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j_lipsonxsecondxarxemplo

  750284-4-10533-v0.11 - 1 - US-5003-ERISA    SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT   THIS EMPLOYMENT AGREEMENT (“Agreement”) made as of March 1, 2019, as  amended and restated as of April 13, 2020, is further amended and restated as of June 30, 2021  by  and between Hannon Armstrong Sustainable Infrastructure Capital, Inc. a Maryland  corporation (the “Company”), and Jeffrey Lipson, an individual (the “Employee”).   For good and valuable consideration, the receipt and adequacy of which are hereby  acknowledged, the Company and Employee agree as follows:  1. Term.  The Company hereby agrees to employ the Employee, and the Employee hereby  agrees to work for the Company, on the terms and conditions hereinafter set forth.  The  term of this Agreement commenced as of March 1, 2019 and terminates on a date specified  by the Company or the Employee in a notice given, at will, with or without Cause (as  defined below), by either party to the other not less than 30 days prior to such date, unless  such term is sooner terminated as herein provided.    2. Duties.  The Employee agrees to be employed by the Company in such capacities as the  Company may from time to time direct, it being the intent of the parties that the Employee  will serve in the capacity of Executive Vice President and Chief Financial Officer, and as  such, the Employee shall faithfully perform for the Company the duties of such office and  shall have such responsibilities as are customary for an Executive Vice President and Chief  Financial Officer employed by a public company of similar size and nature.  The Employee  shall report directly to the Chief Executive Officer of the Company.  During the term of  this Agreement, the Employee will devote his full time and exclusive attention during  normal business hours to, and use his best efforts to advance, the business and welfare of  the Company, its affiliates, subsidiaries and successors in interest.  During the term of his  employment with the Company, the Employee shall not engage in any other employment  activities for any third party for any direct or indirect remuneration without the prior written  consent of the Company. It is acknowledged hereunder that Employee currently serves as  a Director of Congressional Bank for which he receives compensation, and such service  has been approved by the Company.  3. Compensation.  For all services provided by the Employee, the Company shall  compensate Employee in such amounts and upon such terms as the parties may agree from  time to time. The initial Base Salary and Annual Bonus amounts set forth in Exhibit A  attached hereto are made a part of this Agreement.  The Compensation Committee of the  Board (the “Compensation Committee”) shall review the Employee’s Base Salary and  Annual Bonus in good faith on an annual basis and may provide for increases thereto, and  shall set the criteria for earning such Annual Bonus, as it may in its sole discretion deem  appropriate. Once increased, the Base Salary shall not thereafter be decreased.    4. Other Benefits.  During the term of employment with the Company, the Employee will be  eligible to participate in fringe benefit programs that the Company generally makes  available to its employees, including medical and dental insurance and life insurance;  provided that nothing herein shall be construed as restricting the Company’s right to  unilaterally modify or terminate any of such programs at any time with or without notice.    DocuSign Envelope ID: 6B857F83-EB0F-4E7E-82C3-DB9458294A39 

 

  750284-4-10533-v0.11 - 2 - US-5003-ERISA    5. Equity Awards.  The Employee will be eligible to receive an award of limited partner  profit interests (“LTIP Units”) under the 2013 Hannon Armstrong Sustainable  Infrastructure Capital, Inc. Equity Incentive Plan (the "Equity Incentive Plan") and an  appropriate LTIP Unit award agreement when grants of LTIP Units are otherwise made by  the Company to similarly situated executives of the Company.  In the event that the  Company terminates the Employee’s employment with the Company other than for Cause  within 60 days before or 90 days after a Change in Control (as defined in the Equity  Incentive Plan), all of the Employee’s (a) LTIP Units, (b) shares of restricted stock and (c)  other stock-based compensation that were granted under the Equity Incentive Plan or any  successor plan (together "Equity Interests"), in each case, that vest on the basis of time  and that are outstanding at the time of such termination, shall become fully vested and  nonforfeitable. The effect, if any, of termination of employment before or after a Change  in Control on an Equity Interest that vests based on the achievement of performance targets  will be set forth in the applicable award agreement under which such Equity Interest was  granted.   6. Death or Disability.  If the Employee dies or if there is a good faith determination by the  Board that the Employee has become physically or mentally incapable of performing the  Employee’s duties under this Agreement and such disability has disabled the Employee for  a cumulative period of 180 days within any 12-month period (a "Disability"), the  Employee’s employment with the Company will automatically terminate and all  obligations of the Company hereunder will terminate as of the end of the month in which  such event occurs. Upon a termination by reason of death or Disability pursuant to Section  6, (a) all of the Employee's Equity Interests that are outstanding at the time of such  termination shall become fully vested and nonforfeitable and (b) the Company shall pay to  the Employee (or his estate, as applicable) at the time that the Annual Bonus would  otherwise be paid in accordance with Section 3 hereof (i) in the event of a termination by  reason of the Employee's death, a pro rata (based on the number of days employed up to  the effective date of termination in the applicable fiscal year) target Annual Bonus for the  fiscal year in which the Employee's termination occurs, or (ii) in the event of a termination  by reason of the Employee's Disability, the target Annual Bonus for the fiscal year in which  the Employee’s termination occurs, in either case of (i) or (ii), calculated based on actual  results for such fiscal year.    7. Certain Terminations of Employment.    (a) In the event that (i) the Company terminates the Employee’s employment with the  Company for Cause, (ii) the Employee terminates the Employee’s employment  with the Company for other than Good Reason or (iii) the Employee’s employment  with the Company is terminated by reason of death or Disability pursuant to Section  6, the Company shall pay to the Employee (or the Employee’s estate or  beneficiaries), in a lump sum payment within 30 days following the effective date  the Employee’s termination of employment, an amount equal to the Base Salary,  Annual Bonus and other benefits earned and accrued under this Agreement but not  yet paid prior to the effective date of termination (collectively, the “Accrued  Benefits”).  DocuSign Envelope ID: 6B857F83-EB0F-4E7E-82C3-DB9458294A39 

 

