Document:

Exhibit

Loan No.  18462590T05-B

AMENDED AND RESTATED REVOLVING TERM PROMISSORY NOTE
THIS AMENDED AND RESTATED REVOLVING TERM PROMISSORY NOTE (this "Promissory Note") to the Credit Agreement dated December 28, 2016 (such agreement, as may be amended, hereinafter referred to as the "Credit Agreement"), is entered into as of January 28, 2020 between COBANK, ACB, a federally-chartered instrumentality of the United States ("Lender") and SOUTH DAKOTA SOYBEAN PROCESSORS, LLC, Volga, South Dakota, a limited liability company (together with its permitted successors and assigns, the "Borrower"). Capitalized terms not otherwise defined in this Promissory Note will have the meanings set forth in the Credit Agreement.
RECITALS
(A) This Promissory Note amends, restates, replaces and supersedes, but does not constitute payment of the indebtedness evidenced by, the promissory note set forth in the Amended and Restated Revolving Term Promissory Note numbered 18462590T05-A, dated as of March 28, 2017, between Lender and the Borrower.
SECTION 1.    REVOLVING TERM COMMITMENT. On the terms and conditions set forth in the Credit Agreement and this Promissory Note, Lender agrees to make loans to the Borrower during the period set forth below in an aggregate principal amount not to exceed the Maximum Commitment Amount (as set forth below) at any one time outstanding (the "Commitment"). The "Maximum Commitment Amount" will be $26,000,000.00 initially and will reduce during the term of the Commitment in accordance with the table below. Within the limits of the Commitment, the Borrower may borrow, repay and re-borrow.
	
			
	Maximum Commitment Amount
	From
	Up to and Including

	$24,000,000.00
	March 20, 2020
	September 19, 2020

	$22,000,000.00
	September 20, 2020
	March 19, 2021

	$20,000,000.00
	March 20, 2021
	September 19, 2021

	$18,000,000.00
	September 20, 2021
	March 19, 2022

	$16,000,000.00
	March 20, 2022
	September 19, 2022

	$14,000,000.00
	September 20, 2022
	March 19, 2023

	$12,000,000.00
	March 20, 2023
	September 20, 2023

SECTION 2.    PURPOSE. The purpose of the Commitment is to finance capital expenditures and to provide working capital to the Borrower.
SECTION 3.    TERM. The term of the Commitment will be from the date hereof, up to and including September 20, 2023, or such later date as Lender may, in its sole discretion, authorize in writing (the "Term Expiration Date").
SECTION 4.    LIMITS ON ADVANCES, AVAILABILITY, ETC.  The loans will be made available as provided in Article 2 of the Credit Agreement.
SECTION 5.    INTEREST. The Borrower agrees to pay interest on the unpaid balance of the loan(s) in accordance with the following interest rate option(s):
(A)One-Month LIBOR Index Rate. At a rate (rounded upward to the nearest 1/100th and adjusted for reserves required on Eurocurrency Liabilities (as hereinafter defined) for banks subject to FRB Regulation D (as hereinafter defined) or required by any other federal law or regulation) per annum equal at all times to 2.450% above the higher of: (1) zero percent (0.000%); or (2) the rate reported at 11:00 a.m. London time for the offering of one (1)-month U.S. dollars deposits, by Bloomberg Information Services (or any successor or substitute service providing rate

