing Investor whether its interest in the Company constitutes a “United States real property interest” within the meaning of Section 897(c)(2) of the Code. The Company’s determination shall comply with the requirements of Treasury Regulation Section 1.897-2(h)(1) or any successor regulation, and the Company shall provide timely notice to the Internal Revenue Service, in accordance with and to the extent required by Treasury Regulation Section 1.897-2(h)(2) or any successor regulation, that such statement has been made. The Company’s written statement to Investor shall be delivered within 10 Business Days of Investor’s written request therefor. The Company’s obligation to furnish such written statement shall continue notwithstanding the fact that a class of the Company’s stock may be regularly traded on an established securities market or the fact that there is no preferred stock of the Company then outstanding, but will cease only to the extent the exemption provided for in Treasury Regulation Section 1.897-1(c)(2)(iii)(A) is met with respect to the interests held by Investor. 
8.3Survival of Warranties.  The warranties, representations and covenants of the Company and each Investor contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and the Closing and shall in no way be affected by any investigation of the subject matter thereof made by or on behalf of any Investor or the Company.
8.4Successors and Assigns.  This Agreement, and any and all rights, duties and obligations hereunder, shall not be assigned, transferred, delegated or sublicensed by any Investor without the prior written consent of the Company; provided, however, that after the Closing, the Shares and the rights, duties and obligations of each Investor hereunder may be assigned to the affiliates of such Investor that agree in writing with the Company to be bound by the terms and conditions of this Agreement. Any attempt by any Investor without such permission to assign, transfer, delegate or sublicense any rights, duties or obligations that arise under this Agreement in a manner that is not permitted by the foregoing sentence to be made without such permission shall be void. Subject to the foregoing and except as otherwise provided herein, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto.
8.5Governing Law.  This Agreement shall be governed in all respects by the internal laws of the State of Delaware as applied to agreements entered into among Delaware residents to be performed entirely within Delaware, without regard to principles of conflicts of law.
8.6Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be enforceable against the parties actually executing such counterparts, and all of which together shall constitute one instrument.  Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

8.7Notices.  All notices and other communications required or permitted hereunder shall be in writing and shall be mailed by registered or certified mail, postage prepaid, sent by  electronic mail or otherwise delivered by hand, messenger or courier service addressed:
(a)if to an Investor, to the address or electronic mail address as shown on such Investor’s signature page to this Agreement; and
(b)if to the Company, to the attention of the Chief Executive Officer of the Company at 3800 Bridge Parkway, Suite 102, Redwood City, California 94065 or of@seer.bio, or at such other current address or electronic mail address as the Company shall have furnished to the Investors in compliance with the requirements of this Section 8.7, with a copy (which shall not constitute notice) to Tony Jeffries, Wilson Sonsini Goodrich & Rosati, P.C., 650 Page Mill Road, Palo Alto, California 94304.
Each such notice or other communication shall for all purposes of this Agreement be treated as effective or having been given (i) if delivered by hand, messenger or courier service, when delivered (or if sent via a nationally-recognized overnight courier service, freight prepaid, specifying next-business-day delivery, one business day after deposit with the courier), or (ii) if sent via mail, at the earlier of its receipt or five days after the same has been deposited in a regularly-maintained receptacle for the deposit of the United States mail, addressed and mailed as aforesaid, or (iii)  if sent via electronic mail, when directed to the relevant electronic mail address, if sent during normal business hours of the recipient, or if not sent during normal business hours of the recipient, then on the recipient’s next business day. In the event of any conflict between the Company’s books and records and this Agreement or any notice delivered hereunder, the Company’s books and records will control absent fraud or error.
8.8Brokers or Finders.  The Company shall indemnify and hold harmless each Investor from any liability for any commission or compensation in the nature of a brokerage or finder’s fee or agent’s commission (and the costs and expenses of defending against such liability or asserted liability) for which such Investor or any of its constituent partners, members, officers, directors, employees or representatives is responsible to the extent such liability is attributable to any inaccuracy or breach of the representations and warranties contained in Section 3.7
8.9Amendments and Waivers.  Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the particular Investor or Investors whose rights or obligations will be directly amended or waived by such amendment or waiver.
8.10Severability.  If any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Agreement, and such court will replace such illegal, void or unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the same economic, business and other purposes of the illegal, void or unenforceable provision. The balance of this Agreement shall be enforceable in accordance with its terms.
8.11Corporate Securities Law.  THE SALE OF THE SECURITIES THAT ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION 

THEREFOR PRIOR TO SUCH QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM QUALIFICATION BY SECTION 25100, 25102, OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON THE QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT.
8.12Entire Agreement.  This Agreement and the documents referred to herein constitute the entire agreement among the parties. No party shall be liable or bound to any other party in any manner with regard to the subjects hereof or thereof by any warranties, representations or covenants except as specifically set forth herein or therein.
8.13Specific Performance.  The parties to this Agreement hereby acknowledge and agree that the Company would be irreparably injured by a breach of this Agreement by any Investor, and each Investor would be irreparably injured by a breach of this Agreement by the Company, and that money damages are an inadequate remedy for an actual or threatened breach of this Agreement because of the difficulty of ascertaining the amount of damage that will be suffered by the aggrieved party in the event that this agreement is breached.  Therefore, each of the parties to this Agreement agrees to the granting of specific performance of this Agreement and injunctive or other equitable relief in favor of the aggrieved party as a remedy for any such breach, without proof of actual damages, and the parties to this Agreement further waive any requirement for the securing or posting of any bond in connection with any such remedy.  Such remedy shall not be deemed to be the exclusive remedy for breach of this Agreement, but shall be in addition to all other remedies available at law or in equity to the aggrieved party.  If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.
8.14Confirmation of Securities Holdings.  Upon request of an Investor, as long as such Investor is a record holder of the Shares, the Company will use commercially reasonable efforts to cause the transfer agent of the Shares to provide confirmation of such Investor’s holdings in the Company.
8.15Independent Nature of Investors Obligations and Rights.  The obligations of each Investor under this Agreement are several and not joint with the obligations of any other Investor, and no Investor shall be responsible in any way for the performance of the obligations of any other Investor under this Agreement.  The decision of each Investor to purchase Shares pursuant to this Agreement has been made by such Investor independently of any other Investor and independently of any information, materials, statements or opinions as to the business, affairs, operations, assets, properties, liabilities, results of operations, condition (financial or otherwise) or prospects of the Company which may have been made or given by any other Investor or by any agent or employee of any other Investor, and no Investor and none of its agents or employees shall have any liability to any other Investor (or any other person) relating to or arising from any such information, materials, statements or opinions.  Nothing contained herein, and no action taken by any Investor pursuant hereto, shall be deemed to constitute the Investors as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Investors are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Agreement.  Each Investor acknowledges that no other Investor has acted as agent for such Investor in connection with making its investment hereunder and that no Investor will be acting as agent of such Investor in connection with monitoring its investment in the Shares or enforcing its rights under this Agreement.  Each Investor shall be entitled to 

independently protect and enforce its rights, including without limitation the rights arising out of this Agreement, and it shall not be necessary for any other Investor to be joined as an additional party in any proceeding for such purpose.  It is expressly understood and agreed that each provision contained in this Agreement is between the Company and an Investor, solely, and not between the Company and the Investors collectively and not between and among the Investors.
[Remainder of page intentionally left blank]

IN WITNESS WHEREOF, the parties have executed this Class A Common Stock Purchase Agreement as of the date first above written.
									
	SEER, INC.
			