  750284-4-10533-v0.11 - 3 - US-5003-ERISA    (b) In the event that the Company terminates the Employee’s employment with the  Company for reasons other than for Cause or the Employee terminates the  Employee’s employment for Good Reason, then (1) the Company shall pay to the  Employee severance compensation in a lump sum payment within 30 days  following the effective date the Employee’s termination of employment in an  amount equal to (i) the Accrued Benefits, (ii) the then-current monthly Base Salary  payable under paragraph 3 hereof, as of the date of termination, for the eighteen  (18) months following the date of termination, and (iii) 150% of the Employee’s  average Annual Bonus payable under paragraph 3 hereof actually received in  respect of the three fiscal years (or such fewer number of fiscal years with respect  to which the Employee received an Annual Bonus) immediately prior to the year  of termination, and (2) all outstanding equity (or equity-based) incentives and  awards held by the Employee shall thereupon immediately vest and become free of  restrictions and all stock options shall be exercisable in accordance with their terms  and shall not expire prior to the earlier of the term of such stock option and the first  anniversary after the date of termination (or, in the case of a Change in Control, the  earlier of the term of stock option and the third anniversary of the Change in  Control)..  (c) In the event that the Company terminates the Employee’s employment with the  Company for reasons other than for Cause or the Employee terminates the  Employee's employment for Good Reason, the Company shall provide, for the  period beginning on the date of the termination of the Employee's employment with  the Company and ending on the earlier of (x) eighteen (18) months following the  Employee's termination employment and (y) the date on which the Employee's  coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as  amended, terminates as provided by law (and the Employee shall notify the  Company of any subsequent employment through which he is provided medical  coverage), Company-paid medical coverage at the same rates as in effect prior to  the date of termination of Employee's employment (so long as applicable law and  regulations permit such Company payment without imposition of a tax or penalty  on the Company or other plan participants or otherwise adversely affecting the  Company, the applicable plan or other participants in the plan), or, at the Company's  option, the cash amount necessary to obtain equivalent coverage.  (d) For purposes of this Agreement, “Cause” shall mean, the Employee’s:  (i) commission of, and indictment for or formal admission to, a felony involving  moral turpitude, deceit, dishonesty or fraud (but excluding traffic violations); (ii)  willful and material misconduct or gross misconduct in connection with the  performance of the Employee’s duties, including, without limitation,  embezzlement or the misappropriation of funds or property of the Company; (iii)  failure to adhere to lawful directions of the Chief Executive Officer, to adhere to  the Company’s policies and practices, or as required in Section 2 hereof, to devote  substantially all of the Employee’s business time and efforts to the Company, which  failure continues for a period of 30 business days after written demand for  corrective action is delivered by the Company; or (iv) material breach of the terms  DocuSign Envelope ID: 6B857F83-EB0F-4E7E-82C3-DB9458294A39 

 

  750284-4-10533-v0.11 - 4 - US-5003-ERISA    and provisions of this Agreement and the failure to cure such breach within 10 days  following written notice from the Company specifying such breach.  (e) For purposes of this Agreement, “Good Reason” shall mean any of the following,  unless consented to by the Executive: (i) any change in job title or material  diminution in the Employee’s roles and responsibilities from those set forth in this  Agreement (including, without limitation, the assignment of duties materially  inconsistent with Employee’s position) that cause a reduction in the Employee’s  Annual Salary or Annual Bonus potential; (ii) a material reduction in the  Employee’s Annual Salary or Annual Bonus potential; (iii) a relocation of the  Company’s headquarters outside a 30 mile radius of Annapolis, MD or moving of  the Employee’s office or place of performance from the Company’s headquarters;  or (iv) a material breach by the Company of this Agreement or any other material  agreement between the Employee and the Company. Notwithstanding the  foregoing, following a Change in Control, the definition of "Good Reason" as set  forth above shall be modified to delete all references to the term "material" (namely,  in Section 7(e)(i), Section 7(e)(ii) and Section 7(e)(iv)), and the definition of "Good  Reason" shall otherwise remain in effect as provided herein. Furthermore, Good  Reason shall not be deemed to exist unless (x) written notice of termination on  account thereof is given by the Employee no later than 60 days after the time at  which the event or condition purportedly giving rise to Good Reason first occurs or  arises (or, if later, the Employee’s knowledge thereof); and (y) if there exists  (without regard to this clause (y)) an event or condition that constitutes Good  Reason, the Company shall have 30 days from the date written notice of such a  termination is given by the Employee to cure such event or condition and, if the  Company does so, such event or condition shall not constitute Good Reason  hereunder.     (f) Notwithstanding any other provision of this Agreement, the Company shall not be  required to provide the payments and benefits provided for under Sections 7(b) and  (c) unless the Employee executes and delivers to the Company a waiver and release  substantially in the form attached hereto as Exhibit B and such waiver and release  becomes effective and irrevocable within 21 days following the date of termination.   (g) In the event that any payment or benefit made or provided to the Employee under  this Agreement (the “Payment”), either alone or together with any other “parachute  payments” as defined in Section 280G(b)(2) of the Internal Revenue Code (the  "Code") (such other parachute payments, “Section 280G Payments”), would  constitute a parachute payment, the Payment shall be reduced to the largest amount  as will result in no portion of the Payment or Section 280G Payments being subject  to the excise tax imposed by Section 4999 of the Code (the “Reduced Payment”),  provided however, no reduction to the Payment shall occur if the Payment plus  Section 280G Payments, less any excise tax which would be imposed on such  Payment and Section 280G Payments pursuant to Section 4999 of the Code, would  be greater than the Reduced Payment plus Section 280G Payments. If a reduction  of Section 280G Payments is necessary, the payments shall be reduced in the  following order: (i) cash payments that are treated in full as a parachute payment;  DocuSign Envelope ID: 6B857F83-EB0F-4E7E-82C3-DB9458294A39 

 

  750284-4-10533-v0.11 - 5 - US-5003-ERISA    (ii) equity-based payments and accelerations of payments that are treated in full as  a parachute payment; (iii) cash payments that are treated in part as a parachute  payment; (iv) equity-based payments and accelerations of payments that are treated  in part as a parachute payment; and (v) other non-cash forms of benefits. Within  any such category of payments and benefits (that is, (i), (ii), (iii), (iv) or (v)), a  reduction shall occur first with respect to amounts that are not “deferred  compensation” within the meaning of Section 409A of the Code and then with  respect to amounts that are “deferred compensation.” To the extent any such  payment is to be made over time (e.g., in installments), the payments shall be  reduced in reverse chronological order.  8. Company Policies.  The Employee acknowledges and agrees that he will carefully review  each of the policies set forth in the Company Policy Handbook provided to the Employee  and will acknowledge his review and acceptance of such policies and the obligations  required of the Employee by signing the applicable signature blocks therein and returning  the executed version to the Office of the General Counsel.  Employee likewise  acknowledges and agrees to abide by any revision or addition to the Company policies as  may be issued by the Company from time to time throughout the term of employment.  9. Restrictive Covenants.    (a) Covenants.  The Employee acknowledges that (i) the principal business of the  Company (which expressly includes for purposes of this Section 9 (and any related  enforcement provisions hereof), its successors and assigns) is to provide debt and  equity financing for sustainable infrastructure projects that increase energy  efficiency, provide cleaner energy sources, positively impact the environment and  make more efficient use of natural resources (such businesses, and any and all other  businesses in which, at the time of the Employee's termination, the Company is  actively and regularly engaged or actively pursuing, herein being collectively  referred to as the "Business"); (ii) the Company is one of the limited number of  persons who have developed such a business; (iii) the Company's Business is  national in scope; (iv) the Employee's work for the Company has given and will  continue to give him access to the confidential affairs and proprietary information  of the Company; (v) the covenants and agreements of the Employee contained in  this Section 9 are essential to the business and goodwill of the Company; and (vi)  the Company would not have entered into this Agreement but for the covenants and  agreements set forth in this Section 9.  Accordingly, the Employee covenants and  agrees that:  (i) By and in consideration of the salary and benefits to be provided by the  Company hereunder, including the severance arrangements set forth herein,  and further in consideration of the Employee's exposure to the proprietary  information of the Company, the Employee covenants and agrees that,  during the period commencing on the date hereof and ending eighteen (18)  months following the date upon which the Employee shall cease to be an  employee of the Company and its affiliates (the "Restricted Period"), the  Employee shall not in the Restricted Territory (as defined below), directly  DocuSign Envelope ID: 6B857F83-EB0F-4E7E-82C3-DB9458294A39 

