Document:

exhibit101employmentsepa

                                                                                     Exhibit 10.1                                     December 31, 2018    Gary Huff  3008 North NC Hwy 119  Mebane, NC 27302          Re:    Employment Separation Agreement and General Release            Dear Gary,          On behalf of Laboratory Corporation of America Holdings (the “Company”), I write to   offer you (the “Employee”) the following Employment Separation Agreement and General   Release (the “Agreement”).    1.0   Separation of Employment    1.1   Effective December 31, 2018 (the “Separation Date”), Employee’s employment with the   Company will terminate; he/she shall perform no further services for the Company and his/her   status as an employee and Officer of the Company shall cease on that date.  Employee and the   Company further agree that the relationship created by this Agreement is purely contractual and   that no employer-employee relationship is intended, nor shall such be inferred from the   performance of obligations under this Agreement.  Employee further agrees that any payments   and/or benefits payable pursuant to this Agreement are contingent upon Employee’s execution   and fulfillment of his/her obligations under this Agreement.     2.0   Separation Pay    2.1   In consideration for the covenants, promises and agreements herein and in particular   Employee’s release of claims as well as covenants not to solicit, not to compete and not to   disclose confidential information, the Company will pay Employee a severance in the total  amount of $2,063,267.00, less applicable taxes and withholdings, which represents two times the  sum of Employee’s Base Salary of $600,000.00 plus $431,633.50, representing the Employee’s  MIB Average Bonus as defined under the terms of the Laboratory Corporation of America  Holdings Amended and Restated Master Senior Executive Severance Plan (“Plan”). The  severance shall be paid in two installments, with the first installment of $1,031,633.50, less taxes  and withholding, made payable within 30 days following the Separation Date of this Agreement   and the second installment of $1,031,633.50, less taxes and withholding, made payable 30 days   following the one-year anniversary of the Separation Date.    2.2   In addition to the compensation payable under Section 2.1 of the Agreement, Employee   shall be eligible to receive an amount equal to the earned portion of the Management Incentive   Bonus (“MIB”) that he/she would have received under the LabCorp Management Incentive         

 

 Page 2 of 12   December 31, 2018   Bonus Plan had he/she remained eligible for said bonus.   The additional payment shall be made   at the time that bonuses are normally paid under the MIB Plan but no later than March 15, 2019.    2.3   In addition to the payments made pursuant to Section 2.1 and 2.2 of the Agreement, the   Employee shall also receive a lump sum payment equal to the value of the 5,164 shares of   restricted stock units that will be forfeited under the terms of the Laboratory Corporation of   America Holdings 2016 Omnibus Incentive Plan Restricted Stock Unit Agreements dated   February 7, 2017, April 4, 2017 and February 12, 2018.  The value of those shares shall be   determined based on the 5 day closing price average of the Company’s stock for the period of 5   business days ending as of December 31, 2018 multiplied by 5,164.  Said lump sum payment,   less taxes and withholding, shall be paid to the Employee within 30 days following the   Termination Date.     3.0   Benefits    3.1   Employee, his/her spouse, and his/her other dependent(s) may be eligible to elect   continued health care coverage under the welfare plans sponsored by the Company, as provided   in the applicable provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985, as   amended (“COBRA”), which provides generally that certain employees and their dependents   may elect to continue coverage under employer-sponsored group health plans for a period of at  least eighteen (18) months under certain conditions, including payment by Employee of the  “Applicable Premium” as defined in Section 604 of the Employee Retirement Income Security  Act of 1974, as amended, 29 U.S.C. §§ 1001 et seq. (“ERISA”).  In the event Employee elects  continuation of coverage under COBRA for himself/herself and his/her spouse and dependents,  the Company will reimburse Employee for the Applicable Premium for such coverage (medical,  dental, optical and prescription coverage for Employee, his/her spouse and dependents) for 12  months, thereof, to the extent actually paid by the Employee.   3.2   Employee shall be eligible for such benefits under the Company’s existing qualified plans  as are provided under the circumstances (taking into account separation of employment as of the  Separation Date) pursuant to the terms of the plan documents governing each of these plans.   Except as otherwise provided herein or in the terms of any documents governing any employee  benefit plan maintained by the Company, Employee will cease to be a participant in and will no  longer have any coverage or entitlement to benefits, accruals, or contributions under any of the  Company’s employee benefit plans effective upon the separation of his/her employment.   Employee agrees that the payments made to him by the Company pursuant to this Agreement do  not constitute compensation for purposes of calculating the amount of benefits Employee may be  entitled to under the terms of any pension plan or for the purposes of accruing any benefit,  receiving any allocation of any contribution, or having the right to defer any income in any  profit-sharing or other employee pension benefit plan, including any cash or deferred  arrangement. Notwithstanding the foregoing, the attached letter outlines the post-separation of  service benefits to which Employee shall be entitled to receive.  The terms and conditions of the  actual plan shall control in the event that there is variance between the letter and the actual Plan  document.   3.3   Employee also understands that his/her grants of performance shares, restricted stock and  stock options are governed by the terms and conditions of the Company’s 2016 Omnibus       

