Document:

Exhibit 10.2

		

			Exhibit 10.2

		

		
			ServiceMaster  Deferred  Compensation  Plan

(As Amended and Restated Effective October 28, 2016)
		

		
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		ServiceMaster  Deferred  Compensation  Plan
		

		
			TABLE OF CONTENTS
		

		
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						ARTICLE I Introduction

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						Section 1.1.

					
					
						Name

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						Section 1.2.

					
					
						Purpose

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						Section 1.3.

					
					
						Administration of the Plan

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						ARTICLE II Definitions

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						ARTICLE III Plan Participation

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						Section 3.1.

					
					
						Eligibility

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						Section 3.2.

					
					
						Participation

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						ARTICLE IV Deferral Elections

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						Section 4.1.

					
					
						Compensation Eligible for Deferral

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						Section 4.2.

					
					
						Timing of Deferral Election

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						Section 4.3.

					
					
						Changes in Deferral Election

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						Section 4.4.

					
					
						Effect of Deferral Election

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						Section 4.5.

					
					
						Vesting of Deferral Account

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						ARTICLE V Employer Matching Contributions

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						Section 5.1.

					
					
						Crediting of Employer Matching Contributions

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						Section 5.2.

					
					
						Vesting of Employer Matching Contributions Account

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						ARTICLE VI Earnings on Account Balances

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						Section 6.1.

					
					
						Permitted Investments

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						Section 6.2.

					
					
						Earnings and Losses

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						Section 6.3.

					
					
						Committee May Disapprove Permitted Investments

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						Section 6.4.

					
					
						Elections

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						Section 6.5.

					
					
						Actual Investment Not Required

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						Section 6.6.

					
					
						Investment Notices

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						Section 6.7.

					
					
						Crediting of Deferrals, Contributions and Earnings

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						ARTICLE VII Establishment of Trust

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						Section 7.1.

					
					
						Establishment of Trust

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			(i)
		

		

		

		 

		

			 

		

 

		

			 

		

		
		

			
					
						Section 7.2.

					
					
						Status of Trust

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						ARTICLE VIII Distribution of Account Balances

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						Section 8.1.

					
					
						Timing

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						Section 8.2.

					
					
						Manner of Payment

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						Section 8.3.

					
					
						Change in Time or Manner of Payment.

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						Section 8.4.

					
					
						Payments Upon Unforeseeable Emergency

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						Section 8.5.

					
					
						Distributions to Minor and Incompetent Persons

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						Section 8.6.

					
					
						Designation of Beneficiaries

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						Section 8.7.

					
					
						Inability to Locate Participant or Beneficiary

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						Section 8.8.

					
					
						Claims Procedure

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						ARTICLE IX Amendment or Termination

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						Section 9.1.

					
					
						Amendment

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						Section 9.2.

					
					
						Plan Termination

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						ARTICLE X General Provisions

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						Section 10.1.

					
					
						Applicable Law

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						Section 10.2.

					
					
						Assumption of Company Liability

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						Section 10.3.

					
					
						Number and Headings

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						Section 10.4.

					
					
						Immunity of Board and Committee Members

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						Section 10.5.

					
					
						Non-alienation of Benefits

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						Section 10.6.

					
					
						Notices

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						Section 10.7.

					
					
						Plan Not to Affect Employment Relationship

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						Section 10.8.

					
					
						Severability

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						Section 10.9.

					
					
						Successors and Assigns

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						Section 10.10.

					
					
						Withholding for Taxes

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						Section 10.11.

					
					
						Compliance With Section 409A of Code

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		ServiceMaster Deferred Compensation Plan
		

		
			(As Amended and Restated Effective October 28, 2016)
		

		
			ARTICLE I
		

		
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			Introduction
		

		
			Section 1.1.       Name.  The name of the Plan shall be the “ServiceMaster Deferred Compensation Plan.”
		

		
			Section 1.2.       Purpose.  The Plan, as amended and restated effective October 28, 2016, shall constitute an unfunded arrangement established and maintained for the purpose of providing deferred compensation to a select group of management or highly compensated employees, pursuant to Title I of ERISA.  The Plan shall further constitute an amendment and restatement of the ServiceMaster Deferred Compensation Plan, effective October 24, 2002, as amended and restated as of January 1, 2005, as amended and restated as of June 13, 2014, and as thereafter amended.
		

		
			Section 1.3.       Administration of the Plan.  The Plan shall be administered by the Board and the Committee, as set forth herein.
		

		
			(a)  The Board’s Authority. The Board has delegated all of its responsibilities to it Compensation Committee.  Any of the Board’s duties set forth herein, shall only be conducted by the Compensation Committee.  The Board’s duties and authority under the Plan shall include (i) determining the amount of Employer Matching Contributions pursuant to Section 5.1, (ii) determining Permitted Investments pursuant to Section 6.1, (iii) authorizing contributions to a grantor trust pursuant to Section 7.1 and (iv) amending and terminating the Plan pursuant to Sections 9.1 and 9.2.
		

		
			(b)  The Committee’s Authority.  The Compensation Committee has delegated to the Committee the duties set forth herein, but such Committee shall regularly report on its actions to the Compensation Committee.  The Committee’s duties and authority under the Plan shall include (i) interpreting provisions of the Plan, (ii) adopting any rules and regulations which may become necessary or advisable in the operation of the Plan, (iii) making such determinations as may be permitted or required pursuant to the Plan, including determining when a Participant has had a separation from service, (iv) taking such other action as may be required for the proper administration of the Plan in accordance with its terms and (v) amending the Plan, to the extent authorized under Section 9.1.  Any decision of the Committee with respect to any matter within the authority of the Committee shall be final, binding and conclusive upon the Employers and each Participant, former Participant, designated Beneficiary, and each person claiming under or through any Participant or designated Beneficiary, and no additional authorization or ratification by the Board or stockholders of ServiceMaster shall be required.  Any action by the Committee with respect 
		

		 

		

			 

		

		

			

		

		

			 

		

 

		

			 

		

		

			 

		

		to any one or more Participants shall not be binding on the Committee as to any action to be taken with respect to any other Participant.  Each determination required or permitted under the Plan shall be made by the Committee in the sole and absolute discretion of the Committee.  The Committee may delegate to any Employer, committee, person (whether or not an employee of an Employer) or entity any of its responsibilities or duties hereunder.
		

		
			ARTICLE II
		

		
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			Definitions
		

		
			“Account” shall mean the aggregate of a Participant’s Deferral Account and Employer Matching Contributions Account.
		

		
			“Account Balance” shall mean the value, as of the specified date, of the Participant’s Account.
		

		
			“Annual Bonus Plan” shall mean the ServiceMaster Annual Bonus Plan, or any successor to such plan.
		

		
			“Beneficiary” shall mean the person, persons or legal entity entitled to receive benefits under the Plan which become payable in the event of the Participant’s death.
		

		
			“Board” shall mean the Board of Directors of ServiceMaster Global Holdings, Inc. or the Compensation Committee of the Board.
		

		
			“Code” shall mean the Internal Revenue Code of 1986, as amended, and includes any regulations thereunder.
		

		
			“Committee” shall mean management’s 401(k) Investment Committee to administer the Plan.  References to the Committee in the Plan shall include the 401(k) Investment Committee or any Employer, committee, person or entity to which the Committee has further delegated any of its duties or responsibilities in accordance with Section 1.3.
		

		
			“Compensation” shall mean (i) the Regular Compensation payable to a Participant in the applicable Plan Year, and (ii) amounts payable pursuant to the Annual Bonus Plan with respect to the applicable Plan Year.
		

		
			“Deferral” shall mean the amount of Compensation that a Participant elects to defer pursuant to procedures prescribed by the Committee.
		

		
			“Deferral Account” shall mean the bookkeeping account maintained by ServiceMaster pursuant to Article IV of the Plan in the name of and for a Participant.
		

		

		

		 

		

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		“Disability” shall mean the inability of a Participant to perform substantially his or her duties and responsibilities due to physical or mental impairment for a continuous period of at least six months, as determined solely by the Committee.
		

		
			“Eligible Employee” shall mean, with respect to a Plan Year, a management or highly compensated employee of an Employer who is notified by the Committee in writing that he or she is eligible to participate in the Plan for such Plan Year.
		

		
			“Employer Matching Contribution” shall mean the amount credited to a Participant’s Account pursuant to Article V.
		

		
			“Employer Matching Contributions Account” shall mean the bookkeeping account maintained by ServiceMaster pursuant to Article V of the Plan in the name of and for a Participant.
		

		
			“Employers” shall mean ServiceMaster and its subsidiaries that have adopted the Plan as of the date of this amendment and restatement,  and with the approval of the Committee, those of its subsidiaries that adopt the Plan for the benefit of their Eligible Employees subsequent to the date of this amendment and restatement.
		

		
			“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended, and any regulations thereunder.
		

		
			“Gross Misconduct” shall mean the commission of any act of fraud, embezzlement or dishonesty by the Participant, any unauthorized use or disclosure by the Participant of confidential information or trade secrets of the ServiceMaster Companies, or any other intentional misconduct by the Participant adversely affecting the business or affairs of the ServiceMaster Companies in a material manner.
		

		
			“Participant” shall mean any Eligible Employee who commences participation in the Plan pursuant to Article III.
		

		
			“Permitted Investment” shall mean such funds or types of investment as may be approved by the Board from time to time.  Except to the extent otherwise determined by the Board, which determination may not be delegated to any other person notwithstanding any other provision of the Plan, shares of common stock of ServiceMaster Global Holdings, Inc. or any of its subsidiaries shall not be a Permitted Investment.
		