 

  750284-4-10533-v0.11 - 6 - US-5003-ERISA    or indirectly, whether as an owner, partner, shareholder, principal, agent,  employee, consultant or in any other relationship or capacity, (A) engage in  the Business (other than for the Company or its affiliates) or otherwise  compete with the Company or its subsidiaries in the Business or (B) render  to a person, corporation, partnership or other entity engaged in the Business  the same services that the Employee renders to the Company; provided,  however, that, notwithstanding the foregoing, (1) the Employee may invest  in securities of any entity, solely for investment purposes and without  participating in the business thereof, if (x) such securities are listed on any  national securities exchange, (y) the Employee is not a controlling person  of, or a member of a group which controls, such entity, and (z) the Employee  does not, directly or indirectly, own 5% or more of any class of securities  of such entity; and (2) the Employee may continue to serve on any board of  directors on which the Employee was serving as of the date of the  Employee's termination of employment; and (3) the Employee may be  employed by or provide services for a company (a "Conglomerate") with  multiple lines of businesses, including a line of business competitive with  the Company, so long as the following conditions are satisfied: (w) the  Conglomerate derives less than ten percent (10%) of its total annual revenue  from the line of business that is competitive with the Company (the  "Competitive Division"), (x) the Employee is employed by or provides  services to a line of business of Conglomerate that is not competitive with  the Company; and (y) the Employee does not perform services for the  Competitive Division; and (z) the Employee (A) provides the Company  with advance notice of such employment or service and (B) informs the  Conglomerate in writing of its obligations under this Section 9.  (ii) For purposes of this Agreement, the "Restricted Territory" shall mean any  (A) state in the United States and (B) foreign country or jurisdiction, in the  case of clause (A) or (B), in which the Company (x) is actively conducting  the Business during the Term or (y) has initiated a plan adopted by the  Board to conduct the Business in the two years following the Term.  (iii) During and after the Term, the Employee shall keep secret and retain in  strictest confidence, and shall not use for the Employee’s benefit or the  benefit of others, except in connection with the business and affairs of the  Company and its affiliates, all non-public confidential matters relating to  the Company's Business and the business of any of its affiliates and to the  Company and any of its affiliates, learned by the Employee heretofore or  hereafter directly or indirectly from the Company or any of its affiliates (the  "Confidential Company Information"), and shall not disclose such  Confidential Company Information to anyone outside of the Company  except in the course of the Employee’s duties or with the CEO's express  written consent. Confidential Company Information does not include  information which is at the time of receipt or thereafter becomes publicly  known through no wrongful act of the Employee or is received from a third  party not under an obligation to keep such information confidential and  DocuSign Envelope ID: 6B857F83-EB0F-4E7E-82C3-DB9458294A39 

 

  750284-4-10533-v0.11 - 7 - US-5003-ERISA    without breach of this Agreement or which is independently developed or  obtained by the Employee on the Employee's own time without reliance  upon any confidential information of the Company or use of any Company  resources.  Notwithstanding anything in this agreement to the contrary, the  Employee may disclose Confidential Company Information where the  Employee is required to do so by law, regulation, court order, subpoena,  summons or other valid legal process; provided, that the Employee, so long  as legally permitted to do so, first (A) promptly notifies the Company, (B)  uses commercially reasonable efforts to consult with the Company with  respect to and in advance of the disclosure thereof, and (C) reasonably  cooperates with the Company to narrow the scope of the disclosure required  to be made, in each case, solely at the Company’s expense.  (iv) During the Restricted Period, the Employee shall not, without the  Company's prior written consent, directly or indirectly, solicit or encourage  to leave the employment or other service of the Company or any of its  subsidiaries, any person or entity who is or was during the 6-month period  preceding the Employee’s termination of employment, an employee, agent  or independent contractor of the Company or any of its subsidiaries.  During  the Restricted Period, the Employee shall not, whether for the Employee’s  own account or for the account of any other person, firm, corporation or  other business organization, solicit for a competing business or intentionally  interfere with the Company's or any of its subsidiaries’ relationship with, or  endeavor to entice away from the Company for a competing business, any  person who is or was during the 6-month period preceding the Employee's  termination of employment, a customer, client, agent, or independent  contractor of the Company or any of its subsidiaries.  For purposes hereof,  "customer" and "client," as such terms relate to government customers,  mean the program office to which the Company is or was providing any  goods or services as of the date hereof or during the one-year period prior  to the date hereof.  (v) All memoranda, notes, lists, records, property and any other tangible  product and documents (and all copies thereof), whether visually  perceptible, machine-readable or otherwise, made, produced or compiled  by the Employee or made available to the Employee containing  Confidential Company Information (A) shall at all times be the property of  the Company (and, as applicable, any affiliates) and shall be delivered to  the Company at any time upon its request, and (B) upon the Employee's  termination of employment, shall be promptly returned to the Company.   This section shall not apply to materials that the Employee possessed prior  to the Employee’s business relationship with the Company, to the  Employee's personal effects and documents, and to materials prepared by  the Employee for the purposes of seeking legal or other professional advice.  (vi) At no time during the Employee's employment by the Company or at any  time thereafter shall the Employee or any representative of the Company  DocuSign Envelope ID: 6B857F83-EB0F-4E7E-82C3-DB9458294A39 

 

  750284-4-10533-v0.11 - 8 - US-5003-ERISA    publish any statement or make any statement under circumstances  reasonably likely to become public that is critical of the other party, or in  any way otherwise be materially injurious to the Business or reputation of  the other party, unless otherwise required by applicable law or regulation or  by judicial order.  (b) Rights and Remedies upon Breach.  (i) The parties hereto acknowledge and agree that any breach of any of the  provisions of Section 9 or any subparts thereof (individually or collectively,  the "Restrictive Covenants") may result in irreparable injury and damage  for which money damages would not provide an adequate remedy.   Therefore, if either party breaches, or threatens to commit a breach of, any  of the provisions of Section 9 or any subpart thereof, the other party and its  affiliates, in addition to, and not in lieu of, any other rights and remedies  available to the other party and its affiliates under law or in equity (including,  without limitation, the recovery of damages), shall have the right and  remedy to seek to have the Restrictive Covenants or other obligations herein  specifically enforced (without posting bond and without the need to prove  damages) by any court having equity jurisdiction, including, without  limitation, the right to seek an entry of restraining orders and injunctions  (preliminary, mandatory, temporary and permanent) against violations,  whether or not then continuing, of such covenants.  (ii) The Employee agrees that the provisions of Section 9 of this Agreement and  each subsection thereof are reasonably necessary for the protection of the  Company’s legitimate business interests and if enforced, will not prevent  the Employee from obtaining gainful employment should the Employee’s  employment with the Company end.  The Employee agrees that in any  action seeking specific performance or other equitable relief, the Employee  will not assert or contend that any of the provisions of this Section 9 are  unreasonable or otherwise unenforceable as drafted.  The existence of any  claim or cause of action by the Employee, whether predicated on this  Agreement or otherwise, shall not constitute a defense to the enforcement  of the Restrictive Covenants.  (c) The provisions of this Paragraph 9 will survive any termination of this Agreement.  10. Notices.  All notices and other communications required or permitted under this Agreement  shall be in writing, served personally on, or mailed by registered or certified United States  mail to, in the case of notices to the Employee, to the Employee’s residence set forth in the  employment records of the Company and in the case of notices to the Company, to the  Company’s principal executive office to the attention of the General Counsel.  11. Section 409A.   DocuSign Envelope ID: 6B857F83-EB0F-4E7E-82C3-DB9458294A39 

