Document:

Document

Exhibit 10.1

INDEMNITY AGREEMENT

THIS INDEMNITY AGREEMENT (the “Agreement”) is made and entered into as of [___________], between DocuSign, Inc., a Delaware corporation (the “Company”), and [___________] (“Indemnitee”).

RECITALS
A.        Highly competent persons have become more reluctant to serve corporations as directors or officers or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the corporation;

B.        Although the furnishing of liability insurance to protect persons serving the Company and its subsidiaries from certain liabilities has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions.  At the same time, directors, officers, and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself.  The Amended and Restated Bylaws (the “Bylaws”) and Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”) of the Company as each is in effect from time to time require indemnification of the officers and directors of the Company.  Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (“DGCL”).  The Bylaws and Certificate of Incorporation and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the Board, officers and other persons with respect to indemnification;

C.        The uncertainties relating to liability insurance and to indemnification have increased the difficulty of attracting and retaining such persons;

D.        The Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company's stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;

E.         It is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified; 

F.         This Agreement is a supplement to and in furtherance of the Bylaws and Certificate of Incorporation of the Company and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee G.        
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Indemnitee does not regard the protection available under the Company's Bylaws and Certificate of Incorporation and insurance as adequate in the present circumstances, and may not be willing to serve as an officer or director without adequate protection, and the Company desires Indemnitee to serve in such capacity.  Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that Indemnitee be so indemnified; and

H.        Indemnitee may have certain rights to indemnification and/or insurance provided by other entities and/or organizations which Indemnitee and such other entities and/or organizations intend to be secondary to the primary obligation of the Company to indemnify Indemnitee as provided herein, with the Company’s acknowledgement and agreement to the foregoing being a material condition to Indemnitee’s willingness to serve on the Board.

I.          This Agreement supersedes and replaces in its entirety any previous Indemnification Agreement entered into between the Company and the Indemnitee.

NOW, THEREFORE, in consideration of Indemnitee’s agreement to serve as an officer or a director from and after the date hereof, the parties hereto agree as follows:

1.        Indemnity of Indemnitee.  The Company hereby agrees to hold harmless and indemnify Indemnitee to the fullest extent permitted by law, as such may be amended from time to time.  In furtherance of the foregoing indemnification, and without limiting the generality thereof:

(a)        Proceedings Other Than Proceedings by or in the Right of the Company.  Indemnitee shall be entitled to the rights of indemnification provided in this Section l(a) if, by reason of Indemnitee’s Corporate Status (as hereinafter defined), the Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding (as hereinafter defined) other than a Proceeding by or in the right of the Company.  Pursuant to this Section 1(a), Indemnitee shall be indemnified against all Expenses (as hereinafter defined), judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by him, or on Indemnitee’s behalf, in connection with such Proceeding or any claim, issue or matter therein, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause to believe the Indemnitee’s conduct was unlawful.

(b)             Proceedings by or in the Right of the Company.  Indemnitee shall be entitled to the rights of indemnification provided in this Section 1(b) if, by reason of Indemnitee’s Corporate Status, the Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding brought by or in the right of the Company.  Pursuant to this Section 1(b), Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by the Indemnitee, or on the Indemnitee’s behalf, in connection with such Proceeding if the Indemnitee acted in good 
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faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company; provided, however, if applicable law so provides, no indemnification against such Expenses shall be made in respect of any claim, issue or matter in such Proceeding as to which Indemnitee shall have been adjudged to be liable to the Company unless and to the extent that the Court of Chancery of the State of Delaware shall determine that such indemnification may be made.

(c)     Indemnification for Expenses of a Party Who is Wholly or Partly Successful.  Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, Indemnitee shall be indemnified to the maximum extent permitted by law, as such may be amended from time to time, against all Expenses actually and reasonably incurred by him or on Indemnitee’s behalf in connection therewith.  The Company shall also indemnify Indemnitee if he or she is not successful in any Proceeding to the maximum extent permitted by law, as such may be amended from time to time, against all Expenses actually and reasonably incurred on Indemnitee’s behalf in connection therewith if the Indemnitee nonetheless meets the applicable standard of conduct for indemnification.  If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or on Indemnitee’s behalf in connection with each successfully resolved claim, issue or matter, or unsuccessfully resolved claim, issue or matter where the Indemnitee nonetheless meets the applicable standard of conduct for indemnification.  For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

2.    Additional Indemnity.  In addition to, and without regard to any limitations on, the indemnification provided for in Section 1 of this Agreement, the Company shall and hereby does indemnify and hold harmless Indemnitee against all Expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by him or on Indemnitee’s behalf if, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding (including a Proceeding by or in the right of the Company), including, without limitation, all liability arising out of the negligence or active or passive wrongdoing of Indemnitee.  The only limitation that shall exist upon the Company’s obligations pursuant to this Agreement shall be that the Company shall not be obligated to make any payment to Indemnitee that is finally determined (under the procedures, and subject to the presumptions, set forth in Sections 6 and 7 hereof) to be unlawful.

3.    Contribution.

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(a)    Whether or not the indemnification provided in Sections 1 and 2 hereof is available, in respect of any threatened, pending or completed action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), the Company shall pay, in the first instance, the entire amount of any judgment or settlement of such action, suit or proceeding without requiring Indemnitee to contribute to such payment and the Company hereby waives and relinquishes any right of contribution it may have against Indemnitee.  The Company shall not enter into any settlement of any action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee.

(b)    Without diminishing or impairing the obligations of the Company set forth in the preceding subparagraph, or in Sections 1 or 2, if, for any reason, Indemnitee shall elect or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), the Company shall contribute to the amount of Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in proportion to the relative benefits received by the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, from the transaction from which such action, suit or proceeding arose; provided, however, that the proportion determined on the basis of relative benefit may, to the extent necessary to conform to law, be further adjusted by reference to the relative fault of the Company and all officers, directors or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, in connection with the events that resulted in such expenses, judgments, fines or settlement amounts, as well as any other equitable considerations which the Law may require to be considered.  The relative fault of the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, shall be determined by reference to, among other things, the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary and the degree to which their conduct is active or passive.

(c)    The Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution which may be brought by officers, directors or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee.

(d)    To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits 
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received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).

4.    Indemnification for Expenses of a Witness.  Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness, or is made (or asked to) respond to discovery requests, in any Proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by him or on Indemnitee’s behalf in connection therewith.

5.    Advancement of Expenses.  Notwithstanding any other provision of this Agreement, the Company shall advance all Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding by reason of Indemnitee’s Corporate Status within 30 days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding.  Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written undertaking by or on behalf of Indemnitee to repay any Expenses advanced if it shall ultimately be determined that Indemnitee is not entitled to be indemnified against such Expenses.  Any advances and undertakings to repay pursuant to this Section 5 shall be unsecured and interest free. For avoidance of doubt, Indemnitee’s entitlement to advancement of expenses in this Section 5 is not dependent upon the completion of the procedures for determination of entitlement to indemnification set forth in Section 6.

6.    Procedures and Presumptions for Determination of Entitlement to Indemnification.  It is the intent of this Agreement to secure for Indemnitee rights of indemnity that are as favorable as may be permitted under the DGCL and public policy of the State of Delaware.  Accordingly, the parties agree that the following procedures and presumptions shall apply in the event of any question as to whether Indemnitee is entitled to indemnification under this Agreement:

(a)    To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith 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.  The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification.  Notwithstanding the foregoing, any failure of Indemnitee to provide such a request to the Company, or to provide such a request in a timely fashion, shall not relieve the Company of any liability that it may have to Indemnitee unless, and to the extent that, such failure actually and materially prejudices the interests of the Company. 

