Document:

Exhibit 10.1

 

Execution Version

 

Voting Agreement

 

October 22, 2019

 

Board of Trustees

Centreville Bank

1218 Main Street

West Warwick, Rhode Island 02893

 

To the Board of Trustees:

 

The undersigned (“Shareholder”)
is a director or executive officer of PB Bancorp, Inc., a Maryland corporation (“Seller”), and the beneficial
holder of shares of Seller common stock, par value $0.01 per share (the “Seller Common Stock”).

 

Concurrently with the
execution of this letter agreement (this “Agreement”), Centreville Bank, a Rhode Island-chartered non-member
savings bank (“Buyer”), Seller and Putnam Bank, a Connecticut-chartered savings bank and wholly owned subsidiary
of Seller (“Seller Bank”), are entering into an Agreement and Plan of Merger (as may be subsequently amended
or modified, the “Merger Agreement”), pursuant to which Buyer will acquire Seller, Seller Bank and their respective
Subsidiaries in a cash merger (the “Merger”). The execution of the Merger Agreement by Buyer is subject to the
execution and delivery of this Agreement by Shareholder. Shareholder hereby acknowledges that he or she has received and reviewed
the Merger Agreement. Any term used herein but not defined herein shall have the meaning set forth in the Merger Agreement.

 

Shareholder, to induce
Buyer to execute and deliver to Seller and Seller Bank the Merger Agreement, agrees and undertakes, solely in his or her capacity
as a shareholder of Seller, and not in his or her capacity as a director or executive officer of Seller or Seller Bank, as follows:

 

1.                This Agreement shall not apply to those shares of Seller Common Stock, if any (the “Excluded Shares”)
as set forth on Schedule I hereto, (i) that Shareholder may exercise voting or investment power as a fiduciary for others
or (ii) as to which Shareholder does not have, directly or indirectly, voting power as of the date of this Agreement. As
of the date hereof, the undersigned has, directly or indirectly, voting power with respect to shares of Seller Common Stock as
set forth on Schedule I hereto.

 

2.                While
this Agreement is in effect, Shareholder shall not, directly or indirectly, (a) sell or otherwise dispose of or encumber,
on or before the Meeting, any or all of Shareholder’s Shares (as defined below) to any person other than in a Permitted
Transfer (as defined below), or (b) deposit any or all of Shareholder’s Shares into a voting trust or enter into a
voting agreement or arrangement with respect to any of Shareholder’s Shares or grant any proxy with respect thereto, other
than to other members of the Board of Directors of Seller Board to vote to approve the Merger Agreement and the Merger and matters
related thereto. For purposes of this Agreement, “Shareholder’s Shares” means the shares of Seller Common
Stock that Shareholder beneficially owns on the date of this Agreement as set forth on Schedule I hereto (excluding Excluded
Shares), plus any shares of Seller Common Stock that Shareholder may subsequently acquire voting power over, less
any shares of Seller Common Stock that Shareholder may subsequently dispose of pursuant to a Permitted Transfer (as hereinafter
defined). For purposes of this Agreement, “Permitted Transfer” means any of the following transfers: (i) a
transfer by will or operation of law, in which case this Agreement shall bind the transferee, (ii) a transfer pursuant to
any pledge agreement existing as of the date of this Agreement, subject to the pledgee agreeing in writing to be bound by the
terms of this Agreement, (iii) a transfer for bona fide estate and tax planning purposes, including any transfer to
relatives, trusts and charitable organizations, subject in each case to the transferee agreeing in writing to be bound by the
terms of this Agreement, (iv) a transfer from Shareholder to one or more other shareholders of Seller who are bound by terms
of a comparable voting agreement with Buyer, (v) a transfer pursuant to a domestic order or a negotiated divorce settlement, subject
to the transferee agreeing in writing to be bound by the terms of this Agreement, (vi) the surrender of Shareholder’s Shares
to Seller in connection with the vesting, settlement or exercise of Seller equity awards to satisfy any withholding for the payment
of taxes incurred in connection with such vesting, settlement or exercise, or with respect to Seller equity awards, the exercise
price thereto, and (vii) a transfer made with the prior written consent of Buyer.

