Document:

EX-10.34

	 	 	 
	To:     

	 	Date:     
	Subject:

	 	The Andersons, Inc.

Change in Control and Severance Policy Participation Agreement

You have been selected to participate in the Andersons, Inc. Change in Control and Severance Policy
(the “Policy”). Your participation is subject to the terms and conditions of the Policy and this
Participation Agreement (the “Agreement”). This Agreement will document your commitments to the
Company and the key terms and conditions set forth by the Committee for payments which you may
become entitled to under the Policy.

Before executing this Agreement, please read the information provided below regarding your specific
provisions. By signing the Agreement, you agree to be bound by all the terms and conditions
contained herein. When you are satisfied that you understand the terms and conditions of the
Policy, please sign and, return to      . Remember to
keep a copy for your files.

1. CASH SEVERANCE AND BENEFITS (CHANGE IN CONTROL)

Following a Qualifying Termination within two years following a Change in Control, or within 3
months prior to Change in Control and subject to the terms and conditions of the Policy and this
Agreement, your benefit period for purposes of the cash severance and other benefits described in
Sections 4, and 6 of the Policy shall be [(2) years (Company Staff)] [one (1) year (Other
Participants)].

Such cash severance shall be paid in accordance with the payment election made pursuant to
Section 5 of this Agreement and all cash severance and benefits shall in all respects be subject to
the terms and conditions of the Policy and this Agreement.

2. CASH SEVERANCE AND BENEFITS (OTHER THAN CHANGE IN CONTROL)

Following a Qualifying Termination other than in connection with a Change in Control, your
benefit period for purposes of the cash severance and other benefits described in Sections 5, and 6
of the Policy shall be [one (1) year (Company Staff)] [the longer of (a) or (b) where (a) equals 6
months and (b) equals 3 weeks per year of service up to a maximum of 52 weeks (other
Participants)].

Such cash severance shall be paid in accordance with the payment election made pursuant to
Section 6 of this Agreement and all cash severance and benefits paid shall in all respects be
subject to the terms and conditions of the Policy and this Agreement.

3. COVENANTS

By agreeing to become a participant in the Policy, you must agree to abide by the provisions
of the Policy, including the covenants set forth in Exhibit A of the Policy, in their entirety.

4. MISCELLANEOUS

This Agreement and the written Policy constitutes the entire Agreement among the parties with
respect to the subject matter hereof and supersedes all prior agreements and understandings,
whether written or oral. This Agreement may only be amended in writing signed by the parties
hereto in accordance with Section 18 of the Policy. This Agreement shall be enforced and construed
in accordance with the laws of the State of Ohio. The captions herein are for convenience of
reference only and shall not be deemed in any manner to modify, explain, enlarge or restrict any of
the provisions of this Agreement. This Agreement shall be binding upon and inure to the benefit of
the Company, Participant and their respective heirs, personal representatives, successors and
assigns.

5. PAYMENT ELECTION (CASH SEVERANCE CHANGE IN CONTROL)

I hereby elect to receive my cash severance as follows (choose (1) or (2) below):

(1) In continuous payroll period installments over the benefit period described in Section 1
and subject to the limitations of Section 4(c) of the Policy with the balance payable in a single
lump sum.

(2) In a single lump sum payment.

6. PAYMENT ELECTION (CASH SEVERANCE OTHER THAN CHANGE IN CONTROL)

I hereby elect to receive my cash severance as follows (choose (1) or (2) below):

(1) In continuous payroll period installments over the benefit period described in Section 2
and subject to the limitations of Section 5(c) of the Policy with the balance payable in a single
lump sum.

(2) In a single lump sum payment.

7 ACKNOWLEDGEMENT

By signing this Agreement, I agree and acknowledge that:

(a) I have received a written copy of the Policy.

(b) I may not assign, transfer, or alienate my benefits under this Policy in any way, except
as may be required by law.

(c) I must execute a Release of Claims in substantially the same form as Exhibit B of the
Policy before becoming entitled to any payment under the Policy.

(d) I will immediately forfeit any unpaid benefits under the Policy if I engage in any
activity            which is in violation of the Covenants set forth in Exhibit A of the Policy.

