Document:

Exhibit 10.10

 

TAX MATTERS AGREEMENT

 

by and among

 

American International Group, Inc.

 

and

 

Corebridge Financial, Inc.

 

Dated as of September 14, 2022

 

    

     

    

 

TABLE OF CONTENTS

  

	ARTICLE I

 

DEFINITIONS
	 	 	Page
	Section 1.01   	General	1
	Section 1.02   	Additional Definitions	4
	 	 
	ARTICLE II 

ALLOCATION, PAYMENT AND INDEMNIFICATION
	 
	Section 2.01   	Pre-Existing Tax Sharing Agreements	4
	Section 2.02   	Responsibility for Taxes; Indemnification	5
	Section 2.03   	Preparation of Tax Returns	6
	Section 2.04   	Audits and Proceedings	7
	Section 2.05   	Carrybacks, etc.	7
	 	 
	ARTICLE III 

COOPERATION
	 
	Section 3.01   	General Cooperation	7
	Section 3.02   	Retention of Records	8
	 	 
	ARTICLE IV

 

MISCELLANEOUS
	 
	Section 4.01   	Dispute Resolution	9
	Section 4.02   	State and Local Tax Allocation Agreement	9
	Section 4.03   	Obligations Subject to Applicable Law	10
	Section 4.04   	Notices	11
	Section 4.05   	Applicable Law	11
	Section 4.06   	Severability	11
	Section 4.07   	Confidential Information	11
	Section 4.08   	Amendment, Modification and Waiver	12
	Section 4.09   	Assignment	12
	Section 4.10   	Further Assurances	12
	Section 4.11   	No Third-Party Beneficiaries	12
	Section 4.12   	Discretion of Parties	12

 

    i

     

    

 

	Section 4.13   	Entire Agreement	13
	Section 4.14   	Counterparts	13
	Section 4.15   	Limitations of Liability	13
	Section 4.16   	Mutual Drafting	13
	Section 4.17   	No Set-Off	13
	Section 4.18   	Expenses	13
	Section 4.19   	Interpretation	14

 

Exhibits

 

	Exhibit A	Forms of Federal Tax Sharing Agreement
	Exhibit B	Form of State and Local Tax Sharing Agreement

 

    ii

     

    

 

TAX MATTERS AGREEMENT

 

THIS TAX MATTERS AGREEMENT (this “Agreement”),
dated as of September 14, 2022, is by and among American International Group, Inc. (“AIG”) and Corebridge Financial,
Inc. (f/k/a SAFG Retirement Services, Inc.) (“Corebridge”). Each of AIG and Corebridge is sometimes referred to herein
as a “Party” and, collectively, as the “Parties.” Capitalized terms used and not otherwise defined
herein are used as defined in Section 1.01.

 

WHEREAS, prior to consummation of the Disaffiliation,
AIG (or in the case of certain states, another member of the AIG Group) was the common parent corporation of an affiliated group of corporations
within the meaning of Section 1504 of the Code and analogous provisions of state and local Applicable Law of which Corebridge and certain
of its Subsidiaries were members; and

 

WHEREAS, the Parties wish to provide for the payment
of Tax liabilities and entitlement to refunds thereof, allocate responsibility for, and cooperation in, the filing of Tax Returns, and
provide for certain other matters relating to Taxes.

 

NOW, THEREFORE, in consideration of the foregoing
and the terms, conditions, covenants and provisions of this Agreement, each of the Parties covenants and agrees as follows:

 

ARTICLE I

DEFINITIONS

 

Section 1.01       
General. As used in this Agreement, the following terms shall have the following meanings:

 

“Accounting Firm” has the meaning
set forth in Section 4.01(b).

 

“Affiliate” has the meaning
set forth in the Master Separation Agreement.

 

“Agreement” has the meaning
set forth in the preamble to this Agreement.

 

“AIG” has the meaning set forth
in the preamble to this Agreement.

 

“AIG Group” means AIG and its
Subsidiaries other than the Corebridge Group.

 

“Applicable Law” has the meaning
set forth in the Master Separation Agreement.

 

    

     

    

 

“Business Day” means any day
that is not a Saturday, a Sunday, or any other day on which banks are required or authorized by Applicable Law to be closed in the City
of New York.

 

“Closing Date” means the date
on which the Disaffiliation occurs.

 

“Code” means the Internal Revenue
Code of 1986, as amended from time to time.

 

“Corebridge Group” means Corebridge
and its Subsidiaries.

 

“Disaffiliation” means in the
case of federal Income Taxes, the transfer by AIG to third parties of a sufficient number of shares of Corebridge such that Corebridge
will no longer qualify as a member of the affiliated group (as defined in Section 1504(a) of the Code) of which AIG is the common parent
and in the case of state and local Income Taxes, the transfer by AIG to third parties of a sufficient number of shares of Corebridge such
that no member of the Corebridge Group will continue to qualify as a member of the combined group of which a member of the AIG Group is
the common parent.

 

“Disaffiliation Effective Time”
means, for any particular member of the AIG Group, 11:59 PM, the day of such member’s Disaffiliation from its respective affiliated,
combined, consolidated, unitary or similar group.

 

“Due Date” means (i)
with respect to a Tax Return, the date (taking into account all valid extensions) on which such Tax Return is required to be filed under
Applicable Law and (ii) with respect to a payment of Taxes, the date on which such payment is required to be made to avoid the
incurrence of interest, penalties and/or additions to Tax.

 

“Extraordinary Transaction”
shall mean any action that is not in the Ordinary Course of Business.

 

“Income Taxes” means any Tax
measured by reference to net income or profit.

 

“Indemnifying Party” means a
Party from which another Party is entitled to seek indemnification pursuant to any Pre-Existing TSA or the provisions of Section 2.02.

 

“Indemnified Party” means a
Party that is entitled to seek indemnification from another Party pursuant to any Pre-Existing TSA or the provisions of Section 2.02.

 

“Joint Return” has the meaning
set forth in Section 4.02(a).

 

“Master Separation Agreement”
means the Master Separation Agreement by and between the Parties dated as of September 14, 2022, including all amendments, modifications
and supplements and all annexes and schedules to any of the foregoing, and shall refer to the Master Separation Agreement as the same
may be in effect at the time such reference becomes operative.

 

    2

     

    

 

“Minor Joint Return” means a
Joint Return, other than a Joint Return filed in Florida, Illinois, New York State or New York City, that is not a Significant Joint Return.

 

“NY Joint Return” has the meaning
set forth in Section 4.02(b).

 

“Ordinary Course of Business”
means an action taken by a Person only if such action is taken in the ordinary course of the normal day-to-day operations of such Person.

 

“Party” has the meaning set
forth in the preamble to this Agreement.

 

“Person” has the meaning set
forth in the Master Separation Agreement.

 

“Post-Closing Period” means
any taxable period (or portion thereof) beginning after the Closing Date.

 

“Pre-Closing Period” means any
taxable period (or portion thereof) ending on or before the Closing Date.

 

“Pre-Existing SALT TSA” means
the Tax Payment Allocation Agreement, dated as of September 21, 2021, between AIG and Corebridge.

 

“Pre-Existing TSA” means any
tax sharing agreement, substantially comparable to the forms hereto attached as Exhibit A, in effect between AIG and any member
of the Corebridge Group immediately prior to Disaffiliation (as modified by and including any side letters thereto).

