Document:

EX-10.8

 Exhibit 10.8 

IMPEL NEUROPHARMA, INC. 

April 15, 2021 
 John Leaman 

Sent via email 
 Dear John: 

Impel NeuroPharma, Inc. (the “Company”) is pleased to continue your employment with the Company on the following terms,
effective as of the date on which the Company’s registration statement on Form S-1 in connection with its initial public offering of common stock (the “IPO”) is declared effective
by the Securities Exchange Commission (the “Effective Date”). Prior to the Effective Date and in the event that the IPO does not occur, your employment with the Company will continue to be subject to the terms of the offer
letter between you and the Company dated as of June 19, 2019. 
 1. Position. Your title will remain Chief Financial Officer
(“CFO”), and you will report to the Company’s Chief Executive Officer. Your service to the Company is to be full-time. While you render services to the Company, you will not engage in any other employment, consulting or
other business activity (whether full-time or part-time) that would create a conflict of interest with the Company or be competitive with the Company. By signing this employment agreement, you re-affirm to the
Company that you have no contractual commitments or other legal obligations that would prohibit you from performing your duties for the Company. 

2. Base Salary; Expenses. The Company will pay you a salary at the rate of $440,000 per year (“Base Salary”),
payable in accordance with the Company’s standard payroll schedule. This salary may be increased to reflect performance achievements, as determined by the Company’s Board of Directors (the “Board”) or the
Compensation Committee of the Board (the “Compensation Committee”) from time to time and in its sole discretion. 

3. Cash Incentive. In addition, you will be eligible to earn an annual target cash bonus equal to 40% of your Base Salary (your
“Target Bonus”). The actual bonus amount awarded to you (your “Annual Bonus”) will be determined based upon the Company’s achievement and your performance, as determined by the Board or the
Compensation Committee. Each Annual Bonus will be paid no later than two and one half months following the end of the applicable performance year to which it relates, and otherwise in accordance with the Company’s standard payroll schedule.

 4. Equity Awards. You and the Company acknowledge and agree that the Company has previously granted you options to purchase shares
of the Company’s common stock, which are subject to the terms and conditions of the documents evidencing such options, as amended by Section 6 below. If, upon the occurrence of a Corporate Transaction, you are in employment with the
Company and the Board determines that any equity or equity derivative awards granted to you prior to such Corporate Transaction are not continued, assumed, converted, replaced, or substituted by the successor to the Company in a Corporate
Transaction, the time-based and service-based vesting conditions subject to any such equity then held by you will accelerate in full immediately prior to 

 
the consummation of the Corporate Transaction regardless of whether there occurs an Involuntary Termination and to the extent that any such equity that would be subject to vesting acceleration
pursuant to this Section 4 are subject to performance-based vesting conditions, such conditions will be deemed to be met at target, as of the date of such the Corporate Transaction. 

5. Employee Benefits. 

(a) In connection with your service, you will remain eligible to receive employee benefits, bonus plan participation and perquisites
commensurate with those provided to the Company’s senior executives, which include the Company’s 401(k) plan, its life insurance, hospitalization, major medical and other similar employee benefit plans, as may be in effect from time to
time. 
 (b) You will remain entitled to paid vacation in an amount commensurate with that of other senior executives, which, in any event,
will not be less than four weeks annually, plus any paid holidays and other paid leave, as set forth in the Company’s policies, as in effect from time to time. 

6. Termination. 
 (a) Upon
the termination of your employment with the Company at any time for any reason, you will be paid your salary through your termination date and any other benefits or payments, including any accrued and unused vacation, which must be provided to you
under applicable law. 
 (b) If you are subject to an Involuntary Termination at any time other than upon or within 12 months following a
Corporate Transaction, then subject to Section 9, you will be entitled to receive the following benefits (collectively, the “Severance”): 

i. the value of all accrued and vested payments under any benefit plans not otherwise described in this Section 6 that have not been paid
or otherwise used through your termination date, which benefits will be paid to you on the Company’s first regular payroll date following the end of the Release Period; 

ii. 9 months of your then-current Base Salary to be paid in equal installments on the Company’s regular payroll dates for a 9-month period from the date of the Involuntary Termination, provided that the first payment will commence on the first regular payroll date following the end of the Release Period and include any amounts that would
have been payable during the Release Period but for this sentence; 
 iii. subject to your timely and proper election of coverage under the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), continuation of your life insurance coverage and, for both you and your eligible dependents, continuation of your then-effective group medical and
dental coverage, at Company cost, for 9 months following the Involuntary Termination. The Company’s obligations under this section (iii) shall not apply once you become eligible for medical, dental, or life insurance coverage from another
entity where the cost to you is consistent with similarly situated participants under such plans and you agree to provide prompt notice to the Company if you become so eligible. 

