Document:

Letter Agreement between Brett Hutchinson and Asbury Automotive Group

 Exhibit 10.3 
 

 
 October 29, 2008 
 Mr. Brett Hutchinson 
 Dear Brett: 
 This letter
agreement (the “Agreement”) confirms the agreement between you and Asbury Automotive Group, Inc. (“Asbury”) in connection with your departure from Asbury. You and Asbury entered into a Severance Pay Agreement dated as of
August 1, 2005, as amended on February 26, 2008 (the "2008 Agreement). Terms that are not defined in this Agreement are defined in the 2008 Agreement. 
 Your departure from Asbury will constitute a Termination. We agree that your date of Termination will be March 31, 2009, unless you voluntarily terminate your employment earlier, in which case the earlier date will be your date of
Termination. You will continue to receive your normal compensation and benefits through the date of Termination. If you are terminated for “Cause” before your date of Termination, you will not be eligible for the Severance Pay and other
benefits described in the 2008 Agreement and this Agreement. 
 In accordance with the 2008 Agreement, Asbury will pay you as Severance Pay: i) twelve
(12) months of your base salary as of the date of Termination, and ii) a portion of your target bonus for 2009 (set at 40% of base) in an amount equal to the target bonus multiplied by the percentage of 2009 that has expired through the date of
Termination. For avoidance of doubt, if you have not voluntarily terminated before March 31, 2009 your bonus payment will be 25% of your target bonus for 2009. The base salary component of Severance Pay will be paid on Asbury’s normal
payroll dates beginning with the first payroll date following your date of Termination. The bonus component will be paid in a lump sum within thirty (30) days after the date of Termination. Both base salary and bonus will be subject to required
withholding. You will not be eligible for a bonus under the 2008 Incentive Plan for the Corporate Office to be paid (if at all) to Asbury employees in 2009 unless you voluntarily terminate prior to 12/31/2008. In accordance with Asbury vacation
policy, you will not be eligible for any cash payment for unused vacation. 
 Provided that you do not voluntarily terminate your employment or are not
terminated for “Cause” before March 31, 2009, Asbury will pay you a retention bonus in the amount of $110,000. This retention bonus will be paid to you in a lump sum not later than April 30, 2009. 
 For twelve (12) months following your date of Termination, unless the coverage is terminated sooner pursuant to the terms of the 2008 Agreement, you will be
entitled to continue to participate, at the same level of coverage and contribution in effect immediately prior to the date of Termination, in any Asbury health, dental, disability and life insurance plans, as may be amended from time to time, in
which you were participating immediately prior to the date of Termination (the “Continued Benefits Coverage”). Under the 2008 Agreement, you are required to notify the Vice President, Human Resources promptly after you obtain other
employment providing such benefit coverage, and this Continued Benefits Coverage under such Asbury plans will terminate 30 days thereafter. At your option, COBRA coverage will be available to you, as provided by Asbury policy, at the termination of
the Continued Benefits Coverage. 

 Outstanding Equity Grants 
  

	 	 1.
	 Your stock options are fully vested. You may exercise any or all of these options between now and your date of
Termination in accordance with Asbury’s Insider Trading Policy open and close window periods. In addition, you will have ninety (90) days following your date of Termination to exercise your options. After the 90th day, they will expire. 

  

	 	2.	Your unvested restricted shares will expire on your date of Termination. 

  

	 	3.	Provided your date of Termination is not earlier than December 31, 2009, your 2006 performance unit grant will vest on that date. The actual shares achieved under the grant, if
any, will be issued to you at the same time as shares are issued to other participants. If you voluntarily terminate earlier than December 31, 2009, you will forfeit any award under this grant. 

  

	 	4.	Your 2008 unvested performance units will expire on your date of Termination. 

 As a condition to receiving the Severance Pay and other compensation and benefits outlined in this Agreement, you will execute and deliver the release attached as Exhibit A. 
 In addition: 
  

	 	1.	You agree to continue to perform and fully discharge your job responsibilities and mutually agreed to special projects through and including your date of Termination.

