Document:

Exhibit 10.11

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT, dated as of May 15,
2014, is entered into between Arsenal MBDD Holding, LLC, a Delaware limited liability company (the “Company”),
and Edmundo Muniz (the “Executive”).

 

1.            Employment
Duties and Acceptance.

 

1.1          Employment
by the Company. Effective as of May 27, 2014 (“Start Date”), the Company shall employ the Executive,
for itself and its subsidiaries and affiliates, to render exclusive and full-time services in the capacity of Chief Executive Officer
of the Company. Executive shall be an “at-will” employee for all purposes. Executive will also hold the position of
CEO of Certara USA, Inc., a wholly-owned subsidiary of the Company.

 

1.2           Duties
and Responsibilities. The Executive shall have duties and responsibilities consistent with his/her position, subject to the
oversight and direction by the CEO and the board of managers of the Company (the “Board”). The Executive will
report to the Board. The Executive shall devote substantially all of the Executive’s working time and efforts to the business
and affairs of the Company. Executive shall not, without the prior approval of the Board, whether for compensation or otherwise,
directly or indirectly, alone or as a member of any partnership or other organization, be actively engaged in or concerned with
any other business duties or personal pursuits which interfere with the performance of the Executive’s responsibilities under
this Agreement. However, Executive may serve on the board of directors or as a trustee for another entity, provided that such entity
does not operate within the Restricted Business and that such activity does not interfere with the Executive obligations to the
Company, provided further any such additional activity must first be approved by the Board (the “Permitted Outside Activity”).

 

1.3            Acceptance
of Employment by the Executive. The Executive accepts such employment and shall render the services described above. The Executive
shall serve on the Board of the Company. Subject to appointment by the Board as such, the Executive may also serve as an officer
of any other entity controlled by, or under common control with, the Company, and as a director of any other entity controlled
by or under common control with the Company, in each case without any compensation therefor other than that specified in this Agreement.
Upon termination of employment with Company hereunder for any reason, the Executive shall, upon request, resign as a director or
officer of the Company and of any other entity controlled by, or under common control with, the Company.

 

1.4            Place
of Employment. The Executive’s principal place of employment shall be in Princeton, NJ (“Employment Location”),
subject to such reasonable travel as the rendering of the services hereunder may require.

 

2.            Term
of Employment. The stated term of employment under this Agreement (the “Term”) shall commence on
the Start Date and shall continue until Executive ceases to be employed by the Company or any of its subsidiaries and affiliates
for any reason. Subject to the terms hereof, Company may not terminate Executive without Cause on less than thirty (30) days advance
notice, provided that the Company may terminate Executive without such notice if it elects to pay Executive his Base Salary during
such period. Executive shall not leave the employ of the Company without Good Reason on less than thirty (30) days advance notice.

 

     

     

    

 

3.            Compensation.

 

3.1         Salary.
As compensation for all services to be rendered pursuant to this Agreement, the Company shall pay the Executive during the Term
a salary, initially $425,000 per annum, payable not less frequently than monthly, less such deductions as shall be required to
be withheld by applicable rules and regulations (the “Base Salary”). The Base Salary shall not preclude
raises, incentive bonus plans and other compensation or incentives, including equity incentives should the Board, in its sole and
absolute discretion, so determine to provide such additional compensation or incentives to the Executive. Executive’s compensation
shall be reviewed at least once per year.

 

3.2          Incentive
Bonus. In addition to his Base Salary, and beginning with calendar year 2015, Executive shall be eligible to receive an annual
incentive bonus in an amount up to 50% of Executive’s Base Salary (the “Incentive Bonus”) in the sole
discretion of the Board. The applicable criteria for achieving an Incentive Bonus shall be established by the Board annually, provided
that if the Company exceeds the criteria for such year, Executive shall be entitled to earn a bonus in excess of 50% of his Base
Salary. For calendar year 2014, Executive shall be eligible to receive a pro-rated annual incentive bonus in an amount up to 50%
of Executive’s Base Salary (the “Incentive Bonus”) in the sole discretion of the Board. All amounts payable
under this Section 3.2 are “Incentive Bonus Payments”).

