Document:

ex10-9.htm

    
      

    

    Exhibit 10.9

     

    

    BENEFICIAL
MUTUAL SAVINGS BANK

     TRANSITION
CREDIT RETIREMENT PLAN

    FOR
DESIGNATED EMPLOYEES

    

    Article
I

    Purpose

    

    The purpose of this Beneficial Mutual
Savings Bank Transition Credit Retirement Plan for Designated Employees (the
“Plan”) is to provide certain key employees of  Beneficial Mutual
Savings Bank (the “Bank”) with a nonqualified retirement benefit to supplement
benefits available to them under the Bank’s frozen pension plan and the Employee
Savings and Stock Ownership Plan (the “KSOP”).  The Plan was effective
upon adoption by the Board of Directors on December 18, 2008.

    

    Article
II

    Definitions

    

    For the purposes of this Plan, the
following words and phrases shall have the meanings indicated, unless the
context clearly indicates otherwise:

    

    “Bank” means Beneficial Mutual Savings
Bank, Philadelphia, PA.

    

    “Beneficiary” means the person, persons
or entity designated by the Participant to receive benefits payable under the
Plan.

    

    “Board of Directors” means the Board of
Directors of the Bank.

    

    “Code” means the Internal Revenue Code
of 1986, as amended.

    

    “Declared
Rate” means, for any Plan Year, the rate in effect on the first business day of
the year for the Bank’s longest term certificate of deposit, unless modified by
the Board of Directors.  The Declared Rate may be modified by a
resolution of the Board of Directors on a prospective basis at any time during
the Plan Year or with respect to any future Plan Year.

    

    “Determination Date” means the date on
which the amount of a Participant’s Transition Credit Account is determined as
provided in Article IV hereof.  The last day of each Plan Year shall
be the Determination Date.

    

    “Disability” means a physical or mental
condition which constitutes a disability within the meaning of Section 22(e)(3)
of the Code.

    

    “Just Cause” shall mean termination
because of the Participant’s personal dishonesty, willful misconduct, breach of
fiduciary duty involving personal profit, intentional failure to perform stated
duties, continuing material failure to perform assigned duties, or a willful
violation of any law, rule or regulation (other than traffic violations or
similar infractions) or a final cease-and-desist order.

    

    “Participant” means an employee of the
Bank who is designated as a Participant in Appendix A to the Plan.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Plan Year” means a twelve-month period
commencing January 1st and ending the following December 31st.

    

    “Separation from Service” means the
termination of a Participant’s services (whether as an employee or as an
independent contractor) to the Bank for reasons other than death or
Disability.  Whether a Separation from Service has occurred shall be
determined in accordance with the requirements of Section 409A of the Code based
on whether the facts and circumstances indicate that the Bank and the
Participant reasonably anticipated that no further services would be performed
after a certain date or that the level of bona fide services the Participant
would perform after such date (whether as an employee or as an independent
contractor) would permanently decrease to no more than twenty percent (20%) of
the average level of bona fide services performed (whether as an employee or an
independent contractor) over the immediately preceding thirty-six (36) month
period.

    

    “Transition Credit” means the amount
credited to a Participant’s Transition Credit Account pursuant to Section 3.2 of
the Plan  with respect to a Plan Year.

    

    “Transition Credit Account” means the
account maintained on the books of the Bank for each Participant pursuant to
Article IV.  A Participant’s Transition Credit Account shall be
utilized solely as a device for the measurement and determination of the amounts
to be paid to the Participant pursuant to this Plan.  A Participant’s
Transition Credit Account shall not constitute or be treated as a trust fund of
any kind.

    

    Article
III

    Participation
and Benefits

    

    Section 3.1    Participation.  Subject to
Section 3.2, an employee of the Bank who is designated as a Participant in
Appendix A to the Plan or by the Board of Directors at any time after the
Effective Date of the Plan shall continue as a Participant until the earliest to
occur of his death, Disability, or Separation from Service.

     

    Section 3.2    Transition
Credits.  For each Plan
Year beginning with the Plan Year ending December 31, 2008 and ending with the
Plan Year ending December 31, 2017, the Transition Credit Account of a
Participant who (a) is employed on the last day of the Plan Year, or (b)
terminates employment by reason of his death or Disability during the Plan Year,
shall be credited with a Transition Credit in a dollar amount (rounded to the
nearest whole dollar) equal to the percentage of the Participant’s Compensation
(as such term is defined for purposes of Bank contributions under the KSOP and
subject to the limitations contained therein, including but no limited to
Section 401(a)(17) of the Code) set forth in Appendix A for such Participant
(the “Transition Benefit Percentage”).  Notwithstanding anything in
this Plan to the contrary, unless otherwise determined by the Board of
Directors, (i)no Transition Credits shall be credited to the Transition Credit
Account of a Participant for any Plan Year beginning after December 31, 2017 and
(ii) a Participant shall not be eligible to receive a Transition Credit under
this Plan in any calendar year in which the Participant has received or will be
eligible to receive (based on the Board’s good faith determination) a
contribution under Section 3.2(f) of the Bank’s Employee Savings and Stock
Ownership Plan.

    

    Section 3.3    Vesting
of Transition Credit Account.  A Participant’s
Transition Credit Account shall at all times be 100%
vested.  Notwithstanding the foregoing, a Participant’s interest in
his Transition Credit Account shall be forfeited as of the effective date of a
Participant’s termination of employment for Just Cause.

    

    
      
        
        

      

      
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    Article
IV

    Transition
Credit Account

    

    Section 4.1    Determination
of Account.  A Participant’s
Transition Credit Account as of each Determination Date shall consist of all
Transition Credits and interest credits credited to the Participant’s Transition
Credit Account.

    

    Section 4.2    Crediting
of Account.  As of each
Determination Date, the Participant’s Transition Credit Account shall be
increased by the amount of interest earned since the preceding Determination
Date.  Interest shall be based upon the Declared Rate in effect for
such Plan Year.  Interest shall be based upon the average daily
balance of the Participant’s Transition Credit Account since the
last  Determination Date, but after the Transition Credit Account has
been adjusted for any contributions to be credited as of such day.

