Document:

Ex.10.9

		

			 

		

		
			EXHIBIT 10.9
		

		
			CHANGE OF CONTROL AGREEMENT
		

		
			 
		

		
			Introduction
		

		
			 
		

		
			This Change of Control Agreement (this “Agreement”) is made this_______ day of ______________, 2012 by and between _________________________ (the “Officer) and Supertex, Inc., a California corporation (the “Company).
		

		
			 
		

		
			Recitals
		

		
			 
		

		
			WHEREAS, the Officer is employed by the Company; and 
		

		
			 
		

		
			WHEREAS, the Company and the Officer desire to enter into this Agreement, which provides for, among other provisions, the payment of severance and other benefits to the Officer upon the termination of the Officer’s employment with the Company under certain circumstances within the year following a Change of Control (as hereinafter defined in part in order to provide an incentive for the Officer to continue in the employ of the Company through the liquidity event resulting in a Change of Control).  
		

		
			 
		

		
			Agreement
		

		
			 
		

		
			NOW, THEREFORE, in consideration of the facts and premises contained in the above Recitals and the mutual covenants contained below, the parties hereto agree as follows: 
		

		
			 
		

		
			1.  Definitions.  
		

		
			 
		

		
			(a)      Change of Control.  For purposes of this Agreement only, a Change of Control shall be defined as the occurrence of any of the following events:   
		

		
			 
		

		
			(i)  the consummation of an acquisition, merger or consolidation of the Company by or with any other corporation or other entity that has been approved by the stockholders of the Company, other than a merger or consolidation that would result in the beneficial owners of voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such acquisition, merger or consolidation; or 
		

		
			 
		

		
			(ii)  the consummation of a sale of all or substantially all of the Company’s assets; or 
		

		
			 
		

		
			(iii)  the commencement and subsequent conduct of a tender offer resulting in a majority of shares being acquired by the tender offeror; or
		

		
			 
		

		
			(iv)    a change in composition of a majority of the board over a period of up to two years except where incumbent directors approve such change.  
		

		
			 
		

		

		

		 

		

			1

		

		

			 

		

 

		

			 

		

		 
		

		
			(b)      Cause.  For purposes of this Agreement only, the Company shall have Cause to terminate the Officer’s employment for violations of the Company’s Code of Business Conduct and Ethics Policy or other Company policies, such as Insider Trading and Anti-Fraud; breach of an Officer’s agreement with the Company; breach of confidentiality or duty of loyalty  (essentially not diverting corporate assets, opportunities, or information for personal gain and not knowingly violating the duty of care or approving illegal acts); failure to follow instructions from a supervisor; and failure of attendance.  The Company must either (a) provide (2) two weeks notice,  of such violation, breach, or failure in order to allow the Officer a cure period to remedy the situation; or (b) the Company may terminate the Officer offering two weeks pay in lieu in such notice and cure period, in which case the Officer may nonetheless attempt to remedy the situation during the following two weeks.  If the terminated Officer notifies the Company during such two weeks that such Officer believes that the Officer has remedied the situation and if the Company agrees, then the Company may elect either to reinstate the Officer’s employment or to leave the employment termination in effect, in which case the Officer’s employment will be deemed to have terminated without Cause.        
		

		
			 
		

		
			(c)      Voluntary Resignation for Good Reason.  A Voluntary Resignation for Good Reason shall mean a timely voluntary resignation by Officer following the existence of any one of the following conditions or events, provided that, within sixty (60) days of the initial existence of such condition or event, the Officer provides Company thirty (30) days notice of such existence, during which period the Company’s may cure the condition or event:  
		

		
			 
		

			
			
				 (i)
			

			
			
			a material change in Officer’s position, duties, or responsibilities, without Officer’s consent, which results in a material reduction of Officer’s level of responsibility, or the assignment of duties and responsibilities which are materially inconsistent with Officer’s position or responsibilities, given the size and complexity of the post-merger company compared to the pre-merger Company;

		
			 
		

			
			
				 (ii)
			

			
			
			a  material reduction by the Company in the Officer’s annual salary then in effect, without Officer’s consent, except for an across the board pay cut of up to 10% or 20% for persons at the officer level; 

		
			 
		

			
			
				 (iii)
			

			
			
			a material reduction without the Officer’s consent in the level of profit sharing (or bonus), except if such change is consistent with similarly situated officers and employees of the Company;

		
			 
		

			
			
				 (iv)
			

			
			
			a re-assignment of Officer's primary place of employment to a location that is outside the Bay Area or outside Silicon Valley which may materially and adversely affect the Officer's commute based on Officer's principal place of employment immediately prior to the time such reassignment is announced.  

