Document:

Exhibit

Exhibit 10.1
	
			
	151 Farmington Avenue
	 
	

	Hartford, CT 06156
	 

	 
	 

	Mark T. Bertolini

	 
	 

	Chairman & CEO
	 
	 

	 
	 
	 

October 5, 2015

Joseph M. Zubretsky 

Dear Joe:

The purpose of this document is to confirm the agreement we have reached as a result of our discussions regarding your cessation of your employment with Aetna Inc., Aetna Life Insurance Company and/or one or more of its subsidiary, affiliated and/or related entities (collectively, the “Company”).

The terms of our agreement (“Agreement”) are as follows:

		
	1.
	You hereby resign your employment effective March 3, 2016 (the “Separation Date”). We have agreed that effective on October 23, 2015, you will cease providing services as Senior Executive Vice President, Healthagen. From that date through March 3, 2016, we have agreed that you will continue to be employed by the Company, will remain on the Company payroll receiving your current base salary, and that you will provide transition assistance as reasonably requested to assure a smooth transition of your duties. You will not be required to come to the office after October 23, 2015.  The Separation Date will be the last date you will be employed by the Company, and thereafter you will have only such obligations to the Company as are expressly set forth in this Agreement. 

		
	2.
	Consideration from Company:

		
	a.
	From March 4, 2016 through March 3, 2017 (a period of 52 weeks), you will be paid an amount equivalent to your regular salary at your current annual salary rate of $850,000, in accordance with the Company’s customary payroll schedule.

		
	b.
	With respect to the 2015 Bonus year, you will be paid a sum in the gross amount of your current bonus target of 110% of annual base salary. This payment will be paid in cash over 12 months in equal payroll installments commencing December 23, 2015.

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	c.
	In general, participation in all benefit programs will stop as of the Separation Date. However, you will be eligible for the continuation of group medical and dental benefits for the applicable COBRA period at regular COBRA rates. The Company will mail to you a copy of Since You Are Leaving Aetna, which contains information about your employee benefits.

		
	d.
	To assist you in your external job search efforts, you will be eligible to receive for twelve (12) months from the effective date of this Agreement, individual outplacement services as selected by you and paid for by the Company. You may arrange for these services through Lee, Hecht, and Harrison at‐1‐877‐529‐4433.

		
	e.
	Vesting and exercise of equity awards and/or long term incentive compensation awards are governed by the applicable agreements and plans. The Company has previously provided to you a schedule of your outstanding equity awards, demonstrating the impact of your termination of employment on the vesting of these awards. You understand that the employee covenants included in those agreements remain in full force and effect and are incorporated herein by reference.

		
	f.
	You previously agreed to a non‐competition, non‐solicitation, confidentiality and assignment agreement with the Company dated January 25, 2007. You understand and agree that the terms of that agreement remain in full force and effect and that the post‐termination covenant period outlined in that agreement will begin as of your Separation Date.

		
	g.
	The Company (for itself and the “Released Parties” as defined below in Section 3(a)) forever releases and discharges you from any and all liability, claims, and demands and causes of action (by whatever name called and whether known or unknown) which the Released Parties had, have, or may have, arising out of (i) your employment with the Company; (ii) the cessation of such employment; or (iii) any other act, omission, occurrence, or other event, up to and including through the date you sign this Agreement.

		
	h.
	The benefits outlined above (except for the notification and provision of COBRA benefits) are benefits for which you would not otherwise be eligible under current Company plans and policies and are in lieu of any other separation benefits or other consideration not specified in this Agreement, including the agreement between you and the Company dated January 25, 2007 and the Company’s Job Elimination Benefits Plan.

		
	3.
	Consideration from You:

		
	a.
	Release of Claims.

