Document:

Exhibit 10.1

 

SECURED REVOLVING LINE
OF CREDIT PROMISSORY NOTE

 

August 28, 2019

 

For value received, ARCA Recycling, Inc.,
a California corporation (“Borrower”), hereby promises to pay to the order of Isaac Capital Group (“Lender”),
at such address as the Lender may designate, the principal sum of $2,500,000, or the aggregate unpaid principal amount of all advances
made by the Lender to the Borrower hereunder, whichever is less, in lawful money of the United States of America. During the period
from the date hereof until the Maturity Date (as defined below), within two business days of a written request (including by e-mail)
from Borrower, Lender shall make advances (“Advances”) hereunder and the Borrower may borrow, repay and
reborrow; provided, however, that the aggregate amount of all advances at any one time outstanding shall not exceed the face amount
of this Note; and provided, further, that the Lender’s obligation to make advances and the Borrower’s right to borrow,
repay and reborrow are subject to the terms, conditions and limitations contained in this Note. If any Advances are made during
the period from the date hereof until the anniversary of the date hereof (as such date may be extended, in writing from time to
time, in the Lender’s sole and absolute discretion, the “Maturity Date”), the outstanding principal
balance of all advances hereunder plus accrued but unpaid interest thereon, and all other indebtedness under this Note, if not
sooner paid, shall be due and payable on the Maturity Date.

 

The outstanding principal of all Advances
hereunder will bear interest at 8.75% per annum. Interest on the outstanding principal of all Advances shall be payable at the
rate set forth above and shall be payable in arrears on the last day of each month commencing September 30, 2019 and on the Maturity
Date. Interest shall be computed on the basis of a 360-day year and actual days elapsed. Upon default or after judgment has been
rendered on this Note, the unpaid principal of all Advances shall, at the option of the Lender, bear interest at a rate which is
3.0% points per annum greater than that which would otherwise be applicable.

 

Promptly (but no later than two business
days) following the provision of an Advance, Borrower shall pay to Lender a fee equal to 2.0% of the principal amount of each Advance.

 

All payments hereunder shall be applied
first to the payment of interest on the unpaid principal of all Advances outstanding under this Note, and then to the balance on
account of the principal of all Advances due under this Note.

 

If at any time, the rate of interest, together
with all amounts which constitute interest and which are reserved, charged or taken by Lender as compensation for fees, services,
or expenses incidental to the making, negotiating, or collection of any Advance evidenced hereby, shall be deemed by any competent
court of law, governmental agency, or tribunal to exceed the maximum of rate of interest permitted to be charged by Lender to Borrower,
then, during such time as such rate of interest would be deemed excessive, that portion of each sum paid attributable to that portion
of such interest rate that exceeds the maximum rate of interest so permitted shall be deemed a voluntary prepayment of principal.

 

The Borrower may prepay this Note, in whole
or in part, at any time, without penalty or premium.

 

The Borrower agrees to pay all taxes levied
or assessed upon the outstanding principal against any holder of this Note and to pay all reasonable costs, including attorneys’
fees, costs relating to the appraisal and/or valuation of assets and all other costs and expenses incurred in the collection, protection,
defense, preservation, or enforcement of this Note or any endorsement of this Note or in any litigation arising out of the transactions
of which this Note or any endorsement of this Note is a part.

 

THE LENDER AND THE BORROWER IRREVOCABLY
WAIVE ALL RIGHT TO A TRIAL BY JURY IN ANY PROCEEDING HEREAFTER INSTITUTED BY OR AGAINST THE LENDER OR THE BORROWER IN RESPECT OF
THIS NOTE OR ARISING OUT OF ANY DOCUMENT, INSTRUMENT OR AGREEMENT EVIDENCING, GOVERNING OR SECURING THIS NOTE, INCLUDING THE AFORESAID
AGREEMENT.

