Document:

Exhibit 10.1

 

execution
version

 

INTEREST PURCHASE AGREEMENT

 

This INTEREST PURCHASE
AGREEMENT (this “Agreement”) is entered into as of January 1, 2020, by and among Concentra Group Holdings Parent,
LLC, a Delaware limited liability company (the “Company”), Select Medical Corporation, a Delaware corporation
(“Select”), Welsh, Carson, Anderson & Stowe XII, L.P., a Delaware limited partnership (“WCAS”),
Dignity Health Holding Corporation, a Nevada corporation (“Dignity”), and the other signatories hereto (collectively
with WCAS and Dignity, the “Sellers” and each, individually, a “Seller”).

 

WHEREAS, the Sellers,
Select and the Company are parties to that certain Amended and Restated Limited Liability Company Agreement of the Company, dated
as of February 1, 2018 (as amended by that First Amendment, dated June 28, 2018, the “LLC Agreement”);

 

WHEREAS, immediately
prior to the effectiveness of this Agreement, certain Sellers (the “Option Sellers”) exercised vested options
for Class B Interests of the Company (the “Vested Options”) and received the Class B Interests set forth on
Schedule II attached to each Option Seller’s signature page. In connection with such exercise, each Option Seller
is obligated to pay to the Company the applicable exercise price and applicable withholding taxes arising as a result of such exercise;

 

WHEREAS, pursuant to
the Concentra Group Holdings Parent, LLC 2018 Equity Incentive Plan (as amended) (the “Equity Plan”) and each
Option Seller’s respective Award(s) (as defined in the Equity Plan), each Option Seller, in connection with the exercise
of their Vested Options, delivered a Notice of Option Exercise to the Company pursuant to which each Option Seller directed the
Company to withhold a certain number of Class B Interests (the “Withheld Interests”) that otherwise would be
received by such Option Seller on exercise of the Vested Options as payment for the applicable exercise price and applicable withholding
taxes arising as a result of such exercise. The number of Withheld Interests for each Option Seller is set forth on Schedule
II attached to each such Option Seller’s signature page and the number of Purchased Interests for each such Option Seller
set forth on Schedule I attached to each such Option Seller’s signature page is net of such Withheld Interests; and

 

WHEREAS, Select agrees
to purchase from each Seller, and each Seller agrees to sell to Select, the number of Class A Interests and Class B Interests (including
any Class B Interests arising from the exercise of the Vested Options and net of any Withheld Interests) (collectively, the “Interests”)
of the Company as set forth on Schedule I attached to each Seller’s signature page (collectively, the “Purchased
Interests”), such sale and purchase to be consummated in accordance with the terms and subject to the conditions set
forth herein.

 

NOW, THEREFORE, in consideration
of the premises set forth above and of the mutual representations, covenants, and obligations hereinafter set forth below, and
for other good and valuable consideration, the receipt, sufficiency, and adequacy of which are hereby acknowledged, the parties
hereto, intending to be legally bound, hereby agree as follows:

 

     

     

    

 

Article
I

PURCHASE AND SALE OF PURCHASED INTERESTS

 

1.1             
Purchase, Sale and Delivery of Purchased Interests. The closing of the purchase and sale of the Purchased Interests
contemplated herein (the “Closing”) shall take place remotely (including by facsimile or PDF) on the date hereof
(the “Closing Date”) and shall be deemed effective as of 12:01 A.M. (ET) on such date. At the Closing, in accordance
with the terms and subject to the conditions hereinafter set forth, each Seller shall sell, transfer and deliver to Select, and
Select shall, subject to Section 1.3, purchase from each such Seller, all of such Seller’s rights, title and interest
in and to the Purchased Interests set forth opposite such Seller’s name on Schedule I attached to such Seller’s
signature page for the Purchase Price (as defined below) set forth opposite such Seller’s name on Schedule I
attached to such Seller’s signature page. In connection with the delivery of the Purchased Interests to Select, each Seller
shall deliver to Select a duly executed irrevocable membership interest transfer power reflecting the transfer of such Seller’s
Purchased Interests to Select.

 

1.2             
Purchase Price. The purchase price for the Purchased Interests shall be four dollars and thirty-three cents ($4.33)
per Purchased Interest (the “Per Interest Price”).

 

1.3             
Closing Payment. On January 2, 2020, Select shall remit, or cause to be remitted, to each Seller an amount equal
to the product (the “Purchase Price”) of (a) the Per Interest Price and (b) the number of Purchased Interests
set forth opposite such Seller’s name on Schedule I attached to such Seller’s signature page, in immediately
available funds in accordance with wire instructions provided by such Seller to Select in writing. The Purchase Price payable to
each Seller is set forth opposite such Seller’s name on Schedule I attached to such Seller’s signature page.

 

Article
II

REPRESENTATIONS, WARRANTIES AND AGREEMENTS OF EACH SELLER

 

Each Seller hereby (solely
as to itself, himself or herself and not jointly or with respect to any other Seller) represents and warrants to, and agrees with,
Select and the Company as of the Closing Date as follows:

 

2.1             
If such Seller is not a natural person, such Seller is duly formed, incorporated or organized, validly existing and in good
standing under the laws of its jurisdiction of formation and has the power to carry on its business as it is now being conducted
and to enter into this Agreement and consummate the transactions contemplated by this Agreement.

 

2.2              The
execution, delivery and performance by such Seller of this Agreement and the consummation of the transactions
contemplated hereby to which such Seller is a party are within the power and authority of such Seller and (a) if such Seller
is an entity, have been duly authorized by all necessary action on the part of such Seller and (b) if such Seller is a
natural person, such Seller is competent to execute and deliver this Agreement and to perform his or her obligations
hereunder. The execution, delivery and performance by such Seller of this Agreement and the consummation of the transactions
contemplated hereby to which such Seller is a party require no approval of, filing with, or other action by such Seller, by
or in respect of, any governmental body, agency or official or any other person.

 

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2.3             
This Agreement has been (a) duly executed and delivered by such Seller and (b) assuming the due authorization, execution
and delivery of this Agreement by Select and the Company, constitutes a legal, valid and binding obligation of such Seller, enforceable
against such Seller in accordance with its terms, except as the enforceability hereof may be limited by (i) applicable bankruptcy,
insolvency, moratorium, reorganization or similar laws in effect which affect the enforcement of creditors’ rights generally
or (ii) general principles of equity, whether considered in a proceeding at law or in equity.

 

2.4             
Neither the execution and the delivery of this Agreement by such Seller nor the consummation of the transactions contemplated
hereby by such Seller will (a) violate in a material respect any statute, regulation, rule, judgment, order or other restriction
of any government, governmental agency or court to which such Seller is subject; (b) result in a material breach of, or constitute
a default under, any agreement, contract, lease, license or instrument to which such Seller is a party or by which such Seller
is bound; or (c) if such Seller is not a natural person, conflict with or result in any breach of any provision of the organizational
or governing documents of such Seller.

 

2.5             
Such Seller (a) is the sole record and beneficial owner of the Purchased Interests set forth opposite its name on Schedule
I attached to such Seller’s signature page, (b) has good and marketable title to such Purchased Interests and (c) has
the full legal right, power and authority to sell, transfer and deliver such Purchased Interests in accordance with the terms of
this Agreement. The delivery by such Seller to Select of such Purchased Interests pursuant to the terms of this Agreement will
transfer to Select good, valid and legal title to such Purchased Interests, free and clear of any and all liens, claims, pledges,
charges, security interests or encumbrances. Other than the LLC Agreement, none of such Purchased Interests are subject to any
shareholders agreement, voting agreement, voting trust, proxy or any other contractual obligation relating to the transferability
or the voting of such Purchased Interests.