(e) I, the undersigned, acknowledge that this Agreement is subject to compulsory binding
arbitration, as provided in the Policy. Any adjudication of the enforceability of the arbitration
provision or the enforcement of any award or as to the terms of this Agreement if arbitration shall
not be adjudicated to be compulsory shall be conducted in Toledo, Ohio before a judge, and the
parties waive all right to a jury trial for such proceeding.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first set forth above.

	 	 	 
	THE ANDERSONS, INC.	 	PARTICIPANT
	By:

	 	By:
	 

	 	 

Title:     Title:     

Date:     Date:EX-10.35

Change in Control and Severance Policy

Effective January 1, 2009

1. PHILOSOPHY AND PURPOSE

The Andersons, Inc., (the “Company”) wishes to recognize the value of past and future services
contributed by members of Company Staff and other key employees (the “Participant”), and recognizes
that if a Change In Control occurred, the resulting uncertainty regarding the consequences of such
event could adversely affect the Company’s ability to attract, retain and motivate its key talent.
In addition to change in control situations, the Company recognizes the difficulty its key
employees would have in obtaining comparable employment if their employment were involuntarily
terminated. The Company believes that the existence of this Policy will serve as an incentive to
its key talent to remain in the employ of the Company and would assure the key talent’s objectivity
in evaluating a potential Change In Control and advising as to whether it is in the best interests
of the Company and its shareholders. In consideration of the protection and other benefits that
the Company is providing under this Policy, the Company further requires the Participant to make
certain important commitments to the Company.

2. DEFINITIONS

Capitalized terms used in this Policy shall have the meanings set forth in this Section 2
below, unless the context clearly requires a different meaning.

“Base Salary” means, with respect to any Participant, his or her annual base salary as
in effect at the time of his or her Separation from Service; provided, however, that if a
Participant terminates his or her service for Good Reason following a reduction in the
Participant’s base salary, then for purposes of Sections 4 and 5, Base Salary shall mean his or her
base salary as in effect immediately prior to any such reduction.

“Board” means the Board of Directors of the Company.

“Cause” shall mean (a) a willful, material and substantive breach of written Company
policy, which breach is not cured by the Participant within a reasonable time after receipt of
written notice from the Company specifying the breach; (b) a willful, intentional and substantive
breach of fiduciary duty to the Company or any of its affiliates involving personal gain or profit
to the Participant; (c) other employment engaged in by the Participant that substantially impairs
the Participant’s ability to perform his/her obligations, for which consent of the Company was not
previously obtained; (d) death of the Participant; (e) substantial disability of the Participant,
which materially impairs Participant’s ability to perform his/her duties; (f) conviction of the
Participant of any felony or crime of moral turpitude, or any intentional crime in the conduct of
his/her office with the Company or any affiliate, which is materially adverse to the welfare of the
Company or any affiliate, but excluding any conviction which is not the result of any action or
inaction by the Participant for his or her personal gain, or in willful violation of law or Company
policy.

For purposes of this definition, no act, or failure to act shall be deemed “willful” if done
or omitted to be done by the Participant in good faith and in the reasonable belief that such act
or omission was in the best interest of the Company.

“Change in Control” means a change: (i) in the ownership of the Company; or in the
effective control of the Company such that a single entity or commonly controlled group of entities
shall have the ability to elect a majority of the Board of Directors of the Company; or (ii) in the
ownership of all or substantially all the assets associated with the business group in which the
Participant works, or of the Company as a whole. The Board shall have final authority to determine
if a Change in Control has occurred.

“Code” means the Internal Revenue Code of 1986, as amended from time to time.

“Company” means The Andersons, Inc. and includes all persons with whom the Company
would be considered a single employer under Code Section 414(b) or (c).

“Committee” means the Compensation Committee of the Board.

“Eligible Participant” shall mean (a) the President and Chief Executive Officer, (b)
Business Group Presidents, (c) Corporate Vice Presidents and Officers, and (d) any individual
designated by the Chief Executive Officer and approved by the Committee for participation in the
Policy.

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as now in
effect and as amended from time to time.

“Good Reason” shall mean (a) a material diminution in the Participant’s annual base
salary or annual incentive plan; (b) a material diminution in the Participant’s authority, duties,
or responsibilities; (c) a material diminution in the budget over which the Participant retains
authority; (d) a material change in the geographic location at which the Participant must perform
services; or (e) any other action or inaction that constitutes a material breach by the Company of
the Participant’s employment arrangement. The Company shall have 30 days from the date of any
notice from a Participant alleging that a Good Reason condition exists, to remedy the Good Reason
condition. If the Company fails to remedy the Good Reason condition within 30 days, the Participant
may Separate from Service for Good Reason, unless the Company disagrees that a Good Reason
condition exists.

