Document:

SECURITIES PURCHASE AGREEMENT

THIS SECURITIES
PURCHASE AGREEMENT (this “Agreement”), dated as of September 7, 2016, 2016, by and among EnviroStar, Inc.,
a Delaware corporation (the “Company”), and Symmetric Capital II LLC, a Florida limited liability company (the
“Investor”).

BACKGROUND

A.           
The Company and the Investor are executing and delivering this Agreement in reliance upon the exemption from registration afforded
by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506
of Regulation D (“Regulation D”) promulgated by the United States Securities and Exchange Commission (the “SEC”)
under the Securities Act;

B.           The
Investor wishes to purchase from the Company, and, upon the recommendation of a special committee of the Board of Directors of
the Company comprised solely of independent and disinterested directors (the “Special Committee”) and the approval
of the full Board of Directors of the Company, the Company wishes to sell to the Investor, upon the terms and conditions stated
in this Agreement, 1,290,323 shares (the “Shares”) of the Company’s common stock, par value $0.025 per
share (the “Common Stock”), at a purchase price of $4.65 per share, for an aggregate purchase price of $6,000,001.95
(the “Purchase Price”).

C.           The
transactions contemplated hereby are, subject to the terms and conditions hereof, to be consummated immediately prior to the consummation
of the transactions contemplated by that certain asset purchase agreement, dated as of the date hereof (the “Asset Purchase
Agreement”), by and among the Company and Western State Design, Inc., a Delaware corporation and a wholly-owned subsidiary
of the Company, on the one hand, and Dennis Mack, Tom Marks and Western State Design, LLC, a California limited liability company,
on the other hand.

NOW, THEREFORE,
IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt
and adequacy of which are hereby acknowledged, the Company and the Investor agree as follows:

ARTICLE I

DEFINITIONS

1.1Definitions.
In addition to the terms defined elsewhere in this Agreement, the following terms have the meanings indicated:

“Additional
Listing Application” has the meaning set forth in Section 4.4.

“Affiliate”
means, with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, “controls”
or is “controlled by” or is “under common control with” (as such terms are defined in Rule 12b-2 under
the Exchange Act) such first Person; provided that, solely for the purposes of Sections 3.1(g), 3.1(h) and
4.2, the term Affiliate shall not include Henry M. Nahmad and any other entities in which Henry M. Nahmad either, directly
or indirectly, owns equity or debt interests other than the Company and its Subsidiaries.

     

     

    

“Agreement”
has the meaning set forth in the Preamble.

“Asset
Purchase Agreement” has the meaning set forth in the Preamble.

“Business
Day” means any day other than Saturday, Sunday, any day which shall be a federal legal holiday in the United States or
any day on which banking institutions in the State of Florida are authorized or required by law or other governmental action to
close.

“Closing”
means the closing of the purchase and sale of the Shares pursuant to Section 2.1.

“Closing
Date” means the date of the Closing, subject to satisfaction (or, if applicable, waiver) of the conditions to Closing
specified herein.

“Company”
has the meaning set forth in the Preamble.

“Common
Stock” has the meaning set forth in the Preamble.

“Disclosure
Materials” means the SEC Reports and this Agreement.

“Disqualification
Event” has the meaning set forth in Section 3.1(l).

“Eligible
Market” means any of the New York Stock Exchange, the NYSE MKT, the NASDAQ Global Select Market, the NASDAQ Global
Market or the NASDAQ Capital Market.

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

“Investor”
has the meaning set forth in the Preamble.

“Issuer
Covered Person” has the meaning set forth in Section 3.1(l).

“Knowledge”
of the Company means with respect to any statement made to the knowledge of the Company, that the statement is based upon the actual
knowledge of any executive officer of the Company as of the date of this Agreement after due inquiry.

“Lien”
means any lien, charge, claim, security interest, encumbrance, right of first refusal or other restriction.

“Material
Adverse Effect” means any of (i) a material adverse effect on the results of operations, assets, business, prospects
or financial condition of the Company and the Subsidiaries taken as a whole on a consolidated basis, (ii) an adverse impairment
of the Company’s ability to perform its obligations under this Agreement, or (iii) an adverse effect on the legality, validity
or enforceability of this Agreement, provided, that none of the following alone shall be deemed, in and of itself, to constitute
a Material Adverse Effect: (y) a change in the market price or trading volume of the Common Stock, or (z) changes in general economic
conditions or changes affecting the industry in which the Company operates generally (as opposed to Company-specific changes) so
long as such changes do not have a disproportionate effect on the Company and its Subsidiaries taken as a whole.

    -2- 

     

    

“Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
a government or any department or agency thereof and any other legal entity.

“Purchase
Price” has the meaning set forth in the Preamble.

“Regulation
D” has the meaning set forth in the Preamble.

“SEC”
has the meaning set forth in the Preamble.

“SEC Reports”
means such reports required to be filed by the Company under the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof,
together with any materials filed or furnished by the Company under the Exchange Act, whether or not any such reports were required.

“Securities
Act” has the meaning set forth in the Preamble.

“Short
Sales” has the meaning set forth in Section 3.2(i).

“Special
Committee” has the meaning set forth in the Preamble.

“Subsidiary”
means any direct or indirect subsidiary of the Company.

“Trading
Day” means any day on which the Common Stock is traded on the Trading Market; provided that Trading Day shall not include
any day on which the Common Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the
Common Stock is suspended from trading during the final hour of trading on such exchange or market (or if such exchange or market
does not designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00 p.m.,
New York City time).

“Trading
Market” means the Eligible Market on which the Common Stock is listed or quoted for trading on the date in question.

“Transaction”
has the meaning set forth in Section 3.2(i).

“Transfer
Agent” means Computershare, or any successor transfer agent for the Company.

ARTICLE II

PURCHASE AND SALE

2.1Closing.
Subject to the terms and conditions set forth in this Agreement, at the Closing the Company shall issue and sell to the Investor,
and the Investor shall purchase from the Company, the Shares. The date and time of the Closing shall be 5:00 p.m., Eastern time,
on the Closing Date. The Closing shall take place at the offices of Troutman Sanders, LLP, 875 Third Avenue, New York, NY 10022,
as promptly as practicable following the satisfaction or waiver of all of the conditions to Closing set forth in this Agreement.
The Closing shall occur immediately prior to the closing of the transactions contemplated by the Asset Purchase Agreement.

    -3- 

     

    

2.2Closing
Deliveries.

(a)At the Closing,
the Company shall deliver or cause to be delivered to the Investor the following:

(i)           a
facsimile of the stock certificate evidencing the Shares, registered in the name of the Investor, and the Company shall instruct
its Transfer Agent to deliver by overnight courier to the Investor the original certificate evidencing the Shares to be delivered
to the Investor at the Closing, registered in the name of such Investor (with a copy of such instructions to be contemporaneously
delivered to the Investor);

(ii)           a
certificate of the Secretary of the Company, dated as of the Closing Date, (a) certifying the resolutions adopted by the Special
Committee and the Board of Directors of the Company approving the transactions contemplated by this Agreement and the issuance
of the Shares, (b) certifying the current versions of the certificate of incorporation and by-laws of the Company, as amended
through the Closing Date, and (c) certifying as to the signatures and authority of the persons signing this Agreement and
related certificates and documents on behalf of the Company; and

(iii)            a
certificate of the Chief Operating Officer or Chief Financial Officer of the Company, dated as of the Closing Date, certifying
to the fulfillment of the conditions specified in Section 5.1(a) and (b).

(b)At the Closing,
the Investor shall deliver or cause to be delivered to the Company the aggregate Purchase Price in United States dollars and in
immediately available funds, by wire transfer to an account designated in writing to such Investor by the Company for such purpose.

ARTICLE III

REPRESENTATIONS AND WARRANTIES

3.1Representations
and Warranties of the Company. The Company hereby represents and warrants to the Investor as of the date hereof and as of the
Closing as follows:

(a)Subsidiaries.
(1) The Company owns or controls, directly or indirectly, all of the capital stock or comparable equity interests of each Subsidiary
free and clear of any Lien and all issued and outstanding shares of capital stock or comparable equity interest of each Subsidiary
are validly issued and are fully paid, non-assessable and free of preemptive and similar rights, and (2) the Company owns or controls,
directly or indirectly, only the following corporations, partnerships, limited liability partnerships, limited liability companies,
associations or other entities: (i) Steiner-Atlantic Corp., a Florida corporation, (ii) DRYCLEAN USA License Corp, a Florida corporation,
(iii) DRYCLEAN USA Development Corp., a Florida corporation, and (iv) Biz Brokers International Inc.., a Florida corporation.

