Document:

Document

Exhibit 10.1
AGREEMENT & GENERAL RELEASE

This Agreement and General Release (“Agreement”) is made and entered into on August 11, 2021 by Enstar (US) Inc., 411 Fifth Ave., 5th Floor, New York, NY 10016 (“Enstar” or “Employer”), and Zachary Wolf,                         , on behalf of himself and his heirs, executors, administrators, representatives, successors and assigns (collectively referred to throughout this Agreement as “Employee”). The parties agree that:
1.Last Day of Employment. 
(a)Employee's employment with Employer and its subsidiaries and affiliates is or was terminated effective August 10, 2021 (the “Termination Date”).  Pursuant to Section 9 of Employee’s Employment Agreement with the Company dated as of August 21, 2020 (the “Existing Agreement”), Employee shall reasonably cooperate with the Company in all matters relating to the winding up of pending work and the orderly transfer of work to other employees of the Company and its affiliates between the Termination Date and September 30, 2021.
(b)Employee hereby resigns, effective as of the Termination Date, from all directorships, officerships and other similar positions with Employer and its subsidiaries and affiliates. Employee shall sign all appropriate documentation, if any, prepared by Employer in connection with such resignations or to otherwise evidence or confirm the terms hereof in substantially the form of Appendix A.  
2.Consideration.  Provided that Employee executes the General Release of all Claims, attached hereto as Appendix B (the "Release"), within twenty-one (21) days following the Termination Date and does not exercise his revocation right as contained therein, and subject to Employee's continued compliance with the terms of this Agreement, the Employer will provide Employee with the following benefits (the "Severance Benefits"): 
(a)On the first payroll date following the Effective Date of the Release, as defined therein, a lump sum payment, less applicable withholdings and deductions, of $766,875, which represents Employee’s base salary as of the Termination Date.
(b)On the first payroll date following the Effective Date of the Release, as defined therein, a lump sum payment, less applicable withholdings and deductions, of $466,428, representing Employee’s target bonus opportunity under Enstar’s annual performance bonus program for performance year 2021, pro-rated based on the number of days of Employee’s employment in 2021 through and including the Termination Date (222 days). 
(c)Accelerated vesting as of the Termination Date of 4,321 ordinary shares of Enstar Group Limited underlying Employee’s unvested Restricted Stock Unit Awards, which includes Employee’s Sign-On RSU Awards (as defined in the Existing Agreement).
(d)Accelerated vesting as of the Termination Date of 895 ordinary shares of Enstar Group Limited underlying Employee’s unvested Performance Stock Unit Awards, which includes a portion of Employee’s Sign-On PSU Awards (as defined in the Existing Agreement).  All other ordinary shares of Enstar Group Limited underlying Employee’s unvested Performance Stock Unit Awards are forfeited.
(e)Employee’s medical coverage under Employer’s group health plan will cease on the final day of the month in which the Termination Date occurs (the “Benefit Termination Date”). After the 
  
 
 

			
	