  
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 (c) If you are subject to an Involuntary Termination upon or within 12 months following a
Corporate Transaction then, subject to Section 9 and in lieu of the benefits set forth in Section 6(b), you will be entitled to receive the following benefits (collectively, the “CIC Severance”): 

i. the value of all accrued and vested payments under any benefit plans not otherwise described in this Section 6 that have not been paid
or otherwise used through your termination date, which benefits will be paid to you on the first regular payroll date following the end of the Release Period; 

ii. 12 months of your then-current Base Salary plus 12 months of the amount of your then-current Target Bonus (assuming 100% achievement) to
be paid in equal installments on the Company’s regular payroll dates for an 12-month period from the date of the Involuntary Termination, provided that the first payment will commence on the first regular
payroll date following the end of the Release Period and include any amounts that would have been payable during the Release Period but for this sentence; 

iii. a lump sum payment equal to your Target Bonus in the year of the Involuntary Termination, as such Target Bonus shall be pro-rated on a daily basis for the number of days of service in the performance year in which your employment terminated, which payment shall be made to you at the time such bonuses are paid to other participants,
or, if earlier, by March 15 of the year following the year of the Involuntary Termination; 
 iv. full vesting acceleration as to all
equity then held by you. 
 v. subject to your timely and proper election of coverage under COBRA, continuation of your life insurance
coverage and, for both you and your eligible dependents, continuation of your then-effective group medical and dental coverage, at Company cost, for 12 months following the Involuntary Termination. The Company’s obligations under this section
(v) will not apply once you become eligible for medical, dental, or life insurance coverage from another entity where the cost to you is consistent with similarly situated participants under such plans and you agree to provide prompt notice to
the Company if you become so eligible. 
 (d) Receipt of the Severance or the CIC Severance, as applicable, will be conditioned in its
entirety upon your execution of a release of claims in a form prescribed by the Company, without alterations (the “Release”) and your continued compliance with the terms thereof, which Release must be executed and become
irrevocable, within 60 days of your Involuntary Termination (this 60-day period, the “Release Period”). Any acceleration effected by Section 6(b)(iv) or Section 6(c)(iv) will
be effective as of the Separation and the resulting vested equity cancelled without consideration if the Release does not become effective by its terms and within the Release Period. 

7. Proprietary Information and Inventions Agreement. The Company’s standard Proprietary Information and Inventions Agreement,
which you have signed, remains in full force and effect. 

  
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 8. Employment Relationship. Employment with the Company is for no specific period of
time. Your employment with the Company will remain “at will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without Cause or notice. Any contrary representations that may have
been made to you are superseded by this employment agreement. This is the full and complete agreement between you and the Company on this term. Although your job duties, title, compensation and benefits, as well as the Company’s personnel
policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and a duly authorized member of the Board (other than you). 

9. Tax Matters. 
 (a)
Withholding. All forms of compensation referred to in this employment agreement are subject to reduction to reflect applicable withholding and payroll taxes and other deductions required by law. 

(b) Section 409A. For purposes of Section 409A of the Internal Revenue Code of 1986, as amended
(“Section 409A”), each salary continuation payment under Section 6 is hereby designated as a separate payment. If the Company determines that you are a “specified employee”
under Section 409A(a)(2)(B)(i) at the time of your Separation, then (i) the benefits under Section 6, to the extent that they are subject to Section 409A, will commence on the first business day following (A) expiration of
the six month period measured from your Separation or (B) the date of your death and (ii) the installments that otherwise would have been paid prior to such date will be paid in a lump sum when the salary continuation payments commence.
Except as otherwise expressly provided herein, to the extent any expense reimbursement or the provision of any in-kind benefit under this employment agreement (or otherwise referenced herein) is determined to
be subject to (and not exempt from) Section 409A, (x) the amount of any such expenses eligible for reimbursement, or the provision of any in-kind benefit, in one calendar year shall not affect the
expenses eligible for reimbursement or in-kind benefits to be provided in any other calendar year; (y) in no event shall any expenses be reimbursed after the last day of the calendar year following the
calendar year in which you incurred such expenses; and (z) in no event shall any right to reimbursement or the provision of any in-kind benefit be subject to liquidation or exchange for another benefit.
Further, to the extent any nonqualified deferred compensation subject to Section 409A payable to you hereunder could be paid in one or more taxable years depending upon you completing certain employment-related actions (such as resigning after
a failure to cure a Good Reason event and/or returning an effective release), then any such payments will commence or occur in the later taxable year to the extent required by Section 409A. 

(c) Tax Advice. You are encouraged to obtain your own tax advice regarding your compensation from the Company. You agree that the
Company does not have a duty to design its compensation policies in a manner that minimizes your tax liabilities, and you will not make any claim against the Company or the Board related to tax liabilities arising from your compensation. 

