Document:

EX-10.8

 Exhibit 10.8 
  

INCENTIVE UNIT GRANT AGREEMENT 

UNDER THE KC PARENT, LLC 

2015 EQUITY INCENTIVE PLAN 
  

			
	Name of Grantee:	  	_________________________ (the “Grantee”)
		
	(Name of Grantee)	  	
		
	No. of Units:	  	_________________ Class B-1 Units
		
		  	_________________ Class B-2 Units
		
		  	_________________ Class B-3 Units
		
		  	(Class B-1 Units, Class B-2 Units and Class B-3 Units, collectively, the “Incentive
Units”)
		
	Grant Date:	  	___________________ (the “Grant Date”)
		
	Vesting Reference Date:	  	___________________ (the “Vesting Reference Date”)
		
	Strike Price:	  	$                                    

 Pursuant to the KC Parent, LLC 2015 Equity Incentive Plan (the “Plan”), KC Parent, LLC, a
Delaware limited liability company (together with all successors thereto, the “Company”), hereby grants to the Grantee, who is an employee, officer, manager or director of, or other provider of services to, the Company or any of its
Subsidiaries, the number of Incentive Units of the Company indicated above (the “Granted Units”), subject to the terms and conditions set forth in this Incentive Unit Grant Agreement (this “Agreement”), in the Plan
and in the Second Limited Liability Company Agreement of the Company dated as of April 18, 2016 (as may be further amended or modified from time to time, the “LLC Agreement”). 

1. Definitions. For the purposes of this Agreement, all capitalized terms used herein and not otherwise defined
shall have the respective meanings set forth in the LLC Agreement and the Plan. 
 2. Repurchase, Vesting and
Forfeiture. The Granted Units shall be subject to repurchase, vesting and forfeiture as set forth in the LLC Agreement. 

3. Incorporation of Plan and LLC Agreement; Joinder; Non-Competition, Non-Solicitation, Confidentiality and Intellectual Property Agreement. 
 (a) Notwithstanding
anything herein to the contrary, the Granted Units shall be subject to and governed by all the terms and conditions of the Plan and the LLC Agreement, including without limitation the provisions with respect to forfeiture, repurchase and transfer of
Incentive Units as set forth in the LLC Agreement including any Exhibits and/or Schedules attached thereto. 
 (b) As a condition precedent
to the Company’s grant of Incentive Units to the Grantee, the Grantee shall: (a) execute the Joinder to the Company’s LLC Agreement attached hereto as Exhibit A, whereupon the Grantee shall become a party to the LLC Agreement
as a Member and a holder of Incentive Units (provided that the Grantee shall be bound by the LLC Agreement whether or not such counterpart is actually executed); (b) execute and timely file the form election in accordance with Section 83(b) of the
Code attached hereto as Exhibit B and (b) execute the Non-Competition, Non-Solicitation, Confidentiality and Intellectual Property Agreement attached hereto
as Exhibit C. 

 4. Withholding Taxes. The Grantee agrees that the Company or any of its
Subsidiaries have the right to deduct from payments of any kind otherwise due to the Grantee, all federal, foreign, state or local taxes of any kind required by law to be withheld with respect to the grant of the Granted Units to the Grantee. The
Grantee agrees to elect, in accordance with Section 83(b) of the Code and the form election provided as Exhibit B hereto, to recognize ordinary income in the year of the grant of the Granted Units, and to pay to the Company all
withholding taxes based on the excess, if any, of the aggregate fair market value of such Granted Units (determined without regard to any restriction other than a restriction which by its terms will never lapse) as of the Grant Date over the amount,
if any, paid by the Grantee for such Granted Units. The Grantee acknowledges that the Grantee has reviewed with the Grantee’s own tax advisors the tax consequences of this Agreement, the grant and its surrounding circumstances, the terms and
structure of the Grantee’s ownership of the Granted Units and the Grantee’s election in accordance with Section 83(b) as described above, and is relying solely on such advisors and not on any statements or representations of the
Company or any of its agents. The Grantee understands that the Grantee (and not the Company) shall be responsible for the Grantee’s own tax liability that may arise as result of the transactions contemplated by this Agreement or relating in any
manner to the Granted Units. 
 5. Restrictions on Transfer of Granted Units. None of the Granted Units shall be
Transferred, except as permitted under the LLC Agreement. 
 6. [Intentionally Omitted.] 

7. Miscellaneous Provisions. 

(a) No Employment Rights. No provision of this Agreement shall (i) confer upon the Grantee any right to be or continue, as the
case may be, in the employ of the Company or any Subsidiary, (ii) affect the right of the Company or any Subsidiary to terminate the employment of the Grantee, with or without cause or (iii) confer upon the Grantee any right to participate
in any employee welfare or benefit plan or other program of the Company or any Subsidiary, other than the Plan. The Grantee hereby acknowledges and agrees that the Company or any Subsidiary may terminate the Grantee’s employment at any time,
with or without notice, and for any reason, or for no reason. 
 (b) Lock Up. The Grantee shall be subject to the lock up provisions
set forth in Section 10.4(f) of the LLC Agreement. 
 (c) Equitable Remedies. The parties hereto agree that irreparable harm
would occur in the event that this Agreement is not performed fully by the parties hereto in accordance with its specific terms or conditions or is otherwise breached, and that money damages are an inadequate remedy for breach of the Agreement
because of the difficulty of ascertaining and quantifying the amount of damage that will be suffered by the parties hereto in the event that this Agreement is not performed in accordance with its terms or conditions or is otherwise breached. It is
accordingly hereby agreed that each of the parties hereto shall be entitled to an injunction or injunctions, without the necessity of proving actual damages or posting a bond or other security, to restrain, enjoin and prevent breaches of this
Agreement by the other party and to enforce specifically the terms and provisions of this Agreement in any court of the United States or any state having jurisdiction, such remedy being in addition to and not in lieu of, any other rights and
remedies to which the other party is entitled to at law or in equity. 

