Document:

Exhibit 4.10
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BEIJING TUNIU TECHNOLOGY CO., LTD.
YU DUNDE, CHEN ANQIANG
AND
NANJING TUNIU TECHNOLOGY CO., LTD.
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PURCHASE OPTION AGREEMENT
FOR
NANJING TUNIU TECHNOLOGY CO., LTD.
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February 19, 2021
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Purchase Option Agreement
This Purchase Option Agreement for Nanjing Tuniu Technology Co., Ltd. (this “Agreement”) is entered into as of February 19, 2021 (“Execution Date”) in Beijing by and among the following Parties:
(1)  Beijing Tuniu Technology Co., Ltd., with its registered address at Suite 1006, 10F, Building 4, Courtyard 1, 10 Shangdi Street, Haidian District, Beijing, and legal representative being Yu Dunde (“Party A”);
(2)  Yu Dunde, with his domicile at *** and ID number being ***;
(3)  Chen Anqiang, with his domicile at *** and ID number being *** (together with Yu Dunde, severally and jointly, referred to as “Party B”);
(4)  Nanjing Tuniu Technology Co., Ltd., with its registered address at 3rd to 5th Floor, Building 6, Dongda Science Park, No.6 Changjiang Back Street, Xuanwu District, Nanjing City, and legal representative being Yu Dunde (“Party C”, “Company” or “Nanjing Tuniu”)
In this Agreement, the aforementioned parties are referred to individually as a “Party” and collectively as the “Parties”.
Whereas:
1.    Party B consists of the shareholders of Nanjing Tuniu, who jointly holds 100% of capital contribution in Nanjing Tuniu. The current shareholders and shareholding status of Nanjing Tuniu are as follows:
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	Shareholders
	Contribution
(RMB)
	Shareholding
Percentages (%)