 

  750284-4-10533-v0.11 - 9 - US-5003-ERISA    (a) To the extent applicable, it is intended that this Agreement comply with the  provisions of Section 409A of the Code, and this Agreement shall be construed and  applied in a manner consistent with this intent. If the consideration and revocation  period set forth in Section 7(f) hereof spans two taxable years, payments will be  made in the second taxable year.  (b) Any payment or benefit due upon a termination of employment that represents a  "deferral of compensation" within the meaning of Section 409A shall commence to  be paid or provided to Employee thirty-one (31) days following a "separation from  service" as defined in Treas. Reg. Section 1.409A-1(h), unless earlier  commencement is otherwise permitted by Section 409A, provided that Employee  executes within 30 days following "separation from service" a general release of  claims in a form and substance satisfactory to the Company and its legal counsel.   Each payment made under this Agreement shall be deemed to be a separate  payment for purposes of Section 409A.  Amounts payable under this Agreement  shall be deemed not to be a "deferral of compensation" subject to Section 409A to  the extent provided in the exceptions in Treasury Regulation Section 1.409A-1(b)(4)  ("short-term deferrals") and (b)(9) ("separation pay plans," including the exception  under subparagraph (iii)) and other applicable provisions of Treasury Regulation  Sections 1.409A-1 through A-6.  (c) Notwithstanding anything in this Agreement to the contrary, the following special  rule shall apply, if and to the extent required by Section 409A, in the event that (i)  Employee is deemed to be a "specified employee" within the meaning of Section  409A(a)(2)(B)(i), (ii) amounts or benefits under this Agreement or any other  program, plan or arrangement of the Company or a controlled group affiliate thereof  are due or payable on account of "separation from service" within the meaning of  Treasury Regulations Section 1.409A-1(h), and (iii) Employee is employed by a  public company or a controlled group affiliate thereof: no payments hereunder that  are "deferred compensation" subject to Section 409A shall be made to Employee  prior to the date that is six (6) months after the date of separation from service or,  if earlier, the date of death; following any applicable six (6) month delay, all such  delayed payments will be paid in a single lump sum on the earliest permissible  payment date.   (d) Notwithstanding anything to the contrary in this Agreement, any payment or benefit  under this Agreement or otherwise that is exempt from Section 409A pursuant to  Treasury Regulation Section 1.409A-1(b)(9)(v)(A) or (C) (relating to certain  reimbursements and in-kind benefits) shall be paid or provided to Employee only  to the extent that the expenses are not incurred, or the benefits are not provided,  beyond the last day of the second calendar year following the calendar year in  which Employee's "separation from service" occurs; and provided further that such  expenses are reimbursed no later than the last day of the third calendar year  following the calendar year in which Employee's "separation from service" occurs.   To the extent any indemnification payment, expense reimbursement or the  provision of any in-kind benefit is determined to be subject to Section 409A (and  not exempt pursuant to the prior sentence or otherwise), the amount of any such  DocuSign Envelope ID: 6B857F83-EB0F-4E7E-82C3-DB9458294A39 

 

  750284-4-10533-v0.11 - 10 - US-5003-ERISA    indemnification payment or expenses eligible for reimbursement or the provision  of any in-kind benefit in one calendar year shall not affect the indemnification  payment or provision of in-kind benefits or expenses eligible for reimbursement in  any other calendar year (except for any lifetime or other aggregate limitation  applicable to medical expenses), and in no event shall any indemnification payment  or expenses be reimbursed after the last day of the calendar year following the  calendar year in which Employee incurred such indemnification payment or  expenses, and in no event shall any right to indemnification payment or  reimbursement or the provision of any in-kind benefit be subject to liquidation or  exchange for another benefit.  12. Entire Agreement.  This Agreement contains the entire understanding between the parties  and supersedes any prior written or oral agreements between them.  There are no  representations, warranties, covenants, agreements or understandings oral or written,  between the parties relating to the employment of the Employee which are not fully  expressed herein.  This Agreement shall not be modified or waived except by written  instrument and signed by the parties.  13. Severability.  The provisions of this Agreement shall be deemed severable, and if any part  of any provision is held by any court of competent jurisdiction to be illegal, void, invalid  or unenforceable in whole or in part as to any party, such provision may be changed,  consistent with the intent of the parties hereto, to the extent reasonably necessary to make  such provision, as so changed, legal, valid, binding and enforceable.  If such provision  cannot be changed consistent with the intent of the parties hereto to make it legal, valid,  biding and enforceable, then such provision shall be stricken from this Agreement, and the  remaining provisions of this Agreement shall not be affected or impaired but shall remain  in full force and effect.  14. Binding Effect.  This Agreement shall inure to the benefit of and be binding upon the  parties and their respective executors, administrators, personal representatives, heirs,  legatees, devises, assigns and successors in interest.  15. Governing Law.  This Agreement has been entered into in, and shall be construed and  enforced in accordance with, the laws of the State of Maryland, without giving effect to  the principles of conflicts of law thereof.  16. Counterparts; Effectiveness.  This Agreement may be executed in one or more  counterparts, each of which shall be deemed an original, but all of which together shall  constitute one and the same Agreement.  This Agreement will become effective when the  Company receives a counterpart hereof executed by the Employee and the Company.    DocuSign Envelope ID: 6B857F83-EB0F-4E7E-82C3-DB9458294A39 

 

  750284-4-10533-v0.11 - 11 - US-5003-ERISA    IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date  first above written.    HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.     By:      Jeffrey W. Eckel    President and Chief Executive Officer                Jeffrey Lipson                  DocuSign Envelope ID: 6B857F83-EB0F-4E7E-82C3-DB9458294A39 

 

  750284-4-10533-v0.11 - 12 - US-5003-ERISA    EXHIBIT A  (Subject to Increase)  "Base Salary": $525,000 per annum, payable in accordance with the customary payroll practices  of the Company applicable to senior executives from time to time.  "Annual Bonus": Target of 150% of Base Salary. Similar to other members of the Company’s  management team, criteria for earning the Annual Bonus will be determined by the Compensation  Committee, with 70% based on corporate financial measures, 15% on key strategic initiatives, and  15% individual goals.  The Annual Bonus shall be paid in cash in the fiscal year following the  fiscal year for which such bonus is awarded, but in all events shall be paid no later than March 15  of such following fiscal year.        DocuSign Envelope ID: 6B857F83-EB0F-4E7E-82C3-DB9458294A39 

 