  

	 	2.	You agree to cooperate with and lend reasonable assistance to Asbury as Asbury may reasonably request from time to time concerning current and future claims and litigation as to
which you have knowledge as a result of your employment by Asbury, including assisting Asbury’s lawyers with case preparation, discovery, deposition, and trial testimony. In addition, you agree to consult with Asbury, on such dates, at such
times, and in such locations as Asbury may reasonably request from time to time, on matters relating to your areas of responsibility while Vice President Controller and Chief Accounting Officer of Asbury. No compensation or benefits will be paid for
such cooperation, assistance or consultation. However, you will be entitled to reimbursement for reasonable and documented travel or business expenses, in accordance with Asbury’s expense reimbursement policy, reasonably incurred by you in
connection with such cooperation, assistance or consultation. 

  

	 	3.	As of your date of Termination you will no longer serve as an officer of Asbury or as an officer or director of any Asbury subsidiary or affiliate. Upon Asbury’s request you
will sign and deliver letters resigning from such positions. 

 Asbury will be entitled to withhold from any amounts payable hereunder or under
any other agreements or instruments contemplated hereby or referred to herein, including, without limitation, the 2008 Agreement, any federal, state, local or other applicable withholding or other taxes or charges which Asbury is required to
withhold. 

 You hereby acknowledge and agree that you remain bound by the provisions of the 2008 Agreement, including, without
limitation, those provisions relating to non-disclosure, non-solicitation and non competition. 
 We agree that the Indemnification Agreement between you and
the Company dated as of February 24, 2004 remains in effect in accordance with its terms. 
 If you have any questions regarding your severance
arrangements please contact me. Please indicate your acceptance of the terms and provisions of this Agreement by signing both copies of this Agreement and returning one copy to me. The other copy is for your files. By signing below, you acknowledge
and agree that you have carefully read this Agreement in its entirety, fully understand and agree to its terms and provisions, and intend and agree that it be final and legally binding on you and Asbury. 
  

	
	Sincerely,
	
	 /s/ Philip R. Johnson

	Phillip R. Johnson
	Vice President of Asbury Automotive Group, Inc.

 Acknowledged and agreed as of the date first above written: 
  

	
	 /s/ Brett Hutchinson

	Brett Hutchinson

 Exhibit “A” 
 GENERAL RELEASE 
 This General Release (this “General
Release”) is entered into between the undersigned employee, Brett Hutchinson (“you” or “your”) and Asbury Automotive Group, Inc. (the “Company”), 622 Third Avenue, 37th Floor, New York, NY 10017. 
 In consideration of the mutual promises contained in this
General Release, the Severance Pay Agreement dated August 1, 2005, as amended February 26, 2008 (the “2008 Agreement”) and the Letter Agreement dated October 29, 2008 ( the “Letter Agreement”), you and the Company
agree to the following: 
  

	 	1.	Your employment with the Company terminated effective on             , 2009 (the date of Termination”).

  

	 	2.	Subject to the conditions described below, the Company will pay you the Severance Pay and other compensation and benefits (the “Separation Benefits”) provided for in the
Letter Agreement. 

  

	 	3.	 You hereby agree for yourself, your spouse(if any) and child or children (if any), and your heirs, beneficiaries, devisees, executors, administrators, attorneys,
personal representatives, successors and assigns, to release, discharge, indemnify and hold harmless forever the Company, and any of its past, present, or future parent, affiliated, related, and/or subsidiary entities, and all of the past and
present directors, shareholders, officers, general or limited partners, employees, agents, and attorneys, and agents and representatives of such entities, and employee benefit plans in which you are or have been a participant by virtue of your
employment with the Company (collectively, the “Releasees”), from any and all actions, causes of action, contracts, claims, demands, debts, accounts, judgments, rights, equitable relief, damages, costs, charges, complaints, obligations,
promises, agreements, controversies, suits, expenses, compensation, responsibilities and liabilities of every kind and character whatsoever (including attorneys’ fees and costs), whether in law or equity, whether known or unknown, asserted or
unasserted, suspected or unsuspected, which you, your spouse and child or children (if any), or your heirs, beneficiaries, devisees, executors, administrators, attorneys, personal representatives, successors or assigns, ever had, now have or
hereafter may have, against such Releasees based on any events or circumstances arising or occurring on or prior to the date this release (the “General Release”) is executed, arising directly or indirectly out of, relating to, or in any
other way involving in any manner whatsoever, (a) your employment relationship with the Company, the terms and conditions of your employment relationship, and the termination of that employment or (b) your status at any time as a holder of
any securities of the Company, and any and all rights or claims arising under federal, state or local laws, executive orders, ordinances, or regulations, including, without limitation, claims for wrongful discharge, infliction of emotional distress,
interference with contract or 