(b)    Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 6(a) hereof, a determination with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the following four methods, which shall be at the election of the Board:  (i) unless a Change in Control has occurred: (1) by a 
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majority vote of the Disinterested Directors, even though less than a quorum, (2) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum, (3) if there are no Disinterested Directors or if the Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to the Indemnitee, or (4) if so directed by the Board, by the stockholders of the Company; and (ii) if a Change in Control has occurred, then by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to the Indemnitee.  For purposes hereof, Disinterested Directors are those members of the Board who are not parties to the action, suit or proceeding in respect of which indemnification is sought by Indemnitee.

(c)    If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 6(b) hereof, the Independent Counsel shall be selected as provided in this Section 6(c).  The Independent Counsel shall be selected by the Board.  Indemnitee may, within 10 days after such written notice of selection shall have been given, deliver to the Company a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 13 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion.  Absent a proper and timely objection, the person so selected shall act as Independent Counsel.  If a written objection is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit.  If, within 20 days after submission by Indemnitee of a written request for indemnification pursuant to Section 6(a) hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Court of Chancery of the State of Delaware or other court of competent jurisdiction for resolution of any objection which shall have been made by the Indemnitee to the Company’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 6(b) hereof.  The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to Section 6(b) hereof, and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section 6(c), regardless of the manner in which such Independent Counsel was selected or appointed.

(d)    In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement.  Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.  Neither the failure of the Company (including by its Board or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by its Board or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

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(e)    Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise (as hereinafter defined) in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Enterprise.  In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.  Whether or not the         Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise (as hereinafter defined) in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Enterprise.  In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.  Whether or not the foregoing provisions of this Section 6(e) are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company.  Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

(f)    If the person, persons or entity empowered or selected under Section 6 to determine whether Indemnitee is entitled to indemnification shall not have made a determination within 60 days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such indemnification absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however, that such 60-day period may be extended for a reasonable time, not to exceed an additional 30 days, if the person, persons or entity making such determination with respect to entitlement to indemnification in good faith requires such additional time to obtain or evaluate documentation and/or information relating thereto; and provided, further, that the foregoing provisions of this Section 6(f) shall not apply if the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 6(b) of this Agreement and if (A) within 15 days after receipt by the Company of the request for such determination, the Board or the Disinterested Directors, if appropriate, resolve to submit such determination to the stockholders for their consideration at an annual meeting thereof to be held within 75 days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders is called within 15 days after such receipt for the purpose of making such determination, such meeting is held for such purpose within 60 days after having been so called and such determination is made thereat.

(g)    Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any 
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documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination.  Any Independent Counsel, member of the Board or stockholder of the Company shall act reasonably and in good faith in making a determination regarding the Indemnitee’s entitlement to indemnification under this Agreement.  Any costs or expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

(h)    The Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to avoid expense, delay, distraction, disruption and uncertainty.  In the event that any action, claim or proceeding 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 or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise in such action, suit or proceeding.  Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

(i)    The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.

7.    Remedies of Indemnitee.

(a)            In the event that (i) a determination is made pursuant to Section 6 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5 of this Agreement, (iii) no determination of entitlement to indemnification is made pursuant to Section 6(b) of this Agreement within 90 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to this Agreement within 10 days after receipt by the Company of a written request therefor or (v) payment of indemnification is not made within 10 days after a determination has been made that Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant to Section 6 of this Agreement, Indemnitee shall be entitled to an adjudication in an appropriate court of the State of Delaware, or in any other court of competent jurisdiction, of Indemnitee’s entitlement to such indemnification.  Indemnitee shall commence such proceeding seeking an adjudication within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 7(a).  The Company shall not oppose Indemnitee’s right to seek any such adjudication.

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(b)    In the event that a determination shall have been made pursuant to Section 6(b) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding commenced pursuant to this Section 7 shall be conducted in all respects as a de novo trial on the merits, and Indemnitee shall not be prejudiced by reason of the adverse determination under Section 6(b).

(c)    If a determination shall have been made pursuant to Section 6(b) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 7, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s misstatement not materially misleading in connection with the application for indemnification, or (ii) a prohibition of such indemnification under applicable law.

(d)    In the event that Indemnitee, pursuant to this Section 7, seeks a judicial adjudication of Indemnitee’s rights under, or to recover damages for breach of, this Agreement, or to recover under any directors’ and officers’ liability insurance policies maintained by the Company, the Company shall pay on Indemnitee’s behalf, in advance, any and all expenses (of the types described in the definition of Expenses in Section 13 of this Agreement) actually and reasonably incurred by him in such judicial adjudication, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of expenses or insurance recovery.

(e)    The Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section 7 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is bound by all the provisions of this Agreement.  The Company shall indemnify Indemnitee against any and all Expenses and, if requested by Indemnitee, shall (within 10 days after receipt by the Company of a written request therefore) advance, to the extent not prohibited by law, such expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification or advance of Expenses from the Company under this Agreement or under any directors' and officers' liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of Expenses or insurance recovery, as the case may be.

(f)    Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be required to be made prior to the final disposition of the Proceeding.

8.    Non-Exclusivity; Survival of Rights; Insurance; Primacy of Indemnification; Subrogation.

(a)    The rights of indemnification as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation, the By-laws, any agreement, a vote of stockholders, a resolution of Board or otherwise.  No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of 
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Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal.  To the extent that a change in the DGCL, whether by statute or judicial decision, permits greater indemnification than would be afforded currently under  the Certificate of Incorporation, By-laws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change.  No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

(b)    To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any director, officer, employee, agent or fiduciary under such policy or policies.  If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has director and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies.  The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies.

(c)    The Company hereby acknowledges that Indemnitee has or may have in the future certain rights to indemnification, advancement of expenses and/or insurance provided by other entities and/or organizations (collectively, the “Secondary Indemnitors”).  The Company hereby agrees (i) that it is the indemnitor of first resort (i.e., its obligations to Indemnitee are primary and any obligation of the Secondary Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee are secondary), (ii) that it shall be required to advance the full amount of expenses incurred by Indemnitee and shall be liable for the full amount of all Expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement and the Certificate of Incorporation or Bylaws of the Company (or any other agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against the Secondary Indemnitors, and, (iii)  that it irrevocably waives, relinquishes and releases the Secondary Indemnitors from any and all claims against the Secondary Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof.  The Company further agrees that no advancement or payment by the Secondary Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing and the Secondary Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company.  The Company and Indemnitee agree that the Secondary Indemnitors are express third party beneficiaries of the terms of this Section 8(c).

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(d)    Except as provided in paragraph (c) above, in the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee (other than against the Secondary Indemnitors), who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

(e)    Except as provided in paragraph (c) above, the Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

(f)    Except as provided in paragraph (c) above, the Company's obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise shall be reduced by         Except as provided in paragraph (c) above, the Company's obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of expenses from such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise.

9.    Exception to Right of Indemnification. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity in connection with any claim made against Indemnitee:

(a)    for which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision, provided, that the foregoing shall not affect the rights of Indemnitee or the Secondary Indemnitors set forth in Section 8(c) above; 

(b)    in any suit in which a final judgment (or other final adjudication not subject to further appeal) is made against Indemnitee for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act, or similar provisions of state statutory law or common law; 

(c)    in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law; 

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(d)    with respect to remuneration paid to Indemnitee if it is determined by final judgment or other final adjudication not subject to further appeal that such remuneration was in violation of law (and, in this respect, both the Company and Indemnitee have been advised that the Securities and Exchange Commission believes that indemnification for liabilities arising under the federal securities laws is against public policy and is, therefore, unenforceable and that claims for indemnification should be submitted to appropriate courts for adjudication, as indicated in the last paragraph of this Section 9 below); 

(e)     a final judgment or other final adjudication not subject to further appeal is made that Indemnitee’s conduct was in bad faith, knowingly fraudulent or deliberately dishonest or constituted willful misconduct (but only to the extent of such specific determination); 

(f)    if Indemnitee is held liable therefor (including pursuant to any settlement), in connection with any claim for reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002, as amended (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act); or 

(g)    on account of conduct that is established by a final judgment as constituting a breach of Indemnitee’s duty of loyalty to the Company or resulting in any personal profit or advantage to which Indemnitee is not legally entitled. 

