Document:

Exhibit 4.1

  

  

    CUSTOMERS BANCORP, INC.,

    

    

    as Issuer

    

    

    and

    

    

    WILMINGTON TRUST, NATIONAL ASSOCIATION,

    

    

    as Trustee

    

    

    

    

    

    

    THIRD SUPPLEMENTAL INDENTURE

    

    

    Dated as of September 25, 2019

    

    

    To

    

    

    INDENTURE

    

    

    Dated as of July 30, 2013

    (Senior Debt Securities)

    

    

    

    

    

    

    4.50% SENIOR NOTES DUE 2024

     

    

     

    

     

    

     

    

    
      
        

    

    Table of Contents

    

    

    	 	 	
            Page

          
	 	 	 
	
            ARTICLE I DEFINITIONS AND

          	 
	
            OTHER PROVISIONS OF GENERAL APPLICATION

          	 
	
            Section 1.01

          	
            Definitions

          	
            2

          
	
            Section 1.02

          	
            Conflicts with Base Indenture

          	
            3

          
	 	 	 
	
            ARTICLE II CREATION OF THE NOTES

          	 
	
            Section 2.01

          	
            Designation of Series

          	
            3

          
	
            Section 2.02

          	
            Form and Denomination of Notes

          	
            3

          
	
            Section 2.03

          	
            Initial Limit on Amount of Series

          	
            3

          
	
            Section 2.04

          	
            No Sinking Fund or Repurchase at the Option of Holders

          	
            3

          
	
            Section 2.05

          	
            Optional Redemption

          	
            3

          
	
            Section 2.06

          	
            Notes Not Convertible or Exchangeable

          	
            3

          
	
            Section 2.07

          	
            Issuance of Notes; Selection of Depository

          	
            3

          
	
            Section 2.08

          	
            Issuance of Additional Notes

          	
            4

          
	
            Section 2.09

          	
            Dollars

          	
            4

          
	
            Section 2.10

          	
            Determination of Principal and Interest

          	
            4

          
	
            Section 2.11

          	
            Defeasance Applicable to Notes

          	
            4

          
	
            Section 2.12

          	
            Paying Agent and Security Registrar

          	
            4

          
	 	 	 
	
            ARTICLE III COVENANTS

          	 
	
            Section 3.01

          	
            Ownership of Material Subsidiary Stock

          	
            4

          
	
            Section 3.02

          	
            Liens

          	
            6

          
	
            Section 3.03

          	
            Waiver of Covenants

          	
            7

          
	 	 	 
	
            ARTICLE IV COVENANT DEFEASANCE

          	 
	
            Section 4.01

          	
            Covenant Defeasance Applicable to Notes

          	
            7

          
	 	 	 
	
            ARTICLE V REMEDIES

          	 
	
            Section 5.01

          	
            Events of Default

          	
            8

          
	
            Section 5.02

          	
            Acceleration

          	
            9

          
	 	 	 
	
            ARTICLE VI REDEMPTION

          	 
	
            Section 6.01

          	
            Redemption

          	
            11

          
	 	 	 
	
            ARTICLE VII AMENDMENTS AND WAIVERS

          	 
	
            Section 7.01

          	
            Amendments and Waivers

          	
            11

          
	 	 	 
	
            ARTICLE VIII MISCELLANEOUS

          	 
	
            Section 8.01

          	
            Application of Third Supplemental Indenture

          	
            11

          
	
            Section 8.02

          	
            Benefits of this Third Supplemental Indenture

          	
            11

          
	
            Section 8.03

          	
            Modification of the Base Indenture

          	
            11

          
	
            Section 8.04

          	
            Reports by the Company

          	
            11

          

    

    

    

    

    
      
        

    

    

    

    	
            Section 8.05

          	
            Effective Date

          	
            12

          
	
            Section 8.06

          	
            Counterparts

          	
            12

          
	
            Section 8.07

          	
            Successors and Assigns

          	
            12

          
	
            Section 8.08

          	
            Table of Contents, Headings, Etc.

          	
            12

          
	
            Section 8.09

          	
            Severability Clause

          	
            12

          
	
            Section 8.10

          	
            Satisfaction and Discharge

          	
            12

          
	
            Section 8.11

          	
            Ratification of the Base Indenture

          	
            12

          
	
            Section 8.12

          	
            Governing Law

          	
            12

          
	
            Section 8.13

          	
            Trustee Disclaimer

          	
            13

          
	
            Section 8.14

          	
            Force Majeure

          	
            13

          
	
            Section 8.15

          	
            U.S.A. Patriot Act

          	
            13

          

    

    

    	
            Exhibit A

          	
            Form of Note

          

    

    

    

    

    

    

    
      
        

    

    THIRD SUPPLEMENTAL INDENTURE (this
      “Third Supplemental Indenture”), dated as of September 25, 2019, by and between Customers Bancorp, Inc., a Pennsylvania corporation (the “Company”), and Wilmington Trust, National Association, a national banking association organized under the laws of the United States, as trustee (“Trustee”).

    

    

    RECITALS

    

    

    WHEREAS, the Company and the Trustee have entered into the Indenture, dated as of July 30, 2013 (as amended, modified or supplemented from
      time to time in accordance therewith, other than with respect to a particular series of debt securities, the “Base Indenture” and, as amended, modified and
      supplemented by this Third Supplemental Indenture, the “Indenture”), providing for the issuance by the Company from time to time of its senior debt securities;

    

    

    WHEREAS, the Company has previously issued Securities under the Base Indenture and such Securities remain outstanding as of the date of
      this Third Supplemental Indenture;

    

    

    WHEREAS, the Company desires to provide for the establishment of a new series of Securities pursuant to Sections 2.1 and 2.2 of the Base
      Indenture, and has duly authorized the creation and issuance of such series and the execution and delivery of this Third Supplemental Indenture to modify the Base Indenture and provide certain additional provisions as hereinafter described;

    

    

    WHEREAS, the Company and the Trustee deem it advisable to enter into this Third Supplemental Indenture for the purposes of establishing the
      terms of such new series of Securities and providing for the rights, obligations and duties of the Trustee with respect to such series of Securities;

    

    

    WHEREAS, the execution and delivery of this Third Supplemental Indenture has been authorized by a resolution of the Board of Directors of
      the Company; and

    

    

    WHEREAS, all conditions and requirements of the Base Indenture necessary to make this Third Supplemental Indenture a valid, binding and
      legal instrument in accordance with its terms have been performed and fulfilled by the parties hereto and the execution and delivery thereof have been in all respects duly authorized by the parties hereto;

    

    

    NOW, THEREFORE, THIS THIRD SUPPLEMENTAL INDENTURE WITNESSETH:

    

    

    For and in consideration of the premises and the purchase of the Notes by the Holders thereof, the Company and the Trustee covenant and
      agree, for the equal and proportionate benefit of all Holders of the Notes, as follows:

    

    

    

    

    
      
        

    

    
    ARTICLE I

    DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

    

    

    Section 1.01          Definitions. Capitalized terms used herein and not otherwise defined herein have the meanings assigned to them in the Base Indenture. The words
        “herein”, “hereof” and “hereby” and other words of similar import used in this Third Supplemental Indenture refer to this Third Supplemental Indenture as a whole and not to any particular section hereof.

    

    

    As used herein, the following terms have the specified meanings:

    

    

    “Additional Notes” has the meaning set forth in
      Section 2.08 of this Third Supplemental Indenture.

    

    

    “Base Indenture” has the meaning specified in
      the recitals of this Third Supplemental Indenture.

    

    

    “Company” has the meaning specified in the
      preamble of this Third Supplemental Indenture until a successor corporation shall have become such pursuant to the applicable provisions of the Base Indenture, and thereafter “Company” shall mean such successor corporation.

    

    

    “Consolidated Assets” means all assets owned
      directly by the Company or indirectly by the Company through any Subsidiary and reflected on the Company’s consolidated balance sheet prepared in accordance with GAAP.

    

    

    “Indenture” has the meaning specified in the
      recitals of this Third Supplemental Indenture.

    

    

    “Notes” has the meaning set forth in Section
      2.01 of this Third Supplemental Indenture.

    

    

    “Person” means any individual,
        corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.

    

    

    “Third Supplemental Indenture” has the meaning
      specified in the preamble of this Third Supplemental Indenture.

    

    

    “Trustee” means the party named as such in the
      preamble to this Third Supplemental Indenture until a successor replaces such party in accordance with the applicable provisions of the Indenture and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder.

    

    

    “Voting Stock” means outstanding
        shares of Capital Stock having voting power for the election of directors, whether at all times or only so long as no senior class of stock has such voting power because of default in dividends or other default.

    

    

    

    

    
      2

      
        

    

    

    

    Section 1.02          Conflicts with Base Indenture. In the event that any provision of this Third Supplemental Indenture limits, qualifies or conflicts with a provision
        of the Base Indenture, such provision of this Third Supplemental Indenture shall control.

    

    

     

    ARTICLE II

    CREATION OF THE NOTES

    

    

    Section 2.01          Designation of Series. Pursuant to the terms hereof and Sections 2.1 and 2.2 of the Base Indenture, the Company hereby creates a series of its senior
        debt securities designated as the “4.50% Senior Notes due 2024” (the “Notes”), which Notes shall be deemed “Securities” for all purposes under the Indenture.

    

    

    Section 2.02          Form and Denomination of Notes. The definitive form of the Notes, which shall be issued in global form, shall be substantially in the form of Exhibit A hereto, which is incorporated herein and expressly made a part hereof. The Notes shall bear interest and have such other terms as are stated in the
        form of definitive Notes and in the Indenture. The Stated Maturity of the Notes shall be September 25, 2024, unless redeemed on any date fixed for redemption (the “Redemption

            Date”) prior to the Stated Maturity in accordance with the terms of the Notes and the Indenture. The Notes shall be issuable only in registered form without coupons and only in minimum denominations of $1,000 and any multiple of
        $1,000 in excess thereof.

    

    

    Section 2.03          Initial Limit on Amount of Series. The aggregate principal amount of Notes that initially may be authenticated and delivered under this Third
        Supplemental Indenture shall be limited to $25,000,000. The Notes may, upon the execution and delivery of this Third Supplemental Indenture or from time to time thereafter, be executed by the Company and delivered to the Trustee for authentication,
        and the Trustee shall thereupon authenticate and deliver said Notes upon the delivery of a Company Order. Following the initial issuance of the Notes, the aggregate principal amount of Notes may be increased as provided in Section 2.08.

    

    

    Section 2.04          No Sinking Fund or Repurchase at the Option of Holders. No sinking fund will be provided with respect to the Notes. The Company will not be obligated
        to redeem the Notes at the option of the Holders.

    

    

    Section 2.05          Optional Redemption. The Company at its option may, at any time on or after the date that is 30 days prior to the Stated Maturity, redeem the Notes,
        in whole or in part, upon payment of a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest on the principal amount of Notes being redeemed to, but excluding, the Redemption Date.

    

    

    Section 2.06          Notes Not Convertible or Exchangeable. The Notes will not be convertible into or exchangeable for common stock or other securities or property.

    

    

    Section 2.07          Issuance of Notes; Selection of Depository. The Notes shall be issued as Global Securities in permanent global form, without coupons. The initial
        Depository for the Notes shall be The Depository Trust Company.

    

    

    

    

    
      3

      
        

    

    

    

    

    

    Section 2.08          Issuance of Additional Notes. From time to time subsequent to the date hereof, without notice to or the consent of the Holders of the Notes but in
        compliance with the terms of the Indenture, the Company may create and issue additional Notes (the “Additional Notes”) under the terms of the Indenture and
        this Third Supplemental Indenture (and without need to execute any additional supplemental indenture); provided, that no Additional Notes shall be issued unless such Additional Notes will be fungible for U.S. federal income tax and securities law
        purposes with Notes originally issued pursuant to this Third Supplemental Indenture (“Outstanding Notes”). The Additional Notes shall be issued as part of
        the existing series of Notes issued pursuant to this Third Supplemental Indenture and shall have terms identical in all material respects (except for the issue date, issue price, initial interest accrual date and the first interest payment date) to
        any Outstanding Notes and shall be treated together with any Outstanding Notes as a single series of Notes for all purposes under the Indenture. Any Additional Notes issued hereunder shall rank equally and ratably with the Notes originally issued
        pursuant to this Third Supplemental Indenture, shall have the same CUSIP number and shall trade interchangeably with such Notes and shall otherwise constitute Notes for all other purposes hereof. Any Additional Notes may be issued pursuant to
        authorization provided by one or more Board Resolutions. No Additional Notes shall be issued at any time that there is an Event of Default under the Indenture with respect to the Notes that has occurred and is continuing, or an event that, with
        notice or the lapse of time, or both, would become an Event of Default.