	 	 
economic relations, breach of any express or implied contract or covenant of good faith and fair dealing, fraud, misrepresentation, defamation, any tort,
common law or contract claim, claims of any kind that may be brought in any court or administrative agency, and claims under the Age Discrimination in Employment Act, which prohibits age discrimination in employment; Title VII of the Civil Rights
Act of 1964, which prohibits discrimination in employment based on race, color, national origin, religion or sex; the Equal Pay Act, which prohibits paying men and women unequal pay for equal work; the Fair Labor Standards Act, which governs wages
and other terms and conditions of employment; the Americans with Disabilities Act, which prohibits discrimination against persons with disabilities; the Employee Retirement Income Security Act; the Family and Medical Leave Act; the Human Rights Laws
of the State and City of New York (or any similar state or local law applicable to you); the Securities Act of 1933; the Securities Exchange Act of 1934; the Sarbanes-Oxley Act; and similar state or local statutes, ordinances, and regulations. This
General Release shall not apply to your entitlements hereunder or under the 2008 Agreement or Letter Agreement, to any right you may have to any benefits already vested under any Company benefits plan in which you participated or to any rights you
may have to indemnification or liability insurance under any of the Company’s plans or policies. 

  

	 	4.	You hereby recognize and reaffirm the promises and obligations contained (i) in Sections 3, 4 and 5 of the 2008 Agreement with respect to your covenants relating to your
non-competition, non-solicitation and non-disclosure of confidential information, (ii) the Letter Agreement, and (iii) the Asbury Automotive Group Code of Business Conduct and Ethics for Directors, Officers and Employees.

  

	 	5.	You acknowledge that you have been advised by the Company to consult with an attorney regarding the terms of this General Release. You represent that you have carefully read and
fully understand all of the provisions of this General Release and that you are voluntarily entering into it. This General Release and the Letter Agreement constitute an offer that will expire if you do not execute such documents during the 21-day
period. 

	 	6.	It is expressly understood that there is no other agreement or understanding between you and the Company pertaining to the termination of your employment with the Company or the
Company’s obligations to you with respect to such termination, except as set forth in this General Release, the Letter Agreement and the 2008 Agreement. 

  

	 	7.	Any controversy or claim arising out of or relating to your employment with the Company, the termination of your employment, this General Release, the 2008 Agreement or the Letter
Agreement, or its or their breach, shall be finally settled by binding arbitration in accordance with the Model Employment Arbitration Procedures of the American Arbitration Association before an arbitrator (who shall be an attorney with at least
ten years’ experience in employment law) mutually agreed to by the parties, in or near the city where the Company maintains its corporate headquarters at the time of the dispute. You and the Company agree that any judgment upon any award
rendered by the arbitrator may be entered in any court having jurisdiction thereof. 

  

	 	8.	If any provision of this General Release, the 2008 Agreement or Letter Agreement shall be held to be invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby. 

 PLEASE READ CAREFULLY. CAREFULLY CONSIDER ALL PROVISIONS
OF THIS AGREEMENT BEFORE SIGNING IT. THIS AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS. 
  

							
	Asbury Automotive Group, Inc.	  	Employee:
			
	By:	 	  
	  	  

				
	Dated:	 	  
	  	Dated:Seagate Technology Executive Officer Performance Bonus Plan