		
			 
		

		
			Officer’s resignation shall be timely if it occurs within four weeks of the expiration of the notice period.
		

		
			 
		

		
			(d)      Closing Date.  Closing Date shall mean the date of the occurrence of any of the events constituting a Change of Control. 
		

		
			 
		

		
			(e)       Termination Date.  Termination Date shall mean the date the Officer’s employment is terminated either by the Company other than for Cause or by the Officer’s Voluntary Resignation for Good Reason.  
		

		

		

		 

		

			2

		

		

			 

		

 

		

			 

		

		 
		

		
			(f)      Vesting Period.  To receive full benefits as outlined in Item 2, the Officer must be have been employed by the Company during the entire twelve (12) months prior to the Closing Date.  If employed less than twelve months, the benefits, including accelerated vesting of outstanding stock options, will be pro-rated based on the number of months employed divided by twelve. 
		

		
			 
		

		
			2.  Severance Payments and Benefits.  If, during the twelve (12)-month period following the Closing Date, either (A) the Company shall terminate the Officer’s employment other than for Cause or (B) there shall be a Voluntary Resignation for Good Reason by Officer, then Officer shall be entitled to the severance benefits described below (subject to 1(f) above and Sections 3 and 8 below).  Unless Officer is terminated for Cause, Officer shall also be entitled to such benefits if Officer’s employment so ceased after the Company’s board of directors approved either a letter of intent or a term sheet to effect a transaction that would constitute a Change in Control but before the closing of such transaction, and if such closing occurs within four (4) months of such employment termination in which case the twelve-month period referred to in Section 1(f) shall end on the date of such employment termination rather than the Closing Date.    
		

		
			 
		

		
			(a)      Severance Payments.  The Company shall pay the Officer severance in the form of salary continuation at Officer’s then pay rate in monthly payments on the dates the Company pays its other US employees after deducting applicable withholding taxes after the Termination Date for up to twelve months or until the Officer finds another position whichever is sooner.
		

		
			 
		

		
			(b)      Profit sharing.  In addition to the severance payments set forth in Section 2(a) above, the Company shall pay the Officer the regular profit sharing distribution from the Profit Sharing Reserve for the earned but unpaid profit sharing amount Officer would have received as if there were no Change of Control.  The profit sharing amount shall be paid in a lump sum in cash after deducting regular taxes during the first week of June or December after the Termination Date when the Company typically would determine and pay profit sharing.  
		

		
			 
		

		
			(c)      Stock Options.  All outstanding stock options shall fully vest as to that number of unvested shares and become exercisable until the earlier of (i) the original term of the option or (ii) twelve (12) months from the date of termination.  Such accelerated vesting is subject to Item 1(f). 
		

		
			 
		

		
			(d)      Benefits.  The Company shall offer to provide a continuation of medical and dental benefits by offering to reimburse Officer for Officer’s COBRA premiums should Officer elect COBRA; provided in each case that such benefits would cease sooner if and when the Officer becomes covered by the plans of another employer. 
		

		
			 
		

		
			3.  Release of the Company and Its Affiliates.  Officer’s receipt of the benefits described in Paragraphs 2(a)-(d) above shall be contingent upon Officer executing within sixty (60) days of Officer’s employment termination a general release of claims prescribed by the Company, which releases and discharges the Company and any past, present or future agents, attorneys, directors, officers, stockholders, employees, affiliates, predecessors and successors of the Company, of and from any and all claims and demands of every kind and nature, in law, equity or otherwise, known or unknown, disclosed or undisclosed, and a covenant not to sue or prosecute any legal action or proceeding based upon such claims provided that (i) this release shall not extend to claims for indemnity by Officer in Officer’s capacity as an officer, director, or employee of the Company or to Officer’s rights to payment under the Company’s Non-Qualified Deferred Compensation Plan or to Officer’s claim for unreimbursed expenses, payment of vacation accrual, and payment of salary accrued but not paid 
		

