Document:

exhibit104

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
1 
EXHIBIT 10.4 
TRANSITION AGREEMENT 
 
This Transition Agreement (this “
Agreement
”), dated as of April 22, 2021 is made between Michael F. 
Barry (“
Executive
”) 
and Quaker Chemical Corporation (“
Quaker
” or the “
Company
”). 

 
WHEREAS, Executive and Quaker are parties to the 
Employment Agreement dated July 1, 2008 regarding Executive’s 
employment as the Company’s 
Chief 
Executive Officer and President (the “
Employment Agreement
”); 
 
 
WHEREAS, Executive and Quaker contemplate that 
effective December 31, 2021, Executive will retire as the 
Chief 
Executive Officer and President and will continue 
to serve on the Board of Directors of the Company (the “
Board
”) as a non-
executive director; 

WHEREAS, as used in this Agreement, any reference 
to Executive shall include Executive and, in their capacities as such, 
Executive’s heirs, administrators, 
representatives, executors, legatees, successors, agents and 
assigns; and 
 
WHEREAS, all capitalized terms used but not defined 
in this Agreement shall have the meanings ascribed to such terms 
in the 
Employment Agreement; 

 
In consideration of the mutual promises, agreements and 
representations contained herein, the parties agree as follows: 
 
1.
 
Transition
. Executive shall continue to serve as President and 
Chief Executive Officer of the Company, 
at his current level of 
compensation (including the full amount of his Annual 
Incentive 
Plan (
“AIP”
) bonus earned with respect to calendar year 2021) 
and benefits (with such increases as may be approved 
by the Board) through December 31, 2021. Effective 
January 1, 2022, 
Executive shall resign as an employee of the Company, 
and from such positions and from all positions as an officer 
or director of 
any Company subsidiary (but, for the sake of clarity, 
he shall not be expected to resign as a director of the Company). 
However, 
with the approval 
of the Board, Executive may resign from such positions 
prior to January 1, 2022, and in that event may also, if 
he desires, resign as an employee prior to January 1, 2022. 
In either event, Executive shall make himself reasonably 
available to 
the Board to provide strategic advice and counsel through 
December 31, 2021 and shall continue to receive, through December 
31, 2021 the same level of compensation and benefits to 
which he was entitled as of the date of his resignation as President 
and 
Chief Executive Officer (including the 
full amount of his AIP bonus earned with respect to calendar 
year 2021). 
If the Board 
requests, and Executive provides his written consent, 
Executive’s employment may 
be extended beyond December 31, 2021 at his 
current level of compensation and benefits, or upon such 
other terms and conditions that the Board and Executive 
may mutually 
agree. The date of Executive’s 
resignation as President and Chief Executive Officer 
of the Company is referred to in the 
Agreement as the “
Resignation Date.
” Following his resignation as President and Chief Executive 
Officer, Executive shall, 
subject to further action by the Board, continue to 
serve as Chair of the Board, in the capacity as non-executive 
Chair. 

 
2.
 
Compensation.
 
If the Resignation Date occurs before January 1, 2022, the 
Company shall compensate Executive through 
December 31, 2021 as provided in Section 1 above. 
From and after January 1, 2022 and continuing for as long 
as Executive 
serves as a director, the Company 
shall compensate Executive for his services as a director on the same 
basis as it compensates 
the non-management members of the Board and shall 
pay him additional compensation of $100,000 per annum (or 
such greater 
amount as may be approved by the Board) 
for his services as non-executive Chair. 
Such compensation shall be paid on the same 
basis as the compensation payable to the Lead Director 
(if there is one, otherwise on the same basis as for those directors serving 
as chairs of Board committees), pro-rated in the event of 
a partial year; provided that Executive’s 
compensation for serving as 
non-executive Chair shall, if paid in cash, shall be paid in 
monthly installments. The Company shall reimburse Executive for 
all 
reasonable business expenses incurred 
by him in the performance of duties as a director and non-executive 
Chair in accordance 
with the Company’s business 
expense reimbursement policies. While serving as non 
-executive Chair, the Company shall provide 
Executive with support services as Executive may reasonably 
request, including computer and telephone access, IT support and 
support from an administrative assistant. 
 