 Exhibit 10.6 
 SEAGATE TECHNOLOGY 
 EXECUTIVE OFFICER PERFORMANCE BONUS PLAN 
 As Amended and Restated Effective as of June 28, 2008 
 Seagate Technology, an exempted company incorporated with limited liability under the laws of the Cayman Islands (the “Company”), established the Seagate Technology Executive Officer Performance Bonus Plan
(the “EPB”), as amended and restated effective as of June 28, 2008, subject to approval of the EPB by the shareholders of the Company. The EPB in the form immediately prior to this amendment and restatement was entitled the Seagate
Technology Annual Incentive Bonus Plan (“AIBP”). The objectives of the EPB are to motivate and reward the Company’s executive officers to produce results that increase shareholder value and to encourage individual and team behavior
that helps the Company achieve both short and long-term corporate objectives. 
 ARTICLE I. 
 DEFINITIONS 
 Section 1.1—“Base Compensation,” with respect to a fiscal year, shall mean the Participant’s rate of annual base salary as in effect as of the last day of such fiscal year, prorated for a partial year if the
Participant was not employed for the full year, and shall exclude moving expenses, bonus pay and other payments which are not considered part of annual base salary. 
 Section 1.2—“Board” shall mean the Board of Directors of the Company. 
 Section 1.3—“Code” shall mean the Internal Revenue Code of 1986, as amended. Any reference to a section of the Code herein shall be deemed to include a reference to the regulations promulgated under such section and to
any successor provision of such section. 
 Section 1.4—“Committee” shall mean the Compensation Committee of the Board
described in Section 6.1. 
 Section 1.5—“Disability” shall mean the physical or mental incapacitation such that for
a period of six consecutive months or for an aggregate of nine months in any 24-month consecutive period, a Participant is unable to substantially perform his or her duties. Any question as to the existence of that Participant’s physical or
mental incapacitation as to which the Participant or the Participant’s representative and the Company cannot agree shall be determined in writing by a qualified independent physician mutually acceptable to the Participant and the Company. If
the Participant and the Company cannot agree as to a qualified independent physician, each shall appoint such a physician and those two physicians shall select a third who shall make such determination in writing. The determination of
“Disability” made in writing to the Company and the Participant shall be final and conclusive for all purposes of the bonus awards. 
 Section 1.6—“Executive Officer” shall mean an employee who is subject to the requirements of Section 16(a) of the Securities Exchange Act of 1934, as amended. 
 Section 1.7—“Participant” shall mean, with respect to any fiscal year during the term of the EPB, an Executive Officer selected by
the Committee to participate in the EPB in accordance with Section 2.3 hereof. 
  

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 ARTICLE II. 
 BONUS AWARDS 
 Section 2.1—Performance Targets. A Participant shall be eligible to
earn a bonus award under the EPB based on the achievement of one or more performance targets by the Company, as determined by the Committee for each fiscal year of the Company. The performance targets for a fiscal year shall be based on any one or
more of the following objective business criteria, either individually, alternatively or in any combination, applied to either the Company as a whole or to a business unit or subsidiary, and measured either annually or cumulatively over a period of
years, on an absolute basis or relative to a pre-established target, to previous years’ results or to a designated comparison group, in each case as the Committee determines: (a) pre-and after-tax income; (b) operating income;
(c) net operating income (before or after taxes); (d) net earnings; (e) net income (before or after taxes); (f) operating margin; (g) gross margin; (h) cash flow (before or after dividends); (i) earnings per share;
(j) return on equity; (k) return on assets, investments or capital employed; (l) revenue; (m) market share; (n) cost reductions or savings; (o) funds from operations; (p) total shareholder return; (q) stock
price; (r) earnings before any one or more of the following items: interest, taxes, depreciation or amortization; (s) market capitalization; (t) economic value added; (u) operating ratio; (v) product development or release
schedules; (w) new product innovation; (x) implementation of the Company’s critical processes or projects; (y) customer service or customer satisfaction; (z) product quality measures; (aa) days sales outstanding; (bb)
inventory or inventory turns; (cc) other standards of financial performance and/or (dd) personal performance evaluations. 
 Section 2.2—Adjustments. To the extent consistent with Section 162(m) of the Code, the Committee (a) shall appropriately adjust any evaluation of performance under a performance target to mitigate the
effects of material, unusual or nonrecurring gains and losses, accounting charges or other extraordinary events which were not budgeted and were not foreseen at the time the applicable performance targets were set, such as merger or acquisition
related charges, charges for restructuring and reorganization plans, discontinued operations, extraordinary items and all items of gain, loss or expense determined to be extraordinary or unusual in nature or related to the disposal of a segment of a
business or significant part of a business, or related to a change in accounting principle (including the cumulative effect of accounting changes) as determined in accordance with Statement of Financial Standards No. 154, Accounting Changes
and Error Corrections or other applicable or successor accounting provisions, in each case as determined in accordance with generally accepted accounting principles or identified in the Company’s financial statements or notes to the
financial statements, and (b) shall also appropriately adjust any evaluation of performance under a performance target to exclude any of the following events that occurs during a performance period: (i) asset write-downs,
(ii) litigation, claims, judgments or settlements, (iii) the effect of changes in tax law or other such laws or provisions affecting reported results, (iv) accruals for reorganization and restructuring programs and (v) accruals
of any amounts for payment under the EPB. 
 Section 2.3—Bonus Awards. Each individual who is an Executive Officer
(a) who remains continuously employed as an Executive Officer from the first day of the applicable fiscal year (or, if later, from his or her first day of employment) through and including the last day of the applicable fiscal year and
(b) who is selected by the Committee to participate in the EPB with respect to such fiscal year, shall be eligible for a bonus award with respect to such fiscal year under this Section 2.3. The Committee shall establish objectively
determinable performance targets with respect to such Participant under this Section 2.3 for such fiscal year, which shall be based on the business criteria set forth in Section 2.1. Achievement of specified levels of the performance
target will result in a bonus award to such Participant equal to a fixed dollar amount or a percentage of Base Compensation, as determined by the Committee; provided, however, that the maximum bonus award payable to any Participant with respect to
any fiscal year of the Company shall not exceed $10,000,000. The Committee shall establish such specified levels of the performance target and the bonus award, if any, to be paid at each such specified level. As soon as reasonably practicable
following the conclusion of each fiscal year and prior to the payment of a bonus award, the Committee shall certify in writing the level of performance attained by the Company for the fiscal year to which such bonus award relates. The Committee
shall have no discretion to increase the amount of a Participant’s bonus award but the Committee shall have unlimited discretion to reduce the amount of a Participant’s bonus award that would otherwise be payable to the Participant upon
the achievement of specified levels of the performance target. 
  