		
			“Plan” shall mean this ServiceMaster Deferred Compensation Plan, as amended and restated from time to time.
		

		
			“Plan Year” shall mean the twelve consecutive month period ending December 31st.
		

		
			“Qualified Retirement” shall mean a Participant’s termination of employment with his or her Employer and all other ServiceMaster Companies by reason of retirement pursuant 
		

		 

		

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		to ServiceMaster’s retirement policy as generally applied (i) on or after age 55 and after completing 10 years of service, determined in a manner consistent with the ServiceMaster Profit Sharing and Retirement Plan, or (ii) on or after age 65; provided,  however, that a Qualified Retirement shall not include a termination of a Participant’s employment for Gross Misconduct.
		

		
			“Regular Compensation” shall mean an Eligible Employee’s base pay and overtime pay.
		

		
			“ServiceMaster” shall mean The ServiceMaster Company, LLC, a Delaware limited liability company, and its successors or assigns under the Plan.
		

		
			“ServiceMaster Companies” shall mean ServiceMaster Global Holdings, Inc. and its subsidiaries.
		

		
			“Years of Service” shall be determined in a manner consistent with the ServiceMaster Profit Sharing and Retirement Plan.
		

		
			ARTICLE III
		

		
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			Plan Participation
		

		
			Section 3.1.       Eligibility.  An employee of an Employer shall become eligible to participate in the Plan upon receipt of written notice of such eligibility from the Committee.
		

		
			Section 3.2.       Participation.  Each Eligible Employee may participate in the Plan in a Plan Year by submitting an election to the Committee prior to the beginning of such Plan Year and within the election period prescribed by the Committee, and by specifying in such election the respective percentages or dollar amounts of (i) the Eligible Employee’s Regular Compensation otherwise payable to the Eligible Employee by an Employer with respect to such Plan Year, and (ii) the amounts earned by such Eligible Employee with respect to such Plan Year under the Annual Bonus Plan, which in each case shall be deducted from such Compensation and deferred for payment at a later date pursuant to the Plan.  The Committee shall establish rules prescribing the time and manner in which elections shall be submitted to the Committee, which may include submission of elections by telephonic or electronic media.  An individual who becomes an Eligible Employee after the first day of a Plan Year (and does not participate in any other nonqualified deferred compensation plan that is aggregated with the Plan under Section 409A of the Code) may participate in the Plan for such Plan Year by submitting an election to the Committee within 30 days after the date such individual is notified of his or her eligibility to participate in the Plan.
		

		
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		ARTICLE IV

Deferral Elections
		

		
			Section 4.1.       Compensation Eligible for Deferral.  A Participant may elect in the manner designated by the Committee to defer the receipt of (i) not less than 2% and not more than 75% of the Participant’s Regular Compensation payable with respect to the applicable Plan Year, and/or (ii) not less than 2% and not more than 75% of any amount earned by the Participant under the Annual Bonus Plan with respect to the applicable Plan Year.  Deferral elections shall be expressed either as a percentage of a Participant’s Compensation, or as a fixed dollar amount.
		

		
			Section 4.2.       Timing of Deferral Election.  Except as set forth in Section 3.2, an election form must be submitted within the election period prescribed by the Committee and occurring prior to the Plan Year for which the election is to be effective, and in accordance with such other rules prescribed by the Committee.  In order to participate in the Plan for any subsequent Plan Year, an Eligible Employee must submit a new election form within the designated election period occurring prior to the Plan Year for which the election is to be effective.  Except as may be permitted by Section 409A of the Code, in no event shall an election under the Plan apply to Compensation for services performed prior to the date on which such election is received by the Committee and becomes irrevocable.
		

		
			Section 4.3.       Changes in Deferral Election.  In the event of an Unforeseeable Emergency, as determined in accordance with Section 8.4, a Participant may elect to terminate future Deferrals under the Plan in accordance with procedures prescribed by the Committee, provided that a Participant who makes such an election shall not be permitted to make any new Deferral elections under the Plan for the remainder of the Plan Year in which such Deferrals terminate and the Plan Year immediately thereafter.  No other changes may be made during a Plan Year to the percentage or amount of Compensation subject to a Participant’s Deferral election.
		

		
			Section 4.4.       Effect of Deferral Election.  The submission of an election pursuant to Section 4.2 shall evidence the Participant’s authorization of his or her Employer to defer the payment of such Participant’s Compensation with respect to the amount specified in such election.  The submission of such election shall further evidence the Participant’s election of the timing and form of distribution of the Deferrals subject to such election, any Employer Matching Contribution relating thereto, and any earnings or losses credited to the Participant’s Account with respect to such Deferrals and Employer Matching Contribution.  Deferrals of Compensation by a Participant shall be credited to a Deferral Account established for the benefit of the Participant as soon as administratively practicable after the date such Compensation otherwise would have been payable to the Participant, and such Deferral Account thereafter shall be credited with earnings and losses in accordance with Article VI.
		

		
			Section 4.5.       Vesting of Deferral Account.  A Participant shall at all times be fully vested in his or her Deferral Account.
		

		

		

		 

		

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		ARTICLE V
		

		
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			Employer Matching Contributions
		

		
			Section 5.1.       Crediting of Employer Matching Contributions.  As soon as practicable after the end of each Plan Year, ServiceMaster may, in its sole discretion by action of the Board, credit an Employer Matching Contribution to an Employer Matching Contributions Account maintained for each Participant who is an Eligible Employee as of the last day of such Plan Year (including an employee who is on a leave of absence approved by his or her Employer) or who ceased employment with an Employer during such Plan Year on account of death, Disability, Qualified Retirement, or due to a transfer to, and continued employment for the remainder of the Plan Year by, another ServiceMaster Company, whether or not an Employer, or a ServiceMaster Company franchisee.  An Employer Matching Contribution with respect to a Plan Year shall be in an amount determined by the Board, and shall be stated as a percentage of some or all of the Deferrals elected by the Participant for such Plan Year.  The Compensation of a Participant shall not be reduced by any Employer Matching Contributions credited to such Participant’s Employer Matching Contributions Account.  A Participant’s Employer Matching Contributions Account shall be credited with earnings and losses in accordance with Article VI.
		

		
			Section 5.2.       Vesting of Employer Matching Contributions Account.  A Participant’s Employer Matching Contributions Account shall become vested based on the number of the Participant’s aggregate Years of Service with such Participant’s Employer or any of the ServiceMaster Companies, in accordance with the following schedule:
		

		
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						Years of Service

					
					
						Vested
Percentage

					
					
						 

				
	
					
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						less than 2 years of service

					0% 
					
					
						 

				
	
					
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						2 years of service or more

					100% 
					
					
						 

				

		
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			The unvested portion of a Participant’s Employer Matching Contributions Account shall be immediately forfeited upon the termination of such Participant’s employment for any reason, and shall not thereafter be reallocated to the Accounts of any other Participants.
		

		
			ARTICLE VI
		

		
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			Earnings on Account Balances
		

		
			Section 6.1.       Permitted Investments.  Upon his or her election to participate in the Plan, each Participant shall designate, in such manner as may be prescribed by the Committee, the Permitted Investments in which such Participant’s Account shall be deemed to be invested.  Such Participant’s Account shall be deemed to be invested as specified by the Participant either (a) on the day following the later of (i) the date such Participant makes such 
		

		 

		

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		designation, or (ii) the date such credit is made to such Participant’s Account, or (b) on such other dates as may be reasonably determined by the Committee.  A Participant may elect to change his or her deemed investment election as frequently as may be permitted by the Committee, and in any event at least once each Plan Year.  Effective as of July 24, 2007, no Participant’s Account shall be deemed invested in shares of ServiceMaster common stock.
		

		
			Section 6.2.       Earnings and Losses.  Each Participant’s Account shall be credited with deemed earnings, or reduced by deemed losses, equal to the earnings or losses that would have been realized or paid if assets in an amount equal to the balance of such Account were actually invested among the Permitted Investments selected by the Participant in accordance with Section 6.1.  Each Participant’s Account shall be valued as of each day on which the New York Stock Exchange or Nasdaq National Market is open.  Although ServiceMaster or an Employer might actually invest its assets according to the Participant’s election, it is not required to do so nor to even set aside any assets to provide for payments hereunder.  ServiceMaster may promulgate separate accounting and administrative rules to facilitate the deemed investment in a Permitted Investment.
		

		
			Section 6.3.       Committee May Disapprove Permitted Investments.  Notwithstanding the foregoing, the Board or the Committee may disapprove any Permitted Investment designated by a Participant or deemed to be held in such Participant’s Account.  If the disapproved Permitted Investment has been designated by the Participant but is not then deemed to be held in such Participant’s Account, the Committee shall promptly notify the Participant in writing of the decision to disapprove the Permitted Investment and shall afford the Participant an opportunity to designate one or more substitute Permitted Investments satisfactory to the Board or the Committee.  If the disapproved Permitted Investment is deemed to be held in the Participant’s Account, the Committee shall promptly notify the Participant in writing of the decision to disapprove the Permitted Investment and shall afford the Participant an opportunity to dispose of the disapproved Permitted Investment and to reinvest the deemed proceeds therefrom in one or more substitute Permitted Investments satisfactory to the Board or the Committee.  If the Participant does not submit an election to dispose of the disapproved Permitted Investment within ten days after notice of disapproval by the Committee, the Committee may thereafter treat the disapproved Permitted Investment as having been sold on a date selected by the Committee and shall make appropriate charges and credits to the Account.  None of the Board, the Committee or any Employer shall have any liability to the Participant for losses or expenses allocated to such Account by reason of a decision by the Board or the Committee to disapprove a Permitted Investment.
		