 

     

     

    

 

3.                While
this Agreement is in effect, Shareholder shall vote or cause to be voted all of Shareholder’s Shares for the approval of
the Merger Agreement and the Merger at the Meeting.

 

4.                Shareholder
does appoint Buyer with full power of substitution and resubstitution, as Shareholder’s true and lawful attorney and proxy,
to the full extent of Shareholder’s rights with respect to Shareholder’s Shares, to vote Shareholder’s Shares,
or grant a consent, approval or dissent in respect of Shareholder’s Shares in a manner consistent with the manner in which
Shareholder is required to vote Shareholder’s Shares pursuant to this Agreement solely for the matters covered by paragraph
3 of this Agreement. Shareholder understands and acknowledges that Buyer is entering into the Merger Agreement in reliance upon
Shareholder’s execution and delivery of this Agreement. Shareholder hereby affirms that the proxy set forth in this Agreement
is given in connection with the execution of the Merger Agreement, and that such proxy is given to secure the performance of the
duties of Shareholder under this Agreement. Shareholder hereby further affirms that the proxy hereby granted is coupled with an
interest and may under no circumstances be revoked except in accordance with this Agreement. Shareholder hereby ratifies and confirms
any and all votes, consents or other actions that any proxy appointed hereby may lawfully do or cause to be done by virtue hereof.
The proxy hereby granted is executed and intended to be irrevocable in accordance with applicable law (except in accordance with
this Agreement) and revokes any proxy previously granted by Shareholder with respect to Shareholder’s Shares solely for
the matters covered by paragraph 3 of this Agreement. The proxy and power of attorney granted by Shareholder is a durable power
of attorney and shall survive the bankruptcy, death or incapacity of Shareholder. Notwithstanding anything to the contrary in
this Agreement, this proxy shall automatically terminate upon the termination of this Agreement.

 

5.                At
the Meeting or at any adjournment thereof or in any other circumstances upon which Shareholder’s vote, dissent, consent
or other approval is sought, Shareholder shall vote (or cause to be voted) Shareholder’s Shares against (i) any merger
agreement or merger (other than the Merger Agreement and the Merger), consolidation, combination, sale of substantial assets,
reorganization, recapitalization, dissolution, liquidation or winding up of or by Seller or any other extraordinary transaction
involving Seller or any of its Subsidiaries, (ii) any Acquisition Proposal and (iii) any amendment of the Seller Articles
or Seller Bylaws or the articles or bylaws of any of its Subsidiaries or other proposal or transaction involving Seller or any
of its Subsidiaries, which amendment or other proposal or transaction would in any manner impede, frustrate, prevent or nullify
any provision of the Merger Agreement or the Merger or change in any manner the voting rights of any class of Seller Common Stock.
Shareholder shall not commit or agree to take any action that would reasonably be deemed to be inconsistent with the foregoing.

 

    2

     

    

 

6.                Shareholder,
solely in his or her capacity as a shareholder of Seller and except as may be expressly permitted under the Merger Agreement,
shall not, nor shall Shareholder authorize or permit any partner, officer, director, advisor or representative of Shareholder
to, (i) directly or indirectly solicit, initiate or encourage the submission of, any Acquisition Proposal, (ii) enter into any
agreement with respect to any Acquisition Proposal or (iii) directly or indirectly participate in any discussions or negotiations
regarding, or furnish to any person any information with respect to, or take any other action to facilitate any inquiry or the
making of any proposal that constitutes, or may reasonably be expected to lead to, any Acquisition Proposal. Shareholder shall
not commit or agree to take any action that would reasonably be deemed to be inconsistent with the foregoing.