3.
 
Non-Executive Chair of the Board.
 
As the non-executive Chair, it is contemplated 
that Executive shall, when present, preside at 
all meetings of the Board and at all meetings of shareholders of 
the Company, and together 
with the President and Chief 
Executive Officer and (if there is one) the 
Lead Director, set the agenda for meetings 
of the Board. In addition, Executive shall, 
upon request, provide his advice and counsel with respect 
to the transition of management, 
new business opportunities, strategic 
planning, customer and investor relations and such 
other matters as the Company’s 
Chief Executive Officer or the Board may 
reasonably request. 
 
4.
 
No Termination 
of Service
. Executive and the Company hereby acknowledge that the Compensation 
and Human Resources 
Committee of the Board (or such other committee described 
in the LTIP) 
has provided that Executive will not be considered to 
have had a “
Termination 
of Service
” as defined in the LTIP 
for so long as Executive is a director or employee of 
the Company. 

 

 

 

 

 

 

 

 

 

 

 

 

 
2 
Any further amendment to the interpretation of Termination 
of Service will be considered an amendment to an outstanding 
award 
pursuant to section 2.6 of the LTIP 
and may only be made with the Executive’s 
consent. 
 
5.
 
Company’s Obligations
. 
 
a.
 
The Company will pay Executive for any amounts of Executive’s 
accrued salary payable under the Employment Agreement 
and reimbursement for any reasonable business expenses 
and other amounts to which Executive is entitled thereunder. 
Such 
payment will be made in accordance with the Company’s 
regular payroll practices. 
 
b.
 
Executive shall receive 
any incentive cash bonus amount accrued or earned by Executive 
in accordance with the terms of an 
award granted under the AIP or LTIP 
prior January 1, 2022 in accordance with the terms of the AIP 
or LTIP, 
as applicable. 
Any such amount shall be paid to Executive as provided 
under the AIP or LTIP, 
as applicable. 

 
c.
 
Following the Resignation Date, Executive shall not be 
eligible to participate in the Company’s 
benefit plans except as 
provided below with respect to Executive’s 
participation in the Company’s 
existing medical plan, as such plan may be 
changed by the Company from time to time for its senior employees 
generally (“
Medical Coverage
”) and the Company’s 
existing short-term disability plan and long-term disability 
plan as such plans may be changed by the Company 
from time to 
time for its senior employees generally (“
Disability Coverage
”): 
 
i.
 
Subject to approval from the applicable insurance provider, 
if any, the Company 
shall, until April 30, 2023, permit 
Executive to elect Medical Coverage (including medical, 
vision and dental coverage) for himself and his family 
as 
follows: 
 
1.
 
Executive shall pay the premium cost of the Medical Coverage 
he elects at the rate provided to active employees of 
the Company, and 
on an after-tax basis. In addition, the Company will pay 
the portion of the premium cost paid by 
the Company for active employees for such Medical Coverage 
and the portion of the premium cost paid by the 
Company will be includable in Executive’s 
taxable income. 

 
2.
 
Upon the termination of the Medical Coverage, Executive 
and if applicable, his family may be eligible to elect 
COBRA continuation coverage in accordance with the 
terms of the Medical Coverage and applicable law. 

 
3.
 
If at any time during such period Executive is not eligible 
to participate in the Medical Coverage, the Company will 
pay to Executive additional compensation in an amount 
necessary to purchase coverage similar to the Medical 
Coverage. 
 
ii.
 
For as long as Executive is entitled to elect Medical Coverage 
from the Company, 
Executive will continue to be eligible 
for Disability Coverage under the same terms and conditions as 
active employees, subject to approval from the applicable 
insurance provider, if any. 
 
d.
 
