Document:

Document

CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND REPLACED WITH “[***]”. SUCH IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS (I) NOT MATERIAL AND (II) THE TYPE THAT THE COMPANY TREATS AS PRIVATE OR CONFIDENTIAL.

THIRD AMENDMENT TO MASTER LEASE
THIS THIRD AMENDMENT TO MASTER LEASE (the "Amendment") is effective as of August 19, 2021 (the "Effective Date"), by and between NHI-REIT OF NEXT HOUSE, LLC, a Delaware limited liability company (“NRNH”), MYRTLE BEACH RETIREMENT RESIDENCE LLC, an Oregon limited liability company (“MBRR”) and VOORHEES RETIREMENT RESIDENCE LLC, an Oregon limited liability company (“VRR”, and together with NRNH and MBRR, “Landlord”) and WELL CHURCHILL LEASEHOLD OWNER LLC, a Delaware limited liability company (“Tenant”), as successor in interest to NH MASTER TENANT LLC, a Delaware limited liability company.
RECITALS:
A.Landlord and Tenant are parties to that certain Master Lease dated December 23, 2013 (the “Initial Lease”), as amended by that certain Amendment to Master Lease and Termination of Guaranty dated November 5, 2018 (the “First Amendment”), as amended by that certain Second Amendment to Master Lease dated January 3, 2019 (the “Second Amendment” and together with the Initial Lease and the First Amendment, the "Lease"), which Lease was assigned by NH Master Tenant LLC to Tenant pursuant to that certain Assignment and Assumption of Master Lease and Consent to Assignment dated July 30, 2021, and which Lease currently covers twenty-six (26) separate independent living facilities, as more particularly described therein;
B.Landlord and Tenant are parties to that certain Agreement Regarding Lease dated May 1, 2021 (the “Agreement”), which addresses, among other things, that certain Facility Transfer (as defined in the Agreement), which contemplates the sale of a number of the Facilities and the termination of the Lease with respect to those Facilities;
C.Pursuant to the terms of a purchase and sale agreement dated on or about the date hereof (the “Purchase Agreement”) between NRNH, as seller, and [***] or one of its affiliates, as purchaser (“Purchaser”), Landlord is selling the eight (8) Facilities listed on Exhibit B attached hereto (the “Released Facilities”) to Purchaser; and
D.Landlord and Tenant desire to amend the Lease to release the Released Facilities from and otherwise update the Lease in connection with the Facility Transfer.
NOW, THEREFORE, for and in consideration of the covenants and agreements herein contained, the parties hereto agree as follows:
1.Release of Certain Facilities.  As of the Effective Date, Landlord is conveying the Released Facilities to Purchaser (the ‘Sale”), and upon the consummation of the Sale, the Released Facilities are hereby released from the Lease, and the Lease is terminated solely with respect to the Released Facilities from and after the Effective Date, except as to (i) any indemnities or other obligations of Landlord or Tenant with respect to the Released Facilities that survive the termination of the Lease pursuant to the terms thereof, and (ii) all amounts due and owing from Tenant to Landlord or Landlord to Tenant, if any, with respect to the Released Facilities under the Lease through the Effective Date, and all right, title, interest and claim to the same are hereby reserved to the applicable party.  As of the Effective Date, neither Landlord nor Tenant shall have any liability under the Lease solely with respect to the Released Facilities except as provided in the immediately preceding sentence, provided, that, for the avoidance of doubt, Landlord retains all claims under the Lease with respect to clauses (i) and (ii) of the 
[***] = Indicates confidential information omitted from the exhibit.