 

 Page 3 of 12   December 31, 2018   Incentive  Plan and applicable grant agreements and that this Agreement does not in any modify,   change, alter or amend the terms and conditions of those grants.       3.4   Employee shall submit for reimbursement any and all unpaid business expenses to the   Company within 30 days of the Separation Date.   The Company will reimburse said expenses   provided that they are consistent with, and reimbursable under, the Company’s travel and   entertainment expense policy.  The Company will not be responsible for reimbursing the   Employee for any business expenses incurred during employment but submitted after said 30-  day period.    3.5   This Agreement shall never be construed as an admission by the Company of any   liability, wrongdoing or responsibility on its part or on the part of any other person or entity   described in Section 4.1 of this Agreement.  The Company expressly denies any such liability,   wrongdoing or responsibility.    3.6   The Company shall continue to provide legal counsel and reimburse the Employee for all   legal expenses incurred in connection the Pfeil v. Laboratory Corporation America Holdings et al   MID-L-007390-17 (Superior Court of New Jersey) in accordance with the indemnification   provisions of the by-laws of the Company.    4.0   Release    4.1   Employee, on behalf of himself/herself and his/her heirs, assigns, transferees and   representatives, hereby releases and forever discharges the Company, and its predecessors,   successors, parents, subsidiaries, affiliates, assigns, representatives and agents, as well as all of   their present and former directors, officers, employees, agents, shareholders, representatives,   attorneys and insurers (collectively, the “Releasees”), from any and all claims, causes of actions,   demands, damages or liability of any nature whatsoever, known or unknown, which Employee   has or may have which arise out of his/her employment or cessation of employment with the   Company, or which concern or relate in any way to any acts or omissions done or occurring prior   to and including the date of this Agreement, including, but not limited to, claims arising under   the Fair Labor Standards Act, 29 U.S.C. § 201 et seq.; the Equal Pay Act , 29 U.S.C. § 206(a)   and interpretive regulations; Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C.   § 2000e et seq.; 42 U.S.C. § 1981 et seq.; the Americans with Disabilities Act, 42 U.S.C.   § 12101 et seq.; the Family and Medical Leave Act, 29 U.S.C. § 2601 et seq.; the Employee  Retirement Income Security Act of 1974, as amended, 29 U.S.C. § 1001 et seq.; the Worker  Adjustment and Re training Notification Act, 29 U.S.C. §§ 2101 et seq.; the Age Discrimination  in Employment Act, as amended, 29 U.S.C. §§ 621 et seq.; any and all claims for wrongful  termination and/or retaliation; claims for breach of contract, express or implied; claims for  breach of the covenant of good faith and fair dealing; claims for compensation, including but not  limited to wages, bonuses, or commissions except as otherwise contained herein; claims for  benefits or fringe benefits, including, but not limited to, claims for severance pay and/or  termination pay, except as otherwise contained herein; claims for, or relating to stock or stock  options (except that nothing in this Agreement shall prohibit Employee from exercising any  vested stock options or affect Employee’s claims to vested benefits in the Company’s  Employees’ Retirement Savings Plan, Deferred Compensation Plan, Employee Stock Purchase  Plan, or Cash Balance Retirement Plan, in accordance with the terms of the applicable stock      

 