“Health Benefits” shall mean the medical, prescription drug, dental, and any other
related benefit plans sponsored by the Company that may be in effect upon the Qualifying
Termination.

“Involuntary Separation from Service” means Separation From Service due to the
independent decision of the Company to terminate the Participant’s services, other than due to the
Participant’s explicit request, when the Participant was willing and able to continue performing
services.

“Maximum Installment Value” for purposes of Sections 4 and 5 means two (2) times the
lesser of (a) the maximum amount of compensation that may be taken into account under a qualified
plan pursuant to Code Section 401(a)(17) for the year in which the Participant has terminated; or
(b) the sum of the Participant’s annualized compensation based upon the annual rate of pay for
services provided to the Company for the taxable year of the Participant preceding the taxable year
of the Participant in which the Participant has Separated From Service with the Company (adjusted
for any increase during that year that was expected to continue indefinitely if the Participant had
not Separated From Service).

“MPP” means the Management Performance Plan of the Company, any successor plans
thereto, or any other bonus plan of the Company in which a Participant is participating in lieu of
the MPP.

“Participant” has the meaning set forth in Section 3.

“Participation Agreement” means the written agreement executed by the Participant
acknowledging the Participant’s commitments to the Company and specifying the terms and conditions
set forth by the Committee for payments to which the Participant is entitled pursuant to this
Policy.

“Separation from Service” means the date of the Participant’s termination of
employment with the Company, whether voluntary, or involuntary, including, without limitation, by
death, or retirement.

“Qualifying Termination” means (a) Involuntary Separation From Service other than for
Cause, or (b) Separation From Service for Good Reason. Participant will not be deemed to have
incurred a Qualifying Termination unless Participant executes a release of claims in a form
substantially similar to the form attached as Exhibit B hereto (the “Release”) following the
Participant’s Separation From Service.

“Target Annual Bonus” means, with respect to any Participant, his or her total target
annual bonus under the MPP in effect at the time of his or her Separation From Service; provided,
however, that if a Participant terminates his or her service for Good Reason following a reduction
in the Participant’s base salary or target annual bonus, then for purposes of Section 4, Target
Annual Bonus means his or her target annual bonus under the MPP in effect immediately prior to any
such reduction. If a Participant participates in another bonus plan in lieu of the MPP, then for
purposes of Section 4 Target Annual Bonus means the total target annual bonus under the MPP for the
Participant’s level of responsibility.

3. PARTICIPATION

Once selected and approved, the Eligible Participant shall become a Participant upon completion of
the Participation Agreement which shall include the Covenants attached as Exhibit A.

4. CASH SEVERANCE AND BENEFITS (CHANGE IN CONTROL)

A Participant who experiences a Qualifying Termination within two (2) years following or
within 3 months prior to a Change in Control, shall be entitled to cash severance (as defined
below), plus the benefits provided in Sections 6 and 7.

(a) Benefit Period. The President and Chief Executive Officer, Business Group
Presidents, Corporate Vice Presidents, and Officers shall receive cash severance for a benefit
period of two (2) years. All other Eligible Participants shall receive cash severance for a
benefit period of one (1) year.

(b) Computation of Cash Severance. The Participant’s total cash severance shall be
equal to the sum of (i) Participant’s Base Salary for the applicable benefit period (defined in
Section 4(a) and the Participation Agreement), plus (ii) Participant’s Target Annual Bonus prorated
for the applicable benefit period, plus (iii) Participant’s Target Annual Bonus prorated for the
period beginning on the first day of the current bonus year and ending on the date of the
Qualifying Termination.

(c) Payment of Cash Severance. The Company shall pay the total cash severance defined
in Section 4(b) to the Participant as elected by the Participant in the Participation Agreement as
follows:

(i) in continuous payroll period installments, or

(ii) in a single lump sum.

Payment shall commence within 30 days of the date of the Participant’s Qualifying Termination.
Notwithstanding the above, if the Participant has elected payment as defined in Section 4(c)(i),
Company shall pay the lesser of (1) the total cash severance defined in Section 4(b) or (2) the
Maximum Installment Value to the Participant in continuous payroll period installments for the
applicable benefit period, commencing within 30 days of the date of the Participant’s Qualifying
Termination. The excess, if any, of the total cash severance over the Maximum Installment Value
shall be paid to the Participant in a single cash payment no later than 30 days following the
Participant’s Qualifying Termination.