    

    

    Section 2.09          Dollars. The principal of and interest on the Notes shall be payable in United States dollars.

    

    

    Section 2.10          Determination of Principal and Interest. The amount of payments of principal and interest on the Notes shall not be determined with reference to an
        index or formula, but rather shall be determined as set forth in the Note.

    

    

    Section 2.11          Defeasance Applicable to Notes. Pursuant to Sections 2.2.23 and 8.3 of the Base Indenture, provision is hereby made for both (i) legal defeasance of
        the Notes under Section 8.3 of the Base Indenture and (ii) covenant defeasance of the Notes under Section 8.4, in each case, upon the terms and conditions contained in Article VIII of the Base Indenture.

    

    

    Section 2.12          Paying Agent and Security Registrar. The Company appoints the Trustee as the Registrar and Paying Agent for the Notes, and the Trustee hereby accepts
        such appointment.

    

    

    ARTICLE III

    COVENANTS

    

    

    Pursuant to Section 2.2.19 of the Base Indenture, so long as any of the Notes are outstanding, the following provisions shall be applicable
      to the Notes in addition to the covenants contained in Article IV of the Base Indenture:

    

    

    

    

    
      4

      
        

    

    

    

    Section 3.01          Ownership of Material Subsidiary Stock. Subject to the provisions of Article V of the Base Indenture, so long as any of the Notes are outstanding,
        the Company:

    

    

    (a)          will not,
        nor will it permit a Material Subsidiary to, directly or indirectly, sell, assign, pledge, transfer or otherwise dispose of any shares of, securities convertible into, or options, warrants or rights to subscribe for or purchase shares of, Voting
        Stock of a Material Subsidiary, nor will the Company permit a Material Subsidiary to issue any shares of, or securities convertible into, or options, warrants or rights to subscribe for or purchase shares of, Voting Stock of a Material Subsidiary
        if, in each case, after giving effect to any such transaction and to the issuance of the maximum number of shares of Voting Stock of such Material Subsidiary issuable upon the exercise of all such convertible securities, options, warrants or
        rights, the Company would cease to own, directly or indirectly, at least 80% of the issued and outstanding Voting Stock of such Material Subsidiary; and

    

    

    (b)          will not permit a Material
        Subsidiary to:

    

    

    
      
        
          (i)   merge or consolidate with or into any corporation or other Person, unless the Company is the surviving corporation or Person, or unless, upon consummation
            of the merger or consolidation, the Company will own, directly or indirectly, at least 80% of the surviving corporation’s issued and outstanding Voting Stock; or

        

      

    

    

    

    
      
        
          (ii)   lease, sell, assign or transfer all or substantially all of its properties and assets to any Person (other than the Company) in a single transaction or
            series of related transactions, unless, upon such sale, assignment or transfer, the Company will own, directly or indirectly, at least 80% of the issued and outstanding Voting Stock of that Person.

        

      

    

    

    

    Notwithstanding the foregoing, any such sale, assignment, pledge, transfer, disposition or issuance of securities, any such merger or
      consolidation or any such lease, sale, assignment or transfer of properties and assets shall not be prohibited if: (A) required by law and such sale, assignment, pledge, transfer, disposition or issuance of securities is made to any Person for the
      purpose of the qualification of such Person to serve as a director; (B) such sale, assignment, pledge, transfer, disposition or issuance of securities is made by the Company or any of its Subsidiaries acting in a fiduciary capacity for any Person
      other than the Company or any Subsidiary; (C) made in connection with the consolidation of the Company with or the sale, lease or conveyance of all or substantially all of the assets of the Company to, or merger of the Company with or into any other
      Person (as to which Article V of the Base Indenture shall apply); (D) required by any law or any rule, regulation or order of any governmental agency or authority; or (E) required as a condition imposed by any law or any rule, regulation or order of
      any governmental agency or authority to the acquisition by the Company, directly or indirectly, through purchase of stock or assets, merger, consolidation or otherwise, of any Person; provided, that, in the case of (E) only, after giving effect to
      such disposition and acquisition, (y) at least 80% of the issued and outstanding Voting Stock of such Person will be owned, directly or indirectly, by the Company, and (z) the Consolidated Assets of the Company will be at least equal to 70% of the
      Consolidated Assets of the Company prior thereto. Nothing in this Section 3.01 shall prohibit the Company or any Material Subsidiary from the sale or transfer of assets pursuant to any securitization transaction or the pledge of any assets to secure
      borrowings incurred in the ordinary course of business, including, without limitation, deposit liabilities, mortgage escrow funds, reverse repurchase agreements, Federal Home Loan Bank of Pittsburgh, recourse obligations incurred in connection with a
      Material Subsidiary’s lending activities and letters of credit.

    

    

    

    

    
      5

      
        

    

    

    

    Section 3.02          Liens. The Company will not, nor will the Company permit a Material Subsidiary to, create, assume, incur or suffer to be created, assumed or incurred
        or to exist, any pledge, encumbrance or lien, as security for indebtedness for borrowed money, upon any shares of Voting Stock of a Material Subsidiary (or securities convertible into, or options, warrants or rights to subscribe for or purchase
        shares of that Voting Stock), directly or indirectly, without making effective provision whereby the Notes shall be equally and ratably secured with any and all such indebtedness if, treating such pledge, encumbrance or lien as a transfer of the
        shares of, or securities convertible into or options, warrants or rights to subscribe for or purchase shares of, Voting Stock of such Material Subsidiary subject thereto to the secured party and after giving effect to the issuance of the maximum
        number of shares of Voting Stock of such Material Subsidiary issuable upon the exercise of all such convertible securities, options, warrants or rights, the Company would not continue to own at least 80% of the issued and outstanding Voting Stock
        of such Material Subsidiary. Notwithstanding the foregoing, this Section shall not apply to any:

    

    

    
      
        
          (a)   pledge, encumbrance or lien upon any such shares of Voting Stock to secure indebtedness of the Company or a Subsidiary as part of the purchase price of such
            shares of Voting Stock, or incurred prior to, at the time of or within 120 days after acquisition thereof for the purpose of financing all or any part of the purchase price thereof;

        

      

    

    

    

    
      
        
          (b)   lien for taxes, assessments or other government charges or levies (i) which are not yet due or payable without penalty, (ii) which the Company is contesting
            in good faith by appropriate proceedings so long as the Company has set aside on its books such reserves as shall be required in respect thereof in conformity with GAAP or (iii) which secure obligations of less than $1 million in amount;

        

      

    

    

    

    
      
        
          (c)   lien of any judgment, if that judgment (i) is discharged, or stayed on appeal or otherwise, within 60 days, (ii) is currently being contested in good faith
            by appropriate proceedings so long as the Company has set aside on its books such reserves as shall be required in respect thereof in conformity with GAAP or (iii) involves claims of less than $1 million; or

        

      

    

    

    

    
      
        
          (d)   any pledge or lien on the Voting Stock of a Material Subsidiary to secure a loan or other extension of credit by a Subsidiary subject to Section 23A of the
            Federal Reserve Act.

        

      

    

    

    

    In case the Company or a Material Subsidiary shall propose to create, assume, incur or suffer to be created, assumed or incurred or to
      exist, any pledge, encumbrance or lien, as security for indebtedness for borrowed money, upon any shares of Voting Stock of a Material Subsidiary (or securities convertible into, or options, warrants or rights to subscribe for or purchase shares of
      that Voting Stock), directly or indirectly, other than as permitted by subdivisions (a) to (d), inclusive, of this Section, the Company will prior thereto give written notice thereof to the Trustee, and will prior to or simultaneously with such
      pledge, encumbrance or lien, by supplemental indenture delivered to the Trustee, in form satisfactory to it, effectively secure all the Notes equally and ratably with such indebtedness, by pledge, encumbrance or lien of such Voting Stock. Such
      supplemental indenture shall contain the provisions, concerning the possession, control, release and substitution of encumbered and pledged property and securities and other appropriate matters which are required or permitted by the TIA (as in effect
      at the date of execution of such supplemental indenture) to be included in a secured indenture qualified under the TIA, and may also contain such additional and mandatory provisions permitted by the TIA as the Company and the Trustee shall deem
      advisable or appropriate.

    

    

    

    

    
      6

      
        

    

    

    

    Section 3.03          Waiver of Covenants. In accordance with Section 9.2 of the Base Indenture, the Company may omit in any particular instance to comply with any term,
        provision or condition set forth in Sections 3.01 to 3.02 hereof, inclusive, with respect to the Notes if before the time for such compliance the Holders of at least a majority in principal amount of the Outstanding Notes, by act of such Holders,
        either shall waive such compliance in such instance or generally waived compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and,
        until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect.

    

    

    ARTICLE IV

    COVENANT DEFEASANCE

    

    

    Section 4.01          Covenant Defeasance Applicable to Notes. If the Company effects covenant defeasance pursuant to Article VIII of the Base Indenture, then the Company
        shall, subject to the satisfaction of the conditions set forth in Section 8.4 of the Base Indenture, also be released from its obligations under the covenants contained in Article III of this Third Supplemental Indenture, under Section 6.1(d) of
        the Base Indenture, as amended by Article V of this Third Supplemental Indenture, with respect to such covenants and under Section 6.1(f) of the Base Indenture, as amended by Article V of this Third Supplemental Indenture, with respect to the
        Outstanding Notes on and after the date the conditions set forth in Section 8.4 of the Base Indenture are satisfied.

    
      7

      
        

    

    

    

     

    

    

    ARTICLE V

    REMEDIES

    

    

    Section 5.01          Events of Default. Pursuant to Section 2.2.18 of the Base Indenture, Section 6.1 of the Base Indenture is hereby deleted and replaced in its entirety
        with the following:

    

    

    Section 6.1          Events of Default. Each of the following constitutes an “Event of Default”:

    

    

    (a)          the
        Company defaults in the payment of any installment of interest on any of the Notes as and when the same shall become due and payable, and such default continues for a period of 30 days;

    

    

    (b)          the
        Company defaults in the payment when due of all or any part of the principal of any of the Notes as and when the same shall become due and payable either at maturity, upon any redemption, upon acceleration of maturity or otherwise;

    

    

    (c)          the
        Company fails to perform any other covenant or agreement on the part of the Company contained in the Notes or in this Indenture and such failure continues for a period of 90 days after the date on which notice specifying such failure, stating that
        such notice is a “Notice of Default” hereunder and demanding that the Company remedy the same, shall have been given, by registered or certified mail (or, if registered or certified mail is not then offered by the U.S. Post Office, by first class
        mail return receipt requested), to the Company by the Trustee, or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Notes at the time outstanding;

    

    

    (d)          a court
        having jurisdiction in the premises shall enter (i) a decree or order for relief in respect of the Company or a Material Subsidiary in an involuntary case or proceeding under any applicable Bankruptcy Law now or hereafter in effect, (ii) or a
        decree or order adjudging the Company or a Material Subsidiary bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment, or composition of or in respect of the Company or a Material Subsidiary
        under any applicable federal or state law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or other similar official of the Company or a Material Subsidiary or for any substantial part of its property or ordering
        the winding up or liquidation of its affairs, shall have been entered, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days;

    

    

    (e)          the
        Company or a Material Subsidiary shall commence a voluntary case or proceeding under any Bankruptcy Law now or hereafter in effect or any other case or proceeding to be adjudicated bankrupt or insolvent, or consent to the entry of a decree or order
        for relief in respect of the Company or a Material Subsidiary in an involuntary case or proceeding under any such law, or to the commencement of any bankruptcy or insolvency case or proceeding against the Company or a Material Subsidiary, or the
        filing by the Company or a Material Subsidiary of a petition or answer to consent seeking reorganization or relief under any such applicable federal or state law, or the consent by the Company or a Material Subsidiary to the filing of such petition
        or to the appointment of or the taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or a Material Subsidiary or of any substantial part of its property, or the making by
        the Company or a Material Subsidiary of an assignment for the benefit of creditors, or the taking of action by the Company or a Material Subsidiary in furtherance of any such action; or

    

    

    

    

    

    

    
      8

      
        

    

    

    

    (f)          The
        Company or a Material Subsidiary defaults under any bond, debenture, note or other evidence of indebtedness for money borrowed by the Company or a Material Subsidiary having an aggregate principal amount outstanding of at least $25,000,000, or
        under any mortgage, indenture or instrument (including the Indenture) under which there may be issued or by which there may be secured or evidenced any indebtedness for money borrowed by the Company or a Material Subsidiary having an aggregate
        principal amount outstanding of at least $25,000,000, whether such indebtedness now exists or is created in the future, which default (i) constitutes a failure to pay any portion of the principal of such indebtedness when due and payable after the
        expiration of any applicable grace period or (ii) results in such indebtedness becoming due or being declared due and payable prior to the date on which it otherwise would have become due and payable without, in the case of clause (i), such
        indebtedness having been discharged or, in the case of clause (ii), without such indebtedness having been discharged or such acceleration having been rescinded or annulled.

