Document:

stbr_ex101.htm

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

THIS AGREEMENT dated April 23, 2015.

 

BETWEEN:

 

STRONGBOW RESOURCES INC., a corporation having an office in the City of Las Vegas, in the State of Nevada doing business as BIG LAKE ENERGY LTD.

 

(hereinafter called the "Company")

 

OF THE FIRST PART

 

AND:                      KENT EDNEY, of 2067 Brightoncrest Common SE, Calgary, Alberta, T2Z 1E7

 

(hereinafter called the "Employee")

 

OF THE SECOND PART

 

WITNESSES THAT WHEREAS:

 

	
A.

	
The Company is incorporated under the laws of Nevada and carries on business as an oil and gas exploration and development company.

 

	
B.

	
The Company wishes to retain the services of the Employee as Chief Operating Officer ("COO") for the Company and the Employee has agreed to provide his services to the Company, on the terms and conditions provided herein.

 

NOW THEREFORE subject to the Approval by the Board in consideration of the premises and mutual covenants herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by both parties, the parties hereby covenant and agree with each other as follows:

 

1.           EMPLOYMENT

 

1.1           Position.  The Company agrees to employ the Employee and the Employee agrees to serve the COO under the terms of this Agreement .as of and from April 23, 2015 (the "Effective Date").  The Employee shall during the term of this Agreement, serve as COO of the Company in addition to any other office the Employee may hold with the Company.  The term of this Agreement and employment is indefinite, but the employment and this Agreement may be terminated by either party as provided herein. The COO's role shall be to be involved in all aspects of the Company's operating activities in Calgary, AB, and all producing properties and prospective lands at any other location as determined by the Board.  The COO's responsibilities will include oversight for the safe and efficient operation of the Company's activities including exploration and engineering at an appropriate stage.  Budgeting, execution to budget and plan as well as staffing all of the Company's exploration activities will also be the COO's responsibility, as well as working with the financial and accounting group.

 

1.2           Reporting and Other Activities.  The Employee shall report to the President and CEO and be responsible to the board of directors of the Company (the "Board") or to such other individual or individuals as the Board may designate from time to time.  The Employee shall perform, observe and conform to such duties and instructions as from time to time are assigned or communicated to the Employee by the President and CEO, and shall make such reports as may be necessary to fully and properly inform the President and CEO of the business of the Company and, additionally, the Board as may be requested from time to time.  In performing, observing and conforming to such duties and instructions, the Employee shall have responsibility for the over-sight of the Company's operations, exploration and preparing updates and materials for the meetings of Company shareholders.  The Employee shall work full-time for the Company and not engage in any other employment or self­employment without the written consent of the Board.

 

  

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1.3           Location.  The Employee acknowledges and agrees that the location of the Employee's employment shall be in Calgary.  The Employee acknowledges that the Company also has an office in Vancouver and that travel to Vancouver may be required, such expenses for travel will be reimbursed to the Employee by the Company.

 

2.           COMPENSATION

 

2.1           Salary.  The Company agrees to pay the Employee and the Employee agrees to accept as remuneration for services hereunder an annual salary in the amount of one hundred and forty four thousand ($144,000) dollars, payable by equal semi-monthly instalments, exclusive of any other benefits referred to herein.  For all purposes of this Agreement, "Annual Salary" means the remuneration described in this section 2.1 (subject to adjustment under section 2.2), and does not include any other payments such as bonuses, share options, benefits, or amounts of a similar nature.  The Employee shall be entitled to receive an annual bonus in an amount of up to 40% of his Annual Salary for the achievement of certain milestones with respect to the business of the Company (the "Bonus"), such milestones and Bonus to be determined by the compensation committee of the Company or if there is no compensation committee, by the board of directors of the Company (the "Comp Comm") or its delegate in its discretion from time to time.  The Employee will also receive a one-time signing payment in the amount of thirty thousand ($30,000) dollars in cash payable within two months from the Effective Date and a total of 500,000 shares of the Company, of which 125,000 shares to be issued at the end of every three month period after the Effective Date up to one year.  All Annual Salary, Bonus and signing payments will be subject to deductions for all amounts due to Canada Revenue Agency.

 

2.2           Review.  The parties agree that the Annual Salary will be increased upon completion of an initial financing of at least five million ($5,000,000) dollars.  Commencing approximately on the first anniversary of the date of this Agreement the Company will review the Annual Salary on an annual basis and will make any adjustments it determines are reasonable in the sole opinion of the Comp Comm, who may take into account, but shall not be limited to, the Employee's performance and the financial and operating success of the Company in the preceding twelve (12) months.

 

2.3           Benefits.  The Employee shall be entitled to participate in all employee benefit programs offered to the Company's senior officers from time to time (the "Benefits"), including, without limiting the generality of the foregoing, group life and disability insurance and medical and dental plans, in accordance with and on the terms and conditions generally provided from time to time by the Company.  The Employee agrees that the Company may substitute or modify the Benefits on comparable terms and conditions without notice.  All such Benefits shall be governed by the terms of the said policies in force.  The Company has no benefits program at this time.

 

2.4           Stock Options.  On the Effective Date, subject to the terms of the Company's current stock option plan (the "Plan"), the Employee will be granted in aggregate 500,000 options to purchase Company common shares at closing market price on the date of grant of Company common shares on the trading day immediately preceding the Effective Date.  Nothing in this paragraph shall prevent the Board from granting further options to the Employee in its sole discretion.  In accordance With the terms and conditions of the Plan, the options granted to the Employee pursuant to this Section shall vest immediately on the date of grant and shall be exercisable by the Employee for five years from the date of grant.  All option grants will be subject to the Employee and the Company entering into the Company's standard stock option agreement.

 

2.5           Accelerated Vesting.  Notwithstanding the provision of the Plan or any agreement, upon the completion of a takeover of control, the Board may, in its discretion, deem all such non-vested stock options to be vested and exercisable for the purpose of allowing the Employee to exercise such options and participate in the takeover of control transaction in respect of the Company common shares thereby acquired.

 

2.6           Incentive Plans.  The Employee shall participate in any incentive programs for the Company's managers, including, without limiting the generality of the foregoing, the Plan, share purchase plans and bonus plans (collectively, the "Incentive Plans"), in each case in accordance with and on the terms and conditions of such Incentive Plans as at the date hereof are in place or as which may from time to time be implemented by the Board in its sole discretion.