Benefit Termination Date, Employee will be eligible to continue coverage under Employer’s group health plan at Employee’s own expense subject to the terms and conditions of the health insurance continuation provisions of the Consolidated Omnibus Budget Reconciliation Act (“COBRA”). Notwithstanding the foregoing, provided Employee timely completes the necessary COBRA application, under the American Rescue Plan Act of 2021, Employer will pay 100% of the COBRA continuation premium for group health plan coverage until the earlier of September 30, 2021 or the date Employee becomes eligible for alternate group health insurance coverage.  Except for Employer’s payment of the premiums for Employee’s continuation coverage during this period, all provisions of Employee’s continuation coverage will be in accordance with the applicable plan (including any applicable co-payments, deductibles and other out-of-pocket expenses).  
3.No Consideration Absent Execution of this Agreement.  Employee understands and agrees that Employee would not receive the Severance Benefits specified in Section 2 above, except for Employee’s signing of this Agreement, Employee's signing and non-revocation of the Release and Employee’s fulfillment of all the promises contained in this Agreement and the Release that pertain to Employee.
4.Acknowledgments and Affirmations. Employee affirms that:
•Employee has been paid and/or has received all compensation, wages, bonuses, commissions and/or benefits which are due and payable as of the date Employee signs this Agreement;
•Employer has granted Employee any leave to which Employee was entitled from Employer under the Family and Medical Leave Act or related state or local leave or disability accommodation laws;
•Employee has no known workplace injuries or occupational diseases;
•Employee is not Medicare eligible and has not filed a claim for Medicare benefits; 
•Employee has not, except as expressly permitted by and consistent with Employer's policies (including pursuant to non-disclosure agreements entered into with third parties), divulged any financial, proprietary or confidential information of Employer and will continue to maintain the confidentiality of such information consistent with Employer’s policies, Employee’s agreement(s) with Employer and/or any applicable law; and
•Employee has not raised any allegations of harassment, discrimination or retaliation with Employer.
    Both Employer and Employee acknowledge that this Agreement, including, but not limited to, any paragraphs pertaining to confidentiality and non-disclosure, a release of claims, or defamation, does not limit either party’s right, where applicable, to file, testify, assist, or participate in an investigation, hearing, or proceeding, to respond to any inquiry, or to otherwise communicate with any federal, state or local governmental agency including, but not limited to, the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), the Commodity Futures Trading Commission (CFTC), the Consumer Financial Protection Bureau (CFPB), the Occupational Safety and Health Administration (OSHA), the US Department of Justice (DOJ), the US Congress, any agency Inspector General, the Equal Employment Opportunity Commission (EEOC) and the National Labor Relations Board (NLRB).  
5.Confidentiality and Return of Property.  
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(a)Except as otherwise required by law or specified in this Section 5, Employee agrees to refrain from disclosing to any person or entity, either verbally, in writing or otherwise: (1) any information regarding the underlying facts or negotiations leading up to this Agreement; (2) any allegations of wrongdoing against Employer or any other "Releasees" described in the Release (the "Releasees") in connection with Employee’s employment with Employer; (3) any trade secrets, proprietary information, financial information, privileged information, medical information, claims information or other confidential information regarding Employer or any other Releasees, and/or the current, former or prospective customers of Employer or of any other Releasees; and/or (4) any confidential or proprietary information identified in the Enstar Group Limited Code of Conduct (all information referenced in clauses (1) through (4) above collectively referred to as “Confidential Information”).  However, nothing in this Section will prohibit Employee from (y) discussing the terms of this Agreement with Employee’s spouse or domestic partner, tax advisor and/or attorney with whom Employee chooses to consult regarding Employee’s consideration of this Agreement, provided that such individuals are advised of the confidentiality of this information and agree to maintain the confidentiality of this information; or (z) pursuant to the order of a court. Employee acknowledges that this Agreement will be publicly filed by Enstar Group Limited with the Securities and Exchange Commission and the terms of this Agreement will be described in filings made by Enstar Group Limited with the Securities and Exchange Commission.
(b)Employee affirms that Employee has delivered to Employer, or will make available for pick up by Employer on or about August 13, 2021, without copying or reproducing: (1) all documents, files, digital files, notes, memoranda, manuals, lists, computer disks, computer databases, computer programs and/or other storage medium within Employee’s possession or control that reflect any Confidential Information; and (2) all items or other forms of property and/or equipment belonging to Employer or to any other Releasees within Employee’s possession or control, including but not limited to keys, credit cards and electronic equipment. This includes, among other items, any disks, files, documents, notebooks, etc. that Employee personally generated or maintained with respect to Employer's business, as well as any Employer records in Employee's possession or control. Immediately upon Employee’s execution of this Agreement or at any other time requested by Employer, Employee also agrees to delete permanently, without accessing, copying, reproducing or disclosing, any Confidential Information from any repository within Employee’s possession or control that is not located on Employer’s premises.  Employee further affirms that Employer does not possess any property which belongs to Employee. 
(c)Employee is hereby notified that 18 U.S.C. § 1833(b) states as follows: “An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that—(A) is made—(i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.” Accordingly, notwithstanding any other provision of this Agreement to the contrary, Employee has the right to (1) disclose in confidence trade secrets to federal, state, and local government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of the law or (2) disclose trade secrets in a document filed in a lawsuit or other proceeding so long as that filing is made under seal and protected from public disclosure. Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by 18 U.S.C. § 1833(b).
6.Covenants. 
(a)Employee will not disparage Enstar or any of its subsidiaries or affiliates, any of their known respective officers, trustees, directors, employees, or other service providers, or any product or service offered by Enstar or any of its known subsidiaries or affiliates, or issue any communication, 
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written or otherwise, that reflects adversely on or encourages any adverse action against Enstar or any of its subsidiaries or affiliates, except as required or protected by law. This includes any statement to or response to an inquiry by any member of the press or media, whether written, verbal, electronic, or otherwise. Nothing contained in this Section 6 is intended to prevent Employee from testifying truthfully in any legal proceeding.
(b)Employee agrees and acknowledges that Employee continues to be bound by Sections 9 and 11 of the Existing Agreement.
(c)For the avoidance of doubt, Employee shall not be subject to the covenant set forth in Section 10 ("Non-Competition") of the Existing Agreement.
(d)Employer agrees that in response to employment reference requests concerning Employee, Employer shall confirm Employee's dates of employment and job title in accordance with Employer’s policies. 
7.Taxes. 
(a)Enstar may deduct or withhold from any compensation or benefits any applicable federal, state or local tax or employment withholdings or deductions resulting from any payments or benefits provided under this Agreement. 
(b)It is Enstar’s intention that all payments or benefits provided under this Agreement comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and this Agreement shall be construed and applied in a manner consistent with this intent.  