 

2.6             
No investment bank, financial advisor, broker or finder has acted for such Seller in connection with this Agreement or the
transactions contemplated hereby, and no investment bank, financial advisor, broker or finder is entitled to any brokerage or finder’s
fee or other commissions in respect of such transactions based upon agreements, arrangements or understandings made by or on behalf
of such Seller.

 

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2.7              Such
Seller has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and
risks of its sale of the Purchased Interests and the other transactions contemplated hereby, and is entering into such
transactions with a full understanding of all of the terms, conditions and risks thereof and knowingly and willingly assumes
such terms, conditions and risks. Such Seller acknowledges and agrees that it has made its own inquiry and investigation
into, and, based thereon, has formed an independent judgment concerning, the Company and its business and operations, and has
had, and has, full access to such information about the Company and its business and operations as such Seller requires. SUCH
SELLER UNDERSTANDS THAT SELECT MAY POSSESS MATERIAL, NON-PUBLIC INFORMATION RELATING TO THE COMPANY AND THE INTERESTS. SUCH
SELLER REPRESENTS, WARRANTS AND AGREES THAT IT HAS NOT REQUESTED FROM SELECT OR THE COMPANY (OR ANY OF THEIR RESPECTIVE
AFFILIATES OR ANY OF THEIR RESPECTIVE REPRESENTATIVES) AND HAS NOT RECEIVED FROM SELECT OR THE COMPANY (OR ANY OF THEIR
RESPECTIVE AFFILIATES OR ANY OF THEIR RESPECTIVE REPRESENTATIVES) ANY INFORMATION ABOUT THE COMPANY OR ITS BUSINESS AND
OPERATIONS OR THE INTERESTS AND UNDERSTANDS AND APPRECIATES THE SIGNIFICANCE OF THERE BEING UNDISCLOSED INFORMATION, POSSIBLY
INCLUDING MATERIAL INFORMATION, WITH RESPECT THERETO. SUCH SELLER REPRESENTS, WARRANTS AND AGREES THAT, EXCEPT FOR THE
REPRESENTATIONS AND WARRANTIES OF SELECT AS EXPRESSLY SET FORTH IN ARTICLE III HEREOF, NONE OF THE COMPANY, SELECT (OR
ANY OF THEIR RESPECTIVE AFFILIATES OR ANY OF THEIR RESPECTIVE REPRESENTATIVES) MAKES OR HAS MADE, OR SHALL BE DEEMED TO HAVE
MADE, TO SUCH SELLER OR ANY OF ITS AFFILIATES OR ANY OF THEIR RESPECTIVE REPRESENTATIVES ANY REPRESENTATION OR WARRANTY OF
ANY KIND OR NATURE WHATSOEVER (ORAL OR WRITTEN, EXPRESS OR IMPLIED) RELATING TO SELECT, THE COMPANY OR THEIR RESPECTIVE
BUSINESS OR OPERATIONS OR THE INTERESTS OR OTHERWISE IN CONNECTION WITH THE PURCHASE AND SALE OF THE PURCHASED INTERESTS AND
THE OTHER TRANSACTIONS CONTEMPLATED HEREBY, AND NO PERSON HAS BEEN AUTHORIZED BY THE COMPANY OR SELECT TO MAKE ANY
REPRESENTATION OR WARRANTY RELATING TO SELECT, THE COMPANY OR THEIR RESPECTIVE BUSINESS OR OPERATIONS OR THE INTERESTS OR
OTHERWISE IN CONNECTION WITH THE PURCHASE AND SALE OF THE PURCHASED INTERESTS AND THE OTHER TRANSACTIONS CONTEMPLATED
HEREBY, AND REPRESENTS, WARRANTS AND AGREES THAT IN DETERMINING TO ENTER INTO AND PERFORM THIS AGREEMENT, SUCH SELLER HAS NOT
RELIED UPON ANY REPRESENTATION, WARRANTY, COVENANT OR AGREEMENT (ORAL OR WRITTEN, EXPRESS OR IMPLIED), RELATING TO SELECT,
THE COMPANY OR THEIR RESPECTIVE BUSINESS OR OPERATIONS OR THE INTERESTS OR OTHERWISE IN CONNECTION WITH THE PURCHASE AND SALE
OF THE PURCHASED INTERESTS AND THE OTHER TRANSACTIONS CONTEMPLATED HEREBY, OTHER THAN THE RESPECTIVE REPRESENTATIONS,
WARRANTIES, COVENANTS AND AGREEMENTS OF SELECT EXPRESSLY SET FORTH HEREIN.

 

Article
III

REPRESENTATIONS, WARRANTIES AND AGREEMENTS OF SELECT

 

Select, hereby represents
and warrants to, and agrees with, each Seller as of the Closing Date as follows:

 

3.1             
Select is a corporation, duly formed and validly existing under the laws of Delaware, and has the power to carry on its
business as it is now being conducted and to enter into this Agreement and consummate the transactions contemplated by this Agreement.

 

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3.2              The
execution, delivery and performance by Select of this Agreement and the consummation of the transactions contemplated hereby
are within the power and authority of Select and have been duly authorized by all necessary action on the part of
Select, acting by the Board of Directors of Select or by a committee of the Board of Directors of Select established for the
purpose of reviewing the transactions contemplated by this Agreement, in each case excluding any members that are affiliated
with any of the Sellers. The execution, delivery and performance by Select of this Agreement and the consummation of the
transactions contemplated hereby require no approval of, filing with, or other action by Select, by or in respect of, any
governmental body, agency or official or any other person, other than any filings by Select or its affiliates required to be
made under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

 

3.3             
This Agreement has been (a) duly executed and delivered by Select and (b) assuming the due authorization, execution and
delivery of this Agreement by each of the Sellers and the Company, constitutes a legal, valid, and binding obligation of Select,
enforceable against Select in accordance with its terms, except as the enforceability hereof may be limited by (i) applicable bankruptcy,
insolvency, moratorium, reorganization or similar laws in effect which affect the enforcement of creditors’ rights generally
or (ii) general principles of equity, whether considered in a proceeding at law or in equity.

 

3.4             
Neither the execution and the delivery of this Agreement, nor the consummation of the transactions contemplated hereby,
will (a) violate in a material respect any statute, regulation, rule, judgment, order or other restriction of any government, governmental
agency or court to which Select is subject; (b) result in a material breach of, or constitute a default under, any agreement, contract,
lease, license or instrument to which Select is a party or by which Select is bound; or (c) conflict with or result in any breach
of any provision of the articles of incorporation or bylaws of Select.

 

3.5             
No investment bank, financial advisor, broker or finder has acted for Select in connection with this Agreement or the transactions
contemplated hereby, and no investment bank, financial advisor, broker or finder is entitled to any brokerage or finder’s
fee or other commissions in respect of such transactions based upon agreements, arrangements or understandings made by or on behalf
of Select.

 

3.6             
Select is acquiring the Purchased Interests for its own account for investment only and shall not resell, transfer or otherwise
dispose of, directly or indirectly, the Purchased Interests in violation of the Securities Act of 1933 (as amended) and applicable
state laws.

