Document:

aeo-ex1018_417.htm

 

Exhibit 10.18

INDEMNIFICATION AGREEMENT

This Indemnification Agreement (“Agreement”), dated as of [__________], 2016, is by and between American Eagle Outfitters, Inc., a Delaware corporation (the “Company”) and [____________________] (“Indemnitee”).

WHEREAS, Indemnitee is a director or officer, or both, of the Company;

WHEREAS, the board of directors of the Company (the “Board”) has determined that it is in the best interests of the Company to retain and attract as directors and officers the most capable persons and to assure such persons that indemnification and insurance coverage is available; and

WHEREAS, in order to provide Indemnitee with substantial protection against personal liability pursuant to express contract rights (intended to be enforceable irrespective of any amendment to the Company’s certificate of incorporation or bylaws (collectively, the “Constituent Documents”), any change in the composition of the Board or any change in control or business combination transaction relating to the Company), the Company wishes to provide for the indemnification of Indemnitee as set forth in this Agreement.

NOW, THEREFORE, in consideration of the foregoing and Indemnitee’s agreement to continue to provide services to the Company, the parties agree as follows:

1.Definitions. For purposes of this Agreement, the following terms shall have the following meanings:

(a)“Beneficial Owner” has the meaning given to the term “beneficial owner” in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

(b)“Change in Control” means the occurrence after the date of this Agreement of any of the following events:

(i)any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing more than 30% of the Company’s then outstanding Voting Securities, unless the change in relative Beneficial Ownership of the Company’s securities by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election of directors;

(ii)the consummation of a reorganization, merger or consolidation, unless immediately following such transaction, all of the Beneficial Owners of the Voting Securities of the Company immediately prior to such transaction beneficially own, directly or indirectly, more than 50% of the combined voting power of the outstanding Voting Securities of the entity resulting from such transaction;

(iii)during any period of two consecutive years, not including any period prior to the execution of this Agreement, individuals who at the beginning of such period constituted the Board (including for this purpose any new directors whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved) cease for any reason to constitute at least a majority of the Board; or

(iv)the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets.

(c)“Claim” means:

(i)any threatened, pending or completed action, suit, or proceeding, whether civil, criminal, administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; or

(ii)any inquiry, hearing or investigation that Indemnitee determines might lead to the institution of any such action, suit, or proceeding.

(d)“Delaware Court” means the Delaware Court of Chancery.

 

 

(e)“Disinterested Director” means a director of the Company who is not and was not a party to the Claim in respect of which indemnification is sought by Indemnitee.

(f)“Expenses” means any and all expenses, including attorneys’ and experts’ fees, court costs, transcript costs, travel expenses, duplicating, printing and binding costs, telephone charges, and all other costs and expenses incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim. Expenses also shall include (i) Expenses incurred in connection with any appeal resulting from any Claim, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent, and (ii) for purposes of Section 5 only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement, by litigation or otherwise. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

(g)“Expense Advance” means any payment of Expenses advanced to Indemnitee by the Company pursuant to Section 4 or Section 5.

(h)“Indemnifiable Event” means any event or occurrence, whether occurring before, on or after the date of this Agreement, related to the fact that Indemnitee is or was a director, officer, employee or agent of the Company or any subsidiary of the Company, or is or was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent of any other corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise (collectively with the Company, “Enterprise”) or by reason of an action or inaction by Indemnitee in any such capacity (whether or not serving in such capacity at the time any Loss is incurred for which indemnification can be provided under this Agreement).

(i)“Independent Counsel” means a law firm, a member of a law firm, or an independent practitioner, that is experienced in matters of corporation law and who, under the applicable standards of professional conduct then prevailing, would not have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

(j)“Losses” means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other), ERISA excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal, state, local or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement and all other charges paid or payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim.

(k)“Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity. 

(l)“Standard of Conduct Determination” shall have the meaning ascribed to it in Section 9(b). 

(m)“Voting Securities” means any securities of the Company that vote generally in the election of directors. 

2.Services to the Company. This Agreement shall not be deemed an employment agreement between the Company and Indemnitee.

3.Indemnification. Subject to Section 9 and Section 10, the Company shall indemnify Indemnitee, to the fullest extent permitted by the laws of the State of Delaware in effect on the date hereof, or as such laws may from time to time be amended to increase the scope of such permitted indemnification, against any and all Losses if Indemnitee was or is or becomes a party to or participant in, or is threatened to be made a party to or participant in, any Claim by reason of or arising in part out of an Indemnifiable Event, including, without limitation, Claims brought by or in the right of the Company, Claims brought by third parties, and Claims in which Indemnitee is solely a witness.

4.Advancement of Expenses. Indemnitee shall have the right to advancement by the Company, prior to the final disposition of any Claim by final adjudication to which there are no further rights of appeal, of any and all Expenses actually and reasonably paid or incurred by Indemnitee in connection with any Claim arising out of an Indemnifiable Event. Indemnitee’s right to such advancement is not subject to the satisfaction of any standard of conduct. Without limiting the generality or effect of the foregoing, within 20 days after any request by Indemnitee, the Company shall, in accordance with such request, (a) pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses. In connection with any request for 

 

 

Expense Advances, Indemnitee shall not be required to provide any documentation or information to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege. Execution and delivery to the Company of this Agreement by Indemnitee constitutes an undertaking by Indemnitee to repay any amounts paid, advanced or reimbursed by the Company pursuant to this Section 4 in respect of Expenses relating to, arising out of or resulting from any Claim in respect of which it shall be determined, pursuant to Section 9, following the final disposition of such Claim, that Indemnitee is not entitled to indemnification hereunder. No other form of undertaking shall be required other than the execution of this Agreement. Indemnitee’s obligation to reimburse the Company for Expense Advances shall be unsecured and no interest shall be charged thereon.