2

		
	i.
	In consideration for the Company’s agreement to provide the salary and benefits continuation described above, you (for yourself and any other person claiming or deriving a right from you) forever release and discharge the Company, and together its/their employees, directors, officers agents and representatives (the “Released Parties”) from any and all liability, claims, and demands and causes of action (by whatever name called and whether known or unknown) which you had, have, or may have, arising out of:

		
	1.
	your employment with the Company;

		
	2.
	the cessation of such employment; or

		
	3.
	any other act, omission, occurrence, or other event, up to and including through the date you sign this Agreement.

		
	ii.
	This release includes, but is not limited to, claims and liabilities under: the Americans with Disabilities Act, the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Age Discrimination in Employment Act, the Employee Retirement Income Security Act of 1974 (ERISA), Section 1981 through 1988 of Title 42 of the United States Code, The Immigration Reform and Control Act, federal and state whistleblower claims to the maximum extent permitted by law, The Worker Adjustment and Retraining Notification Act, The Fair Credit Reporting Act, The Family and Medical Leave Act, all as amended, any other claims under federal, state, including the state of Connecticut, or local law, and claims for attorney’s fees, costs, and the like. However, this release does not apply to (a) pension or 401(k) benefits vested as of the end of the salary continuation period, (b) your rights in respect of your payment of $2,800,000 (as provided in the agreement between you and the Company dated January 25, 2007) which, together with the accrued interest thereon, shall be paid to you pursuant to the January 25, 2007 agreement on April 23, 2016, (c) your rights to indemnification and liability insurance coverage by virtue of your having been a director, executive and/or employee of the Company or any of its affiliates, (d) your rights and the Company’s obligations under this Agreement, or (e) any claims that as a matter of law cannot be waived.

		
	iii.
	If any claim, charge, complaint or action covered by the release is brought by you, for your benefit or on your behalf, you expressly waive any claim to any form of monetary or other damages to the fullest extent permitted by law, including attorneys’ fees and costs, or any other form of personal recovery or relief in connection with any such claim, charge, complaint or action. You further agree to dismiss with prejudice any pending civil lawsuit or arbitration covered by the release.

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	b.
	Confidentiality. In further consideration for the Company’s agreement to provide the salary and benefits continuation described above, you promise that, except as provided in paragraph 3. c. below, required by law, or protected by statute:

		
	i.
	you will not, for yourself or any other person or entity, directly or indirectly, divulge, communicate or in any way make use of any confidential, sensitive, or proprietary information acquired in the performance of your service for the Company, without the prior written consent of an appropriate Company officer; and

		
	ii.
	you will not disclose to any person or entity any information acquired in connection with, this Agreement, without the prior written consent of an appropriate Company officer, other than

your legal, financial or career advisors, and the members of your immediate family, if they agree to maintain confidentiality.

		
	c.
	This Agreement, including any confidentiality/nondisclosure provisions it incorporates by reference, does not prohibit or restrict you from lawfully (x) communicating or cooperating with, providing relevant information to or otherwise assisting in an investigation by: any governmental or regulatory body or official(s) regarding a possible violation of any federal law relating to fraud or any rule or regulation of the Securities and Exchange Commission, or the EEOC  or any other governmental authority with responsibility for the administration of fair employment practices laws regarding a possible violation of such laws; (y) responding to any inquiry from such authority, including an inquiry about the existence of this Agreement or its underlying facts; or (z) testifying, participating or otherwise assisting in an action or proceeding relating to a possible violation of any such law, rule or regulation.

		
	d.
	Other Promises

		
	i.
	Subject to your then-current personal and professional obligations, you shall provide assistance to and shall cooperate with the Company, upon its reasonable request and without additional compensation, with respect to matters within the scope of your duties and responsibilities during employment with the Company. The Company agrees that it will reimburse you for reasonable out of pocket expenses (e.g., travel, meals, and lodging; attorneys’ fees) that you may incur in providing assistance to the Company hereunder.

		
	ii.
	You acknowledge that compliance with your promises contained in this Agreement or incorporated by reference is necessary to protect the business and good will of the Company and that any actual or prospective breach will 

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cause injury or damage to the Company which will be irreparable and for which money damages will not be adequate. You agree that if you breach or attempt to breach any of those covenants, the Company shall be entitled to seek temporary, preliminary and permanent injunctive relief, without bond, to prevent irreparable harm or injury, and to money damages, together with any and all other remedies available under applicable law.  The prevailing party in any action to enforce this Agreement shall be entitled to have its reasonable attorney’s fees and costs paid by the other party.  In addition, you agree that the Company shall have no further obligation to pay you any benefits otherwise payable under this Agreement.

