Document:

Exhibit 10.1

 

 

 

 

Severance
Benefits for Executive Officers (as of October 26, 2018) 

 

Ultra Clean Holdings, Inc. (together with
its subsidiary Ultra Clean Technology Systems and Service, Inc., hereafter referred to as “Ultra Clean” or “the
Company”) has adopted the policy set forth below regarding severance benefits for eligible Company executives upon certain
events of termination of their employment (the “Policy”). This Policy may be amended or terminated by the Company at
any time.

 

Eligible Executives. Executives
of the Company may be eligible to receive severance benefits hereunder if(a)(i) they are employed in the role of an “executive
officer” (as defined in Rule 3b-7 under the Securities Exchange Act of 1934) of the Company as determined by the Board of
Directors or the Compensation Committee thereof from time to time, or (ii) they are determined by the Board of Directors or the
Compensation Committee thereof from time to time as eligible to receive severance benefits pursuant to this Policy, due to their
employment in key positions with the Company, and (b) they are notified in writing by the head of Human Resources that they are
eligible to receive severance benefits pursuant to the terms and conditions of this Policy.

 

Involuntary Termination. An eligible
executive qualifies for severance benefits pursuant to this Policy only if Ultra Clean terminates his or her employment without
Cause (as defined below) and the executive, within 28 days immediately following such termination or such longer period provided
for by the Company, signs and does not revoke a general release of any claims that he or she may hold against Ultra Clean, its
affiliated entities and the directors, officers, employees, representatives and agents of Ultra Clean and its affiliated entities
(collectively, “Ultra Clean and its Affiliates”), in a form acceptable to Ultra Clean, including a provision that the
executive will not make any statement or take any action that would disparage or harm Ultra Clean and its Affiliates. Executives
who might otherwise be eligible for severance benefits pursuant to this Policy shall forfeit any rights to benefits hereunder if
they resign their employment or are discharged for cause. For the purpose of this Policy, “cause” shall exist if (a)
the executive is convicted of, or pleads guilty or no contest to, a criminal offense; (b) the executive engages in any act of fraud
or dishonesty; (c) the executive breaches any agreement with Ultra Clean; (d) the executive commits any material violation of Ultra
Clean policy; (e) executive fails, refuses or neglects to perform the services required of the executive in his position at the
Company; or (f) the executive is terminated for “Cause” within the meaning of any agreement by and between the executive
and the Company, pursuant to such agreement. Nothing in this Policy changes the at-will nature of employment of any eligible executive.

 

Severance Benefits. (a) An eligible
executive in the position of Chief Executive Officer who qualifies for severance benefits pursuant to this Policy shall receive
the following severance benefits:

 

	
        Base
Salary Multiple 
	
        Bonus
and Incentive Compensation Multiple 
	
        Payment
of COBRA Costs 
	
        Equity
Acceleration  

	150% of the executive’s then-current annual base salary	150% of the executive’s average annual cash bonus and cash incentive compensation as determined by the Company over the prior three years (i.e.  [(Year 1 + Year 2 + Year 3) / 3] x 1.5)	18 months	Immediate vesting of unvested and outstanding Equity Awards that would vest within 18 months*

 

*Any Chief Executive Officer hired after the date of this Policy
will not be eligible for equity acceleration under this Policy. Equity acceleration benefits payable pursuant to this Policy will
be paid as a cash equivalent value as determined by the Company on the date of payment; provided, that the Board of Directors
or the Compensation Committee thereof may determine that the Company shall distribute such equity acceleration benefits in the
form of shares of Company stock.

 

(b) An eligible executive in the position
of Chief Financial Officer or Chief Operating Officer who qualifies for severance benefits pursuant to this Policy shall receive
the following severance benefits:

 

	
        Base
Salary Multiple 
	
        Bonus
and Incentive Compensation Multiple 
	
        Payment
of COBRA Costs 
	
        Equity
Acceleration 

	100% of the executive’s then-current annual base salary	100% of the executive’s average annual cash bonus and cash incentive compensation as determined by the Company over the prior three years (i.e.  [(Year 1 + Year 2 + Year 3) / 3])	12 months	Immediate vesting of unvested and outstanding Equity Awards that would vest within 12 months**

 

     

     

    

 

**Any Chief Financial Officer or Chief Operating Officer hired
after the date of this Policy will not be eligible for equity acceleration under this Policy. Equity acceleration benefits payable
pursuant to this Policy will be paid as a cash equivalent value as determined by the Company on the date of payment; provided,
that the Board of Directors or the Compensation Committee thereof may determine that the Company shall distribute such equity acceleration
benefits in the form of shares of Company stock.