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quotations comparable to those currently provided by such service, as determined by Lender from time to time, for the purpose of providing quotations of interest rates applicable to dollar deposits in the London interbank market) on the first U.S. Banking Day (as hereinafter defined) in each week, with such rate to change weekly on such day. The rate will be reset automatically, without the necessity of notice being provided to Lender, the Borrower, or any other party, on the first U.S. Banking Day of each succeeding week, and each change in the rate will be applicable to all balances subject to this option. Information about the then-current rate will be made available upon telephonic request. For purposes hereof: (a) "U.S. Banking Day" means a day on which Lender is open for business and banks are open for business in New York, New York; (b) "Eurocurrency Liabilities" will have the meaning as set forth in "FRB Regulation D"; and (c) "FRB Regulation D" means Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended.
(B)Quoted Rate. At a fixed rate per annum to be quoted by Lender in its sole discretion in each instance. Under this option, rates may be fixed on such balances and for such periods, as may be agreeable to Lender in its sole discretion in each instance, provided that: ( 1) the minimum fixed period will be 365 days; (2) amounts may be fixed in an amount not less than $500,000.00; and (3) the maximum number of fixes in place at any one time will be ten.
The Borrower will select the applicable rate option at the time it requests a loan hereunder and may, subject to the limitations set forth above, elect to convert balances bearing interest at the variable rate option to one of the fixed rate options. Ifthe Borrower fails to elect an interest rate option, interest will accrue at the variable interest rate option. Upon the expiration of any fixed rate period, interest will automatically accrue at the variable rate option unless the amount fixed is repaid or fixed for an additional period in accordance with the terms hereof. Notwithstanding the foregoing, rates may not be fixed for periods expiring after the maturity date of the loans and rates may not be fixed in such a manner as to cause the Borrower to have to break any fixed rate balance in order to pay any installment of principal. All elections provided for herein will be made telephonically or in writing and must be received by 12:00 p.m. Denver, Colorado time. Interest will be calculated on the actual number of days each loan is outstanding on the basis of a year consisting of 360 days and will be payable monthly in arrears by the 20th day of the following month or on such other day as Lender will require in a written notice to the Borrower ("Interest Payment Date").
SECTION 6.    PROMISSORY NOTE. The Borrower promises to repay on the date of each reduction in the Commitment set forth in the schedule in Section 1 above, the outstanding principal, if any, that is in excess of the reducing Commitment amount set forth in the aforementioned schedule, followed by a final installment in an amount equal to the remaining unpaid principal balance of the loans on the Term Expiration Date.
In addition to the above, the Borrower promises to pay interest on the unpaid principal balance of the loans at the times and in accordance with the provisions set forth herein.
SECTION 7.    SECURITY. The Borrower's obligations hereunder and, to the extent related hereto, under the Credit Agreement, will be secured as provided in Section 2.3 of the Credit Agreement.
SECTION 8.    FEES.
(A)Amendment Fee. In consideration of the Commitment, the Borrower agrees to pay to Lender on the execution hereof, a fee in the amount of $10,000.00.
(B)Commitment Fee. In consideration of the Commitment, the Borrower agrees to pay to Lender a commitment fee on the average daily unused available portion of the Commitment at the rate of 0.400% per annum (calculated on a 360-day basis), payable monthly in arrears by the 20th day following each month. Such fee will be payable for each month (or portion thereof) occurring during the original or any extended term of the Commitment.

SIGNATURE PAGE FOLLOWS

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SIGNATURE PAGE TO PROMISSORY NOTE
IN WITNESS WHEREOF, the parties have caused this Promissory Note to the Credit Agreement to be executed by their duly authorized officer(s).
	
				
	 
	SOUTH DAKOTA SOYBEAN PROCESSORS, LLC

	 
	 
	 
	 

	 
	By:
	 
	/s/ Mark Hyde

	 
	 
	 
	 

	 
	Name:
	 
	Mark Hyde

	 
	 
	 
	 

	 
	Title:
	 
	CFO

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SIGNATURE PAGE TO PROMISSORY NOTE
IN WITNESS WHEREOF, the parties have caused this Promissory Note to the Credit Agreement to be executed by their duly authorized officer(s).
	
				
	 
	COBANK, ACB

	 
	 
	 
	 

	 
	By:
	 
	/s/ Patricia Machado

	 
	 
	 
	 

	 
	Name:
	 
	Patricia Machado

	 
	 
	 
	 

	 
	Title:
	 
	Assistant Corporate Secretary

4EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

CONFIDENTIAL SEPARATION AGREEMENT 

AND RELEASE IN FULL OF ALL CLAIMS 

Employee Name: Jamey Seely 
 Employee ID: 36878 

Work City and State: Denver, Colorado 
 Separation Date:
April 1, 2020 
 Notice to Employee: You should discuss this Confidential Separation Agreement with an attorney prior to signing it. In any event,
you should thoroughly review and understand the effect of this document before acting upon it. Therefore, please take this Confidential Separation Agreement home and carefully consider it before deciding whether to sign it. You have 60 calendar days
from the Effective Date (as defined below) to review, execute and return this Agreement to the Company, which 60-day period includes any revocation period contained in this Agreement. The Certificate
Effectiveness Date, as defined in the Certificate, attached hereto as Exhibit A (the “Certificate”), must be on or before April 8, 2020, or your severance offer will automatically be withdrawn and you will not be eligible to receive
any Severance Benefits. 
 This CONFIDENTIAL SEPARATION AGREEMENT AND RELEASE IN FULL OF ALL CLAIMS (the “Agreement”) is made, as of
March 13, 2020 (the “Effective Date”), by and between: 
 JAMEY SEELY (hereinafter referred to as “Employee”) 