5.Indemnification for Expenses in Enforcing Rights. To the fullest extent allowable under applicable law, the Company shall also indemnify against, and, if requested by Indemnitee, shall advance to Indemnitee subject to and in accordance with Section 4, any Expenses actually and reasonably paid or incurred by Indemnitee in connection with any action or proceeding by Indemnitee for (a) indemnification or reimbursement or advance payment of Expenses by the Company under any provision of this Agreement, or under any other agreement or provision of the Constituent Documents now or hereafter in effect relating to Claims relating to Indemnifiable Events, and/or (b) recovery under any directors’ and officers’ liability insurance policies maintained by the Company. However, in the event that Indemnitee is ultimately determined not to be entitled to such indemnification or insurance recovery, as the case may be, then all amounts advanced under this Section 5 shall be repaid. Indemnitee shall be required to reimburse the Company in the event that a final judicial determination is made that such action brought by Indemnitee was frivolous or not made in good faith. 

6.Partial Indemnity. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of any Losses in respect of a Claim related to an Indemnifiable Event but not for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

7.Notification and Defense of Claims.

(a)Notification of Claims. Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate to an Indemnifiable Event or for which Indemnitee could seek Expense Advances, including a brief description of the nature of, and the facts underlying, such Claim. The failure by Indemnitee to timely notify the Company hereunder shall not relieve the Company from any liability hereunder unless such failure materially prejudices the Company .

(b)Defense of Claims. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event at its own expense and, except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with counsel reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to assume the defense of any such Claim, the Company shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently directly incurred by Indemnitee in connection with Indemnitee’s defense of such Claim other than reasonable costs of investigation or as otherwise provided in this Agreement. Indemnitee shall have the right to employ its own legal counsel in  a Claim, but all Expenses related to such counsel incurred after notice from the Company of its assumption of the defense shall be at the Company’s expense. 

8.Procedure upon Application for Indemnification. In order to obtain indemnification pursuant to this Agreement, Indemnitee shall submit to the Company a written request, including in such request such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of the Claim, provided that documentation and information need not be so provided to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege. Indemnification shall be made insofar as the Company determines Indemnitee is entitled to indemnification in accordance with Section 9 below. 

9.Determination of Right to Indemnification.

(a)Mandatory Indemnification; Indemnification as a Witness. 

(i)To the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable Event or any portion thereof or in defense of any issue or matter therein, including without limitation dismissal without prejudice, Indemnitee shall be indemnified against all Losses relating to such Claim in accordance with Section 3 to the fullest extent allowable by law, and no Standard of Conduct Determination (as defined in Section 9(b)) shall be required. 

 

 

(ii)To the extent that Indemnitee’s involvement in a Claim relating to an Indemnifiable Event is to prepare to serve and serve as a witness, and not as a party, Indemnitee shall be indemnified against all Losses incurred in connection therewith to the fullest extent allowable by law and no Standard of Conduct Determination (as defined in Section 9(b)) shall be required.

(b)Standard of Conduct. To the extent that the provisions of Section 9(a) are inapplicable to a Claim related to an Indemnifiable Event that shall have been finally disposed of, any determination of whether Indemnitee has satisfied any applicable standard of conduct under Delaware law that is a legally required condition to indemnification of Indemnitee hereunder against Losses relating to such Claim and any determination that Expense Advances must be repaid to the Company (a “Standard of Conduct Determination”) shall be made as follows:  

(i)if no Change in Control has occurred, (A) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum or (C) if there are no such Disinterested Directors, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee; and

(ii)if a Change in Control shall have occurred, (A) if Indemnitee so requests in writing, by a majority vote of the Disinterested Directors, even if less than a quorum of the Board or (B) otherwise, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee. 

The Company shall indemnify and hold harmless Indemnitee against and, if requested by Indemnitee, shall reimburse Indemnitee for, or advance to Indemnitee, within 20 days of such request, any and all Expenses incurred by Indemnitee in cooperating with the person or persons making such Standard of Conduct Determination.

(c)Making the Standard of Conduct Determination. The Company shall use its reasonable best efforts to cause any Standard of Conduct Determination required under Section 9(b) to be made as promptly as practicable. If the person or persons designated to make the Standard of Conduct Determination under Section 9(b) shall not have made a determination within 30 days after the later of (i) receipt by the Company of a written request from Indemnitee for indemnification pursuant to Section 8 (the date of such receipt being the “Notification Date”) and (ii) the selection of an Independent Counsel, if such determination is to be made by Independent Counsel, then Indemnitee shall be deemed to have satisfied the applicable standard of conduct; provided that such 30-day period may be extended for a reasonable time, not to exceed an additional 30 days, if the person or persons making such determination in good faith requires such additional time to obtain or evaluate information relating thereto. Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition of any Claim.

(d)Payment of Indemnification. If, in regard to any Losses:

(i)Indemnitee shall be entitled to indemnification pursuant to Section 9(a);  

(ii)no Standard of Conduct Determination is legally required as a condition to indemnification of Indemnitee hereunder; or  

(iii)Indemnitee has been determined or deemed pursuant to Section 9(b) or Section 9(c) to have satisfied the Standard of Conduct Determination,  

then the Company shall pay to Indemnitee, within five days after the later of (A) the Notification Date or (B) the earliest date on which the applicable criterion specified in clause (i), (ii) or (iii) is satisfied, an amount equal to such Losses.