 

For the purpose of clause (a) and (b) of
this paragraph, “Equity Awards” means all options to purchase shares of Company common stock as well as any and all
other stock-based awards granted to the executive, including but not limited to stock bonus awards, restricted stock, restricted
stock units or stock appreciation rights, but excluding any performance stock awards which remain subject to performance criteria
as of the executive’s termination date.

 

(c) Any other eligible “executive
officer” of the Company not eligible for benefits under paragraphs (a) and (b) above, or any other key employee determined
by the Board of Directors or the Compensation Committee thereof as eligible to receive severance benefits pursuant to this Policy,
shall receive the following severance benefits:

 

	
        Base
Salary Multiple 
	
        Bonus
and Incentive 

Compensation Multiple 
	
        Payment
of COBRA Costs  

	75% of the executive’s then-current annual base salary	75% of the executive’s average annual cash bonus and cash incentive compensation as determined by the Company over the prior three years (i.e.  [(Year 1 + Year 2 + Year 3) / 3]	9 months

 

Payment of Benefits. Any severance
payments (other than the COBRA costs) payable pursuant to this Policy shall be paid in a lump sum to the executive in cash as soon
as administratively practicable after the termination date, and, in any event, no later than two and one-half (2-1/2) months after
the end of the taxable year of the executive in which the termination date occurs. The COBRA costs shall be paid as incurred (by
subsidizing or reimbursing the premium payments) but shall end if, prior to the end of the period of time set forth above, the
executive commences alternative employment and becomes eligible for group medical coverage.

 

Section 409A. The payments and benefits
under this Policy are intended to qualify for the short-term deferral exception to Section 409A of the Internal Revenue Code described
in Treasury Regulation Section 1.409A-1(b)(4) to the maximum extent possible and, to the extent they do not so qualify, are intended
to qualify for the involuntary separation pay plan exception to Section 409A described in Treasury Regulation Section 1.409A-1(b)(9)(iii)
to the maximum extent possible. To the extent Section 409A is applicable to this Policy, notwithstanding any other provision of
this Policy to the contrary, if an eligible executive is a “specified employee” within the meaning of Section 409A
on the date of the executive’s “separation from service” within the meaning of Section 409A, to the extent required
in order to comply with Section 409A, amounts that would otherwise be payable under this Policy during the six-month period immediately
following the date of such separation from service shall instead be paid on the first business day after the date that is six months
following that date.

 

Miscellaneous. This Policy shall
be governed by and construed in accordance with the laws of the state of California, without reference to principles of conflict
of laws. All amounts due hereunder shall be subject to applicable tax withholding. Effective as of the date first above written,
this Policy supersedes in its entirety each prior policy of the Company regarding severance benefits for executive officers, including,
without limitation, the Company’s “Severance Benefits for Executive Officers (as of July 24, 2008)”. Any severance
benefits payable to an eligible executive under this Policy will be reduced by and not in addition to any severance benefits to
which the eligible executive would otherwise be entitled under any general severance policy or severance plan maintained by the
Company or any agreement between the Participant and the Company that provides for severance benefits (unless the policy, plan
or agreement expressly provides for severance benefits to be in addition to those provided under this Policy); and (ii) any severance
benefits payable to an eligible executive under this Policy will be reduced by any severance benefits to which the eligible executive
is entitled by operation of a statute or government regulations. To the extent required by law, the Company shall furnish a summary
plan description containing additional information.Exhibit 10.2

 

CHANGE
IN CONTROL SEVERANCE AGREEMENT

 

CHANGE IN
CONTROL SEVERANCE AGREEMENT (“Agreement”), dated as of [date] (the “Effective Date”) by
and between Ultra Clean Holdings, Inc., a Delaware corporation (the “Company”), and [Name] (“Employee”).