(c)Any payment or benefit due upon a termination of employment that represents a "deferral of compensation" within the meaning of Section 409A shall commence to be paid or provided to Employee thirty-one (31) days following a "separation from service" as defined in Treas. Reg. § 1.409A-1(h), unless earlier commencement is otherwise permitted by Section 409A, provided that Employee executes within 21 days following "separation from service" a general release of claims in a form and substance satisfactory to Employer and its legal counsel.  Each payment made under this Agreement shall be deemed to be a separate payment for purposes of Section 409A.  Amounts payable under this Agreement shall be deemed not to be a "deferral of compensation" subject to Section 409A to the extent provided in the exceptions in Treasury Regulation §§ 1.409A-1(b)(4) ("short-term deferrals") and (b)(9) ("separation pay plans," including the exception under subparagraph (iii)) and other applicable provisions of Treasury Regulation §§ 1.409A-1 through A-6.
(d)Notwithstanding anything in this Agreement to the contrary, the following special rule shall apply, if and to the extent required by Section 409A, in the event that (i) Employee is deemed to be a "specified employee" within the meaning of Section 409A(a)(2)(B)(i), (ii) amounts or benefits under this Agreement or any other program, plan or arrangement of Employer or a controlled group affiliate thereof are due or payable on account of "separation from service" within the meaning of Treasury Regulations Section 1.409A-1(h) and (iii) Employee is employed by a public company or a controlled group affiliate thereof: no payments hereunder that are "deferred compensation" subject to Section 409A shall be made to Employee prior to the date that is six (6) months after the date of separation from service or, if earlier, the date of death; following any applicable six (6) month delay, all such delayed payments will be paid in a single lump sum on the earliest permissible payment date.
(e)Notwithstanding anything to the contrary in this Agreement, any payment or benefit under this Agreement or otherwise that is exempt from Section 409A pursuant to Treasury 
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Regulation § 1.409A-1(b)(9)(v)(A) or (C) (relating to certain reimbursements and in-kind benefits) shall be paid or provided to Employee only to the extent that the expenses are not incurred, or the benefits are not provided, beyond the last day of the second calendar year following the calendar year in which Employee's "separation from service" occurs; and provided further that such expenses are reimbursed no later than the last day of the third calendar year following the calendar year in which Employee's "separation from service" occurs.  To the extent any indemnification payment, expense reimbursement or the provision of any in-kind benefit is determined to be subject to Section 409A (and not exempt pursuant to the prior sentence or otherwise), the amount of any such indemnification payment or expenses eligible for reimbursement or the provision of any in-kind benefit in one calendar year shall not affect the indemnification payment or provision of in-kind benefits or expenses eligible for reimbursement in any other calendar year (except for any lifetime or other aggregate limitation applicable to medical expenses), and in no event shall any indemnification payment or expenses be reimbursed after the last day of the calendar year following the calendar year in which Employee incurred such indemnification payment or expenses, and in no event shall any right to indemnification payment or reimbursement or the provision of any in-kind benefit be subject to liquidation or exchange for another benefit.
(f)Notwithstanding anything to the contrary herein, Enstar does not guarantee the tax treatment of any payments or benefits under this Agreement, including without limitation under the Code, federal, state, local or foreign tax laws and regulations. In no event may Employee, directly or indirectly, designate the calendar year of any payment under this Agreement. 
(g)In the event the consideration and revocation period referenced in the Release ends in the taxable year following Employee’s termination of employment, any severance payment or deferred compensation payment shall be paid or commence in such subsequent taxable year if required under Section 409A of the Code.
8.Governing Law and Jury Waiver.  This Agreement shall be governed and conformed in accordance with the laws of the State of New York without regard to the State’s conflict of laws provisions.  If Employee breaches any provision of this Agreement, Employee and Employer affirm that Employer may institute an action or proceeding: (a) to specifically enforce any term or terms of this Agreement; (b) to recover damages resulting from such breach in an amount to be determined by a court of competent jurisdiction; (c) to terminate Employer’s obligations to provide future monetary payments and benefits under this Agreement; and/or (d) to seek any other legal or equitable relief permitted by law, including but not limited to injunctive relief, and including specifically pursuant to Section 12 of the Existing Agreement, which is incorporated by reference into this Agreement to the fullest extent possible.  Employer and Employee agree that any action or proceeding relating to this Agreement or to the enforcement of this Agreement will only be brought in the United States District Court for the Southern District of New York or in the Supreme Court of the State of New York, County of New York, and that any such action or proceeding will be heard without a jury or an advisory jury.  Employee and Employer waive their respective rights to bring any such action or proceeding in any other jurisdiction, or to have any such action or proceeding heard before a jury or an advisory jury. 
9.Severability.  Should any provision of this Agreement be declared illegal or unenforceable by any court of competent jurisdiction and cannot be modified to be enforceable, such provision shall immediately become null and void, leaving the remainder of this Agreement in full force and effect.  
10.Non-Admission of Wrongdoing.  Employee agrees that neither this Agreement nor the furnishing of the consideration for this Agreement shall be deemed or construed at any time for any purpose as an admission by Enstar or the Releasees of any wrongdoing or evidence of any liability or unlawful conduct of any kind.
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11.Amendment.  This Agreement may not be modified, altered or changed except in a writing signed by both Employer and Employee that specifically refers to this Agreement.
12.Expiration of Offer.  Employee understands that the offer contained in this Agreement will be considered withdrawn if Employee has not signed and returned to Employer signed copies of this Agreement and of the Release on or before the conclusion of the twenty-one (21) day consideration period referenced in the Release.
13.Counterparts.  This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. PDF or electronic signatures, including those collected and certified through an eSignature platform, shall be deemed as effective as originals.
14.Entire Agreement.  This Agreement and the Release sets forth the entire agreement between Employee and Employer, and fully supersedes any prior agreements, understandings or obligations between Employee and Releasees pertaining to the subjects addressed herein, with the exception of any confidentiality and/or assignment of proprietary rights agreements or obligations previously signed or undertaken by Employee that provide additional or greater rights to Employer (including but not limited to the Enstar Group Limited Code of Conduct), which remain in full force and effect.  For clarity, the following agreements and/or sections thereof are not superseded by this Agreement: (a) Sections 4, 8, 9, 11, 12, 16 and 17 of the Existing Agreement; and (b) the Confidentiality Agreement you signed on or about August 17, 2020.  Employee acknowledges that he has not relied on any representations, promises, agreements or offers of any kind made to Employee in connection with his decision to enter into this Agreement, except for those set forth in this Agreement.  Employee hereby acknowledges that he has had the opportunity to consult legal counsel concerning this Agreement, that he has read and understands this Agreement, that he is fully aware of its legal effect, and that he has entered into the Agreement freely and based on his own judgment.