 

7.                Shareholder,
solely in his or her capacity as a shareholder of Seller, shall not issue any press release or make any other public statement
with respect to the Merger or any of the other transactions contemplated by the Merger Agreement, nor shall Shareholder authorize
or permit any partner, officer, director, advisor or representative of Shareholder to do so on Shareholder’s behalf in such
capacity, in each case without the prior written consent of Buyer, except as may be expressly permitted under the Merger Agreement
or required by applicable law.

 

8.                While
this Agreement is in effect, Shareholder will take no action that could reasonably be expected to:

 

(i)           materially
adversely affect the ability of Buyer or Seller to obtain the Requisite Regulatory Approvals or Requisite Seller Vote or materially
increase the period of time necessary to obtain the Requisite Regulatory Approvals or Requisite Seller Vote;

 

(ii)          materially
adversely affect Seller’s ability to perform its covenants and agreements under the Merger Agreement; or

 

(iii)         result
in Seller’s representations and warranties contained in the Merger Agreement not being true and correct on the date of the
Merger Agreement or at any future date on or prior to the Closing Date or in any of the closing conditions set forth in the Merger
Agreement not being satisfied.

 

Without limiting the scope of the immediately
preceding sentence, Shareholder shall not recommend, advise or encourage, directly or indirectly, any other shareholder of Seller
to vote against the Merger at the Meeting.

 

9.                This
Agreement shall apply to Shareholder solely in his or her capacity as a shareholder of Seller, and it shall not apply in any manner
to Shareholder in his or her capacity as a director, officer, or employee of Seller or in any other capacity. Nothing contained
in this Agreement shall be deemed to apply to, or limit in any manner, the obligations of Shareholder to comply with his or her
fiduciary duties as a director or executive officer of Seller, and none of the terms of this Agreement shall be deemed to prohibit
or prevent any director or executive officer from exercising his or her fiduciary obligations in the context of a Superior Proposal
pursuant to Sections 6.3 or 6.13 of the Merger Agreement.

 

    3

     

    

 

10.              This
Agreement may be terminated at any time prior to consummation of the transactions contemplated by the Merger Agreement by the
written consent of the parties, and shall be automatically terminated upon the earliest to occur of (i) the Effective Time of
the Merger or (ii) the termination of the Merger Agreement in accordance with its terms; provided, however, that the transfer
restrictions in paragraph 2 hereof shall be automatically terminated upon the receipt of the Requisite Seller Vote. Upon such
termination pursuant to this paragraph 10, no party shall have any further obligations or liabilities; provided, however, that
termination shall not relieve any party from liability for any willful breach of this Agreement prior to termination.

 

11.              Nothing
contained in this Agreement shall be deemed to vest in Buyer any direct or indirect ownership or incidence of ownership of or
with respect to any of the Seller Common Stock. All rights, ownership and economic benefits of and relating to the Seller Common
Stock shall remain and belong to the applicable Shareholder, and Buyer shall have no power or authority to direct any Shareholder
in the voting of any of the Seller Common Stock or the performance by any Shareholder of its duties or responsibilities as a shareholder
of Seller, except as otherwise provided herein.

 

12.             Shareholder
represents and warrants to and agrees with Buyer as follows: (i) Shareholder has all requisite capacity and authority to
enter into and perform his or her obligations under this Agreement; (ii) this Agreement has been duly executed and delivered
by Shareholder, and assuming the due authorization, execution and delivery by Buyer, constitutes the valid and legally binding
obligation of Shareholder enforceable against Shareholder in accordance with its terms, subject to the Enforceability Exceptions;
(iii) the execution and delivery of this Agreement by Shareholder does not, and the performance by Shareholder of his or
her obligations and the consummation by Shareholder of the transactions contemplated by this Agreement will not, violate, conflict
with, or constitute a default under, any agreement, instrument, contract, or other obligation or any order, arbitration award,
judgment or decree to which Shareholder is a party or by which Shareholder is bound, or any statute, rule, or regulation to which
Shareholder is subject; (iv) Shareholder is the record or beneficial owner of and has good title to all of Shareholder’s
Shares set forth on Schedule I, and Shareholder owns all of the Shareholder’s Shares free and clear of any lien,
security interest, charge or other encumbrance, except as otherwise described on Schedule I; (v) Shareholder does
not own, of record or beneficially, any shares of capital stock of Seller other than the Shares; (vi) except for Excluded
Shares, Shareholder’s Shares do not include shares over which Shareholder exercises control in a fiduciary capacity and
no representation by Shareholder is made with respect to them; and (vii) except for Excluded Shares, Shareholder has the
right to vote all of Shareholder’s Shares, and none of Shareholder’s Shares is subject to any voting trust or other
agreement, arrangement, or restriction with respect to the voting of the Shares, except as contemplated by this Agreement.