 

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3.7              Select
has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of
its purchase of the Purchased Interests hereunder and the other transactions contemplated hereby, and is entering into such
transactions with a full understanding of all of the terms, conditions and risks thereof and knowingly and willingly
assumes such terms, conditions and risks. Select acknowledges and agrees that it has made its own inquiry and investigation
into, and, based thereon, has formed an independent judgment concerning, the Company and its business and operations, and has
had, and has, full access to such information about the Company and its business and operations as Select requires. SELECT
REPRESENTS, WARRANTS AND AGREES THAT, EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES OF EACH SELLER AS EXPRESSLY SET FORTH IN ‎Article
II HEREOF, NONE OF THE SELLERS (OR ANY OF THEIR RESPECTIVE AFFILIATES OR ANY OF THEIR RESPECTIVE REPRESENTATIVES)
MAKES OR HAS MADE, OR SHALL BE DEEMED TO HAVE MADE, TO SELECT, THE COMPANY OR ANY OF THEIR AFFILIATES OR ANY OF THEIR
RESPECTIVE REPRESENTATIVES ANY REPRESENTATION OR WARRANTY OF ANY KIND OR NATURE WHATSOEVER (ORAL OR WRITTEN, EXPRESS OR
IMPLIED) RELATING TO THE PURCHASED INTERESTS OR OTHERWISE IN CONNECTION WITH THE PURCHASE AND SALE OF THE PURCHASED INTERESTS
AND THE OTHER TRANSACTIONS CONTEMPLATED HEREBY, AND NO PERSON HAS BEEN AUTHORIZED BY SUCH SELLER TO MAKE ANY REPRESENTATION
OR WARRANTY RELATING TO THE PURCHASED INTERESTS OR OTHERWISE IN CONNECTION WITH THE PURCHASE AND SALE OF THE PURCHASED
INTERESTS AND THE OTHER TRANSACTIONS CONTEMPLATED HEREBY, AND REPRESENTS, WARRANTS AND AGREES THAT IN DETERMINING TO ENTER
INTO AND PERFORM THIS AGREEMENT, SELECT HAS NOT RELIED UPON ANY REPRESENTATION, WARRANTY, COVENANT OR AGREEMENT (ORAL OR
WRITTEN, EXPRESS OR IMPLIED), RELATING TO THE PURCHASED INTERESTS OR OTHERWISE IN CONNECTION WITH THE PURCHASE AND SALE OF
THE PURCHASED INTERESTS AND THE OTHER TRANSACTIONS CONTEMPLATED HEREBY, OTHER THAN THE RESPECTIVE REPRESENTATIONS,
WARRANTIES, COVENANTS AND AGREEMENTS OF EACH SELLER EXPRESSLY SET FORTH HEREIN.

 

Article
IV

MISCELLANEOUS

 

4.1             
Survival of Representations, Warranties and Agreements. The covenants, representations and warranties of each party
contained herein shall survive the Closing. The representations and warranties of a party (the “Representing Party”)
shall not be affected or deemed waived by reason of any investigation made (or not made) by or on behalf of the party benefiting
from such representation or warranty (the “Benefiting Party”), including any investigations made (or not made)
by any of the Benefiting Party’s advisors, agents, consultants or representatives, or by reason of the fact that the Benefiting
Party or any of such advisors, agents, consultants or representatives knew or should have known that any such representation or
warranty is or might be inaccurate or untrue.

 

4.2        
Indemnification. Each party agrees to indemnify, defend and hold harmless the other party or parties, as the case
may be, its or their respective managers, partners, directors, officers, members, equityholders, employees, attorneys, accountants,
agents and representatives, and its or their respective heirs, successors and permitted assigns (collectively, the “Indemnified
Parties”) from and against all liabilities, losses and damages, together with all reasonable and documented out-of-pocket
costs and expenses related thereto (including, without limitation, reasonable and documented out-of-pocket legal fees and expenses),
based upon, arising out of, resulting from or otherwise in connection with (a) any material inaccuracy or breach of any representation
or warranty of such party herein, or (b) any material breach of any covenant or agreement of such party herein.

 

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4.3             
Interpretation and Waiver. Each of the parties hereto acknowledges and agrees that the transactions contemplated
by this Agreement (the “Transactions”) are intended to be in lieu of, and will for all purposes hereafter be
deemed to constitute, the first WCAS Put Exercise, Dignity Put Exercise and applicable Additional Put Exercise (collectively, the
“First Put Exercise”) with respect to the Put Valuation Request Period for the fiscal year beginning on January
1, 2020 (the “First Put Period”). Each Seller hereby waives any rights to assert a separate put exercise for
the First Put Period. Further, in connection with the Transactions, each Seller hereby (i) waives any rights granted to it under
Sections 9.3(a), 9.3(e) and 9.3(f) of the LLC Agreement with respect to the First Put Exercise and the First
Put Period (including, without limitation, the right to engage an investment bank to determine the Company Enterprise Value or
Put Price Per Interest) and (ii) acknowledges and agrees that the Transactions shall be deemed to satisfy Select’s obligations
and liabilities set forth under Sections 9.3(a), 9.3(e) and 9.3(f) of the LLC Agreement in all respects, in
each case solely with respect to the First Put Exercise and the First Put Period. Except for the express waivers set forth herein,
all other provisions of the LLC Agreement, including all of Sellers’ rights in relation to a WCAS Put Exercise, Dignity Put
Exercise or applicable Additional Put Exercise, as applicable, for Put Valuation Request Periods other than the First Put Period,
shall remain unaffected and in full force and effect, and the express waivers set forth herein shall not constitute or be construed
as waivers of, or a commitment on the part of any of the Sellers to waive, any other rights of the Sellers under the LLC Agreement.

 

4.4             
Notices. All notices and other communications by Select or the Sellers hereunder shall be in writing to the other
party or parties, as the case may be, and shall be delivered personally, delivered by nationally recognized overnight courier service,
sent by certified or registered mail, postage prepaid, or sent by facsimile (subject to electronic confirmation of such facsimile
transmission) or electronic mail. Any such notice or communication shall be deemed to have been duly given (i) when delivered,
if personally delivered, (ii) the first Business Day after it is deposited with a nationally recognized overnight courier service,
if sent by nationally recognized overnight courier service during a Business Day (and otherwise two Business Days after it is so
deposited), (iii) the day of sending, if sent by facsimile or electronic mail prior to 5:00 p.m. (New York City time) on any Business
Day or the next succeeding Business Day if sent by facsimile or electronic mail after 5:00 p.m. (New York City time) on any Business
Day or on any day other than a Business Day or (iv) five Business Days after the date of mailing, if mailed by certified or registered
mail, postage prepaid, in each case, to the following address, electronic mail address or facsimile number, or to such other address
or addresses, electronic mail address or addresses or facsimile number or numbers as such party may subsequently designate to the
other parties hereto by notice given hereunder:

 

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if to Select:

 

Select Medical Corporation

4714 Gettysburg Road,

P.O. Box 2034

Mechanicsburg, Pennsylvania 17055

Attention: Michael E. Tarvin

E-Mail: MTarvin@selectmedical.com

Facsimile: (717) 412-9142

 

with a copy (which shall not constitute notice) to:

 

Dechert LLP

2929 Arch Street

Philadelphia, PA 19104

Attention: Stephen M. Leitzell

E-Mail: stephen.leitzell@dechert.com

Facsimile: (215) 994-2222

 

if to any Seller, to the Seller’s
address, facsimile number or electronic mail address set forth opposite such Seller’s name on Schedule I attached
to each Seller’s signature page.

 

4.5             
Seller Notification. Select or the Company shall promptly (and in any event prior to Closing) notify each of the
Sellers in case (i) any of the Option Sellers indicates to Select or the Company that such Option Seller intends to not exercise
its, his or her Vested Options (or any part thereof) or (ii) any of the Sellers indicates to Select or the Company that such Seller
intends to not sell the Purchased Interests held by such Seller pursuant to this Agreement.