		 

		

			3

		

		

			 

		

 

		

			 

		

		during the pay period in which the employment termination occurred and (ii) the requirement contemplated in this Section 3 shall not serve to modify the time and form of payment of a nonqualified deferred compensation subject to Section 409A of the Code payable under this Agreement.   The Company will commence payment of the salary continuation and profit sharing according to the schedule in item 2, provided that prior to such initial payment date the release described above is effective and not revoked at such time.  The first payment thereof will include a catch-up payment covering the amount that would have otherwise been paid during the period between Officer’s termination of employment and the first payment date but for the application of this provision, and the balance of the installments will be payable in accordance with their original schedule.  The payments shall also be subject to Section 8 below.
		

		
			 
		

		
			4.  Successors.  This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors and assigns.  Neither this Agreement nor any right or interest hereunder shall be assignable or transferable by Officer or Officer’s beneficiaries or legal representatives, except by will or by the laws of descent and distribution.  This Agreement shall inure to the benefit of and be enforceable by Officer’s legal personal representative. 
		

		
			 
		

		
			5.  Governing Law.  The interpretation, performance and enforcement of this Agreement shall be governed by the laws of the State of California. 
		

		
			 
		

		
			6.  Entire Agreement.  This Agreement represents the entire Agreement and understanding between the Company and the Officer concerning the Officer’s termination of employment with the Company after or within four months before a Change of Control.  
		

		
			 
		

		
			7.  Amendment or Waiver.  No provision of this Agreement may be amended unless and to the extent such amendment is agreed to in writing and signed by both the Officer and an authorized officer of the Company.  No waiver by either party of any breach by the other party of any condition, obligation, performance or provision contained in this Agreement shall be deemed a waiver of a similar or dissimilar condition or provision at the same or any prior or subsequent time. Any waiver must be in writing and signed by the party to be charged with the waiver. 
		

		
			 
		

		
			8.  Section 409A.  For purposes of this Agreement, a termination of employment will be determined consistent with the rules relating to a “separation from service” as defined in Section 409A of the Code and the regulations thereunder (“Section 409A”).  Notwithstanding anything else provided herein, to the extent any payments provided under this Agreement in connection with your termination of
		

		
			employment constitute deferred compensation subject to Section 409A, and Officer is deemed at
		

		
			the time of such termination of employment to be a “specified employee” under Section 409A,
		

		
			then such payment shall not be made or commence until the earlier of (i) the expiration of the 6-
		

		
			month period measured from Officer’s separation from service from the Company or (ii) the date of
		

		
			Officer’s death following such a separation from service; provided, however, that such deferral shall
		

		
			only be effected to the extent required to avoid the additional tax for which Officer would otherwise be liable under Section 409A(a)(1)(B) in the absence of such a deferral.  The first payment thereof will include a catch-up payment covering the amount that would have otherwise been paid during the period between Officer’s termination of employment and the first payment date but for the application of this provision, and the balance of the installments (if any) will be payable in accordance with their original schedule. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A, the provision will be read in such a manner so that all payments hereunder comply with Section 409A. To the extent any payment under this Agreement may be classified as a “short term deferral” within the meaning of Section 409A, such payment shall be deemed a short-term deferral, 
		

		 

		

			4

		

		

			 

		

 

		

			 

		

		even if it may also qualify for an exemption from Section 409A under another provision of Section 409A. Payments pursuant to this section are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations.  Any amounts otherwise payable on account of the Officer’s termination of employment under this Agreement which (i) constitute deferred compensation subject to Section 409A, (ii) are conditioned in any part on a release of claims and (iii) would otherwise be paid (assuming the release is given) prior to the last day on which the release could become irrevocable assuming the Officer’s latest possible execution and delivery of the release (such last day, the “Release Deadline”) shall not be paid prior to the calendar year in which the Release Deadline occurs, even if the Officer’s release becomes irrevocable in the prior calendar year.  Any amounts deferred pursuant to the preceding sentence will be paid in a lump sum on the earliest permitted payment date and the balance of the installments, if any, will be payable in accordance with their original schedule.
		

