Document:

Exhibit

August 17, 2020

VONAGE HOLDINGS CORP

AND

Tim Shaughnessy

FIXED TERM EMPLOYMENT CONTRACT

        

FIXED TERM CONTRACT OF EMPLOYMENT
THIS FIXED TERM EMPLOYMENT AGREEMENT (“Agreement”), is entered into this 17th day of August, 2020 (the “Effective Date”), by and between VONAGE HOLDINGS CORP., a Delaware corporation headquartered at 23 Main Street, Holmdel, NJ 07733  (“Vonage” or the “Company”), and Tim Shaughnessy, an individual of 204 Bird Key Drive, Sarasota, Florida 34236 (“you” or the “Executive”).
NOW, THEREFORE, in consideration of the covenants and agreements hereinafter set forth, the parties hereto agree as follows:
1.         Employment and Duties.
A.         General. 
Commencing on the Effective Date until December 31, 2020, you shall serve as an employee of the Company with the title of Interim Chief Financial Officer (“Interim CFO”), reporting directly to the Chief Executive Officer (“CEO”). You shall have the duties, responsibilities, and authority customarily held by the chief financial officer of a corporation the equity securities of which are publicly traded. Your principal place of employment shall be the headquarters offices of the Company, currently located in the Holmdel, New Jersey area; provided, however, that you understand and agree that you shall be required to travel from time to time for business reasons and may work from home in accordance with the Company’s COVID policies with the consent of the CEO.
B.         Exclusive Services. 
For so long as you are employed by the Company, you shall devote your full time working time to your duties hereunder, shall conform to and use his good faith efforts to comply with the lawful and good faith directions and instructions given to you by the CEO, and shall use your good faith efforts to promote and serve the interests of the Company. Further, you shall not, directly or indirectly, render services to any other person or organization without the consent of the Company or otherwise engage in activities that would interfere with the faithful performance of your duties hereunder. Notwithstanding the foregoing, subject to and in accordance with the Company’s policies (including, without limitation, the Company’s Code of Conduct and Corporate Governance Principles) as may be in effect from time to time, you may (i) serve on corporate boards, with the prior consent of the CEO, (ii) serve on civic or charitable boards or engage in charitable activities without remuneration therefor, and (iii) manage your personal investments and affairs, and serve as an executor, trustee, or in a similar fiduciary capacity in connection therewith, provided that such activities do not, individually or in the aggregate, (i) conflict materially with the performance of your duties under this Agreement, (ii) conflict with your fiduciary duties to the Company, or (iii) result in a breach of the restrictive covenants to which you are bound.

                        You agree that you will:
		
	•
	unless prevented by ill health, incapacity or injury, devote the whole of your working time, attention and abilities to your duties under this contract;

		
	•
	faithfully and diligently perform your duties to the best of your ability and use your best endeavors to promote the interests of the Company;

		
	•
	without payment of additional salary or remuneration, perform such other duties in relation to the business of the Company as may from time to time be reasonably vested in or assigned to you by the Company;

		
	•
	obey the reasonable directions of the Company, including with regard to standards to be maintained whilst dealing with and working for customers and other third parties and attending customers’ and other third parties’ premises; and

		
	•
	comply with all lawful rules, policies, procedures and regulations issued by the Company from time to time.

2.         Employment “At-Will”. 
Your employment shall commence effective as of August 18, 2020 (the “Start Date”) and shall continue through December 31, 2020, unless earlier terminated pursuant to the terms of this Agreement (the “Term”). In no event shall your employment exceed four and a half (4.5) months, unless mutually agreed in an amendment to this Agreement by authorized representatives of the parties after consultation with Vonage Legal Department. Continuation of your employment with the Company throughout the Term shall be deemed an employment “at will” and you may be terminated “at will” by either you or the Company.  If you do not commence employment on the Start Date due to a breach of this Agreement by the Company or due to your death or Disability, you (or your estate, as applicable) shall be entitled to the payments provided under this Agreement as if your employment was terminated by the Company without Cause.
3.         Job Title and Duties.
Vonage agrees to employ you and you agree to provide services to Vonage on the terms and subject to the conditions set out in this Agreement.  You represent and warrant that you have the appropriate levels of experience and seniority to perform the services required of an Interim CFO, which shall include:
A.        Management of the global Finance, Tax, Accounts Payable, Accounts Receivable, Treasury, Financial Planning & Analysis, and Investor Relations functions resident in the Finance Department of Vonage;
B.    Assisting the CEO and the Board of Directors in identifying, interviewing, onboarding and transitioning a new full time Chief Financial Officer;
C.            Assisting the CEO in execution of Project Mercury as may be required; and
D.            Such other tasks as may reasonably be requested of him by the CEO, the Board of Directors and members of the Executive Leadership Team. 
4.          Warranty by the Executive.
A.            You warrant that by entering into this Agreement that you are not, nor will you, come to be, in breach of any contract, agreement, term, condition, obligation or other arrangement to which you are a party.

 B.      You warrant that the services to be performed under this Agreement will be carried out with reasonable skill, care and diligence and in accordance with best industry practice.
C.         At all times when performing the services, you will comply with all applicable laws and instructions issued by Vonage.
D.       At all times while on Vonage’s premises, or on third party premises when representing Vonage, you will observe Vonage’s or the third party’s rules and regulations with respect to conduct, health, safety and protection of persons and property.
		
	E.
	You undertake that any information received from Vonage pursuant to this Agreement will be used solely for the purpose of performing the services and for no other purpose whatsoever, and to the extent such information is known or reasonably should be known to be Confidential Information, even if not marked as such, you shall treat such information as Confidential Information, protecting it with the same degree of care that you would use to protect your own confidential information of a similar nature, but in no event less than reasonable care.

		
	F.
	You warrant that you have the unrestricted right to work in the United States without any additional immigration approvals and that you have provided the    Company with all necessary assistance and documents to enable the Company to comply with its duties under U.S Immigration law and to provide evidence of your right to work in the United States.  The Company shall be entitled to terminate the employment summarily by written notice and without any payment in lieu of notice (but without prejudice to the rights and remedies of the Company for any breach of this contract and to your continuing obligations under this contract) if the warranty by you in this Article is found to be misleading or incorrect.

5.         Compensation.
You will be compensated as follows:
A.        Vonage shall pay you at a rate of $300,000 per month for each of the first three months and $300,000 for the last half of November and the entire month of December, payable via direct deposit to your bank account of record, on a biweekly basis in arrears in accordance with the Company’s regular payroll schedule (“Salary”).  These payments shall constitute 2020 W-2 wages, less withholdings and deductions, if and as applicable.
 B.       You shall be eligible for reimbursement of hotel, travelling, and other out of pocket expenses reasonably and properly incurred by you subject to pre-approval by Vonage in writing and consistent with Vonage’s Travel and Expense Reimbursement Policy (a copy of which shall be provided to you by Human Resources during the week of August 17, 2020) and the production to Vonage of such receipts or other evidence of actual payment of the expenses as Vonage may reasonably require and to be payable in arrears. 
C.            You will not be entitled to any of the employee benefits that Vonage may make available to its employees. You disclaim your right to assert Vonage had any obligation whatsoever to provide any such benefits to you.  Notwithstanding the foregoing, you shall be entitled to time off in connection with the Company’s Discretionary Time Off policy, with the consent of the CEO.