[Signature page follows]
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    The Parties knowingly and voluntarily sign this Separation Agreement as of the date(s) set forth below:

Enstar (US) Inc.

By: /s/ Linda J. Rooney                    Date: 12-Aug-2021
Name: Linda J. Rooney
Title:  VP, Human Resources

Zachary Wolf

/s/ Zachary Wolf                        Date: 12-Aug-2021
  
 
 

			
	

Appendix A
 Resignation from Appointments Letter

To whom it may concern:
I hereby resign effective as of August 11, 2021 from all directorships, officerships, committee memberships and other similar positions I hold with Enstar Group Limited.

/s/ Zachary Wolf    
Zachary Wolf

  
 
 

			
	

Appendix B
General Release of All Claims
This General Release of all Claims (this "Release") is entered into by Enstar (US) Inc., 411 Fifth Ave., 5th Floor, New York, NY 10016 (“Enstar” or “Employer”), and Zachary Wolf,                          , on behalf of himself and his heirs, executors, administrators, representatives, successors and assigns (collectively referred to throughout this Release as “Employee”) effective as of August 11, 2021. 
In consideration of the payments and benefits set forth in the Separation Agreement entered into by Enstar and Employee, dated August 11, 2021 (the “Separation Agreement”) (such payments and benefits, the "Severance Benefits") and for other good and valuable consideration, which Employee acknowledges exceeds any amounts to which Employee otherwise may be entitled, Enstar and Employee agree as follows:
1.Release. Employee knowingly, voluntarily and completely releases and forever discharges, to the fullest extent permitted by law, Enstar, its parent corporation, affiliates, subsidiaries, divisions, insurers, predecessors, successors and assigns, and the current and former employees, attorneys, officers, directors, agents and shareholders of each, both individually and in their business capacities, and the employee benefit plans and programs (“Employee Benefit Plans”) and the administrators and fiduciaries of each (all collectively referred to throughout this Release as “Releasees”), of and from, and agrees to not file, cause to be filed or pursue against the Releasees, any and all claims, known and unknown, asserted or unasserted, by Employee or on Employee’s behalf, which Employee has or may have against Releasees up to and including the date Employee signs this Release regarding Employee’s employment at or termination of employment from Enstar and its subsidiaries and affiliates, any contract (express or implied), any claim for equitable relief or recovery of punitive, compensatory, or other damages or monies (including claims as to taxes), attorneys' fees, any tort, and all claims regarding or based upon age, disability, race, color, sex, religion, national origin, retaliation or any other classification or activity protected by law (the "Claims”), including, but not limited to:  
•all Claims arising from Employee's employment with Enstar and its subsidiaries and affiliates and the termination of that employment, including Claims with respect to any agreement Employee entered into with Enstar or for wrongful termination or retaliation; 
•all Claims related to Employee's compensation or benefits from the Releasees, including salary, wages, bonuses, commissions, incentive compensation, equity awards, profit sharing, retirement benefits, paid time off, vacation, sick leave, leaves of absence, expense reimbursements, equity, severance pay, and fringe benefits; 
•all Claims for breach of contract, breach of quasi-contract, promissory estoppel, detrimental reliance, and breach of the implied covenant of good faith and fair dealing; 
•all tort Claims, including Claims for fraud, defamation, slander, libel, negligent or intentional infliction of emotional distress, personal injury, negligence, compensatory or punitive damages, negligent or intentional misrepresentation, and discharge in violation of public policy; 
•all federal, state, and local statutory Claims, including Claims for discrimination, harassment, retaliation, attorneys’ fees, medical expenses, experts’ fees, costs and disbursements; and 
•any other Claims of any kind whatsoever, from the beginning of time until the date Employee signs this Release, in each case whether based on contract, tort, statute, local ordinance, regulation or any comparable law in any jurisdiction.
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By way of example and not in limitation, Claims include any claims arising under Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e et seq.; the Civil Rights Act of 1991; the Civil Rights Acts of 1866 and/or 1871, 42 U.S.C. Section 1981; the Americans with Disabilities Act, 42 U.S.C. 12101 et seq.; the Age Discrimination in Employment Act of 1967 (“ADEA”), 29 U.S.C. § 621 et seq.; the Family Medical Leave Act, 29 U.S.C. § 2601 et seq.; the Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. § 1001 et seq.; the federal Worker Adjustment Retraining Notification Act (“WARN Act”), 29 U.S.C. § 2102 et seq.; the Immigration Reform and Control Act of 1986; the Rehabilitation Act of 1973; the Fair Credit Reporting Act; the Family and Medical Leave Act; the Equal Pay Act of 1963; the Genetic Information Nondiscrimination Act of 2008; the Occupational Safety and Health Act; the Families First Coronavirus Response Act; the Coronavirus Aid, Relief, and Economic Security (CARES) Act; the New York State WARN Act; the New York State Human Rights Law; the New York City Human Rights Law; the New York City Earned Sick Time Act; and the New York State Labor Law. The Parties intend for this release to be enforced to the fullest extent permitted by law. EMPLOYEE UNDERSTANDS AND AGREES THAT THIS RELEASE AGREEMENT CONTAINS A GENERAL RELEASE OF ALL CLAIMS.
2.No Claims. Employee represents that Employee has not initiated, filed, or caused to be filed and agrees not to initiate, file or cause to be filed any Claims against any Releasees with respect to any aspect of Employee's employment by or termination from employment with Enstar or with respect to any other Claim. Employee expressly covenants and warrants that Employee has not assigned or transferred to any person or entity any portion of any Claims that are waived, released and/or discharged herein. If Employee nonetheless files, causes to be filed, or pursues any Claims against one or more Releasee, Employee will pay to each such Releasee any costs or expenses (including attorneys’ fees and court costs) incurred by such Releasee in connection with such action, claim or suit.
3.ADEA. In this paragraph, Employer provides Employee with specific information required under the Age Discrimination in Employment Act of 1967, as amended (“ADEA”). Employee acknowledges that Employee has received and reviewed any and all information required, if any, by the ADEA/Older Workers Benefit Protection Act pertaining to Employee's termination from Enstar. Employee agrees that Employee's release of claims in this Release includes a knowing and voluntary waiver of any rights Employee may have under the ADEA. Employee acknowledges that Employee has been given an opportunity to consider for twenty-one (21) days the terms of this Release, although Employee may sign beforehand, and that Employee is advised by Enstar to consult with an attorney. Employee further understands that Employee can revoke his release of ADEA claims by delivering a written notice of revocation as set forth in Section 13 of this Release within seven (7) days of signing this Release, in which case Employer shall have the option, in its sole discretion, to treat the entire Separation Agreement as null and void, in which case Employee will not be eligible for any Severance Benefits. Employee acknowledges and agrees that for the revocation to be effective, the written notice must be received in accordance with Section 13 of this Release no later than the close of business (5:00 p.m. Eastern Time) on the seventh (7th) day after Employee signs this Release. This Release will become effective and enforceable on the eighth (8th) day following Employee's execution of this Release, provided that Employee and Employer have not exercised their revocation-related rights as described herein (the “Effective Date”). Employee further agrees that any change to this Release, whether material or immaterial, will not restart the twenty-one (21) day review period.
4.Claims Not Waived. Notwithstanding the foregoing, the parties acknowledge and agree that Employee is not waiving or being required to waive any (1) right that cannot be waived as a matter of law, (2) rights for indemnification under any contract or agreement with Enstar that provides for indemnification or under Enstar’s by-laws or under any insurance policies of Enstar or its subsidiaries or affiliates, in all cases pursuant to the terms thereof, (3) rights to any vested benefits or pension funds; (4) rights to seek worker’s compensation or unemployment insurance benefits, subject to the terms and conditions thereof; (5) rights or claims that may arise after the date of the execution of this Release; or (6) rights that Employee has pursuant to the Separation Agreement. 
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5.Protected Rights. Notwithstanding anything to the contrary in this Release, nothing in this Release shall prohibit or interfere with Employee's exercising protected rights, including rights under the National Labor Relations Act; filing a charge with the Equal Employment Opportunity Commission or OSHA; reporting possible violations of law to or participating in an investigation by any federal, state or local government agency or commission such as the National Labor Relations Board, the Department of Labor or the Securities and Exchange Commission. Employee does, however, waive any right to receive any monetary award or benefit resulting from such a charge, report, or investigation related to any Claims, except that Employee may receive and fully retain a monetary award from a government-administered whistle-blower award program. 
6.18 U.S.C. § 1833(b). Employee is hereby notified that 18 U.S.C. § 1833(b) states as follows: “An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that—(A) is made—(i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.” Accordingly, notwithstanding any other provision of this Release to the contrary, Employee has the right to (1) disclose in confidence trade secrets to federal, state, and local government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of the law or (2) disclose trade secrets in a document filed in a lawsuit or other proceeding so long as that filing is made under seal and protected from public disclosure. Nothing in this Release is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by 18 U.S.C. § 1833(b).
7.Acknowledgment. By Employee's signature below, Employee acknowledges each of the following: (a) that Employee has read this Release and has been afforded the opportunity to consult counsel in connection with same; (b) that Employee is fully aware of the Release’s contents and legal effect; and (c) that Employee has voluntarily chosen to enter into this Release, without duress or coercion, economic or otherwise, and based upon Employee's own judgment and not in reliance upon any promises made by Enstar other than those contained in this Release.
8.Governing Law. This Release shall be governed and conformed in accordance with the laws of the State of New York without regard to the State’s conflict of laws provisions.  If Employee breaches any provision of this Release, Employee and Employer affirm that Employer may institute an action or proceeding: (a) to specifically enforce any term or terms of this Release; (b) to recover damages resulting from such breach in an amount to be determined by a court of competent jurisdiction; (c) to terminate Employer’s obligations to provide future monetary payments and benefits under this Release or the Separation Agreement; and/or (d) to seek any other legal or equitable relief permitted by law, including but not limited to injunctive relief.  Employer and Employee agree that any action or proceeding relating to this Release or to the enforcement of this Release will only be brought in the United States District Court for the Southern District of New York or in the Supreme Court of the State of New York, County of New York, and that any such action or proceeding will be heard without a jury or an advisory jury.  Employee and Employer waive their respective rights to bring any such action or proceeding in any other jurisdiction, or to have any such action or proceeding heard before a jury or an advisory jury.
9.Severability.  Should any provision of this Release be declared illegal or unenforceable by any court of competent jurisdiction and cannot be modified to be enforceable, excluding the general release language, such provision shall immediately become null and void, leaving the remainder of this Release in full force and effect.  If the general release language is found to be illegal or unenforceable, Employee agrees to execute a binding replacement release.
10.Non-Admission of Wrongdoing.  Employee agrees that neither this Release nor the furnishing of the consideration for this Release shall be deemed or construed at any time for any purpose 
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as an admission by Enstar or the Releasees of any wrongdoing or evidence of any liability or unlawful conduct of any kind.
11.Amendment.  This Release may not be modified, altered or changed except in a writing signed by both Employer and Employee that specifically refers to this Release.
12.Waiver of Rights.  Without detracting in any respect from any other provision of this Release:
(a)Employee, in consideration of the payment and benefits provided as described in Section 2 of the Separation Agreement, agrees and acknowledges that this Release constitutes a knowing and voluntary waiver of all rights or claims Employee has or may have against Enstar as set forth herein, including, but not limited to, all rights or claims arising under the ADEA, including, but not limited to, all claims of age discrimination in employment and all claims of retaliation in violation of the ADEA; and Employee has no physical or mental impairment of any kind that has interfered with Employee’s ability to read and understand the meaning of this Release or its terms, and that Employee is not acting under the influence of any medication or mind-altering chemical of any type in entering into this Release.
(b)Nothing in this Release shall prevent Employee (or Employee’s attorneys) from (i) commencing an action or proceeding to enforce this Release or (ii) exercising Employee's right under the Older Workers Benefit Protection Act of 1990 to challenge the validity of Employee's waiver of ADEA claims set forth in this Release.
13.Revocation.  Employee may revoke his release of ADEA claims during the period of seven (7) calendar days following the day on which Employee signs this Release.  Any revocation within this period must be submitted, in writing, to Linda Rooney, Vice President, Human Resources, Enstar (US) Inc. and must state: “I hereby revoke my release of ADEA claims.”  The revocation must be either: (a) be mailed to Ms. Rooney at the Company’s Florida headquarters (150 2nd Street North, 3rd Floor, St. Petersburg, FL 33701) and postmarked within seven (7) calendar days after the day Employee signs the Release; (b) emailed to Ms. Rooney at Linda.Rooney@enstargroup.com; or (c) delivered to Ms. Rooney at the address specified above through a reputable overnight delivery service with documented evidence that it was sent within seven (7)  calendar days after the day Employee signed the Release.  For clarity, the effect of such revocation is set forth in Section 3 of this Release.
14.Expiration of Offer and Effective Date of Release.  Employee understands that the offer contained in the Separation Agreement will be considered withdrawn if Employee has not signed and returned a copy of this Release on or before the conclusion of the twenty-one (21) day consideration period referenced above.  This Release will become effective after Employee and Employer have signed an original of this Release, the revocation period stated above has expired, and the parties have not exercised their revocation-related rights as set forth herein.
[Signature page follows]