Executive’s outstanding 
equity awards as of December 31, 2021 shall be administered 
according to the terms of the 
applicable award agreements (the “
Award Agreements
”) and the terms of the LTIP. 
 
e.
 
In the event of the death of Executive, any payments due 
to Executive under this Agreement or the Award 
Agreements and 
not paid prior to Executive’s 
death shall be made to the personal representative of Executive’s 
estate. 
 
f.
 
The Company shall withhold from any payments under this 
Agreement any federal, state and local taxes that the Company 
is 
required to withhold pursuant to any law or governmental 
rule or regulation. Executive shall be responsible for all Executive 
taxes applicable to amounts payable under this Agreement. 
 

g.
 
Executive shall not be entitled to any severance amounts 
under any severance plans of the Company or the 
Employment 
Agreement. 
 
6.
 
Restrictive Covenants
. Executive shall comply with the Restrictive Covenants set forth 
in Section 6 of the Employment 
Agreement (the “
Restrictive Covenants
”) for the applicable periods set forth therein; provided 
that, notwithstanding anything to 
the contrary in the Employment Agreement, Executive 
shall comply with the Restrictive Covenants set forth in Section 
6.2 of the 
Employment Agreement regarding non-competition 
and non-solicitation for so long as he is a member of the Board, 
and for a 
period of 18 months following the end of Executive’s 
Board service. 
 
7.
 
Return of Property
.
 
Executive agrees to return all Company property to the Company 
on or before the Resignation Date (other 
than as relates to his services as a director, 
including his computer, cellphone and 
email access) and not retain any property of the 

 

 

 

 

 

 

 

 

 

 
3 
Company (other than his cellphone, computer and any 
other items that the Company expressly permits Executive 
to keep). To the 
extent that Executive retains any such items, or if he made 
use of his own personal 
computing devices (e.g., cellphone, laptop, 
thumb drive, etc.), Executive will, upon request, deliver such 
items to the Company for review and will permit the 
Company to 
delete all Company property and information therefrom, 
and/or permit the Company to remotely delete all Company property 
and 
information from such items. For the avoidance of doubt, 
notwithstanding anything to the contrary, 
Executive shall be permitted 
to retain his contacts (in electronic and paper form). 
The Company shall pack and ship at its expense the personal items of 
Executive that are in his office at the Company following 
the Resignation Date. 
 
8.
 
Cooperation
. Executive agrees that, upon the Company’s 
reasonable notice to Executive and taking into consideration 
Executive’s other commitments and 
obligations, Executive shall fully cooperate with the Company 
in investigating, defending, 
prosecuting, litigating, filing, initiating or asserting any actual or 
potential claims or investigations that may be made 
by or against 
the Company to the extent that such claims or investigations relate 
to any matter in which Executive was involved (or alleged to 
have been involved) while employed with the Company, 
or during his service as a director, of 
which Executive has knowledge by 
virtue of Executive’s employment 
with the Company or Executive’s 
capacity as a director of the Company. 
The Company will 
advance to Executive the reasonable out-of-pocket expenses incurred 
in rendering such cooperation. 
 
9.
 
Permitted Conduct
. Nothing in this Agreement or the Employment Agreement 
shall prohibit or restrict Executive from initiating 
communications directly with, or responding to any inquiry 
from, or providing testimony before, the Equal Employment 
Opportunity Commission, the Department of Justice, the 
Securities and Exchange Commission, or any other federal, 
state or local 
regulatory authority. 
To the extent permitted 
by law, upon receipt of any 
subpoena, court order, or other legal process 
compelling 
the disclosure of any confidential information and trade secrets of 
the Company, Executive agrees 
to give prompt written notice to 
the Company so as to permit the Company to protect its interests 
in confidentiality to the fullest extent possible. Please take 
notice 
that federal law provides criminal and civil immunity 
to federal and state claims for trade secret misappropriation 
to individuals 
who disclose a trade secret to their attorney, 
a court, or a government official in certain, confidential 
circumstances that are set 
forth at 18 U.S.C. §§ 1833(b)(1) and 1833(b)(2), related 
to the reporting or investigation of a suspected violation of the law, 
or in 
connection with a lawsuit for retaliation for reporting 
a suspected violation of the law. 
 