D.          You shall not without the prior written consent of Vonage pledge the credit of Vonage, nor sign any document, enter into any agreement or make any undertaking on behalf of Vonage.
E..      Upon termination or natural expiration of this Agreement, you shall not be entitled to any form of separation or severance pay.
F.          You must not without the prior written authorization (and in any event not in breach of any relevant legislation) of the Company directly or indirectly seek, receive or obtain, in respect of the performance of your duties or of any goods or services sold or purchased or other business transacted (whether or not by you) by or on behalf of the Company, any personal benefits, discount, rebate, commission, bribe, kickback or other inducement (“Inducement”) (whether in cash or in kind).  In the event that you or any person on your behalf directly or indirectly receives any such Inducement, you must immediately account to the Company for the amount so received.
6.         Termination.
            A.         Termination for Cause; Resignation without Good Reason.
If the Company terminates your employment for Cause, or if you resign from employment hereunder other than for Good Reason, you shall only be entitled to payment of any unpaid Salary through and including the date of termination or resignation and any unpaid expense reimbursement. You shall have no further right under this Agreement to receive any other compensation or benefits after such termination or resignation of employment.
 For purposes of this Agreement, “Cause” shall mean:
i.           any act or omission that constitutes a material breach by you of your obligations under this Agreement;
ii.    the willful and continued failure or refusal of you (not as a consequence of illness, accident or other incapacity) to perform the material duties reasonably required of you hereunder;
iii.              your conviction of, or plea of nolo contendere to, (x) any felony or (y) another willful crime involving dishonesty or moral turpitude or which reflects negatively upon the Company and/or its subsidiaries or affiliates (collectively, the “Company Group”) in a material manner or otherwise materially impairs or impedes the operations of the Company Group;
iv.         your engaging in any willful misconduct, gross negligence or  act of dishonesty with regard to the Company Group or your material duties, which conduct is injurious to the Company Group;
v.    your material breach of either a material written policy of the Company Group that is applicable to you or, to the extent you are aware of such rules or has been informed thereof, the relevant rules of any governmental or regulatory body applicable to the Company Group; provided, that any such notification with respect to the rules of any governmental or regulatory body outside the United States shall be in writing; or
vi.    your refusal to follow the lawful directions of the Board; provided, however, that no event or condition described in clauses i, ii, v, vi shall constitute Cause unless (a) the Company first gives you written notice of its intention to terminate your employment for Cause and the grounds for such termination, and (b) such grounds for 

termination (if susceptible to correction) are not corrected by you within thirty (30) days of your receipt of such notice.
                           For purposes of this Agreement, “Good Reason” shall mean the     occurrence of any of the following  events without your  prior written consent:
i.               a failure by the Company to timely pay material compensation due and payable to you in connection with your employment
ii.               a diminution in your Salary;
iii.              a material diminution of the authority, duties or responsibilities of you from those set forth in this Agreement;
iv.             the Company requiring you to be based at any office or location more than fifty (50) miles from the Holmdel, New Jersey area or your home in Florida; or
v.             a material breach by the Company of its obligations under this Agreement; provided, however, that no event or condition described in clauses (i) through (v) shall constitute Good Reason unless (x) you gives the Company within sixty (60) days of your becoming aware of the occurrence of the Good Reason event, written notice of your intention to terminate your employment for Good Reason, and (y) such grounds for termination (if susceptible to correction) are not corrected by the Company within thirty (30) days of its receipt of such notice.  If such grounds for termination for Good Reason are not cured during such thirty (30) day period, your termination for Good Reason shall be effective as of the day immediately following the end of such a thirty (30) day period.

 B.         Termination without Cause; Resignation for Good Reason.
Other than in connection with the natural expiration of this Agreement, if your employment is terminated by the Company without Cause or you resign for Good Reason, the Company shall pay you through the date of termination the pro rata portion of the Salary described above, and shall not be responsible or liable to pay you the full amount of the Salary for the four month period of this Agreement.
C.            Termination Due to Death or Disability.
Your employment with the Company shall terminate automatically on your death. In the event of your Disability, the Company shall be entitled to terminate your employment.  In the event of termination of your employment by reason of your death or Disability, the Company shall pay to you (or your estate, as applicable,  a pro rata portion of your Salary through the date of death or Disability.
For purposes of this Agreement, “Disability” means that you will be unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment for 180 days in any one (1) year period arising during the term of this Agreement.  The Company reserves the right to require a physician’s note attesting to such Disability.
D.            Notice of Termination.
Other than with respect to the natural expiration of this Agreement, any termination of employment by the Company or you shall be communicated by a written “Notice of Termination” to the other party hereto given in accordance with the notice provisions set forth below.
                   By Company.

In the event of a termination by the Company for Cause, the Notice of Termination shall
i.             indicate the specific termination provision in this Agreement relied upon;
ii.          set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of your employment under the provision so indicated; and
iii.          indicate the date on which such termination is effective (subject to applicable correction periods.
The failure by the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Cause shall not waive any right of the Company hereunder or preclude the Company from asserting such fact or circumstance in enforcing the Company’s rights hereunder to     the extent that such fact or circumstance is on the same asserted basis within the definition for the termination. In the event of a termination by the Company without Cause, the Notice of Termination shall specify the date of termination, which date shall not be more than thirty (30) days after the giving of such notice.
                      By You.
In the event of a resignation by you for Good Reason, the Notice of Termination shall indicate the specific clause or clauses under the definition of Good Reason herein upon which you is relying, and set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of your employment under such clause or clauses. In the event of a resignation by you other than for Good Reason, the Notice of Termination shall specify the date of termination, which date shall not be less than thirty (30) days after the giving of such notice; provided, that the Company may, in its sole discretion, elect to cause such termination to be effective at any time during such notice period and such resignation by you without Good Reason shall be effective on such date. The failure by you to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Good Reason shall not waive any right of you hereunder or preclude you from asserting such fact or circumstance in enforcing your rights hereunder to the extent that such fact or circumstance is on the same asserted basis within the definition for the termination.
E.         Other Reasons for Termination; Requirement upon Termination.
Notwithstanding any other provision of this Agreement, and without prejudice to     Vonage’s rights under this Article 6 and at law, should you:                                             
•at any time be unable to provide the services under this Agreement for a period or periods aggregating at least 10 days in any period of 1 calendar month;
•commit any material or serious breach of this contract or are guilty of any gross misconduct or any willful neglect in the discharge of your duties including any breach of the Company policies;
•are convicted of any criminal offence (other than a minor motoring offence for which a fine or non-custodial penalty is imposed) which might reasonably be     thought to affect adversely the performance of your duties;
•be guilty of any other conduct (including without limitation dishonesty or fraud) calculated or likely to affect prejudicially the interests of Vonage or Vonage;
•be negligent, inefficient, unsuitable, incompetent or otherwise unsuitable in the provision of the services; 
• repeat or continue (after warning) any breach of this contract;
•are guilty of any conduct which in the opinion of the Company brings you, or     the Company into disrepute;
•cease to be entitled to work in the United States; or
•be the subject of a bankruptcy order, or become insolvent, or make any arrangement or composition with or assignment for the benefit of its creditors or go 

into voluntary or compulsory liquidation (other than for the purpose of amalgamation or reconstruction) or a receiver or administrator be appointed over its assets;
then, in each case, Vonage may by written notice to you terminate this Agreement without liability. 
In the event of termination of this Agreement for any reason whatsoever you shall deliver up to Vonage all materials and work performed as at the date of termination, together with all notes, specifications, plans, drawings and all other documentation produced for the purpose of performing the services under this Agreement.  You shall grant to Vonage all necessary authorizations for use of the items so delivered to enable Vonage, either itself or through others, to complete the work comprising the services contemplated under this Fixed Term Agreement.
Any delay by the Company in exercising such right of termination shall not constitute a waiver of it.
7.         Restrictions.
You will be required to execute and abide by the provisions of the Company’s Employment Covenants Agreement, provided contemporaneously herewith.
8.         Confidentiality.
		