(d) Section 280G. In the event that any payment or benefit received or to be received by you pursuant to this employment agreement or
otherwise (any “Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”) and
(ii) but for this subsection (d), be subject to the excise tax imposed by Section 4999 of the Code, any successor provisions, or any comparable federal, state, local or foreign excise tax (“Excise Tax”), then,
subject to the provisions of subsection (b), such 

  
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Payments will be either (A) provided in full pursuant to the terms of this employment agreement or any other applicable agreement, or (B) provided as to such lesser extent which would
result in no portion of such Payments being subject to the Excise Tax (the “Reduced Amount”), whichever of the foregoing amounts, taking into account the applicable federal, state, local and foreign income, employment and
other taxes and the Excise Tax (including, without limitation, any interest or penalties on such taxes), results in your receipt, on an after-tax basis, of the greatest amount of payments and benefits provided
for hereunder or otherwise, notwithstanding that all or some portion of such Payments may be subject to the Excise Tax. Unless you and the Company otherwise agree in writing, any determination required under this subsection will be made by
independent tax counsel designated by the Company and reasonably acceptable to you (“Independent Tax Counsel’), whose determination will be conclusive and binding upon you and the Company for all purposes. For purposes of
making the calculations required under this subsection, Independent Tax Counsel may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of
Sections 280G and 4999 of the Code; provided that Independent Tax Counsel will assume that you pay all taxes at the highest marginal rate. You and the Company will furnish to Independent Tax Counsel such information and documents as Independent Tax
Counsel may reasonably request in order to make a determination under this subsection. The Company will bear all costs that Independent Tax Counsel may reasonably incur in connection with any calculations contemplated by this Section. In the event
that Section 9(d)(ii)(B) above applies, such reduction shall be made in the following order: (i) first, any future cash payments (if any) shall be reduced (if necessary, to zero, with the payment farthest in the future being so reduced
first); (ii) second, any current cash payments shall be reduced (if necessary, to zero); (iii) third, all non-cash payments (other than equity or equity derivative related payments) shall be reduced (if
necessary, to zero); and (iv) fourth, all equity or equity derivative payments shall be reduced. If the Internal Revenue Service (the “IRS”) determines that any Payment is subject to the Excise Tax, then
Section 9(e) hereof will apply, and the enforcement of Section 9(e) will be the exclusive remedy to the Company. 
 (e)
Adjustments. If, notwithstanding any reduction described in Section 9(d) hereof (or in the absence of any such reduction), the IRS determines that you are liable for the Excise Tax as a result of the receipt of one or more Payments, then
you will be obligated to surrender or pay back to the Company, within one-hundred twenty (120) days after a final IRS determination, an amount of such payments or benefits equal to the
“Repayment Amount.” The Repayment Amount with respect to such Payments will be the smallest such amount, if any, as will be required to be surrendered or paid to the Company so that your net proceeds with respect to such
Payments (after taking into account the payment of the Excise Tax imposed on such Payments) will be maximized. Notwithstanding the foregoing, the Repayment Amount with respect to such Payments will be zero (0) if a Repayment Amount of more than
zero (0) would not eliminate the Excise Tax imposed on such Payments or if a Repayment Amount of more than zero would not maximize the net amount received by you from the Payments. If the Excise Tax is not eliminated pursuant to this
Section 9(e), then you will pay the Excise Tax. 
 10. Interpretation, Amendment and Miscellaneous. Upon the Effective Date,
this employment agreement supersedes and replaces any prior or contemporaneous agreements, representations or understandings (whether written, oral, implied or otherwise) between you and the Company and constitutes the complete agreement between you
and the Company regarding the subject matter set forth herein. This employment agreement may not be amended or modified, except 

  
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by an express written agreement signed by both you and a duly authorized member of the Board (other than you). This employment agreement shall be governed by and construed in accordance with the
laws of the State of Washington. If any term, covenant, condition or provision of this employment agreement or the application thereof to any person or circumstance shall, at any time, or to any extent, be determined invalid or unenforceable, the
remaining provisions of this employment agreement shall not be affected thereby and shall be deemed valid and fully enforceable to the extent permitted by law. This employment agreement may be executed in any number of counterparts, and each such
counterpart hereof will be deemed to be an original instrument, but all such counterparts together will constitute but one agreement. Signature pages delivered by electronic signature or facsimile or electronic mail will be treated as originals. If
court proceedings are required to enforce any provision of this employment agreement, the substantially prevailing or successful party shall be entitled to an award of the reasonable and necessary expenses of litigation, including reasonable
attorneys’ fees. The rights and obligations of the Company under this employment agreement shall inure to the benefit of and be binding upon the successors and assigns of the Company. Your rights and obligations hereunder are non-assignable. The Company may assign its rights and obligations to any entity in which the Company or an entity affiliated with the Company, has a majority ownership interest. Any notice required by this
employment agreement shall be sufficient if in writing and delivered to the party or sent by electronic or certified mail, return receipt requested and addressed to the party’s last business or residential address, or otherwise delivered in
person or through a reliable electronic delivery system. Either party may change the specified address by giving written notice of such change. 