  750284-4-10533-v0.11 - 13 - US-5003-ERISA    EXHIBIT B  Form of Waiver and Release  This Waiver and General Release of all Claims (this "Agreement") is entered into by [•]  (the "Executive") and Hannon Armstrong Sustainable Infrastructure Capital, Inc., a Maryland  corporation (the "Company"), effective as of [DATE] (the "Effective Date").  In consideration of the promises set forth in the Employment Agreement between the  Executive and the Company, dated [•] (the "Employment Agreement"), the Executive and the  Company agree as follows:  1. General Releases and Waivers of Claims.  (a) Executive's Release of Company.  In consideration of the payments and benefits  provided to the Executive under Section 7 of the Employment Agreement and after  consultation with counsel, the Executive (or the Executive’s estate, as applicable)  hereby irrevocably and unconditionally releases and forever discharges the  Company and its past, present and future parent entities, subsidiaries, divisions,  affiliates and related business entities, any of its or their successors and assigns,  assets, employee benefit plans or funds, and any of its or their respective past,  present and/or future directors, officers, fiduciaries, agents, trustees, administrators,  managers, supervisors, stockholders, employees and assigns, whether acting on  behalf of the Company or in their individual capacities (collectively, "Company  Parties") from any and all claims, actions, causes of action, rights, judgments,  obligations, damages, demands, accountings or liabilities of whatever kind or  character (collectively, "Claims"), including, without limitation, any Claims under  any federal, state, local or foreign law, that the Executive (or the Executive’s estate,  as applicable) may have, or in the future may possess, arising out of the Executive's  employment relationship with and service as an employee, officer or director of the  Company, and the termination of such relationship or service; provided, however,  that the Executive (or the Executive’s estate, as applicable) does not release,  discharge or waive (A) any rights to payments and benefits provided under the  Employment Agreement, (B) any right the Executive (or the Executive’s estate, as  applicable) may have to enforce this Agreement, the Award Agreements or the  Employment Agreement, (C) the Executive’s rights under the Indemnification  Agreement and rights to indemnification and advancement of expenses in  accordance with the Company’s certificate of incorporation, bylaws or other  corporate governance document, or any applicable insurance policy, (D) any claims  for benefits under any employee benefit or pension plan of the Company Parties  subject to the terms and conditions of such plan and applicable law including,  without limitation, any such claims under the Employee Retirement Income  Security Act of 1974, or (E) any right or claim that the Executive (or the Executive’s  estate, as applicable) may have to obtain contributions as permitted by applicable  law in an action in which both the Executive on the one hand or any Company Party  on the other hand are held jointly liable.  DocuSign Envelope ID: 6B857F83-EB0F-4E7E-82C3-DB9458294A39 

 

  750284-4-10533-v0.11 - 14 - US-5003-ERISA    (b) Executive's Specific Release of ADEA Claims.  In further consideration of the  payments and benefits provided to the Executive under Section 7 of the  Employment Agreement, the Executive hereby unconditionally release and forever  discharge the Company Parties from any and all Claims that the Executive may  have as of the date the Executive signs this Agreement arising under the Federal  Age Discrimination in Employment Act of 1967, as amended, and the applicable  rules and regulations promulgated thereunder ("ADEA").  By signing this  Agreement, the Executive hereby acknowledges and confirms the following:  (i)  the Executive was advised by the Company in connection with the Executive’s  termination to consult with an attorney of the Executive’s choice prior to signing  this Agreement and to have such attorney explain to the Executive the terms of this  Agreement, including, without limitation, the terms relating to the Executive’s  release of claims arising under ADEA, and the Executive has been given the  opportunity to do so; (ii) the Executive was given a period of not fewer than 21  days to consider the terms of this Agreement and to consult with an attorney of the  Executive’s choosing with respect thereto; and (iii) the Executive knowingly and  voluntarily accepts the terms of this Agreement.  The Executive also understands  that the Executive has seven days following the date on which the Executive signs  this Agreement within which to revoke the release contained in this paragraph, by  providing the Company a written notice of the Executive’s revocation of the release  and waiver contained in this paragraph.  (c) No Assignment.  The Executive (or the Executive’s estate, as applicable) represents  and warrants that the Executive (or the Executive’s estate, as applicable) has not  assigned any of the Claims being released under this Agreement.  2. Waiver of Relief.  The Executive (or the Executive’s estate, as applicable) acknowledges  and agrees that by virtue of the foregoing, the Executive (or the Executive’s estate, as  applicable) has waived any relief available to him/it (including without limitation,  monetary damages and equitable relief, and reinstatement) under any of the Claims waived  in paragraph 1.  Therefore the Executive (or the Executive’s estate, as applicable) agrees  that he/it will not accept any award or settlement from any source or proceeding (including  but not limited to any proceeding brought by any other person or by any government  agency) with respect to any Claim or right waived in this Agreement.  Nothing in this  Agreement shall be construed to prevent the Executive (or the Executive’s estate, as  applicable) from cooperating with or participating in an investigation conducted by, any  governmental agency, to the extent required or permitted by law.  3. Severability Clause.  In the event any provision or part of this Agreement is found to be  invalid or unenforceable, only that particular provision or part so found, and not the entire  Agreement, will be inoperative.  4. Non-admission.  Nothing contained in this Agreement will be deemed or construed as an  admission of wrongdoing or liability on the part of the Company or any other Company  Party or the Executive.  DocuSign Envelope ID: 6B857F83-EB0F-4E7E-82C3-DB9458294A39 

 

  750284-4-10533-v0.11 - 15 - US-5003-ERISA    5. Governing Law.  All matters affecting this Agreement, including the validity thereof, are  to be governed by, and interpreted and construed in accordance with, the laws of the State  of Maryland applicable to contracts executed in and to be performed in that State.  6. Notices.  All notices or communications hereunder shall be made in accordance with  Section 10 of the Employment Agreement.  THE EXECUTIVE (OR THE EXECUTIVE’S ESTATE, AS APPLICABLE)  ACKNOWLEDGES THAT THE EXECUTIVE HAS READ THIS AGREEMENT AND  THAT HE/IT FULLY KNOWS, UNDERSTANDS AND APPRECIATES ITS CONTENTS,  AND THAT HE/IT HEREBY EXECUTES THE SAME AND MAKES THIS  AGREEMENT AND THE RELEASE AND AGREEMENTS PROVIDED FOR HEREIN  VOLUNTARILY AND OF HIS/ITS OWN FREE WILL.    JEFFREY LIPSON  __________________  Date:_____________    HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.     By:__________________________________       Name:       Title:              DocuSign Envelope ID: 6B857F83-EB0F-4E7E-82C3-DB9458294A39Microsoft Word - ARIS - DUA (00544687x9F905) (002).docx