		
			 
		

		
			9.  Severability.  If any provision of this Agreement or the application thereof to any person, place, or circumstance, shall be held by a court of competent jurisdiction to be invalid, unenforceable, or void, the remainder of this Agreement and such provisions as applied to other persons, places, and circumstances shall remain in full force and effect. 
		

		
			 
		

		
			Authorized Signatures
		

		
			 
		

		
			IN WITNESS WHEREOF, the parties hereto have duly executed this Change of Control Agreement on the dates indicated below to be effective as of the date first above written.   
		

		
			 
		

		
			Supertex, Inc., a California corporation             Officer
		

		
			 
		

		
			 
		

		
			 
		

		
			By:  ___________________________                   ___________________________ 
		

		
			               Signature                                                                 Signature
		

		
			       
		

		
			 
		

		
			_______________________________              ___________________________ 
		

		
			       Printed Name                                                                  Printed Name
		

		
			 
		

		
			 
		

		
			___________________________
		

		
			             Title
		

		
			 
		

		
			 
		

		
			 
		

		
			___________________________                        ______________________________
		

		
			        Date Executed                                                            Date Executed
		

		
			 
		

		
			 
		

		 

		

			5Exhibit 10 to Form 8-K 2013 06 12

Exhibit 10.1

EMPLOYMENT SEPARATION AGREEMENT AND RELEASE OF ALL CLAIMS

This Employment Separation Agreement And Release Of All Claims (the “Agreement”) is made by and between Galan G. Daukas (the “Executive”), on the one hand, and Washington Trust Bancorp, Inc. (including its subsidiaries and affiliates; and the officers, directors, employees, agents and assignees of Washington Trust Bancorp, Inc. and those of its subsidiaries and affiliates) (collectively, the “Company”) on the other hand.  The Company and the Executive are referred to herein as the “Parties.”

RECITALS

WHEREAS, the Executive has been employed by the Company; and

WHEREAS, the Executive's employment with the Company is terminating; and 

WHEREAS, the Parties wish to set forth their agreement regarding the termination of the Executive's employment;

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby promise and agree as follows:

1.    Termination of Employment and Resignation from Positions.  The Executive's employment with the Company is terminated effective May 20, 2013 (the “Termination Date”).  In addition, the Executive hereby resigns, effective as of the Termination Date, from all positions, titles, duties, authorities and responsibilities with, arising out of or relating to his employment with the Company and all of its subsidiaries, and agrees to execute all additional documents and take such further steps as may be required to effectuate such resignations.  The Parties each agree to waive any notice that may be required from the other in connection with the Executive's termination from employment and resignation from such positions.  

2.    Right to Revoke Execution.  The Executive acknowledges that he may revoke his execution of this Agreement at any time during the seven-day period immediately following the date of his signature below (the “Revocation Period”) by delivering written notice of revocation to the Company.  If he does not revoke his execution, then this Agreement shall become effective on the eighth day following the Executive's execution of this Agreement (the “Effective Date”).

3.    Severance Payment.  The Company shall pay Executive a severance payment equal to fifty-two (52) weeks (the “Severance Period”) of salary at his weekly rate of $6,657.69 for a total payment of $346,200, subject to withholdings required by law.  The Company will commence payment of this amount in biweekly installments in accordance with the Company's normal payroll schedule, commencing with the first pay period after the Effective Date of this Agreement as outlined in Exhibit A.

4.    Additional Severance Payment.  As an additional severance payment, the Company shall pay Executive a bonus payment equal to $196,000, subject to withholdings required by law.  Such payment will be paid over the Severance Period in biweekly installments of $7,538.46 in accordance with the Company's normal payroll schedule, commencing with the first pay period after the Effective Date of this Agreement as outlined in Exhibit A.

5.    Medical and Dental Coverage.  The Company will continue to provide the Executive's current medical and dental coverage through May 31, 2013.  After that date, the Company will respect his rights to continue medical and dental coverage under the Consolidated Omnibus Budget Reconciliation Act (COBRA). If the Executive elects medical and/or dental continuation pursuant to COBRA, the Company will contribute an amount equal to what would have been paid by the Company towards that coverage if he remained an active employee of the Company, for the 12-month period following termination of employment, or if earlier, until such date as the Executive becomes eligible for coverage under a group health plan of a subsequent employer.  Beginning in June 2014, the Executive will be responsible for the full COBRA premium for such coverage, and will be responsible for the remaining portion of the medical and/or dental premiums through the expiration of the COBRA coverage continuation period.  From time to time during the Severance Period, the Executive will certify to the Company, upon request, the Executive's current employment status and whether the Executive is eligible for coverage under a group health plan of a subsequent employer.