 Page 4 of 12   December 31, 2018   option agreement(s) and applicable plan documents); claims for unaccrued vacation pay; claims   arising in tort, including, but not limited to, claims for invasion of privacy, intentional infliction   of emotional distress and defamation; claims for quantum meruit and/or unjust enrichment; and   any and all other claims arising under any other federal, state, local or foreign laws, as well as   any and all other common law legal or equitable claims.    4.2   Employee represents that he/she has not initiated any action or charge against any of the   Releasees with any Federal, State or local court or administrative agency.   If such an action or   charge has been filed by Employee, or on Employee’s behalf, he/she will use his/her best efforts   to cause it immediately to be withdrawn and dismissed with prejudice.  Failure to cause the   withdrawal and dismissal with prejudice of any action or charge shall render this Agreement null   and void, and any consideration paid hereunder shall be repaid immediately by the Employee   upon receipt of such notice.     4.3    Employee further agrees that he/she will not institute any lawsuits, either individually or   as a class representative or member, against any of the Releasees as to any matter based upon,   arising from or relating to his/her employment relationship with the Company, from the   beginning of time to the date of execution of this Agreement.  Employee knowingly and   intentionally waives any rights to any additional recovery that might be sought on his/her behalf   by any other person, entity, local, state or federal government or agency thereof, including   specifically and without limitation, the North Carolina Department of Labor, the United States   Department of Labor, or the Equal Employment Opportunity Commission.    4.4   Employee is hereby advised that:  (i) he/she should consult with an attorney (at his/her   own expense) prior to executing this Agreement; (ii) he/she is waiving, among other things, any   age discrimination claims under the Age Discrimination in Employment Act, provided, however,   he/she is not waiving any claims that may arise after the date this Agreement is executed; (iii)   he/she has twenty-one (21) days within which to consider the execution of this Agreement,   before signing it; and (iv) for a period of seven (7) days following the execution of this   Agreement, he/she may revoke this Agreement by delivering written notice (by the close of   business on the seventh day) to the Company in accordance with Section  10.7 herein.     4.5   Notwithstanding the provisions of Section 4.1, said release does not apply to any and all   statutory or other claims (a) that are prohibited from waiver by Federal, State or local law, (b) for   enforcement of any covenant under this Agreement, (c) for any claim for any vested, accrued   benefits to which Employee is (or becomes) otherwise entitled pursuant to the terms and   conditions of any of the benefit plans in which Employee participated prior to the Separation   Date (but not any incentive or severance plans excepted as provided in Section 2 or 3, above): (d)   for unemployment insurance benefits; or (e) for indemnification under applicable statutory, or   common law or any insurance, charter, or bylaws of the Company or any of its affiliates, it being   understood and agreed that this Agreement does not create or expand upon any such rights, (if   any) to indemnification.    4.6   The parties agree that the Company has no prior legal obligation to make the additional  payments set forth above in Sections 2.0 and 3.0 (including the sub-parts thereto) and that it has   been exchanged for the promises of Employee stated in this Agreement.  It is specifically   understood and agreed that the additional payments, and each of them, are good and adequate      

 

Page 5 of 12  December 31, 2018  consideration to support the waivers, releases and obligations contained herein, including,  without limitation, Sections 5.0, 6.0, 7.0, and 8.0, and their respective sub-parts, and that all of  the payments set forth Sections 2.0 and 3.0 (including the sub-parts thereto) are of value in  addition to anything to which Employee already was entitled prior to the execution of this  Agreement.   5.0   Confidentiality   5.1   The parties acknowledge that during the course of Employee’s employment with the  Company, he/she was given access, on a confidential basis, to Confidential Information which  the Company has for years collected, developed, and/or discovered through a significant amount  of effort and at great expense.  The parties acknowledge that the Confidential Information of the  Company is not generally known or easily obtained in the Company’s trade, industry, business,  or otherwise and that maintaining the secrecy of the Confidential Information is extremely  important to the Company’s ability to compete with its competitors.   5.2   Employee agrees that for a period of seven (7) years from the date of this Agreement,  Employee shall not, without the prior written consent of the Company, divulge to any third party  or use for his/her own benefit, or for any purpose other than the exclusive benefit of the  Company, any Confidential Information of the Company; provided however, that nothing herein  contained shall restrict Employee’s ability to make such disclosures as such disclosures may be  required by law; and further providing that nothing herein contained shall restrict Employee from  divulging information that is readily available to the general public as long as such information  did not become available to the general public as a direct or indirect result of Employee’s breach  of this section of this Agreement.   5.3   The term “Confidential Information” in this Agreement shall mean information that is  not readily and easily available to the public or to persons in the same business, trade, or industry  of the Company, and that concerns the Company’s prices, pricing methods, costs, profits, profit  margins, suppliers, methods, procedures, processes or combinations or applications thereof  developed in, by, or for the Company’s business, research and development projects, data,  business strategies, marketing strategies, sales techniques, customer lists, customer information,  or any other information concerning the Company or its business that is not readily and easily  available to the public or to those persons in the same business, trade, or industry of the  Company.  The term “customer information” as used in this Agreement shall mean information  that is not readily and easily available to the public or to those persons in the same business,  trade, or industry and that concerns the course of dealing between the Company and its  customers or potential customers solicited by the Company, customer preferences, particular  contracts or locations of customers, negotiations with customers, and any other information  concerning customers obtained by the Company that is not readily and easily available to the  public or to those in the business, trade, or industry of the Company.   5.4   Employee acknowledges that all information, the disclosure of which is prohibited  hereby, is of a confidential and proprietary character and of great value to the Company, and  upon the execution of this Agreement (or as soon thereafter as is reasonably practicable),  Employee shall forthwith deliver up to the Company all records, memoranda, data, and  documents of any description that refer to or relate in any way to such information and shall     