ICAHN ENTERPRISES L.P.
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DEFERRED UNIT AGREEMENT PURSUANT TO THE
ICAHN ENTERPRISES L.P.
2017 LONG-TERM INCENTIVE PLAN
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This AGREEMENT (“Agreement”) is effective as of April 26, 2021 by and between Icahn Enterprises L.P., a Delaware limited partnership (the “Partnership”), and Aris Kekedjian (the “Participant”).
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Terms and Conditions
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The Committee hereby grants to the Participant as a Service Provider of the Partnership or any of its Affiliates (collectively, the Partnership and its Affiliates shall be referred to herein as the “Employer”), as of the date hereof (the “Grant Date”), pursuant to the Icahn Enterprises L.P. 2017 Long-Term Incentive Plan, as it may be amended from time to time (the “Plan”), the number of deferred Units of the Partnership (“Deferred Units”) set forth in Section 1 below.
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Except as otherwise indicated, any capitalized term used but not defined herein shall have the meaning ascribed to such term in the Plan. A copy of the Plan has been delivered to the Participant. By signing and returning this Agreement, the Participant acknowledges having received and read a copy of the Plan and agrees to comply with the Plan, this Agreement and all applicable laws and regulations.
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Accordingly, the parties hereto agree as follows:
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1.Grant of Deferred Units. Subject in all respects to the Plan and the terms and conditions set forth herein and therein, effective as of the Grant Date, the Partnership hereby awards to the Participant 132,670 Deferred Units. Each Deferred Unit represents the Participant’s right to receive, and the Partnership’s obligation to deliver, one Unit for each Deferred Unit, or, in the discretion of the Board, an amount in cash equal to the Value (as defined below) of one Unit, subject to the vesting conditions set forth in Section 2 below and the other terms and conditions of this Agreement and the Plan. The Deferred Units shall be credited to a book entry account maintained by the Partnership (or its designee) on behalf of the Participant.
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2.Terms of Deferred Units.
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(a)Rights as a Unitholder. The Participant shall not have any rights of a holder of Units with respect to the Deferred Units unless and until the Deferred Units vest and are settled by the issuance of Units in accordance with Section 3 below.
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(b)Dividend Equivalents. If the Participant holds Deferred Units on the date on which any dividend is paid on Units (whether in the form of cash or units), the Participant will be entitled to receive a dividend equivalent (a “Dividend Equivalent”). A
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Dividend Equivalent is an amount, for each one Deferred Unit held, equal to the amount of the dividend declared and paid in respect of one Unit. Dividend Equivalents will be credited in cash, provided that if the dividend is payable in the form of Units, the cash amount of the Dividend Equivalent will be equal to the Fair Market Value of the Units as of the date the dividend is paid. Dividend Equivalents will be subject to the same vesting and other conditions as the Deferred Units to which they relate. If and to the extent that the underlying Deferred Units are forfeited, all related Dividend Equivalents shall also be forfeited. Dividend Equivalents will be paid in cash, without interest, at the same time the underlying Deferred Units are settled.
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(c)Vesting of Deferred Units.
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(i)The Deferred Units (together with any Dividend Equivalents thereon) shall vest in full on the third (3rd) anniversary of the Grant Date (the “Vesting Date”), provided that the Participant has not experienced a Termination prior to the Vesting Date and remains employed in good standing from the Grant Date up to and including the Vesting Date.
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(ii)Notwithstanding Section 2(c)(i), in the event the Participant’s employment is terminated by the Employer without “Cause” (as defined below) or due to Participant’s death or Disability, in each case prior to the Vesting Date, a pro rata portion of the Deferred Units (together with any Dividend Equivalents thereon) shall immediately become vested on the date of such Termination or death or Disability, calculated by multiplying the number of Deferred Units by a fraction, the numerator of which is the number of days the Participant was employed by the Employer from the Grant Date until the date of Termination or death or Disability, and the denominator of which is the number of days from the Grant Date until the Vesting Date. The vesting of the Deferred Units on the date of Termination or death or Disability and the settlement of the vested Deferred Units thereafter shall be subject to the Participant’s (or the Participant’s estate’s) execution (and non-revocation) of a general release of claims against the Employer, its officers, directors, managers, employees, agents and affiliates substantially in the form attached hereto as Exhibit A (the “Release”), and such Release becoming effective in accordance with its terms, within sixty (60) days following the date of Termination or death or Disability.
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(iii)Notwithstanding the definition of “Cause” in the Plan, for all purposes of this Agreement, “Cause” shall mean, as determined by the Employer in its sole discretion, the Participant’s: (A) willful failure to perform substantially his duties (other than any such failure resulting from incapacity due to documented Disability); (B) commission of, or indictment for, a felony or any crime involving fraud or embezzlement or dishonestly or conviction of, or plea of nolo contendere to a crime or misdemeanor (other than a traffic violation) punishable by imprisonment under federal, state or local law; (C) engagement in an act of fraud or other act of willful dishonesty or misconduct toward the Employer, detrimental to the Employer, or in the performance of the Participant’s duties; (D) negligence in the performance of his employment duties that has a detrimental effect on the Employer;
(E) violation of a federal or state securities law or regulation; (F) the use of a controlled substance without a prescription or the use of alcohol which, in each case, significantly impairs the Participant’s ability to carry out his duties and responsibilities; (G) material violation of the policies and procedures of the Employer; (H) embezzlement and/or
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misappropriation of property of the Employer; or (I) engaging in conduct involving any immoral acts which is reasonably likely to impair the reputation of the Employer.
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(d)Forfeiture. Except as provided in Section 2(c)(ii) above, the Participant shall forfeit to the Partnership, without compensation, any and all unvested Deferred Units (together with all Dividend Equivalents in respect of such unvested Deferred Units) immediately upon the Termination of Participant’s employment by the Partnership for Cause or by the Participant for any reason. In addition, if the Participant’s employment is terminated by the Employer without Cause or due to Participant’s death or Disability, in each case prior to the Vesting Date, and the Participant (or the Participant’s estate) does not timely execute the Release, or the Release has not become irrevocable by its terms on or before the sixtieth (60th) day following the date of Participant’s Termination, all Deferred Units and all Dividend Equivalents related thereto shall immediately be forfeited without compensation.
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3.Settlement. Within sixty (60) days following the Vesting Date or the date of Termination or death or Disability, as applicable, the Employer shall (i) issue and deliver to the Participant (or the Participant’s estate) that number of Units (together with all Dividend Equivalents in respect of such vested Deferred Units) equal to the number of vested Deferred Units, and (ii) deposit such Units into a brokerage account designated by the Participant (and once deposited in such account, the Units shall be non-forfeitable and freely transferrable, subject to applicable law). Notwithstanding the foregoing, the Board may, in its sole discretion, settle the vested Deferred Units (or any portion thereof) by paying the Participant (or the Participant’s estate) an amount in cash equal to the product of (A) the “Value” (as defined below) of one Unit on the date of settlement, and (B) the number of any such vested Deferred Units. Notwithstanding anything to the contrary, if such sixty (60)-day period following the Termination or death or Disability begins in one calendar year and ends in a second calendar year, the vested Deferred Units will be settled in the second calendar year. For all purposes of this Agreement, “Value” shall mean the volume weighted average price of one Unit for the one hundred and eighty (180)-day period ending on the trading day immediately prior to the settlement date, as reported on the principal national securities exchange in the United States on which the Units are then traded, or, if not traded on any such national securities exchange, as quoted on an automated quotation system sponsored by the Financial Industry Regulatory Authority. If the Units are not traded, listed or otherwise reported or quoted, then the Value of one Unit shall mean the Fair Market Value of one Unit.
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4.Certain Legal Restrictions. The Plan, this Agreement, the granting and vesting of the Deferred Units, and any obligations of the Partnership under the Plan and this Agreement, shall be subject to all applicable federal, state and local laws, rules and regulations, and to such approvals by any regulatory or governmental agency as may be required, and to any rules or regulations of any exchange on which the Units are listed.