	Yu Dunde
	2,184,024
	80.89%

	Chen Anqiang
	515,976
	19.11%

	Total:
	2,700,000
	100%

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2.    Party B intends to grant an exclusive right to Party A, allowing Party A to accept, when proper, the equity interest to be transferred by Party B representing all the capital contribution made by Party B in Nanjing Tuniu (“Target Equity”).
NOW, THEREFORE, upon friendly consultation, with respect to Party B's granting of the Share Option to Party A (as defined below), the Parties agree as follows:
1.    Grant of Purchase Option
Party B hereby irrevocably grants the following exclusive right to Party A (the “Purchase Option”):
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1.1  During the term hereof, as long as the then-applicable laws of the People’s Republic of China (the “PRC laws”) and/or restrictions placed by the relevant industrial policy are not violated, Party A shall be entitled, in accordance with the terms and conditions provided herein, to exercise the option as set forth in Article 4 hereof, by acquiring all the Target Equity from Party B at the price of RMB 1 yuan for each RMB 0.9 yuan of capital contribution in Nanjing Tuniu (“Exercise Price”). Party A shall be entitled to purchase all or any part of the Target Equity in one or multiple times at its own choice. Party B hereby undertakes to cooperate in the execution of the above proceedings by transferring all or any part of the Target Equity to Party A.
1.2  Party A shall be entitled to request Party B at any time, to transfer all or any part of the Target Equity to Party A or any one or multiple entities (or individuals) designated by Party A that is eligible under the then-applicable PRC laws and/or industry policy, at the Exercise Price; and Party B hereby undertakes to cooperate with the performance.
1.3  Where permissible under the then-applicable PRC laws and/or industrial policy, Party A shall have the absolute discretion to determine the specific time, method and number of occasions for the exercise of the Purchase Option.
1.4  The Company hereby agrees that Party B shall grant Party A such Share Option in accordance with Article 1.1 above and other provisions of this Agreement.
2.    Exercise
2.1  Within the term hereof, Party A may issue to Party B and the Company a Notice of Exercise (the “Notice of Exercise”), requesting to exercise its Purchase Option hereunder and acquire all or part of the Target Equity.
2.2  Once Party B receives the Notice of Exercise sent by Party A according to Article 2.1 hereof, Party B shall immediately and no later than 5 business days after receiving the Notice of Exercise:
2.2.1     execute the Equity Transfer Agreement in the form and substance of Appendix 1 hereof according to the requirements in the Notice of Exercise, together with Party A and/or any of its designated entities (or individuals);
2.2.2     adopt a shareholder resolution in the form and substance as shown in Appendix 2 hereof, or other resolutions of the shareholders' meeting as required by the registration authority at the time, according to the Equity Transfer Agreement, together with Party A and/or any of its designated entities (or individuals) as well as all other shareholders of Nanjing Tuniu at that time (if any), for the approval of the Equity Transfer Agreement and amendment to the Articles of Association of Nanjing Tuniu;
2.2.3     work together with Party A and/or any of its designated entities (or
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individuals) as well as all other shareholders of Nanjing Tuniu at that time (if any) to procure Nanjing Tuniu to submit the Equity Transfer Agreement and the amended Articles of Association of Nanjing Tuniu to the competent approval authority for approval and provide assistance in obtaining necessary approvals;
2.2.4     work together with Party A and/or its any designated entities (or individuals) as well as all other shareholders of Nanjing Tuniu at that time (if any) to procure and assist Nanjing Tuniu to proceed with amendment registration formalities with the applicable business registration authority, and
2.2.5     handle any other matters necessary for the completion of the equity interest transfer contemplated hereunder.
2.3  Upon receipt by Party B of the Notice of Exercise issued by Party A in accordance with Article 2.1 above, the Company shall immediately, and no later than 5 business days upon receipt of the Notice of Exercise, procure and cooperate with Party B to perform the obligations set forth in Article 2.2 hereof.
3.    Payment of Exercise Price
3.1  Party A and Party B agree that, unless otherwise required by the applicable law, the aggregate exercise price for the Target Equity shall be Renminbi 2,430,000 (RMB 2,430,000) as calculated based on the Exercise Price set forth in Article 1.1 hereof (“Aggregate Exercise Price”).
3.2  In case it is required by the applicable law that the price for the Target Equity shall be appraised, and the appraisal value of the Target Equity shall be higher than the Aggregate Exercise Price, then Party B hereby irrevocably waives the amount of difference between such appraisal value and Aggregate Exercise Price, or, if such difference has already been paid by Party A to Party B, Party B shall refund it to Party A.
3.3  Party A and Party B hereby confirm that Party A has paid the Aggregate Exercise Price to Party B in full. Either of the Party B shall, within 5 business days after the Execution Date, execute and deliver to Party A the Receipt of Exercise Price in the form and substance as set forth in Appendix 3 hereto.
4.    Business Termination of Nanjing Tuniu
4.1. Where the business of Nanjing Tuniu is terminated within the term hereof due to bankruptcy, dissolution or closure by order under law, any and all obligations of Party B hereunder shall be terminated at the time of occurrence of such termination.
4.2. Party B further undertakes that it will not take any actions that may cause the business of Nanjing Tuniu to be terminated within the term hereof due to bankruptcy, dissolution or closure by order under law.
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5.    Representations and Warranties of Party B
5.1  Either of the Party B is a Chinese citizen with full and independent legal status and capacity to execute, deliver and perform this Agreement and may sue or be sued as an independent party
5.2  Party B has full power and authority to execute, deliver and perform this Agreement and all other documents to be executed by it in connection with the transactions contemplated hereunder as well as full power and authority to consummate the transactions contemplated hereunder.
5.3  This Agreement will constitute legal and binding obligations enforceable against Party B in accordance with its terms.
5.4  Party B legally holds the Target Equity of Nanjing Tuniu.
5.5  Party B has strictly complied with all obligations set forth in the Articles of Association of Nanjing Tuniu, and there is no circumstance that could affect the legitimate status of Party B as a shareholder of Nanjing Tuniu, or affect the exercise of the Purchase Option hereunder by Party A.
5.6  Other than the pledge of all the equity in Nanjing Tuniu held by Party B to Party A according to Article 7 hereof, no security in any form or other encumbrance has been created on the Target Equity of Nanjing Tuniu held by Party B, nor is there any dispute, litigation, arbitration or any administrative or judicial enforcement measures in other forms regarding the Target Equity, and no person could raise any claims regarding the Target Equity.
5.7  Party B has already disclosed to Party A all information or materials which may have any material adverse effect on the ability of Party B to perform the obligations hereunder, or any material adverse effect on the willingness of Party A to enter into this Agreement.
6.    Representations and Warranties of the Company
6.1.  The Company is limited liability company duly registered and lawfully existing under the PRC laws with independent legal personality, have full and independent legal status and capacity to execute, deliver and perform this Agreement and may sue or be sued as an independent party;
6.2.  The Company has full power and authority to execute, deliver and perform this Agreement and all other documents to be executed by it in connection with the transactions contemplated hereunder as well as full power and authority to consummate the transactions contemplated hereunder.
6.3.  This Agreement is duly executed and delivered by the Company, and will constitute legal and binding obligations enforceable against the Company in accordance with its terms.
7.    Further Undertakings of Party B
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Party B hereby, severally and jointly, undertakes to Party A that during the term hereof:
7.1     Without express prior written consent of Party A, Party B will not assign, transfer or pledge the Target Equity in whole or in part, except for the transfer of all or any part of the Target Equity to Party A or its designated entity (or individual) according to the provisions hereof.
7.2     Except for the pledge created according to Article 7 hereof and the Equity Interest Pledge Agreement, Party B will not create any other security interest on the Target Equity without prior written consent of Party A.
7.3     In case of any circumstances causing the Target Equity to be frozen, or any dispute, litigation, arbitration or any administrative or judicial enforcement measures in other forms regarding the Target Equity or the bankruptcy, dissolution of Nanjing Tuniu or its closure by order under law, it shall forthwith adopt necessary remedial measures and immediately notify Party A in writing.
7.4     Without express prior written consent of Party A, Party B shall not take any act or action (including any omission) that may affect the effective existence of the Company, nor take any action that may cause the termination, liquidation or dissolution of the Company.
7.5     Without prior confirmation of Party A, Party B will not approve the engagement by Nanjing Tuniu in operation under contract, operation under lease, merger, division, joint operation, shareholding reform or any other arrangement to change the form of operation and ownership structure, or the disposal of all or substantially all assets or equity of Nanjing Tuniu by means of transfer, assignment, share purchase based on asset valuation or otherwise.
7.6     Without express prior written consent of Party A, Party B shall not terminate or cause the management of the Company to terminate any material agreement entered into by the Company, or enter into any other agreement in conflict with any existing material agreements.
7.7     Without express prior written consent of Party A, Party B shall not appoint or replace any director, supervisor or other management personnel of the Company to be appointed and removed by Party B.
7.8     Without prior express written consent of Party A, Party B shall not cause the Company to declare or actually pay any distributable profits or dividends.
7.9     Without express prior written consent of Party A, Party B shall not amend the Articles of Association of the Company.
7.10   Without express prior written consent of Party A, Party B shall not take any act or action (including any omission) to cause the Company to lend or borrow loans, or to provide guarantees or other forms of securities, or
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undertake any substantive obligations other than normal business activities.
7.11   The Party B shall use its best efforts to develop the business of the Company and ensure the legal and compliant operation of the Company. It will not take any action or omission that may damage the assets and goodwill of the Company or affect the effectiveness of the business license of the Company; and
7.12   The Party B shall timely inform Party A of any situation that may have a material adverse effect on the existence, business operation, financial condition, assets or goodwill of the Company, and promptly take all measures approved by Party A to eliminate such adverse situation or take effective remedial measures against it.
8.    Guarantee for Performance of Obligations by Party B
In order to secure the performance by Party B of all its obligations hereunder according to the provisions herein, Party B hereby agrees to pledge all of its Target Equity in Nanjing Tuniu to Party A. For this purpose, Party A shall enter into the Equity Interest Pledge Agreement with Party B, and proceed with all necessary pledge registration formalities according with the relevant PRC laws and regulations.
9.    Liabilities for Breach
9.1  Where Party B breaches any provisions in this Agreement or this Agreement and/or the Equity Interest Pledge Agreement is or becomes invalid or unenforceable, Party A may adopt the following measures:
9.1.1         demand Party B to transfer all the Target Equity or any part thereof immediately to Party A or its designated entities (or individuals) at the Exercise Price;
9.1.2         enforce the pledge under the Equity Interest Pledge Agreement.
9.2  Once Party A enforces the pledge according to Article 4 of the Equity Interest Pledge Agreement, and receives all proceeds and funds in connection with the enforcement of pledge, Party B shall then be deemed to have completely fulfilled the main obligations hereunder, and Party A will no longer make further payment requests to Party B.
10.  Term
This Agreement shall terminate after all the Target Equity is duly assigned to Party A and/or its designated entities or individuals according to the provisions herein.
11.  Termination of Agreement
11.1   At any time within the term hereof, in case Party A is unable to exercise the option according to Article 2 hereof because of the then-applicable laws, Party A may, at its sole discretion, unconditionally terminate this Agreement
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by notifying Party B in writing, without assuming any liabilities therefrom.
11.2   At any time within the term hereof, Party B shall not have the right to unilaterally terminate this agreement.
12.  Governing Law and Dispute Resolution
12.1   The execution, validity, interpretation and performance of this Agreement shall be governed by the PRC laws.
12.2   All disputes arising out of or in connection with this Agreement shall be first settled by the relevant Parties through amiable consultations; if such Parties fail to resolve the dispute through consultations, the dispute shall be submitted to China International Economic and Trade Arbitration Commission (CIETAC) for arbitration according to CIETAC arbitration rules in effect at the time of applying for arbitration. The seat of arbitration shall be in Beijing. The arbitration award shall be final and binding on the relevant Parties. Except as otherwise required by the arbitration award, the arbitration fees shall be borne by the losing party. The losing party shall also indemnify for the attorneys’ fee and other expenses incurred by the winning party.
12.3   Pending the resolution of such dispute, the Parties shall continue to perform the remaining provisions of this Agreement other than the disputed matters.
13.  Notice
Party A: Beijing Tuniu Technology Co., Ltd.
Address: Tuniu Building, 699-32 Xuanwu Avenue, Xuanwu District, Nanjing
Fax: (86 21) 86853999
Attention: General Manager
Email: yudunde@tuniu.com
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Party B: Yu Dunde
Address: ***
Fax: ***
Email: ***
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Party B: Chen Anqiang
Address: ***
Fax: ***
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Email: ***
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Party C: Nanjing Tuniu Technology Co., Ltd.
Address: Tuniu Building, 699-32 Xuanwu Avenue, Xuanwu District, Nanjing
Fax: (86 25) 86853999
Attention: General Manager
Email: yudunde@tuniu.com
14.  Miscellaneous
14.1   No party shall refuse to perform its obligations hereunder, nor shall any party hinder or delay the enforcement by other Parties of their legal rights and interests hereunder.
14.2   Supplementary agreements may be entered into regarding any matters not addressed herein. Any supplementary agreements of this Agreement entered into by the Parties in writing shall be an integral part of this Agreement.
14.3   Any Party is not allowed to modify or terminate this Agreement without consent of other Parties. In case of modification or termination of this Agreement, an agreement shall be reached upon consultation between the Parties, and a written contract or agreement shall be entered into thereon.
14.4   If Party A fails to exercise or delays in exercising any rights or remedial measures, it shall not be deemed as a waiver by Party A of such rights or remedial measures, nor shall it affect the right of Party A to claim at any time for such rights and remedial measures according to this Agreement and the applicable laws and regulations.
14.5   The invalidity of any part of the provisions herein shall not affect the validity of other provisions.
15.  Counterparts and Effectiveness
15.1   This Agreement shall be executed in four (4) original copies, each copy shall have equal validity.
15.2   This Agreement shall take effect from the date of execution by all the Parties. The Parties agree and confirm that this agreement constitutes the complete understanding interpretation and mutual agreement on the matters in connection with the purchase option. Once executed, this Agreement shall replace any other legal documents previously entered into by the Parties in respect of the same subject matter hereof.
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[SIGNATURE PAGE ATTACHED SEPARATELY]
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This Agreement in executed by the Parties on the date first mentioned above.
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	Beijing Tuniu Technology Co., Ltd.
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	/s/ Yu Dunde
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	Name: YU Dunde
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	Title: Legal Representative
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	YU Dunde
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	/s/ Yu Dunde
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	CHEN Anqiang
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	/s/ Chen Anqiang
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	Nanjing Tuniu Technology Co., Ltd.
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	/s/ Yu Dunde
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	Name: YU Dunde
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	Title: Legal Representative
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[Signature page to Purchase Option Agreement]