	By:	  /s/ Omid Farokhzad
	Name:	Omid Farokhzad
	Title:	Chief Executive Officer
			
	Address:	3800 Bridge Parkway, Suite 102
Redwood City, California 94065

Signature Page to Seer, Inc. Class A Common Stock Purchase Agreement

IN WITNESS WHEREOF, the parties have executed this Class A Common Stock Purchase Agreement as of the date first above written.  
									
	INVESTORS
			
	FIDELITY MT. VERNON STREET TRUST: FIDELITY SERIES GROWTH COMPANY FUND
			
	By:		   /s/ Chris Maher
	Name:		Chris Maher
	Title:		Authorized Signatory

Signature Page to Seer, Inc. Class A Common Stock Purchase Agreement

IN WITNESS WHEREOF, the parties have executed this Class A Common Stock Purchase Agreement as of the date first above written.
									
	INVESTORS
			
	FIDELITY MT. VERNON STREET TRUST:
FIDELITY GROWTH COMPANY FUND
			
	By:		/s/ Chris Maher
	Name:		Chris Maher
	Title:		Authorized Signatory

Signature Page to Seer, Inc. Class A Common Stock Purchase Agreement

IN WITNESS WHEREOF, the parties have executed this Class A Common Stock Purchase Agreement as of the date first above written.
									
	INVESTORS
			
	FIDELITY GROWTH COMPANY COMMINGLED POOL
			
	By:  Fidelity Management Trust Company, as Trustee
			
	By:		/s/ Chris Maher
	Name:		Chris Maher
	Title:		Authorized Signatory

Signature Page to Seer, Inc. Class A Common Stock Purchase Agreement

IN WITNESS WHEREOF, the parties have executed this Class A Common Stock Purchase Agreement as of the date first above written.
									
	INVESTORS
			
	FIDELITY MT. VERNON STREET TRUST: FIDELITY GROWTH COMPANY K6 FUND
			
	By:		/s/ Chris Maher
	Name:		Chris Maher
	Title:		Authorized Signatory

Signature Page to Seer, Inc. Class A Common Stock Purchase Agreement

IN WITNESS WHEREOF, the parties have executed this Class A Common Stock Purchase Agreement as of the date first above written.
									
	INVESTORS
			
	FIDELITY SELECT PORTFOLIOS: HEALTH CARE PORTFOLIO
			
	By:		/s/ Chris Maher
	Name:		Chris Maher
	Title:		Authorized Signatory

Signature Page to Seer, Inc. Class A Common Stock Purchase Agreement

IN WITNESS WHEREOF, the parties have executed this Class A Common Stock Purchase Agreement as of the date first above written.
									
	INVESTORS
			
	FIDELITY ADVISOR SERIES VII: FIDELITY ADVISOR HEALTH CARE FUND
			
	By:		/s/ Chris Maher
	Name:		Chris Maher
	Title:		Authorized Signatory

Signature Page to Seer, Inc. Class A Common Stock Purchase Agreement

IN WITNESS WHEREOF, the parties have executed this Class A Common Stock Purchase Agreement as of the date first above written.
									
	INVESTORS
			
	VARIABLE INSURANCE PRODUCTS FUND IV:  HEALTH CARE PORTFOLIO
			
	By:		/s/ Chris Maher
	Name:		Chris Maher
	Title:		Authorized Signatory

Signature Page to Seer, Inc. Class A Common Stock Purchase Agreement

IN WITNESS WHEREOF, the parties have executed this Class A Common Stock Purchase Agreement as of the date first above written.
									
	INVESTORS
			
	FIDELITY CENTRAL INVESTMENT PORTFOLIOS LLC: FIDELITY U.S. EQUITY CENTRAL FUND
			
	By:		/s/ Chris Maher
	Name:		Chris Maher
	Title:		Authorized Signatory

Signature Page to Seer, Inc. Class A Common Stock Purchase Agreement

IN WITNESS WHEREOF, the parties have executed this Class A Common Stock Purchase Agreement as of the date first above written.
									
	INVESTORS
			
	FIDELITY SELECT PORTFOLIOS: BIOTECHNOLOGY PORTFOLIO
			
	By:		/s/ Chris Maher
	Name:		Chris Maher
	Title:		Authorized Signatory

Signature Page to Seer, Inc. Class A Common Stock Purchase Agreement

IN WITNESS WHEREOF, the parties have executed this Class A Common Stock Purchase Agreement as of the date first above written.
									
	INVESTORS
			
	T. Rowe Price Health Sciences Fund, Inc.
	TD Mutual Funds - TD Health Sciences Fund
	T. Rowe Price Health Sciences Portfolio
	Each account, severally and not jointly
			
	By:  T. Rowe Price Associates, Inc., Investment Adviser or Subadviser, as applicable
			
			
	By:	/s/ Andrew Baek
	Name:	Andrew Baek
	Title:	Vice President
			
			
	Address:	
	
	T. Rowe Price Associates, Inc.
	100 East Pratt Street
	Baltimore, MD 21202
	Attn: Andrew Baek, Vice President and Senior  
	Legal Counsel
	Phone: 410-345-2090
	Email: Andrew.baek@troweprice.com

Signature Page to Seer, Inc. Class A Common Stock Purchase Agreement

IN WITNESS WHEREOF, the parties have executed this Class A Common Stock Purchase Agreement as of the date first above written.
									
	INVESTORS
			
	T. Rowe Price Small-Cap Value Fund,
	T. Rowe Price U.S. Small-Cap Value Equity Trust
	T. Rowe Price U.S. Equities Trust
	MassMutual Select Funds - MassMutual Select T.
	Rowe Price Small and Mid Cap Blend Fund
	Each account, severally and not jointly 
			
	By:  T. Rowe Price Associates, Inc., Investment Adviser or Subadviser, as applicable
			
			
	By:	/s/ Andrew Baek
	Name:	Andrew Baek
	Title:	Vice President
			
			
	Address:	
	
	T. Rowe Price Associates, Inc.
	100 East Pratt Street
	Baltimore, MD 21202
	Attn: Andrew Baek, Vice President and Senior  
	Legal Counsel
	Phone: 410-345-2090
	Email: Andrew.baek@troweprice.com

Signature Page to Seer, Inc. Class A Common Stock Purchase Agreement

IN WITNESS WHEREOF, the parties have executed this Class A Common Stock Purchase Agreement as of the date first above written.
									
	INVESTORS
			
	T. Rowe Price Small-Cap Stock Fund, Inc.
	T. Rowe Price Institutional Small-Cap Stock Fund 
	T. Rowe Price Spectrum Conservative Allocation Fund  
	T. Rowe Price Spectrum Moderate Growth 
Allocation Fund
	T. Rowe Price Moderate Allocation Portfolio U.S. Small-Cap Stock Trust
	VALIC Company I - Small Cap Fund
	TD Mutual Funds-TD U.S. Small-Cap Equity Fund
	T. Rowe Price U.S. Small-Cap Core Equity Trust 
	Minnesota Life Insurance Company
	Costco 401(k) Retirement Plan 
	MassMutual Select Funds - MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund
	Each account, severally and not jointly
			
	By:  T. Rowe Price Associates, Inc., Investment Adviser or Subadviser, as applicable
			
			
	By:	/s/ Andrew Baek
	Name:	Andrew Baek
	Title:	Vice President
			
			
	Address:	
	
	T. Rowe Price Associates, Inc.
	100 East Pratt Street
	Baltimore, MD 21202
	Attn: Andrew Baek, Vice President and Senior  
	Legal Counsel
	Phone: 410-345-2090
	Email: Andrew.baek@troweprice.com

Signature Page to Seer, Inc. Class A Common Stock Purchase Agreement

IN WITNESS WHEREOF, the parties have executed this Class A Common Stock Purchase Agreement as of the date first above written.
									