 

3.3          Equity.
Subject to, and conditioned upon, approval by the Board in the exercise of its business judgment, Executive will receive a grant
of profits interests in the Company equal to 3.2% of the equity of the Company (as determined on a fully-diluted basis as of the
Start Date) and on the terms of the equity compensation plan of the Company, as may be in effect at the time of such option grant
(the “Plan”), and a grant agreement on such terms as provided to other senior level executives of the Company,
and shall be subject to any other terms and conditions determined by the Board at the time of such grant.

 

3.4           Participation
in Employee Benefit Plans. The Executive shall be permitted, if and to the extent eligible, to participate on the same terms
in any group life, hospitalization or disability insurance plan, health program, pension plan or similar benefit plan of the Company
that is available generally to other senior executives and managers of the Company. The Company may amend or terminate its benefit
plans at any time in its discretion.

 

3.5            Expenses.
Subject to policies applicable to senior executives of the Company generally, as may from time to time be established by the Board,
the Company shall pay or reimburse the Executive for reasonable travel, entertainment and other business expenses actually incurred
or paid by the Executive during the Term in the performance of the Executive’s services under this Agreement, and which expenses
are consistent with the Company’s policies in effect from time to time with respect to such travel, entertainment and other
business expenses, upon presentation of expense statements or vouchers or such other supporting information as it may require.

 

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3.6            Vacation.
The Executive shall be entitled to an annual vacation of four weeks per annum, in accordance with the Company’s vacation
policy in effect from time to time.

 

3.7            Moving
Expenses. The Company will reimburse the Executive for up to $10,000 of moving expenses incurred during 2014, upon presentation
of expense statements or vouchers or such other supporting information as Company may require.

 

3.8            Incentive
Bonus Advance. Promptly after the Start Date, the Company will advance to Executive $50,000 against any Incentive Bonus Payments
payable to Executive hereunder. The Company shall offset the first $50,000 payable to the Executive in Incentive Bonus against
this advance.

 

4.            Termination.

 

4.1            Termination
upon Death. If the Executive dies while employed by the Company, this Agreement shall terminate and the Executive or the Executive’s
estate shall be entitled only to receive the Accrued Obligations payable through the date of such death.

 

4.2            Termination
upon Disability. If the Executive becomes physically or mentally disabled while employed by the Company (whether totally or
partially, so that the Executive is unable substantially to perform the Executive’s services hereunder as determined, in
good faith, by the Board following consultation with medical advisors selected by the Board) for (a) a period of three consecutive
months, or (b) for shorter periods aggregating three months during any six month period (in each of clauses (a) and (b),
such time periods shall include any legally required leaves of absence or accommodation), the Company may, by written notice to
the Executive, terminate the Executive’s employment. In the event of termination of the Executive’s employment by the
Company by reason of disability, the Executive shall be entitled only to receive the Accrued Obligations payable through the date
of termination.

 

4.3             Termination
for Cause. The Company may at any time by written notice to the Executive terminate the Executive’s employment for Cause
(as defined below) and the Executive shall be entitled only to receive the Accrued Obligations payable through the date of termination.

 

4.4             Termination
with Good Reason or without Cause. The Executive may terminate the Executive’s employment with the Company at any time
with Good Reason (as defined below), and the Company may terminate the Executive’s employment without Cause, in each case
upon ten (30) days written notice to the other party thereto. Following a termination by the Executive with Good Reason or by the
Company without Cause, and so long as the Executive has not breached and does not breach the provisions of Sections 5.1, 5.2, 5.3,
5.4 or 5.5 and the Executive has entered into an effective general release of claims reasonably satisfactory to the Company that
becomes effective and irrevocable by no later than the 30th day after Executive’s termination of employment, the Executive
shall have the right to:

 

(a)              Payment
by the Company of an amount equal to the Accrued Obligations as of the date of termination, plus any Incentive Bonus Payment that
has been earned as of the date of termination but has not been paid (it being understood that the determination of whether any
Incentive Bonus Payment is earned is to be made in the reasonable determination of the Board), in each case which shall be paid
when they otherwise would have been paid had Executive not been terminated; and

 

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(b)            Continuation
of Executive’s then-applicable Base Salary for the Applicable Salary Continuation Period, payable in accordance with the
Company’s normal payroll practices.