(b)Organization
and Qualification. Each of the Company and the Subsidiaries is an entity duly organized, validly existing and in good standing
under the laws of the jurisdiction of its organization, with the requisite legal authority to own and use its properties and assets
and to 

    -4- 

     

    

carry on its business as currently conducted. Neither the Company nor any Subsidiary is in violation of any of the provisions
of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents. The Company and
each Subsidiary is duly qualified to do business and is in good standing as a foreign corporation or other entity in each jurisdiction
in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure
to be so qualified or in good standing, as the case may be, would not, individually or in the aggregate, have or reasonably be
expected to result in a Material Adverse Effect.

(c)Authorization;
Enforcement. The Company has the requisite corporate authority to enter into and to consummate the transactions contemplated
by this Agreement and otherwise to carry out its obligations hereunder. The execution and delivery of this Agreement by the Company
and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary corporate
action on the part of the Company and no further consent or action is required to be obtained or taken, as the case may be, by
the Company, its Board of Directors or its stockholders. This Agreement has been duly executed by the Company and is the valid
and binding obligation of the Company enforceable against the Company in accordance with its terms, except (i) as limited
by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by
applicable law.

(d)No Conflicts.
The execution, delivery and performance of this Agreement by the Company and the consummation by the Company of the transactions
contemplated hereby do not and will not (i) conflict with or violate any provision of the Company’s or any Subsidiary’s
certificate or articles of incorporation, bylaws or other organizational or charter documents, (ii) conflict with, or constitute
a default (or an event that with notice or lapse of time or both would become a default) under, or give to others any rights of
termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit
facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company
or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound, or affected, except to
the extent that such conflict, default, termination, amendment, acceleration or cancellation right would not reasonably be expected
to have a Material Adverse Effect, or (iii) result in a violation of any law, rule, regulation, order, judgment, injunction, decree
or other restriction of any court or governmental authority to which the Company or any Subsidiary is subject (including, assuming
the accuracy of the representations and warranties of the Investor set forth in Section 3.2 hereof, federal and state securities
laws and regulations and the rules and regulations of any self-regulatory organization to which the Company or its securities are
subject, including all applicable Trading Markets), or by which any property or asset of the Company or any Subsidiary is bound
or affected, except to the extent that such violation would not reasonably be expected to have a Material Adverse Effect.

(e)The Shares.
The Shares are duly authorized and, when issued and paid for in accordance with this Agreement, will be duly and validly issued,
fully paid and nonassessable with no personal liability attaching to the ownership thereof, free and clear of all Liens and will
not be subject to preemptive or similar rights of stockholders (other than those imposed by the Investor).

    -5- 

     

    

(f)Capitalization.
The authorized and outstanding equity capitalization of the Company (including all options, warrants and other convertible
or other securities of the Company or any Subsidiary) are as disclosed in the SEC Reports.

(g)No General
Solicitation; Placement Agent’s Fees. Neither the Company, nor any of its Affiliates, nor any Person acting on its or
their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D)
in connection with the offer or sale of the Shares. The Company has not engaged any placement agent or other agent in connection
with the sale of the Shares.

(h)
Private Placement; Investment Company; U.S. Real Property Holding Corporation. Neither the Company nor any of its Affiliates
nor, to the Company’s Knowledge, any Person acting on the Company’s behalf has, directly or indirectly, at any time
within the past six months, made any offer or sale of any security or solicitation of any offer to buy any security under circumstances
that would (i) eliminate the availability of the exemption from registration under Regulation D under the Securities
Act in connection with the offer and sale by the Company of the Shares as contemplated hereby or (ii) cause the offering of
the Shares pursuant to this Agreement to be integrated with prior offerings by the Company for purposes of any applicable law,
regulation or stockholder approval provisions, including, without limitation, under the rules and regulations of any Trading Market.
Assuming the accuracy of the representations and warranties of the Investor set forth in Section 3.2, no registration
under the Securities Act is required for the offer and sale of the Shares by the Company to the Investor as contemplated hereby.
The sale and issuance of the Shares hereunder does not contravene the rules and regulations of any Trading
Market on which the Common Stock is listed or quoted. The Company is not required to be registered as an “investment company”
within the meaning of the Investment Company Act of 1940, as amended. The Company is not required to be registered as a United
States real property holding corporation within the meaning of the Foreign Investment in Real Property Tax Act of 1980.

(i)Listing
and Maintenance Requirements. The Company has not, in the 12 months preceding the date hereof, received notice (written or
oral) from any Trading Market on which the Common Stock is or has been listed or quoted to the effect that the Company is not in
compliance with the listing or maintenance requirements of such Trading Market. The Company is in compliance with all such listing
and maintenance requirements.

(j)Application
of Takeover Protections. The Company has taken all necessary action, if any, to render inapplicable any control share acquisition,
business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision
under the Company’s charter documents or the laws of its state of incorporation that is or could become applicable to the
Investor as a result of the Investor and the Company fulfilling their obligations or exercising their rights under this Agreement,
including, without limitation, as a result of the Company’s issuance of the Shares and the Investor’s ownership of
the Shares.

(k)Acknowledgment
Regarding Investor’s Purchase of Shares. The Company acknowledges and agrees that the Investor, in its capacity as such,
is acting solely in the capacity of an arm’s length purchaser with respect to this Agreement and the transactions contemplated
hereby. The Company further acknowledges that the Investor, in its capacity as such, is not acting as a financial advisor or fiduciary
of the Company with respect to this Agreement and the transactions 

    -6- 

     

    

contemplated hereby and any advice given by the Investor or
any of its respective representatives or agents in connection with this Agreement and the transactions contemplated hereby and
thereby is merely incidental to the Investor’s purchase of the Shares. The Company further represents to the Investor that
the Company’s decision to enter into this Agreement has been based solely on the independent evaluation of the transactions
contemplated hereby by the Company and its advisors and representatives.

(l)No Disqualification
Events.None of the Company, any of its predecessors, any director, executive officer, other officer of the Company participating
in the offering contemplated hereby, any beneficial owner of 20% or more of the Company’s outstanding voting equity securities,
calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Securities Act) connected
with the Company in any capacity at the time of sale (each, an “Issuer Covered Person” and, together, “Issuer
Covered Persons”) is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to
(viii) under the Securities Act (a “Disqualification Event”), except for a Disqualification Event covered by
Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care to determine whether any Issuer Covered Person is subject to
a Disqualification Event. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e),
and has furnished to the Investor a copy of any disclosures provided thereunder.

(m) Other
Covered Persons; Brokers and Finders. Neither the Company nor any Subsidiary has engaged, and none of them shall be obligated
to pay (directly or indirectly) remuneration to, any Person for solicitation of the Investor in connection with the sale of any
Shares. Neither the Company nor any Subsidiary has engaged any investment banker, broker or finder or incurred, and none of them
will incur, any liability for any brokerage, investment banking or finders’ fees or commissions (or other similar fees or
charges) in connection with the transactions contemplated hereby.

3.2Representations
and Warranties of the Investor. The Investor hereby represents and warrants to the Company as of the date hereof and as of
the Closing as follows:

(a)Organization;
Authority. The Investor is an entity is duly organized and validly existing under the laws of the State of Florida with an
active status and with the requisite power and authority to enter into and to consummate the transactions contemplated by this
Agreement and otherwise to carry out its obligations hereunder. The purchase by the Investor of the Shares hereunder has been duly
authorized by all necessary action on the part of the Investor. This Agreement has been duly executed and delivered by the Investor
and constitutes the valid and binding obligation of the Investor, enforceable against it in accordance with its terms, except (i)
as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of
general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability
of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions
may be limited by applicable law.

(b)No Public
Sale or Distribution. The Investor is acquiring the Shares in the ordinary course of business for its own account and not with
a view towards, or for resale in connection with, the public sale or distribution thereof, except pursuant to sales registered
under the 

    -7- 

     

    

Securities Act or under an exemption from such registration and in compliance with applicable federal and state securities
laws, and, except as set forth in the Operating Agreement of the Investor, the Investor does not have a present arrangement to
effect any distribution of the Shares to or through any person or entity; provided, however, that by making the representations
herein, the Investor does not agree to hold any of the Shares for any minimum or other specific term and reserves the right to
dispose of the Shares at any time in accordance with or pursuant to a registration statement or an exemption under the Securities
Act.

(c)Investor
Status. At the time the Investor was offered the Shares, it was, at the date hereof it is, and at the Closing Date will be,
an “accredited investor” as defined in Rule 501(a) under the Securities Act or a “qualified institutional buyer”
as defined in Rule 144A(a) under the Securities Act. The Investor is not a registered broker dealer registered under Section 15(a)
of the Exchange Act, or a member of the Financial Industry Regulatory Authority, Inc. or an entity engaged in the business of being
a broker dealer. The Investor is not affiliated with any broker dealer registered under Section 15(a) of the Exchange Act, or a
member of the Financial Industry Regulatory Authority, Inc. or an entity engaged in the business of being a broker dealer.

 

(d)General Solicitation.
The Investor is not purchasing the Shares as a result of any advertisement, article, notice or other communication regarding the
Shares published in any newspaper, magazine or similar media, broadcast over television or radio, disseminated over the Internet
or presented at any seminar or any other general solicitation or general advertisement.

