Document:

EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 1 TO CREDIT AGREEMENT 

This AMENDMENT NO. 1 TO CREDIT AGREEMENT (this “Amendment”) is entered into as of November 9, 2015 among NN, Inc., a
Delaware corporation (the “Borrower”), the Incremental Term Lenders, the Revolving Lenders party hereto and KeyBank National Association, as the administrative agent (the “Administrative Agent”). 

RECITALS: 
 A. The
Borrower, the Administrative Agent and the Lenders from time to time party thereto are parties to the Credit Agreement, dated as of October 19, 2015 (as the same may from time to time be amended, restated or otherwise modified, the
“Credit Agreement”). 
 B. The Borrower, certain of the Lenders and the Administrative Agent desire to amend the Credit
Agreement to modify certain provisions thereof pursuant to the terms of the Credit Agreement. 
 C. On October 23, 2015, in accordance
with Section 2.14(c) of the Credit Agreement, the Borrower notified the Administrative Agent of its request for an Incremental Increase, and pursuant to Section 2.14 of the Credit Agreement, the Borrower hereby requests that the
Persons set forth on Schedule I hereto (the “Incremental Term Lenders”) make Incremental Term Loans in an aggregate principal amount of $50,000,000 to the Borrower on the Incremental Term Loan Effective Date (as defined
below). 
 D. Each Incremental Term Lender is willing to make Incremental Term Loans to the Borrower on the Incremental Term Loan Effective
Date on the terms set forth in Section 2 herein and in the Credit Agreement and subject to the conditions set forth herein. 

AGREEMENT: 
 In
consideration of the premises and mutual covenants herein and for other valuable consideration, the Borrower, the Administrative Agent, the Lenders party hereto and the Incremental Term Lenders agree as follows: 

Section 1. Definitions. Unless otherwise defined herein, each capitalized term used in this Amendment and not defined herein shall
be defined in accordance with the Credit Agreement. 
 Section 2. Incremental Term Loan Commitments. 

2.1 Incremental Term Loan Commitments. Each Incremental Term Lender hereby agrees, severally and not jointly, on the terms set forth
herein and in the Credit Agreement and subject to the conditions set forth herein, to make Incremental Term Loans to the Borrower on the Incremental Term Loan Effective Date in an aggregate principal amount not to exceed the amount set forth
opposite such Incremental Term Lender’s name on Schedule I hereto. Amounts borrowed under this Section 2.1 and repaid or prepaid may not be reborrowed. 

2.2 Interest. Interest on the Incremental Term Loans shall be payable on the dates, in the amounts and at the rates applicable to the
Initial Term Loans. 

 2.3 Use of Proceeds. The proceeds of the Incremental Term Loans shall be used for the
repurchase of New Notes and to pay expenses incurred in connection with this Amendment, such repurchase and the related transactions. 
 2.4
Termination. Unless previously terminated, the commitments of the Incremental Term Lenders pursuant to Section 2.1 of this Amendment shall terminate upon the making of the Incremental Term Loans on the Incremental Term Loan
Effective Date. 
 2.5 Amortization. The Incremental Term Loans shall be repaid in accordance with the amortization schedule set
forth in Section 2.07(a) of the Credit Agreement, and shall be subject to mandatory prepayment on the same basis as the Initial Term Loans. 

Section 3. Technical Amendment. Pursuant to clause (y) of the last sentence of Section 10.01 of the Credit
Agreement, the definition of “Consolidated Net Leverage Ratio” set forth in Section 1.01 of the Credit Agreement is restated in its entirety as follows: 

““Consolidated Net Leverage Ratio” means, as of any date, determined on a consolidated basis, the ratio
of (a) Consolidated Funded Indebtedness (as of such date) minus the aggregate amount equal to the lesser of (x) (1) 100% of the Unrestricted Cash and Cash Equivalents (as of such date) of the Borrower and its Domestic
Subsidiaries plus (2) 50% of the Unrestricted Cash and Cash Equivalents (as of such date) of the Foreign Subsidiaries of the Borrower organized under the laws of a jurisdiction located in Europe, as of such date, and
(y) $40,000,000, to (b) Consolidated EBITDA for the period of four consecutive fiscal quarters of the Borrower then ended (in the case of any determination as of the last day of a fiscal quarter) or for the most recently completed four
fiscal quarters of the Borrower for which financials are required to be delivered hereunder (in the case of any determination of such ratio on a pro forma basis hereunder).” 

