Document:

EX-10.19

 Exhibit 10.19 

Execution Version 
 STOCK
SUBSCRIPTION AND PURCHASE AGREEMENT 
 by and among 

Funds and Accounts Advised by MORGAN STANLEY INVESTMENT MANAGEMENT, INC. 

Funds affiliated with SEQUOIA HERITAGE 

HS SPINCO, INC. 
 and 

HENRY SCHEIN, INC. 
 Dated as of
December 25, 2018 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINED TERMS
	  	 	2	 
			
	 Section 1.1
	 	Defined Terms	  	 	2	 
		
	 ARTICLE II SUBSCRIPTION AND PURCHASE
	  	 	10	 
			
	 Section 2.1
	 	Subscription and Purchase of the Shares	  	 	10	 
	 Section 2.2
	 	Closing	  	 	11	 
	 Section 2.3
	 	Post-Closing Adjustments	  	 	11	 
	 Section 2.4
	 	Legends	  	 	13	 
	 Section 2.5
	 	Tax Treatment	  	 	14	 
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES OF HENRY SCHEIN AND SPINCO
	  	 	14	 
			
	 Section 3.1
	 	Due Organization, Good Standing, Corporate Power and Subsidiaries	  	 	14	 
	 Section 3.2
	 	Authorization and Validity of Agreement	  	 	15	 
	 Section 3.3
	 	No Violation	  	 	15	 
	 Section 3.4
	 	Capitalization	  	 	15	 
	 Section 3.5
	 	Status of New Spinco Common Stock	  	 	16	 
	 Section 3.6
	 	Operations of Spinco	  	 	16	 
	 Section 3.7
	 	Spinco Financials	  	 	16	 
	 Section 3.8
	 	Absence of Certain Changes or Events	  	 	16	 
	 Section 3.9
	 	No Voyager Material Adverse Effect	  	 	16	 
	 Section 3.10
	 	Brokers or Finders	  	 	16	 
	 Section 3.11
	 	Representations in Article IV of the Merger Agreement	  	 	17	 
	 Section 3.12
	 	Representations in Article V of the Merger Agreement	  	 	17	 
	 Section 3.13
	 	No Other Representations and Warranties	  	 	17	 
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF PURCHASERS
	  	 	17	 
			
	 Section 4.1
	 	Due Organization, Good Standing, Corporate Power and Subsidiaries	  	 	17	 
	 Section 4.2
	 	Authorization and Validity of Agreement	  	 	18	 
	 Section 4.3
	 	No Violation	  	 	18	 
	 Section 4.4
	 	Actions	  	 	18	 
	 Section 4.5
	 	Sufficiency of Funds; Solvency	  	 	18	 
	 Section 4.6
	 	Investment Purpose	  	 	19	 
	 Section 4.7
	 	Brokers or Finders	  	 	19	 
	 Section 4.8
	 	No Other Representations and Warranties	  	 	19	 
		
	 ARTICLE V COVENANTS
	  	 	19	 
			
	 Section 5.1
	 	Cooperation and Tax Matters	  	 	19	 
	 Section 5.2
	 	Further Assurances	  	 	20	 
	 Section 5.3
	 	Exchange Listing	  	 	20	 
	 Section 5.4
	 	Information Rights	  	 	20	 
	 Section 5.5
	 	Registration of Shares	  	 	21	 
	 Section 5.6
	 	Public Announcements	  	 	22	 

  
 -i- 

							
		
	 ARTICLE VI CONDITIONS OF THE TRANSACTION
	  	 	22	 
			
	 Section 6.1
	 	Conditions to the Obligations of Each Party	  	 	22	 
	 Section 6.2
	 	Additional Conditions to the Obligations of Henry Schein and Spinco	  	 	23	 
	 Section 6.3
	 	Additional Conditions to the Obligations of Purchasers	  	 	23	 
	 Section 6.4
	 	Frustration of Closing Conditions	  	 	24	 
		
	 ARTICLE VII TERMINATION, AMENDMENT AND WAIVER
	  	 	24	 
			
	 Section 7.1
	 	Termination or Abandonment	  	 	24	 
	 Section 7.2
	 	Effect of Termination	  	 	25	 
	 Section 7.3
	 	Fees and Expenses	  	 	26	 
		
	 ARTICLE VIII SURVIVAL OF REPRESENTATIONS, WARRANTIES AND COVENANTS
	  	 	26	 
			
	 Section 8.1
	 	Non-Survival of Representations and Warranties; Survival of Certain Covenants	  	 	26	 
		
	 ARTICLE IX INDEMNIFICATION
	  	 	26	 
			
	 Section 9.1
	 	Indemnification by Henry Schein	  	 	26	 
	 Section 9.2
	 	Indemnification Procedures	  	 	26	 
	 Section 9.3
	 	Third Party Claims	  	 	26	 
	 Section 9.4
	 	Settlement of Third Party Claims	  	 	27	 
	 Section 9.5
	 	Treatment of Other Losses	  	 	27	 
	 Section 9.6
	 	Payments	  	 	27	 
	 Section 9.7
	 	Tax Treatment of Indemnification Payments	  	 	28	 
	 Section 9.8
	 	No Indemnity for Tax Matters	  	 	28	 
		
	 ARTICLE X GENERAL PROVISIONS
	  	 	28	 
			
	 Section 10.1
	 	Notices	  	 	28	 
	 Section 10.2
	 	Counterparts; Delivery by Electronic Transmission	  	 	31	 
	 Section 10.3
	 	No Third Party Beneficiaries	  	 	31	 
	 Section 10.4
	 	Entire Agreement	  	 	31	 
	 Section 10.5
	 	Assignment	  	 	31	 
	 Section 10.6
	 	Governing Law; WAIVER OF JURY TRIAL	  	 	31	 
	 Section 10.7
	 	Jurisdiction; Service of Process	  	 	32	 
	 Section 10.8
	 	Severability	  	 	32	 
	 Section 10.9
	 	Headings	  	 	32	 
	 Section 10.10
	 	Amendment	  	 	32	 
	 Section 10.11
	 	Extension; Waiver	  	 	32	 
	 Section 10.12
	 	Interpretation	  	 	33	 
	 Section 10.13
	 	Specific Performance	  	 	34	 
	 Section 10.14
	 	Damages Waiver	  	 	34	 
	 Section 10.15
	 	Reference to Time	  	 	34	 
	 Section 10.16
	 	No Representations or Warranties	  	 	34	 

  
 -ii- 

 EXHIBITS 
  

			
	Exhibit A	  	Form of Tax Certification
		
	Exhibit B	  	Purchaser Schedule
		
	Exhibit C	  	Form of Registration Rights Agreement

  
 -iii- 

 STOCK SUBSCRIPTION AND PURCHASE AGREEMENT 

This STOCK SUBSCRIPTION AND PURCHASE AGREEMENT, dated as of December 25, 2018 (this “Agreement”), is entered into by and
among Henry Schein, Inc., a Delaware corporation (“Henry Schein”), HS Spinco, Inc., a Delaware corporation and a wholly-owned direct Subsidiary of Henry Schein (“Spinco”), certain funds and accounts advised by
Morgan Stanley Investment Management, Inc. (“MSIM”), listed on Exhibit B hereto (each an “MSIM Purchaser” or “X Purchaser” and, collectively, the “MSIM Purchasers” or
“X Purchasers”), and the funds affiliated with Sequoia Heritage, listed on Exhibit B hereto (each, a “Sequoia Purchaser” or “Y Purchaser” and, collectively, the “Sequoia
Purchasers” or “Y Purchasers,” and together with the MSIM Purchasers, the “Purchasers” and each a “Purchaser,” and the Purchasers, together with Henry Schein and Spinco, the
“Parties” and each, a “Party”). 
 W I T N E S E T H 

WHEREAS, Henry Schein, directly and indirectly through its Subsidiaries, is engaged in the Spinco Business (as such term, and each other
capitalized term used and not defined herein, is defined in Article I hereof); and 
 WHEREAS, Henry Schein has entered into the
Distribution Agreement whereby, on or prior to the Separation Date, and subject to the terms and conditions set forth in the Distribution Agreement, (i) Henry Schein will consummate the Harbor Contribution and the other contributions to Spinco
contemplated in the Restructuring, (ii) in exchange for the contribution to Spinco, directly or indirectly, of all of the issued and outstanding capital stock and other equity securities of the Spinco Subsidiaries, Spinco will issue to Henry
Schein shares of Spinco Common Stock and pay to Henry Schein the Special Dividend and the Additional Special Dividend (if applicable), (iii) members of the Spinco Group will pay to members of the Harbor Group the Intercompany Debt Repayment, and
(iv) prior to the Effective Time on the Closing Date, Henry Schein will distribute to the Henry Schein Stockholders as of the Record Date all of the issued and outstanding shares of Spinco Common Stock it then holds, as provided for in the
Distribution Agreement (the “Distribution” and together with the Restructuring, the “Separation”); and 

WHEREAS, Henry Schein has also entered into the Merger Agreement whereby, following the Separation and at the Effective Time on the Closing
Date, and subject to the terms and conditions set forth in the Merger Agreement, (i) Merger Sub will be merged with and into Voyager (the “Merger”) with Voyager surviving the Merger as a direct, wholly-owned Subsidiary of
Spinco, in accordance with the Delaware General Corporation Law and upon the terms set forth in the Merger Agreement, and (ii) each share of Voyager Capital Stock issued and outstanding immediately prior to the Effective Time (subject to
certain exceptions set forth in the Merger Agreement) will be automatically converted into the right to receive the Per Share Merger Consideration; and 

WHEREAS, on even date herewith, Spinco and the X Purchasers and Y Purchasers have entered into a Registration Rights Agreement, substantially
in the form of Exhibit C; and 
 WHEREAS, it is intended that, for U.S. federal income tax purposes, the transactions contemplated by
the applicable Transaction Agreements qualify for Tax-Free Status, and the Transaction contemplated by this Agreement does not adversely affect such Tax-Free Status; and

 WHEREAS, as of the date hereof, Henry Schein owns all of the issued and outstanding shares of common stock, par value $0.01 per share
(“Spinco Common Stock”), of Spinco; and 

 WHEREAS, Spinco wishes to issue to each Purchaser, as applicable, and each Purchaser wishes to
subscribe for and purchase from Spinco, immediately prior to the Distribution, the Shares (as defined herein), subject to the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements herein contained, and intending to be legally bound
hereby, the Parties hereby agree as follows: 
 Article I 

DEFINED TERMS 

Section 1.1    Defined Terms. When used in this Agreement, the following terms shall have the respective
meanings specified therefor below (such meanings to be equally applicable to both the singular and plural forms of the terms defined). Capitalized terms used but not otherwise defined in this Agreement shall have the meaning ascribed to them in the
Merger Agreement or in the Distribution Agreement, as applicable. 
 “10-Q Filing
Date” shall have the meaning set forth in Section 2.3(a)(i). 
 “Action” shall mean any demand, action,
claim, charge, grievance, complaint, arbitration, mediation, proceeding, inquiry, review, audit, hearing, investigation, litigation, suit or countersuit of any nature, whether civil, criminal, administrative, investigative, regulatory or informal,
commenced, brought or heard by or before any Governmental Authority. 
 “Additional Special Dividend” shall have the
meaning set forth in the Distribution Agreement. 
 “Affiliate” shall mean a Person that, directly or indirectly, through
one or more intermediaries, controls or is controlled by, or is under common control with, a specified Person as of the date on which, or at any time during the period for which, the determination of affiliation is being made. The term
“control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as applied to any Person, means the possession, direct or indirect, of the power to direct or cause the
direction of the management and policies of such Person, whether through the ownership of voting securities or other ownership interest, by contract or otherwise. 

“Agreement” shall have the meaning set forth in the preamble hereof. 

“Base Purchase Price” shall mean the product of (i) $414,000,000 multiplied by (ii) (A) the Share Percentage divided by
(B) 11.0%. 
 “Business Day” shall have the meaning set forth in the Distribution Agreement. 

“Cleary Gottlieb” shall mean Cleary Gottlieb Steen & Hamilton LLP. 

“Closing” shall have the meaning set forth in Section 2.2 hereof. 

“Closing Date” shall have the meaning set forth in Section 2.2 hereof. 

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

“Confidentiality Agreements” means, collectively, the MSIM Confidentiality Agreement and the Sequoia Confidentiality
Agreement. 

  
 2 

 “Contract” shall mean any written agreement, arrangement, authorization, sale
order, purchase order, open bid, commitment, contract, indenture, mortgage, note, bond, instrument, evidence of indebtedness, real estate or other lease, loan, license, obligation, restriction, memorandum of understanding, letter of intent,
covenant, or undertaking of any kind or character, or other document to which any Person is a party or that is binding on any Person or its capital stock, assets or business, in each case, whether express or implied, including all amendments,
modifications and supplements thereto and waivers and consents thereunder. 
 “Distribution” shall have the meaning set
forth in the recitals hereof. 
 “Distribution Agreement” shall mean the Contribution and Distribution Agreement, dated as
of April 20, 2018, by and among Henry Schein, Spinco, Voyager and the Voyager Stockholders’ Representative, as amended. 

“Distribution Date” shall mean the date that the Distribution shall become effective. 

“Distribution Time” shall mean the time established by Henry Schein as the effective time of the Distribution on the
Distribution Date. 
 “Effective Time” shall have the meaning set forth in the Merger Agreement. 

“Employee Matters Agreement” shall mean the Employee Matters Agreement by and among Henry Schein, Spinco and Voyager, dated
as of April 20, 2018. 
 “Encumbrances” shall mean all liens (statutory or otherwise), security interests,
hypothecations, preferences, priorities, easements, pledges, bailments (in the nature of a pledge or for purposes of security), mortgages, deeds of trusts, covenants, grants of power to confess judgment, charges (including any conditional sale or
other title retention agreement or lease in the nature thereof), options, encumbrances or other restrictions of any kind, including restrictions on the use, voting, transfer, receipt of income or other exercise of any attributes of ownership, and
all other similar rights of third parties, of any kind or nature. 
 “Exchange” shall have the meaning set forth in the
Merger Agreement. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder. 
 “Excess Share Provision” shall mean certain provisions to be set forth in
Spinco’s Certificate of Incorporation imposing certain restrictions on the beneficial ownership of Spinco’s shares, and all related requirements and provisions. 

“GAAP” shall mean United States generally accepted accounting principles. 

“Governmental Authority” shall mean any foreign, federal, state or local court, administrative agency, official board,
bureau, governmental or quasi-governmental entities having competent jurisdiction over Henry Schein or Purchasers or any of their respective Subsidiaries and any other tribunal or commission or other governmental department, authority or
instrumentality or any subdivision, agency, mediator, commission or authority of competent jurisdiction. 
 “Harbor
Contribution” shall have the meaning set forth in the Distribution Agreement. 
 “Harbor Group” shall have the
meaning set forth in the Distribution Agreement. 

  
 3 

 “Harbor/Spinco Disclosure Schedules” shall mean the disclosure schedules
delivered by Henry Schein and Spinco to Voyager concurrently and in connection with the execution of the Merger Agreement. 
 “Henry
Schein” shall have the meaning set forth in the preamble hereof. 
 “Henry Schein Common Stock” shall mean the
outstanding shares of common stock, par value $0.01 per share, of Henry Schein. 
 “Henry Schein Disclosure Schedules”
shall mean the disclosure schedules delivered by Henry Schein to Purchasers concurrently herewith. 
 “Henry Schein Material Adverse
Effect” shall mean any effect, change or circumstance, individually or in the aggregate, that is, or would reasonably be expected to be, materially adverse to (x) the Spinco Business or the Spinco Entities, or the financial condition
or results of operations of the Spinco Business, taken as a whole, or (y) the ability of Henry Schein or Spinco to consummate the Transaction and to perform its obligations under this Agreement; provided, however, that none of the
following shall be deemed to constitute, and none of the following shall be taken into account in determining whether there has occurred, a Henry Schein Material Adverse Effect: any adverse effect, change or circumstance, individually or in the
aggregate, arising from or relating to (i) general business or economic conditions, including any such conditions as they relate to the Spinco Business, and matters generally affecting the industries in which the Spinco Business operates,
(ii) national or international political or social conditions, including the engagement by the U.S. in hostilities, whether or not pursuant to the declaration of a national emergency or war, or the occurrence of any military or terrorist attack
upon the U.S., or any of its territories, possessions, or diplomatic or consular offices or upon any military installation, equipment or personnel of the U.S., (iii) changes in financial, banking or securities markets, including changes in interest
or exchange rates, in each case, in the U.S. or elsewhere in the world, (iv) changes in GAAP (or interpretations thereof), (v) changes in any Laws (or interpretations thereof), (vi) any hurricane, flood, tornado, earthquake or other natural
disaster and (vii) the negotiation or execution of this Agreement, any actions that are required to be taken or required not to be taken by this Agreement, or the pendency or announcement of the Transaction (except that this clause
(vii) shall not apply with respect to the representations and warranties in Section 3.3); provided, that, in the case of clauses (i), (ii), (iii), (iv), (v) and (vi), such effects, changes or circumstances shall be taken into
account in determining whether a Henry Schein Material Adverse Effect exists or would reasonably be expected to exist, solely to the extent that the Spinco Business, the Spinco Entities or Henry Schein or any of Henry Schein’s Subsidiaries with
respect to the Spinco Business are disproportionately affected thereby compared to other participants operating comparable businesses in the industries in which the Spinco Business is operated. 

“Henry Schein Stockholders” shall mean the holders of the Henry Schein Common Stock. 

“HSR Act” shall mean the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations
promulgated thereunder. 
 “Indemnified Party” shall have the meaning set forth in Section 9.2 hereof. 

“Indemnifying Party” shall have the meaning set forth in Section 9.2 hereof. 

“Intercompany Debt Repayment” shall have the meaning set forth in the Merger Agreement. 

“IRS” shall mean the U.S. Internal Revenue Service or any successor thereto, including, but not limited to its agents,
representatives, and attorneys acting in their official capacity. 

  
 4 

 “JV Minority Shareholders” means each Person that owns equity interests in any
of the Spinco Subsidiaries other than Henry Schein or any member of the Harbor Group. 
 “Law” shall mean any federal,
state, local or foreign law (including common law), statute, code, ordinance, rule, regulation, judgment, Order, injunction, decree, arbitration award, agency requirement, license, treaty or permit of any Governmental Authority. 

“Liability” or “Liabilities” shall mean all debts, liabilities, obligations, losses, interest and penalties
of any kind or nature whatsoever, whether asserted or unasserted, absolute or contingent, matured or unmatured, liquidated or unliquidated, accrued or unaccrued, known or unknown, whenever arising. 

“License” shall mean any license, ordinance, authorization, permit, certificate, right, easement, variance, exemption,
consent, franchise or approval from any Governmental Authority, domestic or foreign. 
 “Losses” means losses, damages,
liabilities, deficiencies, judgments, interest, awards, penalties, fines, costs or expenses of whatever kind, including reasonable and documented attorneys’ fees and the cost of enforcing any right to indemnification hereunder and the cost of
pursuing any insurance providers; provided, however, that “Losses” shall not include incidental, consequential, special, indirect, exemplary, punitive damages or loss of benefit of the bargain, regardless of whether the
possibility thereof was disclosed to a Party or could have been reasonably foreseen by such Party or any damages or loss based upon any multiple; it being understood, however, that any Loss shall be calculated without duplication of
indemnification of any other indemnified Loss; provided, further, that “Losses” shall not include any Losses suffered by any Purchaser to the extent in its capacity as a stockholder of Spinco. 

“Merger” shall have the meaning set forth in the recitals hereof. 

“Merger Agreement” shall mean the Agreement and Plan of Merger, dated as of April 20, 2018, by and among Henry Schein,
Spinco, HS Merger Sub, Inc., Voyager and the Voyager Stockholders’ Representative, as amended. 
 “Merger Sub” shall
mean HS Merger Sub, Inc., a Delaware corporation and a direct, wholly-owned Subsidiary of Spinco. 
 “Merger Tax Opinion”
shall have the meaning set forth in the Merger Agreement. 
 “MSIM Confidentiality Agreement” shall mean the Non-Disclosure
Agreement by and between Henry Schein and MSIM, dated as of May 4, 2018. 
 “MSIM Disclosure Schedules” shall mean the
disclosure schedules delivered by the MSIM Purchasers to Henry Schein concurrently herewith. 
 “MSIM Net Debt Discrepancy
Amount” shall mean (1) the Net Debt Discrepancy Amount minus (2) the Sequoia Net Debt Discrepancy Amount. 

“MSIM Payment” shall mean an amount equal to (i) the Base Purchase Price minus (ii) the Sequoia Payment. 