 

“Significant Joint Return” means
any Joint Return, other than a Joint Return filed in Florida, Illinois, New York State or New York City, (i) where the total Tax liability
(prior to the application of any attributes) exceeds five million dollars, or (ii) that is classified as such pursuant to Section 4.02(d).

 

“Straddle Period” means, with
respect to a Joint Return, any taxable period beginning with the Pre-Closing Period and ending on the Disaffiliation Effective Time of
the relevant member included in such Joint Return.

 

“Subsidiary” has the meaning
set forth in the Master Separation Agreement.

 

“Tax” means (i) all taxes,
charges, fees, duties, levies, imposts, or other similar assessments, imposed by any Taxing Authority, including income, gross receipts,
excise, property, sales, use, license, capital stock, transfer, franchise, payroll, withholding, social security, value added and other
taxes of any kind whatsoever, (ii) any interest, penalties or additions attributable thereto and (iii) all liabilities in
respect of any items described in clause (i) or (ii) payable by reason of assumption, transferee or successor liability, operation of
Applicable Law or Treasury Regulation Section 1.1502-6(a) (or any predecessor or successor thereof or any analogous or similar provision
under Applicable Law).

 

    3

     

    

 

“Tax Detriment” shall mean an
increase in the Tax liability (or reduction in refund or credit or item of deduction or expense, including any carryforward) of a taxpayer
for any taxable period.

 

“Taxing Authority” means any
U.S. federal, state or local governmental authority or any subdivision, agency, commission or entity thereof having jurisdiction over
the assessment, determination, collection or imposition of any Tax (including the United States Internal Revenue Service).

 

“Tax Item” shall mean any item
of income, gain, loss, deduction, expense or credit, or other attribute that may have the effect of increasing or decreasing any Tax.

 

“Tax Matter” has the meaning
set forth in Section 3.01.

 

“Tax Return” means any return,
report, certificate, form or similar statement or document (including any related or supporting information or schedule attached thereto
and any information return, or declaration of estimated Tax) supplied or required to be supplied to, or filed with, a Taxing Authority
in connection with the payment, determination, assessment or collection of any Tax or the administration of any Applicable Law relating
to any Tax and any amended Tax return or claim for refund.

 

“Tax Notice” has the meaning
set forth in Section 2.04.

 

“Treasury Regulations” means
the final and temporary (but not proposed) income Tax regulations promulgated under the Code, as such regulations may be amended from
time to time (including corresponding provisions of succeeding regulations).

 

“U.S.” means the United States
of America.

 

Section 1.02       
Additional Definitions. Capitalized terms not defined in this Agreement shall have the meaning ascribed to them in the Master
Separation Agreement.

 

ARTICLE II

ALLOCATION, PAYMENT AND INDEMNIFICATION

 

Section 2.01       
Pre-Existing Tax Sharing Agreements.

 

(a)              
Subject to Section 4.02, AIG and Corebridge agree to make payments to each other with respect to any Pre-Existing TSA, where such
payments are determined as though Corebridge were the relevant Corebridge Group member that is a party to the relevant Pre-Existing TSA.
Each of AIG and Corebridge agrees to comply with their respective obligations under any Pre-Existing TSA, as stated in Section 6 of such
Pre-Existing TSA, and for the purpose of determining the obligations of AIG and Corebridge (but not the original Corebridge Group member)
under any Pre-Existing TSA, (a) the flush language at the end of each such Section 6 in any Pre-Existing TSA governing federal Income
Taxes shall be deemed to read: “PROVIDED, HOWEVER, that notwithstanding the termination of this Agreement, the obligations of Parent
and Subsidiary shall remain in effect with respect to any period of time during the tax year in which termination occurs and for any prior
period, in each case for which the income of the Subsidiary must be included in the consolidated return.” and (b) in the Pre-Existing
SALT TSA, the flush language at the end of Section 6 governing state Income Taxes or taxes based on gross receipts shall be deemed to
read: “PROVIDED, HOWEVER, that notwithstanding a Complete Termination or a Partial Termination, the obligations of Parent and SAFG
hereunder shall remain in effect with respect to any period of time during the tax year in which such Complete Termination or Partial
Termination occurs and for any prior period, in each case for which the income of the Subsidiary must be included in the relevant Combined
Return.”

 

    4

     

    

 

(b)              
For the avoidance of doubt, AIG and Corebridge agree that, to the extent that the Corebridge Group receives a refund from any Taxing
Authority relating to tax losses, tax credits or similar items for which the Corebridge Group was previously compensated under any Pre-Existing
TSA (including any refund resulting from the carryback of a tax attribute to a year prior to the effectiveness of such Pre-Existing TSA),
then Corebridge will pay to AIG an amount equal to such refund as promptly as practicable following receipt.

 

Section 2.02       
Responsibility for Taxes; Indemnification.

 

Except as otherwise expressly set forth in this Agreement:

 

(a)              
AIG shall indemnify and hold harmless Corebridge for all Tax Detriments (and any loss, cost, damage or expense, including reasonable
attorneys’ fees and costs, incurred in connection therewith) attributable to (i) any Income Taxes of AIG or any member of
the AIG Group for which Corebridge is liable by reason of being severally liable for such Taxes pursuant to Treasury Regulation Section
1.1502-6 or any analogous provision of state or local Applicable Law; (ii) any Tax Detriments of Corebridge resulting from the
breach of any obligation or covenant of AIG under this Agreement (including Section 2.01) and (iii) any Taxes of the AIG Group
for any Post-Closing Period.

 

(b)              
Corebridge shall indemnify and hold harmless the AIG Group for all Tax Detriments (and any loss, cost, damage or expense, including
reasonable attorneys’ fees and costs, incurred in connection therewith) attributable to (i) any Tax Detriments of the AIG
Group resulting from the breach of any obligation or covenant of Corebridge under this Agreement (including Section 2.01) and (ii) Taxes
of the Corebridge Group for any Post-Closing Period.

 

    5

     

    

 

(c)              
If an Indemnifying Party is required to indemnify an Indemnified Party pursuant to this Section 2.02, the Indemnified Party shall
submit its calculations of the amount required to be paid pursuant to this Section 2.02, showing such calculations in sufficient detail
so as to permit the Indemnifying Party to understand the calculations. Subject to the following sentence, the Indemnifying Party shall
pay to the Indemnified Party, no later than ten (10) Business Days after the Indemnifying Party receives the Indemnified Party’s
calculations, the amount that the Indemnifying Party is required to pay the Indemnified Party under this Section 2.02. If the Indemnifying
Party disagrees with such calculations, it must notify the Indemnified Party of its disagreement in writing within ten (10) Business Days
of receiving such calculations, in which case no payment shall be made until the disagreement is resolved in accordance with the provisions
of this Agreement.

 

(d)              
All indemnity payments pursuant to this Section 2.02 shall be treated as relating to periods ending on or prior to the Disaffiliation
Effective Time.

 

Section 2.03       
Preparation of Tax Returns.

 

(a)              
Unless otherwise required by a Taxing Authority, the Parties agree to prepare and file all Tax Returns, and to take all other actions,
in a manner consistent with this Agreement and the positions taken pursuant to any Pre-Existing TSA, as applicable.

 

(b)              
Notwithstanding anything to the contrary in this Agreement, for all Tax purposes, the parties shall report any Extraordinary Transactions
that are caused or permitted by Corebridge on the Closing Date after the completion of the Disaffiliation as occurring on the day after
the Closing Date pursuant to Treasury Regulation Section 1.1502-76(b)(1)(ii)(B) or any similar or analogous provision of Applicable Law.
AIG shall not make a ratable allocation election pursuant to Treasury Regulation Section 1.1502-76(b)(2)(ii)(D) or any similar or analogous
provision of Applicable Law.