 

4.6             
No Assignment; No Third Party Beneficiaries. Neither this Agreement nor any of the rights, interests or obligations
of any party hereunder shall be assigned, delegated or otherwise transferred by any of the parties hereto without the prior written
consent of the other party or parties, as the case may be, and any purported assignment, delegation or transfer without such consent
shall be null and void. Subject to the preceding sentence, the provisions hereof shall inure to the benefit of, and be binding
upon, the successors, permitted assigns, heirs, executors and administrators of the parties hereto. Nothing in this Agreement,
express or implied, is intended to confer upon any party other than the parties hereto or the respective successors and permitted
assigns, heirs, executors and administrators of the parties hereto or the Indemnified Parties (solely with respect to their rights
to indemnification pursuant to Section 4.2) any rights, remedies, obligations or liabilities under or by reason of this
Agreement, except as expressly provided by this Agreement, and except as thus expressly provided no person other than the parties
hereto or the respective successors and permitted assigns, heirs, executors and administrators of the parties hereto or the Indemnified
Parties (solely with respect to their rights to indemnification pursuant to Section 4.2) shall have any standing as a third-party
beneficiary with respect to this Agreement or the transactions contemplated hereby.

 

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4.7             
Severability. If any term, provision, agreement, covenant or restriction of this Agreement is held by a court of
competent jurisdiction or other competent authority to be invalid, void or unenforceable, the remainder of the terms, provisions,
agreements, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected,
impaired or invalidated; provided, however, that the economic or legal substance of the transactions contemplated hereby
not thereby be affected in any manner materially adverse to any party hereto. Upon such a determination, the parties shall (subject
to the proviso in the preceding sentence) negotiate in good faith to modify this Agreement so as to effect the original intent
of the parties as closely as possible in a reasonably acceptable manner in order that the transactions contemplated hereby may
be consummated as originally contemplated to the fullest extent possible.

 

4.8             
Cooperation; Further Assurances. From and after the Closing Date, upon the request of Select, on the one hand, or
any Seller, on the other hand, such other party, as applicable, shall execute and deliver such instruments, documents or other
writings as may be reasonably necessary to confirm and carry out, and to effectuate fully the intent and purposes of, this Agreement.

 

4.9             
Entire Agreement. This Agreement embodies the complete agreement and understanding among the parties hereto with
respect to the subject matter hereof, and supersedes and preempts any prior understandings, agreements or representations by or
among the parties, written or oral, that may have related to the subject matter hereof in any way.

 

4.10         
Amendments and Waivers. This Agreement may be amended, modified, superseded or canceled, and any of the terms, representations,
warranties or covenants hereof may be waived, only by written instrument executed by each of the parties hereto or, in the case
of a waiver, by the party waiving compliance.

 

4.11         
Counterparts, Execution, Headings. This Agreement may be executed and delivered (including by facsimile transmission
or by electronic mail with a PDF scanned attachment) in one or more counterparts, each of which shall be an original, but all of
which together shall constitute one and the same instrument. The article and section headings contained in this Agreement are solely
for the purpose of reference, and are not part of the agreement of the parties and shall not in any way affect the meaning or interpretation
of this Agreement.

 

4.12         
Construction. Capitalized terms used herein and not otherwise defined herein shall have the meanings set forth in
the LLC Agreement. Unless the context of this Agreement otherwise requires: (i) words of any gender include each other gender;
(ii) words using the singular or plural number also include the plural or singular number, respectively; (iii) the terms “hereof,”
“herein,” “hereby” and derivative or similar words refer to this entire Agreement; (iv) the terms “
Article” or “Section” refer to the specified Article or Section of this Agreement; (v) the term “including”
means “including without limitation”; (vi) the term “foreign” is used with respect to the United States;
and (vii) “dollars” and “$” refer to United States Dollars. Whenever this Agreement refers to a number
of days, such number shall refer to calendar days unless Business Days are specified.

 

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4.13         
Governing Law. This Agreement, and any claims arising out of or relating to this Agreement, the subject matter hereof
or the transactions contemplated hereby (whether at law or in equity, whether sounding in contract, tort, statute or otherwise),
shall be governed by and construed and enforced in accordance with the laws of the State of Delaware, without regard to, or otherwise
giving effect to, any law, body of law or other rule that would cause or otherwise require the application of the laws of any other
jurisdiction.

 

4.14         
Venue; Jurisdiction. Any action or proceeding against either Select or any Seller arising out of or relating to this
Agreement, the subject matter hereof or the transactions contemplated hereby (whether at law or in equity, whether sounding in
contract, tort, statute or otherwise), shall be brought exclusively in the Delaware Court of Chancery (or, if but only if, the
Delaware Court of Chancery declines to accept jurisdiction, the Superior Court of the State of Delaware), and Select, the Company
and each of the Sellers irrevocably submit to the exclusive jurisdiction and venue of such courts in respect of any such action
or proceeding, agree that such courts are convenient forums for such purpose, agree not to transfer or remove any such action or
proceeding to any other court, and agree that service of process in any such action or proceeding may be effected in any manner
(other than via telecopy, electronic mail or facsimile transmission) by which notices may be delivered pursuant to, and at the
address specified in, Section ‎4.4 hereof, in addition to any other method of
service permitted by applicable law. Any actions or proceedings to enforce an order or judgment issued by such courts may be brought
in any jurisdiction. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES
ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY IN THE COURTS OF THE STATE OF DELAWARE, AND HEREBY AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES
NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN
AN INCONVENIENT FORUM.

 

4.15         
Waiver of Jury Trial. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, SELECT, THE COMPANY AND
EACH SELLER HEREBY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL
BY JURY IN ANY FORUM IN RESPECT OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE SUBJECT MATTER HEREOF
OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER AT LAW OR IN EQUITY, WHETHER SOUNDING IN CONTRACT, TORT, STATUTE OR OTHERWISE).
SELECT, THE COMPANY AND EACH SELLER ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTY OR PARTIES, AS THE CASE MAY BE, THAT
THIS SECTION ‎4.15 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH IT IS RELYING,
AND WILL RELY IN ENTERING INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY. SELECT, THE COMPANY OR ANY SELLER MAY FILE
AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION ‎4.15 WITH ANY COURT AS WRITTEN
EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

 

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4.16         
No Strict Construction. The parties have participated jointly in the negotiation and drafting of this Agreement with
counsel sophisticated in transactions of this type. 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.

 

4.17         
Publicity. No party hereto shall, directly or indirectly issue any press release or make any public statement regarding
this Agreement or the Transactions without the prior written consent of the other parties hereto and this Agreement and the Transaction
shall be deemed Confidential Information and subject to the confidentiality obligations set forth in the LLC Agreement; provided,
however, that either party hereto may, without the prior consent of the other parties, issue a press release or make a public
statement regarding this Agreement or the Transactions as may be required by applicable law.

 

4.18         
Expenses. Each of the Sellers and Select shall bear their own expenses and legal fees incurred on their behalf with
respect to this Agreement and the Transactions. The Company shall be responsible for all out-of-pocket fees and expenses incurred
by the Company relating to the Transactions or the preparation of this Agreement, including, without limitation, all expenses and
fees incurred in connection with all filings made with respect to the Transactions pursuant to the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended.

 

4.19         
Specific Performance. The parties hereto agree that if any of the provisions of this Agreement were not performed
in accordance with their specific terms or were otherwise breached, irreparable damage would occur, no adequate remedy at law would
exist and damages would be difficult to determine, and that the parties hereto shall be entitled (without necessity of posting
bond or other security) to injunctive relief to prevent breaches of, and to specific performance of, the provisions hereof, in
addition to any other remedy at law or in equity. The rights and remedies of the parties hereto shall be cumulative (and not alternative).

  

[The remainder of this page has been
intentionally left blank.]

