Document:

Customer Agreement

 Exhibit 10.1 
 Global Futures and Options Department 
 Deutsche Bank Securities Inc. 

60 Wall Street 
 New York, New York 10019

 Telephone (212) 250-2034 

Telefax (212) 797-2042 

FUTURES AND OPTIONS AGREEMENT 
 FOR INSTITUTIONAL CUSTOMERS 
 In consideration of the acceptance by
Deutsche Bank Securities Inc. (which, together with its affiliates (“Affiliates”) is referred to as “DBSI” unless otherwise specified herein) of one or more accounts for the undersigned (“Customer”) (all accounts of the
Customer with DBSI being collectively referred to as the “Account”), Customer agrees that this Agreement shall govern all dealings between Customer and DBSI relating to transactions that DBSI may execute, clear and/or carry on
Customer’s behalf for the purchase or sale of futures contracts (“Futures Contracts”) or options thereon (“Option Contracts”; Futures Contracts and Option Contracts collectively being “Contracts”). 

 

 1. Relevant Law. 
 The Account and every Contract executed and/or cleared by DBSI on Customer’s behalf shall be subject to (a) this Agreement; (b) the Commodity Exchange Act, as amended (“CEA”) and
all rules, regulations and interpretations of the Commodity Futures Trading Commission (the “Commission”); (c) all rules, regulations and interpretations of the National Futures Association (“NFA”); and (d) the
constitution, by-laws, rules, interpretations and customs of each applicable exchange and clearing organization (each exchange and clearing house being collectively an “Exchange”) ((b) through (d), as in effect from time to time,
collectively being “Relevant Law”). 
 2. Margin. 
 (a) Customer agrees that it will deposit and maintain cash, acceptable securities or other assets (as defined in Section 2(d)), in order to satisfy initial and variation margin requirements and make
any premium payments in connection with each Contract, in the amount, at the times and in the manner required by DBSI or Relevant Law. DBSI has no obligation to set uniform margin requirements, commissions or other charges and DBSI’s margin
requirements may exceed Exchange requirements. After providing Customer with reasonable prior notice, DBSI, exercising reasonable discretion, may change the margin requirements for any Account or Contract. 

(b) DBSI will comply with all applicable provisions of the CEA and Commission regulations relating to the

 
segregation and handling of customer property with respect to property deposited by Customer. Without limitation of the foregoing, DBSI will not pledge, rephypothecate, loan or invest any such
property except in connection with the margining of Contracts entered into by Customer. Any property deposited by Customer may be transferred or pledged by DBSI to any Exchange or clearing broker to satisfy obligations of customers of DBSI.

 (c) DBSI agrees that it will pay Customer interest on cash margin deposited by Customer at rates mutually agreed to from
time to time. Customer will receive all interest or other distributions or income on securities Customer has deposited with DBSI. 
 (d) For purposes of this Section, acceptable securities or other assets means securities or other assets acceptable (i) under the rules of the relevant Exchange and (ii) to DBSI in its
reasonable discretion. The value of acceptable securities or other assets deposited in Customer’s Accounts will be determined by DBSI in its reasonable judgment. 
 (e) Customer will be entitled to or responsible for any profit, loss or risk, and any related costs, arising from currency conversions or exposures incidental to Customer’s trading of Contracts
(including those related to the margining of Contracts denominated in currencies other than those deposited by Customer). Any currency conversions will be made at DBSI’s then current rates of exchange.

 3. Other Payments To DBSI. 

Customer agrees to pay (i) commissions and brokerage charges for each Contract and Account as mutually agreed by Customer and DBSI
from time to time; (ii) all fees, charges, taxes, fines and penalties incurred by DBSI or imposed by any regulatory or self-regulatory organization (including any Exchange) with respect to such Contracts or Accounts; (iii) any and all
losses, debit balances or deficiencies in any Account; and (iv) any interest on any deficiencies or debit balance in such Account and on any funds advanced to or provided on behalf of Customer at a rate to be agreed upon by Customer and DBSI.
Such interest rate shall be confirmed to Customer in writing. 
 4. Option Exercise; Delivery. 

(a) Customer is required to give DBSI notice of any intention to make or take delivery under any Futures Contract or to exercise any
Option Contract, in accordance with DBSI’s instructions, and to satisfy any payment or delivery requirements in connection with its performance under such Futures or Option Contracts. 

(b) Customer understands that certain Option Contracts are subject to exercise at any time. Upon the receipt of an exercise notice for
this type of Option Contract, DBSI will allocate the notices in accordance with Relevant Law to customers who have open short positions in the Option Contract (including Customer). The assignment of any exercise notice to Customer by DBSI will be
final and binding upon Customer. DBSI will use reasonable efforts to notify Customer of any assignment of an exercise notice to Customer. 
 (c) If Customer does not furnish DBSI with instructions regarding the disposition of a Contract within the time specified by DBSI, DBSI will be entitled to take or refrain from taking any action it deems
appropriate and will have no liability to Customer. These actions might include the exercise of, or failure to exercise, an Option Contract or the liquidation of any Contract on any Exchange (including those Exchanges whose rules provide for
automatic exercise). 
 5. Position Limits. 
 (a) Customer agrees to comply with the position limits established by Relevant Law, to notify DBSI promptly if it is required to file any position report and, upon request, promptly to provide copies of
any such reports to DBSI. 
 (b) Upon reasonable notice to Customer, DBSI may limit the size and number of open Contracts (net
or gross) that Customer may execute, clear and/or carry with it. DBSI’s position limits may be more restrictive than the limits imposed

 
under Relevant Law. Customer agrees that it will not place any order, which, if filled, would cause Customer to exceed these limits. Further, DBSI may require Customer to liquidate any open
positions carried in Customer’s Account, and may refuse to accept any order of Customer establishing a new position in order to comply with such limits. 
 (c) DBSI may in its sole discretion select executing brokers, clearing and non-clearing brokers and floor brokers, whether or not affiliated or related to DBSI, to execute, clear or carry Customer’s
transactions hereunder. 
 6. Advice; No Warranty as to Information, Etc. 