(d) No MPP bonus in final year of employment. A Participant who receives cash
severance under this Section 4 shall forfeit any right to an MPP bonus based on actual results for
the year in which the Qualifying Termination occurred.

5. CASH SEVERANCE AND BENEFITS (OTHER THAN CHANGE IN CONTROL)

A Participant who experiences a Qualifying Termination, other than in connection with a Change
in Control pursuant to Section 4, shall be entitled to cash severance (as defined below), his or
her final MPP bonus for the current bonus year prorated to the date of the Qualifying Termination,
plus the benefits provided in Sections 6 and 7.

(a) Benefit Period. The President and Chief Executive Officer, Business Group
Presidents, Corporate Vice Presidents, and Officers shall receive cash severance for a benefit
period of one (1) year. All other Eligible Participants shall receive cash severance as defined in
the Participant’s Participation Agreement not to exceed one (1) year.

(b) Computation of Cash Severance. The Participant’s cash severance shall be equal to
the Participant’s Base Salary prorated for the applicable benefit period (defined in Section 5(a)
and the Participation Agreement).

(c) Payment of Cash Severance. The Company shall pay the cash severance defined in
Section 5(b) to the Participant as elected by the Participant in the Participation Agreement as
follows:

(i) in continuous payroll period installments over the benefit period, or

(ii) in a single lump sum.

Payment shall commence within 30 days of the Participant’s Qualifying Termination.
Notwithstanding the above, if the Participant has elected payment as defined in Section 5(c)(i),
Company shall pay the lesser of (1) the total cash severance defined in Section 5(b) or (2) the
Maximum Installment Value to the Participant in continuous payroll period installments for the
applicable benefit period, commencing within 30 days following the Participant’s Qualifying
Termination. The excess, if any, of the total cash severance over the Maximum Installment Value
shall be paid to the Participant in a single cash payment no later than 30 days following the
Participant’s Qualifying Termination.

(d) Payment of final MPP bonus. In addition to Cash Severance, Participant
shall be paid his or her annual bonus determined under the MPP for the year of the Qualifying
Termination prorated for the period beginning on the first day of the current bonus year and ending
on the date of the Qualifying Termination. The annual bonus shall be determined consistent with
the formulas used for all active MPP participants and paid no later than March 15 following the end
of the current bonus year.

6. GROUP HEALTH BENEFITS

Subject to the conditions stated below, upon a Qualifying Termination, the Company will
provide continuation of coverage to the Participant and his or her eligible family members of their
group medical health plan coverage subject to the prevailing active employee contribution rates in
effect immediately prior to the date of the Qualifying Termination. Such coverage shall continue
for the greater of 4 weeks or 3 weeks per year or partial year of service, not to exceed 52 weeks
(hereinafter referred to as the standard continuation period). For, example, if the Participant
was in his or her 4th year of service when the Qualifying Termination occurred, the
standard continuation period would be 12 weeks. Upon the expiration of such standard continuation
of coverage, the Participant will either (i) lose their group medical health plan coverage and be
offered the right to continue the same medical health benefits equivalent to those in effect
immediately prior to the date of termination under COBRA continuation coverage, or (ii) if
otherwise eligible, be offered continued coverage under the Company’s Retiree Health Care Plan
(post retirement medical benefits plan). If the Participant elects continuation coverage under
COBRA, the Participant will be required to pay the COBRA premiums to the Company during the COBRA
continuation period similar to all other employees who elect COBRA continuation coverage. If the
Participant is eligible and elects coverage under the Company’s Retiree Health Care Plan, the
Participant will be required to pay the premium contributions established by the Company for all
other similarly situated employees who receive post retirement medical benefits.

(a) Cash payment to reimburse COBRA benefit continuation. If the Participant will not
be eligible for Retiree Health Care benefits at the end of the standard continuation period, the
Company shall pay Participant such amount that, after all Federal, state, and local taxes on that
amount, shall equal (1) the projected COBRA premiums, if any, for the COBRA coverage to be
provided to Participant and Participant’s eligible family members under the Company’s plan in
effect on the date the Participant’s Qualifying Termination, less (2) the projected employee
contributions the Participant would pay for the same coverage as an active participant, calculated
for the remainder of the applicable severance benefit period following standard continuation of
coverage. Such amount shall be paid in a single lump sum cash payment no later than 30 days
following the date the Qualifying Termination occurred.