    

    

    Upon becoming aware of any Event of Default, the Company shall promptly deliver to the Trustee a written statement specifying such Event of
      Default.

    

    

    The term “Bankruptcy Law” means title 11, U.S. Code or any U.S. federal or state
        bankruptcy, insolvency, reorganization, receivership, conservatorship or similar law, including, without limitation, the Federal Deposit Insurance Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

     

    

    Section 5.02          Acceleration. Pursuant to Section 2.2.18 of the Base Indenture, Section 6.2 of the Base Indenture is hereby deleted and replaced in its entirety with
        the following:

    

    

    Section 6.2          Acceleration.

     

    

    (a)          If any
        Event of Default specified in Sections 6.1(a), 6.1(b), 6.1(c) or 6.1(f) of the Base Indenture, as amended by this Third Supplemental Indenture, with respect to the Notes occurs and is continuing, the Trustee or the Holders of at least 25% in
        aggregate principal amount of the then Outstanding Notes may declare the principal amount (or, if any of the Notes are Discount Securities, such portion of the principal amount of such Notes as may be specified in the terms thereof) of all the
        Notes and interest accrued thereon to be due and payable immediately by a notice in writing to the Company (and to the Trustee if given by the Holders of the Outstanding Notes) and upon any such declaration, such principal amount (or such specified
        portion of the principal amount) shall become immediately due and payable.

    

    

    

    

    
      9

      
        

    

    

    

    (b)          If any
        Event of Default specified in Section 6.1(d) or 6.1(e) of the Base Indenture, as amended by this Third Supplemental Indenture, with respect to the Notes occurs, the principal amount (or, if any of the Notes are Discount Securities, such portion of
        the principal amount of such Notes as may be specified in the terms thereof) of all the Notes and interest accrued thereon shall automatically, and without any declaration or other action on the part of the Trustee or any Holder, become immediately
        due and payable; provided, however, that if an Event of Default specified in Section 6.1(d) or 6.1(e) solely with respect to a Material Subsidiary occurs and is continuing, the principal amount of such Notes and interest accrued thereon shall not
        automatically become immediately due and payable, but may be accelerated by the Trustee or the Holders in accordance with the provisions of Section 6.2(a).

    

    

    (c)          The
        Holders of a majority in aggregate principal amount of the Outstanding Notes with respect to which the Event of Default has occurred, by written notice to the Company and the Trustee, may on behalf of the Holders of all of the Notes rescind an
        acceleration and its consequences if the rescission would not conflict with any judgment or decree of a court of competent jurisdiction and if:

    

    

    (i)           the
        Company has paid or deposited with the Trustee a sum sufficient to pay (A) all overdue interest on all Notes, (B) the principal of any Notes which have become due otherwise than by such acceleration and any interest thereon at the rate or rates
        prescribed therefor in the Notes, (C) to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in the Notes, and (D) all sums paid or advanced by the Trustee hereunder and the
        compensation and reasonable expenses, disbursements and advances of the Trustee, its agents and counsel; and

    

    

    
      
        
          (ii)        all existing Events of Default with respect to the Notes (other than the nonpayment of principal or interest that has become due solely because of the
            acceleration) have been cured or waived.

        

      

    

    

    

    No such rescission shall affect any subsequent default or impair any right consequent thereon.

    

    

    (d)          For all
        purposes under this Indenture, if a portion of the principal of any Discount Securities shall have been accelerated and declared due and payable pursuant to the provisions of this Indenture, then, from and after the date of such Event of Default,
        unless such Event of Default has been rescinded and annulled as provided above, the principal amount of such Discount Securities shall be deemed, for all purposes under this Indenture, to be such portion of the principal as shall be due and payable
        as a result of such acceleration, and the payment of such portion of the principal as shall be due and payable as a result of such acceleration, together with interest, if any, on such portion and all other amounts owing under such Discount
        Security, shall constitute payment in full of such Discount Securities.

     

      

     

      

    
      10

      
        

    

     

      

     

      

    ARTICLE VI

    REDEMPTION

    

    

    Section 6.01          Redemption. Pursuant to Section 2.2.8 of the Base Indenture, the first sentence of Section 3.2 of the Base Indenture is hereby deleted and replaced
        in its entirety with the following:

    

    

    “If less than all of the Notes are to be redeemed at any time, the Trustee shall
        select the Notes to be redeemed on a pro rata basis, selected by lot or in any manner that the Trustee deems fair and appropriate, subject to compliance with any applicable procedures of the Depository.”

     

    

    ARTICLE VII

    AMENDMENTS AND WAIVERS

    

    

    Section 7.01          Amendments and Waivers. Pursuant to Section 2.2.23 of the Base Indenture, clause (g) of Section 9.1 of the Base Indenture is hereby deleted and
        replaced in its entirety with the following:

    

    

    “(g)          to conform the text of the Indenture or the Notes to any provision of the description thereof set forth in a prospectus supplement, an accompanying prospectus or term sheet;”

    

    

    ARTICLE VIII

    MISCELLANEOUS

    

    

    Section 8.01          Application of Third Supplemental Indenture. Each and every term and condition contained in this Third Supplemental Indenture that modifies, amends
        or supplements the terms and conditions of the Base Indenture shall apply only to the Notes created hereby and not to any other series of Securities established under the Base Indenture. The terms of this Third Supplemental Indenture may be
        modified as set forth in Article IX of the Base Indenture.

    

    

    Section 8.02          Benefits of this Third Supplemental Indenture. Nothing in this Third Supplemental Indenture or in the Notes, express or implied, shall give to any
        Person, other than the parties hereto, any Registrar, any Paying Agent, any authenticating agent and their successors under the Indenture, and the Holders of the Notes, any benefit or any legal or equitable right, remedy or claim under the Base
        Indenture or this Third Supplemental Indenture.

    

    

    Section 8.03          Modification of the Base Indenture. Except as expressly provided by this Third Supplemental Indenture, the provisions of the Base Indenture shall
        govern the terms and conditions of the Notes.

    

    

    Section 8.04          Reports by the Company. The Company shall be deemed to have complied with the first sentence of Section 4.2 of the Base Indenture if (i) such reports
        are filed with the SEC via the EDGAR filing system, (ii) such reports are currently available and (iii) the Company electronically delivers to the Trustee a link to the EDGAR filing each time the Company files such a report.  Delivery of such
        reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein,
        including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on an Officers’ Certificate).  The Trustee shall have no duty to monitor whether any such filings on EDGAR have been
        made.

     

      

     

      

    
      11

      
        

    

    

    

    Section 8.05          Effective Date. This Third Supplemental Indenture shall be effective as of the date first above written and upon the execution and delivery hereof by
        each of the parties hereto.

    

    

    Section 8.06          Counterparts. This Third Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an
        original, but all such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Third Supplemental Indenture and of signature pages by facsimile or electronic format (i.e., “pdf” or “tif”) transmission
        shall constitute effective execution and delivery of this Third Supplemental Indenture as to the parties hereto and may be used in lieu of the original Third Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by
        facsimile or electronic format (i.e., “pdf” or “tif”) shall be deemed to be their original signatures for all purposes.

    

    

    Section 8.07          Successors and Assigns. All covenants and agreements in the Base Indenture, as supplemented and amended by this Third Supplemental Indenture, by the
        Company will bind its successors and assigns, whether so expressed or not.

    

    

    Section 8.08          Table of Contents, Headings, Etc. The Table of Contents and Article and Section headings in this Third Supplemental Indenture have been inserted for
        convenience of reference only, are not to be considered part of this Third Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof.

    

    

    Section 8.09          Severability Clause. In case any provision in this Third Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the
        validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

    

    

    Section 8.10          Satisfaction and Discharge. The Company shall be deemed to have satisfied all of its obligations under this Third Supplemental Indenture upon
        compliance with the provisions of Section 8.3 of the Base Indenture relating to legal defeasance of the Notes.

    

    

    Section 8.11          Ratification of the Base Indenture. The Base Indenture as supplemented by this Third Supplemental Indenture, is in all respects ratified and
        confirmed, and this Third Supplemental Indenture will be deemed part of the Indenture in the manner and to the extent herein and therein provided.

    

    

    Section 8.12          Governing Law. This Third Supplemental Indenture and the Notes shall be governed by, and construed in accordance with, the laws of the State of New
        York without regard to conflict of law principles thereof other than Section 5-1401 of the New York General Obligations Law.

     

      

     

      

    
      12

      
        

    

    

    

    Section 8.13          Trustee Disclaimer. The Trustee accepts the amendments of the Base Indenture effected by this Third Supplemental Indenture, but on the terms and
        conditions set forth in the Base Indenture, including the terms and provisions defining and limiting the liabilities and responsibilities of the Trustee. Without limiting the generality of the foregoing, the Trustee shall not be responsible in any
        manner whatsoever for or with respect to (i) any of the recitals contained herein, all of which recitals are made solely by the Company, (ii) the proper authorization hereof by the Company by action or otherwise, (iii) the due execution hereof by
        the Company, (iv) the consequences of any amendment herein provided for, (v) the validity or adequacy of this Third Supplemental Indenture or the Notes, (vi) the Company’s use of the proceeds from the Notes or any money paid to the Company or upon
        the Company’s direction under any provision of the Indenture, (vii) the use or application of any money received by any Paying Agent other than the Trustee, or (viii) any other document in connection with the sale of the Notes or pursuant to the
        Indenture other than its certificate of authentication.

    

    

    Section 8.14          Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder
        arising out of or caused by, directly or indirectly, forces beyond its control, including strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and
        interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services.

    

    

    Section 8.15          U.S.A. Patriot Act. The Company acknowledges that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee is required to obtain, verify
        and record information that identifies each person or legal entity that establishes a relationship or opens an

    account with the Trustee. The Company agrees that it  will provide the Trustee with such information as it may request in order for the Trustee to satisfy the
      requirements of the U.S.A. Patriot Act.

    
      13

      
        

    

    

    

    IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be duly executed as of the day and year first
      written above.

    

    

    CUSTOMERS BANCORP, INC.

    

    

    By:        /s/ Carla A. Leibold

    Name: Carla A. Leibold

    Title: Executive Vice President, Chief Financial Officer and Treasurer

    

    

    WILMINGTON TRUST, NATIONAL ASSOCIATION,

    as Trustee

    

    

    By:        /s/ Michael H. Wass

    Name: Michael H. Wass

    Title: Vice President

     

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    [Signature Page to Third Supplemental Indenture]

    

    

     

    

    
      14

      
        

    

    
    EXHIBIT A

    

    

    

    

    

    

    Form of Note

    

    

    THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO IN THIS SECURITY AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR ITS
      NOMINEE. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE OR A SUCCESSOR OF SUCH DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR AND NO SUCH
      TRANSFER MAY BE REGISTERED, EXCEPTED IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY
      SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.

