Document:

hubg-ex101_27.htm

Exhibit 10.1 

 

SEPARATION AGREEMENT 

 

This Separation Agreement (the “Agreement”) is between Donald Maltby, on behalf of himself, his spouse, beneficiaries, heirs, agents, successors, assigns, dependents, and anyone acting on his behalf (collectively referred to throughout this Agreement as “Employee”), and Hub Group, Inc., on behalf of itself, its subsidiaries, affiliate companies, directors, officers, predecessors, successors, employees, general partners, agents and anyone acting for it (collectively referred to throughout this Agreement as “Hub”).

 

	
 
	
1.
	
Separation Date.  Employee agrees that Employee’s employment and compensation are terminated effective June 30, 2019 (“Separation Date”).
	
 

 

	
 
	
2.
	
General Waiver and Release of Claims.  Employee and Hub agree that, in exchange for Hub not contesting any unemployment claims Employee may make and in exchange for Hub’s payment to Employee of severance in the amount of $671,088.00, less applicable tax withholdings and payroll deductions, and COBRA continuation as specified in this Agreement, Employee waives and releases Hub from any and all claims of any type to date arising out of or relating to Employee’s employment, the separation of Employee’s employment, or the renewal of Employee’s employment.  This waiver and release includes, but is not limited to, any and all allegations that the Employer:

 

	
 
	
•
	
has discriminated or retaliated against Employee in violation of the Age Discrimination in Employment Act (“ADEA”), or on the basis of race, color, sex (including sexual harassment and pregnancy), national origin, ancestry, disability (including the Americans With Disabilities Act), religion, sexual orientation, gender identity and expression, marital status, parental status, veteran status, source of income, entitlement to benefits, union activities, or any other status protected by local, state or federal laws, constitutions, regulations, ordinances or executive orders; or

	
 
	
•
	
has violated the Fair Labor Standards Act, the Family Medical Leave Act, the Employee Retirement Income Security Act, the Workers Adjustment and Retraining Notification Act, the National Labor Relations Act, the Labor-Management Relations Act, Sarbanes-Oxley, and all other federal, state or local laws; or

 

	
 
	
•
	
has violated its personnel policies, procedures, handbooks, any covenant of good faith and fair dealing, or any express or implied contract of any kind; or

	
 
	
•
	
has violated public policy, statutory or common law, including claims for:  personal injury; breach of fiduciary duty; invasion of privacy; retaliatory discharge; negligent hiring, retention or supervision; defamation; intentional or negligent infliction of emotional distress and/or mental anguish; intentional interference with contract; negligence; whistleblowing; detrimental reliance; loss of consortium to Employee or any member of Employee’s family; and/or promissory estoppel; or

	
 
	
•
	
except as otherwise expressly provided in this Agreement, is in any way obligated for any reason to pay Employee salary, compensation, benefits, commissions, bonuses, vacation, housing allowance, paid time off, stock grants, stock options, other stock-related benefits, profit-sharing, damages, expenses, litigation costs (including attorneys’ fees), backpay, frontpay, disability or welfare or retirement benefits (other than any accrued pension benefits), compensatory damages, punitive damages, and/or interest. 

 

	
 
	
3.
	
Payments Under the Separation Agreement. In exchange for Employee entering into this Separation Agreement, Hub will pay Employee $671,088.00, less applicable tax withholdings and payroll deductions.  The severance payment set forth in paragraph 1 will be made in thirty-nine (39) installments over eighteen (18) months, beginning on the first available payroll date after the revocation period has passed.  Payments #1-#38 will be in the amount of $17,207.38 each and payment #39 will be in the amount of $17,207.56.
	
 

 

	
 
	
4.
	
ADEA Waiver and Release.  Among the claims being released by Employee in this Agreement are claims under the Age Discrimination in Employment Act of 1967, as amended (“ADEA”), 29 U.S.C. Sections 621-34.  Pursuant to and in compliance with the Older Workers Benefit Protection Act, 29 U.S.C. Section 626(f), Employee acknowledges that:
	
 

 

 

 

	
 
	
a.   
	
This Agreement is written in a manner calculated to be understood by Employee, and that Employee in fact understands all of the terms of this Agreement;

	
 
	
b.
	
In addition to the waiver and release of all other possible claims, this Agreement results in the waiver and release by Employee of all claims arising under the ADEA;

	
 
	
c.
	
In exchange for the waiver and release by Employee of all ADEA claims, Employee is receiving consideration in addition to anything of value to which Employee is already entitled;

	
 
	
d.
	
Employee is not waiving rights or claims that may arise after the date Employee signs this Agreement;

	
 
	
e.
	