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Appendix 1
EQUITY TRANSFER AGREEMENT
This Equity Transfer Agreement (the “Agreement”) is made on            by and between:
(1) [*], a Chinese Citizen, with ID number of [*] (the “Seller”); and
(2) Beijing Tuniu Technology Co., Ltd., a limited liability company incorporated and validly existing under the laws of the People's Republic of China (“PRC Laws”), with the unified social code of 91110108678755052K (“Buyer”).
WHEREAS:
(A) Nanjing Tuniu Technology Co., Ltd. (“Target Company”) is a limited liability company incorporated and validly existing under the laws of the People's Republic of China, with its registered address at the 3rd to 5th Floor, Building 6, Dongda Science Park, No. 6 Changjiang Back Street, Xuanwu District, Nanjing, and its legal representative being Yu Dunde.
(B) The registered capital of the Target Company is RMB 2.7 million, and as of the date of this Agreement, the Seller holds the registered capital of RMB [*] in the Target Company, which has been fully paid.
(C) The Seller intends to sell the Equity (as defined below) in accordance with the terms and conditions of this Agreement, and the Buyer intends to purchase the Equity in accordance with the terms and conditions of this Agreement.
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IT IS HEREBY AGREED AS FOLLOWS:
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1     Definitions
Unless otherwise defined in this Agreement, the following terms shall have the following meanings:
“Consideration” means the Consideration for the Transfer of Equity as set out in Article 3.
“Equity” means the equity interest of RMB [*] held by the Seller in the registered capital of the Target Company, and all rights and interests therewith.
“Transfer of Equity” or “Equity Transfer” means the transfer of equity from the Seller to the Buyer under this Agreement.
“Closing” means the completion of the Transfer of Equity under this Agreement.
“Closing Date” means the date on which all conditions set out in Article 4.1 are satisfied or (where practicable) waived.
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“Renminbi” means the Chinese legal currency Renminbi Yuan.
“Parties” means the parties to this Agreement, and “Party” means any of them.
“Business Day” means any day other than a Saturday, a Sunday or a public holiday in China.
“China” means the People's Republic of China and, for the purpose of this Agreement, does not include the Hong Kong Special Administrative Regions, Macao Special Administrative Regions or the Taiwan Region.
2     Equity Transfer
2.1 Subject to and in accordance with the terms and conditions of this Agreement, the Seller shall transfer the Equity to the Buyer and the Buyer shall purchase the Equity from the Seller.
3     Price
3.1 The Buyer shall pay to the Seller Renminbi [*] (RMB[*]) (the “Consideration”) as consideration for the Transfer of Shares; [The Consideration shall include the seller's income tax.]
3.2 The reference date of this Equity Transfer is                 .
3.3 The Buyer and the Seller confirm that the Buyer has paid to the Seller in full the Equity Transfer Consideration agreed herein.
4     Conditions
4.1 Completion of the Equity Transfer shall be subject to the satisfaction or waiver of the following (where practicable) by the Buyer in writing:
(a) the Equity Transfer has been reflected in the register of shareholders of the Target Company (i.e. the register of shareholders has shown that the Buyer is the shareholder holding the Equity); and
(b) a resolution formally approving the Equity Transfer has been passed in the shareholders' meeting of the Target Company.
4.2 Each Party shall, to the extent relevant to such Party, use its reasonable efforts to procure satisfaction of the conditions set forth in Article 4.1.
5     Closing
5.1 The Closing shall take place on the Closing Date at the registered address of the Target Company or such other place as may be agreed upon by the Parties.
5.2 At Closing, the Seller shall deliver to the Buyer an updated register of shareholders of the Target Company and other corporate documents reflecting the Buyer's ownership of the Equity.
6     Further Undertakings
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6.1 Each party undertakes that it shall execute all documents and take all actions or measures that may be necessary for the full implementation of this Agreement.
6.2 The Seller and the Buyer shall cooperate with each other to complete all amendment and/or filling registration formalities with the applicable business registration authority in connection with the Equity Transfer as soon as possible after the Closing (including but not limited to obtaining a new business license of the Target Company and filing with business registration authority the amendment of the Articles of Association or the amended and restated Articles of Association of the Target Company).
7     Confidentiality
7.1 Irrespective of whether this Agreement has been terminated, each of the Parties shall maintain in strict confidence the business secrets, proprietary information, customer information and all other information of a confidential nature of the other Parties coming into its knowledge during the entry into and performance of this Agreement (“Confidential Information”). Except where prior written consent has been obtained from the Party disclosing the Confidential Information or where disclosure to a third party is mandated by relevant laws or regulations or by the rules of the place of listing of an affiliate of a Party, the Party receiving the Confidential Information shall not disclose any Confidential Information to any third party; the Party receiving the Confidential Information shall not use, either directly or indirectly, any Confidential Information other than for the purpose of performing this Agreement.
7.2 The Parties acknowledge that the following information shall not constitute the Confidential Information:
(a)        any information which, as shown by written evidence, has previously been known to the receiving Party by way of legal means;
(b)        any information which enters the public domain other than as a result of a fault of the receiving Party; or
(c)        any information lawfully acquired by the receiving Party from another source subsequent to the receipt of relevant information.
7.3 A receiving Party may disclose the Confidential Information to its relevant employees, agents or its appointed professionals, provided that such receiving Party shall ensure that such persons shall comply with relevant terms and conditions of this Agreement and that it shall assume any liability arising out of any breach by such persons of relevant terms and conditions of this Agreement.
7.4 Notwithstanding any other provisions of this Agreement, the validity of this article shall not be affected by the suspension or termination of this Agreement.
8     Fees and Taxes
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Each Party shall bear its own legal and other costs and expenses in connection with this
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Agreement and shall pay its own taxes payable under applicable tax laws (including but not limited to income tax and stamp duty). The Buyer may, in accordance with the law, withhold such taxes on behalf of the Seller and deduct such taxes when paying the Consideration to the Seller.
9     Notice
All notices under or in connection with this Agreement shall be in writing and shall be delivered in person or by fax, E-mail or postage prepaid airmail. Such notices shall be deemed delivered at the time of delivery if delivered in person; or upon completion of transmission, if transmitted by fax or E-mail; or three (3) business days after mailing, if delivered by airmail.
10   Liability for Default
If either party breaches any provision of this Agreement, the breaching party shall indemnify the other party for all losses caused by the breach.
11   Assignment
Neither party shall assign or transfer any of its rights or obligations under this Agreement without the prior written consent of the other Party.
12   Governing Law and Dispute Resolution
12.1 This Agreement shall be governed by the PRC laws.
12.2 All disputes arising out of or in connection with this Agreement shall be first settled by the relevant Parties through amiable consultations; if such Parties fail to resolve the dispute through consultations, the dispute shall be submitted to China International Economic and Trade Arbitration Commission (CIETAC) for arbitration according to CIETAC arbitration rules in effect at the time of applying for arbitration. The seat of arbitration shall be in Beijing. The arbitration award shall be final and binding on the relevant Parties.
13   Originals
This Agreement is made in three (3) originals, one (1) original for registration purposes, and one (1) original shall be retained by the Buyer and the Seller respectively.
14   Effectiveness
This agreement shall come into effect after executed by both Parties.
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[SIGNATURE PAGE ATTACHED SEPARATELY]
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This Agreement in executed by the Parties on the date first mentioned above in Beijing.
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	Beijing Tuniu Technology Co., Ltd.
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	Name: YU Dunde
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	Title: Legal Representative
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Appendix 2
RESOLUTIONS OF SHAREHOLDERS MEETING
of
NANJING TUNIU TECHNOLOGY CO., LTD
In accordance with relevant provisions of the Company Law and the Articles of Association of Nanjing Tuniu Technology Co., Ltd. (the “Company”), the Company convened a shareholders meeting at     on                . The Company notified all shareholders fifteen (15) days in advance that this shareholders meeting will be held. The required quorum is two and the number of shareholders actually attending this meeting is two, which represents 100% of the voting rights in the Company. It is hereby resolved that:
1. Agree that the registered capital of RMB        held by                in the Company be transferred to                .
2. All shareholders of the Company hereby waive their preemptive rights of the abovementioned Transferred Equity in accordance with Company Law, Articles of Association of the Company or other laws and regulations.
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The above resolutions are passed by unanimous vote of all shareholders.
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Signature or seal of all shareholders
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Yu Dunde
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Chen Anqiang
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Appendix 3
RECEIPT OF EXERCISE PRICE
Beijing Tuniu Technology Co., Ltd. (the “Company”)
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The undersigned, with its ID number of               , hereby acknowledges that he/she has received the Exercise Price (as defined in the Purchase Option Agreement) of RMB           prepaid by the Company in accordance with Article 3.1 and Article 3.3 of the Purchase Option Agreement entered into by the undersigned, the Company and other relevant parties on February 19, 2021.
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	Yours Faithfully,
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	Name:
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​EX-10.12

 Exhibit 10.12 

EMPLOYMENT AGREEMENT 

This Employment Agreement (“Agreement”) is made between Cano Health, LLC (the “Company”) and Brian D. Koppy (the
“Executive”) and shall be effective on April 5, 2021 (the “Effective Date”). 
 WHEREAS, the Company desires to
employ the Executive and the Executive desires to be employed by the Company commencing on the Effective Date on the terms contained herein. 