 

Page 6 of 12  December 31, 2018  return to the Company any of its equipment and property which may then be in Employee’s  possession or under Employee’s personal control.   5.5   Employee hereby agrees that any failure to fully and completely comply with this  provision shall entitle the Company to seek damages for a demonstrated breach of the  confidentiality provision, to include recoupment of monies paid hereunder.     5.6   Notwithstanding the restrictions set forth in Section 5.0 and its subparts, Employee may  disclose information protected under Section 5.0 and its subparts if and only if such is (i)  lawfully required by any government agency; (ii) otherwise required to be disclosed by law  (including legally required financial reporting) and/or by court order; (iii) necessary in any legal  proceeding in order to enforce any provision of this Agreement or (iv) made to the Securities  Exchange Commission regarding security law issues.  Employee further agrees that he/she will  notify the Company in writing within five (5) calendar days of the receipt of any subpoena, court  order, administrative order or other legal process requiring disclosure of information subject to  Section 5.0 and sub-parts thereto.  Employee may also disclose the contents of Section 6.0 and  its sub-parts and only those contents to any subsequent and/or prospective employer.   6.0   Non-Solicitation/Non-Compete   6.1   For a period of twenty-four (24) months following the separation of Employee’s  employment for any reason (the “Restriction Period”), Employee shall not become an owner in,  shareholder with more than a 2% equity interest in, investor in, or an employee, contractor,  consultant, advisor, representative, officer, director, or agent of, a trade or business that offers  products and services that are the same or substantially similar to the products and services  provided by the Employer Company in any geographic market in which the Employer Company  conducts business (“Competitor”); provided, however, that the duties and responsibilities of said  employment or engagement as an owner in, shareholder with more than 2% equity interest in,  investor in, contractor, consultant, advisor, representative, officer, director or agent are (i) the  same, similar, or substantially related to your current duties and responsibilities or duties or  responsibilities performed by Employee while employed by the Employer Company at any time  during a six (6) month period prior to Employee’s separation of employment and (ii) related to or  concerning the Competitor’s business activities in the Restricted Territory.  The parties agree and  affirm that their intention with respect to Paragraph 6.1 is that Employee’s activities shall be  limited only for the twenty-four (24) month period after the separation of employment for any  reason.  The provisions calling for a "look back" of six (6) calendar months prior to the  separation of employment are intended solely as a means of identifying the duties and  responsibilities that will define the restricted activities covered by Paragraph 6.1 and are not  intended to nor shall they, under any circumstances, be construed to define the length or term of  any such restriction.  For purposes of Paragraph 6.1, the term “Restricted Territory” means the  geographic area that is part of your current duties and responsibilities or the geographic area that  was part of your duties and responsibilities within a period of six (6) month period prior to the  date of your termination of employment.  If a court of competent jurisdiction determines that the  Restricted Territory as defined herein is too restrictive, then the parties agree that said court may  reduce or limit the Restricted Territory to the largest acceptable area so as to enable the  enforcement of Paragraph 6.1.      