(a) Customer acknowledges and agrees that: (i) Customer and any advisor of Customer have sole responsibility for all decisions for
the Account; (ii) DBSI is not an advisor or fiduciary with respect to Customer, any Account or any action of Customer in connection with an Account or Contract and DBSI assumes no responsibility for compliance with any law or regulation
governing the conduct of any such fiduciary or advisor or for Customer’s compliance with any law or regulation governing or affecting Customer; (iii) DBSI makes no representation, warranty or guarantee as to, and will not be liable or
responsible for, the accuracy, completeness or reliability of any advice or recommendation, or any market information, furnished to Customer; (iv) recommendations to Customer as to any particular transaction at any given time may differ among
DBSI’s personnel and may vary from any recommendations made to others; and (v) any advice provided by DBSI with respect to a Contract or Account is incidental to DBSI’s business as a futures commission merchant and will not serve as
the primary basis for any decision by or on behalf of Customer. 
 (b) Customer agrees that DBSI, its officers, directors,
stockholders, representatives or associated persons may have certain conflicts of interest in connection with the services contemplated hereby, including but not limited to conflicts arising from positions established for their proprietary accounts
in Contracts that are the subject of market recommendations furnished to Customer. Such positions or other actions of such persons may not be consistent with any recommendations furnished to Customer by DBSI. 

7. Customer Representations, Warranties and Agreements. 
 Customer represents and warrants to DBSI that as of the date of this Agreement and on the date each transaction relating to a Contract or Account is entered into under this Agreement: 

(a)(i) Customer is duly organized under the laws of the applicable jurisdiction and the execution, delivery and

  
 -2-

 
performance of this Agreement by Customer have been authorized by all necessary corporate or other action; (ii) Customer has full power and authority to enter into this Agreement and to
perform its obligations under this Agreement; (iii) this Agreement is valid and binding on Customer, is enforceable against it in accordance with its terms and neither this Agreement nor the trading of Contracts violate Relevant Law or any
other law or regulation governing or affecting Customer’s activities under this Agreement or any order or agreement applicable to Customer or Customer’s property; (iv) Customer has and will maintain in full force and effect any and
all necessary governmental or other approvals or authorizations to execute and deliver this Agreement, perform its obligations hereunder; (v) Customer, and any other person involved in the management of Customer or its Account, are in
compliance with all Relevant Law and any other law or regulation governing or affecting Customer’s activities under this Agreement, including but not limited to all applicable registration requirements; and (vi) Customer is acting
solely as principal and no person other than Customer has any interest in or any control over any Account of Customer. 
 (b)
Customer is not an employee, partner, officer, director or owner of more than ten percent of the equity interest of a futures commission merchant, an introducing broker, Exchange or any self-regulatory organization nor is Customer an employee or
commissioner of the Commission, except as previously disclosed in writing to DBSI. 
 (c) If Customer is subject to the
Financial Institution Reform, Recovery and Enforcement Act of 1989, the certified resolutions set forth following this Agreement have been caused to be reflected in the minutes of Customer’s Board of Directors (or other comparable governing
body) and this Agreement is and shall be, continuously from the date hereof, an official record of Customer. 
 (d) If
Customer is an insured depository subject to the Federal Deposit Insurance Act, Customer has taken all action and maintained such records required to be taken or maintained by it to effect and maintain the enforceability of this Agreement pursuant
to the Federal Deposit Insurance Act, and the person executing this Agreement on behalf of Customer is an authorized person with at least the rank of vice president. 
 (e) Unless Customer notifies DBSI to the contrary, Customer is a “U.S. Person.” For purposes of this Section 7(e), a “U.S. Person” is a Customer located in the United States, its
territories or possessions, or if Customer is a foreign incorporated collective investment vehicle (a fund) whose place of business is outside of the United States, its territories

 
and possessions, such Customer will be deemed to be a “U.S. Person” if 10% or more of such Customer is beneficially owned by residents of the United States, its territories or
possessions. 
 (f) Customer agrees promptly to notify DBSI in writing if any of the warranties or representations contained in this
Section 7 becomes inaccurate or incomplete in any respect and to provide financial and other information to DBSI at any time upon its reasonable request, and represents that any such information will be accurate and complete in every material
respect. Customer shall also notify DBSI promptly of any material adverse change in the financial condition of Customer, regardless of whether Customer has previously furnished financial information to DBSI. 

8. Indemnification; Limitation of Liability. 
 (a) Customer shall indemnify, defend and hold harmless DBSI and its officers, employees and agents for any fine, penalty, tax, loss, liability or cost, including reasonable attorneys’ fees, incurred
by DBSI that directly or indirectly arises out of or is related to (i) Customer’s refusal or failure to comply with Relevant Law or any other law or regulation governing or affecting Customer’s activities under this Agreement or any
provision of this Agreement or (ii) Customer’s breach of any representation, warranty, covenant or obligation contained in this Agreement. In addition, Customer agrees to pay any attorneys’ fees and expenses incurred by DBSI in
collecting any amount due by Customer under this Agreement or in defending against any claim brought by Customer in any suit, arbitration or reparations proceeding in which DBSI is the prevailing party. 