AND 
 Gates Industrial Corporation plc, including for the
purposes of this Agreement, its parents, affiliates, subsidiaries, predecessors, successors, assigns, management companies or any related organizations or entities of which it is or becomes a part, as well as the foregoing entities’ respective
shareholders, officers, directors, employees, agents, insurers, and employee benefit plans (collectively, “Gates” or “Company”). Employee and Gates are together referred to herein as the “Parties” and individually
referred to as “Party.” 
 FOR AND IN CONSIDERATION of the mutual promises and covenants hereinafter set forth, the Parties agree
as follows: 
 1.    Intent to Resolve all Claims. In connection with Employee’s separation and termination
of employment with the Company at the close of business on the employee’s Separation Date, Gates and Employee desire to settle and compromise fully and finally all differences between them, including, but not limited to, all claims Employee has
or might have asserted against the Company arising out of the employment with Gates or termination of that employment. 
 SEPARATION OF EMPLOYMENT

  
 GATES INDUSTRIAL
CORPORATION PLC EXECUTIVE SEVERANCE PLAN RELEASE AGREEMENT 
 1 

 2.    Separation Date. The Parties acknowledge that as of
April 1, 2020 (a) Employee’s employment with the Company will terminate (the “Separation Date”) and (b) the Company shall not, subsequent to the Separation Date, have any liabilities, rights, duties or obligations to
Employee under or in connection with Employee’s employment with the Company, except as provided in this Agreement. 

3.    Return of Property. Employee acknowledges that he or she has possession of all of Employee’s personal
property that was on the Company’s premises. No later than three days following the Separation Date, Employee will return all copies and originals of any Company property, documents, computer programs, or other records, regardless of how
created, copied, stored and/or maintained, specifically including any documents or records relating to the Company’s finance, accounting and/or audit policies and procedures. No later than three days following the Separation Date, except as
otherwise set forth in this paragraph, Employee will return to the Company all Company property, including without limitation, computer, badge and security access equipment, Company credit cards, calling cards, etc. The Company agrees that the
Employee’s cell phone number, cell phone, and home printer shall be retained by the Employee. 
 COMPENSATION AND BENEFITS 

4.    Wages. Whether or not Employee signs this Agreement, the Company will pay Employee’s regular wages
earned through the Separation Date (minus applicable deductions and withholdings). 
 5.    Treatment of Equity
Awards. Employee’s eligibility to any outstanding Equity Awards, if any, shall be governed by the terms and conditions of the relevant Incentive Plans (as defined in the Gates Industrial Corporation plc Executive Severance Plan (the
“Plan”)) and the applicable Award Agreements thereunder. 
 6.    Severance Benefits. 

a.    Employee shall receive the Severance Benefits described below, provided all the following have occurred:
(1) Employee’s employment has terminated (other than as a result of a termination for Cause (as defined in the Plan) or by the Employee when grounds for Cause exist); (2) Employee has affirmed the terms of this Agreement, including the
release set forth in Paragraph 9, such that it covers the period of employment between the Effective Date and the Separation Date, by signing the Certificate and returning it to the Company at the address provided in Paragraph 28; (3) the revocation
period described in Paragraph 28 has expired and Employee has not revoked the Agreement; and (4) Employee has complied in full with the terms of this Agreement, including but not limited to Paragraphs
12-15. 
 b.    In exchange for Employee’s release of claims in Paragraph 9
and the affirmation of such release of claims provided in the Certificate, as well as Employee’s other promises contained in this Agreement, and provided the requirements of Paragraph 6.a. above have been satisfied, the Company agrees to
provide Employee with the following “Severance Benefits”: 

  
 GATES INDUSTRIAL
CORPORATION PLC EXECUTIVE SEVERANCE PLAN RELEASE AGREEMENT 
 2 

	 	i.	 Cash Severance. In an amount equal to $850,000.00, said amount represents 2.0 multiplied by
Employee’s current annual base salary in effect immediately prior to the Separation Date. This amount is to be paid in a lump sum on the first payroll following the Certificate Effectiveness Date, in accordance with the Company’s normal
payroll practices; 

  

	 	ii.	 COBRA Continuation Payment. Beginning with the first payroll following the Certificate Effectiveness
Date, a monthly cash payment of $346.00 per month, representing an amount equal to the Company’s portion of the monthly health and dental benefits premiums that would be paid on behalf of Employee if such Employee would have remained employed
by the Company. Payments under this section will be payable monthly for each month of the Welfare Continuation Period in accordance with the Company’s payroll practices, provided, however, that the Welfare Continuation Period
shall terminate earlier as of the date on which Employee becomes eligible to receive any health benefits as a result of subsequent employment or service. Employee will notify the Company in writing at least seven days prior to the date in which she
becomes eligible to receive any health benefits as a result of subsequent employment or service. The first such payment in respect of any completed months prior to the Certificate Effectiveness Date to occur as soon as practicable after the
Certificate Effectiveness Date. 