(e)Experience
of the Investor. The Investor, either alone or together with its representatives, has such knowledge, sophistication and experience
in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Shares,
and has so evaluated the merits and risks of such investment. The Investor understands that it must bear the economic risk of this
investment in the Shares indefinitely, and is able to bear such risk and is able to afford a complete loss of such investment.

(f)Access
to Information. The Investor acknowledges that it has reviewed the Disclosure Materials and has been afforded: (i) the
opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning
the terms and conditions of the offering of the Shares and the merits and risks of investing in the Shares; (ii) access to
information about the Company and each Subsidiary and their respective financial condition, results of operations, business, properties,
management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional
information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed
investment decision with respect to the investment. Neither such inquiries nor any other investigation conducted by or on behalf
of the Investor or its representatives or counsel shall modify, amend or affect the Investor’s right to rely on the truth,
accuracy and completeness of the Disclosure Materials and the Company’s representations and warranties contained in this
Agreement. The Investor acknowledges receipt of copies of the SEC Reports.

(g)No Governmental
Review. The Investor understands that no U.S. federal or state agency or any other government or governmental agency has passed
on or made any recommendation or endorsement of the Shares or the fairness or suitability of the investment in the Shares nor have
such authorities passed upon or endorsed the merits of the offering of the Shares.

    -8- 

     

    

(h)No Conflicts.
The execution, delivery and performance by the Investor of this Agreement and the consummation by the Investor of the transactions
contemplated hereby do not and will not (i) result in a violation of the organizational documents of the Investor or (ii) conflict
with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to
others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the
Investor is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal
and state securities laws) applicable to the Investor, except in the case of clauses (ii) and (iii) above, for such that are not
material and do not otherwise affect the ability of such Investor to consummate the transactions contemplated hereby.

(i)Prohibited
Transactions; Confidentiality. None of the Investor (either directly or indirectly) or any Person acting on behalf of or pursuant
to any understanding with the Investor, has engaged in any purchases or sales in the securities, including derivatives, of the
Company (including, without limitation, any Short Sales involving any of the Company’s securities) (a “Transaction”)
since the time that the Investor was first contacted by the Company or any other Person regarding the investment in the Company
contemplated hereby, other than pursuant to a Transaction between the Investor or any such Person, on the one hand, and the Company,
on the other hand. The Investor covenants that neither it nor any Person acting on its behalf or pursuant to any understanding
with the Investor will engage, directly or indirectly, in any Transactions in the securities of the Company (including Short Sales)
prior to the time the transactions contemplated by this Agreement are publicly disclosed, other than pursuant to a Transaction
between the Investor or any such Person, on the one hand, and the Company, on the other hand. “Short Sales”
include, without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange
Act and all types of direct and indirect stock pledges, forward sale contracts, options, puts, calls, short sales, swaps, derivatives
and similar arrangements (including on a total return basis), and sales and other transactions through non-U.S. broker-dealers
or foreign regulated brokers.

(j)Restricted
Securities.The Investor understands that the Shares are characterized as “restricted securities” under the
U.S. federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering
and that under such laws and applicable regulations such securities may be resold without registration under the Securities Act
only in certain limited circumstances.

(k)Legends.
It is understood that, except as provided in Section 4.1(b) of this Agreement, certificates evidencing the Shares will bear
the legend set forth in Section 4.1(b).

(l)No Legal,
Tax or Investment Advice. The Investor understands that nothing in this Agreement or any other materials presented by or on
behalf of the Company to the Investor in connection with the purchase of the Shares constitutes legal, tax or investment advice.
The Investor has consulted such legal, tax and investment advisors as it, in its sole discretion, has deemed necessary or appropriate
in connection with its purchase of the Shares.

(m) Brokers
and Finders. The Investor has not engaged any investment banker, broker or finder or incurred, nor will the Investor incur,
any liability for any brokerage, investment 

    -9- 

     

    

banking or finders’ fees or commissions (or other similar fees or charges) in
connection with the transactions contemplated hereby.

ARTICLE IV

OTHER AGREEMENTS OF THE PARTIES

4.1Transfer
Restrictions.

(a)The Investor
covenants that the Shares will only be disposed of pursuant to an effective registration statement under, and in compliance with
the requirements of, the Securities Act or pursuant to an available exemption from the registration requirements of the Securities
Act, and in compliance with any applicable state securities laws. In connection with any transfer of Shares other than pursuant
to an effective registration statement or to the Company, the Company may require the transferor to provide to the Company an opinion
of counsel selected by the transferor, the form and substance of which opinion shall be reasonably satisfactory to the Company,
to the effect that such transfer does not require registration under the Securities Act. Notwithstanding the foregoing, the Company
hereby consents to and agrees to register on the books of the Company and with its Transfer Agent, without any such legal opinion,
except to the extent that the transfer agent requests such legal opinion, any transfer of Shares by the Investor to an Affiliate
of the Investor, provided that the transferee certifies to the Company that it is an “accredited investor” as defined
in Rule 501(a) under the Securities Act and provided that such Affiliate does not request at such time any removal of any existing
legends on any certificate evidencing the Shares.

(b)The Investor
agrees to the imprinting, until no longer required by this Section 4.1(b), of the following legend on any certificate
evidencing any of the Shares:

THESE SECURITIES
HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON
AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE
STATE SECURITIES LAWS AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS.

Certificates
evidencing the Shares shall not be required to contain such legend or any other legend (i) following any sale of such Shares pursuant
to a registration statement covering the resale of such Shares that is effective under the Securities Act, (ii) following any sale
of such Shares pursuant to Rule 144 if the holder provides the Company with a legal opinion (and the documents upon which the legal
opinion is based) reasonably acceptable to the Company to the effect that the Shares can be sold under Rule 144, (iii) if the Shares
are eligible for sale without restriction or limitation under Rule 144, or (iv) if the holder
provides the Company with a legal opinion (and the documents upon which the legal opinion is based) reasonably acceptable to the
Company to the effect that the legend is not required under applicable requirements of the Securities Act (including controlling
judicial 

    -10- 

     

    

interpretations and pronouncements issued by the Staff of the SEC). Following the date that a legend is no longer required
for the Shares, the Company will no later than three Trading Days following the delivery by the Investor to the Company or the
Transfer Agent (if delivery is made to the Transfer Agent a copy shall be contemporaneously delivered to the Company) of (a) a
legended certificate representing such Shares (and, in the case of a requested transfer, endorsed or with stock powers attached,
signatures guaranteed, and otherwise in form necessary to effect transfer), and (b) an opinion of counsel to the extent required
by Section 4.1(a), deliver or cause to be delivered to the Investor or its transferee, as the case may be, a certificate
representing such Shares that is free from all restrictive and other legends. The Company may not make any notation on its records
or give instructions to the Transfer Agent that enlarge the restrictions on transfer set forth in this Section 4.

4.2Integration.
The Company shall not, and shall use its commercially reasonable efforts to ensure that no Affiliate thereof shall, sell, offer
for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities
Act) that would be integrated with the offer or sale of the Shares in a manner that would require the registration under the Securities
Act of the sale of the Shares to the Investor or that would be integrated with the offer or sale of the Shares for purposes of
the rules and regulations of any Trading Market.

4.3Use
of Proceeds. The Company will use at least $6,000,000 of the Purchase Price paid to it hereunder to fund, in part, the acquisition
of the assets being purchased by the Company pursuant to the Asset Purchase Agreement.

4.4Further
Assurances. The Company and the Investor shall cooperate with each other and use their respective commercially reasonable efforts
to take or cause to be taken all actions, and do or cause to be done all things, necessary, proper or advisable under this Agreement
and applicable laws, rules and regulations to consummate and make effective the transactions contemplated hereby as soon as practicable.
Without limiting the generality of the foregoing, the Company shall, as promptly as practicable hereafter, prepare and deliver
to the NYSE MKT an additional listing application relating to the Shares (the “Additional Listing Application”)
and use its commercially reasonable efforts to secure the NYSE MKT’s approval of the Additional Listing Application.

ARTICLE V

CONDITIONS

5.1Conditions
Precedent to the Obligations of the Investor. The obligation of the Investor to acquire the Shares at the Closing is subject
to the satisfaction or waiver by the Investor, at or before the Closing, of each of the following conditions:

(a)Representations
and Warranties. The representations and warranties of the Company contained herein shall be true and correct in all material
respects (except for those representations and warranties which are qualified as to materiality or Material Adverse Effect,
in which case such representations and warranties shall be true and correct in all respects) as of the
date when made and as of the Closing as though made on and as of such date (except for representations and warranties that
speak as of a specific date, which shall be true and correct or true and correct in all material respects, as the case may be,
as of such specific date).

    -11- 

     

    

(b)Performance.
The Company shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by it at or prior to the Closing.