(b) Customer acknowledges that DBSI does not guarantee the performance by any Exchange or other third party, including any third party
clearing or intermediate broker, with respect to any Contract and, accordingly, Customer agrees that DBSI has no responsibility or liability to Customer for any loss or cost sustained or incurred by Customer due to Customer’s, an
Exchange’s or any other third party’s actions or omissions in connection with any Contract unless caused solely by DBSI’s gross negligence or willful breach of this Agreement. 

(c) DBSI shall not be liable for the non-performance of any obligation, or any fine, sanction, penalty, expense, tax, loss, liability
or cost, caused by any events outside the control of DBSI, including but not limited to any (i) action or order of any government, judicial institution, Exchange or other self regulatory organization, (ii) temporary or permanent suspension
or termination of trading for whatever reason, (iii) failure or malfunction of transmission or 

  
 -3-

 
communication facilities, (iv) delay or failure by any Exchange to enforce its rules or pay or return any amount owed with respect to any Contracts executed and/or cleared for
Customer’s Accounts or (v) actions or omissions of third party brokers. 
 (d) NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE
CONTRARY, IN NO EVENT SHALL DBSI OR ANY OF ITS DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS BE LIABLE UNDER ANY THEORY OF TORT, CONTRACT, STRICT LIABILITY OR OTHER LEGAL OR EQUITABLE THEORY FOR LOST PROFITS, LOST REVENUES, LOST BUSINESS OPPORTUNITIES OR
EXEMPLARY, PUNITIVE, SPECIAL, INCIDENTAL, INDIRECT, CONSEQUENTIAL OR SIMILAR DAMAGES, EACH OF WHICH IS HEREBY EXCLUDED BY AGREEMENT OF THE PARTIES, REGARDLESS OF WHETHER SUCH DAMAGES WERE FORESEEABLE OR WHETHER DBSI HAS BEEN ADVISED OF THE
POSSIBILITY OF SUCH DAMAGES. 
 9. Communication Between the Parties; Confirmations Conclusive. 

(a) Customer must specify in a written notice to DBSI the persons authorized to place orders or give DBSI instructions on
Customer’s behalf. Any additions or amendments to this notice must be communicated to DBSI and any oral communication of such an addition or amendment must be promptly confirmed by Customer in writing. DBSI will not be bound by such amendments
or additions until written confirmation is received. 
 (b) DBSI may rely on any order for the purchase or sale of Contracts,
or any notice or other communications that are given by Customer or that DBSI reasonably believes to have originated from Customer or from Customer’s duly authorized agent and Customer shall be bound by any such order, notice or communication
and any action taken or not taken by DBSI in reliance thereon. 
 (c) Confirmations of trades and any other similar notices,
including but not limited to purchase and sale statements, sent to Customer shall be conclusive and binding unless Customer or Customer’s agent notifies DBSI to the contrary, (i) where a report is made orally, orally at the time received
by Customer or its agent, or (ii) where a report or notice is in writing, in writing prior to the opening of trading on the next day following receipt of the report on which the relevant Exchange is open for business. Monthly statements of the
Account shall be conclusive and binding unless Customer or Customer’s agent notifies DBSI to the contrary within five business days of Customer’s receipt thereof. 

 

 (d) DBSI shall transmit all communications to Customer at Customer’s address, telex,
telefax or telephone number or to such other address as Customer may hereafter direct in writing. Customer shall transmit all communications to DBSI to the address, telex, telefax or telephone number at the beginning of this Agreement, Attention:
Futures Administrator. All payments and deliveries to DBSI shall be wired, mailed or otherwise transmitted to DBSI pursuant to DBSI’s instructions and shall be deemed received only when actually received by DBSI. 

10. Security Interest. 

All money, credit balances, Contracts and other property in which Customer has any ownership interest, now or at any future time held in
Customer’s Account or otherwise held by DBSI for Customer or any affiliate of Customer and any amount due to DBSI for Customer’s Account from any Exchange or clearing broker in connection with any Contracts, and all proceeds thereof, is
hereby pledged to DBSI and shall be subject to a general lien and first priority security interest and right of setoff in DBSI’s favor to secure any indebtedness of Customer to DBSI arising under this Agreement or any transactions in Contracts
hereunder. 
 11. DBSI’s Right to Liquidate Customer Positions. 

(a) In addition to all other rights of DBSI set forth in this Agreement, DBSI has the right, upon the occurrence of any of the events
specified in (i) through (viii) below, to take any or all of the actions specified in subdivision (b) of this Section: 
 (i) if DBSI is so directed or required by a regulatory or self-regulatory organization or Exchange having jurisdiction over DBSI or the Account; 

(ii) if Customer repudiates, violates, breaches or fails to perform on a timely basis any obligation, term, covenant
or condition required to be performed by Customer under this Agreement; 
 (iii) if Customer fails to post
the initial or variation margin required by this Agreement, or fails to pay any required premium or make any other payments required under this Agreement or in connection with any Contract; 

(iv) if Customer is in material breach of or in material default under any contract or agreement to which it is a
party or by which it or any of its assets are bound; 
 (v) if any representation made by Customer or by
Customer’s Advisor, if any, is not accurate or complete, or ceases to be accurate or complete in any material respect; 

