Document:

ajg-ex1015_15.htm

Exhibit 10.15

ARTHUR J. GALLAGHER & CO.

SUPPLEMENTAL SAVINGS and THRIFT PLAN

As Amended and Restated Effective October 20, 2020

TABLE OF CONTENTS

Article 1 Introduction1

1.1.Purpose of the Plan1

1.2.Status of Plan1

Article 2 Definitions1

2.1.“Accounts”1

2.2.“Board”1

2.3.“Cause”1

2.4.“Change in Control”1

2.5.“Code”2

2.6.“Company”2

2.7.“Compensation”2

2.8.“Effective Date”2

2.9.“Elective Deferral”2

2.10.“Eligible Employee”2

2.11.“Employer”3

2.12.“ERISA”3

2.13.“Funding Trust”3

2.14.“Funding Trustee”3

2.15.“Gallagher”3

2.16.“Hour of Service”3

2.17.“Insolvent”3

2.18.“LTIC Program”3

2.19.“Matching Deferral”3

2.20.“Participant”3

2.21.“Performance Deferral”3

2.22.“Plan”3

2.23.“Plan Administrator”4

 

 

2.24.“Plan Year”4

2.25.“Qualified Plan”4

2.26.“Retirement”4

2.27.“Scheduled Distribution Account”4

2.28.“Separation from Service”4

2.29.“Separation from Service Account”4

2.30.“13-Month Rule”4

2.31.“Unforeseeable Emergency”4

Article 3 Participation4

3.1.Commencement of Participation4

3.2.Continued Participation5

Article 4 Elective, Matching and Performance Deferrals5

4.1.Elective Deferrals5

4.2.Matching Deferrals9

4.3.Performance Deferrals10

Article 5 Accounts10

5.1.Accounts10

5.2.Investments14

Article 6 Vesting15

6.1.General15

6.2.Change in Control16

6.3.Retirement, Death or Disability16

6.4.Insolvency16

6.5.13-Month Rule Compliance16

Article 7 Payments17

7.1.Election as to Time and Form of Payment17

 

 

7.2.Termination of Employment18

7.3.Death18

7.4.Withdrawal Due to Unforeseeable Emergency18

7.5.Restrictive Covenants; Clawback19

7.6.Taxes20

Article 8 Plan Administrator20

8.1.Plan Administration and Interpretation20

8.2.Powers, Duties, Procedures, Etc.20

8.3.Information20

8.4.Indemnification of Plan Administrator21

Article 9 Amendment and Termination21

9.1.Amendments21

9.2.Termination of Plan21

9.3.Existing Rights21

Article 10 Miscellaneous22

10.1.No Funding22

10.2.Non-assignability22

10.3.Limitation of Participant’s Rights22

10.4.Participants Bound22

10.5.Receipt and Release22

10.6.Compliance With Section 409A of Code23

10.7.Governing Law23

10.8.Severability23

10.9.Headings and Subheadings23

 

 

 

 

 

Article 1
Introduction

1.1.Purpose of the Plan

  

The Company has adopted the Plan to provide a means by which certain employees may elect to defer receipt of portions of their compensation and to provide opportunities for such individuals to save for retirement on the terms and conditions set forth herein.

1.2.Status of Plan

  

The Plan is intended to be “a plan which is unfunded and is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees” within the meaning of Sections 201(2), 301(a)(3) and 401(a)(I) of ERISA, and is further intended to comply with the requirements of Section 409A of the Code. The Plan shall be interpreted and administered consistently with such intent. The Plan was initially effective January 1, 1999, was amended and restated effective January 1, 2008, was further amended effective July 1, 2009, was further amended and restated effective December 1, 2009 for certain clerical corrections, was further amended and restated December 7, 2012 to allow investment of deferred monies in Gallagher Common Stock (as hereinafter defined), was further amended and restated January 21, 2014 to make certain administrative clarifications, was further amended and restated effective January 1, 2015, and was further amended and restated effective July 25, 2018.  The Plan is being amended and restated effective as of October 20, 2020 to document the ability to submit deferral elections for quarterly bonuses, to update company match funding procedures and to make certain other administrative clarifications. 

Article 2
Definitions

Wherever used herein, the following terms have the meanings set forth below, unless a different meaning is clearly required by the context:

2.1.“Accounts”

 mean, for each Participant, the Separation from Service Accounts and Scheduled Distribution Accounts established for his or her benefit under Section 5.1.

2.2.“Board”

 means the Board of Directors of Gallagher.

2.3.“Cause”

 means a Participant’s gross misconduct or a willful and material breach by a Participant of any agreement between an Employer and the Participant; provided that no act or failure to act on the Participant’s part shall be deemed “willful” unless done, or omitted to be done, by the Participant not in good faith and without a reasonable belief that the action or omission was in the best interest of the Employer.

2.4.“Change in Control”

 means: (i) any person or group, as defined in Sections 13(d) and 14(d) (2) of the Securities Exchange Act of 1934, as amended, is or becomes the beneficial owner, directly or indirectly, of securities of Gallagher representing fifty percent (50%) or more of the combined voting power of Gallagher’s outstanding securities then entitled to vote for the 

1

 

election of directors; or (ii) during any period of two consecutive years, individuals who at the beginning of such period constitute the Board of Directors of Gallagher (the “Board”) and any new directors whose election by the Board or nomination for election by Gallagher’s stockholders was approved by at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election was previously so approved, cease for any reason to constitute at least a majority thereof; or (iii) approval by the shareholders of Gallagher of the sale, exchange, lease, disposition or other transfer of all or substantially all of the assets of Gallagher or any merger, consolidation, issuance of securities or purchase of assets, the result of which would be the occurrence of any event described in clause (i) or (ii) above.

2.5.“Code”

 means the Internal Revenue Code of 1986, as amended from time to time. Reference to any section or subsection of the Code includes reference to any comparable or succeeding provisions of any legislation which amends, supplements or replaces such section or subsection.

2.6.“Company”

 means Arthur J. Gallagher & Co. (Illinois), an Illinois corporation, and any successor to all or a substantial portion of its assets or business that assumes the obligations of the Company (with the consent of the Company if it is still in existence).

2.7.“Compensation”

 shall have the meaning set forth in the Qualified Plan (i) increased by the amount of any Elective Deferrals under this Plan; and (ii) determined without regard to the limit applicable to the Qualified Plan under Section 401(a)(17) of the Code.

2.8.“Effective Date”

 means January 1, 1999.

2.9.“Elective Deferral”

 means the portion of Compensation which is deferred by a Participant under Section 4.1.

2.10.“Eligible Employee”

, with respect to a Plan Year, means an employee of an Employer if (i) the employee has completed sixty (60) days of employment with an Employer prior to the first day of such Plan Year and (ii) either (A) the Company determines, in its sole discretion, that the employee has received or is expected to receive Compensation in the calendar year ending prior to the first day of such Plan Year in an amount equal to or greater than the dollar amount in effect for such Plan Year under Section 401(a)(17) of the Code or (B) the Company, determines, in its sole discretion, and specifies in a written notice to the employee that such employee is otherwise eligible to participate in the Plan for such Plan Year. In addition to the foregoing, an employee who is hired by an Employer after the first day of a Plan Year shall be an “Eligible Employee” with respect to such Plan Year if (1) the employee has completed sixty (60) days of employment with such Employer after such date of hire and (2) either (x) the Company determines, in its sole discretion, that the employee is expected to receive annualized Compensation in such Plan Year in an amount equal to or greater than the annual dollar amount in effect for such Plan Year under Section 401(a)(17) of the Code or (y) the Company, determines, in its sole discretion, and specifies in a written notice to the employee that such employee is otherwise eligible to participate in the Plan for such Plan Year. If an Eligible Employee’s actual Compensation is less than the applicable dollar amount prescribed by Section 401(a)(17) of the Code for two consecutive Plan Years, such Eligible Employee will be suspended from making any additional Elective Deferrals under the Plan for each subsequent Plan Year, until the open enrollment period 

2

 

following the Plan Year in which such Eligible Employee’s Compensation is not less than the applicable dollar amount.

2.11.“Employer”

 means the Company and each other entity that is affiliated with the Company and adopts the Plan with the Company’s consent.

2.12.“ERISA”

 means the Employee Retirement Income Security Act of 1974, as amended from time to time. Reference to any section or subsection of ERISA includes reference to any comparable or succeeding provisions of any legislation that amends, supplements or replaces such section or subsection.

2.13.“Funding Trust”

 means the grantor trust established by the Company to hold assets contributed under the Plan.

2.14.“Funding Trust Agreement” means that agreement entered into between the Company and the Funding Trustee setting forth the terms and administration of the Funding Trust.

2.15.“Funding Trustee”

 means the trustee or trustees under the Funding Trust.

2.16.“Gallagher”

 means Arthur J. Gallagher & Co., a Delaware corporation, and any successor to all or a substantial portion of Gallagher’s assets or business that assumes the obligations of Gallagher (with Gallagher’s consent if it is still in existence).

2.17.“Hour of Service”

 means an Hour of Service as calculated for purposes of the Qualified Plan.

2.18.“Insolvent”

 means either (i) an Employer is unable to pay its debts as they become due, or (ii) the Employer is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.

2.19.“LTIC Program”

 means a long-term incentive compensation program maintained by Gallagher or the Company.

2.20.“Matching Deferral”

 means a contribution by an Employer, which may be in the form of cash or Gallagher Common Stock, for the benefit of a Participant who is an Eligible Employee, as described in Section 4.2. 

2.21.“Matching Deferral Account”

 means a Matching Deferral Account established on behalf of a Participant pursuant to Section 5.1(c).

2.22.“Participant”

 means any individual who participates in the Plan in accordance with Article 3.

2.23.“Performance Deferral”

 means a discretionary contribution by an Employer for the benefit of a Participant who is an Eligible Employee, as described in Section 4.3.

2.24.“Plan”

 means the Arthur J. Gallagher & Co. Supplemental Savings and Thrift Plan as provided herein and as amended from time to time.

3

 

2.25.“Plan Administrator”

 means the person, persons or entity designated by the Company to administer the Plan. If no such person or entity is so serving at any time, the Company shall be the Plan Administrator.

2.26.“Plan Year”

 means the 12-month period ending on December 31.

2.27.“Qualified Plan”

 means the Arthur J. Gallagher & Co. Employees’ 401(k) Savings and Thrift Plan, or any successor thereto.

2.28.“Retirement”

 means the retirement of a Participant from employment with an Employer on or after his or her 65th birthday, or as otherwise determined by the Company in its sole discretion, and excluding terminations for Cause and terminations under such other circumstances as shall be specified by the Participant’s Employer.

2.29.“Scheduled Distribution Account”

 means a Scheduled Distribution Account established by a Participant pursuant to Section 5.1.

2.30.“Separation from Service”

 shall have the meaning set forth in Treasury regulations promulgated under Section 409A of the Code.

2.31.“Separation from Service Account”

 means a Separation from Service Account established on behalf of a Participant pursuant to Section 5.1.

2.32.“13-Month Rule”

 means the election rule for the RSUs and PSUs, awards under the LTIC Program and Performance Deferrals under Sections 4.1(d), 4.1(e) and 5.1(d)(ii), respectively, pursuant to which a Participant may make an election on a date that is both not later than 30 days after the date on which the applicable award is granted and at least 12 months prior to the date on which such award is first scheduled to vest or on which the Participant will obtain a legally binding right to such award, as permitted under Section 1.409A-2(a)(5) of the Treasury regulations.

2.33.“Unforeseeable Emergency”

 means a severe financial hardship of a Participant resulting from an illness or accident of the Participant or the Participant’s spouse or dependent (as defined in Section 152(a) of the Code), a loss of the Participant’s property due to casualty (including the need to rebuild a home following damage not otherwise covered by insurance), or any other similar extraordinary and unforeseeable circumstance arising as a result of events beyond the control of the Participant, all within the meaning of Section 409A of the Code.

Article 3
Participation

3.1.Commencement of Participation

  

An Eligible Employee shall become a Participant in the Plan as of the date on which he or she begins to defer compensation in accordance with Section 4.1 or on the date determined by the Plan Administrator with respect to a Matching Deferral under Section 4.2 or a Performance Deferral under Section 4.3.

4

 

3.2.Continued Participation

  

A Participant in the Plan shall continue to be a Participant so long as any amount remains credited to his or her Account.