(b) Cash payments to reimburse Retiree Health Care Plan benefits. If the Participant
will be eligible for Retiree Health Care benefits at the end of the standard continuation period,
the Company shall pay Participant such amount that, after all Federal, state, and local taxes on
that amount, shall equal (1) the projected employee premiums for the Retiree Health Care
coverage to be provided to Participant and Participant’s eligible family members under the
Company’s plan in effect on the date the Participant’s Qualifying Termination, less (2) the
projected employee contributions the Participant would pay for the same coverage as an active
participant, calculated for the remainder of the applicable severance benefit period following
standard continuation of coverage. Such amount shall be paid in a single lump sum cash payment no
later than 30 days following the date the Qualifying Termination occurred.

7. OUTPLACEMENT BENEFITS

A Participant who is entitled to Payment under Sections 4 or 5 shall be offered the services
of a professional outplacement counseling firm, and such services shall be paid for by the Company.
The Company shall determine the nature of such services, cost of the services and the duration of
such services which shall not extend beyond the last day of the first taxable year following the
year of the Qualifying Termination.

8. PAYMENTS PAYABLE TO ESTATE

In the event that any Participant to whom any cash payment is payable under the Policy dies
before receiving such payment, such payment shall be paid to Participant’s estate.

9. IMPACT ON OTHER COMPENSATION AND BENEFIT PROGRAMS

There will be no duplication between payments made under this Policy and any payment or
benefit under any other plan, program, agreement, or arrangement. Except as otherwise specifically
provided for herein, payments under this Policy will not be considered compensation for purposes of
any compensation, deferred compensation, insurance, pension, savings, or other benefit plan.

10. ARBITRATION

Subject to the Company’s right to seek injunctive relief under the Covenants Agreement
(Exhibit A) of this Policy, all disputes arising out of or relating to this Policy or to
Participant’s employment or the termination thereof, will be resolved by final and binding
arbitration in Maumee, Ohio, conducted by the American Arbitration Association under the Federal
Arbitration Act in accordance with its Employment Dispute Resolution Rules then in effect. This
paragraph will apply both during and after termination of the employment relationship. Either party
will have the right to enforce this Policy to arbitrate in either federal or state court. The
arbitrator’s fees and expenses shall be payable by the Company.

        All proceedings and documents prepared in connection with any arbitration under this
Policy will be confidential information and, unless otherwise required by law, the contents or
subject matter thereof will not be disclosed to any person other than the parties to the
proceedings, their counsel, witnesses and experts, the arbitrator, and, if court enforcement of an
arbitration award is sought, the court and court staff hearing such matter.

        Should a dispute under this Policy be submitted to arbitration and the Participant
prevails in that arbitration, Participant will be entitled to recover reasonable expenses incurred
in connection with that arbitration, including but not limited to reasonable attorneys’ fees from
the Company. Should the Company prevail, or should any financial award determined by the arbitrator
be between the respective amounts sought by the Company and the Participant, each party will pay
its own costs.

11. COVENANTS

During Participant’s role with the Company, Participant will have access to confidential and
proprietary information, and Participant’s access to such information is intrinsic to, and
essential to the success of his or her employment by the Company. In consideration of
Participant’s access to such information, continued employment with the Company, and benefits
provided for under the Policy, the Participant shall be required to follow the Covenants set forth
in Exhibit A.

12. GOVERNING LAW

The provisions of the Policy shall be governed by and construed in accordance with the
applicable provisions of ERISA, the Code, and the laws of the State of Ohio.

13. NOTICES

Any notices under this Policy that are required to be given to the Company will be addressed
to (i) Vice President, Human Resources, and (ii) Vice President, General Counsel, The Andersons,
Inc., P.O. Box 119, 480 W. Dussel Drive, Maumee, OH 43537.

14. PAYROLL TAXES

Any payment required or permitted to be made or given to the Participant under this Policy
shall be subject to the withholding and other requirements of applicable laws, and to the deduction
requirements of any benefit plan maintained by Company in which the Participant is a participant
and to all reporting, filing, and other requirements in respect of such payments, and Company shall
use its best efforts to promptly satisfy all such requirements.