6.    Restricted Stock Units.  Upon the Effective Date, the 2,800 restricted stock units (the “Restricted Units”) granted to the Executive on June 1, 2010 will be fully vested and nonforfeitable.  In full satisfaction of such Restricted Units, the 

Company shall issue to the Executive a certificate representing 2,800 shares of common stock of the Company as soon as practicable following the later of the Effective Date of this Agreement or June 1, 2013. The issuance of shares to the Executive shall be subject to the payment by the Executive in cash or other means acceptable to the Company (including the withholding of shares) of any federal, state, local and other applicable taxes required to be withheld in connection with such issuance.  

7.    Nonqualified Stock Options.  Upon the Effective Date, the nonqualified stock option to purchase 7,800 shares of common stock of the Company granted to the Executive on June 1, 2010 will become immediately vested and exercisable (the “June 2010 Stock Option”).  The Company will extend the period during which the Executive may exercise the June 2010 Stock Option through August 17, 2013.  The Executive agrees that the terms of the June 2010 Stock Option are outlined in Section 1 of Exhibit B.  The Executive acknowledges that any portion of the June 2010 Stock Option not exercised by August 17, 2013 will terminate and expire as of such date and shall no longer be exercisable after that date.

8.    Vested Stock Options.  Upon the Effective Date, the Company will extend the period during which the Executive may exercise the nonqualified stock options that have vested on or prior to the Termination Date, as set forth in Section 2 of Exhibit B, through August 17, 2013 (the “Vested Stock Options”).  The Executive agrees that Section 2 of Exhibit B sets forth the only vested nonqualified stock option awards to which he is entitled.  The Executive acknowledges that any portion of the Vested Stock Option not exercised by August 17, 2013 will terminate and expire as of such date and shall no longer be exercisable after that date. 

9.    Accrued Vacation Time.  The Company will pay the Executive the value of any unused vacation time he has accrued on the next regular payday following the Termination Date.

10.     Termination Of Certain Employment Perquisites.  All perquisites the Employee receives in connection with his employment with the Company, including but not limited to his automobile allowance, cellular telephone allowance, club membership allowance, and life insurance coverage, will be terminated as of the Termination Date.

11.    Unemployment Benefits.  The Company will not contest the Executive's eligibility for unemployment insurance benefits. The Executive agrees that the Company cannot guarantee his receipt of such benefits, as the decision whether to grant unemployment benefits rests solely with the state unemployment agency.

12.    No Admission.  The execution of this Agreement shall not be construed as an admission of a violation of any statute or law or breach of any duty or obligation by either the Company or the Executive.

13.    Confidential Company Information.  During the course of the Executive's employment, he has been privy to confidential and strategic information of both the Company and its customers.  This information includes, but is not limited to:  financial information, strategic plans, customer names and other customer information, marketing plans and other information of a business or confidential nature.  The Executive agrees to maintain the confidentiality of such information and not to disclose such information to any third party without the express written consent of the Company.

14.    Return of Company Property.  The Executive will return all Company property, such as identification cards, keys, credit cards, computer equipment, company records, documents (including any copies, electronic or otherwise), etc. on his last day of active employment.

15.    Confidentiality.  This Agreement is confidential and shall not be made public by either the Company or the Executive except as required by law or if necessary in order to enforce this Agreement.