	A.    
	“Confidential Information" means all designs, drawings, data, specifications, procedures, know-how, financial information, customer and supplier details, information and contracts and all other technical, business, commercial, operational, financial and similar information (whether relating to finished or unfinished work) relating to the business of Vonage or any affiliate of Vonage, including customer and supplier confidential information, including all readable or computer or other machine readable data and representations, or other material relating to or comprising software which is used as part of, or in, the business of Vonage or any affiliate of Vonage, whether marked as Confidential Information or reasonably construed to be considered confidential information.

		
	B.     
	You agree to hold in confidence and shall not use, disseminate or in any way disclose or make available to third parties the Confidential Information. You shall treat all Confidential Information with the same degree of care as you treat your own confidential information of a similar nature, but in no case shall you use less than reasonable care. You shall disclose Confidential Information only to those persons who have a need to know such information. You certify that any such person will have agreed in writing, either as a condition of employment or in order to obtain the Confidential Information, to be bound by terms and conditions at least as protective as those terms and conditions applicable to you under this Agreement.  You shall immediately give notice to Vonage of any unauthorized use or disclosure of the Confidential Information.  You shall assist Vonage in remedying any such unauthorized use or disclosure of the Confidential Information.

		
	C.     
	Your obligations under this Article 8 above shall not apply to any Confidential Information that you can demonstrate was in the general public domain without restriction at the time such Confidential Information was communicated or made available to you by Vonage or developed by you for Vonage through no fault of your own.  Disclosure of any Confidential Information by you to the extent required in response to a valid order by a court or other governmental body shall not be considered to be a breach of 

this Agreement or a waiver of confidentiality for other purposes provided, however, that you shall provide prompt prior written notice thereof to Vonage’s Legal Department to enable Vonage to seek a protective order or otherwise prevent such disclosure.
		
	D.     
	All Confidential Information and any materials furnished to you by Vonage, whether delivered to you by Vonage or made by you in the performance of your duties hereunder and whether or not they contain or disclose Confidential Information, and all copies and extracts of any of the foregoing (collectively, the “Vonage Property”), as between you and Vonage are the sole and exclusive property of Vonage.  Promptly following termination of this Agreement or any request by Vonage, you shall destroy or deliver to Vonage, at Vonage’s option, (a) all Vonage Property and (b) all materials in your possession or control that contain or disclose any Confidential Information. You will provide Vonage a written certification of yours compliance with your obligations under this Article 8.

		
	E.     
	This Article 8 shall survive termination of this Agreement for any reason whatsoever without limitation in time.  You will indemnify  and hold Vonage harmless from and against all actions, claims, costs, proceedings, expenses, loss or damage (including, without limitation, legal costs) which may arise directly or indirectly from the unauthorized disclosure or use of Confidential Information by you or from any other breach of the terms of this Agreement.

9.         Conflict of Interest.
		
	A.     
	During the term of this Agreement and for a period of six (6) months  immediately following the Termination Date, you will not accept work, enter into a contract or accept an obligation inconsistent or incompatible with your obligations under this Agreement, or engage in any activity that is in any way competitive with the business or anticipated business of Vonage, and you will not assist any other person or organization in competing or preparing to compete with any business or anticipated business of Vonage (“Outside Business Interests”), without the prior consent of the Chief Legal Officer of the Company. For the avoidance of doubt consent will not be given in relation to any Outside Business Interests which, in the view of the Company compete, or are likely to compete, directly or indirectly with, the business of the Company, or which could give rise to a conflict of interest or interfere with the efficient performance of your duties.

		
	B.     
	During the term of this Agreement, and for a period of one (1) year immediately following the Termination Date, you shall not solicit or induce any employee, independent consultant or customer or supplier to terminate or breach any employment, contractual or other relationship with Vonage for any reason.

		
	C.     
	You may however hold as beneficial owner up to 3% of any single class of shares or securities in a body corporate whose shares are quoted on a recognized Stock Exchange. Any existing shareholding in excess of the 3% threshold acquired before the commencement of your employment with the Company may only be retained with the consent of the Company, such consent not to be unreasonably withheld.

		
	D.     
	Your employment with the Company is conditional on your producing such documentation as the Company may require you to establish your legal right to work lawfully in the United States. Should you fail to produce to the Company the required documentation, then any offer of employment by the 

Company may be withdrawn and if already accepted, the Company may terminate your employment without notice or a payment in lieu of notice.
		
	E.     
	You will indemnify Vonage from any and all loss or liability incurred by reason of the alleged breach by you of any services agreement or arrangement with any third party.

10.        Data Protection and Privacy.
		
	A.     
	You consent to  Vonage, its and their affiliates, and its/their employees, wherever they may be located, to transmit, store, utilize and process personal information, including data collected by Vonage for purposes related to your employment hereunder. This may include transfer of such information outside of the country in which it was initially submitted and further transfers thereafter. All such information is considered confidential and access will be limited and restricted to individuals with a need to know or process such information for purposes solely relating to your employment with Vonage.

		
	B.     
	All communications, whether by telephone, email, fax or any other means, which are transmitted, undertaken or received using Company property or on Company premises, or which relate to the Company’s affairs, will be treated by the Company as work-related and are subject to occasional interception, recording and monitoring without further notice. The Company will also monitor internet usage. You should not regard any such communications or use of the Company’s communications or IT systems as private.

		
	C.     
	Interception, recording and monitoring of communications is intended to protect the Company’s business interests, for example but without limitation, for the purposes of quality control, security of communication and IT systems, record-keeping and evidential requirements, detection and prevention of criminal activity or misconduct and to assist the Company to comply with relevant legal requirements.

		
	D.     
	Intercepted communications may be used as evidence in disciplinary or legal proceedings, including in any such action against you.

		
	E.     
	By transmitting, undertaking or receiving communication using Company property or on Company premises you consent to the above terms.

		
	F.     
	Software that has not been authorized by the Company shall not be used on our networks, personal computers or workstations. If you use your home computer for carrying out any work relating to the Company, you shall not in the course of such work use any unlicensed or unauthorized software and shall not transfer any programs or data from your home computer to any company network, personal computer or workstation without first ensuring that such programs and any media on which they are transferred are virus-free.