		
			Section 6.4.       Elections.  All elections to be made by a Participant pursuant to this Article VI shall be made only by such Participant, provided that if such Participant dies before such Participant’s entire Account Balance is distributed, or if the Committee determines that such Participant is legally incompetent or otherwise incapable of managing such Participant’s own affairs, the Committee shall have the authority to (a) itself make the elections pursuant to Section 6.1 on behalf of such Participant, or (b) designate such Participant’s designated 
		

		 

		

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		Beneficiary, legal representative or some near relative of such Participant to make the elections pursuant to Section 6.1 on behalf of such Participant.
		

		
			Section 6.5.       Actual Investment Not Required.  An Employer need not actually make any Permitted Investment.  If an Employer should from time to time make any investment similar to a Permitted Investment, such investment shall be solely for the Employer’s own account and the Participant shall have no right, title or interest therein.  Accordingly, each Participant is solely an unsecured creditor of the Employer with respect to his or her Account.
		

		
			Section 6.6.       Investment Notices.  Statements describing the performance of the Permitted Investments will be provided to the Participants no less frequently than semi-annually.
		

		
			Section 6.7.       Crediting of Deferrals, Contributions and Earnings.  The Committee shall credit all Deferrals to a Participant’s Account as soon as administratively practicable after the date on which the Deferrals would have been paid to the Participant if the Participant had not made a Deferral election under Article IV of the Plan.  Employer Matching Contributions shall be credited to a Participant’s Account on the date specified by the Board.  Earnings and losses shall be credited to the Participant’s Account in accordance with Section 6.2.
		

		
			ARTICLE VII
		

		
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			Establishment of Trust
		

		
			Section 7.1.       Establishment of Trust.  The Board may, in its sole discretion, establish a grantor trust, as described under Section 671 of the Code, which is subject to the claims of the general creditors of ServiceMaster, for the purpose of accumulating assets to provide for the obligations hereunder.  The establishment of such a trust shall not affect each Employer’s liability to pay benefits hereunder except that the Employer’s liability shall be offset by any payments actually made to a Participant under such a trust.  In the event such a trust is established, the amount to be contributed shall be determined by the Board and the investment of such assets shall be in accordance with the trust document.
		

		
			Section 7.2.       Status of Trust.  Participants shall have no direct or secured claim in any asset of any trust established pursuant to Section 7.1 or in specific assets of the Employer or the ServiceMaster Companies and will have the status of general unsecured creditors of the Employer for any amounts due under the Plan.  Any trust assets and income shall be subject to the claims of ServiceMaster’s creditors.
		

		

		

		 

		

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		ARTICLE VIII
		

		
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			Distribution of Account Balances
		

		
			Section 8.1.       Timing.  
		

		
			(a)  Payment of Deferral Accounts.  
		

		
			(i)  Elections Made Prior to June 25, 2013. Except as otherwise specifically provided herein, including Section 8.4 of the Plan, with respect to Deferrals attributable to elections made prior to June 25, 2013, the Deferrals credited to a Participant’s Deferral Account for a Plan Year, adjusted by any earnings or losses thereon, shall be paid or shall commence to be paid to such Participant as soon as administratively practicable, but not later than 2 1⁄2 months, after the last day of the calendar quarter coincident with, or next following, the payment date elected by the Participant on such Participant’s Deferral election form submitted for such year. With respect to Deferrals attributable to elections made prior to June 25, 2013, the payment date elected by the Participant may be (i) the six-month anniversary of the date on which the Participant’s  “separation from service” (within the meaning of Section 409A of the Code) with the ServiceMaster Companies occurs or (ii) any other date elected by the Participant which is more than three years after the last day of the Plan Year for which the Deferrals are credited to the Participant’s Deferral Account.
		

		
			(ii)  Elections Made on or After June 25, 2013.  Except as otherwise specifically provided herein, including Section 8.4 of the Plan, with respect to Deferrals attributable to elections made beginning June 25, 2013 and thereafter, the Deferrals credited to a Participant’s Deferral Account for a Plan Year, adjusted by any earnings or losses thereon, shall be paid or shall commence to be paid to such Participant as soon as administratively practicable, but not later than 2 1⁄2 months, after the last day of the calendar month coincident with, or next following, the payment date elected by the Participant on such Participant’s Deferral election form submitted for such year. With respect to Deferrals attributable to elections made beginning June 25, 2013 and thereafter, the payment date elected by the Participant may be (i) the date on which the Participant’s  “separation from service” (within the meaning of Section 409A of the Code) with the ServiceMaster Companies occurs or (ii) any other date elected by the Participant which is more than three years after the last day of the Plan Year for which the Deferrals are credited to the Participant’s Deferral Account.
		

		
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			(iii) Plan Year Elections. The Participant must submit to the Committee a separate election described in Section 3.2 for each Plan Year which specifies a Deferral amount and payment date for all amounts credited to such Participant’s Deferral Account for such Plan Year.
		

		
			(b)  Payment of Employer Matching Contribution Accounts.  
		

		 

		

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			(i) Elections Made Prior to June 25, 2013. Except as otherwise specifically provided herein, including Section 8.4 of the Plan, the vested portion of the Employer Matching Contributions credited to a Participant's Employer Matching Contributions Account which is attributable to Deferral elections made prior to June 25, 2013, adjusted by any earnings or losses thereon, shall be paid or shall commence to be paid to such Participant on the later to occur of (i) the date on which the Deferrals credited to the Participant’s Account for the same Plan Year are paid or commence to be paid or (ii) as soon as administratively practicable, but not later than 2 1⁄2 months, after the last day of the calendar quarter coincident with or next following the six-month anniversary of the termination of such Participant's employment with the ServiceMaster Companies.
		

		
			(ii) Elections Made On or After June 25, 2013. Except as otherwise specifically provided herein, including Section 8.4 of the Plan, the vested portion of the Employer Matching Contributions credited to a Participant’s Employer Matching Contributions Account which is attributable to Deferral elections made beginning June 25, 2013 and thereafter, adjusted by any earnings or losses thereon, shall be paid or shall commence to be paid to such Participant on the later to occur of (i) the date on which the Deferrals credited to the Participant’s Account for the same Plan Year are paid or commence to be paid or (ii) as soon as administratively practicable, but not later than 2 1⁄2 months, after the last day of the calendar month coincident with or next following the termination of such Participant's employment with the ServiceMaster Companies.
		

		
			(iii) Unvested Matching Contributions. Any amount credited to a Participant’s Employer Matching Contributions Account that is not vested as of the date of such Participant’s termination of employment with the Participant’s Employer and all other ServiceMaster Companies shall thereupon be forfeited, and shall not thereafter be reallocated to the Accounts of any other Participants.
		

		
			(c)  Cash-out of Small Accounts and Acceleration of Installments.  Notwithstanding the date or form of payment elected by a Participant and to the extent permitted by Section 409A of the Code without penalty or interest, if the vested balance of a Participant’s Account is less than or equal to the then-applicable limit under Section 402(g) of the Code as of the last day of any calendar month ending upon or following the termination of such Participant’s employment with the ServiceMaster Companies, such Account shall be paid to such Participant in a lump sum as soon as administratively practicable, but not later than 2 1⁄2 months, after such date.  In addition, notwithstanding the form of payment elected by a Participant and to the extent permitted by Section 409A of the Code without penalty or interest, if the present value of the remaining balance of a stream of installment payments elected by a Participant is less than or equal to $100,000 ($25,000 for contributions made on or after January 1, 2017)  at any time on or after the date on which such installments commence, the remaining balance of such installment payments shall be paid to such Participant in a lump sum as soon as administratively practicable, but not later than 21⁄2 months, after such date.  For purposes of the foregoing sentence, all installment payments with the same commencement date and duration shall be aggregated.
		

		 

		

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			(d)  Delayed Payment Date.  Notwithstanding any payment date elected by a Participant, the Committee shall defer the payment of all or any portion of a Participant’s Account to the extent the Committee determines that the payment of such amount at the time elected by the Participant would (i) cause any of the ServiceMaster Companies to be unable to deduct such payment as a result of the limitations prescribed by Section 162(m) of the Code, or (ii) violate Federal securities laws or other applicable law; provided that in all cases such payment thereafter shall be made as of the earliest date on which the Committee determines that such extended deferral is no longer necessary for the purposes set forth in clauses (i) and (ii) herein.
		

		
			(e)  Notwithstanding any other provision in this Plan, if a Participant is a “specified employee,” as defined in Section 409A of the Code, as of the date of termination, then to the extent any amount payable under this Plan (i) constitutes the payment of nonqualified deferred compensation, within the meaning of Section 409A of the Code, (ii) is payable upon Employee's separation from service, within the meaning of Section 409A of the Code, and (iii) would be payable prior to the six-month anniversary of the Participant's separation from service, payment of such amount shall be delayed until the earlier to occur of (a) the six-month anniversary of the date of such separation from service or (b) the date of the Participant's death.
		