For purposes of this Section 9, a final judgment or other adjudication not subject to further appeal may be reached in either the underlying proceeding or action in connection with which indemnification is sought or a separate proceeding or action to establish rights and liabilities under this Agreement.  

Any provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement to indemnify Indemnitee or otherwise act in violation of any undertaking appearing in and required by the rules and regulations promulgated under the Securities Act, or in any registration statement filed with the SEC under the Securities Act.  Indemnitee acknowledges that paragraph (h) of Item 512 of Regulation S-K currently generally requires the Company to undertake in connection with any registration statement filed under the Securities Act to submit the issue of the enforceability of Indemnitee’s rights under this Agreement in connection with any liability under the Securities Act on public policy grounds to a court of appropriate jurisdiction and to be governed by any final adjudication of such issue.  Indemnitee specifically agrees that any such undertaking shall supersede the provisions of this Agreement and to be bound by any such undertaking.

10.    Duration of Agreement.  All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is an officer or director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise) 
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and shall continue thereafter so long as Indemnitee shall be subject to any Proceeding (or any proceeding commenced under Section 7 hereof) by reason of Indemnitee’s Corporate Status, whether or not Indemnitee is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement.  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 or assets of the Company), assigns, spouses, heirs, executors and personal and legal representatives.

11.    Security.  To the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral.  Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of the Indemnitee.

12.    Enforcement.

(a)    The Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it hereby in order to induce Indemnitee to serve as an officer or director of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as an officer or director of the Company.

(b)    This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof.

11.    Definitions.  For purposes of this Agreement:

(a)    “Beneficial Owner” shall have the meaning given to such term in Rule 13d-3 under the Exchange Act; provided, however, that Beneficial Owner shall exclude any Person otherwise becoming a Beneficial Owner by reason of the stockholders of the Company approving a merger of the Company with another entity.

(b)    “Board” means the Board of Directors of the Company.

(c)    “Change in Control” means the earliest to occur after the date of this Agreement of any of the following events:

(i)    Acquisition of Stock by Third Party.  Any Person is or becomes the Beneficial Owner (as defined above), directly or indirectly, of securities of the Company representing twenty five percent (25%) or more of the combined voting power of the Company's then outstanding securities (excluding any changes in the voting power solely resulting from any conversion of Class B Common Stock into Class A Common Stock);
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(ii)    Change in Board.  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 constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in clause (i), (ii) or (iv) of this definition of Change in control) 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 a least a majority of the members of the Board;

(iii)    Corporate Transactions.  The effective date of a merger or consolidation of the Company with any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 51% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the Board or other governing body of such surviving entity;

(iv)    Liquidation.  The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets; and
(v)    Other Events.  There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act, whether or not the Company is then subject to such reporting requirement.

(d)    “Corporate Status” describes the status of a person who is or was a director, officer, employee, agent or fiduciary of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving at the express written request of the Company.

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

(f)    “Enterprise” shall mean the Company and any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that Indemnitee is or was serving at the express written request of the Company as a director, officer, employee, agent or fiduciary.

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(g)    “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

(h)    “Expenses” shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, participating, or being or preparing to be a witness in a Proceeding, or responding to, or objecting to, a request to provide discovery in any Proceeding.  Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding and any federal, state, local or foreign taxes imposed on the Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, including without limitation the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent.  Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

(i)    “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent:  (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder.  Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.  The Company agrees to pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

(j)    “Person” for purposes of the definition of Beneficial Owner and Change in Control set forth above, shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however, that Person shall exclude (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (iii) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.  

(k)    “Proceeding” includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or otherwise and whether civil, criminal, administrative or investigative, in which Indemnitee was, is or will be involved as a party or otherwise, by reason of the fact that Indemnitee is or was an officer or director of the Company, by reason of any action taken by him or of any inaction on Indemnitee’s part while acting as an officer or director of the Company, or by reason of the fact that Indemnitee is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary of another corporation, partnership, 
15

joint venture, trust or other Enterprise; in each case whether or not Indemnitee is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement; including one pending on or before the date of this Agreement, but excluding one initiated by an Indemnitee pursuant to Section 7 of this Agreement to enforce Indemnitee’s rights under this Agreement.

(l)    “Securities Act” shall mean the Securities Act of 1933, as amended. 

14.    Severability.  The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.  Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification rights to the fullest extent permitted by applicable laws.  In the event any provision hereof conflicts with any applicable law, such provision shall be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict.

15.    Modification and Waiver.  No supplement, modification, termination 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 deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

16.    Notice By Indemnitee.  Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification covered hereunder.  The failure to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially prejudices the Company.

17.    Notices.  All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given:  (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if not so confirmed, then on the next business day, (c) five days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt.  All communications shall be sent:  

(a)    To Indemnitee at the address set forth below Indemnitee signature hereto.

(b)    To the Company at:

DocuSign, Inc.
221 Main Street, Suite 1550
16

San Francisco, CA 94105
Attention:  General Counsel

or to such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.

18.    Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same Agreement.  This Agreement may also be executed and delivered by facsimile signature, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g. www.docusign.com) or other transmission, and in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  

19.    Headings.  The headings of the 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 thereof.

20.    Governing Law and Consent to Jurisdiction.  This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. The Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Chancery Court of the State of Delaware (the “Delaware Court”), and not in any other state or federal court in the United States of America or any court in any other country, (ii) 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, (iii) appoint, to the extent such party is not otherwise subject to service of process in the State of Delaware, irrevocably Corporation Service Company as its agent in the State of Delaware as such party's agent for acceptance of legal process in connection with any such action or proceeding against such party with the same legal force and validity as if served upon such party personally within the State of Delaware, (iv) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (v) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

SIGNATURE PAGE TO FOLLOW

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement on and as of the day and year first above written.
COMPANY
DocuSign, Inc.
By: ___________________________________ 
Name:
Title:

                                                                        
INDEMNITEE
______________________________________
Name:

Address:

______________________________________
______________________________________
18Document

Exhibit 10.1

       Covanta Holding Corporation
November 28, 2020

Via Personal Hand Delivery
Stephen J. Jones

    Re:     Separation Agreement

Dear Steve:

This Separation Agreement (the “Agreement”) will confirm our mutual understanding and agreements regarding your separation, individually and collectively, from Covanta Projects, LLC (“Employer”), Covanta Energy LLC and its subsidiaries (“Covanta Energy”) and Covanta Holding Corporation (“Parent”).  For purposes of this Agreement, Employer, together with Parent and its direct and indirect subsidiaries, including without limitation, Covanta Energy, are referred to herein collectively as the “Covanta Companies.”  Unless otherwise defined herein, capitalized terms shall have the meaning ascribed to them in the Severance Plan for Covanta Energy LLC Senior Officers effective as of February 25, 2010 (the “Severance Plan”). 