11.        Intellectual Property.
A.          You assigns to Vonage all copyright, design rights, rights to apply for patents, trademarks, domain names and other trade secret and proprietary rights (if any) for their full terms throughout the world in respect of all copyright works, inventions and designs originated, conceived, written or made by you during the course of your employment with the Company under this Agreement (the parties hereto hereby agree that all such work shall be treated as work for hire specially commissioned by Vonage). You further irrevocably and 

unconditionally waive in favor of Vonage all moral rights conferred on you in any part of the world.
 B..        You shall fully disclose work product data to Vonage and Vonage may at any time request information relating thereto.  You agree to maintain adequate and current notes and records of all work performed during the course of your employment with Vonage, which records and notes are assigned to and shall be and remain the property of Vonage.  You agree to promptly disclose, provide and describe to Vonage all such work.
C.       You shall, at the request and expense of Vonage, do all things necessary or desirable to substantiate the rights of Vonage under this Article.  You hereby irrevocably designate and appoint Vonage and Vonage’s duly authorized officers and agents as your agents and attorneys-in-fact, coupled with an interest, to act for and on your behalf and instead of you to execute and file any document and to take all lawfully permitted acts to further the foregoing provisions with the same legal force and effect as if executed by you.  The foregoing is deemed a power of attorney coupled with an interest and is irrevocable.
D.           You shall cooperate in all ways necessary to ensure that Vonage may obtain, exercise or protect its rights under this Article. You warrant that you have or will obtain full power and authority to carry out the provisions of this Article from all persons and other entities who perform any work relating to this Agreement or any subcontract related hereto.
		
	E           
	To the extent any of the rights, title and interest in and to the work developed by you during your employment with Vonage cannot be assigned by you to Vonage, you hereby grant to Vonage and Vonage and its and their successors an exclusive, royalty-free, transferable, irrevocable, perpetual, worldwide right and license (with rights to sublicense through multiple tiers of sub-licensees) to exercise and exploit all such non-assignable rights, title and interest.

		
	F.        
	You shall indemnify and hold harmless Vonage against all claims that the actions of you in performing the Services under this Agreement or the use of any work product infringe the industrial or intellectual property rights of others.  You agree to resist and defend, at its own expense, any such claims and to pay any royalties and other costs associated with any settlement of such claims, and any damages and costs awarded as the result of any action based on such claims.

G.            You agree that you will not incorporate, or permit to be incorporated, anything conceived, reduced to practice, created, derived, developed or made by others into any work without Vonage’s prior written consent.
H.       With respect to any information, documents and materials that Vonage is required to provide or does provide to you pursuant to this Agreement, you shall exercise due care to ensure that such documents and materials are sufficient for the performance of your work under this Agreement and that they contain no manifest errors or anomalies.  You shall inform Vonage promptly in the event that it discovers any error, omission or anomaly in any such document or material at any time.
12.        Company Policies.
		
	A.     
	Various rules and policies exist for the effective and safe operation of the Company’s business and the welfare and interests of the Company’s 

employees, and you must comply with them. Please refer to the Company intranet for further details of those rules and policies. You are bound at all times by all the rules, policies, standards and regulations issued from time to time and applicable to you. From time to time the Company may alter the existing rules or policies or introduce new ones.
		
	B.     
	It is the policy of the Company to promote the health, safety and welfare at work of all its employees.  Consistent with that policy, it is your responsibility to undertake your duties in such a way as not to endanger your own health and safety or that of your fellow employees, to use such safety equipment as may be provided, and to observe such safety regulations as may be, from time to time, in force.  Breach of safety regulations is a serious disciplinary issue.            

		
	C.     
	Vonage is an equal opportunities employer and we believe that all employees should be treated fairly and equitably. We consider all employees equally regardless of their race, color, national origin, sex, marital or civil partnership status, age, religion or belief, veteran’s status, disability or sexual orientation. Our commitment to ensuring equality of opportunity applies to every phase of the employment relationship, and we make every effort to comply with this statement. We do not tolerate any acts of discrimination (including harassment) on the part of our employees towards others and any such act will be treated as a matter of misconduct and will normally result in disciplinary action being taken against the individual concerned, with a possible sanction up to and including dismissal. Anyone who feels they have been subjected to an act of discrimination, including harassment, should raise this with their manager or if this is not appropriate, with a director.

		
	13.    
	Arbitration.

Any dispute or controversy arising under or in connection with this Agreement or otherwise in connection with your employment by the Company that cannot be mutually resolved by the parties to this Agreement and their respective advisors and representatives shall be settled exclusively by arbitration in New Jersey in accordance with the rules of the American Arbitration Association before one arbitrator of exemplary qualifications and stature, who shall be selected jointly by an individual to be designated by the Company and an individual to be selected by you, or if such two individuals cannot promptly agree on the selection of the arbitrator, who shall be selected by the American Arbitration Association. Notwithstanding anything to the contrary contained herein, the arbitrator shall allow for discovery sufficient to adequately arbitrate any claims. The award of the arbitrator with respect to such dispute or controversy shall be in writing with sufficient explanation to allow for such meaningful judicial review as is permitted by law, and that such decision shall be enforceable in any court of competent jurisdiction and shall be binding on the parties hereto. The remedies available in arbitration shall be identical to those allowed at law. The arbitrator shall be entitled to award to the prevailing party in any arbitration or judicial action under this Agreement reasonable attorneys’ fees and any costs of the arbitration payable by such party, consistent with applicable law; provided, that no such award shall be made against you unless the arbitrator finds your positions in such arbitration or dispute to have been frivolous or in bad faith.
		
	14.    
	No Assignability; Binding Agreement.

By you.
This Agreement and any and all of yours rights, duties, obligations or interests hereunder shall not be assignable or delegable by you; provided, however, that you shall be entitled, to the extent permitted under applicable law, to select and change a 

beneficiary or beneficiaries to receive any compensation or benefit hereunder following your death by giving written notice thereof. In the event of your death or a judicial determination of your incompetence, references in this Agreement to you shall be deemed, where appropriate, to refer to your beneficiary, estate or other legal representative.

By the Company.
This Agreement and any and all of the Company’s rights, duties, obligations or interests hereunder shall not be assignable by the Company, except as incident to a reorganization, merger or consolidation, or transfer of all or substantially all of the Company’s assets or another Change of Control. In the event of a corporate reorganization of the Company in which the Company is not the surviving corporation, the surviving entity shall assume and acknowledge the assumption of this Agreement by the surviving entity.    
Binding Effect.
Effective as of the Effective Date, this Agreement shall be binding upon, and inure to the benefit of, the parties hereto, any successors to or permitted assigns of the Company, and your heirs and the personal representatives of your estate.
15.        Miscellaneous Additional Terms
A.         Other Agreements and Governing Law.
Other than with respect to the Employment Covenants Agreement executed contemporaneously herewith, all other statements (if any) of the terms of your employment are hereby abrogated and superseded. In the event of any inconsistency between this contract and any company handbook in existence from time to time, the terms of this contract shall prevail. There are no collective agreements which directly affect the terms and conditions of your employment.
This Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey and the parties irrevocably submit for all purposes in connection with this Agreement to the exclusive jurisdiction of the courts of the State of New Jersey, in Monmouth County where applicable.
B.         Changes in Particulars of Employment.
We reserve the right to make reasonable changes to any of your terms and conditions of employment. 
                        You must notify the Company in writing:
		
	i.             
	  of any change to your personal details including your name, address and bank details as soon as is reasonably practicable following such change; and

ii.                      immediately of your conviction for a criminal offence or if you become bankrupt, apply for or have made against you, a receiving order, make any composition with your creditors or commit any act of bankruptcy.
C.         Assignment.

You shall not assign, transfer or subcontract any of its rights or obligations under this Agreement without the prior written consent of Vonage.