     

    

    UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR
      PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    

    TRANSFERS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE DEPOSITORY OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
      NOMINEE AND TRANSFERS OF PORTIONS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

     

    

    THIS NOTE IS AN UNSECURED SENIOR DEBT OBLIGATION OF CUSTOMERS BANCORP, INC. THIS NOTE IS NOT A DEPOSIT OR SAVINGS ACCOUNT AND IS NOT INSURED BY THE FEDERAL
      DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

    

    

    

    

    
      A-1

      
        

    

    

    

    

    

    ANY PURCHASER OR HOLDER OF THE NOTES OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS ACQUISITION OF THE NOTES THAT EITHER (1) IT IS NOT A
      PENSION, PROFIT-SHARING OR OTHER EMPLOYEE BENEFIT PLAN (EACH, A “PLAN”) SUBJECT TO THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S
      INVESTMENT IN THE ENTITY (A “PLAN ASSET ENTITY”) OR AN EMPLOYEE BENEFIT PLAN THAT IS A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA), A CHURCH PLAN (AS DEFINED IN SECTION 3(33) OF ERISA) OR A NON-U.S. PLAN (AS DESCRIBED IN SECTION 4(B)(4)
      OF ERISA) (EACH, A “NON-ERISA ARRANGEMENT”) AND IS NOT PURCHASING THE NOTES ON BEHALF OF OR WITH THE ASSETS OF ANY PLAN, PLAN ASSET ENTITY OR NON-ERISA ARRANGEMENT OR (2) THE ACQUISITION OF THE NOTES WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED
      TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED, OR A SIMILAR VIOLATION UNDER ANY OTHER APPLICABLE FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS.

     

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    CUSIP No. 23204GAD2

     

    

    CUSTOMERS BANCORP, INC.

    4.50% SENIOR NOTES DUE 2024

     

    

    No. ____          $___________

     

    

    
      A-2

      
        

    

    

    

     

    CUSTOMERS BANCORP, INC., a Pennsylvania corporation (the “Company”), for value received, herein promises to pay to CEDE & CO., or its registered assigns,
      the principal sum of _____________ DOLLARS ($_________), or such lesser amount as is indicated in the records of the Trustee and the Depository, on September 25, 2024.

     

    

    Interest Payment Dates: March 25 and September 25 of each year, commencing on March 25, 2020.

     

    

    Record Dates: March 10 and September 10

     

    

    Reference is made to the further provisions of this Note contained herein, which further provisions shall for all purposes have the same effect as if set
      forth at this place.

     

    

    Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof or an authenticating agent by the manual
      signature of one of their respective authorized signatories, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

     

    

    IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

     

    

    CUSTOMERS BANCORP, INC.

              

    

    By: _____________________________

    Name:

    Title:

    
      A-3

      
        

    

    

    

     

     

    

    TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     

    

    This is one of the Securities of the Series designated therein referred to in the within-mentioned Indenture.

     

    

    Dated: September 25, 2019

    

    

    WILMINGTON TRUST, NATIONAL ASSOCIATION,

    as Trustee

     

    

    By:     
        ____________________________________

    Authorized Signatory

     

      

     

      

     

      

    
      A-4

      
        

    

    

    

     

    

    

    (Reverse of Note)

     

    

    Customers Bancorp, Inc.

    4.50% Senior Notes due 2024

     

    

    Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

     

    

    1.          Interest.   Customers Bancorp, Inc. (the “Company”), a Pennsylvania corporation, promises to pay CEDE &
        CO., or registered assigns, the principal amount of __________ ($__________) on September 25, 2024 (“Stated Maturity”) (unless redeemed on any date fixed for redemption (the “Redemption Date”) prior to the Stated Maturity in accordance with the terms of this Note and the Indenture) (the Stated Maturity and the Redemption Date is hereinafter referred to as the “Maturity Date” with respect to the
        principal repayable on such date) and to pay interest on the outstanding principal amount of this Note from and including September 25, 2019, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, as
        applicable, semi-annually in arrears on March 25 and September 25 of each year, commencing on March 25, 2020 (each, an “Interest Payment Date”), and, if applicable, on the Maturity Date, at the rate of 4.50% per annum, until said principal amount
        is paid or duly provided for. If an Interest Payment Date or the Maturity Date falls on a day that is not a Business Day, the required payment need not be made on such date, but may be made on the next succeeding Business Day with the same force
        and effect as if made on such Interest Payment Date or the Maturity Date, as the case may be, and no additional interest shall accrue on such payment as a result of payment on such next succeeding Business Day. If there is no existing Default in
        the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date. Interest will be
        computed on the basis of a 360-day year of twelve 30-day months and interest for any partial period shall be computed on the basis of a 360-day year of twelve 30-day months and the number of days elapsed in any partial month.

     

    

    2.          Method of Payment. The Company will pay interest on the Notes to the Persons who are registered Holders of Notes at the close of business on March 10 or September 10 next preceding the applicable
        Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.13 of the Indenture (as herein defined) with respect to defaulted interest. For Notes held in
        definitive form, payments of interest may be made, at the Company’s option, by (i) mailing a check for such interest payable to or upon the written order of the Person entitled thereto, to the address of such Person as it appears on the Security
        Register or (ii) transfer to an account maintained by the payee located inside the United States. For Notes held in global form, payments shall be made through the Depository, or its nominee, as the registered owner of the Notes. All such payments
        shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.

     

      

     

      

    
      A-5

      
        

    

     

    

    3.          Paying Agent and Registrar. Initially, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The
        Company or any of its Subsidiaries may act in any such capacity.

    

    

    4.          Indenture. This Note is one of the 4.50% Senior Notes due 2024 (the “Notes”) issued under the Indenture,
        dated as of July 30, 2013 (as amended, modified or supplemented from time to time in accordance therewith, other than with respect to a particular series of debt securities, the “Base Indenture” and, as amended, modified and supplemented by the Third Supplemental Indenture, dated as of September 25, 2019,  the “Indenture”),

        by and between the Company and the Trustee. This Note is a “Global Security” and the Notes are “Global Securities” under the Indenture. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the TIA as in effect on the date on which the Indenture was
        qualified under the TIA. The Notes are subject to all such terms, and Holders of the Notes are referred to the Indenture and the TIA for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of
        the Indenture, the provisions of the Indenture shall govern and be controlling.

     

    

    5.          Optional Redemption. The Notes may be redeemed at any time on or after the date that is 30 days prior to the Stated Maturity at the option of the Company, in whole or in part, upon not less than 30
        nor more than 60 days’ notice, at a price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest on the principal amount of the Notes being redeemed to, but excluding, the Redemption Date. In addition to
        the Company’s right to redeem the Notes as provided in the Indenture, the Company may at any time and from time to time purchase Notes in open market transactions, tender offers or otherwise.

     

    

    6.          Notice of Redemption. In the event of any redemption of the notes, we will deliver or cause to be delivered a notice of redemption by first class mail, or in the event the notes are represented by
        global Notes, electronically in accordance with the procedures of The Depository Trust Company (“DTC”) at least 30 days but not more than 60 days before the
        Redemption Date to each Holder whose Notes are to be redeemed at its registered address; provided that redemption notices may be mailed more than 60 days prior to a Redemption Date if the notice is issued in connection with a defeasance of the
        Notes or a satisfaction and discharge of the Indenture. Notes in denominations larger than $1,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed. Notes to be redeemed
        shall, on the Redemption Date, become due and payable at the redemption price, and from and after such date (unless the Company shall default in the payment of the redemption price) such Notes shall cease to bear interest. The Company shall deposit
        with the Trustee or with the Paying Agent, one Business Day prior the Redemption Date, money sufficient to pay the redemption price on all Notes to be redeemed on that date.

     

    

    7.          Denominations, Transfer, Exchange. The Notes are in registered form without coupons in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof.  The transfer of Notes may
        be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay
        any taxes and fees required by law or permitted by the Indenture. The Company and the Registrar need not exchange or register the transfer of any Note selected for redemption, in whole or in part, except for the unredeemed portion of any Note being
        redeemed in part. The Company need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the next succeeding Interest Payment Date.

     

      

     

      

    
      A-6

      
        

    

     

      

    

    

    8.          Persons Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes.

     

    

    9.          Amendment, Supplement and Waiver. The Base Indenture permits, with certain exceptions as therein provided, the Company and the Trustee to enter into one or more supplemental indentures without
        notice to any Holder but with the written consent of the Holders of a majority in principal amount of the Securities of each Series then outstanding (including consents obtained in connection with a tender offer or exchange for the Securities)
        affected by such supplemental indenture. In addition, the Base Indenture permits the Company and the Trustee to enter into one or more supplemental indentures without the consent of any Holder for certain specified purposes as therein provided,
        including: to cure any ambiguity, defect or inconsistency contained in the Base Indenture, in any supplemental indenture
        or in any Securities; to provide for uncertificated Securities in addition to or in place of certificated Securities; to make
          any change that would provide any additional rights or benefits to the Holders of Securities or that does not adversely affect the legal rights under the Indenture of any such Holder; to evidence the succession of another Person to the
        Company pursuant to Article V of the Base Indenture and the assumption by such successor of the Company’s covenants, agreements and obligations in the Base Indenture and in the Securities; to modify the Base Indenture in such a manner to comply
        with the requirements of the SEC or as to permit the qualification of the Base Indenture or any supplemental indenture under the TIA; to add any guarantor or to provide any collateral to secure any Notes; to add additional obligors under the
        Indenture and the Securities; to evidence and provide for the acceptance of appointment by a successor Trustee with respect to the Securities and matters related thereto; or to establish the form or terms of Securities of any Series pursuant to
        Section 2.2 of the Base Indenture. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each Series at the time outstanding, on behalf of the Holders of all Securities of
        such Series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding
        upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this
        Security.

     

    

    10.          Defaults and Remedies. If any Event of Default, other than an Event of Default relating to bankruptcy, insolvency, reorganization or similar events of the Company, with respect to the Notes occurs
        and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare the principal amount of all the Notes and interest accrued thereon to be due and payable immediately. If an Event of Default
        relating to bankruptcy, insolvency, reorganization or similar events of the Company shall occur, the principal amount of the Notes and interest accrued thereon will become immediately due and payable without any declaration or other action on the
        part of the Trustee or any Holder. Holders of the Notes may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except
        a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Indenture permits, subject to certain limitations therein provided, Holders of not less than a
        majority in aggregate principal amount of the then outstanding Securities of any Series to direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred
        on the Trustee, with respect to the Securities of such Series. The Holders of a majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may on behalf of the Holders of all of the Notes waive any
        existing Default or Event of Default and its consequences under the Indenture, except a continuing Default or Event of Default in the payment of the principal of or interest on the Notes or in respect of a covenant or provision of the Indenture
        which cannot be amended or modified without the consent of all Holders of the Notes.

     

      

    

      

      

    
      A-7

      
        

    

    

    

    11.          Trustee Dealings with Company. The Trustee, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company
        with the same rights it would have if it were not the Trustee.

     

    

    12.          Discharge and Defeasance. Subject to certain conditions, the Company at any time shall be entitled to terminate some or all of its obligations under the Notes and the Indenture if the Company
        deposits with the Trustee cash in United States dollars, non-callable U.S. Government Obligations, or a combination
        thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay and discharge the entire indebtedness on the outstanding Notes for principal and accrued interest, to the date
        of maturity or redemption, as the case may be.

     

    

    13.          No Recourse Against Others. No recourse under or upon any obligation, covenant or agreement contained in the Indenture or in this Note, or for any claim based thereon or otherwise in respect
        thereof, shall be had against any incorporator, shareholder, employee, officer, or director, as such, past, present or future, of the Company, either directly or through the Company, whether by virtue of any constitution, statute or rule of law, or
        by the enforcement of any assessment or penalty or otherwise; it being expressly understood that the Indenture, this Note and the obligations issued hereunder are solely obligations of the Company, and that no such personal liability whatever shall
        attach to, or is or shall be incurred by, the incorporators, shareholders, employees, officers or directors, as such, of the Company, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the
        obligations, covenants or agreements contained in the Indenture or in any Security or implied therefrom; and that any and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute or
        otherwise, of, and any and all such rights and claims against, every such incorporator, shareholder, employee, officer or director, as such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations,
        covenants or agreements contained in the Indenture or in any Security or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for the issuance of the Notes.

