This TRANSITION SERVICES AGREEMENT, dated as of [ ] (this “Agreement”), is entered into by and between CORTEVA, INC., a Delaware corporation (“RemainCo”), and VYLOR INC., a Delaware corporation (“SpinCo”). Each of RemainCo and SpinCo is sometimes referred to herein as a “Party”, and collectively, as the “Parties”.
W I T N E S S E T H:
WHEREAS, pursuant to the Separation and Distribution Agreement, dated as of [ ], by and among RemainCo, SpinCo and, solely for the purposes set forth therein, EIDP, Inc. (the “Separation Agreement”), RemainCo intends, among other things, to separate into two separate, publicly traded companies, one for each of (a) the SpinCo Business, which will be owned and conducted, directly or indirectly, by SpinCo, and (b) the RemainCo Business, which will be owned and conducted, directly or indirectly, by RemainCo; and
WHEREAS, effective upon the Effective Time, SpinCo desires to purchase from RemainCo, and RemainCo is willing to provide to SpinCo, the Services, in order (i) to facilitate SpinCo’s operation of the SpinCo Business after the Effective Time and (ii) to provide SpinCo the opportunity to obtain alternate sources of such services within a reasonable time after the Effective Time.
NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein, and subject to and on the terms and conditions herein set forth, the Parties agree as follows:
ARTICLE I
Definitions
SECTION 1.1. Defined Terms. (a) Each capitalized term used but not otherwise defined in this Agreement shall have the meaning assigned to it in the Separation Agreement. For purposes of this Agreement, the following terms shall have the following meanings:
“Background IP” shall mean, with respect to a particular Party and its Affiliates, any and all Intellectual Property (excluding Trademarks) that is (a) owned by such Party (or its Affiliates) as of the Effective Time or (b) developed, improved, modified or acquired by or on behalf of such Party (or its Affiliates) (other than New IP); provided, that for clarity, any Intellectual Property acquired by either Party or any of its Affiliates pursuant to the Separation Agreement shall be deemed such Party’s or its Affiliates’ Background IP, as applicable.
“Change of Control” shall mean, with respect to a Party, (a) the sale, conveyance, transfer or other disposition (however accomplished), in one or a series of related transactions, of all or substantially all of the assets of such Party to a Restricted Party; (b) the consolidation, merger or other business combination of such Party with or into a Restricted Party, immediately following which the stockholders of such Party immediately prior to such transaction fail to own in the aggregate at least a majority of the voting power in the election of directors of all the outstanding voting securities of the surviving party in such consolidation, merger or business combination or of its ultimate publicly traded parent entity; (c) any “person” or “group” (within the meaning of Sections 13(d) and 14(d) of the Exchange Act) that is or includes a Restricted Party becoming the