(e)Selection of Independent Counsel for Standard of Conduct Determination. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to Section 9(b)(i), the Independent Counsel shall be selected by the Board of Directors, and the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to Section 9(b)(ii), the Independent Counsel shall be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In all events, the Company shall pay all of the reasonable fees and expenses of the Independent Counsel incurred in connection with the Independent Counsel’s determination pursuant to Section 9(b).

 

 

(f)Presumptions and Defenses. 

(i)Indemnitee’s Entitlement to Indemnification. In making any Standard of Conduct Determination, the person or persons making such determination shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the Company shall have the burden of proof to overcome that presumption and establish that Indemnitee is not so entitled. Any Standard of Conduct Determination that is adverse to Indemnitee may be challenged by Indemnitee in the Delaware Court. No determination by the Company (including by its directors or any Independent Counsel) that Indemnitee has not satisfied any applicable standard of conduct may be used as a defense to any legal proceedings brought by Indemnitee to secure indemnification or reimbursement or advance payment of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard of conduct.

(ii)Reliance as a Safe Harbor. For purposes of this Agreement, and without creating any presumption as to a lack of good faith if the following circumstances do not exist, Indemnitee shall be deemed to have acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company if Indemnitee’s actions or omissions to act are taken in good faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements furnished to Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their duties, or by committees of the Board or by any other Person (including legal counsel, accountants and financial advisors) as to matters Indemnitee reasonably believes are within such other Person’s professional or expert competence and who has been selected with reasonable care by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent or employee of the Company shall not be imputed to Indemnitee for purposes of determining the right to indemnity hereunder.

(iii)No Other Presumptions. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification hereunder is otherwise not permitted.

(iv)Defense to Indemnification and Burden of Proof. It shall be a defense to any action brought by Indemnitee against the Company to enforce this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Claim related to an Indemnifiable Event in advance of its final disposition) that it is not permissible under applicable law for the Company to indemnify Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct Determination, the burden of proving such a defense or that Indemnitee did not satisfy the applicable standard of conduct shall be on the Company.

(v)Resolution of Claims. The Company acknowledges that a settlement or other disposition short of final judgment may be successful on the merits or otherwise for purposes of Section 9(a)(i) if it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any Claim relating to an Indemnifiable Event to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding with our without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise for purposes of Section 9(a)(i). The Company shall have the burden of proof to overcome this presumption.

10.Exclusions from Indemnification. Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated to:

(a)indemnify or advance funds to Indemnitee for Expenses or Losses with respect to proceedings initiated by Indemnitee, including any proceedings against the Company or its directors, officers, employees or other indemnitees and not by way of defense, except:

(i)proceedings referenced in Section 5 above (unless a court of competent jurisdiction determines that each of the material assertions made by Indemnitee in such proceeding was not made in good faith or was frivolous); or

(ii)where the Company has joined in or the Board has consented to the initiation of such proceedings.

 

 

(b)indemnify Indemnitee if a final decision by a court of competent jurisdiction determines that such indemnification is prohibited by applicable law. 

(c)indemnify Indemnitee for the disgorgement of profits arising from the purchase or sale by Indemnitee of securities of the Company in violation of Section 16(b) of the Exchange Act, or any similar successor statute.

(d)indemnify or advance funds to Indemnitee for Indemnitee’s reimbursement to the Company of any bonus or other incentive-based or equity-based compensation previously received by Indemnitee or payment of any profits realized by Indemnitee from the sale of securities of the Company.

11.Settlement of Claims. The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending Claim related to an Indemnifiable Event effected without the Company’s prior written consent, which shall not be unreasonably withheld; provided, however, that if a Change in Control has occurred, the Company shall be liable for indemnification of Indemnitee for amounts paid in settlement if an Independent Counsel has approved the settlement. The Company shall not settle any Claim related to an Indemnifiable Event in any manner that would impose any Losses on Indemnitee or otherwise subject Indemnitee to any reputational or other harm without Indemnitee’s prior written consent. 

12.Duration. All agreements and obligations of the Company contained herein shall continue during the period that Indemnitee is a director or officer of the Company (or is serving at the request of the Company as a director, officer, employee, member, trustee or agent of another Enterprise) and shall continue thereafter (i) so long as Indemnitee may be subject to any possible Claim relating to an Indemnifiable Event (including any rights of appeal thereto) and (ii) throughout the pendency of any proceeding (including any rights of appeal thereto) commenced by Indemnitee to enforce or interpret his or her rights under this Agreement, even if, in either case, he or she may have ceased to serve in such capacity at the time of any such Claim or proceeding.

13.Non-Exclusivity. The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent Documents, the General Corporation Law of the State of Delaware, any other contract or otherwise (collectively, “Other Indemnity Provisions”); provided, however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification under any Other Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder, (b) to the extent that any change is made to any Other Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement as of the date hereof, Indemnitee will be deemed to have such greater right hereunder and (c) to the extent Indemnitee has entered into a prior indemnification agreement with the Company such prior agreement is terminated and replaced by this Agreement.