D.         Invalidity.
Vonage and you acknowledge that the provisions of this Agreement are no more extensive than the parties consider reasonable to protect Vonage’s legitimate business interests. If any court shall determine that the scope of this Agreement is broader than is enforceable, the parties agree that this Agreement shall be deemed modified to be only so broad as shall be enforceable.
E.         Accrued Rights.
The expiration or termination of this Agreement however arising shall not operate to affect such of the provisions of this Agreement as are expressed to operate or have effect after then and shall be without prejudice to any accrued rights or remedies of the parties.
F.         No Waiver.
Failure by either party to exercise or enforce any right conferred by this Agreement shall not be deemed to be a waiver of any such right nor operate so as to bar the exercise or enforcement thereof or of any other right on any later occasion.
G          Notices.
Any notice which may be given by either party shall be deemed to have been given if left at or sent by first class prepaid post, overnight trackable courier service or email transmission (confirming the same by post) to an address notified by the other party in writing  as an address to which notices may be sent. 
All notices or communications hereunder shall be in writing, addressed as follows:
To the Company:
23 Main Street
Holmdel, N.J. 07733
Attention: Chief Legal Officer
To you:
At the last address on record with the Company.
H.         Force Majeure.
Neither party shall be liable to the other for any loss or damage which may be suffered by the other party due to any cause beyond the first party’s reasonable control, such as lightning, exceptionally inclement weather, failure 

or shortage of power supplies, fire, explosion, industrial disputes (other than industrial disputes of you or Vonage), acts or omissions of local or central government or other competent authorities, difficulty, delay or failure in manufacture, production or supply by third parties, or pandemic.
            I.           Survival.
Those clauses the survival of which is necessary for the interpretation or enforcement of this Agreement shall continue in full force and effect in accordance with their terms X.            
J.         Severability.
In the event that any court having jurisdiction shall determine that any restrictive covenant or other provision contained in this Agreement (including, without limitation, under the Employment Covenants Agreement contemplated herein) shall be unreasonable or unenforceable in any respect, then such covenant or other provision shall be deemed limited to the extent that such court deems it reasonable or enforceable, and as so limited shall remain in full force and effect. In the event that such court shall deem any such covenant or other provision wholly unenforceable, the remaining covenants and other provisions of this Agreement (including, without limitation, under the Employment Covenants Agreement contemplated therein) shall nevertheless remain in full force and effect.
K.         Counterparts.
This Agreement may be executed by either of the parties hereto in counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. Signatures delivered by facsimile (including, without limitation, “pdf”) and electronic signatures shall be effective for all purposes.
L.         Headings.
The headings of sections herein are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement.
M.        Directors and Officers Insurance.
You also shall be entitled to coverage under the Company’s directors’ and officers’ insurance policy to the extent applicable.
N.         Entire Agreement.
This Agreement (together with the Employment Covenants Agreement executed contemporaneously herewith) represents the entire agreement and understanding of  the parties in relation to the subject matter hereof and supersedes all prior or contemporaneous understandings, agreements and representations, whether written or oral, and this Agreement may only be modified if such modification is in writing and signed by authorized representatives of both parties notwithstanding termination or expiry of this Agreement.

Sincerely,

/s/ Susan Quackenbush

  Susan Quackenbush
  Chief Human Resources Officer

  I accept this offer of employment and the terms contained in this letter.

/s/ Tim Shaughnessy

  Tim ShaughnessyExhibit 10.3

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment Management Trust Agreement
(this “Agreement”) is made effective as of [•], 2020 by and between Starboard Value Acquisition Corp.,
a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York
corporation (the “Trustee”).

 

WHEREAS, the Company’s registration
statement on Form S-1, File No. 333-[•] (the “Registration Statement”) and prospectus (the “Prospectus”)
for the initial public offering of the Company’s units (the “Units”), each of which consists of one share
of the Company’s Class A common stock, par value $0.0001 per share (the “Common Stock”), one-sixth
of one redeemable warrant and a contingent right to receive at least one-sixth of one redeemable warrant under certain circumstances
and subject to adjustment (as described in the Prospectus), each whole warrant entitling the holder thereof to purchase one share
of Common Stock (such initial public offering hereinafter referred to as the “Offering”), has been declared
effective as of the date hereof by the U.S. Securities and Exchange Commission; and

 

WHEREAS, the Company has entered
into an Underwriting Agreement (the “Underwriting Agreement”) with UBS Securities LLC, as representative (the
“Representative”) of the several underwriters named therein (the “Underwriters”); and

 

WHEREAS, as described in the Prospectus,
$300,000,000 of the gross proceeds of the Offering and sale of the Private Placement Warrants (as defined in the Underwriting Agreement)
(or $345,000,000 if the Underwriters’ over-allotment option is exercised in full) will be delivered to the Trustee to be
deposited and held in a segregated trust account located at all times in the United States (the “Trust Account”)
for the benefit of the Company and the holders of the Common Stock included in the Units issued in the Offering as hereinafter
provided (the amount to be delivered to the Trustee (and any interest subsequently earned thereon) is referred to herein
as the “Property,” the stockholders for whose benefit the Trustee shall hold the Property will be referred
to as the “Public Stockholders,” and the Public Stockholders and the Company will be referred to together as
the “Beneficiaries”); and

 

WHEREAS, pursuant to the Underwriting
Agreement, a portion of the Property equal to $13,500,000, or $15,525,000 if the Underwriters’ over-allotment option is exercised
in full, is attributable to deferred underwriting discounts and commissions that will be payable by the Company to the Underwriters
upon and concurrently with the consummation of the Business Combination (as defined below) (the “Deferred Discount”);
and

 

WHEREAS, the Company and the Trustee
desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property.

 

NOW THEREFORE, IT IS AGREED:

 

1.            Agreements
and Covenants of Trustee. The Trustee hereby agrees and covenants to:

 

(a)          Hold
the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established by
the Trustee at a branch office of J.P. Morgan Chase Bank, N.A. located in the United States and at a brokerage institution selected
by the Trustee that is reasonably satisfactory to the Company;

 

(b)          Manage,
supervise and administer the Trust Account subject to the terms and conditions set forth herein;

 

     

     

    

 

(c)          In
a timely manner, upon the written instruction of the Company, invest and reinvest the Property solely in United States government
securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of
185 days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of
Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended (or any successor rule), which invest only in
direct U.S. government treasury obligations, as determined by the Company; the Trustee may not invest in any other securities
or assets, it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s
instructions hereunder and the Trustee may earn bank credit or other consideration;

 

(d)          Collect
and receive, when due, all interest or other income arising from the Property, which shall become part of the “Property,”
as such term is used herein;

 

(e)          Promptly
notify the Company and the Representative of all communications received by the Trustee with respect to any Property requiring
action by the Company;

 

(f)           Supply
any necessary information or documents as may be requested by the Company (or its authorized agents) in connection with the Company’s
preparation of the tax returns relating to assets held in the Trust Account or in connection with the preparation or completion
of the audit of the Company’s financial statements by the Company’s auditors;

 

(g)          Participate
in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed
by the Company to do so;

 

(h)          Render
to the Company monthly written statements of the activities of, and amounts in, the Trust Account reflecting all receipts and
disbursements of the Trust Account;

 