10.
 
Indemnification. 
The Company shall defend and hold Executive harmle 
ss to the fullest extent permitted by applicable law in 
connection with any claim, action, suit, investigation 
or proceeding arising out of or relating to performance by Executive 
of 
services for, or action of Executive 
hereunder or as a director, officer, 
employee or executive of the Company or of any parent, 
subsidiary or affiliate of the Company, 
or of any other person or enterprise at the Company’s 
request. Expenses incurred by 
Executive in defending such a claim, action, suit or investigation 
or criminal proceeding shall be paid by the Company in 
advance 
of the final disposition thereof upon the receipt by the Company 
of an undertaking by or on behalf of Executive to repay said 
amount unless it shall ultimately be determined that Executive 
is entitled to be indemnified hereunder; provided, however, 
that 
this shall not apply to a nonderivative action commenced 
by the Company against Executive. This indemnification 
obligation is in 
addition to the obligations of the Company pursuant to 
its articles of incorporation and bylaws. 
 
11.
 
Controlling Law
.
 
This Agreement and all matters arising out of, or relating 
to it, shall be governed by, 
and construed in 
accordance with, the laws of the Commonwealth of Pennsylvania. 
 
12.
 
 
Jurisdiction
.
 
Any action arising out of, or relating to, any breach 
of the Restrictive Covenants shall be brought and prosecuted 
only in the United States District Court for the Eastern 
District of Pennsylvania, or if such court does not have jurisdiction 
or will 
not accept jurisdiction, in any court 
of general jurisdiction in Philadelphia, Pennsylvania, and the 
jurisdiction of such court in any 
such proceeding shall be exclusive. Executive also irrevocably 
and unconditionally consents to the service of any process, 
pleadings, notices or other papers. 
 

13.
 
Amendment
.
 
The parties agree that this Agreement may not be altered, 
amended or modified, in any respect, except by a writing 
duly executed by both Parties. 
 
14.
 
Entire Agreement
.
 
The parties understand that no promise, inducement or 
other agreement not expressly contained herein has 
been made conferring any benefit upon them, and that 
this Agreement contains the entire agreement between the parties with 
respect to the subject matter hereof, and that the terms of 
this Agreement are contractual and not recitals only. 
Prior to the 
Resignation Date, the Employment Agreemen 
t 
shall apply to any termination of Executive’s 
employment with the Company, 
provided, however, that in the 
event of a Separation from Service prior to the Resignation 
Date, by action of the Company for any 
reason other than Cause or the death or Disability of the 
Executive, Executive shall receive the same compensation and benefits 
that he would receive in the event of a resignation 
prior to January 1, 2022, as set forth in Section 1 of this Agreement, 
in lieu of 
any payment under Section 4.4 of the Employment 
Agreement. Following the Resignation Date, the provisions of 
this Agreement 
shall govern Executive’s service 
as a director other than those provisions of the Employment 
Agreement that by their terms apply 
following termination of Executive’s 
employment 
as Chief Executive Officer and President of the Company 
(including without 
limitation Section 6 and 7.7), which shall continue 
to apply to Executive. 

 

 

 

 

 

 

 

 
4 
 
15.
 
Section 409A
. 

 
a.
 