preceding sentence with respect to the Released Facilities.  For the avoidance of doubt, this Section 1 affects only the Released Facilities and Landlord retains all claims under the Lease as to all Facilities under the Lease other than the Released Facilities. The definition of “Facility or Facilities” in Section 1 of the Lease is hereby amended to exclude the Released Facilities and Exhibit A to the Lease is hereby deleted in its entirety and Exhibit A attached to this Amendment is inserted in lieu thereof. 
2.Base Rent. Schedule 1.1 of the Lease (Allocated Facility Rent) is hereby deleted and replaced with Schedule 1.1 attached hereto and made a part hereof.
3.Bill of Sale.  As required by the Lease, Tenant is delivering to NRNH, as the owner of the Released Facilities, a Bill of Sale as of the date hereof pursuant to which Tenant is conveying to NRNH all of Tenant’s right, title and interest in the Transferred Tenant’s Personal Property and the Inventory to the extent used solely in the operation of the Released Facilities.  The parties have agreed that Tenant shall not convey its right, title and interest in and to the Records with respect to the Released Facilities; provided, however, that for a period of three (3) years after the Effective Date and upon request by Landlord, Tenant shall permit Landlord to make copies of all Records, subject to Legal Requirements, solely to the extent relating to the Released Facilities.
4.Assignments.  Landlord acknowledges that Tenant shall make any assignments of the Contracts, the Licenses and the Resident Agreements directly to Purchaser.  Tenant shall not deliver an Assignment of Contracts and Operating Leases or an Assignment of Resident Agreements to NRNH with respect to the Released Facilities.
5.Acknowledgments.   Landlord acknowledges that in connection with the Sale, Tenant and Purchaser have executed the settlement statement attached hereto as Exhibit C pursuant to which the net amount owed by Tenant to Purchaser is $69,011.00 and such amount has been paid by Tenant to Purchaser on the date hereof, provided that by making such acknowledgement Landlord is in no way verifying the accuracy or completeness of such settlement statement. 
6.Entire Agreement.  This Amendment constitutes the entire and integrated agreement between Landlord and Tenant relating to the subject matter of this Amendment and supersedes all prior agreements, understandings, offers and negotiations, oral or written, with respect thereto.
7.No Other Changes.  Unless expressly amended hereby, all other terms and conditions contained in the Lease shall remain unchanged and in full force and effect, and are hereby ratified and confirmed.  To the extent of any conflict between the provisions hereof and the Lease, the provisions of this Amendment shall govern and control.  This Amendment shall be binding on and shall inure to the benefit of the parties hereto and their respective successors and assigns.
8.Defined Terms.  Capitalized terms used in this Amendment and not defined herein, shall have the meaning as set forth in the Lease.
9.Counterparts.  This Amendment may be executed in counterparts.  All executed counterparts shall constitute one agreement, and each counterpart shall be deemed an original.  The parties hereby acknowledge and agree that electronic signatures, digital signatures, and signatures transmitted by electronic in “.pdf” or other electronic format shall be legal and binding and shall have the same full force and effect as if an original signed counterpart of this Amendment had been delivered.
[***] = Indicates confidential information omitted from the exhibit.

[The remainder of this page is intentionally left blank]

[***] = Indicates confidential information omitted from the exhibit.

IN WITNESS WHEREOF, the undersigned Landlord has caused their duly authorized representative to execute and deliver this Amendment as of the date set forth above.

LANDLORD:

NHI-REIT OF NEXT HOUSE, LLC,
a Delaware limited liability company

By:    /s/Kristin S. Gaines    
Name:    Kristin S. Gaines    
Title:    Secretary        

[***] = Indicates confidential information omitted from the exhibit.

IN WITNESS WHEREOF, the undersigned Landlord has caused their duly authorized representative to execute and deliver this Amendment as of the date set forth above.
LANDLORD:

MYRTLE BEACH RETIREMENT RESIDENCE LLC,
an Oregon limited liability company

By:    /s/Kristin S. Gaines    
Name:    Kristin S. Gaines    
Title:    Secretary        

[***] = Indicates confidential information omitted from the exhibit.

IN WITNESS WHEREOF, the undersigned Landlord has caused their duly authorized representative to execute and deliver this Amendment as of the date set forth above.
LANDLORD:

VOORHEES RETIREMENT RESIDENCE LLC,
an Oregon limited liability company

By:    NHI- REIT OF NEXT HOUSE, LLC,
    its sole member

By:    /s/Kristin S. Gaines    
Name:    Kristin S. Gaines    
Title:    Secretary        

[***] = Indicates confidential information omitted from the exhibit.