Employee has been advised in writing to consult with an attorney prior to executing this Agreement;

	
 
	
f.
	
Employee was provided the period of at least twenty-one (21) days within which to consider this Agreement; 

	
 
	
g.
	
Employee has seven (7) days following execution of this Agreement to revoke this Agreement and that this Agreement shall not become effective or enforceable until this revocation period has expired.  A revocation will not be effective unless it is in writing and received by the Hub Vice President of Human Resources located at Hub Group, Inc., 2000 Clearwater Drive, Oak Brook, IL  60523, within such seven-day period.

 

	
 
	
5.
	
Exclusions from General Release and ADEA Waiver.  Excluded from the above General Waiver and Release and ADEA Waiver above are any rights and claims which cannot be waived by law, including the right to file a charge with or participate in an investigation or proceeding conducted by the Equal Employment Opportunity Commission.  To the extent that claims not waivable by law are pursued on the Employee’s behalf, however, he agrees to waive any right to monetary recovery.

 

	
 
	
6.
	
Continuing Cooperation.  Following the Separation Date, Employee agrees to cooperate with all reasonable requests for information made by or on behalf of Company with respect to Hub operations.  Moreover, Employee agrees to fully cooperate with the Company and its legal counsel in connection with any action, proceeding, or dispute arising out of matters with which Employee was directly or indirectly involved while employed by the Company.  This cooperation includes meeting with, and providing information to, Hub and its legal counsel, maintaining the confidentiality of any past or future privileged communications with the Company’s legal counsel, and being available to testify truthfully by affidavit, in depositions, or in any other forum on behalf of Hub.  In connection with any such requests or matters requiring Employee’s cooperation, the Employer shall reimburse Employee for all out-of-pocket expenses reasonably and necessarily incurred in responding to such request(s).

 

	
 
	
7.
	
Non-Disparagement.  Employee agrees that Employee will not make or solicit any comments or statements to any person, the media, on any form of social media or in any private or public forum, or to any entity with which Hub has a relationship, that may be considered derogatory or detrimental to the good name or business reputation of Hub or any of its officers or directors.
	
 

 

	
 
	
8.
	
Return of Company Property.  Employee agrees, prior to the receipt of the payment provided under paragraph 1, to return to Hub all property, including computer hardware and software, documents, and electronically stored data belonging or relating to Hub.

 

	
 
	
9.
	
Confidential Information.  Employee agrees that he will not use, for any purpose, or disclose to any person or entity, any confidential information which he acquired during the course of his employment with Hub.  Confidential information includes, but is not limited to, customer lists, marketing materials, human resource materials, pricing information, proprietary system information, operational materials, trade secrets, and financial records.

	
 
	
10.
	
Remedy for Other Breach.  If Employee breaches the “Continuing Cooperation” paragraph, “Non-Disparagement” paragraph, “Confidential Information” paragraph, “Return of Company Property” paragraph, “Non-Solicitation of Employees and Contractors” paragraph, “Non-Solicitation of Customers” paragraph, and legal action results, then Employee will be liable for Hub’s reasonable attorneys’ fees and court costs associated with the legal action.

 

	
 
	
11.
	
Non-Admissions.  This Agreement does not constitute, is not intended to be, and shall not be construed, interpreted or treated in any respect, for any purpose whatsoever, as being an admission of liability or wrongdoing by Hub.

 

	
 
	
12.
	
No Verbal Amendments.  This Agreement may be amended only in writing signed by both parties.

 

	
 
	
13.
	
Jurisdiction and Venue.  This Agreement will be governed by and construed in accordance with the laws of the State of Illinois, without regard to any choice of law principles of any other state to the contrary.  Each party 

 

 

	
 
		
irrevocably consents to exclusive jurisdiction and venue in the state and federal courts located in or with jurisdiction over DuPage County, Illinois, such as the United States District Court for the Northern District of Illinois, Eastern Division, with respect to any matter, dispute or court proceeding arising out of or relating to this Agreement.

 

	
 
	
14.
	
Entire Agreement.  Except as provided in the “Other Agreements” paragraph, this Agreement reflects the parties’ entire agreement regarding the terms of Employee’s separation from employment with Hub.  Other than what is provided in this Agreement, Hub is not obligated to provide Employee with any other or additional monetary or other benefits.

 

	
 
	
15.
	
Final Resolution and Consideration.  This Agreement is intended to and in fact resolves all matters between Employee and Hub.  The payment and benefits being provided to Employee exceeds the amount that would normally be received by Employee upon separation of employment from Hub.