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5.Withholding of Taxes.
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(a)Responsibility for Taxes. The Partnership or any Affiliate shall have the right to withhold from any compensation or other amount owing to the Participant due to settlement of the Deferred Units applicable withholding taxes as provided in Section 3.9 of the Plan. The Participant acknowledges that, regardless of any action the Employer takes with respect to any or all income tax, employment tax, payroll tax, foreign tax, local tax or
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any other taxes related to the Participant’s participation in the Plan and the granting, vesting, settlement and/or payment of the Deferred Units (collectively, the “Taxes”), the ultimate liability for all Taxes is and remains his responsibility and may exceed the amount to be withheld by the Employer. The Participant further acknowledges that the Partnership and the Employer (1) make no representations or undertakings regarding the treatment of any Taxes in connection with any aspect of the Deferred Units, including, but not limited to, the granting, vesting, settlement or payment of the Deferred Units, any issuance of Units (if applicable) upon payment or settlement of the Deferred Units, any subsequent sale of Units that may be acquired pursuant to such issuance (if applicable) and the receipt of Dividend Equivalents; and (2) do not commit to structure the terms of the grant or any aspect of the Deferred Units to reduce or eliminate the Participant’s liability for Taxes or achieve any particular tax result.
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(b)Payment for Taxes Upon Settlement in Units. If any tax withholding is required when the Deferred Units are settled in Units, the Employer shall have the right, but not the obligation, to withhold a portion of the Units that has an aggregate Fair Market Value sufficient to pay all required withholding Taxes thereon, and will pay such amounts to the relevant taxing authorities. The Fair Market Value of any Units withheld to satisfy any such tax withholding obligations shall not exceed the amount determined by the applicable minimum statutory withholding rates (or the maximum individual statutory withholding rates for the applicable jurisdiction if use of such rates would not result in adverse accounting consequences or cost). To the maximum extent permitted by law, the Employer has the right to retain without notice from any fees, salary or other amounts (including, without limitation, Units) payable to the Participant, cash having a sufficient value to satisfy any Taxes that the Employer determines cannot be satisfied through the withholding of otherwise deliverable Units or that are due prior to the issuance of Units.
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6.Restrictive Covenants. The grant of Deferred Units herein is made in consideration of the services to be rendered by the Participant to the Employer, and the non- disparagement, non-compete and non-solicitation covenants of the Participant contained in the offer letter between Icahn Enterprises L.P. and the Participant dated April 4, 2021.
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7.Provisions of Plan Control. This Agreement is subject to all the terms, conditions and provisions of the Plan, including, without limitation, the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan as may be adopted by the Committee and as may be in effect from time to time. The Plan is incorporated herein by reference. If and to the extent that any provision of this Agreement conflicts or is inconsistent with the non-discretionary terms set forth in the Plan, the Plan shall control, and this Agreement shall be deemed to be modified accordingly. Notwithstanding the foregoing, no amendment or modification to the Plan adopted after the date hereof shall adversely affect Participant’s rights under this Agreement without his prior written consent.
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8.Entire Agreement. This Agreement contains the entire understanding of the parties with respect to the subject matter hereof and supersedes any prior agreements between the Employer and the Participant with respect to the subject matter hereof.
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9.Notices. Any notice to be given under the terms of this Agreement to the Partnership shall be addressed to the Partnership in care of the General Counsel of the Partnership (or any other person or entity as designated by the Committee) at the Partnership’s principal office, and any notice to be given to a Participant shall be addressed to the Participant at the Participant’s last address reflected on the Employer’s records. By a notice given pursuant to this Section 9, either party may hereafter designate a different address for notices to be given to that party. Any notice or communication given hereunder shall be in writing or by electronic means as set forth in Section 13 below and, if in writing, shall be deemed to have been duly given: (i) when delivered in person; (ii) two (2) days after being sent by United States mail; or (iii) on the first business day following the date of deposit if delivered by a nationally recognized overnight delivery service.
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10.No Guaranteed Employment or Other Service Relationship. Nothing contained in this Agreement shall affect the right of the Partnership or any of its Affiliates to terminate the Participant’s employment or other service relationship at any time, with or without Cause, or shall be deemed to create any rights to employment or continued employment or other service relationship. The rights and obligations arising under this Agreement are not intended to and do not affect the Participant’s employment or other service relationship that otherwise exists between the Participant and the Partnership or any of its Affiliates, whether such employment or other service relationship is at will or defined by an employment or other service contract. Moreover, this Agreement is not intended to and does not amend any existing employment or other service contract between the Participant and the Partnership or any of its Affiliates; to the extent there is a conflict between this Agreement and such an employment or other service contract, the employment or other service contract shall govern and take priority.
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11.WAIVER OF JURY TRIAL. EACH PARTY TO THIS AGREEMENT, FOR ITSELF AND ITS AFFILIATES, HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THE ACTIONS OF THE PARTIES HERETO OR THEIR RESPECTIVE AFFILIATES PURSUANT TO THIS AGREEMENT OR IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT OF THIS AGREEMENT.
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12.Interpretation. All section titles and captions in this Agreement are for convenience only, shall not be deemed part of this Agreement, and in no way shall define, limit, extend or describe the scope or intent of any provisions of this Agreement.
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13.Mode of Communications. The Participant agrees, to the fullest extent permitted by applicable law, in lieu of receiving documents in paper format, to accept electronic delivery of any documents that the Partnership or any of its Affiliates may deliver in connection with this grant of Deferred Units and any other grants offered by the Partnership, including, without limitation, prospectuses, grant notifications, account statements, annual or quarterly reports, and other communications. The Participant further agrees that electronic delivery of a document may be made via the Employer’s e-mail system
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or by reference to a location on the Employer’s intranet or website or the online brokerage account system.
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14.No Waiver. No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach or any other covenant, duty, agreement or condition.
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15.Severability. If any provision of this Agreement is declared or found to be illegal, unenforceable or void, in whole or in part, then the parties hereto shall be relieved of all obligations arising under such provision, but only to the extent that it is illegal, unenforceable or void, it being the intent and agreement of the parties hereto that this Agreement shall be deemed amended by modifying such provision to the extent necessary to make it legal and enforceable while preserving its intent or, if that is not possible, by substituting therefor another provision that is legal and enforceable and achieves the same objectives.
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16.Counterparts. This Agreement may be executed in counterparts, all of which together shall constitute one agreement binding on all the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart.
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17.Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York, without giving effect to its principles of conflict of laws.
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18.Section 409A. Although the Employer does not guarantee to the Participant any particular tax treatment relating to the Award under this Agreement, it is intended that all payments pursuant to this Award shall be exempt from Section 409A, and this Agreement shall be interpreted and administered in accordance with such intentions. In no event shall the Partnership or any of its Affiliates be liable for any additional tax, interest or penalties that may be imposed on the Participant by reason of Section 409A or any damages for failing to qualify for an exemption from, or comply with, Section 409A.
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[Remainder of Page Intentionally Left Blank]
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IN WITNESS WHEREOF, the parties have executed this Agreement on the date and year first above written.
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ICAHN ENTERPRISES L.P.
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		By:
	Icahn Enterprises G.P. Inc., its general partner