  
 -4-

 
 (vi) if a voluntary or involuntary case or other proceeding is
commenced by or against Customer seeking liquidation, reorganization or other relief with respect to itself or any of its debts under any bankruptcy, insolvency or similar law, or seeking the appointment of a trustee, receiver, liquidator,
conservator, administrator, custodian or other similar official of it or any substantial part of its assets, or if Customer enters into or proposes to enter into any arrangement for the benefit of any of its creditors, or if Customer or any or all
of its property is or becomes subject to any agreement, order, judgment or decree that provides for Customer’s merger, consolidation, dissolution, winding-up, liquidation, reorganization or appointment of a trustee, receiver, liquidator,
conservator, custodian or similar officer for Customer or for Customer’s property, or if Customer takes any corporate action to authorize any of the foregoing; 

(vii) if the Account, any other account maintained by Customer or an affiliate of Customer with DBSI or the property
described in Section 10 becomes subject to any lien, warrant, attachment or similar order or encumbrance; or 
 (viii) if, after allowing Customer an opportunity to provide assurances acceptable to DBSI within a reasonable time period, DBSI reasonably determines such action is necessary for its protection.

 (b) In each such instance, DBSI may (1) satisfy any obligations due DBSI out of any of Customer’s property in
DBSI’s custody or control, (2) liquidate any or all of Customer’s Contracts, (3) decline to execute any or all of Customer’s outstanding orders, (4) make Customer’s obligations to DBSI immediately due and payable,
(5) acting in a commercially reasonable manner, sell any or all of Customer’s property in DBSI’s custody or control and set off and apply any such property or the proceeds of the sale of such property to satisfy any amounts owed by
Customer to DBSI, (6) set off any obligations of DBSI under this Agreement against the obligations of Customer to DBSI hereunder, (7) set off any cash, Contracts or property held for Customer by DBSI against amounts owed to DBSI by
Customer hereunder, (8) purchase or borrow any securities or other property required to settle any outstanding transactions or positions for the Account, and (9) settle any outstanding transactions or positions for the Account. 

(c) Before exercising any rights under Section 11(b), DBSI will send a notice to customer of the action that it intends to take
provided that DBSI will be entitled to take any such action regardless of whether such notice is received by Customer. Any prior demand or notice by DBSI shall not be a

 
waiver of any right of DBSI to take any action authorized by this Agreement or Relevant Law. 
 (d) At all times, Customer will be liable for the payment of any debit balance or deficiency in the Account, together with interest on such amounts and all costs relating to any liquidation or collection,
including reasonable attorneys’ fees. 
 12. Payment Netting and Setoff. 

Customer acknowledges and agrees that DBSI has the right to setoff and apply any amounts, fees or charges due to it hereunder against
amounts held in any Accounts of Customer subject to this Agreement provided that any Account subject to setoff under this Section is owned solely by the same Customer. 
 13. Termination. 
 A party wishing to terminate this Agreement must
provide the other party with written notice of termination sent by certified mail specifying the effective date of such termination. Any termination under this Section will not affect any transactions entered into prior to the effective date of such
termination or any liability or obligation incurred prior to such date. Upon termination under this Section, DBSI will either transfer all open positions in Customer’s Account to another futures commission merchant of Customer’s choice, if
so instructed by Customer, or liquidate all such positions. DBSI will not transfer any of Customer’s property or Contracts held or controlled by it until Customer satisfies all obligations to DBSI arising under this Agreement, including the
payment of any fees for the transfer of Contracts to another futures commission merchant upon termination of this Agreement. 
 14. Governing
Law; Consent to Jurisdiction. 
 (a) In case of a dispute between Customer and DBSI arising out of or related to this
Agreement or any transaction hereunder, (i) the construction, validity, performance and enforcement of this Agreement will be governed by the laws of the State of New York in all respects (without giving effect to principles of conflict of
laws), and (ii) Customer and DBSI each agrees to bring any legal proceeding against the other party exclusively in, and each such party consents in any legal proceeding brought by the other party in connection with or related to this
Agreement or breach thereof, the Account or any transactions entered into hereunder to the jurisdiction of, any state or federal court located within the City of New York. 
 (b) Customer and DBSI each expressly waives (i) all objections it may at any time have as to the jurisdiction of any court described in Section 14(a) above in which any such legal proceedings
may be 

  
 -5-

 
commenced and (ii) any defense of sovereign immunity or other immunity from suit or enforcement, whether before or after judgment. Customer and DBSI each also agrees that any service of
process mailed to it at any address provided by the receiving party shall be deemed a proper service. 
 15. Miscellaneous. 

(a) Available Funds. Customer agrees that all payments of cash by it to DBSI shall be made in immediately available funds in such
currency and to such bank account as DBSI may from time to time specify. If Customer is required by law to make any deduction or withholding, Customer will pay such amount to DBSI as will result in DBSI’s receiving an amount equal to the full
amount which would have been received had no such deduction or withholding been required. 
 (b) Consent to Recording.
Customer and DBSI each consents to the electronic recording of any or all telephone conversations with the other party (without automatic tone warning device), the use of same as evidence by either party in any action or proceeding arising out of
the Agreement and the recording party’s erasure, at its sole discretion, of any recording as part of its regular procedure for handling of recordings. 
 (c) Authority to Disclose Information. Customer hereby authorizes DBSI to disclose any financial, credit or business information it has obtained concerning Customer to any Affiliate of DBSI, and
authorizes any such Affiliate to disclose like information to DBSI, in either case solely for the purpose of permitting DBSI to perform its obligations, or enforce its rights, under this Agreement. Any such information will be kept confidential
according to the internal policies of DBSI and its Affiliates. 
 (d) Modification. This Agreement may only be modified
or amended by mutual written consent of DBSI and Customer. Any modification, amendment, alteration or waiver of this Agreement will not affect any outstanding orders or transactions or any legal rights or obligations that may have already arisen
between DBSI and Customer. 
 (e) Cumulative Rights; No Waiver. The rights and remedies conferred upon DBSI will be
cumulative, and its 