    

    Section 4.3    Statement
of Account.  The Bank shall
provide each Participant, within 120 days after the close of each Plan Year, a
statement in such form as the Bank deems desirable, setting forth the balance to
the credit of such Participant in his Transition Credit Account as of the last
day of the preceding Plan Year.

    

    Article
V

    Benefit
Distributions

    

    Section 5.1    Benefit
Payment.  Upon a
Participant’s death, Disability or Separation from Service (other than for Just
Cause), the Bank shall pay to the Participant or his Beneficiary his Transition
Credit Account in accordance with Sections 5.2 and 5.3 of the
Plan.  Notwithstanding anything in this Plan to the contrary, no
benefit shall be payable to a Participant under this Plan if the Participant
terminates employment under circumstances constituting a termination for Just
Cause.

    

    Section 5.2    Form of
Benefit Payment.  The Bank shall
pay the Participant’s Transition Credit Account in the form of a lump
sum.

    

    Section 5.3    Commencement
of Payments.   The payment
due under Section 5.1 shall be made not later than ninety (90) days following
the date the Participant incurs a Separation from Service or a termination of
employment by reason of death or Disability.

    

    Section 5.4    Specified
Employees. In the event a
Participant is a “Specified Employee” (as defined herein) no payment shall be
made to that Participant prior to the first day of the seventh month following
the Participant’s Separation from Service.  “Specified Employee” shall
be interpreted to comply with Section 409A of the Code and shall mean a key
employee within the meaning of Section 416(i) of the Code (without regard to
paragraph 5 thereof), but an individual shall be a “Specified Employee” only if
the Bank is a publicly-traded institution or the subsidiary of a publicly-traded
holding company.

     

    
      
        
        

      

      
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    Article
VI

    Beneficiary
Designation

    

    Section 6.1    Beneficiary
Designation.  Each Participant
shall have the right, at any time, to designate any person or persons as his
Beneficiary or Beneficiaries (both primary as well as contingent) to whom
payment under this Plan shall be paid in the event of his death prior to
complete distribution to the Participant of the benefits due him under the
Plan.  Any Participant Beneficiary designation shall be made in a
written instrument filed with the Board of Directors and shall be effective only
when received in writing by the Board of Directors.  Any Beneficiary
designation may be changed by a Participant by the written filing of such change
on a form prescribed by the Board of Directors.  The filing of a new
Beneficiary designation form will cancel all Beneficiary designations previously
filed.

    

    Section 6.2    No
Participant Designation.  If a Participant
fails to designate a Beneficiary as provided above, or if all designated
Beneficiaries predecease the Participant, then Participant’s designated
Beneficiary shall be deemed to be the person or persons surviving him in the
first of the following classes in which there is a survivor, share and share
alike:

    

    (a)           The
surviving spouse;

    

    (b)           The
Participant’s children, except that if any of the children predecease the
Participant but leave issue surviving, then such issue shall take by right of
representation the share their parent would have taken if living;
or

    

    (c)           The
Participant’s estate.

    

    Section 6.3    Effect of
Payment.  The payment to
the deemed Beneficiary shall completely discharge Bank’s obligations under this
Plan.

    

     

    Article
VII

    Administration
and Claim

    

    

    Section 7.1    Administration.  The
administration of the Plan, the exclusive power to interpret it, and the
responsibility for carrying out its provisions are vested in the Board of
Directors.  The Board of Directors shall have the authority to resolve
any question under the Plan.  The determination of the Board of
Directors as to the interpretation of the Plan or any disputed question shall be
conclusive and final to the extent permitted by applicable law.

    

    Section 7.2    Claims
Procedures.

    

    (a)           Claims
for benefits under the Plan shall be submitted in writing to the Chairman of the
Board of Directors.

    

    (b)           If
any claim for benefits is wholly or partially denied, the claimant shall be
given written notice within a reasonable period following the date on which the
claim is filed, which notice shall set forth:

    

    
      
        
          	 
      	
                  (i)

                	
                  the
      specific reason or reasons for the denial;

                
	 
      	 
      	 
      
	 
      	
                  (ii)

                	
                  specific
      reference to pertinent Plan provisions on which the denial is
      based;

                
	 
      	 
      	 
      
	 
      	
                  (iii)

                	
                  a
      description of any additional material or information necessary for the
      claimant to perfect the claim and an explanation of why such material or
      information is necessary; and

                
	 
      	 
      	 
      
	 
      	
                  (iv)

                	
                  an
      explanation of the Plan’s claim review
  procedure.

                

        

      

    

     

    
      
        
        

      

      
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    If the
claim has not been granted and written notice of the denial of the claim is not
furnished in a timely manner following the date on which the claim is filed, the
claim shall be deemed denied for the purpose of proceeding to the claim review
procedure.

    

    (c)           The
claimant or his authorized representative shall have 30 days after receipt of
written notification of denial of a claim to request a review of the denial by
making written request to the Chairman of the Board of Directors, and may review
pertinent documents and submit issues and comments in writing within such 30-day
period.

    

    After receipt of the request for
review, the Board of Directors shall, in a timely manner, render and furnish to
the claimant a written decision, which shall include specific reasons for the
decision and shall make specific references to pertinent Plan provisions on
which it is based.  The decision by the Board of Directors shall not
be subject to further review.  If a decision on review is not
furnished to a claimant, the claim shall be deemed to have been denied on
review.

    

    (d)           No
claimant shall institute any action or proceeding in any state or federal court
of law or equity or before any administrative tribunal or arbitrator for a claim
for benefits under the Plan until the claimant has first exhausted the
provisions set forth in this section.

    

    Article
VIII

    Amendment
and Termination of Plan

    

    Section 8.1    Amendment.  The Board of
Directors may at any time amend the Plan in whole or in part, provided, however,
that no amendment shall be effective to decrease the amount of a Participant’s
Transition Credit Account as of the effective date of such
amendment.

    

    Section 8.2    Termination
of Plan.  The Board of
Directors may at any time terminate the Plan if, in its judgment, the tax,
accounting, or other effects of the continuance of the Plan, or potential
payments thereunder would not be in the best interests of the Bank, but such
termination shall not reduce the amount of a Participant’s Transition Credit
Account as of the effective date of termination.