 

2.7           Substitution.  Any amounts which the Employee may be granted under any Incentive Plan shall not, for the purposes of this Agreement, be treated as salary but shall be included in severance payment to, or for, the Employee to the extent set out below.  Except for the Bonuses specifically provided for in section 2.1 and share options or other incentive mechanisms which have been granted to the Employee, the Employee agrees that the Company may substitute, reduce, modify, or if necessary, eliminate the general terms of its Incentive Plans in the sole discretion of the Board or to meet regulatory or stock exchange requirements All such Incentive Plans shall be governed by the policies of the various regulatory bodies which have jurisdiction over the affairs of the Company and the Company's stock option plan.

 

2.8           Vacation.  The Employee shall be entitled to four (4) weeks, or twenty (20) working days, vacation with regular salary each calendar year, at such time or times as shall be convenient to the Employee and the Company.  All vacation must be approved in writing by the President and CEO of the Company.

 

2.9           Expenses.  The Employee shall be reimbursed by the Company for all out-of-pocket expenses actually, necessarily and properly incurred by the Employee in the discharge of his duties for the Company.  The Employee agrees that such reimbursements shall be due only after the Employee has rendered an itemized expense account, together with receipts where applicable, showing all monies actually expended on behalf of the Company and such other information as may be required and requested by the Company.

 

2.10           Professional Dues.  The Company shall pay on behalf of the Employee such professional organization dues as the Board in its sole discretion may from time to time approve.

 

2.11           Time.  The Employee will devote substantially all of his time, attention and ability to the business and affairs of the Company and its subsidiaries as required to fulfill his duties as COO.

 

2.12           Non-Competition During Employment.  The Employee shall not, without the prior written consent of the Board, during the term of this Agreement, engage or participate directly or indirectly in any business which is competitive with that of the Company or its subsidiaries, or accept employment with or render services to a competitor of the Company.  The Employee will promptly disclose to the Board any proposed activity of the Employee which may give rise to any conflict with the Employee's duties to the Company.  Failure by the Employee to comply with this section shall be grounds for dismissal of the Employee for cause by the Board.

 

  

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2.13           Other Permitted Activities.  The Company specifically acknowledges that the Employee is an officer and/or non-executive director of the entities listed on Schedule "A", if any, and the Company consents to such activity, so long as such entities do not compete with the Company, and such activity does not create a conflict of interest with the Employee's duties to the Company or interfere with the performance of the Employee's duties to the Company.  The Employee will not become an officer or director of any other company without the prior consent of the Board.  The Company's consent herein shall not permit any appropriation or diversion by the Employee of any business opportunity coming to the Employee in his capacity as an employee of the Company or otherwise in the course of the Company's business.

 

2.14           Confidentiality.  The Employee will not, at any time, or in any manner, during the continuance of his employment hereunder or thereafter, divulge any of the confidential information or secrets of the Company, including information about mineral properties being considered by the Company (collectively, the "Confidential Information") to any person or persons, without the previous consent in writing of the Board.  During the continuation of his employment or thereafter, the Employee shall not use or attempt to use any Confidential Information which the Employee may acquire in the course of his employment for his own benefit or that of any other person, directly or indirectly.  The Employee shall be bound by any black out period or prohibition on trading in the securities of the Company or its affiliates as may be imposed by the Company from time to time.

 

2.15           Developments.

 

	
  

	
(a)

	
The terms "Developments" as used in this agreement means all discoveries, inventions, designs, works of authorship, improvements and ideas (whether or not patentable or copyrightable) and legally recognized proprietary rights (including, but not limited to, patents, copyrights, trademarks, topographies, know-how and trade secrets), and all records and copies of records relating to the foregoing, that:

 

	
  

	
(i)

	
result or derive from the Employee employment or from the Employee knowledge or use of Confidential Information,

 

	
  

	
(ii)

	
are conceived or made by the Employee (individually or in collaboration with others) during the term of the Employee's employment,

 

	
  

	
(iii)

	
result from or derive from the use or application of the resources of the Company or its affiliates, or

 

	
  

	
(iv)

	
relate to the business operations of the Employee or to actual or demonstrably anticipated research and development by the Company or its affiliates.

 

	
  

	
(b)

	
All Developments shall be the exclusive property of the Company and the Company shall have sole discretion to deal with Developments.  The Employee agrees that no intellectual property rights in the Developments are or shall be retained by him.  For greater certainty, all work done during the term of this engagement by the Employee for the Company or its affiliates is the sole property of the Company or its affiliates, as the case may be, as the first author for copyright purposes and in respect of which all copyright shall vest in the Company or the relevant affiliate, as the case may be.  In consideration of the benefits to be received by the Employee under the terms of this Agreement, the Employee hereby irrevocably sells, assigns and transfers and agrees in the future to sell, assign and transfer all right, title and interest in and to the Developments and intellectual property rights therein including, without limitation, all patents, copyright, industrial design, circuit topography and trademarks, and any goodwill associated therewith in Canada, the United States and worldwide to the Company and the trust for the Company prior to the assignment to the Company, save and except for any moral rights which the Employee shall waive.

 

	
  

	
(c)

	
The Employee shall do all further things that may be reasonably necessary or desirable in order to give full effect to the foregoing.  If the Employee's cooperation is required in order for the Company to obtain or enforce legal protection of the Developments following the termination of the Employee's employment, the Employee shall provide that cooperation so long as the Company pays to the Employee reasonable compensation for the Employee's time at a rate to be agreed between the Employee and the Company.

 

	
  

	
(d)

	
The Employee acknowledges that the restrictions contained in section are, in view of the nature of the business of the Company, reasonable and necessary to protect the legitimate interests of the Company, that the Company would not have entered into this Agreement in the absence of such restrictions and that any violation of any provision of those Sections could result in irreparable injury to the Company.  The Employee agrees that, in the event it violates any of the restrictions referred to in this section, the Company shall be entitled to such injunctive relief or other remedies at law or in equity which the Court deems fit.