Article 4
Elective, Matching and Performance Deferrals

4.1.Elective Deferrals

  

(a)Base Salary. An Eligible Employee may elect to defer a percentage or dollar amount of his or her base salary; provided, however, the Plan Administrator may limit the available form of election for any Plan Year to only a percentage of base salary, or to only a specified dollar amount of base salary, and the Plan Administrator may provide for a different limit on the available form of election for individuals for their first year of eligibility. Subject to any limitations imposed by the Plan Administrator, an Eligible Employee who desires to elect a deferral described in this Section 4.1(a) shall complete and submit to the Plan Administrator a deferral election which shall designate (A) the percentage of each payment to be deferred in one percent (1%) increments to a maximum of eighty percent (80%) or (B) the whole dollar amount of each payment to be deferred. Elections pursuant to this Section 4.1(a) to defer base salary earned in a Plan Year must be made prior to the first day of such Plan Year; provided that an individual who first becomes an Eligible Employee following the commencement of a Plan Year and who is in his or her “first year of eligibility,” as defined under Section 409A of the Code, may submit an irrevocable deferral election within 30 days after the date such individual becomes an Eligible Employee, and such election shall be effective with respect to compensation earned after the date of such election. If an Eligible Employee elects to defer a dollar amount of each payment of base salary under this Section 4.1(a) for a Plan Year and such dollar amount would exceed eighty percent (80%) of the amount of a base salary payment to such Eligible Employee, then the dollar amount to be deferred from that payment of base salary shall automatically be reduced to an amount equal to eighty percent (80%) of the amount of such payment, applied on a payment-by-payment basis. An election to defer a percentage or dollar amount of base salary for any Plan Year shall apply for subsequent Plan Years (an “Evergreen Base Salary Election”) unless changed or revoked by the Participant by submitting a new deferral election with the Plan Administrator on or before the date on which elections are due with respect to such Plan Year; provided, however:

(i)if the base salary deferral percentage of a Participant under this Section 4.1(a) for a Plan Year exceeds the maximum base salary deferral percentage under this Section 4.1(a) for the subsequent Plan Year, then the deferral percentage under the Evergreen Base Salary Election applicable to the subsequent Plan Year shall automatically be reduced to the maximum base salary deferral percentage under this Section 4.1(a) for the subsequent Plan Year; 

(ii)if a Participant elects a base salary deferral percentage under this Section 4.1(a) for a Plan Year and an election to defer a percentage of base salary is not permitted for the subsequent Plan Year, there shall be no Evergreen Base Salary Election for the Participant applicable to the subsequent Plan Year; and

5

 

(iii)if a Participant elects to defer a dollar amount of base salary under this Section 4.1(a) for a Plan Year and an election to defer a dollar amount of base salary is not permitted for the subsequent Plan Year, there shall be no Evergreen Base Salary Election for the Participant applicable to the subsequent Plan Year.

(b)Annual Bonuses and Commissions. An Eligible Employee may elect to defer a percentage or dollar amount of his or her annual bonus or commissioned earnings, to the extent payable to the Eligible Employee in cash; provided, however, the Plan Administrator may limit the available form of election for any Plan Year to only a percentage of annual bonus or commissioned earnings, or to only a specified dollar amount of annual bonus or commissioned earnings, and the Plan Administrator may provide for a different limit on the available form of election for individuals for their first year of eligibility. Subject to any limitations imposed by the Plan Administrator, an Eligible Employee who desires to elect a deferral described in this Section 4.1(b) shall complete and submit to the Plan Administrator a deferral election which shall designate (A) the percentage of each payment to be deferred in one percent (1%) increments to a maximum of eighty percent (80%) or (B) the whole dollar amount of each payment to be deferred. Elections pursuant to this Section 4.1(b) to defer an annual bonus or commissioned earnings earned in a Plan Year must be made prior to the first day of such Plan Year; provided that (i) an election to defer an annual bonus that is considered performance-based compensation within the meaning of Section 409A of the Code may be made as of a date specified by the Plan Administrator that is at least six months prior to the last day of the applicable performance period and (ii) to the extent the election period described in clause (i) is not available, an individual who first becomes an Eligible Employee following the commencement of a Plan Year and who is in his or her “first year of eligibility,” as defined under Section 409A of the Code, may submit an irrevocable deferral election within 30 days after the date such individual becomes an Eligible Employee, and such election shall be effective with respect to the portion of the annual bonus or commissioned earnings earned after the date of such election. If an Eligible Employee elects to defer a dollar amount of each payment of annual bonus or commissioned earnings under this Section 4.1(b) for a Plan Year and such dollar amount would exceed eighty percent (80%) of the amount of a payment of annual bonus or commissioned earnings to such Eligible Employee, then the dollar amount to be deferred from that payment of annual bonus or commissioned earnings shall automatically be reduced to an amount equal to eighty percent (80%) of the amount of such payment, applied on a payment-by-payment basis. An election to defer a percentage or dollar amount of an annual bonus or commissioned earnings for any Plan Year shall apply for subsequent Plan Years (an “Evergreen Annual Bonus or Commission Election”) unless changed or revoked by the Participant by submitting a new election with the Plan Administrator on or before the date on which elections are due with respect to such Plan Year; provided, however:

(i)if the annual bonus or commissioned earnings deferral percentage of a Participant under this Section 4.1(b) for a Plan Year exceeds the maximum annual bonus or commissioned earnings deferral percentage under this Section 4.1(b) for the subsequent Plan Year, then the deferral percentage under the Evergreen Annual Bonus or Commission Election applicable to the subsequent Plan Year shall automatically be reduced to the maximum annual 

6

 

bonus or commissioned earnings deferral percentage under this Section 4.1(b) for the subsequent Plan Year; 

(ii)if a Participant elects an annual bonus or commissioned earnings deferral percentage under this Section 4.1(b) for a Plan Year and an election to defer a percentage of annual bonus or commissioned earnings is not permitted for the subsequent Plan Year, there shall be no Evergreen Annual Bonus or Commission Election for the Participant applicable to the subsequent Plan Year; and

(iii)if a Participant elects to defer a dollar amount of annual bonus or commissioned earnings under this Section 4.1(b) for a Plan Year and an election to defer a dollar amount of annual bonus or commissioned earnings is not permitted for the subsequent Plan Year, there shall be no Evergreen Annual Bonus or Commission Election for the Participant applicable to the subsequent Plan Year.

The annual bonuses that are subject to a bonus deferral election under this Section 4.1(b) shall include all annual, production and performance-based bonuses, but not other types of bonuses, such as quarterly bonuses or sign-on, retention and educational bonuses.

(c)Quarterly Bonuses. An Eligible Employee may elect to defer a percentage or dollar amount of his or her quarterly bonuses, to the extent payable to the Eligible Employee in cash; provided, however, the Plan Administrator may limit the available form of election for any Plan Year to only a percentage of quarterly bonuses, and the Plan Administrator may provide for a different limit on the available form of election for individuals for their first year of eligibility. Subject to any limitations imposed by the Plan Administrator, an Eligible Employee who desires to elect a deferral described in this Section 4.1(c) shall complete and submit to the Plan Administrator a deferral election which shall designate (A) the percentage of each payment to be deferred in one percent (1%) increments to a maximum of eighty percent (80%) Elections pursuant to this Section 4.1(c) to defer quarterly bonuses earned in a Plan Year must be made prior to the first day of such Plan Year; provided that an individual who first becomes an Eligible Employee following the commencement of a Plan Year and who is in his or her “first year of eligibility,” as defined under Section 409A of the Code, may submit an irrevocable deferral election within 30 days after the date such individual becomes an Eligible Employee, and such election shall be effective with respect to the portion of the quarterly bonuses earned after the date of such election. An election to defer a percentage of quarterly bonuses for any Plan Year shall apply for subsequent Plan Years (an “Evergreen Quarterly Bonus Election”) unless changed or revoked by the Participant by submitting a new election with the Plan Administrator on or before the date on which elections are due with respect to such Plan Year; provided, however:

(i)if the quarterly bonus deferral percentage of a Participant under this Section 4.1(c) for a Plan Year exceeds the maximum quarterly bonus deferral percentage under this Section 4.1(c) for the subsequent Plan Year, then the deferral percentage under the Evergreen Quarterly Bonus Election applicable to the subsequent Plan Year shall automatically be reduced to the maximum quarterly bonus deferral percentage under this Section 4.1(c) for the subsequent Plan Year; 

7

 

(ii)if a Participant elects a quarterly bonus deferral percentage under this Section 4.1(c) for a Plan Year and an election to defer a percentage of quarterly bonus is not permitted for the subsequent Plan Year, there shall be no Evergreen Quarterly Bonus Election for the Participant applicable to the subsequent Plan Year; and

The bonuses that are subject to a deferral election under this Section 4.1(c) shall include all quarterly bonuses, but not other types of bonuses, such as annual bonuses or sign-on, retention and educational bonuses.

(d)RSU and PSU Awards. An Eligible Employee who has been granted (or is to be granted) a restricted stock unit (“RSU”) or performance share unit (“PSU”) award with respect to the common stock of Gallagher (“Gallagher Common Stock”) as part of, or in lieu, of a quarterly bonus award, an annual bonus award or an award under an LTIC Program, may elect to defer the receipt of the shares of Gallagher Common Stock issuable upon the vesting of such award (a “Share Deferral”). An Eligible Employee who desires to elect a Share Deferral shall complete and submit to the Plan Administrator a deferral election which shall designate the percentage of the award to be deferred in one percent (1%) increments with a minimum percentage of fifty percent (50%) and a maximum percentage of one hundred percent (100%). Share Deferral elections must be made on or prior to the date determined by the Plan Administrator that is both (i) not later than 30 days after the date on which the applicable RSU or PSU award is granted; and (ii) at least 12 months prior to the date on which such award is first scheduled to vest. In his or her Share Deferral election, a Participant may elect whether RSUs or PSUs, upon vesting, shall remain credited to the Participant’s Account as notional units representing shares of Gallagher Common Stock or whether such RSUs or PSUs shall be converted to another notional investment option available under the Plan. After such RSUs or PSUs are credited to a Participant’s Account, the manner in which notional earnings and losses are credited to such Account, including the right of the Participant to change the notional investment of such Account, shall be determined in accordance with Section 5.2.  An election to defer the receipt of all or any number of the shares of Gallagher Common Stock issuable upon the vesting of a RSU or PSU award shall apply to all subsequent RSU and PSU awards (an “Evergreen RSU/PSU Election”) unless changed or revoked by the Participant by submitting a new deferral election with the Plan Administrator on or before the date on which elections are due with respect to such subsequent RSU or PSU award.  For the avoidance of doubt, if a Participant elects to defer a specified number of shares of Gallagher Common Stock issuable upon the vesting of a RSU or PSU award and the number of shares of Gallagher Common Stock issuable upon the vesting of a subsequent RSU or PSU award is less than the number of shares under the Evergreen RSU/PSU Election, then 100% of the shares of Gallagher Common Stock issuable upon the vesting of such subsequent RSU or PSU award shall be subject to such Evergreen RSU/PSU Election.

(e)Long-Term Incentive Compensation Program-Cash Awards. An Eligible Employee who has been granted (or is to be granted) a cash-based award under an LTIC Program may elect to defer the receipt of the amount payable pursuant to such award by completing and submitting to the Plan Administrator a deferral election which shall designate either (A) the percentage of the award to be deferred in one percent (1%) increments with a minimum percentage of fifty percent (50%) and a maximum percentage 

8

 

of one hundred percent (100%) or (B) a percentage of the award to be deferred in one percent (1%) increments, but only to the extent the award exceeds a specified dollar amount. Such deferral elections must be made on or prior to the date determined by the Plan Administrator that is both (i) not later than 30 days after the date on which the applicable award is granted; and (ii) at least 12 months prior to the date on which such award is first scheduled to vest; provided that an election to defer an award that is considered performance-based compensation within the meaning of Section 409A of the Code may be made as of a date specified by the Plan Administrator that is at least six months prior to the last day of the applicable performance period.  An election to defer a percentage or percentage in excess of a specified dollar amount of a cash-based award under an LTIC Program shall apply to all subsequent cash-based awards under an LTIC Program (an “Evergreen LTIC Election”) unless changed or revoked by the Participant by submitting a new deferral election with the Plan Administrator on or before the date on which elections are due with respect to such subsequent cash-based awards under an LTIC Program.

(f)Suspension of Deferrals. Any election pursuant to this Section 4.1 shall be irrevocable from and after the deadline for such election provided that a deferral election may be terminated, or the amount of the deferral may be reduced, after such deadline in the event of (and consistent with) an Unforeseeable Emergency, as determined by the Plan Administrator.