“MSIM RCF Excess Amount” shall mean (1) the RCF Excess Amount minus (2) the Sequoia RCF Excess Amount. 

  
 5 

 “MSIM Shares” shall mean a number of shares of Spinco Common Stock equal to
(i) the number of Shares minus (ii) the number of Sequoia Shares. 
 “Net Debt Amount” shall mean an amount,
which may be positive or negative, equal to (1) the Share Percentage multiplied by
 (2)(A) the Spinco Combined Company Closing Date Net Debt minus (B) the Spinco Target Net Debt. 

“Net Debt Adjustment Notice” shall have the meaning set forth in Section 2.3(b)(i) hereof. 

“Net Debt Discrepancy Amount” shall mean an amount, which may be positive or negative, equal to (x)(1) the Share Percentage
multiplied by (2) (a) the Spinco Net Debt Adjustment determined pursuant to the Distribution Agreement plus (b) the Voyager Net Debt Adjustment determined pursuant to the Merger Agreement minus (y) the Net Debt Amount. 

“Net Working Capital Excess” shall mean the greater of (i) zero (0) and (ii) the difference, which may be positive
or negative, between (A) the Spinco Closing Date Working Capital and (B) $628,000,000. 
 “Order” shall mean any
decision or award, decree, injunction, judgment, order, quasi-judicial decision or award, settlement, ruling, restriction, charge or writ of any Governmental Authority, whether temporary, preliminary or permanent. 

“Party” and “Parties” shall have the meanings set forth in the preamble hereof. 

“Per Share Merger Consideration” shall have the meaning set forth in the Merger Agreement. 

“Permitted Encumbrances” shall have the meaning set forth in Section 3.1(c) hereof. 

“Person” or “person” shall mean a natural person, corporation, company, joint venture, individual business
trust, trust association, partnership, limited partnership, limited liability company or other entity, including a Governmental Authority. 

“Purchaser Indemnitee” shall have the meaning set forth in Section 9.1 hereof. 

“Purchaser Material Adverse Effect” shall mean any effect, change or circumstance, individually or in the aggregate, that is,
or would reasonably be expected to be, materially adverse to the ability of any Purchaser to consummate the Transaction and to perform its obligations under this Agreement. 

“Record Date” shall have the meaning set forth in the Distribution Agreement 

“Registration Statement” shall have the meaning set forth in Section 5.4(b) hereof. 

“Representative” shall mean, with respect to any Person, any of such Person’s directors, managers or persons acting in a
similar capacity with such Person’s approval on its behalf, officers, employees, agents, consultants, financial and other advisors, accountants, attorneys and other representatives. 

“Restructuring” shall have the meaning set forth in the Distribution Agreement. 

“RCF” means the revolving credit facility in the aggregate principal amount of up to $300,000,000, to be entered into by
Spinco at or around the Effective Time on terms mutually acceptable to Spinco, Henry Schein and Voyager. 

  
 6 

 “RCF Net Draw” shall mean (1) the difference between (A) the aggregate
amount drawn under the RCF (and not repaid) as of the RCF Measurement Date and (B) the aggregate amount of cash held by Spinco and its Subsidiaries as of the RCF Measurement Date minus (2) any amounts expended by Spinco or its Subsidiaries
in connection with the acquisition of any business in whole or in part (including by means of merger, purchase of assets or purchase of equity securities) on or prior to the RCF Measurement Date minus (3) any cash amounts which the Board of
Directors of Spinco has declared shall be distributed to holders of Spinco Common Stock as of any time following the Effective Time and on or prior the RCF Measurement Date minus (4) the lesser of (i) the Net Working Capital Excess and
(ii) $51,500,000. 
 “RCF Excess Amount” shall mean the amount equal to (1) the Share Percentage multiplied by
(2) the amount, if any, by which the RCF Net Draw exceeds $100,000,000. 
 “RCF Measurement Date” shall mean
March 31, 2019. 
 “RCF Notice” shall have the meaning set forth in Section 2.3(a)(i) hereof. 

“SEC” shall mean the U.S. Securities and Exchange Commission. 

“Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 “Separation” shall have the meaning set forth in the recitals hereof. 

“Separation Date” shall mean the date and time that the Separation shall become effective. 

“Sequoia Confidentiality Agreement” shall mean the Non-Disclosure Agreement by and
between Henry Schein and SCHF (GPE), LLC, dated as of May 4, 2018. 
 “Sequoia Disclosure Schedules” shall mean the
disclosure schedules delivered by the Sequoia Purchasers to Henry Schein concurrently herewith. 
 “Sequoia Net Debt Discrepancy
Amount” shall mean the product, which may be a positive or negative number, of (i) the Sequoia Percentage multiplied by (ii) the Net Debt Discrepancy Amount. 

“Sequoia Payment” shall mean an amount equal to $75,000,000. 

“Sequoia Percentage” shall mean the following quotient expressed as a percentage: (i) $75,000,000 divided by (ii) the
Base Purchase Price. 
 “Sequoia RCF Excess Amount” shall mean (1) the RCF Excess Amount multiplied by (2) the
Sequoia Percentage. 
 “Sequoia Shares” shall mean the product of (i) the Sequoia Percentage multiplied by
(ii) the Shares. 
 “Share Percentage” shall mean the lesser of 

(i) the following quotient expressed as a percentage (A) the number of shares of Spinco Common Stock equal to 9.9% (or such other
percentage as the parties may mutually agree in writing following the date hereof and at least 5 Business Days prior to Closing) of the issued and outstanding shares of Spinco Common Stock (after giving effect to the Merger and all relevant facts as
of the Effective Time, and as determined in Spinco’s sole discretion) divided by (B) the number of shares of issued and outstanding Spinco Common Stock calculated on a fully-diluted basis after giving effect to the Merger, and 

  
 7 

 (ii) the following quotient expressed as a percentage: (A) the highest aggregate number of
shares of Spinco Common Stock transferable to the Purchasers pursuant to this Agreement that would not cause the percentage of shares, as measured for purposes of Section 355(e) of the Code, of Spinco Common Stock held by the Henry Schein
Stockholders at the Effective Time (after giving effect to the Merger, and all relevant facts as of the Effective Time, and as determined in Spinco’s sole discretion) to fall below 51.01%, divided by (B) the number of shares of issued and
outstanding Spinco Common Stock calculated on a fully-diluted basis after giving effect to the Merger. 
 “Share Registration
Statement Delivery Date” shall have the meaning set forth in Section 5.5(b) hereof. 
 “Shares” shall mean an
aggregate number of shares of Spinco Common Stock equal to the product of (i) the Share Percentage multiplied by (ii) the number of shares of issued and outstanding Spinco Common Stock calculated on a fully-diluted basis and after giving
effect to the Merger. 
 “Special Dividend” shall have the meaning set forth in the Distribution Agreement. 

“Spinco” shall have the meaning set forth in the preamble hereof. 

“Spinco Assets” shall have the meaning set forth in the Distribution Agreement. 

“Spinco Business” shall mean the business of purchasing, marketing, promoting, advertising, selling, licensing,
manufacturing, contract manufacturing and distributing veterinary practice management software, services and tools and veterinary supply services and products, including diagnostics, biologicals, pharmaceuticals, vaccines, parasiticides,
instruments, equipment and supplies used for the maintenance, treatment and prevention of ailments of and diseases in animals, including companion pets, including equine, large and production animals, to veterinary practitioners, animal health
clinics, animal shelters, veterinary industry service providers, resellers and animal or equine related practitioners, as conducted and operated by Henry Schein and its Subsidiaries at any time during the twelve (12) month period prior to the
Closing. 
 “Spinco Combined Company Closing Date Net Debt” shall mean an amount (which may be negative), in each case,
determined as of immediately following the Effective Time, equal to (i) the Indebtedness of Spinco and its Subsidiaries, less (ii) an amount equal to the Cash and Cash Equivalents of Spinco and its Subsidiaries; provided, that, as
used within the definition of “Spinco Combined Company Closing Date Net Debt,” Indebtedness shall (1) include all Indebtedness represented by the Spinco Financing and (2) exclude all Indebtedness owed from Spinco or one of its
Subsidiaries, on the one hand, to Spinco or one of its Subsidiaries, on the other hand. 
 “Spinco Entities” shall mean
Spinco and each of the Spinco Subsidiaries. 
 “Spinco Equity Interests” shall have the meaning set forth in
Section 3.4 hereof. 
 “Spinco Financial Statements” shall have the meaning set forth in Section 3.7 hereof. 

“Spinco Financing” shall mean the debt financing to be incurred by Spinco as provided in the Merger Agreement. 

“Spinco Group” shall have the meaning set forth in the Distribution Agreement. 

“Spinco Liabilities” shall have the meaning set forth in the Distribution Agreement. 

  
 8 

 “Spinco Material Contract” shall have the meaning set forth in the Merger
Agreement. 
 “Spinco Subsidiaries” shall mean the Subsidiaries of Henry Schein that will be contributed, directly or
indirectly, to Spinco in connection with the Restructuring and the Harbor Contribution. 
 “Spinco Target Net Debt” shall
mean $1,175,000,000. 
 “Spin-Off Tax Opinion” shall have the meaning set forth in
the Merger Agreement. 
 “Subsidiary” shall mean, with respect to any Person, a corporation, partnership, association,
limited liability company, trust or other form of legal entity in which such Person, a Subsidiary of such Person or such Person and one or more Subsidiaries of such Person, directly or indirectly, has either (i) a majority ownership in
(A) the equity or (B) the interest in the capital or profits thereof, (ii) the power to elect, or to direct the election of, a majority of the board of directors or other analogous governing body of such entity, or (iii) the
title or function of general partner or manager, or the right to designate the Person having such title or function. 

“Tax” or “Taxes” shall mean all federal, state, local, foreign and other income, gross receipts, sales, use,
production, ad valorem, transfer, franchise, registration, profits, license, lease, service, service use, withholding, payroll, employment, unemployment, estimated, excise, severance, environmental, escheat, stamp, occupation, premium, property
(real or personal), real property gains, windfall profits, customs, duties or other taxes, fees, assessments or charges of any kind whatsoever, together with any interest, additions or penalties with respect thereto and any interest in respect of
such additions or penalties. 
 “Taxing Authority” shall mean any Governmental Authority, board, bureau, body, person,
department or authority of any United States federal, state or local jurisdiction or any non-United States jurisdiction, having jurisdiction with respect to any Tax. 

“Tax Contest” shall mean any audit, court or administrative proceeding, action, suit, investigation or other dispute or
similar claim by a Governmental Authority with respect to any Tax. 
 “Tax Certification” shall mean a certification to be
delivered by each Purchaser to Henry Schein, substantially in the form of Exhibit A hereto. 
 “Tax-Free Status” shall mean the qualification of (i) Henry Schein’s contribution of property to Spinco and Spinco’s assumption of certain liabilities, together with the Distribution, as a
reorganization within the meaning of Section 368(a)(1)(D) of the Code, pursuant to which none of Spinco, Henry Schein or the Henry Schein Stockholders recognizes any gain or loss for U.S. federal income tax purposes, (ii) the Distribution
as a tax-free distribution qualifying under Section 355 of the Code and that is not subject to tax pursuant to Section 355(d) or Section 355(e) of the Code, (iii) the application of
Section 361(b)(1)(A) of the Code to the Special Dividend and the Additional Special Dividend (if any), (iv) the treatment of the Intercompany Debt Repayment for U.S. federal income tax purposes as a tax free repayment of debt owed by Spinco or
its Subsidiaries to Henry Schein or Henry Schein’s Subsidiaries, (v) the Merger as a tax-free reorganization pursuant to Section 368(a)(2)(E) of the Code, and (vi) the application of
Section 357(a) of the Code to the assumption of liabilities in the Spinco contribution and the Merger. 
 “Tax-Free Transaction Failure” shall mean the failure to qualify for the Tax-Free Status. 

“Tax Matters Agreement” shall mean the Tax Matters Agreement by and among Henry Schein, Spinco and Voyager, to be executed
and delivered on or prior to the Closing Date. 

  
 9 

 “Termination Date” shall have the meaning set forth in Section 7.1(c)
hereof. 
 “Third Party Claim” shall have the meaning set forth in Section 9.3 hereof. 

“Transaction” shall mean the transaction contemplated by this Agreement. 

“Transaction Agreements” shall mean, collectively, (a) the Distribution Agreement, (b) the Merger Agreement,
(c) the Transition Services Agreement, (d) the Employee Matters Agreement, and (e) the Tax Matters Agreement. 

“Transition Services Agreement” shall mean the Transition Services Agreement by and between Henry Schein and Spinco in a form
to be mutually agreed by the parties to the Merger Agreement, and to be executed and delivered, on or prior to, the Effective Time. 

“Voyager” shall mean Direct Vet Marketing, Inc., a Delaware corporation. 

“Voyager Capital Stock” shall mean, collectively, (i) the common stock of Voyager, par value $0.001 per share, and
(ii) each series of shares of Voyager preferred stock. 
 “Voyager Disclosure Schedules” shall mean the disclosure
schedules delivered by Voyager to Henry Schein concurrently and in connection with the execution of the Merger Agreement. 

“Voyager Stockholders’ Representative” shall mean Shareholder Representative Services LLC, a Colorado limited liability
company. 
 Article II 

SUBSCRIPTION AND PURCHASE 

Section 2.1    Subscription and Purchase of the Shares. 

(a)    On the terms and subject to the conditions set forth in this Agreement, at the Closing, Spinco shall issue, assign,
transfer, convey and allot to each Purchaser, as applicable, and each Purchaser shall subscribe for, purchase, acquire and accept from Spinco, its respective portion of the Shares as set forth on Exhibit B hereto, free and clear of all
Encumbrances other than Permitted Encumbrances, in consideration for payment of its respective portion of the Base Purchase Price. 

(b)    The Parties agree that the Base Purchase Price and the Shares shall be allocated among the Purchasers as follows:

 (i)    a portion of the Base Purchase Price equal to the Sequoia Payment shall be paid to Spinco by the Sequoia
Purchasers, with each such Sequoia Purchaser paying the portion of the Sequoia Payment attributable to it as set forth on Exhibit B, in consideration for receipt by the Sequoia Purchasers of the Sequoia Shares; and 

(ii)    a portion of the Base Purchase Price equal to the MSIM Payment shall be paid to Spinco by the MSIM Purchasers
with each such MSIM Purchaser paying the portion of the MSIM Payment attributable to it as set forth on Exhibit B, in consideration for receipt by the MSIM Purchasers of the MSIM Shares. 

  
 10 

 (c)    The Parties agree that the obligations of the Purchasers hereunder are
several and not joint. No Purchaser shall be required to purchase a number of Shares greater than the number calculated for such Purchaser pursuant hereto. 

(d)    Notwithstanding anything to the contrary in this Agreement, no issuance, sale, assignment, transfer, conveyance or
allotment of Shares shall be effected to the extent the effect of such issuance, sale, assignment, transfer, conveyance or allotment would reasonably be expected to result in the Henry Schein Stockholders owning less than 51.01% of Spinco Common
Stock (after giving effect to the Merger, and as measured for purposes of Section 355(e) of the Code), on or after the Effective Time or otherwise cause a Tax-Free Transaction Failure. The Parties
acknowledge that this Section 2.1(d) shall not modify any transaction pursuant to this Agreement after the Closing Date, and is intended solely to ensure that the calculation of the number of Shares to be issued, sold, assigned, transferred,
conveyed or allotted to the Purchasers pursuant to this Agreement (i) operates as intended and preserves the Henry Schein Stockholders’ ownership of 51.01% of Spinco Common Stock (after giving effect to the Merger, and as measured for
purposes of Section 355(e) of the Code) on and after the Effective Time and (ii) does not cause a Tax-Free Transaction Failure (in each case, taking into account all relevant facts as of the Closing
Date). 
 Section 2.2    Closing. 

(a)    Unless the Transaction shall have been abandoned and this Agreement terminated pursuant to Section 7.1, the
closing of the Transaction (the “Closing”) will take place at 10:00 a.m., New York time, on (i) the Distribution Date immediately prior to the Distribution or (ii) such other date or place as is agreed to in writing by the
Parties (the “Closing Date”). The Closing shall take place at the offices of Cleary Gottlieb Steen & Hamilton LLP, One Liberty Plaza, New York, New York 10006. 

(b)    At the Closing: 

(i)    each Purchaser shall deliver to Spinco: 

(A)    its respective portion (as determined pursuant to Section 2.1(b)) of the Base Purchase Price by wire transfer
of immediately available funds to an account of Spinco designated in writing by Henry Schein or Spinco to Purchasers on the Closing Date; and 

(B)    the certificate contemplated by Section 6.2(b) and Section 6.2(c). 

(ii)    Henry Schein or Spinco, as applicable, shall issue or deliver, or cause to be delivered to each Purchaser (or its
designee): 
 (A)    stock certificates evidencing the Shares or the Shares in book-entry form, free and clear of all
Encumbrances other than Permitted Encumbrances, in the names of the Purchasers (or their designees); and 
 (B)    the
certificate contemplated by Section 6.3(b). 
 Section 2.3    Post-Closing Adjustments. 

(a)    Post-Closing RCF Excess Amount Adjustment 

(i)    On the date of the filing of the Spinco Form 10-Q in respect of the
calendar quarter ending March 31, 2019 (the “10-Q Filing Date”), Spinco shall cause to be prepared and delivered 

  
 11 

 
to each of Henry Schein, on the one hand, and the Sequoia Purchasers and the MSIM Purchasers, on the other hand, a written report (each, an “RCF Notice”) setting forth in
reasonable detail Spinco’s calculation of the RCF Net Draw and, if applicable, the RCF Excess Amount. 

(ii)    During the ten (10) Business Day period following the 10-Q Filing
Date, Spinco shall give each of Henry Schein and its Representatives, on the one hand, and the Sequoia Purchasers and the MSIM Purchasers and their respective Representatives, on the other hand, access at all reasonable times and on reasonable
advance notice to those books, records and working papers of Spinco applicable to the calculation of the RCF Net Draw and, if applicable, the RCF Excess Amount, to the extent reasonably required to permit each of Henry Schein, the Sequoia Purchasers
and the MSIM Purchasers to evaluate the amounts and calculations set forth in each RCF Notice. Henry Schein (on the one hand) and the Sequoia Purchasers and the MSIM Purchasers (on the other hand) shall negotiate in good faith to resolve any
disputes over, and agree upon, the RCF Excess Amount, if any, during the twenty (20) day period following the 10-Q Filing Date. 

(iii)    Following the final determination of the RCF Excess Amount in accordance with this Section 2.3(a), Henry
Schein shall pay in cash to each Sequoia Purchaser its respective pro rata portion of the Sequoia RCF Excess Amount (in proportion to the portion of the Sequoia Payment attributable to it as set forth on Exhibit B) and to each MSIM Purchaser
its respective pro rata portion of the MSIM RCF Excess Amount (in proportion to the portion of the MSIM Payment attributable to it as set forth on Exhibit B); provided, that the Parties acknowledge and agree that if the RCF Excess Amount
is equal to zero (0) no amounts shall be payable by Henry Schein pursuant to this Section 2.3(a). 

(iv)    Any amount payable pursuant to Section 2.3(a)(iii) shall be made by Henry Schein via wire transfer of
immediately available funds within five (5) Business Days after the date of final determination of the RCF Excess Amount to an account of (i) each Sequoia Purchaser and (ii) each MSIM Purchaser designated in writing by each Sequoia
Purchaser and each MSIM Purchaser, as applicable, to Henry Schein on the Closing Date. 
 (b)    Post-Closing Net
Debt Adjustment. 
 (i)    Upon the later of (A) the 10-Q Filing Date
and (B) three (3) Business Days following the later of the date of final determination of (1) the Final Closing Statement pursuant to Section 5.1 of the Distribution Agreement and (2) the Final Closing Statement pursuant to
Section 3.1 of the Merger Agreement, Spinco shall cause to be prepared and delivered to each of Henry Schein, on the one hand, and the Sequoia Purchasers and the MSIM Purchasers, on the other hand, a written report (each, a “Net Debt
Adjustment Notice”) setting forth in reasonable detail Spinco’s calculation of (x) the Spinco Combined Company Closing Date Net Debt and the Net Debt Amount pursuant to this Agreement and (y) if applicable, the Net Debt
Discrepancy Amount. 
 (ii)    During the ten (10) Business Day period following the delivery of the Net Debt
Adjustment Notice, Spinco shall give each of Henry Schein and its Representatives, on the one hand, and the Sequoia Purchasers and the MSIM Purchasers and their respective Representatives, on the other hand, access at all reasonable times and on
reasonable advance notice to those books, records and working papers of Spinco applicable to the calculation of the Spinco Combined Company Closing Date Net Debt and the Net Debt Amount pursuant to this Agreement and, if applicable, the Net Debt
Discrepancy Amount, to the extent reasonably required to permit each of Henry Schein, the Sequoia Purchasers and MSIM Purchasers to evaluate the amounts and calculations set forth in each Net Debt Adjustment Notice. Henry Schein (on the one hand)
and the Sequoia Purchasers and MSIM Purchasers (on the other hand) shall negotiate in good faith to resolve any disputes over, and agree upon, the Net Debt Amount and Net Debt Discrepancy Amount (if any) during the thirty (30) day period
following each Party’s receipt of each Net Debt Adjustment Notice. 