(c)Asset
Purchase Agreement. All conditions to closing the transactions contemplated by the Asset Purchase Agreement (other than the
Closing of the transactions contemplated hereunder) shall have been satisfied or waived, so that the closing of the transactions
contemplated by the Asset Purchase Agreement shall occur immediately following the Closing of the transactions contemplated hereunder.

(d)Company
Deliverables. The Company shall have delivered the deliverables specified in Section 2.2(a) of this Agreement.

(e)Financing
Condition. The Investor shall have obtained all financing necessary to pay the aggregate Purchase Price required to consummate
the purchase of the Shares hereunder.

(f)Additional
Listing Application. The Additional Listing Application shall have been approved by the NYSE MKT.

5.2Conditions
Precedent to the Obligations of the Company. The obligation of the Company to sell the Shares at the Closing is subject to
the satisfaction or waiver by the Company, at or before the Closing, of each of the following conditions:

(a)Representations
and Warranties. The representations and warranties of the Investor contained herein shall be true and correct in all material
respects (except for those representations and warranties which are qualified as to materiality, in which case such representations
and warranties shall be true and correct in all respects) as of the date when made and as of the Closing
Date as though made on and as of such date (except for representations and warranties that speak as of a specific date,
which shall be true and correct or true and correct in all material respects, as the case may be, as of such specific date).

(b)Performance.
The Investor shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by the Investor at or prior to the Closing.

(c)Asset
Purchase Agreement. All conditions to closing the transactions contemplated by the Asset Purchase Agreement (other than the
Closing of the transactions contemplated hereunder) shall have been satisfied or waived, so that the closing of the transactions
contemplated by the Asset Purchase Agreement shall occur immediately following the Closing of the transactions contemplated hereunder.

(d)Purchase
Price. The Investor shall have paid to the Company the aggregate Purchase Price for the Shares pursuant to Section 2.2(b)
of this Agreement.

(e)Additional
Listing Application. The Additional Listing Application shall have been approved by the NYSE MKT.

    -12- 

     

    

ARTICLE VI

MISCELLANEOUS

6.1Termination.
This Agreement may be terminated (a) by the Company or the Investor, by written notice to the other party, if the Closing has not
been consummated by December 31, 2016 or (b) at any time upon the mutual written consent of the parties. No termination will affect
the right of any party to sue for any breach by the other party.

6.2Fees
and Expenses. Each party shall pay the fees and expenses of its advisers, counsel, accountants
and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery
and performance of this Agreement. The Company shall pay all Transfer Agent fees, stamp taxes and other taxes and duties levied
in connection with the sale and issuance of the Shares.

6.3Entire
Agreement. This Agreement contains the entire understanding of the parties with respect to the subject matter hereof and supersedes
all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been
merged into such documents, exhibits and schedules. At or after the Closing, and without further consideration, the Company will
execute and deliver to the Investor such further documents as may be reasonably requested in order to give practical effect to
the intention of the parties hereunder.

6.4Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is delivered
via facsimile or email at the facsimile number or email address specified in this Section 6.4 prior to 6:30 p.m. (Miami
time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered
via facsimile or email at the facsimile number or email address specified in this Section 6.4 on a day that is not a Trading
Day or later than 6:30 p.m. (Miami time) on any Trading Day, (c) the Trading Day following the date of deposit with a nationally
recognized overnight courier service, or (d) upon actual receipt by the party to whom such notice is required to be given.
The addresses, facsimile numbers and email addresses for such notices and communications are those set forth on the signature pages
hereof, or such other address or facsimile number as may be designated in writing hereafter, in the same manner, by any such Person.

6.5Amendments;
Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed, in the case of an amendment,
by the Company and the Investor or, in the case of a waiver, by the party against whom enforcement of any such waiver is sought.
No waiver with respect to any default under or any provision, condition or requirement of this Agreement shall be deemed to be
a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement
hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such
right.

6.6Construction.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect
any of the provisions hereof. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party.

    -13- 

     

    

6.7Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors
and assigns. The Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent
of the Investor. The Investor may assign any of its rights hereunder to any of its Affiliates without the prior written consent
of the Company.

6.8No Third-Party
Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted
assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

6.9Governing
Law; Venue; Waiver of Jury Trial. This Agreement shall be governed by and construed in accordance with the laws of the
State of Florida applicable to a contract executed and performed in such State without giving effect to the conflicts of laws principles
thereof, which would result in the applicability of the laws of another jurisdiction. Each of the parties hereto hereby irrevocably
consents and submits to the exclusive jurisdiction of the United States District Court for the Southern District of Florida and
the courts of the State of Florida located in Miami-Dade County in connection with any action arising out of or relating to this
Agreement or the transactions contemplated hereby, waives any objection to venue in the Southern District of Florida and the courts
of the State of Florida located in Miami-Dade County, and agrees that service of any summons, complaint, notice or other process
relating to such proceeding may be effected in the manner provided by Section 6.4. IN ANY ACTION ARISING OUT OF OR RELATING
TO THIS AGREEMENT, THE PARTIES HERETO WAIVE TRIAL BY JURY. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND
ALL DISPUTES THAT RELATE TO THE SUBJECT MATTER OF THIS AGREEMENT. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A
WRITTEN CONSENT TO A TRIAL BY THE COURT.

6.10Survival.
The representations and warranties, agreements and covenants contained herein shall survive the Closing.

6.11Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or email attachment, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such
signature is executed) with the same force and effect as if such facsimile or email-attached signature page were an original thereof.

6.12Severability.
If any provision of this Agreement is held by a court of competent jurisdiction to be invalid or unenforceable in any respect,
the validity and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired
thereby and the parties will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor,
and upon so agreeing, shall incorporate such substitute provision in this Agreement.

6.13Replacement
of Shares. If any certificate or instrument evidencing any Shares is mutilated, lost, stolen or destroyed, the Company shall
issue or cause to be issued in exchange and substitution for and upon cancellation thereof, or in lieu of and substitution therefor,
a new certificate 

    -14- 

     

    

or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or
destruction and the execution by the holder thereof of a customary lost certificate affidavit of that fact and an agreement to
indemnify and hold harmless the Company for any losses in connection therewith. The applicants for a new certificate or instrument
under such circumstances shall also pay any reasonable third-party costs associated with the issuance of such replacement Shares.

6.14Remedies.
In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, the Investor
and the Company will be entitled to seek specific performance under this Agreement. The parties agree that monetary damages may
not be adequate compensation for any loss incurred by reason of any breach hereunder and hereby agree to waive in any action for
specific performance of any such obligation (other than in connection with any action for a temporary restraining order) the defense
that a remedy at law would be adequate.

[SIGNATURE PAGE
FOLLOWS]

    -15- 

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Securities Purchase Agreement as of the date first written above.

 

	 	ENVIROSTAR, INC. 
	 	By:	 /s/ Michael Steiner
	 	Name:  Michael Steiner
	 	Title: Chief Operating Officer
	 	Address for Notice:
	  	 	 
	 	EnviroStar, Inc.
	 	290 Northeast 68th Street
	 	Miami, Florida 33138
	 	Tel:  (305) 754-4551
	 	Fax: (305) 751-4903
	 	Email: msteiner@steineratlantic.com
	 	Attn:  Michael Steiner
	 	Symmetric Capital II LLC
	 	By:	/s/ Henry M. Nahmad
	  	Name: Henry M. Nahmad
	 	Title: Manager and President
	 	Address for Notice:
	  	 	 
	 	c/o EnviroStar, Inc.
	 	290 Northeast 68th Street
	 	Miami, Florida 33138
	 	Tel:  (305) 754-4551
	 	Fax: (305) 751-4903
	 	Email: hnahmad@envirostarinc.com
	 	Attn:  Henry Nahmad
	 	 	 
	 	With a copy to:
	 	 	 
	 	Stearns Weaver Miller Weissler Alhadeff & Sitterson,
	 	P.A.
	 	Museum Tower
	 	150 West Flagler Street, Suite 2200
	 	Miami, FL 33130
	 	Tel:  (305) 789-3551
	 	Fax: (305) 789-2690
	 	Attn:  Eric Solomon

 

    -16-Exhibit 10.1

 

EXECUTION COPY

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS EXECUTIVE EMPLOYMENT AGREEMENT (“Agreement”), dated as of September 8, 2016, is by and among 21st Century Oncology Holdings, Inc., a Delaware corporation (the “Company”) and WILLIAM R. SPALDING (the “Executive”).

