SEC Contract Filing

Filing Date: 2023-08-23

Document Content:
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<TYPE>EX-10.1
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<FILENAME>d541938dex101.htm
<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TRANSITION AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS TRANSITION AGREEMENT (this &#147;<U>Agreement</U>&#148;) is made as of August&nbsp;22, 2023 (the &#147;<U>Agreement Date</U>&#148;) by
and among Tariq Shaukat, an individual (&#147;<U>Executive</U>&#148;), Bumble Trading LLC, a Delaware limited company (the &#147;<U>Company</U>&#148;), and, solely with respect to <U>Section</U><U></U><U>&nbsp;3</U>, Bumble Inc., a Delaware
corporation (&#147;<U>Bumble</U>&#148;) and Buzz Holdings L.P., a Delaware limited partnership (&#147;<U>Buzz Holdings</U>&#148;). Capitalized terms used but not defined in this Agreement shall have the meanings ascribed to such terms in that
certain Employment Agreement, dated as of July&nbsp;12, 2020, between the Company and Executive (the &#147;<U>Employment Agreement</U>&#148;). In consideration of the payments and benefits described herein to be provided to Executive, the
sufficiency of which is acknowledged hereby, the parties agree as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Termination of Employment</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Executive and the Company agree that Executive&#146;s employment with the Company will terminate on August&nbsp;28, 2023
(the&nbsp;&#147;<U>Transition Date</U>&#148;). Executive hereby resigns, effective as of the Transition Date, as the President of the Company and from all other officer and board (or committee) positions held with Bumble, Buzz Holdings, the Company
and their respective affiliates. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The termination of Executive&#146;s employment on the Transition Date shall be deemed
a resignation by Executive without Good Reason under the Employment Agreement. Upon the Transition Date, Executive shall be entitled to receive the Accrued Rights. Notwithstanding the foregoing,&nbsp;the Company reserves the right to terminate
Executive for Cause prior to the Transition Date, in which case this Agreement is null and void and Executive shall be entitled to receive only the Accrued Rights. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Advisory Arrangement</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Effective upon the Transition Date, the Company has agreed to retain Executive, and Executive has agreed to serve, as an
advisor to the Company and its affiliates during the period commencing on the Transition Date and continuing until December&nbsp;31, 2023 (such period, the &#147;<U>Advisory Term</U>&#148; and December&nbsp;31, 2023, the &#147;<U>Advisory Term End
Date</U>&#148;). During the Advisory Term, Executive shall, from time to time, if and as reasonably requested by the Company and/or the board of directors of Bumble (the &#147;<U>Board</U>&#148;), provide consultation services to the senior
management of the Company and such other services as the Company and/or the Board may reasonably request (the &#147;<U>Advisory Services</U>&#148;). Executive acknowledges and agrees that Executive shall provide the Advisory Services for the
consideration set forth in <U>Section</U><U></U><U>&nbsp;3(c)(i)(B)</U>, and Executive shall not be entitled to any fee, benefit or other amount in respect of the Advisory Services. Notwithstanding anything to the contrary in the foregoing,
Executive&#146;s services during the Advisory Term may be terminated prior to the Advisory Term End Date: (i)&nbsp;by Executive for any reason or (ii)&nbsp;by the Company for Cause, with such termination effected by notice to the other party (an
&#147;<U>Early Termination</U>&#148;). Executive acknowledges that, upon an Early Termination, Executive shall have no right to the consideration set forth in <U>Section</U><U></U><U>&nbsp;3(c)(i)(B)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Executive and the Company acknowledge and agree that, during the Advisory Term, (i)&nbsp;Executive will be an independent
contractor with respect to the Company and not an employee of the Company or any of its affiliates and (ii)&nbsp;Executive may not, at any time, act as a representative for or on behalf of the Company for any purpose or transaction, and may not bind
or otherwise obligate the Company in any manner whatsoever without obtaining the prior written approval of the Company. Except as specifically set forth in <U>Section</U><U></U><U>&nbsp;3(b)</U> hereof and subject to the
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terms and conditions thereof, during the Advisory Term, Executive shall not (x)&nbsp;participate