 

For purposes of this Agreement:

 

“Accrued Obligations” means
as of the date of Executive’s termination, (a) Executive’s earned but unpaid Base Salary, if any, through such
date, (b) any unreimbursed business expenses payable to Executive pursuant to applicable Company policy and (c) any Incentive
Bonus awarded by the Board but not previously paid to the Executive with respect to the fiscal year preceding the fiscal year in
which such date of termination occurs.

 

“Applicable Salary Continuation Period”
means the twelve-month period following Executive’s termination of employment. Notwithstanding the foregoing, within thirty
(30) days of the termination by Executive for Good Reason or termination by the Company without Cause, the Company shall have the
unilateral right to extend the Applicable Salary Continuation Period for up to twenty-four (24) months.

 

“Cause” means (i) Executive’s
conviction of, or plea of nolo contendere to, a felony or to any other crime involving fraud, dishonesty or breach of trust, (ii) Executive’s
gross negligence or intentional misconduct in the performance of Executive’s duties to the Company, (iii) Executive’s
public or consistent drunkenness or illegal use of narcotics that is reasonably likely to become materially injurious to the reputation
or business of the Company or that is reasonably likely to impair Executive’s performance of duties to the Company, (iv) Executive’s
fraud or willful dishonesty or misrepresentation intended to result in direct or indirect gain or personal enrichment at the expense
of the Company or its equity holders, (v) the repeated or intentional failure of the Executive to follow the reasonable and
lawful directions of the Board, following notice to the Executive and a reasonable opportunity to cure such repeated failure, (vi) any
other intentional conduct of Executive that materially injures the Company or its reputation including but not limited to knowingly
participating or allowing accounting or tax improprieties, embezzlement or theft, or (vii) a material breach of this Agreement
by the Executive, provided that it shall not be deemed Cause under this clause (vii) unless (A) within twenty (20) days
after the occurrence of such act the Company gives written notice to the Executive stating that such act constitutes Cause and
is not acceptable to the Company and requesting that the Executive Company cure such act, (B) the Executive fails to cure
such act within thirty (30) days.

 

“Good Reason” means (i) a
material diminution in Executive’s authority, duties, or responsibilities, (ii) a material breach of this Agreement
by the Company, (iii) a material diminution in Executive’s Base Salary, or (iv) a requirement that Executive relocate
more than fifty (50) miles from the Employment Location, provided that Good Reason shall not exist unless (1) within twenty
(20) days after the occurrence of such act the Executive gives written notice to the Company stating that such act constitutes
Good Reason, is not acceptable to the Executive, and requesting that the Company cure such act, (2) the Company fails to cure
such act within thirty (30) days, and (3) the Executive terminates his or her employment with the Company within ninety (90)
days after delivery of such notice.

 

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4.5          Voluntary
Termination. The Executive may terminate the Executive’s employment with the Company at any time in the Executive’s
sole and absolute discretion upon giving at least thirty (30) days advance written notice to such effect to the Company (a “Voluntary
Termination”). In the event the Executive’s employment is terminated during the Term by the Executive’s Voluntary
Termination (other than termination by the Executive for Good Reason), then the Executive shall be entitled only to receive the
Accrued Obligations payable through the date of such Voluntary Termination.