4.2.Matching Deferrals

  

(a)Unless otherwise determined by the Plan Administrator, not later than the date required by law for matching contributions under the Qualified Plan (or any later date as of which the need for a contribution hereunder is determined), each Employer shall credit a Matching Deferral to the Account of each Eligible Employee who is employed by such Employer on the last day of the Plan Year or who terminated employment during such Plan Year by reason of death, total and permanent disability (as determined by the Plan Administrator), Retirement, or for any reason other than Cause during the 12-month period immediately following a Change in Control, to the extent described in Section 4.2(b).

(b)For each Plan Year beginning on or after January 1, 2006, unless otherwise determined by the Plan Administrator, the Matching Deferral for each Eligible Employee shall be equal to the excess of (i) 100% of his or her Elective Deferrals under Sections 4.1(a), 4.1(b) and 4.1(c) of the Plan in the year they are deferred but taking into account only Elective Deferrals which in the aggregate do not exceed 5% of such Eligible Employee’s Compensation for such Year, minus (ii) the maximum amount of matching contributions the Eligible Employee could have received under the Qualified Plan for such Year if he or she had elected to defer the maximum amount permitted under such plan for the full Plan Year; provided, however, that in no event shall such Matching Deferral exceed 100% of the amount of such Eligible Employee’s Elective Deferrals under Sections 4.1(a), 4.1(b), 4.1(c), 4.1(d) and 4.1(e) of the Plan and a Performance Deferral Award(s) received under Section 4.3 of the Plan for such Year.

9

 

4.3.Performance Deferrals

  

Any Eligible Employee may also receive a Performance Deferral in an amount to be determined by the Employer in its sole discretion. All determinations by the Employer with regard to the amount or timing of or the eligibility for a Performance Deferral shall be final.

Article 5
Accounts

5.1.Accounts

 

(a)The Plan Administrator shall establish deferral Accounts for each Participant reflecting the Elective Deferrals, Matching Deferrals and Performance Deferrals made for the Participant’s benefit together with any adjustments for income, gain or loss and any payments from the Accounts. Upon the commencement of an Eligible Employee’s participation in the Plan, the Plan Administrator shall establish for the benefit of such Participant one or more Separation from Service Accounts, which in accordance with Section 7.1 shall be distributed following the Participant’s Separation from Service, and if applicable, a Matching Deferral Account pursuant to Section 5.1(c), which shall be distributed at the time and in the form specified by Section 5.1(c). In addition, at the time a Participant submits an Elective Deferral election pursuant to Section 4.1 with respect to any Plan Year, the Participant may in his or her discretion establish a Scheduled Distribution Account to which such Elective Deferrals shall be credited and which, in accordance with Section 7.1, shall be distributed in the calendar year designated by the Participant at the time such Scheduled Distribution Account is established. The Plan Administrator may limit the number of Scheduled Distribution Accounts or Separation from Service Accounts maintained on behalf of a Participant at any time. If the distribution of a Scheduled Distribution Account is scheduled to begin during a Plan Year, then no further Elective Deferrals shall be credited to such Scheduled Distribution Account with respect to such Plan Year, and such Scheduled Distribution Account shall be disregarded for purposes of the limit on the number of Scheduled Distribution Accounts that may be maintained at any time. To illustrate the foregoing, Elective Deferrals with respect to the 2010 Plan Year may not be credited to a 2010 Scheduled Distribution Account.

(b)At the time a Participant submits an Elective Deferral election with respect to a Plan Year, the Participant shall elect that such Elective Deferrals be credited to a Separation from Service Account previously established by such Participant, a new Separation from Service Account, a Scheduled Distribution Account previously established by such Participant, a new Scheduled Distribution Account at that time established by such Participant, or a combination of such Accounts; provided that any new Scheduled Distribution Account elected by a Participant must provide for distributions of base salary, quarterly bonus, or annual bonus or commissioned earnings to commence more than two years after the last day of such Plan Year and must provide for distributions of RSU or PSU awards or cash-based awards under an LTIC Program to commence no sooner than the Plan Year following the Plan Year during which such RSU or PSU award or cash-based award under an LTIC Program would otherwise have been issued or paid. If a Participant does not affirmatively elect the Account to which any portion of his or her 

10

 

Elective Deferrals shall be credited with respect to any Plan Year, such Elective Deferrals shall be credited as follows:

(i)Base Salary.  A Participant’s Evergreen Base Salary Election shall be automatically applied to the Participant’s base salary earned in the current Plan Year as follows:

(A)If an Evergreen Base Salary Election provides for contribution into either a Separation from Service Account or to a Scheduled Distribution Account pursuant to which distributions are scheduled to be made or begin later than the current Plan Year, then the base salary deferred for the current Plan Year shall be credited to the Participant’s Account in accordance with the Evergreen Base Salary Election; or

(B)If an Evergreen Base Salary Election provides for contribution into a Scheduled Distribution Account pursuant to which distributions are scheduled to be made or begin during the current Plan Year, then the base salary deferred for the current Plan Year shall be credited to a new Scheduled Distribution Account that provides for distributions to be paid in a lump sum payment during the first Plan Year that is more than two years after the last day of the current Plan Year.

(ii)Annual Bonus or Commissions.  A Participant’s Evergreen Annual Bonus or Commission Election shall be automatically applied to the Participant’s annual bonus and/or commissions earned in the current Plan Year as follows:

(A)If an Evergreen Annual Bonus or Commission Election provides for contribution into either a Separation from Service Account or to a Scheduled Distribution Account pursuant to which distributions are scheduled to be made or begin later than the first Plan Year after the current Plan Year, then the annual bonus and/or commissions deferred for the current Plan Year shall be credited to the Participant’s Account in accordance with the Evergreen Annual Bonus or Commission Election; or

(B)If an Evergreen Annual Bonus or Commission Election provides for contribution into a Scheduled Distribution Account pursuant to which distributions are scheduled to be made or begin during the first Plan Year after the current Plan Year, then the annual bonus and/or commissions deferred for the current Plan Year shall be credited to a new Scheduled Distribution Account that provides for distributions to be paid in a lump sum payment during the first Plan Year that is more than three years after the last day of the current Plan Year.

(iii)Quarterly Bonuses.  A Participant’s Evergreen Quarterly Bonus Election shall be automatically applied to the Participant’s quarterly bonuses earned in the current Plan Year as follows:

(A)If an Evergreen Quarterly Bonus Election provides for contribution into either a Separation from Service Account or to a Scheduled Distribution Account pursuant to which distributions are scheduled to be made or begin later than the first Plan Year after the current Plan Year, then the quarterly bonuses deferred for the current Plan Year shall be credited to the Participant’s Account in accordance with the Evergreen Quarterly Bonus Election; or

11

 

(B)If an Evergreen Quarterly Bonus Election provides for contribution into a Scheduled Distribution Account pursuant to which distributions are scheduled to be made or begin during the first Plan Year after the current Plan Year, then the quarterly bonuses deferred for the current Plan Year shall be credited to a new Scheduled Distribution Account that provides for distributions to be paid in a lump sum payment during the first Plan Year that is more than three years after the last day of the current Plan Year.

 

(iv)RSU and PSU Awards.  A Participant’s Evergreen RSU/PSU Election shall be automatically applied to the Participant’s subsequent RSU and PSU awards as follows:

(A)If an Evergreen RSU/PSU Election provides for contribution into either a Separation from Service Account or to a Scheduled Distribution Account pursuant to which distributions are scheduled to be made or begin later than the Plan Year in which the shares underlying such subsequent RSU or PSU award would otherwise have been issued (absent such Evergreen RSU/PSU Election), then the subsequent RSU or PSU award shall be credited to the Participant’s Account in accordance with the Evergreen RSU/PSU Election.

(B)If an Evergreen RSU/PSU Election provides for contribution into a Scheduled Distribution Account pursuant to which distributions are scheduled to be made or begin during the Plan Year in which the shares underlying such subsequent RSU or PSU award would otherwise have been issued (absent such Evergreen RSU/PSU Election), then the subsequent RSU or PSU award shall be credited to a new Scheduled Distribution Account that provides for shares to be issued during the Plan Year following the Plan Year during which the shares underlying such subsequent RSU or PSU award would otherwise have been issued (absent such Evergreen RSU/PSU Election).

(v)Cash Awards under LTIC Programs.  A Participant’s Evergreen LTIC Election shall be automatically applied to the Participant’s subsequent cash awards under an LTIC Program as follows:

(A)If an Evergreen LTIC Election provides for contribution into either a Separation from Service Account or to a Scheduled Distribution Account pursuant to which distributions are scheduled to be made or begin later than the Plan Year in which such subsequent cash award under an LTIC Program would otherwise have been paid (absent such Evergreen LTIC Election), then the subsequent cash award under an LTIC Program shall be credited to the Participant’s Account in accordance with such Evergreen LTIC Election.

(B)If an Evergreen LTIC Election provides for contribution into a Scheduled Distribution Account pursuant to which distributions are scheduled to be made or begin during the Plan Year in which such subsequent cash award under an LTIC Program would otherwise have been paid (absent such Evergreen LTIC Election), then the subsequent cash award under an LTIC Program shall be credited to a new Scheduled Distribution Account that provides for distributions to be paid in a lump sum payment during the Plan Year following the Plan Year 

12

 

during which such subsequent cash award under an LTIC Program would otherwise have been paid (absent such Evergreen LTIC Election).

(vi)In all other cases, the Elective Deferrals for the current Plan Year shall be credited to the Separation from Service Account initially established by the Participant, or if none, to a new Separation from Service Account for such Participant that provides for distributions to be paid in a lump sum.

(c)For each Participant who first receives Matching Deferrals on or after January 1, 2015, all Matching Deferrals credited to the Participant’s Account pursuant to Section 4.2 shall be credited to a Matching Deferral Account for such Participant that provides for distributions to be paid in a lump sum on the six-month anniversary of such Participant’s Separation from Service.

(d)At the time an Employer credits a Performance Deferral to a Participant’s Account, the Employer shall specify whether the Performance Deferral shall be credited to a Separation from Service Account previously established by the Participant or an Employer, a new Separation from Service Account at that time established by the Employer, a Scheduled Distribution Account previously established by the Participant or the Employer, a new Scheduled Distribution Account at that time established by the Employer, or a combination of such Accounts. Alternatively, the Employer may permit Participants to elect the Account to which such Performance Deferrals shall be credited, provided that such election is made in accordance with one of the following permissible election rules:

(i)not later than 30 days after the date on which such Performance Deferral is awarded, if the Performance Deferral is the first such award received by the individual and the Plan Year in which the Performance Deferral is awarded is the “first year of eligibility” for the individual with respect to the Performance Deferral and any other compensation of same type for purposes of Section 409A of the Code, taking into consideration the plan aggregation rules under Section 1.409A-1(c)(2) of the Treasury regulations;

(ii)not later than 30 days after the date on which such Performance Deferral is awarded and at least 12 months prior to the date on which such award is first scheduled to vest or on which the Participant will obtain a legally binding right to payment of such Performance Deferral; or

(iii)in accordance with any other permissible deferral election rule under Section 409A of the Code permitted and made available by the Plan Administrator.

If a Participant fails to make a distribution election for an amount under this Section 5.1(d) within the specified period or a distribution election by the Participant for an amount is not permitted under Section 409A of the Code, then unless an Employer specified a time and form of distribution at the time the Employer credited such amount to the Participant’s Account under this Section 5.1(d), such amount shall be held in a Separation from Service Account for such Participant that provides for distributions to be paid in a lump sum.  In order to comply with the requirements of the 13-Month Rule, notwithstanding any provision in the Plan to the contrary and except as set 

13

 

forth in Sections 6.2 through 6.5, the Performance Deferral under the Plan of a Participant who makes an election under Section 5.1(d)(ii) shall not vest and shall be forfeited unless the Participant provides continuous services to the Employer or other affiliates of the Employer through the date that is 12 months and one day following the date of such election.

(e)Elective Deferrals shall be credited to the Account of a Participant as soon as administratively practicable after the Elective Deferrals are withheld from the Participant’s Compensation. Matching Deferrals and Performance Deferrals shall be credited to the Account of a Participant as of the later of the date related trust contributions are received by the Funding Trustee or the date the Funding Trustee receives from the Plan Administrator such instructions as the Funding Trustee may reasonably require to allocate the amount received among the asset accounts maintained by the Funding Trustee. The Plan Administrator shall make available to each Participant periodic statements of his or her Account reflecting the income, gain and loss, amounts of deferrals, and payments from such Account.