This Agreement is intended to comply with Code section 
409A, or an exemption, and the provisions of this Subsection 
shall 
apply notwithstanding any provisions of this Agreement 
to the contrary. For purposes of 
section 409A of the Code, the right 
to a series of payments under this Agreement shall be treated 
as a right to a series of separate payments and each payment 
shall be treated as a separate payment. With 
respect to any payments that are subject to section 409A of 
the Code, in no event 
shall Executive, directly or indirectly, 
designate the calendar year of a payment and if a payment could 
be made in more than 
one taxable year, based on timing 
of the execution of this Agreement, payment shall be made in the 
later taxable year. Any 
reimbursements and in-kind benefits provided under 
this Agreement shall be made or provided in accordance with 
the 
requirements of section 409A of the Code. 
 
b.
 
Notwithstanding any provision of this Agreement to 
the contrary, any payment 
or benefit under this Agreement that 
constitutes deferred compensation subject to section 409A 
of the Code and for which the payment event is a Separation 
from 
Service shall not be made or provided before the date that 
is six months after the date of Executive’s 
Separation from Service. 
Any payment or benefit that is delayed pursuant to this Subsection 
shall be made or provided on the first business day of the 
seventh month following the month in which Executive’s 
Separation from Service occurs. With respect 
to any cash payment 
delayed pursuant to this Subsection, the first payment 
shall include interest, at the Wall 
Street Journal Prime Rate published 
in the Wall Street 
Journal on the date of Executive’s 
Separation from Service (or the previous business day 
if such date is not 
a business day), for the period from the date the payment would 
have been made but for this Subsection through the date 
payment is made. The provisions of this Subsection shall 
apply only to the extent required to avoid Executive’s 
incurrence of 
any additional tax or interest under section 409A of the 
Code.
 
For purposes of this Subsection, a “
Separation from Service
” 
shall mean Executive’s separation 
from service with the Company and its affiliates within 
the meaning of Treas. Reg. 
§1.409A-1(h) or any successor thereto. 
 
16.
 
Agreement Severability
.
 
If any provision of this Agreement is construed to be invalid, 
unlawful or unenforceable, then the 
remaining provisions hereof shall not be affected 
thereby and shall be enforceable without regard thereto. 

 

IN WITNESS WHEREOF, 
and intending to be legally bound, the parties agree 
to the terms of this Agreement. 
 

 

Quaker Chemical 
Corporation
Date: 4/22/2021 
 

 

By: 
 

/s/ Robert T. Traub 
 

Name: 
 

Robert T. Traub 
 

Title: 
 

Sr. VP, 
General Counsel and Corporate Secretary 
Date: 4/22/2021 
 

By: 
 

/s/ Michael F. Barry 
 

 

Michael F. Barrypzn-ex102_54.htm

Exhibit 10.2

PZENA INVESTMENT MANAGEMENT, INC

Pzena Investment Management, Inc. Equity Incentive Plan

 

Form of Restricted Stock Agreement

This RESTRICTED STOCK Agreement (“Agreement”) is made this [___] day of [___], [__] by and between Pzena Investment Management, Inc., a corporation organized under the laws of the State of Delaware (and together with its subsidiaries or affiliates, the "Company"), and [___] (the “Grantee”).  

Whereas, the Grantee's service as a director to the Company is considered by the Company to be important for its growth; and

Whereas, the Pzena Investment Management, Inc. Equity Incentive Plan (the “Plan”) provides for the granting of Awards to Grantees in the form of Restricted Stock, as deemed by the Committee to be consistent with the purposes of the Plan; and

Whereas, the Committee wishes to provide a grant of Restricted Class A Common Stock to the Grantee, according to the terms and conditions hereof ;

Now, Therefore, in consideration of the promises and mutual covenants herein set forth, and for other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto hereby mutually covenant and agree as follows.  All capitalized terms used but not defined herein shall have the respective meanings given such terms in the Plan.

1.Grant of Restricted Class A Common Stock.  Pursuant and subject to the Plan, the Company grants to the Grantee Restricted Class A Common Stock as set forth below. 