Section 4. Effectiveness. 

4.1 Conditions Precedent. The effectiveness of this Amendment and the obligations of the Incremental Term Lenders to make Incremental
Term Loans shall be subject to the satisfaction or waiver of the following conditions precedent (the date on which such conditions precedent are so satisfied or waived, the “Incremental Term Loan Effective Date”): 

(i) Amendment Executed. This Amendment shall have been executed by the Borrower, each Guarantor, the Administrative
Agent, the Required Revolving Lenders and each Incremental Term Lender, and counterparts hereof as so executed shall have been delivered to the Administrative Agent. 

(ii) Notes. The Borrower shall have executed and delivered to the Administrative Agent the appropriate Note or Notes for
the account of each Incremental Term Lender that has requested the same. 
 (iii) Corporate Resolutions and Approvals.
(A) The Administrative Agent shall have received certified copies of the resolutions of the Board of Directors (or similar governing body) of each Loan Party approving this Amendment, and of all documents evidencing other necessary corporate or
other organizational action, as the case may be, and governmental approvals, if any, with respect to the execution, delivery and performance by such Loan Party of this Amendment, all of which documents to be in form and substance satisfactory to the
Administrative Agent, and (B) secretary’s certificates reasonably acceptable to the Administrative Agent (including evidence of authority and incumbency). 

  
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 (iv) Corporate Charter and Good Standing Certificates. The Administrative
Agent shall have received: (i) a certified copy of the Certificate or Articles of Incorporation or equivalent formation document of each Loan Party and any and all material amendments and restatements thereof, certified as of a recent date by
the relevant Secretary of State of organization or formation; and (ii) a copy of a good standing certificate, certificate of existence or other evidence of existence or formation in the jurisdiction of organization from the Secretary of State
of the state of organization, dated as of a recent date, from each Loan Party listing all charter documents affecting such Loan Party and certifying as to the good standing of such Loan Party. 

(v) Officer’s Certificate. The Administrative Agent shall have received a certificate from the Borrower, dated as
of the Incremental Term Loan Effective Date, certifying that (i) both before and immediately after giving effect to such Incremental Increase, there shall exist no Default or Event of Default, (ii) immediately after giving effect to such
Incremental Increase, as of the Incremental Term Loan Effective Date, the Borrower is in pro forma compliance (after giving effect to the incurrence of such Incremental Increase and the use of proceeds thereof, but disregarding any cash constituting
proceeds of such Incremental Increase solely for purposes of determining the Consolidated Net Leverage Ratio under Section 2.14(a)(vii) of the Credit Agreement) with the Consolidated Net Leverage Ratio, which does not exceed the Closing
Date Consolidated Net Leverage Ratio, (iii) the representations and warranties of the Borrower and each other Loan Party contained in Article V of the Credit Agreement or any other Loan Document, or which are contained in any document furnished
at any time under or in connection herewith or therewith, are true and correct in all material respects (or, with respect to representations and warranties modified by a materiality or Material Adverse Effect standard, in all respects) on and as of
the Incremental Term Loan Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (or, with respect to representations and
warranties modified by a materiality or Material Adverse Effect standard, in all respects) as of such earlier date and (iv) all other conditions to the incurrence of the Incremental Term Loans on the Incremental Term Loan Effective Date have
been satisfied. 
 (vi) Opinions. The Administrative Agent shall have received such opinions of counsel from counsel
to the Borrower, each of which shall be addressed to the Administrative Agent and the Lenders (including the Incremental Term Lenders) and dated the Incremental Term Loan Effective Date and in form and substance reasonably satisfactory to the
Administrative Agent. 
 (vii) Fees. The Administrative Agent shall have received all reasonable out-of-pocket
expenses (including reasonable fees and disbursements of counsel to the Administrative Agent) in connection with the preparation, negotiation and effectiveness of this Amendment and any other amounts due and payable by the Loan Parties under the
Credit Agreement on or prior to the date hereof. 
 (viii) Patriot Act. The Administrative Agent shall have received,
at least three Business Days prior to the Incremental Term Loan Effective Date, all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and
regulations, including the USA Patriot Act, in each case, requested by the Administrative Agent at least five Business Days prior to the Incremental Term Loan Effective Date. 