 

2.16           Post-Employment Restriction on Competition.  The Employee will not, without the written consent of the Company, during a period ending one year following the date of termination of his employment hereunder. participate in the management of any business operation of any enterprise which is engaged or proposes to be engaged in oil and gas exploration or development or production activities within an area of one (1) kilometre from any of the oil and gas properties being produced, explored or developed by the Company on the date of termination of the Employee's employment with the Company.

 

2.17           Business Opportunities.  The Employee agrees to communicate at once to the Company all business opportunities which come to the Employee in his capacity as such or otherwise in the course of the Company's business and to deliver to and assign ownership of to the Company all inventions and improvements in the nature of the business of the Company which, in the course of the Company's business the Employee may conceive, make or discover, become aware directly or indirectly or have presented to the Employee and such business opportunities, inventions, and improvements shall become the exclusive property of the Company without any obligation on the part of the Company to make any payment for the same.

 

2.18           Common Law Applicable.  The Employee agrees and acknowledges that the obligations set out in sections 2.12, 2.13, 2.14, 2.15, 2.16 and 2.17 of this Agreement are not intended to exclude any common law, fiduciary and statutory obligations to which the Employee may be subject in the performance of duties under this Agreement, including but not limited to those applicable to an officer or director position assumed pursuant to section 1.1 or 2.13 of this Agreement

 

  

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3.           TERMINATION

 

3.1           Resignation.  The Employee may terminate this Agreement and the employment of the Employee by giving the Company two (2) month's written notice, in which event the Employee shall not be entitled to a severance payment but shall be entitled to receive the full amount of the instalments falling due in respect of the Employee's Annual Salary through to the date the Employee leaves his position with the Company plus the amount, if any, of any accrued vacation pay, the amount of any expenses reimbursable under section 2.9, and the amount, if any, of any other compensation actually accrued and then payable to the Employee which has not been paid.  Notwithstanding any provision to the on the date the Employee ceases employment under this section.

 

3.2           Termination Without Cause and Resignation for Good Cause.  The Company may terminate this Agreement and the employment of the Employee without cause at any time by notice in writing stating the last day of employment (the "Termination Date"), in which events the Company shall be obligated to provide the Employee with the compensation set out below (the "Severance").  Severance shall be payable on the fifth day following the Termination Date and shall consist of the following:

 

	
  

	
(a)

	
the full amount of the instalments falling due in respect of the Employee's Annual Salary through to the Termination Date plus the amount of any accrued unpaid vacation pay to the Termination Date, the amount of any expenses reimbursable under section 2.9, and the amount, if any, of any other compensation actually accrued and then payable to the Employee which has not been paid;

 

	
  

	
(b)

	
an additional lump sum amount equal to two (2) month's salary, calculated on the Employee's Annual Salary immediately preceding the date of termination, exclusive of any benefits, bonuses, and other amounts;

 

	
  

	
(c)

	
subject to the terms and conditions of the Plan, the Employee's options on shares of the Company shall remain in full force and effect in accordance with the original terms thereof with respect to all granted options, whether or not vested, at the Termination Date until the earlier of their normal expiry or one (1) month from the Termination Date.  Such options shall be deemed to have been amended to the effect that any provision which would otherwise terminate such options as a result of the termination of the Employee's employment earlier than as set out herein shall be null and void; and

 

	
  

	
(d)

	
the Bonuses, if the event giving rise to payment of a Bonus occurs within two months of the date of the notice of termination.

 

The Employee agrees to accept such compensation in full satisfaction of any and all claims the Employee has or may have against the Company for such termination, including entitlement to reasonable notice, and the Employee agrees to sign and deliver a full and final release of the Company of all such claims upon payment of said sum.  The Company shall remain bound by the terms of the option agreements between the Company and the Employee as amended by subsection 3.2(b).

 

3.3           Termination for Cause.  The Company may at any time terminate the employment of the Employee and this Agreement for any just cause that would in law permit the Company to terminate the employment of the Employee without notice, or if at any time the OTC Markets Group (or such other stock exchange on which the Company's shares may be listed) determines that the Employee is unacceptable or unable to serve as an officer or director of the Company, as the case may be.  In such event the Employee shall not be entitled to any compensation or notice, but shall be entitled to receive the full amount of the instalments falling due in respect of the Employee's annual salary through to the effective date of the termination, plus an amount of any accrued unpaid vacation pay to the date of termination and the amount, if any, of any other compensation payable to the Employee which has not been paid.  Stock Options shall terminate at the time of Notice of Termination for cause.

 

3.4           Contents of Notice of Termination.  Any termination by the Company of the Employee's employment shall be communicated by written notice of termination which cites the specific termination provision of this Agreement under which such notice is given and which, in the case of a notice of termination for cause under section 3.3, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for such termination of the Employee's employment.  No purported termination by the Company of the Employee's employment shall be effective without a written notice of termination which complies with this section.

 

3.5           Return of Property.  On the cessation of his employment for any reason, the Employee agrees to deliver to the Company all documents, financial statements, records, plans, drawings and papers of every nature, in any way relating to the affairs of the Company and its subsidiaries or affiliated companies, if any, which are in his possession or under his control.

 

3.6           Right to Deduct.  The Company shall have the right to offset any money properly due by the Employee to the Company against any amounts payable by the Company to the Employee under this Agreement.

 

3.7           Incapacity.  In the event the Employee is unable to perform substantially all of his employment duties for the period necessary to qualify for long term disability benefits or, in the absence of such insurance, for a period of six months or more or for periods collectively exceeding 3 months in any 12-month period, the Company may, at its option, terminate this Agreement without cause and provide the Employee with the payment and benefits on the terms set forth in section 3.2.  The Employee shall also remain eligible for any disability benefits for which he may qualify.

 

4.           SUCCESSORS OR ASSIGNS

 

4.1           Successors.  This Agreement shall enure to the benefit of and be binding upon and shall be enforceable by the Company and the successors and assigns of the Company.

 

4.2           Assignment.  The Company shall be entitled to assign this agreement without the Employee's consent to any affiliate of the Company (as defined in the Business Corporations Act (Alberta)) on written notice to the Employee, provided there is no material change to the Employee's terms of employment.  The Company shall remain jointly and severally liable to the Employee with such assignee.