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 ARTICLE III. 
 PAYMENT OF BONUS AWARD 
 Section 3.1—Form of Payment. Each Participant’s bonus
award, if the Committee certifies the payment of bonus awards for an applicable fiscal year in accordance with Section 2.3, shall be paid in cash. 
 Section 3.2—Timing of Payment. Unless a Participant has timely and validly
elected to defer all or part of a bonus award under a deferred compensation plan sponsored by the Company, each bonus award shall be paid no later than the 15th day of the third month following the end of the fiscal year to which such bonus award relates. A timely election is one that satisfies the requirements of Section 409A of the Code and typically for
performance-based compensation must be made at least six months in advance before the end of the applicable period of service, provided that the Participant performs services continuously from the later of the beginning of such period or the date
the performance criteria are established through the date an election is made and provided further that in no event may a deferral be made after such compensation has become readily ascertainable as set forth in Section 409A of the Code.

 ARTICLE IV. 
 SECTION
162(M) OF THE CODE 
 Section 4.1—Qualified Performance Based Compensation. Except as set forth in the final sentence of
Article V, bonus awards are intended to qualify as “performance-based compensation” within the meaning of Section 162(m)(4)(C) of the Code, and the Committee shall take such actions as are consistent with the terms of the EPB to
ensure that such bonus award will so qualify. 
 Section 4.2—Performance Goals. With respect to any bonus award that
qualifies as “performance-based compensation,” within the meaning of Section 162(m)(4)(C) of the Code, any of the performance targets described in Section 2.1, if applicable to such bonus award, shall be established in writing by
the Committee not later than 90 days after the commencement of the period of service to which the performance targets relate, provided that the outcome is substantially uncertain at the time the Committee actually establishes the performance
targets; and provided, further, that in no event shall the performance targets be established after 25% of the period of service (as scheduled in good faith at the time the performance targets are established) has elapsed. No bonus award which is
intended to qualify as “performance-based compensation,” within the meaning of Section 162(m)(4)(C) of the Code, shall be paid to a Participant unless and until the Committee makes a certification in writing with respect to the level
of performance attained by the Company for the period of service to which such bonus award relates, as required by Section 162(m) of the Code, and the regulations promulgated thereunder. 
 ARTICLE V. 
 TERMINATIONS 
 A Participant who, whether voluntarily or involuntarily, is terminated or demoted or otherwise ceases to be an Executive Officer at any time during a
fiscal year shall not be eligible to receive a partial fiscal year bonus award. 
 Notwithstanding the terms of the previous paragraph, in
the event of a Participant’s death or Disability, or in the event of a change in ownership or control of the Company, the Committee may, in its sole discretion, provide partial fiscal year bonus awards to affected Participants. 
  

