Document:

Exhibit

Exhibit 10.3

EMPLOYMENT AGREEMENT
This employment agreement (the “Agreement”), dated as of April 20, 2020, is between Universal Insurance Holdings, Inc., a Delaware corporation (“Company”), and Frank C. Wilcox (the “Executive”).
WHEREAS, the parties wish to establish the terms of Executive’s employment with the Company.
Accordingly, the parties agree as follows:  
1.    Employment and Acceptance.  The Company will employ Executive, and Executive will accept employment, subject to the terms of this Agreement, as of January 1, 2020 (“Effective Date”).
2.    Term.  Subject to earlier termination pursuant to Section 5, this Agreement and the employment relationship hereunder will continue from the Effective Date until December 31, 2021.  As used in this Agreement, the “Term” means the period beginning on the Effective Date and ending on the date Executive’s employment terminates in accordance with this Section 2 or Section 5.  In the event that Executive’s employment terminates, the Company’s obligation to continue to pay all Base Salary and other benefits then accrued will terminate except as may be provided for in Section 5.
3.    Duties and Title.
(a)    Title.  The Company will employ Executive to render full-time services to the Company, its parent, its subsidiaries and its affiliates (singularly, “Related Company” or collectively, “Related Companies”).  During the Term, the Company will employ Executive as Chief Financial Officer of the Company, reporting to the Chief Executive Officer.
(b)    Duties.  During the Term, Executive will have such authority and responsibilities and will perform such duties as the Chief Executive Officer or President may assign, commensurate with his position.  Executive will devote all Executive’s full working-time and attention to the performance of such duties and to the promotion of the Company’s or a Related Company’s business and interests.
(c)    Other Business Activities.  Executive may not engage in any activity that conflicts with the Company’s or a Related Company’s interests or would materially interfere with the performance of Executive’s duties to the Company, as determined by the Company in its sole discretion.  Executive may not hold, directly or indirectly, an ownership interest of more than 2% in any entity which competes with the Company or a Related Company, as determined by the Company in its sole discretion.
4.    Compensation and Benefits by the Company.  As compensation for all services rendered pursuant to this Agreement, the Company will provide Executive the following during the Term:
(a)    Base Salary.  The Company will pay Executive a base salary at the annual rate of $412,500, payable in accordance with the Company’s customary payroll practices.  The Base Salary may be subject to adjustment by the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”) based on the recommendation of the Chief Executive Officer.  For purposes of this Agreement, “Base Salary” means Executive’s base salary as adjusted.  Base Salary shall be paid in installments in accordance with the Company’s regular payroll practices.
(b)    Annual Bonus.  For each fiscal year during the Term, Executive may be awarded an annual bonus payment as determined by the Company in its sole discretion (“Annual Bonus”).  Executive’s employment with the Company must continue through the date any Annual Bonus is paid.

      