  
 12 

 (iii)    Following the final determination of the Net Debt Amount and the
Net Debt Discrepancy Amount (if any) in accordance with this Section 2.3(b), the following payments (if any) shall be made in accordance with Section 2.3(b)(iv): 

(A)    if the Net Debt Discrepancy Amount is positive, (x) each Sequoia Purchaser shall pay to Henry Schein its pro
rata portion of the Sequoia Net Debt Discrepancy Amount (in proportion to the portion of the Sequoia Payment attributable to it as set forth on Exhibit B) and (y) each MSIM Purchaser shall pay to Henry Schein its pro rata portion of the
MSIM Net Debt Discrepancy Amount (in proportion to the portion of the MSIM Payment attributable to it as set forth on Exhibit B); 

(B)    if the Net Debt Discrepancy Amount is negative, Henry Schein shall pay (x) to each Sequoia Purchaser its pro
rata portion of the absolute value of the Sequoia Net Debt Discrepancy Amount (in proportion to the portion of the Sequoia Payment attributable to it as set forth on Exhibit B) and (y) to each MSIM Purchaser its pro rata portion of the
absolute value of the MSIM Net Debt Discrepancy Amount (in proportion to the portion of the MSIM Payment attributable to it as set forth on Exhibit B); and 

(C)    if the Net Debt Discrepancy Amount is equal to zero (0), no amounts shall be due or payable by any Party pursuant
to this Section 2.3(b). 
 (iv)    Any amount payable pursuant to this Section 2.3(b) shall be made via wire
transfer of immediately available funds within five (5) Business Days after the date of final determination of the Net Debt Discrepancy Amount to an account of (i) Henry Schein (in the case of a payment pursuant to
Section 2.3(b)(iii)(A)) or (ii) each Sequoia Purchaser and each MSIM Purchaser (in the case of a payment pursuant to Section 2.3(b)(iii)(B)), designated in writing, as applicable, by Henry Schein, each Sequoia Purchaser and each MSIM
Purchaser to the other Parties on the Closing Date. 
 (c)    Any payment (or portion thereof) pursuant to this
Section 2.3 shall be treated as an adjustment to the Base Purchase Price (and, accordingly, as a corresponding adjustment to the Intercompany Debt Repayment, Special Dividend and/or the Additional Special Dividend (if applicable) for Tax
purposes), to the extent permitted by applicable Law. 
 Section 2.4    Legends. 

(a)    All of the Shares shall bear a legend or legends (and appropriate comparable notations or other arrangements will
be made with respect to any uncertificated Shares) referencing restrictions on transfer of such Shares under the Securities Act which legend shall state in substance: 

“The securities evidenced by this certificate have been issued and sold without registration under the United States Securities Act of
1933, as amended (the “Securities Act”), or the securities laws of any state of the United States (a “State Act”) in reliance upon certain exemptions from registration under said acts. The securities evidenced by this certificate
cannot be sold, assigned or otherwise transferred within the United States unless such sale, assignment or other transfer is (i) made pursuant to an effective registration statement under the Securities Act and in accordance with each
applicable State Act or (ii) exempt from, or not subject to, the Securities Act and each applicable State Act.” 

  
 13 

 (b)    Notwithstanding Section 2.4(a), the holder of any Shares shall be
entitled to receive from Spinco new stock certificates or shares in book-entry form for a like number of shares not bearing such legend (or the elimination or termination of such notations or arrangements) upon the request of such holder (i) at
such time as such restrictions are no longer applicable, and (ii) if reasonably required by Spinco, delivery of an opinion of counsel to such holder, which opinion is reasonably satisfactory in form and substance to Spinco, that the restriction
referenced in such legend (or such notations or arrangements) is no longer required in order to ensure compliance with the Securities Act. 

Section 2.5    Tax Treatment. The Parties agree that, for U.S. federal income tax purposes, the issuance,
assignment, transfer, conveyance or allotment of Shares pursuant to this Agreement shall be treated as a primary issuance by Spinco to the relevant Purchasers of an amount of Spinco Common Stock constituting the number of Shares to be acquired by
the relevant Purchasers in exchange for the Base Purchase Price (as adjusted by the Net Debt Discrepancy Amount as may be applicable). The Purchasers agree to not take any position inconsistent with such treatment for U.S federal income tax
purposes. 
 Article III 

REPRESENTATIONS AND WARRANTIES OF HENRY SCHEIN AND SPINCO 

Except as set forth in the correspondingly numbered Sections of the Henry Schein Disclosure Schedules, it being understood and agreed that
each disclosure set forth in the Henry Schein Disclosure Schedules shall qualify or modify each of the representations and warranties set forth in this Article III to the extent the applicability of the disclosure to such representation and warranty
is readily apparent from the text of the disclosure made (without reference to any additional information, investigation, or documentation), each of Henry Schein and Spinco, as applicable, hereby represents and warrants to Purchasers as follows:

 Section 3.1    Due Organization, Good Standing, Corporate Power and Subsidiaries. 

(a)    Each of Henry Schein and Spinco is a corporation duly organized, validly existing and in good standing under the
Laws of the State of Delaware. Henry Schein and its Subsidiaries have all requisite corporate power and authority to own, lease and operate their properties and assets that will be contributed to Spinco and the Spinco Subsidiaries pursuant to the
Distribution Agreement and to carry on the Spinco Business as it is now being conducted. Each of Henry Schein and its Subsidiaries is duly qualified or licensed to do business and is in good standing (with respect to jurisdictions which recognize
such concept) in each jurisdiction in which the property owned, leased or operated by the Spinco Business that will be contributed to Spinco and the Spinco Subsidiaries pursuant to the Distribution Agreement or in which the nature of the Spinco
Business conducted by it makes such qualification or licensing necessary, except in such jurisdictions where the failure to be so qualified or licensed or to be in good standing has not had or would not reasonably be expected to have, individually
or in the aggregate, a Henry Schein Material Adverse Effect. 
 (b)    All of the outstanding shares of capital stock
of, or other equity interests in, each Spinco Subsidiary have been duly authorized and validly issued and are fully paid and non-assessable and are owned directly or indirectly by Spinco, free and clear of all liens other than pursuant to the Spinco
Financing. 
 (c)    Henry Schein is the beneficial and record owner of, and has good and valid title to, the shares of
Spinco Common Stock issued and outstanding as of the date hereof. Upon consummation of the Transaction, each Purchaser will have good and valid title to the portion of the Shares acquired by it pursuant to Section 2.1, free and clear of all
Encumbrances, other than any Encumbrances (x) imposed or created by the ownership by such Purchaser or its Affiliates or (y) arising under securities laws (such Encumbrances, “Permitted Encumbrances”). 

  
 14 

 Section 3.2    Authorization and Validity of Agreement. Each of
Henry Schein and Spinco has all necessary corporate power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the Transaction. The execution, delivery and performance of this Agreement by each
of Henry Schein and Spinco, and the consummation by Henry Schein and Spinco of the Transaction, have been duly and validly authorized by all requisite corporate or other action on the part of Henry Schein and Spinco, and no other corporate or other
action on the part of Henry Schein or Spinco is necessary to authorize the execution, delivery and performance of this Agreement or the consummation of the Transaction. This Agreement has been duly and validly executed and delivered by each of Henry
Schein and Spinco, as applicable, and, assuming due and valid authorization, execution and delivery hereof by each of the Purchasers, this Agreement is a legal, valid and binding obligation of each of Henry Schein and Spinco enforceable against each
of Henry Schein and Spinco in accordance with its terms, except to the extent that its enforceability may be subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws, now or hereinafter in effect, affecting the
enforcement of creditors’ rights generally and by general equitable principles. 
 Section 3.3    No
Violation. Assuming (a) the approvals set forth in Section 3.3 of the Henry Schein Disclosure Schedules have been obtained, (b) the requirements under any applicable state securities or blue sky Laws are met, and (c) the
requirements of the Exchange are met, the execution, delivery and performance of this Agreement by Henry Schein and Spinco, as applicable, and the consummation by Henry Schein and Spinco of the Transaction, do not and will not: (w) violate,
conflict with or result in a breach of any provision of their respective certificates of incorporation or bylaws; (x) violate or conflict in any material respect with any Law or Order of any Governmental Authority applicable to Henry Schein or
any Spinco Entity; (y) require any filing with, or License, consent or approval of, or the giving of any notice to, any Governmental Authority, the failure of which to file or receive would be material; or (z) result in a violation or
breach of, constitute (with or without due notice or lapse of time or both) a default under, or give rise to any right of termination, cancellation or acceleration, or result in the creation of any Encumbrance upon any of the properties, assets, or
capital stock of Henry Schein or any of its Subsidiaries that will be contributed to the Spinco Entities pursuant to the Distribution Agreement or give rise to any obligation, right of termination, cancellation, acceleration or increase of any
obligation or a loss of a benefit under, any of the terms, conditions or provisions of any Spinco Material Contract to which Henry Schein or its Subsidiaries is a party that will be contributed to the Spinco Entities pursuant to the Distribution
Agreement, or by which the Spinco Entities or the properties or assets that will be contributed to the Spinco Entities pursuant to the Distribution Agreement may be bound, excluding in the case of clause (z) above, conflicts, violations,
breaches, defaults, rights of payment and reimbursement, terminations, modifications, accelerations and creations and impositions of Encumbrances which have not had or would not reasonably be expected to have, individually or in the aggregate, a
Henry Schein Material Adverse Effect. 
 Section 3.4    Capitalization. As of the date hereof, the
authorized capital stock of Spinco consists solely of one hundred (100) shares of capital stock, all of which shares are classified and designated as Spinco Common Stock. Other than as contemplated by the transactions pursuant to the
Transaction Agreements or pursuant to this Transaction, no additional shares of Spinco Common Stock will be issued prior to the Closing. As of the date hereof, one hundred (100) shares of Spinco Common Stock are issued and outstanding and owned
by Henry Schein. All of the issued and outstanding shares of Spinco Common Stock have been duly authorized and validly issued and are fully paid and non-assessable. Except for shares issuable pursuant to this Agreement, the Transaction Agreements
and other than any put, call, preemptive, tag-along or drag-along or other similar rights, held by any JV Minority Shareholders, (i) there are no outstanding options, warrants, rights, calls,
subscriptions, claims of any character, agreements, obligations, convertible or exchangeable securities, or other commitments, contingent or otherwise, relating 

  
 15 

 
to Spinco Common Stock or any capital stock equivalent or other nominal interest in Spinco or any material Spinco Subsidiary (“Spinco Equity Interests”) pursuant to which Spinco
or any material Spinco Subsidiary is or may become obligated to issue shares of its capital stock or other equity interests or any securities convertible into or exchangeable for, or evidencing the right to subscribe for any Spinco Equity Interests
and (ii) there are no outstanding obligations of Spinco to repurchase, redeem or otherwise acquire any outstanding securities of Spinco Equity Interests. Except pursuant to this Agreement, the Transaction Agreements and any equity incentive
plan of Spinco or its Subsidiaries, immediately following the Distribution there will be no Contracts or commitments to which Spinco is a party relating to the issuance, sale, transfer or voting of any equity securities or other securities of
Spinco. 
 Section 3.5    Status of New Spinco Common Stock. The Spinco Common Stock comprising the Shares
shall have been duly authorized by all necessary corporate action on the part of Henry Schein and Spinco and such Spinco Common Stock shall have been validly issued and, assuming the payment therefore has been made, will be fully paid and
non-assessable, and the issuance of such Spinco Common Stock will not be subject to preemptive rights. 

Section 3.6    Operations of Spinco. As of the date hereof, Spinco is a direct, wholly-owned Subsidiary of
Henry Schein and, other than with respect to any shares of Spinco Common Stock issued, sold or otherwise transferred to a JV Minority Shareholder in accordance with the Distribution Agreement and to the Purchasers pursuant to the Transaction, shall
remain a direct, wholly-owned Subsidiary of Henry Schein until the consummation of the Distribution. 

Section 3.7    Spinco Financials. Henry Schein and its Subsidiaries have delivered to each Purchaser the
combined, unaudited financial statements of the Spinco Business (including balance sheet, income statement and statement of cash flows) as of June 30, 2018 and for the six-month period ended June 30,
2018 (collectively, the “Spinco Financial Statements”). The Spinco Financial Statements have been prepared in accordance with GAAP (on a carve-out basis) applied on a consistent basis
throughout the periods indicated, except that the unaudited Spinco Financial Statements may not contain all footnotes required by GAAP, and on that basis the Spinco Financial Statements fairly present in all material respects the financial position
and results of operations of the Spinco Business as of the dates, and for the periods, indicated therein, subject in the case of the unaudited Spinco Financial Statements to normal year-end audit adjustments.

 Section 3.8    Absence of Certain Changes or Events. Except (a) as specifically contemplated or
permitted by this Agreement or the Transaction Agreements and (b) as set forth in the Spinco Financial Statements, since June 30, 2018 and through the date hereof, (i) the Spinco Business has been conducted, in all material respects,
in the ordinary course consistent with past practice, and (ii) there has not been any event (including any damage, destruction or loss, whether or not covered by insurance) that has had or would reasonably be expected to have, individually or
in the aggregate, a Henry Schein Material Adverse Effect. 
 Section 3.9    No Voyager Material Adverse
Effect. Since April 20, 2018 and through the date hereof, to Henry Schein’s knowledge, there has not been any event (including any damage, destruction or loss, whether or not covered by insurance) that has had or would reasonably be
expected to have, individually or in the aggregate, a Voyager Material Adverse Effect. 

Section 3.10    Brokers or Finders. Except as set forth in Section 3.10 of the Henry Schein Disclosure
Schedules, neither Henry Schein nor any of its Subsidiaries has employed any investment banker, broker, finder or intermediary in connection with the Transaction who might be entitled to any fee or any commission in connection with or upon
consummation of the Transaction, other than any such fee or commission, and any costs or expenses incurred in connection therewith that shall be borne solely by Henry Schein. 

  
 16 

 Section 3.11    Representations in Article IV of the Merger
Agreement. Spinco hereby represents and warrants that each of the representations and warranties set forth in Article IV of the Merger Agreement is true and correct as of April 20, 2018, subject to (i) the limitations and
qualifications set forth therein and (ii) the limitations, qualifications and disclosures contained in the Harbor/Spinco Disclosure Schedules. Spinco has no actual knowledge (without any additional investigation) that any such representation or
warranty is untrue or incorrect as of the date hereof, other than as would not be material to Spinco and its Subsidiaries, taken as a whole, after giving effect to the Merger. 

Section 3.12    Representations in Article V of the Merger Agreement. Spinco hereby represents and
warrants that each of the representations and warranties set forth in Article V of the Merger Agreement is true and correct as of April 20, 2018, subject to (i) the limitations and qualifications set forth therein and (ii) the
limitations, qualifications and disclosures contained in the Voyager Disclosure Schedules. Spinco has no actual knowledge (without any additional investigation) that any such representation or warranty is untrue or incorrect as of the date hereof,
other than as would not be material to Spinco and its Subsidiaries, taken as a whole, after giving effect to the Merger. 

Section 3.13    No Other Representations and Warranties. Except for the representations and warranties
contained in this Article III (including the related portions of the Henry Schein Disclosure Schedules), none of Henry Schein, its Subsidiaries, any of the Spinco Entities nor any other Person has made or makes any other express or implied
representation or warranty, either written or oral, on behalf of Henry Schein, its Subsidiaries or any of the Spinco Entities or Voyager or any of its Subsidiaries, including any representation or warranty as to the accuracy or completeness of any
information regarding the Spinco Business, the Spinco Assets or Voyager furnished or made available to Purchasers and their respective Representatives (including any information, documents or material made available to Purchasers, management
presentations or in any other form in expectation of the transactions contemplated hereby or by the Transaction Agreements) or as to the future revenue, profitability or success of the Spinco Business or Voyager, or any representation or warranty
arising from statute or otherwise in law. 
 Article IV 

REPRESENTATIONS AND WARRANTIES OF PURCHASERS 

Except as set forth in the correspondingly numbered Sections of the Sequoia Disclosure Schedules or the MSIM Disclosure Schedules, as
applicable, it being understood and agreed that each disclosure set forth in the Sequoia Disclosure Schedules or the MSIM Disclosure Schedules, as applicable, shall qualify or modify each of the representations and warranties set forth in this
Article IV to the extent the applicability of the disclosure to such representation and warranty is readily apparent from the text of the disclosure made (without reference to any additional information, investigation, or documentation), each
Purchaser, on a several and not joint basis, hereby represents and warrants to Henry Schein and Spinco as follows: 

Section 4.1    Due Organization, Good Standing, Corporate Power and Subsidiaries. Such Purchaser is duly
organized, validly existing and in good standing under the Laws of its jurisdiction of organization. Such Purchaser has all requisite corporate or limited liability company power and authority to own, lease and operate its properties and assets and
to carry on its business as it is now being conducted. Such Purchaser is duly qualified or licensed to do business and is in good standing (with respect to jurisdictions which recognize such concept) in each jurisdiction in which the property owned,
leased or operated or the nature of the business conducted by it makes such qualification or licensing necessary, except in such jurisdictions where the failure to be so qualified or licensed or to be in good standing has not had or would not
reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect. Such Purchaser is advised by MSIM. 

  
 17 

 Section 4.2    Authorization and Validity of Agreement. Such
Purchaser has all necessary power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the Transaction. The execution, delivery and performance of this Agreement by such Purchaser and the
consummation by such Purchaser of the Transaction, have been duly and validly authorized and approved by all requisite corporate or other similar action on the part of such Purchaser, and no other corporate or other action on the part of such
Purchaser is necessary to authorize the execution, delivery and performance of this Agreement. This Agreement has been duly and validly executed and delivered by such Purchaser or its authorized representative and, assuming due and valid
authorization, execution and delivery hereof by Henry Schein and Spinco, this Agreement is a legal, valid and binding obligation of such Purchaser enforceable against such Purchaser in accordance with its terms, except to the extent that its
enforceability may be subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws, now or hereinafter in effect, affecting the enforcement of creditors’ rights generally and by general equitable principles.

 Section 4.3    No Violation. Assuming (a) the requisite corporate or other similar internal
approvals of the Purchasers have been obtained, (b) the requirements under any applicable state securities or blue sky Laws are met, and (c) the requirements of the Exchange are met, the execution, delivery and performance of this
Agreement by such Purchaser and the consummation by such Purchaser of the Transaction, do not and will not: (w) violate, conflict with or result in a breach of any provision of its certificate of formation or incorporation, bylaws, limited
liability company operating agreements or other similar organizational documents; (x) violate or conflict in any material respect with any Law or Order of any Governmental Authority applicable to such Purchaser; or (y) require any filing
with, or License, consent or approval of, or the giving of any notice to, any Governmental Authority, the failure of which to file or receive would be material. 

Section 4.4    Actions. As of the date hereof, (a) there is no pending Action and, to the knowledge of
such Purchaser, no Person has threatened to commence any Action against such Purchaser or any of its Subsidiaries that challenges, or that would reasonably be expected to have the effect of preventing, delaying, making illegal or otherwise
interfering with, the Transaction, and (b) there is no Order applicable to such Purchaser or the assets, or operation of the business, of such Purchaser that would have the effect of preventing, delaying, making illegal or otherwise interfering
with, the Transaction. 
 Section 4.5    Sufficiency of Funds; Solvency. 

(a)    Such Purchaser has and will have on the Closing Date sufficient funds available to consummate the Transaction,
including to pay the portion of the Base Purchase Price and the Net Debt Discrepancy Amount, if any, payable by it and the fees and expenses of such Purchaser related to the Transaction. 

(b)    Immediately after giving effect to the Transaction, such Purchaser shall be solvent and shall (i) be able to
pay its debts as they become due, (ii) own property that has a fair saleable value greater than the amounts required to pay its debts (including a reasonable estimate of the amount of all contingent liabilities) and (iii) have adequate
capital to carry on its business. Such Purchaser acknowledges that, in connection with the Transaction, (A) no transfer of property is being made and no obligation is being incurred with the intent to hinder, delay or defraud either present or
future creditors of such Purchaser or Henry Schein, and (B) such Purchaser has not incurred, and does not plan to incur, debts beyond its ability to pay as they become absolute and matured. 