15. COMPLIANCE WITH SECTION 409A OF THE CODE

Cash Severance and benefits paid under this Policy are intended to be administered to meet the
exemption requirements of Code Section 409A and the regulations thereunder so that the cash
severance and benefit payments do not provide for the deferral of compensation.

16. SUCCESSORS AND ASSIGNS

(a) Successors of the Company. The Company will require any assignee or successor
corporation or organization resulting from the merger, consolidation, reorganization, Change in
Control, or otherwise, to absolutely an unconditionally assume and agree to administer and uphold
this Policy in the same manner and to the same extent that the Company would be required to perform
if no such succession or assignment had taken place.

If such successor corporation or organization refuses to uphold this Policy to the same extent
or better, Company shall provide immediate payment in a single lump sum cash payment to Participant
of the value of the cash severance and benefits provided in Sections 4, 5, 6, and 7 of this Policy,
as applicable, regardless of whether a Qualifying Termination has occurred. Such payment shall be
made no later than the 30 days following the effective date the successor refuses to uphold the
provisions of this Policy.

(b) Heirs and Representative of Participant. This Policy shall inure to the benefit
of and be enforceable by the Participant’s personal and legal representatives, executors,
administrators, successors, heirs, distributes, devises and legatees.

17. ADMINISTRATION

The Policy shall be administered by the Committee. All decisions, actions, or interpretations
of the Committee under the Policy shall be final, conclusive and binding upon all parties, subject
to the provisions of Section 10. After a Change in Control, all powers of the Committee under this
Policy shall be exercised solely by the Committee as it was constituted immediately prior to such
Change in Control. Upon the expiration of two (2) years following a Change in Control, Sections 5,
6, 7, and 8 shall be administered by the group appointed by the successor company for
administration of this Policy.

18. MODIFICATION AND AMENDMENT

This Policy may be modified, amended, or superseded only by a supplemental written agreement,
subject to the provisions of Section 16, signed with the same formality as this Policy by
Participant and by the Company.

1

Change in Control and Severance Policy

Effective January 1, 2009

EXHIBIT A

COVENANTS

In your role with the Company (which, for purposes of these Covenants includes the
Company, its subsidiaries, affiliates, related entities, and successors), you will have access to
confidential and proprietary information, and your access to such information is intrinsic to, and
essential to the success of, your employment by the Company. In consideration of your access to
such information, your continuing employment with the Company, and the payments and benefits
provided for under Company’s Change in Control and Severance Policy (the “Policy”), you agree to
the following Covenants, which you agree are reasonable and necessary for the protection of the
Company’s legitimate business interests, including, but not limited to, good will and information
which is confidential and proprietary to the Company.

1. NONCOMPETITION AND NONSOLICITATION AGREEMENT

(a) Restricted Period. For purposes hereof the term “Restricted Period” means, the
applicable benefit period under Section 4(a) or 5(a) commencing on the first day following your
Qualifying Termination which results in payment of severance and benefits under the Policy.

(b) In view of your importance to the success of the Company, you and the Company agree that
the Company would likely suffer significant harm from your competing with the Company during your
term of employment and for a period of time thereafter. Accordingly, while employed by the Company
and during the Restricted Period, you agree that you will not engage in competitive activities
without prior written consent from the Company. Notwithstanding the preceding sentence, you will
not be prohibited from engaging in activities permitted under the Company’s Standards of Business
Practices, as in effect from time to time.

(c) While employed by the Company and during the Restricted Period, you agree that you will
not, in any manner, directly or indirectly, (i) solicit by mail, by telephone, by personal meeting,
or by any other means, either directly or indirectly, any customer or prospective customer of the
Company to whom you provided services, or for whom you transacted business, or whose identity
becomes known to you in connection with your services to the Company (including employment with or
services to any predecessor or successor entities), to transact business with a person or an entity
other than the Company or its affiliates or reduce or refrain from doing any business with the
Company or its affiliates or (ii) interfere with or damage (or attempt to interfere with or damage)
any relationship between the Company or its affiliates and any such customer or prospective
customer. The term “solicit” as used in this Agreement means any communication of any kind
whatsoever, inviting, encouraging or requesting any person to take or refrain from taking any
action with respect to the business of the Company and its subsidiaries.