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		By:
	/s/Ted Papapostolou_____________

		Name:
	Ted Papapostolou

		Title:
	Chief Accounting Officer

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PARTICIPANT
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/s/Aris Kekedjian_____________ 
Aris Kekedjian 
 
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[Aris Kekedjian Deferred Unit Agreement Signature Page]

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Exhibit A
General Release of Claims
This General Release of All Claims (the “General Release”) dated as of [DATE], is made by Aris Kekedjian (“Employee”) under the Deferred Unit Agreement dated April 26, 2021 (the “Award Agreement”) pursuant to the Icahn Enterprises L.P. 2017 Long-Term Incentive Plan, as it may be amended from time to time (the “Plan”), for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged. Unless otherwise defined herein, the terms defined in the Award Agreement or the Plan, as applicable, shall have the same defined meaning in this General Release. For purposes of this General Release, the “Company” means, collectively, Icahn Enterprises L.P., Icahn Enterprises Holdings L.P., Icahn Capital LP, and their respective Affiliates.
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1.The Employee, for himself, his spouse, heirs, administrators, children, representatives, executors, successors, assigns, and all other persons claiming through Employee, if any, does hereby release, waive, and forever discharge the Company and its officers, directors, employees and agents (collectively, the “Releasees”), from, and does fully waive any obligations of Releasees to Employee for, any and all liability, actions, charges, causes of action, demands, damages, or claims for relief, remuneration, sums of money, accounts or expenses (including, without limitation, attorneys’ fees and costs) of any kind whatsoever, whether known or unknown or contingent or absolute, which heretofore has been or may have been suffered or sustained, directly or indirectly, by Employee in consequence of, arising out of, or in any way relating to Employee’s employment with the Company and the termination of Employee’s employment. The foregoing release, discharge and waiver includes, but is not limited to, all claims, and any obligations or causes of action arising from such claims, under common or statutory law including, without limitation, any state or federal discrimination, fair employment practices or any other employment-related statute or regulation (as they may have been amended through the date of this General Release) prohibiting discrimination or harassment based upon any protected status including, without limitation, race, color, religion, national origin, age, gender, marital status, disability, handicap, veteran status or sexual orientation. Without limitation, specifically included in this paragraph are any and all waivable claims arising under the Federal Rehabilitation Act, the Age Discrimination in Employment Act of 1967, Title VII of the Civil Rights Act of 1964, Sections 1981 through 1988 of Title 42 of the United States Code, the Americans with Disabilities Act, the Equal Pay Act, the Older Workers Benefits Protection Act, the Genetic Information Non-Discrimination Act, the Immigration Reform and Control Act, the Uniformed Services Employment and Reemployment Rights Act, the Employee Retirement Income Security Act of 1974, the Family and Medical Leave Act of 1993, the National Labor Relations Act, the Consolidated Omnibus Budget Reconciliation Act of 1985, the Sarbanes-Oxley Act, the Dodd-Frank Act, the Florida Civil Rights Act, the Florida Equal Pay Law, the Florida AIDS Act, the Florida Sickle-Cell Trait Discrimination Law, the Florida Private Whistleblower Protection Law, the Florida Public Whistle- Blower’s Act, the Florida Worker’s Compensation Retaliation Law, the Florida Unpaid Wages Law, the Florida Minimum Wage Act, the Florida Leave to Victims of Domestic Violence Act, the Florida Constitution, and any similar state and federal laws (in each case, as such law was enacted or has been amended). The foregoing release and discharge also
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expressly includes, without limitation, any claims under any state or federal common law theory, including, without limitation, wrongful or retaliatory discharge, breach of express or implied contract, promissory estoppel, unjust enrichment, breach of covenant of good faith and fair dealing, violation of public policy, defamation, interference with contractual relations, intentional or negligent infliction of emotional distress, invasion of privacy, misrepresentation, deceit, fraud or negligence, claims for alleged physical or personal injury, emotional distress relating to or arising out of Employee’s employment with the Company or the termination of that employment; and any claims under the WARN Act or any similar law, which requires, among other things, that advance notice be given of certain work force reductions. All of the claims, liabilities, actions, charges, causes of action, demands, damages, remuneration, sums of money, accounts or expenses described in this Section 1 shall be described, collectively as the “Released Claims”. Employee waives Employee’s right to any monetary recovery should any agency (such as the Equal Employment Opportunity Commission) pursue any claims on Employee’s behalf. Nothing in this General Release shall be deemed to waive Employee’s right to file a charge with or participate in any investigation or proceeding conducted by the U.S. Equal Employment Opportunity Commission or other government agency, except that even if Employee files a charge or participates in such an investigation or proceeding, Employee will not be able to recover damages or equitable relief of any kind from the Releasees with respect to the Released Claims.
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2.Excluded from this General Release are the following: (i) claims and rights that arise after the date Employee signs this General Release; and (ii) any claims for vested benefits Employee may have under any employee benefit plan subject to the Employee Retirement Income Security Act of 1974, as amended.
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3.Any unresolved dispute arising out of this General Release shall be litigated in any court of competent jurisdiction in the County of Miami-Dade in the State of Florida; provided, however, that the Company may elect to pursue a court action to seek injunctive relief in any court of competent jurisdiction to terminate the violation of its proprietary rights, including but not limited to trade secrets, copyrights or trademarks and to protect any confidential information. Each party shall pay its own costs and fees in connection with any litigation hereunder.
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		4.	Employee acknowledges and recites that:

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		(a)	Employee has executed this General Release knowingly and

voluntarily;
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		(b)	Employee has read and understands this General Release in its

entirety;
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(c)Employee has been advised and directed orally and in writing (and this subparagraph (c) constitutes such written direction) to seek legal counsel and any other advice he wishes with respect to the terms of this General Release before executing it;
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(d)Employee’s execution of this General Release has not been forced by any employee or agent of the Company, and Employee has had an opportunity to negotiate about the terms of this General Release and that the agreements and obligations herein are made voluntarily, knowingly and without duress, and that neither the Company nor its agents have made any representation inconsistent with the General Release; and
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(e)Employee has been offered 21 calendar days after receipt of this General Release to consider its terms before executing it.
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5.This General Release shall be governed by, and construed in accordance with, the laws of the United States applicable thereto and the internal laws of the State of Florida, without giving effect to the conflicts of law principles thereof.
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6.Employee represents that he has returned all property belonging to the Company required to be returned including, without limitation, keys, access cards, computer software and any other equipment or property. Employee further represents that he has delivered to the Company all documents or materials of any nature belonging to it, whether an original or copies of any kind, including any confidential information, required to be returned.
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7.Employee shall have seven days from the date he signs this General Release to revoke it by providing written notice of the revocation to the Company, in which event this General Release shall be unenforceable and null and void. Provided Employee does not revoke this General Release, it shall become effective on the eighth day after Employee signs this General Release.
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8.Employee agrees and acknowledges that he continues to be subject to the restrictive covenant provisions contained in the offer letter between Icahn Enterprises L.P. and the Employee dated April 4, 2021, including but not limited to the non-disparagement, non-compete and non-solicitation covenants therein.
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Employee represents and agrees that he has carefully read this General Release; that he has been given ample opportunity to consult with legal counsel or any other party to the extent, if any, that he desires; and that he is voluntarily signing by his own free act.
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PLEASE READ THIS GENERAL RELEASE CAREFULLY. IT CONTAINS A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.
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ICAHN ENTERPRISES L.P.
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By:Icahn Enterprises G.P. Inc., its General Partner
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By:​ ​ Name:
Title:
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Date: [DATE]
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EMPLOYEE:
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Aris Kekedjian
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Date: [DATE]

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Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00331-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00331-of-00352.parquet"}]]