 

    11

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed as of the date hereof:

 

	 	SELECT:
	 	 
	 	SELECT MEDICAL CORPORATION
	 	 
	 	By:	/s/ Michael E. Tarvin
	 	 	Name:  	Michael E. Tarvin
	 	 	Title:	Executive Vice President, General Counsel and Secretary

 

[Signature Page to Interest Purchase Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed as of the date hereof:

 

	 	THE COMPANY:
	 	 
	 	CONCENTRA GROUP HOLDINGS PARENT, LLC
	 	 
	 	By:	/s/ Michael E. Tarvin
	 	 	Name:  	Michael E. Tarvin
	 	 	Title:	Executive Vice President and Secretary 

 

[Signature Page to Interest Purchase Agreement]

  

     

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed as of the date hereof:

 

	 	SELLERS:
	 	 
	 	DIGNITY HEALTH HOLDING CORPORATION
	 	 
	 	By:	/s/ Daniel J. Morissette
	 	 	Name: Daniel J. Morissette
	 	 	Title: Senior Executive Vice President/Chief Financial Officer

 

[Signature Page to Interest Purchase Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed as of the date hereof:

 

	 	WELSH, CARSON, ANDERSON & STOWE XII, L.P.
	 	 
	 	By:	WCAS XII ASSOCIATES LLC, its general partner
	 	 
	 	 	By:	/s/ D. Scott Mackesy
	 	 	 	Name: D. Scott Mackesy
	 	 	 	Title: Managing Member
	 	 
	 	WELSH, CARSON, ANDERSON & STOWE XII DELAWARE, L.P.
	 	 
	 	By:	WCAS XII ASSOCIATES CAYMAN L.P., its general partner
	 	 
	 	 	By:	WCAS XII ASSOCIATES LLC, ITS GENERAL PARTNER
	 	 
	 	 	 	By:	/s/ D. Scott Mackesy
	 	 	 	 	Name: D. Scott Mackesy
	 	 	 	 	Title: Managing Member
	 	 
	 	WELSH, CARSON, ANDERSON & STOWE XII DELAWARE II, L.P.
	 	 
	 	By:	WCAS XII ASSOCIATES LLC, its general partner
	 	 
	 	 	By:	/s/ D. Scott Mackesy
	 	 	 	Name: D. Scott Mackesy
	 	 	 	Title: Managing Member

 

[Signature Page to Interest Purchase Agreement]

 

     

     

    

  

	 	WELSH, CARSON, ANDERSON & STOWE XII CAYMAN, L.P.

 

	 	By:	WCAS XII ASSOCIATES CAYMAN L.P., its general partner
	 	 
	 	 	By:	WCAS XII ASSOCIATES LLC, its general partner
	 	 
	 	 	 	By:	/s/ D. Scott Mackesy
	 	 	 	 	Name: D. Scott Mackesy
	 	 	 	 	Title: Managing Member
	 	 
	 	WCAS XII CO-INVESTORS LLC
	 	 
	 	By:	/s/ D. Scott Mackesy
	 	 	Name: D. Scott Mackesy
	 	 	Title: Managing Member
	 	 
	 	WCAS MANAGEMENT CORPORATION
	 	 
	 	By:	/s/ D. Scott Mackesy
	 	 	Name: D. Scott Mackesy
	 	 	Title: Managing Member

 

[Signature Page to Interest Purchase Agreement]

  

     

     

    

 

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed as of the date hereof:

 

	 	CRESSEY & COMPANY FUND IV LP
	 	 
	 	By:	CRESSEY & COMPANY GP LP, its general partner
	 	 
	 	 	By:	CRESSEY & COMPANY LLC, its general partner
	 	 
	 	 	 	By:	/s/ Bryan Cressey
	 	 	 	 	Name:  	Bryan Cressey
	 	 	 	 	Title:	Partner

 

[Signature Page to Interest Purchase Agreement]

 

    

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed as of the date hereof:

 

	 	DAEG HOLDINGS, LLC
	 	 
	 	By:	 /s/ James M. Greenwood
	 	 	Name: James M. Greenwood
	 	 	Title:

 

[Signature Page to Interest Purchase Agreement]

 

    

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed as of the date hereof:

 

	 	JKC TR HOLDINGS, LLC
	 	 
	 	By:	/s/ John K. Carlyle
	 	 	Name: John K. Carlyle
	 	 	Title: Manager

 

[Signature Page to Interest Purchase Agreement]

 

    

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed as of the date hereof:

 

	 	DTLT PRIVATE HOLDINGS, LLC
	 	 
	 	By:	/s/ Daniel J. Thomas
	 	 	Name: Daniel J. Thomas
	 	 	Title:

 

[Signature Page to Interest Purchase Agreement]

 

    

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed as of the date hereof:

  

	 	By:	 /s/ John A. deLorimier
	 	 	Name: John A. deLorimier

 

[Signature Page to Interest Purchase Agreement]

 

    

     

    

  

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed as of the date hereof:

  

	 	By:	/s/ Matthew T. DiCanio
	 	 	Name: Matthew T. DiCanio

 

[Signature Page to Interest Purchase Agreement]

 

    

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed as of the date hereof:

  

	 	By:	 /s/ Giovanni Gallara
	 	 	Name: Giovanni Gallara

 

[Signature Page to Interest Purchase Agreement]

 

    

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed as of the date hereof:

  

	 	By:	/s/ Gregory M. Gilbert
	 	 	Name: Gregory M. Gilbert

 

[Signature Page to Interest Purchase Agreement]

 

    

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed as of the date hereof:

  

	 	By:	/s/ Michael A. Kosuth
	 	 	Name: Michael A. Kosuth

 

[Signature Page to Interest Purchase Agreement]

 

    

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed as of the date hereof:

  

	 	By:	/s/ Douglas R. McAndrew
	 	 	Name: Douglas R. McAndrew

 

[Signature Page to Interest Purchase Agreement]

 

    

     

    

  

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed as of the date hereof:

 

	 	WKN TR HOLDINGS, LLC
	 	 
	 	By:	/s/ W. Keith Newton
	 	 	Name: W. Keith Newton
	 	 	Title: President and Chief Executive Officer

 

[Signature Page to Interest Purchase Agreement]

 

    

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed as of the date hereof:

  

	 	By:	/s/ James J. Talalai
	 	 	Name: James J. Talalai

 

[Signature Page to Interest Purchase Agreement]

  

    

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed as of the date hereof:

  

	 	By:	/s/ Scott C. Wise
	 	 	Name: Scott C. Wise

 

[Signature Page to Interest Purchase Agreement]

 

    

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed as of the date hereof:

  

	 	By:	/s/ John R. Anderson, D.O.
	 	 	Name: John R. Anderson, D.O.

 

[Signature Page to Interest Purchase Agreement]

 

    

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed as of the date hereof:

  

	 	By:	/s/ Jonathan P. Conser
	 	 	Name: Jonathan P. Conser

 

[Signature Page to Interest Purchase Agreement]

  

    

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed as of the date hereof:

  

	 	By:	/s/ Danielle Kendall
	 	 	Name: Danielle Kendall

 

[Signature Page to Interest Purchase Agreement]

 

    

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed as of the date hereof:

  

	 	By:	/s/ Su Zan Nelson
	 	 	Name: Su Zan Nelson 

 

[Signature Page to Interest Purchase Agreement]

 

    

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed as of the date hereof:

  

	 	By:	/s/ Donnie E. Venhaus
	 	 	Name: Donnie E. Venhaus

 

[Signature Page to Interest Purchase Agreement]Exhibit 10.1

 

December 27, 2019

 

STRICTLY PERSONAL AND CONFIDENTIAL

 

Franklin W. Hobbs

Via email

 

Dear Fritz,

 

This letter agreement (this “Agreement”)
sets forth the understanding between you and Ribbon Communications Inc. (“Ribbon”) and Sonus Networks, Inc. d/b/a Ribbon
Communications Operating Company. Inc., (“RCOC” and Ribbon and RCOC, together with its affiliates who may employ you
from time to time, the “Company”), regarding the transition and cessation of your employment and other services with
the Company in all capacities. Capitalized terms used in this Agreement and not otherwise defined herein shall have the meanings
ascribed to such in those certain letter agreement and severance agreement, each dated April 19, 2018, by and between Ribbon, RCOC
and you (the “Severance Agreement” and, collectively with such letter agreement, the “Employment Agreement”).