 

 

 

    
	 	1	 

     

    

 

Borrower hereby waives diligence, demand,
presentment for payment, notice of nonpayment, protest and notice of protest, and notice of any renewals or extensions of this
Note, and all rights under any statute of limitations, and agrees that the time for payment of this Note may be changed and extended
at the Lender’s sole discretion, without impairing the Borrower’s liability hereon, and further consents to the release
of all or any part of the security for the payment hereof at the discretion of the Lender. Any delay on the part of the Lender
in exercising any right hereunder shall not operate as a waiver of any such right, and any waiver granted for one occasion shall
not operate as a waiver in the event of any subsequent default.

 

The making of an Advance at any time shall
not be deemed a waiver of, or consent, agreement or commitment by the Lender to the making of any future Advance to the Borrower.

 

If any provision of this Note shall, to
any extent, be held invalid or unenforceable, then only such provision shall be deemed ineffective and the remainder of this Note
shall not be affected.

 

This Note shall bind the successors and
assigns of the Borrower and shall inure to the benefit of the Lender, its successors and assigns.

 

This Note is secured in accordance with
the terms of the Security Agreement of even date herewith between the Lender and the Borrower.

 

This Note shall be governed by and construed
in accordance with the laws of the State of Nevada.

 

(Remainder of this page intentionally
left blank; signatures begin on the next page.)

 

 

 

 

 

 

 

 

 

 

 

    
	 	2	 

     

    

 

	Borrower:
	 
	ARCA RECYCLING, INC.
	 
	By:      /s/ Virland A. Johnson                                   
	Name: Virland A. Johnson
	Title: Chief Financial Officer
	 
	 
	Lender:
	 
	ISAAC CAPITAL GROUP, LLC
	 
	By:      /s/ Jon Isaac                                              
	Name: Jon Isaac
	Title: President and Chief Executive Officer

 

 

 

 

 

 

    
	 	3	 

     

    

 

AGREEMENT AND GUARANTY

 

For
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in consideration of ARCA Recycling, Inc.,
a California corporation (“Borrower”), a wholly-owned subsidiary of Appliance Recycling Centers of America,
Inc., a Nevada corporation (“Guarantor”), having agreed to the terms of financing described in that certain
Secured Revolving Line of Credit Promissory Note dated as of the date hereof (the “Note”), Guarantor
does hereby unconditionally guarantee to Isaac Capital Group, LLC (the “Lender”) full and prompt payment
and performance of all obligations of Borrower to Lender under the Note. Guarantor also agrees to pay in addition thereto all costs,
expenses, and reasonable attorney’s fees at any time paid or incurred by Lender in endeavoring to enforce this Guaranty.

 

 Upon
any default by Borrower with respect to any of the obligations herein guaranteed, the liability of the Guarantor hereunder shall
be deemed to have become immediately due and payable, without demand, presentment, protest or notice of any kind, all of which
are hereby waived, and without any suit or action against the Guarantor and without further steps to be taken or further conditions
to be performed by the Guarantor. Failure of Lender to make any demand or otherwise to proceed against the Guarantor in respect
to any default by the Borrower or the Guarantor, or any delay by the Lender in doing so, shall not constitute a waiver of the Lender’s
right to proceed in respect to any or all other defaults by the Borrower or the Guarantor.

 

This
Agreement and Guaranty shall be governed by and construed in accordance with the laws of the State of Nevada (without reference
to the conflicts of law provisions thereof). The invalidity or unenforceability of any provision hereof shall not limit the validity
or enforceability of any other provision hereof. This Agreement and Guaranty may not be amended except by an instrument in writing
signed by the party to be charged.

 

Executed
effective as of this 28th day of August 2019.

 

APPLIANCE
RECYCLING CENTERS OF AMERICA, INC.

 

 

	By:      /s/ Virland A. Johnson                              
	Name: Virland
A. Johnson
	Title: Chief Financial
Officer
	 
	 

 

 

 

    
	 	4EX-10.1

 Exhibit 10.1 

SEPARATION AGREEMENT AND GENERAL RELEASE 

This Separation Agreement and General Release (“Agreement”) is made between Mondelēz Global LLC (and any currently or
previously-affiliated companies, parent companies, successors or predecessors, including Mondelēz International, Inc., Kraft Foods Inc., Kraft Foods Group, Inc., and Kraft Foods Global, Inc., hereafter, collectively referred to herein as,
“MG” or the “Employer”) and Timothy Cofer (“Cofer” or the “Employee”) (the Employer and Employee are collectively referred to herein as the “Parties”). 