  
 2 

 (d) Change and Modifications. This Agreement may not be orally changed, modified or
terminated, nor shall any oral waiver of any of its terms be effective. This Agreement may be changed, modified or terminated only by an agreement in writing signed by the Company and the Grantee. 

(e) Governing Law. This Agreement shall be construed in accordance with and governed by the internal laws of the State of Delaware,
without regard to the principles of conflicts or choice of laws thereof that would give rise to the application of the domestic substantive law of any other jurisdiction. To the extent permitted by applicable law, the provisions of this Agreement
shall supersede any contrary provisions of any applicable law. 
 (f) Headings. The sections and other headings contained in this
Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement. 
 (g) Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining portions hereof or
affecting the validity or enforceability of such provision in any other jurisdiction. 
 (h) Notices. All demands, notices, requests,
consents and other communications required or permitted under this Agreement shall be in writing and shall be personally delivered or sent by facsimile machine (with a confirmation copy sent by one of the other methods authorized in this Section),
reputable commercial overnight delivery service (including Federal Express and U.S. Postal Service overnight delivery service), electronic mail or deposited with the U.S. Postal Service mailed first class, registered or certified mail, postage
prepaid. Notices to the Company or the Grantee shall be addressed as set forth underneath their signatures below, or to such other address or addresses as may have been furnished by such party in writing to the other. 

(i) Benefit and Binding Effect. Except as otherwise provided herein or in the LLC Agreement, this Agreement shall be binding upon and
shall inure to the benefit of the parties hereto and their respective legal representatives, heirs, successors and permitted assigns. The Company has the right to assign this Agreement, and such assignee shall become entitled to all the rights of
the Company hereunder to the extent of such assignment. 
 (j) Counterparts. This Agreement may be executed in any number of
counterparts, each of which, when so executed and delivered, shall be an original, but all of which together shall constitute one agreement binding on the parties hereto. Transmission of an executed counterpart by fax or PDF file of this Agreement
shall be deemed to constitute due and sufficient delivery of such counterpart, and such signatures shall be deemed original signatures for purposes of the enforcement and construction of this Agreement. 

[SIGNATURE PAGE FOLLOWS] 

  
 3 

 The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby
agreed to by the undersigned as of the date first above written. 
  

			
	 KC PARENT, LLC

		
	By:	 	 
		 	 Name:

Title:

		
	By:	 	 
		 	 Name:

Title:

 The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by the
undersigned as of the date first above written. 
  

	
	 GRANTEE:

	
	   

	 Name:

	
	 Address:

	 
	 
	 

 [Signature Page to Incentive Unit Grant Agreement] 

 EXHIBIT A 

Joinder to LLC Agreement 

The undersigned is executing and delivering this Joinder Agreement pursuant to the Second Amended and Restated Limited Liability Company
Operating Agreement for KC Parent, LLC (the “Company”), dated as of April 18, 2016 (as the same may hereafter be amended, restated, supplemented or otherwise modified from time to time, the “LLC Agreement”).

 By executing and delivering this Joinder Agreement to the Company, the undersigned hereby agrees to become a party to, to be bound by,
and to comply with the provisions of the LLC Agreement in the same manner as if the undersigned were an original signatory to such agreement. 

The undersigned agrees that the undersigned shall be a “Management Member” as such term is defined in the LLC Agreement. 

Accordingly, the undersigned has executed and delivered this Joinder Agreement as of the __ day of __________________, 20[__]. 

 

	
	 MANAGEMENT MEMBER:

	
	   

	 Name:

	
	 Address:

	 
	 
	 

 EXHIBIT B 

Section 83(b) Election 

The undersigned hereby elects pursuant to §83(b) of the Internal Revenue Code of 1986, as amended, to include in gross income as
compensation for services the excess (if any) of the fair market value of the property described below over the amount paid for such property. 
  

			
	1.	  	The name, taxpayer identification number, address of the undersigned, and the taxable year for which this election is being made are:
		
		  	Taxpayer’s Name:
                                         
                                         
                                         
                                        
             
		
		  	Taxpayer’s Social Security Number:
                                         
                                         
                                         
                         
		
		  	Address:
                                         
                                         
                                         
                                         
                            
		
		  	                                      
                                         
                                         
                                         
                                        
       
		
		  	                                      
                                         
                                         
                                         
                                        
       
		
		  	Taxable Year: Calendar Year 20    
		
	2.	  	The property which is the subject of this election is                      B-1 Units,
                     B-2 Units and
                     B-3 Units (the “Units”) of KC Parent, LLC (the “Company”).
		
	3.	  	The property was transferred to the undersigned on________ ___ , 201___.
		
	4.	  	The property is subject to the following restrictions:
		
		  	The Units will be subject to restrictions on transfer and risk of forfeiture upon termination of service relationship and in certain other events.
		
	5.	  	The fair market value of the property at time of transfer (determined without regard to any restrictions other than nonlapse restrictions as defined in §1.83-3(h) of the Income Tax Regulations) is $0.
		
	6.	  	For the property transferred, the undersigned paid $0.
		
	7.	  	The amount to include in gross income is $0.

 The undersigned taxpayer will file this election with the Internal Revenue Service Office with which the taxpayer files his or
her annual income tax return not later than 30 days after the date of transfer of the property. A copy of the election will also be furnished to the person for whom the services were performed. Additionally, the undersigned will include a copy of
the election with his or her income tax return for the taxable year in which the property is transferred. The undersigned is the person performing services in connection with which the property was transferred. 