14.Liability Insurance. For the duration of Indemnitee’s service as a director or officer, or both, of the Company, and thereafter for so long as Indemnitee shall be subject to any pending Claim relating to an Indemnifiable Event, the Company shall use commercially reasonable efforts (taking into account the scope and amount of coverage available relative to the cost thereof) to continue to maintain in effect policies of directors’ and officers’ liability insurance providing coverage that is at least substantially comparable in scope and amount to that provided by the Company’s current policies of directors’ and officers’ liability insurance. In all policies of directors’ and officers’ liability insurance maintained by the Company, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits as are provided to the most favorably insured of the Company’s directors, if Indemnitee is a director, or of the Company’s officers, if Indemnitee is an officer (and not a director) by such policy. Upon request, the Company will provide to Indemnitee copies of all directors’ and officers’ liability insurance applications, binders, policies, declarations, endorsements and other related materials.

15.No Duplication of Payments. The Company shall not be liable under this Agreement to make any payment to Indemnitee in respect of any Losses to the extent Indemnitee has otherwise received payment under any insurance policy, the Constituent Documents, Other Indemnity Provisions or otherwise of the amounts otherwise indemnifiable by the Company hereunder.

16.Subrogation. In the event of payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee. Indemnitee shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights.

17.Amendments. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be binding unless in the 

 

 

form of a writing signed by the party against whom enforcement of the waiver is sought, and no such waiver shall operate as a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

18.Binding Effect. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), assigns, spouses, heirs and personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part of the business and/or assets of the Company, by written agreement in form and substances satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

19.Severability. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof) are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.

20.Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if delivered by hand, against receipt, or mailed, by postage prepaid, certified or registered mail:

 

			
	
(a)
	
if to Indemnitee, to the address set forth on the signature page hereto.

	
 
	
 
	
 

	
(b)
	
if to the Company, to:
	
American Eagle Outfitters, Inc.

	
 
	
Attn: General Counsel

77 Hot Metal Street,

Pittsburgh, Pennsylvania15203-2329

 

Notice of change of address shall be effective only when given in accordance with this Section. All notices complying with this Section shall be deemed to have been received on the date of hand delivery or on the third business day after mailing.

21.Governing Law and Forum. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware applicable to contracts made and to be performed in such state without giving effect to its principles of conflicts of laws. The Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Delaware Court and not in any other state or federal court in the United States, (b) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, and (c) waive, and agree not to plead or make, any claim that the Delaware Court lacks venue or that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

22.Headings. The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction or interpretation thereof.

23.Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, but all of which together shall constitute one and the same Agreement.

 

[Signature Page Follows]

 

 

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

	
American Eagle Outfitters, Inc.
	
 
	
INDEMNITEE

	
 
	
 
	
 
	
 
	
 

	
By:
	
 
	
 
	
 

	
Name:
	
 
	
 
	
Name:
	
 

	
Title:
	
 
	
 
	
Address:
	
 

 

[Signature Page to Indemnification Agreement]EX-10.01

 Exhibit 10.01 

FBR & CO.  

TWO YEAR RETENTION AND INCENTIVE PLAN 

(Effective March 8, 2017) 

1. Purposes of the Plan. The purposes of the FBR & Co. Two Year Retention and Incentive Plan (the
“Plan”) are to further the long-term growth of FBR & Co. (the “Company”) by providing long-term incentives in respect of the Company’s Common Stock to certain key employees of the Company and its
Subsidiaries who will be largely responsible for such growth, and to assist the Company and its Subsidiaries in retaining key employees of experience and ability. 

2. Definitions. For purposes of the Plan, in addition to the terms otherwise defined in the Plan, the following terms shall have
the meanings as set forth below: 
 (a) “Award” shall mean a Participant’s relative interest in the aggregate RSU Pool,
expressed as a number of Award Units. 
 (b) “Award Letter” shall mean the written agreement evidencing the grant of an
interest (specified as a number of Award Units) representing a right to receive a portion of the shares of Common Stock reserved for issuance as grants of restricted stock units under the Stock Plan from the RSU Pool (an “RSU Pool
Award”). 
 (c) “Award Unit” shall mean one of the equal, undivided interests in the RSU Pool, and shall initially
mean one of the One Hundred Seventy-Five Thousand (175,000) such aggregate interests. 
 (d) “Board” shall mean the
Board of Directors of the Company. 
 (e) “Cause” shall mean (i) conviction of, or plea of guilty or nolo
contendere by, the Participant for committing a felony under federal law or the law of the state in which such action occurred, (ii) willful and deliberate failure on the part of the Participant to perform his or her employment duties in
any material respect, (iii) dishonesty in the course of fulfilling the Participant’s employment duties, or (iv) a material violation of the Company’s ethics and compliance policies. Notwithstanding the general rule of
Section 3, following a Change in Control, any determination by the Committee as to whether Cause exists shall be subject to de novo review. 

(f) “Change in Control” shall have the meaning set forth in the Stock Plan. 

(g) “Code” shall mean the Internal Revenue Code of 1986, as amended, and the Treasury regulations thereunder. 

(h) “Common Stock” shall mean the common stock, $0.001 par value, of the Company. 

(i) “Disability” shall mean permanent and total disability entitling the Participant to receive (but for any waiting periods)
benefits under the Company’s Long-Term Disability Plan applicable to the Participant. 

  
 1 

 (j) “Effective Date” shall mean the date the Plan is approved by the Committee.