  
 18 

 Section 4.6    Investment Purpose. Such Purchaser is
acquiring its portion of the Shares for its own account for investment purposes only, not as a nominee or agent, and not with a view to (or for) resale in connection with any public sale or distribution thereof. Such Purchaser does not presently
have any contract, undertaking, agreement or arrangement with any Person to sell, transfer or grant participations to the Person, with respect to its portion of the Shares. Such Purchaser acknowledges that the Shares are not registered under the
Securities Act or any state securities laws, and that the Shares may not be transferred, sold, offered for sale, pledged, hypothecated or otherwise disposed of without registration under the Securities Act or pursuant to an applicable exemption
therefrom and subject to state securities laws and regulations, as applicable. Such Purchaser qualifies as an “accredited investor,” as such term is defined in Rule 501(a) promulgated pursuant to the Securities Act, and represents that it
is a sophisticated party and has sufficient experience and expertise as an investor in securities and equity interests of companies such as the ones being transferred pursuant to this Agreement, and has sufficient knowledge and experience in
financial or business matters, to evaluate, and is fully informed as to, the risks of the Transaction and ownership of the Shares, and such Purchaser has been adequately represented by counsel. Such Purchaser acknowledges that Henry Schein has given
such Purchaser and its Representatives the opportunity to ask questions of Henry Schein, and to acquire such additional information regarding the Spinco Business as such Purchaser has requested. 

Section 4.7    Brokers or Finders. Neither such Purchaser nor any of its Subsidiaries has employed any
investment banker, broker, finder or intermediary in connection with the Transaction who might be entitled to any fee or any commission in connection with or upon consummation of the Transaction. 

Section 4.8    No Other Representations and Warranties. Except for the representations and warranties
contained in this Article IV (including the related portions of the Sequoia Disclosure Schedules and MSIM Disclosure Schedules, as applicable) and those contained in the Tax Certifications, neither such Purchaser nor any other Person has made or
makes any other express or implied representation or warranty, either written or oral, on behalf of such Purchaser or any of its Subsidiaries. Such Purchaser has conducted to its satisfaction its own independent investigation, verification, review
and analysis of the business, operations, assets, Liabilities, results of operations, financial condition, technology and prospects of Voyager and of the Spinco Business, which investigation, verification, review and analysis was conducted by such
Purchaser and its Affiliates and, to the extent such Purchaser deemed appropriate, by such Purchaser’s Representatives. Such Purchaser acknowledges that it and its Representatives have been provided adequate access to the personnel, properties,
premises and records of Henry Schein for such purpose. In entering into this Agreement, such Purchaser acknowledges that it has relied solely upon the aforementioned investigation, verification, review and analysis and not on any factual
representations, projections, forecasts, opinions or other statements of, or materials provided by, Henry Schein, Spinco or any of their respective Representatives or any other Persons (except the specific representations and warranties of Henry
Schein and Spinco set forth in Article III). Each Purchaser agrees that no Purchaser nor the respective controlling Persons, officers, directors, partners, agents, or employees of a Purchaser shall be liable to any other Purchaser for any
action heretofore taken or omitted to be taken by any of them in connection with the purchase of the Shares. 
 Article V 

COVENANTS 

Section 5.1    Cooperation and Tax Matters. The Purchasers shall (and shall cause their assignees to)
reasonably cooperate with each of Henry Schein and Spinco and provide each of Henry Schein and Spinco with such information as Henry Schein or Spinco, as applicable, may reasonably request in connection with: (x) Henry Schein, the Henry Schein
Stockholders and Spinco qualifying for and 

  
 19 

 
maintaining Tax-Free Status; (y) Henry Schein obtaining the Spin-Off Tax Opinion, Merger Tax Opinion or other
tax opinion relevant to the Distribution and/or the Merger, and, (z) if applicable, Henry Schein or Spinco or their Affiliates (as applicable) obtaining any private letter ruling from the IRS or responding to the requests of any Taxing
Authority or participating in or defending any Tax Contest with any Taxing Authority in connection with any of the transactions contemplated by the Transaction Agreements; provided, however, that (i) no Purchaser shall be required
to affirmatively take any actions or be precluded from taking any actions that would reasonably be expected to result in the Purchaser forfeiting its beneficial ownership of Shares acquired pursuant to this Agreement; and (ii) nothing in this
Section 5.1 shall be construed as the Purchasers providing any tax covenants (other than those specifically set forth in this Section 5.1, Section 2.2(b)(i)(B) (relating to the delivery of the Tax Certifications) and Section 2.5
(“Tax Treatment”)), guarantees or other indemnification with respect to the intended qualification of the Transactions for Tax-Free Status, the Spin-Off
Tax Opinion, the Merger Tax Opinion, or any private letter ruling from the IRS in connection with any of the transactions contemplated by the Transaction Agreements (except, for the avoidance of doubt, in the event of a Purchaser’s fraud or
intentional or willful breach). Notwithstanding anything to the contrary contained in this Agreement, the Purchasers (on behalf of themselves, and their assignees) hereby (i) acknowledge, approve and agree to comply with, the Excess Share
Provision and (ii) agree to not challenge its enforceability (in whole or in part) under applicable Law. Henry Schein or Spinco, as applicable, agree to reimburse the Purchasers for any out-of-pocket expense incurred by the Purchasers as a direct result of participating in a Tax Contest with a Taxing Authority at Henry Schein or Spinco’s request pursuant to this Section 5.1(z)
(other than, for the avoidance of doubt, expenses incurred due to a violation of the Excess Share Provision by any Purchaser). Each Purchaser shall promptly deliver to Cleary Gottlieb the Tax Certifications so as to facilitate Cleary Gottlieb’s
timely delivery of the Spin-Off Tax Opinion. The Purchasers acknowledge that each of Cleary Gottlieb and Ernst & Young LLP may, in rendering their certain U.S. federal income tax opinions to Henry
Schein and Spinco in connection with the Distribution, rely on the representations, warranties and covenants given to Henry Schein and Spinco in this Section 5.1, Section 2.5, Section 4.1, Section 4.2, and Section 4.3 of
this Agreement. 
 Section 5.2    Further Assurances. Subject to the terms and conditions of this
Agreement, (a) each of Henry Schein and Spinco shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary under applicable Laws and regulations to consummate and make
effective the Restructuring, the Distribution and the Merger, in each case as may be and to the extent required under the Merger Agreement or the Distribution Agreement (as applicable) and (b) each Party agrees to use its commercially
reasonable efforts to take any other actions reasonably necessary and to consummate the Transaction in a manner consistent with applicable Law including providing information and using their reasonable best efforts to obtain all necessary
exemptions, rulings, consents, authorizations, approvals and waivers to effect all necessary registrations and filings, as promptly as practicable. Notwithstanding the foregoing, subsection (b) of this Section 5.2 addresses those matters
solely related to the Transaction and does not obligate any Party with respect to any Tax filings, private letter rulings or Tax opinions or other Tax matters contemplated by the Transaction Agreements or otherwise relevant to the Distribution
and/or Merger. 
 Section 5.3    Exchange Listing. Henry Schein shall use reasonable best efforts to
cause the Shares to be approved for listing on the Exchange, subject to official notice of issuance, prior to the Closing. 

Section 5.4    Information Rights. 

(a)    Henry Schein shall (i) as reasonably requested in writing by the Purchasers, update such Purchasers as
promptly as practicable (and in any event no later than three (3) Business Days after receipt of such written request) in writing as to the status of the Restructuring, Distribution and Merger, including any material relevant information
(whether positive or negative) with respect to the achievement 

  
 20 

 
of the closing conditions for each such transaction or series of transactions and (ii) upon receipt of or upon the giving of a notice pursuant to Section 6.14 of the Merger Agreement,
promptly update the Purchasers in writing with respect to the contents thereof. 
 (b)    Henry Schein and its
Subsidiaries shall ensure that the registration statement on Form S-1 and Form S-4 of Spinco to be filed with the SEC in connection with the Transactions (the
“Registration Statement”), at the time it is declared effective by the SEC (i) will comply as to form, in all material respects, with the requirements of the Securities Act and (ii) will not contain any untrue statement of
a material fact or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading. 

Section 5.5    Registration of Shares. 

(a)    Following the date of effectiveness of the Registration Statement, but prior to the Closing, Henry Schein shall
cause Spinco to, and shall cause its counsel to: (i) apprise the staff of the SEC of Spinco’s intention to file a registration statement covering the sale of the Shares (the “Share Registration Statement”); (ii) request
that the SEC consider a request for acceleration of effectiveness of the Share Registration Statement prior to February 12, 2019; and (iii) promptly apprise the Purchasers of any responses received by Spinco from the SEC regarding the
matters indicated in clauses (i) and (ii) of this paragraph (a). 
 (b)    Henry Schein shall use its reasonable
best efforts to cause Spinco to deliver in writing to each Purchaser an initial selling stockholder questionnaire containing the information required from such Purchaser to be included in the Share Registration Statement no later than twenty-two (22) Business Days prior to the Closing. Notwithstanding anything in this Section 5.5(b) to the contrary, the Purchasers shall be required to promptly respond to any requests for information
from Spinco regarding the Share Registration Statement in accordance with Section 5.5(e). 
 (c)    No later than
nine (9) Business Days prior to Closing (the “Share Registration Statement Delivery Date”), Henry Schein shall cause Spinco to deliver to the Purchasers a draft of the Share Registration Statement (which, for the avoidance of
doubt, may exclude any information to be included therein to be provided by the Purchasers that has not been provided as of such date). During the period between the Share Registration Statement Delivery Date and the fifth (5th) Business Day prior to the Closing, the Purchasers shall be given an opportunity to provide comments (if any, and solely with respect to disclosure in the Share Registration Statement as it relates
to the Purchasers) to Spinco on the draft Share Registration Statement, which comments shall be reasonably considered by Spinco. 

(d)    Henry Schein shall cause Spinco to use reasonable best efforts to (i) procure (x) final drafts of any
accountant or other consents required to be included in the Share Registration Statement no later than two (2) Business Days prior to Closing, (y) notice (including by way of email) from any accountant that will be filing an Exhibit 23
consent, that it expects to execute and deliver its consent immediately prior to the Share Registration filing, and (z) executed accountant or other consents required to be included in the Share Registration Statement immediately prior to the
Share Registration Statement filing, and (ii) remit to the SEC the required filing fee with respect to the Registration Statement at Closing. 

(e)    Each Purchaser hereby acknowledges and agrees (i) that the information provided by each Purchaser to Spinco
for purposes of the Share Registration Statement will be used by Spinco in the preparation of the Share Registration Statement and (ii) to the inclusion of such information in the Share Registration Statement. The Purchasers shall promptly
respond to any requests (x) for information regarding the Share Registration Statement (including the initial selling stockholder questionnaire and any follow-up or supplemental information requests) and
shall provide to Spinco any information to be included 

  
 21 

 
in the Share Registration Statement promptly after a reasonable request from Spinco (and in the event of a timely request with respect to the initial selling stockholder questionnaire, at least
two (2) Business Days prior to the Share Registration Statement Delivery Date) and (y) to review and comment on any draft of the Share Registration Statement. 

Section 5.6    Public Announcements. Except as may be required by applicable Law, Order or by obligations
pursuant to any listing agreement with any national securities exchange, in which case the Party proposing to issue such press release or make such public announcement shall use its reasonable best efforts to consult in good faith with, and accept
reasonable comment from, the other Parties within a reasonable time before issuing any such press release or making any such public announcement, (a) Henry Schein and Purchasers shall consult with each other prior to making any press release or
public announcement relating to the Transaction and shall not issue any such press release or make any such public announcement prior to such consultation and without the consent of the other Parties, which consent shall not be unreasonably
withheld, delayed or conditioned, and (b) no Party shall use the names or trademarks of any Purchaser without such Purchaser’s express written consent. Nothing herein shall be deemed to prohibit (x) disclosure by any Purchaser of
general information regarding this Agreement and/or the Transaction for fund reporting, marketing, fund raising or similar purposes to the extent the recipients of such information are bound by customary confidentiality obligations unless the
Transaction has already been publicly announced, in which case no such confidentiality obligations shall apply in respect of such publicly announced information or (y) any Purchaser or a Purchaser Representative that is an investment fund, or
any investment advisor, manager or general partner of any such fund, from reporting or disclosing to its partners, investors, potential investors or similar parties, or from fulfilling its obligations to report or disclose information about its
investments in the Shares to the extent that such partners, investors, potential investors or similar parties are bound by customary confidentiality obligations unless the Transaction has already been publicly announced, in which case no such
confidentiality obligations shall apply in respect of such publicly announced information. 
 Article VI 

CONDITIONS OF THE TRANSACTION 

Section 6.1    Conditions to the Obligations of Each Party. The respective obligations of each Party to
consummate the Transaction are subject to the satisfaction as of the Closing of the following conditions, any or all of which may be waived, in whole or in part, by each Party to the extent permitted by applicable Law: 

(a)    the satisfaction (or waiver by Henry Schein) on or prior to the Distribution Date of each of the conditions set
forth in Section 3.1 of the Distribution Agreement; 
 (b)    the satisfaction (or waiver by
(i) Henry Schein, in the case of the conditions set forth in Section 7.2 of the Merger Agreement, (ii) Voyager, in the case of the conditions set forth in Section 7.3 of the Merger
Agreement, or (iii) each party to the Merger Agreement, in the case of the conditions set forth in Section 7.1 of the Merger Agreement) on or prior to the Distribution Date (other than those conditions that, by their
nature, are to be satisfied contemporaneously with the Closing, but subject to the satisfaction (or waiver by (x) Henry Schein, in the case of the conditions set forth in Section 7.2 of the Merger Agreement,
(y) Voyager, in the case of the conditions set forth in Section 7.3 of the Merger Agreement, or (z) each party to the Merger Agreement, in the case of the conditions set forth in
Section 7.1 of the Merger Agreement) of such conditions at the Closing) of each of the conditions set forth in Sections 7.1, 7.2 and 7.3 of the Merger Agreement; and 

  
 22 

 (c)    no Order issued by any Governmental Authority of competent
jurisdiction or other legal impediment preventing or making illegal the consummation of the Transaction shall be in effect. 

Section 6.2    Additional Conditions to the Obligations of Henry Schein and Spinco. The obligations of
Henry Schein and Spinco to consummate the Transaction are subject to the satisfaction as of the Closing of the following conditions, any or all of which may be waived, in whole or in part, by Henry Schein or Spinco to the extent permitted by
applicable Law: 
 (a)    (i) the representations and warranties of each Purchaser contained in this Agreement (other
than Section 4.2 (Authorization and Validity of Agreement), Section 4.6 (Investment Purpose) and Section 4.7 (Brokers or Finders)) (disregarding all materiality or Purchaser Material Adverse Effect qualifications or exceptions) shall
be true and correct in all respects, in each case as of the Closing as if made as of the Closing (except to the extent such representations and warranties address matters as of a particular date, which shall be true and correct as of the specified
date), except where the failure to be true and correct has not had or would not, individually or in the aggregate, reasonably be expected to have a Purchaser Material Adverse Effect; (ii) the representations and warranties set forth in
Section 4.2 (Authorization and Validity of Agreement), Section 4.6 (Investment Purpose) and Section 4.7 (Brokers or Finders) hereof shall be true and correct in all respects as of the date of this Agreement and as of the Closing as if
made as of the Closing (except to the extent such representations and warranties address matters as of a particular date, which shall be true and correct as of the specified date); and (iii) each Purchaser shall have, in all material respects,
performed and complied with its covenants and agreements contained in this Agreement required to be performed or complied with at or prior to the Closing; 

(b)    each Purchaser shall have delivered to Henry Schein a certificate, dated as of the Closing Date, of an executive
officer of such Purchaser (on such Purchaser’s behalf and without any personal liability) certifying the satisfaction by such Purchaser of the conditions set forth in Section 6.2(a) hereof; 

(c)    each Purchaser shall have delivered to Henry Schein a Tax Certification; 

(d)    Henry Schein Stockholders shall own 51.01% or more of Spinco Common Stock (after giving effect to the Merger, and
as measured for purposes of Section 355(e) of the Code) on or after the Effective Time; 
 (e)    the sale of the
Shares shall not otherwise cause a Tax-Free Transaction Failure; and 

(f)    Henry Schein shall have received an opinion from Delaware counsel in form and substance reasonably satisfactory to
it as to the enforceability of the Excess Share Provision under the Laws of the State of Delaware. 

Section 6.3    Additional Conditions to the Obligations of Purchasers. The obligations of each Purchaser to
consummate the Transaction are subject to the satisfaction as of the Closing of the following conditions, any or all of which may be waived, in whole or in part, by such Purchaser to the extent permitted by applicable Law: 

(a)    (i) the representations and warranties of Henry Schein or Spinco in this Agreement (other than Section 3.1(c),
Section 3.2 (Authorization and Validity of Agreement), Section 3.4 (Capitalization), Section 3.5 (Status of New Spinco Common Stock), Section 3.10 (Brokers or Finders), Section 3.11 (Representations in Article IV of the
Merger Agreement) and Section 3.12 (Representations in Article V of the Merger Agreement)) (disregarding all materiality or Henry Schein Material Adverse 

  
 23 

 
Effect qualifications or exceptions) shall be true and correct in all respects, in each case as of the Closing as if made as of the Closing (except to the extent such representations and
warranties address matters as of a particular date, which shall be true and correct as of the specified date), except where the failure to be true and correct has not had or would not, individually or in the aggregate, reasonably be expected to have
a Henry Schein Material Adverse Effect; (ii) the representations and warranties set forth in Section 3.1(c), Section 3.2 (Authorization and Validity of Agreement), Section 3.4 (Capitalization), Section 3.5 (Status of New
Spinco Common Stock), and Section 3.10 (Brokers or Finders) hereof shall be true and correct in all respects as of the date of this Agreement and as of the Closing as if made as of the Closing (except to the extent such representations and
warranties address matters as of a particular date, which shall be true and correct as of the specified date); and (iii) Henry Schein and Spinco shall have, in all material respects, performed and complied with their respective covenants and
agreements contained in this Agreement required to be performed or complied with at or prior to the Closing; 

(b)    Henry Schein shall have delivered to such Purchaser a certificate, dated as of the Closing Date, of an executive
officer of Henry Schein (on Henry Schein’s behalf and without any personal liability) certifying the satisfaction by Henry Schein and Spinco of the conditions applicable to it set forth in Section 6.3(a) hereof; 

(c)    the satisfaction of the conditions set forth in Section 7.2(a) and
Section 7.3(a) of the Merger Agreement; 
 (d)    delivery of the Share Registration Statement
in substantially final form (subject to any information to be included therein to be provided by the Purchasers that has been timely requested pursuant to Section 5.5(b) but not provided by Purchasers prior to the Closing in accordance with
this Agreement); 
 (e)    proof that the payment of the filing fee for the Share Registration Statement has been sent
to the SEC (which proof may be, at the election of Henry Schein and Spinco, the applicable wire transfer notice); and 

(f)    the portion of the Shares to be acquired by such Purchaser pursuant to Section 2.1 has been approved for
listing on the Exchange, subject to official notice of issuance. 
 Section 6.4    Frustration of Closing
Conditions. None of the Parties may rely, either as a basis for not consummating the Transaction or terminating this Agreement and abandoning the Transaction, on the failure of any condition set forth in Section 6.1, Section 6.2 or
Section 6.3, as the case may be, to be satisfied if such failure was caused by such Party’s material breach of any provision of this Agreement. 