 

							
	Dated: __________________, 20__	 		 	 
		 		 	Taxpayer

 EXHIBIT C 

Non-Competition, Non-Solicitation, Confidentiality and
Intellectual Property Agreement 
 (See attached.)EX-10.9

 Exhibit 10.9 

KinderCare Education LLC 

SEVERANCE PAY PLAN 
 EFFECTIVE
JANUARY 1, 2017 
 PLAN AND SUMMARY PLAN DESCRIPTION 

 KinderCare Education 

SEVERANCE PAY PLAN 

EFFECTIVE AS OF JANUARY 1, 2017 

PLAN AND SUMMARY PLAN DESCRIPTION 

INTRODUCTION 
 Effective as of January 1 , 2017 (the
“Effective Date”), the KinderCare Education Severance Pay Plan (the “Plan”) is for the benefit of eligible employees of KinderCare Education LLC, formerly Knowledge Universe Education LLC, (the “Company”), including its
subsidiaries (collectively herein, the “Employer”). The purpose of the Plan is to provide an eligible employee with severance pay and benefits for a specified period of time in the event that his or her employment is involuntarily
terminated by the Employer. The Plan is an unfunded welfare benefit plan for purposes of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), a severance pay plan within the meaning of United States Department of
Labor regulations section 2510 3-2(b), and an involuntary separation pay plan under Treas. Reg. Section 1 409A-1(b)(9)(iii). The Plan supersedes each prior Company
severance plan, program and policy covering eligible employees, both formal and informal, including but not limited to, the severance policy set forth in the Company’s Employee Benefits Handbook. This document serves as both the Plan document
and the summary Plan description for all purposes under ERISA. 
 ELIGIBLE EMPLOYEES 

Each “eligible employee” may become a participant in the Plan. An “eligible employee” is a person who: 

 

	 	a)	 is a common-law employee of the Employer who is not designated a
temporary or substitute employee, as determined by the Employer; 

  

	 	b)	 is not eligible to receive any severance pay or severance benefits under any other arrangement or agreement
with the Employer; 

  

	 	c)	 is being involuntarily terminated by the Employer due to (i) a change in operations, (ii) facility
closing, (iii) job consolidation, (iv) a reduction in workforce for economic or other reasons, or (v) the employee declining a transfer of the employee’s primary workplace; 

 

	 	d)	 is notified in writing by the Plan Administrator that he or she is eligible under the Plan; and

  

	 	e)	 complies with each term and condition set forth in this Plan and executes a severance agreement and general
release of form and substance acceptable to the Employer (“Agreement”). 

 CONDITIONS OF INELIGIBILITY 

A person who otherwise meets the definition of “eligible employee” above shall nonetheless be ineligible under the Plan, as determined in the sole
discretion of the Plan Administrator, in the following instances: 
  

	 	a)	 the employee ceases to be an “eligible employee” as defined above; 

 

	 	b)	 the employee is offered and declines a position with the Employer with the same or greater compensation as
employee’s compensation at the time of notification of the offer; and 

  
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	 	i.	 the employee (A) is employed in an exempt position under the Fair Labor Standards Act (“FLSA”)
and the primary workplace of the declined position is within fifty (50) miles of the employee’s current primary workplace with the Employer or any subsidiary or affiliate of the Employer or (B) is employed in a non-exempt position under the FLSA and the primary workplace of the declined position is within 10 miles of the employee’s current primary workplace with the Employer or any subsidiary or affiliate of the
employer; or 

  

	 	ii.	 the employee is employed at a Senior Director level or above; 

 

	 	c)	 the employee accepts any other position with the Employer or with any subsidiary or affiliate of the Employer;

  

	 	d)	 the employee is offered a position with any successor employer of the Employer (e. g . an individual or entity
unrelated to the Employer that assumes the operations or ownership of the Employer’s facility) at the same or greater compensation, regardless of whether the employee accepts the offer of employment; 

 

	 	e)	 the employee accepts a position with any successor employer of the Employer (e.g., an individual or entity
unrelated to the Employer that assumes the operations or ownership of the Employer’s facility); 

  

	 	f)	 the employee works in a center or at a site that remains open and operating and is involuntarily terminated by
the Employer due to fluctuation in and/or insufficient enrollment; 

  

	 	g)	 the employee is terminated by Employer through Employee Status Monitoring; 

 

	 	h)	 the employee fails to comply with each term and condition in this Plan and in the Agreement;

  

	 	i)	 the employee fails to comply with any policy of the Employer; or 

 

	 	j)	 the Employer terminates the Plan. 

SELECTION PROCEDURE AND CRITERIA 
 The Company may use
criteria such as departmental and business needs, seniority, and disciplinary history and performance to identify the individual employees selected for termination Those employees selected for termination will be eligible to receive severance pay
and benefits under the Plan, subject to their execution and non-revocation of the Agreement. 
 AGREEMENT AND
PAYMENT OF SEVERANCE 
 Each eligible employee must sign the Agreement (see “Eligible Employees” section, paragraph (e), above) to receive
severance pay and benefits under the Plan. No eligible employee may sign the Agreement before his or her termination date. An eligible employee who signs and, where applicable, does not later revoke the Agreement, is a “participant” under
the Plan. Severance amounts totaling twelve (12) weeks or less will generally be paid in a single lump sum after executing the Agreement and following the expiration of any applicable revocation period without revocation. Severance amounts
totaling thirteen (13) weeks or more will generally be paid on a bi-weekly basis, after executing the Agreement and following the expiration of any applicable revocation period without revocation, subject
to cessation upon commencement of new regular employment. 
 SEVERANCE PAY AND BENEFITS 

Each participant (as defined above) shall be entitled to receive the severance pay and benefits set forth in the applicable Attachment to this document. The
Plan Administrator may, in its sole discretion, provide a participant with greater severance pay or different forms of severance benefits than those set forth in the Attachments to this document. 

  
 3 

 RETURN OF PROPERTY 

As a condition for receiving severance pay and benefits under the Plan, an eligible employee must return to the Employer all Employer property (e.g., building
keys, credit cards (including p-card), documents and records (both electronic and hard copies), identification cards, office equipment, portable computers, car/mobile phones, parking cards, computer storage
drives, etc.). Any Employer property must be returned to the Employer no later than the eligible employee’s termination date. 
 PLAN ADMINISTRATION

 The Company’s Executive Vice President, People and Operations is the “Plan Administrator” of the Plan and the “named
fiduciary” within the meaning of such terms as defined in ERISA. The Plan Administrator shall have the discretionary authority to determine eligibility for Plan benefits and to construe the terms of the Plan, including the making of factual
determinations. Benefits under the Plan shall be payable only if the Plan Administrator determines, in its sole discretion, that an eligible employee is entitled to them. The decisions of the Plan Administrator shall be final and conclusive with
respect to all questions concerning the administration of the Plan. 
 The Plan Administrator may delegate to other persons or entities the responsibilities
for performing certain of the duties of the Plan Administrator under the Plan. The Plan Administrator shall have the authority to seek expert advice, as the Plan Administrator deems reasonably necessary, with respect to the Plan. The Plan
Administrator shall be entitled to rely upon the information and advice furnished by such persons and experts, unless actually knowing such information and advice to be inaccurate or unlawful. 