 

 Page 7 of 12   December 31, 2018   6.2   For a period of twenty-four (24) months following the Separation  Date, Employee will   not, either directly or indirectly, or on behalf of any person, business, partnership, or other entity,   call upon, contact, or solicit any customer or customer prospect of the Company, or any   representative of the same, with a view toward the sale or providing of any service or product   competitive with the Company’s Business; provided, however, the restrictions set forth in this   Section shall apply only to customers or prospects of the Company, or representatives of the   same, with which during the past 12 month period the Employee had contact or about whom   Employee received Confidential Information as part of his duties and responsibilities while  employed with the Company within the 12 month period prior to his/her separation of  employment. The parties agree and affirm that their intention with respect to Section 6.2 of this  Agreement is that Employee's activities be limited only for a twenty-four (24) month period after  the Separation Date for any reason.  The provisions calling for a "look back" of 12 calendar  months prior to the Separation Date are intended solely as a means of identifying the clients to  which such restrictions apply and are not intended to nor shall they, under any circumstances, be  construed to define the length or term of any such restriction.   6.3   For a period of twenty-four (24) months following the Separation Date, Employee shall  not directly or indirectly through a subordinate, co-worker, peer, or any other person or entity  contact, solicit, encourage or induce any officer, director or employee of LabCorp to work for or  provide services to Employee and/or any other person or entity.   6.4   Employee acknowledges and agrees that the foregoing restrictions are necessary for the  reasonable and proper protection of the Company; are reasonable in respect to subject matter,  length of time, geographic scope, customer scope, and scope of activity to be restrained; and are  not unduly harsh and oppressive so as to deprive Employee of his/her livelihood or to unduly  restrict Employee’s opportunity to earn a living after separation of Employee’s employment with  the Company.  Employee further acknowledges and agrees that if any restrictions set forth in this  Section are found by any court of competent jurisdiction to be unenforceable or otherwise  against public policy, the restriction shall be interpreted to extend only over the maximum period  of time or other restriction as to which it would otherwise be enforceable.   6.5   Employee acknowledges and agrees that because the violation, breach, or threatened  breach of this Section and its sub-parts would result in immediate and irreparable injury to the  Company, the Company shall be entitled, without limitation of remedy, to (a) temporary and  permanent injunctive and other equitable relief restraining Employee from activities constituting  a violation, breach or threatened breach of this Section and its sub-parts to the fullest extent   allowed by law; (b) all such other remedies available at law or in equity, including without   limitation the recovery of damages, reasonable attorneys’ fees and costs; and (c) withhold any   further rights, payments or benefits under this Agreement which become due and owing after the   occurrence of said violation, breach, or threatened breach, including, without limitation, any   rights or claims under Sections 2.0 and 3.0 and the sub-parts thereto.    7.0   Return of Company Property    7.1   Employee agrees that within 10 days after execution of this Agreement, he/she will return   any and all Company documents and any copies thereof, in any form whatsoever, including   computer records or files, containing secret, confidential and/or proprietary information or ideas,      

 

 Page 8 of 12   December 31, 2018   and any other Company property (including, but not limited to, any cell phones, pagers and/or  computer equipment) in Employee’s possession or control, except that Employee may keep  possession, custody and control of his currently issued Company laptop.  Notwithstanding the  foregoing, Company agrees that Employee may purchase his company issued laptop at a value of  the company.    8.0   Duty to Cooperate and of Loyalty/Nondisparagement    8.1   Without limitation as to time, Employee agrees to cooperate and make all reasonable and   lawful efforts to assist the Company in addressing any issues which may arise concerning any   matter with which he/she was involved during his/her employment with the Company, including,   but not limited to cooperating in any litigation arising therefrom.  The Company shall reimburse   Employee at a fair and reasonable rate for services provided by the Employee to the Company in   connection with services provided under this provision.    8.2   Employee will not (except as required by law) communicate to anyone, whether by word   or deed, whether directly or indirectly through an intermediary, and whether expressly or by   suggestion or innuendo, any statement, whether characterized as one of fact or opinion, that is   intended to cause or that reasonable would be expected to cause any person to whom it is   communicated to have (1) a lowered opinion of the Company or any affiliates, including a   lowered opinion of any products manufactured, sold or used by, or services offered or rendered   by the Company or its affiliates; and (2)  a lowered opinion of the Company’s creditworthiness   or business prospects.  Employee’s obligations in this regard extends to the reputation of the   Company and any other person or entity described in Section 4.1 of this Agreement.    9.0   Section 409A of the Code      9.1   Notwithstanding any provisions of this Agreement to the contrary, if the Employee is a   “specified employee” (within the meaning of Section 409A of the Internal Revenue Code of   1986, as amended (the “Code”) and determined pursuant to procedures adopted by the Company)   at the Separation  Date and if any portion of the payments or benefits to be received by the   Employee would be considered deferred compensation under Section 409A of the Code,   amounts that would otherwise be payable pursuant to this Agreement during the six-month  period immediately following the Employee’s Separation  Date (the “Delayed Payments”) and  benefits that would otherwise be provided pursuant to this Agreement (the “Delayed Benefits”)  during the six-month period immediately following the Employee’s Separation  Date (such  period, the “Delay Period”) shall instead be paid or made available on the earlier of (i) the first  business day of the seventh (7th) month following the Separation  Date or (ii) the Employee’s   death (the applicable date, the “Permissible Payment Date”).  The Company shall also reimburse   the Employee for the after-tax cost incurred by the Employee in independently obtaining any   Delayed Benefits (the “Additional Delayed Payments”).    9.2   With respect to any amount of expenses eligible for reimbursement under Sections 3.1,   3.3 and 9.1, such expenses shall be reimbursed by the Company within thirty (30) calendar days   following the date on which the Company receives the applicable invoice from the Employee but   in no event later than December 31 of the year following the year in which the Employee incurs   the related expenses; provided, that with respect to reimbursement relating to the Additional      