  
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 (ix) Other Matters. The Borrower and each Guarantor shall have provided
such other items and shall have satisfied such other conditions as may be reasonably required by the Administrative Agent. 
 4.2
Conditions Subsequent. In the case of Section 3 hereof only, the Required Lenders shall not have objected to the amendments effected by Section 3 hereof within five Business Days of the Incremental Term Loan Effective
Date (and the failure of such condition subsequent shall not limit the effectiveness of any other term hereof). 
 Section 5.
Miscellaneous. 
 5.1 Representations and Warranties. The Borrower and each Guarantor, by signing below, hereby represents and
warrants to the Administrative Agent and the Lenders (including the Incremental Term Lenders) that: 
 (i) it has the legal
power and authority to execute and deliver this Amendment; 
 (ii) the officers executing this Amendment on its behalf have
been duly authorized to execute and deliver the same and bind it with respect to the provisions hereof; 
 (iii) the
execution and delivery hereof by it and the performance and observance by it of the provisions hereof do not conflict with, result in a breach in any of the provisions of, constitute a default under, or result in the creation of a Lien (other than
Liens permitted under Section 7.01 of the Credit Agreement) upon any assets or property of any Loan Party under the provisions of, (a) such Loan Party’s Organization Documents, (b) the New Notes Documents, (c) any material
agreement to which any Loan Party is a party, (d) any order, injunction, writ or decree of any Governmental Authority or (e) any Law, except with respect to any conflict, breach, default or violation referred to in clauses (d) and
(e) above, solely to the extent that such conflicts, breaches, defaults or violations, either individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect; 

(iv) no Default or Event of Default exists under the Credit Agreement, nor will any occur immediately after the execution and
delivery of this Amendment or by the performance or observance of any provision hereof; 
 (v) this Amendment constitutes its
valid and binding obligation in every respect, enforceable in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or other similar laws of general application affecting the enforcement of
creditors’ rights or by general principles of equity limiting the availability of equitable remedies; and 
 (vi) each
of the representations and warranties set forth in Article V of the Credit Agreement is true and correct in all material respects as of the date hereof, except to the extent that any thereof expressly relate to an earlier date, in which case
such representations and warranties shall have been true and correct in all material respects as of the date when made. 
 5.2 Credit
Agreement Unaffected. Each reference to the Credit Agreement or in any other Loan Document shall hereafter be construed as a reference to the Credit Agreement as amended hereby. Except as herein otherwise specifically provided, all provisions of
the Credit Agreement shall remain in full force and effect and be unaffected hereby. This Amendment is a Loan Document. 