		
			Section 8.2.       Manner of Payment.  Except as provided in Section 8.1(c), each Participant or Beneficiary shall receive payment of the amounts credited to the Participant’s Account for a Plan Year, as adjusted by any earnings or losses with respect to such amounts, either in a single lump sum or in annual installments over a period of not less than two and not more than ten years, as elected by the Participant at the time of such Participant’s initial Deferral election for such Plan Year.  The distribution of a Participant’s Account shall be paid in cash by the Employer of the Participant.  Upon the death of a Participant, any unpaid portion of such Participant’s Account shall be paid to the Participant’s Beneficiary, determined in accordance with Section 8.6, in a single lump sum payment as soon as administratively practicable, but not later than 2 1⁄2 months, after the date of the Participant’s death.
		

		
			Section 8.3.       Change in Time or Manner of Payment.  A Participant may change his or her prior payment election at any time, and from time to time; provided,  however, that (i) no subsequent payment election shall become effective until the first anniversary of the date such subsequent payment election is made, (ii) no subsequent payment election shall be effective if the Participant is scheduled, pursuant to the prior election, to receive or begin receiving payments within one year after the date such subsequent payment election is made and (iii) such subsequent payment election provides for payments to the Participant to be made or begin at least five years later than the date on which such distribution was previously scheduled to be made or begin, in accordance with Section 409A of the Code.  In the event a 
		

		 

		

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		change in a payment election does not become effective, the prior valid election of such Participant shall govern the time and manner of payment.
		

		
			Section 8.4.       Payments Upon Unforeseeable Emergency.  In the event of an Unforeseeable Emergency, as hereinafter defined, the Participant may file a written request with the Committee to receive all or any portion of the vested balance of such Participant’s Account in an immediate lump sum payment.  A Participant’s written request for such a payment shall describe the circumstances which the Participant believes justify the payment and an estimate of the amount necessary to eliminate the Unforeseeable Emergency.  The Committee will have the authority to grant or deny any such request.  Subject to Section 409A of the Code, an “Unforeseeable Emergency” is a severe financial hardship of the Participant resulting from an illness or accident of the Participant or the Participant’s spouse or dependent, a loss of the Participant’s property due to casualty (including the need to rebuild a home following damage not otherwise covered by insurance), or any other similar extraordinary and unforeseeable circumstance arising as a result of events beyond the control of the Participant.  A payment shall not be made pursuant to this Section to the extent the Unforeseeable Emergency may be relieved through reimbursement or compensation from insurance or otherwise, by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not cause a severe financial hardship, or by the cessation of deferrals under the Plan.  A payment pursuant to this Section 8.4 may not exceed the amount necessary to meet such financial need (including amounts necessary to pay any federal, state or local income taxes reasonably anticipated to result from the payment).  Any payment from a Participant’s Account on account of an Unforeseeable Emergency shall be deemed to cancel any Deferral election of the Participant then in effect and the Participant shall not be permitted to make further Deferral elections under the Plan for the remainder of the Plan Year in which such payment is made and the Plan Year immediately thereafter.
		

		
			Section 8.5.       Distributions to Minor and Incompetent Persons.  If a payment is to be made to a minor or to an individual who, in the opinion of the Committee, is unable to manage his or her financial affairs by reason of illness or mental incompetency, such distribution may be made to or for the benefit of any such individual in such of the following ways as the Committee shall direct: (a) directly to any such minor individual if, in the opinion of the Committee, he or she is able to manage his or her financial affairs, (b) to the legal representative of any such individual, (c) to a custodian under a Uniform Gifts to Minors Act for any such minor individual, or (d) to some near relative of any such individual to be used for the latter’s benefit.  Neither the Committee nor any Employer shall be required to see to the application by any third party of any payment made to or for the benefit of a Participant or Beneficiary pursuant to this Section.
		

		
			Section 8.6.       Designation of Beneficiaries.  Each Participant may name any person (who may be named concurrently, contingently or successively) to whom the Participant’s Account Balance under the Plan is to be paid if the Participant dies before the Account Balance is fully distributed.  Each such Beneficiary designation will revoke all prior designations by the Participant, shall not require the consent of any previously named 
		

		 

		

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		Beneficiary, shall be in a form prescribed by the Committee and will be effective only when filed with the Committee during the Participant’s lifetime.  If a Participant fails to designate a Beneficiary before such Participant’s death, as provided above, or if the designated Beneficiary predeceases the Participant or fails to survive the Participant by at least 48 hours, the Committee shall pay any undistributed balance of the Participant’s vested Account Balance (a) to the surviving spouse of such deceased Participant, if any, or (b) if there is no surviving spouse, to the then living biological and adopted children, if any, of the Participant in equal shares, or (c) if there are no such children, to the executor or administrator of the estate of such deceased Participant.  The marriage of a Participant shall be deemed to revoke any prior designation of a Beneficiary made by him or her and a divorce shall be deemed to revoke any prior designation of the Participant’s divorced spouse if written evidence of such marriage or divorce shall be received by the Committee before distribution of the Participant’s Account Balance has been made in accordance with such designation.  Participants and designated Beneficiaries are required to maintain a current post office address on file with the Committee by notifying the Committee of such address.  If a Beneficiary is entitled to a payment pursuant to this Section 8.6, but dies before such payment is made, such payment shall be made to the executor or administrator of the estate of such deceased Beneficiary.
		

		
			Section 8.7.       Inability to Locate Participant or Beneficiary.  If the Committee is unable to make payment of a Participant’s Account to such Participant or his or her Beneficiary because the identity and/or whereabouts of such person cannot be ascertained notwithstanding the mailing of notice to any last known address or addresses, then such Participant’s Account shall be forfeited.  If the Participant or Beneficiary later makes a claim for a benefit under the Plan, and that claim for benefit is granted, the amount in the Participant’s Account that was treated as a forfeiture shall be paid to the Participant or Beneficiary without regard to any subsequent gain or loss.
		

		
			Section 8.8.       Claims Procedure.  (a)  Filing of Claim.  If any Participant or Beneficiary believes he or she is entitled to benefits under the Plan in an amount greater than those which he or she is receiving or has received, the Participant or Beneficiary (or his or her duly authorized representative) may file a claim with a subcommittee designated by the Committee (the “Claim Review Subcommittee”).  Such a claim shall be in writing and state the nature of the claim, the facts supporting the claim, the amount claimed and the address of the claimant.
		

		
			(b)  Initial Review of Claim.  The Claim Review Subcommittee shall review the claim and, unless special circumstances require an extension of time, within 90 days after receipt of the claim give written or electronic notice to the claimant of its decision with respect to the claim.  If special circumstances require an extension of time, the claimant shall be so advised in writing within the initial 90-day period and in no event shall such an extension exceed 90 days.  The notice of the decision of the Claim Review Subcommittee with respect to the claim shall be written in a manner calculated to be understood by the claimant and, if the claim is wholly or partially denied, shall set forth the specific reasons for the denial, specific references to the pertinent Plan provisions on which the denial is based, a description of any 
		

		 

		

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		additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary, and an explanation of the appeals procedure under the Plan and the time limits applicable to such procedure (including a statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA following the final first denial of a claim).
		

		
			(c)  Appeal of Claim Denial.  The claimant (or his or her duly authorized representative) may request a review of the denial by filing with the full Committee a written request for such review within 60 days after notice of the denial has been received by the claimant.  Within the same 60-day period, the claimant may submit to the Committee written comments, documents, records and other information relating to the claim.  Upon request and free of charge, the claimant also may have reasonable access to, and copies of, documents, records and other information relevant to the claim:
		

		
			(d)  Review of Claim Denial.  If a request for review is so filed, review of the denial shall be made by the Committee and the claimant shall be given written or electronic notice of the Committee’s final decision within 60 days after receipt of such request, unless special circumstances require an extension of time.  If special circumstances require an extension of time, the claimant shall be so advised in writing within the initial 60-day period and in no event shall such an extension exceed 60 days.  If the appeal of the claim is wholly or partially denied, the notice of the Committee’s final decision shall include specific reasons for the decision, specific references to the pertinent Plan provisions on which the decision is based and a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all relevant documents, records and information.  The notice shall be written in a manner calculated to be understood by the claimant and shall notify the claimant of his or her right to bring a civil action under Section 502(a) of ERISA.
		

		
			ARTICLE IX
		

		
			﻿
		

		
			Amendment or Termination
		

		
			Section 9.1.       Amendment.  ServiceMaster shall have the right to amend the Plan from time to time, provided that no such amendment shall reduce the amount credited to a Participant’s Account without the consent of the Participant or, if the Participant is deceased, his or her Beneficiary.  The Plan shall be amended by resolutions duly adopted by the Board or, to the extent the amendment (i) is required or deemed advisable as a result of legislation, regulation, or other actions, (ii) concerns routine or administrative matters or (iii) does not materially affect the cost of the Plan to any Employer, by either the Board or the Committee.
		

		
			Section 9.2.       Plan Termination.  The Board may, in its discretion, terminate the Plan with respect to some or all Accounts and accelerate the payment of such Accounts:
		

		
			(a)  within 12 months of a corporate dissolution taxed under section 331 of the Code, or with the approval of a bankruptcy court pursuant to 11 U.S.C.  §503(b)(1)(A), provided that the payments with respect to each such Account are included in the Participant’s 
		

		 

		

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		gross income in the latest of (i) the calendar year in which the Plan termination occurs, (ii) the calendar year in which such Account becomes vested or (iii) the first calendar year in which the payments are administratively practicable;
		

		
			(b)  in connection with a “change in control event,” as defined in, and to the extent permitted under, Treasury regulations promulgated under section 409A of the Code; or
		

		
			(c)  upon any other termination event permitted under section 409A of the Code.
		

		
			ARTICLE X
		

		
			﻿
		

		
			General Provisions
		

		
			Section 10.1.      Applicable Law.  The provisions of this Plan shall be construed and interpreted in accordance with the laws of the State of Illinois, except as preempted by ERISA, the Code and other Federal law.
		