     

      

     

      

    
      A-8

      
        

    

     

      

     

    

    14.          Authentication. This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

     

    

    15.          Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with
        right of survivorship and not as tenants in common), CUST (= custodian), and U/G/M/A (= Uniform Gifts to Minors Act). Additional abbreviations may also be used though not in the above list.

    

    

    16.          CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes and the
        Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed
        only on the other identification numbers placed thereon.

     

    

    17.          Available Information. The Company will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to:

     

    

    Customers Bancorp, Inc.

    1015 Penn Avenue, Suite 103

    Wyomissing, PA 19610

    Attention: Michael DeTommaso, Corporate Secretary

     

    

    18.          Counterparts. This Note may be executed by one or more of the parties to this Note on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute
        one and the same instrument.

     

    

    19.          Governing Law. THIS NOTE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
        WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THEREOF OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

     

    

     

    

    
      A-9

      
        

    

    

    

     

    

    

    Assignment Form

     

    

    To assign this Note, fill in the form below:  (I) or (we) assign and transfer this Note to

     

    

    (Insert assignee’s Social Security or Tax Identification number)

     

    

     

    

     

    

     

    

    (Print or type assignee’s name, address and zip code)

     

    

    and irrevocably appoint          to transfer this Note

    on the books of the Company.  The agent may substitute another to act for him.

     

    

     

    

    Date:______________________

     

    

              Your signature:___________________________

              (Sign exactly as your name appears on the face of this Note)

              

    

              Tax Identification No.:  __________________

              SIGNATURE GUARANTEE:

    

    

              Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements
        include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with
        the Securities Exchange Act of 1934, as amended.

    
      A-10

      
        

    

    

    

     

    [To Be Attached to Global Notes]

    

    

    

    

    Schedule of Increases or Decreases in the Global Note

    

    

    The following increases or decreases in this Global Note have been made:

     

    

    

    

    	
             

             

             

             

            Date of exchange

          	
             

            Amount of

            decrease in

            principal amount

            of this Global Note

          	
             

            Amount of

            increase in

            principal amount

            of this Global Note

          	
            Principal amount

            of this Global note following such decrease or

            increase

          	
            Signature of authorized

            signatory of

            Trustee or Notes Custodian

          	 
	 	 	 	 	 

    

    

    

    

    

    

    

    

    

    

    

    

    

  

  A-11jbtceoemploymentagreemen

                                                                   Exhibit 10.1                            EMPLOYMENT AGREEMENT         THIS  EMPLOYMENT  AGREEMENT  (this  “Agreement”)  between  John  Bean  Technologies  Corporation,  a  Delaware  corporation  (the  “Company”),  and  Thomas  Giacomini  (“Executive”) is entered into as of September 20, 2019 (the “Effective Date”).  In consideration of  the covenants contained herein, the parties agree as follows:         SECTION 1   Employment Period.  The Company hereby agrees to continue Executive in  its employ, and Executive hereby agrees to remain in the employ of the Company, for the period  (the “Employment  Period”) commencing  on the Effective  Date and  ending  on  the fifth (5th)  anniversary of the Effective Date, subject to earlier termination as provided in Section 4 below.   The  Employment  Period  shall  automatically  renew  for  additional  twelve  (12)-month  periods  unless, no later than one hundred eighty (180) days prior to the end of the applicable Employment  Period, either party gives written notice of non-renewal to the other, in which case, following the  end of the applicable Employment Period, Executive’s employment will continue on an “at-will”  basis allowing either party to terminate Executive’s employment at any time, for any reason or no  reason, with or without notice; provided, however, that as provided herein, certain provisions shall  survive the expiration of the Employment Period and the termination of Executive’s employment  with the Company and shall remain in full force and effect thereafter.         SECTION 2   Position and Duties.  During the Employment Period, Executive shall serve  as the Chairman of the Board, President and Chief Executive Officer of the Company and shall  have the customary duties, responsibilities and authority of an executive serving in such positions,  including all employees reporting directly or indirectly to Executive, reporting and subject to the  direction of the Board of Directors of the Company (the “Board”).  Executive shall continue to  serve as a member of the Board and at each annual meeting of the Company’s stockholders during  the Employment Period when Executive’s term as a member of the Board expires, the Company  shall nominate Executive to continue to serve as a member of the Board, with such Board service  subject to any required stockholder approval.  Notwithstanding the foregoing, Executive may be  removed  from  the  position  of  Chairman  of  the  Board  following  the  Board’s  reasonable  determination that the roles of Chairman and Chief Executive Officer should not be held by the  same individual, provided Executive remains in the position of President and Chief Executive  Officer of the Company and a member of the Board.  During the Employment Period, Executive  shall devote his full business time and efforts to the business and affairs of the Company and its  subsidiaries provided that Executive may devote reasonable time to activities such as supervision  of  personal  investments  and  activities  involving  professional,  charitable,  civic,  educational,  religious and similar types of activities, speaking engagements, including membership on non- profit boards of directors, and Executive may continue to serve on the for-profit entity board on  which he serves as of the Effective Date.  Executive shall not become a director of any other for- profit entity without first receiving the approval of the Nominating and Governance Committee of  the Board (the “Nominating and Governance Committee”).         SECTION 3   Compensation and Benefits.               a.    Base Salary.  As compensation for Executive’s performance of Executive’s  duties  hereunder,  the  Company  shall  pay  to Executive  his  Base  Salary  of  $930,000  per  year,  payable in accordance with the normal payroll practices of the Company, less required deductions                                                                                    

 

                                          for state and federal withholding tax, social security and all other employment taxes and payroll  deductions.  The  Base  Salary  shall  be  reviewed  not  less  than  annually  by  the  Compensation  Committee of the Board (the “Compensation Committee”) for possible increase (but not decrease),  which  review  shall  be  conducted  in  a  manner  consistent  with  the  Compensation  Committee’s  current practices for the determination of Executive’s Base Salary.  The term “Base Salary” shall  refer to the Base Salary as so increased by the Board.               b.    Management  Incentive  Compensation.   During  the  Employment  Period,  Executive  shall  be  eligible  to participate  in  the  Company’s  annual  management  incentive  compensation plan or such other similar, predecessor, or successor plans as may be maintained by  the Company from time to time (the “Management Incentive Plan”), with a minimum target annual  bonus  equal  to  120%  of  Base  Salary  for  each  year  in  which  Executive  participates  in  the  Management  Incentive  Plan (the “Management  Incentive Award”),  which target  annual  bonus  percentage of Base Salary may be increased from time to time by the Compensation Committee.   The actual amount of the annual bonus earned by and payable to Executive in any year shall be  determined  upon  the  satisfaction  of  goals  and  objectives  established  by  the  Compensation  Committee in consultation with Executive and communicated to Executive, and shall be subject  to  such  other  terms  and  conditions  of  the  Management  Incentive  Plan  applicable  to  senior  executives of the Company as in effect from time to time.  Each bonus paid under the Management  Incentive Plan shall be paid to Executive no later than March 15th of the calendar year following  the calendar year in which the bonus is earned.               c.    Long-Term  Incentive Compensation.  During  the  Employment  Period,  Executive shall be eligible for, and shall receive long-term incentive compensation grants  and  awards under the Company’s 2017 Incentive Compensation and Stock Plan or such other similar,  predecessor or successor plans as may be maintained by the Company from time to time (each an  “LTIP” and each such grant and award an “LTIP Award”).  Such awards shall be commensurate  with Executive’s position, and made at such times and on such terms as are no less favorable than  grants and awards made to senior executives of the Company generally; provided, however, that  in the event Executive has provided notice of Retirement (as described in Section 4(b)(x) below),  the  annual  LTIP  Award  made,  if  any,  during  such  notice  period  may  be  reduced  to  take  into  account Executive’s pending Retirement.               d.    Other Benefits.                     (i)   Savings  and  Retirement  Plans.   Except  as  otherwise  limited  by        applicable law, Executive shall be entitled to participate in all qualified and non-qualified        savings and retirement plans applicable generally to other senior executives of Company,        in accordance with the terms of the plans, as may be amended from time to time; provided,        however, that Executive shall not be eligible to participate in the Company’s U.S. Pension        and  Supplemental  Executive  Retirement  Plans  (or  any  other  pension  or  supplemental        executive retirement plans), each of which was frozen in 2009.                     (ii)  Welfare Benefit Plans.  Except as otherwise limited by applicable        law, Executive and/or his eligible dependents shall be eligible to participate in and shall        receive all benefits under the Company’s welfare benefit plans and programs applicable                                          2                                          

 

                                                generally to other senior executives of the Company, in accordance with the terms of the        plans, as may be amended from time to time.                     (iii) Fringe  Benefits.   Except  as  otherwise  limited  by  applicable  law,        Executive shall be entitled to such fringe benefits as may be available generally to other        senior executives of the Company.  As of the date hereof, such fringe benefits include a        financial counseling allowance of $20,000 per calendar year, an annual executive physical,        medical  concierge  service  and  complimentary  parking  at  the  Company’s  corporate        headquarters.                     (iv)  Vacation.   Executive  shall  be  entitled  to  paid  vacation  time        consistent with the applicable policies of Company as in effect from time to time, but in        any event no less than four weeks of such vacation per year.                     (v)   Legal Fees.  Company shall reimburse Executive for any reasonable        legal  fees  and  expenses  incurred  by  Executive  in  connection  with  the  review  of  this        Agreement and any documents ancillary thereto.                     (vi)  Business  Expenses.   Subject  to Section 15,  Executive  shall  be        reimbursed  for  reasonable  travel  and  other  expenses  incurred  in  the  performance  of        Executive’s  duties  on  behalf  of  Company  in  a  manner  consistent  with  the  Company’s        policies regarding such reimbursements, as may be in effect from time to time.                     (vii) Executive  Severance  Pay  Plan;  Executive  Severance  Agreement.         Prior  to  the  Effective  Date, Executive was a  participant  in  the  Company’s  Executive        Severance  Pay  Plan  (the  “Executive  Severance  Pay  Plan”),  and  party  to  an  Executive        Severance Agreement entered into by the Company and Executive as of September 9, 2013        (the  “Executive  Severance  Agreement”).   Executive’s  participation  in  the  Executive        Severance Pay Plan and the Executive Severance Agreement shall be null and void, and of        no further effect, upon the execution of this Agreement.          SECTION 4   Termination of Employment.                 a.    Executive’s  employment  under  this  Agreement  shall  terminate  upon  the  earlier to occur of (i) the expiration of the term of this Agreement pursuant to Section 1 hereof;  (ii) termination of Executive’s employment by reason of Executive’s Disability; (iii) termination  of  Executive’s  employment  by  the  Company  for  any  reason  other  than  due  to  Disability;  (iv) Executive’s death; or (v) termination of Executive’s employment by Executive for any reason.   Upon the termination of Executive’s employment with the Company for any reason, Executive  shall be deemed to have resigned from the Board and all other positions with the Company or any  of  its  subsidiaries  held  by  Executive  as  of  the  date  immediately  preceding  his  termination  of  employment.  Section 5 hereof sets forth certain obligations of the Company in the event that  Executive’s employment hereunder is terminated.  Certain capitalized terms used in this Section 4  and in Section 5 hereof are defined in Section 4(b), below.                b.    Definitions.   For  purposes  of  this  Agreement,  the  following  capitalized  terms shall have the meanings set forth below:                                         3                                          

 