WHEREAS, the Company is anticipating the consummation of the transactions contemplated by that certain Business Combination Agreement dated as
of November 11, 2020 (the “Business Combination Agreement”), by and between JAWS Acquisition Corp., a Cayman Islands exempted company (the “Parent”), and Primary Care (ITC) Holdings, LLC, a Delaware limited liability company
and indirect owner of all outstanding membership interests of the Company. 
 NOW, THEREFORE, in consideration of the mutual
covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 

1. Employment. 
 (a)
Term. The Company shall employ the Executive and the Executive shall be employed by the Company pursuant to this Agreement commencing as of the Effective Date and continuing until such employment is terminated in accordance with the
provisions hereof (the “Term”). The Executive’s employment with the Company will be “at will,” meaning that the Executive’s employment may be terminated by the Company or the Executive at any time and for any reason
subject to the terms of this Agreement. 
 (b) Position and Duties. The Executive shall serve as the Chief Financial Officer of the
Company and shall have such powers and duties as may from time to time be prescribed by the Chief Executive Officer (the “CEO”) or other duly authorized executive. The Executive shall devote the Executive’s full working time and
efforts to the business and affairs of the Company. Notwithstanding the foregoing, the Executive may serve on other boards of directors, with the approval of the Board of Directors of Parent (the “Board”), or engage in religious,
charitable or other community activities as long as such services and activities do not interfere with the Executive’s performance of the Executive’s duties to the Company. 

2. Compensation and Related Matters. 

(a) Base Salary. The Executive’s initial base salary shall be paid at the rate of $325,000 per year. Thereafter, the
Executive’s base salary shall be subject to periodic review by the Compensation Committee or the Board. The base salary in effect at any given time is referred to herein as “Base Salary.” The Base Salary shall be payable in a
manner that is consistent with the Company’s usual payroll practices for executive officers. 

 (b) Incentive Compensation. The Executive shall be eligible to receive cash incentive
compensation as determined by the Board or the Compensation Committee from time to time (“Incentive Compensation”). The Executive’s target annual Incentive Compensation shall be not less than 60 percent of the Executive’s
Base Salary (referred to herein as “Target Bonus”). The Executive’s Incentive Compensation shall be pro-rated for the portion of the 2021 year that the Executive is employed. The actual amount
of the Executive’s annual Incentive Compensation, if any, shall be determined in the sole discretion of the Board or the Compensation Committee, subject to the terms of any applicable Incentive Compensation plan that may be in effect from time
to time. Except as may be provided by the Board or the Compensation Committee or as may otherwise be set forth in the applicable Incentive Compensation plan the Executive must be employed by the Company on the date such Incentive Compensation is
paid in order to earn or receive any annual Incentive Compensation. 
 (c) Signing Bonus. The Company shall pay the Executive a one-time signing bonus in the gross amount of $600,000, less applicable tax-related deductions and withholdings (the “Signing Bonus”), which is intended to cover
relocation expenses, and will be paid within 30 days after the Effective Date; provided that if the Executive’s employment is terminated by the Company for Cause or by the Executive other than for Good Reason, in either case prior to the
two-year anniversary of the Effective Date, the Executive will repay the Company a pro rata portion of the Executive’s Signing Bonus within 60 days after the Executive’s Date of Termination (as
defined in Section 4(b) below). 
 (d) Expenses. The Executive shall be entitled to receive prompt reimbursement for all
reasonable expenses incurred by the Executive during the Term in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company for its executive officers. 

(e) Other Benefits. The Executive shall be eligible to participate in or receive benefits under the Company’s employee benefit
plans offered to similarly situated Executives employed by the Company in effect from time to time, subject to the terms of such plans. 

(f) Paid Time Off. The Executive shall be entitled to take paid time off in accordance with the Company’s applicable paid time off
policy for executives, as may be in effect from time to time. 
 (g) Parent Equity. The Company will grant Executive the following
equity awards: 
 (i) Initial Grant of Restricted Stock Units. Effective upon the consummation of the transactions
contemplated by the Business Combination Agreement (the “Closing Date”) and immediately subsequent to the filing of a Form S-8 by Parent, which filing shall be made by the Company as soon as
reasonably possible after the Closing Date, the Executive will receive a grant of restricted stock units (the “Initial Restricted Stock Units”) for a number of shares of class A common stock of Parent (“Parent Stock”) with an
aggregate value of $5,000,000 based on the closing price of one share of Parent Stock as of the Effective Date. The Initial Restricted Stock Units will be subject to the terms and conditions of the Cano Health, Inc. 2021 Stock Option and Incentive
Plan then in effect and the applicable equity award agreement (the “Equity Documents”), 

  
 2 

 
and shall be subject to time-based vesting over four years whereby 25% of the Initial Restricted Stock Units shall vest on each annual anniversary of the Effective Date, subject to the
Executive’s continued employment with the Company at each vesting date, such that the Initial Restricted Stock Units shall be fully vested upon the fourth (4th) anniversary of the Effective
Date. Notwithstanding anything to the contrary in any applicable Equity Documents, the Initial Restricted Stock Units shall immediately accelerate and become fully vested in the event of a termination of the Executive’s employment by the
Company without Cause or by the Executive for Good Reason (as such terms are defined below) in either event within twelve (12)months after the occurrence of the first event constituting a Change in Control (as defined below) (such period, the
‘Change in Control Period”). For purposes this agreement, “Change in Control” shall mean any of the following: 

(A) any “person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
amended (the “Act”) (other than Parent, any of its subsidiaries, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of Parent or any of its subsidiaries), together with all
“affiliates” and “associates” (as such terms are defined in Rule 12b-2 under the Act) of such person, shall become the “beneficial owner” (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, of securities of Parent representing 50 percent or more of the combined voting power of Parent’s then outstanding securities having the right to vote in an
election of the Board (“Voting Securities”) (in such case other than as a result of an acquisition of securities directly from the Parent); or 

(B) the date a majority of the members of the Board is replaced during any twelve (12)month period by directors whose
appointment or election is not endorsed by a majority of the members of the Board before the date of the appointment or election; or 

(C) the consummation of (A) any consolidation or merger of Parent where the stockholders of Parent, immediately prior to
the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, shares representing in the
aggregate more than 50 percent of the voting shares of Parent issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), or (B) any sale or other transfer (in one transaction or a series of
transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of Parent. 
 Notwithstanding
the foregoing, a “Change in Control” shall not be deemed to have occurred for purposes of the foregoing clause (A) solely as the result of an acquisition of securities by Parent which, by reducing the number of shares of Voting
Securities outstanding, increases the proportionate number of Voting Securities beneficially owned by any person to 50 percent or more of the combined voting power of all of the then outstanding Voting Securities; provided, however, that if any
person referred to in this sentence shall thereafter become the beneficial owner 

  
 3 

 
of any additional shares of Voting Securities (other than pursuant to a stock split, stock dividend, or similar transaction or as a result of an acquisition of securities directly from the
Company) and immediately thereafter beneficially owns 50 percent or more of the combined voting power of all of the then outstanding Voting Securities, then a “Change in Control” shall be deemed to have occurred for purposes of the
foregoing clause (A). 
 (ii) Initial Grant of Stock Options: On the Closing Date, the Company shall grant a stock
option to purchase 400,000 shares of Parent Stock (the “Option”). The Option will be subject to Parent’s Equity Documents, and shall vest and become exercisable upon satisfaction of stock price performance hurdles as specified in the
applicable equity award agreement, whereby 25% of the Option will become vested and exercisable upon the Parent Stock closing trading price maintaining a closing price of $20, $25, $30, and $40 per share respectively, in each case for 30 consecutive
trading days as determined by the Board, and in each case subject to the Executive’s continued employment with the Company. 

(iii) Annual Equity Award: The Executive shall also be eligible to receive an annual equity award with a target value of
$859,000 (the “Target Annual Equity Award Value”), at the discretion of the Board subject to the Equity Documents, with the form and amount of such annual award to be determined by the Board. 

3. Termination. The Executive’s employment hereunder may be terminated without any breach of this Agreement under the following
circumstances: 
 (a) Death. The Executive’s employment hereunder shall terminate upon death. 

(b) Disability. The Company may terminate the Executive’s employment if the Executive is disabled and unable to perform or expected
to be unable to perform the essential functions of the Executive’s then existing position or positions under this Agreement with or without reasonable accommodation for a period of 180 days (which need not be consecutive) in any 12 month
period. If any question shall arise as to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive’s then existing position or positions with or without reasonable accommodation,
the Executive may, and at the request of the Company shall, submit to the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive or the Executive’s guardian has no reasonable objection as to
whether the Executive is so disabled or how long such disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue. The Executive shall cooperate with any reasonable request of the
physician in connection with such certification. If such question shall arise and the Executive shall fail to submit such certification, the Company’s determination of such issue shall be binding on the Executive. Nothing in this
Section 3(b) shall be construed to waive the Executive’s rights, if any, under existing law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities
Act, 42 U.S.C. §12101 et seq. 