 (k) “Good Reason” shall mean the occurrence of any of the following events following a Change in Control: (i) the
assignment to the Participant of duties materially inconsistent with the Participant’s position and title as in effect immediately prior to the Change in Control, or a material diminution in such position, title or duties; (ii) a material
reduction in the Participant’s annual base salary from that in effect immediately prior to the Change in Control; or (iii) relocation of the Participant’s primary workplace, as in effect immediately prior to the Change in Control,
resulting in a material increase in the Participant’s commute to and from the Participant’s primary residence (for this purpose an increase in the Participant’s commute by 40 miles or more shall be deemed material). In order to invoke
a termination for Good Reason, the Participant shall provide written notice to the Company of the existence of one or more of the conditions described in clauses (i) through (iii) within 90 days following the initial existence of such
condition or conditions, and the Company shall have 30 days following receipt of such written notice (the “Cure Period”) during which it may remedy the condition. In the event that the Company fails to remedy the condition
constituting Good Reason during the Cure Period, the Participant must terminate employment, if at all, within 90 days following the Cure Period in order for such termination to constitute a termination for Good Reason. The Participant’s
mental or physical incapacity following the occurrence of an event described above in clauses (i) through (iii) shall not affect the Participant’s ability to terminate employment for Good Reason. 

(l) “Initial Grant Date” shall mean March 8, 2017. 

(m) “RSU Award Agreement” shall mean the written agreement evidencing the grant of a restricted stock unit representing a
right to receive a share of Common Stock granted under the Stock Plan in satisfaction of a Participant’s RSU Pool Award. 
 (n)
“Separation from Service” shall mean the Participant’s termination of employment with the Company, its Subsidiaries and with each member of the controlled group (within the meaning of Section 414(b) or (c) of the
Code) of which the Company is a member. Notwithstanding the foregoing, with respect to any Award that constitutes a “non-qualified deferred compensation plan” within the meaning of Section 409A of the Code, a Participant shall not be
considered to have experienced a “Separation from Service” unless the Participant has experienced a “separation from service” within the meaning of Section 409A of the Code. 

(o) “Stock Plan” shall mean the FBR Capital Markets Corporation 2006 Long-Term Incentive Plan, as amended and restated, or a
successor plan thereto. 
 (p) “Subsidiary” shall mean (i) a corporation of which shares of stock having ordinary
voting power (other than stock having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation are at the time owned, directly or indirectly, through one or more
intermediaries, by the Company, or (ii) in the case of unincorporated entities, any such entity with respect to which the Company has the power, directly or indirectly, to designate more than 50% of the individuals exercising functions similar
to a board of directors. 

  
 2 

 3. Administration of the Plan. The Plan shall be administered by the Compensation
Committee of the Board (the “Committee”). Subject to the provisions of the Plan, the Committee shall have exclusive power to select Participants and to determine the allocations of Awards to be made to each Participant selected. The
Committee’s interpretation of the Plan, the Award Letters and the RSU Award Agreements shall be final and binding on all parties concerned, including the Company and any Participant. The Committee shall have the authority, subject to the
provisions of the Plan, to establish, adopt and revise such rules, regulations, guidelines, forms of agreements and instruments relating to the Plan as it may deem necessary or advisable for the administration of the Plan. The Committee may appoint
in writing such person or persons as it may deem necessary or desirable to carry out any of the duties or responsibilities of the Committee hereunder and may delegate to such person or persons in writing such duties, and confer upon such person or
persons in writing such powers, discretionary or otherwise, as the Committee may deem appropriate. Any and all rights, duties and responsibilities of the Committee hereunder may be exercised by the Board in lieu of the Committee, in the Board’s
discretion. 
 4. Participation. Participants in the Plan shall be the individuals selected by the Committee from among
the employees of the Company and its Subsidiaries (the “Participants”). Following the Effective Date, no additional Participants may be designated by the Committee. 

5. Award Units; RSU Pool. 

(a) Award Units. As of the Initial Grant Date, each Participant shall be awarded the number of Award Units determined by the Committee
on the Initial Grant Date. Notwithstanding any delays in the granting of forfeited RSU Pool Awards as contemplated by Section 5(b) below, at all times 100% of the Award Units (including the total number of RSU Pool Awards to be outstanding upon
the initial grant of all Awards) will be allocated among the Participants. If a Participant forfeits his or her Award under the Plan, his or her Award Units shall automatically and without further action of the Committee be forfeited and such
forfeited Award Units shall be reallocated to the then current Participants, and additional RSU Pool Awards shall be made to each Participant as provided in Section 5(b) to reflect such Participant’s increased ownership percentage of the
aggregate RSU Pool. Upon the accelerated vesting and settlement of any individual RSU Pool Award prior to the time that all RSU Pool Awards vest, the RSU Pool shall be reduced by the amount paid or delivered in respect of such settlement, and the
Award Units settled shall be retired and shall not be reissued. 
 (b) RSU Pool. 

(i) Establishment of the RSU Pool. Subject to Section 12.2 of the Stock Plan, the aggregate number of shares of
Common Stock reserved for issuance in respect of RSU Pool Awards allocated under the Plan shall be One Hundred Seventy-Five Thousand (175,000) (the “RSU Pool”). All RSU Pool Awards shall be granted under the Stock Plan, and the
Company shall reserve for issuance a sufficient number of shares of Common Stock to satisfy the RSU Pool Awards. If an RSU Pool Award is forfeited, for purposes of the Stock Plan, such forfeited RSU Pool Award shall continue to be reserved for
issuance in respect of RSU Pool Awards from the RSU Pool. 