(f)Within an administratively convenient time of the date that an amount is credited to the Account of a Participant, the Employer shall make a contribution to the Funding Trust in the same amount to the extent that the then current fair market value of the assets held in the Funding Trust is less than the sum of all Participants’ Accounts, including both vested and unvested amounts.  The contribution that relates to deferrals that are deemed to be invested in notional stock units and, in the discretion of the Plan Administrator, Matching Deferrals, shall be in the form of either (1) Gallagher Common Stock or (2) cash with instructions to the Funding Trustee (which may be based on Participant investment elections) to purchase shares of Gallagher Common Stock.  The contribution that relates to deferrals that are deemed to be invested in any form of investment other than notional stock units shall be made in cash.  The Funding Trustee shall hold a number of shares of Gallagher Common Stock that is at least equal to the number of notional stock units credited to Participants’ Accounts.

5.2.Investments

  

(a)The assets of the Funding Trust shall be invested in such investments as are designated by the Plan Administrator; provided, however that no provision in the Plan shall limit or be suggested to limit the authority of the Plan Administrator to provide to each Participant the authority to direct the Funding Trustee to invest the assets of the Funding Trust in a manner that reflects such Participant’s investment elections with respect to each of his or her Accounts. Any such delegation shall specify the manner and the terms and conditions under which such direction shall be provided. The Plan Administrator shall provide each Participant with the opportunity to indicate how each of his or her Accounts is apportioned to the investments designated by the Plan Administrator in one percent (1%) increments. A Participant's Account is solely a device for the measurement and determination of the amounts to be paid to the Participant pursuant to the Plan, and neither the existence of a Participant’s Account nor any ability that a Participant might have to direct the Funding Trustee to invest the assets of the Funding Trust in a manner that reflects such Participant’s investment elections with respect to each of his or her Accounts shall (1) create any right of a Participant to a payment or distribution under Article 7 in any form 

14

 

other than cash,(2) constitute or create, or be deemed to constitute or create, a trust fund of any kind in favor of a Participant, or (3) give any Participant any right to receive any specified asset—or any assets at all—held by the Funding Trust.

(b)Each investment fund’s operating expenses that is part of the Funding Trust will be netted against such investment fund’s return for purposes of measuring the earnings and losses credited to each Participant’s Account. Other Plan legal, trustee and administrative expenses will be paid by the Employers.

(c)To the extent a Participant’s Account is credited with notional units representing shares of Gallagher Common Stock, each such notional unit shall have a value equal to the fair market value of a share of Common Stock. Upon the payment of a dividend by Gallagher on issued and outstanding shares of Common Stock, an amount equal to such per share dividend amount multiplied by the number of notional share units credited to each Participant’s Account shall be credited to the Account within 10 days after the dividend payment date and shall be deemed invested in an investment fund designated by the Plan Administrator for this purpose. Unless the Plan Administrator determines otherwise, and subject to the restrictions set forth in Section 5.2(d), notional units representing shares of Gallagher Common Stock shall be offered as a permissible investment of a Participant’s Account under the Plan. Each Participant whose Account has been credited with notional units representing shares of Gallagher Common Stock shall be permitted, in accordance with such procedures, conditions and limitations as may be prescribed by the Plan Administrator, to elect that such units be converted to one or more other notional investment alternatives available under the Plan, and vice versa.

(d)A Participant’s transactions involving notional units representing shares of Gallagher Common Stock are subject to Gallagher’s Insider Trading Policy, as such policy may be amended from time to time, including, if applicable, pre-clearance and blackout restrictions. If applicable, Participants are responsible for ensuring that their transactions in Gallagher Common Stock or involving notional units representing shares of Gallagher Common Stock are properly reported under the provisions of Section 16 of the Exchange Act of 1934, as amended (the “Exchange Act”). It is the intention of the Board that transactions involving notional units representing shares of Gallagher Common Stock under the Plan, and the issuance or distribution of any Gallagher Common Stock to Participants, shall be transactions which are exempt from the provisions of Section 16(b) of the Exchange Act, as provided under Rule 16b-3 promulgated under the Exchange Act and the Plan shall be interpreted and administered consistently with such intent.

Article 6
Vesting

6.1.General

  

A Participant shall at all times have a fully vested and nonforfeitable right to all Elective Deferrals and Matching Deferrals credited to his or her Account, adjusted for income, gain and loss attributable thereto. Subject to earlier vesting as provided in Sections 6.2, 6.3 and 6.4, a Participant shall be or become vested in the portion of his or her Account attributable to 

15

 

Performance Deferrals, adjusted for income, gain and loss attributable thereto, as determined by the Employer at the time the Performance Deferral is made. If the vesting or vested percentage is based on the Participant’s “Years of Service,” the Participant shall receive credit for a Year of Service for each Plan Year (including Plan Years before the date as of which the Performance Deferral is made and the Effective Date only to the extent determined by the Employer) during which he or she completed at least 1,000 of Hours of Service.

6.2.Change in Control

  

Any unvested portion of a Participant’s Account shall become fully vested upon a Change in Control.

6.3.Retirement, Death or Disability

  

Any unvested portion of a Participant’s Account shall become fully vested upon a termination of such Participant’s employment by reason of the Participant’s Retirement, death or total and permanent disability (as determined by the Plan Administrator).

6.4.Insolvency

  

Any unvested portion of a Participant’s Account shall become fully vested immediately prior to the Employer’s becoming Insolvent, in which case the Participant will have the same rights as a general creditor of the Employer with respect to his or her Account balance.

6.5.13-Month Rule Compliance

  

(a)In order to comply with the requirements of the 13-Month Rule, notwithstanding any provision in the Plan to the contrary, any accelerated vesting of an award or an Account for which a Participant has made an election using the 13-Month Rule shall become effective no sooner than the date that is 12 months and 1 day following the date of such election; provided, however that this Section 6.5(a) shall not apply to any Change in Control that qualifies as a change in the ownership of a corporation, change in the effective control of a corporation, or change in the ownership of a substantial portion of a corporation’s assets under Section 1.409A-3(i)(5) of the Treasury regulations (“Change in Control Event”) or to any disability that satisfies the definition of disability under Section 1.409A-3(i)(4) of the Treasury regulations.  

(b)Any distribution election made under the 13-Month Rule shall not apply to allocations, as adjusted for investment earnings and losses, which become entitled to accelerated vesting before the date that is 12 months and one day following the date of such election by reason of a Change in Control that qualifies as a Change in Control Event or under Section 6.3 by reason of a disability that satisfies the definition of disability under Section 1.409A-3(i)(4) of the Treasury regulations, and those amounts shall be held in a Separation from Service Account for such Participant that provides for distributions to be paid in a lump sum.

16

 

Article 7
Payments

7.1.Election as to Time and Form of Payment

  

(a)In the deferral election submitted by a Participant for each Plan Year in which such Participant makes Elective Deferrals under the Plan, the Participant shall elect that such Elective Deferrals be credited to a Separation from Service Account previously established by such Participant, a new Separation from Service Account at that time established by such Participant, a Scheduled Distribution Account previously established by such Participant, a new Scheduled Distribution Account at that time established by such Participant, or any combination of such Accounts. At the time a Participant establishes a new Separation from Service Account, the Participant shall elect the form in which the amounts credited to such Account are to be distributed, which may be a single lump sum payment or annual installments over a period of not less than two years and not more than 10 years. At the time a Participant establishes a new Scheduled Distribution Account, the Participant shall elect (i) the year in which such Scheduled Distribution Account is to be payable, which must provide for distributions of base salary, quarterly bonuses, or annual bonus or commissioned earnings to commence more than two years after the last day of the Plan Year in which such election must be made and must provide for distributions of RSU or PSU awards or cash-based awards under an LTIC Program to commence no sooner than the Plan Year following the Plan Year during which such RSU or PSU award or cash-based award under an LTIC Program would otherwise have been issued or paid and not later than the year in which the Participant will attain age 70 and (ii) the form in which the amounts credited to such Account are to be distributed, which may be a single lump sum payment or annual installments over a period of not less than two years and not more than 10 years. If a Participant fails to elect the form in which any Account is to be distributed, such Account shall be distributed in a single lump sum payment.

(b)A Participant who is actively employed by an Employer may change the time at which and/or the form in which any of the Participant’s Accounts is to be distributed or commence to be distributed by submitting a new election to the Plan Administrator; provided that (i) such new election is submitted at least one year prior to the date on which such Account was previously scheduled to be distributed or commence to be distributed, (ii) such new election shall not take effect for 12 months after it is submitted to the Plan Administrator and (iii) the distribution subject to such new election is scheduled to be made or commence at least five years later than the date on which such distribution was previously scheduled to have been made or commence. Such new election shall be void if it would result in any payment being made later than the year in which the Participant will attain age 70.

(c)Each of a Participant’s Separation from Service Accounts shall be distributed or commence to be distributed on the six-month anniversary of such Participant’s Separation from Service. Each Participant’s Scheduled Distribution Account shall be distributed or commence to be distributed on July 1st of the year of distribution designated by the Participant at the time such Scheduled Distribution Account is established, or at such later date designated pursuant to Section 7.1(b). Each Account shall 

17

 

be distributed in the form elected by the Participant pursuant to Section 7.1(a), (b) or (c), with annual installments distributed on July 1st of each year; provided, however, that if the value of such account is $25,000 or less at the time that distribution of such account is scheduled to commence in the form of installments, then such account instead shall be paid in the form of a single lump sum payment. If one of a Participant’s Separation from Service Accounts is payable in installments, the first installment shall be paid on the six-month anniversary of the Participant’s Separation from Service, and each subsequent installment shall be paid on July 1st of each year in the installment period, beginning with the July 1st next following the date of such first installment.

(d)Amounts credited to a Participant’s Account in the form of notional units representing shares of Gallagher Common Stock shall be distributed in shares of Gallagher Common Stock, which may be purchased in the open market. All other Distributions from a Participant’s Account shall be in cash.

7.2.Termination of Employment

  

Upon the termination of a Participant’s employment, the unvested portion of the Participant’s Account (excluding any portion that becomes vested pursuant to Section 6.2, 6.3 or 6.4) shall be forfeited and any related amounts held in the Funding Trust shall be used to satisfy the Employer’s obligation to make contributions to the Funding Trust under the Plan.

7.3.Death

  

(a)If a Participant dies prior to the complete distribution of his or her Accounts, the balance of each such Account shall be paid to the Participant’s beneficiary or beneficiaries, designated in accordance with Section 7.3(b), in a single lump sum payment within 60 days following the date of the Participant’s death.

(b)A Participant may designate a beneficiary at any time before the Participant’s death, in the manner prescribed by the Plan Administrator for that purpose. Subject to the last sentence hereof, a Participant may revoke any beneficiary designation or designate a new beneficiary at any time without the consent of a beneficiary or any other person. If no beneficiary is designated or no designated beneficiary survives the Participant, payment shall be made to the Participant’s surviving spouse, or, if none, to the Participant’s issue per stirpes, in a single payment. If no spouse or issue survives the Participant, payment shall be made in a single lump sum to the Participant’s estate. If a Participant is married, any designation of a beneficiary other than such Participant’s spouse shall be effective only if the Participant’s spouse consents to such designation in writing.

7.4.Withdrawal Due to Unforeseeable Emergency

  

If a Participant requests an immediate payment on account of an Unforeseeable Emergency, the Plan Administrator shall pay to the Participant only that portion, if any, of the vested portion of his or her Account which the Plan Administrator determines is necessary to satisfy the emergency need, including any amounts necessary to pay the federal, state or local income taxes reasonably anticipated to result from the distribution. A Participant requesting an emergency payment shall apply for the payment in writing using a form prescribed by the Plan 

18

 

Administrator for that purpose and shall provide such additional information as the Plan Administrator shall decide. If a Participant elects an immediate payment on account of an Unforeseeable Emergency, such Participant’s Elective Deferral election shall be cancelled for the remainder of the Plan Year in which such payment is made.