  
 4 

 (c) Termination by the Company for Cause. The Company may terminate the
Executive’s employment hereunder for Cause. For purposes of this Agreement, “Cause” shall mean any of the following: 

(i) conduct by the Executive constituting a material act of misconduct in connection with the performance of the Executive’s duties,
including, without limitation, (A) willful failure or refusal to substantially perform material responsibilities that have been requested by the CEO; (B) dishonesty to the CEO with respect to any material matter; or
(C) misappropriation of funds or property of the Company or Parent or any of their subsidiaries or affiliates other than the occasional, customary and de minimis use of Company or Parent property for personal purposes; 

(ii) the commission by the Executive of acts satisfying the elements of (A) any felony or (B) a misdemeanor involving moral
turpitude, deceit, dishonesty or fraud; 
 any misconduct by the Executive, regardless of whether or not in the course of the
Executive’s employment, that would reasonably be expected to result in material injury or reputational harm to the Company or Parent or any of their subsidiaries or affiliates if the Executive were to continue to be employed in the same
position; 
 (iii) a breach by the Executive of any of the Continuing Obligations (defined below) or any of the other provisions contained
in Section 8 of this Agreement, in a material respect; 
 (iv) a material violation by the Executive of any of the Company’s
written employment policies; or 
 (v) the Executive’s failure to cooperate with a bona fide internal investigation or an investigation
by regulatory or law enforcement authorities, after being instructed by the Company to cooperate, or the willful destruction or failure to preserve documents or other materials known to be relevant to such investigation or the inducement of others
to fail to cooperate or to produce documents or other materials in connection with such investigation. 
 (d) Termination by the Company
without Cause. The Company may terminate the Executive’s employment hereunder at any time without Cause. Any termination by the Company of the Executive’s employment under this Agreement which does not constitute a termination for
Cause under Section 3(c) and does not result from the death or disability of the Executive under Section 3(a) or (b) shall be deemed a termination without Cause. 

(e) Termination by the Executive. The Executive may terminate employment hereunder at any time for any reason, including but not limited
to, Good Reason. For purposes of this Agreement, “Good Reason” shall mean that the Executive has completed all steps of the Good Reason Process (hereinafter defined) following the occurrence of any of the following events without
the Executive’s consent (each, a “Good Reason Condition”): 
 (i) a material diminution in the
Executive’s responsibilities, authority or duties; 

  
 5 

 (ii) a diminution in the Executive’s Base Salary, Executive’s
Target Bonus, and/or Target Annual Equity Award Value, (collectively, the “Total Target Compensation”), except for across-the-board salary or Total Target
Compensation reductions based on the Company’s financial performance similarly affecting all or substantially all senior management employees of the Company; 

(iii) a material change in the geographic location at which the Executive provides services to the Company, such that there is
an increase of at least thirty (30) miles of driving distance to such location from the Executive’s principal residence as of such change (provided that the requirement that the Executive provide services at the location of the current
headquarters of the Company shall not trigger “Good Reason”); or 
 (iv) a material breach of this Agreement by the
Company. 
 The “Good Reason Process” consists of the following steps: 

(v) the Executive reasonably determines in good faith that a Good Reason Condition has occurred; 

(vi) the Executive notifies the Company in writing of the first occurrence of the Good Reason Condition within 60 days of the
first occurrence of such condition; 
 (vii) the Executive cooperates in good faith with the Company’s efforts, for a
period of not less than 30 days following such notice (the “Cure Period”), to remedy the Good Reason Condition; 

(viii) notwithstanding such efforts, the Good Reason Condition continues to exist at the end of the Cure Period; and 

(ix) the Executive terminates employment within 60 days after the end of the Cure Period. 

If the Company cures the Good Reason Condition during the Cure Period, Good Reason shall be deemed not to have occurred. 

4. Matters related to Termination. 

(a) Notice of Termination. Except for termination as specified in Section 3(a), any termination of the Executive’s employment
by the Company or any such termination by the Executive shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate
the specific termination provision in this Agreement relied upon. 

  
 6 

 (b) Date of Termination. “Date of Termination” shall mean: (i) if the
Executive’s employment is terminated by death, the date of death; (ii) if the Executive’s employment is terminated on account of disability under Section 3(b) or by the Company for Cause under Section 3(c), the date on which
Notice of Termination is given; (iii) if the Executive’s employment is terminated by the Company without Cause under Section 3(d), the date on which a Notice of Termination is given or the date otherwise specified by the Company in
the Notice of Termination; (iv) if the Executive’s employment is terminated by the Executive under Section 3(e) other than for Good Reason, 30 days after the date on which a Notice of Termination is given, and (v) if the
Executive’s employment is terminated by the Executive under Section 3(e) for Good Reason, the date on which a Notice of Termination is given after the end of the Cure Period. Notwithstanding the foregoing, in the event that the Executive
gives a Notice of Termination to the Company, the Company may unilaterally accelerate the Date of Termination and such acceleration shall not result in a termination by the Company for purposes of this Agreement. 

(c) Accrued Obligations. If the Executive’s employment with the Company is terminated for any reason, the Company shall pay or
provide to the Executive (or to the Executive’s authorized representative or estate) (i) any Base Salary earned through the Date of Termination and, if applicable, any accrued but unused vacation through the Date of Termination;
(ii) unpaid expense reimbursements (subject to, and in accordance with, Section 3(c) of this Agreement); and (iii) any vested benefits the Executive may have under any employee benefit plan of the Company through the Date of
Termination, which vested benefits shall be paid and/or provided in accordance with the terms of such employee benefit plans (collectively, the “Accrued Obligations”). 

(d) Resignation of All Other Positions. To the extent applicable, the Executive shall be deemed to have resigned from all officer and
board member positions that the Executive holds with the Company or any of its respective subsidiaries and affiliates upon the termination of the Executive’s employment for any reason. The Executive shall execute any documents in reasonable
form as may be requested to confirm or effectuate any such resignations. 
 5. Severance Pay and Benefits Upon Termination by the Company
without Cause or by the Executive for Good Reason. If the Executive’s employment is terminated by the Company without Cause as provided in Section 3(d), or the Executive terminates employment for Good Reason as provided in
Section 3(e), then, in addition to the Accrued Obligations, and subject to the Executive signing a separation agreement and release in a form and manner which shall provide (i) a general release of claims against the Company and
Parent and all related persons and entities, (ii) a reaffirmation of all of the Executive’s Continuing Obligations (as defined below), (iii) that if the Executive breaches any of the Continuing Obligations, all payments of the Severance
Amount shall immediately cease (the “Separation Agreement”), and (iv) for the Separation Agreement becoming irrevocable, all within 60 days after the Date of Termination (or such shorter period as set forth in the Separation
Agreement), which shall include a seven (7) day revocation period, the Company shall pay severance (the “Severance Amount”) to the Executive as follows: 

  
 7 

 (a) Severance Payments Outside a Change in Control Period. If the date of the
Executive’s Date of Termination under this Section 5 is not during a Change in Control Period, the Company shall pay the Executive an amount equal to (i) 12 months of the Executive’s Base Salary; (ii) any earned but
unpaid Incentive Compensation with respect to the completed year prior to the year of the Executive’s Date of Termination, and (iii) a pro rata portion of the Executive’s Target Bonus for the year in which the Executive’s
employment is terminated, in each case payable over the twelve (12)-month period following the Executive’s Date of Termination; or 

(b) Severance Payments During a Change in Control Period. If the date of the Executive’s Date of Termination under this
Section 5 is during a Change in Control Period, the Company shall pay the Executive an amount equal to (i) 12 months of the Executive’s Base Salary; (ii) any earned but unpaid Incentive Compensation with respect to the
completed year prior to the year of the Executive’s Date of Termination, (iii) a pro rata portion of the Executive’s Target Bonus for the year in which the Executive’s employment is terminated, and (iv) Incentive
Compensation in an amount equal to 2X the average annual Incentive Compensation paid in each of the two completed years prior to the year of the Executive’s Date of Termination1; provided if
Incentive Compensation has not been paid to the Executive for such prior two completed years, an amount equal to 2X the Target Bonus pursuant to Section 2(b) of this Agreement, in each case payable over the twelve (12)month period following the
Date of Termination. 
 (c) subject to the Executive’s copayment of premium amounts at the applicable active employees’ rate and
the Executive’s proper election to receive benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company shall pay to the group health plan provider or the COBRA provider a monthly
payment equal to the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company until the earliest of (A) the 12 month anniversary of the
Date of Termination; (B) the date that the Executive becomes eligible for group medical plan benefits under any other employer’s group medical plan; or (C) the cessation of the Executive’s health continuation rights under COBRA;
provided, however, that if the Company determines that it cannot pay such amounts to the group health plan provider or the COBRA provider (if applicable) without potentially violating applicable law (including, without limitation, Section 2716
of the Public Health Service Act), then the Company shall convert such payments to payroll payments directly to the Executive for the time period specified above. Such payments to the Executive shall be subject to
tax-related deductions and withholdings and paid on the Company’s regular payroll dates. 
 The amounts payable
under Section 5, to the extent taxable, shall be paid out in substantially equal installments in accordance with the Company’s payroll practice over 12 months commencing within 60 days after the Date of Termination; provided,
however, that if the 60-day period begins in one calendar year and ends in a second calendar year, such payments, to the extent they qualify as “non-qualified
deferred compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), shall begin to be paid in the second calendar year by the last day of such
60-day period; provided, further, that the initial payment shall include a catch-up payment to cover amounts retroactive to the day immediately following the Date of
Termination. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). 