     

    Article
IX

    Miscellaneous

    

    Section 9.1    Unsecured
General Creditor.  Participants and
their Beneficiaries, heirs, successors and assigns shall have no secured
interest or claim in any property or assets of the Bank, nor shall they be
beneficiaries of, or have any rights, claims or interests in any life insurance
policies, annuity contracts or the proceeds therefrom owned or which may be
acquired by the Bank (“Policies”).  Such Policies or other assets of
the Bank shall not be held under any trust for the benefit of Participants,
their Beneficiaries, heirs, successors or assigns, or held in any way as
collateral security for the fulfilling of the obligations of Bank under this
Plan.  Any and all of the Bank’s assets and Policies shall be, and
remain, the general, unpledged, unrestricted assets of the Bank.  The
Bank’s obligation under the Plan shall be merely that of an unfunded and
unsecured promise of the Bank to pay money in the future.  The Bank
shall have no obligation under this Plan with respect to individuals other than
that Bank’s employees, directors or consultants.

     

    
      
        
        

      

      
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    Section 9.2    Non-assignability.  Neither a
Participant nor any other person shall have any right to commute, sell, assign,
transfer, pledge, anticipate, mortgage or otherwise encumber, transfer,
hypothecate or convey in advance of actual receipt the amounts, if any, payable
hereunder, or any part thereof, which are, and all rights to which are,
expressly declared to be unassignable and non-transferable.  No part
of the amounts payable shall, prior to actual payment, be subject to seizure or
sequestration for the payment of any debts, judgments, alimony or separate
maintenance owed by a Participant or any other person, nor be transferable by
operation of law in the event of a Participant’s or any other person’s
bankruptcy or insolvency.

    

    Section 9.3    Not a
Contract of Employment.  The terms and
conditions of this Plan shall not be deemed to constitute a contract of
employment between the Bank and the Participant, and the Participant (or his
Beneficiary) shall have no rights against the Bank except as may otherwise be
specifically provided herein.  Moreover, nothing in this Plan shall be
deemed to give a Participant the right to be retained in the service of the Bank
or to interfere with the right of the Bank to discipline or discharge him at any
time.

    

    Section 9.4    Terms.  Whenever any
words are used herein in the masculine, they shall be construed as though they
were used in the feminine in all cases where they would so apply; and wherever
any words are used herein in the singular or in the plural, they shall be
construed as though they were used in the plural or the singular, as the case
may be, in all cases where they would so apply.

    

    Section 9.5    Captions.  The captions of
the articles, sections and paragraphs of this Plan are for convenience only and
shall not control or affect the meaning or construction of any of its
provisions.

    

    Section 9.6    Governing
Law.  The provisions of
this Plan shall be construed and interpreted according to the laws of
Pennsylvania, unless preempted by federal law.

    

    Section 9.7    Validity.  In case any
provision of this Plan shall be held illegal or invalid for any reason, said
illegality or invalidity shall not affect the remaining parts hereof, but this
Plan shall be construed and enforced as if such illegal and invalid provision
had never been inserted herein.

    

    Section 9.8    Notice.  Any notice or
filing required or permitted to be given to the Bank under the Plan shall be
sufficient if in writing and hand delivered, or sent by registered or certified
mail, to the Secretary of the Board of Directors.  Such notice shall
be deemed given as of the date of delivery or, if delivery is made by mail as of
three (3) days following the date shown on the postmark or on the receipt for
registration or certification.

    

    Section 9.9    Successors.  The provisions of
this Plan shall bind and inure to the benefit of the Bank and its successors and
assigns.  The term successors as used herein shall include any
corporate or other business entity which shall, whether by merger,
consolidation, purchase or otherwise acquire all or substantially all of the
business and assets of the Bank and successors of any such corporation or other
business entity.

     

    6ex10-1.htm

    
      

    

    Exhibit
10.1

     

     

    EMPLOYMENT
AGREEMENT

    

    THIS EMPLOYMENT AGREEMENT (the
“Agreement”), dated as of March 24, 2009, between Leonard S. Schwartz, an
individual (the “Executive”), and Aceto Corporation (“Aceto”), a New York
corporation, recites and provides as follows:

    

    WHEREAS, Aceto desires to continue to
retain the services of Executive, and Executive desires to continue to be
employed by Aceto, all on the terms and subject to the conditions set forth
herein.

    

    NOW, THEREFORE, in consideration of the
foregoing premises and the mutual covenants herein contained, Aceto and
Executive agree as follows:

    

    1.     EMPLOYMENT
PERIOD.  Aceto hereby agrees to continue to employ Executive, and
Executive hereby agrees to continue to be employed by Aceto, in accordance with
the terms and provisions of this Agreement, for the period commencing on March
24, 2009 ("the Effective Date") and ending at midnight on March 23, 2012 (the
"Employment Period"). The Employment Period shall be renewed automatically for
successive and consecutive periods of three (3) years (each such period a
“Renewal Term”, and each such Renewal Term constituting part of the Employment
Period) commencing at the third (3rd)
anniversary of the Effective Date and on each subsequent third (3rd)
anniversary thereafter, unless written notice that employment of Executive under
this Agreement will not be extended is given by either the Employee or the
Company not less that sixty (60) days prior the expiration of the then current
Employment Period.

    

    2.    TERMS OF
EMPLOYMENT.

     

    (A)     
POSITION AND DUTIES.

    

    (i)    During
the Employment Period, Executive shall serve as the Chief Executive Officer and
Chairman of the Board of Aceto, and perform such duties and functions
commensurate with such title as the Board of Directors of Aceto (the “Board”),
shall reasonably determine.  Executive’s services shall be performed
principally at Aceto’s headquarters in Lake Success, New
York.  However, from time to time, Executive may also be required by
his job responsibilities to travel on Aceto business, and Executive agrees to do
so.  Executive shall not be required to relocate from the Lake
Success, New York area unless Aceto relocates its corporate headquarters, in
which event Executive may be required to relocate to such location.