Article VII 

TERMINATION, AMENDMENT AND WAIVER 

Section 7.1    Termination or Abandonment. Notwithstanding anything contained in this Agreement to the
contrary, this Agreement may be terminated and abandoned at any time prior to the Closing: 
 (a)    by the mutual
written consent of Henry Schein, on the one hand, and each Purchaser, on the other hand; 
 (b)    by any of Henry
Schein, any Sequoia Purchaser or any MSIM Purchaser if the Merger Agreement is terminated in accordance with its terms; 

  
 24 

 (c)    by any of Henry Schein, Spinco, any Sequoia Purchaser or any MSIM
Purchaser if the Closing shall not have occurred on or before March 31, 2019 (the “Termination Date”), unless the failure of the Closing to have occurred by the Termination Date shall be due to the failure of the Party seeking
to terminate this Agreement pursuant to this Section 7.1(c) to perform or otherwise comply with in all material respects the covenants and agreements of such Party set forth herein; 

(d)    by any Purchaser with respect to such Purchaser (so long as, at the time of termination, such Purchaser is not in
breach of any covenant, representation or warranty or other agreement contained herein, which breach would cause the Closing conditions of Henry Schein and Spinco not to be satisfied if the Closing were to occur at the time of termination), if there
has been a breach by Henry Schein or Spinco of any of its representations, warranties, covenants or agreements contained in this Agreement such that Section 6.3(a) hereof would be incapable of being satisfied, and such breach or condition
has not been cured within thirty (30) Business Days following receipt by Henry Schein or Spinco, as applicable, of notice of such breach; 

(e)    by each Sequoia Purchaser and each MSIM Purchaser (so long as, at the time of termination, no Purchaser is in
breach of any covenant, representation or warranty or other agreement contained herein, which breach would cause the Closing conditions of Henry Schein and Spinco not to be satisfied if the Closing were to occur at the time of termination), if there
has been a breach by Henry Schein or Spinco of any of its representations, warranties, covenants or agreements contained in this Agreement such that Section 6.3(a) hereof would be incapable of being satisfied, and such breach or condition
has not been cured within thirty (30) Business Days following receipt by Henry Schein or Spinco, as applicable, of notice of such breach; 

(f)    by Henry Schein (so long as, at the time of termination, Henry Schein or Spinco, as applicable, is not in breach of
any covenant, representation or warranty or other agreement contained herein which breach would cause the Closing conditions of the Purchasers not to be satisfied if the Closing were to occur at the time of termination), if there has been a breach
by any Purchaser of any of its representations, warranties, covenants or agreements contained in this Agreement such that Section 6.2(a) hereof would be incapable of being satisfied, and such breach or condition has not been cured within thirty
(30) Business Days following receipt by such Purchaser of notice of such breach; 
 (g)    by any of Henry Schein
or any Purchaser if any Law or Order by any Governmental Authority preventing or prohibiting consummation of the Transaction shall have become final and non-appealable. 

The Party desiring to terminate this Agreement pursuant to this Section 7.1 will give written notice of such termination to the other
Parties, specifying the provision pursuant to which such termination is effected. 
 Section 7.2    Effect of
Termination. If this Agreement is terminated by Henry Schein or a Purchaser pursuant to Section 7.1 hereof, then this Agreement shall become void and have no effect with no Liability on the part of the Parties, except to the extent that
such termination results from the fraud or willful misconduct by a Party of any of its covenants or agreements set forth in this Agreement; provided, however, that the provisions of the Confidentiality Agreements, this
Section 7.2, Section 7.3 and Article X shall remain in full force and effect and shall survive any termination of this Agreement. If a Purchaser terminates this Agreement only with respect to such Purchaser pursuant to Section 7.1(d)
hereof, then this Agreement shall become void and have no effect with no Liability on the part of such Purchaser and, solely with respect to such Purchaser, the other Parties hereto, except to the extent that such termination results from the fraud
or willful misconduct by a Party of any of its covenants or agreements set forth in this Agreement; provided, however, that the provisions of the Confidentiality Agreements, this Section 7.2, Section 7.3, Article IX and
Article X shall remain in full force and effect and shall survive any termination of this Agreement. 

  
 25 

 Section 7.3    Fees and Expenses. All fees and expenses incurred
in connection with the Transaction shall be paid by the Party incurring such fees or expenses. 
 Article VIII 

SURVIVAL OF REPRESENTATIONS, WARRANTIES AND COVENANTS 

Section 8.1    Non-Survival of Representations and Warranties; Survival of
Certain Covenants. None of the representations, warranties, covenants or agreements in this Agreement or in the certificates delivered pursuant to Section 6.2(b), Section 6.2(c) and Section 6.3(b) of this Agreement will survive
the Closing or termination of this Agreement; provided, however, that in the event of fraud or intentional or willful breach by a Purchaser of a representation or warranty contained in the Tax Certifications, such representation or
warranty shall survive the Closing or the termination of this Agreement (as applicable); provided, further, that the covenants and agreements contained in Section 2.3, Article V, Article VII, and this Article VIII (and any related
definitions) that by their terms apply or are to be performed in whole or in part after the Closing shall survive the Closing with respect to the portion of such covenant to be performed after the Closing. 

Article IX 

INDEMNIFICATION 

Section 9.1    Indemnification by Henry Schein . From and after the Closing, subject to the other terms
and conditions of this Article IX, Henry Schein shall indemnify each Purchaser and their respective Affiliates and Representatives (collectively, the “Purchaser Indemnitees”) against, and shall hold each of them harmless from and
against, and shall pay and reimburse each of them for, any and all Losses incurred or sustained by, or imposed upon, the Purchaser Indemnitees based upon, arising out of, with respect to or by reason of any third party claim against Henry Schein or
Spinco in connection with the Separation, Distribution, Merger, Transaction or any action taken in connection with all or any of the foregoing. 

Section 9.2    Indemnification Procedures. The party making a claim under this Article IX is referred to as
the “Indemnified Party,” and the party against whom such claims are asserted under this Article IX is referred to as the “Indemnifying Party.” 

Section 9.3    Third Party Claims. If any Indemnified Party receives notice of the assertion or commencement
of any Action made or brought by any Person who is not a Party to this Agreement or an Affiliate of a Party to this Agreement or a Representative of the foregoing (a “Third Party Claim”) against such Indemnified Party with respect
to which the Indemnifying Party is obligated to provide indemnification under this Agreement pursuant to Section 9.1, the Indemnified Party shall give the Indemnifying Party prompt written notice thereof. The failure to give such prompt written
notice shall not, however, relieve the Indemnifying Party of its indemnification obligations pursuant to Section 9.1, except and only to the extent that the Indemnifying Party forfeits rights or defenses or is otherwise prejudiced by reason of
such failure. Such notice by the Indemnified Party shall describe the Third Party Claim in reasonable detail, shall include copies of all material written evidence thereof and shall indicate the estimated amount of the Loss that has been or may be
sustained by the Indemnified Party and shall provide with reasonable specificity the basis on which the Indemnified Party believes it is entitled to indemnification under Section 9.1. The Indemnifying Party shall have the right to participate,
or by giving written notice to the Indemnified Party within thirty (30) days after the Indemnifying Party’s receipt of the notice from 

  
 26 

 
the Indemnified Party of such Third-Party Claim, to assume the defense of any Third-Party Claim at the Indemnifying Party’s expense and by the Indemnifying Party’s own counsel, and the
Indemnified Party shall cooperate in good faith in such defense. In the event that the Indemnifying Party assumes the defense of any Third Party Claim, it shall have the right to take such action as it deems necessary to avoid, dispute, defend,
appeal, or make counterclaims pertaining to any such Third Party Claim in the name and on behalf of the Indemnified Party. The Indemnified Party shall have the right to participate in the defense of any Third Party Claim with counsel selected by it
subject to the Indemnifying Party’s right to control the defense thereof. The fees and disbursements of such counsel shall be at the expense of the Indemnified Party, provided, that if in the reasonable opinion of counsel to the
Indemnified Party, (A) there are legal defenses available to an Indemnified Party that are different from or additional to those available to the Indemnifying Party; or (B) there exists a conflict of interest between the Indemnifying Party
and the Indemnified Party that cannot be waived, the Indemnifying Party shall be liable for the reasonable and documented fees and expenses of counsel to the Indemnified Party (but not more than one (1) separate firm of attorneys reasonably
satisfactory to the Indemnifying Party). If the Indemnifying Party elects not to compromise or defend such Third Party Claim or fails to promptly notify the Indemnified Party in writing of its election to defend as provided in this Agreement, the
Indemnified Party may, subject to Section 9.4 below, pay, compromise, defend such Third Party Claim and seek indemnification subject to the terms and conditions and limitations of this Article IX for any and all Losses for which it is entitled
to indemnification based upon, arising from or relating to such Third Party Claim. Henry Schein, Spinco (on the request of Henry Schein and at Henry Schein’s expense), and each Purchaser shall cooperate with each other in all reasonable
respects in connection with the defense of any Third Party Claim, including making available records relating to such Third Party Claim and furnishing, without expense (other than reimbursement of actual and documented
out-of-pocket expenses) to the defending party, management employees of the non-defending party as may be reasonably necessary
for the preparation of the defense of such Third Party Claim. 
 Section 9.4    Settlement of Third Party
Claims. Notwithstanding any other provision of this Agreement, the Indemnifying Party shall not enter into a settlement of any Third Party Claim without the prior written consent of the applicable Indemnified Party, unless a firm offer is made
to settle a Third Party Claim and such settlement (i) provides for the unconditional release of such Indemnified Party from all liabilities and obligations in connection with such Third Party Claim and (ii) does not require such
Indemnified Party to make any payment that is not fully indemnified by the Indemnifying Party under this Agreement or to be subject to any non-monetary remedy. If the Indemnified Party has assumed the defense
pursuant to Section 9.3 above, it shall not agree to any settlement without the prior written consent of the Indemnifying Party (which consent shall not be unreasonably withheld or delayed). 

Section 9.5    Treatment of Other Losses. If any Indemnified Party suffers a Loss which the Indemnifying Party
is obligated to provide indemnification for pursuant to Section 9.1 of this Agreement that is unrelated to a Third Party Claim directly against such Indemnified Party, the Indemnified Party shall give the Indemnifying Party prompt written
notice thereof. The failure to give such prompt written notice shall not, however, relieve the Indemnifying Party of its indemnification obligations pursuant to Section 9.1, except and only to the extent that the Indemnifying Party forfeits
rights or defenses or is otherwise prejudiced by reason of such failure. Such notice by the Indemnified Party shall describe the Loss in reasonable detail, shall include a description of all material written evidence thereof and shall indicate the
initial estimated amount thereof. 
 Section 9.6    Payments. If a Loss is agreed to by the Indemnifying
Party or finally adjudicated to be payable to a Purchaser Indemnitee pursuant to this Article IX, the Indemnifying Party shall satisfy its payment obligations with respect to any such Loss within fifteen (15) Business Days of such final, non-appealable adjudication by wire transfer of immediately available funds to an account of the applicable Purchaser Indemnitee designated in writing by such Purchaser Indemnitee within five (5) Business Days
following the date of such final, non-appealable adjudication. 

  
 27 

 Section 9.7    Tax Treatment of Indemnification Payments. All
indemnification payments made under this Agreement shall be treated by the parties as an adjustment to the Purchase Price for Tax purposes, unless otherwise required by Law. 

Section 9.8    No Indemnity for Tax Matters. For the avoidance of doubt, this Article IX shall not apply with
respect to any Losses based upon, arising out of, or otherwise directly or indirectly relating to, (i) Taxes, (ii) any claim brought by any Taxing Authority, or (iii) a failure of any of the transactions contemplated by the Transaction
Agreements (including the Distribution) to qualify for Tax-Free Status, and in no event shall the Purchaser Indemnitees be entitled to an indemnity therefor. For the avoidance of doubt, this Section 9.8
shall not be interpreted so as to eliminate the right of the Purchasers under Section 5.1 to be reimbursed for certain expenses related to Tax Contests (to the extent set forth in Section 5.1), and any such claim for reimbursement shall be
brought under (and governed by) Section 5.1 and not this Article IX. 
 Article X 

GENERAL PROVISIONS 

Section 10.1    Notices. All notices, requests, claims, demands and other communications to be given or
delivered under or by the provisions of this Agreement shall be in writing and shall be deemed given only (i) when delivered personally to the recipient, (ii) one (1) Business Day after being sent to the recipient by reputable overnight
courier service (charges prepaid); provided, that confirmation of delivery is received, (iii) upon machine-generated acknowledgment of receipt after transmittal by facsimile, (iv) upon written confirmation of receipt after
transmittal by electronic mail, or (v) five (5) days after being mailed to the recipient by certified or registered mail (return receipt requested and postage prepaid). Such notices, demands and other communications shall be sent to the Parties
at the following addresses (or at such address for a Party as will be specified by like notice): 
  

	 	(a)	 if to Henry Schein, to: 

Henry Schein, Inc. 
 135 Duryea
Road - Mail Stop E-365 
 Melville, New York 11747 

Attention: General Counsel 

Facsimile No.: (631) 843-5660 

Email: walter.siegel@henryschein.com 

with a copy to: 
 Cleary
Gottlieb Steen & Hamilton LLP 
 One Liberty Plaza 

New York, New York 10006 

	 	Attention:	 Paul J. Shim 

	 	 	 Kimberly R. Spoerri 

	 	Facsimile No.:	 (212) 225-3999 

	 	Email:	 pshim@cgsh.com 

	 	 	 kspoerri@cgsh.com 

  
 28 

 with a copy to: 

Proskauer Rose LLP 
 Eleven
Times Square 
 New York, New York 10036 

	 	Attention:	 Steven L. Kirshenbaum 

	 	 	 Michael E. Ellis 

	 	Facsimile No.:	 (212) 969-2900 

	 	Email:	 skirshenbaum@proskauer.com 

	 	 	 mellis@proskauer.com 

 

	 	(b)	 if to Spinco, prior to the Effective Time, to: 

135 Duryea Road - Mail Stop E-365 

Melville, New York 11747 

Attention: General Counsel 

Facsimile No.: (631) 843-5660 

Email: walter.siegel@henryschein.com 

with a copy to: 
 Henry Schein,
Inc. 
 135 Duryea Road - Mail Stop E-365 

Melville, New York 11747 

Attention: General Counsel 

Facsimile No.: (631) 843-5660 

Email: walter.siegel@henryschein.com 

with a copy to: 
 Cleary
Gottlieb Steen & Hamilton LLP 
 One Liberty Plaza 

New York, New York 10006 

	 	Attention:	 Paul J. Shim 

	 	 	 Kimberly R. Spoerri 

	 	Facsimile No.:	 (212) 225-3999 

	 	Email:	 pshim@cgsh.com 

	 	 	 kspoerri@cgsh.com 

with a copy to: 
 Proskauer Rose
LLP 
 Eleven Times Square 

New York, New York 10036 

	 	Attention:	 Steven L. Kirshenbaum 

	 	 	 Michael E. Ellis 

Facsimile No.: (212) 969-2900 

	 	Email:	 skirshenbaum@proskauer.com 

	 	 	 mellis@proskauer.com 

 

	 	(c)	 if to Spinco, following the Effective Time, to: 

HS Spinco, Inc. 
 7 Custom House
Street, Suite 2 
 Portland, ME 04101 

	 	Attention:	 General Counsel 

	 	Email:	 voyagerlegal@vetsfirstchoice.com 

  
 29 

 with a copy to: 

Morgan, Lewis & Bockius LLP 

One Federal Street 
 Boston, MA
02110-1726 
 Attention: Mark Stein 

Facsimile No.: 617-341-7701 

Email: mark.stein@morganlewis.com 
  

	 	(d)	 if to a MSIM Purchaser, to: 

Morgan Stanley Investment Management Inc. 

522 Fifth Avenue 
 New York, New
York 10036 
 Attention: Jason Yeung 

Telephone: 212-296-0554 

Email: Jason.yeung@morganstanley.com 

Facsimile: 212-507-3590 

with a copy to: 
 Morgan Stanley
Investment Management Inc. 
 522 Fifth Avenue 

New York, New York 10036 

Attention: Stefanie Chang Yu, General Counsel 

Telephone: 212-296-6970 

Email: Stefanie.ChangYu@morganstanley.com 

Facsimile: 212-507-5808 

 

	 	(e)	 if to a Sequoia Purchaser, to: 

Sequoia Heritage 
 2800 Sand
Hill Road 
 Suite 101 
 Menlo
Park, CA 94025 
 Attention: Kelly Cheng 

Telephone: 650-397-9070 

Email: portfolio@sequoiaheritage.com 

Facsimile: 650-397-9468     

with a copy to: 
 Duane Morris
LLP 
 111 South Calvert Street, Suite 2000 

Baltimore, MD 21202-6114 

Attention: Keli Whitlock 

Facsimile No.: 410-949-2952 

Email: KWhitlock@duanemorris.com 

  
 30 

 Any Party to this Agreement may notify any other Party of any changes to the address or any of
the other details specified in this paragraph; provided, that such notification shall only be effective on the date specified in such notice or five (5) Business Days after the notice is given, whichever is later. Rejection or other
refusal to accept or the inability to deliver because of changed address of which no notice was given shall be deemed to be receipt of the notice as of the date of such rejection, refusal or inability to deliver. 

Section 10.2    Counterparts; Delivery by Electronic Transmission. This Agreement may be executed in one or
more counterparts each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or
portable document format (PDF) shall be as effective as delivery of a manually executed counterpart of any such Agreement. 

Section 10.3    No Third Party Beneficiaries. Nothing in this Agreement, express or implied, is intended to or
shall confer upon any Person (other than Henry Schein, Spinco, the Purchasers and their respective successors and permitted assigns) any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement and no
Person shall be deemed a third party beneficiary under or by reason of this Agreement. 
 Section 10.4    Entire
Agreement. This Agreement, the Henry Schein Disclosure Schedules, the Sequoia Disclosure Schedules and the MSIM Disclosure Schedules hereto, the Confidentiality Agreements and the other documents referred to herein and therein shall constitute
the entire agreement between the Parties with respect to the subject matter hereof and shall supersede all previous negotiations, commitments and writings with respect to such subject matter. 

Section 10.5    Assignment. Neither this Agreement nor any of the rights, benefits or obligations hereunder
may be assigned by any of the Parties (whether by operation of law or otherwise) without the prior written consent of the other Parties, and any purported assignment without such consent shall be null and void; provided, however, that upon
prior written notice to Henry Schein any MSIM Purchaser may assign its rights and obligations hereunder to another mutual fund, pension fund, pooled investment vehicle, separate account or other investor advised by MSIM; provided,
further, that no such assignment shall relieve any party of its obligations under this Agreement. 

Section 10.6    Governing Law; WAIVER OF JURY TRIAL. 

(a)    This Agreement and all issues and questions concerning the construction, validity, enforcement and interpretation
of this Agreement (and all Schedules hereto) shall be governed by, and construed in accordance with, the Laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of
Delaware or any other jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of Delaware. In furtherance of the foregoing, the internal Laws of the State of Delaware shall control the interpretation and
construction of this Agreement (and all Schedules hereto), even though under that jurisdiction’s choice of law or conflict of law analysis, the substantive Law of some other jurisdiction would ordinarily apply. 

(b)    AS A SPECIFICALLY BARGAINED INDUCEMENT FOR EACH OF THE PARTIES TO ENTER INTO THIS AGREEMENT (WITH EACH PARTY HAVING
HAD OPPORTUNITY TO CONSULT COUNSEL), EACH OF THE PARTIES EXPRESSLY AND IRREVOCABLY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING UNDER THIS AGREEMENT OR ANY ACTION OR PROCEEDING ARISING OUT OF THE TRANSACTION CONTEMPLATED HEREBY,
REGARDLESS OF WHICH PARTY INITIATES SUCH ACTION OR PROCEEDING, AND ANY ACTION OR PROCEEDING UNDER THIS 

  
 31 

 
AGREEMENT OR ANY ACTION OR PROCEEDING ARISING OUT OF THE TRANSACTION CONTEMPLATED HEREBY SHALL BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY. 

Section 10.7    Jurisdiction; Service of Process. ANY ACTION WITH RESPECT TO THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS ARISING HEREUNDER, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT OF THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS ARISING HEREUNDER BROUGHT BY THE OTHER PARTY OR PARTIES OR THEIR SUCCESSORS OR ASSIGNS, IN EACH CASE, SHALL
BE BROUGHT AND DETERMINED EXCLUSIVELY IN THE DELAWARE COURT OF CHANCERY AND ANY STATE APPELLATE COURT THEREFROM WITHIN THE STATE OF DELAWARE (OR, IF THE DELAWARE COURT OF CHANCERY DECLINES TO ACCEPT JURISDICTION OVER A PARTICULAR MATTER, ANY STATE
OR FEDERAL COURT WITHIN THE STATE OF DELAWARE). EACH OF THE PARTIES HEREBY IRREVOCABLY AGREES AND CONSENTS TO PERSONAL JURISDICTION, SERVICE OF PROCESS AND VENUE IN THE AFORESAID COURTS AND WAIVES, AND AGREES NOT TO ASSERT, BY WAY OF MOTION, AS A
DEFENSE, COUNTERCLAIM OR OTHERWISE, IN ANY ACTION WITH RESPECT TO THIS AGREEMENT (I) ANY CLAIM THAT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF THE ABOVE NAMED COURTS FOR ANY REASON OTHER THAN THE FAILURE TO SERVE IN ACCORDANCE WITH THIS
SECTION 10.7, (II) ANY CLAIM THAT IT OR ITS PROPERTY IS EXEMPT OR IMMUNE FROM JURISDICTION OF ANY SUCH COURT OR FROM ANY LEGAL PROCESS COMMENCED IN SUCH COURTS (WHETHER THROUGH SERVICE OF NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF
EXECUTION OF JUDGMENT, EXECUTION OF JUDGMENT OR OTHERWISE) AND (III) TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY CLAIM THAT (A) THE ACTION IN SUCH COURT IS BROUGHT IN AN INCONVENIENT FORUM, (B) THE VENUE OF SUCH ACTION IS
IMPROPER OR (C) THIS AGREEMENT, OR THE SUBJECT MATTER HEREOF, MAY NOT BE ENFORCED IN OR BY SUCH COURTS. THE PARTIES HEREBY AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH ANY SUCH ACTION OR PROCEEDING IN THE MANNER PROVIDED IN
SECTION 10.1 OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW, SHALL BE VALID AND SUFFICIENT SERVICE THEREOF AND HEREBY WAIVE ANY OBJECTIONS TO SERVICE ACCOMPLISHED IN THE MANNER HEREIN PROVIDED. 