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 ARTICLE VI. 
 ADMINISTRATION 
 Section 6.1—Compensation Committee. The Compensation Committee
(referred to herein as the “Committee”) shall consist solely of two or more members of the Board who are “outside directors,” within the meaning of Section 162(m) of the Code. 
 Section 6.2—Duties and Powers of Committee. The Committee shall administer the EPB, and shall have the full and final authority in its
discretion (subject to, and within the limitations of, the express provisions of the EPB) to establish rules and take all actions, including, without limitation: 
 (a) selecting Executive Officers to participate in the EPB and determining the potential amount of bonus award payable to such persons;

 (b) construing and interpreting the terms of the EPB and establishing, amending and revoking rules and regulations for its
administration; 
 (c) correcting any defect, omission or inconsistency in the EPB in a manner and to the extent it shall deem
necessary or expedient to make the EPB fully effective; 
 (d) deciding all questions of fact arising in their application,
determined by the Committee to be necessary in the administration of the EPB; and 
 (e) generally exercising such powers and
performing such acts as the Committee deems necessary, desirable, convenient or expedient to promote the best interests of the Company that are not in conflict with the EPB. 
 Section 6.3—Effect of Committee’s or Board’s Decision. All decisions, determinations and interpretations of, and all actions
taken by, the Committee or the Board in good faith shall be final, binding and conclusive on all persons, including the Company, the Participants and their estates and beneficiaries. 
 ARTICLE VII. 
 OTHER PROVISIONS 
 Section 7.1—Amendment, Suspension or Termination of the EPB. This EPB does not constitute a promise to pay and may be wholly or
partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Board, subject to any requirement for shareholder approval under applicable law, including Section 162(m) of the Code. Notwithstanding the
foregoing, no amendment, modification, suspension or termination of the EPB shall be made which materially adversely affects bonus awards previously made to a Participant without such Participant’s consent. 
 Section 7.2—Approval of EPB by Shareholders. The EPB shall be submitted for the approval of the Company’s shareholders at the 2008
Annual Meeting of Shareholders. In the event that the EPB is not so approved, the AIBP shall remain in effect in accordance with its terms. 
 Section 7.3—Seagate Compensation Recovery for Fraud or Misconduct Policy. In the event the Company adopts any policy related to the recovery of compensation in the event of fraud or other misconduct, any bonus awards
payable thereafter under the EPB shall be subject to such policy as in effect from time to time, and the terms and conditions of such policy shall be incorporated into the EPB. 
 Section 7.4—Miscellaneous. 
 (a) The Company shall deduct all federal, state and local taxes required by law or Company policy from any bonus award paid to a Participant hereunder. 
  

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 (b) In no event shall the Company be obligated to pay to any Participant a bonus award
for a fiscal year by reason of the Company’s payment of a bonus to such Participant in any other fiscal year, and there is no obligation for uniformity of treatment of Participants under the EPB. 
 (c) The rights of Participants under the EPB shall be unfunded and unsecured. Amounts payable under the EPB are not and will not be
transferred into a trust or otherwise set aside. The Company shall not be required to establish any special or separate fund or to make any other segregation of assets to assure the payment of any bonus under the EPB. 
 (d) The Company intends that bonus awards payable under the EPB shall satisfy and shall be interpreted in a manner that satisfies any
applicable requirements as qualified “performance-based compensation” within the meaning of Section 162(m)(4)(C) of the Code, unless the Committee specifies to the contrary at the time of grant of a bonus award or the terms of a bonus
award are clearly inconsistent with the requirements of Section 162(m)(4)(C) of the Code. To the extent bonus awards under the EPB are intended to qualify as “performance-based compensation” within the meaning of
Section 162(m)(4)(C) of the Code, any provision, application or interpretation of the EPB that is inconsistent with this intent shall be disregarded with respect to bonus awards intended to qualify as “performance-based compensation”
within the meaning of Section 162(m)(4)(C) of the Code. 
 (e) Nothing contained herein shall be construed as a contract
of employment or deemed to give any Participant the right to be retained in the employ of the Company, or to interfere with the rights of the Company to discharge any individual at any time, with or without cause, for any reason or no reason, and
with or without notice except as may be otherwise agreed in writing. 
 (f) No rights of any Participant to payments of any
amounts under the EPB shall be sold, exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of other than by will or by laws of descent and distribution, and any such purported sale, exchange, transfer, assignment, pledge,
hypothecation or disposition shall be void. 
 (g) Any provision of the EPB that is prohibited or unenforceable shall be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of the EPB. 
 (h) The EPB and the rights and obligations of the parties to the EPB shall be governed by, and construed and interpreted in accordance with, the law of the State of California (without regard to principles of conflicts of law). 

 

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