	INVESTORS
			
	T. Rowe Price New Horizons Fund, Inc.
	T. Rowe Price New Horizons Trust
	T. Rowe Price U.S. Equities Trust
	MassMutual Select Funds - MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund
	New York City Deferred Compensation Plan
	Each account, severally and not jointly 
			
	By:  T. Rowe Price Associates, Inc., Investment Adviser or Subadviser, as applicable
			
			
	By:	/s/ Andrew Baek
	Name:	Andrew Baek
	Title:	Vice President
			
			
	Address:	
	
	T. Rowe Price Associates, Inc.
	100 East Pratt Street
	Baltimore, MD 21202
	Attn: Andrew Baek, Vice President and Senior  
	Legal Counsel
	Phone: 410-345-2090
	Email: Andrew.baek@troweprice.com

Signature Page to Seer, Inc. Class A Common Stock Purchase Agreement

IN WITNESS WHEREOF, the parties have executed this Class A Common Stock Purchase Agreement as of the date first above written.
									
	INVESTORS
			
	SVF II AIV-1 (DE) L.P.
			
	By:  SB Investment Advisers (UK) Limited, acting as Manager of SVF II AIV-1 (DE) L.P.
			
			
	By:	/s/ Ruwan Weerasekera

	Name:	Ruwan Weerasekera
	Title:	Director
			
			
	Address:	
	SB Investment Advisers (UK) Limited 
	Attn: Legal
	69 Grosvenor Street
	London, W1K 3JP, United Kingdom 
	Email: legal@softbank.com
	
	with a copy to:
			
	SB Investment Advisers (US) Inc. 
	Attn: Legal
	1 Circle Star Way, 3F
	San Carlos, CA 94070

Signature Page to Seer, Inc. Class A Common Stock Purchase Agreement

IN WITNESS WHEREOF, the parties have executed this Class A Common Stock Purchase Agreement as of the date first above written.
									
	INVESTORS
			
	AMOON 2 FUND LIMITED PARTNERSHIP
			
	By: aMoon 2 Fund G.P. Limited Partnership
	Its: General Partner
			
	By: aMoon General Partner Ltd.
	Its: General Partner
			
			
			
	By:	/s/ Tomer Berkovitz

	Name:	Tomer Berkovitz
	Title:	Partner and CFO
			
	By:	/s/ Yair Schindel
	Name:	Yair Schindel
	Title:	Managing Partner

Signature Page to Seer, Inc. Class A Common Stock Purchase Agreement

Schedule A
									
	Name of Investor		Subscription Amount
			
	Fidelity Mt. Vernon Street Trust: Fidelity Series Growth Company Fund		$1,433,233.00
	Fidelity Mt. Vernon Street Trust:  Fidelity Growth Company Fund		$7,565,087.00
	Fidelity Growth Company Commingled Pool                By: Fidelity Management Trust Company, as Trustee		$7,343,880.00
	Fidelity Mt. Vernon Street Trust: Fidelity Growth Company K6 Fund		$1,157,800.00
	Fidelity Select Portfolios:  Health Care Portfolio		$8,418,562.00
	Fidelity Advisor Series VII: Fidelity Advisor Health Care Fund		$5,204,765.00
	Variable Insurance Products Fund IV: Health Care Portfolio		$997,327.00
	Fidelity Central Investment Portfolios LLC: Fidelity U.S. Equity Central Fund		$2,879,346.00
	Fidelity Select Portfolios: Biotechnology Portfolio		$5,000,000.00
	T. Rowe Price New Horizons Fund, Inc.		$13,913,140.60
	T. Rowe Price New Horizons Trust		$1,745,532.04
	T. Rowe Price U.S. Equities Trust		$92,963.80
	MassMutual Select Funds - MassMutual Select T.  Rowe Price Small and Mid Cap Blend Fund		$54,950.39
	New York City Deferred Compensation Plan		$335,638.18
	T. Rowe Price Health Sciences Fund, Inc.		$9,457,444.55
	TD Mutual Funds - TD Health Sciences Fund		$669,267.53
	T. Rowe Price Health Sciences Portfolio		$425,863.21
	T. Rowe Price Small-Cap Stock Fund, Inc.		$3,996,280.41
	T. Rowe Price Institutional Small-Cap Stock Fund		$2,129,424.73
	T. Rowe Price Spectrum Conservative Allocation Fund		$34,174.23
	T. Rowe Price Spectrum Moderate Allocation Fund		$53,469.22
	T. Rowe Price Spectrum Moderate Growth Allocation Fund		$93,320.15
	T. Rowe Price Moderate Allocation Portfolio		$4,226.58
	U.S. Small-Cap Stock Trust		$190,482.97
	VALIC Company I - Small Cap Fund		$44,131.96
	TD Mutual Funds - TD U.S. Small-Cap Equity Fund		$183,371.94
	T. Rowe Price U.S. Small-Cap Core Equity Trust		$1,059,603.81
	Minnesota Life Insurance Company		$45,328.75
	Costco 401(k) Retirement Plan 		$191,706.38
	MassMutual Select Funds - MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund		$50,783.33
	T. Rowe Price Small-Cap Value Fund, Inc.		$3,846,832.31

- 1 -

									
	T. Rowe Price U.S. Small-Cap Value Equity Trust		$1,251,126.15
	T. Rowe Price U.S. Equities Trust 		$84,070.98
	MassMutual Select Funds - MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund		$46,865.83
			
	SVF II AIV-1 (DE) L.P.		$40,000,000
	aMoon 2 Fund Limited Partnership		$15,000,000
			
	Total		$135,000,000

- 2 -EX-10.5

 Exhibit 10.5 

ASSIGNMENT AGREEMENT 

THIS ASSIGNMENT AGREEMENT (this “Agreement”) is made and entered into as of [•], 2020 (the “Effective
Date”), by and between Prog Leasing, LLC, a Delaware limited liability company (“Progressive”), Aaron’s, LLC, a Georgia limited liability company (“Aaron’s”), and The Aaron’s Company, Inc., a
Georgia corporation (“SpinCo”). Capitalized terms not defined in the body of this Agreement shall have the definitions set forth in Schedule A. Each of Progressive, Aaron’s, and SpinCo may be referred to herein
individually as a “Party” and collectively as the “Parties”. 
 R E C I T A L S 

WHEREAS, Progressive desires to contribute, convey, assign and transfer to Aaron’s, and Aaron’s desires to accept and acquire
from Progressive, an undivided and equal ownership interest in Progressive’s right, title and interest in, to and under (including all Intellectual Property Rights in and to) the Shared Software; 

WHEREAS, Progressive also desires to contribute, convey, assign and transfer to Aaron’s, and Aaron’s desires to accept and
acquire from Progressive, all of Progressive’s right, title and interest in, to and under (including all Intellectual Property Rights in and to) the Assigned IP together with all goodwill associated therewith, and all applications,
registrations and renewals in connection therewith; and 
 WHEREAS, Aaron’s desires to contribute, convey, assign and transfer
to Progressive certain Customer Data, and Progressive desires to accept and acquire from Aaron’s, (solely to the extent permitted under and subject to all applicable terms, conditions, restrictions and limitations contained in any applicable
terms of use and/or privacy policies, and applicable law), an undivided and equal ownership interest in Aaron’s right, title and interest in the Customer Data. 

NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained in this Agreement, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows: 

1. Conveyance and Ownership of Shared Software. 

(a) Conveyance and Assignment. Pursuant to and in accordance with the terms and conditions of this Agreement, as of the Effective Date,
Progressive hereby contributes, conveys, assigns and transfers to Aaron’s, and Aaron’s hereby accepts and acquires from Progressive, an undivided and equal ownership interest in all of Progressive’s right, title and interest in, to
and under the Shared Software. 
 (b) Ownership and Exploitation of Shared Software and Software Improvements. The Parties each hereby
confirm that as of the Effective Date and as a result of the contribution, conveyance, assignment and transfer contemplated by Section 1(a), the Shared Software shall be owned by the Parties. Subject to the terms of this Agreement, each Party
may use and commercially exploit the Shared Software for its own benefit in any manner without the consent of the other Party and without any obligation, accounting, or payment of any fee to the other Party. However, the Parties shall not file for
any intellectual property protection worldwide for any Shared Software or Software Improvements without written permission from the other Party obtained in advance of such filing. 

(c) Prosecution and Enforcement of Shared Software. In the event that any Party becomes aware of or suspects an infringement or
misappropriation by a third party of the Shared Software, such Party shall promptly notify the other Party in writing. Any Party shall have the right to bring an Action for infringement, misappropriation, or other violation with respect to the
Shared Software (“Enforcement Action”) without the consent of the other Party, except that the Parties may cooperate, at their respective 

 own expense, in any Enforcement Action with respect to alleged infringement, misappropriation, or other
violation of Shared Software. If a Party pursues an Enforcement Action against an alleged infringer, that Party shall control the Enforcement Action and pay all fees and expenses associated with the Enforcement Action and receive all awards for
damages and all settlement proceeds. If applicable law requires the other Party to join the Enforcement Action in order for a Party to bring the Enforcement Action, the other Party shall join the Action, and any reasonable, documented out-of-pocket costs incurred by the non-asserting Party in connection its participation in the Enforcement Action shall be paid by the
asserting Party. 
 (d) Defense of Shared Software Rights. Each Party shall promptly notify the other Party of any Action with respect
to the Shared Software that is brought against the notifying Party. Each Party may decide in its sole discretion whether to defend against any Action with respect to the Shared Software that is brought against the Party. Each Party shall be fully
responsible for its own defense against any Action brought against the Party with respect to the Shared Software. Each Party shall bear all expenses related to the Party’s defense against such Action. If applicable law requires the other Party
to join the Action in order for the Party to defend an Action, the other Party shall join the Action, and any reasonable, documented out-of-pocket costs incurred by the
other Party in connection its participation in the Action shall be paid by the requesting Party. If a Party desires to participate in the defense of Action brought against the other Party, the Parties shall cooperate and negotiate a joint-defense
strategy litigation plan, including the sharing of costs and expenses, in an effort to protect the Shared Software. 
 2. Conveyance of
Assigned IP. Pursuant to and in accordance with the terms and conditions of this Agreement, as of the Effective Date, Progressive hereby contributes, conveys, assigns and transfers to Aaron’s, and Aaron’s hereby accepts and acquires
from Progressive, all of Progressive’s right, title and interest in, to and under the following: (a) all Assigned IP; (b) all goodwill associated therewith; (c) the right, if any, to register, prosecute, maintain and defend such
Assigned IP before any public or private agency or registrar; (d) the right to bring Actions, defend against Actions, or recover damages or other compensation for past, present or future infringements, dilutions, misappropriations, or other
violations of such Assigned IP, including the right to sue and obtain equitable relief in respect of such infringements, dilutions, misappropriations or other violations; and (e) the right to fully and entirely stand in the place of Progressive
in all matters related thereto. 
 3. Improvements. 

(a) As between the Parties, any improvements, enhancements, variations, deviations, changes or modifications to the Shared Software
(“Software Improvements”) created, developed or reduced to practice by or on behalf of any Party following the Effective Date shall be owned solely by that Party. 

(b) No Party has a duty or obligation to exchange, disclose, license or provide any Software Improvements created, developed or reduced to
practice by or on behalf of such Party to the other Party. No Party has a right or license to use or commercially exploit the other Party’s Software Improvements, except by a separate written agreement signed by each Party. 

(c) Any improvements, enhancements, variations, deviations, changes or modifications to the Assigned IP created by or on behalf of Aaron’s
following the Effective Date shall be owned by Aaron’s (“Aaron’s Model Improvements”) and, for the avoidance of doubt, Progressive shall have no rights or interests in or to any of the Aaron’s Model Improvements. Any
improvements, enhancements, variations, deviations, changes or modifications to the Progressive Models created by or on behalf of Progressive following the Effective Date shall be owned by Progressive (“Progressive Model
Improvements”), and, for the avoidance of doubt, Aaron’s shall have no rights or interests in or to any of the Progressive Model Improvements. 

  
 2 

 (d) Notwithstanding anything to the contrary in Section 3(c), if Progressive provides
assistance to Aaron’s pursuant to the TSA with respect to the Shared Software or the Assigned IP, and in doing so (i) Progressive is provided access to, or Aaron’s discloses to Progressive, any Software Improvements or any of
Aaron’s Model Improvements, (ii) Progressive solely creates any Software Improvements for Shared Software or any Aaron’s Model Improvements, or (iii) the Parties jointly create Software Improvements for Shared Software or any
Aaron’s Model Improvements (collectively, “TSA IP Improvements”), Aaron’s hereby grants a perpetual, irrevocable, sublicensable, transferable, fully-paid up, non-exclusive license to
use, reproduce, make, modify, display, perform, and distribute the TSA IP Improvements, in whole or in part, for Progressive’s business activities, including Progressive’s operation of the Shared Software and the Progressive Models. 

4. Conveyance of Aaron’s Customer Data. 

(a) Pursuant to and in accordance with the terms and conditions of this Agreement, as of the Effective Date, Aaron’s hereby contributes,
conveys, assigns and transfers to Progressive, and Progressive hereby accepts and acquires (solely to the extent permitted under and subject to all applicable terms, conditions, restrictions and limitations contained in any applicable terms of use
and/or privacy policies, and applicable law (collectively, “Applicable Terms and Applicable Law”)), an undivided and equal ownership interest in and to all of Aaron’s right, title and interest in, to and under the Customer
Data, provided, however, that Progressive may use the Customer Data solely for Progressive’s business activities, including Progressive’s operation of the Shared Software and Progressive Models. 