 

WHEREAS, the Company is engaged in the business of providing integrated cancer care services to patients; and

 

WHEREAS, the Company wishes to employ the Executive as its President and Chief Executive Officer for the period provided in this Agreement and the Executive is willing to serve in the employ of the Company for such period upon the terms and conditions hereinafter set forth;

 

NOW THEREFORE, in consideration of the mutual covenants herein contained, the parties, intending to be legally bound, hereby agree as follows:

 

1.                                      EMPLOYMENT.  The Company hereby agrees to employ the Executive upon the terms and conditions herein contained, and the Executive hereby agrees to accept such employment for the term described below.  The Executive agrees to serve as the Company’s President and Chief Executive Officer during the term of this Agreement.  In such capacity, the Executive shall have the authorities, functions, powers, duties and responsibilities that are customarily associated with such position and as the board of directors of the Company (the “Board”) may reasonably assign to him from time to time consistent with such positions.  Without limiting the forgoing, in his role as the President and Chief Executive Officer of the Company, the Executive shall have the authority to effectuate such organizational, operational and managerial changes to grow the business and enhance its profitability, including by way of example only, terminating under-performing employees or affiliated physicians, disposing of operations, M&A, strategic initiatives, relocation of the Company’s and its subsidiaries’ corporate headquarters, recruiting and retaining new talent and such other activities as are reasonable and customary for a president and chief executive officer with full managerial and operational control of a business.  Throughout the term of this Agreement, the Executive shall devote his best efforts and substantially all of his business time and services to the business and affairs of the Company.  Nothing herein shall preclude the Executive from serving or continuing to serve on the board of directors of entities that do not compete with the Company and to the extent such service does not materially interfere with the Executive’s performance under this Agreement; provided that the Executive will not agree to serve or actually serve on the board of directors of any entity for which he has not previously served without first notifying the Board.  As periodically requested by the Board, the Executive shall use commercially reasonable efforts to assist the Board in determining whether the Executive’s membership on the board of directors or any other involvement 

 

 

with any entity could reasonably be expected to result in health care compliance issues or liability for the Company or any of its subsidiaries, affiliates and/or joint ventures and to take such actions as are reasonably requested by the Board to remedy and/or mitigate any such issues or liability identified by the Board.

 

2.                                      TERM OF AGREEMENT.  The five (5) year term (the “Term”) of employment under this Agreement shall commence as of the date of this Agreement.  Notwithstanding the foregoing, this Agreement shall terminate immediately before the end of the Term, subject to the continuing obligation to make the payments, if any, required under Section 5 below, if the Executive (i) dies or becomes Disabled (as defined in Section 5(c) below), (ii) is terminated by the Company for Cause or without Cause or (iii) voluntarily terminates his employment for Good Reason or for any other reason or no reason before the Term of this Agreement expires.

 

3.                                      EXECUTIVE COMPENSATION.

 

a)                                     Annual Base Salary.  The Executive shall receive an annual base salary during the term of this Agreement at a rate of not less than Five Hundred Thousand Dollars ($500,000) (as adjusted from time to time pursuant to this Agreement, the “Base Salary”), payable in installments consistent with the Company’s normal payroll schedule.  The Board or its Compensation Committee (the “Compensation Committee”) shall review this Base Salary at annual intervals, and may, but shall not be obligated to, adjust the Base Salary from time to time as the Board or the Compensation Committee deems to be appropriate.

 

b)                                     Performance Incentive Bonus.  The Executive shall also be entitled to receive an annual performance-based incentive bonus from the Company for each calendar year during the term of this Agreement with a target bonus amount not less than 200% of the Base Salary (as the Board may, but shall not be obligated to adjust from time to time, the “Target Bonus”), based upon the attainment of one or more pre-established performance goals established by the Board or the Compensation Committee;  provided, however, the Executive’s Target Bonus for calendar year 2016 shall be $580,000.  The bonus amount to be paid to the Executive with respect to any given year shall be referred to as the Executive’s “Bonus.”  The Bonus shall be paid in accordance with the annual incentive plan of the Company applicable to similarly situated executives of the Company and its subsidiaries, as in effect from time to time.

 

c)                                      Incentive Equity Grant.  In consideration of the Executive’s entering into this Agreement and as an inducement to remain with the Company, the Executive shall be granted at a fair market value option price non-qualified options to acquire four percent (4%) of the fully-diluted outstanding equity instruments of 21st Century Oncology Investments, LLC (“Parent”) or the

 

2

 

Company, or such other equity-based award providing the same value (such as a phantom equity program that provides a cash payment upon a change in control of the Company), as may be determined by the Board in its discretion, to vest monthly over a four year period, with one hundred percent (100%) accelerated vesting in the event of a change in control of the Company.  If the Executive breaches the covenants relating to confidentiality set forth in Section 7, or the covenants relating to Prohibited Activities in Section 8(A) and (C), the Executive shall forfeit, as of the date the Executive’s employment terminates or the date as of which he breaches any such restrictive covenants, as applicable, all equity grants (whether or not vested).  Finally, the grant shall be made subject to such additional terms and conditions as mutually agreed upon between the Executive and the Board no later than forty five (45) days after the date of this Agreement.

 

d)                                     Equity Investment.  The Board shall endeavor to provide that the Executive shall have the right, but not the obligation, to participate as an investor for up to $2,000,000 in any equity financing which is offered before the first anniversary of the date of this Agreement on terms and conditions which are no less favorable than the terms and conditions offered to other investors participating in such offering.

 

4.                                      ADDITIONAL COMPENSATION AND BENEFITS.  The Executive shall receive the following additional compensation and welfare and fringe benefits:

 

a)                                     Participation in Benefit Plans.  The Executive shall be eligible to participate in the employee benefit plans and programs maintained by the Company from time to time for its executives, or for its employees generally, including without limitation any life, medical, dental, accidental and disability insurance and profit sharing, pension, retirement, savings, stock option, incentive stock and deferred compensation plans, in accordance with the terms and conditions as in effect from time to time.

 

b)                                     Vacation.  The Executive shall be entitled to no less than four weeks of vacation (or such greater vacation benefits as may be provided in the future by the Board or the Compensation Committee) during each year during the term of this Agreement and any extensions thereof, prorated for partial years.  All time away shall be scheduled with the Company.  The Company shall reimburse the Executive for weekly (first class ticket) air travel between Ft. Myers, Florida and Nashville, Tennessee, together with a gross-up payment for any income taxes that he incurs as a result of such reimbursement.

 

c)                                      Business Expenses.  The Company shall reimburse the Executive for all reasonable expenses he incurs in promoting the Company’s business, including expenses for travel, entertainment of business associates, service and

 

3

 

usage charges for business use of cellular phones, PDA or Blackberry, laptop computer, computer at home and at work, personal secretary and similar items, upon presentation by the Executive from time to time of an itemized account of such expenditures.

 

d)                                     Other.  In addition to the benefits provided pursuant Sections 4(a), 4(b) and 4(c), the Executive shall be eligible to participate in such other executive compensation and retirement plans of the Company as are available generally to other officers, and in such welfare benefit plans, programs, practices and policies of the Company as are generally applicable to other key employees, including any deferred compensation plan made generally available to the senior officers of the Company.

 

e)                                      Legal Fees.  The Company shall reimburse the Executive for the reasonable legal fees which he incurs in connection with this Agreement and his related equity grants subject to a cap of $10,000.

 

5.                                      PAYMENTS UPON TERMINATION.

 

a)                                     Involuntary Termination.  If the Executive’s employment is terminated by the Company during the term of this Agreement, the Executive shall be entitled to receive his Base Salary accrued and unpaid through the date of termination (the “Termination Date”) and his earned and unpaid Bonus, if any, for the calendar year ending prior to the Termination Date.  The Executive shall also receive any nonforfeitable benefits already earned and payable to him under the terms of any deferred compensation, incentive or other benefit plan maintained by the Company, payable in accordance with the terms of the applicable plan, and, except as provided in Section 5(d), he shall retain his interest in any vested equity grants, and any unvested equity grants shall be forfeited.  The payments and benefits and vested options that the Executive shall be entitled to pursuant to this Section 5(a) are collectively referred to as the Executive’s “Accrued Compensation”.

 

b)                                     Severance Payments.  If the Executive’s employment is terminated (i) by the Company without Cause or (ii) by the Executive for Good Reason, in addition to his Accrued Compensation, the Company shall make a series of monthly payments in cash to the Executive for a period of twenty-four (24) months immediately following the Termination Date; provided, further, that the first monthly payment shall be made on the first payroll period after the sixtieth (60th) day following the Termination Date and shall include payment of any amounts that would otherwise be due prior thereto.  Each monthly payment shall be equal to one-twelfth (1/12th) of the sum of the Executive’s annual Base Salary plus the Target Bonus.

 

4

 

c)                                      Disability.  The Company shall be entitled to terminate this Agreement, if the Board determines that the Executive has been unable to attend to his duties for at least one-hundred and twenty (120) consecutive days because of a medically diagnosable physical or mental condition, and has received a written opinion from a physician acceptable to the Board that such condition prevents the Executive from resuming full performance of his duties at such time and during the succeeding 120 consecutive days or is likely to continue for an indefinite period (any such condition, a “Disability”).  If the Company terminates this Agreement due to Executive’s Disability, the Executive shall be entitled to receive the Accrued Compensation and any disability benefits payable pursuant to any long-term disability plan or other disability program or insurance policies maintained or provided by the Company.