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Employment Agreement
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(c)    Participation in Executive Benefit Plans.  Executive is entitled, if and to the extent eligible, to participate in the Company’s benefit plans generally available to Company employees in similar positions.  Executive is eligible to participate in the Company’s equity incentive plans, including the 2009 Omnibus Incentive Plan, as it may be amended from time to time (the “Omnibus Plan”), at the Compensation Committee’s discretion based on the recommendations of management of the Company, and any successor plans thereto.  For each month during the Term, the Company shall (1) provide Executive with a car allowance in the amount of $600 per month and (2) pay the premiums for health insurance coverage of Executive, his spouse and his children under the group health insurance plan sponsored by the Company.  
(d)    Vacation.  Executive will receive paid vacation of 3 weeks per fiscal year.   Any unused vacation for a given calendar year shall accrue, and the aggregate value of any unused accrued vacation shall be paid to Executive upon the termination of Executive’s employment with the Company, provided that Executive has submitted a report to the Committee within 30 days following the end of each calendar year reporting on the number of accrued and unused vacation days for such year and the total number of accrued but unused vacation days for all prior years.
(e)    Expense Reimbursement.  The Company will reimburse Executive for all appropriate business expenses Executive incurs in connection with Executive’s duties under this Agreement in accordance with the Company’s policies as in effect from time to time.
(f)    Stock Option Grant and Vesting.  
               (i)  On the Effective Date, Executive shall be eligible to receive the grant of an option to purchase shares of the Company’s common stock (the “Option”), which Option shall have a grant date value of $400,000 using the Black-Scholes pricing or other model used by the Company for financial accounting and proxy statement disclosure purposes. The Option shall be a “nonqualified stock option” as such term is defined for purposes of Section 83 of the Internal Revenue Code of 1986, as amended (the “Code).  The exercise price of the Option will be the fair market value of the common stock of the Company at the time of grant.  The Option grant shall be made pursuant to the Omnibus Plan, shall be subject to the terms and conditions of the applicable equity award agreement that evidences such award under the Omnibus Plan, and shall be governed by the Omnibus Plan, the applicable equity award agreement, and any other applicable award documentation, except that, in the event of any inconsistency between the terms of the award documentation and this Agreement, the provisions of this Agreement shall control.
               (ii)    Subject to Executive’s continued employment through the applicable vesting date, one-third of the grant of the Option shall vest and become fully exercisable on the first anniversary of the date of grant; one-third of the grant of the Option shall vest and become fully exercisable on the second anniversary of the date of grant; and one-third of the grant of the Option shall vest and become fully exercisable on the third anniversary of the date of grant.  Executive shall forfeit, and have no rights with respect to, any portion of the Option that has not vested prior to the date Executive’s employment with the Company ends.
5.    Termination of Employment.
(a)    Payment Upon Termination.  If Executive’s employment terminates for any reason, Executive will receive, within 30 days of termination, a lump sum cash payment equal to (1) accrued but unpaid Base Salary through the date of termination, (2) any employee benefits Executive may be entitled to pursuant to the Company’s employee benefit plans through the date of termination and (3) expenses reimbursable under Section 4(e) incurred but not yet reimbursed to Executive through the date of termination.
(b)    Payment Upon Termination Without Cause.  If during the Term the Company terminates Executive’s employment without Cause (which may be done at any time without prior notice), within 30 days of termination Executive will receive, in addition to the payment specified in Section 5(a), a lump-sum cash payment equal to Executive’s Base Salary for a period equal to the remaining Term of the Agreement, provided Executive executes (without revocation) a valid release agreement in a form reasonably acceptable to the Company.  The Company will have no obligation to provide the payments set forth in this Section 5(b) in the event that Executive breaches the provisions of Section 6.  For purposes of this Agreement, “Cause” means, as determined by Company (or its designee), 