 

	1 	 NTD: This was moved from the definition of Accrued Obligations. The Executive is entitled to the unpaid
Incentive Compensation only if terminated without Cause. 

  
 8 

 6. Additional Limitation. 

(a) Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation, payment or distribution by
the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner consistent with Section 280G of the Code, and the
applicable regulations thereunder (the “Aggregate Payments”), would be subject to the excise tax imposed by Section 4999 of the Code, then the Aggregate Payments shall be reduced (but not below zero) so that the sum of all of the
Aggregate Payments shall be $1.00 less than the amount at which the Executive becomes subject to the excise tax imposed by Section 4999 of the Code; provided that such reduction shall only occur if it would result in the Executive receiving a
higher After Tax Amount (as defined below) than the Executive would receive if the Aggregate Payments were not subject to such reduction. In such event, the Aggregate Payments shall be reduced in the following order, in each case, in reverse
chronological order beginning with the Aggregate Payments that are to be paid the furthest in time from consummation of the transaction that is subject to Section 280G of the Code: (1) cash payments not subject to Section 409A of the
Code; (2) cash payments subject to Section 409A of the Code; (3) equity-based payments and acceleration; and (4) non-cash forms of benefits; provided that in the case of all the foregoing
Aggregate Payments all amounts or payments that are not subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c) shall be reduced before any
amounts that are subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c). 

(b) For purposes of this Section 6(b), the “After Tax Amount” means the amount of the Aggregate Payments less all federal,
state, and local income, excise and employment taxes imposed on the Executive as a result of the Executive’s receipt of the Aggregate Payments. For purposes of determining the After Tax Amount, the Executive shall be deemed to pay federal
income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest marginal rates of individual taxation in
each applicable state and locality, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. 

(c) The determination as to whether a reduction in the Aggregate Payments shall be made pursuant to Section 6(a) shall be made by an
independent (not otherwise employed by the Company), nationally recognized accounting firm selected and paid for by the Company (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and the
Executive within 15 business days of the Date of Termination, if applicable, or at such earlier time as is reasonably requested by the Company or the Executive. Any determination by the Accounting Firm shall be binding upon the Company and the
Executive. 

  
 9 

 7. Section 409A. 

(a) Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation from service within the
meaning of Section 409A of the Code, the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive
becomes entitled to under this Agreement or otherwise on account of the Executive’s separation from service would be considered deferred compensation otherwise subject to the 20 percent additional tax imposed pursuant to
Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one
day after the Executive’s separation from service, or (B) the Executive’s death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a
catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision, and the balance of the
installments shall be payable in accordance with their original schedule. 
 (b) All in-kind benefits
provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively
practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or
reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other
aggregate limitation applicable to medical expenses). Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 

(c) To the extent that any payment or benefit described in this Agreement constitutes
“non-qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination of employment, then such
payments or benefits shall be payable only upon the Executive’s “separation from service.” The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in
Treasury Regulation Section 1.409A-1(h). 
 (d) The parties intend that this Agreement will be
administered in accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments
hereunder comply with Section 409A of the Code. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). The
parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and
benefits provided hereunder without additional cost to either party. 

  
 10 

 (e) The Company makes no representation or warranty and shall have no liability to the
Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section. 

8. Continuing Obligations. For purposes of this Agreement, the obligations in this Section 8 shall collectively be referred to as
the “Continuing Obligations.” 
 (a) Non-Competition. The Executive agrees that
during the Term and for two (2) years following the Executive’s termination of employment for any reason, other than during a Change in Control Period (the “Restricted Period”), the Executive shall not, directly or indirectly,
own, manage, operate, join, control or participate in the ownership, management, operation or control of, or be an officer or an employee of any business or organization that provides, directly or indirectly (including as a provider or as a
management services organization), in a primary care clinic setting (which includes without limitation the practice of primary care medicine in a multidisciplinary clinic) professional medical services, diagnostic, therapeutic and ancillary
services, nursing and other clinical services, outpatient healthcare services, pharmacy services or any other services incident to the operation of an internal medicine practice in a primary care clinic setting (each, a “Restricted
Business”). The foregoing restriction shall apply anywhere in the areas where the Company, its subsidiaries, or any subsidiaries of Parent conduct or have conducted a Restricted Business (or have expended resources or time to plan the conduct
of a Restricted Business) during the Term, including, but not limited to, the United States (including Puerto Rico) (the “Restricted Territory”). The foregoing shall not restrict the Executive from owning up to 1% of any class of
securities of any person engaged in a Restricted Business if such securities are listed on any national or regional securities exchange or have been registered under Section 12(g) of the Securities Exchange Act of 1934, as amended, as long as
such securities are held solely as a passive investment and not with a view to influencing, controlling or directing the affairs of such person. 

(b) Non-Solicitation. The Executive agrees that, during the Restricted Period, the Executive
will not, directly or indirectly, for himself or on behalf of or in conjunction with any other person, (i) solicit, induce, attempt to solicit or induce, or hire or attempt to hire any person that is, or was within twelve (12) months prior
to the Executive’s termination date, an employee of the Company; provided, however, this Section 8(b) shall not be breached by a solicitation to the general public or through general advertising, or (ii) solicit, advise
or encourage any person, firm, government agency or corporation (a “Customer”), including without limitation any potential customer of the Company that is engaged in discussion with the Company to do business with the Company, to withdraw,
curtail or cancel its business (or potential business) with the Company. 
 (c)
Non-Disparagement. During the Term and thereafter, the Executive agrees that he will not, at any time, make, directly or indirectly, any oral or written statements that are disparaging of the Company,
its business, its products or services, or any of its present or former officers, directors, members, stockholders, managers or employees. During the Term and thereafter, the Company agrees that it, its officers directors and/or members, managers
and employees will not, at any time, make, directly or indirectly, any oral or written statements that are disparaging to the Executive. 

  
 11 

 (d) Third-Party Agreements and Rights. The Executive hereby confirms that the
Executive is not bound by the terms of any agreement with any previous employer or other party which restricts in any way the Executive’s use or disclosure of information, other than confidentiality restrictions (if any), or the
Executive’s engagement in any business. The Executive represents to the Company that the Executive’s execution of this Agreement, the Executive’s employment with the Company and the performance of the Executive’s proposed duties
for the Company will not violate any obligations the Executive may have to any such previous employer or other party. In the Executive’s work for the Company, the Executive will not disclose or make use of any information in violation of any
agreements with or rights of any such previous employer or other party, and the Executive will not bring to the premises of the Company any copies or other tangible embodiments of non-public information
belonging to or obtained from any such previous employment or other party. 
 (e) Litigation and Regulatory Cooperation. During and
after the Executive’s employment, the Executive shall cooperate fully with the Company in (i) the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company
which relate to events or occurrences that transpired while the Executive was employed by the Company, and (ii) the investigation, whether internal or external, of any matters about which the Company believes the Executive may have knowledge or
information. The Executive’s full cooperation in connection with such claims, actions or investigations shall include, but not be limited to, being available to meet with counsel to answer questions or to prepare for discovery or trial and to
act as a witness on behalf of the Company at mutually convenient times. During and after the Executive’s employment, the Executive also shall cooperate fully with the Company in connection with any investigation or review of any federal, state
or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while the Executive was employed by the Company. The Company shall reimburse the Executive for any reasonable out-of-pocket expenses incurred in connection with the Executive’s performance of obligations pursuant to this Section 8(e). 