In order to effectuate a smooth transition and separation of your employment by the Employer, for good and valuable consideration, the sufficiency of which is hereby agreed to and acknowledged, you, Employer, Covanta Energy and Parent hereby agree as follows:

1.Termination of Employment and Board Membership.  Pursuant to the mutual agreement of you and the Covanta Companies, effective as of October 29, 2020, you resigned from your office as President and Chief Executive Officer (“Effective Date”) and your employment by the Covanta Companies shall be deemed to be terminated effective as of November 28, 2020 (the “Termination Date”).  As of the Effective Date, (i) your resignation as a member of the Board of Directors of Parent was accepted; and (ii) you ceased to hold any positions as an officer with any of the Covanta Companies, including without limitation, Parent, or as a director, member or manager of any of Covanta Companies.
2.Final Compensation.  As soon as administratively practicable after the Termination Date, as required by applicable law, Employer shall pay you all accrued but unpaid wages, any earned but unused vacation days, subject to standard payroll deductions and withholdings, and any previously unreimbursed business expenses incurred on behalf of the Covanta Companies, subject to the presentation of documentation therefor in accordance with Covanta Energy’s regular reimbursement procedures and practices.  Any personal advances due 
1

to outstanding business-related expenses will be deducted from the cash amounts otherwise due to you hereunder.  For the avoidance of doubt, such final compensation payments shall be equal to the following:
(a)Unpaid wages for the pay period beginning on November 21, 2020 and ending on November 28, 2020 in the amount of $17,307.70; and 
(b)Accrued and unused paid time off of 206.7 hours (40 hours carryover from 2019 and 166.7 hours unused for 2020), and equivalent to $89,437.49.
3.Full Payment.  You hereby acknowledge that the payments and arrangements set forth in this Agreement constitute full and complete satisfaction of any and all amounts properly due and owing to you as a result of your employment with Employer and the termination thereof.   
4.Severance Payments.  
(a)Following the termination of your employment by the Covanta Companies, you shall be entitled to receive salary continuation payments, based upon your annual salary of $900,000 as of the Termination Date, for a period of twenty-four (24) months, payable in cash in bi-weekly installments (each such installment, a “Severance Payment”) pursuant to and subject to the conditions set forth in the Severance Plan (as modified by this Agreement to comply with Section 409A of the Internal Revenue Code (“Section 409A”) and subject to your performance of your obligations pursuant to this Agreement, including, without limitation, under Section 12; provided, however, that such Severance Payments will not commence until after the expiration of the Revocation Period (as defined below) (with the first payment to include a catch-up for amounts that would have been payable during the Revocation Period had Severance Payments started on the first payroll date following the Termination Date).  Notwithstanding the foregoing, if any of the Severance Payments are treated as “non-qualified deferred compensation” under Section 409A, then if such Severance Payments could commence in more than one taxable year depending on when the Release (as defined below) is executed (regardless of when the Release is actually executed), then such payments and benefits that otherwise would have been payable in the calendar year in which the Termination Date occurs shall be withheld and shall instead be payable on the first payroll date in the calendar year immediately following the calendar year in which the Termination Date occurs (with all remaining payments to be made as if no such delay had occurred).
(b)The Compensation Committee of the Board of Directors of Parent (the “Compensation Committee”) shall award you a non-equity incentive bonus for your performance in 2020 on a non pro-rated basis, payable in a lump sum cash payment on or before March 15, 2021.  The non-equity incentive bonus for your performance in 2020 awarded pursuant to this Section 4(b) shall be equal to the general corporate multiplier approved by the Compensation Committee for 2020, multiplied by 120% of your annual base salary in 2020 of $900,000.  
(c)If you recommence work with any of the Covanta Companies as an employee before all Severance Payments have been made to you or materially breach any of 
2

your obligations under this Agreement, such payments will stop as of the effective date of commencement of such work. 
(d)While you may not be precluded from applying for and receiving unemployment compensation benefits, if you do receive any such benefits for the same weeks for which you are receiving Severance Payments, any amounts you receive in unemployment compensation will be deducted from the Severance Payments made to you for those weeks.  In addition, the following will be deducted from your Severance Payments if received for the same weeks you are receiving Severance Payments:  short-term disability (STD) and worker’s compensation benefits.
5.Benefits.  
(a)Covanta Energy shall provide you with the opportunity to continue group medical and dental insurance coverage equivalent to that provided to senior officers of Covanta Energy for a period of twenty-four (24) months following the Termination Date (the “Severance Period”), pursuant to the terms of this Section 5(a).  You and your dependents may make a timely election, effective as of the day after the Termination Date, to continue your group medical and dental coverage under Code Section 4980B (“COBRA”).  If such a timely COBRA election is made, you shall be entitled to all medical (including prescription and vision) and dental benefits under Covanta Energy’s benefit plans as if you were still employed during such period, at the same level of benefits and at the same dollar cost to you as if you had remained an active employee if and only to the extent permitted under such plans. Covanta Energy will deduct from each Severance Payments an amount equal to the bi-weekly premium payable by similarly situated senior officers for such medical and dental coverage, to the extent you and your dependents remain eligible for COBRA continuation coverage.  Any taxes required to be withheld for the portion of the bi-weekly premium for such COBRA continuation coverage that is payable by Covanta Energy will be withheld from the Severance Payments.  Covanta Energy’s payment of its share of the COBRA premiums described in this Section 5(a) is subject to the performance of your obligations pursuant to this Agreement, including, without limitation, pursuant to Section 12.
(b)To the extent permitted under any of the Covanta Companies’ benefit plans, Employer shall continue to provide and you shall continue to participate in any group accident insurance, short-term disability insurance, life insurance or long-term disability insurance coverage for a period of 24 months following the Termination Date.  Immediately thereafter, any group accident insurance, short-term disability insurance, life insurance or long-term disability insurance coverage you have with the Covanta Companies will terminate.  To the extent such continuation of coverage is not permissible under any such benefit plan, your coverage under such plan will terminate as of the Termination Date and Employer shall pay to you an amount each month for a period of 24 months thereafter equal to the premium under such plan that Employer paid on your behalf for coverage under such plan immediately prior to the Termination Date (or $27.00 per month under the group accident insurance plan, $64.00 per month under the group life insurance plan and $103.00 per month under the group long-term 
3

disability plan), which Employer shall pay coincident with any payments you are scheduled to receive pursuant to Section 4(a).
(c)Notwithstanding anything to the contrary in Section 5(a), in the event that you receive or obtain benefits of the type described in Section 5(a) from another employer, then the Covanta Companies obligation to provide such benefits under this Agreement or the Severance Plan shall terminate.  You hereby covenant and agree to promptly inform and notify the Covanta Companies in writing of your right to receive or obtain benefits of the type described in Section 5(a).
(d)If enrolled, you may continue or stop contributions to your Health Care Flexible Spending Account.  Dependent Care Account contributions must be discontinued due to IRS regulations.  Contact Sue Ryan at (862) 345-5088 for more information.
(e)Health Advocate will send you information as it relates to the status of your benefits.  If you have any have questions, you can contact Customer Service at (855) 424-6400.  
(f)You will be entitled to receive an employer matching contribution allocated to your account under the Covanta Energy Savings Plan (the “401(k) Plan”) with respect to your elective deferrals made in 2020 through and including the Termination Date.  All amounts allocated to such account are subject to the vesting and other terms of the 401(k) Plan, which shall not be deemed to have been modified by this Agreement. You may receive a distribution of your account balance in the 401(k) Plan following the Termination Date.  Information about your account balance will be sent to you by T. Rowe Price, or you may contact them at (800) 922-9945.  If your account balance in the 401(k) Plan is less than $5,000, it will be distributed automatically.  
(g)You shall be entitled to receive outplacement services at the Covanta Companies’ sole expense for the period that you are entitled to receive Severance Payments as provided by Lee Hecht Harrison pursuant to the program offered by the Covanta Companies.
6.Outstanding Equity Awards.  As of the date of this Agreement, you hold (i) no options to purchase shares of common stock of Parent; (ii) an aggregate of 208,586 unvested restricted stock units of Parent subject to forfeiture (the “Time-Vested RSUs”) pursuant to Restricted Stock Unit Agreements dated as of March 8, 2018, March 7, 2019, and March 11, 2020 (collectively, the “Restricted Stock Unit Agreements”); (iii) an aggregate of 214,287 unvested restricted stock units of Parent at target (the “TSR RSUs”) pursuant to TSR Award Agreements dated as of March 8, 2018, March 7, 2019 and March 11, 2020 (the “TSR Award Agreements”); and (iv) an aggregate of 214,287 unvested restricted stock units of Parent at target (the “Cumulative FCF/share RSUs”) pursuant to Performance Share Award Agreements dated as of March 8, 2018, March 7, 2019 and March 11, 2020 (collectively, the “Performance Share Award Agreements”) and collectively with the Restricted Stock Unit Agreements and the TSR Award Agreements, the “Equity Award Agreements”).   The following sets forth the treatment of your outstanding Equity Award Agreements:
4