Cofer has been employed by MG in various capacities, and most recently as its Chief Growth Officer. Since Cofer’s employment relationship
with MG is ending, MG has offered Cofer benefits as set forth in this Agreement, and Cofer has decided to accept MG’s offer. Therefore, Cofer and MG both agree and promise as follows: 

1.          Employment Termination: Cofer’s last day of employment with
MG is August 31, 2019 (“Last Day Worked” or “Termination Date”). Cofer will be paid for any accrued, unused 2019 PTO days, less applicable deductions, at the next normal payday following the Termination Date. After the
Termination Date, Cofer will not represent himself as being an employee, officer, attorney, agent or representative of MG for any purpose. 

2.          Sufficiency of Consideration: Cofer understands, acknowledges and
agrees that the payment of benefits described in this Agreement, including payments and benefits described in Section 3 herein, are conditioned upon his execution and non-revocation of this Agreement and
are, in significant and substantial part, in addition to those benefits to which he is otherwise entitled. Cofer acknowledges and agrees that MG has – apart from this Agreement – paid him for all wages that were due to him. 

3.          Consideration: In exchange for the promises and releases in this
Agreement, and provided Cofer does not revoke the Agreement as permitted in Section 14 below, MG will provide Cofer with the following benefits and payments: 

a)    For each month from September 1, 2019, through and including August 31, 2020, MG will pay Cofer a cash
severance benefit equal to his current monthly current base salary. Such severance payments will be paid out in the regular bi-weekly payroll cycle during this twelve-month period. Cofer expressly acknowledges
and agrees that if he secures full time employment within such twelve-month period, then commencing on the date of such new employment (the “New Employment Start Date”), but no earlier than January 1, 2020, the installment payments
under this Paragraph 3(a) shall cease, and the remaining cash severance benefit shall be paid out in a lump sum, less all required local, state and federal tax deductions, within sixty (60) days after the New Employment Start Date. The
remaining cash severance benefit shall be calculated by subtracting the total gross amount paid out to Cofer from September 1, 2019 up to the New Employment Start Date, from the total gross severance amount, or Eight Hundred Seventy-Five
Thousand Dollars and No Cents ($875,000). 
 b)     If Cofer, at his option, timely elects benefits continuation
coverage under COBRA, for the twelve-month period following the Termination Date, Cofer will continue to pay the same monthly contribution as he would have paid as an active employee under the MG 

  
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sponsored plans, and MG will pay the remainder of the COBRA premium. Regardless of Cofer’s benefits continuation election, MG’s requirement to subsidize Cofer’s monthly benefits
contributions shall cease effective September 1, 2020. Cofer expressly acknowledges and agrees that if he secures full time employment within the twelve-month period following the Termination date, MG’s requirement to subsidize
Cofer’s monthly benefits contributions shall cease effective the New Employment Start Date. 
 c)    Cofer will
receive a pro-rata MIP award based on the number of days worked from January 1, 2019, through the Last Day Worked, to be paid at actual performance for the individual performance component and actual
performance for the Company performance component. This payment, less applicable deductions, will be made no later than March 15, 2020. Cofer will not be eligible to receive any other MIP payments. 

d)    MG will provide outplacement services to Cofer, per his salary band level C, by a firm selected and paid for by MG.
Such outplacement services will be made available to Cofer immediately upon his execution and non-revocation of this Agreement. 

e)    Following Cofer’s Last Day Worked, Cofer will vest in all unvested outstanding stock options on a pro rata
basis. For each unvested outstanding stock option grant, the pro rata calculation will equal the total number of stock options granted multiplied by the Proration Amount (defined below) less all previously vested stock options. The
Proration Amount is a fraction, the numerator of which is the number of months (excluding the month of the grant date and including partial months thereafter, rounded up to the next whole month) Cofer was actively employed by MG during the vesting
period and the denominator of which is the total number of months in the vesting period. In accordance with the grant agreements, Cofer shall have twelve (12) months to exercise any vested stock options. Cofer shall forfeit all other
unvested outstanding stock options. The administrative time it takes to complete these transactions may be up to 8 weeks from the Termination Date. Cofer will not be eligible for a 2020 stock option grant. 

