SEC Contract Filing

Filing Date: 2024-12-31

Document Content:
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>6
<FILENAME>ny20040790x1_ex10-4.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
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 <div style="text-align: center; font-size: 12pt; font-weight: bold;"><font style="font-size: 10pt;"><a name="z_Hlk175059938"></a></font></div>
 <div style="text-align: right; font-size: 12pt; font-weight: bold;"> <font style="font-size: 10pt;">Exhibit 10.4<br>
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 <div style="text-align: center; font-weight: bold;">AMENDMENT NO<a name="z_9kR3WTr5DA46B"></a>. 1<a name="z_9kR3WTr5B846Ad6"></a> TO</div>
 <div style="text-align: center; font-weight: bold;">TAX RECEIVABLE AGREEMENT</div>
 <div>&#160;</div>
 <div style="text-align: center; font-weight: bold;">December 30, 2024</div>
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 <div style="text-align: justify; text-indent: 72pt;">This Amendment No. 1 to the Tax Receivable Agreement (as defined below) is dated effective as of December 30, 2024 (this &#8220;<font style="font-weight: bold;">Amendment</font>&#8221;), and is entered into by
 and among Vacasa, Inc., a Delaware corporation (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;), Vacasa Holdings LLC, a Delaware limited liability company (the &#8220;<font style="font-weight: bold;">Company</font>&#160;<font style="font-weight: bold;">LLC</font>&#8221;),

 SLP Venice Holdings, L.P., a Delaware limited partnership (the &#8220;<font style="font-weight: bold;">Representative</font>&#8221;), and each of undersigned Persons under the heading &#8220;Holders&#8221; on the signature pages hereto (collectively, the &#8220;<font style="font-weight: bold;">Holders</font>&#8221;).&#160; Each of the Company, the Company LLC, the Representative, and the Holders are referred to herein, individually, as a &#8220;<font style="font-weight: bold;">Party</font>&#8221; and, collectively, as the &#8220;<font style="font-weight: bold;">Parties</font>.&#8221;</div>
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 <div style="text-align: justify; text-indent: 72pt;">WHEREAS, the Company, the Company LLC, the Representative, the Holders and the other parties thereto previously entered into that certain Tax Receivable Agreement, dated as of December 6, 2021 (the
 &#8220;<font style="font-weight: bold;">Tax Receivable Agreement</font>&#8221;);</div>
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 <div style="text-align: justify; text-indent: 72pt;">WHEREAS, Section 7.6(b) of the Tax Receivable Agreement provides that the Tax Receivable Agreement may only be amended if such amendment is approved in writing by each of (i) the Board of Directors
 of the Company and (b) the TRA Parties who collectively would be entitled to receive at least a majority of any Early Termination Payments that would hypothetically be payable to all TRA Parties (applying the Valuation Assumptions);</div>
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 <div style="text-align: justify; text-indent: 72pt;">WHEREAS, the Board of Directors of the Company has approved in writing amending the Tax Receivable Agreement in accordance with the terms of this Amendment;</div>
 <div>&#160;</div>
 <div style="text-align: justify; text-indent: 72pt;">WHEREAS, the Holders represent the TRA Parties who collectively would be entitled to receive at least a majority of any Early Termination Payments that would hypothetically be payable to all TRA
 Parties (applying the Valuation Assumptions) if an Early Termination were to occur on the effective date of this Amendment;</div>
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 <div style="text-align: justify; text-indent: 72pt;">WHEREAS, the Board of Directors of the Company has determined that, in accordance with Section 7.6(b) of the Tax Receivable Agreement, this Amendment does not have a disproportionate material and
 adverse effect on (a) the Exchange TRA Parties, on the one hand, or the Reorganization TRA Parties, on the other hand, (b) any TRA Party or (c) any Exchange TRA Party relative to any other Exchange TRA Party, or on any Reorganization TRA Party
 relative to any other Reorganization TRA Party, due to, among other reasons, the fact that the Early Termination Payment will be waived with respect to all TRA Parties equally; and</div>
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 <div style="text-align: justify; text-indent: 72pt;">WHEREAS, in connection with the execution of that certain Agreement and Plan of Merger, by and among the Company, the Company LLC, <a name="z_Hlk186281675"></a>Casago Holdings, LLC, a Delaware
 limited liability company (&#8220;<font style="font-weight: bold;">Parent</font>&#8221;), Vista Merger Sub II Inc., a Delaware corporation and wholly-owned subsidiary of Parent, and Vista Merger Sub LLC, a Delaware limited liability company and wholly-owned
 subsidiary of Parent, dated as of the date hereof (the &#8220;<font style="font-weight: bold;">Merger Agreement</font>&#8221;), subject to and effective upon the consummation of the transactions contemplated by the Merger Agreement, the Parties desire to amend
 the Tax Receivable Agreement as set forth in this Amendment to, among other things, terminate the Company&#8217;s, the Company LLC&#8217;s, the Representative&#8217;s, the Holders&#8217; and the other TRA Parties&#8217; rights and obligations in respect of the Tax Receivable
 Agreement and to release the Company and the Company LLC from all obligations thereunder.</div>
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