 

d)                                     Termination for Cause.  If the Executive’s employment is terminated by the Company for Cause, the amount the Executive shall be entitled to receive from the Company shall be limited to the Accrued Compensation, provided that he shall forfeit any vested equity grants.  For purposes of this Agreement, the term “Cause” shall be limited to (i) any action by the Executive involving willful disloyalty to the Company, such as embezzlement, fraud, misappropriation of corporate assets or a breach of the covenants set forth in Sections 7 and 8 below; (ii) the Executive being convicted of or entering a plea of guilty or no contest or similar plea with respect to, a felony; (iii) the Executive being convicted of or entering a plea of guilty or no contest or similar plea with respect to, any lesser crime or offense (x) committed in connection with the performance of his duties hereunder, (y) involving fraud, dishonesty or moral turpitude or (z) that causes the Company or any of its subsidiaries a substantial and material financial detriment; (iv) substantial neglect or willful misconduct in carrying out the Executive’s material duties (other than resulting from the Executive’s Disability) or violations of policies of the Company and/or its subsidiaries resulting in material harm to the Company or any of its subsidiaries; (v) substantial and repeated failure, refusal or inability (except where due to illness or Disability) to perform the Executive’s material duties hereunder; Notwithstanding the foregoing, no termination pursuant to subsection (iv) or (v) shall be treated as termination for Cause unless the Board has provided the Executive with written notice specifying in reasonable detail the alleged Cause for termination and the Cause is not cured within 30 days after the date of such notice.

 

e)                                      Voluntary Termination by the Executive.  If the Executive resigns or otherwise voluntarily terminates his employment and the termination is not for Good Reason, the Executive shall only be entitled to the Accrued Compensation upon such termination. For purposes of this Agreement, a termination by the Executive shall be for “Good Reason” if the Executive resigns

 

5

 

during the period of three months after the date the Executive is (i) assigned to a position other than President and Chief Executive Officer of the Company (other than any such assignment for Cause or by reason of Disability) without the Executive’s consent, (ii) assigned duties materially inconsistent with such position (other than any such assignment for Cause or by reason of Disability) without the Executive’s consent, and such assignment is not rectified within 15 business days after written notice to the Company, (iii) transferred to a geographic location of employment more than 30 miles from the current location of employment without the Executive’s consent, (iv) directed to report to anyone other than the Board, without the Executive’s consent, or (v) the Company materially breaches any material term of this Agreement; provided that no breach of this Agreement by the Company shall be deemed to constitute “Good Reason” unless the Executive provides the Board with written notice specifying in reasonable detail the alleged breach and such breach is not cured within 30 days after the date of such notice.

 

f)                                       Release.  In order to receive the severance payments and benefits hereunder (other than the Accrued Compensation), the Executive must execute and not revoke a general release of claims in favor of the Company substantially in the form attached hereto as Exhibit A.  To the extent that such release is not executed and delivered (and no longer subject to revocation, if applicable) within sixty (60) days following the Termination Date, the Executive shall forfeit all rights to any such severance payments and benefits.

 

g)                                      Section 280G.  In the event that any payment or benefits received or to be received by the Executive pursuant to this Agreement (“Benefits”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), or any comparable successor provisions, and (ii) but for this subsection, would be subject to the excise tax imposed by Section 4999 of the Code, or any comparable successor provisions (the “Excise Tax”), then either (A) the Benefits provided to the Executive shall be reduced, but only by the minimum required to  result in no portion of such benefits being subject to the Excise Tax or (B) or the Benefits shall be paid in full and the Executive shall pay the Excise Tax, whichever alternative is more beneficial to the Executive on an after tax basis.  Unless the Company and Executive otherwise agree in writing, any determination required under this subsection shall be made in writing in good faith by an accountant selected by the mutual agreement of Executive and the Company (the “Accountant”).  The Company shall bear all costs the Accountant may reasonably incur in connection with any calculations contemplated by this subsection. To the extent applicable, the reduction in Benefits contemplated by this paragraph shall be implemented by reducing the Benefits in the following order:  (i) any cash severance or other cash amount payable to the Executive hereunder, and (ii) any continued benefit valued as a “parachute payment” for

 

6

 

purposes of Section 280G of the Code.  In addition, the Company shall take commercially reasonable efforts to present the Benefits to its equity holders to exempt such Benefits from the Excise Tax, if such a cure is available through a vote of equity holders under Section 280G of the Code.

 

h)                                     Death.  If the Executive dies during the term of this Agreement, the Company shall pay to the Executive’s estate the Executive’s Accrued Compensation.  In addition, the death benefits payable by reason of the Executive’s death under any retirement, deferred compensation or other employee benefit plan maintained by the Company shall be paid to the beneficiary designated by the Executive in accordance with the terms of the applicable plan or plans.

 

6.                                      WITHHOLDING.  The Company shall, to the extent permitted by law, have the right to withhold and deduct from any payment hereunder any federal, state or local taxes of any kind required by law to be withheld with respect to any such payment.

 

7.                                      PROTECTION OF CONFIDENTIAL INFORMATION.  The Executive agrees that he will keep all confidential and proprietary information of the Company or relating to its business (including, but not limited to, information regarding the Company’s customers, pricing policies, methods of operation, proprietary computer programs and trade secrets) (“Confidential Information”) confidential, and that he will not (except with the Company’s prior written consent), while in the employ of the Company or at any time thereafter, disclose any such Confidential Information to any person, firm, corporation, association or other entity, other than in furtherance of his duties hereunder, and then only to those with a “need to know” for the benefit of the Company.  The Executive shall not make use of any such Confidential Information for his own purposes or for the benefit of any person, firm, corporation, association or other entity (except the Company) under any circumstances during or at any time after the term of his employment.  The foregoing shall not apply to any information which is already in the public domain, or is generally disclosed by the Company or is otherwise in the public domain at the time of disclosure, except if such information is in the public domain as a result of the Executive’s actions in contravention of this Section 7.  The Executive recognizes that because his work for the Company will bring him into contact with Confidential Information of the Company, the restrictions of this Section 7 are required for the reasonable protection of the Company and its investments and for the Company’s reliance on and confidence in the Executive.

 

8.                                      PROHIBITION OF CERTAIN ACTIVITIES.  The Executive acknowledges that (i) the Executive performs services of a unique nature for the Company that are irreplaceable, and that the Executive’s performance of such services to a competing business will result in irreparable harm to the Company, (ii) the Executive has had and will continue to have access to Confidential Information which, if disclosed,

 

7

 

would unfairly and inappropriately assist in competition against the Company or any of its affiliates, (iii) in the course of the Executive’s employment by a competitor, the Executive would inevitably use or disclose such Confidential Information, (iv) the Company and its affiliates have substantial relationships with their patients and the Executive has had and will continue to have access to these patients, (v) the Executive has received and will receive specialized training from the Company and its affiliates, and (vi) the Executive has generated and will continue to generate goodwill for the Company and its affiliates in the course of the Executive’s employment.  In consideration of the foregoing, as well as the transactions contemplated hereby, the Executive hereby covenants and agrees that he will not, for a period beginning on the date of this Agreement and ending two (2) years after such Executive’s Termination Date (the “Restriction Period”), (A) engage in any business activities for himself or on behalf of any enterprise in any capacity or own any interest in any entity which compete or are competitive with the Company in the business of organizing, establishing, developing, providing or managing integrated cancer care services or services ancillary thereto, in any state in which the Company, its subsidiaries, affiliates and/or any of its joint ventures then operate or has plans to operate as of the Executive’s Termination Date, (B) interfere or disrupt or attempt to interfere or disrupt, the relationships between the Company, its subsidiaries, affiliates and/or joint ventures and any patient, referral source or supplier or other person having business relationships with the Company, its subsidiaries, affiliates and/or joint ventures, (C) solicit, induce or hire, or attempt to solicit, induce or hire, any employee of the Company, its subsidiaries, affiliates and/or joint ventures or (D) except as required by law, publish or make any disparaging statements about the Company, any affiliate of the Company, or any of their directors, officers or employees, under circumstances where it is reasonably foreseeable that the statements will be made public (the activities described in clauses (A) through (D) above, collectively, “Prohibited Activities”).  Notwithstanding the foregoing, this Section 8 will be of no force and effect for the period (the “Toll Period”) during which the Company fails to make the payments, if any, required under Section 5(b) and such payments are in fact due and payable pursuant to Section 5(b), provided that the Toll Period shall not take effect unless the Executive provides the Board with written notice that such payments are due and payable and the Company does not make such payments within 30 days after the date of such notice (for the avoidance of doubt, the operation of the Toll Period shall not result in an extension of the Restriction Period); provided, that the ownership of no more than 2 percent of the stock of a publicly traded corporation shall not be deemed participation in or affiliation with an entity or person so long as the Executive has no other connection or relationship with such entity or person.  Notwithstanding the foregoing, nothing contained in this Agreement limits the Executive’s ability to communicate with or participate in any investigation or proceeding (including by providing documents or other information, without notice to the Company) regarding possible violations of federal securities laws that may be conducted by the U.S. Securities and Exchange Commission, the U.S. Department of Justice, U.S. Consumer Financial Protection Bureau or the U.S. Commodity Futures Trading Commission.