(i)           Commence
liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with, the terms of a
letter from the Company (“Termination Letter”) in a form substantially similar to that attached hereto as either
Exhibit A or Exhibit B, as applicable, signed on behalf of the Company by its Chief Executive Officer,
Chief Financial Officer or Secretary or other authorized officer of the Company and complete the liquidation of the Trust Account
and distribute the Property in the Trust Account, including interest earned on funds held in the Trust Account (net of amounts
withdrawn in accordance with this Agreement and less up to $100,000 of interest that may be released to the Company to pay dissolution
expenses), only as directed in the Termination Letter and the other documents referred to therein, or (y) the later of (1) 24
months after the closing of the Offering and (2) such later date as may be approved by the Company’s stockholders in
accordance with the Company’s amended and restated certificate of incorporation (the “Certificate of Incorporation”),
if a Termination Letter has not been received by the Trustee prior to such date, in which case the Trust Account shall be liquidated
in accordance with the procedures set forth in the Termination Letter attached as Exhibit B and the Property in the
Trust Account, including interest earned on funds held in the Trust Account (net of amounts withdrawn in accordance with this Agreement
and less up to $100,000 of interest that may be released to the Company to pay dissolution expenses) shall be distributed to the
Public Stockholders of record as of such date; provided, however, that in the event the Trustee receives a Termination
Letter in a form substantially similar to Exhibit B hereto, or if the Trustee begins to liquidate the Property because
it has received no such Termination Letter by the date specified in clause (y) of this Section 1(i), the Trustee shall
keep the Trust Account open until twelve (12) months following the date the Property has been distributed to the Public Stockholders.
It is acknowledged and agreed that there should be no reduction in the principal amount initially deposited in the Trust Account;

 

    2

     

    

 

(j)           Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit C (a “Tax Payment Withdrawal Instruction”), withdraw from the Trust Account and distribute
to the Company the amount of interest earned on the Property requested by the Company to cover any tax obligation owed by the Company
as a result of assets of the Company or interest or other income earned on the Property, which amount shall be delivered directly
to the Company by electronic funds transfer or other method of prompt payment, and the Company shall forward such payment to the
relevant taxing authority; provided, however, that to the extent there is not sufficient cash in the Trust Account
to pay such tax obligation, the Trustee shall liquidate such assets held in the Trust Account as shall be designated by the Company
in writing to make such distribution, so long as there is no reduction in the principal amount initially deposited in the Trust
Account; provided, further, that if the tax to be paid is a franchise tax, the written request by the Company to
make such distribution shall be accompanied by a copy of the franchise tax bill from the relevant taxing authority for the Company.
The written request of the Company referenced above shall constitute presumptive evidence that the Company is entitled to said
funds, and the Trustee shall have no responsibility to look beyond said request;

 

(k)          Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit D (a “Stockholder Redemption Withdrawal Instruction”), the Trustee shall distribute
to the Public Stockholders on behalf of the Company the amount requested by the Company to be used to redeem shares of Common
Stock from Public Stockholders properly submitted in connection with a stockholder vote to approve an amendment to the Certificate
of Incorporation (i) to modify the substance or timing of the Company’s obligation to allow redemption in connection
with the Company’s initial Business Combination or to redeem 100% of its public shares of Common Stock if the Company has
not consummated an initial Business Combination within such time as is described in the Certificate of Incorporation or (ii) with
respect to any other material provision relating to stockholders’ rights or pre-initial Business Combination activity. The
written request of the Company referenced above shall constitute presumptive evidence that the Company is entitled to distribute
said funds, and the Trustee shall have no responsibility to look beyond said request; and

 

(l)           Not
make any withdrawals or distributions from the Trust Account other than pursuant to Section 1(i), (j) or
(k) above.

 

2.            Agreements
and Covenants of the Company. The Company hereby agrees and covenants to:

 

(a)            Give
all instructions to the Trustee hereunder in writing, signed by the Company’s Chief Executive Officer, Chief Financial Officer
or Secretary. In addition, except with respect to its duties under Sections 1(i), 1(j) and 1(k) hereof,
the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction
which it, in good faith and with reasonable care, believes to be given by any one of the persons authorized above to give written
instructions, provided that the Company shall promptly confirm such instructions in writing;

 

(b)            Subject
to Section 4 hereof, hold the Trustee harmless and indemnify the Trustee from and against any and all documented expenses,
including reasonable outside counsel fees and disbursements, or losses suffered by the Trustee in connection with any action taken
by it hereunder and in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or
in connection with any claim or demand, which arises out of or relates to this Agreement, the services of the Trustee hereunder,
or the Property or any interest earned on the Property, except for expenses and losses resulting from the Trustee’s, or its
representatives’, gross negligence, fraud or willful misconduct. Promptly after the receipt by the Trustee of notice of demand
or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under
this Section 2(b), it shall notify the Company in writing of such claim (hereinafter referred to as the “Indemnified
Claim”). The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim; provided
that the Trustee shall obtain the consent of the Company with respect to the selection of counsel; provided, further
that the Company may conduct and manage the defense against any Indemnified Claim if the Trustee does not promptly take reasonable
steps to mount such a defense. The Trustee may not agree to settle any Indemnified Claim without the prior written consent of the
Company. The Company may participate in any such action with its own counsel;

 

    3

     

    

 

(c)          Pay
the Trustee the fees set forth on Schedule A hereto, including an initial set-up fee, annual administration fee, and transaction
processing fee which fees shall be subject to modification by the parties from time to time. It is expressly understood that the
Property shall not be used to pay such fees unless and until it is distributed to the Company pursuant to Sections 1(i) hereof.
The Company shall pay the Trustee the initial set-up fee and the first annual administration fee at the consummation of the Offering.
The Trustee shall refund to the Company the annual administration fee (on a pro rata basis) with respect to any period after
the liquidation of the Trust Account. The Company shall not be responsible for any other fees or charges of the Trustee except
as set forth in this Section 2(c), Schedule A and as may be provided in Section 2(b) hereof;

 

(d)          In
connection with any vote of the Company’s stockholders regarding a merger, capital stock exchange, asset acquisition, stock
purchase, reorganization or similar business combination involving the Company and one or more businesses (the “Business
Combination”), provide to the Trustee an affidavit or certificate of the inspector of elections for the stockholder meeting
verifying the vote of such stockholders regarding such Business Combination;

 

(e)          Unless
otherwise agreed between the Company and the Representative, ensure that any Instruction Letter (as defined in Exhibit A)
delivered in connection with a Termination Letter in a form substantially similar to that attached hereto as Exhibit A
expressly provides that the Deferred Discount is paid directly to the accounts as directed by the Representative;

 

(f)           Instruct
the Trustee to make only those distributions that are permitted under this Agreement, and refrain from instructing the Trustee
to make any distributions that are not permitted under this Agreement; and

 

(g)          Within
four (4) business days after the Underwriters exercise the over-allotment option (or any unexercised portion thereof) or such
over-allotment expires, provide the Trustee with a notice in writing of the total amount of the Deferred Discount, which shall
in no event be less than $13,500,000, or $15,525,000 if the Underwriters’ over-allotment option is exercised in full.