 

WHEREAS,
the Company and the Employee wish to enter into an agreement specifying the benefits the Employee will receive in certain circumstances
relating to a Change in Control of the Company in order to induce Employee to remain in the employ of the Company in event of
the possibility of a Change in Control;

 

NOW THEREFORE,
in consideration of the foregoing and of the mutual covenants and agreements of the parties set forth in this Agreement, and of
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending
to be legally bound, agree as follows:

 

Article
1

Term and Nature of Agreement; Termination of Employment Agreement

 

Section 1.01.
Term. This Agreement shall be in force until the second anniversary of the Effective Date, and thereafter renew for automatic
one year terms, unless the Company shall give the Employee written notice of termination at least 30 days before the expiration
of the then current term provided that no Change in Control has occurred prior to such date. Notwithstanding the foregoing, this
Agreement shall terminate (i) 12 months after a Change in Control (subject to satisfaction of any obligations hereunder as a result
of a termination of employment prior to such expiration) and (ii) upon on any termination of employment that is no more than three
(3) months prior to a Change in Control.

 

Section 1.02.
At-will Employment. Nothing in this Agreement shall change the at-will nature of Employee’s employment with the Company.

 

Article
2

Change in Control Termination

 

Section 2.01.
Severance Benefits. 

 

(a)           
If upon, or within three (3) months prior to or 12 months following, the first Change in Control to occur during the term
of this Agreement, Employee is terminated by the Company without Cause or Employee resigns for Good Reason, Employee shall be
entitled to the following (“Change in Control Severance Benefits”), provided that Employee executes and lets
become effective a release of claims in the form attached hereto as Exhibit A (the “Release”) within 45 days
following the termination of employment:

 

     

     

    

 

(i)           
a lump sum cash payment equal to [ ]%[1] of
the sum of (x) Employee’s then-existing annual base salary and (y) the average annual cash bonus as determined by the Company
over the prior three years, which shall be paid as soon as administratively practicable after the date on which the Release becomes
effective, and, in any event, no later than two and one-half (2 1/2) months after the end of the taxable year of the Employee
in which the termination of employment occurs;

 

(ii)           
payment or reimbursement of health benefit continuation coverage under COBRA or otherwise from the termination date through
the earlier of (A) [ ][2] months following the termination
date or (B) the date Employee becomes eligible for health benefits with another employer, which shall be paid no later than the
month of such coverage, provided that if Employee is no longer eligible for COBRA continuation coverage, a lump sum payment calculated
based on the monthly premiums immediately prior to the expiration of COBRA coverage; and

 

(iii)           
100% of all of the Employee’s unvested and outstanding Equity Awards shall become vested.

 

(b)           
Definitions. For purposes of this Agreement, the following definitions shall have the following meanings:

 

(i)           
“Cause” shall exist if: (A) Employee is convicted of, or pleads guilty or no contest to, a criminal
offense; (B) Employee engages in any act of fraud or dishonesty; (C) Employee breaches any agreement with the Company; (D) Employee
commits any material violation of Company policy; or (E) Employee fails, refuses or neglects to perform the services required
of Employee in his position at the Company.

 

(ii)           
“Change in Control” means the occurrence of any one or more of the following:

 

(A)            
the consummation of a merger or consolidation of the Company with or into any other entity (other than with any entity
or group in which Executive has not less than a 5% beneficial interest) pursuant to which the holders of outstanding equity of
the Company immediately prior to such merger or consolidation hold directly or indirectly 50% or less of the voting power of the
equity securities of the surviving entity;

 

 

 

1
For any newly appointed CEO: 200%; for any newly appointed CFO/COO: 150%; for all others:
75%

 

2
For any newly appointed CEO: 24 months; for any newly appointed CFO/COO: 18 months;
for all others: 9 months

 

    2 

     

    

 

(B)            
the sale or other disposition of all or substantially all of the Company’s assets (other than to any entity or group
in which Executive has not less than a 5% beneficial interest); or

 

(C)            
any acquisition by any person or persons (other than any entity or group in which Executive has not less than a 5% beneficial
interest) of the beneficial ownership of more than 50% of the voting power of the Company’s equity securities in a single
transaction or series of related transactions; provided, however, that an underwritten public offering of the Company’s
securities shall not be considered a Change in Control;

 

provided, however, that
a transaction shall not constitute a Change in Control if its sole purpose is to change the state of the Company’s incorporation
or to create a holding company that will be owned in substantially the same proportions by the persons who directly or indirectly
held the Company’s securities immediately before such transaction.