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EMPLOYEE IS HEREBY ADVISED THAT EMPLOYEE HAS UP TO TWENTY-ONE (21) CALENDAR DAYS TO CONSIDER THIS GENERAL RELEASE.  EMPLOYEE IS ALSO ADVISED TO CONSULT WITH AN ATTORNEY PRIOR TO SIGNING THIS GENERAL RELEASE. 
EMPLOYEE AGREES THAT ANY MODIFICATIONS, MATERIAL OR OTHERWISE, MADE TO THIS GENERAL RELEASE, DO NOT RESTART OR AFFECT IN ANY MANNER THE ORIGINAL TWENTY-ONE (21) CALENDAR DAY CONSIDERATION PERIOD.
EMPLOYEE FREELY AND KNOWINGLY, AND AFTER DUE CONSIDERATION, ENTERS INTO THIS GENERAL RELEASE INTENDING TO WAIVE, SETTLE AND RELEASE ALL CLAIMS EMPLOYEE HAS OR MIGHT HAVE AGAINST RELEASEES AS OF THE DATE EMPLOYEE SIGNS THIS GENERAL RELEASE.

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The Parties knowingly and voluntarily sign this Release as of the date(s) set forth below:
Enstar (US) Inc.

By: /s/ Linda J. Rooney                    Date: 12-Aug-2021
Name: Linda J. Rooney
Title:  VP, Human Resources

Zachary Wolf

/s/ Zachary Wolf                        Date: 12-Aug-2021
- 6 -abmd-ex101_28.htm

EX 10.1

 

INDEMNITY AGREEMENT

 

THIS INDEMNITY AGREEMENT (this “Agreement”) is made as of August 11, 2021, by and between ABIOMED, Inc., a Delaware corporation (the “Company”), and __________________ (“Indemnitee”).

 

RECITALS

 

 The Company believes that, in order to attract and retain highly qualified persons to serve as directors or in other capacities, including as officers, it must provide such persons with adequate protection through indemnification against the risk of claims and actions against them arising out of their services to and activities on behalf of the Company.  The Restated Certificate of Incorporation, as amended (the “Charter”), and the Amended & Restated By-laws (the “Bylaws”) of the Company require indemnification of the officers, directors and any director emeritus of the Company. Indemnitee may also be entitled to indemnification pursuant to applicable provisions of the Delaware General Corporation Law (“DGCL”). The Charter, Bylaws and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the Board of Directors of the Company (the “Board”), any director emeritus, officers and other persons with respect to indemnification, hold harmless, exoneration, advancement and reimbursement rights;

 

The Company desires and has requested Indemnitee to serve as a [director] [director emeritus] [officer] of the Company and, in order to induce the Indemnitee to serve as a [director][director emeritus][officer] of the Company, the Company is willing to grant the Indemnitee the indemnification provided for herein.  Indemnitee is willing to so serve on the basis that such indemnification be provided.

 

The parties by this Agreement desire to set forth their agreement regarding indemnification and the advancement of expenses. In consideration of the mutual covenants and agreements set forth below, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

TERMS AND CONDITIONS

 

1. SERVICES TO THE COMPANY In consideration of the Company’s covenants and obligations hereunder, Indemnitee will serve or continue to serve as an officer, director, director emeritus, advisor, key employee or in any other capacity of the Company, as applicable, for so long as Indemnitee is duly elected or appointed or retained or until Indemnitee tenders Indemnitee’s resignation or until Indemnitee is removed. The foregoing notwithstanding, this Agreement shall continue in full force and effect after Indemnitee has ceased to serve as a director, director emeritus, officer, advisor, key employee or in any other capacity of the Company, as provided in Section 14. This Agreement, however, shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any.

 

2. DEFINITIONS. As used in this Agreement:

 

(a)  References to “agent” shall mean any person who is or was a director, director emeritus, officer or employee of the Company or a subsidiary of the Company or other person authorized by the Company to act for the Company, to include such person serving in such capacity as a director, director emeritus, officer, employee, fiduciary or other official of another corporation, partnership, limited liability company, joint venture, trust or other enterprise at the request of, for the convenience of, or to represent the interests of the Company or a subsidiary of the Company.

 

(b)(i)A “change in control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following: (A) any person (as defined below) is or becomes the beneficial owner (as defined below), directly or indirectly, of securities of the Company representing twenty percent (20%) or more of the combined voting power of the Company's then outstanding securities, (B) during any period of two (2) consecutive years (not including any period prior to the execution of this Agreement), individuals who at the beginning of such period 

 

constitute the Board of Directors of the Company, a director emeritus and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in Sections 2(b)(i)(A), 2(b)(i)(C) or 2(b)(i)(D) or a director whose initial nomination for, or assumption of office as, a member of the Board of Directors of the Company occurs as a result of an actual or threatened solicitation of proxies or consents for the election or removal of one or more directors by any person or group other than a solicitation for the election of one or more directors by or on behalf of the Board of Directors of the Company) whose election by the Board of the Directors of the Company or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the members of the Board of Directors of the Company, (C) the effective date of a merger or consolidation of the Company with any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least 50% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the board of directors or other governing body of such surviving entity, and (D) the approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets, and (E) there occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined below), whether or not the Company is then subject to such reporting requirement.