11. Arbitration. You and the Company agree to submit to mandatory binding arbitration any and all claims arising out of or related to
your employment with the Company and the termination thereof, including, but not limited to, claims for unpaid wages, wrongful termination, torts, stock or stock options or other ownership interest in the Company, and/or discrimination (including
harassment) based upon any federal, state or local ordinance, statute, regulation or constitutional provision except that each party may, at its, his or her option, seek injunctive relief in court related to the improper use, disclosure or
misappropriation of a party’s private, proprietary, confidential or trade secret information (collectively, “Arbitrable Claims”). THE PARTIES HEREBY WAIVE ANY RIGHTS THEY MAY HAVE TO TRIAL BY JURY IN REGARD TO ARBITRABLE
CLAIMS. 
 This employment agreement does not restrict your right to file administrative claims you may bring before any government agency
where, as a matter of law, the parties may not restrict the employee’s ability to file such claims (including, but not limited to, the National Labor Relations Board, the Equal Employment Opportunity Commission and the Department of Labor).
However, the parties agree that, to the fullest extent permitted by law, arbitration shall be the exclusive remedy for the subject matter of such administrative claims. 

The arbitration shall be conducted in King County, Washington through the American Arbitration Association (“AAA”) before a single
neutral arbitrator, in accordance with the AAA employment arbitration rules then in effect. The AAA rules may be found and reviewed at www.adr.org under the “Rules & Forms” tab. The arbitrator shall issue a written decision that
contains the essential findings and conclusions on which the decision is based. If, for any reason, any term of this Arbitration provision is held to be invalid or unenforceable, all other valid terms and conditions herein shall be severable in
nature, and remain fully enforceable. 

  
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 12. Definitions. The following terms have the meaning set forth below wherever they
are used in this employment agreement: 
 “Cause” means (a) your unauthorized use or disclosure of the
Company’s confidential information or trade secrets, which use or disclosure causes material harm to the Company, (b) your material breach of any agreement between you and the Company, (c) your material failure to comply with the
Company’s written policies or rules, (d) your conviction of, or your plea of “guilty” or “no contest” to, a felony under the laws of the United States or any State, (e) your gross negligence or willful misconduct,
(f) your continuing failure to perform assigned duties after receiving written notification of the failure from the Board or (g) your failure to cooperate in good faith with a governmental or internal investigation of the Company or its
directors, officers or employees, if the Company has requested your cooperation. 
 “Corporate Transaction” means
the occurrence of any of the following events: (a) any “Person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) becomes the “beneficial
owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the total voting power represented by the
Company’s then-outstanding voting securities, provided, however, that for purposes of this subclause (a) the acquisition of additional securities by any one Person who is considered to own more than fifty percent (50%) of the total voting
power of the securities of the Company will not be considered a Corporate Transaction; (b) the consummation of the sale or disposition by the Company of all or substantially all of the Company’s assets; (c) the consummation of a
merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity or its parent) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent
outstanding immediately after such merger or consolidation; (d) any other transaction which qualifies as a “corporate transaction” under Section 424(a) of the Internal Revenue Code of 1986, as amended (the
“Code”) wherein the stockholders of the Company give up all of their equity interest in the Company (except for the acquisition, sale or transfer of all or substantially all of the outstanding shares of capital stock of the
Company), or (e) a change in the effective control of the Company that occurs on the date that a majority of members of the Board is replaced during any twelve (12) month period by members of the Board whose appointment or election is not
endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purpose of this subclause (e), if any Person is considered to be in effective control of the Company, the acquisition of additional control of
the Company by the same Person will not be considered a Corporate Transaction. For purposes of this definition, Persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation,
purchase, or acquisition of stock, or similar business transaction with the Company. Notwithstanding the foregoing, to the extent that any amount constituting deferred compensation (as defined in Section 409A of the Code) would become payable
under this employment agreement by reason of a Corporate Transaction, such amount will become payable only if the event constituting a Corporate Transaction would also qualify as a change in ownership or effective control of the Company or a change
in the ownership of a substantial portion of the assets of the Company, each as defined within the meaning of Code Section 409A, as it has been and may be amended from time to time, and any proposed or final Treasury Regulations and IRS
guidance that has been promulgated or may be promulgated thereunder from time to time. 

  
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 “Involuntary Termination” means you experience a Separation due to
your Termination Without Cause or your resignation for Good Reason. 
 “Good Reason” means any of the following
conditions has come into existence without your consent: 
 (a) a material reduction of your Base Salary; or 

(b) a material diminution of your authority, duties or responsibilities, provided that that a reduction in your authority,
duties or responsibilities following a Corporate Transaction shall not constitute Good Reason if (i) there is no material demotion in your authority, duties or responsibilities within that division of the acquiring company comprised of the
Company, (ii) you merely experience a change in your title, or (iii) the reduction is due to your failure to be elected or reelected to the Board or any committee thereof, to the extent applicable. 

A resignation for Good Reason will not be deemed to have occurred unless you give the Company written notice of the condition within 30 days after the
condition comes into existence, the Company fails to cure the condition within 30 days after receiving your written notice, and you immediately terminate your employment upon the Company’s failure to cure or the Company’s notice to you
that it will decline to cure. 
 “Separation” means a “separation from service,” as defined in the
regulations under Section 409A of the Code. 
 “Termination Without Cause” means a Separation as a result of a
termination of your employment by the Company without Cause, provided you are willing and able to continue performing services within the meaning of Treasury Regulation 1.409A-1(n)(1). 