 

(c)              
AIG agrees to make a valid and timely election under Treasury Regulations Section 1.1502-36(d)(6)(i)(A) to elect to reduce its
basis in Corebridge shares to the extent necessary to avoid attribute reduction under Treasury Regulations Section 1.1502-36(d) and AIG
also agrees not to make any election to reattribute attributes under Treasury Regulations Sections 1.1502-36(d)(6)(i)(B) or (C).

 

    6

     

    

 

Section 2.04       
Audits and Proceedings. Notwithstanding any other provision hereof, if after the Closing Date, an Indemnified Party or any
of its Affiliates receives any notice, letter, correspondence, claim or decree from any Taxing Authority (a “Tax Notice”)
and, upon receipt of such Tax Notice, believes it has suffered or potentially could suffer any Tax liability for which it is indemnified
pursuant to Section 2.02, the Indemnified Party shall promptly deliver such Tax Notice to the applicable Indemnifying Party; provided,
however, that the failure of the Indemnified Party to promptly provide the Tax Notice to the Indemnifying Party shall not affect
the indemnification rights of the Indemnified Party pursuant to Section 2.02, except to the extent that the Indemnifying Party is actually
prejudiced by the Indemnified Party’s failure to promptly deliver such Tax Notice. The Indemnifying Party shall have the right to
handle, defend, conduct and control, at its own expense, any Tax audit or other proceeding that relates to such Tax Notice; provided,
however, that AIG shall have the right to handle, defend, conduct and control, at its own expense, any Tax audit or other proceeding
in respect of any Pre-Closing Period or Straddle Period. The Indemnifying Party shall permit the Indemnified Party at such Indemnified
Party’s own expense to participate in (but not control) any such Tax audit or other proceeding and shall timely furnish to such
Indemnified Party copies of all material notices, submissions and other relevant correspondence (redacted if considered necessary to exclude
unrelated information) in connection with any such Tax audit or other proceeding. Neither AIG nor Corebridge shall compromise or settle
any such Tax audit or other proceeding that it has the authority to control pursuant to the preceding portion of this Section 2.04 without
the consent of the other Party, which consent shall not be unreasonably withheld; provided, however, that if one Party reasonably
withholds its consent (based on a good faith determination by the Party withholding its consent that there is at least a more likely than
not basis for upholding its position), the other Party shall nevertheless have the right to compromise or settle any such Tax audit or
other proceeding provided that the other Party shall indemnify the non-consenting Party for any incremental Tax Detriment caused by such
compromise or settlement. Furthermore, after the Disaffiliation Time, each of AIG and Corebridge agrees, except to the extent inconsistent
with Applicable Law, to defend any Tax positions taken on Tax Returns filed prior to the Disaffiliation Time.

 

Section 2.05       
Carrybacks, etc. To the extent permitted by Applicable Law, neither Corebridge nor any of its Affiliates shall carry back
any income Tax Item from a Post-Closing Period to a Pre-Closing Period; Corebridge will not, and will not permit its subsidiaries to,
take any action with respect to any Pre-Closing Period of any Subsidiary that is treated as a partnership for income tax purposes that
would increase the Income Taxes for which AIG are responsible under Section 2.02 without the prior written consent of AIG. For the avoidance
of doubt, in the case of any mandatory carryback, the provisions of the applicable Pre-Existing TSA shall control.

 

ARTICLE III

COOPERATION

 

Section 3.01       
General Cooperation. The Parties shall each cooperate (and each shall cause their respective Subsidiaries to cooperate)
with all reasonable requests in writing from another Party hereto, or from an agent, representative or advisor to such Party, in connection
with the preparation and filing of Tax Returns, claims for Tax refunds, Tax proceedings, and calculations of amounts required to be paid
pursuant to this Agreement or any Pre-Existing TSA, in each case, related or attributable to or arising in connection with Taxes of any
of the Parties or their respective Subsidiaries covered by this Agreement or any Pre-Existing TSA and the establishment of any reserve
required in connection with any financial reporting (a “Tax Matter”). Such cooperation shall include the provision
of any information reasonably necessary or helpful in connection with a Tax Matter and shall include, at each Party’s own cost:

 

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(a)              
the provision of the relevant portions of any Tax Returns of the Parties and their respective Subsidiaries, books, records (including
information regarding ownership and Tax basis of property), documentation and other information relating to such Tax Returns, including
accompanying schedules, related work papers, and documents relating to rulings or other determinations by Taxing Authorities;

 

(b)              
the execution of any document (including any power of attorney) in connection with any Tax proceedings of any of the Parties or
their respective Subsidiaries, or the filing of a Tax Return or a Tax refund claim of the Parties or any of their respective Subsidiaries;

 

(c)              
the use of the Party’s commercially reasonable efforts to obtain any documentation in connection with a Tax Matter; and

 

(d)              
the use of the Party’s commercially reasonable efforts to obtain any Tax Returns (including accompanying schedules, related
work papers, and documents), documents, books, records or other information in connection with the filing of any Tax Returns of any of
the Parties or their Subsidiaries.

 

Each Party shall make its employees, advisors,
and facilities available, without charge, on a reasonable and mutually convenient basis in connection with the foregoing matters. This
Section 3.01 is intended to be interpreted in a manner consistent with Section 1 of each Pre-Existing TSA.

 

If any Party fails to cooperate in accordance with
the foregoing provisions of this Section 3.01 and fails to cure such non-cooperation in a timely manner such that the Party requesting
such cooperation is materially prejudiced thereby, the non-cooperating Party shall forfeit its rights of indemnification under Section
2.02 and any Pre-Existing TSA in respect of the matter for which cooperation was sought.

 

Section 3.02       
Retention of Records. Each Party shall retain or cause to be retained all Tax Returns, schedules and workpapers, and all
material records or other documents relating thereto in their possession that have not previously been provided to the other Party or
Parties, until sixty (60) days after the expiration of the applicable statute of limitations (including any waivers or extensions thereof
of which such Party is aware) of the taxable periods to which such Tax Returns and other documents relate or until the expiration of any
additional period that any Party reasonably requests, in writing, with respect to specific material records or documents. A Party intending
to destroy any material records or documents shall adequately identify the documents and provide the other Parties with reasonable advance
notice and the opportunity to copy or take possession of such records and documents.

 

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ARTICLE IV

MISCELLANEOUS

 

Section 4.01       
Dispute Resolution.

 

(a)              
Any dispute as to matters covered by this Agreement shall be addressed in a manner consistent with Article X of the Master Separation
Agreement; provided, however, that if such dispute is not resolved within 30 days of the date on which the claiming Party
provided the other Party with a “Notice of Dispute,” then any Party may pursue the remedy set forth in Section 4.01(b).