f)    Following Cofer’s Last Day Worked, Cofer will be eligible to receive a prorated award of Cofer’s
outstanding performance share units based on the actual performance of the Company. If such performance share units satisfy the minimum performance thresholds for an award, then for each outstanding grant of performance share units Cofer will
receive shares, less required deductions, based on the number of months of participation from the beginning of the applicable performance cycle through Cofer’s Last Day Worked, at the actual business rating as determined by the Human Resources
and Compensation Committee of the Board of Directors. Such shares (if any) net of required withholding shall be issued after the conclusion of the applicable performance period, and no later than March 15 of the year following the end of
the performance cycle. Cofer shall forfeit all other unvested outstanding performance share units. Applicable tax withholding (and any other withholding of payroll taxes) will be satisfied by deducting the number of shares equal in value
to the amount of the withholding required; therefore, the number of shares deposited into Cofer’s account following the award date will be net of the shares used to satisfy applicable withholding taxes (rounded up to the nearest whole share).
Cofer will not be eligible for a 2020 performance share unit grant. 

  
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 g)    As of the Termination Date, Cofer shall forfeit the entire
deferred stock unit retention award granted in August 2017. For the avoidance of doubt, Cofer will not be eligible for any other deferred stock unit grants. 

h)    Subject to the underlying terms and conditions of the applicable plans, Cofer will receive compensation and
benefits as provided for under MG’s retirement and benefits plans available to employees generally. Cofer will not be entitled to any other compensation or benefits not provided in this Agreement. In addition to the equity vesting treatment
provided in this Agreement, the compensation and benefits provided in this Agreement are provided pursuant to the terms and conditions of the Mondelēz Global LLC Severance Pay Plan for Salaried Exempt Employees. Cofer may revoke this Agreement
within seven (7) days after he signs it by giving written notice to MG. To be effective, this revocation must be received by the close of business on the 7th calendar day after Cofer signs this Agreement. If Cofer revokes this Agreement, he
understands that he will not receive the benefits that are conditioned upon his execution of the Agreement. This Agreement will not become effective or enforceable unless and until the seven-day revocation
period has expired without Cofer revoking it. 
 4.          Complete Release and
Waiver of Claims: 
 a)    Cofer is aware of his legal rights concerning his employment with MG. In exchange
for MG’s promises above, Cofer agrees to irrevocably and unconditionally release (i.e. give up) any and all claims he may now have against, and agrees not to sue, MG and any currently or previously-affiliated companies, parent companies,
successors or predecessors, and their officers, directors, agents and employees, including without limitation those arising out of the employment relationship between Cofer and MG (the “Release”). This Release includes, but is not limited
to, all claims under Title VII of the Civil Rights Acts of 1964 and 1991, the Americans with Disabilities Act, the Age Discrimination in Employment Act, the Family and Medical Leave Act, the Fair Labor Standards Act, the Sarbanes-Oxley Act of 2002,
the Employee Retirement Income Security Act, the Illinois Human Rights Act, the Right to Privacy in the Workplace Act, the Illinois Health and Safety Act, the Illinois Employment Contract Act, the Illinois Whistleblower Act, and any other federal,
state or local law, as well as any claims for breach of contract, wrongful discharge, and tort claims; claims for wages, benefits or severance pay; claims for attorneys’ fees; and any other claim or action whatsoever. This general release and
waiver does not contain a waiver of rights or claims that may arise after the date the Agreement is executed by Cofer, and also excludes any claims which cannot be waived by law. Notwithstanding the above, nothing in this paragraph shall be
construed to waive Cofer’s rights to (i) enforce this agreement and (ii) indemnification, if any, from MG arising from applicable law or the Company’s Certificate of Incorporation, By-Laws,
or the Company’s insurance policies, for any of her acts (or failures to act) made in good faith while Cofer was employed by MG. MG will follow its standard practices then in place regarding advancement of legal fees in the event Cofer
invokes his rights to indemnification under the Company’s Certificate of Incorporation, By-Laws, or the Company’s insurance policies. For the avoidance of doubt, payments made pursuant to this
Agreement remain subject to any recovery, recoupment, clawback and/or other forfeiture policy maintained by MG or any affiliate. 