CLAIMS PROCEDURE FOR PLAN BENEFITS 
 Generally, eligible
employees do not need to make a claim for benefits under the Plan to receive Plan benefits (other than completing and not revoking the Agreement to obtain severance pay and benefits). However, if an employee believes he or she is entitled to
benefits, or to greater benefits than are paid under the Plan, the employee may file a claim for benefits with the Plan Administrator. The Plan Administrator will either accept or deny the claim and will notify the claimant of acceptance or denial
of the claim. 
 If the claim is denied, the Plan Administrator will furnish a written notice to the claimant containing the following information: 

 

	 	a)	 the specific reasons for the denial; 

 

	 	b)	 specific references to the Plan provisions on which any denial is based; 

 

	 	c)	 a description of any additional material or information that must be provided by the claimant in order to
support the claim; and 

  

	 	d)	 an explanation of the Plan’s appeal procedures. 

A claimant may appeal the denial of his or her claim and have the Plan Administrator reconsider the decision The claimant or the claimant’s authorized
representative has the right to: 
  

	 	a)	 request an appeal by written request to the Plan Administrator no later than sixty (60) days after receipt
of notice from the Plan Administrator denying the employee’s claim; 

  

	 	b)	 review pertinent Plan documents; and 

  
 4 

	 	c)	 submit issues and comments regarding the claim in writing to the Plan Administrator. 

The claimant will be advised of the Plan Administrator’s decision on any appeal in writing. The notice will set forth the specific reasons for the
decision and make specific reference to Plan provisions upon which the decision is based. 
 In no event shall a claimant or any other persons be entitled
to challenge a decision of the Plan Administrator in court or in any other administrative proceeding unless and until the claim and appeal procedures described above have been complied with and exhausted. 

In no event may a claimant challenge the Plan Administrator’s decision upon appeal in any court or governmental proceeding after 120 days from the date
of the Plan Administrator’s decision of the appeal. 
 AMENDMENT/ TERMINATION / VESTING 

Eligible employees do not have any vested right to severance pay or severance benefits under the Plan, and the Company reserves the right in its sole
discretion to amend or terminate the Plan at any time. The Company’s Executive Vice President, People and Operations, and the Company’s Chair of the Board of Directors each may amend the Plan in any respect at any time, retroactively or
otherwise. 
 NO ASSIGNMENT 
 Severance pay and benefits
under the Plan shall not be subject to anticipation, alienation, pledge, sale, transfer, assignment, garnishment, attachment, execution or encumbrance of any kind and any attempt to do so shall be void, except as required by law. 

WITHHOLDING AND OFFSET 
 The Employer reserves the right
to withhold from any amounts payable under this Plan all federal, state, city, and local taxes as shall be required by law, as well as any other amounts authorized or required by the Employer’s policy including, but not limited to, withholding
for garnishments and judgments or other court orders. The Employer reserves the right, exercisable in its sole discretion, to reduce the amount of severance pay or severance benefits payable to a participant by the amount, if any, that the
participant owes Employer. 
 RETURN OF SEVERANCE PAYMENTS 

Eligible employees shall be required to return to the Employer any severance pay or severance benefits, or portion thereof, made by a mistake of fact or law,
or paid contrary to the terms of the Plan, and the Employer shall have all remedies available at law for the recovery of such amounts. In the event a participant who is receiving or has received severance pay or severance benefits under the Plan
breaches any portion of the Agreement, or any portion of this document (i) the payment of severance pay and benefits to such participant shall cease, (ii) the Employer shall have no further obligation at any time to make available any
severance pay or severance benefits under the Plan, and (iii) the participant shall be required to return to the Employer any severance pay and benefits, or portion thereof, paid to the participant, less $100, and the Employer shall have all
remedies available at law for the recovery of such amounts. 
 REPAYMENT OF SEVERANCE PAY UPON REHIRE 

The Employer may require a participant to repay any part or all of the severance pay and benefits received if the participant is rehired by the Employer or any
subsidiary or affiliate of the Employer. If the Employer requires the participant to repay any amount, the Employer shall determine the amount, timing, and manner of repayment on a discretionary basis with respect to each individual participant.

  
 5 

 NON-SOLICITATION OF BUSINESS AND EMPLOYEES 

Notwithstanding any provision in this Plan to the contrary, no person shall be eligible to receive any pay or benefit from this Plan if, during his or her
employment and in violation of Employer policy, he or she has, directly or indirectly: 
 solicited business substantially similar to the
Employer’s business from any client, customer, vendor or account of the Employer which the participant serviced, was responsible for or was otherwise exposed to; or 

induced any employee of an Employer to discontinue his or her employment with the Employer, or otherwise be involved in the recruitment or
hiring away of any such employees. 
 As additional consideration for signing and not revoking the Agreement, each participant agrees that for a period of
time as set forth in the Agreement, the participant shall continue to comply with the above non-solicitation of business and employees provision The non-solicitation of business provision above shall apply to
any client, customer, vendor or account of the Employer which the participant serviced, was responsible for or was otherwise exposed to during the twelve (12) months immediately prior to the participant’s termination date. The Agreement
may include other rights and responsibilities that arise out of this non-solicitation of business and employees provision of the Plan, including, but not limited to, the remedies that are available to the
Employer if a participant breaches this provision. Each participant should carefully read the Agreement to fully understand these additional rights and responsibilities. 