 
forbearance to exercise any right or remedy under this Agreement will not waive its right to take such action at any later time, nor shall such forbearance constitute a modification of this
Agreement. 
 (f) Successors and Assigns. This Agreement will inure to the benefit of DBSI, its permitted successors
and assigns, and will be binding upon Customer and Customer’s successors and assigns, provided, however, that this Agreement may not be assigned or delegated by either party without the prior written consent of the other party hereto and
any purported assignment or delegation without such consent shall be void. 
 (g) Severability. If any term or
provision of this Agreement or the application thereof to any persons or circumstances is found to be inconsistent with any Relevant Law or otherwise to be invalid or unenforceable, such inconsistent, invalid or unenforceable provision will be
deemed to be superseded or modified to conform to such Relevant Law, but the remainder of this Agreement and/or the application of such term or provision to persons or circumstances other than those as to which it is contrary, invalid or
unenforceable, will not be affected thereby. 
 (h) Counterparts. This Agreement may be executed in any number of
counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. 
 (i) Entire Agreement. This Agreement, together with any Annexes hereto entered into between DBSI and Customer, constitutes the entire agreement between Customer and DBSI with respect to the subject
matter hereof and supersedes any prior agreements between the parties with respect to such subject matter. 
 (j) Multiple
Customers. If the signatory of this Agreement has the authority to enter into the Agreement on behalf of more than one Customer (each such Customer being identified on the attached Schedule I), the execution of the Agreement by such
signatory shall be sufficient to bind each such Customer to the terms of the Agreement to the same extent and with the same force and effect as if each Customer had executed a separate Agreement.

  
 -6-

 
 16. Acknowledgment of Receipt of Disclosure Statements; Hedging Election. 

(a) Customer acknowledges and agrees that it has received from DBSI and has read and understood the following document: 

(Please check box to so acknowledge) 
 x Risk Disclosure Statement For Futures and Options pursuant to Appendix A to CFTC Regulation 1.55(c). 
 (b) Pursuant to CFTC Regulation 190.06(d), Customer specifies and agrees, with respect to hedging transactions in the Account, that, in the unlikely event of DBSI’s bankruptcy, it prefers that the
bankruptcy trustee (check appropriate box): 
  ̈ Election A - Liquidate all open contracts
without first seeking instructions either from or on behalf of Customer. 
 x Election B -
Attempt to obtain instructions with respect to the disposition of all open contracts. 
 (If neither box is checked, Customer shall be deemed to
have elected A.) 
 The undersigned has read, understands and agrees to all of the provisions of this Agreement. 

 

 

 December 31, 2010 
 Dated 
  

									
	Customer Name:	 	PowerShares DB G10 Currency Harvest Fund	 	

							
		
	 By:
	 	DB Commodity Services, LLC, the Managing Owner

											
						
	 By:
	  	 /s/ Alex N. Depetris
	  		  	By:	  	 /s/ Michael Gilligan
	 	
		  	Authorized Signature	  		  		  	Authorized Signature	 	
	 Name:
	  	Alex N. Depetris	  		  	Name:	  	Michael Gilligan	 	
	 Title:
	  	Vice President	  		  	Title:	  	Principal Financial Officer	 	

													
			
	 60 Wall Street
	 		 	
	Address	 		 	
			
	 New York, New York
	 		 	
	City, State	 		 	
			
	 10005
	 		 	
	Zip Code	 		 	
				
	  
	    	  
	 		 	
	Telephone	    	Telefax	 		 	

  
 -7-

 Schedule I—Independent Customers Deemed to Have Entered Into Separate Agreements
HereunderForm of Separation Agreement

 Exhibit 10.1 
 SEPARATION AGREEMENT 
 This Separation Agreement (the
“Agreement”) is entered into by and between, and shall inure to the benefit of and be binding upon, the following parties: 
 WINFRED D. NASH, hereinafter referred to as “Mr. Nash”; and 

BABCOCK & WILCOX INVESTMENT COMPANY, hereinafter referred to as the “Company.” 

WITNESSETH: 
 WHEREAS, Mr. Nash has resigned from his position as Vice President and General Manager of the Company, effective April 1, 2011 (the “Termination Date”); and 

WHEREAS, the Company and Mr. Nash mutually desire to establish and agree upon the terms and conditions of Mr. Nash’
separation from service. 
 NOW, THEREFORE, in consideration of the mutual promises and obligations set forth herein,
Mr. Nash and the Company hereby agree as follows: 
  

	 	1.	Payments by the Company. Subject to the provisions of Paragraph 7(d), if a bonus is paid to Company employees for fiscal year 2011 under The Babcock &
Wilcox Company Executive Incentive Compensation Plan (the “EICP”), the Company will pay a 2011 bonus to Mr. Nash. The gross amount of such bonus shall be calculated by multiplying Mr. Nash’ base salary earned during the
period from January 1, 2011 through the Termination date by 60% and multiplying the resulting product by the applicable performance factor (not to exceed 2X). Any such bonus shall be paid in accordance with the Company’s customary
practice, but in no event later than March 15, 2012 and shall be subject to appropriate tax withholdings. 