 

5.            Confidentiality, Intellectual
Property, Noncompete and Nonsolicitation.

 

5.1           Nondisclosure
and Nonuse of Confidential Information. The Executive will not disclose or use at any time during or after the Term any Confidential
Information (as defined below) of which the Executive is or becomes aware, whether or not such information is developed by the
Executive, except to the extent that such disclosure or use is directly related to and required by the Executive’s performance
of duties assigned to the Executive pursuant to this Agreement. Under all circumstances and at all times, the Executive will take
all appropriate steps to safeguard Confidential Information in the Executive’s possession and to protect it against disclosure,
misuse, espionage, loss and theft. For purposes hereof, “Confidential Information” means information that is
not generally known to the public and that was or is used, developed or obtained by the Company, and Arsenal MBDD Holding, LP,
for which the Company is the general partner (the “LP”), or any of the LP’s direct or indirect subsidiaries
(collectively, “Company Group”) in connection with their business. It shall not include information (a) required
to be disclosed by court or administrative order, (b) lawfully obtainable from other sources or which is in the public domain
through no fault of the Executive; or (c) the disclosure of which is consented to in writing by the Company.

 

5.2             Ownership
of Intellectual Property. In the event that the Executive as part of Executive’s activities on behalf of the Company
Group generates, authors or contributes to any invention, design, new development, device, product, method of process (whether
or not patentable or reduced to practice or comprising Confidential Information), any copyrightable work (whether or not comprising
Confidential Information) or any other form of Confidential Information relating directly or indirectly to the business of the
Company Group as now or hereinafter conducted (collectively, “Intellectual Property”), the Executive acknowledges
that such Intellectual Property is the sole and exclusive property of the Company and hereby assigns all right title and interest
in and to such Intellectual Property to the Company. Any copyrightable work prepared in whole or in part by the Executive during
the Term will be deemed “a work made for hire” under Section 201(b) of the Copyright Act of 1976, as amended,
and the Company will own all of the rights comprised in the copyright therein. The Executive will promptly and fully disclose all
Intellectual Property and will cooperate with the Company to protect the Company’ interests in and rights to such Intellectual
Property (including providing reasonable assistance in securing patent protection and copyright registrations and executing all
documents as reasonably requested by the Company, whether such requests occur prior to or after termination of Executive’s
employment hereunder).

 

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5.3          Delivery
of Materials upon Termination of Employment. As requested by the Company, from time to time and upon the termination of the
Executive’s employment with the Company for any reason, the Executive will promptly deliver to the Company all copies and
embodiments, in whatever form or medium, of all Confidential Information or Intellectual Property in the Executive’s possession
or within the Executive’s control (including written records, notes, photographs, manuals, notebooks, documentation, program
listings, flow charts, magnetic media, disks, diskettes, tapes and all other materials containing any Confidential Information
or Intellectual Property) irrespective of the location or form of such material and, if requested by the Company, will provide
the Company with written confirmation that all such materials have been delivered to the Company.

 

5.4           Noncompetition.
The Executive acknowledges that during the Executive’s employment with the Company, the Executive will become familiar with
trade secrets and other Confidential Information concerning the Company Group, and that the Executive’s services are of special,
unique and extraordinary value to the Company. Therefore, the Executive hereby agrees that at any time during his or her employment
with the Company and (i) for a period equal to the Applicable Salary Continuation Period (including as may be extended by
the Company after the termination of employment) after a termination pursuant to Section 4.4, and (ii) for a period of
twenty four (24) months thereafter for any other termination of Executive’s employment (the “Noncompetition Period”),
the Executive will not directly or indirectly own, manage, control, participate in, consult with, render services for or in any
manner engage in any business worldwide that is a direct competitor with the businesses of the Company or the Company Group, as
such businesses exist or are in process or being planned as of the termination of employment (the “Restricted Business”),
provided that the Executive may work for an entity that participates in the Restricted Business if Executive has no active role
in any aspect of their business that participates in the Restricted Business. It shall not be considered a violation of this Section 5.4
for the Executive to be a passive owner of not more than 2% of the outstanding stock of any class of a corporation which is publicly
traded, so long as the Executive has no active participation in the business of such corporation. Notwithstanding anything to the
contrary contained herein, the term Restricted Business shall not include the business of any member of the Company Group if Executive
did not, directly or indirectly, manage, control, or otherwise materially participate in, consult with, render services to or on
behalf of such business during the Term.