 

(b)              
 If the procedures set forth in Section 4.01(a) have been followed with respect to a dispute and such dispute remains unresolved,
the Parties shall appoint PricewaterhouseCoopers LLP to resolve any dispute as to matters covered by this Agreement (the “Accounting
Firm”); provided however, that if PricewaterhouseCoopers LLP cannot to be so appointed, AIG shall select another nationally
recognized accounting firm to act as the Accounting Firm, subject to the consent of Corebridge, not to be unreasonably withheld. In this
regard, the Accounting Firm shall make determinations with respect to the disputed items based solely on representations made by the Parties
and their respective representatives, and not by independent review, and shall function only as an expert and not as an arbitrator and
shall be required to make a determination in favor only of either AIG or Corebridge. The Parties shall require the Accounting Firm to
resolve all disputes no later than thirty (30) days after the submission of such dispute to the Accounting Firm, but in no event later
than the Due Date for the payment of Taxes or the filing of the applicable Tax Return, if applicable, and agree that all decisions by
the Accounting Firm with respect thereto shall be final, conclusive and binding on the Parties. The Accounting Firm shall resolve all
disputes in a manner consistent with this Agreement and, to the extent not inconsistent with this Agreement, in a manner consistent with
the past practices prior to the Disaffiliation Effective Time of AIG and its Subsidiaries, except as otherwise required by Applicable
Law. Unless otherwise agreed by the Parties, the Parties shall require the Accounting Firm to render all determinations in writing and
to set forth, in reasonable detail, the basis for such determination. The fees and expenses of the Accounting Firm shall be paid by the
non-prevailing Parties.

 

Section 4.02       
State and Local Tax Allocation Agreement.

 

(a)              
To the extent any member of the Corebridge Group files a state or local combined, consolidated, or unitary Income Tax return with
a member of the AIG Group (a “Joint Return”), the principles of this Agreement shall be similarly applied, except that
the Pre-Existing SALT TSA, as modified by clauses (b) through (d) below, shall be treated as the relevant Pre-Existing TSA.

 

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(b)              
With respect to each Joint Return filed in New York State or New York City, if the Taxes are determined by any means other than
the capital base (a “NY Joint Return”), Corebridge shall be liable to AIG for its portion of the excess of (i) the
total Tax liability (prior to the application of any attributes) shown on the NY Joint Return, over (ii) the maximum Tax for a corporation
or combined group subject to New York State and New York City Taxes determined by the capital base. For purposes of applying the Pre-Existing
SALT TSA, each NY Joint Return shall be a “Combined Return” and the members of the affiliated, combined, consolidated, unitary
or similar groups included in the applicable NY Joint Return shall be a “Group” for all purposes of the Pre-Existing SALT
TSA except that this clause (b) (and not Section 2 of the Pre-Existing SALT TSA) shall be applied for purposes of allocating the
Tax liabilities with respect to each NY Joint Return.

 

(c)              
For purposes of applying the Pre-Existing SALT TSA, each Significant Joint Return shall be a “Combined Return”, and
the members of the affiliated, combined, consolidated, unitary or similar groups included in each Significant Joint Return shall be a
 “Group”, and

 

(d)              
If the aggregate of the total Tax liabilities (prior to the application of any attributes) reflected on the Minor Joint Returns
for any Tax year equals or exceeds fifteen million dollars, then the Minor Joint Return with the largest total Tax liability (prior to
the application of any attributes) shall be reclassified as a Significant Joint Return and shall be subject to the provisions of clause
(c) above. This clause (d) shall be reapplied excluding each newly-designated Significant Joint Return from the definition of Minor Joint
Return until the aggregate of the total Tax liabilities reflected on the remaining Minor Joint Returns for any Tax year is less than fifteen
million dollars.

 

Section 4.03       
Obligations Subject to Applicable Law. The obligations of each Party under this Agreement shall be subject to Applicable
Law, and, to the extent inconsistent therewith, the Parties shall adopt such modified arrangements as are as close as possible to the
requirements of this Agreement while remaining compliant with Applicable Law; provided, however, that Corebridge shall
fully avail itself of all exemptions, phase-in provisions and other relief available under Applicable Law before any modified arrangements
shall be adopted.

 

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Section 4.04       
Notices. All notices, requests, claims, demands and other communications under this Agreement shall be in writing and shall
be deemed to have been given (a) when delivered by hand (with written confirmation of receipt), (b) when received by the addressee
if sent by a nationally recognized overnight courier (receipt requested), (c) on the date sent by email if sent during normal business
hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient, or (d) on the third day
after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to
the respective parties at the following addresses (or at such other address for a Party as shall be specified by like notice):

 

If to Corebridge, to:

Corebridge Financial Group, Inc.

2727A Allen Parkway, Life Building

Houston, TX 77019

Attention: Daniel Cricks

Telephone: (713) 831-4356

Email: dan.cricks@corebridgefinancial.com

 

If to AIG, to:

American International Group, Inc.

1271 Avenue of the Americas

New York, NY 10020

Attention: Angela Bekker

Telephone: (212) 770-6350

Email: angela.bekker@aig.com

 

Section 4.05       
Applicable Law. This Agreement and any dispute arising hereunder shall be governed by, and construed in accordance with,
the laws of the State of Delaware, without giving effect to its principles or rules of conflict of laws, to the extent such principles
or rules are not mandatorily applicable by statute and would permit or require the application of the laws of another jurisdiction.

 

Section 4.06       
Severability. Whenever possible, each provision or portion of any provision of this Agreement will be interpreted in such
manner as to be effective and valid under Applicable Law, but if any provision or portion of any provision of this Agreement is held to
be invalid, illegal or unenforceable in any respect under any Applicable Law in any jurisdiction, such invalidity, illegality or unenforceability
will not affect any other provision or portion of any provision in such jurisdiction, and this Agreement will be reformed, construed and
enforced in such jurisdiction as if such invalid, illegal or unenforceable provision or portion of any provision had never been contained
herein.

 

Section 4.07       
Confidential Information. All information provided by either Party shall, except if the purpose for which such information
is furnished pursuant to this Agreement contemplates such disclosure or is for disclosure in public documents of Corebridge or any of
its Subsidiaries or AIG or any of its Subsidiaries and, except for disclosure to other Subsidiaries of AIG or Corebridge, as the case
may be, be kept strictly confidential and, unless otherwise required by Applicable Law or as agreed by the Parties, neither Party shall
disclose, and each shall take all necessary steps to ensure that none of their respective directors, officers, employers, agents and representatives
disclose, or make use of, except in accordance with Applicable Law, such information in any manner whatsoever until such information otherwise
becomes generally available to the public. Each Party shall be liable for any breach of this Section 4.07 by it or any of its Subsidiaries
or any of their respective directors, officers, employees, agents and representatives.

 

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Section 4.08       
Amendment, Modification and Waiver.

 

(a)              
This Agreement may be amended, restated, supplemented, modified or terminated, in each case, only by a written instrument signed
by each of Corebridge and AIG.

 

(b)              
A provision of this Agreement may only be waived by a written instrument signed by the Party waiving a right hereunder. No delay
on the part of a Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on
the part of a Party of any right, power or privilege, nor any single or partial exercise of any such right, power or privilege, preclude
any further exercise thereof or the exercise of any other such right, power or privilege.

 

Section 4.09       
Assignment. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective permitted
successors and assigns. Neither Party shall assign any of its rights or delegate any of its obligations under this Agreement without the
prior written consent of the other Party. Any purported assignment in violation of this Section 4.09 shall be null and void ab initio.

 

Section 4.10       
Further Assurances. In addition to the actions specifically provided for elsewhere in this Agreement, each Party hereto
shall execute and deliver such additional documents, instruments, conveyances and assurances, take, or cause to be taken, all actions
and do, or cause to be done, all things reasonably necessary, proper or advisable to carry out the provisions of this Agreement.