[Remainder of page intentionally left blank] 

  
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 We hope that you will accept our offer of continued employment with the Company. You may
indicate your agreement with these terms and accept this offer by signing and dating the enclosed duplicate original of this employment agreement and returning it to me. 

 

			
	Very truly yours,
	
	IMPEL NEUROPHARMA, INC.
		
	By:	 	/s/ Adrian Adams
		
	Name:	 	Adrian Adams
		
	Title:	 	Chief Executive Officer

 I have read and accept this employment offer: 
  

	
	/s/ John Leaman
	Signature of John Leaman
	
	Dated: 4/15/2021

  
 9Document

EXHIBIT 10.1
Separation and General Release Agreement

This Separation and General Release Agreement (this “Agreement”), dated as of April 18, 2021 (the “Effective Date”), is made by and between Douglas B. Woodworth (the “Executive”) and Steel Services Ltd., a Delaware corporation (the “Company”). The Executive and the Company are each a “Party” and collectively referred to as the “Parties.”

WHEREAS, the Executive (i) voluntarily resigned from his position as Chief Financial Officer for the Company and its affiliates as of the end of day, Sunday, April 18, 2021, and (ii) voluntarily resigned from his employment with the Company, effective as of April 30, 2021 (the “Separation Date”), without “Good Reason” (as such term is defined in that certain Employment Agreement, dated March 12, 2019 by and between the Executive and the Company, as amended from time to time (collectively, the “Employment Agreement”); and

WHEREAS, in recognition of the Executive’s contributions to the Company and its affiliates during his employment and subject to the Executive’s execution (and non-revocation) of this Agreement and his compliance with the terms hereof, the Company is willing to offer the payments and benefits set forth in Section 2 of this Agreement (the “Separation Benefits”).

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants contained herein, and for other good and valuable consideration, the sufficiency and receipt of which is hereby acknowledged, the Parties hereby agree as follows:

1.    Separation of Employment.  (a) The Executive hereby confirms that he (i) voluntarily resigned from his position as Chief Financial Officer for the Company and its affiliates as of the end of day, Sunday, April 18, 2021, and (ii) voluntarily resigned from his employment with the Company, effective as of the Separation Date, without “Good Reason” (as such term is defined in the Employment Agreement). Regardless of whether this Agreement becomes effective, (i) the Executive will receive any accrued but unpaid base salary through the Separation Date and payment for any accrued but unused vacation days for 2021 through the Separation Date in accordance with the Company’s written vacation policy; (ii) to the extent the Executive is currently enrolled, his group health insurance will remain in effect until April 30, 2021, and thereafter the Executive may elect to continue such insurance at his expense as provided by the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), and/or applicable state law and/or the Executive may elect to convert such policies to individual policies at his expense to the extent provided under such policies or applicable law; (iii) the Executive will receive any vested benefits under the Company’s 401(k) retirement savings plan in accordance with the terms of the plan; and (iv) the Company will reimburse any business expenses reasonably incurred by him through the Separation Date in accordance with Company policy, provided that the Executive must submit any requests for reimbursements within 30 days after the Separation Date ((i) through (iv) collectively, the “Accrued Amounts”).  Except for the Accrued Amounts, the Executive acknowledges and agrees that, but for his execution (and non-revocation) of this Agreement, he is owed no further compensation or benefits (whether accrued as of the date hereof or expected to accrue in the future), including any payments with respect to any short-term or long-term incentive plans or programs, related to his employment with the Company and that the Company has properly paid or provided to the Executive all past wages and benefits. The Company acknowledges and agrees that it continues to be subject to, and will abide by, the terms of Section 15 of the Employment Agreement entitled “Indemnification” (which provision is incorporated herein by reference).

(b) By signing this Agreement, the Executive hereby resigns, effective as of the Separation Date, from all positions (including, without limitation, as a director, officer or other position) that the Executive holds with the Company and/or any of its affiliates and irrevocably appoints the officers of the Company as his attorneys-in-fact if needed to effectuate each such resignation.  The Executive also hereby acknowledges and agrees that (i) he holds one Steel Partners Holdings L.P. limited partnership unit held in SPH SPV-I LLC (the “Unit”), and (ii) the Executive hereby sells, assigns, transfers and delivers to the Company or its designee, the Unit (without any additional payment to the Executive) and also irrevocably appoints the officers of the Company as his attorneys-in-

fact if needed to effectuate such sale, assignment, transfer and delivery. The Executive also hereby agrees to execute any documents necessary to effectuate such sale, assignment, transfer and delivery. The Executive hereby acknowledges and agrees that he has no further right, title or interest with respect to the Unit. The Executive hereby represents and warrants that he has not conveyed, transferred, assigned or otherwise alienated or encumbered the Unit, that he believes that the Unit is free and clear of all encumbrances and that he is not subject to or obligated under any contract, agreement, license, franchise or permit or any order, judgment or decree which would be breached or violated by the execution, delivery and performance by him of the obligations under Section 1(b) of this Agreement and the consummation of the transactions contemplated hereby with respect to the Unit.