 

1.            Transition/Cessation
of Employment.

 

(a)    You acknowledge
and agree that, effective as of November 13, 2019 (the “Transition Date”), you are no longer serving as the Company’s
President and Chief Executive Officer. From the Transition Date through December 31, 2019, you shall continue to be employed by
the Company and shall provide such transition and other services as may be reasonably requested by Ribbon’s Board of Directors
(the “Board”). You acknowledge and agree that your employment with the Company will terminate as of the close
of business on December 31, 2019 (the “Termination Date”) and, except as otherwise specifically set forth herein or
required by law, you are not eligible to receive any further compensation or benefits from the Company. In addition, you hereby
resign as of the date of this Agreement, as a member of the Board and from all officer, director and any other positions you may
hold with any subsidiary of Ribbon.

 

(b)   Upon the termination
of your employment on the Termination Date, you shall be entitled to (i) any and all earned and unpaid base salary through the
Termination Date; (ii) any accrued but unused vacation pay owed to you in accordance with Company applicable policies and practices
up to and including the Termination Date; and (iii) any allowable and unreimbursed business expenses incurred through the Termination
Date that are supported by appropriate documentation in accordance with the Company’s policies (subsections (i) through (iii),
collectively, “Accrued Benefits”).

 

(c)   In
addition to the Accrued Benefits, subject to (i) your execution and delivery of a Confidential Release Agreement in substantially
the form attached hereto as Exhibit A (the “Release”) (and the lapse of any revocation period related thereto) within
30 days following the Termination Date, and (ii) your continued compliance with the Restrictive Covenants (as defined below), you
shall be entitled to (A) severance benefits as if your cessation of employment had been considered a termination of your employment
without Cause (as defined in the Severance Agreement) for purposes of the Severance Agreement (as further described in subsections
(I), (II) and (IV) below), (B) eligibility to receive an additional cash amount based on actual achievement of certain performance
objectives (as further described in subsection (III) below), and (C) certain additional continued eligibility for vesting of equity
awards (as further described in subsection (V) below and, together, with subsections (I) through (IV) below), the “Severance
Benefits”), which include the following:

 

		I.	Continued payment of your current base salary, less applicable withholdings, in accordance with
the Company’s usual payroll practices, for a period of twelve (12) months following the Termination Date;

 

		II.	A one-time lump sum cash amount equal to $500,000, less applicable withholdings, at the same time
as your Annual Bonus (as defined in the Employment Agreement) would have been paid to you absent termination; provided that such
payment shall be made no earlier than January 1, 2020 and no later than December 31, 2020;

 

     

     

    

 

		III.	A one-time lump sum cash amount equal to the Annual Bonus for fiscal year 2019 based on the actual
achievement of the applicable performance objectives for such Annual Bonus (as determined by the Board or Compensation Committee
of the Board), payable at the same time as such Annual Bonus would have been paid to you absent termination; provided that such
payment (if any) shall be made no earlier than January 1, 2020 and no later than December 31, 2020;

 

		IV.	Continued payment of the Company’s share of medical, dental, and vision insurance premiums
for you and your dependents, if any, for the twelve (12) month period following the Termination Date in the same amount as contributed
by the Company immediately prior to the Termination Date (consistent with Section 2(c) of the Severance Agreement); provided that
you continue to contribute towards the cost of such premiums under the same terms and conditions as applied to you and your dependents
immediately prior to the Termination Date (and, for the avoidance of doubt, in the event you do not participate in such benefit
plans as of immediately prior to the Termination Date, this subsection (IV) shall not apply); provided, further,
that the Company may, to the extent permitted under Section 409A, pay the aggregate amount of such continued payments in a lump
sum within 30 days following the Termination Date; and

 

		V.	The following additional benefits regarding equity compensation: (a) all unvested restricted stock
units currently subject solely to time-based vesting that would have vested during the period beginning on January 1, 2020 and
ending on December 31, 2020 had you remained continuously employed through such period, including for clarity the restricted stock
unit that had performance conditions satisfied related to calendar year 2018 and only has time-based vesting remaining (such restricted
stock units, “Time-Vesting RSUs”) shall remain outstanding and eligible to vest hereunder on the Accelerated
Time-Based Vesting Date (with settlement in accordance with their terms); (b) all unvested restricted stock units currently subject
to EBITDA-based vesting for the fiscal year ending December 31, 2019 (the “2019 EBITDA-Vesting PSUs”) shall
remain outstanding and be eligible to vest on the Accelerated Performance-Based Vesting Date in accordance with their terms based
on actual performance for such fiscal year (with settlement in accordance with Section 3(a)(i) of the Schedule 1 to the applicable
Award Agreement as if a termination without Cause); and (c) one-third of the unvested restricted stock units currently subject
to TSR-based vesting for the three-year period ending December 31, 2021 (“2019 TSR-Vesting PSUs”) shall remain
outstanding and be eligible to vest on the Accelerated Performance-Based Vesting Date in accordance with their terms based on actual
performance for the portion of the applicable performance period through December 31, 2019 as if the performance period ended on
such date (with settlement in accordance with Section 3(a)(ii) of the Schedule 1 to the applicable Award Agreement as if a termination
without Cause) (the restricted stock units described in subsection (b) and (c), “Performance-Vesting PSUs”)
on the Termination Date. For the avoidance of doubt, the Time-Vesting RSUs and Performance-Vesting PSUs described above shall solely
be entitled to vest after the Date of Termination pursuant to this Agreement and, to the extent they do not become vested as described
above, they will be forfeited for no consideration. As of immediately following the Termination Date, you have 573,953 unvested
Time-Vesting RSUs, 76,629 unvested 2019 EBITDA-Vesting PSUs and 51,086 unvested 2019 TSR-Vesting PSUs and, other than such Time-Vesting
RSUs and Performance-Vesting PSUs, all other equity awards in Ribbon or any of its affiliates (including any restricted stock units
subject to annual performance-based vesting with respect to fiscal years ending after December 31, 2019) shall be forfeited for
no consideration on the Termination Date. “Accelerated Time-Based Vesting Date” shall mean the 30th day following the
Termination Date, if you have timely executed and not revoked the Release. “Accelerated Performance-Based Vesting Date”
shall mean the later of (i) the 30th day following the Termination Date, if you have timely executed and not revoked the Release
and (ii) the determination of achievement, if any, of the applicable performance conditions by the Compensation Committee of the
Board in accordance with the terms of the grant (provided that, for the avoidance of doubt, (A) such determination with respect
to the 2019 EBITDA-Vesting PSUs will be made prior to December 15, 2020 and (B) such determination with respect to the 2019 TSR-Vesting
PSUs will be made prior to March 15, 2020).

 

     

     

    

 

2.            Restrictive
Covenants.

 

The Severance Benefits
are contingent upon and subject to your continued compliance with any Company policies or covenants that may be applicable to you
following the Termination Date as well as the restrictive covenants in your Confidentiality, Non-Competition and Assignment of
Inventions Agreement, dated April 19, 2018, by and between you and the Company (the “Restrictive Covenants Agreement”),
which shall continue to remain in full force and effect following the Termination Date (such restrictive covenants, together with
any applicable Company policies or covenants, the “Restrictive Covenants”).