NO REPRESENTATIONS CONTRARY TO THE PLAN 
 No employee,
officer, or director of the Company has the authority to alter, vary or modify the terms of the Plan, other than by means of an authorized written amendment to the Plan, as provided above. No verbal or written representations contrary to the terms
of the Plan and its written amendments shall be binding upon the Plan, the Plan Administrator or the Company. 
 NO EMPLOYMENT RIGHTS 

The Plan confers employment rights upon no person. No person shall be entitled, by virtue of the Plan, to remain in the employ of Employer and nothing in the
Plan shall restrict the right of Employer to terminate the employment of any person at any time. 
 APPLICABLE LAW 

The Plan shall be governed and construed in accordance with the laws of the State of Oregon, except where preempted by ERISA. 

SECTION 409A OF THE INTERNAL REVENUE CODE 
 This Plan
constitutes an involuntary separation pay plan under Treas. Reg. Section 1 409A-1(b)(9)(iii). Notwithstanding anything in this Plan to the contrary, under no circumstance may severance pay exceed the
lesser of (i) two (2) times the participant’s annual compensation for services provided to his or her Employer for the calendar year preceding the calendar year in which the participant terminates employment; or (ii) two (2) times the
maximum amount that may be taken into account under a qualified retirement plan pursuant to Code Section 401(a)( 17) for the calendar year preceding the calendar year in which the participant terminates employment. 

  
 6 

 SEVERABILITY 

If a provision of the Plan is found, held or deemed by the Plan Administrator or a court of competent jurisdiction to be void, unlawful or unenforceable under
any applicable statute or other controlling law, the provision shall be severed from the Plan and the remainder of the Plan shall continue in full force and effect. 

PLAN YEAR 
 The plan year is the calendar year. 

MAXIMUM PAYMENTS 
 Except as otherwise provided by the
Company in its sole discretion, the severance pay available under the Plan is the maximum pay available to the eligible employee in the event of termination of employment. To the extent that a federal, state or local law requires the Company to make
a payment to an eligible employee because of termination of employment or in accordance with a plant closing law, including the Worker Adjustment and Retraining Notification Act (WARN), the severance pay and benefits otherwise payable under the Plan
shall be coordinated with and reduced by the amount of such required payment. 
 YOUR ERISA RIGHTS 

As an eligible employee under the Plan, you are entitled to certain rights and protections under ERISA. ERISA provides that eligible employees under the Plan
shall be entitled to: 
  

	 	a)	 Examine without charge at the Plan Administrator’s office (and at other specified locations) all Plan
documents and copies of all documents filed by the Plan Administrator with the U S Department of Labor, as applicable, such as detailed annual reports. 

  

	 	b)	 Obtain copies of all Plan documents and other Plan information upon written request to the Plan Administrator.
The Plan Administrator may make a reasonable charge for the copies. 

  

	 	c)	 Receive a copy of the Plan’s financial report, if any. The Plan Administrator may be required by law to
furnish each eligible employee with a copy of the summary annual report, if any. 

 In addition to creating rights for eligible employees,
ERISA imposes duties upon the people who are responsible for the operation of the Plan. The people who operate the Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in the interest of you and other eligible
employees. No one, including the Company or any other person or entity, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a benefit or exercising your rights under ERISA. If your claim for a Plan benefit is
denied, you must receive a written explanation of the reason for the denial. You have the right to have the Plan Administrator review and reconsider your claim. 

Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request materials from the Plan Administrator and you do not
receive them within thirty (30) days, you may file suit in a federal court. In such a case, the court may require the Plan Administrator to provide the materials and to pay you up to $110.00 per day until you receive the materials, unless the
materials were not sent because of reasons beyond the control of the Plan Administrator. If you have a claim for benefits, which is denied or ignored, you may file suit in a state or federal court. 

If it should happen that Plan fiduciaries misuse the Plan’s money, or if you are discriminated against for asserting your rights, you may seek assistance
from the U.S. Department of Labor or you may file suit in federal court. The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose,
the court may order you to pay these costs and fees; for instance, if it finds your claim to be frivolous. 

  
 7 

 If you have any questions about the Plan, you should contact the Plan Administrator. If you have questions
about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor,
listed in your telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, NW, Washington DC 20210. You may also obtain certain publications
about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration. 
 GENERAL
INFORMATION 
  

			
	Plan Name:	 	KinderCare Education Severance Pay Plan
		
	Type of Plan:	 	 The Plan is an unfunded severance pay plan, which is a

welfare benefit plan under ERISA

		
	Plan Number:	 	501
		
	Plan Sponsor:	 	 KinderCare Education LLC
 650 NE Holladay St,
Suite 1400
 Portland, OR 97232

		
	 Plan Sponsor’s Employer
 Identification
Number:
	 	06-1097006
		
	Plan Administrator:	 	 KinderCare Education
 Attn: Executive Vice
President, People and Operations
 650 NE Holladay St, Suite 1400

Portland, OR 97232
 (888)
525-2472

		
	Agent for Service:	 	 CT Advantage
 Attn: KinderCare Service Agent

520 Pike Street, Suite 985
 Seattle, WA 98101, (800) 456-4511

 This Plan is hereby restated by the Company, effective as of January 1, 2017, by execution of this document by the
Company’s Senior Vice President, Human Resources and Community Partnerships, this                      day of January, 2017. 

 

	
	KINDERCARE EDUCATION LLC
	
	 /s/ Kelsey Troy

	Kelsey Troy
	Senior Vice President, Human Resources and Community Partnerships

  
 8 

 ATTACHMENT II 

SEVERANCE PAY AND BENEFITS 

VICE PRESIDENTS AND ABOVE 
 ELIGIBILITY

 Each participant in the KinderCare Education Severance Pay Plan who is involuntarily terminated through a position elimination, reduction in force, or
reorganization, and who is employed at a Vice President level or above shall be eligible for the severance pay and benefits described in this ATTACHMENT II to the KinderCare Education Severance Pay Plan document. 