    

    (ii)   During
the Employment Period, Executive agrees to devote his full-time attention to the
business and affairs of Aceto and/or its subsidiaries.  Executive’s
employment under this Agreement shall be Executive’s exclusive employment during
the Employment Period.  Executive may not engage, directly or
indirectly, in any other business, investment, or activity that interferes with
Executive's performance of Executive's duties hereunder, is contrary to the
interest of Aceto or any of its subsidiaries, or requires any significant
portion of Executive's business time.  The foregoing notwithstanding,
the parties recognize and agree that Executive may engage in personal
investments, other business activities and civic, charitable or religious
activities which do not conflict with the business and affairs of Aceto or
interfere with Executive's performance of his duties
hereunder.  Executive may not serve on the board of directors of any
entity other than Aceto during the Employment Period without the written
approval of the Board.  Executive shall be permitted to retain any
compensation received for approved service on any unaffiliated corporation's
board of directors.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (B)     
COMPENSATION.

    

    (i)    Base
Salary.  During the Employment Period, Executive shall receive
a base salary ("Base Salary"), which shall be paid in equal installments on a
biweekly basis, at the rate of Four Hundred Forty Six Thousand One Hundred
Ninety Dollars ($446,190) per annum. This base salary may be adjusted annually
at the discretion of Aceto’s Compensation Committee, with approval by the
Board.

    

    (ii)   Bonus.  In
addition to Executive’s Base Salary, Executive may be granted bonus(es) at the
discretion of Aceto’s Compensation Committee, with approval by the
Board.

     

    (iii)        
Expenses.  During
the Employment Period, Executive shall be entitled to receive reimbursement or
seek direct payment to vendors for all employment-related expenses incurred by
Executive in accordance with the policies, practices and procedures of Aceto as
in effect generally from time to time after the Effective Date with respect to
executives of Aceto.

    

    (iv)         Vacation.  During
the Employment Period, Executive shall be entitled to paid vacation as set forth
in Aceto’s Company Manual, which may be used in accordance with the policies,
programs and practices of Aceto, which are in effect generally from time to time
after the Effective Date with respect to other executives of Aceto.

    

    (v)         
Sick
Leave.  During the Employment Period, Executive shall be
entitled to be paid sick leave in accordance with the policies, programs and
practices of Aceto, which are in effect generally from time to time after the
Effective Date with respect to other executives of Aceto.

    

    (vi)        
Car
Allowance.  During the Employment Period, Executive shall be
entitled to a car allowance in accordance with Aceto’s car allowance policy, in
lieu of expenses associated with the operation of his own automobile. In the
alternative, in accordance with Aceto’s car allowance policy, Aceto may provide
Executive with the private use of a company owned or leased vehicle (if leased,
the lease cost up to the amount of the car allowance), including a driver in
accordance with past practices and all expenses related to such use (including,
without limitation, gas and maintenance expenses) shall be borne by
Aceto.

     

    
      
        
        

      

      
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    (vii)       
Other
Benefits.  During the Employment Period, Executive shall be
entitled to such health insurance and other benefits, as are provided generally
to other executives at Aceto, in accordance with the policies, programs and
practices of Aceto which are in effect from time to time after the Effective
Date.

    

    
      3.     EARLY
TERMINATION OF EMPLOYMENT.

    

    

    (A)     DEATH OR
DISABILITY.  Executive’s employment shall terminate automatically upon
Executive’s death during the Employment Period.  In the event that
Executive is disabled, as a result of mental or physical condition or illness,
and as such cannot perform the material functions of his job, even with
reasonable accommodation, for a total of ninety (90) consecutive days or for a
total of six (6) months (whether or not such six (6) months is consecutive)
during any twelve (12) consecutive month period, Executive’s employment may be
terminated by Aceto upon Aceto’s reasonable and good faith determination that
Executive is so disabled (“Disability Effective Date”).  In the event
that Aceto intends to terminate the employment of Executive because of
disability, Aceto shall give the Executive no less than thirty (30) days’ prior
written notice of Aceto’s intention to terminate Executive’s
employment.  In the event that Executive denies that he is disabled
from performing the material functions of his job, Executive may, within thirty
(30) days of the date of notice of Aceto’s intention to terminate, request that
his disability be determined by an independent, licensed physician selected by
Aceto or its insurers and acceptable to Executive, Executive’s acceptance of the
physician not to be unreasonably withheld.  Promptly following such
request by Executive, Aceto shall arrange for an examination of Executive and
Executive shall cooperate fully in such examination. Executive shall remain
employed under all the terms, provisions and conditions of this Agreement, until
the physician determines in writing whether Executive is disabled from
performing the material functions of his job.  In the event that the
physician determines that Executive is not disabled from performing the material
functions of his job, Executive shall continue with his employment under this
Agreement.  In the event that the physician determines that Executive
is disabled from performing the material functions of his job, Executive’s
employment shall terminate upon such determination.

     

    (B)    
CAUSE.  Aceto may terminate Executive’s employment during the
Employment Period for Cause by giving written notice to
Executive.  For purposes of this Agreement, "Cause" shall mean and be
limited to (i) the conviction of Executive for committing an act of fraud,
embezzlement, theft or other act constituting a felony, or the guilty or nolo contendere plea of
Executive to such a felony; (ii) Aceto’s good faith determination corroborated
by independent evidence, or Executive’s admission, of Executive's performance of
any act or his failure to act, for which if he were prosecuted and convicted,
would amount to a felony involving money or property of Aceto or its
subsid­iaries, or which would constitute a felony in the
jurisdiction  where the act or failure to act has occurred; (iii)
material failure, neglect, or refusal by Executive properly to discharge,
perform or observe any or all of Executive’s job duties, provided Executive has
been given written notice of such failure, neglect or refusal, and has not cured
such within ten (10) days thereafter; or (iv) material breach of any of the
representations, warranties or covenants set forth in Sections 6 or 7 of this
Agreement.