 

  

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4.3           Benefit Binding.  This Agreement shall enure to the benefit of, shall be binding upon, and shall be enforceable by the Employee's legal representatives, executors, administrator, successors, heirs, distributes, devisees and legatees.  If the Employee dies while any amounts are still payable to the Employee under this Agreement all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to such legal representatives, executors, administrator, successors, heirs, distributes, devisees and legatees or to the Employee's estate.

 

5.           MISCELLANEOUS

 

5.1           Applicable Laws.  This Agreement and the employment of the Employee shall be governed, interpreted, construed and enforced according to the laws of the Province of Alberta and the laws of Canada applicable therein, and the parties hereby attorn to the exclusive jurisdiction of the courts of Alberta for the purpose of the resolution of any dispute arising under this Agreement.

 

5.2           Time.  Time shall be of the essence of this Agreement.

 

5.3           Legal Fees.  Each party shall pay all reasonable legal fees and expenses actually incurred by the other party in contesting or disputing any termination, or in seeking to obtain or enforce any right or benefit provided by this Agreement provided that the other party is successful in any such action.

 

5.4           Entire Agreement.  This Agreement represents the entire Agreement between the Employee and the Company concerning the subject matter hereof and supersedes any previous oral or written communications, representations, understandings or agreements with the Company or any officer or agent thereof.  This Agreement may only be amended or modified in writing signed by the parties.

 

5.5           Notices.  Any notice, acceptance or other document required or permitted hereunder shall be considered and deemed to have been duly given if delivered by hand, electronic mail, fax or mailed by postage prepaid and addressed to the party for whom it is intended at the party's address above or to such other address as the party may specify in writing to the other and shall be deemed to have been received if delivered, on the date of delivery, and if mailed as aforesaid, then on the second business day following the date of mailing thereof, provided that if there shall be at the time of mailing or within two business days thereof a strike, slowdown or other labour dispute which might affect delivery of notice by the mails, then the notice shall only be effective if actually delivered.

 

5.6           Waiver.  The waiver by the Employee or by the Company of a breach of any provision of this Agreement by the Company or by the Employee shall not operate or be construed as a waiver of any subsequent breach by the Company or by the Employee.

 

5.7           Further Assurances.  The Employee shall, at the request of the Company, execute such further assurances and other documents and instruments and do such further acts and other things as may be necessary to implement and carry out the intent of this Agreement, and under applicable securities law, regulations and policy including, but not limited to, filing obligations with the OTC Markets Group (or such other stock exchange on which the Company's shares may be listed).

 

  

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IN WITNESS WHEREOF the parties have executed this Agreement on April 23, 2015.

 

	
STRONGBOW RESOURCES INC., doing business as

BIG LAKE ENERGY LTD.

	  
	  
	
Per:

	
/s/signed

	  
	  	
Authorized Signatory

	
SIGNED, SEALED and DELIVERED by KENT EDNEY in the presence of:

 

   /s/Heather Edney Hedney                                                              

Name

 

2067 Brightoncrest Common SE                                                             

Address

 

        Homemaker                                                             

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  /s/Kent Edney                                                    

KENT EDNEY

6GMED 3.31.15 Ex 10.1

Exhibit 10.1

EXECUTIVE EMPLOYMENT AGREEMENT
THIS EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into this 26th day of June 2014, and effective May 1, 2014 (the “Effective Date”), by and between Globus Medical, Inc., a Delaware corporation with its principal office in Montgomery County, Pennsylvania (the “Company”), and Anthony L. Williams, a resident of Pennsylvania (“Executive”), hereinafter collectively referred to as “the Parties”.
WITNESSETH:
WHEREAS, the Company desires to promote Executive to the position of Senior Vice President and General Counsel; and
WHEREAS, the Company and the Executive desire to enter into this Agreement to set forth the terms and conditions of the employment relationship between the Company and Executive; 
NOW, THEREFORE, in consideration of the mutual promises in this Agreement, and other good and valuable consideration, including but not limited to the employment of Executive by the Company and the compensation received by Executive from the Company from time to time, and in particular the issuance of an option to purchase 40,000 shares of common stock in the Company, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:
1.     EMPLOYMENT. The Company hereby employs Executive as the Company’s Senior Vice President and General Counsel, and Executive hereby accepts such employment, upon the terms and conditions hereinafter set forth.
2.     TERM. The term (“Term”) of this Agreement shall begin on the Effective Date and shall continue until terminated in accordance with the provisions of Section 6 hereof.
3.     EMPLOYMENT AT WILL. The Parties acknowledge and agree that Executive’s employment with the Company is, and shall remain at all times, “employment at-will”. Either party shall have the right to terminate the employment relationship at any time, for any reason, with or without cause or prior notice.
4.     DUTIES; EXCLUSIVE SERVICES; CONFLICTS OF INTEREST. Executive shall faithfully discharge his responsibilities and perform all duties as generally performed by the Senior Vice President or General Counsel of a comparable entity, including any duties set forth in the Bylaws of the Company related to the position and those duties prescribed from time to time by the President or his designee. Executive agrees to devote his best efforts, time, skill and attention to the performance of his duties and responsibilities on behalf of the Company and in furtherance of its best interests. Executive shall not become involved in any personal investment or business that would likely adversely affect the business of the Company or its affiliates. Executive also agrees that he shall not, without the written consent of the President or his designee, take personal advantage of any business opportunities that arise during his employment with the Company and which may benefit the Company. All material facts supporting such opportunities shall be promptly reported 