		
	4.
	Other Provisions:

		
	a.
	Subject to the provisions and limitations contained in the Company’s policy and as required by law, you will be paid for Paid Time Off (PTO) that is accrued and unused as of the end of the Separation Date.

		
	b.
	This Agreement shall not in any way be construed as an admission by the Company or any of its agents that they have acted wrongfully with respect to you or any other person.

		
	c.
	You represent that:

		
	i.
	all documents and property of the Company, including those containing confidential, sensitive or proprietary information, have been returned to the Company (or will be returned on the Separation Date);

		
	ii.
	no charge, complaint or action filed by you or on your behalf against the Released Parties exists in any forum or form. If any such charge, complaint or action has been or is filed, you will not be entitled to damages or any other relief, including costs and attorney’s fees;

		
	iii.
	the Company has paid you all wages to which you have been entitled and that you have taken all leave available to you under the Family Medical Leave Act or related or similar state or local law; and

		
	iv.
	The provisions of any prior written agreement between you and the Company, including stock option and other equity award agreements and long‐term incentive compensation award agreements, regarding arbitration of employment‐related disputes, cooperation with the Company, solicitation of company employees and/or others, and/or disclosure of confidential information shall remain in effect and are incorporated by reference into this Agreement.  In addition, you shall promptly notify the Company’s General Counsel if you are contacted by a regulatory or self‐regulatory agency with 

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respect to matters pertaining to the Company or by an attorney or other individual who informs you that he/she has filed, intends to file, or is considering filing a claim or complaint against the Company.

		
	v.
	If there is a prior written agreement between you and the Company regarding arbitration of employment‐related disputes, the provisions of that agreement will apply to any claim or controversy with respect to compliance with or the interpretation of this Agreement.

		
	d.
	Enforcement.

		
	i.
	This Agreement shall be construed in accordance with the laws of Connecticut. Any actions brought under this Agreement that are not required to be submitted to arbitration shall be exclusively brought in the state and federal courts in Connecticut. Both parties hereto irrevocably consent to the personal jurisdiction of such courts.

		
	ii.
	If any provision of this Agreement, including any provision incorporated by reference, is determined by a court of competent jurisdiction or arbitrator not to be enforceable in the manner set forth, you and the Company agree that it is the intention of the parties that such provision should be enforceable to the maximum extent possible under applicable law and that such court or arbitrator shall reform such provision to make it enforceable in accordance with the intent of the parties.

e.   In the event any payment hereunder is required to be delayed to comply with the American Jobs Creation Act of 2004, the parties hereby agree to conform the payment provisions in this Agreement to so comply. The Company shall not accelerate the payment of any deferred compensation in violation of Section 409A of the Internal Revenue Code and to the extent required under Section 409A, the Company shall delay the payment of any deferred compensation for six months following your separation from service as defined under Section 409A.  If any amount paid under this Agreement is in two or more installments, each installment shall be treated as a separate payment for purposes of Section 409A.  

		
	f.
	The entire agreement between you and the Company is set out in this Agreement or incorporated by reference. No other promises or representations have been made, and there is no oral understanding or agreement between you and the Company that is not contained, or incorporated by reference, in this Agreement. Nothing in this Agreement should be construed to impair your right to communicate with, or participate in an investigation by, a federal government agency or law enforcement entity.

		
	5.
	You acknowledge that:

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	a.
	You have been advised to consult an attorney before signing this Agreement and that you have had an opportunity to consult with an attorney of your choice;

		
	b.
	You have read this Agreement in its entirety, understand its terms and knowingly and voluntarily consent to its terms and conditions;

		
	c.
	You have had the opportunity to consider the Agreement for at least 21 days and have elected to sign it on the date noted below; to the extent that this Agreement differs in any way, whether material or not, from any proposal previously communicated, verbally or in writing, to you, you have had sufficient time to consider this Agreement, and you waive any right you may have to additional time to review it; and

		
	d.
	This Agreement will become effective on the eighth day following the day you execute it (“Effective Date”). After signing both copies of this Agreement, please return one copy to me and retain a copy for your records. You may revoke this Agreement at any time prior to its Effective Date by giving written notice to me.

Aetna Inc.