16.    Release Of Claims By Executive.  The Executive acknowledges that the payments and benefits provided for in paragraphs 3 through 8 of this Agreement are greater than any to which he may have otherwise been entitled under any existing Company separation, benefit or compensation policy.  In consideration of the foregoing, the Executive hereby releases and forever discharges the Company, its past, present and future  officers, directors, employees, agents, partners, affiliates, subsidiaries, successors and assignees (collectively, the “Company Group Releasees”) of and from any and all liabilities, causes of action, debts, claims and demands both in law and in equity known or unknown, fixed or contingent, which he may have or claim to have against the Company Group Releasees based upon or in any way related to his employment or termination of employment with the Company and hereby covenants not to file a lawsuit or to initiate any legal action to assert such claims.  This release by the Executive includes, but is not limited to, claims for attorneys' fees or claims arising under federal, state or local laws prohibiting employment discrimination, including specifically the Age Discrimination in Employment Act of 1967, as amended, and the Older Workers Benefit Protection Act of 1990, or claims growing out of any legal restrictions on the Company's right to terminate its employees.  This Release does not limit the Executive's right to file, cooperate with or participate in any proceeding before a state or federal fair employment practices agency.  However, in the 

event that a charge or complaint is filed against the Company Group Releasees or any of them, with any administrative agency or in the event of an authorized investigation, charge or lawsuit filed against the Company Group Releasees by an administrative agency, the Executive expressly waives and shall not accept any award of money damages therefrom. 
 
17.    Non-Disparagement.  The Executive agrees that he shall not at any time, directly or indirectly, engage in any communications or actions that are derogatory or disparaging to the Company, its trustees, officers, employees, or its existing or prospective business relationships.  The Company, in turn, will make a good faith effort to prevent its officers and directors from making any disparaging remarks or demeaning comments, of any kind or nature, regarding Executive.

18.      Remedies.  The Parties acknowledge and agree that the Executive's breach or threatened breach of any of the restrictions set forth in Paragraphs 13, 14, 15 or 17 above will result in irreparable and continuing damage to the Company for which there may be no adequate remedy at law and that the Company shall be entitled to seek equitable relief, including specific performance and injunctive relief, as remedies for any such breach or threatened or attempted breach.  The Executive agrees that such remedies shall be in addition to any remedies, including damages, available to the Company.  The Executive further agrees that the Company's obligation to make severance payments under Paragraphs 3 or 4 is contingent upon Executive's not violating  his obligations under Paragraphs 13, 14, 15 or 17 above.  If the Company initiates an arbitration proceeding pursuant to Paragraph 23 below based on a good faith belief that Executive has violated any of his obligations under Paragraphs 13, 14, 15 or 17, then the Company may cease making severance payments pursuant to Paragraphs 3 or 4 until its obligation to continue doing so, if any, has been resolved through the arbitration proceeding.

19.     Executive's Obligations To Cooperate.  For a period of four months following the Termination Date, the Executive agrees to cooperate with requests from the Company for support and/or information concerning any business or legal matters involving facts or events relating to the Company that may be within the Executive's knowledge and experience.  In particular, the Executive agrees to execute any documents, upon request, related to the business of the Company.  It is acknowledged by the Parties that the Executive's services as delineated in this Paragraph 19 shall be provided by the Executive only at the direction of, and in the manner requested by, the Company's General Counsel and, for clarity, shall be provided by the Executive without any additional compensation to the Executive.

20.    Severability.  The invalidity or unenforceability of any particular provision of this Agreement shall not affect the other provisions hereof, and this Agreement shall be construed in all respects as if such invalid or unenforceable provisions were omitted.

21.    Right To Review Agreement.  The Executive understands that various state and federal laws prohibit employment discrimination based on age, sex, race, color, national origin, religion, handicap or veteran status.  These laws are enforced through the Equal Employment Opportunity Commission (EEOC), Department of Labor and state human rights agencies.  The Executive acknowledges that he has been advised to consult with an attorney (at his own expense) before executing this Agreement, and that he has twenty-one (21) days in which to review this Agreement (although he may choose to execute this Agreement earlier).   

22.    Amendments.  The Executive has carefully read and fully understands all of the provisions of this Employment Separation Agreement and Release of All Claims, which sets forth the entire understanding between the Executive and the Company.  This Agreement may not be changed orally but only by an agreement in writing signed by the party against whom enforcement of any waiver, change, modification, extension or discharge is sought.  The Executive acknowledges and agrees that he has not relied upon any representation or statement, written or oral, not set forth in this document.