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(1) Executive’s material breach of Executive’s obligations or representations under this Agreement, (2) Executive’s arrest for, conviction of or plea of nolo contendere to a felony, (3) Executive’s acts of dishonesty resulting or intending to result in personal gain or enrichment at the Company’s or a Related Company’s expense, (4) Executive’s fraudulent, unlawful or grossly negligent conduct in connection with Executive’s duties under this Agreement, (5) Executive’s engaging in personal conduct which seriously discredits or damages the Company or a Related Company, (6) contravention of the Company’s specific lawful directions or continuing inattention to or continuing failure to adequately perform the duties described under Section 3(b), (7) Executive’s material breach of the Company’s manuals, written policies, codes or procedures, (8) initiation of a regulatory inquiry, investigation or proceeding regarding Executive’s performance of duties on the Company’s or a Related Company’s behalf or (9) breach of Executive’s covenants set forth in Section 6 below before termination of employment.  A termination for Cause is effective immediately or on such other date set forth by the Company.
(c)    Termination Because of Death.  If Executive’s employment terminates because of Executive’s death, within 30 days of termination Executive’s legal representatives will receive, in addition to the payments specified in Section 5(a), a lump-sum cash payment equal to Executive’s unpaid Base Salary from the date of termination through the last day of the month in which Executive’s death occurred and any employee benefits Executive may be entitled to pursuant to the Company’s employee benefit plans through such period.
(d)    Termination Because of Disability.  The Company may terminate Executive’s employment because of Executive’s Disability.  For purposes of this Agreement, “Disability” means a determination by the Company that, as a result of a physical or mental injury or illness, Executive is unable to perform the essential functions of Executive’s job with or without reasonable accommodation for a period of 90 consecutive days or 60 days in any six (6)‐month period.
6.    Restrictions and Obligations of Executive.
(a)    Non-Disparagement.  Executive will not at any time (whether during or after the Term) publish or communicate to any person or entity any Disparaging remarks, comments or statements concerning the Company or a Related Company, and their respective present and former members, partners, directors, officers, shareholders, employees, agents, attorneys, successors, assigns, clients and agents.  “Disparaging” remarks, comments or statements are those that impugn the character, honesty, integrity, morality, business acumen or abilities in connection with any aspect of the operation of business of the individual or entity being disparaged.
(b)    Confidentiality.  During the course of Executive’s employment, Executive has had and will have access to certain trade secrets and confidential information relating to the Company and the Related Companies which is not readily available from sources outside the Company.  The parties agree that the business in which the Company engages is highly sales‐oriented and the goodwill established between Executive and the Company’s customers and potential customers is a valuable and legitimate business interest worthy of protection under this Agreement.  Executive recognizes that, by virtue of Executive’s employment by the Company, Executive is granted otherwise prohibited access to the Company’s confidential and proprietary data which is not known to its competitors and which has independent economic value to the Company and that Executive will gain an intimate knowledge of the Company’s reinsurance business and its policies, customers, employees and trade secrets, and of other confidential, proprietary, privileged or secret information of the Company and its clients (collectively, all such nonpublic information is referred to as “Confidential Information”).  This Confidential Information includes, but is not limited to, data relating to the Company’s marketing and servicing programs, procedures and techniques, business, management and personnel strategies, analytic tools and processes, the criteria and formulae used by the Company in pricing its insurance products and claims management, loss control and information management services, the Company’s computer system, reinsurance marketing program and the skill of marketing and selling products, the structure and pricing of special reinsurance products or packages that the Company has negotiated with various underwriters, lists of prospects, customer lists and renewals, the identity, authority and responsibilities of key contacts at clients’ accounts, the composition and organization of clients’ business, the peculiar risks inherent in a client’s operations, highly sensitive details concerning the structure, conditions and extent of a client’s existing insurance and reinsurance coverages, policy expiration dates and premium amounts, commission rates, risk management service arrangements, loss histories and other data showing clients’ particularized insurance requirements and preferences.

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Except as required by law or an order of a court or governmental agency with jurisdiction, Executive will not, during the Term or any time thereafter, disclose any Confidential Information, directly or indirectly, to any person or entity for any reason or purpose whatsoever, nor will Executive use it in any way.  Executive will take all reasonable steps to safeguard the Confidential Information and to protect it against disclosure, misuse, espionage, loss and theft.  Executive understands and agrees that Executive will acquire no rights to any such Confidential Information. 
At the Company’s request from time to time and upon the termination of Executive’s employment for any reason, Executive will promptly deliver to the Company all copies and embodiments, in whatever form, of all Confidential Information in Executive’s possession or within Executive’s control (including, but not limited to, memoranda, records, notes, plans, photographs, manuals, notebooks, documentation, program listings, flow charts, magnetic media, disks, diskettes, tapes and all other materials containing any Confidential Information) irrespective of the location or form of such material.  If requested by the Company, Executive will provide the Company with written confirmation that all such materials have been delivered to the Company as provided herein.
Notwithstanding anything herein to the contrary, Executive shall have the right under Federal law to certain protections for cooperating with or reporting legal violations to the Securities and Exchange Commission (the "SEC") and/or its Office of the Whistleblower, as well as certain other governmental entities. No provisions in this Agreement are intended to prohibit Executive from disclosing this Agreement to, or from cooperating with or reporting violations to, the SEC or any other such governmental entity, and Executive may do so without disclosure to the Company. The Company may not retaliate against Executive for any of these activities, and nothing in this Agreement would require Executive to waive any monetary award or other payment that Executive might become entitled to from the SEC or any other governmental entity.
(c)    Non-Solicitation or Hire.  While employed by the Company and for a period of 12 months following the termination of Executive’s employment for any reason (whether during or after the Term) (the “Non-Solicit Period”), Executive will not directly or indirectly solicit or attempt to solicit or induce, directly or indirectly, (1) any party who is a client, customer or policyholder of the Company or a Related Company, or who was a client, customer or policyholder of the Company or a Related Company at any time during the 12-month period immediately prior to the date of termination, for the purpose of marketing, selling or providing to any such party any services or products offered by or available from the Company or a Related Company and (2) any employee of the Company or a Related Company or any person who was an employee of the Company or a Related Company during the 12-month period immediately prior to the date Executive’s employment terminates to terminate such employee’s employment relationship with the Company or a Related Company, in either case, to enter into a similar relationship with Executive or any other person or any entity in competition with the Company or a Related Company.  During the Non-Solicit Period, Executive will not enter into an employment relationship, directly or indirectly, with any employee of the Company or a Related Company or any person who was an employee of the Company or a Related Company during the 12‐month period immediately prior to the date Executive’s employment terminates.
(d)    Non-Competition.  While employed by the Company and for a period of 12 months following Executive’s termination of employment for any reason (whether during or after the Term), Executive will not, whether individually, as a director, manager, member, stockholder, partner, owner, employee, consultant or agent of any business, or in any other capacity, other than on behalf of the Company or a Related Company, organize, establish, own, operate, manage, control, engage in, participate in, invest in, permit Executive’s name to be used by, act as a consultant or advisor to, render services for (alone or in association with any person, firm, corporation or business organization) or otherwise assist any person or entity that engages in or owns, invests in, operates, manages or controls any venture or enterprise which engages or proposes to engage in any business conducted by the Company or a Related Company during the 12‐month period immediately prior to the date Executive’s employment terminates.
(e)    Company Policies.  During the Term and all periods thereafter, Executive will remain in strict compliance with the Company’s policies and guidelines, including the Company’s Code of Business Conduct and Ethics.
7.    Representations and Warranties by Executive.  Executive represents and warrants the following:

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(a)    Skills and Competencies.  Any resume, employment history or related information directly or indirectly provided by Executive to the Company, whether orally or in writing, is true, complete and accurate in all respects.  Further, Executive is qualified by education and experience to perform the duties contemplated by this Agreement.
(b)    Absence of Restrictions.  Executive is not a party to or subject to any restrictive covenants, legal restrictions or other agreements in favor of any entity or person which would in any way preclude, inhibit, impair or limit Executive’s ability to perform Executive’s obligations under this Agreement, including, but not limited to, non-competition agreements, non-solicitation agreements or confidentiality agreements.
(c)    Absence of Litigation.  Within the 5-year period ending on the Effective Date, Executive has not been involved in any proceeding, claim, lawsuit or investigation alleging wrongdoing by Executive in connection with any prior employer before any court or public or private arbitration board or panel.
8.    Remedies; Specific Performance.  The parties acknowledge and agree that Executive’s breach or threatened breach of any of the restrictions set forth in Section 6 will result in irreparable and continuing damage to the Company and the Related Companies for which there may be no adequate remedy at law and that the Company and the Related Companies are entitled to equitable relief, including specific performance and injunctive relief as remedies for any such breach or threatened or attempted breach.  Executive consents to the grant of an injunction (temporary or otherwise) against Executive or the entry of any other court order against Executive prohibiting and enjoining Executive from violating, or directing Executive to comply with, any provision of Section 6.  Executive also agrees that such remedies are in addition to any and all remedies, including damages, available to the Company and the Related Companies against Executive for such breaches or threatened or attempted breaches.  In addition, without limiting the Company’s and the Related Companies’ remedies for any breach of any restriction on Executive set forth in Section 6, except as required by law, Executive is not entitled to any payments set forth in Section 5(b) if Executive has breached the covenants contained in Section 6.  Executive will immediately return to the Company any such payments previously received under Section 5(b) upon such a breach and, in the event of such breach, the Company will have no obligation to pay any of the amounts that remain payable by the Company under Section 5(b).
9.    Code Section 409A.  The provisions of this Section 9 shall apply notwithstanding any provision of this Agreement related to the timing of payments following Executive’s termination or resignation.
(a)    Delay of Payments.  If, at the time of Executive’s termination or resignation with the Company, Executive is a Specified Employee (as defined below), then the payments under Section 5(b), any outstanding awards payable under the Omnibus Plan and any other amounts payable under this Agreement that the Company determines constitutes deferred compensation within the meaning of Section 409A of the Code, and which are subject to the six-month delay required by Treas. Reg. Section 1.409A-1(c)(3)(v), shall be delayed and not paid to Executive until the first business day following the six-month anniversary of Executive’s date of termination or resignation (the “Short-Term Deferral Date”), at which time such delayed amounts will be paid to Executive in a cash lump sum (the “Catch-Up Amount”).  If payment of an amount is delayed as a result of this Section 9(a), such amount shall be increased with interest from the date on which such amount would otherwise have been paid to Executive but for this Section 9(a) to the day prior to the date the Catch-Up Amount is paid.  The rate of interest shall be the applicable short-term federal rate applicable under Section 7872(f)(2)(A) of the Code for the month in which the date of Executive’s termination or resignation occurs.  Such interest shall be paid at the same time that the Catch-Up Amount is paid.  If Executive dies on or after the date of Executive’s termination or resignation and prior to the Short-Term Deferral Date, any amount delayed pursuant to this Section 9(a) shall be paid to Executive’s estate or beneficiary, as applicable, together with interest, within 30 days following the date of Executive’s death.
(b)    “Specified Employee” has the meaning set forth in Section 409A(a)(2)(B)(i) of the Code.  The determination of whether Executive constitutes a Specified Employee on the date of his termination or resignation shall be made in accordance with the Company’s established methodology for determining Specified Employees.
(c)    “Separation from Service” means a “separation from service” from the Company within the meaning of the default rules under the final regulations issued pursuant to Section 409A of the Code.  For purposes of 