2.    Separation Benefits; Consideration. Subject to this Agreement becoming effective and irrevocable within the time periods set forth below and the Executive’s compliance with the terms hereof (including continuing to work productively through the Separation Date), the Executive will have the right to receive the following Separation Benefits: (i) a payment of $284,445 in lieu of and in full satisfaction of any STIP payment for 2020, a payment of $40,635 in lieu of and in full satisfaction of any LTIP payment for 2020, and a payment of $39,474 in lieu of and in full satisfaction of any LTIP payment for 2018, with each of such payments to be payable to the Executive at the Company’s next regular payroll date following the expiration of the revocation period set forth in Section 7 below (subject to the application of a six-month delay for payments of deferred compensation to “specified employees” upon separation from service pursuant to Section 409A of the Internal Revenue Code of 1986, as amended, if applicable); and (ii) the Executive will be entitled to retain, and the Company will allow the Executive to retain, ownership and possession of the computers, mobile telephone and mobile devices and related accessories that were provided to the Executive by the Company in connection with his employment, subject to the Company deleting any confidential or proprietary information, trade secrets or licensed software from the laptop computers and cellular telephone.  The Executive understands and acknowledges that the fair market value of such computer and related equipment may, if required by applicable federal and state tax laws, be reported as income to the Executive on an IRS Form 1099 and on any comparable state tax form. The Executive agrees that he would not have the right to receive the Separation Benefits but for his execution (and non-revocation) of this Agreement.

3.    General Release. (a) In consideration for the right to receive the Separation Benefits in accordance with the terms of this Agreement and the mutual promises contained herein, the sufficiency of which the Executive hereby acknowledges, the Executive (on behalf of himself and his heirs, administrators, representatives, executors, successors and assigns) hereby knowingly and voluntarily releases, waives and discharges, to the fullest extent permitted by law, the Company and its predecessors, successors and assigns, its and their respective direct or indirect parents, subsidiaries and affiliates (including, without limitation, Steel Partners Holdings L.P., Steel Partners Ltd. and Steel Connect, Inc.), and, with respect to each and all of the foregoing entities (including the Company), all of its and their respective present and former officers, directors, employees, agents, attorneys, members, owners, shareholders, partners, members, representatives, trustees, employee benefit plans and administrators or fiduciaries of such plans (all of the foregoing, including the Company, collectively referred to as “Released Parties”), each individually and in their representative capacities, of and from any and all actions, agreements, claims, damages, expenses (including attorney’s fees and costs), judgments, liabilities, losses, obligations, rights or suits of any kind whatsoever, in law, equity or otherwise, in any jurisdiction, whether known or unknown, suspected or claimed, specifically mentioned herein or not, which the Executive had, has or may have against each and all of the Released Parties by reason of any actual or alleged act, event, occurrence, omission, practice or other matter whatsoever from the beginning of time up to and including the date that the Executive signs this Agreement (collectively, “Claims”), including but not limited to Claims arising out of or in any way relating to:

•the Executive’s employment with the Company and/or its predecessors, successors and assigns, and its and their respective direct or indirect parents, subsidiaries and affiliates, the termination of such employment, the Employment Agreement, any compensation or benefits of any kind in connection with such employment (including, without limitation, any Severance Payment, Medical Benefit, Cash LTIP, Equity Awards, each as defined in the Employment Agreement, or any payments under any Short Term Incentive Plan or Long Term Incentive Plan), and the Unit;

•any common law, public policy, company policy, contract (whether oral or written, express or implied) or tort law having any bearing whatsoever on the terms and conditions of the Executive’s employment, including without limitation Claims relating to wrongful termination; and

•any federal, state or local law, ordinance or regulation including, but not limited to, the following (each as amended, if applicable): Age Discrimination in Employment Act; Americans with Disabilities Act; Civil Rights Act of 1866; Civil Rights Act of 1991; Employee Retirement Income Security Act of 1974 (except as to any vested benefits); Equal Pay Act; Family and Medical Leave Act of 1993; National Labor Relations Act; Title VII of the Civil Rights Act of 1964; Sarbanes-Oxley Act of 2002; Dodd-Frank Wall Street Reform and Protection Act; Worker Adjustment and Retraining Notification Act; New York State Human Rights Law; New York City Human Rights Law; New York State Labor Law; and any other law, ordinance or regulation regarding discrimination, harassment, retaliation, whistleblowing or terms or conditions of employment.

Notwithstanding the foregoing, “Claims” does not include: (i) the right to receive the Separation Benefits in accordance with the terms hereof; (ii) claims that arise after the date that Executive signs this Agreement (other than any claims relating to the termination of the Executive’s employment or the continuing or future effects of alleged past discrimination); (iii) claims that cannot be released by a private settlement agreement (such as statutory claims for worker’s compensation/disability insurance benefits and unemployment compensation); (iv) any indemnification rights the Executive may have in accordance with the Company’s governance instruments, any director and officer liability insurance maintained by the Company or its affiliates, Section 15 of the Employment Agreement or applicable law; and (v) any right to receive a whistleblower award for providing information to any governmental agencies or, if applicable, self-regulatory organizations.