23.    Jury Waiver And Dispute Resolution.  The Parties agree that any dispute arising from this Agreement shall be resolved by submitting the matter to arbitration under the auspices of the American Arbitration Association.  The arbitration shall take place in Providence, Rhode Island before a single arbitrator.  The Parties agree that Rhode Island law shall apply in any such proceeding.   The arbitrator may award costs and fees to the prevailing party under the standards provided by law.  The arbitrator will resolve any dispute as to who is the prevailing party and as to the reasonableness of any fees or costs sought to be recovered.  THE PARTIES HEREBY WAIVE THEIR RIGHT TO A JURY TRIAL WITH RESPECT TO ANY DISPUTE ARISING FROM THIS AGREEMENT.

24.      Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which shall constitute one and the same instrument.

IN WITNESS WHEREOF, the Parties hereto, intending to be legally bound hereby, have executed this Agreement on the dates stated below.

	
			
	/s/ Galan G. Daukas
	 
	June 4, 2013

	Galan G. Daukas
	 
	Date

	 
	 
	 

	For the Company:
	 
	 

	/s/ Kristen L. DiSanto
	 
	June 11, 2013

	Kristen L. DiSanto
Executive Vice President, Human Resources
	 
	Date

Exhibit A
Severance Payment Schedule

	
										
	Date
	Salary-related Severance Payment
	Bonus-related Severance Payment
	Total Severance Payment

	6/7/2013
	13,315.38
	

	7,538.46
	

	20,853.84
	

	6/21/2013
	13,315.38
	

	7,538.46
	

	20,853.84
	

	7/5/2013
	13,315.38
	

	7,538.46
	

	20,853.84
	

	7/19/2013
	13,315.38
	

	7,538.46
	

	20,853.84
	

	8/2/2013
	13,315.38
	

	7,538.46
	

	20,853.84
	

	8/16/2013
	13,315.38
	

	7,538.46
	

	20,853.84
	

	8/30/2013
	13,315.38
	

	7,538.46
	

	20,853.84
	

	9/13/2013
	13,315.38
	

	7,538.46
	

	20,853.84
	

	9/27/2013
	13,315.38
	

	7,538.46
	

	20,853.84
	

	10/11/2013
	13,315.38
	

	7,538.46
	

	20,853.84
	

	10/25/2013
	13,315.38
	

	7,538.46
	

	20,853.84
	

	11/8/2013
	13,315.38
	

	7,538.46
	

	20,853.84
	

	11/22/2013
	13,315.38
	

	7,538.46
	

	20,853.84
	

	12/6/2013
	13,315.38
	

	7,538.46
	

	20,853.84
	

	12/20/2013
	13,315.38
	

	7,538.46
	

	20,853.84
	

	1/3/2014
	13,315.38
	

	7,538.46
	

	20,853.84
	

	1/17/2014
	13,315.38
	

	7,538.46
	

	20,853.84
	

	1/31/2014
	13,315.38
	

	7,538.46
	

	20,853.84
	

	2/14/2014
	13,315.38
	

	7,538.46
	

	20,853.84
	

	2/28/2014
	13,315.38
	

	7,538.46
	

	20,853.84
	

	3/14/2014
	13,315.38
	

	7,538.46
	

	20,853.84
	

	3/28/2014
	13,315.38
	

	7,538.46
	

	20,853.84
	

	4/11/2014
	13,315.38
	

	7,538.46
	

	20,853.84
	

	4/25/2014
	13,315.38
	

	7,538.46
	

	20,853.84
	

	5/9/2014
	13,315.38
	

	7,538.46
	

	20,853.84
	

	5/23/2014
	13,315.50
	

	7,538.50
	

	20,854.00
	

	Total
	$
	346,200.00
	

	$
	196,000.00
	

	$
	542,200.00
	

Exhibit B

Section 1:  Nonqualified Stock Options Granted on June 1, 2010

	
					
	Grant Date
	Grant Type
	Grant Price
	Number of Stock Options

	6/1/2010
	Nonqualified Stock Options
	$17.5200
	7,800
	

Section 2:  Outstanding Vested Stock Options as of May 20, 2013

	
					
	Grant Date
	Grant Type
	Grant Price
	Number of Stock Options

	8/30/2005
	Nonqualified Stock Options
	$27.6200
	20,000
	

	12/12/2005
	Nonqualified Stock Options
	$28.1600
	12,315
	

	6/16/2008
	Nonqualified Stock Options
	$24.1200
	7,200

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}]]