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this Agreement, the terms “terminate,” “terminated,” “termination” and “resignation” mean a termination of Executive’s employment that constitutes a Separation from Service.
(d)    Separate Payments and Reimbursements.  For purposes of applying the provisions of Section 409A of the Code to this Agreement, each separately identifiable amount to which Executive is entitled under this Agreement shall be treated as a separate payment.  To the extent any reimbursements or in-kind benefit payments under this Agreement are subject to Section 409A, such reimbursements and in-kind benefit payments shall be made in accordance with Section 409A, and payments of such reimbursements or in-kind benefits shall be made on or before the last day of the calendar year following the calendar year in which the relevant expense is incurred. 
10.    Notice.  For purposes of this Agreement, all notices and other communications will be in writing and will be deemed to have been duly given when delivered or when mailed by United States registered or certified mail, return receipt requested, first-class postage prepaid, addressed as follows:

	
		
	If to Executive:
	If to the Company:

	 
	 

	Frank C. Wilcox,
	1110 West Commercial Boulevard

	to Executive’s most recent
	Fort Lauderdale, Florida 33309

	address on file with the Company
	Attn:  Beth Wallace

or to such other address as any party may have furnished to the other in writing in accordance with this Section 10, except that notices of any change of address is effective only upon actual receipt. 
11.    Stock Ownership Guidelines.  Executive will comply with all stock ownership and stock retention guidelines or policies applicable to Executive and established by the Board and the Committee, as in effect from time to time.
12.    Claw Back Policy.   All compensation granted to Executive hereunder shall be subject to any and all claw back policies of the Company, as in effect from time to time.
13.    Entire Agreement.  This Agreement contains the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, written or oral, with respect thereto. 
14.    Waiver and Amendments.  This Agreement may be amended, modified, superseded, canceled, renewed or extended, and the terms and conditions hereof may be waived, only by a written instrument signed by the parties or, in the case of a waiver, by the party waiving compliance.  No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any right, power or privilege hereunder, nor any single or partial exercise of any right, power or privilege hereunder, preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder. 
15.    Governing Law:  This Agreement and the implementation of it shall be subject to and governed by the laws of the State of Florida applicable to contracts fully performed and executed in such State. 
16.    Venue.  The parties agree that the exclusive venue for any litigation relating to this Agreement will be the state courts located in Broward County, Florida and the United States District Court, Southern District of Florida, Fort Lauderdale Division in Broward County, Florida.  The parties waive any rights to object to venue as set forth herein, including any argument of inconvenience for any reason.