b)    Specific Release of ADEA Claims: In further consideration of the payments and benefits
provided to the Employee in this Agreement, Cofer hereby irrevocably and 

  
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unconditionally fully and forever waives, releases and discharges MG from any and all claims, whether known or unknown, from the beginning of time to the date of Cofer’s execution of this
Agreement, arising under the Age Discrimination in Employment Act (ADEA), as amended, and its implementing regulations. 

5.          Right to Participate in Agency Proceedings: Nothing in this
Agreement is intended to limit or impair in any way Cofer’s right to file a charge with the U.S. Equal Employment Opportunity Commission (EEOC) or comparable state and local fair employment practices agencies (FEPAs), or Cofer’s right to
participate in any such charge filed with such agencies. 

6.          Cooperation: The Parties agree that certain matters in
which Cofer has been involved during his employment may necessitate Cofer’s cooperation with MG in the future. Accordingly, for a period of two (2) years following the Termination Date, to the extent reasonably requested by MG
and upon reasonable notice, Cofer shall cooperate with MG in connection with matters arising out of Cofer’s service to the Employer, including those legal matters, both known and unknown, about which Cofer has personal knowledge and/or may be
called as a witness; provided that MG shall make reasonable efforts to minimize disruption of Cofer’s other activities. MG shall reimburse Cofer for reasonable expenses incurred in connection with his cooperation, including loss of time. 

7.          Restrictive Covenants: 

(a)    Non-Competition: Cofer understands and agrees that the nature of
his position with MG gave him access to and knowledge of highly confidential information and trade secrets of MG, and placed him in a position of trust and confidence with MG. Because of MG’s legitimate business interests and in consideration
for MG’s payment/provision to Cofer of the amounts and benefits provided in Section 3 above, Cofer agrees that he will not engage in Prohibited Conduct for the twelve (12)-month period following the Termination Date (“Restricted
Period”). 
 (i)    For purposes of this non-compete clause,
“Prohibited Conduct” is conduct in which Cofer contributes his knowledge of confidential or proprietary information obtained during his employment with MG, directly or indirectly, in whole or in part, as an employee, employer, owner,
operator, manager, advisor, consultant, agent, partner, director, officer, volunteer, intern or any other similar capacity to a Listed Competitor without the written consent of MG’s Executive Vice President Global Human Resources, or designee,
such consent to be provided by MG at its sole and absolute discretion, except that such consent shall not unreasonably be withheld. 

(ii)    For purposes of this non-compete clause, Listed Competitors include the
following companies: PepsiCo, Inc., Campbell Soup Company, The Coca-Cola Company, Kellogg Company, Mars, Inc., Nestle S.A., Ferrero Rocher, General Mills, Inc., The Hershey Company, Groupe Danone, Perfetti Van Melle, Arcor, Unilever Group,
Lindt & Sprungli AG, and Yildiz Holding A.S., or any subsidiaries, affiliates or subsequent parent or merger partner, if any of these companies are acquired or become part of a merger. For purposes of this Agreement, “affiliate”
of a specified person or entity means a person or entity that directly or indirectly controls, is controlled by, or is under common control with, the person or entity specified. Nothing contained 

  
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herein shall preclude Cofer from working for a company that provides consulting or financial advisory services whose clients include companies named above so long as Cofer does not provide
specific advice or services, derived from confidential or proprietary information obtained during his employment with MG, directly to the Listed Competitors. 