	 	2.	Equity Awards. 

  

	 	(a)	Options. On August 2, 2010, Mr. Nash received replacement grants of nonqualified stock options under the 2010 Long-Term Incentive Plan of The
Babcock & Wilcox Company (the “LTIP”) in substitution of stock options granted to him on March 5, 2009 (the “2009 NQ Award”) and March 4, 2010 (the “2010 NQ Award”), respectively. Subject to the
provisions of Paragraph 7(d), on the Termination Date, 100% of the 4,015 stock options then outstanding with respect to the 2009 NQ Award shall vest and become exercisable until they expire on March 5, 2016 and 100% of the 6,568 stock options
outstanding with respect to the 2010 NQ Award shall vest and become exercisable until they expire on March 4, 2017. 

  

	 	(b)	RSUs. On August 9, 2010, Mr. Nash received replacement grants of Restricted Stock Units (“RSUs”) under the LTIP in substitution of RSUs
granted to him on March 5, 2009 (the “2009 RSU Award”) and March 4, 2010 (the “2010 RSU Award”), respectively. Subject to the provisions of Paragraph 7(d), on the Termination Date, 100% of the 2,829 then outstanding
RSUs with respect to the 2009 RSU Award and 100% of the 5,906 then outstanding RSUs with respect to the 2010 RSU Award will vest. In addition, on August 9, 2010, Mr. Nash received a grant of RSUs under the LTIP in substitution of a
performance shares granted to him on March 5, 2009 (the 2009 PS Award”). Subject to the provisions of Paragraph 7(d), on the Termination Date, 100% of the 2,237 RSUs then outstanding with respect to the 2009 PS Award will vest. Vested RSUs
will be paid in shares of common stock of The Babcock & Wilcox Company as soon as administratively practicable following thereafter, but not later than 30 days after the date they vest. 

 

	 	3.	 Retirement Benefits. Mr. Nash may elect to begin receiving unreduced benefits under the Retirement Plan for Employees of Babcock &
Wilcox Governmental Operations as of the first day of any month following the Termination Date. Benefits under The Babcock 

  
 - 2 -

	 	 
& Wilcox Company Thrift Plan shall be paid in accordance with the provisions of such plan. Benefits payable under the Restoration of Retirement Income Plan (the “Excess Plan”) shall
begin as of October 1, 2011 under any available annuity form of payment selected by Mr. Nash, in accordance with Section 8 of the Excess Plan. The first monthly payment of Excess Plan benefits shall include the monthly payments that
would have been made for the prior six months but for the Internal Revenue Code Section 409A requirements applicable to a “Specified Person”. Benefits payable under The Babcock & Wilcox Company Supplemental Executive
Retirement Plan (“SERP”) shall be distributed in accordance with Mr. Nash’ election with respect to distributions on account of Separation from Service. Neither Mr. Nash nor the Company reasonably anticipate that
Mr. Nash will provide services to the Company or any of its Affiliates in any capacity after the Termination Date at a level greater than 49% of the average level of services provided in the 36 months immediately preceding the Termination Date.

  

	 	4.	 Release of Claims. In consideration of the foregoing, the adequacy of which is hereby expressly acknowledged, Mr. Nash hereby
unconditionally and irrevocably releases and forever discharges, to the fullest extent applicable law permits, the “Releasees,” as defined below, from any and every action, cause of action, complaint, claim, demand, administrative charge,
legal right, compensation, obligation, damages (including consequential, exemplary and punitive damages), liability, cost and/or expense (including attorney’s fees) that he has, may have or may be entitled to from or against the Releasees,
whether legal, equitable or administrative, in any forum or jurisdiction, whether known or unknown, foreseen or unforeseen, matured or unmatured, accrued or not accrued, which arises directly or indirectly out of, or is based on or related in any
way to Mr. Nash’ employment with or termination of employment from the Company, its predecessors, successors and assigns and past, present and future affiliates, subsidiaries, divisions and parent corporations, including, without
limitation, any such matter arising from the negligence, gross negligence or willful misconduct of the Releasees, (together, the “Released Claims”); provided, however, that this Release does not apply to any claims solely and specifically
(1) arising after the date this 

  
 - 3 -

	 	 
Agreement is executed, (2) for indemnification (including, without limitation, under the Company’s organizational documents or insurance policies) arising in connection with an action
instituted by a third party against the Company, its affiliates or Mr. Nash in his capacity as an employee or a former officer or director of the Company or its affiliates, or (3) arising from any breach or failure to perform this
Agreement. 

 The parties intend this Release to cover any and all such Released Claims, whether arising under
any employment contract (express or implied), policies, procedures or practices of any of the Releasees, and/or by any acts or omissions of any of the Releasees’ agents or employees or former agents or employees and/or whether arising under any
state or federal statute, including but not limited to state employment discrimination laws, all federal discrimination laws, the Age Discrimination in Employment Act of 1967, as amended, the Employee Retirement Income Security Act of 1974, as
amended, all local laws and ordinances and/or common law, without exception. As such, it is expressly acknowledged and agreed that this Release is a general release, representing a full and complete disposition and satisfaction of all of the
Releasees’ real or alleged legal obligations to Mr. Nash with the specific exceptions noted above. The term “Releasees” means the Company, its predecessors, successors and assigns and past, present and future affiliates,
subsidiaries, divisions and parent corporations and all their respective past, present and future officers, directors, shareholders, employee benefit plan administrators, employees and agents, individually and in their respective capacities.