 

Section 4.11       
No Third-Party Beneficiaries. No provision of this Agreement is intended to confer any rights, benefits, remedies, obligations
or liabilities hereunder upon any Person other than the Parties and their respective successors and assigns.

 

Section 4.12       
Discretion of Parties. Where this Agreement requires or permits any Party to make or take any decision, determination or
action with respect to matters governed by this Agreement, unless expressly provided otherwise, such decision, determination or action
may be made or taken by such Party in its sole and absolute discretion.

 

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Section 4.13       
Entire Agreement. Except as otherwise expressly provided in this Agreement, this Agreement, together with the Pre-Existing
TSAs, constitutes the entire agreement of the Parties hereto with respect to the subject matter of this Agreement and supersedes all prior
agreements and undertakings, both written and oral, between or on behalf of the Parties hereto with respect to the subject matter of this
Agreement. In the event of any conflict or inconsistency between the provisions of this Agreement and the provisions of the Master Separation
Agreement, the provisions of this Agreement shall govern and control.

 

Section 4.14       
Counterparts. This Agreement may be executed in counterparts, all of which shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each Party and delivered to the other Party. Each Party may deliver its
signed counterpart of this Agreement to the other Party by means of electronic mail or any other electronic medium utilizing image scan
technology, and such delivery will have the same legal effect as hand delivery of an originally executed counterpart.

 

Section 4.15       
Limitations of Liability. Notwithstanding anything in this Agreement to the contrary, neither Corebridge or any member of
the Corebridge Group, on the one hand, nor AIG or any member of the AIG Group, on the other hand, shall be liable under this Agreement
to the other for any special, indirect, punitive, exemplary, remote, speculative or similar damages in excess of compensatory damages
of the other arising in connection with the transactions contemplated hereby (other than any penalties or similar liabilities with respect
to a third-party).

 

Section 4.16       
Mutual Drafting. This Agreement shall be deemed to be the joint work product of the Parties and any rule of construction
that a document shall be interpreted or construed against a drafter of such document shall not be applicable.

 

Section 4.17       
No Set-Off. Except as expressly set forth in any Pre-Existing TSA or as otherwise mutually agreed to in writing by the Parties,
neither Corebridge or any member of the Corebridge Group, on the one hand, nor AIG or any member of the AIG Group, on the other hand,
shall have any right of set-off or other similar rights with respect to (a) any amounts received pursuant to this Agreement or (b) any
other amounts claimed to be owed to the other Party or any member of its Group arising out of this Agreement.

 

Section 4.18       
Expenses. Except as otherwise expressly set forth in this Agreement or any Pre-Existing TSA, or as otherwise agreed to in
writing by the Parties, all fees, costs and expenses incurred in connection with the preparation, execution, delivery and implementation
of this Agreement will be borne by the Party or its applicable Subsidiary incurring such fees, costs or expenses.

 

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Section 4.19       
Interpretation. When reference is made in this Agreement to an Article or a Section, such reference shall be to an Article
or a Section of this Agreement unless otherwise indicated. All references herein to any agreement, instrument, statute, rule or regulation
are to the agreement, instrument, statute, rule or regulation as amended, modified, supplemented or replaced from time to time (and, in
the case of statutes, include any rules and regulations promulgated under said statutes) and to any section of any statute, rule or regulation
including any successor to said section. The table of contents and headings contained in this Agreement are for reference purposes only
and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include,” “includes”
or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.”
Whenever the words “hereof,” “hereto,” “hereby,” “herein” and “hereunder”
and words of similar import are used in this Agreement, they shall be deemed to refer to this Agreement as a whole and not to any particular
provision of this Agreement. Whenever the word “or” is used in this Agreement, it shall not be exclusive. Whenever the word
 “extent” in the phrase “to the extent” is used in this Agreement, it shall be deemed to mean the degree to which
a subject or other thing extends and shall not mean simply “if.” Whenever the singular is used herein, the same shall include
the plural, and whenever the plural is used herein, the same shall include the singular, where appropriate. Whenever the word “Dollars”
or the “$” sign appear in this Agreement, they shall be construed to mean United States Dollars, and all transactions under
this Agreement shall be in United States Dollars. This Agreement has been fully negotiated by both parties and shall not be construed
by any governmental authority against either Party by virtue of the fact that such Party was the drafting Party.

 

[The remainder of this page is intentionally left
blank.]

 

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IN WITNESS WHEREOF, the Parties have caused this
Agreement to be executed as of the date first written above by their respective officers thereunto duly authorized.

 

	 	AMERICAN INTERNATIONAL GROUP, INC. 
	 	 	 
	 	By:	/s/ Lucy Fato
	 	 	Name: 	Lucy Fato
	 	 	Title: 	Executive Vice President, General Counsel & Global Head
of Communications and Government Affairs
	 	 	 
	 	corebridge financial, INC.
	 	 	 
	 	By:	/s/ Christina Banthin
	 	 	Name: 	Christina Banthin
	 	 	Title: 	Chief Corporate Counsel and Corporate Secretary

 

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Exhibit A

Forms of Federal Tax Sharing
Agreement

 

[Intentionally omitted]

 

    16

     

    

 

Exhibit B

Form of State and Local Tax
Sharing Agreement

 

[Intentionally omitted]

 