 

(iii)           
“Good Reason” means:

 

(A)            
a reduction of Employee’s then existing annual base salary by more than 10% (other than in collection with an action
affecting a majority of the executive officers of the Company);

 

(B)            
relocation of the principal place of Employee’s employment to a location that is more than 50 miles from the principal
place of Employee’s employment immediately prior to the date of the Change in Control; or

 

(C)            
a material reduction in the Employee’s authority, duties or responsibilities after the Change in Control when compared
to Employee’s authority, duties and responsibilities prior to the Change in Control;

 

provided
that notwithstanding the foregoing, an Employee’s termination will not be for Good Reason unless the Employee (x) notifies
the Company in writing of the existence of the condition which the Employee believes constitutes Good Reason within 60 days of
the initial existence of such condition (which notice specifically identifies such condition), (y) gives the Company at least
10 days following the date on which the Company receives such notice (and prior to termination) in which to remedy the condition,
and (z) if the Company does not remedy such condition within such period, actually terminates employment within 15 days after
the expiration of such remedy period (and before the Company remedies such condition).

 

(iv)           
“Equity Awards” means all options to purchase shares of Company common stock as well as any and all
other stock-based awards granted to the Employee, including but not limited to stock bonus awards, restricted stock, restricted
stock units or stock appreciation rights, except for performance stock awards which remain subject to performance criteria as
of the Effective Date.

 

    3 

     

    

 

Section 2.02.
Resignation of Corporate Offices. In connection with any termination of employment following a Change in Control, Employee
will resign Employee’s office, if any, as a director, officer or trustee of the Company, its subsidiaries or affiliates
and of any other corporation or trust of which Employee serves as such at the request of the Company, effective as of the date
of termination of employment.

 

Section 2.03.
Accrued Compensation and Benefits. In connection with any termination of employment upon or following a Change in Control
(whether or not under Section 2.01 above), the Company shall pay Employee’s earned but unpaid base salary and other vested
but unpaid cash entitlements for the period through and including the termination of employment, including unused earned vacation
pay and unreimbursed documented business expenses incurred by Employee prior to the date of termination (collectively “Accrued
Compensation and Expenses”), as required by law and the applicable Company plan or policy. In addition, Employee shall
be entitled to any other vested benefits earned by Employee for the period through and including the termination date of Employee’s
employment under any other employee benefit plans and arrangements maintained by the Company, in accordance with the terms of
such plans and arrangements, except as modified herein (collectively “Accrued Benefits”). Any Accrued Compensation
and Expenses to which the Employee is entitled shall be paid to the Employee in cash as soon as administratively practicable after
the termination, and, in any event, no later than two and one-half (2-1/2) months after the end of the taxable year of the Employee
in which the termination occurs. Any Accrued Benefits to which the Employee is entitled shall be paid to the Employee as provided
in the relevant plans and arrangement.

 

Section 2.04.
Continuing Obligations. Employee acknowledges his or her continuing obligations under the Confidential and Non-Disclosure
Agreement with the Company, including but not limited to Employee’s obligations not to use or disclose, at any time, any
trade secret, confidential or proprietary information of the Company.

 

Section
2.05. Limitation on Payments. 

 

(a)           
If the Change in Control Severance Benefits together with any other payment or benefit Employee would receive pursuant
to a Change in Control (collectively, “Payment”) would (i) constitute a “parachute payment” within
the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), and (ii) but for
this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such
Payment shall be equal to the Reduced Amount. The “Reduced Amount” shall be either (x) the largest portion
of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (y) the largest portion, up to
and including the total, of the Payment, whichever amount, after taking into account all applicable federal, state and local employment
taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in Employee’s receipt,
on an after-tax basis, of the greater amount of the Payment notwithstanding that

 

    4 

     

    

 

all
or some portion of the Payment maybe subject to the Excise Tax. If a reduction in payments or benefits constituting “parachute
payments” is necessary so that the Payment equals the Reduced Amount, reduction shall occur in the following order unless
Employee elects in writing a different order: reduction of cash payments; cancellation of acceleration of vesting; reduction of
employee benefits. In the event that acceleration of vesting is to be reduced, it shall be cancelled in the reverse order of the
date of grant of the Equity Awards unless Employee elects in writing a different order for cancellation.

 

(b)           
The Company may engage the accounting firm engaged by the Company for general audit purposes as of the day prior to the
effective date of the Change in Control or another firm to perform the foregoing calculations. The Company shall bear all expenses
with respect to the determinations by such firm required to be made hereunder.

 

(c)           
The accounting firm engaged to make the determinations hereunder shall provide its calculations, together with detailed
supporting documentation, to Employee and the Company within fifteen (15) calendar days after the date on which Employee’s
right to a Payment is triggered (if requested at that time by Employee or the Company) or such other time as requested by Employee
or the Company.