SEVERANCE PAY 
 As consideration for signing and (if
applicable) not revoking the Agreement, each participant entitled to severance pay and benefits under this ATTACHMENT II will receive as severance pay up to twenty-six (26) Weeks of Pay, paid on a bi-weekly basis in accordance with the Company’s regular payroll practices. 
 Severance pay will end either at the
end of the twenty-six (26) week period, or upon commencement of new regular employment, whichever occurs first. The participant must inform the Company upon obtaining new, regular employment. Failure to
timely inform the Company of new, regular employment will result in the participant being responsible to reimburse the Company for all weeks of severance paid after commencing the new, regular employment. 

A “Week of Pay’’ for a participant who is paid on a salaried basis equals the participant’s annual base salary rate in effect at the time
the employee is notified of his or her termination, divided by fifty-two (52). Notwithstanding anything to the contrary, a “Week of Pay” for purposes of this Plan excludes bonuses, commissions,
overtime, and other supplemental pay or allowances provided to the participant. 
 SEVERANCE BENEFITS 

As additional consideration for signing and (if applicable) not revoking the Agreement, if a participant entitled to severance pay under this ATTACHMENT II is
eligible to elect to continue group health coverage under the Employer’s group health plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), and the participant has no other available group health
coverage, the Employer will subsidize the Employee’s COBRA premiums and only require the Employee to pay the amount that an active employee would pay for such coverage for up to six months (“COBRA Subsidy”). The Employee will be
responsible for payment of the Employee contribution in order to receive the coverage. 
 Thereafter, the participant may continue group health coverage
pursuant to COBRA by paying the full COBRA premium. Employees not otherwise eligible for the severance benefit described in this section of the Plan may continue group health coverage pursuant to COBRA. 

The COBRA Subsidy will continue for six months or until the end of the month before the participant becomes eligible for other group health coverage,
whichever comes first. The participant must inform the Company upon becoming eligible for other group health coverage. Failure to timely inform the Company of new coverage will result in the participant being responsible to reimburse the Company the
value of benefits paid while the participant was eligible for other group health coverage. 
 OUTPLACEMENT 

As additional consideration for signing and (where applicable) not revoking the Agreement, each participant entitled to severance pay and benefits under this
ATTACHMENT II shall receive individual outplacement assistance in the Lee Hecht Harrison Professional Program for up to six months, in a form and manner the Company shall designate, in its sole discretion. 

A participant may elect not to accept the outplacement services offered; however, no participant shall receive any cash payment in lieu of outplacement
services. 

 ATTACHMENT III 

SEVERANCE PAY AND BENEFITS 

SENIOR DIRECTORS AND DIRECTORS 

ELIGIBILITY 
 Each participant in the KinderCare Education
Severance Pay Plan whose employment is involuntarily terminated through a position elimination, reduction in force, or reorganization, and who is employed at a Senior Director or Director level (including District Managers and equivalent field
management) shall be eligible for the severance pay and benefits described in this ATTACHMENT III to the KinderCare Education Severance Pay Plan document. 

SEVERANCE PAY 
 As consideration for signing and not (if
applicable) revoking the Agreement, each participant entitled to severance pay under this ATTACHMENT III will receive as severance pay a minimum of twelve (12) Weeks of Pay. If the participant has accrued more than six (6) full Years of
Service at the time of separation, the participant will accrue two (2) additional weeks of pay for each full Year of Service exceeding six (6), not to exceed a total of twenty-six (26) Weeks of Pay.

 Severance pay totaling twelve (12) Weeks of Pay or less will be paid in a single lump sum payment within 60 days of the effective date of the
Agreement. Severance pay totaling thirteen (13) Weeks of Pay or more will be paid on a bi-weekly basis in accordance with the Company’s regular payroll practices, but will cease either upon the end
of the severance pay period, or upon the participant obtaining new, regular employment, whichever occurs first. The participant must inform the Company upon obtaining new, regular employment. Failure to timely notify the Company of new, regular
employment will result in the participant being responsible to reimburse the Company for all weeks of severance paid after commencing the new, regular employment. 

A “Week of Pay” for a participant who is paid on a salaried basis equals the participant’s annual base salary rate in effect at the time the
employee is notified of his or her termination, divided by fifty-two (52). Notwithstanding anything to the contrary, a “Week of Pay” for purposes of this Plan excludes bonuses, commissions, overtime,
and other supplemental pay or allowances provided to the participant. “Year of Service” means each complete twelve (12) month period from the participant’s most recent date of hire with the Employer. Year of Service does not
include any partial twelve (12) month period. 
 SEVERANCE BENEFITS 

As additional consideration for signing and (if applicable) not revoking the Agreement, if a participant entitled to severance pay under this ATTACHMENT III is
eligible to elect to continue group health coverage under the Employer’s group health plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), and the participant has no other available group health
coverage, the Employer will subsidize the Employee’s COBRA premiums and only require the Employee to pay the amount that an active employee would pay for such coverage for up to six months (depending on the number of weeks of severance pay)
(“COBRA Subsidy”). The Employee will be responsible for payment of the Employee contribution in order to receive the coverage. 
 Thereafter, the
participant may continue group health coverage pursuant to COBRA by paying the full COBRA premium. Employees not otherwise eligible for the severance benefit described in this section of the Plan may continue group health coverage pursuant to COBRA.

 The maximum COBRA Subsidy is based on the number of Weeks of Pay as set forth in the schedule below. However, the COBRA Subsidy will end sooner if the
participant becomes eligible for other group health coverage, in which case the subsidized premiums will end the month before the new coverage becomes effective. The participant must inform the Company upon becoming eligible for other group health

 ATTACHMENT III 

coverage. Failure to timely inform the Company of new coverage will result in the participant being responsible to reimburse the Company the value of benefits
paid while the participant was eligible for other group health coverage. 
 COBRA Premium Subsidy Schedule: 

 

			
	 Weeks of Pay (Severance)
	  	Months of COBRA Premium Subsidy
	 0-3
	  	0
	 4-7
	  	1
	 8-11
	  	2
	 12-15
	  	3
	 16-19
	  	4
	 20-23
	  	5
	 24 or more
	  	6

 OUTPLACEMENT 
 As
additional consideration for signing and (where applicable) not revoking the Agreement, each participant entitled to severance pay and benefits under this ATTACHMENT III shall receive individual outplacement assistance in the Lee Hecht Harrison
Professional Program for up to two months, in a form and manner the Company shall designate, in its sole discretion. 
 A participant may elect not to
accept the outplacement services offered; however, no participant shall receive any cash payment in lieu of outplacement services. 