 

 Page 9 of 12   December 31, 2018   Delayed Payments, such reimbursement shall be made on the Permissible Payment Date.  In no   event shall the reimbursements or in-kind benefits to be provided by the Company in one taxable   year affect the amount of reimbursements or in-kind benefits to be provided in any other taxable   year, nor shall the Employee’s right to reimbursement or in-kind benefits be subject to   liquidation or exchange for another benefit.    9.3   It is the intention of the parties that payments or benefits payable under this Agreement   not be subject to the additional tax imposed pursuant to Section 409A of the Code.  To the extent   such potential payments or benefits could become subject to such Section, the Company may   amend this Agreement with the goal of giving the Covered Employee the economic benefits   described herein in a manner that does not result in such tax being imposed.    9.4   For purposes of Section 409A of the Code, an Employee’s right to receive any   “installment” payments pursuant to this Agreement shall be treated as a right to receive a series   of separate and distinct payments.    10.0  Miscellaneous    10.1  This Agreement is binding on, and shall inure to the benefit of, the Parties hereto and   their heirs, representatives, transferees, principals, executors, administrators, predecessors,   successors, parents, subsidiaries, affiliates, assigns, agents, directors, officers and employees.  In   the event that Employee dies before payment of all amounts described in this Agreement is   made, and the Agreement has been executed and not revoked, the Company agrees to pay unpaid   amounts to Employee’s estate.    10.2  The Plan is incorporated herein by reference.  This Agreement constitutes the complete  agreement between, and contains all of the promises and undertakings by the Parties.  Employee  agrees that the only considerations for signing this Agreement are the terms stated herein above  and that no other representations, promises, or assurances of any kind have been made to him by  the Company, its attorneys, or any other person as an inducement to sign this Agreement.  Any  and all prior agreements, representations, negotiations and understandings among the Parties,   oral or written, express or implied, with respect to the subject matter hereof are hereby   superseded and merged herein, except that this Agreement supplements and does not amend,   alter, void, replace, or otherwise override any confidentiality, non-solicitation, non-compete   agreement executed by Employee that is part of any equity award agreement executed by the   Employee.  To be clear and to avoid any doubt, the parties expressly agree that any   confidentiality, non-solicitation, non-compete agreement executed by Employee that is part of   any equity award agreement executed by the Employee remains in full force and effect and is not   modified in any way by this Agreement.    10.3  This Agreement may not be revised or modified without the mutual written consent of the   Parties.    10.4  The Parties acknowledge and agree that they have each had sufficient time to consider   this Agreement and consult with legal counsel of their choosing concerning its meaning prior to   entering into this Agreement.  In entering into this Agreement, no Party has relied on any   representations or warranties of any other Party other than the representations or warranties       

 