7.5.Restrictive Covenants; Clawback

  

(a)If, at any time within the later to occur of (i) ten years after a Participant’s Separation from Service; or (ii) two years after the final payment of any installment due to the Participant from a Participant’s Accounts, the Participant, in the determination of the management of Gallagher, engages in any activity in competition with any activity of Gallagher, or inimical, contrary or harmful to the interests of Gallagher, including, but not limited to: (1) conduct related to his employment for which either criminal or civil penalties against him may be sought, (2) violation of Gallagher policies, including, without limitation, Gallagher’s Insider Trading Policy, (3) directly or indirectly, soliciting, placing, accepting, aiding, counseling or consulting in the renewal, discontinuance or replacement of any insurance or reinsurance by, or handling self-insurance programs, insurance claims or other insurance administrative functions (“insurance services”) for, any existing Gallagher account or any actively solicited prospective account of Gallagher for which he performed any of the foregoing functions during the two-year period immediately preceding such termination or providing any employee benefit brokerage, consulting, or administration services, in the areas of group insurance, defined benefit and defined contribution pension plans, individual life, disability and capital accumulation products, investment advisory services and all other employee benefit areas (“benefit services”) Gallagher is involved with, for any existing Gallagher account or any actively solicited prospective account of Gallagher for which he performed any of the foregoing functions during the two-year period immediately preceding such termination or, if the Participant has not terminated employment, the date of the prohibited activity (the term Gallagher account as used in this Section shall be construed broadly to include all users of insurance services or benefit services including commercial and individual consumers, risk managers, carriers, agents and other insurance intermediaries), (4) the rendering of services for any organization which is competitive with Gallagher, (5) employing or recruiting any current or former employee of Gallagher, (6) disclosing or misusing any confidential information or material concerning Gallagher, or (7) participating in a hostile takeover attempt of Gallagher, then all Matching Deferrals and Performance Deferrals in the Participant’s Accounts, including any income, gain or loss thereon, shall be forfeited, unless terminated sooner by operation of another term or condition of this Plan, and any payments made from a Participant’s Accounts consisting of Matching Deferrals and Performance Deferrals to such Participant, including any income, gain or loss thereon, shall be repaid by the Participant to Gallagher. Repayment of any Matching Deferrals and Performance Deferrals by the Participant shall include interest measured from the date of payments made from the Participant’s Accounts at the highest rate allowable under Delaware law.

(b)By participating in the Plan, each Participant acknowledges that the Participant’s engaging in activities and behavior in violation of Section 7.5(a) above will result in a loss to Gallagher which cannot reasonably or adequately be compensated in 

19

 

damages in an action at law, that a breach of Section 7.5(a) will result in irreparable and continuing harm to Gallagher and that therefore, in addition to and cumulative with any other remedy which Gallagher may have at law or in equity, Gallagher shall be entitled to injunctive relief for a breach of Section 7.5(a) by the Participant. By participating in the Plan each Participant acknowledges and agrees that the requirement in Section 7.5(a) above that Participant disgorge and pay over to Gallagher any payments received from the Participant’s Accounts by such Participant is not a provision for liquidated damages. The Participant agrees to pay any and all costs and expenses, including reasonable attorneys’ fees, incurred by Gallagher in enforcing any breach of any covenant in this Plan.

(c)The provisions of Section 7.5 shall only apply to (i) Matching Deferrals credited to a Participant’s Accounts with respect to Elective Deferrals made by the Participant for the 2009 Plan Year and succeeding Plan Years; and (ii) Performance Deferrals first granted and credited to a Participant’s Accounts by the Employer in the 2009 Plan Year or succeeding Plan Years.

7.6.Taxes

All deferrals and payments under the Plan shall be subject to all applicable federal, state and local tax withholding requirements.

Article 8
Plan Administrator

8.1.Plan Administration and Interpretation

  

The Plan Administrator shall oversee the administration of the Plan. The Plan Administrator shall have complete control and authority to determine the rights and benefits and all claims, demands and actions arising out of the provisions of the Plan of any Participant, beneficiary, deceased Participant, or other person having or claiming to have any interest under the Plan. The Plan Administrator shall have complete discretion to interpret the Plan and to decide all matters under the Plan. Such interpretation and decision shall be final, conclusive and binding on all Participants and any person claiming under or through any Participant, in the absence of clear and convincing evidence that the Plan Administrator acted arbitrarily and capriciously. Any individual(s) serving as Plan Administrator who is a Participant will not vote or act on any matter relating solely to himself or herself. When making a determination or calculation, the Plan Administrator shall be entitled to rely on information furnished by a Participant, a beneficiary, the Employer or the Funding Trustee. The Plan Administrator shall have the responsibility for complying with any reporting and disclosure requirements of ERISA.

8.2.Powers, Duties, Procedures, Etc.

  

The Plan Administrator shall have such powers and duties, may adopt such rules and tables, may act in accordance with such procedures, may appoint such officers or agents, may delegate such powers and duties, and shall follow such claims and appeal procedures with respect to the Plan as it may establish.

8.3.Information

  

20

 

To enable the Plan Administrator to perform its functions, the Employer shall supply full and timely information to the Plan Administrator on all matters relating to the compensation of Participants, their employment, Retirement, death, termination of employment, and such other pertinent facts as the Plan Administrator may require.

8.4.Indemnification of Plan Administrator

  

The Employer agrees to indemnify and to defend to the fullest extent permitted by law any of its officer(s) or employee(s) who serve as Plan Administrator (including any such individual who formerly served as Plan Administrator) against all liabilities, damages, costs and expenses (including attorneys’ fees and amounts paid in settlement of any claims approved by the Employer) occasioned by any act or omission to act in connection with the Plan, if such act or omission is in good faith.

Article 9
Amendment and Termination

9.1.Amendments

  

The Company shall have the right to amend the Plan from time to time, subject to Section 9.3, by an instrument in writing which has been executed on its behalf by a duly authorized officer.

9.2.Termination of Plan

  

The Plan is strictly a voluntary undertaking on the part of each Employer and shall not be deemed to constitute a contract between the Employer and any Eligible Employee (or any other employee), as consideration for, or an inducement or condition of employment for, the performance of the services by an Eligible Employee (or other employee). The Company reserves the right to terminate the Plan at any time, subject to Section 9.3, by an instrument in writing which has been executed on its behalf by a duly authorized officer. Upon termination, the Company shall continue to maintain the Funding Trust to pay benefits hereunder as they become due as if the Plan had not terminated; provided, however, that if the Plan is terminated in connection with a Change in Control Event, within the meaning of regulations or other guidance promulgated under Section 409A of the Code, Gallagher’s Compensation Committee, as constituted immediately prior to such Change in Control Event, may elect, in its sole discretion, to pay out all Accounts to Participants and beneficiaries within 12 months after the occurrence of such Change in Control Event to the extent permitted under Section 409A of the Code. For purposes of the preceding sentence, the Account balance of each Participant who is in the employ of the Employer at the time the Funding Trustee is directed to pay such balance shall become fully vested and nonforfeitable. After Participants and their beneficiaries are paid all Plan benefits to which they are entitled, all remaining assets of the Funding Trust attributable to Participants who terminated employment with the Employer before they were fully vested in their Accounts under Article 6 at that time shall be returned to the Employer.

9.3.Existing Rights

  

No amendment or termination of the Plan shall adversely affect the rights of any Participant with respect to amounts that have been credited to his or her Account prior to the date of such 

21

 

amendment or termination except as provided in Section 9.2 or to comply with the requirements of applicable law.

Article 10
Miscellaneous

10.1.No Funding

  

The Plan constitutes a mere promise by the Employer to make payments in accordance with the terms of the Plan and Participants and beneficiaries shall have the status of general unsecured creditors of the Employer. Nothing in the Plan will be construed to give any employee or any other person rights to any specific assets of the Employer or of any other person. In all events, it is the intent of the Employer that the Plan be treated as unfunded for tax purposes and for purposes of Title I of ERISA.  Neither the existence of the Funding Trust nor the obligation of the Employer to make contributions to the Funding Trust shall be construed to create a conflict with the provisions of this Section 10.1.  In the event of any conflict between this Section 10.1 and any other provision of the Plan, the Funding Trust Agreement, or any other documentation related to the Plan or the Funding Trust, the provisions of this Section 10.1 shall prevail.

10.2.Non-assignability

  

None of the benefits, payments, proceeds or claims of any Participant or beneficiary shall be subject to any claim of any creditor of any Participant or beneficiary and, in particular, the same shall not be subject to attachment or garnishment or other legal process by any creditor of such Participant or beneficiary, nor shall any Participant or beneficiary have any right to alienate, anticipate, commute, pledge, encumber or assign any of the benefits or payments or proceeds which he or she may expect to receive, contingently or otherwise under the Plan.

10.3.Limitation of Participant’s Rights

  

Nothing contained in the Plan shall confer upon any person a right to be employed or to continue in the employ of the Employer, or interfere in any way with the right of the Employer to terminate the employment of a Participant in the Plan at any time, with or without cause.

10.4.Participants Bound

  

Any action with respect to the Plan taken by the Plan Administrator or the Funding Trustee or any action authorized by or taken at the direction of the Plan Administrator, the Company or the Funding Trustee shall be conclusive upon all Participants and beneficiaries entitled to benefits under the Plan.

10.5.Receipt and Release

  

Any payment to any Participant or beneficiary in accordance with the provisions of the Plan shall, to the extent thereof, be in full satisfaction of all claims against the Employer, the Plan Administrator and the Funding Trustee under the Plan, and the Plan Administrator may require such Participant or beneficiary, as a condition precedent to such payment, to execute a receipt and release to such effect. If any Participant or beneficiary is determined by the Plan Administrator to 

22

 

be incompetent by reason of physical or mental disability or other legal disability (including minority) to give a valid receipt and release, the Plan Administrator may cause the payment or payments becoming due to such person to be made to• another person for his or her benefit without responsibility on the part of the Plan Administrator, the Employer or the Funding Trustee to follow the application of such funds.

10.6.Compliance With Section 409A of Code

  

This Plan is intended to comply with the provisions of Section 409A of the Code, and shall be interpreted and construed accordingly, and the timing of all payments under the Plan shall be modified as necessary to comply therewith.

10.7.Governing Law

  

The Plan shall be construed, administered, and governed in all respects under and by the laws of the State of Illinois. If any provision shall be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof shall continue to be fully effective.

10.8.Severability

  

If a provision of the Plan shall be held to be illegal or invalid, the illegality or invalidity shall not affect the remaining parts of the Plan and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included.

10.9.Headings and Subheadings

  

Headings and subheadings in this Plan are inserted for convenience only and are not to be considered in the construction of the provisions hereof.

 

23EX-10.1

 Exhibit 10.1 

CONFIDENTIAL 
 GORES HOLDINGS VI
SUBSCRIPTION AGREEMENT 
 This SUBSCRIPTION AGREEMENT is entered into this [●] day of February, 2021 (this “Subscription
Agreement”), by and between Gores Holdings VI, Inc., a Delaware corporation (the “Company”), and the undersigned (“Subscriber”). 

WHEREAS, the Company concurrently herewith is entering into that certain Agreement and Plan of Merger, dated as of the date hereof,
substantially in the form provided to Subscriber (the “Merger Agreement”), pursuant to which the Company will acquire Matterport, Inc., on the terms and subject to the conditions set forth therein (the
“Transactions”); 
 WHEREAS, in connection with the Transactions, on the terms set forth in this Subscription Agreement,
Subscriber desires to subscribe for and purchase from the Company that number of shares of the Company’s Class A common stock, par value $0.0001 per share (“Class A Shares”), set forth on the signature
page hereto (the “Acquired Shares”), for a purchase price of $10.00 per share (“Per Share Purchase Price”), or the aggregate purchase price set forth on the signature page hereto (the “Purchase
Price”), and the Company desires to issue and sell to Subscriber the Acquired Shares in consideration of the payment of the Purchase Price by or on behalf of Subscriber to the Company on or prior to the Closing (as defined below); and 

WHEREAS, in connection with the Transactions, certain other “accredited investors” (within the meaning of Rule 501(a) under the
Securities Act of 1933, as amended (the “Securities Act”)), or “qualified institutional buyers” (as defined in Rule 144A under the Securities Act) (each an “Other Subscriber”), have entered into subscription
agreements (the “Other Subscription Agreements”) with the Company substantially similar to this Subscription Agreement pursuant to which such investors, together with Subscriber, have agreed severally and not jointly, to purchase,
and the Company has agreed to issue and sell to such Subscriber and Other Subscribers, on the Closing Date 29,500,000 Class A Shares, in the aggregate, at a purchase price of $10.00 per share. 