     

    
      
        
        

      

      
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    (C)     GOOD REASON.
Executive may terminate his employment for Good Reason by giving written notice
to Aceto. For purposes of this Agreement, "Good Reason" shall mean, in the
absence of the consent of the Executive, a reasonable determination by the
Executive that any of the following has occurred:

    

    (i)    the
assignment to the Executive of any duties inconsistent in any material respect
with the Executive’s position (including title and reporting requirements,
authority, duties or responsibilities as contemplated by Section 2(A) of this
Agreement), or any other action by Aceto which results in a material diminution
in such position, authority, duties or responsibilities excluding for this
purpose an isolated and insubstantial action not taken in bad faith and which is
remedied by Aceto promptly after receipt of written notice thereof given by the
Executive;

    

    (ii)   following
a “Change of Control” (as hereinafter defined) or in the sixty (60) day period
immediately preceding a Change in Control (provided that Aceto had prior
knowledge during the period of the Change of Control), Aceto (a) reduces
Executive’s Base Salary, in one or a series of reductions, in excess of twenty
(20%) percent from Executive’s average Base Salary for the three (3) year period
immediately preceding the Change in Control or (b) requires Executive to
relocate from the Lake Success, New York area;  or

    

    (iii)          any
failure by Aceto to comply with any of the provisions of this Agreement
applicable to Aceto, provided Aceto has been given written notice of such
failure, neglect or refusal, and has not cured such within 10 days thereafter,
other than any isolated and insubstantial failure not occurring in bad faith and
which is remedied promptly after written notice thereof from
Executive.

    

    (D)     TERMINATION
FOR OTHER REASONS. Aceto may terminate the employment of Executive without Cause
by giving written notice to Executive at least thirty (30) days prior to the
Date of Termination. Executive may resign from his employment without Good
Reason hereunder by giving written notice to Aceto at least thirty (30) days
prior to the Date of Termination.

    

    (E)      NOTICE OF
TERMINATION. Any termination shall be communicated by Notice of Termination to
the other party. For purposes of this Agreement, a "Notice of Termination" means
a written notice which (i) indicates the specific termination provision in this
Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable
detail the facts and circumstances claimed to provide a basis for termination
of  Executive's employment under the provision so indicated, and (iii)
if the Date of Termination (as defined below) is other than the date of receipt
of such notice, specifies the termination date (which date shall be not more
than fifteen (15) days after the giving of such notice, unless otherwise
required by Section 3(F)). The failure by Executive or Aceto to set forth in the
Notice of Termination any fact or circumstance shall not waive any right
of  Executive or Aceto hereunder or preclude Executive or Aceto from
asserting such fact or circumstance in enforcing Executive's or Aceto's rights
hereunder.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (F)      DATE
OF TERMINATION. "Date of Termination" shall mean (i) if Executive's employment
is terminated by Aceto for Cause, or by Executive for Good Reason, (a) the date
of delivery of written notice, if by personal delivery or overnight carrier, (b)
the next day after the date of transmission of written notice, if transmitted by
facsimile or e-mail, or (c) three (3) calendar days after the date of mailing of
written notice, if transmitted by first class mail; provided, however, if a cure
period applies, then the Date of Termination shall mean the expiration date of
said cure period if the breach is not cured; (ii) if Executive’s employment is
terminated by reason of Executive’s death or disability, the date of death, or
the effective date of disability as provided herein above; or (iii) if
Executive's employment is terminated by Aceto other than for Cause, death, or
Disability or by Executive other than for Good Reason, the Date of Termination
shall be the 30th day following the transmission of Notice of Termination as
specified in (D) of this section.

    

    
      4.     OBLIGATIONS
OF ACETO UPON EARLY TERMINATION.

    

    

    (A)     WITHOUT CAUSE BY
ACETO OR FOR GOOD REASON BY EXECUTIVE. If, during the Employment Period, Aceto
shall terminate Executive's employment without Cause or Executive shall
terminate employment for Good Reason:

    

    (i)    Aceto
shall pay to Executive, within thirty (30) days after the Date of Termination,
any accrued base salary, vacation pay, expense reimbursement and any other
entitlements accrued by Executive under Section 2(B), to the extent not
previously paid (the sum of the amounts described in this subsection shall be
hereinafter referred to as the “Accrued Obligations”).

    

    (ii)   Aceto
shall continue to pay to Executive, in regular bi-weekly installments
Executive’s Base Salary under the Agreement for the duration of the Employment
Period.  If Executive commences employment with another employer, or
if Executive engages in other work for compensation, then Aceto’s obligation to
pay bi-weekly installments shall be reduced or eliminated to the extent
Executive receives compensation from the other work other than with
Aceto.

    

    (iii)         
Aceto
shall continue to provide benefits to Executive at least equal to those which
would have been provided to him in accordance with the plans, programs,
practices and policies which are generally applicable to other peer executives,
for the duration of the Employment Period (the “Welfare Benefit Continuation”).
Executive’s rights under Aceto’s benefit plans of general application shall be
determined under the provisions of those plans. If Executive commences
employment with another employer and is eligible to receive medical or other
welfare benefits under another employer-provider plan, the medical and other
welfare benefits to be provided by Aceto as described herein shall
terminate.

    

    (iv)         In
addition to the items specified in 4(A)(i) to (iii), Aceto may, in its
discretion, negotiate other mutually agreeable severance arrangements with
Executive in accordance with Section 4(F) below.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (B)     DEATH. If
Executive's employment is terminated by reason of Executive's death during the
Employment Period, this Agreement shall terminate without further obligation to
Executive's legal representatives under this Agreement, other than for payment
of Accrued Obligations (which shall be paid to Executive's estate or
beneficiary, as applicable, in a lump sum in cash within thirty (30) days of the
Date of Termination).

    

    (C)     
CAUSE BY
ACETO OR WITHOUT GOOD REASON. If Executive's employment shall be terminated for
Cause by Aceto or Executive terminates his employment without Good Reason during
the Employment Period, this Agreement shall terminate without further
obligations to Executive other than the obligation to pay to Executive the
Accrued Obligations and the amount of any compensation previously deferred by
Executive, in each case to the extent theretofore unpaid, all of which shall be
paid in cash within thirty (30) days of the Date of Termination.

    

    (D)     
DISABILITY.  If
Executive's employment shall be terminated by reason of Executive's disability
during the Employment Period, this Agreement shall terminate without further
obligation to Executive, other than for payment of Accrued Obligations and the
timely payment or provision of the Welfare Benefit Continuation. Accrued
Obligations shall be paid to Executive in a lump sum in cash within thirty (30)
days of the Date of Termination. Executive shall be entitled after the
Disability Effective Date to receive disability and other benefits as in effect
at the Disability Effective Date with respect to other peer executives of Aceto
and their families.  In addition, Aceto shall continue to pay to
Executive in regular biweekly installments, Executive’s base salary under the
Agreement for a period of six (6) months following termination.