 

	
 
	
16.
	
Other Agreements.  Except for (i) any non-competition agreements; (ii) any confidentiality agreements, (iii) any restricted stock agreements; (iv) the Proprietary Interest Protection and Non-Solicitation Agreement signed by Employee on September 16, 2015; and (v) the Non-Compete and Non-Solicitation Agreement signed by Employee on February 22, 2019, all previous agreements between Employee and Hub, express or implied, are terminated as of the effective date of this Agreement.

 

	
 
	
17.
	
Knowing and Voluntary Agreement.  Employee agrees that Employee is signing this Agreement knowingly, voluntarily, and with a complete understanding of its significance, that Employee has not been coerced, threatened or intimidated into signing this Agreement, that Employee has not been promised anything else in exchange for signing this Agreement, and that Employee has had reasonable and sufficient time to consider this Agreement.

 

	
 
	
18.
	
Medical Benefits.  Employee acknowledges that he and his eligible dependents are entitled to obtain COBRA health insurance benefits.  In return for signing this Agreement, if Employee elects COBRA continuation coverage, Hub agrees to pay the premiums for Employee’s COBRA benefits through December 31, 2019.  After December 31, 2019, Employee will be responsible for these payments.

 

	
 
	
19.
	
Non-Compete Restriction. Employee agrees that until and including January 1, 2021, Employee will not, directly or indirectly, whether on Employee’s own behalf or on behalf of any other entity (for example, as an employee, agent, partner, independent contractor or consultant), provide, supervise, manage, or support the development, manufacture, marketing, sales or operation of any product or service that competes or is intended to compete with any product or service sold, offered, or otherwise provided by Hub for which Employee had any responsibility for developing, providing, selling, managing, manufacturing or supporting or about which Employee had access to Confidential Information (defined in paragraph 9) of Hub during Employee’s employment with Hub.  

 

	
 
	
20.
	
Non-Solicitation of Employees and Contractors.  Employee agrees that until and including January 1, 2021, he will not directly or indirectly, whether on Employee’s own behalf or on behalf of any other entity (for example as an employee, agent, partner or consultant):  (a) hire, solicit, attempt to persuade or otherwise encourage any individual who was an employee, contractor, or consultant of Hub within the six months preceding the termination of Employee’s employment with Hub, to terminate any employment or contractual relationship with Hub; or (b) disclose information about Hub employees or contractors to any other individual or entity that could be used to solicit or otherwise encourage those individuals or entities to form new business relationships with that or another individual or entity; or (c) otherwise interfere with the performance by current or former Hub employees or contractors of their obligations or responsibilities to Hub.   

 

	
 
	
21.
	
Non-Solicitation of Customers.  Employee agrees that until and including January 1, 2021, he will not directly or indirectly, whether on Employee’s own behalf or on behalf of any other entity (for example as an employee, agent, partner or consultant): (a) accept or solicit business from any Customer for any product or service that is competitive with or similar to products or services offered by, manufactured by, designed by or distributed by Hub for which Employee had any responsibility for developing, providing, selling, managing, or manufacturing or about which Employee had access to Confidential Information of Hub during Employee’s employment with Hub; or (b) encourage any Customer or Business Partner to cease doing business with Hub or to terminate or limit an existing relationship or arrangement with Hub. As used in this Agreement, “Customer” means any person, company or other entity which was a Hub customer for 
	
 

 

 

	
 
		
products or services and with whom or which Employee communicated regarding those products or services, about which Employee learned Confidential Information (defined in paragraph 9) related to those products or services, or over which Employee had supervisory responsibility at any time during the last 12 months of Employee’s employment with Hub.   As used in this Agreement, “Business Partner” means any individual or entity with which, before Employee’s Separation Date, Hub was involved in any business arrangement or engaged in discussions regarding the possibility of entering into such an arrangement, including but not limited to carriers.
	
 

 

	
 
	
22.
	
Reformation.  It is expressly understood and agreed that Employee and Hub consider the restrictions contained in this Agreement to be reasonable and necessary to protect unique, long-standing customer relationships and the proprietary information of Company and its affiliates. Nevertheless, if any of the aforesaid restrictions are found by a court having jurisdiction to be unreasonable, or overly broad as to geographic area or time, or otherwise unenforceable, Hub and Employee intend for the restrictions therein set forth to be modified by such courts so as to be reasonable and enforceable and, as so modified by the court, to be fully enforced.

 

	
 
	
23.
	
Severability.  If any of the terms or conditions in this Agreement are held invalid for any reason by a court or other tribunal of competent jurisdiction, then such terms or conditions shall be deemed severed from this agreement and the remaining terms and conditions shall continue in full force and effect.
	