(a)Amendment of Restricted Stock Unit Agreements.  Notwithstanding anything to the contrary in the Restricted Stock Unit Agreements, effective as of the Termination Date, the Restricted Stock Unit Agreements shall be amended hereby to allow continued vesting of the Time-Vested RSUs in accordance with the terms of each of the respective Restricted Stock Unit Agreements as if you were still an employee of the Company, provided that you continue to comply with all terms, conditions and continuing obligations thereunder and hereunder.
(b)TSR Award Agreements.  Notwithstanding anything to the contrary in the TSR Equity Award Agreements, effective as of the Termination Date, the Restricted Stock Unit Agreements shall be amended hereby to allow you to continue to hold the TSR RSUs and to allow continued vesting of the TSR RSUs in accordance with the terms of each of the respective TSR Equity Award Agreements as if you were still an employee of the Company, provided that you continue to comply with all terms, conditions and continuing obligations thereunder and hereunder.
(c)Performance Share Award Agreements.  Notwithstanding anything to the contrary in the Performance Share Award Agreements, effective as of the Termination Date, the Performance Share Award Agreements shall be amended hereby to allow you to continue to hold the Cumulative FCF/share RSUs and to allow continued vesting of the FCF/share RSUs in accordance with the terms of each of the respective Performance Share Award Agreements as if you were still an employee of the Company, provided that you continue to comply with all terms, conditions and continuing obligations thereunder and hereunder.
7.Employee Confidential Disclosure Agreement.  The Employee Confidential Disclosure Agreement in the form attached hereto as Exhibit A (the “Employee Confidential Disclosure Agreement”), which Confidential Disclosure Agreement is expressly incorporated by reference herein and made a part hereof. 
8.Release.  
(a)By executing this Agreement, you hereby, on your own behalf and on behalf of your agents, representatives, assigns, heirs, executors and administrators (collectively, the “Employee Releasors”) fully and unconditionally release, remise, acquit and forever discharge each of the Covanta Companies and each of their respective officers, directors, shareholders, managers, members, agents, employees, attorneys, successors and assigns (collectively, the “Covanta Releasees”) from any and all claims, causes of action, charges, complaints, demands, costs, rights, losses, damages and other liability whatsoever, known or unknown (collectively, the “Claims”), which you have or may have against any Covanta Releasee arising on or prior to the date you execute this Agreement, including any Claims arising under or in connection with your employment with, or termination of employment from, any and all of the Covanta Companies or your relationship with any of the Covanta Companies, dismissal, redundancy, wrongful termination, breach of contract, fraud, deceit, negligence, misrepresentation, defamation, disability, discrimination of any type, unlawful deduction from wages, breach of rights or entitlements under the United States Age Discrimination in Employment Act, the United States Americans with Disabilities Act of 1990, the United States Family and Medical Leave Act of 1993, Title VII of the United States Civil Rights Act of 1964, 
5