    

    (E)     
WELFARE
BENEFIT CONTINUATION. In the event that Aceto is obligated hereunder to pay
Welfare Benefit Continuation to Executive following termination of Executive’s
employment, Aceto may satisfy its obligation to pay the medical insurance
component of the Welfare Benefit Continuation by advancing COBRA payments for
the benefit of Executive.

    

    (F)     
NON-RENEWAL.  In the event that Aceto elects to not have this
Agreement automatically renew in accordance with the provisions of Section 1
hereof after the expiration of the Employment Period (as the same may be
extended by any Renewal Term), and Executive does not remain in the employment
of Aceto as an employee at will or otherwise, or Executive’s employment is
terminated by Aceto during the Employment Period without cause or by Executive
with Good Reason, then in any of such events Aceto intends to continue its past
practice of negotiating appropriate, mutually agreeable severance arrangements
for Aceto executives.  As in the past, Aceto shall have discretion as to
the amount of severance pay and related benefits that will be provided, as well
as the terms and conditions of such agreements, which severance arrangements
shall be in addition to, and not in lieu of, any severance compensation and
benefits expressly provided for in this Agreement.

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      5.     RIGHTS
AND OBLIGATIONS UPON A CHANGE IN CONTROL

    

    

    In the event that following a “Change
in Control” (as defined in this Section 5) of Aceto during the Employment
Period: (a) the Executive is terminated without Cause within two (2) years after
the occurrence of a Change of Control, (b) the Executive terminates his
employment for Good Reason within two (2) years after the occurrence of a Change
of Control; or (c) Aceto or its successor elects to not have this Agreement
automatically renew on the first anniversary of the Agreement’s term following
the Change of Control, then Aceto shall pay the Executive an amount equal to:
(i) all Accrued Obligations; (ii) three (3) times the Executive’s Base Salary in
effect immediately prior to his termination and (iii) two (2) times the amount
of bonus, if any, paid to the Executive for the fiscal year preceding the Change
in Control. Such payment shall be made in a lump sum payable on the date which
is thirty (30) days after the date of termination. Aceto shall also continue for
such period to permit the Executive to receive or participate at Aceto’s expense
in all fringe benefits available to him pursuant to Section 2 above for a period
of three (3) years after the termination of his employment; provided,  however, in no event
shall the amount paid to the Executive pursuant to this Section 5 exceed the
maximum payment permitted by Section 280G of the Internal Revenue Code of 1986,
as amended (the “Code”) or then applicable law, and to the extent any “excess
parachute payment,” as that phrase is defined in Section 280G(b) of the Code or
then applicable law, would result from the provisions of this Section 5, then
the amount the Executive would otherwise receive shall be reduced so that no
“excess parachute payment” is made by Aceto or received by the
Executive.

    

    A “Change in Control” of Aceto shall be
deemed to have occurred as of the first day that any one or more of the
following conditions shall have occurred:

    

    (i)    any
person (a “Person”), as such term is used in Section 13(d) and 14(d) of the
Securities Exchange Act (the “Act”) (other than (A) Aceto and/ or its wholly
owned subsidiaries; (B) any “employee stock ownership plan” (as that term is
defined in Code Section 4975(e)(7)) or other employee benefit plan of Aceto and
any trustee or other fiduciary in such capacity holding securities under such
plan; (C) any corporation owned, directly or indirectly, by the shareholders of
Aceto in substantially the same proportions as their ownership of stock of
Aceto; or (D) any other Person, who, within the one (1) year prior to the event
which would otherwise be a Change in Control, was an executive officer of the
Company), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under
the Act), directly or indirectly, of securities of Aceto representing 20% or
more of the combined voting power of Aceto’s then outstanding securities, or
such lesser percentage of voting power (but not less than 15%) as determined by
the Independent Directors of Aceto. For purposes hereof, Independent Director
shall be determined under the rules of The NASDAQ Stock Market;

    

    (ii)   during
any two (2) year period the following persons shall cease for any reason to
constitute at least a majority of the Board of Directors: (i) directors of Aceto
in office at the beginning of such period and (ii) any new director whose
election by the Board of Directors, or whose nomination for election, was
approved by a vote of at least two-thirds of the directors still in office who
were directors at the beginning of the two year period. Provided, however, any
new director shall not include a director designated by a Person who has entered
into an agreement with Aceto to effect  a transaction described in
subsections (i) or (iii) hereof; or

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    (iii)         
the
consummation of (A) a consolidation or merger of Aceto in which Aceto is not the
continuing or surviving corporation or otherwise does not have control over the
combined entity or pursuant to which Aceto’s common stock would be converted
into cash, securities, and/or other property, other than a merger of Aceto in
which holders of common stock immediately prior to the merger have the same
proportionate ownership of voting securities of the surviving corporation
immediately after the merger as they had in the common stock immediately before;
or

    

    (iv)        
any sale,
lease, exchange, or other transfer (in one transaction or a series of related
transactions) of all or substantially all the assets or earning power of Aceto;
or

    

    (v)         
Aceto’s
shareholders or Aceto’s Board of Directors approve the liquidation or
dissolution of Aceto.

    

    
      6.     CONFIDENTIAL
INFORMATION.

    

    

    (A)     “Confidential
Information” means any information concerning or referring in any way to the
business of Aceto disclosed to or acquired by the Executive through or as a
consequence of the Executive’s employment with Aceto. For purposes of this
Agreement, Confidential Information consists of information proprietary to Aceto
which is not generally known to the public and which in the ordinary course of
business is maintained by Aceto as confidential. By way of example and without
limitation, Confidential Information consists of computer software, trade
secrets, patents, inventions, copyrights, techniques, designs, and other
technical information in any way concerning or referring to scientific,
technical or mechanical aspects of Aceto’s products, concepts, processes,
machines, engineering, research and development. Confidential Information also
includes, without limitation, information in any way concerning or referring to
Aceto’s business methods, business plans, forecasts and projections, operations,
organizational structure, finances, customers, funding, pricing, costing,
marketing, purchasing, merchandising, sales, products, product information,
suppliers, customers, employees or their compensation, data processing, software
and all other information designated by Aceto as “confidential.” Confidential
Information shall not include any information or material that is or becomes
generally available to the public other than as a result of a wrongful
disclosure by (x) a person otherwise bound to the provisions hereof, or (y) any
person bound by a duty of confidentiality or similar duty owed to Aceto.