(b) Progressive acknowledges and agrees that (i) the foregoing conveyance (including as to scope, duration, and territory) is expressly
limited to the rights that Aaron’s, as of the Effective Date, has to convey to Progressive, including under the Applicable Terms and Applicable Law, (ii) Progressive shall, and shall cause its Affiliates to, comply with and abide by the
Applicable Terms and Applicable Law, (iii) none of Aaron’s or its successors or assigns shall be obligated to obtain any additional consents, permissions, or license or sublicense rights in connection with the conveyance of the Customer
Data contemplated by this Section 4, (iv) Progressive shall not distribute, convey, or assign the Customer Data to any third party, nor shall Progressive use the Customer Data for any product or service marketing; and (v) THE CUSTOMER DATA
IS PROVIDED “AS IS” WITHOUT ANY WARRANTY OF ANY KIND. PROGRESSIVE AGREES THAT PROGRESSIVE’S USE OF THE CUSTOMER DATA IS AT PROGRESSIVE’S SOLE RISK. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EXCEPT AS OTHERWISE EXPRESSLY
SET FORTH BY THIS AGREEMENT, AARON’S EXPRESSLY DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES, WHETHER WRITTEN, ORAL, EXPRESS, IMPLIED, STATUTORY OR OTHERWISE, CONCERNING THE CUSTOMER DATA, THE VALIDITY, ENFORCEABILITY AND SCOPE OF AARON’S
INTELLECTUAL PROPERTY RIGHTS RELATED THERETO, THE ACCURACY, COMPLETENESS, SAFETY, OR USEFULNESS FOR ANY PURPOSE INCLUDING ALL IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR ANY PARTICULAR PURPOSE, TITLE, NON-INFRINGEMENT, QUALITY, USEFULNESS,
COMMERCIAL UTILITY, ADEQUACY, OR COMPLIANCE WITH ANY LAW, DOMESTIC OR FOREIGN, AND IMPLIED WARRANTIES ARISING FROM COURSE OF DEALING, COURSE OF PERFORMANCE, USAGE OR TRADE PRACTICE. WITHOUT LIMITATION TO THE FOREGOING, AARON’S SHALL HAVE NO
LIABILITY WHATSOEVER TO PROGRESSIVE OR ANY OTHER PERSON FOR OR ON ACCOUNT OF ANY INJURY, LOSS, OR DAMAGE, OF ANY KIND OR NATURE, SUSTAINED BY, OR ANY DAMAGE ASSESSED OR ASSERTED AGAINST, OR ANY OTHER LIABILITY INCURRED BY OR IMPOSED ON PROGRESSIVE
OR ANY OTHER PERSON, ARISING OUT OF OR IN CONNECTION WITH OR RESULTING FROM THE USE AND PRACTICE OF THE CUSTOMER DATA. Progressive shall defend, indemnify and hold Aaron’s harmless from and against any and all losses, damages, liabilities,
deficiencies, claims, actions, judgments, settlements, interest, awards, penalties, fines, costs or expenses of 

  
 3 

 
whatever kind, including reasonable attorneys’ fees and the cost of enforcing any right to indemnification, relating to arising from any unauthorized access or use of the Customer Data,
including but not limited to any data breach or security incident involving all or any portion of the Customer Data. For the avoidance of doubt, “third party” as used in this Section does not include entities that are Affiliates of
Progressive as of the Effective Date. Further, notwithstanding anything to the contrary, Progressive may use the information contained in the Customer Data for product or service marketing if that information: (i) was possessed by Progressive
before receipt of the Customer Data from Aaron’s; (ii) is or becomes a matter of public knowledge through no fault of Progressive; (iii) is rightfully received by Progressive from a third-party without a duty of confidentiality;
(iv) is independently developed by Progressive; or (v) is used by Progressive with Aaron’s prior written consent. 
 5.
Disclaimers. THE SHARED SOFTWARE AND ASSIGNED IP ARE PROVIDED “AS IS” WITHOUT ANY WARRANTY OF ANY KIND. AARON’S AGREES THAT AARON’S USE OF THE SHARED SOFTWARE AND ASSIGNED IP IS AT AARON’S SOLE RISK. TO THE MAXIMUM
EXTENT PERMITTED BY APPLICABLE LAW, EXCEPT AS OTHERWISE EXPRESSLY SET FORTH BY THIS AGREEMENT, PROGRESSIVE EXPRESSLY DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES, WHETHER WRITTEN, ORAL, EXPRESS, IMPLIED STATUTORY OR OTHERWISE, CONCERNING THE
PERFORMANCE OF THE SHARED SOFTWARE AND ASSIGNED IP, THE VALIDITY, ENFORCEABILITY AND SCOPE OF PROGRESSIVE’S INTELLECTUAL PROPERTY RIGHTS RELATED THERETO, THE ACCURACY, COMPLETENESS, SAFETY, USEFULNESS FOR ANY PURPOSE OR LIKELIHOOD OF SUCCESS
(COMMERCIAL, REGULATORY OR OTHER) OF THE SOFTWARE AND ANY OTHER TECHNICAL INFORMATION, TECHNIQUES, MATERIALS, METHODS, PRODUCTS, SERVICES, PROCESSES OR PRACTICES AT ANY TIME MADE AVAILABLE BY PROGRESSIVE INCLUDING ALL IMPLIED WARRANTIES OF
MERCHANTABILITY, QUALITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT AND WARRANTIES ARISING FROM A COURSE OF DEALING, COURSE OF PERFORMANCE, USAGE OR TRADE PRACTICE. WITHOUT LIMITATION TO THE
FOREGOING, PROGRESSIVE SHALL HAVE NO LIABILITY WHATSOEVER TO AARON’S OR ANY OTHER PERSON FOR OR ON ACCOUNT OF ANY INJURY, LOSS, OR DAMAGE, OF ANY KIND OR NATURE, SUSTAINED BY, OR ANY DAMAGE ASSESSED OR ASSERTED AGAINST, OR ANY OTHER LIABILITY
INCURRED BY OR IMPOSED ON AARON’S OR ANY OTHER PERSON, ARISING OUT OF OR IN CONNECTION WITH OR RESULTING FROM (A) THE USE AND PRACTICE OF THE SHARED SOFTWARE OR ASSIGNED IP, OR (B) THE USE OF OR ANY ERRORS OR OMISSIONS IN ANY SOFTWARE
OR ANY TECHNICAL INFORMATION, TECHNIQUES, OR PROCEDURES OR PROCESSES DISCLOSED BY PROGRESSIVE. PROGRESSIVE DOES NOT WARRANT THAT THE SHARED SOFTWARE OR ASSIGNED IP WILL OPERATE IN COMBINATION WITH HARDWARE, SOFTWARE, SYSTEMS OR DATA NOT PROVIDED BY
PROGRESSIVE, EXCEPT AS EXPRESSLY SPECIFIED IN ANY DOCUMENTATION THAT MAY BE PROVIDED, OR THAT THE OPERATION OF THE SHARED SOFTWARE OR THE ASSIGNED IP WILL BE UNINTERRUPTED OR ERROR-FREE. 

6. Restrictions on Direct or Indirect Transfers and Use. 

(a) During the Restricted Period, SpinCo shall not, and shall cause its Affiliates to not, (i) consummate, or enter into any definitive
purchase agreement that would result in the consummation of, a Control Transaction, or (ii) Transfer the Shared Software, Software Improvements, Assigned IP or Aaron’s Model Improvements (other than pursuant to a Permitted Transfer), in
each case with respect to the foregoing clauses (i) and (ii) without the prior written consent of Progressive; provided, that in the case of any Control Transaction or Transfer that SpinCo or its Affiliates would be prohibited from
consummating pursuant to Section 7.2 of the TMA, this Section 6(a) shall not prohibit the consummation of such Control Transaction or Transfer if SpinCo or its Affiliates are permitted to consummate such Control Transaction or Transfer
pursuant to Section 7.3 of the TMA. 