		
			Section 10.2.      Assumption of Company Liability.  ServiceMaster’s obligations under the Plan may be assumed by any subsidiary of ServiceMaster, in which case such subsidiary shall be obligated to satisfy all of ServiceMaster’s obligations under the Plan and ServiceMaster shall be released from any continuing obligation under the Plan.  At ServiceMaster’s request, each Participant or designated Beneficiary shall sign such documents as ServiceMaster may require in order to effect the purposes of this subsection.  If an Employer ceases to be a subsidiary of ServiceMaster, each Participant employed by such Employer shall be deemed to have terminated employment with the ServiceMaster Companies for purposes of determining Years of Service under this Plan.
		

		
			Section 10.3.      Number and Headings.  Wherever any words are used herein in the singular form they shall be construed as though they were also used in the plural form in all cases where they would so apply.  Headings of sections and subsections of the Plan are inserted for convenience of reference and are not part of the Plan and are not to be considered in the construction thereof.
		

		
			Section 10.4.      Immunity of Board and Committee Members.  The members of the Board and the Committee may rely upon any information, report or opinion supplied to them by an officer of ServiceMaster or any legal counsel, independent public accountant or actuary, and shall be fully protected in relying upon any such information, report or opinion.  No member of the Board or the Committee shall have any liability to the ServiceMaster Companies or any Participant, former Participant, designated Beneficiary, person claiming under or through any Participant or designated Beneficiary or other person interested or concerned in connection with any decision made by such member pursuant to the Plan which was based upon any such information, report or opinion if such member reasonably relied thereon in good faith.
		

		 

		

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			Section 10.5.      Non-alienation of Benefits.  A Participant’s rights to the amount credited to his or her Account under the Plan shall not be grantable, transferable, pledgeable or otherwise assignable, in whole or in part, by the voluntary or involuntary acts of any person, or by operation of law, and shall not be liable or taken for any obligation of such person.  Any such attempted grant, transfer, pledge or assignment shall be null and void and without any legal effect.
		

		
			Section 10.6.      Notices.  Any notice required to be given by the Employers or the Committee hereunder shall be in writing and shall be delivered in person or by U.S. mail, interoffice mail, express courier service or electronic mail.
		

		
			Section 10.7.      Plan Not to Affect Employment Relationship.  Neither the adoption of the Plan nor its operation shall in any way affect the right and power of the Employers to dismiss or otherwise terminate the employment or change the terms of the employment or amount of compensation of any Participant at any time for any reason with or without cause.  By accepting any payment under the Plan, each Participant, former Participant, designated Beneficiary and each person claiming under or through such person, shall be conclusively bound by any action or decision taken or made or to be taken or made under the Plan by the Board or the Committee.
		

		
			Section 10.8.      Severability.  If any provision of the Plan shall be held illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining provisions of the Plan, and the Plan shall be construed and enforced as if illegal or invalid provisions had never been set forth herein.
		

		
			Section 10.9.      Successors and Assigns.  The Plan is binding on all persons entitled to benefits hereunder and their respective heirs and legal representatives, on the Committee and its successor, on the Employers, and on ServiceMaster and its successors.
		

		
			Section 10.10.     Withholding for Taxes.  Notwithstanding anything contained in the Plan to the contrary, the appropriate amounts shall be withheld from any distribution made under the Plan or from a Participant’s Compensation as may be required for purposes of complying with applicable Federal or state tax withholding requirements.
		

		
			Section 10.11.     Compliance With Section 409A of Code.  This Plan is intended to comply with the provisions of section 409A of the Code, and shall be interpreted and construed accordingly.  The Committee shall have the discretion and authority to amend the Plan at any time to satisfy any requirements of section 409A of the Code or guidance provided by the U.S. Treasury Department to the extent applicable to the Plan. 
		

		 

		

			16Exhibit

Exhibit 10.16

CONFIDENTIAL SEPARATION AGREEMENT AND RELEASE

THIS CONFIDENTIAL SEPARATION AGREEMENT AND RELEASE (“Agreement”) is entered into by and between Actuant Corporation (the “Corporation”), and David M. Sefcik, an individual (“Employee”) (collectively, the “Parties”).
RECITALS
WHEREAS, Employee is the Executive Vice President, Industrial of the Corporation and Director Actuant India Pvt.
WHEREAS, Employee’s employment with the Corporation shall terminate effective August 9, 2016, as the result of a position elimination.
WHERAS, Corporation and Employee desire to enter into this Agreement in connection with Employee’s separation of employment.
WHEREAS, this Agreement embodies all of the separation terms and conditions and shall constitute the complete agreement between the Parties.
NOW, THEREFORE, in consideration of the promises contained herein and for good and valuable consideration, the sufficiency of which is acknowledged, the Parties agree as follows:

AGREEMENT

1. Recitals.  The foregoing recitations are true, correct, and incorporated herein.
2. Separation of Employment.  Employee’s employment with the Corporation is terminated effective August 9, 2016 (the “Separation Date”).  Employee will receive the final paycheck for wages earned by Employee through the Separation Date on the August 26, 2016 payroll.  This final paycheck will include payment for any accrued but unused vacation.  
3. Resignation from Board of Directors.  Employee resigns any and all officer and/or director positions Employee holds for the Corporation effective on the Separation Date, including the position of Director Actuant India Pvt.  Employee shall willingly cooperate with the Corporation’s reasonable requests to effectuate Employee’s resignation including executing resignation letters, should additional information and/or execution of documents be necessary or desirable.
4. Severance Payments.  The Corporation will pay Employee severance for the fifty-two (52) week period following the Separation Date, at the weekly gross rate of Eight Thousand, One Hundred and Seventy-three and 08/100 Dollars ($8,173.08), from which all applicable payroll taxes and withholdings will be deducted (the “Severance Payment”).  Except as provided in Section 13 below, the Severance Payment will be paid to Employee in biweekly installments in accordance with the Corporation’s usual payroll practices, with the first payment to be made on the Corporation’s first regular payroll date following the Effective Date of the Agreement.  The Severance Payment will be allocated to the fifty-two (52) week period following the Separation Date for purposes of unemployment compensation.  This Severance Payment is made in lieu of any other agreement or policy which may convey any right to Employee to severance pay, including any Corporation severance policy.  Employee shall have no right to any severance other than outlined in this Agreement.  The period during which the Severance Payment is being paid is the “Severance Period.” 
5. Bonus Pay.  The Corporation will pay Employee a 2016 bonus (if any) based on what Employee would have earned on a full 2016 fiscal year basis based on Industrial Segment results (“Bonus Payment”).   Except as provided in Section 13, the Bonus Payment shall be paid at the time other employee bonuses are paid after the Corporation finalizes its fiscal year results in October or November 2016.  Employee will not be eligible for any Bonus Pay in fiscal year 2017 and beyond.
6. Equity Awards.  The disposition of the Employee’s outstanding equity awards shall be as follows:
(a)Stock Options. All outstanding stock options held by Employee that are scheduled to vest within two (2) years of the Separation Date  shall become fully vested as of October 4, 2016, and each stock option shall be exercisable through the expiration date thereof.  All other unvested stock options held by Employee will be forfeited by Employee without any payment thereunder.  
(b)Restricted Stock  Units.  All Restricted Stock Units (“RSU’s”) held by Employee that are scheduled to vest within two (2) years of the Separation Date shall become fully vested as of October 4, 2016.  All other unvested RSU’s held by Employee will be forfeited by Employee without any payment thereunder.
(c)Performance Stock Units.  All Performance Stock Units (“PSU’s”) held by Employee that are scheduled to vest within two (2) years of the Separation Date will remain in force.  Following completion of the performance period applicable to each performance share award that remains in force, Employee shall be issued the full number of shares of common stock that would otherwise have been payable under such performance share award based on achievement of the performance objectives as if Employee’s employment had not been terminated.  All other unvested PSU’s held by Employee will be forfeited without any payment thereunder.  