  
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 5.3 Guarantor Acknowledgment. Each Guarantor, by signing this Amendment: 

(i) consents and agrees to and acknowledges the terms of this Amendment; 

(ii) acknowledges and agrees that all of the Loan Documents to which such Guarantor is a party or otherwise bound shall
continue in full force and effect and that all of such Guarantor’s obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this Amendment; 

(iii) represents and warrants to the Administrative Agent and the Lenders (including the Incremental Term Lenders) that all
representations and warranties made by such Guarantor and contained in this Amendment or any other Loan Document to which it is a party are true and correct in all material respects on and as of the date hereof to the same extent as though made on
and as of the date hereof, except to the extent that any thereof expressly relate to an earlier date; and 
 (iv)
acknowledges and agrees that (A) notwithstanding the conditions to effectiveness set forth in this Amendment, such Guarantor is not required by the terms of the Credit Agreement or any other Loan Document to which such Guarantor is a party to
consent to the amendments to the Credit Agreement effected pursuant to this Amendment and (B) nothing in the Credit Agreement, this Amendment or any other Loan Document shall be deemed to require the consent of such Guarantor to any future
amendments or modifications to the Credit Agreement. 
 5.4 Waiver. The Borrower and each Guarantor, by signing below, hereby waives
and releases the Administrative Agent and each of the Lenders (including the Incremental Term Lenders) and their respective Related Parties from any and all claims, offsets, defenses and counterclaims of which the Borrower and any Guarantor is
aware, such waiver and release being with full knowledge and understanding of the circumstances and effect thereof and after having consulted legal counsel with respect thereto. 

5.5 Entire Agreement. This Agreement, together with the Credit Agreement and the other Loan Documents integrate all the terms and
conditions mentioned herein or incidental hereto and supersede all oral representations and negotiations and prior writings with respect to the subject matter hereof. 

5.6 Counterparts This Amendment may be executed in any number of counterparts, by different parties hereto in separate counterparts and
by facsimile signature, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. 

5.7 Governing Law. THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN
CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AMENDMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 5.8 JURY TRIAL WAIVER. EACH PARTY
HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR 

  
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INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).

 Section 6. Joinder of Additional Lenders. 

6.1 Each Incremental Term Lender that was not a Lender prior to the effectiveness of this Amendment (each an “Additional
Lender”) hereby (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Amendment and to consummate the transactions contemplated hereby and to become a
Lender under the Credit Agreement, (ii) it meets all requirements of an Eligible Assignee under the Credit Agreement (subject to receipt of such consents as may be required under the Credit Agreement) and the requirement contained in
Section 10.06(b)(iii) of the Credit Agreement, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of its Incremental Term Loan, shall have
the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 6.01 thereof and such other documents and
information as it has deemed appropriate to make its own credit analysis and decision to enter into this Amendment and to make its Incremental Term Loan on the basis of which it has made such analysis and decision independently and without reliance
on the Administrative Agent or any Lender, and (v) if it is not a United States Person (as defined in Section 7701(a)(30) of the Code), attached to this Amendment is any documentation required to be delivered by it pursuant to the terms of
the Credit Agreement, duly completed and executed by it; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent or any Lender, and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents
are required to be performed by it as a Lender. 
 6.2 The Borrower hereby consents to each Additional Lender becoming a Lender under the
Credit Agreement and agrees that each such Additional Lender shall constitute an Eligible Assignee. 
 [Signature pages follow.] 

  
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 IN WITNESS WHEREOF, this Amendment has been duly executed and delivered as of the date first
above written. 
  

			
	NN, INC., as the Borrower
		
	By:	 	 /s/ J. Robert Atkinson

	Name:	 	J. Robert Atkinson
	Title:	 	Treasurer
	
	KEYBANK NATIONAL ASSOCIATION, as the Administrative Agent and as a Lender
		
	By:	 	 /s/ J. E. Fowler

	Name:	 	J. E. Fowler
	Title:	 	Managing Director

  

 
			
	 REGIONS BANK, as a Lender

		
	By:	 	 /s/ Stuart A. Hall

	Name:	 	Stuart A. Hall
	Title:	 	Senior Vice President

 
			
	 SUNTRUST BANK, as a Lender

		
	By:	 	 /s/ David Sharp

	Name:	 	David Sharp
	Title:	 	Vice President

 
			