Page 10 of 12  December 31, 2018  expressly set forth in this Agreement.  Employee acknowledges that he/she has read this  Agreement and that he/she possesses sufficient education and experience to fully understand the  terms of this Agreement as it has been written, the legal and binding effect of this Agreement,  and the exchange of benefits and payments for promises hereunder, and that he/she has had a full  opportunity to discuss or ask questions about all such terms.   10.5  Except as otherwise provided in this Section, if any provision of this Agreement shall be  determined to be invalid or unenforceable by a court of competent jurisdiction, that part shall be  ineffective to the extent of such invalidity or unenforceability only, without in any way affecting  the remaining parts of said provision or the remaining provisions of this Agreement; provided  that, if any provision contained in this Agreement shall be adjudicated to be invalid or  unenforceable because such provision is held to be excessively broad as to duration, geographic  scope, activity or subject, such provision shall be deemed amended by limiting and reducing it so  as to be valid and enforceable to the maximum extent compatible with the applicable laws of  such jurisdiction, and such amendment only to apply with respect to the operation of such  provision in the applicable jurisdiction in which the adjudication is made.  If Section 6.0 or any  of its sub-parts of this Agreement is deemed invalid or unenforceable, in whole or in part, by a  court of competent jurisdiction, this entire Agreement shall be null and void, and any  consideration paid hereunder shall be repaid immediately by Employee upon receipt of notice  thereof.   10.6  Employee agrees that because he/she has rendered services of a special, unique, and  extraordinary character, damages may not be an adequate or reasonable remedy for breach of  his/her obligations under this Agreement.  Accordingly, in the event of a breach or threatened  breach by Employee of the provisions of this Agreement, the Company shall be entitled to (a) an  injunction restraining Employee from violating the terms hereof, or from rendering services to  any person, firm, corporation, association, or other entity to which any confidential information,  trade secrets, or proprietary materials of the Company have been disclosed or are threatened to  be disclosed, or for which Employee is working or rendering services, or threatens to work or  render services (b) all such other remedies available at law or in equity, including without  limitation the recovery of damages, reasonable attorneys’ fees and costs, and (c) withhold any  further payments under this Agreement which become due and owing after the occurrence of  said violation, breach or threatened breach.  Nothing herein shall be construed as prohibiting the  Company from pursuing any other remedies available to it for such breach or threatened breach  of this Agreement, including the right to terminate any payments to Employee pursuant to this  Agreement or the recovery of damages from Employee.     10.7  Such notice and any other notices required under this Agreement shall be served upon the  Company by certified mail, return receipt requested, or by expressed delivery by a nationally  recognized delivery service company such as Federal Express as follows:      

 

 Page 11 of 12   December 31, 2018               If to the Company:                                          Laboratory Corporation of America Holdings                     531 S. Spring Street                     Burlington, NC  27215                     Telephone No.:  (336) 436-4620                     Telecopier No.:  (336) 436-4177                     Attention:  Deputy Chief Legal Officer                With a copy to:                                          Laboratory Corporation of America Holdings                     531 S. Spring Street                     Burlington, NC  27215                     Attention:  Director of HR Compliance                If to the Employee:                                    Gary Huff                      3008 North NC Hwy 119                    Mebane, NC 27302                       Consistent with the requirements of this Section, each party shall notify the other party of any  change of address for the receipt of a notice under this Agreement.   10.8  This Agreement shall be construed in accordance with and governed by the laws, except  choice of law provisions, of the State of North Carolina and shall govern to the exclusion of the  laws of any other forum including but not limited to the laws of the State of Texas.  The parties  further agree that any action, special proceeding or other proceeding with respect to this  Agreement shall be brought exclusively in the federal or state courts of the State of North  Carolina. Employee and Company irrevocably consent to the jurisdiction of the Federal and  State courts of North Carolina and that Employee hereby consents and submits to personal  jurisdiction in the State of North Carolina. Employee and Company irrevocably waive any  objection, including an objection or defense based on lack of personal jurisdiction, improper  venue or forum non-conveniens which either may now or hereafter have to the bringing of  any action or proceeding in connection with this Agreement.  Employee acknowledges and  recognizes that in the event that he/she has breached this Agreement, the Company may  initiate a lawsuit against him/her in North Carolina, that Employee waives his/her right to  have that lawsuit be brought in a court located closer to where he/she may reside, and that  Employee will be required to travel to and defend himself/herself in North Carolina.                                  