 

5.5             Nonsolicitation.
The Executive hereby agrees that (a) during the Term and for a period of twenty four (24) months after the termination of
employment for any reason (the “Nonsolicitation Period”), the Executive will not, directly or indirectly through
another entity, hire or actively induce or attempt to induce any employee of the Company Group to leave the employ of the Company
Group, or in any way interfere with the relationship between the Company Group any employee thereof or otherwise employ or receive
the services of any individual who was an employee of the Company Group during such Nonsolicitation Period or within the twelve
month period prior thereto and (b) during the Nonsolicitation Period, the Executive will not induce or attempt to induce any
customer, supplier, client or other business relation of the Company Group to cease doing business with the Company Group.

 

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5.6          Enforcement
of Noncompete and Nonsolicitation. If, at the enforcement of Sections 5.4 and 5.5, a court holds that the duration, scope or
area restrictions stated herein are unreasonable under circumstances then existing, the parties agree that the maximum duration,
scope or area reasonable under such circumstances will be substituted for the stated duration, scope or area and that the court
will be permitted to revise the restrictions contained in Sections 5.4 or 5.5 to cover the maximum duration, scope and area permitted
by law.

 

5.7           Equitable
Relief. The Executive acknowledges that (a) the covenants contained herein are reasonable, (b) the Executive’s
services are unique, and (c) a breach or threatened breach by the Executive of any of the Executive’s covenants and
agreements with the Company contained in Sections 5.1, 5.2, 5.3, 5.4 or 5.5 could cause irreparable harm to the Company for which
they would have no adequate remedy at law. Accordingly, and in addition to any remedies which the Company may have at law, including,
without limitation, the immediate termination without notice of any payments, benefits, remuneration or perquisites being made
to the Executive under this Agreement, in the event of an actual or threatened breach by the Executive of the Executive’s
covenants and agreements contained in Sections 5.1, 5.2. 5.3, 5.4 or 5.5, the Company shall have the absolute right to apply to
any court of competent jurisdiction for such injunctive or other equitable relief as such court may deem necessary or appropriate
in the circumstances.

 

6.            Other
Provisions.

 

6.1            Notices.
Any notice or other communication required or which may be given hereunder shall be in writing and shall be delivered personally,
telecopied (with a confirming copy by overnight delivery service or first class mail), sent by overnight delivery service with
delivery signature required, or sent with return receipt requested by certified, registered, or express mail, postage prepaid to
the parties at the following addresses or at such other addresses as shall be specified by the parties by like notice, and shall
be deemed given when so delivered personally, telecopied or if mailed, two days after the date of mailing, as follows:

 

if to the Company, at:

 

Arsenal MBDD Holding, LLC

c/o Arsenal Capital Partners

100 Park Ave., 31st Floor

New York, New York, 10017

Attention: Don Deieso

Fax: [                       ]

 

with a copy (which shall not constitute effective
notice) to:

 

Alan Lefkowitz

c/o WCG

202 Carnegie Center, Suite 107

Princeton, NJ 08540

 

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if to the Executive, at:

 

Edmundo Muniz

[                   ]

 

6.2           Entire
Agreement. This Agreement (including the documents referred to herein) constitutes the entire agreement among the parties and
supersedes and nullifies any prior understandings, agreements or representations by or among the parties, written or oral, that
may have related in any way to the subject matter hereof.

 

6.3           Waivers
and Amendments. This Agreement may be amended, modified, superseded, cancelled, renewed or extended, and the terms and conditions
hereof may be waived, only by a written instrument signed by the parties making specific reference to this Agreement, or, in the
case of a waiver, by the party waiving compliance. No delay on the part of any party in exercising any right, power or privilege
hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party of any right, power or privilege hereunder,
nor any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or
the exercise of any other right, power or privilege hereunder.

 

6.4            Governing
Law. This Agreement shall be governed by and construed and enforced in accordance with and subject to, the laws of the State
of New Jersey applicable to agreements made and to be performed entirely within such state.