    

    (B)     DUTY OF
CONFIDENTIALITY.  Executive will maintain in confidence and will not,
directly or indirectly, disclose or use (or allow others working with or related
to Executive to disclose or use), either during or after the term of this
Agreement, any Confidential Information belonging to Aceto, whether in oral,
written, electronic or permanent form, except solely to the extent necessary to
perform services on behalf of Aceto. In this regard, Executive is expressly
authorized to release confidential information to relevant governmental agencies
if counsel to Aceto reasonably determines that it is in the best interest of
Aceto.  Upon termination of this Agreement, or at the request of Aceto
prior to its termination, Executive shall deliver forthwith to Aceto all
original Confidential Information (and all copies thereof) in Executive’s
possession or control belonging to Aceto and all tangible items embodying or
containing Confidential Information.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    (C)      DOCUMENTS,
RECORDS, ETC.  All documents, records, data, equipment and other
physical property, whether or not pertaining to Confidential Information, which
are furnished to Executive by Aceto or are produced by Executive in connection
with Executive’s services will be and remain the sole property of
Aceto.  Executive will return to Aceto forthwith all such materials
and property upon the termination of this Agreement or sooner if requested by
Aceto.

    

    (D)      ASSIGNMENT OF
RIGHTS.  Executive shall make full and prompt disclosure to Aceto of
any and all designs, intellectual property, software, inventions, discoveries,
or improvements (individually and collectively, "Inventions") made by Executive
as a result or product of his employment relationship with
Aceto.  Executive hereby assigns to Aceto without additional
compensation the entire worldwide right, title and interest in and to such
Inventions, and related intellectual property rights and without limitation all
copyrights, copyright renewals or reversions, trademarks, trade names, trade
dress rights, industrial design, industrial model, inventions, priority rights,
patent rights, patent applications, patents, design patents and any other rights
or protections in connection therewith or related thereto, for exploitation in
any form or medium, of any kind or nature whatsoever, whether now known or
hereafter devised.  To the extent that any work created by Executive
can be a work for hire pursuant to U.S. Copyright Law, the parties deem such
work a work for hire and Executive should be considered the author
thereof.  Executive shall, at the request of Aceto, without additional
compensation from time to time execute, acknowledge and deliver to Aceto such
instruments and documents as Aceto may require to perfect, transfer and vest in
Aceto the entire right, title and interest in and to such
inventions.  In the event that Executive does not timely perform such
obligations, Executive hereby makes Aceto and its officers his attorney-in-fact
and gives them the power of attorney to perform such obligations and to execute
such documents on Executive’s behalf.  Executive shall cooperate with
Aceto upon Aceto’s request and at Aceto’s cost but without additional
compensation in the preparation and prosecution of patent, trademark, industrial
design and model, and copyright applications worldwide for protection of rights
to any Inventions.

    

    (E)      INJUNCTIVE
RELIEF.  Executive acknowledges that a violation or attempted
violation on Executive’s part of any agreement in this Section 6 will cause
irreparable damage to Aceto, and accordingly, Executive agrees that Aceto shall
be entitled as a manner of right to an injunction from any court of competent
jurisdiction restraining any violation or further violation of such agreement by
Executive without the obligation of posting a bond; such right to an injunction,
however, shall be cumulative and in addition to whatever other remedies that
Aceto may have.  Terms and agreements set forth in this Section 6
shall survive the expiration or termination of this Agreement for any
reason.  The existence of any claim of Executive, whether predicated
on this Agreement or otherwise, shall not constitute a defense to the
enforcement by Aceto of the covenants contained in this Agreement.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    (F)      This Agreement
supersedes any previous Confidentiality and Non-Disclosure Agreement between the
Executive and Aceto.

    

    
      7.     NON-COMPETE;
NON-SOLICITATION.

    

    

    (A)    
NON-COMPETE.  For a period commencing on the Effective Date hereof and
ending one (1) year after the date Executive ceases to be employed by Aceto (the
"Non-Competition Period"), Executive shall not, directly or indirectly, either
for himself or any other person, own, manage, control, materially participate
in, invest in, permit his name to be used by, act as consultant or advisor to,
render material services for (alone or in association with any person, firm,
corporation or other business organization) or otherwise assist in any manner
any business which is a competitor of a substantial portion of Aceto’s business
or of the business of any subsidiary of Aceto (collectively, a
"Competitor").  Nothing herein shall prohibit Executive from being a
passive owner of not more than five percent (5%) of the equity securities of a
Competitor which is publicly traded, so long as he has no active participation
in the business of such Competitor.

    

    (B)     
NON-SOLICITATION.  During the Non-Competition Period, Executive shall
not, directly or indirectly, (i) induce or attempt to induce or aid others in
inducing anyone working at Aceto to cease working at Aceto, or in any way
interfere with the relationship between Aceto and anyone working at Aceto except
in the proper exercise of Executive’s authority or (ii) in any way interfere
with the relationship between Aceto and any customer, supplier, licensee or
other business relation of Aceto.

    

    (C)     
SCOPE.  If, at the time of enforcement of this Section 7, a court
shall hold that the duration, scope, area or other restrictions stated herein
are unreasonable under circumstances then existing, the parties agree that the
maximum duration, scope, area or other restrictions reasonable under such
circumstances shall be substituted for the stated duration, scope, area or other
restrictions.

    

    (D)      INDEPENDENT
AGREEMENT.  The covenants made in this Section 7 shall be construed as
an agreement independent of any other provisions of this Agreement, and shall
survive the termination of this Agreement.  Moreover, the existence of
any claim or cause of action of Executive against Aceto or any of its
affiliates, whether or not predicated upon the terms of this Agreement, shall
not constitute a defense to the enforcement of these covenants.