(d) While employed by Company and during the Restricted Period, you agree that you will not,
in any manner, directly or indirectly, solicit any person who is an employee of the Company or any
of its affiliates to apply for or accept employment or a business opportunity with any other person
or entity.

(e) The Company and you agree that nothing herein will be construed to limit or negate the
common law of torts or trade secrets where it provides broader protection than that provided
herein.

2. CONFIDENTIAL INFORMATION

(a) You have obtained and may obtain confidential information concerning the businesses,
operations, financial affairs, organizational and personnel matters, policies, procedures and other
non-public matters of the Company and its affiliates, and those of third-parties that is not
generally disclosed to persons not employed by the Company or its subsidiaries. Such information
(referred to herein as the “Confidential Information”) may have been or may be provided in written
form or orally. You will not disclose to any other person the Confidential Information at any time
during your employment with the Company or after the termination of your employment, provided that
you may disclose such Confidential Information only to a person who is then a director, officer,
employee, partner, attorney or agent of the Company who, in your reasonable good faith judgment,
has a need to know the Confidential Information.

3. REMEDIES

(a) You acknowledge that a violation on your part of the Covenants section of this agreement
would cause immeasurable and irreparable damage to the Company. Accordingly, you agree that
notwithstanding the agreement of the parties to arbitrate disputes arising under the terms of this
agreement, the Company will be entitled to injunctive relief in any court of competent jurisdiction
for any actual or threatened violation of any of the provisions of the Covenants sections of this
agreement, in addition to any other remedies it may have.

(b) In addition to the Company’s right to seek injunctive relief as set forth above, in the
event that you violate the terms and conditions of this Covenants Agreement, the Company may: (i)
make a general claim for damages and (ii) terminate any payments or benefits payable by Company, if
applicable, to you.

(c) The Board will be responsible for determining whether you have violated this Covenants
Agreement, and in the absence of your ability to show that the Board has acted in bad faith and
without fair dealing, such decision will be final and binding. Upon your request, the Company will
provide an advance opinion as to whether a proposed activity would violate the provisions of this
Agreement.

2

Change in Control and Severance Policy

Effective January 1, 2009

EXHIBIT B

RELEASE OF CLAIMS

        I acknowledge that I have had twenty-one days to decide whether to execute this
Release of Claims (“Release”) and that I have been advised in writing to consult an attorney before
executing this Release. I acknowledge that I have seven days from the date I execute this Release
to revoke my signature. I understand that if I choose to revoke this Release I must deliver my
written revocation to the Company before the end of the seven-day period.

        I, for myself, my heirs, successors, and assigns do hereby settle, waive, and release
the Company (“the Company”) and any of its past and present officers, owners, stockholders,
partners, directors, agents, employees, successors, predecessors, assigns, representatives,
attorneys, divisions, subsidiaries, or affiliates from any and all claims, charges, complaints,
rights, demands, actions, and causes of action of any kind of character, in contract, tort, or
otherwise, based on actions or omissions occurring in the past and/or present, and regardless of
whether known or unknown to me at this time, including those not specifically mentioned in this
Release. Among the rights, claims, and causes of action which I give up under this Release are
those arising in connection with my employment and the termination of my employment, including
rights or claims under federal, state and local fair employment practice or discrimination laws
(including the various Civil Rights Acts), the Age Discrimination in Employment Act, the Equal Pay
Act, and any similar state laws of the State of Ohio, laws pertaining to breach of employment
contract, wrongful termination or other wrongful treatment, and any other laws or rights relating
to my employment with the Company and the termination of that employment. I acknowledge that I am
aware of my rights under the Age Discrimination in Employment Act, and that I am knowingly and
voluntarily waiving and releasing any claim of age discrimination which I may have under that
statute as part of this Release. This agreement does not waive or release any rights, claims, or
causes of action that may arise from acts or omissions occurring after the date I execute this
Release, nor does this agreement waive or release any rights, claims or causes of action relating
to (A) indemnification from the Company and its affiliates with respect to my activities on behalf
of the Company and its affiliates prior to my termination of employment, (B) compensation or
benefits to which I am entitled under any compensation or benefit plans of the Company or its
affiliates or (C) amounts to which I am entitled pursuant to the Policy to which a form of this
Release of Claims was attached as Exhibit B. Except as contemplated by the preceding sentence, I
agree not to bring or join any lawsuit or file any claim against the Company in any court relating
to my employment or the termination of my employment.

3

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