42 U.S.C. §1981, the laws of the state of New Jersey, the laws of the United States, and any workers’ compensation or disability claims or any other federal, state, local, foreign, common or other law, other than the Excluded Claims (as defined below).  You further agree that you will not file or permit to be filed on your behalf any such Claim and represent and warrant that you have not instituted any such Claim or assigned or transferred any such Claim to any person or entity, in any manner, including by subrogation, operation of law or otherwise.  Notwithstanding the preceding sentence or any other provision of this Agreement, this Agreement is not intended to interfere with your right to file a charge with the Equal Employment Opportunity Commission (the “EEOC”) in connection with any Claim you believe you may have against any of the Covanta Companies.  However, by executing this Agreement, you hereby waive the right to recover in any proceeding you may bring before the EEOC or any state human rights commission or in any proceeding brought by the EEOC or any state human rights commission on your behalf.  In addition, you agree to waive any rights you may have under any other agreement with any of the Covanta Companies.  Notwithstanding the preceding two sentences or any other provision hereof, this Release is for any relief, no matter how denominated, including, but not limited to, injunctive relief, wages, back pay, front pay, compensatory damages, and punitive damages.  For purposes of this Agreement, the term “Excluded Claims” means claims (i) to enforce any of your rights under or pursuant to this Agreement, (ii) for indemnification by the Covanta Companies arising under or in connection with your position as an officer and/or employee of the Covanta Companies, subject to your entitlement to indemnification under applicable law, the Covanta Companies constating documents and any indemnification agreement you may have entered into with any of the Covanta Companies, (iii) any claims that may arise and relate to facts occurring after the Termination Date, and (iv) with respect to your employment with a Covanta Company prior to the Termination Date, claims for benefits accrued by and payable to you under the terms and conditions of any employee benefit plan of a Covanta Company in which you were a participant prior to your Termination Date and which remain due and payable in accordance with the terms of such plan, as in effect from time to time.  
(b)You recognize that the Release (as hereinafter defined) of the Covanta Releasees is a condition to the payment of monies, benefits and treatment of equity awards set forth in this Agreement under the Severance Plan and the payment of monies, benefits and treatment of equity awards set forth in this Agreement constitute consideration for this Release and you agree that you will not seek anything further from any Covanta Releasee in connection with the foregoing release.  You recognize that you are bound by this Agreement and that anyone who succeeds to your rights and responsibilities, such as your heirs or the executor of your estate, is also bound.  This Agreement is made for the benefit of the Covanta Releasees, including the individuals and entities collectively described herein, as well as all who succeed to their rights and responsibilities, such as the successors and assigns of the corporate entities, and the heirs and executors of the estates of the individuals collectively referred to herein as Covanta Releasees.
9.Legal Representation; Voluntary Execution.  You are strongly encouraged to consult an attorney regarding this Agreement.  You hereby acknowledge that you are entering into this Agreement voluntarily and, by your act of signing below, you agree to all of the terms and conditions of this Agreement and intend to be legally bound hereby.
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10.Acknowledgement of Your Rights to Consider and Revoke the Release.  You understand, agree and acknowledge that:
(a)you have been advised and encouraged by the Covanta Companies to have this Agreement reviewed by legal counsel of your own choosing and you have been given ample time to do so prior to signing this Agreement;
(b)you have been provided at least twenty one (21) days to consider this Agreement and to decide whether to agree to the terms contained herein;
(c)you have the right to revoke the release set forth in Section 8 of this Agreement (the “Release”) during the seven (7) day period following the date you sign this Agreement (the “Revocation Period”) by giving written notice of such revocation to Timothy J. Simpson, at 445 South Avenue, Morristown, NJ  07960 on or prior to the seventh day after the date you sign this Agreement and, if you exercise your right to revoke the Release, you will forfeit your right to receive any of the Severance Benefits;
(d)No payments other than those required pursuant to Section 2 hereof shall be paid to you until at least eight (8) days after you sign this Agreement and will be paid only if you do not revoke the Release contained in this Agreement pursuant to Section 10(c) hereof; 
(e)the Covanta Companies’ payments with respect to your COBRA premium provided herein will be paid only if you do not revoke the Release contained in this Agreement pursuant to Section 10(c) hereof; and
(f)by signing this Agreement, you represent that you fully understand the terms and conditions of this Agreement and you intend to be legally bound by them.
11.No Detriment or Disparagement.   
(a)During the Severance Period, you shall not (i) engage or intentionally cause or direct others to engage in any act detrimental to any of the Covanta Companies, any of their officers, employees, directors, managers, parents, subsidiaries, affiliates and related entities, and/or their business relations or (ii) make or intentionally cause or direct others to make any written or oral statement that disparages or tends to disparage any of the Covanta Companies, any of their officers, employees, directors, managers, parents, subsidiaries, affiliates and related entities, and/or their business relations.  For the avoidance of doubt, nothing in this Agreement precludes you from supplying truthful information to any governmental authority or in response to any lawful subpoena or other legal process or making any statement necessary to enforce this Agreement or to make any claims which accrue after the date of this Agreement.
(b)During the Severance Period the Covanta Companies shall not and shall instruct its officers, directors and managers not to (i) engage or intentionally cause or direct others to engage in any act detrimental to you or your business relations or (ii) make or intentionally cause or direct others to make any written or oral statement that disparages or tends to disparage you or your business relations.
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12.Post-Employment Covenants.  You understand and agree that, in consideration for the Covanta Companies’ execution of this Agreement and the offer of monies and other benefits to you hereunder, you expressly acknowledge and shall comply with each of the following covenants, which shall supersede all other post-employment covenants to which you may have agreed with the Covanta Companies in any other agreement but the consideration for which in such other agreements is acknowledged and agreed to be applicable to the post employment covenants set forth herein:
(a)Confidential and Trade Secret Information. You hereby acknowledge that, during and solely as a result of your employment by the Covanta Companies or affiliates, you have received and will continue to receive special training and education with respect to the operations of such entity(ies) and access to confidential information and business and professional contacts, all of which is exceptionally valuable to the Covanta Companies and vital to the success of the Covanta Companies’ business and other related matters.  In consideration of such special and unique opportunities afforded to you as a result of your employment and the grant of Restricted Stock Units, you hereby agree to be bound by and acknowledge the reasonableness of the following covenants, which are specifically relied upon by the Covanta Companies in entering into the Equity Award Agreements and as a condition to the grant of the Restricted Stock Units.  You acknowledge and agree that each of the individual provisions of this Section 12 constitutes your separate and distinct obligation to the Covanta Companies, individually enforceable against you.
(b)Covenant Not to Compete.  For a period of twenty-four (24) months following the Termination Date, unless permitted by the Covanta Companies, you shall not, without the written consent of the board of directors of Parent, in any form or any manner, directly or indirectly, on your own behalf or in combination with others, become engaged in (as an individual, partner, stockholder, director, officer, principal, agent, independent contractor, employee, trustee, lender of money or in any other relation or capacity whatsoever, except as a holder of securities of a corporation whose securities are publicly traded and which is subject to the reporting requirements of the Exchange Act, and then only to the extent of owning not more than two percent (2%) of the issued and outstanding securities of such corporation or other entity) or provide services to any business which renders services or sells products, or proposes to render services or sell products, that compete with the Business of the Covanta Companies within the United States and any foreign country in which the Covanta Companies conducts any aspect of the Business during the term of this Agreement.  For purposes of this Agreement, the term “Business” shall mean the development, ownership and/or operation of businesses engaged in waste-to-energy and waste management and/or waste procurement.  Notwithstanding the foregoing, you are permitted to work for any business that owns or operates independent power generation projects or that provides services to competitors or customers of the Covanta Companies, so long as such business, as determined in the good faith judgment of the Board, does not compete with the Business of the Covanta Companies.
(c)Covenant Not to Solicit Employees.  For a period of  twenty-four (24) months following the Termination Date, unless permitted by the Covanta Companies, you agree and covenant that you shall not, for any reason, directly or indirectly, employ, solicit or endeavor 
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to entice away from the Covanta Companies (whether for your own benefit or on behalf of another person or entity), or facilitate the solicitation, employment or enticement of, any employee of the Covanta Companies who was employed by the Covanta Companies during the twenty four (24) month period prior to your Termination Date to work for you, any affiliate of yours or any competitor of the Covanta Companies, nor shall you otherwise attempt to interfere (to the Covanta Companies’ detriment) in the relationship between the Covanta Companies and any such employees.
(d)Covenant Not to Solicit Customers.  For a period of twenty-four (24) months following the Termination Date, you agree and covenant that you shall not, directly or indirectly, in any form or manner, contact, solicit, or facilitate the contacting or solicitation of, any Customer of the Covanta Companies for the purpose of competing with the Business.  For purposes of this Agreement, the term “Customer” shall mean and refer to each person, entity, municipality or other governmental entity that has a contract with or is actively being solicited by the Covanta Companies to deliver waste, receive services or purchase energy during the twenty four (24) months prior to the Termination Date. 
(e)Covenant of Confidentiality.  For a period five (5) years after the Termination Date, you shall not in any form or manner, directly or indirectly, divulge, disclose or communicate to any person, entity, firm, corporation or any other third party, or utilize for your personal benefit or for the benefit of any competitor of the Covanta Companies any Confidential Information as such term is defined in and such obligations are provided in that certain Employee Confidential Disclosure Agreement in the form attached hereto as Exhibit A and incorporated by reference herein.  
(f)Return of Property.  On the Termination Date, you shall promptly deliver to the Covanta Companies all electronic equipment, correspondence, drawings, blueprints, manuals, letters, notes, notebooks, reports, programs, plans, proposals, financial documents or any other documents, including all copies in any form or media, concerning the Covanta Companies’ Customers, marketing strategies, products or processes which contain any Confidential Information; provided, however, that you shall be permitted to retain the laptop computer, smartphone and tablet currently in your possession after all of the Covanta Companies’ information shall have been removed from such items and the Covanta Companies shall not provide or reimburse you for any data or other services related to such items after the Termination Date.