	KBCM BRIDGE LLC, as an Incremental Term Lender
		
	By:	 	 /s/ Amy K. Carlson

	Name:	 	Amy K. Carlson
	Title:	 	Executive Vice President

  

	
	 Each of the undersigned acknowledge the terms of and consent to the foregoing:

  

	
	AUTOCAM CORPORATION
	AUTOCAM-PAX, INC.
	THE DELTA RUBBER COMPANY
	INDUSTRIAL MOLDING CORPORATION
	WHIRLAWAY CORPORATION
	PMC ACQUISITION COMPANY, INC.
	PNC ACQUISITION COMPANY INC.
	NN PRECISION PLASTICS, INC.
	CAPROCK MANUFACTURING, INC.
	CAPROCK ENCLOSURES, LLC
	PRECISION ENGINEERED PRODUCTS HOLDINGS, INC.
	PRECISION ENGINEERED PRODUCTS, LLC
	BRANIN-ADVANCE INDUSTRIES, LLC
	WAUCONDA TOOL & ENGINEERING, LLC
	LACEY MANUFACTURING COMPANY LLC
	GENERAL METAL FINISHING, LLC
	POLYMETALLURGICAL, LLC
	MATRIX I, LLC
	BOSTON ENDO-SURGICAL TECHNOLOGIES LLC
	CONNECTICUT PLASTICS LLC
	ADVANCE PRECISION PRODUCTS, INC. HOWES TEMCO, LLC
	PROFILES INCORPORATED
	PREMCO, INC.
	HOLMED, LLC
	TRIGON INTERNATIONAL LLC

  

			
	By:	 	 /s/ James H. Dorton

	Name:	 	James H. Dorton
	Title:	 	Vice President

 Schedule I 

Incremental Term Loan Commitments 
  

			
	 Lender
	 	 Commitment

	 KBCM Bridge LLC
	 	$50,000,000Unassociated Document

  

  

  

 

RETIREMENT AGREEMENT AND RELEASE

 

This Retirement Agreement and Release (“Agreement”) is made and entered into this ___ day of _________, 2015, by and between Regency Centers Corporation and Regency Centers, L.P., which in this Agreement are collectively referred to as the “Company,” and Brian M. Smith, who is referred to as “Smith” in this Agreement.

 

1. Background.  Smith is currently employed by Company in a key executive management position and is a party with Company to that certain 2015 Amended and Restated Severance and Change of Control Agreement, dated as of July 15, 2015 (“2015 Agreement”).  Smith and Company have agreed that Smith will be retiring as an officer, employee and director of the Company effective at year end 2015, which shall be Smith’s last day at work.

 

2. Purpose of Agreement.  Smith and Company agree that Smith’s resignation from the Company shall be considered a qualifying retirement for purposes of the 2015 Agreement. The Company’s Board of Directors waives the required one year advance notice requirement under the 2015 Agreement upon execution of this Agreement.  Smith understands that his employment with Company shall end for all purposes, including his right to participate in various benefit plans, programs or arrangements of Company, and that Smith shall have a retirement date effective as of December 31, 2015 (“Effective Date”).  Smith and Company now desire to enter into this Agreement to clarify Smith’s rights on retirement and set forth the obligations Smith is required to provide as a condition under the 2015 Agreement.