    

    (E)     
NON-PAYMENT.  The material failure of Aceto to make any payments due
to Executive under this Agreement within fifteen (15) days written notice from
Executive of such failure shall be a defense to the enforceability of this
Section 7 and shall bar Aceto from enforcing the provisions of this Section 7
against Executive until such time as all sums lawfully due to Executive under
this Agreement are paid to Executive.

    

    (F)      This Agreement
supersedes any previous Confidentiality and Non-Disclosure Agreement between the
Executive and Aceto.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    8.     ARBITRATION.  No
dispute between Aceto (or any of its officers, directors, employees,
subsidiaries or affiliates) and Executive, which is in any way related to the
employment of Executive (including but not limited to claims of wrongful
termination; racial, sexual, age or other discrimination or harassment;
defamation; and other employment-related claims or allegations) shall be the
subject of a lawsuit filed in state or federal court. Instead, any such dispute
shall be submitted to binding arbitration before the American Arbitration
Association (“AAA”) or any other individual or organization on which the parties
agree or which a court may appoint. Notwithstanding the above, either Aceto or
Executive may file with an appropriate state or federal court a claim for
injunctive relief in any case where the filing party seeks provisional
injunctive relief or where permanent injunctive relief is not available in
arbitration.  The filing of a claim for injunctive relief in state or
federal court shall not allow either party to raise any other claim outside of
arbitration. It is understood that both sides are hereby waiving the right to a
jury trial.

     

    The arbitration shall be initiated in
Nassau County, New York and shall be administered by AAA under its commercial
arbitration rules before a single arbitrator that shall be mutually agreed upon
by the parties hereto.  If the parties cannot agree on a single
arbitrator, then an arbitrator shall be selected in accordance with the rules of
AAA.  The arbitration must be filed within one (1) year of the act or
omission which gives rise to the claim.  Each party shall be entitled
to take one deposition, and to take any other discovery as is permitted by the
Arbitrator. In determining the extent of discovery, the Arbitrator shall
exercise discretion, but shall consider the expense of the desired discovery and
the importance of the discovery to a just adjudication.

    

    The Arbitrator shall render an award
which conforms to the facts, as supported by competent evidence (except that the
Arbitrator may accept written declarations under penalty of perjury, in addition
to live testimony), and the law as it would be applied by a court sitting in the
State of New York.  The cost of arbitration shall be advanced equally
by the parties; however, the Arbitrator shall have the power, in his discretion,
to award some or all of the costs of arbitration and reasonable attorneys’ fees
to the prevailing party.  Any party may apply to a court of competent
jurisdiction for entry of judgment on the arbitration award.

    

    9.      NO CONFLICTING
OBLIGATIONS OF EXECUTIVE.

    

    Executive represents and warrants that
he is not subject to any duties or restrictions under any prior agreement with
any previous employer or other person or entity, and that he has no rights or
obligations which may conflict with the interests of Aceto or with the
performance of Executive’s duties and obligations under this
Agreement.  Executive agrees to notify Aceto immediately if any such
conflicts occur in the future.

    

    10.    SUCCESSORS.

    

    (A)     This Agreement is
personal to Executive and shall not be assignable by Executive.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    (B)      This Agreement
shall inure to the benefit of Aceto and its successors and
assigns.  Aceto may assign this Agreement to any successor or
affiliated entity, subsidiary, sibling, or parent company.

    

    
      11.    MISCELLANEOUS

    

    

    (A)     This Agreement shall
be governed by and construed in accordance with the laws of the State of New
York, without reference to the principles of conflict of laws.  The
captions of this Agreement are not part of the provisions hereof and shall have
no force or effect.  This Agreement contains the full and complete
understanding between the parties hereto and supersedes all prior
understandings, whether written or oral pertaining to the subject matter
hereof.  This Agreement may not be amended or modified otherwise than
by written agreement executed by Executive and by the designated representative
of the Board.

    

    (B)     
All
notices and other communications hereunder shall be in writing and shall be
given by hand delivery to the other party or by registered or certified mail,
return receipt requested, postage prepaid, or by facsimile, or by e-mail, or by
hand delivery to such address as either party shall have furnished to the other
in writing in accordance herewith.  Notice may be given to Aceto or
Executive as follows:

    

    
      
        	
                Executive:

              	
                Aceto:

              
	 
      	 
      
	
                Leonard
      S. Schwartz

              	
                Vincent
      Miata

              
	
                1868
      Bethany Turnpike

              	
                President

              
	
                Pleasant
      Mountain, PA 18453

              	
                One
      Hollow Lane

              
	 
      	
                Lake
      Success, NY 1104

              
	 
      	
                Facsimile:
      (516) 627-6093

              
	 
      	 
      
	 
      	
                Notice
      to Aceto also must be given to:

              
	 
      	 
      
	 
      	
                Stanley
      H. Fischer, Esq.

              
	 
      	
                Fischer
      & Burnstein, LLP

              
	 
      	
                98
      Cutter Mill Road

              
	 
      	
                Great
      Neck, New York 11021

              
	 
      	
                Facsimile:
      (516) 829-5973

              

      

    

    

    (C)     The invalidity or
unenforceability of any provision of this Agreement shall not affect the
validity or enforceability of any other provision of this
Agreement.

    

    (D)     Aceto may withhold
from any amounts payable under this Agreement such federal, state or local taxes
as shall be required to be withheld pursuant to any applicable law or
regulation.

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    (E)     The failure of
either party to insist upon strict compliance with any provision of this
Agreement, or the failure to assert any right either party may have hereunder,
shall not be deemed to be a waiver of such provision or right or any other
provision or right of this Agreement.

    

    IN WITNESS WHEREOF, Executive
has hereunto set Executive’s hand and, pursuant to the authorization from its
Board of Directors, Aceto has caused these presents to be executed in its name
on its behalf, all as of the day and year first above written.

    
 

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	ACETO
      CORPORATION,	 	EXECUTIVE	 
	a
      New York Corporation	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	
                                        By:

                                      	
                                        /s/ Vincent
      Miata

                                      	 
      	
                                        /s/ Leonard S,
      Schwartz

                                      	 
      
	 
      	
                                        Name:
      Vincent Miata

                                      	 
      	
                                         LEONARD
      S. SCHWARTZ

                                      	 
      
	 
      	
                                        Its:  President

                                      	 
      	 
      	 
      

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

     

    13

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