 

    4

     

    

 

13.              Shareholder
agrees that Buyer would be irreparably harmed by any breach of this Agreement on the part of Shareholder and that Buyer shall
be entitled to specific performance and injunctive and other equitable relief in respect of any breach (including any threatened
or anticipated breach) of this Agreement and to enforce the provisions hereof without having to prove actual damages, and Shareholder
further agrees to waive any requirement for the securing or posting of any bond in connection with the obtaining of any such injunctive
or other equitable relief. This provision is without prejudice to any other rights or remedies, whether at law or in equity, that
any party hereto may have against any other party hereto for any failure to perform its obligations under this Agreement.

 

14.              This
Agreement shall be governed by, and interpreted in accordance with, the laws of the State of Rhode Island, without regard to the
conflict of law principles thereof. Each of the parties hereto consents to and submits itself to the exclusive jurisdiction of
the United States District Court for the District of Rhode Island or any state court sitting in the State of Rhode Island for
any litigation arising under this Agreement.

 

15.              This
Agreement shall not constitute or be deemed to evidence a contract, agreement, arrangement or understanding between the parties
to this Agreement unless and until (a) Seller’s Board of Directors has approved, for purposes of any applicable anti-takeover
laws and regulations, and any applicable provision of the Seller Articles, the Merger Agreement and the transactions contemplated
by the Merger Agreement, (b) the Merger Agreement is executed by all parties to the Merger Agreement, and (c) this Agreement is
executed and delivered by all parties to this Agreement, which delivery may be made by electronic or facsimile signature in two
or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same agreement.

 

[remainder of page intentionally blank;
signature page follows]

 

    5

     

    

 

IN WITNESS WHEREOF,
Shareholder has executed this Agreement as of the date first above written.

 

	 	Very truly yours,
	 	 
	 	 
	 	 
	 	(signature)
	 	 
		 
	 	Print Name
	 	 
	Accepted and agreed to as of the date first above written:	 
	 	 
	 	 
	CENTREVILLE BANK	 
	 	 
	 	 
	By:	 	 
	 	Name:	Harold M. Horvat	 
	 	Title:	President and Chief Executive Officer	 

 

[Signature Page to Voting Agreement]

 

    

     

    

 

 

SCHEDULE I

 

	 	Shareholder	 	 	Number of Shares
 Subject to 
 Voting Agreement	 	 	Number of 
 Excluded Shares	 	 	 	Number of 
 Total SharesEX-10.1

 Exhibit 10.1 
  

 
  
 October 22, 2019 

Robert Ryder 
 President 

Horsepower Advisors, LLC 
 192 Knickerbocker Road 

Pittsford, NY 14534 
 xxxxxxxxx@gmail.com 

Re: Engagement Letter 
 Dear Bob: 

I am pleased to confirm Resideo’s engagement of Horsepower Advisors, LLC (“Horsepower”) to provide certain interim management services effective
November 7, 2019 (“Effective Date”), subject to the terms and conditions of this engagement letter and the attached General Business Terms, incorporated herein by reference. 

SERVICES 
 Horsepower will make available Robert
Ryder, President, to perform the services of Interim Chief Financial Officer (“Interim CFO”). The Interim CFO will exercise the duties and responsibilities customarily associated with the role. 