  

	 	iii.	 Bonus for 2019 Fiscal Year. Due to Company performance, the Gates Global Bonus Policy for the 2019
Fiscal Year funded at 0%, thus no bonus will be paid to Employee; 

  

	 	iv.	 Prorated Bonus for 2020 Fiscal Year. Employee will receive any bonus amount otherwise payable under the
Gates Global Bonus Policy prorated through the Separation Date, calculated based on actual performance for the 2020 fiscal year (with any individual performance factor (as defined in the Gates Global Bonus Policy) set at 1), payable concurrently
with bonus payments, if any, to other participants under the Gates Global Bonus Policy; and 

  

	 	v.	 Outplacement Services. Reimbursement for reasonable outplacement services actually incurred by Employee
which are directly related to such Employee’s Termination and which are incurred only during a 6-consecutive-month period that ends within or with the 12-month
period following the Separation Date. 

 The payments described in this Paragraph 6, including the COBRA Continuation
Payment, shall be subject to applicable withholdings and deductions and will be reflected on a W-2 tax form. The Company makes no representations to Employee about the tax consequences of entering into this
Agreement and the way these payments are made. 

  
 GATES INDUSTRIAL
CORPORATION PLC EXECUTIVE SEVERANCE PLAN RELEASE AGREEMENT 
 3 

 c.    Taxes. Employee is solely responsible for any tax liability
incurred as a result of these payments. Employee agrees to hold the Company harmless against, and to indemnify the Company for any and all claims by the Internal Revenue Service or other United States Bankruptcy Court, or any other taxing authority
or other government agency (whether federal, state or local), which may be made against the Company to withhold any portion of the distribution or otherwise pay taxes in connection with the distribution of the severance payments and benefits
pursuant to the Paragraphs above, but only to the extent that any such claims are caused by Employee’s own failure to make the necessary withholdings or payments. 

7.    Payment in Full of All Compensation and Benefits. Employee hereby expressly acknowledges and agrees that
(a) Employee has been paid for all work performed and (b) Employee is not entitled to any additional payment of wages (including overtime), compensation, leave, or benefit of any kind from the Company as of the Separation Date, except the
Severance Benefits payable under the terms of this Agreement, and any earned, but unused, vacation days. 

8.    Termination of Group Health Insurance/Continuation Coverage. If Employee and his or her family members are
enrolled in Company-provided medical and/or dental coverage, vision insurance, and/or the Employee Assistance Plan on the Separation Date, Employee may elect continued coverage after the Separation Date under the Consolidated Omnibus Budget
Reconciliation Act of 1985 (“COBRA”). Employee must elect coverage by timely and properly completing and returning the COBRA forms sent to him or her. The Company will provide COBRA enrollment information (including cost information) to
eligible employees within 45 days following their Separation Date. 
 GENERAL RELEASE AND WAIVER 

9.    Full and Complete Waiver and Release. 

By signing this Agreement, and to the fullest extent permitted by law, Employee waives and releases the Company from any and all claims. 

Employee releases, acquits, and forever discharges the Company, and each of its current and former individual directors, officers, employees,
shareholders, agents and insurers, and their successors, and all other persons who might be claimed to be liable (collectively “Released Parties”), to the fullest extent allowed by law, of and from any and all grievances, claims, actions
and lawsuits arising out of or related to Employee’s employment with the Company or the termination of that employment, other than as expressly excepted in Paragraph 10. Although (as noted in Paragraph 10) this Agreement does not limit
Employee’s right to file a charge with an administrative agency or participate in an agency investigation and to file an unfair labor practice charge, Employee waives the right to recover money in connection with any charge or investigation by
any agency, regardless of whether Employee or someone else initiated that charge or investigation. Employee hereby assigns to the Company all rights to such compensation, if any, in consideration of the payments received under this Agreement. 