(g)Assignment of Inventions.  Any and all writings, inventions, improvements, processes, procedures and/or techniques now or hereafter acquired, made, conceived, discovered or developed by you, either solely or jointly with any other person or persons, whether or not during working hours and whether or not at the request or upon the suggestion of the Covanta Companies, which relate to or are useful in connection with any Business now or hereafter carried on or contemplated by the Covanta Companies, including developments or expansions of its present fields of operations, shall be the sole and exclusive property of the Covanta Companies.  You shall make full disclosure to the Covanta Companies of all such writings, inventions, improvements, processes, procedures, techniques, or any other 
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material of a proprietary nature, including, without limitation, any ideas, inventions, discoveries, improvements, developments, designs, methods, systems, computer programs, trade secrets or other intellectual property whether or not patentable or copyrightable and specifically including, but not limited to, copyright and mask works, formulae, compositions, products, processes, apparatus, and new uses of existing materials or machines (collectively, “Inventions”), made, conceived or first reduced to practice by you solely or jointly with others while employed by the Covanta Companies and which relate to or result from the actual or anticipated business, work, research or investigation of the Covanta Companies or which are suggested by or result from any task assigned to or performed by you for the Covanta Companies; and you shall do everything necessary or desirable to vest the absolute title thereto in the Covanta Companies.  You shall write and prepare all descriptions, specifications and procedures regarding the Inventions as may be required by the Covanta Companies to protect the Covanta Companies’ rights in and to the Inventions, and otherwise aid and assist the Covanta Companies so that the Covanta Companies can prepare and present applications for copyright or letters patent therefor and can secure such copyright or letters patent wherever possible, as well as reissues, renewals, and extensions thereof, and can obtain the record title to such copyright or patents so that the Covanta Companies shall be the sole and absolute owner thereof in all countries in which it may desire to have copyright or patent protection.  You will, at the Covanta Companies request, execute any and all assignment, patent or copyright forms and the like, deemed reasonably necessary by the Covanta Companies.  The Covanta Companies’ rights hereunder shall not be limited to this country but shall extend to any country in the world and shall attach to each Invention notwithstanding that it is perfected, improved, reduced to specific form or used after the Termination Date. You agree to lend such assistance as you may be able, at the Covanta Companies request in connection with any proceedings relating to such letters of patent, trade secrets, copyright or application thereof, as may be determined by the Covanta Companies to be reasonably necessary.  The Covanta Companies, in their sole discretion, may agree to pay you a reasonable fee to defray any costs or time incurred by you in providing such assistance.  You shall not be entitled to any additional or special compensation or reimbursement regarding any and all such writings, inventions, improvements, processes, procedures and techniques.
(h)Equitable Remedies.  In the event that you breach any of the terms or conditions set forth in this Section 12 (collectively, the “Restrictive Covenants”), you stipulate that such breach will result in immediate and irreparable harm to the business and goodwill of the Covanta Companies and that damages, if any, and remedies at law for such breach would be inadequate.  The Covanta Companies shall therefore be entitled to seek for and receive from any court of competent jurisdiction a temporary restraining order, preliminary and permanent injunctive relief and/or an order for specific performance to protect its rights and interests and to restrain any violation of this Agreement or any of the Equity Award Agreements and such further relief as the court may deem just and proper, each without the necessity of posting bond.  Following judgment or other final determination by such court, the non-prevailing party in such proceeding shall pay the costs and expenses (including court costs and reasonable attorneys’ fees) of the prevailing party.  The Covanta Companies may elect to seek such remedies at its sole discretion on a case by case basis.  Failure to seek any or all remedies in one case shall not restrict the Covanta Companies from seeking any remedies in another situation.  Such action by the Covanta Companies shall not constitute a waiver of any of its rights.
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(i)Continuing Obligation.  As of the Termination Date, your obligations, duties and liabilities pursuant to Sections 12(a), 12(b), 12(c), 12(d) and 12(e) of this Agreement are continuing, and for the periods set forth in such provisions hereof are absolute and unconditional, and shall survive and remain in full force and effect as provided in each such Section.  Notwithstanding anything else contained in this Agreement to the contrary, the parties hereto agree that in the event, and at the moment, you breach any of the terms, duties or obligations contained in Sections 12(a), 12(b), 12(c), 12(d) and 12(e) of this Agreement and the respective provisions under each of the Equity Award Agreements, all of the Restricted Stock Units as to which the restrictions on transfer imposed thereon shall not have lapsed prior to such date will immediately be cancelled and forfeited.
13.Non-Admission.  This Agreement does not constitute an admission by the Covanta Companies that any action taken with respect to you was wrongful, unlawful or in violation of any local, state, or federal act, statute, constitution, or common law, and the Covanta Companies specifically deny any such wrongdoing or violation.  You shall not state or imply the contrary to any person or entity.
14.Withholding.  All payments being made to you under this Agreement will be subject to withholding for federal income taxes and, where applicable, to withholding for Social Security, Medicare, unemployment compensation and state, county and city taxes.
15.Section 409A Compliance.  With respect to any benefits provided under this Agreement that are subject to Section 409A, the parties mutually intend that the terms of this Agreement comply with the terms and conditions of Section 409A and the regulations and guidance promulgated thereunder and all provisions of this Agreement shall be construed in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A.  If any amount payable under this Agreement is to be paid in two or more installments, for purposes of Section 409A, each installment shall be treated as a separate payment.  To the maximum extent possible, any severance owed under this Agreement shall be construed to fit within the “short-term deferral rule” under Section 409A and/or the “two times two year” involuntary separation pay exception under Section 409A.  Notwithstanding any other provision of this Agreement to the contrary, if you are a “specified employee” within the meaning of Code Section 409A and the regulations issued thereunder, and a payment or benefit provided for in this Agreement would be subject to additional tax under Code Section 409A if such payment or benefit is paid within six (6) months after your “separation from service” (within the meaning of Code Section 409A), then such payment or benefit required under this Agreement (i) shall not be paid (or commence) during the six-month period immediately following your separation from service and (ii) shall instead be paid to you (in a lump-sum cash payment or by delivery of shares of Parent’s common stock) on the earlier of (A) the first regular payroll date of the seventh month following your separation from service or (B) the 10th business day following your death (but not earlier than such payment would have been made absent such death).
16.Severability.  If any provision of this Agreement is found by a court of competent jurisdiction to be invalid or unenforceable, the court will modify such provision to the minimum extent necessary to make such provision valid and enforceable or, if that is not possible, the court 
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will strike such provision from this Agreement.  The invalidity or unenforceability of any provision of this Agreement will not affect the force, effect, and validity of the remaining provisions of this Agreement; provided, however, that Section 8 of this Agreement shall be deemed to be an essential term of this Agreement and, to the extent such Section is deemed invalid or unenforceable, in whole or in part, the remainder of this Agreement will be enforceable, if at all, solely at the Covanta Companies’ option.
17.Authority.  The individual signing this Agreement on behalf of Covanta Holding Corporation, Covanta Energy LLC, and Covanta Projects LLC hereby represents, warrants and agrees that he has all requisite power and authority to enter into this Agreement and this Agreement is a valid and binding obligation of each of the Covanta Companies enforceable against the Covanta Companies in accordance with its terms.
18.Amendment.  This Agreement cannot be amended, modified, waived, discharged or terminated, except in a writing signed both by you and a duly authorized representative of the Covanta Companies.
19.Entire Agreement.  This Agreement, collectively with the Employee Confidential Disclosure Agreement, the Severance Plan, the Equity Award Agreements and the equity award plans pursuant to which such equity awards were granted and any indemnification agreements with any of the Covanta Companies, contain the entire agreement between you and the Covanta Companies with respect to the subject matter hereof and shall supersede all other prior and contemporaneous agreements and understandings with respect to such subject matter.
20.Counterparts.  This Agreement may be executed in any number of counterparts (including by facsimile or other electronic signature), each of which shall constitute an original and all of which taken together shall constitute one and the same instrument.
21.Governing Law.  This Agreement shall be governed by and construed in accordance with the internal laws of the State of New Jersey without regard to conflicts of laws provisions thereof.
22.Successors and Assigns.  The Covanta Companies shall each be jointly and severally liable to all obligations owed to you pursuant to this Agreement.  This Agreement shall be binding upon you and the Covanta Companies and shall inure to the benefit of each such party and their successors and assigns, and shall be binding upon you, your heirs and personal representatives.  None of your rights or obligations hereunder may be assigned or delegated, except that in the event of your death or disability, any of your rights hereunder shall be transferred to your estate or personal representative, as the case may be.  The Covanta Companies may not assign any of their rights and obligations under this Agreement in whole or in part to affiliates of Parent without your prior consent.  Any entity into which any of the Covanta Companies is merged, or with which the any of the Covanta Companies is consolidated, or which acquires the business of the Covanta Companies shall be deemed to be a successor of the Employer, Covanta Energy or Parent for purposes hereof, as the case may be; provided, such entity shall acknowledge and agree in writing to be bound by this Agreement to honor the obligations of the Covanta Companies pursuant to this Agreement.
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23.Notices.  All notices, requests, consents, and other communications required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been duly given if delivered personally, or mailed first-class, postage prepaid, by registered or certified mail (notices sent by mail shall be deemed to have been given on the date sent), or by confirmed facsimile transmission with a hard copy deposited in first class mail the same day or the following day, with a copy by email, as follows (or to such other address as either party shall designate by notice in writing to the other):