IN WITNESS WHEREOF, the undersigned Tenant has caused their duly authorized representative to execute and deliver this Amendment as of the date set forth above.
TENANT:

WELL CHURCHILL LEASEHOLD OWNER LLC,
a Delaware limited liability company

By:    /s/Nikhil Chaudhri        
Name:    Nikhil Chaudhri            
Title:    Authorized Signatory        

[***] = Indicates confidential information omitted from the exhibit.

Exhibit A

FACILITIES 

																		
	Facility Name	Subtenant	Address	City	State	Zip

	Butterfield Place	NH Butterfield Place LLC	8420 Phoenix Ave	Fort Smith	AR	72903

	Apple Blossom	NH Apple Blossom LLC	2501 N 22nd St.	Rogers	AR	72756

	Bay Park	NH Bay Park LP	2621 Appian Way	Pinole	CA	94564

	Mistywood	NH Mistywood LP	1275 Pleasant Grove Blvd.	Roseville	CA	95747

	Fig Garden	NH Fig Garden LP	6035 N Marks Avenue	Fresno	CA	93711

	Standiford Place	NH Standiford Place LP	3420 Shawnee Drive	Modesto	CA	95350

	Bridgecreek	NH Bridgecreek LP	3601 Holt Avenue	West 
Covina	CA	91791

	Riverplace	NH Riverplace LLC	6850 River Road	Columbus	GA	31904

	Iris Place	NH Iris Place LLC	755 Epps Bridge Parkway	Athens	GA	30606

	Arbor Glen	NH Arbor Glen LLC	5202 St. Joe Road	Fort Wayne	IN	46835

	Yardley Commons	NH Yardley 
Commons LLC	209 Laurel Rd.	Voorhees	NJ
	08043

	Worthington	NH Worthington LLC	1201 Riva Ridge Ct.	Gahanna	OH	43230

	Silver Arrow Estates	NH Silver Arrow Estates LLC	2601 S Elm Place	Broken Arrow	OK	74012

	Eagle Crest	NH Eagle Crest LLC	3736 Robert M. Grissom Pkwy	Myrtle 
Beach	SC	29577

	Westminster	NH Westminster LLC	11 East August Place	Greenville	SC	29605

	Bedford	NH Bedford LLC	13303 SE	Vancouver	WA	98683

	Kamlu Retirement Inn- Vancouver	NH Kamlu Retirement Inn-Vancouver LLC	1000 NE 82nd Ave.	Vancouver	WA	98664

	Isles of Vero Beach	CCAT 2 L.P.	1700 Waterford Drive	Vero Beach	FL	32966

[***] = Indicates confidential information omitted from the exhibit.

Exhibit B

RELEASED FACILITIES 

																		
	Facility Name	Subtenant	Address	City	State
	Zip

	Hampshire	NH Hampshire LP	3460 R Street	Merced	CA
	95348

	Camelot	NH Camelot LP	800 W Oakland	Hemet	CA
	92543

	River’s Edge	NH River’s Edge LLC	6206 Waters Avenue	Savannah	GA
	31406

	Chateau De Boise	NH Chateau De Boise LLC	7250 Poplar Street	Boise	ID
	83704

	Nouveau Marc	NH Nouveau Marc LLC	1101 Sunset Boulevard	Kenner	LA
	70065

	Astor House at Springbrook Oak	NH Astor House at Springbrook Oak LLC	3801 Hayes St.	Newberg	OR
	97132

	Orchard Park	NH Orchard Park LLC	620 North 34th Avenue	Yakima	WA
	98902

	Garden Club	NH Garden Club LLC	13350 SE 26th Street	Bellevue	WA	98005

[***] = Indicates confidential information omitted from the exhibit.

Exhibit C

SETTLEMENT STATEMENT

[***] = Indicates confidential information omitted from the exhibit.