 

For purposes of Section 2(b)(i), the following terms shall have the following meanings:

 

(I) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.

 

(II) “person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however, that person shall exclude (a) the Company, (b) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (c) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.  

 

(III) “beneficial owner” shall have the meaning given to such term in Rule 13d-3 under the Exchange Act.

 

(b)  “Corporate Status” describes the status of a person who is or was a director, director emeritus, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent of the Company or of any other Enterprise (as defined below) which such person is or was serving at the request of the Company.

 

(c)  “Delaware Court” shall mean the Court of Chancery of the State of Delaware.

 

(d)  “Enterprise” shall mean the Company and any other corporation, constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger to which the Company (or any of its wholly owned subsidiaries) is a party, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, director emeritus, officer, trustee, general partner, managing member, fiduciary, employee or agent.

 

(e)  “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(f)  “Expenses” shall be broadly construed and shall include, without limitation, all direct and indirect costs, fees and expenses of any type or nature whatsoever, including, without limitation, all reasonable attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, fees of private investigators and professional advisors, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, fax transmission charges, secretarial services and all other disbursements, obligations or expenses in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, settlement or appeal of, or otherwise participating in, a Proceeding (as defined below), 

 

			
	
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including reasonable compensation for time spent by Indemnitee for which he or she is not otherwise compensated by the Company or any third party. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding (as defined below), including without limitation the principal, premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent. “Expenses,” however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

(g)  References to “fines” shall include any excise tax assessed on Indemnitee with respect to any employee benefit plan; references to “serving at the request of the Company” shall include any service as a director, director emeritus, officer, employee, agent or fiduciary of the Company which imposes duties on, or involves services by, such director, director emeritus, officer, employee, agent or fiduciary with respect to an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement.

 

(h)  “Independent Counsel” shall mean a law firm or a member of a law firm with significant experience in matters of corporation law and that neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements); or (ii) any other party to the Proceeding (as defined below) giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

 

(i)  The term “Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act as in effect on the date hereof; provided, however, that “Person” shall exclude: (i) the Company; (ii) any Subsidiaries (as defined below) of the Company; (iii) any employment benefit plan of the Company or of a Subsidiary (as defined below) of the Company or of any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company; and (iv) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or of a Subsidiary (as defined below) of the Company or of a corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

 

(j)  The term “Proceeding” shall include any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism, investigation (including internal corporate investigation), inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative or investigative or related nature, in which Indemnitee was, is, will or might be involved as a party or otherwise by reason of the fact that Indemnitee is or was a director, director emeritus or officer of the Company, by reason of any action (or failure to act) taken by Indemnitee or of any action (or failure to act) on Indemnitee’s part while acting as a director, director emeritus or officer of the Company, or by reason of the fact that Indemnitee is or was serving at the request of the Company as a director, director emeritus, officer, trustee, general partner, managing member, fiduciary, employee or agent of any other Enterprise, in each case whether or not serving in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement, or advancement of expenses can be provided under this Agreement.

 

(k)  The term “Subsidiary,” with respect to any Person, shall mean any corporation, limited liability company, partnership, joint venture, trust or other entity of which a majority of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by that Person.

 

3. INDEMNITY IN THIRD-PARTY PROCEEDINGS. To the fullest extent permitted by applicable law, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 3 if Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 3, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses, judgments, liabilities, penalties, fines, and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such 

 

			
	
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Expenses, judgments, liabilities, penalties, fines and amounts paid in settlement) actually, and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding, had no reasonable cause to believe that Indemnitee’s conduct was unlawful.

 

4. INDEMNITY IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY. To the fullest extent permitted by applicable law, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 4 if Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding by or in the right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 4, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses, judgments, liabilities, penalties, fines and amounts paid in settlement, actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. 

 

No indemnification, hold harmless or exoneration for Expenses shall be made under this Section 4 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Company, unless and only to the extent that any court in which the Proceeding was brought or the Delaware Court shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification, to be held harmless or to exoneration.

 

5. INDEMNIFICATION FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL. Notwithstanding any other provisions of this Agreement, to the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate Status, a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each successfully resolved claim, issue or matter. If Indemnitee is not wholly successful in such Proceeding, the Company also shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses reasonably incurred in connection with a claim, issue or matter related to any claim, issue, or matter on which Indemnitee was successful. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

6. INDEMNIFICATION FOR EXPENSES OF A WITNESS. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness or deponent in any Proceeding (including, without limitation, any Proceeding to which Indemnitee was or is not a party or threatened to be made a party), Indemnitee shall, to the fullest extent permitted by applicable law, be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.

 

7. ADDITIONAL INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS. Notwithstanding any limitation in Sections 3, 4, or 5, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee in connection with the Proceeding. No indemnification, hold harmless or exoneration rights shall be available under this Section 7 on account of Indemnitee’s conduct which constitutes a breach of Indemnitee’s duty of loyalty to the Company or its stockholders or is an act or omission not in good faith or which involves intentional misconduct or a knowing violation of the law.

 

			
	
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8. CONTRIBUTION IN THE EVENT OF JOINT LIABILITY.

 

(a)  To the fullest extent permissible under applicable law, if the indemnification, hold harmless and/or exoneration rights provided for in this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying, holding harmless or exonerating Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for judgments, liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have at any time against Indemnitee.

 

(b)  The Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee.

 

(c)  The Company hereby agrees to fully indemnify, hold harmless and exonerate Indemnitee from any claims for contribution which may be brought by officers, directors, director emeritus or employees of the Company other than Indemnitee who may be jointly liable with Indemnitee.

 

9. EXCLUSIONS. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnification, advance expenses, hold harmless or exoneration payment in connection with any claim made against Indemnitee:

 

(a)  for which payment has actually been received by or on behalf of Indemnitee under any insurance policy or other indemnity or advancement provision, except with respect to any excess beyond the amount actually received under any insurance policy, contract, agreement, other indemnity or advancement provision or otherwise;

 

(b)  for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act (or any successor rule) or similar provisions of state statutory law or common law; or

 

(c)  in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, director emeritus, officers, employees or other indemnitees, unless, as provided pursuant to Article VII of the Bylaws of the Company (or such provision as revised, amended or re-numbered), (i) such indemnification is expressly required to be made by law, (ii) the proceeding was authorized by the Board of Directors of the corporation, (iii) such indemnification is provided by the corporation, in its sole discretion, pursuant to the powers vested in the corporation under the DGCL or any other applicable law or (iv) such indemnification is required to be made under Article VII of the Bylaws of the Company, or any such provision as revised, amended or re-numbered addressing the enforcement of an Indemnitee’s indemnification rights. . Indemnitee shall seek payments or advances from the Company only to the extent that such payments or advances are unavailable from any insurance policy of the Company covering Indemnitee.