NOW, THEREFORE, in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions,
herein contained, and intending to be legally bound hereby, the parties hereto hereby agree as follows: 
 1. Subscription. Subject
to the terms and conditions hereof, Subscriber hereby agrees to subscribe for and purchase, and the Company hereby agrees to issue and sell to Subscriber, upon the payment of the Purchase Price, the Acquired Shares (such subscription and issuance,
the “Subscription”). 
 2. Closing. 

a. The closing of the Subscription contemplated hereby (the “Closing”) is contingent upon the substantially concurrent
consummation of the Transactions and shall occur immediately prior thereto. Not less than ten (10) business days prior to the anticipated closing date of the Transactions (the “Closing Date”), the Company shall provide written
notice to Subscriber (the “Closing Notice”) specifying (i) the anticipated Closing Date, (ii) that the Company reasonably expects all conditions to the closing of the Transactions to be satisfied prior to or on the
anticipated Closing Date set forth in the Closing Notice and (iii) instructions for wiring 

 
the Purchase Price for the Acquired Shares. Subscriber shall deliver to the Company at least seven (7) business days prior to the anticipated Closing Date set forth in the Closing Notice, to
be held in escrow until the Closing, the Purchase Price for the Acquired Shares by wire transfer of United States dollars in immediately available funds to the account specified by the Company in the Closing Notice. On the Closing Date, the Company
shall deliver to Subscriber (x) the Acquired Shares in book entry form, free and clear of any liens or other restrictions (other than those arising under this Subscription Agreement or state or federal securities laws), in the name of
Subscriber and (y) not later than one (1) business day after the Closing Date, written notice from the transfer agent of the Company evidencing the issuance to Subscriber of the Subscribed Securities on and as of the Closing Date, and the
Purchase Price shall be released from escrow automatically and without further action by the Company or Subscriber. In the event the Closing does not occur on the anticipated Closing Date set forth in the Closing Notice, the Company shall promptly
(but not later than one (1) business day thereafter) return the Purchase Price to Subscriber, and any book entries or share certificates representing the Subscribed Securities shall be deemed cancelled and any such share certificates shall be
promptly (but not later than one (1) business day thereafter) returned to the Company. For the purposes of this Subscription Agreement, “business day” means any day other than a Saturday, Sunday or a day on which the Federal Reserve
Bank of New York is closed. 
 b. The Closing shall be subject to the conditions that: 

(i) no suspension of the qualification of the Acquired Shares for offering or sale or trading in any jurisdiction, or initiation or
threatening in writing of any proceedings for any of such purposes, shall have occurred; 
 (ii) (x) all representations and
warranties of the Company and Subscriber contained in this Subscription Agreement shall be true and correct in all material respects when made (other than representations and warranties that are qualified as to materiality or Material Adverse Effect
(as defined below), which representations and warranties shall be true and correct in all respects) and shall be true and correct in all material respects on and as of the Closing Date (unless they specifically speak as of another date in which case
they shall be true and correct in all material respects as of such date) (other than representations and warranties that are qualified as to materiality or Material Adverse Effect, which representations and warranties shall be true and correct in
all respects) and (y) as of the Closing Date, each party shall have performed, satisfied and complied in all material respects with its agreements hereunder required to be performed, satisfied or complied with by it at or prior to Closing (with
consummation of the Closing constituting a reaffirmation by each of the Company and Subscriber of each of the representations, warranties and agreements of such party contained in this Subscription Agreement as of the Closing Date); 

(iii) no governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, rule or regulation (whether
temporary, preliminary or permanent) which is then in effect and has the effect of making consummation of the transactions contemplated hereby illegal or otherwise restricting, prohibiting or enjoining consummation of the transactions contemplated
hereby; and 

  
 2 

 (iv) all conditions precedent set forth in this Subscription Agreement and to the closing
of the Transactions set forth in the Merger Agreement, including the approval of the Company’s stockholders and regulatory approvals, if any, shall have been satisfied or (to the extent permitted by applicable law) waived and the Transactions
shall have been or will be consummated substantially concurrently with the Closing. 
 c. At the Closing, the parties hereto shall execute
and deliver such additional documents and take such additional actions as the parties reasonably may deem to be practical and necessary in order to consummate the Subscription as contemplated by this Subscription Agreement. 

3. Company Representations and Warranties. The Company represents and warrants that: 

a. The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Delaware,
with corporate power and authority to own, lease and operate its properties and conduct its business as presently conducted and to enter into, deliver and perform its obligations under this Subscription Agreement. 

b. The Acquired Shares have been duly authorized and, when issued and delivered to Subscriber against full payment therefor in accordance with
the terms of this Subscription Agreement, the Acquired Shares will be validly issued, fully paid and non-assessable and will not have been issued in violation of or subject to any preemptive or similar rights
created under the Company’s amended and restated certificate of incorporation or under the Delaware General Corporation Law. 
 c. This
Subscription Agreement has been duly authorized, executed and delivered by the Company and assuming that this Subscription Agreement constitutes the valid and binding obligation of Subscriber, is the valid and binding obligation of the Company and
is enforceable against it in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of
creditors generally, and (ii) principles of equity, whether considered at law or equity. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing on or registration with, any
court or other federal, state, local or other governmental authority, self-regulatory organization or other person in connection with the execution, delivery and performance of the company of this Subscription Agreement (including, without
limitation, the issuance of the Class A Shares), other than (i) filings with the U.S. Securities and Exchange Commission (the “SEC”) (ii) filings required by applicable state securities laws, (iii) filings required by
the Nasdaq Capital Market (“Nasdaq”) or such other applicable stock exchange on which the Company’s common stock is then listed and (iv) failure of which to obtain would not be reasonably likely to have, individually or in
the aggregate, a Material Adverse Effect (as defined below). 

  
 3 

 d. As of their respective dates, all reports (“SEC Reports”) filed by the
Company with the SEC complied in all material respects with the requirements of the Securities Act and the Securities and Exchange Act of 1934 (the “Exchange Act”), and the rules and regulations of the SEC promulgated thereunder,
and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading. The financial statements included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the SEC with respect thereto as in effect at the time
of filing and fairly present in all material respects the financial position of the entities subject thereto as of and for the dates thereof and the results of operations and cash flows of such entities for the periods then ended, subject, in the
case of unaudited statements, to normal, year-end audit adjustments. The Company has timely filed each report, statement, schedule, prospectus, and registration statement, as applicable, that the Company was
required to file with the SEC since its initial registration of the Class A Shares under the Exchange Act. There are no material outstanding or unresolved comments in comment letters from the SEC with respect to any of the SEC Reports. 

e. Assuming the accuracy of Subscriber’s representations and warranties set forth in Section 4, no registration under the Securities
Act is required for the offer and sale of the Class A Shares by the Company to Subscriber hereunder. The Class A Shares (i) were not offered by any form of general solicitation or general advertising (within the meaning of Regulation
D of the Securities Act) and (ii) are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities laws. 

f. Except for such matters as have not had and would not be reasonably likely to have, individually or in the aggregate, a Material Adverse
Effect (as defined below), as of the date hereof, there is no (i) action, suit, claim or other proceeding, in each case by or before any governmental authority pending, or, to the knowledge of the Company, threatened against the Company or
(ii) judgment, decree, injunction, ruling or order of any governmental entity or arbitrator outstanding against the Company. 
 g. The
issued and outstanding Class A Shares are registered pursuant to Section 12(b) of the Exchange Act, and are listed for trading on Nasdaq. As of the date hereof, there is no suit, action, proceeding or investigation pending or, to the
knowledge of the Company, threatened against the Company by Nasdaq or the SEC, respectively, to prohibit or terminate the listing of the Class A Shares. The Company has taken no action that is designed to terminate the listing of the
Class A Shares on Nasdaq or the registration of the Class A Shares under the Exchange Act. 
 h. The issuance and sale of the
Acquired Shares and the compliance by the Company with all of the provisions of this Subscription Agreement and the consummation of the transactions contemplated herein will not conflict with or result in a breach or violation of any of the terms or
provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Company or any of its subsidiaries pursuant to the terms of (i) any indenture,
mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets
of the Company or any of its subsidiaries is subject, which would reasonably be expected to have a material adverse effect on the business, properties, financial condition, stockholders’ equity or results of operations of the Company and its
subsidiaries, taken as a whole (a “Material Adverse Effect”), or materially affect the validity of the Acquired Shares or the legal authority of 

  
 4 

 
the Company to comply in all material respects with the terms of this Subscription Agreement; (ii) result in any violation of the provisions of the organizational documents of the Company or
any of its subsidiaries; or (iii) result in any violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Company or any of its
subsidiaries or any of their respective properties that would reasonably be expected to have a Material Adverse Effect or materially affect the validity of the Acquired Shares or the legal authority of the Company to comply in all material respects
with this Subscription Agreement. 
 i. The Company is not, and immediately after receipt of payment for the Acquired Shares, will not be,
an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 
 4. Subscriber Representations
and Warranties. Subscriber represents and warrants that: 
 a. If Subscriber is not an individual, Subscriber has been duly formed or
incorporated and is validly existing in good standing under the laws of its jurisdiction of incorporation or formation, with power and authority to enter into, deliver and perform its obligations under this Subscription Agreement. If Subscriber is
an individual, Subscriber has the authority to enter into, deliver and perform its obligations under this Subscription Agreement. 
 b. If
Subscriber is not an individual, this Subscription Agreement has been duly authorized, executed and delivered by Subscriber. If Subscriber is an individual, the signature on this Subscription Agreement is genuine, and Subscriber has legal competence
and capacity to execute the same. Assuming this Subscription Agreement constitutes the valid and binding agreement of the Company, this Subscription Agreement is the valid and binding obligation of Subscriber and is enforceable against Subscriber in
accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, and
(ii) principles of equity, whether considered at law or equity. 
 c. The execution, delivery and performance by Subscriber of this
Subscription Agreement and the consummation of the transactions contemplated herein will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or
imposition of any lien, charge or encumbrance upon any of the property or assets of Subscriber or any of its subsidiaries pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or
instrument to which Subscriber or any of its subsidiaries is a party or by which Subscriber or any of its subsidiaries is bound or to which any of the property or assets of Subscriber or any of its subsidiaries is subject, which would reasonably be
expected to have a material adverse effect on the business, properties, financial condition, stockholders’ equity or results of operations of Subscriber and its subsidiaries, taken as a whole (a “Subscriber Material Adverse
Effect”), or materially affect the legal authority of Subscriber to comply in all material respects with the terms of this Subscription Agreement; (ii) if Subscriber is not an individual, result in any violation of the provisions of
the organizational documents of Subscriber or any of its subsidiaries; or (iii) result in any violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having
jurisdiction over Subscriber or any of its subsidiaries or any of their respective properties that would reasonably be expected to have a Subscriber Material Adverse Effect or materially affect the legal authority of Subscriber to comply in all
material respects with this Subscription Agreement. 

  
 5 

 d. Subscriber (i) is a “qualified institutional buyer” (as defined in Rule
144A under the Securities Act) or an “accredited investor” (within the meaning of Rule 501(a) under the Securities Act) satisfying the applicable requirements set forth on Schedule A, (ii) is acquiring the Acquired Shares only
for its own account and not for the account of others, or if Subscriber is subscribing for the Acquired Shares as a fiduciary or agent for one or more investor accounts, each owner of such account is a qualified institutional buyer and Subscriber
has full investment discretion with respect to each such account, and the full power and authority to make the acknowledgements, representations and agreements herein on behalf of each owner of each such account, and (iii) is not acquiring the
Acquired Shares with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act (and shall provide the requested information on Schedule A following the signature page hereto). Subscriber
is not an entity formed for the specific purpose of acquiring the Acquired Shares. 
 e. Subscriber understands that the Acquired Shares are
being offered in a transaction not involving any public offering within the meaning of the Securities Act and that the Acquired Shares have not been registered under the Securities Act. Subscriber understands that the Acquired Shares may not be
resold, transferred, pledged or otherwise disposed of by Subscriber absent an effective registration statement under the Securities Act, except (i) to the Company or a subsidiary thereof, (ii) to
non-U.S. persons pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under the Securities Act or (iii) pursuant to another applicable exemption from the
registration requirements of the Securities Act, and that any certificates representing the Acquired Shares shall contain a legend to such effect. Subscriber acknowledges that the Acquired Shares will not be eligible for resale pursuant to Rule 144A
promulgated under the Securities Act. Subscriber understands and agrees that the Acquired Shares will be subject to transfer restrictions under the Securities Act and, as a result of these transfer restrictions, Subscriber may not be able to readily
resell the Acquired Shares and may be required to bear the financial risk of an investment in the Acquired Shares for an indefinite period of time. Subscriber understands that it has been advised to consult legal counsel prior to making any offer,
resale, pledge or transfer of any of the Acquired Shares. 
 f. Subscriber understands and agrees that Subscriber is purchasing the Acquired
Shares directly from the Company. Subscriber further acknowledges that there have been no representations, warranties, covenants and agreements made to Subscriber by the Company or its affiliates or any of their respective officers or directors,
expressly or by implication, other than those representations, warranties, covenants and agreements expressly set forth in Section 3 of this Subscription Agreement. 

g. Subscriber represents and warrants that its acquisition and holding of the Acquired Shares will not constitute or result in a non-exempt prohibited transaction under Section 406 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), Section 4975 of the Internal Revenue Code of 1986, as amended
(the “Code”), or any applicable similar law. 