  
 4 

 (b) If, during the Restricted Period, SpinCo or its Affiliates engages in any merger,
consolidation, asset sale, acquisition, liquidation, dissolution, restructuring, reorganization, recapitalization, other business combination transaction or stock issuance that does not constitute a Control Transaction (a “Non-Control Transaction”), then SpinCo shall not, and shall cause its Affiliates to not, disclose or permit the disclosure of the Shared Software, Software Improvements, Assigned IP and Aaron’s Model
Improvements to any entity or entities (i) in connection with the consummation of the Non-Control Transaction, or (ii) resulting from such Non-Control
Transaction, in each case without the prior written consent of Progressive; provided, that in the case of any Non-Control Transaction that SpinCo or its Affiliates would be prohibited from consummating
pursuant to Section 7.2 of the TMA, this Section 6(b) shall not prohibit the consummation of such Non-Control Transaction if SpinCo or its Affiliates are permitted to consummate such Non-Control Transaction pursuant to Section 7.3 of the TMA; provided, further, that SpinCo and its subsidiaries may, without the prior written consent of Progressive, use the Shared Software,
Software Improvements, Assigned IP and Aaron’s Model Improvements in the furtherance of a business resulting from a Non-Control Transaction if such business is primarily engaged in the Aaron’s
Business following the consummation of such Non-Control Transaction. 
 (c) During the Restricted
Period, SpinCo shall, and shall cause its Affiliates to, use and commercially exploit the Shared Software, Software Improvements, Assigned IP and Aaron’s Model Improvements solely with respect to the conduct and operation of the Aaron’s
Business. 
 (d) For the avoidance of doubt, SpinCo’s franchisees shall not be permitted access to the Shared Software or Software
Improvements, or the Assigned IP or Aaron’s Model Improvements, during the Restricted Period, nor shall the Shared Software, Software Improvements, Assigned IP or Aaron’s Model Improvements be Transferred to SpinCo’s franchisees
during the Restricted Period; provided, that SpinCo’s franchisees may use the software code embodying the Shared Software, Software Improvements, Assigned IP and Aaron’s Model Improvements for their intended purpose and function if
and only if such software code is at all times hosted and exclusively controlled by Aaron’s or its Controlled Subsidiaries, and such franchisees are denied at all times any access to such software code in any form or media. 

For purposes of this Agreement: 

“Aaron’s Business” has the meaning set forth in the Separation Agreement. In addition, for purposes of
this Agreement the Aaron’s Business shall also include any business, operations and activities conducted by SpinCo or its Affiliates after the consummation of the Distribution (as defined in the Separation Agreement) that primarily consists of
the direct-to-consumer leasing, lending, or retail sales from an on-line marketplace of inventory owned by SpinCo or subsidiaries
at the time the inventory is presented to the consumer on the internet or through other digital or non-digital channels. 

“Controlled Subsidiary” means any subsidiary of SpinCo engaged in the Aaron’s Business and in which
SpinCo owns, directly or indirectly, 100% of the capital stock and profits interests of such subsidiary at all times following any Permitted Transfer of the Shared Software, Software Improvements, Assigned IP or Aaron’s Model Improvements. 

  
 5 

 “Control Transaction” mean a transaction or a series of
related transactions in which (a) a person or “group” of persons acquires, directly or indirectly, including by merger, consolidation, asset sale, acquisition, liquidation, dissolution, restructuring, reorganization, recapitalization
or other business combination transaction, control of at least a majority of the total equity or assets of SpinCo or (b) (i) SpinCo merges with or into another entity, or such entity merges with or into SpinCo, and (ii) the shareholders of
SpinCo cease to own more than 50% of the voting capital stock of the combined company or entity resulting from such transaction or series of related transactions (with it being acknowledged that any transaction or series of related transactions that
does not constitute a Control Transaction under clause (b) shall not be deemed to be a Control Transaction under clause (a)). 

“Permitted Transfer” means a Transfer (a) any Controlled Subsidiary of SpinCo; provided that as a
condition to any such Transfer, SpinCo shall cause such Controlled Subsidiary to be subject to the same prohibitions set forth in this Section 6 as if such Controlled Subsidiary were an original party hereto, or (b) the pledging or
granting of any security interest to one or more third-party lenders in connection with a bona-fide financing transaction (a “Bona Fide Financing Transaction”); provided, that any credit facility, indenture or other lending
arrangement entered into by SpinCo in connection with any such Bona Fide Financing Transaction shall provide that any lender or creditor of SpinCo or its Affiliates will not be entitled to Transfer the Shared Software, Software Improvements,
Assigned IP or Aaron’s Model Improvements, including in the event of any foreclosure. 
 “Restricted
Period” means the period commencing on the Distribution Date (as defined in the Separation Agreement) and ending on the date that is the twelve (12) anniversary of the consummation of the Distribution (as defined in the
Separation Agreement). 
 “Separation Agreement” means the Separation and Distribution Agreement by and
between Aaron’s Holdings Company, Inc. and SpinCo in the form provided by the Parties in connection with the execution of this Agreement. 

“Transfer” means a transfer, sale, assignment, pledge, hypothecation or gift of, creation of a security
interest in or encumbrance or other lien on, or any other disposal, whether or not voluntary. 
 7. Limitation of Liability. 

(a) IN NO EVENT SHALL PROGRESSIVE OR ITS AFFILIATES BE LIABLE FOR ANY SPECIAL, INCIDENTAL, INDIRECT, EXEMPLARY, PUNITIVE, OR CONSEQUENTIAL
DAMAGES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF BUSINESS REVENUES OR PROFITS, BUSINESS INTERRUPTION, LOSS OR CORRUPTION OF DATA OR BUSINESS INFORMATION, OR ANY OTHER PECUNIARY LOSS) ARISING OUT OF THE USE OF OR INABILITY TO
USE THE SHARED SOFTWARE AND ASSIGNED IP. IN NO EVENT SHALL AARON’S OR ITS AFFILIATES BE LIABLE FOR ANY SPECIAL, INCIDENTAL, INDIRECT, EXEMPLARY, PUNITIVE, OR CONSEQUENTIAL DAMAGES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF
BUSINESS REVENUES OR PROFITS, BUSINESS INTERRUPTION, LOSS OR CORRUPTION OF DATA OR BUSINESS INFORMATION, OR ANY OTHER PECUNIARY LOSS) ARISING OUT OF THE USE OF OR INABILITY TO USE THE CUSTOMER DATA. THE FOREGOING LIMITATIONS SHALL APPLY TO THE
MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, REGARDLESS OF WHETHER A PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES AND REGARDLESS OF WHETHER ANY REMEDY FAILS OF ITS ESSENTIAL PURPOSE. 

  
 6 

 (b) EXCEPT FOR PROGRESSIVE’S INDEMNITY OBLIGATION IN SECTION 4(B), TO THE MAXIMUM
EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY’S CUMULATIVE AGGREGATE LIABILITY TO THE OTHER PARTY SHALL BE LIMITED TO FIVE HUNDRED U.S. DOLLARS (U.S. $500.00). THIS SECTION 7(B) APPLIES REGARDLESS OF HOW THE LIABILITY AROSE OR THE THEORY OF
LIABILITY, INCLUDING WITHOUT LIMITATION CONTRACT OR TORT (INCLUDING PRODUCTS LIABILITY, STRICT LIABILITY, NEGLIGENCE AND MISREPRESENTATION). 

8. Representations and Warranties. Progressive hereby represents and warrants to Aaron’s and SpinCo, and Aaron’s and SpinCo
hereby represent and warrant to Progressive, that the execution, delivery and performance of this Agreement (i) is within its legal right, power and capacity, (ii) has been duly authorized, and (iii) does not require it to obtain any
consent or approval that has not been obtained. 
 9. Confidentiality. 