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17.    Assignability by the Company and Executive.  The Company may assign this Agreement, and the rights and obligations hereunder, at any time.  Other than to the extent provided in Section 5(c), Executive may not assign this Agreement or the rights and obligations hereunder.  
18.    Counterparts.  This Agreement may be executed in counterparts, each of which will be deemed an original but all of which will constitute one and the same instrument. 
19.    Headings.  The headings in this Agreement are for convenience of reference only and will not limit or otherwise affect the meaning of terms contained herein. 
20.    Severability.  If any term, provision, covenant or restriction of this Agreement, or any part thereof, is held by a court of competent jurisdiction of any foreign, federal, state, county or local government or any other governmental, regulatory or administrative agency or authority to be invalid, void, unenforceable or against public policy for any reason, the remainder of the terms, provisions, covenants and restrictions of this Agreement will remain in full force and effect and will in no way be affected or impaired or invalidated.  If any court determines that any of such covenants, or any part thereof, is invalid or unenforceable because of the geographic or temporal scope of such provision, such court will reduce such scope to the minimum extent necessary to make such covenants valid and enforceable.  Executive acknowledges that the restrictive covenants contained in Section 6 are a condition of this Agreement and are reasonable and valid in temporal scope and in all other respects. 
21.    Tax Withholding.  The Company or other payor is authorized to withhold from any benefit provided or payment due hereunder, the amount of withholding taxes due any federal, state or local authority in respect of such benefit or payment and to take such other action as may be necessary in the Company’s opinion to satisfy all obligations for the payment of such withholding taxes.
22.     Obligations Survive Termination of Employment.  The termination of Executive’s employment for whatever reason will not impair or relieve Executive of any of Executive’s obligations under this Agreement which, by their express terms or by implication, extend beyond the term of Executive’s employment.  
[remainder of page intentionally left blank]

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IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have executed this Agreement as of the day and year first above mentioned.
EXECUTIVE:
	
	
	/s/ Frank C. Wilcox

	Frank C. Wilcox

	 

UNIVERSAL INSURANCE HOLDINGS, INC.
	
		
	By:
	/s/ Stephen J. Donaghy

	Name:
	Stephen J. Donaghy

	Title:
	Chief Executive Officer

 

8Exhibit

 SEPARATION AGREEMENT & RELEASE OF ALL CLAIMS
_____________________________________________________________________

This Separation Agreement & Release of All Claims (“Separation Agreement”) is entered into by and between ASHA GUPTA (“ASSOCIATE”), Tupperware Brands Corporation, and all of its related and affiliated companies, their predecessors, successors, subsidiaries, and divisions (“Tupperware”).  

1.    Separation Date.   ASSOCIATE'S employment with Tupperware will be terminated effective April 2, 2020 (“Separation Date”) with the last day worked being April 2, 2020 (“Last Day of Work”).  For purposes of this Separation Agreement, the Separation Date shall be the date on which the ASSOCIATE experiences a “separation from service” from Tupperware within the meaning of Treasury Regulation §1.409A-1(h).  All active employee benefit accruals will cease as of the Separation Date. Until the Separation Date, ASSOCIATE will continue to receive his/her current compensation on the usual cycle.

2.    Additional Separation Benefits.  In consideration for ASSOCIATE'S execution of this Separation Agreement and the adherence to its provisions, Tupperware agrees to provide ASSOCIATE with the following additional benefits to which ASSOCIATE would not otherwise be entitled (“Additional Benefits”):

		
	a.
	A payment equal to fifty two (52) weeks of pay at the rate of the base pay ASSOCIATE was earning on ASSOCIATE’S Last Day of Work, which shall be paid in a lump sum, less applicable taxes, on Tupperware’s usual payroll cycle;  

		
	b.
	A payment equal to twelve (12) months of ASSOCIATE’S car allowance as of ASSOCIATE’S Last Day of Work, which shall be paid in a lump sum, less applicable taxes, on Tupperware’s usual payroll cycle; 

		
	c.
	If bonus payments are earned and approved in accordance with the terms of the 2020 Annual Incentive Plan (“AIP”), ASSOCIATE will be eligible for the bonus, subject to the AIP provisions and current Tupperware policies relating thereto, except that Tupperware will waive the requirement that ASSOCIATE be an active employee on the date the AIP bonus is paid - if such bonus payments are earned and approved, Tupperware agrees to pay ASSOCIATE such bonus no later than March 30, 2021;

		
	d.
	Twelve (12) months of executive outplacement services - details will be furnished to ASSOCIATE under separate cover - that must be used no later than December 31, 2020.