(b)    The Executive agrees that he has entered into this Agreement as a compromise and in full and final settlement of all Claims, if any, that the Executive has, had or may have against any and all of the Released Parties up to and including the date that the Executive signs this Agreement. The Executive also agrees that, although he may hereafter discover Claims presently unknown or unsuspected, or new or additional facts from those which he now knows or believes to be true, the Executive intends to provide a complete waiver of all Claims based on any facts and circumstances, whether known or unknown, up to and including the date that the Executive signs this Agreement. In addition, and without limiting the foregoing, the Executive further waives any and all rights under the laws of any jurisdiction in the United States, or any other country, that limit a general release to those claims that are known or suspected to exist in the Executive’s favor as of the date of this Agreement.
    
(c)    The Executive represents that he has not assigned or transferred his rights with respect to any Claims and that he has not filed, directly or indirectly any legal proceeding against any Released Parties relating to any Claims. If the Executive commences (or commenced) or participates in any action or proceeding (including as a member of a class of persons) relating to any Claims, this Agreement shall be a complete defense in such action or proceeding with respect to such Claims and, to the maximum extent permitted by law, the Executive (and his heirs, administrators, executors, representatives, successors and assigns) will have no right to obtain or receive, and the Executive hereby waives any right to, obtain or receive, any damages, settlement or relief of any kind (including attorneys’ fees and costs) in connection with such Claims.

4.    Continuing Executive Obligations; Confidentiality of this Agreement; Non-Disparagement.  (a) The Executive acknowledges and agrees that he continues to be subject to, and will abide by, the terms of Sections 6 and 7 of the Employment Agreement (which provisions are incorporated herein by reference). Other than as required by law, the Executive also agrees that he has not disclosed and will not disclose, directly or indirectly, the terms or existence of this Agreement (and the negotiations leading thereto), except to comply or obtain compliance with this Agreement or to his legal, financial/tax or other professional advisors and immediate family (all of whom must first agree not to disclose the terms or existence of this Agreement).  Notwithstanding the foregoing, this Section 4 does not prohibit the Executive from (A) reporting possible unlawful conduct to governmental agencies or entities or, if applicable, self-regulatory organizations, or otherwise cooperating or communicating with any such agencies, 

entities or organizations that may be investigating possible unlawful conduct  (including providing documents or other information to such agencies, entities or organizations, without notice to the Company) or (B) responding truthfully and accurately (i) to any inquiry by any governmental or regulatory agency or, if applicable, self-regulatory organization, (ii) if required by legal process, and then only to the extent required, and provided that, to the extent permitted by law, the Executive gives written notice to the Company at least three (3) business days prior to the date a response is due and cooperate if any of the Released Parties elects to contest such legal process or (iii) as otherwise required by law.

(b) Cooperation. (1) During and following his employment with the Company, the Executive agrees to cooperate reasonably with the Company and its affiliates and outside counsel (without additional compensation) in connection with: (i) the contemplation, prosecution and defense of all phases of existing, past and future litigation about which the Company believes the Executive may have knowledge or information; and (ii) responding to requests for information from regulatory agencies or other governmental authorities (together, “Cooperation Services”). The Executive further agrees to be available to provide Cooperation Services at mutually convenient times during and outside of regular business hours as reasonably deemed necessary by the Company’s counsel, in a manner that that would not unreasonably interfere with his full-time employment responsibilities following the Separation Date. The Executive understands and agrees that Cooperation Services include, without limitation, appearing without the necessity of a subpoena to testify truthfully in any legal proceedings in which the Company or an affiliate is involved and/or preparation for such testimony.  The Company shall reimburse the Executive for any reasonable travel expenses that the Executive incurs due to performance of Cooperation Services, after receipt of appropriate documentation consistent with the Company’s business expense reimbursement policy. (2) In addition to the other obligations in this Section 4(b), the Executive agrees that from April 19, 2021 until the Separation Date to provide reasonable cooperation in transitioning his duties from the Executive to his successor.

(c) Non-Disparagement. Executive agrees that, during employment and at all times thereafter, he will not publicly disparage or criticize the Steel Partners Group (as defined in the Employment Agreement), their business, their management or their products or services, and he will not otherwise do or say anything that could materially disrupt the good morale of employees of the Steel Partners Group or materially harm the interests or reputation of the Steel Partners Group.  The Company agrees that it shall during Executive’s employment and at all times thereafter, cause its respective executive officers and directors to not publicly disparage or criticize the Executive or in any way adversely affecting or otherwise maligning the Executive's reputation.