 

Article
3

Miscellaneous

 

Section 3.01.
Assignment; Successors and Assigns. This Agreement shall inure to the benefit of and be enforceable by Employee’s personal
or legal representatives, executors, administrators, successors, heirs, distributees, devisees, and legatees. If Employee should
die or become subject to a permanent disability while any amount is owed but unpaid to Employee hereunder, all such amounts, unless
otherwise provided herein, shall be paid to Employee’s devisee, legatee, legal guardian or other designee, or if there is
no such designee, to Employee’s estate. Employee’s rights hereunder shall not otherwise be assignable. This Agreement
shall be binding on the Company’s successors and assigns.

 

Section 3.02.
Dispute Resolution. To ensure rapid and economical resolution of any and all disputes that might arise in connection with
this Agreement, Employee and the Company agree that any and all disputes, claims, and causes of action, in law or equity, arising
from or relating to this Agreement or its enforcement, performance, breach, or interpretation, will be resolved solely and exclusively
by final, binding, and confidential arbitration, by a single arbitrator, in San Francisco, California, and conducted by Judicial
Arbitration & Mediation Services, Inc. (“JAMS”) under its then existing employment rules and procedures.
Nothing in this section, however, is intended to prevent either party from obtaining injunctive relief in court to prevent irreparable
harm pending the conclusion of any such arbitration. Each party to an arbitration or litigation hereunder shall be responsible
for the payment of its own attorneys’ fees.

 

Section 3.03.
Unfunded Agreement. The obligations of the Company under this Agreement represent an unsecured, unfunded promise to pay benefits
to Employee and/or Employee’s beneficiaries, and shall not entitle Employee or such beneficiaries to a preferential claim
to any asset of the Company.

 

    5 

     

    

 

Section 3.04.
Non-exclusivity of Benefits. Unless specifically provided herein, neither the provisions of this Agreement nor the benefits
provided hereunder shall reduce any amounts otherwise payable, or in any way diminish Employee’s rights as an employee of
the Company, whether existing now or hereafter, under any compensation and/or benefit plans (qualified or nonqualified), programs,
policies, or practices provided by the Company, for which Employee may qualify; provided that the Change in Control
Severance Benefits shall not be duplicative of any severance benefits under any such plans, programs, policies or practices. Vested
benefits or other amounts which Employee is otherwise entitled to receive under any plan, policy, practice, or program of the
Company (i.e., including, but not limited to, vested benefits under any qualified or nonqualified retirement plan), at or subsequent
to the termination date shall be payable in accordance with such plan., policy, practice, or program except as expressly modified
by this Agreement.

 

Section 3.05.
Mitigation. In no event shall Employee be obligated to seek other employment or take any other action by way of mitigation
of the amounts payable to Employee under any of the provisions of this Agreement nor shall the amount of any payment or benefit
hereunder be reduced by any compensation earned by Employee as a result of employment by another employer.

 

Section 3.06.
Entire Agreement. This Agreement represents the entire agreement between Employee and the Company and its affiliates with
respect to Employee’s severance rights in a Change in Control situation, and supersedes all prior and contemporaneous discussions,
negotiations, and agreements concerning such rights, provided, however, that any amounts payable to Employee hereunder shall be
reduced by any amounts paid to Employee as required by any applicable federal, state or local law (including without limitation
the WARN Act) in connection with any termination of Employee’s employment.

 

Section 3.07.
Tax Withholding. Notwithstanding anything in this Agreement to the contrary, the Company shall withhold from any amounts payable
under this Agreement all federal, state, city, or other taxes as are legally required to be withheld.

 

Section 3.08.
Waiver of Rights. The waiver by either party of a breach of any provision of this Agreement shall not operate or be construed
as a continuing waiver or as a consent to or waiver of any subsequent breach hereof.

 

Section 3.09.
Severability. In the event any provision of the Agreement shall be held illegal or invalid for any reason, the illegality
or invalidity shall not affect the remaining parts of the Agreement, and the Agreement shall be construed and enforced as if the
illegal or invalid provision had not been included.

 

    6 

     

    

 

Section 3.10.
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California without
reference to principles of conflict of laws.

 

Section 3.11.
Counterparts. This Agreement may be signed in several counterparts, each of which shall be an original, with the same effect
as if the signatures thereto and hereto were on the same instrument.