 

3. Retirement and Compensation.  Smith agrees that, through the Effective Date, he shall continue to perform the duties of President and Chief Operating Officer of the Company under the direction of the Chief Executive Officer and Board of Directors, unless and until the Company directs otherwise in its sole and absolute discretion. In particular, through the Effective Date, Smith shall participate in the Company’s scheduled Board of Director’s meetings and Committee meetings in Dallas, Texas, the Company’s earnings call, and in assisting management in developing a transition and organization plan, as requested. Subject to this Agreement becoming effective in accordance with Section 16, and in consideration for Smith signing this Agreement and complying with its terms, and for such other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Company agrees to provide Smith as follows:

 

a. Smith’s regular salary and elected benefits for himself and his Covered Dependents through December 31, 2015;

 

b. Payment of his 2015 annual cash bonus per applicable performance goals and in consideration of Smith having been employed through December 31, 2015, such amount to be paid at the time as Company makes payment to similarly situated executives;

 

c. Smith’s outstanding performance share awards shall fully vest as and when they are earned as if Smith were still a Company employee and without regard to his retirement as of the Effective Date.

 

d. Payment of the gross amount of $33,405 as payment for the cost of eighteen months of current medical benefits for Smith and his Covered Dependents.  Company shall not make and is not required to pay any additional amount for continuation of medical benefits.

 

e. Payment for all accrued and unused Paid Time Off (“PTO”) as of December 31, 2015, as recorded in Company’s Dayforce payroll records, paid in the normal course.

 

The payments described in this paragraph will be reduced for any required deductions, including applicable federal, state and local income and employment tax withholdings.   The payments described in this paragraph shall fully and completely discharge Company’s obligations under the 2015 Agreement.

 

4. Release.  Smith understands and agrees that by accepting this Agreement, except as stated in Section 7, Smith is forever waiving and giving up any and all claims Smith may have, whether known or unknown, against Company, its parent, subsidiaries, and related companies, their employees and agents for any personal monetary relief for Smith, benefits or remedies that are based on any act or failure to act that occurred before Smith signed this Agreement. Smith understands that this release and waiver of claims includes claims relating to his employment and the termination of his employment; any Company policy, practice, contract or agreement; any tort or personal injury; any policies, practices, laws or agreements governing the payment of wages, commissions or other compensation; any laws governing employment discrimination including, but not limited to, Title VII of the Civil Rights Act of 1964, The Civil Rights Act of 1991, sections 1981 of Title 42 of the United States Code, as amended, the Employee Retirement Income Security Act  (“ERISA”), the Immigration and Reform Act, the Americans with Disabilities Act of 1990, the Age Discrimination in Employment Act of 1967, the Family and Medical Leave Act, the Workers Adjustment and Retraining Notification Act, the Occupational Safety and Health Act, the Fair Credit Reporting Act, the Equal Pay Act, the Florida Civil Rights Act, any state law prohibiting discrimination or harassment in employment, and any other state or local laws; any laws governing whistle-blowing or retaliation, including but not limited to the Florida Private Sector Whistleblower’s Act, Florida law relating to wages (F.S. § 448.08), the Sarbanes-Oxley Act of 2002 and the Dodd Frank Wall Street Reform and Consumer Protection Act; any laws or agreements that provide for punitive, exemplary or statutory damages; and any laws or agreements that provide for payment of attorney fees, costs or expenses.  This release does not include any claim which, as a matter of law, cannot be released by private agreement, such as claims for unemployment compensation and workers compensation.  Nor does this release prohibit or bar Smith from providing truthful testimony in any legal proceeding or from filing a charge with, cooperating with, or making truthful disclosures to, any governmental agency.  Notwithstanding the foregoing, with respect to any claim that cannot be released by private agreement (other than claims for unemployment compensation and workers compensation) and with respect to any charge filed with a governmental agency, Smith agrees to release and waive his right to any monetary damages or other recovery as to such claims to the fullest extent permitted by law, including any claims brought on Smith’s behalf or pursuant to which he would benefit, either individually, or as part of a collective action, by any Federal or State governmental agency or other third party.

 

5. No Disparagement.  The parties agree not to make critical, negative or disparaging remarks about each other, its or his services, or in the Company’s case, the Company’s employees or agents, to others.