5.    Governing Law; Entire Agreement; Severability.  This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without regard to its rules regarding conflict of laws.  Upon its effectiveness, this Agreement (together with Sections 6, 7 and 15 of the Employment Agreement and any benefit plans relating to the Accrued Amounts) contains the entire agreement and understanding of the parties relating to the subject matter hereof and supersedes and replaces all prior and contemporaneous agreements, representations and understandings (whether oral or written) regarding the subject matter hereof. The Executive acknowledges that no promises or representations, oral or written, have been made by the Company or any of the other Released Parties other than those expressly stated herein and in the sections of the Employment Agreement referenced herein, and that the Executive has not relied on any other promises or representations in signing this Agreement. This Agreement may be modified only in a document signed by the Executive and the Company and referring specifically hereto (other than an email), and no handwritten changes to this Agreement will be binding unless initialed by the Executive and the Company.  If any provision of this Agreement is held to be unenforceable by any court of competent jurisdiction for any reason, the parties intend that such provision be modified to make it enforceable to the maximum extent permitted by law. If any such provision (other than the general release provisions contained in Section 3(a) hereof) cannot be modified to be enforceable, such provision shall become null and void leaving the remainder of this Agreement in full force and effect.

6.    Miscellaneous.  This Agreement shall be binding upon and inure to the benefit of (i) the Released Parties, including the successors and assigns of the Released Parties, all of which are intended third-party beneficiaries, and (ii) the Executive and his heirs, executors, administrators, representatives, successors and permitted assigns; provided, however, that this Agreement is not assignable by the Executive and any purported 

assignment by the Executive shall be null and void. This Agreement is not an admission of liability or wrongdoing by the Executive or any of the Released Parties, and such wrongdoing or liability is expressly denied.  This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which will be deemed one and the same instrument.  Any facsimile or pdf copy (or electronic signature) of any party’s executed counterpart of this Agreement will be deemed to be an executed original thereof.

7.    Review of this Agreement; Revocation Period.  The Executive acknowledges that he has been given an adequate opportunity from his receipt of this Agreement on April 18, 2021 to consider its meaning and effect and to determine whether he wishes to sign it. If the Executive signs this Agreement before the 21 days are over, the Executive agrees that he is voluntarily waiving the rest of the 21 days without any encouragement or pressure from any of the Released Parties to do so. The Executive also agrees that any modifications to this Agreement, whether material or immaterial, will not restart the 21-day period. UPON ITS EFFECTIVENESS, THIS AGREEMENT WILL BE A LEGAL AND BINDING CONTRACT. AS SUCH, THE EXECUTIVE IS HEREBY ENCOURAGED TO CONSULT WITH AN ATTORNEY OF HIS CHOOSING (AT HIS OWN EXPENSE) BEFORE SIGNING THIS AGREEMENT. Once the Executive signs this Agreement, the Executive may change his mind and revoke his acceptance of this Agreement but only within seven (7) days after the date that he signed it.  In order to do so, any revocation must be in writing and sent to Joseph Martin, General Counsel, Steel Partners, by email at jmartin@steelpartners.com, within the seven (7) days after the date that he signed this Agreement. If the Executive signs this Agreement within the time period set forth below and then does not revoke this Agreement within the seven (7) day period referenced in this Section 9, this Agreement will become effective, enforceable and irrevocable on the eighth (8th) day after the date on which the Executive signed this Agreement.

*           *          *

BY SIGNING THIS AGREEMENT, THE EXECUTIVE AGREES THAT HE HAS READ IT IN ITS ENTIRETY AND UNDERSTANDS ALL OF ITS TERMS AND EFFECTS, INCLUDING THAT HE IS PROVIDING A COMPLETE RELEASE OF ALL “CLAIMS,” WHETHER KNOWN OR UNKNOWN, UP TO AND INCLUDING THE DATE THAT HE SIGNS THIS AGREEMENT. THE EXECUTIVE ACKNOWLEDGES THAT HE HAS HAD AMPLE TIME TO REVIEW THIS AGREEMENT AND TO CONSULT WITH AN ATTORNEY (IF HE SO CHOSE) AND THAT HE IS SIGNING IT KNOWINGLY AND VOLUNTARILY. THE EXECUTIVE ALSO ACKNOWLEDGES THAT THE “SEPARATION BENEFITS” ARE GREATER THAN ANY PAYMENTS OR BENEFITS TO WHICH THE EXECUTIVE MAY OTHERWISE BE ENTITLED IF HE DID NOT SIGN THIS AGREEMENT (OR IF HE TIMELY REVOKED THIS AGREEMENT).

For the right to receive the Separation Benefits subject to and in accordance with the terms hereof, and the mutual promises contained herein, the Executive must (i) sign and date this Agreement where indicated below and (ii) by no later than May 9, 2021 (which is at least 21 days from the date that the Executive originally received this Agreement), return the signed Agreement to Joseph Martin, General Counsel, Steel Partners, by email at jmartin@steelpartners.com. If the Executive does not sign and return this Agreement on or before such date (or if the Executive timely revokes this Agreement), the Executive will not be eligible to receive the Separation Benefits; however, in any event, the termination of the Executive’s employment, compensation and benefits will still be effective as of the Separation Date or as otherwise set forth in Section 1 above and the Executive will still receive the Accrued Amounts.

In witness whereof, and intending to be legally bound hereby, the parties hereto have executed this Agreement as of the dates and year written below.

STEEL SERVICES LTD.                DOUGLAS WOODWORTH:

By:             /s/ Joseph Martin                                            /s/ Douglas Woodworth          
Name: Joseph Martin
Title: GC

Date:             4/18/2021                            Date:             4/18/2021

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