(a) Standard of Care; Restrictions on Use or Disclosure. Each Party agrees to treat as strictly confidential all Confidential
Information received from the other Party, and shall use the same degree of care to avoid unauthorized use, reproduction or disclosure of the discloser’s Confidential Information as it employs with its own confidential and proprietary
information, but not less than a reasonable degree of care. Without limiting the generality of the preceding sentence, no Party shall: (a) use or reproduce any Confidential Information of the other Party except for the purpose of exercising its
rights and performing its obligations under the Agreement; or (b) disclose or permit the disclosure of any Confidential Information of the other Party except with the other Party’s prior written consent in each instance. Notwithstanding
anything to the contrary herein, any Party may disclose the terms and conditions of this Agreement in confidence to its attorneys, accountants, professional advisors and bankers in the ordinary course of business, as well as to current and potential
investors in connection with a proposed financing or acquisition transaction involving a Party. For Confidential Information that does not constitute “trade secrets” under applicable law, these confidentiality obligations will expire five
years after the termination or expiration of this Agreement. For Confidential Information that constitutes a “trade secret” under applicable law, these confidentiality obligations will continue until such information ceases to constitute a
“trade secret” under applicable law. 
 (b) Compelled Disclosure. If a Party is requested or required to disclose
Confidential Information disclosed to them by the other Party by any order or requirement of a court, administrative agency or other governmental body, such Party will promptly notify the other in writing in advance of such order or requirement so
that the disclosing Party may seek a protective order or other relief or, in the disclosing Party’s sole discretion, waive compliance with the terms of this Agreement. In the event that no such protective order or other remedy is obtained, or
that the disclosing Party waives compliance with the terms of this Agreement, the receiving Party will disclose only that portion of the Confidential Information which is advised by competent legal counsel as being legally required to be disclosed
and will exercise all reasonable efforts to obtain reliable assurance that confidential treatment will be given to such Confidential Information. 

(c) Ownership of Confidential Information. As between Progressive and Aaron’s, each Party shall retain all right, title and
interest in and to any Confidential Information of such Party, including any improvements or modifications thereto, that the Party may provide in connection with this Agreement. At any time upon the disclosing Party’s written request, the
receiving Party shall promptly return to the other Party, or destroy, all Confidential Information of the disclosing Party obtained by the receiving Party under the Agreement, and all copies and reproductions thereof, except for Confidential
Information related to or associated with the Shared Software, including but not limited to the source code for the Shared Software. 

  
 7 

 10. Further Assurances. 

(a) Progressive agrees that at any time and from time to time, without further consideration, it will promptly execute and deliver all further
instruments and documents and take all further actions requested by Aaron’s to perfect, protect, secure or more fully evidence Aaron’s and its successors or assignees’ respective right, title and interest in, to and under the Shared
Software or the Assigned IP, or to enable Aaron’s or such successors or assignees (or any agent or designee of any of the foregoing) to exercise or enforce any of their respective rights hereunder, including reasonable cooperation and
assistance in the prosecution or defense of any Action that may arise in connection with any of the rights assigned hereby. 
 (b)
Aaron’s agrees that at any time and from time to time, without further consideration, it will promptly execute and deliver all further instruments and documents and take all further actions requested by Progressive to perfect, protect, secure
or more fully evidence Progressive’s and its successors or assignees’ respective right, title and interest in, to and under the Customer Data or to enable Progressive or such successors or assignees (or any agent or designee of any of the
foregoing) to exercise or enforce any of their respective rights hereunder, including reasonable cooperation and assistance in the prosecution or defense of any Action that may arise in connection with any of the rights assigned hereby. 

11. Entire Agreement. This Agreement, including the Schedules hereto and the other documents referred to herein which form a part
hereof, embodies the entire agreement and understanding between the Parties hereto with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No statement,
representation, warranty, covenant or agreement of any kind not expressly set forth in this Agreement or the Schedules hereto and the other documents referred to herein shall affect, or be used to interpret, change or restrict, the express terms and
provisions of this Agreement. 
 12. No Waiver. Waiver by any Party of any default by the other Party of any provision of this
Agreement shall not be deemed a waiver by the waiving Party of any subsequent or other default, nor shall it prejudice the rights of the waiving Party. No failure or delay by any Party in exercising any right, power or privilege under this Agreement
shall operate as a waiver thereof, nor shall a single or partial exercise thereof prejudice any other right or further exercise thereof or the exercise of any other right, power or privilege. 

13. No Third-Party Beneficiaries; Binding Effect. Nothing in this Agreement, express or implied, is intended or shall be construed to
confer upon, or give to, any person, other than Progressive and Aaron’s, any rights, remedies, obligations, or liabilities hereunder. This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective
successors, heirs, personal representatives, legal representatives, and permitted assigns. 
 14. Severability. If any provision of
this Agreement or the application thereof to any Person or circumstance is determined by a court of competent jurisdiction to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any
other term or provision of this Agreement, or the application of such term or provision to Persons or circumstances or in jurisdictions other than those as to which it has been determined to be invalid, illegal or unenforceable, and the Parties
shall use their commercially reasonable efforts to substitute one or more valid, legal and enforceable terms or provisions into this Agreement which, insofar as practicable, implement the purposes and intent of the Parties. Any term or provision of
this Agreement held invalid or unenforceable only in part, degree or within certain jurisdictions shall remain in full force and effect to the extent not held invalid or unenforceable to the extent consistent with the intent of the Parties as
reflected by this Agreement. To the extent permitted by applicable Law, each Party waives any term or provision of law which renders any term or provision of this Agreement to be invalid, illegal or unenforceable in any respect. 

  
 8 

 15. Governing Law; Submission to Jurisdiction. 

(a) This Agreement (and any claims or disputes arising out of or related hereto or to the transactions contemplated hereby or to the inducement
of any Party to enter herein, whether for breach of contract, tortious conduct or otherwise and whether predicated on common law, statute or otherwise) shall be governed by and construed and interpreted in accordance with the laws of the State of
Georgia, irrespective of the choice of laws principles of the State of Georgia, including all matters of validity, construction, effect, enforceability, performance and remedies. 

(b) In the event of any controversy, dispute or claim (a “Dispute”) arising out of or relating to any Party’s rights or
obligations under this Agreement (whether arising in contract, tort or otherwise), such Dispute shall be resolved in accordance with the dispute resolution process set out in Article XI of the Separation Agreement. 

16. Headings. The Article, Section and Paragraph headings contained in this Agreement are for reference purposes only and shall not
affect in any way the meaning or interpretation of this Agreement 
 17. Mutual Drafting. This Agreement shall be deemed to be the
joint work product of the Parties and any rule of construction that a document shall be interpreted or construed against a drafter of such document shall not be applicable to this Agreement. 

18. Interpretation. In this Agreement, (a) words in the singular shall be deemed to include the plural and vice versa and words of
one gender shall be deemed to include the other gender as the context requires; (b) the terms “hereof,” “herein” and “herewith” and words of similar import, unless otherwise stated, shall be construed to refer to
this Agreement as a whole (including all of the Schedules hereto) and not to any particular provision of this Agreement; (c) Article, Section or Schedule references are to the Articles, Sections and Schedules of or to this Agreement, unless
otherwise specified; (d) unless otherwise stated, all references to any agreement (including this Agreement) shall be deemed to include the schedules, exhibits and annexes to such agreement; (e) any capitalized terms used in any Schedule
to this Agreement but not otherwise defined therein shall have the meaning as defined in this Agreement; (f) any reference herein to this Agreement, unless otherwise stated, shall be construed to refer to this Agreement as amended, supplemented
or otherwise modified from time to time, in accordance with the terms thereof; (g) the word “including” and words of similar import when used in this Agreement means “including, without limitation,” unless otherwise
specified; (h) unless otherwise specified, the word “or” shall not be exclusive; (i) unless otherwise specified in a particular case, the word “days” refers to calendar days; and (j) unless expressly stated to the
contrary in this Agreement, all references to “the date hereof”, “the date of this Agreement”, “hereby” and “hereupon” and words of similar import shall all be references to the Effective Date. 