	
					
	/s/ Mark T. Bertolini
	 
	10.05.15
	 
	 

	Mark T. Bertolini
	 
	Date
	 
	 

	Chairman & CEO
	 
	 
	 
	 

	 
	 
	 
	 
	 

	
					
	/s/ Joseph M. Zubretsky
	 
	10/06/15
	 
	 

	Joseph M. Zubretsky
	 
	Date
	 
	 

	 
	 
	 
	 
	 

7Exhibit

EXHIBIT 10.15.2.

(Form of) Fiscal Year 20_ _  Stock Option Grant

Terms and Conditions
U.S/[Non-U.S.]1 Employees

You have received a grant of Non-Qualified Options (the “Option”) under the Monsanto Company 2005 Long-Term Incentive Plan (as Amended and Restated as of January 24, 2012) (the “Plan”).  The Grant Date, the number of Shares covered by the Option, and the Exercise Price are set forth in the document you have received entitled “Long-Term Incentive Statement.”  The Long-Term Incentive Statement and these terms and conditions collectively constitute the Award Certificate for the Option, and describe the provisions applicable to the Option.  This Option is not intended to qualify as an “incentive stock option” as defined in Section 422 of the Code.

1.Definitions.  Each capitalized term not otherwise defined herein has the meaning set forth in the Plan or, if not defined in the Plan, in the attached Long-Term Incentive Statement.  The “Company” means Monsanto Company, a Delaware corporation incorporated February 9, 2000, and includes any Affiliate that employs you.

2.Exercisability.

(a)    The Option shall, subject to Sections 2(b) and 4, vest in accordance with the following schedule.

	
		
	Vesting Date
	Shares to Vest

	(November) 15, 20_ _ 
	1/3 of the Option

	(or one year from grant)
	 

	 
	 

	November 15, 20_ _ 
	1/3 of the Option

	(second fiscal year from grant)
	 

	 
	 

	November 15, [20_ _ ]
	Remaining unvested

	(third fiscal year from grant)
	portion of the Option

(b)    Upon a Change of Control, the Option, if outstanding, shall vest in full, except to the extent that you are granted a Replacement Award in respect of the Options.

(c)    Except as otherwise provided in the Plan, the Option may be exercised at any time after it vests and before its term expires or it is sooner forfeited as provided in Sections 3 and 4 below.

3.Term.  The term of the Option shall, subject to Section 4, expire on the tenth anniversary of the Grant Date.

4.Retirement, Disability, Death or Other Termination of Service; Transfer.  If you experience a Termination of Service for any reason before the first anniversary of the Grant Date (unless such Termination of Service follows a Change of Control), the Option shall be forfeited.  If you experience a Termination of Service on or after the first anniversary of the Grant Date (or, if earlier, a Change of Control), including, without limitation, by reason of Retirement, death, Disability, or an involuntary termination other than a Termination for Cause, the Option shall vest and remain exercisable (or be forfeited) to the extent, and only to the extent, provided in this Section 4, notwithstanding any differing treatment set forth in the Plan.

(a)    Retirement.  If you experience a Termination of Service by reason of Retirement (including by reason of a Termination without Cause when you are Retirement-eligible) on or after the first anniversary of the Grant Date (or, if earlier, a Change of Control), the Option shall continue to vest on the schedule set forth in Section 2(a) and shall remain exercisable until the earlier of the fifth anniversary of the date of your Termination of Service or the tenth anniversary of the Grant Date, and then shall be forfeited to the extent not exercised.

_______________________________
1 Bracketed language applicable to only to non-U.S. employees 

(b)    Death or Disability.  If you experience a Termination of Service as a result of death or Disability on or after the first anniversary of the Grant Date (or, if earlier, a Change of Control), the Option shall become fully vested and shall remain exercisable until the earlier of the first anniversary (or, if such Termination of Service occurs on or after your 55th birthday and your completion of five years of service with the Company and any of its Affiliates, the fifth anniversary) of the date of your Termination of Service or the tenth anniversary of the Grant Date, and then shall be forfeited to the extent not exercised.

(c)    Termination for Cause.  If you experience a Termination for Cause, the Option, whether vested or not, shall immediately be forfeited.

(d)    Voluntary Termination; Certain Terminations Without Cause.  If you experience a voluntary Termination of Service (other than by reason of Retirement or a voluntary termination governed by Section 4(e)) or a Termination without Cause that is neither a Retirement nor governed by Section 4(e), then, to the extent the Option is vested on the date of your Termination of Service, it shall remain exercisable until the earlier of the 90th day after the date of your Termination of Service or the tenth anniversary of the Grant Date, and then shall be forfeited to the extent not exercised, and any portion of the Option that is not vested on the date of your Termination of Service shall be forfeited upon your Termination of Service.