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to the President for consideration by the Company. Executive agrees to comply with all policies, standards and regulations of the Company now existing or hereafter promulgated. Subject to the terms and conditions of this Agreement (including, without limitation, Executive’s right to resign for Good Reason pursuant to Section 6(e)), Executive may be reassigned or transferred to another management position, as designated by and in the discretion of the President or his designee which may or may not provide the same level of responsibility as the initial assignment, and Executive shall perform these duties. Upon execution of this Agreement, Executive agrees to immediately resign from the board of directors of any entity that engages in any business that competes with or represents a conflict with the business of the Company as determined in the discretion of the Board of Directors of the Company.
5.     COMPENSATION. During the Term of this Agreement, Executive’s compensation shall be determined and paid as follows.
(a)    BASE SALARY. Executive shall receive as compensation an initial base salary at the rate of $304,000 annually, which annual rate may be increased during Executive’s employment from time to time in the sole discretion of the Company (the “Base Salary”). The Base Salary shall be paid on the Company’s regularly scheduled paydays, less federal, state and local payroll taxes and other withholdings legally required or properly requested by Executive, in accordance with the Company’s regular payroll practices and procedures.
(b)    INCENTIVE BONUS. Subject to the Company’s financial ability, it will establish an incentive bonus plan (“Bonus Plan”) that Executive shall be eligible to participate in. Under the terms of the Bonus Plan, Executive will be able to earn approximately an additional $192,500 annually (“Target Bonus”) by meeting certain Company and individual performance targets, which amount may be increased from time to time in the sole discretion of the Company.
(c)    STOCK OPTION GRANTS.  In addition to other stock options held by Executive, within 60 days following the Effective Date, the Company shall grant to Executive an option to purchase 40,000 shares of common stock of the Company vesting over a period of four years (vesting commences after one year of service), with an exercise price equal to the fair market value at the time of grant, and conditioned on approval by the Company’s Board of Directors and execution of the Globus Stock Option Agreement and related documents. Options shall vest 100% upon acquisition of Company by another entity.
(d)    BENEFITS. Executive shall be eligible to participate in such other benefits as are provided from time to time to other executive-level employees of the Company. Such benefits will be provided and administered in accordance with the terms of any such benefit plans. All Company benefits are subject to termination or amendment by the Company without advance notice to or consent from Executive.
(e)    VACATION. Executive shall be entitled to four (4) weeks of paid vacation per calendar year, to be accrued and used in accordance with the vacation policy of the Company.

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(f)    BUSINESS EXPENSES. The Company will pay all reasonable expenses incurred by Executive directly related to conduct of the business of the Company, including a monthly car allowance in the amount of $700.00, provided that Executive complies with the policies for reimbursement or advance of business expenses established by the Company. Executive will also receive the usual and customary benefits allotted to Company executives including, but not limited to, mobile PDA and laptop computer.
6.     TERMINATION. Executive’s employment hereunder may be terminated as follows.
(a)     VOLUNTARY RESIGNATION BY EXECUTIVE. Executive may terminate his employment by delivery of written notice to the Company.
(b)     TERMINATION BY THE COMPANY WITHOUT CAUSE. The Company may terminate Executive’s employment by delivery of written notice to Executive.
(c)     TERMINATION BY THE COMPANY FOR CAUSE. While Executive is employed by the Company, the Company may terminate Executive’s employment “for cause,” as hereinafter defined, immediately upon written notice to Executive. “Cause” shall be decided by a majority vote of the Board of Directors of the Company other than Executive and shall mean:
(i)     Any material breach of the terms of this Agreement by Executive which breach, if curable, is not cured within fifteen (15) days after written notice of such breach has been given to Executive; or
(ii)     The failure of Executive to comply with the policies and/or directives of the Company and/or Board of Directors, which failure, if curable, is not cured within fifteen (15) days after written notice of such failure has been given to Executive; or
(iii)     Any act of gross negligence or willful misconduct with respect to the Company, including, without limitation fraud, embezzlement, theft or proven dishonesty in the course of his employment; or
(iv)     Any failure by Executive to fully disclose any material conflict of interest he may have with the Company in a transaction involving the Company which conflict is materially detrimental to the interest of the Company; or
(v)     Any adverse act or omission that would be required to be disclosed pursuant to securities laws or that would limit the ability of the Company or any entity affiliated with the Company to sell securities under any federal or state law or that would disqualify the Company or any affiliated entity from any exemption otherwise available to it, all of which are deemed for purposes of this Agreement to be materially detrimental to the interests and well-being of the Company.

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(d)     OTHER TERMINATION BY THE COMPANY. While the Company employs Executive, the Company may immediately terminate this Agreement upon the occurrence of any of the following events:
(i)     This Agreement and Executive’s employment hereunder shall immediately terminate without notice in the event of death of the Executive. Such termination shall not prejudice any benefits payable to Executive or Executive’s beneficiaries that are fully vested or accrued as of the date of death; however, Executive’s estate will not be entitled to any other compensation under this Agreement.
(ii)     This Agreement and Executive’s employment hereunder shall immediately terminate upon written notice to Executive if Executive is unable, due to a disability, to perform the essential functions of his job, with or without a reasonable accommodation, for a period of sixty (60) continuous days. Such termination shall not prejudice any benefits payable to Executive or Executive’s beneficiaries that are fully vested or accrued as of the termination date; however, the Company shall have no further obligation or liability to Executive under this Agreement.
(iii)     This Agreement shall terminate in the event of the liquidation, dissolution or discontinuance of business by the Company or the filing of any petition by or against the Company under any federal or state bankruptcy or insolvency laws, which petition shall not be dismissed within sixty (60) days after filing.
(e)     TERMINATION BY EXECUTIVE FOR GOOD REASON. During the Term of this Agreement, Executive may terminate his employment under this Agreement at any time for “Good Reason.” For purposes of this Agreement, “Good Reason” means:
(i)     Any materially adverse change or material diminution in the office, title, duties, powers, authority or responsibilities of Executive; or
(ii)     Failure of the Company to pay Executive any Base Salary or bonus that has become due and payable; or
(iii)     A material reduction in Base Salary; or
(iv)     A relocation of Executive’s principal worksite of more than 25 miles unless such relocation reduces Executive’s commute to such worksite; or
(v)     Any material breach of the terms of this Agreement by the Company.
However, none of the foregoing events or conditions will constitute Good Reason unless Executive provides the Company with written objection to the event or condition within 90 days following the occurrence thereof, the Company does not reverse or otherwise cure the event or condition 