7. Supplemental Executive Retirement Plan; Deferred Compensation Plan.  Employee's eligibility to participate in the Supplemental Executive Retirement Plan (“SERP”) will end on the Separation Date and no contributions will be made thereunder with respect to any period after the Separation Date, it being agreed that Employer will make a company contribution on behalf of Employee for the plan year ending August 31, 2016. Employee's eligibility to participate in the Deferred Compensation Plan (“DCP”) will end on the Separation Date and no contributions will be made thereunder with respect to any period after the Separation Date, it being understood that Employer will make a non-qualified core and restoration contribution for Employee for the plan year ending August 31, 2016. Payments under the SERP will be made in accordance with the terms thereof. Payments under the DCP, including disposition of RSU deferrals, will be made pursuant to the terms of the DCP and the deferral elections thereunder.  
8. Outplacement Services.  The Corporation will provide outplacement services not to exceed the total amount of Forty Thousand and 00/100 Dollars ($40,000) (“Outplacement Cap”) for a period of up to twelve (12) consecutive months following the Separation Date  provided Employee begins participation within fourteen (14) days of the Effective Date.  The Corporation’s payment for outplacement shall terminate upon the earliest of the following dates: (a) August 9, 2017; (b) Employee accepts alternative employment; (c) Employee stops using the outplacement services for 30 days; (d) the Outplacement Cap is reached.
9. Benefits
(a)Group Health Insurance Benefits and COBRA Allowance.  Following Employee’s separation of employment, the Corporation will continue to provide medical, dental, and vision coverage through the end of the month of the Separation Date.  COBRA continuation for coverage under the Corporation’s Medical/Dental/Vision Plans will become available for election by Employee on the first day of the calendar month next following the Separation Date.  The Employee will be offered COBRA continuation for the medical, dental and vision coverage.
(b)Should Employee elect COBRA coverage, beginning the month following the Separation Date through August 31, 2017, Employee will continue to be eligible for coverage under the group medical plans of Employer at active employee rates (which coverage, for avoidance of doubt, shall run concurrent with required COBRA coverage).
(c)Employee understands that the special benefits that Employee will receive by the timely signing and not revoking this release, the Corporation will pay the cost of COBRA coverage, in excess of my current monthly contribution, for the twelve (12) months following the Separation Date, through August 2017, provided Employee continues to make timely payments in the amount of Employee’s current contribution during the foregoing period.  Thereafter, starting September 1, 2017, Employee shall be responsible for paying the full cost of any continued coverage under COBRA.  Employee understands that the coverage contributions must be paid directly to the COBRA Administrator and that contributions are not deducted from Severance Payments.  Employee understands that in October or November 2016, Employee will elect benefits during the 2017  Benefits Open Enrollment and that benefit rates may change starting January 1, 2017 based on new calendar year Corporation rates.
10. Termination of Other Benefits and Change in Control Agreement.  Except as provided herein, Employee’s eligibility for coverage under the benefit plans of the Corporation, as may be applicable, will end on the Separation Date.  More specifically, Employee is not eligible to participate in any Corporation bonus plan except as otherwise outlined in this Agreement.  To the extent provided for under the terms of certain benefit plans, Employee’s benefits may continue until the end of the month during which Employee’s employment terminates, or longer, depending on Employee’s eligibility to continue such benefits at Employee’s own expense pursuant to applicable federal and state law.  Notwithstanding the foregoing, nothing in this Agreement shall reduce or eliminate vested rights or benefits under any retirement plan (qualified or nonqualified), medical plan or any other employee welfare benefit plan.  Employee shall continue to be eligible for the Change in Control benefits under the  Change in Control Agreement for David M. Sefcik dated October 13, 2014 should the Corporation experience a Change in Control within six (6) months of the Separation Date, provided any and all requirements under that Change in Control Agreement are met, except  all payments and other benefits paid by the Corporation pursuant to this Agreement shall be offset against any payments and benefits that may become due under the Change in Control Agreement.  Any other change in control agreements to which Employee may be a party with the Corporation are hereby terminated.

11. Stock Transactions.  Employee agrees that as a former executive of the Corporation, he may be subject to insider trading restrictions and guidelines for six (6) months following the Separation Date, including 401(k) transactions, sales of stock, and transactions with regard to stock options.  During this period, all stock transactions must be approved by the Executive Vice President and Chief Financial Officer, Andrew Lampereur.
12. Taxes.  It is Employer’s intention that all payments of benefits provided under this Agreement comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), including, without limitation, the six-month delay for payments of deferred compensation to “key employees” upon separation from service pursuant to Section 409A(a)(2)(B)(i) of the Code (if applicable), and this Agreement shall be interpreted, administered, and operated accordingly.  If under this Agreement an amount is to be paid in installments, each installment shall be treated as a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2)(ii).  Notwithstanding anything to the contrary herein, Corporation does not guarantee the tax treatment of any payments or benefits under this agreement, including, without limitation, under the Code, federal , state, local, or foreign tax laws and regulations.  Employee’s right to payment of the amounts and receipt of benefits due under Sections 4, 5, 6, 7, 8, 9, and 10 of this Agreement shall be subject to and contingent upon execution and non-revocation of this Agreement in accordance with Section 33 (the “Release Condition”). For the avoidance of doubt, in no event shall any amount ever be payable under Sections 4, 5, 6, 7, 8, 9, and 10 if, prior to the thirtieth (30th) day following his Separation Date, either (A) Employee has not executed this Agreement, or (B) this agreement has not become irrevocable (the “30-day Release Condition Period”).  Payments that would be payable during the 30-day Release Condition Period, but for the application of the previous two sentences, shall instead be paid in the first payroll period following the Effective Date (as long as the requirements of the previous two sentences have been met).  Notwithstanding the foregoing, in the event that the 30-day Release Condition Period spans two calendar years, then regardless of the date on which Employee satisfies the Release Condition, all payments or benefits that would otherwise be due under Sections 4, 5, 6, 7, 8, 9, and 10 of this Agreement shall not be paid or commence, as applicable, until the first day of the second calendar year encompassing the 30-day Release Condition Period.   The Corporation may deduct all applicable payroll taxes and withholdings from any payments under this Agreement.
13. General Release by Employee.  Employee, for himself, his successors, administrators, heirs, and assigns, hereby releases the Corporation, all of its related and affiliated entities, and all of their respective current and former officers, directors, shareholders, managers, employees, attorneys, agents, successors, heirs, assigns, and insurers (“Released Parties”) from any and all claims for sums of money, accounts, claims for attorneys’ fees, costs or expenses, causes of action, demands, damages, obligations, promises, agreements, controversies, suits, rights, losses, debts, or liabilities of any kind or character whatsoever (“Claims”), whether known or unknown, which Employee has, had, or might have been able to assert or make based on any action, omission, or conduct of any kind on the part of the Released Parties from the beginning of time up to Employee’s execution of this Agreement.  
Without limiting the generality of the foregoing, this Release specifically applies to:
(a)    Any and all Claims for wrongful discharge, misrepresentation, defamation, fraudulent concealment, negligent supervision, negligent or intentional infliction of emotional distress, tortious interference with contractual relations, restitution, payment of monies such as wages, vacation pay, and other paid time, payment of attorneys’ fees or costs, outrageous behavior, breach of express or implied contract, promissory estoppel, breach of fiduciary duty, violation of corporate by-laws or corporate governance documents, violation of statute, breach of the implied duty of good faith, or under any other theory of recovery; and
(b)    Any and all Claims under or pursuant to the Americans with Disabilities Act, the Age Discrimination in Employment Act (which protects persons 40 and over against age discrimination), Title VII of the Civil Rights Act of 1964, as amended, the Genetic Information Nondiscrimination Act of 2008, the Family and Medical Leave Act, the Equal Pay Act, the Reconstruction Era Civil Rights Acts, United States Executive Orders 11246 and 11375, 42 U.S.C. § 1981, as amended, and § 1985, the Occupational Safety and Health Act, the Consolidated Omnibus Budget Reconciliation Act of 1985, the Employee Retirement Income Security Act of 1974, the Fair Labor Standards Act, federal, state, or local wage payment laws, federal, state, or local whistleblower laws, federal, state, or local family and/or medical leave laws, or any other federal, state, or local law, statute, ordinance, rule, regulation, or Executive order relating to employment and/or discrimination in employment, and/or any Claims to attorneys' fees or costs thereunder.
Further, Employee confirms that, as of the date of this Agreement, Employee has not suffered any on-the-job or work-related accident, injury, occupational disease, or disability, whether temporary, permanent, partial, or total.  

This Section 14 is essential and material to this Agreement and without such general release, no agreement would have been reached by the Parties.
Notwithstanding the foregoing or anything else in this Agreement, this Agreement shall not preclude Employee from filing a complaint or charge with any governmental agency, or from participating in an investigation by a governmental agency, or from reporting possible violations of law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, to the extent Employee’s right to do so is not subject to waiver.  This Agreement also does not waive or release (i) any claims that Employee might have that arise after Employee’s execution of this Agreement; (ii) Employee’ right to enforce the terms of this Agreement; or (iii) any rights which cannot be waived as a matter of law; (iv) any rights or claims for indemnification or advancement of expenses Employee may have under applicable laws, under the applicable constituent documents (including bylaws and articles of incorporation) of Corporation, under any applicable insurance policy of Corporation may maintain, or any other agreement Employee may have with the Corporation relating to his service as a Director and/or Officer (as such terms are defined in Employee’s bylaws as in effect on the Effective Date).  
14. No Pending Claim.  As of the Effective Date, Employee has no current charge, complaint, grievance or other proceeding pending against the Released Parties before any local, state or federal agency or court.  
15. Transition Assistance During Severance Period.  During the Severance Period, Employee will provide reasonable cooperation and assistance with transitional issues to the Corporation, at reasonable times and places and in reasonable amounts.  These transitional assistance services shall be provided without additional payment to Employee beyond the Severance Payment and other benefits outlined in this Agreement, except for reimbursement of pre-approved (in writing) reasonable expenses, if any, in accordance with the Corporation’s expense reimbursement policies and practices.
16. Restrictive Covenants.  As a member of the Corporation’s executive leadership, during Employee’s employment with the Corporation, Employee had access to and in-depth knowledge of Confidential Information regarding the Corporation and its affiliates, including about customers, strategy, product development, finances and business plans.  Employee’s access to Confidential Information, customers, strategy, product development, finances and business plans was not limited to the Industrial Segment but included the entire Corporation. 
(a)Definitions:  For the purposes of this Agreement, the following definitions shall apply:
(i)“Actuant Industrial” means Actuant Corporation’s Industrial Segment, including any and all Actuant Corporation direct and indirect subsidiaries within Actuant’s Industrial Segment as of the date of this Agreement, including but not limited to Precision Hayes International, Inc., and the following business units within Actuant Corporation: Enerpac, Milwaukee Cylinder, Simplex, Larzep Hydraulic..
(ii)“Competing Company” means the following companies: Power Team, a subsidiary of SPX Corporation, HyTorc, a division of UNEX Corporation, the division or segment of SFA Companies responsible for BVA Hydraulics, RAD Torque Systems, the division or segment of Maschinenfabrik Wagner GmbH & Co. KG responsible for the Plarad brand, all Hi-Force company business units that compete with Actuant Industrial,  Lukas Haudraulik GmbH, a unit of IDEX Corporation, General Technologies, Inc., STS Systems Pty Ltd., TorcUP, Dorman Long Technology, Bosch Rexroth AG, and any division or unit of the following companies that produce or sell products competitive with Actuant Industrial: Atlas Copco, Ingersoll-Rand, Parker International, Stanley Black and Decker, and Snap-On .  The aforementioned list of Competing Companies was discussed and negotiated between the parties and agreed to be direct competitors of Actuant Industrial.
(iii)“Competing Product” means any product or service which is sold or provided in competition with a product or service that is, as of the end of Employee’s employment with Corporation, either (a) sold or provided by Actuant Industrial or (b) is in the process of development for sale by the Actuant Industrial within twelve months after the end of Employee’s employment with Corporation; provided, however, the term Competing Product is limited to products or services sold or provided in competition with products or services which:  
(1)Employee sold or provided on behalf of the Actuant Industrial ;
(2)one or more Corporation employees or business units managed or directed by Employee sold or provided on behalf of Actuant Industrial;