 

8

 

9.                                      INJUNCTIVE RELIEF.  The Executive acknowledges and agrees that it would be difficult to fully compensate the Company for damages resulting from the breach or threatened breach of the covenants set forth in Sections 7 and 8 and accordingly agrees that the Company shall be entitled to temporary and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, to enforce such provisions in any action or proceeding instituted in the United States District Court for the Middle District of Florida or in any court in the State of Florida having subject matter jurisdiction.  This provision with respect to injunctive relief shall not, however, diminish the Company’s right to claim and recover damages. It is expressly understood and agreed that although the parties consider the restrictions contained in this Agreement to be reasonable, if a court determines that the time or territory or any other restriction contained in this Agreement is an unenforceable restriction on the activities of the Executive, no such provision of this Agreement shall be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such extent as such court may judicially determine or indicate to be reasonable.  The Executive acknowledges and confirms that (a) the restrictive covenants contained in Sections 7 and 8 hereof are reasonably necessary to protect the legitimate business interests of the Company and (b) the restrictions contained in Sections 7 and 8 hereof (including without limitation the length of the term of the provisions of Sections 7 and 8 hereof) are not overbroad, overlong, or unfair and are not the result of overreaching, duress or coercion of any kind.  The Executive further acknowledges and confirms that his full and faithful observance of each of the covenants contained in Sections 7 and 8 hereof will not cause him any undue hardship, financial or otherwise, and that enforcement of each of the covenants contained herein will not impair his ability to obtain employment commensurate with his abilities and on terms fully acceptable to him or otherwise to obtain income required for the comfortable support of him and his family and the satisfaction of the needs of his creditors.  The Executive acknowledges and confirms that his special knowledge of the business of the Company is such as would cause the Company serious injury or loss if he were to use such ability and knowledge to the benefit of a competitor or were to compete with the Company in violation of the terms of Sections 7 and 8 hereof.  The Executive further acknowledges that the restrictions contained in Sections 7 and 8 hereof are intended to be, and shall be, for the benefit of and shall be enforceable by, the Company’s successors and assigns.

 

10.                               SEPARABILITY.  If any provision of this Agreement shall be declared to be invalid or unenforceable, in whole or in part, such invalidity or unenforceability shall not affect the remaining provisions hereof which shall remain in full force and effect.

 

11.                               ASSIGNMENT.  This Agreement shall be binding upon and inure to the benefit of the heirs and representatives of the Executive and the assigns and successors of the Company, but neither this Agreement nor any rights hereunder shall be assignable or otherwise subject to hypothecation by the Executive.  The Company may assign this

 

9

 

Agreement to any of its subsidiaries or affiliates.

 

12.                               ENTIRE AGREEMENT.  This Agreement represents the entire agreement between the Company and the Executive with respect to Executive’s employment services, provided, however, this Agreement does not supersede or replace any agreements between the Company and Executive pursuant to any plans or programs of the Company or any separate stock option agreement, restricted stock agreement or similar agreement regarding bonuses or awards to Executive. This Agreement does, however, supersede the Independent Contractor Agreement between the parties dated May 12, 2016.   This Agreement may be amended at any time by mutual written agreement of the parties hereto.

 

13.                               GOVERNING LAW.  This Agreement shall be construed, interpreted, and governed in accordance with the laws of the State of Florida, other than the conflict of laws provisions of such laws.

 

14.                               SUBMISSION TO JURISDICTION.  Any suit, action or proceeding with respect to this Agreement, or any judgment entered by any court in respect of any thereof, shall be brought in any court of competent jurisdiction in the State of Florida, and each of the Company and the Executive hereby submit to the exclusive jurisdiction of such courts for the purpose of any such suit, action, proceeding or judgment.  The Executive and the Company hereby irrevocably each waive any objections which it may now or hereafter have to the laying of the venue of any suit, action or proceeding arising out of or relating to this Agreement brought in any court of competent jurisdiction in the State of Florida, and hereby further irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in any inconvenient forum

 

15.                               WAIVER OF JURY TRIAL.  EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.

 

16.                               HEADINGS.  The headings contained in this Agreement are included for convenience only and no such heading shall in any way alter the meaning of any provision.

 

17.                               WAIVER.  The failure of either party to insist upon strict adherence to any obligation of this Agreement shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.  Any waiver must be in writing.

 

18.                               COUNTERPARTS.  This Agreement may be executed in two (2) counterparts and by facsimile or other electronic transmission, each of which shall be

 

10

 

considered an original.

 

19.                               SECTION 409A COMPLIANCE.

 

a)                                     The intent of the parties is that payments and benefits under this Agreement comply with Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith.  To the extent that any provision hereof is modified in order to comply with Code Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to the parties hereto of the applicable provision without violating the provisions of Code Section 409A.  In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Executive by Code Section 409A or damages for failing to comply with Code Section 409A.

 

b)                                     A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.”  If the Executive is deemed on the date of termination to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered deferred compensation under Code Section 409A payable on account of a “separation from service,” such payment or benefit shall be made or provided at the date which is the earlier of (i) the expiration of the six (6)-month period measured from the date of such “separation from service” of the Executive, and (ii) the date of the Executive’s death (the “Delay Period”).  Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this Section (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

 

c)                                      All expenses or other reimbursements under this Agreement shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Executive (provided that if any such reimbursements constitute taxable income to the Executive, such reimbursements shall be paid no later than March 15th of the calendar year following the calendar

 

11

 

year in which the expenses to be reimbursed were incurred), and no such reimbursement or expenses eligible for reimbursement in any taxable year shall in any way affect the expenses eligible for reimbursement in any other taxable year.

 

d)                                     For purposes of Code Section 409A, the Executive’s right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments.  Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company.

 

e)                                      In no event shall any payment under this Agreement that constitutes “deferred compensation” for purposes of Code Section 409A be offset by any other payment pursuant to this Agreement or otherwise.

 

IN WITNESS WHEREOF, this Agreement has been duly executed as of the day and year first above written.

 

	
 
    	
21ST CENTURY ONCOLOGY HOLDINGS, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Robert L. Rosner
    
	
 
    	
 
    	
Name:   Robert L. Rosner
    
	
 
    	
 
    	
Title:   Chairman
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
EXECUTIVE:
    
	
 
    	
 
    
	
 
    	
/s/   William R. Spalding
    
	
 
    	
William   R. Spalding
    
	
 
    	
 
    
	
 
    	
ADDRESS:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    

 

12

 

EXHIBIT A

 

Form of Release

 

THIS RELEASE (this “Release”) is made as of this     th  day of                   , 20    , by and between 21st Century Oncology Holdings, Inc., a Florida corporation (the “Company”), and                           (“Executive”).

 

PRELIMINARY RECITALS

 

A.                                    Executive’s employment with the Company has terminated.

 

B.                                    Executive and the Company are parties to an Executive Employment Agreement, dated as of           , 2016 (as amended, modified or supplement from time to time, the “Agreement”).

 

AGREEMENT

 

In consideration of the payments due Executive under the Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.                                      Executive, intending to be legally bound, does hereby, on behalf of himself and his agents, representatives, attorneys, assigns, heirs, executors and administrators (collectively, the “Executive Parties”) REMISE, RELEASE AND FOREVER DISCHARGE the Company, its affiliates, subsidiaries, parents, joint ventures, and its and their officers, directors, shareholders, members, and managers, and its and their respective successors and assigns, heirs, executors, and administrators (collectively, the “Company Parties”) from all causes of action, suits, debts, claims and demands whatsoever in law or in equity, which Executive or any of the Executive Parties ever had, now has, or hereafter may have, by reason of any matter, cause or thing whatsoever, from the beginning of Executive’s initial dealings with the Company to the date of this Release, and particularly, but without limitation of the foregoing general terms, any claims arising from or relating in any way to Executive’s employment relationship with Company, the terms and conditions of that employment relationship, and the termination of that employment relationship, including, but not limited to, any claims arising under the Age Discrimination in Employment Act, as amended, 29 U.S.C. § 621 et seq. (“ADEA”), Title VII of The Civil Rights Act of 1964, as amended, 42 U.S.C. § 2000e et seq., the Civil Rights Act of 1966, 42 U.S.C. §1981, the Civil Rights Act of 1991, Pub. L. No. 102-166, the Americans with Disabilities Act, 42 U.S.C. §12101 et seq., the Age Discrimination in Employment Act, as amended, 29 U.S.C. §621 et seq., the Fair Labor Standards Act, 29 U.S.C. §201 et seq., the National Labor

 

13

 

Relations Act, 29 U.S.C. §151 et seq., the Civil False Claims Act, §31 U.S.C §3729 et seq and related state false claims act provisions and any other claims under any federal, state or local common law, statutory, or regulatory provision, now or hereafter recognized, but not including such claims to payments and other rights provided Executive under the Agreement.  This Release is effective without regard to the legal nature of the claims raised and without regard to whether any such claims are based upon tort, equity, implied or express contract or discrimination of any sort.  Except as specifically provided herein, it is expressly understood and agreed that this Release shall operate as a clear and unequivocal waiver by Executive of any claim for accrued or unpaid wages, benefits or any other type of payment.