 

6. All Company Property Returned.  As a material term of this Agreement, Smith further covenants that Smith will return to Company all Company property including all computers and laptops (and all data or information derived from them), passwords, codes, memoranda, notes, plans, records, binders, notebooks, reports and other documents (and copies thereof), whether in written or electronic form, relating to the business of Company, which Smith possessed, had custody of, or controlled, by no later than the Effective Date, except that Smith will retain possession of his Company issued laptop. For Smith’s laptop, he may also retain Microsoft office and outlook software and his contact information, subject to the security scan and review by the Company IT department to ensure compliance with the Company’s security protocols. 

 

7. Claims Not Waived.  Smith understands that this Agreement does not waive any claims that Smith may have:  (a) for compensation for illness or injury or medical expenses under any worker’s compensation statute; (b) for benefits under any plan currently maintained by Company that is subject to the Employee Retirement Income Security Act of 1974, as amended; (c) under any law or any policy or plan currently maintained by Company that provides health insurance continuation or conversion rights; (d) payments, if any, due to Smith pursuant to Section 13 of the 2015 Agreement; and (e) any claim that by law cannot be released or waived.  As of the date of signing this Agreement, Smith is not aware of any illness, injury or condition for which he may be eligible to seek or recover any workers’ compensation benefits.

 

8. Government Cooperation.  Nothing in this Agreement prohibits either party from cooperating with any government agency.

 

9. Prior Agreements.  Smith agrees and understands that this Agreement does not supersede any obligation to which Smith was subject under a prior agreement while employed with Company that addresses confidentiality, nonsolicitation, patents or copyright including those contained in Section 16 of the 2015 Agreement; nor does this Agreement reduce Smith’s obligations to comply with applicable laws relating to trade secrets, confidential information, unfair competition, or the covenants in Section 16 of the 2015 Agreement. For greater clarity, Smith agrees as follows:

 

a. Smith will not use or disclose any confidential information of any Regency Entity (as defined in the 2015 Agreement) without the Company’s prior written consent, except in furtherance of the business of the Regency Entities or except as may be required by law.  Additionally, and without limiting the foregoing, Smith agrees not to participate in or facilitate the dissemination to the media or any other third party (i) of any confidential information concerning any Regency Entity or any employee of any Regency Entity, or (ii) of any damaging or defamatory information concerning any Regency Entity or Smith’s experiences as an employee of any Regency Entity, without the Company’s prior written consent except as may be required by law.  Notwithstanding the foregoing, this Section 9 a. does not apply to information which is already in the public domain through no fault of Smith.

 

b. During Smith’s employment and during the one (1) year period after the Effective Date, Smith agrees that:

 

i.  Smith shall not directly or knowingly and intentionally through another party recruit, induce, solicit or assist any other Person in recruiting, inducing or soliciting (A) any other employee of any Regency Entity to leave such employment or (B) any other Person with which any Regency Entity was actively conducting negotiations for employment on the Effective Date; and

 

ii. Smith shall not personally solicit, induce or assist any other Person in soliciting or inducing (A) any tenant in a shopping center of any Regency Entity that was a tenant on or before the Effective Date to terminate a lease, or (B) any tenant, property owner, co-investment partner or build-to-suit customer with whom any Regency Entity had a lease, acquisition contract, business combination contract, co-investment partnership agreement or development contract on the Effective Date to terminate such lease or other contract, or (C) any prospective tenant, property owner, co-investor partner or build-to-suit customer with which any Regency Entity was actively conducting negotiations on or before the Effective Date with respect to a lease, acquisition, business combination, co-investment partnership or development project to cease such negotiations.

 

c. The parties agree that any breach of this Section 9 will result in irreparable harm to the non-breaching party which cannot be fully compensated by monetary damages and accordingly, in the event of any breach or threatened breach of this Section 9, the non-breaching party shall be entitled to injunctive relief.  Should any provision of this Section 9 be determined by a court of law or equity to be unreasonable or unenforceable, the parties agree that to the extent it is valid and enforceable, they shall be bound by the same, the intention of the parties being that the parties be given the broadest protection allowed by law or equity with respect to such provision.