Section 10.8    Severability. If any provision of this Agreement or the application of any such provision to
any Person or circumstance shall be declared judicially to be invalid, unenforceable or void, such decision shall not have the effect of invalidating or voiding the remainder of this Agreement, it being the intent and agreement of the Parties that
this Agreement shall be deemed amended by modifying such provision to the extent necessary to render it valid, legal and enforceable to the maximum extent permitted while preserving its intent or, if such modification is not possible, by
substituting therefor another provision that is valid, legal and enforceable and that achieves the original intent of the Parties. 

Section 10.9    Headings. The headings and captions of the Articles and Sections used in this Agreement and
the table of contents to this Agreement are for reference and convenience purposes of the Parties only, and will be given no substantive or interpretive effect whatsoever. 

Section 10.10    Amendment. This Agreement may not be amended except by an instrument in writing signed on
behalf of each of the Parties. 
 Section 10.11    Extension; Waiver. At any time prior to the Closing, the
Parties may (a) extend the time for the performance of any of the obligations or other acts of the other Parties, (b) waive any inaccuracies in the representations and warranties contained in this Agreement or in any document delivered

  
 32 

 
pursuant to this Agreement or (c) subject to the proviso of the first sentence of Section 10.1, waive compliance with any of the agreements or conditions contained in this Agreement.
Any agreement on the part of a Party to any such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of such Party. No failure or delay by any party in exercising any right, power or privilege hereunder
shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. Except as otherwise provided herein, the rights and remedies
herein provided shall be cumulative and not exclusive of any rights or remedies provided by applicable Law. 

Section 10.12    Interpretation. 

(a)    When a reference is made in this Agreement to an Article, Section, Schedule or Exhibit, such reference shall be to
an Article, Section, Schedule or Exhibit of this Agreement unless otherwise indicated. The table of contents to this Agreement, and the Article and Section headings contained in this Agreement, are for reference purposes only and shall not affect in
any way the meaning or interpretation of this Agreement. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without
limitation.” The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The
definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms and any reference to the masculine, feminine or neuter
gender shall be deemed to include any gender or all three as appropriate. Unless otherwise specified, any agreement, instrument or statute defined or referred to herein or in any agreement or instrument that is referred to herein means such
agreement, instrument or statute as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes, and
including all attachments thereto and instruments incorporated therein. References to a person are also to its permitted successors and assigns. Unless expressly stated to the contrary in this Agreement, all references to “the date
hereof,” “the date of this Agreement,” “hereby” and “hereupon” and words of similar import shall all be references to December 25, 2018 regardless of any amendment or restatement hereof. The use of the phrase
“ordinary course of business” or other derivations thereof shall mean “ordinary course of business consistent with past practice.” Unless the context otherwise requires, “or,” “neither,” “nor,”
“any,” “either,” and “or” shall not be exclusive. Wherever and whenever in this Agreement there is a consent right of a Party or a reference to the “satisfaction” or “sole discretion” of a Party,
such Party shall be entitled to consider solely its own interests (and not the interests of any other Person) or, at its sole election, any such other interests and factors as such Party desires. The Parties have participated jointly in the
negotiation and drafting of this Agreement, and in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties, and no presumption or burden of proof shall arise
favoring or disfavoring any Party by virtue of the authorship of any provisions of this Agreement. 
 (b)    Neither the
specification of any dollar amount in any representation or warranty contained in this Agreement nor the inclusion of any specific fact or item in the Henry Schein Disclosure Schedules, the Sequoia Disclosure Schedules or the MSIM Disclosure
Schedules is intended or will be deemed to imply that such amount, or higher or lower amounts, or the fact or item so included or other facts or items, are or are not material. Unless this Agreement specifically provides otherwise, neither the
specification of any fact, item or matter in any representation or warranty contained in this Agreement nor the inclusion of any specific fact, item or matter in the Henry Schein Disclosure Schedules, the Sequoia Disclosure Schedules or the MSIM
Disclosure Schedules is intended or will be deemed to imply that such fact, item or matter, or other facts, items or matters, are or are not in the ordinary course of business. The inclusion of any fact or item in the Henry Schein Disclosure
Schedules, the Sequoia Disclosure Schedules or the MSIM Disclosure Schedules shall not constitute, or be deemed to be, an admission by any Party to 

  
 33 

 
any third party of any fact, item or matter whatsoever (including any violation, noncompliance with, or Liability or obligation under, applicable Law, other requirement or breach of Contract).
Certain facts, items and matters disclosed in the Henry Schein Disclosure Schedules, the Sequoia Disclosure Schedules and the MSIM Disclosure Schedules have been disclosed for informational purposes only. No general disclosure in any particular
Section in the Henry Schein Disclosure Schedules, the Sequoia Disclosure Schedules or the MSIM Disclosure Schedules shall be limited by any more specific disclosure in either that particular Section or any other Section of the Henry Schein
Disclosure Schedules, the Sequoia Disclosure Schedules or the MSIM Disclosure Schedules, respectively, unless a contrary intention is expressly stated. 

Section 10.13    Specific Performance. In the event of any actual or threatened default in, or breach of, any
of the terms, conditions and provisions of this Agreement, the Party who is, or is to be, thereby aggrieved will have the right to specific performance and injunctive or other equitable relief in respect of its rights under this Agreement, in
addition to any and all other rights and remedies at law or in equity. The Parties agree that the remedies at law for any breach or threatened breach, including monetary damages, are inadequate compensation for any loss and that any defense in any
action for specific performance that a remedy at law would be adequate is waived. Any requirements for the securing or posting of any bond with such remedy are waived by each of the Parties. 

Section 10.14    Damages Waiver. No Party shall be liable to another Party or any of its Affiliates for any
exemplary damages or punitive damages, or any other damages to the extent not reasonably foreseeable, arising out of or in connection with this Agreement. 

Section 10.15    Reference to Time. All references in this Agreement to times of the day shall be to New York
City time. 
 Section 10.16    No Representations or Warranties. 

(a)    EXCEPT TO THE EXTENT OTHERWISE PROVIDED FOR HEREIN, HENRY SCHEIN AND SPINCO ACKNOWLEDGE THAT ALL REPRESENTATIONS OR
WARRANTIES, OTHER THAN THE REPRESENTATIONS AND WARRANTIES SET FORTH IN ARTICLE IV, THAT PURCHASERS GAVE OR MIGHT HAVE GIVEN, OR WHICH MIGHT BE PROVIDED OR IMPLIED BY APPLICABLE LAW OR COMMERCIAL PRACTICE, ARE HEREBY EXPRESSLY EXCLUDED, AND
THAT HENRY SCHEIN AND SPINCO HAVE NOT RELIED ON ANY SUCH REPRESENTATION OR WARRANTY. NOTHING IN THIS PARAGRAPH SHALL OPERATE TO LIMIT A CLAIM FOR FRAUD. 

(b)    EXCEPT TO THE EXTENT OTHERWISE PROVIDED FOR HEREIN, EACH OF THE PURCHASERS ACKNOWLEDGES THAT ALL REPRESENTATIONS OR
WARRANTIES, OTHER THAN THE REPRESENTATIONS AND WARRANTIES SET FORTH IN ARTICLE III, THAT HENRY SCHEIN OR SPINCO GAVE OR MIGHT HAVE GIVEN, OR WHICH MIGHT BE PROVIDED OR IMPLIED BY APPLICABLE LAW OR COMMERCIAL PRACTICE, ARE HEREBY EXPRESSLY
EXCLUDED, AND THAT NONE OF THE PURCHASERS HAS RELIED ON ANY SUCH REPRESENTATION OR WARRANTY. NOTHING IN THIS PARAGRAPH SHALL OPERATE TO LIMIT A CLAIM FOR FRAUD. 

[SIGNATURE PAGES FOLLOW] 

  
 34 

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

			
	HENRY SCHEIN, INC.

 
			
		
	By:	 	 /s/ Walter Siegel

	Name: Walter Siegel
	Title: Senior Vice President and General Counsel

 
			
	
	HS SPINCO, INC.

 
			
		
	By:	 	 /s/ Steven Paladino

	Name Steven Paladino
	Title: President, Treasurer and Chief Financial Officer

 [Signature page to MSIM-Sequoia Stock Purchase Agreement] 

 
			
	PURCHASER:
	
	MORGAN STANLEY INVESTMENT FUNDS - US GROWTH FUND
	
	By: Morgan Stanley Investment Management Inc., as Sub-adviser

 
			
		
	By:	 	 /s/ Jason Yeung

	Name:	 	Jason Yeung
	Title:	 	Managing Director

 
			
	PURCHASER:
	
	MASTER TRUST FOR DEFINED CONTRIBUTION PLANS OF AMERICAN AIRLINES, INC., US AIRWAYS, INC., AND AFFILIATES
	
	By: Morgan Stanley Investment Management Inc., as Investment Manager
		
	By:	 	 /s/ Jason Yeung

	Name:	 	Jason Yeung
	Title:	 	Managing Director

 
			
	PURCHASER:
	
	GROWTH TRUST
	
	By: Morgan Stanley Investment Management Inc., as Adviser
		
	By:	 	 /s/ Jason Yeung

	Name:	 	Jason Yeung
	Title:	 	Managing Director

 
			
	PURCHASER:
	
	LAWRENCIUM ATOLL INVESTMENTS LIMITED
	
	By: Morgan Stanley Investment Management Inc., as Investment Manager
		
	By:	 	 /s/ Jason Yeung

	Name:	 	Jason Yeung
	Title:	 	Managing Director

 
			
	PURCHASER:
	
	BRIGHTHOUSE FUNDS TRUST I - MORGAN
	STANLEY MID CAP GROWTH PORTFOLIO
	
	By: Morgan Stanley Investment Management Inc., as Sub-adviser
		
	By:	 	 /s/ Jason Yeung

	Name:	 	Jason Yeung
	Title:	 	Managing Director

 
			
	PURCHASER:
	
	 MORGAN STANLEY INVESTMENT

MANAGEMENT SMALL COMPANY GROWTH TRUST

	
	By: Morgan Stanley Investment Management Inc., as Adviser
		
	By:	 	 /s/ Jason Yeung

	Name:	 	Jason Yeung
	Title:	 	Managing Director

 
			
	PURCHASER:
	
	MORGAN STANLEY INSTITUTIONAL FUND, INC. - GROWTH PORTFOLIO
	
	By: Morgan Stanley Investment Management Inc., as Adviser

 
			
		
	By:	 	 /s/ Jason Yeung

	Name:	 	Jason Yeung
	Title:	 	Managing Director

 
			
	PURCHASER:
	
	MORGAN STANLEY VARIABLE INSURANCE FUND, INC. - GROWTH PORTFOLIO
	
	By: Morgan Stanley Investment Management Inc., as Adviser
		
	By:	 	 /s/ Jason Yeung

	Name:	 	Jason Yeung
	Title:	 	Managing Director

 
			
	PURCHASER:
	
	MORGAN STANLEY VARIABLE INSURANCE FUND, INC. - MID CAP GROWTH PORTFOLIO
	
	By: Morgan Stanley Investment Management Inc., as Adviser
		
	By:	 	 /s/ Jason Yeung

	Name:	 	Jason Yeung
	Title:	 	Managing Director

 
			
	PURCHASER:
	
	MORGAN STANLEY INSTITUTIONAL FUND TRUST - MID CAP GROWTH PORTFOLIO
	
	By: Morgan Stanley Investment Management Inc., as Adviser
		
	By:	 	 /s/ Jason Yeung

	Name:	 	Jason Yeung
	Title:	 	Managing Director

 
			
	PURCHASER:
	
	MORGAN STANLEY MULTI CAP GROWTH TRUST
	
	By: Morgan Stanley Investment Management Inc., as Adviser
		
	By:	 	 /s/ Jason Yeung

	Name:	 	Jason Yeung
	Title:	 	Managing Director

 
			
	PURCHASER:
	
	JOHNSON & JOHNSON PENSION AND SAVINGS PLANS MASTER TRUST
	
	By: Morgan Stanley Investment Management Inc., as Manager
		
	By:	 	 /s/ Jason Yeung

	Name:	 	Jason Yeung
	Title:	 	Managing Director

 
			
	SCHF (M) PV, L.P.
	
	By: SCHF (GPE), LLC
	Its General Partner

 
			
		
	By:	 	 /s/ Keith Johnson

	Name:	 	Keith Johnson
	Title:	 	Managing Member

 Signature Page to Stock Subscription and Purchase Agreement 

 
			
	SCHF CIF, L.P. / CIF 2018 – A Series
	
	By: SCHF (GPE), LLC
	Its General Partner
		
	By:	 	 /s/ Keith Johnson

	Name:	 	Keith Johnson
	Title:	 	Managing Member

 Signature Page to Stock Subscription and Purchase AgreementEX-10.20

 Exhibit 10.20 

Execution Version 

REGISTRATION RIGHTS AGREEMENT 
 BY
AND AMONG 
 THE INVESTORS ON SCHEDULE A HERETO, 

AND 
 HS SPINCO, INC. 

Dated as of December 25, 2018 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	 
			
	 SECTION 1.01.
	 	Defined Terms	  	 	1	 
	 SECTION 1.02.
	 	Other Interpretive Provisions	  	 	4	 
		
	 ARTICLE II REGISTRATION RIGHTS
	  	 	4	 
			
	 SECTION 2.01.
	 	Demand Registration	  	 	4	 
	 SECTION 2.02.
	 	Suspensions	  	 	5	 
	 SECTION 2.03.
	 	Registration Procedures	  	 	6	 
	 SECTION 2.04.
	 	Registration Expenses	  	 	9	 
	 SECTION 2.05.
	 	Indemnification	  	 	9	 
	 SECTION 2.06.
	 	Rules 144 and 144A and Regulation S	  	 	11	 
		
	 ARTICLE III MISCELLANEOUS
	  	 	12	 
			
	 SECTION 3.01.
	 	Term	  	 	12	 
	 SECTION 3.02.
	 	Specific Performance	  	 	12	 
	 SECTION 3.03.
	 	Attorneys’ Fees	  	 	12	 
	 SECTION 3.04.
	 	Notices	  	 	12	 
	 SECTION 3.05.
	 	Amendment	  	 	13	 
	 SECTION 3.06.
	 	Successors, Assigns and Transferees	  	 	13	 
	 SECTION 3.07.
	 	Binding Effect	  	 	14	 
	 SECTION 3.08.
	 	Third Party Beneficiaries	  	 	14	 
	 SECTION 3.09.
	 	Governing Law; WAIVER OF JURY TRIAL	  	 	14	 
	 SECTION 3.10.
	 	Jurisdiction; Service of Process	  	 	14	 
	 SECTION 3.11.
	 	Severability	  	 	15	 
	 SECTION 3.12.
	 	Counterparts; Delivery by Electronic Transmission	  	 	15	 
	 SECTION 3.13.
	 	Headings	  	 	15	 
	 SECTION 3.14.
	 	Other Activities	  	 	15	 
	 SECTION 3.15.
	 	Time of the Essence	  	 	15	 
	 SECTION 3.16.
	 	Limitation of Liability	  	 	15	 
	 SECTION 3.17.
	 	Effectiveness	  	 	15	 
	 SECTION 3.18.
	 	Entire Agreement	  	 	16	 

  
 i 

 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (the “Agreement”) is made, entered into as of December 25, 2018 by and among HS Spinco,
Inc. and the investors set forth on Schedule A hereto (each, an “Investor”). 
 WITNESSETH: 

WHEREAS, on the date hereof, the Investors have entered into a Stock Subscription and Purchase Agreement (the “SPA”), by and
among the Investors, Morgan Stanley Investment Management, Inc., HS Spinco, Inc. and Henry Schein, Inc.; 
 WHEREAS, pursuant to the SPA
(and on the terms and subject to the conditions set forth in the SPA), at the Closing (as defined below), each Investor will acquire a certain number of Company Shares (as defined below) and, as a result, immediately following the Closing each
Investor will own Registrable Securities (as defined below); and 
 WHEREAS, the parties desire to set forth certain registration rights
applicable to the Registrable Securities. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual promises, covenants and
agreements of the parties hereto, and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS 

SECTION 1.01.    Defined Terms. As used in this Agreement, the following terms shall have the following
meanings: 
 “Adverse Disclosure” means public disclosure of material, non-public
information that (i) would be required to be made in any Registration Statement filed with the SEC by the Company so that such Registration Statement would not be materially misleading and would not be required to be made at such time but for
the filing of such Registration Statement; and (ii) the Company has a bona fide business purpose for not disclosing publicly. 

“Affiliate” has the meaning specified in Rule 12b-2 under the Exchange Act;
provided that no Holder shall be deemed an Affiliate of the Company or its respective Subsidiaries for purposes of this Agreement. The term “Affiliated” has a correlative meaning. 

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

“Board of Directors” means the board of directors of the Company. 

“Business Day” means any day other than a Saturday, Sunday or a day on which commercial banks located in New York, New York
are required or authorized by law or executive order to be closed. 
 “Closing” has the meaning set forth in the SPA. 

  
 1 

 “Company” means HS Spinco, Inc., a Delaware corporation, and any of its
successors by merger, acquisition, reorganization, conversion or otherwise. 
 “Company Share Equivalent” means securities
exercisable or exchangeable for or convertible into, Company Shares. 
 “Company Shares” means the shares of common stock,
par value $0.01 per share, of the Company, any securities into which such shares shall have been changed, or any securities resulting from any reclassification, recapitalization, exchange or similar transactions with respect to such shares, in each
case, that are beneficially owned by the Holders. 
 “Demand Period” has the meaning set forth in Section 2.01(b).

 “Demand Registration” has the meaning set forth in Section 2.01(a). 

“Demand Registration Statement” has the meaning set forth in Section 2.01(a). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto, and any rules and
regulations promulgated thereunder, all as the same shall be in effect from time to time. 
 “Holder” means each Investor
and any Permitted Assignee that succeeds to the rights of an Investor hereunder pursuant to Section 3.06. 

“Investor” has the meaning set forth in the introductory paragraph hereto. 

“Issuer Free Writing Prospectus” means an issuer free writing prospectus, as defined in Rule 433 under the Securities Act,
relating to an offer of Registrable Securities. 
 “Loss” or “Losses” has the meaning set forth in
Section 2.05(a). 
 “Participating Holder” means, with respect to any Registration, any Holder of Registrable
Securities covered by the applicable Registration Statement. 
 “Permitted Assignee” has the meaning set forth in
Section 3.06. 
 “Person” means any individual, partnership, corporation, limited liability company, unincorporated
organization, trust or joint venture, or a governmental agency or political subdivision thereof or any other entity. 

“Prospectus” means the prospectus included in any Registration Statement, all amendments and supplements to such prospectus,
including pre- and post-effective amendments to such Registration Statement, and all other material incorporated by reference in such prospectus. 

“Registrable Securities” means any Company Shares issued pursuant to the SPA and any securities that may be issued or
distributed or be issuable or distributable in respect of, or in substitution for, any such Company Shares by way of conversion, exercise, dividend, stock split or other distribution, merger, consolidation, exchange, recapitalization or
reclassification or similar transaction, in each case whether now owned or hereinafter acquired; provided, that any such Registrable 

  
 2 

 
Securities shall cease to be Registrable Securities to the extent (i) a Registration Statement with respect to the sale of such Registrable Securities shall have become effective under the
Securities Act and such Registrable Securities shall have been disposed of in accordance with the plan of distribution set forth in such Registration Statement, (ii) such Registrable Securities may be distributed pursuant to Rule 144 or Rule
145 under the Securities Act (or any successor rule) without volume or manner-of-sale restrictions and without the requirement for the Company to be in compliance with
the current public information requirement under Rule 144(c)(1), as set forth in a written opinion letter of counsel to the Company to that effect, addressed, delivered and reasonably acceptable to the transfer agent for the Company, (iii) such
Registrable Securities shall have been otherwise transferred and new book entry shares for them not bearing a legend restricting transfer shall have been delivered by the Company and such securities may be publicly resold without Registration under
the Securities Act, (iv) such Registrable Securities have been disposed of in accordance with Rule 144 or Rule 145 under the Securities Act or (v) any such security ceases to be outstanding. For the avoidance of doubt, it is understood
that, with respect to any Registrable Securities for which a Holder holds Company Share Equivalents at such time exercisable for, convertible into or exchangeable for Company Shares, to the extent that such Registrable Securities are to be sold
pursuant to this Agreement, such Holder must exercise, convert or exchange such relevant Company Share Equivalent and transfer the underlying Registrable Securities (in each case, net of any amounts required to be withheld by the Company in
connection with such exercise). 
 “Registration” means a registration with the SEC of the Company’s securities for
offer and sale to the public under a Registration Statement. The term “Register” shall have a correlative meaning. 