 

Section 3.12.
Code Section 409A. This Agreement and the payments and benefits hereunder are intended to qualify for the short-term deferral
exception to Section 409A of the Code, and all regulations, rulings and other guidance issued thereunder, all as amended and in
effect from time to time (“Section 409A”), described in Treasury Regulation Section 1.409A-l(b)(4) to the maximum
extent possible, and to the extent they do not so qualify, they are intended to qualify for the involuntary separation pay plan
exception to Section 409A described in Treasury Regulation Section 1.409A-l(b)(9)(iii) to the maximum extent possible. To the
extent Section 409A is applicable to this Agreement, this Agreement is intended to comply with Section 409A. Without limiting
the generality of the foregoing, if on the date of termination of employment Employee is a “specified employee” within
the meaning of Section 409A as determined in accordance with the Company’s procedures for making such determination, to
the extent required in order to comply with Section 409A, amounts that would otherwise be payable under this Agreement during
the six-month period immediately following the termination date shall instead be paid on the first business day after the date
that is six months following the termination date. All references herein to “termination date” or “termination
of employment” shall mean separation from service as an employee within the meaning of Section 409A.

 

    7 

     

    

 

IN WITNESS
WHEREOF , the Company and the Employee have executed this Agreement, to be effective as of the date and year first written above.

 

	 	ULTRA CLEAN HOLDING, INC.
	 	 
	 	 
	 	By:
	

        

	 	 	Name:
	 	 	Title:
	 	 

         

        EMPLOYEE:

        

	 	 
	 	

 

 

 

    8 

     

    

Exhibit
A-Form of Release

 

Reference
is made in this Release (the “Release”) to the terms set forth in the Change in Control Severance Agreement
dated (_______) (the “Agreement”) between Ultra Clean Holdings, Inc. (together with its successors and assigns,
the “Company”) and the undersigned Ginetto Addiego (“Employee”).

 

1.       Release.
In consideration for the benefits outlined in the Agreement (the “Severance Benefits”), to which I am not otherwise
entitled, I hereby generally and completely release the Company and its affiliated entities (collectively “Company Entities”)
and their directors, officers, employees, shareholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary
entities, insurers, affiliates, and assigns from any and all claims, liabilities and obligations, both known and unknown, that
arise out of or are in any way related to events, acts, conduct or omissions occurring prior to the time I sign this Release.
This general release includes, but is not limited to: (1) all claims arising out of or in any way related to my employment with
the Company or the termination of that employment; (2) all claims related to my compensation or benefits from the Company, including
salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any
other ownership interests in the Company; (3) all claims for breach of contract, wrongful termination or breach of the implied
covenant of good faith and fair dealing; (4) all tort claims, including claims for fraud, defamation, emotional distress, and
discharge in violation of public policy; and (5) all federal, state, and local statutory claims, including claims for discrimination,
harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended),
the federal Americans with Disabilities Act of 1990, the federal Age Discrimination in Employment Act of 1967 (as amended) (“ADEA”),
or the California Fair Employment and Housing Act (as amended). This Release does not apply to (x) claims which cannot be released
as a matter of law, (y) any right I may have to enforce the Agreement or (z) my eligibility for indemnification in accordance
with applicable laws, the charter and bylaws of the Company or any indemnification agreement I have with the company.

 

2.       ADEA
Waiver. I acknowledge that I am knowingly and voluntarily waiving and releasing any rights you have under the ADEA and that
the consideration given for the waiver and release is in addition to anything of value to which I was already entitled. I further
acknowledge that I have been advised by this writing, as required by the ADEA, that:

 

(a)       my
waiver and release specified in this paragraph do not apply to any rights or claims that arise after the date I sign this Release;

 

(b)       I
have the right to consult with an attorney prior to signing this Release;

 

(c)       I
have 45 days to consider this Release (although I may choose voluntarily to sign this Release earlier);

 

(d)       I
have seven (7) days after I sign this Release to revoke the Release; and

 

    

     

    

 

(e)       this
Release will not be effective until the date on which the revocation period has expired, which will be the eighth day after I
sign this Release, assuming I have returned it to the Company by such date.

 

3.       Waiver
of Unknown Claims. In granting the general release herein, I acknowledge that I have read and understand California Civil
Code section 1542, which states:

 

A GENERAL RELEASE DOES NOT
EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH
IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.

 

I expressly
waive and relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect.

 

This Release,
together with the Agreement, constitutes the entire understanding of the parties on the subjects covered.

 

 

	 	EMPLOYEE:

         

	 	

 

 

 

    A-2

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