(e)    Job Elimination; Termination Without Cause Following a Change of Control.  If you experience (x) a Termination without Cause due to a job-elimination or divestiture of the business or Affiliate by which you were employed, on or after the first anniversary of the Grant Date, or (y) at any time following a Change of Control, either (1) a Termination without Cause or (2) a termination under circumstances entitling you to severance benefits under a constructive termination provision (including, without limitation, a “good reason” provision or a constructive “involuntary termination” provision) of an agreement, plan or program covering you, the Option shall become fully vested and shall remain exercisable until the earlier of the first anniversary (or, if such Termination of Service occurs on or after your 50th birthday due to a job elimination or a divestiture of the business or Affiliate by which you were employed, the fifth anniversary) of the date of your Termination of Service or the tenth anniversary of the Grant Date, and then shall be forfeited to the extent not exercised.

[(f)    Effective Date of Termination.  Notwithstanding anything to the contrary in the Plan or Award Certificate, and for purposes of clarity, unless otherwise determined by the Company in its sole discretion, a voluntary Termination of Service or Termination Without Cause shall be effective from the date on which your active employment ends and shall not be extended by any statutory or common law notice of termination period.

(g)    EU Age Discrimination Rules.  If you are a local national of and employed in a country that is a member of the European Union, the grant of the Option and the terms and conditions governing the Option are intended to comply with the age discrimination provisions of the EU Equal Treatment Framework Directive, as implemented into local law (the “Age Discrimination Rules”).  To the extent that a court or tribunal of competent jurisdiction determines that any provision of the Option is invalid or unenforceable, in whole or in part, under the Age Discrimination Rules, the Company, in its sole discretion, shall have the power and authority to revise or strike such provision to the minimum extent necessary to make it valid and enforceable to the full extent permitted under local law.]

		
	5.
	Exercise Procedures.

(a)    You may exercise the Option after the Option has vested and become exercisable by giving notice to the Company specifying the number of Shares for which the Option is being exercised.  The notice shall be provided to the Company’s Designated Administrator, in a manner set forth by the Company or the Designated Administrator for this purpose.  The “Designated Administrator” is the person or entity most recently specified by the Company as such for purposes of the Plan.

(b)    The purchase price for the Shares for which the Option is being exercised shall be paid in full at the time of exercise and any other information required by the Committee shall be provided at that time.  The purchase price shall be paid (i) in cash or by check, (ii) by tendering to the Designated Administrator whole Shares (but not fewer than 100 Shares), valued at their Fair Market Value on the date of exercise, or (iii) by any other method designated by the Committee.  The Committee may require payment in a particular or different method in order to comply with applicable law.

[(b)    The purchase price for the Shares for which the Option is being exercised shall be paid in full at the time of exercise and any other information required by the Committee shall be provided at that time.  The purchase price shall be paid (i) in cash or by check, (ii) by tendering to the Designated Administrator whole Shares (but not fewer than 100 Shares), valued at their Fair Market Value on the date of exercise (as permitted under local law), or (iii) by any other method designated by the Committee (and as permitted by local law).  Notwithstanding the foregoing, The Committee may require payment in a particular or different method of exercise, may allow you to exercise your Option only by means of a cashless exercise (either a cashless 

“sell all” exercise and/or a cashless “sell to cover” exercise) as it shall determine in its sole discretion, or may require you to sell any Shares you acquire under the Plan immediately or within a specified period following a Termination of Service.

(c)    As a condition of the grant of the Option, you agree to repatriate all payments attributable to the Shares and/or cash acquired under the Plan in accordance with local foreign exchange rules and regulations in your country of residence (and country of employment, if different).  In addition, you agree to take any and all actions, and consent to any and all actions taken by the Company and the Company’s Affiliates, as may be required to allow the Company and the Company’s Affiliates to comply with local laws, rules and regulations in your country of residence (and country of employment, if different).  Finally, you agree to take any and all actions as may be required to comply with your personal legal and tax obligations under local laws, rules and regulations in your country of residence (and country of employment, if different).]