(3)were designed, developed, tested, distributed, marketed, provided or produced by Employee (individually or in collaboration with other Actuant Industrial employees) or one or more Actuant Industrial employees or business units managed or directed by Employee; or
(4)which were designed, tested, developed, distributed, marketed, produced, sold or provided by Actuant Industrial with management or executive support from Employee, at any time during the twelve months immediately preceding the end of Employee’s employment with the Corporation.
(iv)“Confidential Information” means information (to the extent it is not a Trade Secret), whether oral, written, recorded, magnetically or electronically or otherwise stored, and whether originated by the Employee or otherwise coming into the possession or knowledge of the Employee, which is possessed by or developed for the Corporation and/or Actuant Industrial which relates to the Corporation’s and/or Actuant Industrial’s existing or potential business, which information is not reasonably ascertainable by the Corporation’s or Actuant Industrial’s competitors or by the general public through lawful means, and which information the Corporation and/or Actuant Industrial treats as confidential, including information regarding the Corporation and/or Actuant Industrial’s business affairs, plans, strategies, products, designs, finances, computer programs, research, customers, purchasing, marketing, and other information
(v)“Key Employee” means any person who at the Separation Date is employed or engaged by Corporation or Actuant Industrial, and with whom Employee has had material contact in the course of employment during the twelve (12) months immediately preceding the Separation Date, and such person is in possession of Confidential Information and/or Trade Secrets of Corporation or Actuant Industrial.
(vi)“Key Services” means services of the type performed by a Management Employee, Key Employee or Supervised Employee for the Corporation or Actuant Industrial during the final twelve (12) months preceding the Separation Date, but shall not include clerical, menial, or manual labor.
(vii)“Management Employee” means any person who at the Separation Date is employed or engaged by Corporation or Actuant Industrial, and with whom Employee has had material contact in the course of employment during the twelve (12) months immediately preceding the Separation Date, and such person is a manager, officer, director, or executive of Corporation or Actuant Industrial.
(viii)“Restricted Customer” means a customer of Actuant Industrial to which Employee, or one or more individuals or Actuant Industrial business units supervised, managed, or directed by Employee, sold or provided products or services on behalf of or as part of Employee’s employment with the Corporation during the twelve-month period immediately preceding the last date of Employee’s employment with the Corporation.  
(ix)“Strategic Customer” means a customer of Actuant Industrial that purchased a product or service from the Actuant Industrial during the twelve-month period immediately preceding the last date of Employee’s employment with the Corporation, but is limited to individuals and entities concerning which Employee learned, created or reviewed Confidential Information or Trade Secrets on behalf of the Corporation and/or Actuant Industrial during the twelve-month period immediately preceding the last date of Employee’s employment with the Corporation.
(x) “Supervised Employee” means any person who at the Separation Date is employed or engaged by Corporation and/or Actuant Industrial, and with whom Employee has had material contact in the course of employment during the twelve (12) months immediately preceding the Separation Date, and such person was directly managed by or reported to Employee during the last 12 months prior to the Separation Date.
(xi)“Third Party Confidential Information” means information received by the Corporation and/or Actuant Industrial from others that Corporation or Actuant Industrial has an obligation to treat as confidential.
(xii)“Trade Secret” means a Trade Secret as that term is defined under Wisconsin law. 
(xiii)“Restricted Territory” means states, provinces or territories within the United States or other countries in which Actuant Industrial
(1)provided products or services; 

(2)sold or solicited the sale of products or services;
Notwithstanding the above, the term “Restricted Territory” is limited to states, provinces or territories within the United States or other countries in which the Actuant Industrial sold or provided in excess of $100,000 worth of products or services in the twelve-month period immediately preceding the end of Employee’s employment with Corporation.
(b)Limited Restriction on Misuse of Goodwill.  For twelve months following the end of Employee’s employment with the Corporation, for whatever reason, Employee shall not sell or solicit the sale of a Competing Product to a Restricted Customer.  This Paragraph shall not bar Employee from performing clerical, menial or manual labor, and shall apply to Employee only if Employee was engaged in or managed or directed sales activities on behalf of the Corporation during the final twelve months of Employee’s employment with the Corporation.
(c)Limited Restriction on Assisting Misuse of Goodwill.  For twelve months following the end of his/her employment with the Corporation, for whatever reason, Employee shall not manage, direct or assist another person or entity in selling or soliciting the sale of a Competing Product to a Restricted Customer.  This Paragraph shall not bar Employee from performing clerical, menial or manual labor and shall apply to Employee only if Employee was engaged in or managed or directed sales activities on behalf of the Corporation during the final twelve months of Employee’s employment with the Corporation.
(d)Limited Restriction on Misuse of Information.  For twelve months following the end of his/her employment with the Corporation, for whatever reason, Employee shall not sell or solicit the sale of a Competing Product to a Strategic Customer.  This Paragraph shall not bar Employee from performing clerical, menial or manual labor, and shall apply to Employee only if Employee was engaged in or managed or directed sales activities on behalf of the Corporation during the final twelve months of Employee’s employment with the Corporation.
(e)Limited Restriction on Assisting Misuse of Information.  For twelve months following the end of his/her employment with the Corporation, for whatever reason, Employee shall not manage, direct or assist another person or entity in selling or soliciting the sale of a Competing Product to a Strategic Customer.  This Paragraph shall not bar Employee from performing clerical, menial or manual labor and shall apply to Employee only if Employee was engaged in sales activities on behalf of the Corporation during the final twelve months of Employee’s employment with the Corporation.
(f)Limited Territorial Restriction- Executive and Management Activities.  For twelve months following the end of his/her employment with the Corporation, for whatever reason, Employee shall not perform services of the type Employee performed for the Corporation during the twelve-month period immediately preceding the end of Employee’s employment with the Corporation as part of the business of selling, soliciting the sale of or providing Competing Products in the Restricted Territory for a Competing Company, or as part of the business of designing, testing, developing or producing Competing Products for sale in Restricted Territory for a Competing Company.  This Paragraph shall not bar Employee from performing clerical, menial or manual labor, and shall apply to Employee only if Employee was engaged in executive or management activities on behalf of the Corporation during the final twelve months of Employee’s employment with the Corporation.
(g)Limited Territorial Restriction -Marketing Activities.  For twelve months following the end of his/her employment with the Corporation, for whatever reason, Employee shall not perform services of the type Employee performed for the Corporation during the twelve-month period immediately preceding the end of Employee’s employment with the Corporation for a Competing Company as part of the business of marketing Competing Products for sale in the Restricted Territory.  This Paragraph shall not bar Employee from performing clerical, menial or manual labor, and shall apply to Employee only if Employee was engaged in marketing activities on behalf of the Corporation during the final twelve months of Employee’s employment with the Corporation.
(h)Limited Territorial Restriction - Design, Development, Production and Testing Activities.  For twelve months following the end of his/her employment with the Corporation, for whatever reason, Employee shall not perform services of the type Employee performed for the Corporation during the twelve-month period immediately preceding the end of Employee’s employment with the Corporation for Competing Company as part of the business of designing, testing, developing or producing Competing Products for sale in the Restricted Territory for a Competing Company.  This Paragraph shall not bar Employee from performing clerical, menial or manual labor and shall apply to Employee only if Employee was engaged in or managed or directed product design, development, production or testing activities on behalf of the Corporation during the final twelve months of Employee’s employment with the Corporation.
(i)Non-solicitation of Employees.  