Schedule 1.1

ALLOCATED FACILITY RENT 

												
	Community		Monthly Rent	Annual Rent
	Apple Blossom	AR000001--Holiday Apple Blossom	$       103,814.41	$      1,245,772.92
	Arbor Glen	IN000006--Holiday Arbor Glen	$         43,702.75	$         524,433.00
	Bay Park	CA000003--Holiday Bay Park	$       131,754.25	$      1,581,051.00
	Bridgecreek	CA000004--Holiday Bridgecreek	$       173,919.01	$      2,087,028.12
	Bedford	WA000004--Holiday Bedford	$       147,533.06	$      1,770,396.72
	Butterfield Place	AR000002--Holiday Butterfield Place	$       121,777.29	$      1,461,327.48
	Eagle Crest	SC000006--Holiday Eagle Crest	$       145,395.90	$      1,744,750.80
	Fig Garden	CA000006--Holiday Fig Garden	$         87,293.04	$      1,047,516.48
	Iris Place	GA000002--Holiday Iris Place	$       180,059.16	$      2,160,709.92
	Kamlu	WA000006--Holiday Kamlu	$         32,231.07	$         386,772.84
	Mistywood	CA000008--Holiday Mistywood	$       188,170.11	$      2,258,041.32
	Riverplace	GA000003--Holiday Riverplace	$         88,514.67	$      1,062,176.04
	Silver Arrow Estate	OK000001--Holiday Silver Arrow	$         99,751.83	$      1,197,021.96
	Standiford Place	CA000009--Holiday Standiford Place	$       102,498.61	$      1,229,983.32
	Westminster	SC000007--Holiday Westminster	$         97,995.48	$      1,175,945.76
	Worthington	OH000002--Holiday Worthington	$       112,075.22	$      1,344,902.64
	Vero Beach	FL000026--Holiday Vero Beach	$       216,750.00	$      2,601,000.00
	Vero Beach - CapEx Rent	FL000026--Holiday Vero Beach	$           7,696.10	$            92,353.20
	Yardley Commons	NJ000001--Holiday Yardley Commons	$       114,917.54	$      1,379,010.48
		Total	$   2,195,849.50	$   26,350,194.00

[***] = Indicates confidential information omitted from the exhibit.EX-10.1

 Exhibit 10.1 

CORE-MARK HOLDING COMPANY, INC. 

EXECUTIVE CHANGE IN CONTROL SEVERANCE PAY PLAN 

1. PURPOSE 
 This Core-Mark Holding
Company, Inc. Executive Change in Control Severance Pay Plan (the “Plan”) provides severance protection for Covered Employees in the event of termination of employment under certain circumstances following a Change in Control.
Capitalized terms shall have the meanings as set forth herein and in Section 6 of the Plan. 
 2. EFFECTIVE DATE 

The Plan shall be effective upon adoption by the Board, but shall only be applicable with respect to a Qualified Termination during the
Protection Period. The Plan shall supersede any other Company severance pay plan, policy or guidelines, whether formal or informal, that may have previously applied to a Covered Employee, for a termination that occurs during the Protection Period.

 3. ELIGIBILITY 
 (a) Covered
Employees. All employees of the Company with the title of Vice President, Senior Vice President or Executive Vice President (each a “Covered Employee”), are eligible to participate in the Plan. Each Covered Employee shall
receive a participation letter setting for the terms and conditions of the individual’s benefits under the Plan (“Participation Letter”). 

(b) Protection Period. Covered Employees are eligible to receive severance benefits under the Plan if the employment of a Covered
Employee is terminated during the Protection Period under the circumstances provided in Section 4(a) below. For purposes of the Plan, the “Protection Period” is the period commencing on the Change in Control Date and ending on
the date that is twelve (12) months thereafter. 
 4. TERMINATION 

(a) Qualified Termination. A Covered Employee shall be eligible to receive severance benefits only in the event that during the
Protection Period, (i) the Covered Employee is terminated from employment by the Company without Cause or (ii) the Covered Employee terminates from employment with the Company for Good Reason (a “Qualified Termination”).