6.    Withholding.  In order for Shares to be delivered when you exercise the Option, you must make arrangements satisfactory to the Company for the payment of any taxes required to be paid or withheld in connection with the exercise of the Option.  No more than the minimum required withholding will be permitted in the form of Shares.  While the Company reserves the right to modify the methods of tax withholding that it deems acceptable, as of the time that this Award Certificate is being delivered to you, tax withholding may be satisfied by (i) cash or check, (ii) delivery of Shares, or (iii) retention by the Company, sale to a third party or cancellation by the Company of Shares otherwise deliverable upon the Option exercise. If you are subject to any taxes in connection with the Option in more than one jurisdiction, you acknowledge that the Company may be required to withhold or account for taxes in more than one jurisdiction.

6.    [Income Tax and Social Insurance Contribution Withholding.

(a)      As a condition to settlement upon your exercise of the Option, you must make arrangements satisfactory to the Company for the payment of any and all income tax (including U.S. federal, state and local taxes and/or non-U.S. taxes), social insurance, payroll tax, payment on account or other tax-related withholding (“Tax-Related Items”) required to be paid or withheld in connection with the Option.  Regardless of any action the Company takes with respect to any or all Tax-Related Items, you acknowledge that the ultimate liability for all Tax-Related Items legally due by you is and remains your responsibility and that the Company (i) makes no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Option, including the grant of the Option, the vesting of the Option, the exercise of the Option, the subsequent sale of any Shares acquired pursuant to the Option and the receipt of any dividends; and (ii) does not commit to structure the terms of the grant or any aspect of the Option to reduce or eliminate your liability for Tax-Related Items.

(b)      If your country of residence (and/or country of employment, if different) requires withholding of Tax-Related Items, the Company may withhold a portion of the Shares otherwise issuable upon exercise of the Option (or, in the case of a cashless exercise of the Option, a portion of the cash proceeds) that have an aggregate Fair Market Value sufficient to pay the minimum Tax-Related Items required to be withheld (as determined by the Company in good faith and in its sole discretion) with respect to the exercised Option.  For purposes of the foregoing, no fractional Shares will be withheld or issued pursuant to the grant of the Option and the issuance of Shares hereunder.  Alternatively, the Company may, in its discretion, withhold any amount necessary to pay the Tax-Related Items from your salary or other amounts payable to you, with no withholding of Shares, or may require you to submit a cash payment equivalent to the minimum Tax-Related Items required to be withheld with respect to the exercised Option.  In the event the withholding requirements are not satisfied, no Shares or cash will be issued to you (or your estate) upon exercise of the Option unless and until satisfactory arrangements (as determined by the Company in its sole discretion) have been made by you with respect to the payment of any such Tax-Related Items. If you are subject to Tax-Related Items in more than one jurisdiction, you acknowledge that the Company may be required to withhold or account for Tax-Related Items in more than one jurisdiction.  By accepting the Option, you expressly consent to the methods of withholding as provided hereunder.  All other Tax-Related Items related to the Option and any Shares or cash delivered in settlement thereof are your sole responsibility.

(c)      To the extent the Company pays any Tax-Related Items that are your responsibility (“Advanced Tax Payments”), the Company shall be entitled to recover such Advanced Tax Payments from you by any and all means that the Company determines are appropriate, in its sole discretion.  For purposes of the foregoing, the manner of recovery of the Advanced Tax Payments shall include (but is not limited to):  (i) a forced sale of a sufficient number of Shares held in any brokerage, recordkeeping or other account established by the Company on your behalf in connection with the grant of awards under the Plan equal to the Advanced Tax Payments (in which case, these terms and conditions shall give the Company the authority to issue sales instructions on your behalf); and (ii) offsetting the Advanced Tax Payments against any and all amounts that may be otherwise owed to you by the Company (including regular salary/wages, bonuses, and Shares acquired by you pursuant to any equity compensation plan that are otherwise held by the Company for your benefit.]

7.    Nontransferability.  The Option is not transferable by you other than upon death by will, the laws of descent and distribution, or written designation of a beneficiary.  The Option is exercisable, during your lifetime, only by you (or by your 

guardian or legal representative).  Any person who holds the Option is subject to the terms and conditions of this Award Certificate.  No transfer of the Option shall be effective to bind the Company unless the Company has been furnished with written notice of the transfer and appropriate evidence to establish the validity of the transfer and the acceptance by the transferee of the terms and conditions of this Award Certificate.