 

10. Survival.  The terms of this Agreement shall survive the termination of this Agreement to the extent necessary to enforce the rights and obligations described therein.

 

11. Nonadmission.  Smith and Company both acknowledge and agree that nothing in this Agreement is meant to suggest that Company has violated any law or contract or that Smith has any claim against Company.

 

12. Consulting an Attorney.  Smith acknowledges that Company has herein advised Smith that he should consult an attorney of his own choice about this Agreement and every matter that it covers before signing this Agreement.

 

13. Voluntary Agreement.  Smith acknowledges and states that he has entered into this Agreement knowingly and voluntarily.

 

14. Complete Agreement.  Smith understands and agrees that this document and the 2015 Agreement, together, contain the entire agreement between Smith and Company relating to his employment and his resignation from employment, and that the combined agreements supersede and displace any prior agreements and discussions relating to such matters and that Smith may not rely on any such prior agreements or discussions.

 

15. 21-Day Consideration Period.  Smith acknowledges that he has been given a period of at least twenty-one (21) days to consider whether to accept the terms of this Agreement.  If this Agreement is not signed, dated and returned to Martin E. Stein, Jr., or Barbara Johnston within twenty-two (22) days from October 29, 2015, the offer of payment and benefits described in Section 3 may be retracted.  Smith may and is encouraged to seek counsel of his choice to review this Agreement and advise him on it.

 

16. Effective Date.  This Agreement will be of no force and effect unless Smith signs it within the period specified in Section 15 and delivers an executed copy of the Agreement to Martin E. Stein, Jr., CEO or Barbara Johnston, General Counsel. Smith may revoke this Agreement up to seven days after he signs it by delivering a written notice of revocation to Martin E. Stein, Jr., CEO or Barbara Johnston, General Counsel.  This Agreement will not become effective if revoked.  Notwithstanding that the Effective Date of this Agreement is December 31, 2015, and provided he has not revoked it, Smith will be bound by this Agreement as of the eighth (8th) day after he signs the Agreement.  Smith agrees to notify Company of any event occurring between the eighth (8th) day after he signs the Agreement and through December 31, 2015 which he believes, contends or asserts provides him a claim against the Company for any reason. Otherwise, Smith intends to and does waive all claims through December 31, 2015 as specified in Section 4.

 

17. Final and Binding Effect.  Smith understands that, if this Agreement becomes effective, it will have a final and binding effect and that, by signing this Agreement, Smith may be giving up legal rights.

 

18. Representations.  By signing this Agreement, Smith represents that he has read this entire document and understands all of its terms.

 

19. Definitions.  Initially capitalized terms used in this Agreement and not defined herein shall have the meaning given to such terms in the 2015 Agreement.

 

20. Governing Law. This Agreement shall be governed and conformed in accordance with the laws of the State of Florida. Should any provision of this Agreement be deemed illegal or unenforceable by any court of competent jurisdiction and cannot be modified to be enforceable, excluding the general release language, such provision immediately shall become null and void, leaving the remainder of this Agreement in full force and effect.

 

21. Miscellaneous. This Agreement may be signed in counterparts, both of which shall be deemed an original, but both of which, taken together shall constitute the same instrument. A signature made on a faxed or electronically mailed copy of the Agreement or a signature transmitted by facsimile or electronic mail shall have the same effect as the original signature. The headings used in this Agreement are intended solely for convenience of reference and shall not in any manner amplify, limit, modify or otherwise be used in the interpretation of any of the provisions hereof.

 

 

	
ACCEPTED:

 

 

//s//                                                                        

Brian M. Smith

 

Dated:____________________________

 

	  	
ACCEPTED:

Regency Centers Corporation, for itself and

 all Regency Entities

 

//s//                                                                

 

Date Agreement was originally given to Mr. Smith:  October 29, 2015

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