 

3.            Limitations
of Liability. The Trustee shall have no responsibility or liability to:

 

(a)          Imply
obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document other than this Agreement
and that which is expressly set forth herein;

 

(b)          Take
any action with respect to the Property, other than as directed in Section 1 hereof, and the Trustee shall have no
liability to any party under this Agreement except for liability arising out of the Trustee’s, or its representatives’,
gross negligence, fraud or willful misconduct;

 

(c)          Institute
any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of
any kind with respect to, any of the Property unless and until it shall have received written instructions from the Company given
as provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any reasonably incurred
expenses incident thereto;

 

    4

     

    

 

(d)          Refund
any depreciation in principal of any Property;

 

(e)          Assume
that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided
otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee;

 

(f)           The
Company or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith
and in the Trustee’s best judgment, except for the Trustee’s, or its representatives’, gross negligence, fraud
or willful misconduct. The Trustee may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate,
opinion or advice of counsel (including counsel chosen by the Trustee, which counsel may be the Company’s counsel), statement,
instrument, report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions,
but also as to the truth and acceptability of any information therein contained) which the Trustee believes, in good faith and
with reasonable care, to be genuine and to be signed or presented by the proper person or persons. The Trustee shall not be bound
by any notice or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless
evidenced by a written instrument delivered to the Trustee, signed by the proper party or parties and, if the duties or rights
of the Trustee are affected, unless it shall give its prior written consent thereto;

 

(g)          Verify
the accuracy of the information contained in the Registration Statement;

 

(h)          Provide
any assurance that any Business Combination entered into by the Company or any other action taken by the Company is as contemplated
by the Registration Statement;

 

(i)           File
information returns with respect to the Trust Account with any local, state or federal taxing authority or provide periodic written
statements to the Company documenting the taxes payable by the Company, if any, relating to any interest income earned on the Property;

 

(j)           Prepare,
execute and file tax reports, income or other tax returns and pay any taxes with respect to any income generated by, and activities
relating to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company, including, but not
limited to, franchise and income tax obligations, except pursuant to Section 1(j) hereof; or

 

(k)          Verify
calculations, qualify or otherwise approve the Company’s written requests for distributions pursuant to Sections 1(i),
1(j) and 1(k) hereof.

 

4.            Trust
Account Waiver. The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account
that it may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including,
without limitation, under Section 2(b) or Section 2(c) hereof, the Trustee shall pursue such
Claim solely against the Company and its assets outside the Trust Account and not against the Property or any monies in the Trust
Account.

 

    5

     

    

 

5.            Termination
and Replacement of Trustee. This Agreement shall terminate as follows:

 

(a)          If
the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable
efforts to locate a successor trustee, pending which the Trustee shall continue to act in accordance with this Agreement. At such
time that the Company notifies the Trustee that a successor trustee has been appointed and has agreed to become subject to the
terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including but
not limited to the transfer of copies of the reports and statements related to the Trust Account and any other reasonable transfer
requests that the Company may make, whereupon this Agreement shall terminate; provided, however, that in the event
that the Company does not locate a successor trustee within ninety (90) days of receipt of the resignation notice from the Trustee,
the Trustee may submit an application to have the Property deposited with any court in the State of New York or with the United
States District Court for the Southern District of New York and upon such deposit, the Trustee shall be immune from any liability
whatsoever; or

 

(b)          At
such time that the Trustee has completed the liquidation of the Trust Account and its obligations in accordance with the provisions
of Section 1(i) hereof and distributed the Property in accordance with the provisions of the Termination Letter,
this Agreement shall terminate except with respect to Section 2(b).

 

6.            Miscellaneous.

 

(a)          The
Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds
transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating
to such security procedures to authorized persons. Each party must notify the other party immediately if it has reason to believe
unauthorized persons may have obtained access to such confidential information, or of any change in its authorized personnel. In
executing funds transfers, the Trustee shall rely upon all information supplied to it by the Company, including, account names,
account numbers, and all other identifying information relating to a Beneficiary, Beneficiary’s bank or intermediary bank.
Except for any liability arising out of the Trustee’s, or its representatives’, gross negligence, fraud or willful
misconduct, the Trustee shall not be liable for any loss, liability or expense resulting from any error in the information or transmission
of the funds.

 

(b)          This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. This
Agreement may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together
shall constitute but one instrument.

 

(c)          This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except
as provided for in Section 6(d), this Agreement or any provision hereof may only be changed, amended or modified (other
than to correct a typographical error) by a writing signed by each of the parties hereto.

 

(d)          Sections
1(i) and 1(k) hereof may only be changed, amended or modified pursuant to Section 6(c) hereof with
the Consent of the Stockholders, it being the specific intention of the parties hereto that each of the Company’s stockholders
is, and shall be, a third party beneficiary of this Section 6(d) with the same right and power to enforce this
Section 6(d) as the other parties hereto. For purposes of this Section 6(d), the “Consent
of the Stockholders” means receipt by the Trustee of a certificate from the inspector of elections of the stockholder
meeting certifying that the Company’s stockholders of record as of a record date established in accordance with Section 213(a) of
the Delaware General Corporation Law, as amended (“DGCL”) (or any successor rule), who hold sixty-five percent
(65%) or more of all then outstanding shares of the Common Stock and Class B common stock, par value $0.0001 per share, of
the Company voting together as a single class, have voted in favor of such change, amendment or modification. No such amendment
will affect any Public Stockholder who has otherwise indicated his election to redeem his share of Common Stock in connection with
a stockholder vote sought to amend the Certificate of Incorporation. Except for any liability arising out of the Trustee’s,
or its representatives’, gross negligence, fraud or willful misconduct, the Trustee may rely conclusively on the certification
from the inspector or elections referenced above and shall be relieved of all liability to any party for executing the proposed
amendment in reliance thereon.

 

    6

     

    

 

(e)          The
parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, County of New
York, State of New York, for purposes of resolving any disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY
WAY RELATING TO THIS AGREEMENT, EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY.

 

(f)           Any
notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing
and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery
or by electronic mail:

 

if to the Trustee, to:

 

Continental Stock Transfer &
Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attn: Francis Wolf and Celeste Gonzalez

Email: fwolf@continentalstock.com

Email: cgonzalez@continentalstock.com

 

if to the Company, to:

 

Starboard Value Acquisition Corp.

777 Third Avenue, 18th Floor

New York, NY 10017

Attn: Martin D. McNulty

 

in each case, with copies to:

 

Akin Gump Strauss Hauer &
Feld LLP

One Bryant Park

New York, New York 10036

Attn: Alice Hsu

Email: ahsu@akingump.com

 

and

 

UBS Securities LLC

1285 Avenue of the Americas

 

New York, New York 10019

Attn: [__]

 

    7

     

    

 

in each case, with copies to:

 

Kirkland & Ellis LLP

601 Lexington Avenue

New York, NY 10022

Attn.: Christian Nagler

Email: christian.nagler@kirkland.com

 

(g)          Each
of the Company and the Trustee hereby represents that it has the full right and power and has been duly authorized to enter into
this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it
shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds
in the Trust Account under any circumstance.

 

(h)          Each
of the Company and the Trustee hereby acknowledges and agrees that the Representative is a third party beneficiary of this Agreement.

 

(i)           The
Trustee shall perform its duties under this Agreement in compliance with all applicable laws and keep confidential all information
relating to this Agreement and, except as required by applicable law, shall not use such information for any purpose other than
the performance of the Trustee’s obligations under this Agreement.

 

(j)           Except
as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any other person
or entity.

 

(k)          This
Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all
of which together shall constitute one and the same instrument. Only one counterpart signed by the party against whom enforceability
is sought needs to be produced to evidence the existence of this Agreement. Delivery of a signed counterpart of this Agreement
by facsimile or electronic transmission shall constitute valid and sufficient delivery thereof.

 

[Signature Page Follows]

 

    8

     

    

 

 

IN WITNESS WHEREOF, the parties have
duly executed this Investment Management Trust Agreement as of the date first written above.