  
 6 

 h. In making its decision to purchase the Acquired Shares, Subscriber represents that it has
relied solely upon independent investigation made by Subscriber. Subscriber acknowledges and agrees that Subscriber received such information as Subscriber deems necessary in order to make an investment decision with respect to the Acquired Shares,
including but not limited to the Company’s SEC Reports and the investor presentation provided by the Company, and made its own assessment and is satisfied concerning the relevant tax and other economic considerations relevant to
Subscriber’s investment in the Acquired Shares. Subscriber acknowledges that it has reviewed the documents made available to Subscriber by the Company. Subscriber represents and agrees that Subscriber and Subscriber’s professional
advisor(s), if any, have had the full opportunity to ask such questions, receive such answers and obtain such information as Subscriber and such undersigned’s professional advisor(s), if any, have deemed necessary to make an investment decision
with respect to the Acquired Shares. 
 i. Subscriber became aware of this offering of the Acquired Shares solely by means of direct contact
between Subscriber and the Company or by certain employees of The Gores Group LLC or its affiliates acting on the Company’s behalf and the Acquired Shares were offered to Subscriber solely by direct contact between Subscriber and the Company or
by certain employees of The Gores Group LLC or its affiliates acting on the Company’s behalf. Subscriber did not become aware of this offering of the Acquired Shares, nor were the Acquired Shares offered to Subscriber, by any other means, and
The Gores Group LLC or its affiliates did not act as investment adviser, broker or dealer to Subscriber. Subscriber acknowledges that the Company represents and warrants that the Acquired Shares (i) were not offered by any form of general
solicitation or general advertising and (ii) are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities laws. 

j. Subscriber acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Acquired Shares.
Subscriber has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Acquired Shares, and Subscriber has sought such accounting, legal and tax advice as Subscriber
has considered necessary to make an informed investment decision. Subscriber is a sophisticated investor, experienced in investing in private equity transactions and capable of evaluating investment risks independently, both in general and with
regard to all transactions and investment strategies involving a security or securities, and has exercised independent judgment in evaluating its participation in the purchase of the Acquired Shares. 

k. Alone, or together with any professional advisor(s), Subscriber represents and acknowledges that Subscriber has adequately analyzed and
fully considered the risks of an investment in the Acquired Shares and determined that the Acquired Shares are a suitable investment for Subscriber and that Subscriber is able at this time and in the foreseeable future to bear the economic risk of a
total loss of Subscriber’s investment in the Company. Subscriber acknowledges specifically that a possibility of total loss exists. 

l. Subscriber understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Acquired
Shares or made any findings or determination as to the fairness of this investment. 

  
 7 

 m. Subscriber represents and warrants that Subscriber is not (i) a person or entity
named on the List of Specially Designated Nationals and Blocked Persons administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) or in any Executive Order issued by the President of the United
States and administered by OFAC (“OFAC List”), or a person or entity prohibited by any OFAC sanctions program or (ii) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515. Subscriber
agrees to provide law enforcement agencies, if requested thereby, such records as required by applicable law, provided that Subscriber is permitted to do so under applicable law. Subscriber further represents and warrants that the funds held by
Subscriber and used to purchase the Acquired Shares were legally derived. 
 n. At the Closing, Subscriber will have sufficient funds to pay
the Purchase Price pursuant to Section 2(a). 
 o. Subscriber acknowledges that it is not relying upon, and has
not relied upon, any statement, representation or warranty made by any person, firm or corporation (including, without limitation, the Company, any of its affiliates or any of its or their respective control persons, officers, directors, employees,
agents or representatives), other than the representations and warranties of the Company expressly set forth in this Subscription Agreement, in making its investment or decision to invest in the Company. Subscriber agrees that neither (i) any
other Subscriber pursuant to another Subscription Agreement or any other agreement related to the private placement of Class A Shares (including the controlling persons, officers, directors, partners, agents or employees of any such Subscriber)
nor (ii) the Company, its affiliates or any of their or their respective affiliates’ control persons, officers, directors, partners, agents, employees or representatives, shall be liable to any other Subscriber pursuant to this
Subscription Agreement or any other agreement related to the private placement of Class A Shares for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the purchase of the Acquired Shares
hereunder. 
 5. Registration Rights. 

a. The Company agrees that, within thirty (30) calendar days after the consummation of the Transactions (the “Filing
Deadline”), the Company will file with the SEC (at the Company’s sole cost and expense) a registration statement to register under and in accordance with the provisions of the Securities Act, the offer, sale and distribution of all
Registrable Securities (as defined below) on Form S-3 or any similar or successor short form registration statement that may be available at such time (which shall be filed pursuant to Rule 415 under the
Securities Act as a secondary-only registration statement), or if the Company is ineligible to use Form S-3, on Form S-1 or any similar or successor long form
registration statement (the “Registration Statement”) (it being understood that as of the date of this Subscription Agreement, the Company would not be eligible to use Form S-3 on the Filing
Deadline). The Company shall use its commercially reasonable efforts to have the Registration Statement declared effective by the SEC as soon as practicable after the filing thereof, but no later than sixty (60) calendar days following the
Filing Deadline (the “Effectiveness Deadline”); provided, that the Effectiveness Deadline shall be extended to ninety (90) calendar days after the Filing Deadline if the Registration Statement is reviewed by the SEC;
provided, however, that the Company’s obligations to include the Acquired Shares in the Registration Statement are 

  
 8 

 
contingent upon Subscriber furnishing in writing to the Company such information regarding Subscriber, the securities of the Company held by Subscriber and the intended method of disposition of
the Acquired Shares as shall be reasonably requested by the Company to effect the registration of the Acquired Shares, and Subscriber shall execute such documents in connection with such registration as the Company may reasonably request that are
customary of a selling stockholder in similar situations. The Company shall be entitled to postpone and suspend the effectiveness or use of the Registration Statement during any customary blackout or similar period and including with respect to the
effectiveness thereof or in the event the Registration Statement must be supplemented, amended or suspended; provided, however, that the Company may not delay or suspend a particular Registration Statement for a period of more than sixty
(60) consecutive calendar days, or more than one hundred twenty (120) total calendar days, in each case during any twelve-month period. Notwithstanding anything to the contrary set forth herein, the Company shall not, when advising
Subscriber of any such events, provide Subscriber with any material, nonpublic information regarding the Company other than to the extent that providing notice to Subscriber of the occurrence of such events constitutes material, nonpublic
information regarding the Company. The Company will use its commercially reasonable efforts to maintain the continuous effectiveness of the Registration Statement, or another registration statement that includes the Registrable Securities to be sold
pursuant to this Agreement, until all such securities cease to be Registrable Securities (as defined below) or such shorter period upon which all Subscribers with Registrable Securities included in such Registration Statement have notified the
Company that such Registrable Securities have actually been sold. The Company will use commercially reasonable efforts to file all reports, and provide all customary and reasonable cooperation, necessary to enable Subscriber to resell Registrable
Securities pursuant to the Registration Statement or Rule 144 of the Securities Act, as applicable, qualify the Registrable Securities for listing on the applicable stock exchange, update or amend the Registration Statement as necessary to include
Registrable Securities and provide customary notice to holders of Registrable Securities. In the case of the registration effected by the Company pursuant to this Subscription Agreement, the Company shall, upon reasonable request, inform Subscriber
as to the status of such registration. In the event that the Company files a Registration Statement on Form S-1, the Company shall use its commercially reasonable efforts to convert the Form S-1 to a Form S-3 as soon as practicable after the Company is eligible to use Form S-3. “Registrable Securities” shall
mean, as of any date of determination, the Acquired Shares and any other equity security of the Company issued or issuable with respect to the Acquired Shares by way of share split, dividend, distribution, recapitalization, merger, exchange,
replacement or similar event or otherwise. As to any particular Registrable Securities, once issued, such securities shall cease to be Registrable Securities (i) when they are sold, transferred, disposed of or exchanged pursuant to an effective
Registration Statement under the Securities Act, (ii) the earliest of (A) two (2) years following the Closing, (B) such time that such holder has disposed of such securities pursuant to Rule 144 or (C) if Rule 144(i) is no longer
applicable to the Company or Rule 144(i)(2) is amended to remove the reporting requirement preceding a disposition of securities, such time that such holder is able to dispose of all of its, his or her Registrable Securities pursuant to Rule 144
without any volume limitations thereunder, (iii) when they shall have ceased to be outstanding and (iv) when such securities have been sold in a private transaction. The Company will provide a draft of the Registration Statement to
Subscriber for review at least (2) business days in advance of filing the Registration Statement. In no event shall Subscriber be identified as a statutory underwriter in the Registration Statement unless requested by the SEC. 

  
 9 

 b. The Company shall, notwithstanding any termination of this Subscription Agreement,
indemnify and hold harmless Subscriber (to the extent a seller under the Registration Statement), the officers, directors, trustees, agents, employees and investment advisers of each of them, each person who controls Subscriber (within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, trustees, agents, employees and investment advisers of each such controlling person, to the fullest extent permitted by applicable law,
from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable out-of-pocket costs of preparation and investigation
and reasonable attorneys’ fees) and expenses (collectively, “Losses”), as incurred, that arise out of or are based upon (i) any untrue or alleged untrue statement of a material fact contained in the Registration Statement,
any prospectus included in the Registration Statement or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission to state a material fact
required to be stated therein or necessary to make the statements therein (in the case of any prospectus or form of prospectus or supplement thereto, in the light of the circumstances under which they were made) not misleading, or (ii) any
violation or alleged violation by the Company of the Securities Act, Exchange Act or any state securities law or any rule or regulation thereunder, in connection with the performance of its obligations under this Section 5,
except insofar as and to the extent, but only to the extent, that such untrue statements, alleged untrue statements, omissions or alleged omissions are based solely upon information regarding Subscriber furnished in writing to the Company by
Subscriber expressly for use therein. The Company shall notify Subscriber promptly of the institution, threat or assertion of any proceeding arising from or in connection with the transactions contemplated by this Section 5
of which the Company is aware. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of an indemnified party and shall survive the transfer of the Acquired Shares by Subscriber. 

c. Subscriber shall, severally and not jointly with any Other Subscriber, indemnify and hold harmless the Company, its directors, officers,
agents and employees, each person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, agents or employees of such controlling persons, to the
fullest extent permitted by applicable law, from and against all Losses, as incurred, arising out of or are based upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any prospectus included in the
Registration Statement, or any form of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein (in the case of any prospectus, or any form of prospectus or supplement thereto, in the light of the circumstances under which they were made) not misleading to the extent, but only to the extent, that such
untrue statements or omissions are based solely upon information regarding Subscriber furnished in writing to the Company by Subscriber expressly for use therein. In no event shall the liability of Subscriber be greater in amount than the dollar
amount of the net proceeds received by Subscriber upon the sale of the Acquired Shares giving rise to such indemnification obligation. 