 (b) Nonqualified Termination. A Covered Employee shall not be eligible to receive severance benefits if the Covered Employee
(i) is terminated from employment by the Company for Cause, (ii) terminates from employment by reason of death or disability, (iii) voluntarily terminates from employment without Good Reason or (iv) is terminated from employment
for any reason at a time that is not during the Protection Period. Following the Protection Period, a Covered Employee shall be eligible to participate in any severance pay plan that the Company may have in effect and for which the individual is
eligible under the terms of such plan. 

 5. SEVERANCE BENEFITS 

(a) Severance Benefits. If a Covered Employee becomes entitled to receive severance benefits upon a termination of employment as
provided in Section 4(a) above (an “Eligible Employee”), the following shall apply: 
 (i) Severance
Payment. Upon a Qualified Termination, subject to this Section 5, the Eligible Employee shall be entitled to receive cash severance payments based on such Eligible Employee’s Years of Service with the Company as follows and subject to
the minimum benefits below: 
  

	 	A.	 Less than 2 Years of Service – Payments equal to 2 months of the Eligible Employee’s Base Salary and
Target Bonus. 

  

	 	B.	 Between 2 and 5 Years of Service – Payments equal to 4 months of the Eligible Employee’s Base Salary
and Target Bonus. 

  

	 	C.	 Between 5 and 10 Years of Service – Payments equal to 8 months of the Eligible Employee’s Base Salary
and Target Bonus. 

  

	 	D.	 Between 10 and 20 Years of Service – Payments equal to 12 months of the Eligible Employee’s Base
Salary and Target Bonus. 

  

	 	E.	 More than 20 Years of Service – Payments equal to 18 months of the Eligible Employee’s Base Salary
and Target Bonus. 

 Notwithstanding the foregoing, Vice Presidents and Senior Vice Presidents shall be eligible for a
minimum benefit of payments equal to 12 months of the Eligible Employee’s Base Salary and Target Bonus and Executive Vice Presidents shall be eligible for a minimum benefit of payments equal to 18 months of the Eligible Employee’s Base
Salary and Target Bonus. No severance payment under this Section 5(i) shall exceed 18 months of the Eligible Employee’s Base Salary and Target Bonus. 

(i) Prorated Bonus Payment. Upon a Qualified Termination, subject to this Section 5, the Eligible Employee shall be
entitled to receive an amount equal to the product of (A) the Eligible Employee’s Target Bonus for year in which the Eligible Employee’s Termination Date occurs, and (B) a fraction, the numerator of which is the number of days
from January 1 through the Termination Date, and the denominator of which is 365. 
 (ii) Benefits Continuation.
If an Eligible Employee elects under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) to continue medical coverage following such Eligible Employee’s Termination Date, for the number of months to which the Eligible
Employee receives severance benefits under Section 5(a)(i) above, the Company will reimburse the Eligible Employee for the Eligible Employee’s cost of COBRA premiums in an amount equal to the monthly insurance premium cost paid by the
Company for active employees with similar coverage. 
 Any cash severance payable to an Eligible Employee under this Section 5(a) shall
be paid, subject to the execution of a Release as described in Section 5(b) below, on the first regularly scheduled payroll date following the sixtieth (60th) day after the Eligible Employee’s Termination Date. 

  
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 (b) Release of Claims. As a condition of the Eligible Employee’s receipt of the
severance payments and benefits provided under this Section 5, the Eligible Employee shall be required to execute, and shall not revoke, a release of claims in a standard form generally used by the Company in connection with a termination of
employment with respect to employment-related claims (the “Release”). 
 6. DEFINITIONS 