		
	
Grantee
	
[___]

	
Date of Grant
	
[___]

	
Total Amount of Restricted Class A Common Stock
	
[___]

 

2.Forfeiture of Restricted Class A Common Stock.  

Upon the date of termination of the Grantee’s provision of services to the Company for any reason during the restriction periods, all unvested Restricted Class A Common Stock shall be forfeited by the Grantee, unless and until, the Company, shall determine otherwise in its sole discretion and without requirement of notice or other action. The Company shall become the legal and beneficial owner of the unvested Restricted Class A Common Stock and all rights and interests therein or relating thereto, and the Company 

 

 

shall have the right to retain and transfer to its own name such unvested Restricted Class A Common Stock for no consideration whatsoever.

3.Vesting of Restricted Class A Common Stock.

(a)This Restricted Class A Common Stock vests in four installments as set forth in the table below

			
	
Number of Restricted Class A Common Stock in Each Installment
	
 
	
Vesting Schedule of Restricted Class A Common Stock for Each Installment

	
[____]
	
 
	
[____]

	
[____]
	
 
	
[____]

	
[____]
	
 
	
[____]

	
[____]
	
 
	
[____]

 

 

 

 

4.Transfer of Restricted Class A Common Stock.  The Grantee may not transfer the Restricted Class A Common Stock, until the vesting date as specified in Section 3 above. 

5.Rights as Stockholder. Unless otherwise determined by the Committee, the Company will retain possession of the records representing the unvested Restricted Class A Common Stock.  During the period the Restricted Class A Common Stock remains unvested, the Grantee shall receive any cash dividends with respect to the Restricted Class A Common Stock, may vote the Restricted Class A Common Stock and may participate in any distribution pursuant to a plan of dissolution or complete liquidation of the Company, each subject to any restrictions deemed appropriate by the Committee.  In the event of a dividend or distribution payable in stock or other property or a reclassification, split up or similar event, the shares or other property issued or declared with respect to the non-vested Restricted Class A Common Stock shall be subject to the same terms and conditions relating to vesting as the shares to which they relate.

6.Tax Consequences.  The Company makes no representation or warranty as to the tax treatment to the Grantee with respect to the Grantee’s receipt of or vesting in the Restricted Class A Common Stock or upon the Grantee’s sale or other disposition of the Restricted Class A Common Stock.  The Grantee should rely on the Grantee’s own tax advisors for such advice.  It is understood by the Company and the Grantee that the issuance of or vesting in the Restricted Class A Common Stock hereunder may be deemed compensatory in purpose and in effect and that as a result the Company may be obligated to pay withholding taxes in respect of such Restricted Class A Common Stock at the time the Grantee receives or becomes vested in the Restricted Class A Common Stock.  In the event that at the time such withholding tax obligations arise (i) the Grantee is no providing services to the Company or (ii) the Grantee’s other cash compensation from the Company is not sufficient to meet such withholding tax obligation, the Grantee hereby agrees to provide the Company with an amount sufficient to pay all withholding taxes required to be paid as and when such taxes become payable.  The Grantee agrees that in the event and to the extent any member of the Company determines that it is not obligated to withhold taxes payable by the Grantee with respect to the Restricted Class A Common Stock but a member of the Company is later held liable due to any non-payment of taxes on the part of the Grantee, the Grantee shall indemnify and hold the Company harmless from the amount of any payment made by the Company in respect of such liability. 

	
 
	
7.
	
General Provisions.

(a)This Agreement shall be governed and enforced in accordance with the laws of the State of Delaware, without regard to the conflict of laws principles thereof.

 

(b)This Restricted Class A Common Stock is granted pursuant to the Plan, and this Restricted Class A Common Stock and this Agreement are in all respects governed by the Plan and subject to all the terms and provisions thereof. By signing this Agreement, the Grantee acknowledges having received and read a copy of the Plan.  This Agreement and the applicable terms of the Plan embody the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and thereof, 

 

 

and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way.  Except as set forth in the Plan, this Agreement may only be modified or amended in writing signed by the Company and the Grantee.  