    17Exhibit 10.1
EXECUTIVE EMPLOYMENT AGREEMENT
This Executive Employment Agreement (the “Agreement”) is made and entered into as of June 15, 2022 (the “Effective Date”), by and between Teladoc Health, Inc. (the “Company”) and Michael Waters, an individual, residing at [           ] (the “Executive”).
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1.Employment. During the period of Executive’s employment with the Company, the Company shall employ Executive, and Executive shall serve as Chief Operating Officer (“COO”).
2.Duties and Responsibilities of Executive.
(a)While employed by the Company, Executive shall devote substantially all of Executive’s business time and attention to the business of the Company or its Affiliates, as applicable, will act in the best interests of the Company and will perform with due care Executive’s duties and responsibilities.  Executive’s duties will include those normally incidental to the position of COO as well as such additional duties of an executive and managerial nature, consistent with his position as may be assigned to him by Jason Gorevic (Executive’s “Direct Report”) or such other person who may be designated to serve as Executive’s direct report by the Company from time to time.  It is anticipated that Executive’s duties will include, inter alia, redefining and evolving the operating model and ensuring Teladoc has the proper infrastructure, systems, people, and metrics, to enable Teladoc to successfully scale across sectors and geographies. While employed by the Company, Executive will not hold any type of outside employment, engage in any type of consulting or otherwise render services to or for any other person or business concern without the advance written consent of the Company; provided that Executive may manage personal investments and engage in charitable and civic activities, so long as such activities do not materially interfere with Executive’s obligations to the Company.
(b)Executive represents and covenants that, in the course of his employment herein, he shall not use or disclose any confidential or protected information belonging to any of Executive’s previous employers unless specifically allowed to do so under a written agreement.  The Company represents and covenants that, in the course of performing his duties hereunder, Executive shall not be required to disclose any confidential or protected information belonging to any of Executive’s previous employers.
3.Compensation. Any salary, bonus and other compensation payments hereunder shall be subject to all applicable payroll and other taxes, deductions and withholdings.
(a)While Executive is employed by the Company, the Company shall pay to Executive a base annualized salary of $470,000 (the “Base Salary”) in consideration for Executive’s services under this Agreement, payable on a not less than monthly basis. The Base Salary shall be subject to modification from time to time as determined by the Company in its discretion.
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(b)Executive shall be eligible to receive an annual corporate bonus with a target amount equal to 75% of his then-applicable base salary.  Executive will be eligible to receive a guaranteed annual corporate bonus of 75% of his then-applicable base salary for 2022, provided Executive remains employed through December 31, 2022.  For 2023, Executive will be eligible to receive an annual corporate bonus with a target amount equal to 75%, with 37.5% of his then-applicable base salary guaranteed as an annual corporate bonus for 2023 and the remaining 37.5% subject to the sole discretion of the Company.  Beginning in 2024, Executive’s annual corporate bonuses (with a target amount equal to 75%), if any, will be paid at the Company’s sole discretion based on, inter alia, a consideration of the Company’s goals and an assessment of Executive’s individual performance.  Specifically, Executive’s bonuses are based on achievement of specified goals to be established by Executive’s Direct Report in consultation with the Executive.  No bonus will be paid unless Executive is actively employed in good standing through the last day of the year for which such bonus is payable.  The bonus, if any, will be payable no later than March 15th of the calendar year following the last day of the year for which the bonus is paid.
(c)Subject to the approval of the Compensation Committee of the Company’s Board of Directors, the Executive will also receive a new hire equity grant having a value, as of the date of grant, equal to $5,000,000 in the form of restricted stock units (“RSUs”). The RSU’s will vest in the following manner: 1/3 of the RSUs will vest on the first anniversary of the Effective Date, and the remaining 2/3 of the RSUs will vest in equal quarterly installments beginning on the 15-month anniversary of the Effective Date and ending on the 3-year anniversary of the Effective Date, subject to the Executive’s continued employment through each vesting date.
(d)Subject to the approval of the Compensation Committee of the Company’s Board of Directors, the Executive will also receive ongoing equity grants (estimated to be a target amount of $4,000,000, but may vary depending on, inter alia, achievement of certain established performance targets, etc.), 50% of which will be in the form of restricted stock units (“RSUs”) and 50% of which will be in the form of performance stock units (“PSUs”).  The RSUs will vest ratably on the 1-year, 2-year and 3-year anniversaries of the RSU grant date, and the PSUs will vest based on attainment of the established performance metrics, which will be described in the applicable award agreement.
(e)Executive shall also receive a sign-on bonus equal to $775,000 (the “Sign-On Bonus”), less applicable withholdings, payable on the Executive’s first pay date following the Effective Date.  Executive acknowledges that the payment of this sign-on bonus is an advance, and the sign-on bonus is only deemed earned upon the successful completion of two years of employment with the Company.  In the event the Executive resigns or leaves his employment with the Company or is terminated by the Company for Cause prior to the 2-year anniversary of the Effective Date, Executive shall be deemed to have earned the sign-on bonus on a pro-rata monthly basis (divided equally for 24 months from the Effective Date) at the successful conclusion of each month of Executive’s employment with the Company, and the Executive agrees to repay any portion of the sign-on bonus to the Company that are deemed unearned, as determined at the sole discretion
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of the Company.  Should there be any portion of the sign-on bonus deemed unearned that must be repaid to the Company by Executive, then he will be obligated to repay the net amount (i.e. minus applicable withholdings and deductions) of the unearned sign-on bonus to the Company.
4.Term of Employment.  Executive is expected to remain employed with the Company for a period of not less than two (2) years, subject to earlier termination as expressly permitted under the terms of this Agreement.  Specifically, and notwithstanding any other provision of this Agreement, Executive’s employment pursuant to this Agreement may be terminated at any time in accordance with Section 6.
5.Benefits.  Subject to the terms and conditions of this Agreement, Executive shall be entitled to the following benefits while employed by the Company:
(a)Benefits.  Executive shall be invited to participate in the same benefit plans and fringe benefit policies in which other similarly situated Company employees are eligible to participate.  All such participation shall be subject to applicable eligibility requirements and the terms and conditions of all plans and policies.
(b)Business Expenses.  Executive shall be entitled to reimbursement for business expenses under the same policies that apply to other similarly situated Company employees as determined by the Company from time to time; provided that, the Company agrees to pay the cost of the Executive’s cell phone and applicable data plan.
(c)Financial Planning Assistance.  The Company agrees to pay for the services of a wealth planner from AYCO financial services on behalf of the Executive, provided that the Company will pay no more than $18,000 per year toward the cost of such services.
6. Termination of Employment.
(a)Company’s Right to Terminate Executive’s Employment for Cause. The Company shall have the right to terminate Executive’s employment with the Company at any time for “Cause.”  For purposes of this Agreement, “Cause” shall mean Executive’s:
(i)commission of a crime, misdemeanor, or felony that has resulted, or the Company believes could be expected to result, in any economic or reputational injury to the Company;
(ii)dishonesty, incompetence, misconduct, any breach of fiduciary duty owed to the Company, or failure to perform duties or directives assigned by the Company;
(iii)material breach of this Agreement or any other agreement entered into between the Employee and the Company or any of its subsidiaries or affiliates, or any written Company policy;
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(iv)conduct that brings or is reasonably likely to bring the Company negative publicity or into public disgrace, embarrassment, or disrepute or  causes, or could reasonably be expected to cause, damage to the Company’s property, goodwill, reputation or business
(v)failure to comply with any applicable Company policy including, without limitation the Company’s policies prohibiting harassment, discrimination, or intimidation; or
(vi)failure to perform Executive’s duties; provided, however, that such duties are consistent with the provisions of Section 2(a) of this Agreement, and after notice of such failure by the Company and a failure of Executive to cure within (30) days of the notice.
(b)Company’s Right to Terminate for Convenience. Upon thirty (30) days’ advance written notice, the Company shall have the right to terminate Executive’s employment for convenience.
(c)Death or Disability. Upon the death or Disability of Executive, Executive’s employment with Company shall terminate with no further obligation under this Agreement of either party, or their successors in interest; provided that the Company shall pay to the estate of Executive any outstanding amounts due under this Agreement. For purposes of this Agreement, a “Disability” shall exist if Executive is unable to perform the essential functions of his position, with reasonable accommodation, due to physical or mental illness or injury which continues for a period in excess of four (4) consecutive months.  The determination of a Disability will be made by the Company; provided that if the Executive disputes the determination, the matter shall be submitted to a qualified doctor mutually acceptable to the Company and the Executive for final determination, and the Executive shall submit to such examinations as the doctor shall reasonably request in order to enable the doctor to make the determination.  If requested by the Company, Executive shall submit to a mental or physical examination to be performed by an independent physician selected by the Company to assist the Company in making such determination.