“Registration Expenses” has the meaning set forth in Section 2.04. 

“Registration Statement” means any registration statement of the Company that covers Registrable Securities pursuant to the
provisions of this Agreement filed with, or to be filed with, the SEC under the rules and regulations promulgated under the Securities Act, including the related Prospectus, amendments and supplements to such registration statement, including pre- and post-effective amendments, and all exhibits and all material incorporated by reference in such registration statement; provided, however, that the term “Registration Statement”
without reference to a time includes such Registration Statement as amended by any post-effective amendments as of the time of first contract of sale for the Registrable Securities. 

“Representatives” means, with respect to any Person, any of such Person’s officers, directors, employees, agents,
attorneys, accountants, actuaries, consultants, equity financing partners or financial advisors or other Person associated with, or acting on behalf of, such Person. 

“SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and any successor thereto, and any rules and regulations
promulgated thereunder, all as the same shall be in effect from time to time. 
 “Subsidiary” means, with respect to any
Person, a corporation, partnership, association, limited liability company, trust or other form of legal entity in which such Person, a Subsidiary of such Person or such Person and one or more Subsidiaries of such Person, directly or indirectly, has
either (i) a majority ownership in (A) the equity or (B) the interest in the capital or profits thereof, (ii) the power to elect, or to direct the election of, a majority of the board of directors or other analogous governing
body of such entity, or (iii) the title or function of general partner or manager, or the right to designate the Person having such title or function. 

  
 3 

 SECTION 1.02.    Other Interpretive Provisions. (a) In this
Agreement, except as otherwise provided: 
 (i)    A reference to an Article, Section or Schedule is a
reference to an Article or Section of, or Schedule to, this Agreement, and references to this Agreement include any recital in or Schedule to this Agreement. 

(ii)    The Schedules form an integral part of and are hereby incorporated by reference into this
Agreement. 
 (iii)    Headings and the Table of Contents are inserted for convenience only and shall not
affect the construction or interpretation of this Agreement. 
 (iv)    Unless the context otherwise
requires, words importing the singular include the plural and vice versa, words importing the masculine include the feminine and vice versa, and words importing persons include corporations, associations, partnerships, joint ventures and limited
liability companies and vice versa. 
 (v)    Unless the context otherwise requires, the words
“hereof” and “herein,” and words of similar meaning refer to this Agreement as a whole and not to any particular Article, Section or clause. The words “include,” “includes” and “including” shall be
deemed to be followed by the words “without limitation.” 
 (vi)    A reference to any
legislation or to any provision of any legislation shall include any successor legislation and any amendment, modification or re-enactment thereof and any legislative provision substituted therefor. 

(vii)    All determinations to be made by the Company hereunder may be made in its sole discretion, and the
Company may determine, in its sole discretion, whether or not to take actions that are permitted, but not required, by this Agreement to be taken by the Company, including the giving of consents required hereunder. 

(b)    The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an
ambiguity or question of intention or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the
authorship of any provisions of this Agreement. 
 ARTICLE II 

REGISTRATION RIGHTS 

SECTION 2.01.    Demand Registration. 

(a)    Demand by Holders. Subject to Section 2.01(c) and Section 2.02(a), following the Closing, the
Company (x) shall file promptly (and, in any event, within one (1) Business Day following the Closing (the “Outside Filing Date”)) with the SEC a draft of the Registration Statement on Form
S-1 registering the Registrable Securities (the “Demand Registration Statement”), and (y) shall use its commercially reasonable efforts to cause such Demand Registration Statement to
promptly become effective under the Securities Act (the “Demand Registration”); provided, that if any Participating Holder fails to deliver all of the information required to be provided by such Participating Holder and included in
in the Demand Registration Statement by the date which is one (1) Business Day prior to the Closing, then the Outside Filing Date shall be extended by the number of Business Days of such delay. 

  
 4 

 (b)    Effective Registration. The Company shall be deemed to have
effected a Demand Registration for purposes of Section 2.01(c) if the Demand Registration Statement becomes effective and remains effective for not less than one year (or such shorter period as shall terminate when (x) all Registrable
Securities covered by such Registration Statement have been sold or withdrawn or (y) no Holder holds any Registrable Securities) (the “Demand Period”). No Demand Registration shall be deemed to have been effected for purposes
of Section 2.01(c) if during the Demand Period such Registration or the successful completion of the relevant sale is prevented by any stop order, injunction or other order or requirement of the SEC or other governmental agency or court. 

(c)    Notwithstanding the rights and obligations set forth in this Section 2.01, in no event shall the Company be
obligated to take any action at the request of the Holders (and any of their Permitted Assignees) to effect any Demand Registration after the Company has effected one (1) Demand Registration. 

SECTION 2.02.    Suspensions. 

(a)    Delay in Filing; Suspension of Registration. If the filing, initial effectiveness or continued use of a
Demand Registration Statement at any time would, in the good faith judgment of management, require the Company to make an Adverse Disclosure or otherwise materially interfere with a significant acquisition, corporate reorganization or other similar
transaction involving the Company, the Company may, upon giving prompt written notice to the Holders, delay the filing or initial effectiveness of, or suspend use of, such Demand Registration Statement (a “Suspension”);
provided, that the Company shall not be permitted to exercise a Suspension that exceeds (i)(A) sixty (60) days on any one occasion or (B) ninety (90) days in the aggregate in the first six months after the effective date of the
Demand Registration Statement or (ii)(A) ninety (90) days on any one occasion in the second six month period after the effective date of the Demand Registration Statement or (B) one hundred twenty (120) days in the aggregate in the
twelve (12)-month period after the effective date of the Demand Registration Statement. In the case of a Suspension, the Holders agree to suspend use of the applicable Prospectus and any Issuer Free Writing Prospectuses in connection with any sale
(which, for the avoidance of doubt, shall not include a sale of Registrable Securities that has already occurred but that has not yet been settled) or purchase of, or offer to sell or purchase, Registrable Securities, upon receipt of the notice
referred to above. The Company shall immediately notify the Holders upon the termination of any Suspension, amend or supplement the Prospectus or any Issuer Free Writing Prospectus, if necessary, so it does not contain any untrue statement or
omission and furnish to the Holders such numbers of copies of the Prospectus as so amended or supplemented or any Issuer Free Writing Prospectus as the Holders may reasonably request. The Company shall, if necessary, supplement or make amendments to
the Demand Registration Statement, if required by the registration form used by the Company for the Demand Registration or by the instructions applicable to such registration form or by the Securities Act or the rules or regulations promulgated
thereunder. 
 Each Holder shall keep confidential the fact that a Suspension is in effect, the written notice referred to above and its
contents unless and until otherwise notified by the Company, except (i) disclosures that are necessary to comply with any law, rule or regulation, including formal and informal investigations or requests from any regulatory authority and
(ii) if and to the extent such matters are publicly disclosed by the Company. 

  
 5 

 SECTION 2.03.    Registration Procedures. 

(a)    In connection with the Company’s Registration obligations under Section 2.01 and subject to the
applicable terms and conditions set forth therein, the Company shall use its commercially reasonable efforts to effect such Demand Registration as expeditiously as reasonably practicable, and in connection therewith the Company shall: 

(i)    subject to Section 2.01(a), prepare and file with the SEC such
pre- and post-effective amendments to such Registration Statement, supplements or amendments to the Prospectus and such amendments or supplements to any Issuer Free Writing Prospectus as may be
(A) reasonably requested by any Participating Holder (to the extent such request relates to information relating to such Holder required to be updated to comply with provisions of the applicable securities laws), or (B) necessary to keep
such Registration effective for the period of time required by this Agreement, and comply with provisions of the applicable securities laws with respect to the sale or other disposition of all securities covered by such Registration Statement during
such period in accordance with the intended method or methods of disposition set forth in such Registration Statement; 

(ii)    notify the Participating Holders, promptly after notice thereof is received by the Company
(A) when the applicable Registration Statement or any amendment thereto has been filed or becomes effective, and when the applicable Prospectus, any amendment or supplement to such Prospectus, any Issuer Free Writing Prospectus or any amendment
or supplement thereto has been filed, (B) of any written comments by the SEC or any request by the SEC or any other federal or state governmental authority for amendments or supplements to such Registration Statement, Prospectus or Issuer Free
Writing Prospectus or for additional information, (C) of the issuance by the SEC of any stop order suspending the effectiveness of such Registration Statement or any order by the SEC or any other regulatory authority preventing or suspending
the use of any preliminary or final Prospectus or any Issuer Free Writing Prospectus or the initiation or threatening of any proceedings for such purposes, (D) of the receipt by the Company of any notification with respect to the suspension of
the qualification of the Registrable Securities for offering or sale in any jurisdiction and (E) of the receipt by the Company of any notification with respect to the initiation or threatening of any proceeding for the suspension of the
qualification of the Registrable Securities for offering or sale in any jurisdiction; 

(iii)    promptly notify the Participating Holders, if any, when the Company becomes aware of the happening
of any event as a result of which the applicable Registration Statement, the Prospectus included in such Registration Statement (as then in effect) or any Issuer Free Writing Prospectus contains any untrue statement of a material fact or omits to
state a material fact necessary to make the statements therein (in the case of such Prospectus, any preliminary Prospectus or any Issuer Free Writing Prospectus, in light of the circumstances under which they were made) not misleading, when any
Issuer Free Writing Prospectus includes information that may conflict with the information contained in the Registration Statement, or, if for any other reason it shall be necessary during such time period to amend or supplement such Registration
Statement, Prospectus or Issuer Free Writing Prospectus in order to comply with the Securities Act and, in either case as promptly as reasonably practicable thereafter, prepare and file with the SEC, and furnish without charge to the Participating
Holders, if any, an amendment or supplement to such Registration Statement, Prospectus or Issuer Free Writing Prospectus which shall correct such misstatement or omission or effect such compliance; 

  
 6 

 (iv)    use its commercially reasonable efforts to seek the
withdrawal of any stop order or other order or notice suspending the use of any preliminary or final Prospectus or any Issuer Free Writing Prospectus; 

(v)    promptly incorporate in a Prospectus supplement, Issuer Free Writing Prospectus or post-effective
amendment to the applicable Registration Statement such information as the Participating Holder(s) agree should be included therein relating to the plan of distribution with respect to such Registrable Securities, and make all required filings of
such Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment as soon as reasonably practicable after being notified of the matters to be incorporated in such Prospectus supplement, Issuer Free Writing Prospectus or
post-effective amendment; 
 (vi)    furnish to each Participating Holder, if any, without charge, as
many conformed copies as such Holder may reasonably request of the applicable Registration Statement and any amendment or post-effective amendment thereto, including financial statements and schedules, all documents incorporated therein by reference
and all exhibits (including those incorporated by reference); 
 (vii)    deliver to each Participating
Holder, if any, without charge, as many copies of the applicable Prospectus (including each preliminary Prospectus), any Issuer Free Writing Prospectus and any amendment or supplement thereto as such Holder may reasonably request (it being
understood that the Company consents to the use of such Prospectus, any Issuer Free Writing Prospectus and any amendment or supplement thereto by such Holder, if any, in connection with the offering and sale of the Registrable Securities covered by
such Prospectus or any amendment or supplement thereto) and such other documents as such Holder may reasonably request in order to facilitate the disposition of the Registrable Securities by such Holder; 

(viii)    on or prior to the date on which the applicable Registration Statement becomes effective, use its
commercially reasonable efforts to register or qualify, and cooperate with the Participating Holders, if any, and their respective counsel, in connection with the registration or qualification of such Registrable Securities for offer and sale under
the securities or “Blue Sky” laws of each state and other jurisdiction of the United States as any Participating Holder or their respective counsel reasonably request in writing and do any and all other acts or things reasonably necessary
or advisable to keep such registration or qualification in effect for such period as required by Section 2.01(b), provided that the Company shall not be required to qualify generally to do business in any jurisdiction where it is not
then so qualified or to take any action which would subject it to taxation or general service of process in any such jurisdiction where it is not then so subject; 

(ix)    use its commercially reasonable efforts to cause the Registrable Securities covered by the
applicable Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof to consummate the disposition of such Registrable Securities; 

(x)    as soon as practicable after the effective date of the applicable Registration Statement, provide a
CUSIP number for all Registrable Securities; 
 (xi)    provide and cause to be maintained a transfer
agent and registrar for all Registrable Securities covered by the applicable Registration Statement from and after a date not later than the effective date of such Registration Statement; 

  
 7 

 (xii)    use its commercially reasonable efforts to cause all
Registrable Securities covered by the applicable Registration Statement to be listed on the Nasdaq Global Select Market; 

(xiii)    take no direct or indirect action prohibited by Regulation M under the Exchange Act; 

(xiv)    take all reasonable action to ensure that any Issuer Free Writing Prospectus utilized in
connection with any registration covered by Section 2.01 complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance with the Securities Act
to the extent required thereby and, when taken together with the related Prospectus, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading; 
 (xv)    take all reasonable actions to ensure that the
information available to investors at the time of pricing includes all information required by applicable law (including the information required by Sections 12(a)(2) and 17(a)(2) of the Securities Act); and 

(xvi)    take all such other commercially reasonable actions as are necessary or advisable in order to
expedite or facilitate the disposition of such Registrable Securities in accordance with the terms hereof. 
 (b)    The
Company may require each Participating Holder to furnish to the Company such information regarding the distribution of such securities and such other information relating to such Holder and its ownership of Registrable Securities as the Company may
from time to time reasonably request in writing and the Company may exclude from such registration the Registrable Securities of any Participating Holder who fails to furnish such information within a reasonable time after receiving such request.
Each Participating Holder agrees to furnish such information to the Company and to cooperate with the Company as reasonably necessary to enable the Company to comply with the provisions of this Agreement. Each Participating Holder acknowledges and
agrees that the information described in this Section 2.03(b) will be used by the Company in the preparation of the Demand Registration Statement and hereby consents to the inclusion of such information in the Demand Registration Statement.

 (c)    Each Participating Holder agrees that, upon delivery of any notice by the Company of the happening of any
event of the kind described in Section 2.03(a)(ii)(C) or (D) or Section 2.03(a)(iii), such Holder will forthwith discontinue disposition of Registrable Securities pursuant to such Registration Statement until (i) such
Holder’s receipt of the copies of the supplemented or amended Prospectus or Issuer Free Writing Prospectus, as the case may be, contemplated by Section 2.03(a)(iii), (ii) such Holder is advised in writing by the Company that the use of the
Prospectus or Issuer Free Writing Prospectus, as the case may be, may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus or such Issuer Free Writing Prospectus or any
amendments or supplements thereto, or (iii) such Holder is advised in writing by the Company of the termination, expiration or cessation of such order or suspension referenced in Section 2.03(a)(ii). If so directed by the Company, such
Holder shall deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Holder’s possession, of the Prospectus or any Issuer Free Writing Prospectus covering such Registrable Securities
current at the time of delivery of such notice. In the event the Company shall give any such notice, the period during which the applicable Registration Statement is required to be maintained effective shall be extended by the number of days during
the period from and including the date of the giving of such notice to and including the date when each Participating Holder either receives the copies of the supplemented or amended Prospectus or Issuer Free Writing Prospectus contemplated by
Section 2.03(a)(iii) or is advised in writing by the Company that the use of the Prospectus or Issuer Free Writing Prospectus may be resumed. 

  
 8 

 SECTION 2.04.    Registration Expenses. All expenses incident to
the Company’s performance of or compliance with this Agreement shall be paid by the Company, including (i) all registration and filing fees, and any other fees and expenses associated with filings required to be made with the SEC,
(ii) all fees and expenses in connection with compliance with any securities or “Blue Sky” laws, (iii) all printing, duplicating, word processing, messenger, telephone, facsimile and delivery expenses, (iv) all fees and
disbursements of counsel for the Company and of all independent certified public accountants of the Company, (v) all fees and expenses incurred in connection with the listing of Registrable Securities on any securities exchange or quotation of
the Registrable Securities on any inter-dealer quotation system, (vi) up to $25,000 in reasonable fees and disbursements of one legal counsel as selected by the holders of a majority of the Registrable Securities included in such Registration,
(vii) all fees and expenses of any special experts or other Persons retained by the Company in connection with any Registration, (viii) all of the Company’s internal expenses (including all salaries and expenses of its officers and
employees performing legal or accounting duties), and (ix) any other fees and disbursements customarily paid by the issuers of securities. All such expenses are referred to herein as “Registration Expenses.” The Company shall
not be required to pay any commissions and transfer taxes, if any, attributable to the sale of Registrable Securities. 

SECTION 2.05.    Indemnification. 

(a)    Indemnification by the Company. The Company agrees to indemnify and hold harmless, to the full extent
permitted by law, each of the Holders and each of their respective Representatives from and against any and all losses, penalties, judgments, suits, costs, claims, damages, liabilities and expenses, joint or several (including reasonable costs of
investigation and legal expenses) (each, a “Loss” and collectively “Losses”) arising out of or based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement
under which such Registrable Securities were Registered under the Securities Act (including any final, preliminary or summary Prospectus contained therein or any amendment or supplement thereto or any documents incorporated by reference therein, any
Issuer Free Writing Prospectus or amendment or supplement thereto, or any other disclosure document produced by or on behalf of the Company or any of its Subsidiaries including reports and other documents filed under the Exchange Act), (ii) any
omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus, preliminary Prospectus or Issuer Free Writing Prospectus, in light of the
circumstances under which they were made) not misleading, or (iii) any actions or proceedings in respect of the foregoing whether or not such indemnified party is a party thereto; provided, that the Company shall not be liable to any
particular indemnified party to the extent that any such Loss arises out of or is based upon (A) an untrue statement or alleged untrue statement or omission or alleged omission made in any such Registration Statement or other document in
reliance upon and in conformity with written information furnished to the Company by such indemnified party expressly for use in the preparation thereof or (B) an untrue statement or omission in a preliminary Prospectus relating to Registrable
Securities, if a Prospectus (as then amended or supplemented) that would have cured the defect was furnished to the indemnified party from whom the Person asserting the claim giving rise to such Loss purchased Registrable Securities prior to the
written confirmation of the sale of the Registrable Securities to such Person and a copy of such Prospectus (as amended and supplemented) was not sent or given by or on behalf of such indemnified party to such Person at or prior to the written
confirmation of the sale of the Registrable Securities to such Person. This indemnity shall be in addition to any liability the Company may otherwise have. 