Mr. Ryder will report directly to the Company’s Chief Executive Officer and the Board of Directors as required. Horsepower will cause Mr. Ryder
to perform these duties and responsibilities in a diligent, efficient, and faithful manner, and to the best of his abilities, and will further cause him to devote substantially all his full-time efforts to the business and affairs of Resideo. The
Interim CFO shall oversee the Finance, Accounting, Tax, Controllership, Investor Relations, Information Technology, and Acquisitions & Divestitures functions. 

D&O INSURANCE 
 Resideo shall provide
Mr. Ryder with coverage under the applicable Resideo insurance policies that protect directors and officers from liability. 

  
 Page 1 of 2

 FEES AND EXPENSES 

Resideo will pay Horsepower bi-weekly a fixed fee of $115,000 ($57,500 per week beginning on Sunday of each week) for
these Services. Resideo will also reimburse Horsepower for reasonable and authorized travel expenses incurred by the Interim CFO as a result of performing the Services. 

GENERAL BUSINESS TERMS 
 The attached General
Business Terms apply to the engagement. This letter and attached business terms supersede any previous agreement, whether written or verbal, between the parties. 

Please indicate your agreement with these terms by signing and returning to me a copy of this letter. We look forward to working with you. 

If you have any questions or need any further information about this engagement, please contact me or Steve Kelly directly. 

Sincerely, 
 /s/ Jeannine Lane 

Jeannine Lane 
 General Counsel 

Acknowledged and Accepted: 
  

			
	HORSEPOWER ADVISORS, LLC
		
	By:	 	Robert Ryder
		 	President

  

					
	 /s/ Robert Ryder
	  		  	10/21/19
	Robert Ryder	  		  	Date

  
 Page 2 of 2

 ATTACHMENT TO ENGAGEMENT LETTER dated October 21, 2019 

between Resideo Technologies, Inc. and Horsepower Advisors, LLC 

GENERAL BUSINESS TERMS 
 These General
Business Terms, together with the Engagement Letter (including any attachments, exhibits and schedules) constitute the entire understanding and agreement (the “Agreement”) between Resideo Technologies, Inc. (“Resideo”) and
Horsepower Advisors, LLC (“Horsepower”) (collectively, “the Parties”) with respect to the services and deliverables described in the Engagement Letter. If there is a conflict between these General Business Terms and the terms of
the Engagement Letter, these General Business Terms will govern, except to the extent the Engagement Letter explicitly refers to the conflicting term herein. 

SERVICES 
 Horsepower will provide the services and
furnish the deliverables (the “Services”) described in the Engagement Letter, as may be modified from time to time by mutual consent. Any adjustment must be mutually agreed to by the Parties in writing. Notwithstanding any disagreement
between the Parties regarding the impact of a change, Horsepower will proceed diligently with its performance under the Engagement Letter pending resolution of the disagreement. 

PERFORMANCE OF THE SERVICES 
 Horsepower will make
available Robert Ryder (“Interim CFO”) to perform the Services as outlined in the Engagement Letter. Resideo will provide working space, resources and materials to facilitate the Interim CFO’s performance of the
Services.    Horsepower will ensure that the Interim CFO observes and complies with Resideo’s security, safety, health, and environmental procedures, rules, regulations, and policies; failures of Horsepower and/or the
Interim CFO to comply with security, safety, health, or environmental issues subject the Interim CFO to immediate dismissal from the site at Resideo’s sole discretion. 

TERM AND TERMINATION 
 This Agreement will begin on the
Effective Date and continue in full force and effect for six (6) months unless terminated earlier as provided below. Notwithstanding anything herein to the contrary in this Agreement, either Resideo or Horsepower may terminate this Agreement
for convenience upon 30 days’ written notice. 
 In the event of a material breach of this Agreement, the
non-breaching Party may terminate this Agreement immediately. 
 If Resideo terminates this Agreement, in whole or
in part, for either convenience or cause, Resideo’s sole liability to Horsepower, and Horsepower’s sole and exclusive remedy, is payment for Services completed and accepted by Resideo before the date of termination. 