(a) “Base Salary” means the Covered Employee’s gross annualized rate of base salary in effect as of the Termination Date
before any deductions, exclusions or any deferrals or contributions under any employee benefit plan, provided, that for purposes of the Plan, any change in Base Salary giving rise to a Qualified Termination for Good Reason shall be disregarded and
shall not be less than the rate in effect immediately prior to the Change in Control Date. 
 (b) “Board” means the Board
of Directors of the Company. 
 (c) “Cause” means (i) the Covered Employee’s conviction of or plea of guilty or
nolo contendere with respect to any crime constituting a felony in the jurisdiction involved (whether or not involving the Company); (ii) the Covered Employee engaging in any wrongful act or act of moral turpitude that would be reasonably
likely to materially harm the business or reputation or business relationships of the Company or the Covered Employee; (iii) willful misconduct or gross neglect in the performance of the Covered Employee’s duties; (iv) any willful
failure or refusal to perform such duties as may reasonably be assigned to the Covered Employee by the Company; or (v) a material breach by the Covered Employee of any provision of any agreement with the Company or the published policies of the
Company, as amended from time to time, provided that the nature of such breach shall be set forth with reasonable particularity in a written notice to the Covered Employee who shall have ten (10) days following delivery of such notice to cure
such alleged breach, provided that such breach is, in the reasonable discretion of the Board, susceptible to a cure. 
 (d) “Change
in Control” shall have the meaning ascribed to such term in the Core-Mark Holding Company, Inc. 2019 Long-Term Incentive Plan. 

(e) “Change in Control Date” means the date as of which the Change in Control is consummated. 

(f) “Code” means the Internal Revenue Code of 1986, as amended. 

(g) “Company” means Core-Mark Holding Company, Inc., a Delaware corporation, and any successor thereto. 

(h) “Covered Employee” shall have the meaning ascribed to such term in Section 3(a). 

(i) “Eligible Employee” shall have the meaning ascribed to such term in Section 5(a). 

(j) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

  
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 (k) “Good Reason” shall mean, without the Covered Employee’s consent:
(i) a material reduction in the Covered Employee’s duties, responsibilities or title with the Company as in effect immediately prior to a Change in Control; (ii) a material reduction in the Covered Employee’s annual base salary
or annual performance bonus opportunity as in effect immediately prior to a Change in Control; or (iii) a relocation of the Covered Employee’s primary place of work to a location more than fifty (50) miles from the Covered
Employee’s work location at the time of a Change in Control; provided, however, that the events described in clauses (i), (ii), and (iii) hereof shall constitute Good Reason only if the Covered Employee gives notice to the Company of such
Good Reason condition within thirty (30) days of such condition first occurring and the Company fails to cure any such event within thirty (30) days after receipt from the Covered Employee of written notice of the event which constitutes
Good Reason; provided, further, that the Covered Employee’s termination of Service must occur within ten (10) days of the end of the Company’s cure period. 

(l) “Participation Letter” shall have the meaning ascribed to such term in Section 3(a). 

(m) “Target Bonus” means the Covered Employee’s target bonus percentage of Base Salary in the year in which the
Termination Date occurs, provided, that any change in Target Bonus giving rise to a Qualified Termination for Good Reason shall be disregarded and shall not be less than the Target Bonus in effect immediately prior to the Change in Control Date.

 (n) “Termination Date” means the date on which the Covered Employee incurs a termination of employment as described in
Section 4(a). 
 (o) “Year of Service” means each full or partial year of service with the Company commencing on the
Covered Employee’s date of hire by the Company and any anniversary thereof. A partial year of service with the Company will be treated as a full year of service. 

7. TAX PROVISIONS 
 (a) Withholding
Taxes. All severance payments and benefits under the Plan are subject to all applicable federal, state and local tax withholding and shall be treated as taxable income to the Eligible Employee, to the extent required by law. 