                                                (i)   “Accrued  Amounts”  means (1)  Executive’s  unpaid  Base  Salary,  (2) Executive’s unused and accrued vacation pay, earned or accrued through the date of  Executive’s termination, (3) Executive’s business expenses that are reimbursable pursuant  to Section 3(d)(vi) of this Agreement but have not been reimbursed by the Company as of  the Employment Termination Date, (4) the aggregate benefits accrued by Executive as of  the  date  of  Executive’s  termination  under  the  John  Bean  Technologies  Corporation  Salaried  Employees’  Retirement  Program,  the  John  Bean  Technologies  Corporation  Savings  and  Investment  Plan,  the  John  Bean  Technologies  Corporation  Salaried  Employees’ Equivalent Retirement Plan, the John Bean Technologies Corporation Non- Qualified Savings and Investment Plan and other savings and retirement plans sponsored  by  the  Company,  pursuant to  the  terms  of  the  applicable  plan  in  effect  as  of  the  day  immediately prior to  the date of Executive’s termination, including, but  not  limited to,  Executive’s distribution elections and (5) vested awards, if any, granted under the LTIP,  and other incentive arrangements adopted by the Company, subject, in each case, to the  terms of the applicable plan and award agreement.               (ii)  “Cause” means:                            (1)   Executive’s  willful  and  continued  failure  to                    substantially  perform  Executive’s  employment  duties  in  any                    material respect (other than any such failure resulting from physical                    or mental incapacity or occurring after issuance by Executive of a                    Notice of Termination for Good Reason), after a written demand for                    substantial performance is delivered to Executive that specifically                    identifies the manner in which the Company believes Executive has                    failed to perform Executive’s duties, and after Executive has failed                    to  resume  substantial  performance  of  Executive’s  duties  on  a                    continuous basis within thirty (30) calendar days of receiving such                    demand;                           (2)   Executive’s  willfully  engaging  in  conduct  which                    materially breaches Section 6 of this Agreement or any other willful                    conduct  (other  than  conduct  covered  under  (1)  above)  that  is                    demonstrably  and  materially  injurious  to  the  Company  or  a                    subsidiary; or                           (3)   Executive’s  having  been  convicted  of,  or  pleading                    guilty or nolo contendere to, a felony under federal or state law.          For purposes of this Agreement, no act or failure to act on Executive’s part shall be  considered “willful” unless it is done, or omitted to be done, by him in bad faith or without  reasonable belief that his action or omission was in the best interests of the Company or a  subsidiary.  Any act or failure to act based upon authority given pursuant to a resolution  duly  adopted by the Board or based upon the advice of counsel  for the Company or a  subsidiary shall be conclusively presumed to be done, or omitted to be done, in good faith  and in the best interests of the Company or a subsidiary.                                    4                                                       

 

                                                (iii) “Change  in  Control”  means  either  a  “Change  in  Ownership,”  a  “Change in Effective Control,” or a “Change in  Ownership of a Substantial Portion of  Assets,” as defined below:               “Change in Ownership”:  A Change in Ownership of the Company occurs              on the date that any one person, or more than one Person Acting as a Group              (as  defined  below),  acquires  ownership  of  stock  of  the  Company  that,              together with stock held by such person or group, constitutes more than 50%              of  the  total  fair  market  value  or  total  voting  power  of  the  stock  of  the              Company.  However, if any one person, or more than one Person Acting as              a Group, is considered to own more than 50% of the total fair market value              or  total  voting  power  of  the  stock  of  the  Company,  the  acquisition  of              additional stock by the same person or persons is not considered to cause a              Change in Ownership of the Company (or to cause a Change in Effective              Control of the Company).  An increase in the percentage of stock owned by              any one person, or Persons Acting as a Group, as a result of a transaction in              which  the  Company  acquires  its  stock  in  exchange  for  property  will  be              treated as an acquisition of stock.  This applies only when there is a transfer              of stock of the Company (or issuance of stock of the Company) and stock              in the Company remains outstanding after the transaction.                “Persons Acting as a Group”:  Persons will not be considered to be acting              as  a  group  solely  because  they  (i) purchase  or  own  stock  of  the  same              corporation at the same time, or as a result of the same public offering, or              (ii) purchase assets of the same corporation at the same time.  However,              persons will be considered to be acting as a group if they are owners of a              corporation that enters into a merger, consolidation, purchase or acquisition              of stock or assets, or similar business transaction with the Company.  If a              person, including an entity, owns stock in both corporations that enter into              a merger, consolidation, purchase or acquisition of stock or assets, or similar              transaction, such shareholder is considered to be acting as a group with other              shareholders  in  a  corporation  only  with  respect  to  the  ownership  in  that              corporation prior to the transaction giving rise to the change and not with              respect to the ownership interest in the other corporation.               “Change  in  Effective  Control”:   A  Change  in  Effective  Control  of  the              Company occurs on the date that either –                            (1)   any one person, or more than one Person Acting as a                    Group,  acquired  (or  has  acquired  during the  twelve  (12)-month                    period ending on the date of the most recent  acquisition by such                    person or persons) ownership of stock of the Company possessing                    30% or more of the total voting power of the stock of the Company;                    or                           (2)   a  majority  of  members  of  the  Board is  replaced                    during  any  twelve  (12)-month  period  by  directors  whose                                   5                                                       

 

                              appointment  or  election  is  not  endorsed  by  a  majority  of  the        members  of  the  Board  prior  to  the  date  of  the  appointment  or        election.   A  Change  in  Effective  Control  will  have  occurred  only  if Executive  is  employed by the Company upon the date of the Change in Effective Control  or the Company is liable for the payment of the benefits hereunder and no  other corporation is a majority shareholder of the Company.  Further, in the  absence of an event described in paragraph (i) or (ii), a Change in Effective  Control of the Company will not have occurred.   Acquisition  of  additional  control:  If  any  one  person,  or  more  than  one  Person Acting as a Group, is considered to effectively control the Company,  the acquisition of additional control of the Company by the same person or  persons is  not considered to  cause  a Change in  Effective Control  of the  Company (or to cause a Change in Ownership of the Company).   “Change in Ownership of a Substantial Portion of Assets”:  A Change in  Ownership of a Substantial Portion of Assets occurs on the date that any  one person, or more than one Person Acting as a Group, acquires (or has  acquired during the twelve (12)-month period ending on the date of the most  recent acquisition by such person or persons) assets from the Company that  have a total gross fair market value equal to or more than 40% of the total  gross fair market value of all of the assets of the Company immediately  prior to such acquisition or acquisitions.  For this purpose, gross fair market  value means the value of the assets of the Company, or the value of the  assets  being  disposed  of,  determined  without  regard  to  any  liabilities  associated with such assets.   Transfers to a related person: There is no Change in Control when there is  a transfer to an entity that is controlled by the shareholders of the Company  immediately after the transfer.  A transfer of assets by the Company is not  treated as a Change in Ownership of a Substantial Portion of Assets if the  assets are transferred to —               (1)   a shareholder of the Company (immediately before        the asset transfer) in exchange for or with respect to its stock;               (2)   an entity, 50% or more of the total value or voting        power of which is owned, directly or indirectly, by the Company;               (3)   a person, or more than one Person Acting as a Group,        that owns, directly or indirectly, 50% or more of the total value or        voting power of all the outstanding stock of the Company; or               (4)   an entity, at  least  50% of the total  value or voting        power  of  which  is  owned,  directly  or  indirectly,  by  a  person        described in paragraph (3).                       6                                                       

 

                                                A person’s status is determined immediately after the transfer of the assets.               For  example,  a  transfer  to  a  corporation  in  which  the  Company  has  no              ownership interest before the transaction, but which is a majority-owned              subsidiary of the Company after the transaction is not treated as a Change              in Ownership of a Substantial Portion of Assets of the Company.               (iv)  “Code” means the Internal Revenue Code of 1986, as amended from  time to time, and any successor thereto.               (v)   “Disability” means complete and permanent inability by reason of  illness  or  accident  to  perform  the  duties  of  the  occupation  at  which  Executive  was  employed when such disability commenced.               (vi)  “Disqualifying Event” means (1) Executive’s willful and continued  failure  to  substantially  perform  Executive’s  employment  duties  in  any  material  respect  (other than any such failure resulting from physical or mental incapacity or occurring after  issuance by Executive of a Notice of Termination for Good Reason), after a written demand  for substantial performance is delivered to Executive that specifically identifies the manner  in which the Company believes Executive has failed to perform Executive’s duties, and  after Executive has failed to resume substantial performance of Executive’s duties on a  continuous  basis  within  thirty  (30)  calendar  days  of  receiving  such  demand;  (2) Executive’s material  breach of Section 6 of this  Agreement;  (3) Executive’s willful  engaging  in  conduct  that  is or  is  reasonably likely  to  be demonstrably injurious to  the  business  or  reputation  of  the  Company  or  a  subsidiary;  (4) Executive’s  having  been  convicted of, or pleading guilty or nolo contendere to, a felony under federal or state law;  (5) Executive’s  willful  commission  of  an  act  of  dishonesty,  fraud  or  misappropriation  against the Company or a subsidiary or any customer, employee or vendor of the Company  or a subsidiary; or (6) Executive’s willful breach of his fiduciary duty to the Company or  a subsidiary.               (vii) “Employment  Termination  Date”  means  the  date  on  which  the  employment relationship between Executive and the Company terminates and Executive  experiences a “separation from service” as such term is defined under Code Section 409A.               (viii) “Exchange Act” means the Securities and Exchange Act of 1934, as  amended from time to time, and any successor thereto.               (ix)  “Good  Reason”  means,  without  Executive’s  express  written  consent, the occurrence of any one or more of the following:                            (1)   the  assignment  of  Executive  to  duties  materially                    inconsistent  with  Executive’s  authorities,  duties,  responsibilities,                    and status (including, without limitation, offices, titles and reporting                    requirements) as the President and Chief Executive Officer of the                    Company  (including,  without  limitation,  any  material  change  in                    duties or status as a result of the stock of the Company ceasing to be                    publicly traded or of the Company becoming a subsidiary of another                                   7                                                       

 

                              entity, or any material change in Executive’s reporting relationship,        ceasing  to  report  to  the  Board  of  Directors  of  a  publicly  traded        company), or a material reduction or alteration in the nature or status        of Executive’s authorities, duties, or responsibilities;               (2)   the Company’s requiring Executive to be based at a        location which is at least fifty (50) miles further from Executive’s        then current primary residence than is such residence from the office        where Executive is located as of the Effective Date or as the same        may  be  changed  from  time  to  time  with  Executive’s  consent,  as        applicable, except for required travel on the Company’s business to        an  extent  substantially  consistent  with  Executive’s  business        obligations as of the Effective Date or as the same may be changed        from time to time prior to a Change in Control;               (3)   a material reduction by the Company in Executive’s        Base Salary or target annual bonus under the Management Incentive        Plan  as  in  effect  on  the  Effective  Date  or  as  the  same  may  be        increased from time to time;               (4)   a  material  reduction  in  Executive’s  level  of        participation in the LTIP from that contemplated by Section 3(c), or        in the level of participation in employee benefit or retirement plans,        policies, practices, or arrangements in which Executive participates        from  that  contemplated  in Section 3(d)(i) and (ii),  or,  if  after  a        Change in Control, from the greatest of the levels in place (i) on the        Effective Date, (ii) during the fiscal year immediately preceding the        fiscal  year  of  a  Change  in  Control,  (iii) on  the  date  immediately        preceding  the  date  of  a  Change  in  Control,  and  (iv)  immediately        preceding an event alleged to constitute Good Reason;               (5)   the failure of a successor to the Company to assume        and agree to perform this Agreement in all material respects; or               (6)   any other action or inaction that constitutes a material        breach by the Company of this Agreement.   The  existence  of  Good  Reason  will  not  be  affected  by  Executive’s  temporary incapacity due to physical or mental illness not constituting a  Disability.  Executive’s continued employment will not constitute a waiver  of Executive’s rights with respect to any circumstance constituting Good  Reason.  Notwithstanding the above to the contrary, “Good Reason” for  Executive’s separation from employment will exist only if (1) Executive  provides  written  notice  to  the  Company  within  ninety  (90)  days  of  the  occurrence of any of the above listed events, (ii) the Company fails to cure  the  event  within  thirty  (30)  days  following  the  Company’s  receipt  of  Executive’s written notice and (iii) Executive separates from employment                       8                                                       

 