(d)Executive’s Right to Terminate for Convenience.  Executive shall have the right to terminate his employment with the Company for convenience at any time upon thirty (30) days advance written notice to the Company.
(e)Effect of Termination.  In the event of Executive’s termination of employment for any reason, the Company shall pay Executive (1) all earned Base Salary through the date of termination, (2) any vested benefits to which Executive is entitled under the terms of a Company sponsored employee benefit plan as of the date of termination and (3) payment or reimbursement of business expenses Executive incurred prior to the date of termination under Section 4 above (collectively the “Accrued Obligations”).  The Accrued Obligations shall be paid to Executive in accordance with applicable law and shall be subject to applicable tax and withholding.
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(f)Termination of Employment. All references in this Agreement to Executive’s termination of employment shall mean and be deemed to occur only if and when a “separation from service” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the applicable regulations thereunder has occurred.
7.Severance Plan.  Executive shall be eligible to participate in the Teladoc Health, Inc. Senior Leader Severance Plan (the “Severance Plan”), attached hereto as Exhibit A, and subject to all of the terms and conditions set forth therein, as such plan may be amended from time to time; provided, however, that the following modifications shall be applicable to the severance benefits provided for in Sections 2.1 and 2.2 of the Severance Plan (capitalized terms used in this Section 7 shall have the meanings set forth in the Severance Plan):
(a)Continuation of Base Salary under Section 2.1(a) of the Severance Plan shall be for a period of twelve (12) months;
(b)The amount payable under Section 2.1(b) of the Severance Plan shall be equal to one hundred percent (100%) of Executive’s target annual bonus for the year in which the Severance Date occurs;
(c)The CIC COBRA Severance Period for purposes of Section 2.1(d) shall be equal to twelve (12) months;
(d)For purposes of Section 2.2(a), continuation of Executive’s Base Salary shall be for a period of six (6) months;
(e)For purposes of Section 2.2(c), the reference to “Standard Severance Period” shall mean the six (6) month period of Executive’s period of Base Salary continuation; and
(f)In addition to other severance benefits provided for in Section 2.2, if Executive is eligible for such benefits consistent with the requirements of the Severance Plan, Executive shall be immediately vested in any equity based awards that are vested on the basis of continued employment only, to the extent such equity based awards would have become vested within the six (6) month period following Executive’s termination of employment, and shall be vested with respect to equity based awards that have performance based vesting conditions if the relevant performance based conditions are satisfied during the six (6) month period following Executive’s termination of employment.
8.Conflicts of Interest.  Executive agrees that he shall promptly disclose to the Board any conflict of interest involving Executive upon Executive becoming aware of such conflict.
9.Confidential Information.
(a)“Confidential Information” means information, or a compilation of information, in any form (tangible or intangible), related to the Company’s or any of the
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Related Companies’ business and of value to it that Executive first acquires or gains access to as a consequence of Executive’s employment with the Company if the Company has not made it public or authorized public disclosure of it and it is not readily available through lawful and proper means to the public or others in the industry who have no obligation to keep it confidential. Confidential Information includes, but is not limited to: the Company’s business plans, financial information and analysis, customer and prospective customer lists, employee lists, marketing  plans  and  strategies,  research  and  development  data, buying  practices, vendor lists, internal business methods, techniques, technical data, know-how, innovations, computer programs, un-patented inventions, and trade secrets; and information about the business affairs of third parties (including, but not limited to, customers, licensors and suppliers) that such third parties provide to Company in confidence.  Due to its special value and utility as a compilation, a confidential compilation will remain protected as Confidential Information even if some items of information within the list are in the public domain. Private disclosure of otherwise Confidential Information to parties the Company is doing business with for business purposes will not cause the information to lose its protected status under this Agreement.
(b)During Executive’s employment and for so long thereafter as the information qualifies as “Confidential Information” under this Agreement, Executive shall not engage in any use or disclosure of Confidential Information that is not authorized by the Company and undertaken for the benefit of the Company, except as may be permitted under Section 12 (Protected Conduct) below.  These obligations do not prohibit Executive’s use of generally available knowledge, skill and education that is not specific to the Company or its business relationships but is instead knowledge generic to the industry or Executive’s profession. Executive shall comply with all Company policies and directives concerning the use, storage, and transfer of Confidential Information.  Unless prohibited by law from doing so, Executive will notify the Company as quickly as possible after being served with a subpoena, order, or other legal mandate requiring the production of Confidential Information so that the Company can take reasonable steps to protect its interests.
10.Intellectual Property.
(a)Executive understands that Executive is being employed and paid to use all of Executive’s abilities, including creative and inventive skills, for the benefit of the Company.  Accordingly, Executive agrees that any inventions, improvements, discoveries, ideas, concepts, trademarks, service marks, trade names, copyright eligible works of authorship and mask works (hereinafter referred to collectively as “Intellectual Property”) that Executive develops, discovers, conceives or creates while employed with the Company or providing services to an Affiliate, alone or with others, during regular working hours or outside of them, that either: (i) relates to the business of the Company or the Affiliate or their actual or demonstrably anticipated research and development, (ii) is developed or discovered with the assistance of Confidential Information, tools, equipment, personnel or other resources of the Company or a Related Company, or (iii) is suggested by, related to, or result from any work performed by Executive for the Company or an Affiliate; will be deemed “Work Product.”   Executive hereby fully and finally assigns to the Company all right, title and interest in and to all of Executive’s Work Product.  Executive’s Work
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Product will be the property of the Company from the date of conception, irrespective of when, how, or if it is ever reduced to tangible form or practice. Executive’s assignment of Work Product shall include assignment to the Affiliate where the interests of an Affiliate are involved as determined by the Company.  Notwithstanding the forgoing, nothing in this Agreement creates or requires assignment of an invention that cannot be assigned in an employment agreement under controlling law where controlling state law has such a limitation.
(b)All original works of authorship made by Executive, solely or jointly with others, while employed with the Company that relate to the Company’s line of business will be considered done within the scope of Executive’s employment and thus “work made for hire” under the Copyright Act of 1976 (17 U.S.C. § 101) and all comparable laws throughout the world.  All ownership and copyrights in this “work for hire” will belong exclusively to the Company or its designee, and to the extent any rights therein are not automatically conveyed to the Company they will be deemed assigned to the Company.  In this respect, the covered original works of authorship are also Work Product. Original works of authorship (Work Products) covered by the foregoing are understood to include, without limitation, all writings, source code, computer programs, algorithms, photos, images, drawings, branding concepts, and other work product of any nature whatsoever consisting of copyrightable subject matter.  Executive waives all claims Executive may now or hereafter have to rights of paternity, integrity, disclosure and withdrawal, artists’ rights, and any other rights that may be known as “moral rights” with respect to the above-referenced work made for hire, Work Product, and all derivative works thereof.
(c)Executive shall, during and after Executive’s employment with the Company, execute all documents, and will assist the Company in every reasonable and proper way, to obtain and enforce patents, trademark registrations, service mark registrations and copyrights for the Intellectual Property in any and all countries. The Company will pay the expenses for obtaining and enforcing these patents, trademark registrations, service mark registrations, and copyrights.  If Executive retains ownership of any item of Intellectual Property or copyright eligible work that is incorporated into a Company product or service (an item of “Incorporated IP”), Executive grants to the Company, a non-exclusive, fully-paid (royalty-free) and irrevocable worldwide license to incorporate into its products and services, reproduce, make derivative works of, sell, and otherwise use the Incorporated IP.
11.Non-Disparagement.  Executive shall not at any time, whether during or after employment with the Company, in any way undertake to disparage, demean, or cast in a false, misleading or negative light, the Company, its products, services, officers, directors, employees, agents, affiliates, vendors, or customers, or their successors, or in any other way publish negative statements about them or exhibit an attitude of hostility toward them; provided, however, that nothing herein will prohibit him from providing truthful testimony in a legal proceeding or prohibit conduct that is Protected Conduct under Section 12 below.