  
 3 

 (ii) Grant of RSU Pool Awards. As of the Initial Grant Date, a Participant
shall be granted an RSU Pool Award pursuant to an RSU Award Agreement with respect to the number of shares of Common Stock, rounded to the nearest whole share, equal to number of Award Units granted to such Participant. If an RSU Pool Award is
forfeited or otherwise terminates for any reason whatsoever without an actual payment or delivery of Common Stock to the Participant, any such RSU Pool Award shall, to the extent of any such forfeiture or termination, again be available for grant
under the Plan. Forfeited RSU Pool Awards shall be automatically reallocated, in whole shares, to the then-remaining Participants as described in Section 5(a) above, with any fractional shares to be reserved and aggregated with other fractional
shares for issuance on a future reallocation date. The grant of forfeited RSU Pool Awards shall be made on the first day of the calendar quarter following the date on which a forfeiture occurs or, in the case of forfeitures occurring on or after
January 1, 2019, as soon as reasonably practicable after the date of such forfeiture and in any event prior to the second anniversary of the Initial Grant Date. Grants of reallocated RSU Pool Awards shall be evidenced by the entering into of an
additional RSU Award Agreement, substantially in the form used for the RSU Pool Awards made on the Initial Grant Date, with the vesting date to continue to be the second anniversary of the Initial Grant Date. Notwithstanding anything contained in
the Stock Plan or the RSU Award Agreement, the provisions of Section 11.4 of the Stock Plan shall be inapplicable to the RSU Pool Awards granted under the Plan. 

6. Vesting and Settlement of RSU Pool Awards. 

(a) Vesting; Forfeiture. Except as otherwise provided herein, a Participant’s RSU Pool Award shall vest on the second anniversary
of the Initial Grant Date, subject to the Participant not having incurred a Separation from Service as of such date. Notwithstanding the foregoing, a Participant’s RSU Pool Award shall vest in full or in part (as specified below) on an
accelerated basis under the following circumstances: 
 (i) on the date of a Participant’s Separation from Service due
to the Participant’s death or Disability, the RSU Pool Award shall immediately vest in full; 
 (ii) on the date of a
Participant’s Separation from Service by the Company without Cause prior to a Change in Control, the RSU Pool Award shall immediately vest on a pro-rata basis, based on a fraction, the numerator of which shall be the number of days elapsed from
the Initial Grant Date through the date of the Participant’s Separation from Service, and the denominator of which shall be 730 (the “Pro-ration Fraction”), subject to the Participant’s delivery to the Company of an
executed release of claims against the Company and its affiliates in a form substantially similar to the release of claims attached hereto as Exhibit A (with such updates and modifications as the Company determines are necessary) and the
expiration (without the Participant revoking) of any applicable non-revocation period set forth in such release (the “Release Requirement”) no later than 55 days from the date of Separation from Service; and 

(iii) on the date of a Participant’s Separation from Service by the Company without Cause or by the Participant for Good
Reason, in either case, following a Change in Control, the RSU Pool Award shall immediately vest in full. 

  
 4 

 Following the applicable vesting date, the Participant and his or her estate or beneficiary shall
have no right to future allocations of forfeited RSU Pool Awards. Except as provided in this Section 6(a), upon a Participant’s date of Separation from Service prior to the second anniversary of the Initial Grant Date, the
Participant’s allocated RSU Pool Awards and right to future allocations of RSU Pool Awards shall terminate in full. 
 (b)
Settlement. Vested RSU Pool Awards will be settled by delivery of a share of Common Stock (or, in the Committee’s discretion, a cash payment based on the per share “fair market value” (as defined in the Stock Plan)) as soon as
practicable (and in any event within 55 days) after the applicable vesting date (and in no event later than March 15 of the calendar year following the calendar year in which such vesting date occurs). 

(c) Other Terms. RSU Pool Awards shall have such other terms, not inconsistent with the Plan and the Stock Plan, as shall be set forth
in the RSU Award Agreement. For purposes of the RSU Pool Awards, the definition of “fair market value” in the Stock Plan shall apply. 

7. Dispute Resolution. 

(a) In General. All disputes, controversies and claims arising between a Participant and the Company concerning the subject matter of
the Plan, an Award Letter or an RSU Award Agreement shall be settled by arbitration in accordance with the rules and procedures of the American Arbitration Association (“AAA”) in effect at the time that the arbitration begins, to
the extent not inconsistent with the Plan or an Award Letter or the RSU Award Agreement. The arbitration shall be conducted in accordance with the AAA’s Commercial Arbitration Rules as modified herein. The location of the arbitration shall be
Arlington, Virginia or such other place as the parties to the dispute may mutually agree. In rendering any award or ruling, the arbitrator or arbitrators shall determine the rights and obligations of the parties according to the substantive and
procedural laws of the Commonwealth of Virginia, including federal law as applied in Virginia courts. The arbitration shall be conducted by an arbitrator selected in accordance with the aforesaid arbitration procedures. Any arbitration pursuant to
this Section 7(a) shall be final and binding on the parties, and judgment upon any award rendered in such arbitration may be entered in any court, federal or state, having jurisdiction. The parties to any dispute shall each pay their own costs
and expenses (including arbitration fees and attorneys’ fees) incurred in connection with arbitration proceedings and the fees of the arbitrator shall be paid in equal amounts by the parties. The arbitration shall be conducted on a strictly
confidential basis, and the parties agree to take all steps necessary to protect the confidentiality of the arbitration proceedings and materials, and in connection with any such proceeding, agree to file any materials or documents under seal. 