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within thirty (30) days of receiving that written objection, and Executive resigns his employment within thirty (30) days following the expiration of that cure period.
(f)     TERMINATION FOLLOWING CHANGE IN CONTROL. If (i) all or substantially all of the assets of the Company are sold, liquidated or distributed or (ii) the Company is party to a merger or consolidation, or (iii) a person or entity or related persons or entities acquire a majority of the total voting power of the Company’s then-outstanding equity securities (each, a “Change in Control”), the Company may terminate the Executive’s employment without cause or the Executive may resign his employment with the Company under circumstances establishing Good Reason.
(g)     RESIGNATION AS OFFICER AND DIRECTOR. It is understood that if Executive has been, or at any time hereafter is, appointed to the Board of Directors of the Company, upon termination of this Agreement and Executive’s employment hereunder for any reason, unless otherwise agree between the Company and Executive, Executive shall also be deemed to have resigned as a member, if applicable at such time, of the Company’s Board of Directors, as well as any and all positions Executive may hold as an officer of the Company.
7.     PAYMENTS ON TERMINATION. Upon termination of this Agreement and Executive’s employment hereunder for any reason, all salary and benefits accrued and unreimbursed expenses due as of the date of termination shall be paid to Executive on the Company’s next regular payday.
(a)     Termination Without Severance Benefits. If this Agreement and Executive’s employment hereunder is terminated (i) by Executive for any reason other than Good Reason, including but not limited to termination pursuant to Subsection 6(d) above, or (ii) pursuant to Subsection 6(a) (voluntary resignation), or Subsection 6(c) (by the Company for “Cause”), no other payment or severance benefit will be payable to Executive by the Company.
(b)     Termination with Severance Benefits. If Executive’s employment is terminated pursuant to Subsection 6(b) (by the Company without “Cause”), 6(e) (for “Good Reason”) or 6(f) (“Change in Control”), then Executive shall be entitled to receive: (i) a severance equal to the Base Salary paid in equal installments each month over a period of twelve (12) months; and (ii) reimbursement for monthly premiums paid by Executive for his (and, if applicable, his spouse’s and dependents’) continued coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) under the group health, dental and/or vision plans sponsored by the Company (or any of its affiliates) for a period of twelve (12) months. In addition, if Executive’s employment is terminated pursuant to Subsection 6(b), 6(e) or 6(f) on or before the first anniversary of the Effective Date, then 1/48th of the shares subject to the stock option granted pursuant to Section 5(c) hereof shall vest at the end of each full calendar month beginning on the Effective Date and ending on the date of Executive’s termination.

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Notwithstanding the foregoing, no amount shall be payable to Executive under this Section 7 unless at the time of resignation or termination, Executive has been employed by Company for more than three (3) months from the Effective Date.
Further, notwithstanding the foregoing, the severance benefits described in the preceding paragraph are conditioned on Executive’s execution and delivery to the Company and the expiration of all applicable statutory revocation periods, by the 60th day following the effective date of his cessation of employment, of a general release of claims against the Company substantially in the form attached hereto as Exhibit A (the “Release”). Subject to the following paragraph, the severance benefits described in the preceding paragraph will be begin to be paid or provided as soon as administratively practicable after the Release becomes irrevocable, provided that if the 60-day period described above begins in one taxable year and ends in a second taxable year such payments or benefits shall not commence until the second taxable year.
Notwithstanding anything to the contrary in this Agreement, no portion of the benefits or payments to be made under Section 7(b) hereof will be payable until Executive has a “separation from service” from the Company within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). In addition, to the extent compliance with the requirements of Treas. Reg. § 1.409A-3(i)(2) (or any successor provision) is necessary to avoid the application of an additional tax under Section 409A of the Code to payments due to Executive upon or following his “separation from service”, then notwithstanding any other provision of this Agreement (or any otherwise applicable plan, policy, agreement or arrangement), any such payments that are otherwise due within six months following Executive’s “separation from service” (taking into account the preceding sentence of this paragraph) will be deferred without interest and paid to Executive in a lump sum immediately following that six month period. This paragraph should not be construed to prevent the application of Treas. Reg. § 1.409A-1(b)(9)(iii) (or any successor provision) to amounts payable hereunder. For purposes of the application of Section 409A of the Code, each payment in a series of payments will be deemed a separate payment.
8.     WITHHOLDING FROM AND OFFSET OF SEVERANCE BENEFITS. The obligation of the Company to make any payment pursuant to Section 7 of this Agreement shall be subject to the following:
(a)     Taxes. The Company shall withhold all applicable federal, state and local taxes as required by relevant law and regulation then in effect including, without limitation FICA and other taxes.
(b)     Debts and Liabilities of Executive. The Company may withhold from or offset against its payment(s) to Executive any liabilities or debts of Executive to the Company.
9.     Section 409A.
(a)     Notwithstanding anything herein to the contrary or otherwise, except to the extent any expense, reimbursement or in-kind benefit provided to Executive does not constitute a “deferral of compensation” within the meaning of Section 409A of the Code, 

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and its implementing regulations and guidance, (i) the amount of expenses eligible for reimbursement or in-kind benefits provided to Executive during any calendar year will not affect the amount of expenses eligible for reimbursement or in-kind benefits provided to Executive in any other calendar year, (ii) the reimbursements for expenses for which Executive is entitled to be reimbursed shall be made on or before the last day of the calendar year following the calendar year in which the applicable expense is incurred and (iii) the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other benefit.
(b)     Anything to the contrary herein notwithstanding, all benefits or payments provided by the Company to Executive that would be deemed to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code are intended to comply with Section 409A of the Code. Notwithstanding anything in this Agreement to the contrary, distributions may only be made under this Agreement upon an event and in a manner permitted by Section 409A of the Code or an applicable exemption.
(c)     If the application of Section 409A impacts Company’s tax liability, then Executive agrees to reimburse Company in the amount of the liability incurred.
10.     RESERVED.
11.     EXECUTIVE REPRESENTATIONS. Executive warrants and represents as follows:
(a)     Executive represents that his performance of all of the terms of this Agreement does not and will not breach any arrangement to keep in confidence information acquired by Executive in confidence or in trust prior to Executive’s employment by the Company. Executive represents that he has not entered into, and agrees not to enter into, any agreement either oral or written in conflict herewith.
(b)     Executive understands as part of the consideration for this Agreement and for Executive’s employment or continued employment by the Company, that Executive has not brought and will not bring with Executive to the Company, or use in the performance of Executive’s duties and responsibilities for the Company or otherwise on its behalf, any materials or documents of a former employer or other owner that are generally not available to the public, unless Executive has obtained written authorization from the former employer or other owner for their possession and use and has provided the Company with a copy thereof.
(c)     Executive understands that during his employment for the Company he is not to breach any obligation of confidentiality that Executive has to a former employer or any other person or entity and agrees to comply with such understanding.
12.     RECORDS. All notes, data, tapes, reference materials, sketches, drawings, memoranda, models and records in any way relating to any of the proprietary information or to the Company’s business shall belong exclusively to the Company, and Executive agrees to turn over to the Company all such materials and all copies and reproduction capabilities concerning such 