(f) Relief. The Executive agrees that it would be difficult to measure any damages caused to the Company which might result from any
breach by the Executive of the Continuing Obligations, and that in any event money damages would be an inadequate remedy for any such breach. Accordingly, the Executive agrees that if the Executive breaches, or proposes to breach, any portion
of the Continuing Obligations, the Company shall be entitled, in addition to all other remedies that it may have, to an injunction or other appropriate equitable relief to restrain any such breach without showing or proving any actual damage to the
Company. 
 (g) Reasonable Limitation and Severability. The parties agree that the above restrictions on competition are
(i) appropriate and reasonable given the Executive’s role with and knowledge of the Company and Parent, and are necessary to protect the interests of the Company and Parent, including, but not limited to, the Company’s trade secrets
and the Parent’s trade secrets, and (ii) completely severable and independent agreements supported by good and valuable consideration and, as such, shall survive the termination of this Agreement for any reason whatsoever. The Executive
acknowledges that the Executive has carefully considered the terms of this Agreement, including the restrictive covenants set forth in this Section 8, and acknowledges that if this Agreement is enforced according to its terms, the Executive
will be able to earn a reasonable living in commercial activities 

  
 12 

 
unrelated to the business of the Company in locations satisfactory to the Executive. The Executive also acknowledges that the restrictive covenants set forth in this Section 8 are a vital
part of and are intrinsic to the ongoing operations of the Company, in light of the nature of the business of the Company and the unique position, skills and knowledge of the Executive with the Company. The parties further agree that any invalidity
or unenforceability of any one or more of such restrictions on competition shall not render invalid or unenforceable any remaining restrictions on competition. Additionally, should a court of competent jurisdiction determine that the scope of any
provision of this Section 8 is too broad to be enforced as written, the parties hereby authorize the court to reform the provision to such narrower scope as it determines to be reasonable and enforceable and the parties intend that the affected
provision be enforced as so amended. The Executive acknowledges and agrees that to the extent the Executive has breached or is in breach of any of the covenants set forth in Sections 8(a) or (b), the Restricted Period shall be extended by an
amount of time equal to the duration of such breach. 
 9. Proprietary Information and Inventions Agreement. As a condition of the
Executive’s continued employment with the Company, the Executive will sign the Proprietary Information and Inventions Agreement (the “PIIA”), attached hereto as Exhibit A. 

10. Arbitration of Disputes. 

(a) Arbitration Generally. Any controversy or claim arising out of or relating to this Agreement or the breach thereof or otherwise
arising out of the Executive’s employment or the termination of that employment (including, without limitation, any claims of unlawful employment discrimination or retaliation, whether based on race, religion, national origin, sex, gender, age,
disability, sexual orientation, or any other protected class under applicable law) shall, to the fullest extent permitted by law, be settled by arbitration in any forum and form agreed upon by the parties or, in the absence of such an agreement,
under the auspices of JAMS in Miami, Florida in accordance with the JAMS Employment Arbitration Rules, including, but not limited to, the rules and procedures applicable to the selection of arbitrators. The Executive understands that the Executive
may only bring such claims in the Executive’s individual capacity, and not as a plaintiff or class member in any purported class proceeding or any purported representative proceeding. The Executive further understands that, by signing this
Agreement, the Company and the Executive are giving up any right they may have to a jury trial on all claims they may have against each other. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction
thereof. This Section 10 shall be specifically enforceable. Notwithstanding the foregoing, this Section 10 shall not preclude either party from pursuing a court action for the sole purpose of obtaining a temporary restraining order or a
preliminary injunction in circumstances in which such relief is appropriate, including without limitation relief sought in connection with the Continuing Obligations; provided that any other relief shall be pursued through an arbitration proceeding
pursuant to this Section 10. 
 (b) Arbitration Fees and Costs. The Executive shall be required to pay an arbitration fee to
initiate any arbitration equal to what the Executive would be charged as a first appearance fee in court. The Company shall advance the remaining fees and costs of the arbitrator. However, to the extent permissible under the law, and following the
arbitrator’s ruling on the matter, the arbitrator may rule that the arbitrator’s fees and costs be distributed in an alternative manner. Each party shall pay its own costs and attorneys’ fees, if any. If, however, any party prevails
on a statutory or contractual claim that affords the prevailing party attorneys’ fees (including pursuant to this Agreement), the arbitrator may award attorneys’ fees to the prevailing party to the extent permitted by law. 

  
 13 

 11. Consent to Jurisdiction. To the extent that any court action is permitted
consistent with or to enforce Section 11 of this Agreement, the parties hereby consent to the jurisdiction of the state and federal courts of the State of Florida. Accordingly, with respect to any such court action, the Executive
(a) submits to the exclusive personal jurisdiction of such courts; (b) consents to service of process; and (c) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal
jurisdiction or service of process. 
 12. Waiver of Jury Trial. Each of the Executive and the Company irrevocably and unconditionally
WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE EXECUTIVE’S EMPLOYMENT BY THE COMPANY OR ANY AFFILIATE OF THE COMPANY, INCLUDING WITHOUT
LIMITATION THE EXECUTIVE’S OR THE COMPANY’S PERFORMANCE UNDER, OR THE ENFORCEMENT OF, THIS AGREEMENT. 
 13. Integration.
This Agreement, and the PIIA, and any other plans or programs referenced herein constitute the entire agreement between the parties with respect to the subject matter hereof. 

14. Withholding; Tax Effect. All payments made by the Company to the Executive under this Agreement shall be net of any tax or other
amounts required to be withheld by the Company under applicable law. Nothing in this Agreement shall be construed to require the Company to make any payments to compensate the Executive for any adverse tax effect associated with any payments or
benefits or for any deduction or withholding from any payment or benefit. 
 15. Successors and Assigns. Neither the Executive nor the
Company may make any assignment of this Agreement or any interest in it, by operation of law or otherwise, without the prior written consent of the other; provided, however, that the Company may assign its rights and obligations under this Agreement
(including the Continuing Obligations) without the Executive’s consent to any affiliate or to any person or entity with whom the Company shall hereafter effect a reorganization or consolidation, into which the Company merges or to whom it
transfers all or substantially all of its properties or assets; provided further that if the Executive remains employed or becomes employed by the Company, the purchaser or any of their affiliates in connection with any such transaction, then the
Executive shall not be entitled to any payments, benefits or vesting pursuant to Section 5 of this Agreement solely as a result of such transaction. This Agreement shall inure to the benefit of and be binding upon the Executive and the Company,
and each of the Executive’s and the Company’s respective successors, executors, administrators, heirs and permitted assigns. In the event of the Executive’s death after the Executive’s termination of employment, but prior to the
completion by the Company of all payments due to the Executive under this Agreement, the Company shall continue such payments to the Executive’s beneficiary designated in writing to the Company prior to the Executive’s death (or to the
Executive’s estate, if the Executive fails to make such designation). 

  
 14 

 16. Enforceability. If any portion or provision of this Agreement (including, without
limitation, any portion or provision of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or
provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by
law. 
 17. Survival. The provisions of this Agreement shall survive the termination of this Agreement and/or the termination of the
Executive’s employment to the extent necessary to effectuate the terms contained herein. 
 18. Waiver. No waiver of any
provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement,
shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. 
 19.
Notices. Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or
certified mail, postage prepaid, return receipt requested, to the Executive at the last address the Executive has filed in writing with the Company or, in the case of the Company, at its main offices, attention of the Board. 

20. Amendment. This Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized
representative of the Company. 
 21. Effect on Other Plans and Agreements. An election by the Executive to resign for Good Reason
under the provisions of this Agreement shall not be deemed a voluntary termination of employment by the Executive for the purpose of interpreting the provisions of any of the Company’s benefit plans, programs or policies. Nothing in this
Agreement shall be construed to limit the rights of the Executive under the Company’s benefit plans, programs or policies except as otherwise provided in Section 8 hereof, and except that the Executive shall have no rights to any severance
benefits under any Company severance pay plan, offer letter or otherwise. In the event that the Executive is party to an agreement with the Company providing for payments or benefits under such plan or agreement and under this Agreement, the terms
of this Agreement shall govern and the Executive may receive payment under this Agreement only and not both. 
 22. Governing Law.
This is a Florida contract and shall be construed under and be governed in all respects by the laws of the State of Florida, without giving effect to the conflict of laws principles thereof. With respect to any disputes concerning federal law, such
disputes shall be determined in accordance with the law as it would be interpreted and applied by the United States Court of Appeals for the Eleventh Circuit. 

  
 15 

 23. Counterparts. This Agreement may be executed in any number of counterparts, each
of which when so executed and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document. 