FEES, EXPENSES AND PAYMENT TERMS 

Fees. The fees outlined in the Engagement letter include: (a) all applicable taxes and other charges including but not limited to all
sales, use, or excise taxes; and (b) all items, intellectual property, and services necessary or incidental to perform the Services in accordance with this Agreement. 

Reimbursable Expenses. Each invoice will separately set forth expenses authorized by Resideo. Horsepower will ensure that the Interim CFO
follows the travel and expense policies generally applicable to employees of Resideo, with the exception that the Interim CFO may purchase business class tickets as he deems necessary and appropriate. Horsepower will submit invoices describing the
Reimbursable Expenses and payments due. 

 REPRESENTATIONS AND WARRANTIES 

Horsepower hereby represents and warrants to Resideo that: 
  

	(a)	 the Interim CFO possesses the proper skill, training and background necessary to perform the Services; and that
all Services will be performed in a competent and professional manner and will conform to Resideo’s requirements as set forth in the Engagement Letter; 

  

	(b)	 the Interim CFO will perform his/her obligations in a manner that complies with applicable laws, regulations,
ordinances and codes; and 

  

	(c)	 Interim CFO is free to divulge to Resideo, without any obligation to or violation of any right of others, any
and all information, practices or techniques which he will describe, demonstrate, divulge or in any other manner make known to Resideo during the performance of Services. 

INDEPENDENT CONTRACTOR STATUS 
 Horsepower acknowledges
and agrees that it: 
  

	(a)	 is an independent contractor and as such its employees, including the Interim CFO, will not be entitled to any
benefits applicable to Resideo employees, including any benefits applicable to Resideo executive officers such as those under the Severance Pay Plan for Designated Officers; and 

 

	(b)	 has sole responsibility for the payment of all applicable governmental taxes including federal, state and local
income taxes and for all employment and disability insurance, Social Security and other similar taxes. By reason of Horsepower’s independent contractor status, Resideo is not required to and will not withhold federal, state or local income or
any other tax from any payment to Horsepower or its employees under this Agreement and may file information returns with the United States Internal Revenue Service or similar state or local agencies regarding such payment under conditions imposed by
applicable laws or regulations. 

 OWNERSHIP OF DELIVERABLES 

Ownership of Work Product. The exclusive right, title and interest in and to all works performed under this Agreement, and all materials, source
code, information, know-how and deliverables prepared or developed as a result of Services performed, both as individual items or a combination of components and whether or not the Services are completed
(“Work Product”) will vest in Resideo. The Work Product will be deemed to be work made for hire and made in the course of Services rendered and will belong exclusively to Resideo, with Resideo having the sole right to obtain, hold
and renew, in its own name or for its own benefit, patents, copyrights, registrations or other appropriate protection. To the extent that exclusive right, title or interest in the Work Product may not originally vest in Resideo as contemplated in
this Agreement (e.g., the Work Product does not constitute works made for hire), Horsepower and/or the Interim CFO hereby irrevocably assign, transfer and convey to Resideo all right, title and interest to the Work Product. Horsepower will,
immediately upon request of Resideo, or upon termination, cancellation or expiration of this Agreement, turn over to Reisdeo all Work Product and any Resideo documents or other materials held by or on behalf of Horsepower, together with all copies
thereof. 
 Records. Horsepower agrees that all records and copies of records relating to Resideo’s operations, investigations and
business made or received by it during the period of this Agreement are Resideo’s exclusive property, and it agrees to keep the same at all times in its custody and subject to its control, and shall surrender the same at the termination of this
Agreement unless earlier requested by Resideo. 
 CONFIDENTIALITY, NO-COMPETE, DATA PRIVACY AND SECURITY 