19. Counterparts. This Agreement may be executed in one (1) or more counterparts, all of which shall be considered one (1) and
the same agreement, and shall become effective when one (1) or more counterparts have been signed by each of the Parties and delivered to the other Party. Each Party acknowledges and agrees that delivery of an executed counterpart of a
signature page to this Agreement (whether executed by manual, stamp or mechanical signature) by facsimile or by email in portable document format (PDF) shall be effective as delivery of such executed counterpart of this Agreement. Each Party
expressly adopts and confirms a stamp or mechanical signature (regardless of whether delivered in person, by mail, by courier, by facsimile or by email in portable document format (PDF)) made in its respective name as if it were a manual signature
delivered in person, agrees that it shall not assert that any such signature or delivery is not adequate to bind it to the same extent as if it were signed manually and delivered in person and agrees that, at the reasonable request of the other
Party at any time, it shall as promptly as reasonably practicable cause this Agreement to be manually executed (any such execution to be as of the date of the initial date hereof) and delivered in person, by mail or by courier. 

  
 9 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the day
and year first above written. 
  

			
	PROGRESSIVE:
		
	By:	 	
                     
    

		 	Name:
		 	Title:
	
	AARON’S:
		
	By:	 	
                     
    

		 	Name:
		 	Title:
	
	SPINCO:
		
	By:	 	
                     
    

		 	Name:
		 	Title:

  
 10 

 Schedule A 

Definitions 

Certain capitalized terms used in this Agreement shall have the following meanings: 

(a) “Action” means any legal action, lawsuit, litigation, interference, cause of action, hearing, inquiry, examination,
demand, proceeding, controversy, complaint, appeal, notice of violation, citation, summons, subpoena, arbitration, mediation, dispute, investigation or audit or other legal proceeding of any nature, in each case before a Governmental Authority
(whether sounding in contract, tort or otherwise, whether civil, criminal, quasi criminal, indictment, administrative, regulatory or otherwise and whether brought at law or in equity). 

(b) “Affiliate” of any Person means any Person which, directly or indirectly, controls or is controlled by that Person, or is
under common control with that Person. For the purposes of this definition, “control” (including, with correlative meaning, the terms “controlled by” and “under common control with”), as used with
respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through ownership of voting securities, by contract or otherwise. 

(c) “Assigned IP” means the Assigned Models and all Intellectual Property Rights embodied therein. 

(d) “Assigned Models” means certain risk models designed by Progressive to run on the Software, which have been customized by
Progressive for use in the Aaron’s Business. For the sake of clarity, the Assigned Models do not include the Shared Software or the Progressive Models. 

(e) “Confidential Information” means any non-public information that is provided by
any Party (“Discloser”) to the other Party (“Recipient”) in connection with this Agreement (including, but not limited to, data, programs, reports, hardware, software, object code, source code, devices,
specifications, circuit designs, customer opportunities, vendor relationships, pricing, roadmap and documentation) that: (a) is marked as “Confidential” at the time of disclosure; or (b) is not readily able to be marked (e.g.,
orally or visually disclosed) but treated and clearly identified by the Discloser at the time of disclosure as confidential, or which, by its very nature, is self-evident that it is intended to be confidential, but excluding any information that:
(i) was possessed by the Recipient before receipt from the Discloser; (ii) is or becomes a matter of public knowledge through no fault of Recipient; (iii) is rightfully received by Recipient from a third-party without a duty of
confidentiality; (iv) is disclosed by Discloser to a third-party without a duty of confidentiality on the third-party; (v) is independently developed by Recipient; or (vi) is disclosed by Recipient with Discloser’s prior written
consent. For clarity, the Parties acknowledge and agree that the confidential information and trade secrets related to or associated with the Shared Software, including but not limited to the source code for the Shared Software, and the Customer
Data are the Confidential Information of each Party. 
 (f) “Customer Data” means a list of the personally identifiable
information of Aaron’s customers, both historical and current, including credit scores, risk decision analysis results and other analytical data maintained by Aaron’s in connection with its customers, as of the Effective Date. 

(g) “Distribution” has the meaning assigned to it in the Separation Agreement. 

(h) “Governmental Authority” means any domestic or foreign national, state, multi-state or municipal or other local
government, any subdivision, agency, commission or authority thereof, or any quasi-governmental or private body exercising any regulatory or taxing authority thereunder (including the IRS). 

  
 A-1 

 (i) “Intellectual Property” means any and all of the following and all
rights of the following types arising under the laws of any jurisdiction throughout the world or pursuant to any international convention: (a) patents and patent applications, including any continuations, divisionals, continuations-in-part, revisions, provisionals and patents issuing on any of the foregoing, and any renewals, reexaminations, substitutions, extensions, reissues and
counterparts of any of the foregoing, together with all disclosures and all prosecution files, (b) information that constitutes a trade secret under applicable law and other proprietary or confidential information (including ideas, formulas,
compositions, unpatented inventions (whether patentable or unpatentable and whether or not reduced to practice), improvements, know-how, processes, practices, protocols, techniques, methods, research and
development information and results, drawings, specifications, schematics, designs, algorithms, plans, proposals, technical data, marketing plans and customer, prospect and supplier lists), (c) copyrights, including all and any registrations,
applications for registration, renewals, extensions and reversions of any of the foregoing, and all works of authorship (published and unpublished), (d) all rights of paternity or attribution, assignation, integrity, disclosure, and withdrawal and
any other rights that may be known as “author’s rights,” “droit moral” or “moral rights,” and (e) all other intellectual property and related proprietary rights, interests and protections, excluding,
however, any trademarks, service marks, trade names, logos, slogans, internet domain names, social media names, identifiers or tags and any and all other source identifiers. 

(j) “Intellectual Property Rights” means any right, title or interest in or to Intellectual Property. 

(k) “Person” means any individual, corporation (including any non-profit corporation),
general or limited partnership, limited liability company, joint venture, estate, trust, association, organization, labor union or any other entity or Governmental Authority. 

(l) “Progressive Models” means certain risk models designed by Progressive to run on the Software, which have been customized
for Progressive’s own business use. 
 (m) “Shared Software” means the Software and all Intellectual Property Rights
embodied therein. 
 (n) “Software” means the dynamic decisioning engine (“DDE”) software platform upon which the
Assigned Models run, including software programs allowing risk decisions to be recorded and transmitted to other technologies. In response to a request for a risk decision, the DDE software platform collects relevant data, including data from third
parties, and inputs the collected data to risk models that run on the DDE software platform. The DDE software platform receives a decision output from the risk models, records the decision and transmits the decision to other technologies for
subsequent processing. 
 (o) “TMA” means the Tax Matters Agreement by and between Aaron’s Holdings Company, Inc. and
SpinCo entered into in connection with the execution of the Separation Agreement. 
 (p) “TSA” means the Transition Services
Agreement by and between Aaron’s Holdings Company, Inc. and SpinCo, entered into in connection with the execution of the Separation Agreement. 

  
 A-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00316-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00316-of-00352.parquet"}]]