 

 

	
 
	
24.
	
Non-Disclosure of Agreement.  Employee agrees to keep confidential and not disclose the existence, terms, and conditions of, facts, events and/or circumstances giving rise to, this Agreement, to any other person or entity, other than (A) to his spouse; (B) to his legal advisors, tax preparer and/or financial advisor, (C) as required by law, or (D) to enforce this Agreement, provided that, with respect to (A) and (B), such persons agree to keep such information confidential.

 

	
 
	
25.
	
Effective Date.  This Agreement shall not be binding on Hub until signed by a representative of Hub.  This Agreement shall be effective on the later of a) the 8th day after Employee signs this Agreement, if not revoked before then, or b) the date Hub signs this Agreement.

 

 

 

 

Name:__/s/Donald Maltby________________    /s/Douglas G. Beck_____________________

On Behalf of Hub Group, Inc.

 

 

Dated:_7/11/2019_____________________Dated:_7/15/2019_____________________Exhibit 10.1

 

GI DYNAMICS, INC.

 

FIFTH AMENDMENT TO NOTE PURCHASE AGREEMENT

 

THIS
FIFTH AMENDMENT (the “Amendment”), dated effective as of August 21, 2019, is made to that certain NOTE
PURCHASE AGREEMENT, dated June 15, 2017, by and between GI DYNAMICS, INC., a Delaware corporation (the “Company”),
and CRYSTAL AMBER FUND LIMITED (the “Purchaser”), as amended on December 31, 2018, March 29, 2019,
April 30, 2019 and June 30, 2019 (as so amended, the “Agreement”). Capitalized terms used herein and
not otherwise defined shall have the meaning given to them in the Agreement.

 

WHEREAS,
pursuant to Section 7.6 of the Agreement, any term of the Agreement may be amended, waived or modified only with the written consent
of the Company and the Purchaser; and

 

WHEREAS,
the Company and the Purchaser desire to amend certain provisions of the Agreement to provide for an amended form of senior secured
convertible promissory note, which the Company issued to the Purchaser pursuant to the Agreement and subsequently amended (as amended,
the “Existing Note”), such further amendment to the Existing Note in substantially the form attached
hereto as Exhibit A.

 

NOW,
THEREFORE, the undersigned Purchaser and the Company, in consideration of the mutual premises and covenants made herein and of
the mutual benefits to be derived herefrom, hereby amend the Agreement as follows:

 

		1.	Amendments to the Agreement.

 

		a.	The Existing Note shall be amended in substantially the form set forth in
Exhibit A.

 

		b.	The Company and the Purchaser hereby acknowledge and confirm by execution
of this Amendment and as of the date hereof that (i) no event constituting an Event of Default under Section 5 of the Agreement
has occurred and (ii) the Purchaser shall not be entitled to any remedy under such Section 5 with respect to any event that has
occurred as of the date hereof.

 

		2.	Except as expressly modified by this Amendment, the Agreement shall remain
unmodified and in full force and effect.

 

		3.	This Amendment may be executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute the same instrument. Facsimile or PDF transmission of execution copies or signature
pages for this Amendment shall be legal, valid and binding execution and delivery for all purposes.

 

		4.	This Amendment shall be governed by, and construed and enforced in accordance
with, the substantive laws of the State of New York, without regard to its principles of conflicts of laws.

 

[Signature pages follow]

 

     

     

    

 

IN WITNESS WHEREOF, the parties
have executed this Amendment as of the date first above written.

 

	 	COMPANY:
	 	 
	 	GI DYNAMICS, INC.
	 	 	 
	 	By:	/s/ Scott Schorer
	 	Name:	Scott Schorer
	 	Title:	Chief Executive Officer

 

[Signature Page to Fifth Amendment to
Note Purchase Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the parties
have executed this Amendment as of the date first above written.

 

	 	PURCHASER:
	 	 
	 	CRYSTAL AMBER FUND LIMITED
	 	 	 
	 	By:	Crystal Amber Asset Management (Guernsey) Limited, as Investment Manager
	 	 	 
	 	By:	/s/ Laurence McNairn
	 	Name:	Laurence McNairn
	 	Title:	Director

 

[Signature Page to Fifth Amendment to
Note Purchase Agreement]

 

     

     

    

 

EXHIBIT A

 

FIFTH AMENDMENT TO 

SENIOR SECURED CONVERTIBLE PROMISSORY
NOTE

 

[See Exhibit 10.2 to this Quarterly Report
on Form 10-Q.]

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