Confidentiality Obligations. Horsepower agrees to preserve as confidential all information related to Resideo’s business and
activities, including those of its customers, suppliers and other entities with whom Resideo does business, which may be obtained by Horsepower from any source or may be developed as a result of this Agreement (“Confidential Information”).
Horsepower agrees to hold such information in trust and confidence for Resideo and not to disclose such Confidential information to any person, firm or enterprise, or use any such information for its own benefit, or the benefit of any other party,
unless authorized by Resideo in writing. Information shall not be considered confidential to the extent, but only to the extent, that such information is: (i) already known free of any restriction at the time it is obtained;
(ii) subsequently learned from an independent third party free of any restriction; or (iii) available publicly. 
 Return of Confidential
Information. Horsepower will return or destroy, at Resideo’s discretion, Confidential Information and all copies upon the earlier of Resideo’s written request or termination of this Agreement and will certify in writing to
the return or destruction within 30 calendar days. Notwithstanding the foregoing, Horsepower may retain one copy of the Confidential Information to the extent required for evidentiary purposes, which shall be maintained in accordance with the
confidentiality obligations set forth above. 

 Competition. Horsepower acknowledges that services performed for Resideo may relate to
past, present or future strategies, plans, business activities, methods, processes and/or information which afford Resideo certain competitive or strategic advantages. Horsepower agrees that during the term of this Agreement and for a period of one
(1) year thereafter, Horsepower shall ensure that the Interim CFO shall not perform or agree to perform services or provide materials or information, directly or indirectly, for or in support of any Competitor of Resideo. For purposes of this
section, “Competitor” means any person, firm or enterprise conducting a business or providing or supporting a product or service substantially similar to any of Resideo’s. If there is any doubt whether any person, firm or
enterprise is deemed a Competitor, Horsepower shall obtain Resideo’s advance written approval (not to be unreasonably withheld) which decision shall be deemed final and controlling for all purposes hereunder. 

Data Privacy Obligations: Horsepower and/or Interim CFO will comply with those policies generally applicable to Resideo’s employees
with respect to data privacy obligations. Horsepower agrees to execute any additional documentation reasonably required by Resideo to share information in accordance with data privacy laws in any jurisdiction for which the Interim CFO will be
subject to receiving any restricted data. 
 Equitable Remedies. Horsepower acknowledges and agrees that, in the event of a
breach or threatened breach of any of the foregoing provisions, Resideo shall have no adequate remedy in damages and, accordingly, shall be entitled to an injunction against such breach or threatened breach. 

GENERAL PROVISIONS 
 Entire Agreement and
Modifications. This Engagement Letter and these General Business Terms contains the entire Agreement between the Parties and such Agreement supersedes and replaces any prior or inconsistent agreements, negotiations, representations or
promises, written or oral, between the Parties respecting the subject matter hereof. Neither Party has relied on any promises, inducements or representations by the other, except those expressly stated in this Agreement. No modification of this
Agreement will be binding on either Party unless set forth in a writing signed by an authorized representative of both Parties. No course of dealing, prior dealings, usage of trade or course of performance will be used to modify, supplement or
explain any terms used in this Agreement. 
 Waiver. The failure of either Party to enforce at any time any of the provisions of this
Agreement will not be construed to be a continuing waiver of those provisions, nor will any failure prejudice the right of the Party to take any action in the future to enforce any provision. 

Severability. If any provision of this Agreement is held to be illegal, invalid, or unenforceable by a court of competent jurisdiction, that
provision will be severed from this Agreement; the remaining provisions will remain in full force and effect; and a similar legal, valid and enforceable provision will be substituted in lieu of the severed provision. 

Headings and Captions. Headings and captions are for convenience of reference only and do not alter the meaning or interpretation of any
provision of this Agreement. 
 Assignment and Subcontracting. This Agreement will inure to the benefit of and be binding on the Parties and
their respective permitted successors and assigns. Horsepower may not assign this Agreement or any rights or obligations under this Agreement or subcontract all or any aspect of the work called for without the prior written approval of Resideo. 