  
 10 

 6. Termination. Except as expressly set forth herein, this Subscription Agreement
shall terminate and be void and of no further force and effect, and all rights and obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earliest to occur of
(a) such date and time as the Merger Agreement is terminated in accordance with its terms, (b) upon the mutual written agreement of each of the parties hereto to terminate this Subscription Agreement and (c) if any of the conditions
to Closing set forth in Section 2 are not satisfied or waived on or prior to the Closing and, as a result thereof, the transactions contemplated by this Subscription Agreement are not or will not be consummated at the
Closing; provided, that nothing herein will relieve any party from liability for any willful breach hereof (including for the avoidance of doubt Subscriber’s willful breach of Section 2(b)(ii) with respect to
its representations and warranties as of the Closing Date) prior to the time of termination, and each party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from such breach. The Company shall
promptly notify Subscriber of the termination of the Merger Agreement promptly after the termination of such agreement. 
 7. Trust
Account Waiver. Subscriber acknowledges that the Company is a blank check company with the powers and privileges to effect a merger, asset acquisition, reorganization or similar business combination involving the Company and one or more
businesses or assets. Subscriber further acknowledges that, as described in the Company’s prospectus relating to its initial public offering dated December 10, 2020 (the “Prospectus”) available at www.sec.gov,
substantially all of the Company’s assets consist of the cash proceeds of the Company’s initial public offering and private placements of its securities, and substantially all of those proceeds have been deposited in a trust account (the
“Trust Account”) for the benefit of the Company, its public stockholders and the underwriters of the Company’s initial public offering. Except with respect to interest earned on the funds held in the Trust Account that may be
released to the Company to pay its tax obligations, if any, the cash in the Trust Account may be disbursed only for the purposes set forth in the Prospectus. For and in consideration of the Company entering into this Subscription Agreement, the
receipt and sufficiency of which are hereby acknowledged, Subscriber hereby irrevocably waives any and all right, title and interest, or any claim of any kind they have or may have in the future, in or to any monies held in the Trust Account, and
agrees not to seek recourse against the Trust Account as a result of, or arising out of, this Subscription Agreement; provided, that nothing in this Section 7 shall be deemed to limit Subscriber’s right, title, interest or claim to the
Trust Account by virtue of Subscriber’s record or beneficial ownership of shares of the Company acquired by any means other than pursuant to this Subscription Agreement, including but not limited to any redemption right with respect to any such
securities of the Company. 
 8. Miscellaneous. 

a. Subscriber acknowledges that the Company and others will rely on the acknowledgments, understandings, agreements, representations and
warranties contained in this Subscription Agreement. Prior to the Closing, Subscriber agrees to promptly notify the Company if any of Subscriber’s acknowledgments, understandings, agreements, representations and warranties set forth herein are
no longer accurate in all material respects. Subscriber acknowledges and agrees that each purchase by Subscriber of the Acquired Shares from the Company will constitute a reaffirmation of the acknowledgments, understandings, agreements,
representations and warranties herein (as modified by any such notice) by Subscriber as of the time of such purchase. 

  
 11 

 b. The Company is entitled to rely upon this Subscription Agreement and is irrevocably
authorized to produce this Subscription Agreement or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 

c. Neither this Subscription Agreement nor any rights that may accrue to Subscriber hereunder (other than the Acquired Shares acquired
hereunder, if any) may be transferred or assigned. 
 d. All the agreements, representations and warranties made by each party hereto in
this Subscription Agreement shall survive the Closing. 
 e. The Company may request from Subscriber such additional information as the
Company may deem necessary to evaluate the eligibility of Subscriber to acquire the Acquired Shares, and Subscriber shall provide such information as may be reasonably requested, to the extent readily available and to the extent consistent with its
internal policies and procedures. 
 f. This Subscription Agreement may not be modified, waived or terminated except by an instrument in
writing, signed by the party against whom enforcement of such modification, waiver, or termination is sought. No failure or delay of either party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or power. The
rights and remedies of the parties hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have hereunder. 

g. This Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations
and warranties, both written and oral, among the parties, with respect to the subject matter hereof. This Subscription Agreement shall not confer any rights or remedies upon any person other than the parties hereto, and their respective successor
and assigns. 
 h. Except as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the
parties hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and
be binding upon, such heirs, executors, administrators, successors, legal representatives and permitted assigns. 
 i. If any provision of
this Subscription Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions of this Subscription Agreement shall not in any way
be affected or impaired thereby and shall continue in full force and effect. 

  
 12 

 j. This Subscription Agreement may be executed in one or more counterparts via facsimile,
electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com or www.echosign.com) or other transmission method and by different parties in separate counterparts, with the same
effect as if all parties hereto had signed the same document. All counterparts so executed and delivered shall be construed together and shall constitute one and the same agreement. 

k. The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Subscription Agreement were
not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Subscription Agreement and to enforce
specifically the terms and provisions of this Subscription Agreement, this being in addition to any other remedy to which such party is entitled at law, in equity, in contract, in tort or otherwise. 

l. Unless otherwise provided herein, any notice or communication required or permitted hereunder shall be in writing and either delivered
personally, emailed or telecopied, sent by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid, and shall be deemed to be given and received (i) when so delivered personally, (ii) upon
receipt of an appropriate electronic answerback or confirmation when so delivered by telecopy (to the number specified on the signature pages hereto or another number or numbers as such person may subsequently designate by notice given hereunder),
(iii) when sent, with no mail undeliverable or other rejection notice, if sent by email, or (iv) five (5) business days after the date of mailing to the address set forth on the signature pages hereto or to such other address or addresses as
such person may hereafter designate by notice given hereunder to the address or addresses set forth on the signature pages hereto. 
 m.
THIS SUBSCRIPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THAT WOULD OTHERWISE REQUIRE THE APPLICATION OF THE LAW OF ANY OTHER
STATE. EACH PARTY HERETO HEREBY WAIVES ANY RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION PURSUANT TO THIS SUBSCRIPTION AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY. 

n. The obligations of Subscriber under this Subscription Agreement are several and not joint with the obligations of any Other Subscriber or
any other investor under the Other Subscription Agreements, and Subscriber shall not be responsible in any way for the performance of the obligations of any Other Subscriber under this Subscription Agreement or any Other Subscriber under the Other
Subscription Agreements. Nothing contained herein or in any Other Subscription Agreement, and no action taken by Subscriber or any Other Subscriber pursuant hereto or thereto shall be deemed to constitute Subscriber and any Other Subscriber as a
partnership, an association, a joint venture or any other kind of entity, or create a presumption that Subscriber and any Other Subscriber are in any way acting in concert or as a group with respect to such obligations or the transactions
contemplated by the this Subscription Agreement and the Other Subscription Agreements. Subscriber shall be entitled to independently protect and enforce its rights, including without limitation the rights arising out of this Subscription Agreement,
and it shall not be necessary for any Other Subscriber or investor to be joined as an additional party in any proceeding for such purpose. 

  
 13 

 9. No Short Sales. The Subscriber hereby agrees that, from the date of this
Subscription Agreement until the Closing, none of the Subscriber, its controlled affiliates, or any person or entity acting on behalf of the Subscriber or any of its controlled affiliates or pursuant to any understanding with the Subscriber or any
of its controlled affiliates will engage in any Short Sales with respect to securities of the Company. For purposes of this Section 10, “Short Sales” shall include, without limitation, all “short sales” as defined in Rule
200 promulgated under Regulation SHO under the Exchange Act, and all types of direct and indirect stock pledges (other than pledges in the ordinary course of business as part of prime brokerage arrangements), forward sale contracts, options, puts,
calls, swaps and similar arrangements (including on a total return basis), and sales and other transactions through non-U.S. broker dealers or foreign regulated brokers. 

  
 14 

 IN WITNESS WHEREOF, each of the Company and Subscriber has executed or caused this
Subscription Agreement to be executed by its duly authorized representative as of the date set forth below. 
  

			
	GORES HOLDINGS VI, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 Date: February
                , 2021 

[SIGNATURE PAGE TO SUBSCRIPTION AGREEMENT] 

			
	SUBSCRIBER:	  	
		
	Name of Subscriber:	  	Name of Joint Subscriber, if applicable:
		
	  
	  	  

	(Please print)	  	(Please print)
		
	 Name in which shares are to be registered
 (if
different):
	  	
		
	Email Address: _______________________	  	
		
	If there are joint investors, please check one:	  	
		
	☐ Joint Tenants with Rights of Survivorship	  	
		
	☐ Tenants-in-Common	  	
		
	☐ Community Property	  	
		
	Subscriber’s EIN: ___________________________________	  	Joint Subscriber’s EIN: _________________________
		
	Business Address-Street:	  	Mailing Address-Street (if different):
		
	  
	  	  

		
	  
	  	  

	City, State, Zip:	  	City, State, Zip:
		
	Attn:	  	Attn:
		
	Telephone No.: __________________________	  	Telephone No.: ______________________________
		
	Facsimile No.: __________________________	  	Facsimile No.: _______________________________

 [Signature Page Follows] 

 Aggregate Number of Acquired Shares subscribed for: __________________________ 

Aggregate Purchase Price1: $ ____________ 

SUBSCRIBER: 
 Date:
February                , 2021. 
  

					
	Signature of Subscriber:	 		  	Signature of Joint Subscriber, if applicable:
			
	By:_______________________________________	 		  	By:_______________________________________
	Name:	 		  	Name:
	Title:	 		  	Title:
			
	Name of Subscriber:	 		  	Name of Joint Subscriber, if applicable:
			
	  
	 	            	  	  

	(Please print. Please indicate name and	 		  	(Please Print. Please indicate name and
	capacity of person signing above)	 		  	capacity of person signing above)

 You must pay the Purchase Price by wire transfer of United States dollars in immediately available funds to the account
specified by the Company in the Closing Notice. 
  

	1 	 This is the aggregate number of Acquired Shares subscribed for multiplied by the price per Acquired Share of
$10.00, without rounding. 

 SCHEDULE A 

ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER 
  

	A.	 QUALIFIED INSTITUTIONAL BUYER STATUS 

(Please check the applicable subparagraphs): 
  

	 	1.	 ☐ We are a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act (a
“QIB”)). 

  

	 	2.	 ☐ We are subscribing for the Acquired Shares as a fiduciary or agent for one or more investor accounts,
and each owner of such account is a QIB. 

 ***OR*** 
  

	B.	 ACCREDITED INVESTOR STATUS 

(Please check the applicable subparagraphs): 
  

	 	1.	 ☐ We are an “accredited investor” (within the meaning of Rule 501(a) under the Securities Act
or an entity in which all of the equity holders are accredited investors within the meaning of Rule 501(a) under the Securities Act), and have marked and initialed the appropriate box on the following page indicating the provision under which we
qualify as an “accredited investor.” 

  

	 	2.	 ☐ We are not a natural person. 

***AND*** 
  

	C.	 AFFILIATE STATUS 

(Please check the applicable box) 

SUBSCRIBER: 
  

	 	☐	 is: 

  

	 	☐	 is not: 

an “affiliate” (as defined in Rule 144 under the Securities Act) of the Company or acting on behalf of an affiliate of the Company.

 This page should be completed by Subscriber 

and constitutes a part of the Subscription Agreement. 

  
 Schedule A-1 

 Rule 501(a), in relevant part, states that an “accredited investor” shall mean any person who
comes within any of the below listed categories, or who the issuer reasonably believes comes within any of the below listed categories, at the time of the sale of the securities to that person. Subscriber has indicated, by marking and initialing the
appropriate box below, the provision(s) below which apply to Subscriber and under which Subscriber accordingly qualifies as an “accredited investor.” 

☐ Any bank, registered broker or dealer, insurance company, registered investment company, business development company, or small
business investment company; 
 ☐ Any plan established and maintained by a state, its political subdivisions, or any agency or
instrumentality of a state or its political subdivisions for the benefit of its employees, if such plan has total assets in excess of $5,000,000; 

☐ Any employee benefit plan, within the meaning of the Employee Retirement Income Security Act of 1974, if a bank, insurance company, or
registered investment adviser makes the investment decisions, or if the plan has total assets in excess of $5,000,000; 
 ☐ Any
organization described in Section 501(c)(3) of the Internal Revenue Code, corporation, Massachusetts or similar business trust, or partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess
of $5,000,000; 
 ☐ Any director, executive officer, or general partner of the issuer of the securities being offered or sold, or any
director, executive officer, or general partner of a general partner of that issuer; 
 ☐ Any natural person whose individual net
worth, or joint net worth with that person’s spouse, at the time of his purchase exceeds $1,000,000. For purposes of calculating a natural person’s net worth: (a) the person’s primary residence must not be included as an asset;
(b) indebtedness secured by the person’s primary residence up to the estimated fair market value of the primary residence must not be included as a liability (except that if the amount of such indebtedness outstanding at the time of
calculation exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess must be included as a liability); and (c) indebtedness that is secured by the
person’s primary residence in excess of the estimated fair market value of the residence must be included as a liability; 
 ☐ Any
natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same
income level in the current year; 
 ☐ Any trust with assets in excess of $5,000,000, not formed to acquire the securities offered,
whose purchase is directed by a sophisticated person; or 
 ☐ Any entity in which all of the equity owners are accredited investors
meeting one or more of the above tests. 

  
 Schedule A-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}]]