 

3.            Cooperation.

 

Following the Termination
Date, you agree to cooperate reasonably with the Company, including any attorney, accountant or other consultant retained by Ribbon,
in connection with (i) any transition services as may be reasonably requested by the Company through December 31, 2020, and (ii)
any pending or future mediation, litigation, arbitration, business, or investigatory matter. Such cooperation related to any pending
or future mediation, litigation, arbitration, business, or investigatory matter may include, without limitation, you being available
for interview by Ribbon, or any attorney or other consultant retained by Ribbon, and providing the Company with relevant documents
in your possession or under your control. Ribbon agrees to provide you with reasonable notice of the need for assistance when feasible.
The Company also agrees to schedule such assistance in such a manner as not to unreasonably interfere with any alternative employment
you obtain when possible. The Company agrees to (i) indemnify you in accordance with the terms of your Indemnity Agreement dated
October 27, 2017 for all Expenses (as defined in the Indemnity Agreement) you may incur as a result of your cooperation contemplated
by this Section 3 and (ii) to the extent any expenses are not covered by the Indemnity Agreement, reimburse you for any reasonable
and pre-approved in writing expenses incurred by you in connection with your cooperation under this Section 3 and supported by
a valid invoice.

 

4.            Further
Assurances.

 

In order to effectuate
the foregoing, you agree to execute any additional documents and to take such further actions as may reasonably be requested from
time to time by the Company.

 

5.            Section
409A.

 

This Agreement is intended
to comply with the provisions of Section 409A and this Agreement shall, to the extent practicable, be interpreted and construed
in accordance therewith. Accordingly, the Section captioned “Tax Implications of Termination Payments” in the Severance
Agreement (including, without limitation, any required delay due to your treatment as a “specified employee” under
Section 409A) is incorporated into this Agreement by reference as if fully stated herein.

 

     

     

    

 

6.            Entire
Agreement.

 

This Agreement sets
forth the entire agreement between you and the Company with respect to the subject matter set forth herein and supersedes and replaces
any and all prior oral or written agreements or understandings between you and the Company with respect to your termination of
employment; provided that, for the avoidance of doubt, nothing herein supersedes, amends or otherwise modifies any agreements
between the Company and you with respect to confidential information, intellectual property, non-competition, non-solicitation,
non-disparagement, nondisclosure of proprietary information, inventions and injunctive relief (including, without limitation, the
Restrictive Covenants Agreement). This Agreement may be amended only by a subsequent writing signed by both parties. You represent
that you have signed this Agreement voluntarily. You acknowledge and agree that, except as set forth in this Agreement or any Accrued
Benefits, you have no rights to severance or other similar payments or benefits in connection with the termination of your employment
on the Termination Date. Notwithstanding the foregoing and without limiting any other rights you may have, the Company agrees and
acknowledges that you will continue to be covered by, and be able to avail yourself of, your rights under your Indemnity Agreement
and applicable insurance policies and charter documents of the Company providing for indemnification and/or advancement of expenses,
to the fullest extent permitted under law.

 

7.            General.

 

		(a)	This Agreement is personal in nature and you shall, without the written consent of the Company,
assign or otherwise transfer this Agreement or your obligations, duties and rights under this Agreement. The Company may assign
or otherwise transfer this Agreement or its obligations, duties and rights under this Agreement (i) to any of its affiliates or
(ii) in connection with any merger, consolidation, transfer or sale of all or substantially all of the assets of the Company, to
any successor to the Company’s business.

 

		(b)	This Agreement shall be governed by and interpreted in accordance with the laws of the Commonwealth
of Massachusetts, without regard to the conflict of laws provisions thereof or of any other jurisdiction.

 

		(c)	Any controversy, dispute or claim arising out of or relating to this Agreement shall be subject
to binding arbitration on the terms and conditions set forth in Section 8(f) of the Employment Agreement.

 

8.            Acceptance. 

 

You may accept the
terms and conditions described herein by confirming your acceptance in writing and returning to me no later than the close of business
on December 27, 2019.  Please send your countersignature to this Agreement to the Company, or via e-mail to me, which execution
will evidence your agreement with the terms and conditions set forth herein.

 

Sincerely,

 

	/s/ Justin Ferguson	 
	Justin Ferguson, Executive Vice President & General Counsel
	On behalf of Ribbon Communications, Inc. and Ribbon Communications Operating Company, Inc.

 

Accepted by:

 

	/s/ Franklin W. Hobbs	 
	Franklin W. Hobbs	 
	Date: December 27, 2019	 

 

    

     

    

 

Exhibit A

 

CONFIDENTIAL
RELEASE AGREEMENT

 

This
Confidential Release Agreement (this “Release”) is made by Franklin W. Hobbs (“you”) as of the last date
shown on the signature page below (the “Release Date”) in favor Ribbon Communications Operating Company, Inc. and each
of its direct and indirect subsidiaries and affiliates (“RCOC” and, together with each of its direct and indirect subsidiaries
and affiliates, the “Company”).

 

WITNESSETH:

 

WHEREAS,
your employment with the Company terminated, effective December 31, 2019 (the “Termination Date”), and a copy of this
Release was provided to you on or before the Termination Date.

 

WHEREAS,
you previously entered into that certain letter agreement with RCOC and Ribbon Communications, Inc. dated on or about December
27, 2019 (the “Letter Agreement”), pursuant to which you are entitled to certain Severance Benefits (as defined in
the Letter Agreement), subject to your execution, delivery and non-revocation of this Release.

 

NOW, THEREFORE, in
consideration of the terms and provisions contained herein, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, you hereby agree as follows:

 

1.     
Acknowledgement. Other than what has already been received, is otherwise set forth in the Letter Agreement that may become
due or otherwise required to be provided by applicable law, you acknowledge and agree that: (i) your eligibility for any employee
benefit plans or programs maintained by the Company for employees ceased as of the Termination Date; and (ii) you have received
all compensation and benefits owed to you by the Company and that the Company does not owe you any additional compensation or benefits,
including but not limited to sick time, personal time, or reimbursement for expenses.

 

2.      Release
of Claims. The Letter Agreement sets forth the
Severance Benefits you are eligible to receive subject to your execution, delivery
and non-revocation of this Release. In exchange for these Severance Benefits, by signing
this Release you agree for yourself, your spouse and child or children (if any), and your heirs, beneficiaries, devisees,
executors, administrators, attorneys, personal representatives, successors and assigns to release the Company, including its
parents, subsidiaries, affiliates, successors, and all of its or their past and present directors, officers, employees,
representatives and agents (“Releasees”), from any and all claims of any kind, known or unknown, which arose on
or before the date you signed this Release, including any claim related to the termination of your employment, except claims
that the law does not permit you to waive. For example, you waive all common law contract, tort, or other claims you might
have, as well as all claims you might have under the Civil Rights Act of 1964 (including Title VII of that Act), the Equal
Pay Act of 1963, the Age Discrimination in Employment Act of 1967 (ADEA), the Americans with Disabilities Act Amendments Act
(ADAAA), the Family and Medical Leave Act of 1993 (FMLA), the Worker Adjustment and Retraining Notification Act (WARN), the
Employee Retirement Income Security Act of 1974 (ERISA), the National Labor Relations Act (NLRA), all of their
amendments, the Sarbanes-Oxley Act, the Massachusetts
Fair Employment Practices Act, the Massachusetts Equal Pay Act, Massachusetts Earned Sick Time Act, the Massachusetts
Parental Leave Act, the Massachusetts Wage Act, and
any and all other federal, state and local laws or ordinances; provided that this Release does not bar any claim with respect
to (1) any vested rights you may have under the employee benefit plans, programs, or policies of the Company and its
affiliates; (2) any indemnification rights to which you may be entitled under the Company’s Restated Certificate of
Incorporation, as Amended, or Amended and Restated By-laws, by contract, as a matter of law, or otherwise, or under any power
that the Company may have to indemnify you or hold you harmless; or (3) your right to enforce the terms of this Release. 