 Mr. Nash expressly agrees that neither he nor any person acting on his behalf will file or permit to be filed any action
for legal or equitable relief against the Releasees involving any matter related in any way to his employment with, or resignation from employment with the Company, its predecessors, successors, assigns and past, present and future affiliates,
subsidiaries, divisions and parent corporations, including the matters covered by the Released Claims. In the event that such an action is filed, Mr. Nash agrees that the Releasees are entitled to legal and equitable remedies against him,

  
 - 4 -

 
including an award of attorney’s fees. However, it is expressly understood and agreed that the foregoing two sentences shall not apply to any charge filed by Mr. Nash with the Equal
Employment Opportunity Commission or any action filed by Mr. Nash that is narrowly limited to seeking a determination as to the validity of this Agreement and enforcement thereof. Should Mr. Nash file a charge with the Equal Employment
Opportunity Commission or should any governmental entity, agency, or commission file a charge, action, complaint or lawsuit against any of the Releasees based on any Released Claim, Mr. Nash agrees not to seek or accept any resulting relief
whatsoever. 
  

	 	5.	Confidentiality and Non-Disclosure. Mr. Nash acknowledges that the Company and/or its Affiliates have previously provided him with Confidential Information.
Mr. Nash shall not disclose or make available to any other person or entity, or use for his own personal gain, any Confidential Information, except for such disclosures as may otherwise be required by law or legal process (in which case
Mr. Nash shall notify the Company of such legal or judicial proceeding as soon as practicable following his receipt of notice of such a proceeding, and permit the Company to seek to protect its interests and information). For purposes of this
Agreement, the term “Affiliate” means an Affiliate of the Company within the meaning of Rule 12b-2 promulgated under Section 12 of the Exchange Act, and the term “Confidential Information” means any and all information, data
and knowledge that has been created, discovered, developed or otherwise become known to the Company or any of its Affiliates or in which property rights have been assigned or otherwise conveyed to the Company or any of its Affiliates, which
information, data or knowledge has commercial value in the business in which the Company or any of its Affiliates or ventures is engaged, except such information, data or knowledge as is or becomes known to the public without violation of the terms
of this Agreement. 

  

	 	6.	 Return of Property. Mr. Nash will deliver to the Company (and will not keep in his possession, recreate or deliver to anyone else) all
Confidential Information as well as all other devices, records, data, notes, reports, proposals, lists, correspondence, 

  
 - 5 -

	 	 
specifications, drawings, blueprints, sketches, materials, equipment, customer or client lists or information, or any other documents or property, in whatever medium stored (including all
reproductions of the aforementioned items) belonging to the Company or any of its Affiliates, regardless of whether such items were prepared by Mr. Nash. 

 

	 	7.	Non-Solicitation And Non-Competition. 

  

	 	(a)	In consideration of the payments and promises provided under this agreement, the sufficiency of which is expressly acknowledged, Mr. Nash agrees that for the
twelve (12) month period following the Termination Date he shall not, without the prior written consent of the Company, directly or indirectly, (i) hire or induce, entice or solicit (or attempt to induce, entice or solicit) any employee of
the Company or any of its Affiliates or ventures to leave the employment of the Company or any of its Affiliates or ventures or (ii) solicit or attempt to solicit the business of any customer or acquisition prospect of the Company or any of its
Affiliates or ventures with whom Mr. Nash had any actual contact while employed by the Company or any of its Affiliates. 

  

	 	(b)	Additionally, in consideration of the payments and promises provided under this Agreement, the sufficiency of which is expressly acknowledged, Mr. Nash agrees that
for the twelve (12) month period following the Termination Date he will not, without the prior written consent of the Company, acting alone or in conjunction with others, either directly or indirectly, engage in any business that is in
competition with the Company or an Affiliate or accept employment with or render services at a comparable level of responsibility to such a business as an officer, agent, employee, independent contractor or consultant, or otherwise engage in
activities that are in competition with the Company or an Affiliate. The foregoing restriction shall not apply to the ownership by Mr. Nash of the shares of a company the stock of which is traded either on a national or regional stock exchange
where Mr. Nash and any related party owns less than 5% (Five Percent) of the company. 

  
 - 6 -

	 	(c)	The restrictions contained in this Paragraph 7 are limited to a 50-mile radius around any geographical area in which the Company or an Affiliate engages (or has
definite plans to engage) in operations or the marketing of its products or services on the Termination Date. 

  

	 	(d)	 Mr. Nash acknowledges that the restrictive covenants under this Agreement, for which Mr. Nash received valuable consideration from the
Company as provided in this Agreement, are ancillary to otherwise enforceable provisions of this Agreement, that the consideration provided by the Company gives rise to the interest of the Company and its Affiliates in restraining Mr. Nash from
competing and that the restrictive covenants are designed to enforce Mr. Nash’s consideration or return promises under this Agreement. Additionally, Mr. Nash acknowledges that these restrictive covenants contain limitations as to
time, geographical area, and scope of activity to be restrained that are reasonable and do not impose a greater restraint than is necessary to protect the goodwill or other legitimate business interests of the Company and its Affiliates, including,
but not limited to, the Company’s and its Affiliates’ need to protect their Confidential Information. Mr. Nash expressly acknowledges and agrees that in the event the that he has breached any of the restrictive covenants provided
under this Agreement, any payments otherwise due and owing pursuant to Paragraph 1 above and all outstanding Options shall be cancelled. Mr. Nash further expressly agrees that the Company shall have the right, in its sole discretion, to suspend
any such payment or benefit while an allegation that any of the restrictive covenants set forth above have been breached is under investigation and agrees that this Agreement shall act as a complete bar to his entitlement to any legal, equitable or
administrative remedy based upon any forfeiture, cancellation or suspension pursuant to this subparagraph (d). Mr. Nash further agrees that if the Company determines that he has breached under any of the restrictive covenants set forth in this
Agreement, he shall repay to the Company, within thirty (30) days of receipt of written demand for repayment, 100% of the value of any Award that became vested on the Termination Date

  
 - 7 -

	 	 
pursuant to Paragraph 2 above, including the proceeds of any such Option exercised on or after March 31, 2011. In the event that legal action is taken by the Company to enforce this
repayment obligation, the Company shall be entitled to the amount of the repayment obligation, interest on the unpaid amount, costs and attorney’s fees. 