This release includes to the fullest extent allowed by law, but is not limited to, any and all claims, grievances, actions or lawsuits in any
forum, which have been, might have been, or in the 

  
 GATES INDUSTRIAL
CORPORATION PLC EXECUTIVE SEVERANCE PLAN RELEASE AGREEMENT 
 4 

 
future might be asserted by Employee and/or on behalf of Employee, under local, state and federal laws, administrative regulations, Executive Orders, and wage payment or equal employment
opportunity legislation such as: Title VII of the Civil Rights Act of 1964; the Sarbanes-Oxley Act of 2002 (15 USC § 78d-3); the Civil Rights Acts of 1866, 1870, 1871, and 1991; 42 U.S.C. § 1981, the
Age Discrimination in Employment Act; the Equal Pay Act and any state equal pay laws; the Colorado Anti-Discrimination Act; the Family and Medical Leave Act; the Genetic Information Non-Discrimination Act of
2008; the Older Workers Benefit Protection Act; the Americans with Disabilities Act and Sections 503 and 504 of the Rehabilitation Act of 1973 and any state law equivalents; the Labor Management Relations Act; the National Labor Relations Act; the
Fair Labor Standards Act; the Occupational Safety and Health Act; the Employee Retirement Income Security Act; the Worker Adjustment and Retraining Notification (WARN) Act, 23 U.S.C. § 2101, including WARN Act claims that may arise after the
date on which this Agreement became effective, and Executive Orders 11246 and 11141, all as amended. This release also includes, to the fullest extent allowed by law, any and all federal, state, local law or
common-law claims, including whistleblower, retaliation, tort and wrongful discharge claims; contract claims, including express or implied contract and breach of the covenant of good faith and fair dealing;
and claims for attorneys’ fees. 
 10.    Exceptions to the Release. Notwithstanding any other provisions of
this Agreement, nothing in this Agreement will waive, release, modify, or otherwise affect any of Employee’s accrued and vested rights under existing pension and profit-sharing plans, such as claims for vested benefits, or under state
workers’ compensation and unemployment laws. This Agreement is not intended to change or modify any provision of any benefit plan governed by ERISA. With the exception of claims under the WARN Act, this Agreement does not govern claims or
rights based on events that may occur after the date Employee signs this Agreement. Also excluded from this Agreement is Employee’s right to file a charge with an administrative agency, participate in an agency investigation and to file an
unfair labor practice charge. Employee is, however, waiving all rights to recover money in connection with any such charge, investigation or related lawsuit. 

EMPLOYEE’S COVENANTS 

11.    Employee Representations. Employee represents he or she has: (a) not made or filed any suits, claims,
complaints or charges against the Company with any court or administrative body; (b) not transferred or assigned any claims, rights or causes of action against the Company to any other person or entity; and (c) reported all workplace
injuries and illnesses in writing to the immediate supervisor or human resources representative on or before the Separation Date. 

12.    Continuation of Confidentiality and Other Restrictive Covenants. Employee acknowledges that he or she has
previously executed a Gates Industrial Corporation Plc Executive Severance Plan Participation Notice and Agreement (including Appendix A to that notice) (the “Participation Notice and Agreement”). Employee acknowledges and reaffirms his or
her continuing obligations under the Participation Notice and Agreement. Employee understands that if Employee breaches the Participation Notice and Agreement, the Company is entitled to recover any and all damages caused by such breach and is
entitled to any other remedies provided thereunder. 

  
 GATES INDUSTRIAL
CORPORATION PLC EXECUTIVE SEVERANCE PLAN RELEASE AGREEMENT 
 5 

 13.    Nondisclosure of Confidential Information. Employee agrees
not to disclose any Confidential Information of the Company, including information received in confidence by the Company from others except upon written consent of the Company. “Confidential Information” means information
(1) disclosed to or known by Employee as a consequence of or through his or her employment with the Company, (2) not generally known outside the Company, and (3) which relates to the Company’s business and includes, without
limitation, trade secrets, drawings, manuals, notebooks, reports, models, prototypes, ideas, inventions, formulas, machines, compositions, computer programs, accounting methods, customer lists, business plans, information systems, processes,
formulae, algorithms, designs, product specifications, market strategies, financial information, and information concerning pricing, profits, and costs, and other information that the Company treats or is obligated to treat as confidential,
privileged, or for internal use only, whether or not owned by the Company. It is understood that such Confidential Information of the Company includes matters that Employee conceived or developed as well as matters Employee learned from other
employees of the Company. 
 Employee will not, except as the Company may otherwise consent or direct in writing, reveal or disclose, sell,
use, lecture upon or publish any Confidential Information or proprietary information of the Company, or authorize anyone else to do these things at any time. Employee’s obligations under this Agreement with respect to any specific confidential
information shall cease when that specific portion of the Confidential Information becomes generally known outside the Company through no fault of Employee. 