(b)    Non-Solicitation of Employees: Cofer understands and acknowledges
that MG has expended and continues to expend significant time and expense recruiting and training its employees and that the loss of employees would cause significant and irreparable harm to MG. Cofer agrees and covenants not to directly or
indirectly solicit, hire, recruit, attempt to hire or recruit, or induce the termination of employment of any employee of MG during the Restricted Period. The foregoing shall not be violated by general advertising not targeted at MG employees or by
serving as a reference upon request. 
 (c)    Restrictive Covenant Remedies: If Cofer breaches or violates the
provisions of this Section 7, as proven by a Court of competent jurisdiction, he will be obligated to pay back to MG all payments received pursuant to this Agreement, and MG will not be obligated to make any future payments pursuant to this
Agreement that are otherwise owed. This will be in addition to any other remedy that MG may have in respect of such Prohibited Conduct. MG and Cofer acknowledge and agree that MG will or would suffer irreparable injury in the event of a breach or
violation or threatened breach or violation of the provisions set forth in this Section 7, and agree that in the event a court of competent jurisdiction determines a breach or violation of such provisions MG may be awarded injunctive relief by
such court to prohibit any such breach or violation, and that such right to injunctive relief will be in addition to any other remedy which may be ordered by the Court or an arbitrator. The aforementioned equitable relief shall be in addition to,
not in lieu of, legal remedies, monetary damages or any other available forms of relief. For the avoidance of doubt, benefits provided pursuant to this Agreement remain subject to any recovery, recoupment, clawback and/or other forfeiture policy
maintained by MG or any affiliate. 
 (d)    Judicial Amendment: Cofer and MG acknowledge the reasonableness of
the agreements set forth in this Section 7 and the specifically acknowledge the reasonableness of the geographic area, duration of time and subject matter that are part of the covenant not to compete contained in Section 7(a)(i)-(ii).
Cofer further acknowledges that Cofer’s skills are such that Cofer can be gainfully employed in noncompetitive employment and that the parties’ agreement not to compete will in no manner prevent Cofer from earning a living. Notwithstanding
the foregoing, in the event it is judicially determined that any of the limitations contained in this Section 7 are unreasonable, illegal or offensive under any applicable law and may not be enforced as agreed herein, the parties agree that the
unreasonable, illegal or offensive portions of this Section 7, whether they relate to duration, area or subject matter, shall be and hereby are revised to conform with all applicable laws and that this Agreement, as modified, shall remain in
full force and effect and shall not be rendered void or illegal. 
 8.          This
Agreement to Be Publicly Filed: The Parties acknowledge and understand that, consistent with applicable requirements, this Agreement will be made public through Mondelēz International, Inc.’s SEC filings. 

  
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 9.          No Disparagement or
Harm: Cofer agrees that, in discussing his relationship with MG and its affiliated and parent companies and their business and affairs, he will not disparage, discredit or otherwise treat in a detrimental manner MG, its affiliated and parent
companies or their officers, directors and employees. MG agrees that it will direct its Executives and Board of Directors, to not disparage, discredit or otherwise treat in a detrimental manner Cofer. This Section 9 does not, in any way,
restrict or impede Cofer from exercising protected rights including the right to communicate with any federal, state, or local agency or self-regulatory organization, including any with which a charge has been filed, to the extent that such rights
cannot be waived by agreement, or from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized government agency, provided that such compliance does not exceed that required by the law,
regulation or order. To the extent legally permissible, Cofer shall promptly provide written notice of any such order to MG’s legal department. 

10.        Continuing Confidentiality Obligation: Cofer acknowledges that during the
course of his employment with MG, he has had access to, learned about and was entrusted with certain confidential and secret sales, marketing, strategy, financial, product, personnel, manufacturing, labor relations, technical and other proprietary
information and material (“Confidential Information”) which are the property of MG. Cofer understands that the above list is not exhaustive, and that Confidential Information also includes other information that is marked or otherwise
identified as confidential or proprietary, or that would otherwise appear to a reasonable person to be confidential or proprietary in the context and circumstances in which the information is known or used. Cofer further understands and acknowledges
that this Confidential Information and MG’s ability to reserve it for the exclusive knowledge and use of MG is of great competitive importance and commercial value to MG, and that improper use or disclosure of the Confidential Information by
Cofer might cause MG to incur financial costs, loss of business advantage, liability under confidentiality agreements with third parties, civil damages and criminal penalties. Cofer agrees that, from the date he is presented with this Agreement and
following the Terminate Date, he will not communicate or disclose to any third party, or use for his own account, without the written consent of MG, any of the aforementioned information or material. 