  
 11 

 ATTACHMENT IV 

SEVERANCE PAY AND BENEFITS 

MANAGERS AND SUPERVISORS 
 ELIGIBILITY

 Each participant in the KinderCare Education Severance Pay Plan whose employment is involuntarily terminated through a position elimination, reduction
in force, or reorganization, and who is employed at a Manager or Supervisor level (including Center Directors and equivalent field management) shall be eligible for the severance pay and benefits described in this ATTACHMENT IV to the KinderCare
Education Severance Pay Plan document. 
 SEVERANCE PAY 

As consideration for signing and (if applicable) not revoking the Agreement, each participant entitled to severance pay under this ATTACHMENT IV may receive as
severance pay a minimum of twelve (12) Weeks of Pay. If the participant has accrued more than twelve (12) full years of service at the time of separation, the participant will accrue one (1) additional Week of Pay for each full Year
of Service exceeding twelve (12), not to exceed a total of twenty-six (26) Weeks of Pay. 
 Severance pay
totaling twelve (12) Weeks of Pay will be paid in a single lump sum payment. Severance pay totaling thirteen (13) Weeks of Pay or more will be paid on a bi-weekly basis, but will cease either upon
the end of the severance pay period, or upon the participant obtaining new, regular employment, whichever occurs first. The participant must inform the Company upon obtaining new, regular employment. Failure to timely notify the Company of new,
regular employment will result in the participant being responsible to reimburse the Company for all weeks of severance paid after commencing the new, regular employment. 

A “Week of Pay” for a participant paid on an hourly basis equals the participant’s hourly rate at the time the employee is notified of his or
her termination, multiplied by the participant’s average hours worked per week in the six (6) months preceding the date the employee is notified of his or her termination. A “Week of Pay’’ for a participant who is paid on a
salaried basis equals the participant’s annual base salary rate in effect at the time the employee is notified of his or her termination, divided by fifty-two (52). 

Notwithstanding anything to the contrary, a “Week of Pay” for purposes of this Plan excludes bonuses, commissions, overtime, and other supplemental
pay or allowances provided to the participant. “Year of Service” means each complete twelve (12) month period from the participant’s most recent date of hire with the Employer. Year of Service does not include any partial twelve
(12) month period. 
 SEVERANCE BENEFITS 
 As
additional consideration for signing and (if applicable) not revoking the Agreement, if a participant entitled to severance pay under this ATTACHMENT IV is eligible to elect to continue group health coverage under the Employer’s group health
plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), and the participant has no other available group health coverage, the Employer will subsidize the Employee’s COBRA premiums and only require the
Employee to pay the amount that an active employee would pay for such coverage for up to six months (depending on the number of weeks of severance pay) (“COBRA Subsidy”). The Employee will be responsible for payment of the Employee
contribution in order to receive the coverage. 
 Thereafter, the participant may continue group health coverage pursuant to COBRA by paying the full COBRA
premium. Employees not otherwise eligible for the severance benefit described in this section of the Plan may continue group health coverage pursuant to COBRA. 

The maximum COBRA Subsidy is based on the number of Weeks of Pay as set forth in the schedule below. However, the COBRA Subsidies will end sooner if the
participant becomes eligible for other group health 

 ATTACHMENT IV 

coverage, in which case the subsidized premiums will end the month before the new coverage becomes effective. The participant must inform the Company upon
becoming eligible for other group health coverage. Failure to timely inform the Company of new coverage will result in the participant being responsible to reimburse the Company the value of benefits paid while the participant was eligible for other
group health coverage. 
 COBRA Premium Subsidy Schedule: 
  

			
	 Weeks of Pay (Severance)
	  	Months of COBRA Premium Subsidy
	 0-3
	  	0
	 4-7
	  	1
	 8-11
	  	2
	 12-15
	  	3
	 16-19
	  	4
	 20-23
	  	5
	 24 or more
	  	6

 OUTPLACEMENT 
 As
additional consideration for signing and (where applicable) not revoking the Agreement, each participant entitled to severance pay and benefits under this ATTACHMENT IV shall receive individual outplacement assistance in the Lee Hecht Harrison
Professional Program for up to 2, in a form and manner the Company shall designate, in its sole discretion. 
 A participant may elect not to accept the
outplacement services offered; however, no participant shall receive any cash payment in lieu of outplacement services. 

  
 13 

 ATTACHMENT V 

SEVERANCE PAY AND BENEFITS 

PROFESSIONAL INDIVIDUAL CONTRIBUTORS 

ELIGIBILITY 
 Each participant in the KinderCare Education
Severance Pay Plan who is involuntarily terminated in connection with a position elimination, reduction in force, or reorganization, and who is employed at an individual contributor level shall be eligible for the severance pay and benefits
described in this ATTACHMENT V to the KinderCare Education Severance Pay Plan document. 
 SEVERANCE PAY 