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12.Protected Conduct.  Executive understands that nothing in this Agreement prohibits Executive from opposing or reporting to the relevant law-enforcement agency (such as the Securities and Exchange Commission) an event Executive reasonably and in good faith believes is a violation of law, requires notice to or approval from Company before doing so, or prohibits cooperating in an investigation conducted by such a government agency, nor does it prohibit disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that Executive has reason to believe is unlawful. Executive acknowledges notice that pursuant to the Defend Trade Secrets Act (DTSA): (1) no individual (consultant, contractor or employee) will be held criminally or civilly liable under Federal or State trade secret law for the disclosure of a trade secret that: (a) is made in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and made solely for the purpose of reporting or investigating a suspected violation of law; or, (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal so that it is not made public; and, (2) an individual who pursues a lawsuit for retaliation by an employer for reporting a suspected violation of the 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 as permitted by court order.  The foregoing will not be construed to invite, permit, or limit liability for otherwise illegal activity such a breaking and entering, illegal computer access (hacking) or theft of the Company property.
13.Defense of Claims.  Executive agrees that, during the Employment Period and thereafter, upon reasonable request from the Company, Executive will reasonably cooperate with the Company or its Affiliates in the defense of any claims or actions that may be made by or against the Company or its Affiliates that relate to Executive’s actual or prior areas of responsibility, except if Executive’s reasonable interests are adverse to the Company or its Affiliate(s), as applicable, in such claim or action.  The Company agrees to pay or reimburse Executive for all of Executive’s reasonable travel and other direct expenses incurred, or to be reasonably incurred, to comply with Executive’s obligations under this Section 13.  Reimbursement of expenses under this Section 13 shall be made no later than thirty (30) days after Executive submits all supporting documentation.  Executive is not permitted to receive a payment or benefit in lieu of or in exchange for reimbursement under this Section 13.  The amount of expenses eligible for reimbursement in one year will not affect the amount of expenses eligible for reimbursement in any other year.
14.Withholdings; Right of Offset.  The Company may withhold and deduct from any payments made or to be made pursuant to this Agreement (a) all federal, state, local and other taxes as may be required pursuant to any law or governmental regulation or ruling or (b) any deductions consented to in writing by Executive.
15.Title and Headings; Construction.  Titles and headings to Sections hereof are for the purpose of reference only and shall in no way limit, define or otherwise affect the provisions hereof.  Any and all exhibits or attachments referred to in this Agreement are, by such reference, incorporated herein and made a part hereof for all purposes.  The words “herein,” “hereof,” “hereunder” and other compounds of the word “here” shall refer to the entire Agreement and not to any particular provision hereof.
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16.Applicable Law; Submission to Jurisdiction.  This Agreement shall in all respects be governed and construed according to the laws of the State of California.  The parties hereby consent, recognize, and agree that should any resort to a court be necessary for any disputes related to Executive’s employment with the Company, then they consent to the exclusive jurisdiction, forum and venue of the state and federal courts located in Los Angeles, California.
17.Entire Agreement and Amendment.  This Agreement contains the entire agreement of the parties with respect to the matters covered herein; moreover, this Agreement supersedes all prior and contemporaneous agreements and understandings, oral or written, between the parties hereto concerning the subject matter hereof.  This Agreement may be amended only by a written instrument executed by both parties hereto.
18.Waiver of Breach.  Any waiver of this Agreement must be executed by the party to be bound by such waiver.  No waiver by either party hereto of a breach of any provision of this Agreement by the other party, or of compliance with any condition or provision of this Agreement to be performed by such other party, will operate or be construed as a waiver of any subsequent breach by such other party or any similar or dissimilar provision or condition at the same or any subsequent time.  The failure of either party hereto to take any action by reason of any breach will not deprive such party of the right to take action at any time while such breach continues.
19.Assignment.  This Agreement is personal to Executive, and neither this Agreement nor any rights or obligations hereunder shall be assignable or otherwise transferred by Executive.  The Company may assign this Agreement to any of its Affiliates and to any successor (whether by merger, purchase or otherwise) to all or substantially all of the equity, assets or businesses of the Company, if such successor expressly agrees to assume the obligations of the Company hereunder.
20.Affiliates.  For purposes of this Agreement, the term “Affiliates” is defined as any person or entity Controlling, Controlled by, under common Control with the Company, or managed by the same executives as those who manage the day to day operations of the Company.  The term “Control,” including the correlative term “Controlled By” means possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of securities or any Company or other ownership interest, by contract or otherwise) of a person or entity.  For the purposes of the preceding sentence, Control shall be deemed to exist when a person or entity possesses, directly or indirectly, through one or more intermediaries (a) in the case of a corporation more than 50% of the outstanding voting securities thereof; (b) in the case of a limited liability company, partnership, limited partnership or venture, the right to more than 50% of the distributions therefrom (including liquidating distributions); or (c) in the case of any other person or entity, more than 50% of the economic or beneficial interest therein.
21.Notices.  Notices provided for in this Agreement shall be in writing and shall be deemed to have been duly received (a) when delivered in person or sent by facsimile transmission, (b) on the first business day after such notice is sent by air express
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overnight courier service, or (c) on the third business day following deposit in the United States mail, registered or certified mail, return receipt requested, postage prepaid and addressed, to the following address, as applicable:
(a)If to the Company, addressed to:
Adam Vandervoort
Chief Legal Officer
Teladoc Health, Inc.
2 Manhattanville Road, 2nd Floor
Purchase, New York 10577
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(b)If to Executive, addressed to:
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Michael Waters
[
                           ]
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22.Counterparts.  This Agreement may be executed in any number of counterparts, including by facsimile or e-mail .pdf, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument.  Each counterpart may consist of a copy hereof containing multiple signature pages, each signed by one party, but together signed by both parties hereto.
23.Deemed Resignations.  Unless otherwise agreed to in writing by the Company and Executive prior to the termination of Executive’s employment, any termination of Executive’s employment shall constitute: (i) an automatic resignation of Executive as an officer of the Company and each Affiliate of the Company, as applicable, and (ii) an automatic resignation of Executive from the Board (if applicable), from the board of directors of any Affiliate of the Company (if applicable), and from the board of directors or any similar governing body of any corporation, limited liability entity or other entity in which the Company or any Affiliate holds an equity interest and with respect to which board or similar governing body Executive serves as the Company’s or such Affiliate’s designee or other representative (if applicable).
24.Compliance with Code Section 409A.  The intent of the parties is that the payments and benefits under this Agreement be exempt from Code Section 409A, and the regulations and guidance promulgated thereunder and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be within the scope of available exemptions (including the “short-term deferral” exemption and the “separation pay” exemption found in Treasury Regulation Sections 1.409A-1(b)(4) and (9), respectively).  To the extent that any reimbursements under this Agreement are not exempt from Code Section 409A, any such reimbursements payable to Executive shall be paid to Executive no later than December 31 of the year following the year in which the expense was incurred; provided, that Executive submits Executive’s reimbursement request promptly following the date the expense is incurred, the amount of expenses reimbursed in one year
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shall not affect the amount eligible for reimbursement in any subsequent year, other than medical expenses referred to in Code Section 105(b), and Executive’s right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit. Notwithstanding anything in this Section 24 to the contrary, in no event shall the Company be deemed to have provided any representation or warranty regarding the tax treatment of any payments made to Executive by the Company and any taxes imposed on Executive in connection with such payments shall be the responsibility of Executive.
IN WITNESS WHEREOF, Executive and the Company each have caused this Agreement to be executed in its name and on its behalf, to be effective as of the Effective Date.
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	TELADOC HEALTH, INC.

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	/s/ Arnnon Geshuri

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	Arnnon Geshuri

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	Chief People Officer

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	EXECUTIVE

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	/s/ Michael Waters

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	Michael Waters

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