 

(c)The rights and obligations of each party under this Agreement shall inure to the benefit of and be binding upon such party's heirs, legal representatives, successors and permitted assigns.  The rights and obligations of the Company under this Agreement shall be assignable by the Company to any one or more persons or entities without the consent of the Grantee or any other person.  The rights and obligations of any person other than the Company under this Agreement may only be assigned in accordance with this Agreement and the Plan.

 

(d)No consent to or waiver of any breach or default in the performance of any obligations hereunder shall be deemed or construed to be a consent to or waiver of any other breach or default in the performance of any of the same or any other obligations hereunder.  Failure on the part of any party to complain of any act or failure to act of any other party or to declare any party in default, irrespective of the duration of such failure, shall not constitute a waiver of rights hereunder and no waiver hereunder shall be effective unless it is in writing, executed by the party waiving the breach or default hereunder.

 

(e)If any provision of this Agreement shall be held illegal, invalid or unenforceable, such illegality, invalidity or unenforceability shall attach only to such provision and shall not in any manner affect or render illegal, invalid or unenforceable any other severable provisions of this Agreement.

 

(f)The headings in this Agreement are for convenience of identification only, do not constitute a part hereof, and shall not affect the meaning or construction hereof.

 

(g)The Grantee agrees upon request to execute any further documents or instruments necessary or desirable to carry out the purposes or intent of this Agreement.

 

(h)All disputes relating to, arising from, or connected in any manner with this Agreement or the Grantee’s provision of services with the Company shall be resolved exclusively through final and binding arbitration under the rules and auspices of JAMS pursuant to its Arbitration Rules & Procedures.  The arbitration shall be held in the Borough of Manhattan, New York, New York and the costs of such arbitration shall be borne by the Company.  The arbitrator shall have jurisdiction to determine any claim, including the arbitrability of any claim, submitted to him/her.  The arbitrator may grant any relief authorized by law for any properly established claim. The interpretation and enforceability of this Section 7(h) shall be governed and construed in accordance with the United States Federal Arbitration Act, 9 U.S.C. § 1, et seq.  The parties acknowledge that the purpose and effect of this Section 7(h) is solely to elect private mediation and arbitration in lieu of any judicial proceeding either party might otherwise have available in the event of a dispute, controversy or claim between the parties.  Therefore, the parties hereby waive the right to have any such dispute heard by a court or jury, as the case may be, and agrees that the 

 

 

exclusive procedure to redress any and all disputes, controversies and claims will be mediation and arbitration.  Nothing contained in this Section 7(h) shall be construed to limit or otherwise interfere in any respect with the authorities granted the Committee under the Plan, including without limitation, its sole and exclusive discretion to interpret the Plan and all awards granted thereunder (including pursuant to this Agreement).

 

(i)Nothing contained in this Agreement shall confer upon the Grantee any right with respect to the continuation of his provision of services to the Company, or interfere in any way with the right of the Company, or provision of law or the Company's certificate of formation, as amended from time to time.

 

(j)This Agreement may be executed in one or more counterparts, each of which when executed shall be deemed an original and all of which, taken together, shall constitute one and the same instrument.  In making proof of this Agreement it shall not be necessary to produce or account for more than one such counterpart.

 

(k)Where the context requires, pronouns and modifiers in the masculine, feminine or neuter gender shall be deemed to refer to or include the other genders.

 

 

 

In Witness Whereof, the parties have duly executed this Agreement as of the month, day and year first set forth above.

PZENA INVESTMENT MANAGEMENT, INC.

 

 

By: ____________________________

Name: Richard S. Pzena

Title: Chief Executive Officer

 

 

GRANTEE

 

 

________________________________

Name: [____]

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