As consideration for signing and (if applicable) not revoking the Agreement, each participant entitled to severance pay under this ATTACHMENT V will receive as
severance pay a minimum of eight (8) Weeks of Pay. If the participant has accrued more than eight (8) full years of service at the time of separation, the participant will receive one (1) additional Week of Pay for each full Year of
Service over eight (8) years, not to exceed twelve (12) Weeks of Pay, paid in a single lump sum payment. 
 A “Week of Pay” for a
participant paid on an hourly basis equals the participant’s hourly rate at the time the employee is notified of his or her termination, multiplied by the participant’s average hours worked per week in the six (6) months preceding the
date the employee is notified of his or her termination. A “Week of Pay” for a participant who is paid on a salaried basis equals the participant’s annual base salary rate in effect at the time the employee is notified of his or her
termination, divided by fifty-two (52). Notwithstanding anything to the contrary, a “Week of Pay” for purposes of this Plan excludes bonuses, commissions, overtime, and other supplemental pay or
allowances provided to the participant. “Year of Service” means each complete twelve (12) month period from the participant’s most recent date of hire with the Employer. Year of Service does not include any partial twelve
(12) month period. 
 SEVERANCE BENEFITS 
 As
additional consideration for signing and (if applicable) not revoking the Agreement, if a participant entitled to severance pay under this ATTACHMENT V is eligible to elect to continue group health coverage under the Employer’s group health
plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), and the participant has no other available group health coverage, the Employer will subsidize the Employee’s COBRA premiums and only require the
Employee to pay the amount that an active employee would pay for such coverage for up to three months (depending on the number of weeks of severance pay) (“COBRA Subsidy”). The Employee will be responsible for payment of the Employee
contribution in order to receive the coverage. 
 Thereafter, the participant may continue group health coverage pursuant to COBRA by paying the full COBRA
premium. Employees not otherwise eligible for the severance benefit described in this section of the Plan may continue group health coverage pursuant to COBRA. 

The maximum COBRA Subsidy is based on the number of Weeks of Pay as set forth in the schedule below. However, the COBRA Subsidy will end sooner if the
participant becomes eligible for other group health coverage, in which case the subsidized premiums will end the month before the new coverage becomes effective. The participant must inform the Company upon becoming eligible for other group health
coverage. Failure to timely inform the Company of new coverage will result in the participant being responsible to reimburse the Company the value of benefits paid while the participant was eligible for other group health coverage. 

 ATTACHMENT V 

COBRA Premium Subsidy Schedule: 
  

			
	 Weeks of Pay (Severance)
	  	Months of COBRA Premium Subsidy
	 0-3
	  	0
	 4-7
	  	1
	 8-11
	  	2
	 12 or more
	  	3

 OUTPLACEMENT 
 As
additional consideration for signing and (where applicable) not revoking the Agreement, each participant entitled to severance pay and benefits under this ATTACHMENT V shall receive individual outplacement assistance in the Lee Hecht Harrison
Professional Program for one month, in a form and manner the Company shall designate, in its sole discretion. 
 A participant may elect not to accept the
outplacement services offered; however, no participant shall receive any cash payment in lieu of outplacement services. 

  
 15 

 ATTACHMENT VI 

SEVERANCE PAY AND BENEFITS 

SUPPORT INDIVIDUAL CONTRIBUTORS 

ELIGIBILITY 
 Each participant in the KinderCare Education
Severance Pay Plan who is involuntarily terminated in connection with a position elimination, reduction in force, or reorganization, and who is employed at an individual contributor level shall be eligible for the severance pay and benefits
described in this ATTACHMENT VI to the KinderCare Education Severance Pay Plan document. 
 SEVERANCE PAY 

As consideration for signing and (if applicable) not revoking the Agreement, each participant entitled to severance pay under this ATTACHMENT VI will receive
as severance pay a minimum of four (4) Weeks of Pay. If the participant has accrued more than four (4) full years of service at the time of separation, the participant will receive one (1) additional Week of Pay for each full Year of
Service over four (4) years, not to exceed twelve (12) Weeks of Pay, paid in a single lump sum payment. 
 A “Week of Pay” for a
participant paid on an hourly basis equals the participant’s hourly rate at the time the employee is notified of his or her termination, multiplied by the participant’s average hours worked per week in the six (6) months preceding the
date the employee is notified of his or her termination. A “Week of Pay” for a participant who is paid on a salaried basis equals the participant’s annual base salary rate in effect at the time the employee is notified of his or her
termination, divided by fifty-two (52). Notwithstanding anything to the contrary, a “Week of Pay” for purposes of this Plan excludes bonuses, commissions, overtime, and other supplemental pay or
allowances provided to the participant. “Year of Service” means each complete twelve (12) month period from the participant’s most recent date of hire with the Employer. Year of Service does not include any partial twelve
(12) month period. 
 SEVERANCE BENEFITS 
 As
additional consideration for signing and (if applicable) not revoking the Agreement, if a participant entitled to severance pay under this ATTACHMENT VI is eligible to elect to continue group health coverage under the Employer’s group health
plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), and the participant has no other available group health coverage, the Employer will subsidize the Employee’s COBRA premiums and only require the
Employee to pay the amount that an active employee would pay for such coverage for up to three months (depending on the number of weeks of severance pay) (“COBRA Subsidy”). The Employee will be responsible for payment of the Employee
contribution in order to receive the coverage. 
 Thereafter, the participant may continue group health coverage pursuant to COBRA by paying the full COBRA
premium. Employees not otherwise eligible for the severance benefit described in this section of the Plan may continue group health coverage pursuant to COBRA. 

The maximum COBRA Subsidy is based on the number of Weeks of Pay as set forth in the schedule below. However, the COBRA Subsidies will end sooner if the
participant becomes eligible for other group health coverage, in which case the subsidized premiums will end the month before the new coverage becomes effective. The participant must inform the Company upon becoming eligible for other group health
coverage. Failure to timely inform the Company of new coverage will result in the participant being responsible to reimburse the Company the value of benefits paid while the participant was eligible for other group health coverage. 

 ATTACHMENT VI 

COBRA Premium Subsidy Schedule: 
  

			
	 Weeks of Severance Pay
	  	Months of COBRA Premium Subsidy
	 0-3
	  	0
	 4-7
	  	1
	 8-11
	  	2
	 12 or more
	  	3

 OUTPLACEMENT 
 As
additional consideration for signing and (where applicable) not revoking the Agreement, each participant entitled to severance pay and benefits under this ATTACHMENT VI shall receive individual outplacement assistance in the Lee Hecht Harrison
Professional Program for one month, in a form and manner the Company shall designate, in its sole discretion. 
 A participant may elect not to accept the
outplacement services offered; however, no participant shall receive any cash payment in lieu of outplacement services. 

  
 17

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