 

	 	(e)	Mr. Nash hereby resigns from any and all officer and/or director positions and any such other appointed or elected positions he may hold with the Company and its
Affiliates, effective on the Termination Date. 

  

	 	8.	Confidentiality of this Agreement. Mr. Nash agrees to keep the terms of this Agreement strictly confidential, and further agrees not to disclose or permit
disclosure of any information concerning this Agreement to any other person or entity including by not limited to, any commercial or non-profit newspaper, publication or broadcast, of any kind whatsoever, except: (a) as required to do so by
court order; or (b) as necessary for tax planning and/or preparation or to respond to inquiries or audits by a federal, state or local taxing authority; (c) or for purposes of providing such information to his personal legal counsel and/or
financial advisor, provided each agree to maintain the confidentiality of such information consistent with this Paragraph 8; (d) or as necessary for the enforcement hereof. 

 

	 	9.	Timing and Consultation with Counsel. Mr. Nash acknowledges that he has been given a reasonable period of time within which to consider this Agreement and
has been advised to discuss the terms of this Agreement with legal counsel. Mr. Nash acknowledges that this Agreement was offered to him on March 10, 2011, that he was advised that (i) it could be executed at any time prior to 5:00
pm, eastern time on March 31, 2011 and (ii) if accepted, the Agreement could be revoked, in writing, for up to seven (7) days following the date of such acceptance. Based upon his review, Mr. Nash acknowledges that he fully and
completely understands and accepts the terms of this Agreement, including the Release in Paragraph 4, and enters into it freely, voluntarily and of his own free will. 

  
 - 8 -

	 	10.	Miscellaneous Provisions. 

  

	 	(a)	Failure on the part of the Company or Mr. Nash at any time to insist on strict compliance by the other party with any provisions of this Agreement shall not
constitute a waiver of either party’s obligations in respect thereof, or of either party’s right hereunder to require strict compliance therewith in the future. 

 

	 	(b)	The obligations set forth in this Agreement are severable and divisible, and the unenforceability of any clause or portion thereof shall not affect the enforceability
of the remainder of such clause or of any other obligation contained herein. 

  

	 	(c)	Captions contained in this Agreement are for reference purposes only, and are not intended by either party to describe, interpret, define, broaden or limit the scope,
extent or intent of this Agreement or any of its provisions. 

  

	 	11.	 Entire Agreement. Mr. Nash and the Company agree and acknowledge that this Agreement contains and comprises the entire agreement and
understanding between the parties, that no other representation, promise, covenant or agreement of any kind whatsoever has been made to cause any party to execute this Agreement, and that all agreements and understandings between the parties are
embodied and expressed in these agreements. The parties also agree that the terms of this Agreement shall not be amended or changed except in writing and signed by Mr. Nash and a duly authorized agent of the Company. The parties to this
Agreement further agree that this Agreement shall be binding on and inure to the benefit of Mr. Nash, the Company, the Company’s successors, assigns and subsidiaries, the Releasees and the Affiliates, each as defined in this Agreement. Any
other agreements or understandings between the parties, whether written or oral, are hereby null and void. The parties agree that venue 

  
 - 9 -

	 	 
and jurisdiction for any litigation arising out of, related to, or regarding the validity of this Agreement shall lie with a court of competent jurisdiction in Charlotte, North Carolina.

  

	 	12.	Applicable Law. The validity, interpretation, construction and performance of this Agreement will be governed by and construed in accordance with the substantive
laws of the State of Delaware, but without giving effect to the principles of conflict of laws of such State. 

 I
HAVE READ THE FOREGOING SEPARATION AGREEMENT, FULLY UNDERSTAND IT AND HAVE VOLUNTARILY EXECUTED IT ON THE DATE WRITTEN BELOW, SIGNIFYING THEREBY MY ASSENT TO, AND WILLINGNESS TO BE BOUND BY, ITS TERMS: 

 

							
	Date:                     	 		 	By:	 	
	  
	 		 		 	  
 Winfred D. Nash

Before me, a Notary Public in and for
                                 County,
                    , personally appeared the above-named Mr. Nash, who acknowledged that he did sign the foregoing instrument, and that
the same is his free act and deed. 
 IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal at
                    , this      day of
                    , 2011. 
  

	
	  

	NOTARY PUBLIC

  
 - 10 -

							
		 		 		 	BABCOCK & WILCOX
		 		 		 	NUCLEAR OPERATING GROUP, INC.
				
	Date:                     	 		 	By:	 	  

 Before me, a Notary Public in and for
                                 County,
                    , personally appeared the above-named Babcock & Wilcox Investment Company through
                                        ,
its
                                        ,
who acknowledged that s/he did sign the foregoing instrument for and on behalf of Babcock & Wilcox Investment Company, and that the same is the free act and deed of Babcock & Wilcox Investment Company and the free act and deed of
such officer as its agent. 
 IN WITNESS WHEREOF, I have hereunto set my hand and official seal at
                    , this      day of
                    , 2011. 
  

	
	  

	NOTARY PUBLIC

  
 - 11 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00185-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00185-of-00352.parquet"}]]