 

    1

     

    

 

3.     
ADEA Waiver. This Release includes a release of claims for age discrimination under the Age Discrimination in Employment
Act of 1967 (the “ADEA”). In accordance with the ADEA, you acknowledge that the ADEA requires that you be advised to
consult with an attorney before waiving any claim under the ADEA, and you recognize that, by this Release, you have been so advised.
In addition, the ADEA allows you twenty-one (21) days to decide whether to waive claims under the ADEA (and the parties agree that
no changes to this Release, whether material or immaterial, will restart such twenty-one (21) day period), although you are not
required to wait the entire twenty-one (21) days if you choose to accept sooner. You also have certain revocation rights, as described
in Section 12. You acknowledge that this Release does not
waive or release any rights or claims that you may have which arise after the date you execute this Release.

 

4.     
Release Exclusions. You represent and warrant that you have not filed any complaints or charges with any court or administrative
agency against the Company or any of the Releasees, which have not been dismissed, closed, withdrawn or otherwise terminated on
or before the date of this Release. You further represent and agree that you have not assigned nor transferred or attempted to
assign or transfer, nor will you attempt to assign or transfer, to any person or entity not a party to this Release, any of the
claims you are releasing in this Release. Furthermore, by signing this Release, you (i) represent and agree that you will not be
entitled to any personal recovery in any action or proceeding that may be commenced on your behalf arising out of the matters released
herein and (ii) covenant and agree to refrain from directly or indirectly asserting any claim, or commencing, instituting or causing
to be commenced, any proceeding of any kind against any of the Releasees, based upon any claim released or purported to be released
hereby. Notwithstanding anything to the contrary herein, nothing in this Release shall (A) limit your rights to communicate directly
with, cooperate with, or provide information to any federal, state or local governmental regulatory agencies that are protected
under the whistleblower provisions of applicable law, or (B) prevent you from filing a charge with the Equal Employment Opportunity
Commission (or similar state agency) or participating in any investigation conducted by the Equal Employment Opportunity Commission
(or similar state agency); provided, however, that you acknowledge and agree that any claim by you, or brought on your behalf,
for personal relief in connection with such a charge or investigation (such as reinstatement or monetary damages) would be and
hereby is barred.

 

5.     
Representations and Promises. The following representations and promises are being relied upon by the Company in entering
into this Release, and they survive the execution of this Release. You represent, warrant and agree that:

 

    2

     

    

 

a.                  
This Release is the entire agreement about any claims that you might have against the Company. Once in effect, this Release is
a binding and admissible agreement. When you decided to sign this Release, you were not relying on any statements that are not
in this Release.

 

b.                 
The Company would not have been obligated to pay you the benefits and pay described in the Letter
Agreement without the promises you are making herein.

 

c.                  
You have had sufficient time to consider, and have resolved all doubts and concerns about the subjects in this Release before signing
this Release, and you are entering into this Release freely and voluntarily.

 

d.                 
You were advised by this Release to consult with an attorney before signing it and you have had an adequate opportunity to do so,
and you have made your own investigation of the facts and are relying solely upon your knowledge and, if applicable, the advice
of your counsel.

 

e.                  
You have carefully read this Release, and fully understand what it means. You enter into it knowingly and voluntarily, and all
of your representations here are true.

 

f.                   
You are not relying upon any statements, understanding, expectations, or agreements other than those expressly set forth in this
Release.

 

g.                 
You knowingly waive any claim that this Release was induced by any misrepresentation or nondisclosure and any right to rescind
or avoid the Release based upon presently existing facts, known or unknown.

 

h.                 
Nothing in this Release shall be construed as an admission that the Company or any Releasee engaged in any improper or unlawful
conduct.

 

i.                   
You intend to release, fully and finally, all claims you may have against the Company related to your employment, to the fullest
extent provided by law.

 

6.     
Return of Company Property. You recognize that, on or before the Termination Date (and upon any other date requested by
the Company), you are obligated to, and will return to the Company any and all Company property (files, documents, laptop, company-issued
PDA or phone, keys, credit cards, etc.) and any and all confidential information and property in your possession, provided that
you may retain personal copies of (i) your compensation records, (ii) materials distributed to shareholders generally and (iii)
any written agreement to which you are a party. If you have a corporate credit card, you agree that you will not receive the consideration
described in this Release unless and until the outstanding balance on the corporate card is paid.

 

7.      Governing
Law and Interpretation. This Agreement and the rights and duties of the Parties under it will be governed by and
construed in accordance with the laws of the Commonwealth of Massachusetts, without regard to the conflicts of law
provisions thereof or of any other jurisdiction. If any provision of this Release is held to be unenforceable, such provision
will be considered separate, distinct, and severable from the other remaining provisions of this Release, and will not affect
the validity or enforceability of such other remaining provisions, and that, in all other respects, this Release will remain
in full force and effect. If any provision of this Release is held to be unenforceable as written but may be made to be
enforceable by limitation thereof, then such provision will be enforceable to the maximum extent permitted by applicable
law.

 

    3

     

    

 

8.     
Miscellaneous. You agree that if any provision in this Release is void, the rest of the Release will remain valid and enforceable,
except that, if a court determines that the release of claims in Section 2 (or any part thereof) is invalid, this entire Release
may be voided at the election of the Company. This Release embodies the entire agreement and understanding of the parties hereto
with regard to the matters described herein and supersedes any and all prior and/or contemporaneous agreements and understandings,
oral or written, between the parties regarding such matters; provided however, that, for the avoidance of doubt, this Release does
not release you from your ongoing obligations under the Letter Agreement or any agreements
between the Company and you with respect to confidential information, intellectual property, non-competition, non-solicitation,
non-disparagement, nondisclosure of proprietary information, inventions and injunctive relief (including, without limitation, that
certain Confidentiality, Non-Competition and Assignment of Inventions Agreement, dated April 19, 2018, by and between you and the
Company). This Release may be amended only in a writing signed by the parties. The section headings
in this Release are for convenience of reference only and should not be deemed to affect the interpretation or modify the provisions
hereof.

 

9.     
Acceptance and Revocation. You received this Release on or prior to December 31, 2019. You have been given at least twenty-one
(21) days from the date you receive this Release to consider whether to sign it. To accept this Release, you must sign and return
it to the attention of Petrena Ferguson, 500 Palladium Drive, Suite 2100, Ottawa, ON K2V 1C2, or scan and email to pferguson@rbbn.com
by January 21, 2020. You cannot sign this Release before your Termination Date (and execution prior to the Termination Date
will have no effect). You have seven (7) calendar days after signing this Release to revoke it. To revoke this Release you must
deliver a written notice of revocation to Petrena Ferguson before the seven-day period expires. The Release will not become effective
until the eighth (8) calendar day after you sign it—meaning eight days after the Release Date. If you fail to sign this Release
by January 21, 2020 or if you revoke this Release before it becomes effective, it will not become effective or enforceable and
you will not receive the Severance Benefits.

 

BY SIGNING BELOW, YOU ACKNOWLEDGE
THAT YOU HAVE READ THIS RELEASE, HAVE HAD THE OPPORTUNITY TO CONSULT WITH AN ATTORNEY OF YOUR CHOICE, UNDERSTAND THIS RELEASE,
AND ARE VOLUNTARILY ENTERING INTO THIS RELEASE. READ THIS RELEASE CAREFULLY. IT CONTAINS A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

 

IN WITNESS WHEREOF, you have executed this
Release as of the date first below written.

 

	Franklin W. Hobbs:	 	 	Date:	 

 

    4

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