If to the Employer or the Covanta Companies:

Covanta Energy LLC
445 South Street
Morristown, NJ  07960
Attn: President and CEO
Telephone Number: (862) 345-5277
Facsimile Number: (862) 345-5010

With a copy to:

Covanta Energy LLC
445 South Street
Morristown, NJ  07960
Attn: General Counsel
Telephone Number: (862) 345-5372
Facsimile Number: (862) 345-5140
Email:  Tkenyon@covanta.com    

And to:

David S. Stone, Esq.
Neal, Gerber & Eisenberg LLP
2 North LaSalle Street
Suite 1700
Chicago, IL 60602
Telephone Number:  (312) 269-8411
Facsimile Number:  (312) 578-1796
Email: dstone@nge.com    

If to Executive:

Stephen Jones

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    With a copy to:

Thomas K. Johnson, II
Dechert LLP
Cira Centre
2929 Arch Street
Philadelphia, PA 19104-2808
Telephone Number:  (215) 994-2756
Facsimile Number:  (215) 655-2756
E-mail:  thomas.johnson@dechert.com    

24.Arbitration.  Any dispute or controversy arising under or in connection with this Agreement shall be subject to arbitration in accordance with the procedures set forth in the Severance Plan.  
[SIGNATURE PAGE FOLLOWS]

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    You may formally accept the terms of this Agreement by signing below on or after the Effective Date and returning it to Mr. Simpson.

Very truly yours,

Covanta Holding Corporation

By:  _/s/ Timothy J. Simpson_______
Timothy J. Simpson
Executive Vice President 

Covanta Energy LLC

By:  _/s/ Timothy J. Simpson_______
Timothy J. Simpson
Executive Vice President 

Covanta Projects, LLC

By:  _/s/ Timothy J. Simpson_______
Timothy J. Simpson
Executive Vice President 

I acknowledge that I have read and understand and agree to all the terms of this Agreement and further acknowledge that I have had the opportunity to review it with an attorney and that I have signed this Agreement on or after my Effective Date.

Dated:    ___November 28, 2020____    By:    ____/s/ Stephen Jones____________
Stephen Jones

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EXHIBIT A

EMPLOYEE CONFIDENTIAL DISCLOSURE AGREEMENT

16

EMPLOYEE CONFIDENTIAL DISCLOSURE AGREEMENT

In connection with the scope of my employment with Covanta Holding Corporation (“Covanta”) or an affiliate thereof,  I acknowledge that certain information deemed by Covanta to be confidential or proprietary in nature, including trade secrets (collectively, the "Confidential Information"), of Covanta and its subsidiaries and affiliates (collectively, the "Covanta Affiliates") will be disclosed directly or indirectly to me.  Such Confidential Information allows Covanta Affiliates to compete advantageously for business and to perform their duties and obligations on favorable terms and includes, but is not limited to, (a) financial information and performance information, however measured, of Covanta Affiliates of their respective assets, (b) information concerning facilities designed, constructed or operated by Covanta Affiliates, as well as processes, product equipment or apparatus embodied in such facilities or used in the design or construction thereof, (c) estimating, pricing and bidding practices and customer contracts of Covanta Affiliates, (d) the particular qualifications and methods of organization of the personnel of Covanta Affiliates, (e) projects, and particularly problems and resolutions encountered in such projects, in which Covanta Affiliates have worked or bid, (f) marketing plans and/or strategic plans of Covanta Affiliates, (g) information, of any type, of others as to which Covanta Affiliates have an obligation of confidential treatment, (h) customers, suppliers, partners and potential partners of Covanta Affiliates and (i) any other information maintained in trust and confidence by Covanta Affiliates, the knowledge of which by any person, firm, corporation or other business entity not affiliated with Covanta Affiliates may detrimentally affect any Covanta Affiliate.  In consideration of, and as a condition to, my continued employment with Covanta, I agree to strictly adhere to the obligations set forth below:

1.    I will not, at any time during, or during the five (5) years following termination of, my employment, without the written consent of Covanta publish, make available or disclose to any person, firm, corporation or other entity (other than Covanta Affiliates) any Confidential Information, nor will I duplicate or use, directly or indirectly, the Confidential Information for purposes other than the business purposes of Covanta Affiliates.

2.    I agree that all Confidential Information, including drawings, specifications, sketches, blueprints, reports, memoranda, computer printouts and other documents, whether in printed, graphic, film, tape, disc or other recorded form, delivered to me, acquired by me or developed by me, and arising out of my employment shall be the sole and exclusive property of Covanta, regardless of whether such items contain or constitute Confidential Information.  Upon termination of my employment for any reason whatsoever, whether by Covanta or by me, I will deliver to Covanta immediately all copies of such documents 
17

and I shall not retain copies or excerpts of any such documents whether prepared by me or delivered to me or made available to me during the course of my employment.  I shall not use any such documents for purposes other than the business purposes of Covanta Affiliates.

3.    I agree that no right or license is granted to me by Covanta to use the Confidential Information.

4.    I agree to notify Covanta promptly of any developments or inventions relating to the business interests of Covanta Affiliates and, without limitation, any developments or inventions arising out of, or in connection with, the Confidential Information.  I agree that any developments or inventions created by me during the course of my employment by Covanta shall be the sole and exclusive property of Covanta and I further agree to execute, or cause to be executed, any and all patent applications, assignments or other instruments reasonably required by Covanta to transfer, vest and retain in Covanta title and exclusive right to any and all such inventions and developments without any further consideration to be imparted to me by Covanta.  It is understood that Covanta shall have full right to exercise its discretion in deciding whether such developments or inventions shall be patented.  It is further understood that Covanta shall bear all costs and fees in connection with the protection of such developments or inventions.

5.    For purposes of this Agreement, Confidential Information does not include information that:

(a)    at the time of disclosure to me is in the public domain or public knowledge;

(b)    after disclosure to me becomes part of the public domain or public knowledge by publication or otherwise, except by breach of this Agreement by me;

(c)    I can establish by competent written proof was in my possession at the time of disclosure to me and was not acquired, directly or indirectly, from Covanta Affiliates; or

(d)    I lawfully receive from any person, firm, corporation or other entity (other than Covanta Affiliates), provided, however, that such information was not obtained by such person, firm, corporation or entity directly or indirectly from any Covanta Affiliate or any predecessor licensee of the Martin technology pursuant to a Confidential Disclosure Agreement or unlawfully.
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6.    My obligations under this Agreement will continue for a period of five (5) years from termination of my services for Covanta.

___/s/ Stephen Jones_______                   DATED: __November 28, 2020____________
(Signature)

EMPLOYEE:___Stephen Jones______
(Print Name)

ACCEPTED AND AGREED TO BY:
Covanta Holding Corporation

By:    ____/s/ Timothy J. Simpson___________
Title:  Executive Vice President

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