(b) Section 409A. The Plan and all payments under the Plan are intended to be exempt from, or otherwise comply with,
Section 409A of the Code (“Section 409A”), after giving effect to the exemptions in Treasury Regulation Sections 1.409A-1(b)(3) through (b)(12). This Plan shall be
administered, interpreted and construed in a manner consistent with that intent. If any provision of the Plan or the payment of any benefit under the Plan is found not to be exempt from and found not to comply with, the provisions of
Section 409A, it shall be modified and given effect, in the sole discretion of the Plan Administrator and without requiring the Participant’s consent, in such manner as the Plan Administrator determines is necessary or appropriate to
effectuate an exemption from, or to comply with, Section 409A. Each payment under the Plan shall be treated as a separate identified payment for purposes of Section 409A. If a payment obligation under the Plan constitutes “deferred
compensation” (as defined in Treasury Regulation section 1.409A-1(b)(1), after giving effect to the exemptions in Treasury Regulation Sections 1.409A-1(b)(3)
through (b)(12)), it shall be payable only after the Eligible Employee’s “separation from service” 

  
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as defined by Section 409A; provided, however, that if the Eligible Employee is a “specified employee” (as defined under Treasury Regulation
Section 1.409A-1(i)), any such payment that is subject to Section 409A and that is scheduled to be paid within six months after such separation from service shall accrue without interest and shall be
payable beginning on the first day of the seventh month beginning after the date of the Eligible Employee’s separation from service or, if earlier, within fifteen (15) days after the appointment of the personal representative or executor
of the Eligible Employee’s estate following the Eligible Employee’s death. Any payments provided under the Plan on or before March 15th of the calendar year following the Eligible Employee’s “separation of service,” as
defined by Section 409A, will be treated as a short-term deferral under Treasury Regulation § 1.409A-1(b)(4). Notwithstanding the foregoing, the Company makes no representation that any or all of the
payments described in this Plan will be exempt from or comply with Section 409A and makes no undertaking to preclude Section 409A from applying to any such payment; the Eligible Employee will be solely responsible for the payment of any
taxes and penalties incurred under Section 409A. 
 (c) Section 280G. In the event that it is determined that
any payments or benefits provided under the Plan to an Eligible Employee, together with any payments or benefits to be provided under any other plan, program, arrangement or agreement, would constitute “parachute payments” within the
meaning of Section 280G of the Code and would, but for this Section 7(c), subject any Eligible Employee to the excise tax imposed under Section 4999 of the Code (or any successor provision thereto) or any similar tax under state or
local law or any interest or penalties with respect to such taxes (the “Excise Tax”), then the amounts of any such payments or benefits under the Plan and such other arrangements shall be either (i) paid in full or
(ii) reduced to the minimum extent necessary to ensure that no portion of the payments or benefits is subject to the Excise Tax, whichever of the foregoing (i) or (ii) results in the Eligible Employee’s receipt on an after-tax basis of the greatest amount of payments and benefits after taking into account the applicable federal, state, local and foreign income, employment and excise taxes (including the Excise Tax). Any
determination required under this Section 7(c) shall be made in writing in good faith by a nationally recognized public accounting firm selected by the Company. 

8. MODIFICATION OR TERMINATION 
 The Board
reserves the right to amend, modify, or terminate the Plan at any time prior to the Change in Control Date. The Plan may not be amended in any manner that is adverse to a Covered Employee following the Change in Control Date. 

9. MISCELLANEOUS 
 (a)
Interpretation. The construction and administration of the Plan shall be in accordance with the laws of the state of Delaware applicable to contracts made and to be performed within the state of Delaware (without reference to its conflicts of
law provisions). 
 (b) No Right to Continued Employment. Nothing contained in this Plan shall be held or construed to create any
liability upon the Company to retain any employee in its service or to change the employee-at-will status of any employee. All employees shall remain subject to
discharge or discipline to the same extent as if the Plan had not been put into effect. An employee’s failure to qualify for or receive a severance and/or benefits hereunder shall not establish any right to (i) continuation or
reinstatement, or (ii) any benefits in lieu of severance and/or benefits. 

  
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 (c) Successors and Assigns. The Plan shall be binding upon the Company and its
successors and assigns, whether as a result of a Change in Control or otherwise. 
 (d) Severability. Should any provision or portion
of the Plan be deemed or held to be invalid, illegal or unenforceable for any reason, the same shall not invalidate or otherwise affect any other provisions of the Plan, and the Plan shall be construed as if the invalid, illegal or unenforceable
provision or portion of the Plan had never been contained herein. 

  
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