If MG becomes aware of a situation where it appears that its trade secrets are being used and/or disclosed by Cofer, it will enforce its
rights to the fullest degree allowed by law, including Federal or State trade secret law. An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that is made in
confidence to a Federal, State, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law. An individual shall not be held criminally or civilly liable under any Federal or State
trade secret law for the disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for
reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal; and
does not disclose the trade secret, except pursuant to court order. 
 11.        Protected
Rights: Cofer understands that nothing contained in this Agreement limits Cofer’s ability to file a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety
and Health 

  
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Administration, the Securities and Exchange Commission, or any other federal, state or local governmental agency or commission (“Government Agencies”). Cofer further understands that
this Agreement does not limit Cofer’s ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other
information, without notice to the Company. This Agreement does not limit Cofer’s right to receive an award for information provided to any Government Agencies. 

12.        Return of Company Property: Cofer agrees to return all Company
property in his possession, including documents, manuals, identification cards or badges, laptops, computers, telephones, mobile phones, hand-held electronic devices, credit cards, electronically stored documents or files, physical files, handbooks,
notes, keys and any other articles he has used in the course of his employment and any other Company property in his possession, no later than the Last Day Worked. 

13.        Arbitration of Claims: In the event either Cofer or MG contests the
interpretation or application of any of the terms of this Agreement, the complaining party shall notify the other in writing of the provision that is being contested. If the Parties cannot satisfactorily resolve the dispute within thirty
(30) days, the matter will be submitted to arbitration with JAMS (f.k.a. Judicial Arbitration and Mediation Services, Inc.). The arbitration will be conducted, and an arbitrator will be chosen, pursuant to the JAMS Employment Arbitration Rules
and Procedures. The arbitrator’s fees and expenses and filing fees shall be borne by the losing (non-prevailing) Party. The hearing shall be held at a location selected by MG, and the arbitrator shall
issue a written award which shall be final and binding upon the Parties. Cofer agrees to waive the right to a jury trial. Notwithstanding anything contained in this Section 13 or Section 7(c) to the contrary, MG shall each have the right
to institute judicial proceedings against Cofer or anyone acting by, through or under Cofer, in order to enforce its rights under Sections 6, 7, 8, 9 or 10 through specific performance, injunction, or similar equitable relief. Claims not
covered by arbitration are those claims seeking injunctive and other relief due to unfair competition, due to the use or unauthorized disclosure of trade secrets or confidential information set forth in Sections 8 or 10, or breach of restrictive
covenants set forth in Section 7. 
 14.        Review and Revocation: Cofer
acknowledges that, before signing this Agreement, MG gave him a period of twenty-one (21) days in which to consider it. Cofer further acknowledges that: (a) he took advantage of this period to
consider this Agreement before signing it; (b) he has carefully read this Agreement, and each of its provisions; (c) to the extent Cofer had any, Cofer resolved all of his doubts and concerns regarding representations being made in this
Agreement before signing it; (d) Cofer fully understands what the Agreement, and each of its provisions, means; and (e) Cofer is entering into the Agreement, and each of its provisions, knowingly and voluntarily. MG encouraged Cofer to
discuss this Agreement, and each of its provisions, with an attorney (at his own expense) before signing it. Cofer acknowledges that he sought such advice to the extent he deemed appropriate. If Cofer signs this Agreement before the end of the twenty-one (21) day period, Cofer does so voluntarily because he has decided that he does not need any additional time to decide whether to sign this Agreement. Cofer also understands that he does not have more
than twenty-one (21) days to sign this Agreement. If Cofer does not sign this Agreement by the end of the twenty-one (21) day period, he understands that it
will become null 

  
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and void. Cofer also acknowledges and understands that MG would not have given him the special payments or benefits he is getting in exchange for this Agreement but for his promises and
representations he made by signing it. Further, by signing below, Cofer acknowledges that he may revoke this Agreement at any time within seven (7) days of the date on which he signed it as described above in Section 3(h). 