                                                            with the Company effective not later than sixty (60) days after the end of                    the Company’s cure period.                     (x)   “Retirement” means the termination of Executive’s employment at        any  time  on  or  after  September 9,  2023  if  such  termination  is  due  to  (i) Executive’s        voluntary termination after (A) providing at least one (1) year’s advance notice to the Chair        of the Nominating and Governance Committee of such date of termination (or such shorter        period of advance notice as the Board may in its sole discretion determine to be necessary        to provide an orderly transition of Executive’s duties to a successor) and (B) assisting the        Board  in  the  identification  and  selection  of,  and  transition  of  Executive’s  duties  to  a        successor;  (ii) Executive’s  death  or  termination  due  to  Disability;  (iii)  the  Company        terminating Executive without Cause; or (iv) Executive terminating employment for Good        Reason.         SECTION 5   Obligations of the Company upon Termination.                 a.    Accrued  Amounts.   Upon  termination  of  employment  for  any  reason,   Executive shall be entitled to receive the Accrued Amounts and such other amounts as may be  provided  in  this Section  5.   The  Company  shall  pay  the  Accrued  Amounts  described  in  Section 4(b)(i)(1) through (3) to Executive in a lump sum in cash within thirty (30) days after the  Employment Termination Date.  The Accrued Amounts described in Section 4(b)(i)(4) and (5)  shall be determined and paid in accordance with the terms of the relevant plan, policy or agreement  as applicable to Executive, except as may otherwise be provided in this Agreement.                 b.    Termination  in  the  Absence  of  a  Disqualifying  Event  Other  than  In  Connection with a Change in Control.  If, prior to a Change in Control, the Company terminates  Executive in the absence of a Disqualifying Event or Executive terminates his employment for  Good Reason, Executive shall be entitled to receive (i) an amount equal to two (2) times the sum  of Executive’s Base Salary and annual target bonus amount for the calendar year in which such  termination occurs, (ii) a prorated payment of the applicable annual target bonus for the calendar  year in which such termination occurs, (iii) subject to Executive’s timely election of continuation  coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), an  amount equal to the Company’s portion of the monthly premium for medical and dental coverage,  multiplied by eighteen (18), which Executive may, but is not required to, use to pay for any elected  COBRA coverage or other health care coverage; and (iv) a single lump sum of $20,000 less any  amounts  that  the  Company  has  previously  reimbursed  Executive  for  financial  planning/tax  preparation  assistance  expenses  in  the  calendar  year  in  which  the  termination  of  employment  occurs (collectively, the “Severance”).  Except as otherwise provided in clause (iii) above, the  Severance shall be paid in the form of a single lump sum payment as soon as practicable after both  (a) Executive’s Employment Termination Date and (b) the date the Release (as defined below)  becomes effective, but in no event beyond thirty (30) days from such date; provided that, if any  such amounts of the Severance constitute deferred compensation under Code Section 409A and  are payable within a period that spans two calendar years, such amounts shall be paid in the later  calendar year; provided further that, if Executive is deemed on the Employment Termination Date  to be a “specified employee” within the meaning of Section 409A(a)(2)(B) of the Code, any such  amounts that constitute deferred compensation under Code Section 409A and would otherwise be  payable prior to the earlier of (i) the six (6)-month anniversary of the Employment Termination                                         9                                          

 

                                          Date and (ii) the date of Executive’s death (the “Delay Period”) shall instead be paid in a lump  sum immediately upon (and not before) the expiration of the Delay Period.  For purposes herein,  the Release shall not become effective unless and until Executive timely executes the Release on  or before the date set forth in the Release and does not subsequently timely revoke the Release  under  applicable  law.   Notwithstanding  the  foregoing, if it  is  reasonably  demonstrated  by  Executive that a termination of employment by the Company other than for Cause or an event  constituting Good Reason was (x) at the request of a third party who had taken steps reasonably  calculated to effect a Change in Control or (y) otherwise arose in connection with or in anticipation  of  a  Change in Control,  then  for  purposes  of  this Section  and Section  (5)(d), Executive’s   termination date shall be deemed to have occurred immediately after the Change of Control.                c.    Effect  of Retirement on  LTIP  Awards.  In the  event  of  Executive’s  termination of employment  under circumstances constituting a Retirement, the Company shall  cause  the  unvested  portion  of  each LTIP  Award, granted after the  Effective  Date  of  this  Agreement, which is held by Executive on the Employment Termination Date to remain eligible  to  become earned, vested  and  paid under  the  terms  of  such LTIP  Award  as  if  Executive’s  employment had not terminated (unless under the terms of such LTIP Award the disposition of the  LTIP Award is more favorable to Executive, in which case such more favorable terms shall apply).                 d.    Termination  by  the  Company without  Cause  or  by  Executive  for  Good  Reason after a Change in Control.  If the Company terminates Executive for reasons other than  Cause  or Disability within  twenty-four  (24)  calendar  months  following  the  month  in  which  a  Change in Control occurs, or if Executive terminates employment with the Company for Good  Reason  within  twenty-four  (24)  calendar  months  following  the  month  in  which  a  Change  in  Control occurs, then Executive shall not be entitled to the Severance set forth in Section (5)(b)  above and the Company will instead pay to Executive and provide him with the following:                      (i)   an amount equal to three (3) times the highest rate of Executive’s        annualized  Base  Salary  in  effect  at  any  time  up  to  and  including  the  Employment        Termination Date;                     (ii)  an amount equal to three (3) times Executive’s highest annualized        target Management Incentive Award granted under the Management Incentive Plan for any        plan year up to and including the plan year in which Executive’s Employment Termination        Date occurs;                     (iii) an  amount  equal  to  the  target  Management  Incentive  Award        established for the plan year in which Executive’s Employment Termination Date occurs,        prorated through the Employment Termination Date; and                     (iv)  subject  to  applicable  law  and  regulation  as  of  the Employment        Termination Date, a continuation of the Company’s welfare benefits of health care, life,        accidental death and dismemberment, and disability insurance coverage for eighteen (18)        months  after  the Employment  Termination  Date.   These  benefits  will  be  provided  to        Executive (and to Executive’s covered spouse and dependents) at the same premium cost,        and at the same coverage level, as in effect as of the date of the Change in Control.  The        continuation of these welfare benefits will be discontinued prior to the end of the eighteen                                         10                                         

 

                                    (18) month period if Executive has available substantially similar benefits at a comparable  cost  from  a  subsequent  employer,  as  determined  by  the  Compensation  Committee.   In  addition, the Company will make available for purchase by Executive continued health  care, life and accidental death and dismemberment, and disability insurance coverage at  the same coverage level as in effect as of the date of the Change in Control for a period of  eighteen (18) months beginning immediately upon the end of the coverage period provided  under  the  foregoing  provisions  of  this Section 5(d)(iii) (collectively,  the  “Change  in  Control Severance”).   Awards granted under the LTIP and other incentive arrangements adopted by the Company  will be treated pursuant to the terms of the applicable plan and award agreement.   Any restrictions imposed by Company stock ownership guidelines applicable to the sale of  the Company’s common stock by executive officers will not apply to any Awards granted  to Executive prior to a Change in Control under the LTIP or other incentive arrangements  adopted by the Company that vests as a result of the Change in Control in accordance with  the terms of this Agreement.   Solely for vesting purposes under the Company’s nonqualified retirement plans, it will be  assumed  that  Executive’s  employment  continued  following  Executive’s  Employment  Termination Date for three (3) full years (i.e., three (3) additional years of service credits  will be added for vesting only).         e.    Form and Timing of Change in Control Severance.               (i)   The Change in Control Severance will be paid in cash to Executive  in a single lump sum as soon as practicable following the Employment Termination Date,  but in no event beyond thirty (30) days from such date; provided, if any such Change in  Control Severance benefits constitute deferred compensation under Section 409A of the  Code and are payable within a period that spans two calendar years, such benefits shall be  paid in the later calendar year; provided further that, if Executive is deemed on the date of  his termination to be a “specified employee” within the meaning of Section 409A(a)(2)(B)  of the Code, any such benefits that constitute deferred compensation under Section 409A  of the Code and would otherwise be payable prior to the Delay Period shall instead be paid  in a lump sum immediately upon (and not before) the expiration of the Delay Period.               (ii)  To  the  extent  any  in-kind  benefits  provided  to  Executive  (or  Executive’s beneficiary, if applicable), or any reimbursement by the Company for expenses  incurred by Executive to obtain such benefits, under Section 5(d) herein constitute deferred  compensation under Section 409A of the Code, (i) all such reimbursements shall be made  on or prior to the last day of the taxable year following the taxable year in which such  expenses  were  incurred  by  Executive,  (ii) any  right  to  such  reimbursement  or  in-kind  benefits  is  not  subject  to  liquidation  or  exchange  for  another  benefit,  (iii) no  such  reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any  taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind  benefits to be provided, in any other taxable year, and (iv) if Executive is deemed on the  Employment  Termination  Date  to  be  a  “specified  employee”  within  the  meaning  of                                   11                                                      

 

                                                Section 409A(a)(2)(B) of the Code, Executive shall pay the cost of all such in-kind benefits        during  the  Delay  Period  and  the  Company  shall  reimburse  Executive  for  such  costs        immediately upon expiration of the Delay Period.               f.    Change in Control Severance Tax Adjustment.                     (i)   In  the  event  that  Executive  (or  Executive’s  beneficiary,  if        applicable) becomes entitled to Change in Control Severance benefits or any other payment        or benefit under this Agreement, or under any other agreement with or plan of the Company        (in  the  aggregate,  the  “Total  Payments”),  whether  or  not  Executive  has  terminated        employment with the Company, if all or any part of the Total Payments will be subject to        the tax imposed by Section 4999 of the Code (or any similar tax that may hereafter be        imposed) (the “Excise Tax”), the Total Payments shall be reduced (but not below zero)        such that the value of the Total Payments shall be one dollar ($1) less than the maximum        amount of payments which Executive may receive without becoming subject to the tax        imposed by Section 4999 of the Code; provided, however, that the foregoing limitation        shall not apply in the event that it is determined that the Total Payments on an after-tax        basis (i.e., after payment of federal, state, and local income taxes, penalties, interest, and        the Excise Tax) if such limitation is not applied would exceed the after-tax benefits to        Executive if such limitation is applied.  Executive shall bear the expense of any and all        Excise Taxes due on any payments that are deemed to be “excess parachute payments”        under Section 280G of the Code.                     (ii)  The determination of  whether  any of the Total  Payments  will be        subject to the Excise Tax and the assumptions to be used in arriving at such determination,        shall be made by a nationally recognized certified public accounting firm that does not        serve as an accountant or auditor for any individual, entity or group effecting the Change        in Control as designated by the Company (the “Accounting Firm”).  The Accounting Firm        will provide detailed supporting calculations to the Company and Executive within fifteen        (15) business days of the receipt of notice from Executive or the Company requesting a        calculation hereunder.  All fees and expenses of the Accounting Firm will be paid by the        Company.               g.    Termination for Disability.  If Executive’s employment is terminated due to  Disability, Executive’s benefits will be determined in accordance with the Company’s disability,  retirement, survivor’s benefits, insurance and other applicable plans and programs then in effect.               h.    Termination upon Death.  If Executive’s employment is terminated due to  death,  Executive’s  benefits  will  be  determined  in  accordance  with  the  Company’s  retirement,  survivor’s benefits, insurance and other applicable programs of the Company then in effect.               i.    Release.  As an express condition of Executive’s right to receive any of the  Severance or the Change in Control Severance benefits, Executive must execute a waiver and  release in  such  form  and  containing  such  terms  as  shall  be  required  by  the Compensation  Committee from time to time, in its sole and absolute discretion, which terms shall include a waiver  and release of claims and reconfirmation of Executive’s non-disclosure, non-solicitation and non- competition provisions of the Restrictive Covenant Agreement (as defined below), the form of                                         12                                         

 