 

6.5            Acknowledgments.
The Executive acknowledges that the Executive has read this entire Agreement, has had the opportunity to consult with an attorney,
and fully understands the terms of this Agreement. The Executive is satisfied with the terms of this Agreement and agrees that
its terms are binding upon the Executive and the Executive’s heirs, assigns, executors, administrators, and legal representatives.

 

6.6            Assignment.
This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors, heirs and
permitted assigns. No rights or obligations of the Executive under this Agreement may be assigned or transferred by the Executive
other than the Executive’s right to compensation and benefits hereunder, which may be transferred by will or operation of
law subject to the limitations of this Agreement. No rights or obligations of the Company under this Agreement may be assigned
or transferred by the Company except that such rights or obligations may be assigned or transferred pursuant to a merger or consolidation
or amalgamation or scheme of arrangement in which the Company is not the continuing entity, or the sale or liquidation of all or
substantially all of the assets of the Company, provided that the assignee or transferee is the successor to all or substantially
all of the assets of the Company and such assignee or transferee assumes by operation of law or in a writing duly executed by the
assignee or transferee all of the liabilities, obligations and duties of the Company, as contained in this Agreement, either contractually
or as a matter of law, as if no such assignment or transfer had taken place.

 

6.7            Counterparts.
This Agreement may be executed in two or more counterparts (which may be effectively delivered by facsimile or other electronic
means), each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

 

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6.8          Headings.
The headings in this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation of
this Agreement.

 

6.9          Insurance
and Indemnity. The Company shall, to the fullest extent permitted by applicable law and solely in accordance with the terms
of the Company’s operating agreement as in effect at any time, indemnify Executive for any liabilities by reason of the fact
that such person is or was a director or officer of the Company. The Company shall also maintain coverage under a directors and
officers liability insurance policy for the benefit of Executive and the Company’s other directors and officers, which insurance
policy shall have reasonable and appropriate terms and conditions.

 

6.10         Severability.
If any term, provision, covenant or restriction of this Agreement, or any part thereof, is held by a court of competent jurisdiction
of any foreign, federal, state, county or local government or any other governmental, regulatory or administrative agency or authority
to be invalid, void, unenforceable or against public policy for any reason, the remainder of the terms, provisions, covenants and
restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

 

6.11         Section 409A.

 

(a)            If
the Company determines in good faith that any provision of this Agreement would cause the Executive to incur an additional tax,
penalty, or interest under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”),
and the applicable guidance thereunder (“Section 409A”), the Company and the Executive shall use reasonable
efforts to reform such provision, if possible, in a mutually agreeable fashion to maintain to the maximum extent practicable the
original intent of the applicable provision without violating the provisions of Section 409A or causing the imposition of
such additional tax, penalty, or interest under Section 409A. The preceding provision, however, shall not be construed as
a guarantee by the Company of any particular tax effect to the Executive under this Agreement.

 

(b)             For
purposes of Section 409A, the right to a series of installment payments under this Agreement shall be treated as a right to
a series of separate payments.

 

(c)             With
respect to any reimbursement of expenses of, or any provision of in-kind benefits to, the Executive, as specified under this Agreement,
such reimbursement of expenses or provision of in-kind benefits shall be subject to the following conditions: (1) the expenses
eligible for reimbursement or the amount of in-kind benefits provided in one taxable year shall not affect the expenses eligible
for reimbursement or the amount of in-kind benefits provided in any other taxable year, except for any medical reimbursement arrangement
providing for the reimbursement of expenses referred to in Section 105(b) of the Code; (2) the reimbursement of
an eligible expense shall be made no later than the end of the year after the year in which such expense was incurred; and (3) the
right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit.

 

(d)             “Termination
of employment,” or words of similar import, as used in this Agreement means, for purposes of any payments under this Agreement
that are payments of deferred compensation subject to Section 409A, the Executive’s “separation from service”
as defined in Section 409A.