(b) Waiver of Jury Trial. As a condition to receipt of an Award under the Plan, a Participant and the Company shall waive, to the
fullest extent permitted by applicable law, any right either party may have to a trial by jury in respect to any litigation directly or indirectly arising out of, under or in connection with the Plan or an Award Letter or RSU Award Agreement. 

  
 5 

 8. Miscellaneous Provisions. 

(a) Right to Awards. No employee or other person shall have any claim or right to be granted any Award under the Plan. No Participant
shall have any legally binding right with respect to any Award under the Plan unless and until the date of the actual delivery to the Participant of the Award Letter evidencing such grant. 

(b) No Rights as Stockholders. Until such time as a share of Common Stock is issued to a Participant in respect of an RSU Pool Award,
the Participants shall have no rights as a stockholder or otherwise. 
 (c) Right of Discharge Reserved; Claims to Awards. Nothing in
the Plan nor the grant of an Award hereunder shall confer upon any Participant the right to continue in the employment or service of the Company or any Subsidiary or affect any right that the Company or any Subsidiary may have to terminate the
employment or service of any Participant at any time for any reason. Except as specifically provided by the Committee, the Company shall not be liable for the loss of existing or potential profit from an Award granted in the event of termination of
an employment or other relationship. 
 (d) No Fractional RSU Pool Awards. No fractional RSU Pool Awards shall be issued or delivered
pursuant to the Plan or any RSU Award Agreement, and the Committee shall determine whether cash or other property shall be paid or transferred in lieu of any fractional share of Common Stock in respect of an RSU Pool Award or whether such fractional
share of Common Stock and any rights thereto shall be canceled, terminated or otherwise eliminated. 
 (e) Costs and Expenses. All
costs and expenses incurred in administering the Plan shall be borne by the Company. 
 (f) Unfunded Status of the Plan. The Plan is
intended to constitute an “unfunded” plan for incentive compensation. With respect to any payments not yet made to a Participant by the Company, nothing contained herein shall give any such Participant any rights that are greater than
those of a general creditor of the Company. In its sole discretion, the Committee may authorize the creation of trusts or other arrangements to meet the obligations created under the Plan; provided, however, that the existence of such
trusts or other arrangements is consistent with the unfunded status of the Plan. 
 (g) Withholding Taxes. The Company shall have the
right to deduct from all payments made hereunder any federal, state, local or foreign income or employment taxes required, in the sole judgment of the Company, to be withheld with respect to such payments and to make such other arrangements with a
Participant as it deems appropriate with respect to any employment taxes required to be paid by the Participant upon the vesting of any Awards under the Plan. With respect to RSU Pool Awards, to the extent permitted under the Stock Plan, the
Participant may elect to have any withholding obligation satisfied by surrendering to the Company a portion of the shares of Common Stock that are issued or transferred to the Participant upon the vesting of the RSU Pool Award (but only to the
extent of the minimum withholding required by law), and the shares of Common Stock so surrendered by the Participant shall be credited against any such withholding obligation at the “fair market value” (as defined in the Stock Plan) of
such shares on the date of such surrender. 

  
 6 

 (h) Limits on Transferability. Rights in respect of Awards under the Plan shall not be
pledged, encumbered, or hypothecated to, or in favor of, or subject to any lien, obligation, or liability of a Participant to, any party, other than the Company or any Subsidiary, nor shall such rights be assignable or transferable by the recipient
thereof, other than by will or the laws of descent and distribution or pursuant to a qualified domestic relations order. 
 (i)
Beneficiary. Any payments on account of any Award under the Plan of a deceased Participant shall be paid to such beneficiary as has been designated in a writing by the Participant and delivered to the Company or, in the absence of an
effective designation, to the Participant’s estate. 
 (j) Relationship to Other Benefits. No Award or payment under the Plan
shall be taken into account in determining any benefits under any pension, retirement, severance, profit sharing, group insurance or other benefit plan of the Company or any Subsidiary or affiliate thereof. 

(k) Severability. If any provision of the Plan shall be held unlawful or otherwise invalid or unenforceable in whole or in part by a
court of competent jurisdiction, such provision shall (i) be deemed limited to the extent that such court of competent jurisdiction deems it lawful, valid and/or enforceable and as so limited shall remain in full force and effect, and
(ii) not affect any other provision of the Plan or part thereof, each of which shall remain in full force and effect. If the making of any payment or the provision of any other benefit required under the Plan shall be held unlawful or otherwise
invalid or unenforceable by a court of competent jurisdiction, such unlawfulness, invalidity or unenforceability shall not prevent any other payment or benefit from being made or provided under the Plan, and if the making of any payment in full or
the provision of any other benefit required under the Plan in full would be unlawful or otherwise invalid or unenforceable, then such unlawfulness, invalidity or unenforceability shall not prevent such payment or benefit from being made or provided
in part, to the extent that it would not be unlawful, invalid or unenforceable, and the maximum payment or benefit that would not be unlawful, invalid or unenforceable shall be made or provided under the Plan. 