		
	e.
	If ASSOCIATE properly and timely elects to continue group health plan benefits coverage in accordance with the continuation requirements of the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), Tupperware shall pay for the cost of the premium for such coverage beginning on the Separation Date and continuing for the full period of the severance payments, or until ASSOCIATE secures coverage elsewhere, whichever occurs sooner - thereafter, ASSOCIATE shall be entitled to elect to continue such COBRA coverage for the remainder of the COBRA period, at ASSOCIATE’S own expense; as ASSOCIATE will be moving out of the country, Tupperware will transfer ASSOCIATE’S medical benefit to Cigna International upon departure for the remaining months of the severance period.

		
	f.
	ASSOCIATE will be reimbursed for actual expenses incurred for Executive Financial Planning services for Tax Year 2020 up to the allowed annual gross benefit of five thousand five hundred dollars ($5,500 USD); and,

		
	g.
	ASSOCIATE will receive the following repatriation and transition benefits, provided that ASSOCIATE leaves the country within the legally obligated timeframe specified by immigration authorities:

		
	i.
	ASSOCIATE will be repatriated back to her home country within 60 days from the separation date, as stipulated by the immigration authorities, or no later than December 31, 2020, assuming ASSOCIATE has been approved for extension of stay.

		
	ii.
	Tupperware will cover the cost of shipment of household goods in accordance with policy limits (maximum 40ft container by sea shipment and 750 lbs. via air shipment), services to be provided by the corporate shipping vendor following International Shipping Policy.

		
	iii.
	 Tupperware will provide a one-way business airline ticket for the ASSOCIATE and the immediate family members of spouse and child to return to their home country. 

		
	iv.
	Any allowances paid as a result of being on assignment will cease as of Separation Date.

		
	v.
	Tupperware will provide ASSOCIATE with assistance on Home Lease Breakage by continuing the $7,000 monthly, net of taxes, housing allowance as payment toward rent due only through December 31, 2020, which shall be paid in a lump sum on Tupperware’s usual payroll cycle;  

		
	vi.
	Tupperware will provide ASSOCIATE for one consultation with Fragomen to discuss immigration compliance in the United States and will provide assistance with the filing of the personal visa extension due to COV-19 challenges in leaving the country.  The maximum allowance for this benefit is $2,000. 

		
	vii.
	Tupperware will provide ASSOCIATE with Deloitte with one consulting session for understanding tax obligations in the U.S. and India in addition to Deloitte consulting services for preparing the filing in Singapore for the reimbursement of taxes paid on stock that has been cancelled, provided the law allows for such reimbursement.

		
	viii.
	Tupperware will provide ASSOCIATE with Car Lease Breakage assistance through a Loss on Sale payment of $5,000, net, provided documentation has been submitted demonstrating the loss.

		
	ix.
	Stock option vesting and exercisability rights to which you will be entitled based on your current age and service level will be communicated under separate cover.

Any amounts due or payable to ASSOCIATE under this Separation Agreement will be subject to deductions for any amounts owed by ASSOCIATE to Tupperware and/or any subsidiaries and related companies, including, but not limited to, any outstanding advances, unless otherwise specified herein.  Deductions with respect to amounts owed by ASSOCIATE to Tupperware shall only be made to the amounts due or payable to ASSOCIATE under the Separation Agreement in accordance with Treasury Regulation §1.409A-3(j)(4)(xiii).  Tupperware will withhold from any payment of amounts due or payable to ASSOCIATE hereunder any taxes that may be due in respect of such payment in such amount as Tupperware may reasonably estimate to be necessary.  Tupperware will pay any balance to ASSOCIATE under the provisions of this Separation Agreement and will give ASSOCIATE documentation identifying any amounts withheld and the balance to be paid.  