 

	 	Continental Stock Transfer & Trust Company, 

as Trustee
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

	 	Starboard Value Acquisition Corp.
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Investment Management
Trust Agreement]

 

     

     

    

 

SCHEDULE
A

 

	Fee Item	Time and method of payment	Amount
	Initial set-up fee.	Initial closing of Offering by wire transfer.	$ 2,000.00
	Trustee administration fee	Payable annually. First year fee payable at initial closing of Offering by wire transfer; thereafter, payable by wire transfer or check.	$ 10,000.00
	Transaction processing fee for disbursements to Company under Sections 1(i), 1(j), and 1(k)	Deduction by Trustee from accumulated income following disbursement made to Company under Section 1	$ 250.00
	Paying Agent services as required pursuant to Section 1(i) and 1(k)	Billed to Company upon delivery of service pursuant to Section 1(i) and 1(k)	Prevailing rates

 

    	 	Sch. A-1	 

     

    

 

EXHIBIT A

 

[Letterhead of Company]

[Insert
date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account No. [___] Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of the
Investment Management Trust Agreement between Starboard Value Acquisition Corp. (the “Company”) and Continental
Stock Transfer & Trust Company (the “Trustee”), dated as of [_____], 2020 (the “Trust Agreement”),
this is to advise you that the Company has entered into an agreement with [insert name] (the “Target Business”)
to consummate a business combination with Target Business (the “Business Combination”) on or about [insert date].
The Company shall notify you at least forty- eight (48) hours (or such shorter time period as you may agree) in advance of the
actual date of the consummation of the Business Combination (the “Consummation Date”). Capitalized terms used
but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms of the Trust
Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account, and to transfer the proceeds
into the trust operating account at J.P. Morgan Chase Bank, N.A. to the effect that, on the Consummation Date, all of the funds
held in the Trust Account will be immediately available for transfer to the account or accounts that the Company shall direct on
the Consummation Date (including as directed to it by the Representative) (with respect to the Deferred Discount). It is acknowledged
and agreed that while the funds are on deposit in the trust operating account at J.P. Morgan Chase Bank, N.A. awaiting distribution,
the Company will not earn any interest or dividends.

 

On the Consummation Date (i) counsel
for the Company shall deliver to you written notification that the Business Combination has been consummated, or will be consummated
substantially concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”)
and (ii) the Company shall deliver to you (a) [an affidavit] [a certificate] of the Chief Executive Officer of the Company,
which verifies that the Business Combination has been approved by a vote of the Company’s stockholders, if a vote is held
and (b) a joint written instruction signed by the Company and the Representative with respect to the transfer of the funds
held in the Trust Account, including payment of amounts owed to public stockholders who have properly exercised their redemption
rights and payment of amounts of the Deferred Discount to the account or accounts directed by the Representative from the Trust
Account (the “Instruction Letter”). You are hereby directed and authorized to transfer the funds held in the
Trust Account immediately upon your receipt of the Notification and the Instruction Letter, in accordance with the terms of the
Instruction Letter. In the event that certain deposits held in the Trust Account may not be liquidated by the Consummation Date
without penalty, you will notify the Company in writing of the same and the Company shall direct you as to whether such funds should
remain in the Trust Account and be distributed after the Consummation Date to the Company. Upon the distribution of all the funds,
net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under
the Trust Agreement shall be terminated.

 

In the event that the Business Combination
is not consummated on the Consummation Date described in the notice thereof and we have not notified you on or before the original
Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from the Company, the funds
held in the Trust Account shall be reinvested as provided in Section 1(c) of the Trust Agreement on the business day
immediately following the Consummation Date as set forth in such written instruction as soon thereafter as possible.

 

    	 	Ex. A.-1	 

     

    

 

	 	Very truly yours,
	 	Starboard Value Acquisition Corp.
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	cc: UBS Securities LLC	 	 

 

    	 	Ex. A.-2	 

     

    

 

EXHIBIT B

 

[Letterhead of Company]

[Insert
date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account No. [__] Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of the
Investment Management Trust Agreement between Starboard Value Acquisition Corp. (the “Company”) and Continental
Stock Transfer & Trust Company (the “Trustee”), dated as of [___], 2020 (the “Trust Agreement”),
this is to advise you that the Company has been unable to effect a Business Combination with a target business within the time
frame specified in the Certificate of Incorporation, as described in the Company’s Prospectus relating to the Offering. Capitalized
terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms of the Trust
Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account and to transfer the total proceeds into
a segregated account held by you on behalf of the Beneficiaries to await distribution to the Public Stockholders. The Company
has selected [insert completion deadline] as the effective date for the purpose of determining when the Public Stockholders will
be entitled to receive their share of the liquidation proceeds. You agree to be the Paying Agent of record and, in your separate
capacity as Paying Agent, agree to distribute said funds directly to the Public Stockholders in accordance with the terms of the
Trust Agreement and the Certificate of Incorporation. Upon the distribution of all the funds, net of any payments necessary for
reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall be
terminated, except to the extent otherwise provided in Section 1(i) of the Trust Agreement.

 

	 	Very truly yours,
	 	Starboard Value Acquisition Corp.
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	cc:	UBS Securities LLC
	 	 	 	 

 

    	 	Ex. B-1	 

     

    

 

EXHIBIT C

 

[Letterhead of Company]

[Insert
date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account No. [__] Tax Payment Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(j) of the
Investment Management Trust Agreement between Starboard Value Acquisition Corp. (the “Company”) and Continental
Stock Transfer & Trust Company (the “Trustee”), dated as of [_______], 2020 (the “Trust Agreement”),
the Company hereby requests that you deliver to the Company $[___________] of the interest income earned on the Property as of
the date hereof. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

The Company needs such funds to pay for
the tax obligations as set forth on the attached tax return or tax statement. In accordance with the terms of the Trust Agreement,
you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to
the Company’s operating account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	Very truly yours,
	 	Starboard Value Acquisition Corp.
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	cc:	UBS Securities LLC
	 	 	 	 

    	 	Ex. C-1	 

     

    

 

EXHIBIT D

 

[Letterhead of Company]

[Insert
date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account No. [__] Stockholder Redemption Withdrawal Instruction

 

Ladies and Gentlemen:

 

Pursuant to Section 1(k) of the
Investment Management Trust Agreement between Starboard Value Acquisition Corp. (the “Company”) and Continental
Stock Transfer & Trust Company (the “Trustee”), dated as of [_____], 2020 (the “Trust Agreement”),
the Company hereby requests that you deliver to the redeeming Public Stockholders of the Company $[__________] of the principal
and interest income earned on the Property as of the date hereof into a segregated account held by you on behalf of the Beneficiaries
for distribution to the Public Stockholders who have requested redemption of their shares. Capitalized terms used but not defined
herein shall have the meanings set forth in the Trust Agreement.

 

The Company needs such funds to pay its
Public Stockholders who have properly elected to have their shares of Common Stock redeemed by the Company in connection with a
stockholder vote to approve an amendment to the Certificate of Incorporation (A) to modify the substance or timing of the
Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or to redeem
100% of its public shares of Common Stock if the Company has not consummated its initial Business Combination within such time
as is described in the Certificate of Incorporation or (B) with respect to any other material provision relating to stockholders’
rights or pre-initial Business Combination activity. As such, you are hereby directed and authorized to transfer (via wire transfer)
such funds promptly upon your receipt of this letter into a [segregated account] held by you on behalf of the Beneficiaries.

 

	 	Starboard Value Acquisition Corp.
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	cc:	UBS Securities LLC
	 	 	 	 

 

    	 	Ex. D-1

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