Employee understands that notwithstanding the foregoing, nothing in this Agreement prohibits Employee from reporting to any governmental
authority information concerning suspected violations of law or regulation and that Employee may disclose trade secret information to a government official or to an attorney and use it in certain court proceedings without fear of prosecution or
liability provided Employee does so consistent with 18 U.S.C. § 1833. 
 14.    Confidentiality of
Agreement. 
 a.    With the exception of necessary communications to taxing authorities, accountants, and
attorneys; communications to immediate family members who reside with Employee; the affirmative obligation to inform new employers of Employee’s agreement to not compete against the company or solicit Company employees or customer; and any
communications required by law, Employee agrees and covenants that the terms, amounts, and fact of this Agreement shall be kept strictly confidential. Employee further agrees not in any way (directly or indirectly) to communicate or disclose, or
participate in the communication or disclosure, of any of that information to others (except as may be necessary to enforce the rights contained in this Agreement in an appropriate legal proceeding); including any of the Company’s past,
present, or future employees or customers, and further agrees and covenants that the same restrictions shall apply with respect to representatives of the media. 

b.    Nothing in this Agreement shall prohibit or impede Employee from communicating, cooperating, or filing a complaint
on possible violations of U.S. federal, state, or local law or regulation to or with any governmental agency or regulatory authority (collectively, 

  
 GATES INDUSTRIAL
CORPORATION PLC EXECUTIVE SEVERANCE PLAN RELEASE AGREEMENT 
 6 

 
a “Governmental Entity”), including, but not limited to, the Securities and Exchange Commission, Financial Industry Regulatory Authority, Equal Employment Opportunity Commission, or
National Labor Relations Board, or from making other disclosures to any Governmental Entity that are protected under the whistleblower provisions of U.S. federal, state, or local law or regulation; provided, that, in each case, such communications
and disclosures are consistent with applicable law. Employee shall not be held criminally or civilly liable under any U.S. federal or state trade secret law for the disclosure of a trade secret that is made (i) in confidence to a U.S. federal,
state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made
under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if
the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order. Moreover, Employee shall not be required to give prior notice to (or get prior authorization from) the
Company regarding any such communication or disclosure. 
 c.    Except as otherwise provided in Paragraph 14.b or under
applicable law, under no circumstance is Employee authorized to disclose any information covered by the Company’s attorney-client privilege or attorney work product or the Company’s trade secrets without the prior written consent of the
Company. 
 15.    No Disparagement. Employee agrees and covenants that he or she will not in any way (directly
or indirectly) do or say anything at any time which disparages or derogates the Company, its subsidiaries or affiliates, its business interests or reputation, or any of its individual directors, officers, employees, customers, or agents. The Company
agrees and covenants that it will direct its executive leadership team from in any way (directly or indirectly) do or say anything at any time which disparages or derogates the Employee. Employee agrees to direct any employment inquiries to Gwen
Montgomery, and the Company agrees to respond, through Gwen Montgomery or her representative, to any such employment-related inquiries directed to Gwen Montgomery regarding Employee by providing only Employee’s dates of employment and
position(s) held. 
 16.    Assistance with Legal Matters. Employee agrees to assist the Company, on a reasonable
basis, in the defense of any claims or potential claims that may be made or threatened to be made against it in any action, suit, or proceeding, whether civil, criminal, administrative, or investigative (“Proceeding”), and shall assist the
Company in the prosecution of any claims that may be made by the Company in any Proceeding, to the extent that such claims may relate to the Employee’s services. 

Employee agrees, unless precluded by law, to promptly inform the Company if asked to participate (or otherwise become involved) in any
Proceeding involving such claims or potential claims. 
 Employee also agrees, unless precluded by law, to promptly inform the Company if
asked to assist in any investigation (whether governmental or private) of the Company (or its actions), regardless of whether a lawsuit has been filed against the Company with respect to such investigation. 

  
 GATES INDUSTRIAL
CORPORATION PLC EXECUTIVE SEVERANCE PLAN RELEASE AGREEMENT 
 7 

 17.    Acknowledgements. Employee acknowledges and agrees to the
following: 
 a.    the Severance Benefits described in Paragraph 6 of this Agreement are in addition to whatever
Employee would be entitled to receive if Employee decides not to sign this Agreement, and they constitute the sole consideration/payment to Employee from the Company in exchange for Employee’s promises and actions as set forth in this
Agreement. 
 b.    in exchange for the Severance Benefits, Employee is waiving all rights or claims, if any, that
Employee may have against the Company under the ADEA. 
 c.    this Agreement has been written in a manner calculated to
be understood by Employee and Employee does understand it. 
 d.    Employee is not waiving rights and claims that arise
after the date Employee signs the Certificate. 
 e.    WARN. If the Company paid any payments under WARN,
Employee agrees and acknowledges that the method used to determine the rate of pay and benefits is reasonable and fairly compensates Employee for the sixty day WARN Act period. In addition, Employee agrees and acknowledges that the separation pay is
a voluntary and unconditional payment from the Company, which the Company is not legally obliged to provide unless Employee signs this Agreement, and such pay is sufficient and adequate consideration for Employee’s release of any WARN Act
claims that Employee may have either now or in the future as a result of Employee’s termination of employment. 
 OTHER PROVISIONS 

18.    Status of Severance in the Event of Rehire. Severance Benefits shall stop in the event Employee is
subsequently rehired by the Company. The effective date of discontinuing current Severance Benefits shall be the calendar day prior to the reemployment date. 