8.    No Right to Continued Employment or Service.  This Award Certificate shall not limit or restrict the right of the Company or any Affiliate to terminate your employment or service at any time or for any reason.

9.    Effect of Award Certificate; Severability.  This Award Certificate shall be binding upon and shall inure to the benefit of any successor of the Company and the person or entity to whom the Option may have been transferred by will, the laws of descent and distribution or beneficiary designation.  The invalidity or unenforceability of any provision of this Award Certificate shall not affect the validity or enforceability of any other provision of this Award Certificate. 

10.    Amendment.  The terms and conditions of this Award Certificate may not be amended in a manner adverse to you without your consent.

11.    Discretionary Nature of the Plan.  You acknowledge and agree that the Plan is discretionary in nature and may be amended, cancelled, or terminated by the Company, in its sole discretion, at any time.  The grant of the Option under the Plan is a one-time benefit and does not create any contractual or other right to receive a grant of stock options or benefits in lieu of stock options in the future.  Future grants of stock options, if any, will be at the sole discretion of the Company, including, but not limited to, the timing of any grant, the number of stock options, vesting provisions, and the exercise price.

12.    Plan Interpretation.  This Award Certificate is subject to the provisions of the Plan, and all of the provisions of the Plan are hereby incorporated into this Award Certificate as provisions of this Option.  If there is a conflict between the provisions of this Award Certificate and the Plan, the provisions of the Plan (including, without limitation, those setting forth the consequences of a Change of Control) govern.  If there is any ambiguity in this Award Certificate, any term that is not defined in this Award Certificate, or any matters as to which this Award Certificate is silent, the Plan shall govern, including, without limitation, the provisions of the Plan addressing construction, governing law, and the powers of the Committee, among others, to (a) interpret the Plan, (b) prescribe, amend and rescind rules and regulations relating to the Plan, (c) make appropriate adjustments to the Option to reflect non-United States laws or customs or in the event of a corporate transaction, and (d) make all other determinations necessary or advisable for the administration of the Plan.

[13.    Extraordinary Item of Compensation.  Your participation in the Plan is voluntary.  The value of the Option and any other grant under the Plan is an extraordinary item of compensation outside the scope of your employment (and your employment contract, if any).  As such, the Option and any other grant under the Plan is not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments.

14.    Consent to Collection/Processing/Transfer of Personal Data.  Pursuant to applicable personal data protection laws, the Company hereby notifies you of the following in relation to your personal data and the collection, processing and transfer of such data in relation to the Company’s grant of this Option and your participation in the Plan.  The collection, processing and transfer of your personal data is necessary for the Company’s administration of the Plan and your participation in the Plan, and your denial and/or objection to the collection, processing and transfer of personal data may affect your participation in the Plan.  As such, you voluntarily acknowledge and consent (where required under applicable law) to the collection, use, processing and transfer of personal data as described herein.

The Company holds certain personal information about you, including your name, home address and telephone number, date of birth, social security number or other employee identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of all options, units or any other entitlement to Shares awarded, canceled, purchased, vested, unvested or outstanding in your favor, for the purpose of managing and administering the Plan (“Data”).   The Data may be provided by you or collected, where lawful, from third parties, and the Company will process the Data for the exclusive purpose of implementing, administering and managing your participation in the Plan. The Data processing will take place through electronic and non-electronic means according to logics and procedures strictly correlated to the purposes for which Data are collected and with confidentiality and security provisions as set forth by applicable laws and regulations in your country of residence (and country of employment, if different).  Data processing operations will be performed minimizing the use of personal and identification data when such operations are unnecessary for the processing purposes sought. Data will be accessible within the Company’s organization only by those persons requiring access for purposes of the implementation, administration and operation of the Plan and for your participation in the Plan.