                                          which shall be provided to Executive by the Company (the “Release”).  The Release shall be a  complete and general release of any and all of his potential claims (other than for vested benefits  described in this Agreement or any other vested benefits with the Company and/or its subsidiaries)  against  the  Company,  any  of  its affiliated  companies,  and  their  respective  successors  and  any  officers,  employees,  agents,  directors,  attorneys,  insurers,  underwriters,  and  assigns  of  the  Company, its subsidiaries and/or successors hereunder.               j.    No  Mitigation Required.  Executive will  not  be  obligated  to  seek  other  employment in mitigation of the amounts payable or arrangements made under any provision of  this  Agreement,  and  the  obtaining  of  any  such  other  employment  will  in  no  event  effect  any  reduction of the Company’s obligations to make the Severance or the Change in Control Severance  payments  and  arrangements  required  to  be  made  under  this  Agreement,  except  to  the  extent  provided in Section 5 and in Section 6 of this Agreement.               k.    If Executive dies after becoming entitled to payments and benefits under  this Section  4,  all  such  payments  and  benefits  shall  be  made  to  the  trust  designated  under  Executive’s will.         SECTION 6   Restrictive  Covenants.   As  a  condition  of,  and  in  consideration  for  the  Company entering into this Agreement and providing compensation and benefits hereunder, on  the Effective Date, Executive shall enter into a Confidential Information, Non Competition, Non  Solicitation and Inventions Agreement (the “Restrictive Covenant Agreement”), which agreement  includes covenants concerning non-disclosure of confidential information, non-competition, non- solicitation and invention assignment.  Executive agrees to be subject to and bound by all terms  and conditions  of the Restrictive Covenant  Agreement during the Employment Period and for  twenty-four (24) months thereafter, as if such terms and conditions were set forth in full herein.   References in this Agreement to this Section 6 shall mean references to the Restrictive Covenant  Agreement.  In the event of Executive’s breach of the Restrictive Covenant Agreement, in addition  to  all other rights  the Company may have hereunder or in  law or in  equity, all payments  and  benefits hereunder shall cease; all options, stock, and other securities granted by the Company or  its successor, including stock obtained through prior exercise of options, shall be immediately  forfeited  (whether  or  not  vested),  and  the  original  purchase  price,  if  any,  shall  be  returned  to  Executive; and all profits received through exercise of options or sale of stock, and all previous  Severance or Change in Control Severance payments and benefits made or provided hereunder  shall be promptly returned and repaid to the Company.         SECTION 7   Insurance and Indemnification.  To the fullest extent permitted by law, the  Company will, both during and after the period of Executive’s employment, indemnify Executive  (including by advancing him expenses) for any judgments, fines, amounts paid in settlement and  reasonable expenses, including any attorneys’ fees, incurred by Executive in connection with the  defense of any lawsuit or other claim to which he is made a party by reason of being (or having  been) an officer, director or employee of the Company or any of its subsidiaries.  Executive will  be covered by director and officer liability insurance to the maximum extent that that insurance  covers any officer or director (or former officer or director) of the Company.  The Executive’s  rights under this Section 7 shall not be exclusive and shall be in addition to any rights Executive  may have under the certificate of incorporation, by-laws or other organizational documents of the  Company or any subsidiary.                                          13                                         

 

                                                SECTION 8   Survival.  Sections 4 through 17 hereof shall survive and continue in full  force and effect in accordance with their respective terms, notwithstanding any termination of the  Employment Period.         SECTION 9   Notices.  Any notice provided for in this Agreement shall be in writing and  shall be delivered (i) personally, (ii) by certified mail, postage prepaid, (iii) by FedEx or other  reputable courier service regularly providing evidence of delivery (with charges paid by the party  sending the notice) or (iv) by facsimile or a PDF or similar attachment to an email, provided that  such telecopy or email attachment shall be followed within one (1) business day by delivery of  such notice pursuant to clause (i), (ii) or (iii) above.  Any such notice to a party shall be addressed  at the address set forth below (subject to the right of a party to designate a different address for  itself by notice similarly given):               If to the Company:                            John Bean Technologies Corporation              70 West Madison Street              Chicago, Illinois 60602              Attention:  Chair, Compensation Committee of the Board of Directors              Facsimile:  312-861-7127               If to Executive                            Thomas Giacomini              At the most recent address on file with the Company         SECTION 10  Entire  Agreement;  Inconsistency.   This  Agreement  constitutes  the  entire  agreement and understanding between the parties with respect to the subject matter hereof and  supersedes and preempts any prior understandings, agreements or representations by or between  the parties, written or oral, which may have related in any manner to the subject matter hereof,  including the Employment Agreement between Executive and the Company dated as of August  22, 2013 and the Executive Severance Agreement.  In the event of any inconsistency between the  provisions  of  this  Agreement  and  any  other  plan,  program,  practice  or  agreement  in  which  Executive is a participant or a party, this Agreement shall control.         SECTION 11  Successors and Assigns.  This Agreement shall inure to the benefit of and  be enforceable by Executive and his heirs, executors and personal representatives (including any  amounts becoming payable prior to Executive’s death), and the Company and its successors and  assigns.  Any successor or assignee of the Company shall assume the liabilities and obligations of  the Company hereunder.         SECTION 12  Governing Law.  This Agreement shall be governed by the internal laws (as  opposed to the conflicts of law provisions) of the State of Illinois.         SECTION 13  Amendment  and  Waiver.   The  provisions  of  this  Agreement  may  be  amended or waived only with the prior written consent of the Company and Executive, and no                                          14                                         

 

                                          course of conduct or failure or delay in enforcing the provisions of this Agreement shall affect the  validity, binding effect or enforceability of this Agreement.         SECTION 14  Withholding.  All payments and benefits under this Agreement are subject  to withholding of all applicable taxes.         SECTION 15  Code  Section 409A.   This  Agreement  is  intended  to  comply  with  the  requirements of Section 409A of the Code, and shall be interpreted and construed consistently with  such intent.  In the event the terms of this Agreement would subject Executive to taxes or penalties  under Section 409A of the Code (“409A Penalties”), the Company and Executive shall cooperate  diligently  to  amend  the  terms  of  the  Agreement  to  avoid  such  409A  Penalties,  to  the  extent  possible.  To the extent any amounts under this Agreement are payable by reference to Executive’s  “termination of employment” such term and similar terms shall be deemed to refer to Executive’s  “separation from service,” within the meaning of Section 409A of the Code.  Notwithstanding any  other provision in this Agreement, to the extent any payments made or contemplated hereunder  constitutes nonqualified deferred compensation, within the meaning of Section 409A, then (i) each  such payment which is conditioned upon Executive’s execution of a release and which is to be  paid or provided during a designated period that begins in one taxable year and ends in a second  taxable year, shall be paid or provided in the later of the two taxable years and (ii) if Executive is  a  specified  employee  (within  the  meaning  of  Section 409A  of  the  Code)  as of  the  date  of  Executive’s  separation  from  service,  each  such  payment  that  is  payable  upon  Executive’s  separation  from  service  and  would  have  been  paid  prior  to  the  six  (6)  month  anniversary  of  Executive’s separation from service shall be delayed until the earlier to occur of (A) the first (1st)  day of the seventh (7th) month following Executive’s separation from service or (B) the date of  Executive’s death.  Any reimbursement payable to Executive pursuant to this Agreement shall be  conditioned on the submission by Executive of all expense reports reasonably required by the  Company under  any  applicable expense reimbursement policy, and shall be paid  to  Executive  within thirty (30) days following receipt of such expense reports, but in no event later than the last  day of the calendar year following the calendar year in which Executive incurred the reimbursable  expense.  Any amount of expenses eligible for reimbursement, or in-kind benefit provided, during  a calendar  year shall not affect the amount of expenses eligible for reimbursement, or in-kind  benefit to be provided, during any other calendar year.  The right to any reimbursement or in-kind  benefit pursuant to this Agreement shall not be subject to liquidation or exchange for any other  benefit.         SECTION 16  Clawback.  The  payments  to  Executive  pursuant  to  this  Agreement  are  subject  to  forfeiture,  recovery  by  the  Company  or  other  action  pursuant  to  any  clawback  or  recoupment policy which the Company may adopt from time to time, including, without limitation,  provisions of the 2017 Incentive Compensation and Stock Plan (as the same may now or hereafter  be amended, supplemented or otherwise modified from time to time, the “ICSP”) or other plans or  agreements governing compensation or incentive awards and any policy which the Company may  adopt or be required to adopt, including under the Dodd-Frank Wall Street Reform and Consumer  Protection Act and implementing rules and regulations thereunder, or as otherwise required by  law. For purposes of the application of such provisions of the ICSP  with respect to the forfeiture  of any awards under the ICSP or the repayment of amounts received with respect to any award  under  the  ICSP,  in  each  case  based  upon  serious  misconduct  (or  words  of  similar  import)  by  Executive,  no  act,  failure to  act  or  conduct  by  Executive  shall  be  deemed  to  be  such  serious                                         15                                         

 

                                          misconduct unless such act, failure to act or conduct also constitutes Cause or Disqualifying Event  as defined in this Agreement.         SECTION 17  Additional Provisions Relating to a Change in Control.                a.    In the event of a Change in Control:                     (i)   The  Company’s  obligation  to  make  the  payments  and  the        arrangements  provided  for  herein  will  be  absolute  and  unconditional,  and  will  not  be        affected  by  any  circumstances,  including,  without  limitation,  any  offset,  counterclaim,        recoupment, defense, or other right which the Company may have against Executive or        anyone else.  All amounts payable by the Company hereunder will be paid without notice        or demand.  Except to the extent provided in Sections 6 and 16 of this Agreement, each        and every payment made hereunder by the Company will be final, and the Company will        not seek to recover all or any part of such payment from Executive or from whomsoever        may be entitled thereto, for any reasons whatsoever.                     (ii)  Notwithstanding anything in this Agreement to the contrary, if the        Change in Control Severance is paid under this Agreement, no severance benefits under        any program of the Company, other than benefits described in this Agreement, will be paid        to Executive.                     (iii) To the extent permitted by law, the Company will pay as incurred        within ten (10) days following receipt of an invoice from Executive, which invoice shall        be submitted no later than ninety (90) days following the date Executive incurs liability for        the relevant item, all reasonable legal fees, costs of litigation, prejudgment interest, and        other expenses incurred in good faith by Executive as a result of the Company’s refusal to        provide the Change in Control Severance benefits to which Executive becomes entitled        under  this  Agreement, or  as  a  result  of  the  Company’s  contesting  the  validity,        enforceability, or interpretation of this Agreement, or as a result of any conflict (including,        without limitation, conflicts related to the calculations under Section 5(f) hereof) between        the parties pertaining to this Agreement.  The Company’s obligations under this Section        17(a)(iii) shall apply only to reasonable legal fees, costs of litigation, prejudgment interest,        and other expenses incurred on or before the date that is ten (10) years after Executive’s        death, (b) shall not be subject to liquidation and (c) may not be exchanged for another        benefit.  The amount of the legal fees, costs of litigation, prejudgment interest, and other        expenses for which Executive is entitled to be reimbursed under this Section 17(a)(iii) in        any calendar year shall not affect Executive’s right to reimbursement of any expenses or        in-kind  benefits  to  which  Executive  is  entitled  under  this  Agreement  or  any  other        agreement to which Executive and the Company are parties.               b.    The Company has established a trust (which is a grantor trust within the  meaning of Sections 671-678 of the Code) for the benefit of Executive and others in the event of  a Change in Control (the “Trust”).                     (i)     The Trust has a trustee, selected by the Company, and has certain        restrictions as to the Company’s ability to amend the Trust or cancel benefits provided                                         16                                         

 

                                                thereunder.  Any assets contained in the Trust will, at all times, be specifically subject to        the claims of the Company’s general creditors in the event of bankruptcy or insolvency;        such  terms  are  specifically  defined  within  the  provisions  of  the  Trust,  along  with  the        required procedure for notifying the trustee of any bankruptcy or insolvency.                     (ii)  The Company may, but is not obligated to, deposit assets in the Trust        in an amount equal to or less than the aggregate Change in Control Severance benefits        which may become due to Executive under this Agreement.                     (iii) As  soon  as  practicable  after  the  Company  has  knowledge  that  a        Change in Control is imminent, but no later than the day immediately preceding the date        of a Change in Control, the Company will deposit assets in such Trust in an amount equal        to the estimated aggregate Change in Control Severance benefits which may become due        to  Executive  under  this  Agreement.  Such  deposited  amounts  will  be  reviewed  and        increased,  if  necessary,  every  six  (6)  months  following  a  Change  in  Control  to  reflect        Executive’s estimated aggregate Change in Control Severance benefits at such time.         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date  first written above.                                             JOHN BEAN TECHNOLOGIES                                            CORPORATION                                                                                                                                    By:  /James E. Goodwin/                                            Name:  James E. Goodwin                                            Title:  Lead Independent Director                                             EXECUTIVE:                                                                                                                                    /Thomas Giacomini/                                                 17

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"}]]