15.        Entire Agreement and Severability: This is the entire agreement between Cofer
and MG on the subject matter of this Agreement. This Agreement may not be modified or canceled in any manner except by a writing signed by both Cofer and an authorized Company official. Cofer acknowledges that MG has made no representations or
promises to her, other than those in this Agreement. If any provision in this Agreement is found to be unenforceable, all other provisions will remain fully enforceable. The covenants set forth in this Agreement shall be considered and construed as
separate and independent covenants. Should any part or provision of any provision of this Agreement be held invalid, void or unenforceable in any court of competent jurisdiction, such invalidity, voidness or unenforceability shall not render
invalid, void or unenforceable any other part or provision of this Agreement. If the release and waiver of claims provisions of this Agreement are held to be unenforceable, the parties agree to enter into a release and waiver agreement that is
enforceable. 
 16.        Governing Law: This Agreement, for all purposes,
shall be governed under and construed in accordance with the laws of the State of Illinois without giving effect to any choice of law or conflict of law provision or rule that would cause the application of the laws of any jurisdiction other than
Illinois. For any application for injunctive relief, and in the event a dispute between the Parties is not subject to arbitration under Section 13, any action or proceeding by either of the Parties to enforce this Agreement shall be brought
only in a State or Federal court located in the State of Illinois. The Parties consent to the personal jurisdiction of such courts and agrees not to claim that any such courts are inconvenient or otherwise inappropriate. 

17.        Section 409A: This Agreement is intended to comply with
Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) or an exemption thereunder and shall be construed and administered in accordance with Section 409A. Notwithstanding any other provision of this
Agreement, payments subject to Section 409A provided under this Agreement may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments under this Agreement that may be excluded
from Section 409A either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, each installment
payment provided under this Agreement shall be treated as a separate payment. Any payments to be made under this Agreement upon a termination of employment shall only be made upon a “separation from service” under Section 409A. Cofer
will be deemed to have incurred a separation from service under Section 409A the day immediately following his Last Day Worked. 

Given that Cofer is a “specified employee” within the meaning of Section 409A, to the extent required in order to comply with
Section 409A, any amounts or benefits to be paid or provided to Cofer pursuant to this Agreement or otherwise that are considered nonqualified deferred compensation under Section 409A will be delayed six (6) months to the first
business day on which such amounts and benefits may be paid in compliance with said Section 409A. 

  
 COFER SEPARATION AGREEMENT

 Page 8 of 10 

 Notwithstanding the foregoing, MG makes no representations that the payments and benefits
provided under this Agreement comply with Section 409A, and in no event shall MG be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Cofer due to
non-compliance with Section 409A. 
 [SIGNATURE PAGE FOLLOWS] 

  
 COFER SEPARATION AGREEMENT

 Page 9 of 10 

 
TAKE THIS AGREEMENT HOME, READ IT, AND CAREFULLY CONSIDER ALL OF ITS PROVISIONS BEFORE SIGNING IT: IT
INCLUDES A RELEASE OF KNOWN AND UNKNOWN CLAIMS. IF YOU WISH, YOU SHOULD TAKE ADVANTAGE OF THE FULL CONSIDERATION PERIOD AFFORDED BY SECTION 14 AND YOU SHOULD CONSULT WITH AN ATTORNEY PRIOR TO EXECUTING THIS AGREEMENT. 

 

			
	MONDELĒZ GLOBAL LLC:
		
	By:	 	/s/ David Pendleton
		
	Title:	 	SVP Total Rewards and HR Solutions
		
	Date:	 	August 26, 2019

  

			
	TIMOTHY COFER:
		
	Signature:	 	/s/ Timothy Cofer
		
	Print Name:	 	Timothy Cofer
		
	Date:	 	August 19, 2019

  
 COFER SEPARATION AGREEMENT

 Page 10 of 10

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