 

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(e)            Notwithstanding
anything in this Agreement to the contrary, if the period during which the Executive has discretion to execute or revoke the general
release of claims provided for by Section 5.4 straddles two calendar years, the payments provided for by Section 5.4
shall begin as soon as practicable in the second of the two calendar years, regardless of which calendar year the Executive actually
delivers the executed release to the Company, subject to the release first becoming effective.

 

signature page follows

 

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IN WITNESS WHEREOF, the parties have executed
this Agreement the date first above written.

 

	 	Arsenal MBDD Holding, LLC
	 	 
	 	/s/ Donald A. Deieso
	 	Name:	 Donald A. Deieso
	 	Title:	Chairman
	 	 
	 	Executive:
	 	 
	 	/s/ Edmundo Muniz
	 	Name:	Edmundo MunizExhibit 10.12

 

Amendment to Employment Agreement

 

This Amendment to Employment Agreement (“Amendment”),
dated February 21, 2019 (the “Effective Date”), is entered into between Certara Holdco, Inc. (the “Company”),
a Delaware corporation, and Edmundo Muniz (“Executive”).

 

WHEREAS, Arsenal MBDD Holding, L.P. (“Arsenal”)
and Executive entered into that certain Employment Agreement, dated May 15, 2014 (the “Employment Agreement”);

 

WHEREAS, the Company is a wholly-owned subsidiary
of EQT Avatar Holdings, Inc., the successor-in-interest to Arsenal MBDD Holding, L.P.;

 

WHEREAS, the parties acknowledge and agree
that the Employment Agreement is in full force and effect;

 

WHEREAS, the parties desire to amend the
Employment Agreement to include additional post-employment benefits on the terms and subject to the conditions set forth herein;

 

NOW, THEREFORE, in consideration of the
foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
agree as follows:

 

1.            Definitions.
Capitalized terms used and not defined in this Amendment have the respective meanings assigned to them in the Employment Agreement.

 

2.            Amendment
to the Employment Agreement. As of the Effective Date, the Employment Agreement is hereby amended or modified as follows:

 

The following section is hereby added to
the Employment Agreement as Section 4.4(c):

 

“(c)        COBRA.
Executive’s termination of employment under this Section 4.4 is a qualifying event for purposes of continuation
of coverage of Executive’s health insurance under COBRA. If Executive elects COBRA coverage, the Company shall pay 100%
of health insurance premiums under COBRA for Executive and his eligible dependents, in each case solely to the extent Executive
was receiving such coverage as of the Termination Date, until the earlier of (i) eighteen (18) months following the Termination
Date or (ii) until Executive is otherwise eligible for coverage by another group health plan (the “COBRA Period”).
Please be advised that in order to receive COBRA coverage, Executive must submit the acceptance letter to the COBRA Administrator,
regardless of who is paying for the benefit. Executive will not have coverage until the COBRA election form has been received
by the COBRA Administrator. Such continuation coverage shall cease to apply if Executive is eligible to receive equivalent or
superior other coverage from Executive’s new employer or pursuant to the Executive spouse’s plan without Executive
being required to incur or pay any cost therefor. In the event that the Company determines in its discretion that it is not practicable
or possible to continue to provide such medical or dental benefits, the Company shall pay Executive for the cost of replacing
such benefits on an after-tax basis (i.e., grossing up of payments to the Executive to account for taxes).”

 

     

     

    

 

3.            Miscellaneous.

 

(a)            This
Amendment is governed by and construed in accordance with, the laws of the State of Delaware, without regard to the conflict of
laws provisions of such State.

 

(b)            This
Amendment may be executed in counterparts, each of which is deemed an original, but all of which constitute one and the same agreement.

 

IN WITNESS WHEREOF, the Parties have executed this Amendment
as of the Effective Date.

 

Certara Holdco, Inc.

 

	By:	/s/ Richard Traynor	 	/s/ Edmundo Muniz
	Name: Richard Traynor	 	Edmundo Muniz
	Title: Secretary

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