(i)Non-solicitation of Management Employees.  For twelve (12) months following the Separation Date, Employee shall not, without the prior written consent of Corporation, encourage, cause, or solicit, or assist others in encouraging, causing, or soliciting, a Management Employee to terminate their employment with Corporation or Actuant Industrial to provide Key Services in competition with the Corporation or Actuant Industrial unless such Management Employee has already ceased employment with Corporation or Actuant Industrial.  
(ii)Non-solicitation of Key Employees. For twelve (12) months following the Separation Date, Employee shall not, without the prior written consent of Corporation, encourage, cause, or solicit, or assist others in encouraging, causing, or soliciting, a Key Employee to terminate their employment with Corporation or Actuant Industrial to provide Key Services in competition with Corporation or Actuant Industrial, unless such Key Employee has already ceased employment with Corporation or Actuant Industrial.
(iii)Non-solicitation of Supervised Employees. For twelve (12) months following the Separation Date, Employee shall not, without the prior written consent of Corporation, encourage, cause, or solicit, or assist others in encouraging, causing, or soliciting, a Supervised Employee to terminate their employment with Corporation or Actuant Industrial to provide Key Services in competition with Corporation or Actuant Industrial, unless such Supervised Employee has already ceased employment with Corporation or Actuant Industrial.
(j)Obligation Not to Disclose Trade Secrets.  Prior to and after the Separation Date, Employee shall not use or disclose the Corporation’s or Actuant Industrial’s Trade Secrets so long as they remain Trade Secrets.  Nothing in this Agreement shall limit either Employee’s statutory and other duties not to use or disclose the Corporation’s or Actuant Industrial’s Trade Secrets, or the Corporation’s or Actuant Industrial’s remedies in the event Employee uses or discloses the Corporation’s or Actuant Industrial’s Trade Secrets.
(k)Obligations Not to Disclose or Use Confidential Information.  During the two (2) year period commencing at the Separation Date, Employee will not use or disclose any Confidential Information, whether such Confidential Information is in Employee’s memory or it is set forth electronically, in writing or other form.  This prohibition does not prohibit Employee’s disclosure of information after it ceases to meet the definition  of “Confidential Information,” or Employee’s use of general skills and know-how acquired during and prior to employment by the Corporation, as long as such use does not involve the use or disclosure of Confidential Information; nor does this prohibition restrict Employee from providing prospective employers with an employment history or description of Employee’s duties with the Corporation, so long as Employee does not use or disclose Confidential Information.  Notwithstanding the foregoing, if Employee learns information in the course of employment with the Corporation which is subject to a law governing confidentiality or non-disclosure, Employee shall keep such information confidential at least for so long as required by law. Nothing in this release shall be construed to prevent Employee from communicating with any United States government agency regarding matters within the agency’s jurisdiction.
17. Return of Property and Restrictive Covenants.  No later than 5:00 p.m. on the Separation Date, Employee shall provide to Gene Skogg, Executive Vice President Human Resources, any and all originals and copies in Employee’s possession, custody, or control of any and all Corporation property, including but not limited to keys, key cards, files and records, documents, electronically stored information or writings, software, computer hardware, printers, wireless handled devices, phones, identification cards, credit cards, and any material of any kind that contain confidential information of the Corporation or its customers or clients (“Company Property”).  Employee shall not make, retain, or transfer to any third party any copies of Company Property.  Should Employee inadvertently retain and later realize that Employee has retained any such Corporation Property, Employee shall notify and return such Corporation Property to the Corporation within two (2) calendar days of Employee’s discovery.  Notwithstanding the foregoing, Employee may retain his Employer issued cell phone and cell phone number provided Employee first delivers his cell phone to the Corporation for the removal of all Corporation data.  No later than five (5) business days after the Effective Date, Employee will complete, execute and deliver to the cell phone service provider such documents as may be required to affect the transfer of the cell phone service, cell phone and cell phone number to Employee.
18. No Admission.  This Agreement is entered into for the sole purpose of concluding all matters between Employee and the Corporation based upon defined rights and obligations.  Neither this Agreement nor its contents is an admission of any liability by the Corporation, or any of the Released Parties.  Any such liability is expressly and vigorously denied.
19. No Other Compensation.  Employee is not owed nor shall Employee accrue or be entitled to receive any other wages, salary, benefits, bonuses, incentives, fees, stock options, commissions or any other form of benefits, compensation or remuneration of any kind from the Corporation and/or the Released Parties, except as set forth in this Agreement.  

20. Confidentiality.  Unless required or protected by law, or pursuant to a lawfully issued subpoena, Employee may not and will not disclose to nor discuss with any person other than Employee’s spouse, accountant, or attorney(s), any person any information regarding the circumstances leading up to and surrounding this Agreement or the negotiation, existence, and terms of this Agreement.  Employee shall advise Employee’s spouse, accountant, or attorney(s) of Employee’s obligations under this Section at the time any disclosure is made.  Disclosure of the negotiation, existence, or terms of this Agreement by Employee’s spouse, accountant or attorney(s) shall be deemed to be disclosure by Employee for purposes of this Section. 
21. Non-Disparagement.  Employee shall not publish or utter, whether in writing or orally, any  disparaging statements about the character, competence, integrity, or business practices of the Corporation, its officers, directors, managers, supervisors, employees, or agents.  Nothing in this Agreement, however, shall prevent Employee from providing truthful testimony as required by law or from engaging in any activities protected by law.   Nothing in this release shall be construed to prevent Employee from communicating with any United States government agency regarding matters that are within the agency’s jurisdiction.  Corporation agrees that no officer or director of Corporation will make any disparaging statements, whether written, oral or electronic to any third party about Employee, unless unless compelled to do so as part of the judicial process as part of any litigation between the parties related to this Agreement. Corporation also agrees to provide a non-disparaging reference letter on Actuant letterhead within 10 days of the Effective Date of this Agreement
22. Litigation Cooperation.  Upon reasonable notice by the Corporation and subject to Employee’s reasonable availability, Employee will cooperate fully with Corporation with respect to any litigation or other matter related to Employee’s employment with Corporation and will provide all assistance requested by the Corporation in connection therewith, including but not limited to participation in meetings, depositions, conference calls, trial testimony, and consultation with outside counsel.  Employee may not and will not discuss with anyone outside the Corporation any litigation or the subject matter thereof or related thereto without prior consultation with and approval of the Corporation.  Nothing in this Agreement, however, shall prevent Employee from providing truthful testimony as required by law or from engaging in any activities protected by law.    
23. Post-Employment References.  Employee will direct prospective employers seeking information concerning Employee’s employment with the Corporation to send their inquiries, in writing, to the attention of Gene Skogg, Executive Vice President Human Resources, N86 W12500 Westbrook Crossing, Menomonee Falls, WI 53051.  The Corporation will respond only to written inquiries and, in accordance with its policy, will limit its response to Employee’s dates of employment and last position held.  
24. Forum Selection.  Any dispute between the Parties arising out of or related to this Agreement shall be heard only by the Circuit Court of Waukesha County, Wisconsin, or by the United States District Court for the Eastern District of Wisconsin; and the Parties hereby consent to the Circuit Court of Waukesha County, Wisconsin, or the United States District Court for the Eastern District of Wisconsin, as the exclusive venues for resolving any such disputes.
25. Applicable Law.  Except to the extent governed by federal law, this Agreement shall be governed by and construed in accordance with the internal laws of the State of Wisconsin, excluding any that mandate the use of another jurisdiction’s laws.
26. Severability.  The provisions of this Agreement are severable.  If any provision is adjudged void, unenforceable, or contrary to law, it is the intention of the parties that such provision shall not thereby be terminated, but shall be deemed amended to the extent required to render it valid and enforceable, such amendment to apply only in the jurisdiction of the court which has made such adjudication.  The balance of the Agreement nonetheless will remain in full force and effect.
27. Complete Agreement.  This Agreement and any agreement between the Corporation and Employee restricting Employee’s post-employment activities constitute the entire agreement between the parties.  Any and all prior or contemporaneous agreements or understandings that are not embodied in this Agreement or agreement governing post-employment activities are of no force or effect.  Moreover, the terms of this Agreement may not be modified, except by written agreement signed by both Parties.  
28. Counterparts.  This Agreement may be executed in multiple counterparts, each of which shall constitute an original but all of which together shall constitute one and the same instrument.  The Parties further agree that facsimile or .pdf signatures shall be treated as originals.
29. Acknowledgments.  The Parties to this Agreement, and each of them, represent that no promise, inducement, or agreement not herein expressed has been made regarding the Agreement; that in executing this Agreement, they have had the opportunity to consult with receive advice from an attorney; that they have executed this Agreement freely and voluntarily, with 

full knowledge of all material facts after independent investigation and without fraud, duress, or undue influence of any kind or nature whatsoever; and that they have read the Agreement and fully understand each and every provision contained therein.  
30. Binding Agreement.  This Agreement and each provision hereof shall be binding upon and inure to the benefit of the Parties hereto and their respective heirs, executors, successors, and assigns.
31. Section Headings.  The section headings in the Agreement are solely for convenience of reference and shall not in any way affect the interpretation of this Agreement.
32. Additional Acknowledgments by Employee.  Employee further acknowledges that:
(a)Employee is receiving the Severance Payment and other benefits in exchange for Employee’s execution of this Agreement, which Employee would not otherwise be entitled to receive.
(b)Employee is hereby advised to consult with an attorney prior to signing this Agreement.
(c)Employee has twenty-one (21) days in which to consider whether to sign this Agreement.
(d)After Employee signs this Agreement, Employee shall have seven (7) days in which to revoke acceptance of this Agreement by delivering written notice to Gene Skogg, Executive Vice President Human Resources Actuant Corporation, N86 W12500 Westbrook Crossing, Menomonee Falls, WI 53051.
(e)This Agreement is not enforceable and effective, and no payments will be made hereunder, until the seven (7) day revocation period has expired without revocation by Employee (the “Effective Date”).  

IN WITNESS WHEREOF, the undersigned have executed this Agreement as an acceptance of its terms.

/s/ David M. Sefcik             
DAVID M. SEFCIK

ACTUANT CORPORATION
                        
By:    /s/ Eugene E. Skogg               
Name: EUGENE E. SKOGG
Title: Executive Vice President - Global Human Resources

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