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materials or compilations of information therefrom in his possession or then under his control at the request of the Company or, in the absence of such request, upon the termination of Executive’s employment with the Company.
13.     WAIVER. No waiver of any provision of this Agreement shall be valid unless the same is in writing and signed by the party against whom such waiver is sought to be enforced. Failure or delay of the Company at any time to insist upon strict compliance with any of the terms, covenants or conditions hereof, or to exercise any of its powers, rights or remedies with respect to any term or provision of this Agreement or any other aspect of Executive’s conduct or employment, shall not be deemed a waiver of such terms, covenants, conditions, powers, rights or remedies, nor shall any waiver or relinquishment of any right or power granted hereunder at any particular time be deemed a waiver or relinquishment of such rights or power at any other time or times.
14.     RESERVED. 
15.     SEVERABILITY. The provisions of this Agreement shall be deemed severable, and the invalidity or unenforceability of any provision (or part thereof) of this Agreement shall in no way affect the validity or enforceability of any other provision (or remaining part thereof) or the enforceability thereof under different circumstances.
16.     GOVERNING LAW; VENUE. This Agreement shall be governed by and construed according to the laws of the Commonwealth of Pennsylvania, without reference to the choice of law or conflict of law provisions of such laws, provided that federal law shall govern copyright, patent and trademark issues. The Parties further agree that the Court of Common Pleas of Montgomery County, Pennsylvania or the United States District Court for the Eastern District of Pennsylvania in Philadelphia, Pennsylvania shall adjudicate any disputes related to this Agreement. The parties hereto consent to the personal jurisdiction of such courts.
17.     NOTICES. Any notice required to be given hereunder shall be sufficient if in writing and sent by certified or registered United States mail, return receipt requested, first-class postage prepaid, in the case of Executive, to the last known address as shown on the Company’s records, and in the case of the Company, to its principal office in the Commonwealth of Pennsylvania.
18.     BENEFIT. This Agreement shall be binding upon and shall inure to the benefit of each of the parties hereto, and to their respective heirs, representatives, successors and permitted assigns. Executive may not assign any of his rights or delegate any of his duties under this Agreement.
19.     ENTIRE AGREEMENT. This Agreement and the No Competition and Non-Disclosure Agreement between the Company and Executive effective as of March 1, 2011 (the “NCND Agreement”) contain the entire agreement and understandings by and between the Company and Executive with respect to the covenants herein and therein described, and no representations, promises, agreements or understandings, written or oral, not herein or therein contained shall be of any force or effect. The NCND Agreement shall remain in full force and effect following the execution of this Agreement.  No change or modification hereof shall be valid or binding unless the same is in writing and signed by the Parties hereto. Executive represents and agrees that he fully understands his right to discuss all aspects of this Agreement with counsel of his choice, that to the 

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extent he desired, he availed himself of this right, that he has carefully read and fully understands the meaning, intent and consequences of all provisions of this entire Agreement, that he is competent to execute this Agreement, that his decision to execute this Agreement has not been obtained by any duress, and that he freely and voluntarily enters into this Agreement.
20.     CAPTIONS. The captions in this Agreement are for convenience only and in no way define, bind or describe the scope or intent of this Agreement.
21.     SURVIVAL. The provisions set forth in Sections 7 through 20 hereof shall survive the termination of this Agreement and any period of applicability stated therein shall be extended to the extent of any period of time during which the Executive is in violation thereof.
IN WITNESS WHEREOF, the parties have executed this Executive Employment Agreement effective as of the day and year first above written.

GLOBUS MEDICAL, INC.

By: /s/  David C. Paul                
Name: David C. Paul                
Title:     CEO                    

EXECUTIVE

/s/ Anthony L. Williams            
Anthony L. Williams
 

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EXHIBIT A
Form of Release

1

SEPARATION AGREEMENT AND GENERAL RELEASE
In consideration of a payment of: (1) __________ representing a severance payment of ________ salary which I will receive from Globus Medical, Inc. (“Globus”) by check (less appropriate payroll taxes which will be withheld); and (2) __________ representing the cost of extending my medical and health benefits for __________ months, both payments to be sent within __________ (__________) calendar days after Globus receives a signed copy of this Agreement, I, __________, intending to be legally bound by this Separation Agreement and General Release (“Agreement”), hereby agree to release Globus from all claims, demands, actions or liabilities I may have against Globus of whatever kind, known or unknown, including but not limited to those which arise out of or are related to my employment with Globus or the separation or termination of that employment. I agree that this also releases from liability Globus’ subsidiaries, successors, operating units, assigns, affiliates, related corporations and entities, and all of their present and future partners, principals, shareholders, employees, officers, directors, agents, attorneys, divisions, and any person or entity which can be held jointly and severably liable with any of them (hereinafter, “those associated with Globus”).
I agree that I have voluntarily executed this release on my own behalf, and also on behalf of any heirs, agents and representatives that I may have now or in the future. I knowingly and voluntarily waive any and all claims under any and all laws which provide legal restrictions on Globus’ or the rights of those associated with Globus to terminate my employment or to affect the terms and conditions of my employment, including but not limited to claims under any federal, state, or other governmental statute, regulation or ordinance, including, without limitation: (1) Title VII of the Civil Rights Act of 1964 and the Civil Rights Act of 1991; (2) the Americans With Disabilities Act; 