 

10. ADVANCES OF EXPENSES; DEFENSE OF CLAIM.

 

(a)  To the fullest extent permitted by the DGCL, the Company shall pay the Expenses incurred by Indemnitee (or reasonably expected by Indemnitee to be incurred by Indemnitee within three months) in connection with any Proceeding within twenty (20) days after the receipt by the Company of a statement or statements requesting such advances from time to time, whether prior to or after the final disposition of any Proceeding. Advancement of Expenses shall not require approval of the board of directors or the stockholders of the corporation, or of any other person or body. The Secretary of the corporation shall promptly advise the Board in writing of the request for advancement of Expenses, of the amount and other details of the advance and of the undertaking to make repayment pursuant to this Section. Advances shall, to the fullest extent permitted by law, be unsecured and interest free. Advances shall, to the fullest extent permitted by law, be made without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement to be indemnified, held harmless or exonerated under the other provisions of this Agreement. Advances shall include any and all reasonable Expenses incurred 

 

			
	
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pursuing a Proceeding to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company to support the advances claimed. To the fullest extent required by applicable law, such payments of Expenses in advance of the final disposition of the Proceeding shall be made only upon the Company’s receipt of an undertaking, by or on behalf of Indemnitee, to repay the advanced amounts to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified, held harmless or exonerated by the Company under the provisions of this Agreement, the Charter, the Bylaws, applicable law or otherwise. This Section 10(a) shall not apply to any claim made by Indemnitee for which an indemnification, hold harmless or exoneration payment is excluded pursuant to Section 9. 

 

(b)  The Company will be entitled to participate in the Proceeding at its own expense.

 

(c)  The Company shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, liability, fine, penalty or limitation on Indemnitee without Indemnitee’s prior written consent.

 

11. PROCEDURE FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION.

 

(a) Promptly after receipt by Indemnitee of notice of the commencement of any action, suit or proceeding, Indemnitee shall, if a claim in respect thereof is to be made against the Company hereunder, notify the Company in writing of the commencement thereof.  The failure to promptly notify the Company of the commencement of the action, suit or proceeding, or of Indemnitee’s request for indemnification, will not relieve the Company from any liability that it may have to Indemnitee hereunder, except to the extent the Company is actually and materially prejudiced in its defense of such action, suit or proceeding as a result of such failure.  To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request therefor including such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to enable the Company to determine whether and to what extent Indemnitee is entitled to indemnification.

 

(b) With respect to any action, suit or proceeding of which the Company is so notified as provided in this Agreement, the Company shall, subject to the last two sentences of this paragraph, be entitled to assume the defense of such action, suit or proceeding, with counsel reasonably acceptable to Indemnitee, upon the delivery to Indemnitee of written notice of its election to do so.  After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company to assume the defense of such action, suit or proceeding, the Company will not be liable to Indemnitee under this Agreement for any subsequently-incurred fees of separate counsel engaged by Indemnitee with respect to the same action, suit or proceeding unless the employment of separate counsel by Indemnitee has been previously authorized in writing by the Company.  Notwithstanding the foregoing, if Indemnitee, based on the advice of his or her counsel, shall have reasonably concluded (with written notice being given to the Company setting forth the basis for such conclusion) that, in the conduct of any such defense , there is or is reasonably likely to be a conflict of interest or position between the Company and Indemnitee with respect to a significant issue, and such conclusion is confirmed in writing by the Company’s outside counsel regularly employed by it in connection with corporate matters, then the Company will not be entitled, without the written consent of Indemnitee, to assume such defense and the fees and expenses of counsel shall be at the expense of the Company.  In addition, the Company will not be entitled, without the written consent of Indemnitee, to assume the defense of any claim brought by or in the right of the Company. 

 

(c) To the fullest extent permitted by the DGCL, the Company’s assumption of the defense of an action, suit or proceeding in accordance with paragraph 11(b) will constitute an irrevocable acknowledgement by the Company that any loss and liability suffered by Indemnitee and expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement by or for the account of Indemnitee incurred in connection therewith are indemnifiable by the Company under this Agreement.

 

(d) The determination whether to grant Indemnitee’s indemnification request shall be made promptly and in any event within 30 days following the Company’s receipt of a request for indemnification in accordance with Section 11(a).  If the Company determines that Indemnitee is entitled to such indemnification or, as contemplated by paragraph 11(c) the Company has acknowledged such entitlement, the Company will make payment to Indemnitee of the indemnifiable amount within such 30 day period.  If the Company is not deemed to have so acknowledged such entitlement or the Company’s determination of whether to grant Indemnitee’s indemnification 

 

			
	
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request shall not have been made within such 30 day period, the requisite determination of entitlement to indemnification shall, subject to Section 9, nonetheless be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee's statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under the DGCL. 

 

(e) In the event that (i) the Company determines that Indemnitee is not entitled to indemnification under this Agreement, (ii) the Company denies a request for indemnification, in whole or in part, or fails to respond or make a determination of entitlement to indemnification within 30 days following receipt of a request for indemnification as described above, (iii) payment of indemnification is not made within such 30 day period, (iv) advancement of expenses is not timely made in accordance with Section 10, or (v) the Company or any other person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or proceeding designed to deny, or to recover from, the Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication in any court of competent jurisdiction of his or her entitlement to such indemnification or advancement of expenses.  Indemnitee’s expenses (including attorneys’ fees) incurred in connection with successfully establishing Indemnitee’s right to indemnification or advancement of expenses, in whole or in part, in any such proceeding or otherwise shall also be indemnified by the Company to the fullest extent permitted by the DGCL.  

 

(f) Indemnitee shall be presumed to be entitled to indemnification and advancement of expenses under this Agreement upon submission of a request therefor in accordance with Section 10 or Section 11 of this Agreement, as the case may be.  The Company shall have the burden of proof in overcoming such presumption, and such presumption shall be used as a basis for a determination of entitlement to indemnification and advancement of expenses unless the Company overcomes such presumption by clear and convincing evidence. 

 

(g) The Company agrees that if there is a change in control of the Company, then with respect to all matters thereafter arising concerning the rights of Indemnitee to indemnification and advancement of expenses under this Agreement, any other agreement or the Company’s Charter or Bylaws now or hereafter in effect, the Company shall seek legal advice only from independent counsel selected by Indemnitee and approved by the Company (which approval shall not be unreasonably withheld). In addition, upon written request by Indemnitee for indemnification pursuant to Section 11(a), a determination, if required by the DGCL, with respect to Indemnitee's entitlement thereto shall be made by such independent counsel in a written opinion to the Board of Directors of the Company, a copy of which shall be delivered to Indemnitee.  The Company agrees to pay the reasonable fees of the independent counsel referred to above.