19.    Final, Binding and Entire Agreement. This Agreement (including the Certificate) contains the entire
agreement and understanding between the parties related to its subject matter, and supersedes and replaces all prior negotiations and understandings, written or oral, express or implied, concerning this subject matter except that any obligations
Employee has under any Participation Notice and Agreement under the Plan, Confidentiality & Restrictive Covenants Agreement, the Employee Confidential Information, Invention and Copyright Agreement, Affidavit in the Company’s
Application for Employment, and/or any confidentiality or non-disclosure agreement, all remain in full force and effect (including, for the avoidance of doubt, any Exhibits or Appendices thereto and any rights
of the Company to pursue any remedies thereunder). This Agreement may be amended only by a written document signed by the parties which specifically states that it was intended as an amendment. Failure to comply with the terms of this Agreement will
result in the withdrawal of the offer of severance pay made in this Agreement. 

  
 GATES INDUSTRIAL
CORPORATION PLC EXECUTIVE SEVERANCE PLAN RELEASE AGREEMENT 
 8 

 20.    No Admission of Liability. Nothing in this Agreement shall
be interpreted as an admission of liability as to any of the complaints, claims, or lawsuits that it releases or as to any wrongful act against Employee. The Company and each of its individual directors, officers, employees, agents and insurers, and
their successors, individually and collectively, expressly deny any such liability or wrongful act. 
 21.    Choice
of Venue, Jury Trial and Class Action Damage Waiver. Venue for litigating any claims under this Agreement is proper in the U.S. District Court for the District of Colorado or the Denver County District Court, and Employee
expressly consents to the jurisdiction of such courts. Employee expressly waives and relinquishes the right to a trial before a jury in any action, brought in any court, concerning this Agreement or any other claim against the Company. Employee also
expressly waives the right to collect money damages in any class or collective action against the Company. 

22.    Severability. To the extent that any provisions in this Agreement are deemed illegal and/or unenforceable,
the parties agree that this Agreement shall be interpreted so that all other obligations and protections established by it are enforceable. 

23.    Duplicates. Employee and the Company may sign duplicate originals of this Agreement. 

24.    Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, and
all of which together shall constitute one and the same instrument. 
 25.    Headings. The headings in this
Agreement are used for ease of reference only, and may not be used as aids in interpreting this Agreement. 

26.    Section 409A. This Agreement will be construed and interpreted to comply with the requirements of
Section 409A of the Internal Revenue Code, to the extent applicable, or one or more applicable exceptions thereto, in accordance with the provisions of Section 409A of the Code and any Treasury Regulations or interpretive guidance issued
thereunder. Further, to the extent that any of the payments hereunder constitute “nonqualified deferred compensation” for purposes of Code Section 409A, any payment of any amount or provision of any benefit otherwise scheduled to
occur prior to the 60th day following the Separation Date, but for the condition of the occurrence of the Certificate Effectiveness Date, shall not be made until the first regularly scheduled
payroll date following such 60th day, after which any remaining payments shall thereafter be provided to Employee according to the applicable schedule set forth herein. 

27.    Representations and Warranties. By executing this Agreement, Employee acknowledges that Employee:
(i) is not relying upon any statements, understandings, representations, expectations, or agreements other than those expressly set forth in this Agreement; (ii) has made Employee’s own investigation of the facts and is relying solely
upon Employee’s own knowledge and, if applicable, the advice of Employee’s own legal counsel; (iii) knowingly waives any claim that this Agreement was induced by any misrepresentation or nondisclosure and any right to rescind or avoid
this Agreement based upon presently existing facts, known or unknown, (iv) is entering into this Agreement freely and voluntarily; and (v) has 

  
 GATES INDUSTRIAL
CORPORATION PLC EXECUTIVE SEVERANCE PLAN RELEASE AGREEMENT 
 9 

 
carefully read and understood all of the provisions of this Agreement. The Parties stipulate that the Company is relying upon these representations and warranties in entering into this Agreement.
These representations and warranties shall survive the execution of this Agreement. The Parties also agree that the consideration stated herein is contractual and not merely a recital. The Parties hereto execute and deliver this Agreement after
being fully informed of its terms, contents, and effects, and having the benefit of advice from their respective counsels. 