Notices. All notices relating to this Agreement (“Notices”) must be in writing. Notices to the Parties will be sent to
their respective addresses appearing below. Any Notice will be deemed given on the date delivered if delivered personally; the next business day if sent by recognized overnight courier; 3 business days after being mailed certified first class mail,
postage prepaid; or upon confirmation receipt that it was transmitted satisfactorily if transmitted by facsimile or email to addresses or numbers set forth below or as otherwise provided in writing by either Party. 

 If to Resideo: 

Mr. Steve Kelly 
 Executive
Vice President & Chief Human Resources Officer 
 Resideo Technologies, Inc. 

901 East 6th Street 

Austin, TX 78702 
 Email:
xxxxx.xxxxxx@resideo.com 
 With an additional copy to: 

Ms. Jeannine Lane 
 Executive
Vice President, General Counsel & Chief Compliance Officer 
 Resideo Technologies, Inc. 

901 East 6th Street 

Austin, TX 78702 
 Email:
xxxxxxxx.xxxx@resideo.com 
 If to Horsepower: 

Robert Ryder 
 President 

Horsepower Advisors, LLC 
 192
Knickerbocker Road 
 Pittsford, NY 14534 

Email: xxxxxxxxx@gmail.com 

Publicity. Horsepower will not use Resideo’s name or marks or refer to or identify Resideo in any advertising or publicity releases or
promotional or marketing materials without Resideo’s prior written approval. 
 Survival. All provisions of this Agreement which by their
nature should apply beyond its term will remain in force after any termination or expiration of this Agreement. 
 LIMITATION LIABILITY. EXCEPT AS
SPECIFICALLY SET FORTH IN THIS AGREEMENT, IN NO EVENT WILL RESIDEO BE LIABLE TO HORSEPOWER OR THE INTERIM CFO FOR INDIRECT, INCIDENTAL, EXEMPLARY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, INCLUDING WITHOUT LIMITATION DAMAGES FOR LOST PROFITS,
REGARDLESS OF THE FORM OF ACTION, WHETHER IN CONTRACT, TORT OR OTHERWISE AND EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. THE AGGREGATE LIABLITY OF RESIDEO UNDER THIS AGREEMENT WILL IN NO CASE EXCEED $1 MILLION DOLLARS.

 Integrity and Compliance. When performing Services at Resideo’s facility, Horsepower will ensure that the Interim CFO observes and
complies with Resideo’s security procedures, rules, regulations, policies, working hours and holiday schedules. Horsepower will ensure that the Interim CFO complies with all laws, regulations and ordinances and with Resideo’s Code of
Business Conduct (“Code”) in performing this Agreement. 
 US Equal Employment Opportunity Regulations. To the extent
employment activities of Independent Contractor occur in the United States and if otherwise applicable this contractor and subcontractor shall abide by the requirements of 41 CFR §§ 60-1.4(a), 60-300.5(a) and 60-741.5(a). These regulations prohibit discrimination against qualified individuals based on their status as protected veterans or individuals with
disabilities, and prohibit discrimination against all individuals based on their race, color, religion, sex, sexual orientation, gender identity or national origin. Moreover, these regulations require that covered prime contractors and
subcontractors take affirmative action to employ and advance in employment individuals without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability or protected veteran status. 

 Governing Law and Forum. The construction, interpretation and performance of this Agreement
and all transactions under this Agreement will be governed by the laws of the State of New York, without regard to or application of its principles or laws regarding conflicts of laws and the federal and state courts in New York, New York will have
exclusive jurisdiction of any Dispute. 
 Counterparts. This Agreement may be signed in one or more counterparts (including faxed or
electronically scanned copies), each of which will be deemed one and the same original. Reproductions of this executed original (with reproduced signatures) will be deemed to be original counterparts of this Agreement. 

Interpretation. This Agreement has been negotiated at arm’s length between Parties who are experienced and knowledgeable in the matters
contained in this Agreement, and the Parties hereby agree that any statute, law or common law principles or other authority that would require interpretation of any ambiguities in this Agreement against the Party who has drafted it are not
applicable and are hereby waived.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00300-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00300-of-00352.parquet"}]]