(l) Section 409A of the Code. It is intended that the Awards under the Plan shall comply with an exemption to Section 409A of
the Code, or in the absence of complying with an exemption, comply with the provisions of Section 409A of the Code and the Treasury regulations relating thereto, and any exercise of authority or discretion hereunder by the Company or the
Committee shall comply with Section 409A of the Code. Any payments that qualify for the “short-term deferral” exception under Treasury Regulations Section 1.409A-1(b)(4), the “separation pay” exception under Treasury
Regulations Section 1.409A-1(b)(9)(iii) or another exception under Section 409A will be paid under the applicable exception to the greatest extent possible. Each payment of compensation under the Plan will be treated as a separate payment,
and in no event may a Participant, directly or indirectly, designate the calendar year of any payment under the Plan. Notwithstanding any other provision of the Plan to the contrary, if an Award under the Plan is determined to constitute a
“nonqualified deferred compensation plan” subject to Section 409A and if a Participant is considered a “specified employee” for purposes of Section 409A (as determined in accordance with the methodology established by
the Company as in effect on the date of Separation from Service), payment with 

  
 7 

 
respect to any such Award that constitutes a “nonqualified deferred compensation plan” subject to Section 409A that is otherwise due to the Participant under the Plan during the
six-month period following his or her “separation from service” (as determined in accordance with Section 409A) on account of his or her Separation from Service shall be accumulated and paid to the Participant on (i) the first
day of the seventh month following the Participant’s Separation from Service or (ii) the Participant’s death. 
 9.
Amendment or Termination of the Plan. The Committee, without the consent of any Participant, may at any time, from time to time, alter, amend, suspend or terminate the Plan or an Award Letter or an RSU Award Agreement in whole or in part, as it
shall deem advisable; provided, however, that no such action shall adversely affect any rights or obligations with respect to payment of any Awards theretofore granted under the Plan. 

10. Effective Date. The Plan shall become effective on the Effective Date. 

11. Law Governing. The validity and construction of the Plan and any Award Letters and any RSU Award Agreements entered into thereunder
shall be governed by the laws of the Commonwealth of Virginia, but without giving effect to the choice or conflict of law principles thereof or any other jurisdiction. 

  
 8 

 EXHIBIT A 

RELEASE OF CLAIMS 

In consideration of the payments provided to the Participant pursuant to Section 6(a)(ii) of the FBR & Co. Retention and
Incentive Plan (the “Plan”), to which Participant agrees Participant is not entitled until and unless he executes this Release, Participant, for and on behalf of himself and his heirs and assigns, hereby waives, releases and forever
acquits and discharges FBR & Co. (“FBR”) and its affiliates, principals, directors, officers, employees and representatives, past, present and future, and each of them from any and all claims, known or unknown, which
Participant has ever had or which Participant has now, including, but not limited to, any claims of wrongful discharge, breach of contract, tort claims, any discrimination or other claims under Title VII of the Civil Rights Act of 1964, as amended,
the Employee Retirement Income Security Act, the Fair Labor Standards Act, or any other federal, state or local law relating to employment (including without limitation all claims arising under laws or regulations prohibiting employment
discrimination based upon age, race, sex, religion, handicap, national origin, or any other protected characteristics), employee benefits, including any rights or benefits under the FBR Long Term Incentive Plan (other than his rights in respect of
the RSU Pool Award under the Plan), severance pay, bonuses, vacation pay or the termination of employment, or any other claims arising out of or relating to Participant’s employment, or the termination of Participant’s employment, with
FBR. 
 Participant also agrees that Participant is waiving any and all rights or claims that Participant may have under the Age
Discrimination in Employment Act (“ADEA”). Participant agrees that Participant’s waiver of any ADEA claims is knowing and voluntary, and understands that Participant is forever releasing all such claims. Participant may, if
desired, have a period of 45 calendar days to consider whether or not to sign this Release. Participant acknowledges that, prior to the execution of this Release, Participant has had the opportunity to consult with an attorney concerning
Participant’s release of claims under the ADEA. Participant may revoke this Release within a period of seven (7) calendar days following the execution of this Release. 

Notwithstanding anything else herein to the contrary, this release shall not affect, and Participant shall not waive: (i) rights to
indemnification Participant may have under (A) applicable law, (B) any other agreement between Participant and FBR and its affiliates and (C) as an insured under any director’s and officer’s liability insurance policy now or
previously in force; (ii) any right Participant may have to obtain contribution in the event of the entry of judgment against Participant as a result of any act or failure to act for which both Participant and FBR or any of its affiliates or
subsidiaries are jointly responsible; (iii) Participants rights to benefits under Section 6(a)(ii) of the Plan, rights to vested benefits under any retirement plan or deferred compensation plan and rights under welfare benefit plans, all
of which shall remain in effect in accordance with the terms and provisions of such plans; (iv) Participant’s rights as a stockholder of any of FBR or any of its affiliates; or (v) any rights of Participant that by law may not be
waived. 
 Participant agrees that Participant’s waiver of these claims is knowing and voluntary, and understands that Participant is
forever releasing such claims. Participant understands that Participant’s waiver does not apply to any rights or claims that may arise after 

  
 9 

 
the effective date of this Release. Participant acknowledges that Participant has signed this Release in exchange for adequate and valuable consideration that is in addition to anything of value
that Participant is entitled to receive from FBR absent this Release. Participant acknowledges that, prior to the execution of this Release, Participant has had the opportunity to consult with an attorney concerning this release of claims. 

The validity, interpretations, construction and performance of this Release shall be governed by the laws of the Commonwealth of Virginia
without giving effect to conflict of laws principles. 
 IN WITNESS WHEREOF, Participant has hereunto set Participant’s hand as of the
day and year set forth opposite his signature below. 
  

									
		  	 	  		  	 	  	
		  	DATE	  		  	PARTICIPANT	  	

  
 10

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