The Company will transfer Data internally as necessary for the purpose of implementation, administration and management of your participation in the Plan, and the Company may further transfer Data to any third parties assisting the Company in the implementation, administration and management of the Plan.  These recipients may be located in the European Economic Area, or elsewhere throughout the world, such as the United States.  You hereby authorize (where required under applicable law) them to receive, possess, use, retain and transfer the Data, in electronic or other form, for purposes of implementing, administering and managing your participation in the Plan, including any requisite transfer of such Data as may be required for the administration of the Plan and/or the subsequent holding of Shares on your behalf to a broker or other third party with whom you may elect to deposit any Shares acquired pursuant to the Plan.  

You may, at any time, exercise your rights provided under applicable personal data protection laws, which may include the right to (a) obtain confirmation as to the existence of the Data, (b) verify the content, origin and accuracy of the Data, (c) request the integration, update, amendment, deletion, or blockage (for breach of applicable laws) of the Data, (d) to oppose, for legal reasons, the collection, processing or transfer of the Data which is not necessary or required for the implementation, administration and/or operation of the Plan and your participation in the Plan, and (e) withdraw your consent to the collection, processing or transfer of Data as provided hereunder (in which case, your Option will be null and void).  You may seek to exercise these rights by contacting your local Human Resources manager or the Company’s Human Resources Department.

15.    Private Placement.  The grant of the Option is not intended to be a public offering of securities in your country of residence (and country of employment, if different).  The Company has not submitted any registration statement, prospectus or other filings with the local securities authorities (unless otherwise required under local law), and the grant of the Option is not subject to the supervision of the local securities authorities.  No employee of the Company or any of the Company’s Affiliates is permitted to advise you on whether you should acquire Shares by exercising the Option under the Plan.  Investment in Shares involves a degree of risk.  Before deciding to acquire Shares by exercising the Option, you should carefully consider all risk factors relevant to the acquisition of Shares under the Plan and you should carefully review all of the materials related to the Option and the Plan.  In addition, you should consult with your personal advisor for professional investment advice.

16.    Addendum to Terms and Conditions.  Notwithstanding any provisions of these terms and conditions to the contrary, the Option shall be subject to such special terms and conditions for your country of residence (and country of employment, if different), as the Company may determine in its sole discretion and which shall be set forth in an addendum to these terms and conditions (the “Addendum”).  If you transfer your residence and/or employment to another country, any special terms and conditions for such country will apply to the Option to the extent the Company determines, in its sole discretion, that the application of such terms and conditions is necessary or advisable in order to comply with local laws, rules and regulations, or to facilitate the operation and administration of the Option and the Plan (or the Company may establish alternative terms and conditions as may be necessary or advisable to accommodate your transfer).  In all circumstances, the Addendum shall constitute part of these terms and conditions.

17.    English Language.  If you are resident and/or employed outside of the United States, you acknowledge and agree that it is your express intent that the Award Certificate (including these terms and conditions), the Plan and all other documents, notices and legal proceedings entered into, given or instituted pursuant to the Option, be drawn up in English.  If you have received the Award Certificate, the Plan or any other documents related to the Option translated into a language other than English, and if the meaning of the translated version is different than the English version, the English version will control.

18.    Additional Requirements.  The Company reserves the right to impose other requirements on the Option, any Shares acquired pursuant to the Option, and your participation in the Plan, to the extent the Company determines, in its sole discretion, that such other requirements are necessary or advisable in order to comply with local laws, rules and regulations, or to facilitate the operation and administration of the Option and the Plan.  Such requirements may include (but are not limited to) requiring you to sign any agreements or undertakings that may be necessary to accomplish the foregoing.

19.    Currency Fluctuations. Neither the Company, nor any Affiliate of the Company shall be liable for any foreign exchange rate fluctuation between the local currency of your country of residence and the U.S. dollar that may affect the value of the Options or of any amounts due to you pursuant to the settlement of the Options or the subsequent sale of any Shares acquired upon settlement of the Options.]

20.    Electronic Delivery.  The Company may, in its sole discretion, decide to deliver any documents related to the Option or other awards granted to you under the Plan by electronic means.  You hereby consent to receive such documents be electronic delivery and agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party-designated by the Company.

21.    Governing Law.  All questions concerning the construction, validity and interpretation of this Option and the Plan shall be governed and construed according to the laws of the State of Delaware, without regard to the application of the conflicts of laws provisions thereof.  Any disputes regarding this Option or the Plan shall be brought only in the state or federal courts of the State of Delaware.

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