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(3) the Pennsylvania Human Relations Act; (4) the Age Discrimination in Employment Act (“ADEA”); (5) the Older Workers Benefit Protection Act; (6) The Family and Medical Leave Act (“FMLA”); (7) Sections 1981 through 1988 of Title 42 of the United States Code; (8) the Employee Retirement Income Security Act of 1974 (“ERISA”); (9) the federal Food Drug and Cosmetic Act; (10) the Occupational Safety and Health Act; (11) all other federal, state or local laws of a similar nature to any of the foregoing enumerated laws and any amendments to the foregoing statutes.
I also waive any other common law or statutory claims against Globus and those associated with Globus, including but not limited to any claim for personal injury, wrongful discharge, public policy, negligence, infliction of emotional distress, whistleblower, retaliation, negligent hiring or retention, or any form of tort, whether negligent, reckless or intentional, or any claims based on theories of contract, including any claims for legal fees or costs, or any other form of action.
I understand that I am not waiving any rights or claims under the ADEA that may arise after the date this waiver is executed, but does waive any claims pertaining to my separation from employment as provided for by this Agreement. I also understand that I am not waiving any rights or claims which cannot legally be waived by this Agreement, including without limitation, unemployment compensation claims, workers’ compensation claims or the ability to file certain administrative claims.
I understand that nothing in this Agreement shall interfere with my right to file a charge with, cooperate with, or participate in an investigation or proceeding conducted by the Equal Employment Opportunity Commission or other federal or state regulatory or law enforcement agency. However, I agree that, with the exception of unemployment and worker’s compensation claims, the 

2

consideration provided to me in this Agreement shall be the sole relief provided for the claims that are released by me herein and I understand that I will not be entitled to recover and agree to waive any monetary benefits or economic recovery or equitable relief recovery against Globus or those associated with Globus in connection with any such claim, charge or proceeding without regard to who has brought such complaint or charge.
Subject to all of the foregoing, this Agreement shall operate as a general release of any and all claims to the fullest extent of applicable law.
I further acknowledge and agree that:
1.     The payment as described above constitutes consideration for this release, in that it is a payment or other accommodation to which I would not have been entitled under any Globus policy, procedure or plan had I not signed this release.
2.     As of the date set forth below, payment has been made in full for all hours worked and that I am not owed or entitled to any additional compensation in the form of salary, wages, overtime, vacation pay, fringe benefits or otherwise, related to any employment with Globus or those associated with Globus.
3.     I have been given the opportunity to take a period of at least twenty-one (21) days to consider this release (“Consideration Period”), I have not been pressured or coerced to waive this Consideration Period, and I have been given the opportunity to discuss it with counsel of my choice.
4.     I have carefully read this release, have had a reasonable time to review it, and have signed it voluntarily, without coercion and with knowledge of the nature and consequences thereof. 

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5.     This release does not waive any claims I may have which arise after the date I sign this release.
6.     I have not relied on any representations or promises of any kind made to me in connection with my voluntary decision to sign this release except for those set forth in this release.
7.     I will keep the terms of this release, including the payment and accommodations made hereunder, in strict confidence, and will not make public or disclose the terms or payment to any person except for my spouse, my attorneys or accountants or governmental authorities as may be required by law.
8.     I shall not make or publish any statement (orally or in writing) or instigate, assist or participate in the making or publication of any statement which shall tend to disparage or demean Globus, or any of its present or former employees, officers and directors.
9.     If Globus receives any requests for references concerning my employment, Globus will only disclose my position and dates of employment.
10.     I agree not to seek employment or be employed with Globus or those associated with Globus, and forever waive and relinquish all rights to assert any claim for recall, reemployment, or tenure with Globus or those associated with Globus. I agree that Globus and those associated with Globus need not accept or consider any application for employment from me, may deny employment to me based upon this provision, and I hereby release Globus and those associated with Globus from any liability for failure to hire or rehire me in the future. If I should apply for employment or reemployment with Globus or those associated with Globus in the future, this Agreement shall 

4

constitute my irrevocable request that such application be withdrawn and not considered and, if already hired, shall constitute my irrevocable resignation.
11.     I agree I will never institute or be a party to a claim of any kind against Globus or those associated with Globus regarding the subject matter of this release. If I violate this release by instituting a claim against Globus or those associated with Globus, I agree I will pay all costs Globus or those associated with Globus incur in defending against the claim, including reasonable attorneys’ fees.
12.     I agree to timely pay any taxes due on sums paid pursuant to this Agreement and hereby indemnify and holds harmless Globus for any taxes and penalties assessed on account of sums paid pursuant to this Agreement.
13.     I understand that the sums paid pursuant to this Agreement will not be included in compensation for purposes of calculating the benefits to which I am entitled under any 401(k), pension or other retirement plan.
14.     I agree to execute any documents and to take any other actions necessary to implement the terms of this Agreement.
15.     I understand that this Agreement sets forth the terms of the entire agreement between me and Globus concerning my employment and separation from employment and extinguish the terms of any other agreement between the parties; provided, however, that the provisions of the No Competition and Non-Disclosure Agreement that I signed as an employee of Globus shall remain in full force and effect. I am not entitled to any benefit or consideration not set forth in this Agreement nor shall I be entitled to any duplication of the consideration or benefits described in this Agreement.

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16.     I understand that no oral statement of any person whatsoever shall in any manner or degree modify or otherwise affect the terms and provisions of this Agreement. To the extent the terms of this Agreement and any other agreement conflict, the terms of this Agreement shall govern and supercede such inconsistent terms.
17.     I understand and agree that if, after 60 days from receipt of this Agreement, I do not sign and return it to Globus, that the terms and conditions of this offer shall expire at Globus’ discretion and without any further notice to me.
I understand this Agreement is not effective or enforceable for seven (7) days after I sign it, and I may revoke it during that time (“Revocation Period”). I have not been pressured or coerced to waive this Revocation Period. To revoke, I agree to return the full amount of any check I received from Globus under this Release, together with a written notice of revocation addressed to Kelly G. Huller, Esquire, Vice President, Legal, Globus Medical, Inc., 2560 General Armistead Avenue, Audubon, PA 19403. I understand and agree that this must be done before the conclusion of the seventh day after I sign the release; that if Ms. Huller does not receive a written revocation and the sum stated above by the end of the seven day period, this release will become fully enforceable at that time; and that revocation of this release does not alter or affect the termination of my employment with Globus.
In case any part of this release shall be invalid, illegal or otherwise unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. This release shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania.

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I understand and agree to this Agreement, have had the opportunity to review it with counsel, and have signed it freely and voluntarily.
 

                                                    
Date

                                                    
Witness (print name)                     Witness (signature)
Reviewed and agreed to on behalf of Globus Medical, Inc.:

By:                         
Name:                         
Title:                         

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