 

12. SECURITY. Notwithstanding anything herein to the contrary, to the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral. Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of Indemnitee.

 

13.  NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION.

 

(a)  The rights of Indemnitee as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Charter, the Bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any Proceeding (regardless of when such Proceeding is first threatened, commenced or completed) or claim, issue or matter therein arising out of, or related to, any action taken or omitted by such Indemnitee in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in applicable law, whether by statute or judicial decision, permits greater indemnification, hold harmless or exoneration rights or advancement of Expenses than would be afforded currently under the Charter, the Bylaws or this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

 

			
	
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(b)  The DGCL, the Charter and the Bylaws permit the Company to purchase and maintain insurance or furnish similar protection or make other arrangements including, but not limited to, providing a trust fund, letter of credit, or surety bond (“Indemnification Arrangements”) on behalf of Indemnitee against any liability asserted against Indemnitee or incurred by or on behalf of Indemnitee or in such capacity as a director, director emeritus, officer, employee or agent of the Company, or arising out of Indemnitee’s status as such, whether or not the Company would have the power to indemnify Indemnitee against such liability under the provisions of this Agreement or under the DGCL, as it may then be in effect. The purchase, establishment, and maintenance of any such Indemnification Arrangement shall not in any way limit or affect the rights and obligations of the Company or of Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights and obligations of the Company or the other party or parties thereto under any such Indemnification Arrangement.

 

(c)  To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, the director emeritus, officers, trustees, partners, managers, managing members, fiduciaries, employees, or agents of the Company or of any other Enterprise which such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, the director emeritus, officer, trustee, partner, managers, managing member, fiduciary, employee or agent under such policy or policies. If, at the time the Company receives notice from any source of a Proceeding as to which Indemnitee is a party or a participant (as a witness, deponent or otherwise), the Company has director and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

 

(d)  In the event of any payment under this Agreement, the Company, to the fullest extent permitted by law, shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

(e)  The Company’s obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company as a director, director emeritus, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification, hold harmless or exoneration payments or advancement of expenses from such Enterprise. Notwithstanding any other provision of this Agreement to the contrary, (i) Indemnitee shall have no obligation to reduce, offset, allocate, pursue or apportion any indemnification, hold harmless, exoneration, advancement, contribution or insurance coverage among multiple parties possessing such duties to Indemnitee prior to the Company’s satisfaction and performance of all its obligations under this Agreement, and (ii) the Company shall perform fully its obligations under this Agreement without regard to whether Indemnitee holds, may pursue or has pursued any indemnification, advancement, hold harmless, exoneration, contribution or insurance coverage rights against any person or entity other than the Company.

 

14. DURATION OF AGREEMENT. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee serves as a director, director emeritus or officer of the Company or as a director, director emeritus, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise which Indemnitee serves at the request of the Company and shall continue thereafter so long as Indemnitee shall be subject to any possible Proceeding by reason of Indemnitee’s Corporate Status, whether or not Indemnitee is acting in any such capacity at the time any liability or expense is incurred for which indemnification or advancement can be provided under this Agreement.

 

15. SEVERABILITY. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent 

 

			
	
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permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

 

16. ENFORCEMENT AND BINDING EFFECT.

 

(a)  The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director, director emeritus, officer or key employee of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director, officer or key employee of the Company.

 

(b)  Without limiting any of the rights of Indemnitee under the Charter or Bylaws as they may be amended from time to time, this Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof.

 

(c)  The indemnification, hold harmless, exoneration and advancement of expenses rights provided by or granted pursuant to this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent of any other Enterprise at the Company’s request, and shall inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.

 

(d)  The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

 

(e)  The Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that Indemnitee may, to the fullest extent permitted by law, enforce this Agreement by seeking, among other things, injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which Indemnitee may be entitled. The Company and Indemnitee further agree that Indemnitee shall, to the fullest extent permitted by law, be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking in connection therewith. The Company acknowledges that in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court of competent jurisdiction. The Company hereby waives any such requirement of such a bond or undertaking to the fullest extent permitted by law.

 

17.   MODIFICATION AND WAIVER. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the Company and Indemnitee. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver.

 

18. NOTICES. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given (i) if delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third (3rd) business day after the date on which it is so mailed:

 

 

			
	
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(a)  If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide in writing to the Company.

 

(b)  If to the Company, to:

 

ABIOMED, Inc.

22 Cherry Hill Drive 

Danvers, Massachusetts 01923

Attention: Marc A. Began (Vice President, General Counsel and Secretary) 

  

or to any other address as may have been furnished to Indemnitee in writing by the Company.

 

19. APPLICABLE LAW AND CONSENT TO JURISDICTION. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. To the fullest extent permitted by law, the Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Delaware Court and not in any other state or federal court in the United States of America or any court in any other country; (b) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement; (c) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court; and (d) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum, or is subject (in whole or in part) to a jury trial. To the fullest extent permitted by law, the parties hereby agree that the mailing of process and other papers in connection with any such action or proceeding in the manner provided by Section 18 or in such other manner as may be permitted by law, shall be valid and sufficient service thereof.

 

20. IDENTICAL COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

 

21. MISCELLANEOUS. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

 

22. ADDITIONAL ACTS. If for the validation of any of the provisions in this Agreement any act, resolution, approval or other procedure is required to the fullest extent permitted by law, the Company undertakes to cause such act, resolution, approval or other procedure to be affected or adopted in a manner that will enable the Company to fulfill its obligations under this Agreement.

 

23. MAINTENANCE OF INSURANCE. The Company shall use commercially reasonable efforts to obtain and maintain in effect during the entire period for which the Company is obligated to indemnify the Indemnitee under this Agreement, one or more policies of insurance with reputable insurance companies to provide the officers/directors of the Company with coverage for losses from wrongful acts and omissions and to ensure the Company’s performance of its indemnification obligations under this Agreement.  The Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director or officer under such policy or policies.  In all such insurance policies, the Indemnitee shall be named as an insured in such a manner as to provide the Indemnitee with the same rights and benefits as are accorded to the most favorably insured of the Company’s directors and officers.

 

[Signature Page Follows]

 

 

 

 

 

 

			
	
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            IN WITNESS WHEREOF, the parties hereto have caused this Indemnity Agreement to be signed as of the day and year first above written.

 

			
	
 
	
[Insert Name of Compamny

	
 
	
 
	
 

	
 
	
By:
	
 

	
ABIOMED, Inc. 

By:  ________________________________

Name:

Title:

Indemnitee

By:  ________________________________

Name:

Address:

 

 
	
 
	
Name:

	
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
	
 
	
Title:   

	
 
	
 
	
 

	
 
	
INDEMNITEE

	
 
	
 
	
 

	
 
	
By:
	
 

	
 
	
 
	
Name:

	
 
	
 
	
Address:

 

[Signature page to Indemnity Agreement]

 

			
	
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