 

2.                                      Executive expressly waives all rights afforded by any statute which limits the effect of a release with respect to unknown claims.  Executive understands the significance of his release of unknown claims and his waiver of statutory protection against a release of unknown claims.

 

3.                                      Executive agrees that he will not be entitled to or accept any benefit from any claim or proceeding within the scope of this Release that is filed or instigated by him or on his behalf with any agency, court or other government entity.

 

4.                                      Executive further agrees and recognizes that he has permanently and irrevocably severed his employment relationship with the Company, effective as of the date hereof, that he shall not seek employment with the Company or any affiliated entity at any time in the future, and that the Company has no obligation to employ him in the future.

 

5.                                      The parties agree and acknowledge that the Agreement, and the settlement and termination of any asserted or unasserted claims against the Company and the Company Parties pursuant to this Release, are not and shall not be construed to be an admission of any violation of any federal, state or local statute or regulation, or of any duty owed by the Company or any of the Company Parties to Executive.

 

6.                                      Executive certifies and acknowledges as follows:

 

(a)                                 That he has read the terms of this Release, and that he understands its terms and effects, including the fact that he has agreed to RELEASE AND FOREVER DISCHARGE the Company and all Company Parties from any legal action or other liability of any type related in any way to the matters released pursuant to this Release other than as provided in the Agreement and in this Release.

 

(b)                                 That he understands the significance of his release of unknown claims and his waiver of statutory protection against a release of unknown claims.

 

14

 

(c)                                  That he has signed this Release voluntarily and knowingly in exchange for the consideration described herein, which he acknowledges is adequate and satisfactory to him and which he acknowledges is in addition to any other benefits to which he is otherwise entitled.

 

(d)                                 That he has been and is hereby advised in writing to consult with an attorney prior to signing this Release.

 

(e)                                  That he does not waive rights or claims that may arise after the date this Release is executed or those claims arising under the Agreement with respect to payments and other rights due Executive on the date of, or during the period following, the termination of his Employment.

 

(f)                                   That the Company has provided him with adequate opportunity, including a period of [21][45] days from the initial receipt of this Release and all other time periods required by applicable law, within which to consider this Release (it being understood by Executive that Executive may execute this Release less than [21][45] days from its receipt from the Company, but agrees that such execution will represent his knowing waiver of such [21][45]-day consideration period), and he has been advised by the Company to consult with counsel in respect thereof.

 

(g)                                  That he has seven (7) calendar days after signing this Release within which to rescind, in a writing delivered to the Company, the portion of this Release related to claims arising under ADEA or any other claim arising under any other federal, state or local that requires extension of this revocation right as a condition to the valid release and waiver of such claim.

 

(h)                                 That at no time prior to or contemporaneous with his execution of this Release has he filed or caused or knowingly permitted the filing or maintenance, in any state, federal or foreign court, or before any local, state, federal or foreign administrative agency or other tribunal, any charge, claim or action of any kind, nature and character whatsoever (“Claim”), known or unknown, suspected or unsuspected, which he may now have or has ever had against the Company Parties which is based in whole or in part on any matter referred to in Section 1 above; and, subject to the Company’s performance under this Release, to the maximum extent permitted by law, Executive is prohibited from filing or maintaining, or causing or knowingly permitting the filing or maintaining, of any such Claim in any such forum.  Executive hereby grants the Company his perpetual and irrevocable power of attorney with full right, power and authority to take all actions necessary to dismiss or discharge any such Claim.  Executive further covenants and agrees that he will not encourage any person or entity, including but not limited to any current or former employee, officer, director or stockholder of the Company, to institute any Claim against the Company Parties or any of them, and that except as expressly permitted

 

15

 

by law or administrative policy or as required by legally enforceable order he will not aid or assist any such person or entity in prosecuting such Claim.

 

7.                                      The Company (meaning, solely for this purpose, the Company’s directors and executive officers and other individuals authorized to make official communications on the Company’s behalf) will not disparage Executive or Executive’s performance or otherwise take any action which could reasonably be expected to adversely affect Executive’s personal or professional reputation.

 

8.                                      Executive agrees that he will not disparage or denigrate to any person any Company Party or otherwise take any action which could reasonably be expected to adversely affect the personal or professional reputation of any Company Party or otherwise disparage or denigrate any of their products, or operating methods, whether past, present, or future, and whether or not based on or with reference to their past relationship; provided, however, that this paragraph shall have no application to any evidence or testimony requested of Executive by any court or government agency. In the event any government agency or any of Company’s or any of its affiliates’ present or future labor unions, adverse parties in actual or potential litigation, suppliers, service providers, employees or customers initiate communications with the Executive, the Executive agrees that he will only inform any such persons, consistent with this paragraph, of his change in status and direct such persons to an appropriate office or current employee of the Company.  Notwithstanding the foregoing, nothing contained in this Agreement limits Executive’s ability to communicate with or participate in any investigation or proceeding (including by providing documents or other information, without notice to the Company) regarding possible violations of federal securities laws that may be conducted by the U.S. Securities and Exchange Commission, the U.S. Department of Justice, U.S. Consumer Financial Protection Bureau or the U.S. Commodity Futures Trading Commission.

 

9.                                      Miscellaneous

 

(a)                                 This Release and the Agreement, and any other documents expressly referenced therein, constitute the complete and entire agreement and understanding of Executive and the Company with respect to the subject matter hereof, and supersedes in its entirety any and all prior understandings, commitments, obligations and/or agreements, whether written or oral, with respect thereto; it being understood and agreed that this Release and including the mutual covenants, agreements, acknowledgments and affirmations contained herein, is intended to constitute a complete settlement and resolution of all matters set forth in Section 1 hereof.

 

(b)                                 The Company Parties are intended third-party beneficiaries of this Release, and this Release may be enforced by each of them in accordance with

 

16

 

the terms hereof in respect of the rights granted to such Company Parties hereunder.  Except and to the extent set forth in the preceding two sentences, this Release is not intended for the benefit of any Person other than the parties hereto, and no such other person or entity shall be deemed to be a third party beneficiary hereof.  Without limiting the generality of the foregoing, it is not the intention of the Company to establish any policy, procedure, course of dealing or plan of general application for the benefit of or otherwise in respect of any other employee, officer, director or stockholder, irrespective of any similarity between any contract, agreement, commitment or understanding between the Company and such other employee, officer, director or stockholder, on the one hand, and any contract, agreement, commitment or understanding between the Company and Executive, on the other hand, and irrespective of any similarity in facts or circumstances involving such other employee, officer, director or stockholder, on the one hand, and Executive, on the other hand.

 

(c)                                  The invalidity or unenforceability of any provision of this Release shall not affect the validity or enforceability of any other provision of this Release, which shall otherwise remain in full force and effect.

 

(d)                                 This Release may be executed in separate counterparts, each of which shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 

(e)                                  The obligations of each of the Company and Executive hereunder shall be binding upon their respective successors and assigns.  The rights of each of the Company and Executive and the rights of the Company Parties shall inure to the benefit of, and be enforceable by, any of the Company’s, Executive’s and the Company Parties’ respective successors and assigns.  The Company may assign all rights and obligations of this Release to any successor in interest to the assets of the Company.

 

(f)                                   No amendment to or waiver of this Release or any of its terms shall be binding upon any party hereto unless consented to in writing by such party.

 

(g)                                  ALL ISSUES AND QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF FLORIDA, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF FLORIDA OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAW OF ANY JURISDICTION OTHER THAN THE STATE OF FLORIDA.

 

17

 

*   *   *   *   *

 

Intending to be legally bound hereby, Executive and the Company have executed this Release as of the date first written above.

 

	
 
    	
[NAME]
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    

 

READ CAREFULLY BEFORE SIGNING

 

I have read this Release and have been given adequate opportunity, including [21][45] days from my initial receipt of this Release, to review this Release and to consult legal counsel prior to my signing of this Release.  I understand that by executing this Release I will relinquish certain rights or demands I may have against the Company Parties or any of them.

 

 

	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
[Name]
    	
 
    

 

 

	
Witness:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    

 

18

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00262-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00262-of-00352.parquet"}]]