 

Page 12 of 12  December 31, 2018  The Effective Date of this Agreement shall be either (a) the Separation Date or (b) the day after  expiration of the seven (7) day revocation period set forth in Section 4.4 of this Agreement,  whichever date is later.   If you agree with the foregoing, please sign below and return two (2) originals to me.  You  should retain one (1) original copy of this Agreement for your records.                                          Sincerely,                                          /s/ LISA UTHGENANNT                                          Lisa Uthgenannt                                         Senior Vice President and                                         Chief Human Resources Officer                                                                                      Agreed to and accepted:   /s/ GARY HUFF___________________   Gary Huff      Date: January 2, 2019______ _________Exhibit 10.1

 

AMENDMENT NO. 1 TO ADVISORY AGREEMENT (2018)

 

THIS AMENDMENT NO. 1 TO ADVISORY AGREEMENT (2018) (this “Amendment”), dated and effective as of January 1, 2019, is entered into by and among Black Creek Industrial REIT IV Inc., a Maryland corporation (the “Corporation”), BCI IV Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”), and BCI IV Advisors LLC, a Delaware limited liability company (the “Advisor”). The Corporation, the Operating Partnership and the Advisor are collectively referred to in this Amendment as the “Parties.” Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Advisory Agreement (as defined below).

 

WHEREAS, the Parties entered into that certain Amended and Restated Advisory Agreement (2018) (the “Advisory Agreement”), dated as of June 13, 2018, pursuant to which the Advisor agreed to provide certain services to the Company; and

 

WHEREAS, the Parties desire to enter into this Amendment to extend the period during which the Advisor shall pay for all Organization and Offering Expenses (other than the Sales Commissions, Dealer Manager Fees and Distribution Fees), upon the terms and subject to the conditions hereinafter set forth.

 

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows:

 

1.                                      Section 10(c) of the Advisory Agreement is hereby superseded and replaced with the following:

 

(c) Notwithstanding the foregoing, the Advisor shall pay for all Organization and Offering Expenses (other than the Sales Commissions, Dealer Manager Fees and Distribution Fees) incurred through December 31, 2019. The Corporation shall reimburse the Advisor for all such Organization and Offering Expenses (other than the Sales Commissions, Dealer Manager Fees and Distribution Fees) ratably over sixty months following December 31, 2019.  Beginning January 1, 2020, the Corporation shall reimburse the Advisor for all Organization and Offering Expenses (other than the Sales Commissions, Dealer Manager Fees and Distribution Fees) as and when incurred.  Any reimbursement to the Advisor pursuant to this Paragraph 10(c) shall be subject to the limitation described in Paragraph 10(a)(i).

 

2.                                      This Amendment constitutes an amendment to the Advisory Agreement. Except as set forth in this Amendment, all of the provisions of the Advisory Agreement shall continue in full force and effect in accordance with their terms. In the event of any conflict between the provisions of the Advisory Agreement and the provisions of this Amendment, the provisions of this Amendment shall control.

 

3.                                      This Amendment (a) shall be binding upon the Parties and their respective successors and assigns; (b) may be executed in several counterparts, each of which counterpart, when so executed and delivered, shall constitute an original agreement, and all such separate counterparts shall constitute but one and the same agreement; and (e) together with the Advisory Agreement, embodies the entire agreement and understanding between the parties with respect to the subject matter hereof and supersedes all prior agreements, consents and understandings relating to such subject matter.

 

[Signature Page Follows]

 

 

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

 

	
 
    	
BLACK CREEK INDUSTRIAL REIT IV   INC.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Dwight L. Merriman   III
    
	
 
    	
Name:
    	
Dwight L. Merriman III
    
	
 
    	
Title:
    	
Managing Director, Chief   Executive Officer
    
	
 
    	
 
    	
 
    
	
 
    	
BCI IV OPERATING PARTNERSHIP LP
    
	
 
    	
 
    
	
 
    	
By:  Black   Creek Industrial REIT IV Inc., its Sole General Partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Dwight L. Merriman   III
    
	
 
    	
Name:
    	
Dwight L. Merriman III
    
	
 
    	
Title:
    	
Managing Director, Chief   Executive Officer
    
	
 
    	
 
    	
 
    
	
 
    	
BCI IV ADVISORS LLC
    
	
 
    	
 
    
	
 
    	
By:  BCI   IV Advisors Group LLC, its Sole Member
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Evan H. Zucker
    
	
 
    	
Name:
    	
Evan H. Zucker
    
	
 
    	
Title:
    	
Manager
    

 

[Signature page to Amendment No. 1 to Advisory Agreement (2018)]

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