28.    Consideration and Revocation Periods. Employee hereby acknowledges having been allowed at least 60 calendar
days from the Effective Date to consider this Agreement and that, if the Agreement is signed sooner, such decision is entirely voluntary. The parties agree that changes to this Agreement, whether material or immaterial, do not restart the running of
this time period. Employee has been advised in writing by the Company to consult an attorney prior to signing this Agreement and to ask the attorney to review and explain this Agreement. Employee has thoroughly reviewed this Agreement and
understands this Agreement and the effect of it. Employee understands that he or she may revoke this Agreement for a period of seven (7) days after signing it, and that the Agreement will not become effective or enforceable until the seven-day period has expired without such revocation. Executed agreements and/or revocation notices shall be sent to: 

Gates Corporation 
 Attn: Gwen
Montgomery 
 1144 Fifteenth Street, Suite 1400 

Denver, CO 80202 
 [REMAINDER OF
THIS PAGE LEFT BLANK INTENTIONALLY] 

  
 GATES INDUSTRIAL
CORPORATION PLC EXECUTIVE SEVERANCE PLAN RELEASE AGREEMENT 
 10 

 This Agreement contains a waiver and release of important legal rights. By signing below, Employee
acknowledges and agrees that Employee waives and releases such rights knowingly and voluntarily and after having been encouraged to review with legal counsel of Employee’s own choosing. 

IN WITNESS WHEREOF, the parties have signed this Agreement as of the Effective Date. 

 

					
	EMPLOYEE	 		 	GATES INDUSTRIAL CORPORATION PLC
			
	/s/ Jamey Seely	 		 	/s/ Roger Gaston
	Employee Signature	 		 	Authorized Representative Signature
			
	Jamey Seely	 		 	Roger Gaston – Chief Human Resources Officer
	Employee Name	 		 	Name and Title

  
 GATES INDUSTRIAL
CORPORATION PLC EXECUTIVE SEVERANCE PLAN RELEASE AGREEMENT 
 11 

 EXHIBIT A 

Certificate Updating Release and Waiver of Claims 

I, Jamey Seely, hereby acknowledge and certify that I entered into a Confidential Separation Agreement and Release in Full of all Claims (the
“Agreement”), dated as of March 13, 2020, with the Gates Industrial Corporation plc (the “Company”). Capitalized but undefined terms in this Certificate are defined in the Agreement. Pursuant to the Agreement, I am required
to sign this “Certificate,” which updates the release and waiver of claims in the Agreement, in order to receive the Severance Benefits. For this Certificate to become effective and for me to receive the Separation Benefits set forth in
Paragraph 6 of the Agreement, I must sign this Certificate after the Separation Date but no later than seven (7) calendar days after the Separation Date. I will not sign this Certificate before the Separation Date. Subject to
the foregoing, the date I sign this Certificate is the “Certificate Effectiveness Date.” I further agree as follows: 
  

	 	1.	 A copy of this Certificate was attached to the Agreement as Exhibit A. 

 

	 	2.	 In consideration of the benefits described in the Agreement, for which I become eligible only if I sign this
Certificate, I hereby extend the release and waiver of claims set forth in Paragraph 9 of the Agreement to any and all claims that arose after the date I signed the Agreement through the date I signed this Certificate, subject to all other
exclusions and terms set forth in the Agreement. 

  

	 	3.	 I have carefully read and fully understand all of the provisions of this Certificate, I knowingly and
voluntarily agree to all of the terms set forth in this Certificate, and I acknowledge that in entering into this Certificate, I am not relying on any representation, promise or inducement made by the Company or its officers, directors, employees,
agents or other representatives with the exception of those promises expressly contained in this Certificate and the Agreement. 

  

	 	4.	 I agree that I have been paid all unpaid wages and other compensation owed to me as of the Separation Date. I
also agree that none of my rights have been violated under any statute, common law or Company policy, program or agreement. I represent that I have reported any and all workplace injuries that I suffered during my employment, if any, to the Company
before executing this Certificate. 

  

	 	5.	 I agree that this Certificate, when executed, is part of the Agreement. 

 

	
	
	   

	Jamey Seely
	
	   

	Date

  
 GATES INDUSTRIAL
CORPORATION PLC EXECUTIVE SEVERANCE PLAN RELEASE AGREEMENT 
 A-1

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