24. Legal Fees. The Company will reimburse the Executive for reasonably incurred legal fees for entering into this Agreement up to
$7,500. 
 IN WITNESS WHEREOF, the parties have executed this Agreement effective on the Effective Date. 

 

			
	Cano Health, LLC
		
	By:	 	 /s/ Marlow Hernandez

	Its:	 	 Marlow Hernandez

	
	Brian D. Koppy
	
	 /s/ Brian D. Koppy

  
 16 

 Exhibit A 

PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT 

The following confirms and memorializes an agreement that Cano Health, LLC, a Florida limited liability company (“Company”),
and I (Brian D. Koppy) have had since the commencement of my employment (which term, for purposes of this agreement, shall be deemed to include any relationship of service to Company that I may have had prior to actually becoming an employee) with
Company in any capacity and that is and has been a material part of the consideration for my employment by Company: 
 1. I have not entered
into, and I agree I will not enter into, any agreement either written or oral in conflict with this Agreement or my employment with Company. I will not violate any agreement with or rights of any third party or, except as expressly authorized by
Company in writing hereafter, use or disclose my own or any third party’s confidential information or intellectual property when acting within the scope of my employment or otherwise on behalf of Company. Further, I have not retained anything
containing any confidential information of a prior employer or other third party, whether or not created by me. 
 2. Company shall own, and
I hereby assign to Company, all right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights, sui generis database rights and all other intellectual property rights of any sort throughout the
world) relating to any and all inventions (whether or not patentable), works of authorship, mask works, designs, know-how, ideas and information (collectively, “Inventions”) made or
conceived or reduced to practice, in whole or in part, by me during the term of my employment with Company (collectively, “Company Inventions”), and I will promptly disclose all Company Inventions to Company. The term
“Company Inventions” will not include any Invention for which no equipment, supplies, facilities or trade secret information of the Company was used and which was developed entirely on my own time, unless (a) the Invention relates
(i) to the business of the Company, or (ii) to the Company’s actual or demonstrably anticipated research or development, or (b) the invention results from any work performed by me for the Company. Without disclosing any third
party confidential information, I will also disclose anything I believe is excluded by the foregoing so that Company can make an independent assessment. I shall further assist Company, at Company’s expense, to further evidence, record and
perfect the foregoing assignment and to perfect, obtain, maintain, enforce, and defend any rights specified to be so owned or assigned. I hereby irrevocably designate and appoint Company as my agent and attorney-in-fact, coupled with an interest and with full power of substitution, to act for and in my behalf to execute and file any document and to do all other lawfully permitted acts to further the purposes
of the foregoing with the same legal force and effect as if executed by me. If I wish to clarify that something created by me prior to my employment that relates to Company’s actual or proposed business is not within the scope of the foregoing
assignment, I have listed it on Appendix A in a manner that does not violate any third party rights or disclose any confidential information. Without limiting Section 1 or Company’s other rights and remedies, if, when acting within
the scope of my employment or otherwise on behalf of Company, I use or (except pursuant to this Section 2) disclose my own or any third party’s confidential information or intellectual property (or if any Company Invention cannot be fully
made, used, reproduced, distributed and otherwise exploited without using or violating the foregoing), Company will have, and I hereby grant Company a perpetual, irrevocable, worldwide royalty-free,
non-exclusive, sublicensable right and license to exploit and exercise all such confidential information and intellectual property rights. 

  
 17 

 3. To the extent allowed by law, paragraph 2 includes all rights of paternity, integrity,
disclosure and withdrawal and any other rights that may be known as or referred to as “moral rights,” “artist’s rights,” “droit moral,” or the like (collectively “Moral Rights”). To the extent I
retain any such Moral Rights under applicable law, I hereby ratify and consent to any action that may be taken with respect to such Moral Rights by or authorized by Company and agree not to assert any Moral Rights with respect thereto. I will
confirm any such ratifications, consents and agreements from time to time as requested by Company. 
 4. I agree that all Company Inventions
and all other business, technical and financial information (including, without limitation, the identity of and information relating to customers or employees) I develop, learn or obtain during the term of my employment that relate to Company or the
business or demonstrably anticipated business of Company or that are received by or for Company in confidence, constitute “Proprietary Information.” I will hold in confidence and not disclose or, except within the scope of my employment,
use any Proprietary Information. However, I shall not be obligated under this paragraph with respect to information I can document is or becomes readily publicly available without restriction through no fault of mine. Upon termination of my
employment, I will promptly return to Company all items containing or embodying Proprietary Information (including all copies), except that I may keep my personal copies of (i) my compensation records, (ii) materials distributed to
shareholders generally and (iii) this Agreement. I also recognize and agree that I have no expectation of privacy with respect to Company’s telecommunications, networking or information processing systems (including, without limitation,
stored computer files, email messages and voice messages) and that my activity and any files or messages on or using any of those systems may be monitored at any time without notice. 

5. I agree that during the term of my employment with Company (whether or not during business hours), I will not engage in any activity that is
in any way competitive with the business or demonstrably anticipated business of Company, and I will not assist any other person or organization in competing or in preparing to compete with any business or demonstrably anticipated business of
Company. 
 6. I agree that this Agreement is not an employment contract for any particular term and that I have the right to resign and
Company has the right to terminate my employment at will, at any time, for any or no reason, with or without cause. In addition, this Agreement does not purport to set forth all of the terms and conditions of my employment, and, as an employee of
Company, I have obligations to Company which are not set forth in this Agreement. However, the terms of this Agreement govern over any inconsistent terms and can only be changed by a subsequent written agreement signed by the Chief Executive Officer
of Company. 
 7. I agree that my obligations under paragraphs 2, 3, and 4 of this Agreement shall continue in effect after termination of my
employment, regardless of the reason or reasons for termination, and whether such termination is voluntary or involuntary on my part, and that Company is entitled to communicate my obligations under this Agreement to any future employer or potential
employer of mine. My obligations under paragraphs 2, 3 and 4 also shall be binding upon my heirs, executors, assigns, and administrators and shall inure to the benefit of Company, its subsidiaries, successors and assigns. 

  
 18 

 8. Any dispute in the meaning, effect or validity of this Agreement shall be resolved in
accordance with the laws of the State of Florida, without regard to the conflict of law provisions thereof. I further agree that if one or more provisions of this Agreement are held to be illegal or unenforceable under applicable law, such illegal
or unenforceable portion(s) shall be limited or excluded from this Agreement to the minimum extent required so that this Agreement shall otherwise remain in full force and effect and enforceable in accordance with its terms. This Agreement is fully
assignable and transferable by Company, but any purported assignment or transfer by me is void. I also understand that any breach of this Agreement will cause irreparable harm to Company for which damages would not be an adequate remedy, and,
therefore, Company will be entitled to injunctive relief with respect thereto in addition to any other remedies and without any requirement to post bond. 

9. Pursuant to the federal Defend Trade Secrets Act of 2016, I acknowledge receipt of the following notice: “An individual shall not be
held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that is made in confidence to a Federal, State, or local government official or to an attorney solely for the purpose of reporting or
investigating a suspected violation of law. An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that is made in a complaint or other document filed in a
lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the
trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal; and does not disclose the trade secret, except pursuant to court order.” I further understand that nothing contained
in this Agreement limits my ability to (A) communicate with any federal, state or local governmental agency or commission, including to provide documents or other information, without notice to Company, or (B) share compensation
information concerning myself or others, except that this does not permit me to disclose compensation information concerning others that I obtain because my job responsibilities require or allow access to such information. 

[Remainder of Page Intentionally Left Blank] 

  
 19 

 I HAVE READ THIS AGREEMENT CAREFULLY AND I UNDERSTAND AND ACCEPT THE OBLIGATIONS WHICH IT
IMPOSES UPON ME WITHOUT RESERVATION. NO PROMISES OR REPRESENTATIONS HAVE BEEN MADE TO ME TO INDUCE ME TO SIGN THIS AGREEMENT. I SIGN THIS AGREEMENT VOLUNTARILY AND FREELY, IN DUPLICATE, WITH THE UNDERSTANDING THAT COMPANY WILL RETAIN ONE COUNTERPART
AND THE OTHER COUNTERPART WILL BE RETAINED BY ME. 
  

					
	March 17, 2021	  		  	Employee
		  		  	 /s/ Brian D. Koppy

		  		  	Signature
		  		  	 Brian D. Koppy

		  		  	Name (Printed)

 Accepted and Agreed to: 
 CANO
HEALTH, LLC 
  

			
	By	 	 /s/ Marlow Hernandez

	Name	 	 Marlow Hernandez

	Title	 	 CEO

  
 20 

 APPENDIX A 

PRIOR MATTER

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