  
 9 

 (b)    Indemnification by the Participating Holders. Each
Participating Holder agrees (severally and not jointly) to indemnify and hold harmless, to the fullest extent permitted by law, the Company, its directors, officers, auditors and other consultants, and each Person who controls the Company (within
the meaning of the Securities Act or the Exchange Act), and each other Holder, and each of their respective Representatives from and against any Losses resulting from (i) any untrue statement of a material fact in any Registration Statement
under which such Registrable Securities were Registered under the Securities Act (including any final, preliminary or summary Prospectus contained therein or any amendment or supplement thereto or any documents incorporated by reference therein, any
Issuer Free Writing Prospectus or amendment or supplement thereto, or any other disclosure document produced by or on behalf of the Company or any of its Subsidiaries including reports and other documents filed under the Exchange Act), or
(ii) any omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus, preliminary Prospectus or Issuer Free Writing Prospectus, in light of the circumstances
under which they were made) not misleading, in each case to the extent that such untrue statement or omission is contained in any information furnished in writing by such Participating Holder to the Company specifically for inclusion in such
Registration Statement and has not been corrected in a subsequent writing prior to or concurrently with the sale of the Registrable Securities to the Person asserting the claim, in each case to the extent that such untrue statement (or alleged
untrue statement) or omission (or alleged omission) was made in such Registration Statement, prospectus, offering circular, free writing prospectus or other document in reliance upon and in conformity with written information furnished to the
Company by such Participating Holder. In no event shall the liability of such Participating Holder hereunder be greater in amount than the dollar amount of the net proceeds received by such Participating Holder under the sale of Registrable
Securities giving rise to such indemnification obligation. 
 (c)    Conduct of Indemnification Proceedings. Any
Person entitled to indemnification under this Section 2.05 shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that any delay or failure to so notify
the indemnifying party shall relieve the indemnifying party of its obligations hereunder only to the extent, if at all, that it is actually and materially prejudiced by reason of such delay or failure) and (ii) permit such indemnifying party to
assume the defense of such claim with counsel reasonably satisfactory to the indemnified party; provided that any Person entitled to indemnification hereunder shall have the right to select and employ separate counsel and to participate in
the defense of such claim, but the fees and expenses of such counsel shall be at the expense of such Person unless (A) the indemnifying party has agreed in writing to pay such fees or expenses, or (B) the indemnifying party shall have
failed to assume the defense of such claim within a reasonable time after delivery of notice of such claim from the Person entitled to indemnification hereunder and employ counsel. If the indemnifying party assumes the defense, the indemnifying
party shall not have the right to settle such action, consent to entry of any judgment or enter into any settlement, in each case without the prior written consent of the indemnified party, unless the entry of such judgment or settlement
(i) includes as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of an unconditional release from all liability in respect to such claim or litigation and (ii) does not include a statement as
to or an admission of fault, culpability or a failure to act by or on behalf of such indemnified party, and provided that any sums payable in connection with such settlement are paid in full by the indemnifying party. If such defense is not assumed
by the indemnifying party, the indemnifying party will not be subject to any liability for any settlement made without its prior written consent, but such consent may not be unreasonably withheld. It is understood that the indemnifying party or
parties shall not, except as specifically set forth in this Section 2.05(c), in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements or other charges of more than one
firm admitted to practice in such jurisdiction at any one time, unless the employment of more than one counsel has been authorized in writing by the indemnifying party or parties, in which case the indemnifying party shall be obligated to pay the
reasonable fees and expenses of such additional counsel or counsels. 

  
 10 

 (d)    Contribution. If for any reason the indemnification provided
for in paragraphs (a) and (b) of this Section 2.05 is unavailable to an indemnified party or insufficient in respect of any Losses referred to therein, then the indemnifying party shall contribute to the amount paid or payable by the
indemnified party as a result of such Loss in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the indemnified party or parties on the other hand in connection with the acts, statements or
omissions that resulted in such losses, as well as any other relevant equitable considerations. In connection with any Registration Statement filed with the SEC by the Company, the relative fault of the indemnifying party on the one hand and the
indemnified party on the other hand shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be
just or equitable if contribution pursuant to this Section 2.05(d) were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in this
Section 2.05(d). No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The
amount paid or payable by an indemnified party as a result of the Losses referred to in Section 2.05(a) and Section 2.05(b) shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably
incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 2.05(d), in connection with any Registration Statement filed by the Company, a
Participating Holder shall not be required to contribute any amount in excess of the dollar amount of the net proceeds received by such Holder under the sale of Registrable Securities giving rise to such contribution obligation less any amount paid
by such Holder pursuant to Section 2.05(b). If indemnification is available under this Section 2.05, the indemnifying parties shall indemnify each indemnified party to the full extent provided in Section 2.05(a) and
Section 2.05(b) hereof without regard to the provisions of this Section 2.05(d). 
 (e)    No
Exclusivity. The remedies provided for in this Section 2.05 are not exclusive and shall not limit any rights or remedies which may be available to any indemnified party at law or in equity or pursuant to any other agreement. 

(f)    Survival. The indemnities provided in this Section 2.05 shall survive the transfer of any Registrable
Securities by such Holder. 
 SECTION 2.06.    Rules 144 and 144A and Regulation S. The
Company covenants that it will file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder (or, if the Company is not required to file such reports, it will,
upon approval of the Board of Directors, make publicly available such necessary information for so long as necessary to permit sales pursuant to Rules 144, 144A or Regulation S under the Securities Act), and it will take such further action as the
Holders may reasonably request, all to the extent required from time to time to enable the Holders, following the Closing, to sell Registrable Securities without Registration under the Securities Act within the limitation of the exemptions provided
by (i) Rules 144, 144A or Regulation S under the Securities Act, as such rules may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the SEC. 

  
 11 

 ARTICLE III 

MISCELLANEOUS 

SECTION 3.01.    Term. This Agreement shall terminate with respect to any Holder upon the earlier of
(a) the date on which such Holder does not hold any Registrable Securities and (b) the one (1) year anniversary of the Closing. Notwithstanding the foregoing, the provisions of Section 2.05 and all of this Article III shall
survive any such termination. Upon the written request of the Company, each Holder agrees to promptly deliver a certificate to the Company setting forth the number of Registrable Securities then beneficially owned by such Holder. Each Holder further
agrees to provide written notice to the Company promptly following such time as such Holder is no longer the beneficial owner of any Registrable Securities. 

SECTION 3.02.    Specific Performance. In the event of any actual or threatened default in, or breach of, any
of the terms, conditions and provisions of this Agreement, the party who is, or is to be, thereby aggrieved will have the right to specific performance and injunctive or other equitable relief in respect of its rights under this Agreement, in
addition to any and all other rights and remedies at law or in equity. The parties agree that the remedies at law for any breach or threatened breach, including monetary damages, are inadequate compensation for any loss and that any defense in any
action for specific performance that a remedy at law would be adequate is waived. Any requirements for the securing or posting of any bond with such remedy are waived by each of the parties. 

SECTION 3.03.    Attorneys’ Fees. In any action or proceeding brought to enforce any
provision of this Agreement or where any provision hereof is validly asserted as a defense, the successful party shall, to the extent permitted by applicable law, be entitled to recover reasonable attorneys’ fees in addition to any other
available remedy. 
 SECTION 3.04.    Notices. All notices, requests, claims, demands and other
communications to be given or delivered under or by the provisions of this Agreement shall be in writing and shall be deemed given only (i) when delivered personally to the recipient, (ii) one (1) Business Day after being sent to the
recipient by reputable overnight courier service (charges prepaid); provided, that confirmation of delivery is received, (iii) upon machine generated acknowledgment of receipt after transmittal by facsimile, (iv) upon written
confirmation of receipt after transmittal by electronic mail, or (v) five (5) days after being mailed to the recipient by certified or registered mail (return receipt requested and postage prepaid). Such notices, demands and other
communications shall be sent to the parties at the following addresses (or at such address for a party as will be specified by like notice): 

To the Company: 

HS Spinco, Inc. 

7 Custom House Street, Suite 2 

Portland, ME 04101 

Attention: General Counsel 

Email: voyagerlegal@vetsfirstchoice.com 

with a copy to: 

Morgan, Lewis & Bockius LLP 

One Federal Street 

Boston, MA 02110-1726 

Attention: Mark Stein 

Facsimile No.: 617-341-7701 

Email: mark.stein@morganlewis.com 

  
 12 

 To a Holder: 

At such Holder’s respective address and e-mail address set forth on Schedule A.

 with copies (which shall not constitute notice) to: 

in the case of funds and accounts advised by Morgan Stanley Investment Management, Inc.: 

Morgan Stanley Investment Management Inc. 

522 Fifth Avenue 

New York, New York 10036 

Attention: Stefanie Chang Yu, General Counsel 

Telephone: 212-296-6970 

Email: Stefanie.ChangYu@morganstanley.com 

Facsimile: 212-507-5808 

in the case of funds affiliated with Sequoia Heritage: 

Duane Morris LLP 

111 South Calvert Street, Suite 2000 

Baltimore, MD 21202-6114 

Attention: Keli Whitlock 

Facsimile No.: 410-949-2952 

Email: KWhitlock@duanemorris.com 

Any party to this Agreement may notify any other party of any changes to the address or any of the other details specified in this paragraph;
provided, that such notification shall only be effective on the date specified in such notice or five (5) Business Days after the notice is given, whichever is later. Rejection or other refusal to accept or the inability to deliver
because of changed address of which no notice was given shall be deemed to be receipt of the notice as of the date of such rejection, refusal or inability to deliver. For the avoidance of doubt, any provisions herein that require the delivery or
furnishing of copies of any filings made with the SEC shall be satisfied by the Company’s filing of such document with the SEC’s Electronic Data Gathering, Analysis and Retrieval System. 

SECTION 3.05.    Amendment. The terms and provisions of this Agreement may only be amended, modified or waived
at any time and from time to time by a writing executed by the Company and the Holders (for so long as the Holders hold any Registrable Securities). 

SECTION 3.06.    Successors, Assigns and Transferees. Neither this Agreement nor any of the rights, benefits
or obligations hereunder may be assigned by any of the parties (whether by operation of law or otherwise) without the prior written consent of the other parties, and any purported assignment without such consent shall be null and void;
provided, that each Holder may assign all or a portion of its rights hereunder to any Person to whom such Holder transfers or assigns all of its Registrable Securities prior to the Demand Registration (each such Person, a “Permitted
Assignee”); provided, that any such Permitted Assignee shall execute a counterpart to this Agreement and become a party hereto and such Permitted Assignee’s Registrable Securities shall be subject to the terms of this Agreement.

  
 13 

 SECTION 3.07.    Binding Effect. Except as otherwise provided in
this Agreement, the terms and provisions of this Agreement shall be binding on and inure to the benefit of each of the parties hereto and their respective successors. 

SECTION 3.08.    Third Party Beneficiaries. Nothing in this Agreement, express or implied, is intended or
shall be construed to confer upon any Person not a party hereto (other than those Persons entitled to indemnity or contribution under Section 2.05, each of whom shall be a third party beneficiary thereof) any right, remedy or claim under or by
virtue of this Agreement. 
 SECTION 3.09.    Governing Law; WAIVER OF JURY TRIAL. 

(a)    This Agreement and all issues and questions concerning the construction, validity, enforcement and interpretation
of this Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other
jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. In furtherance of the foregoing, the internal laws of the State of Delaware shall control the interpretation and construction of this
Agreement, even though under that jurisdiction’s choice of law or conflict of law analysis, the substantive law of some other jurisdiction would ordinarily apply. 

(b)    AS A SPECIFICALLY BARGAINED INDUCEMENT FOR EACH OF THE PARTIES TO ENTER INTO THIS AGREEMENT (WITH EACH PARTY HAVING
HAD OPPORTUNITY TO CONSULT COUNSEL), EACH OF THE PARTIES EXPRESSLY AND IRREVOCABLY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING UNDER THIS AGREEMENT OR ANY ACTION OR PROCEEDING ARISING OUT OF THE TRANSACTION CONTEMPLATED HEREBY,
REGARDLESS OF WHICH PARTY INITIATES SUCH ACTION OR PROCEEDING, AND ANY ACTION OR PROCEEDING UNDER THIS AGREEMENT OR ANY ACTION OR PROCEEDING ARISING OUT OF THE TRANSACTION CONTEMPLATED HEREBY SHALL BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A
JUDGE SITTING WITHOUT A JURY. 
 SECTION 3.10.    Jurisdiction; Service of Process. ANY ACTION WITH RESPECT
TO THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS ARISING HEREUNDER, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT OF THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS ARISING HEREUNDER BROUGHT BY THE OTHER PARTY OR PARTIES OR THEIR
SUCCESSORS OR ASSIGNS, IN EACH CASE, SHALL BE BROUGHT AND DETERMINED EXCLUSIVELY IN THE DELAWARE COURT OF CHANCERY AND ANY STATE APPELLATE COURT THEREFROM WITHIN THE STATE OF DELAWARE (OR, IF THE DELAWARE COURT OF CHANCERY DECLINES TO ACCEPT
JURISDICTION OVER A PARTICULAR MATTER, ANY STATE OR FEDERAL COURT WITHIN THE STATE OF DELAWARE). EACH OF THE PARTIES HEREBY IRREVOCABLY AGREES AND CONSENTS TO PERSONAL JURISDICTION, SERVICE OF PROCESS AND VENUE IN THE AFORESAID COURTS AND WAIVES,
AND AGREES NOT TO ASSERT, BY WAY OF MOTION, AS A DEFENSE, COUNTERCLAIM OR OTHERWISE, IN ANY ACTION WITH RESPECT TO THIS AGREEMENT (I) ANY CLAIM THAT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF THE ABOVE NAMED COURTS FOR ANY REASON OTHER
THAN THE FAILURE TO SERVE IN ACCORDANCE WITH THIS Section 3.10, (II) ANY CLAIM THAT IT OR ITS PROPERTY IS EXEMPT OR IMMUNE FROM JURISDICTION OF ANY SUCH COURT OR FROM ANY LEGAL 

  
 14 

 
PROCESS COMMENCED IN SUCH COURTS (WHETHER THROUGH SERVICE OF NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OF JUDGMENT, EXECUTION OF JUDGMENT OR OTHERWISE) AND
(III) TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY CLAIM THAT (A) THE ACTION IN SUCH COURT IS BROUGHT IN AN INCONVENIENT FORUM, (B) THE VENUE OF SUCH ACTION IS IMPROPER OR (C) THIS AGREEMENT, OR THE SUBJECT MATTER
HEREOF, MAY NOT BE ENFORCED IN OR BY SUCH COURTS. THE PARTIES HEREBY AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH ANY SUCH ACTION OR PROCEEDING IN THE MANNER PROVIDED IN Section 3.04 OR IN SUCH OTHER MANNER AS MAY BE
PERMITTED BY LAW, SHALL BE VALID AND SUFFICIENT SERVICE THEREOF AND HEREBY WAIVE ANY OBJECTIONS TO SERVICE ACCOMPLISHED IN THE MANNER HEREIN PROVIDED. 

SECTION 3.11.    Severability. If any provision of this Agreement shall be held to be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 3.12.    Counterparts; Delivery by Electronic Transmission. This Agreement may be executed in one or
more counterparts each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or
portable document format (PDF) shall be as effective as delivery of a manually executed counterpart of such Agreement. 

SECTION 3.13.    Headings. The heading references herein and in the table of contents hereto are for
convenience purposes only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. 

SECTION 3.14.    Other Activities. Notwithstanding anything in this Agreement, none of the provisions of this
Agreement shall in any way limit a Holder or any of its Affiliates from engaging in any brokerage, investment advisory, financial advisory, anti-raid advisory, principaling, merger advisory, financing, asset management, trading, market making,
arbitrage, investment activity and other similar activities conducted in the ordinary course of their business. 

SECTION 3.15.    Time of the Essence. The parties agree that time shall be of the essence in the performance
of this Agreement.
 SECTION 3.16.    Limitation of Liability. Notwithstanding anything contained in this
Agreement to the contrary, none of the parties shall be liable for incidental, consequential, special, indirect, exemplary, punitive damages or loss of benefit of the bargain, regardless of whether the possibility thereof was disclosed to a party or
could have been reasonably foreseen by such party or any damages or loss based upon any multiple; provided, that the foregoing shall not apply with respect to Section 2.05 or Section 2.01(a); and provided, further,
that solely in the case of Section 2.01(a)(y), the Company shall be liable for consequential damages only to the extent such damages were the direct reasonably foreseeable result of the facts and circumstances giving rise to the claim
hereunder, and in any event any damages that may be payable by the Company under this Agreement and under the SPA shall be capped at an aggregate amount equal to the amount of the purchase price actually received by the Company under the SPA. 

SECTION 3.17.    Effectiveness. This Agreement, and the parties’ respective rights and obligations
hereunder, shall be of no force or effect until the occurrence of the Closing. Upon the occurrence of the Closing, this Agreement, and all of the parties’ respective rights and obligations 

  
 15 

 
hereunder, shall immediately and automatically become effective, without any further action on the part of any party or other person. If the SPA is terminated in accordance with its terms prior
to the Closing, this Agreement shall terminate without any liability or obligation of any party. 

SECTION 3.18.    Entire Agreement. This Agreement and the SPA are intended by the parties as a final
expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto and thereto in respect of the subject matter contained herein and therein. This Agreement and the SPA
supersede all prior agreements and understandings between the parties with respect to such subject matter. 
 [Remainder of Page
Intentionally Blank] 

  
 16 

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

			
	 COMPANY
  

HS SPINCO, INC.

 
			
		
	 By:
	 	 /s/ Steven Paladino

	 Name:
	 	Steven Paladino
	 Title:
	 	President, Treasurer and Chief Financial Officer

 [Signature Page to Registration Rights Agreement] 

 
			
	 INVESTOR:

	
	MORGAN STANLEY INVESTMENT FUNDS - US GROWTH FUND
	
	By: Morgan Stanley Investment Management Inc., as Sub-adviser
		
	By:	 	 /s/ Jason Yeung

	Name:	 	Jason Yeung
	Title:	 	Managing Director

 
			
	INVESTOR:
	
	MASTER TRUST FOR DEFINED CONTRIBUTION PLANS OF AMERICAN AIRLINES, INC., US AIRWAYS, INC., AND AFFILIATES
	
	By: Morgan Stanley Investment Management Inc., as Investment Manager
		
	By:	 	 /s/ Jason Yeung

	Name:	 	Jason Yeung
	Title:	 	Managing Director

 
			
	INVESTOR:

 
			
	
	GROWTH TRUST

 
			
	
	By: Morgan Stanley Investment Management Inc., as Adviser

 
			
		
	By:	 	 /s/ Jason Yeung

	Name:	 	Jason Yeung
	Title:	 	Managing Director

 
			
	INVESTOR:
	
	LAWRENCIUM ATOLL INVESTMENTS LIMITED
	
	By: Morgan Stanley Investment Management Inc., as Investment Manager
		
	By:	 	 /s/ Jason Yeung

	Name:	 	Jason Yeung
	Title:	 	Managing Director

 
			
	INVESTOR:
	
	BRIGHTHOUSE FUNDS TRUST I - MORGAN STANLEY MID CAP GROWTH PORTFOLIO
	
	By: Morgan Stanley Investment Management Inc., as Sub-adviser
		
	By:	 	 /s/ Jason Yeung

	Name:	 	Jason Yeung
	Title:	 	Managing Director

 
			
	INVESTOR:
	
	MORGAN STANLEY INVESTMENT MANAGEMENT SMALL COMPANY GROWTH TRUST
	
	By: Morgan Stanley Investment Management Inc., as Adviser
		
	By:	 	 /s/ Jason Yeung

	Name:	 	Jason Yeung
	Title:	 	Managing Director

 
			
	INVESTOR:
	
	MORGAN STANLEY INSTITUTIONAL FUND, INC. - GROWTH PORTFOLIO
	
	By: Morgan Stanley Investment Management Inc., as Adviser
		
	By:	 	 /s/ Jason Yeung

	Name:	 	Jason Yeung
	Title:	 	Managing Director

 
			
	INVESTOR:
	
	MORGAN STANLEY VARIABLE INSURANCE FUND, INC. - GROWTH PORTFOLIO
	
	By: Morgan Stanley Investment Management Inc., as Adviser
		
	By:	 	 /s/ Jason Yeung

	Name:	 	Jason Yeung
	Title:	 	Managing Director

 
			
	INVESTOR:
	
	MORGAN STANLEY VARIABLE INSURANCE FUND, INC. - MID CAP GROWTH PORTFOLIO
	
	By: Morgan Stanley Investment Management Inc., as Adviser
		
	By:	 	 /s/ Jason Yeung

	Name:	 	Jason Yeung
	Title:	 	Managing Director

 
			
	INVESTOR:
	
	MORGAN STANLEY INSTITUTIONAL FUND TRUST - MID CAP GROWTH PORTFOLIO
	
	By: Morgan Stanley Investment Management Inc., as Adviser
		
	By:	 	 /s/ Jason Yeung

	Name:	 	Jason Yeung
	Title:	 	Managing Director

 
			
	INVESTOR:
	
	MORGAN STANLEY MULTI CAP GROWTH TRUST
	
	By: Morgan Stanley Investment Management Inc., as Adviser
		
	By:	 	 /s/ Jason Yeung

	Name:	 	Jason Yeung
	Title:	 	Managing Director

 
			
	INVESTOR:
	
	JOHNSON & JOHNSON PENSION AND SAVINGS PLANS MASTER TRUST
	
	By: Morgan Stanley Investment Management Inc., as Manager
		
	By:	 	 /s/ Jason Yeung

	Name:	 	Jason Yeung
	Title:	 	Managing Director

 
			
	SCHF (M) PV, L.P.
	
	By: SCHF (GPE), LLC
	Its General Partner
		
	By:	 	 /s/ Keith Johnson

	Name:	 	Keith Johnson
	Title:	 	Managing Member

 Signature Page to Registration Rights Agreement 

 
			
	SCHF CIF, L.P. / CIF 2018 – A Series
	
	 By: SCHF (GPE), LLC
 Its General
Partner

		
	By:	 	 /s/ Keith Johnson

	Name:	 	Keith Johnson
	Title:	 	Managing Member

 Signature Page to Registration Rights Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}]]