3.         Release of All Claims.   For and in consideration of the payment to ASSOCIATE of the Additional Benefits set forth in paragraph 2 above, which ASSOCIATE acknowledges constitutes good, sufficient and valuable consideration, over and above any consideration to which ASSOCIATE is otherwise entitled, ASSOCIATE hereby irrevocably and unconditionally, except as provided herein, agrees to waive and release Tupperware and the other Released Parties (as defined below) from all actions, causes of action, claims and demands whatsoever, whether in law or in equity and whether currently known or unknown, arising from or related to any act, omission, or thing occurring or existing at any time on or prior to the date of the execution of this Separation Agreement.  This release of all claims includes, without limitation, all claims under Title VII of the Civil Rights Acts of 1964, the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967 as amended (“ADEA”), the Americans with Disabilities Act (“ADA”), the Family and Medical Leave Act (“FMLA”), the Employee Retirement Income Security Act of 1974 (“ERISA”), the Worker Adjustment and Retraining Notification Act (“WARN Act”), the Equal Pay Act, the Fair, Labor Standards Act (“FLSA”), Executive Order 11246, the Vietnam Era Veterans Readjustment Assistance Act, the Fair Credit Reporting Act, the Occupational Safety and Health Act (“OSHA”), the Sarbanes-Oxley Act of 2002 (“SOX”), the Florida Civil Rights Act (FCRA), the Florida Workers' Compensation Law Retaliation Act (FWCA), the Florida Minimum Wage Act, the Florida Constitution and any other federal or state employment laws in the United States, and any other comparable laws or regulations in the country of ASSOCIATE’s current or prior employment, as each may be amended from time to time and all other claims for employment discrimination, harassment, retaliation or wrongful  termination, all claims related to or arising out of ASSOCIATE'S employment with Tupperware, including any claims under the Tupperware Brands Corporation Severance Pay Plan, all claims for compensation of any kind, and all claims under any other federal, state or local law, regulation, ordinance, common law doctrine or other source of law, including in any other country of ASSOCIATE’s current or prior employment.  This release of all claims does not apply to claims arising after the date of this Separation Agreement.

ASSOCIATE is not waiving any rights that he/she may have to: (a) his/her own vested accrued employee benefits under Tupperware’s health, welfare, or retirement benefit plans as of the Separation Date; (b) benefits and/or the right to seek benefits under applicable workers’ compensation and/or unemployment compensation statutes; (c) pursue claims which by law cannot be waived by signing this Separation Agreement; (d) enforce this Separation Agreement; and/or (e) challenge the validity of this Separation Agreement.  Nothing in this Separation Agreement prohibits or prevents ASSOCIATE from filing a charge with or participating, testifying, or assisting in any investigation, hearing, whistleblower proceeding or other proceeding before any federal, state, or local government agency (e.g., EEOC, NLRB, SEC, etc.), nor does anything in this Separation Agreement preclude, prohibit, or otherwise limit, in any way, ASSOCIATE’S rights and abilities to contact, communicate with, report matters to, or 

otherwise participate in any whistleblower program administered by any such agencies. 

ASSOCIATE confirms that he/she has not filed any legal proceeding(s) against any of the Released Parties, is the sole owner of the claims released herein, has not transferred any such claims to anyone else, and has the full right to grant the releases and agreements in this Separation Agreement.  In the event of any further proceedings based upon any released matter, ASSOCIATE agrees that the Released Parties shall not have any further monetary or other obligation to ASSOCIATE.  

“Released Parties” include:  (a) Tupperware, Tupperware U.S., Inc. and Premiere Products Brands of Canada, Ltd., (b) each of their past, present and future parents, subsidiaries, divisions, partnerships, affiliates and other related entities, (c) each of their past, present and future owners, directors, officers, trustees, fiduciaries, shareholders, administrators, agents, employees, partners, members, associates and attorneys, and (d) the predecessors, successors and assigns of each of the foregoing persons and entities.

ASSOCIATE confirms that he/she has received all leave (paid or unpaid), compensation, wages, bonuses, commissions and/or benefits to which ASSOCIATE is entitled, except as may be provided by this Separation Agreement.  ASSOCIATE further confirms that he/she has no known, unreported workplace injuries or occupational diseases and has been provided and/or has not been denied any leave requested under the Family and Medical Leave Act or any other similar law.

ASSOCIATE makes this waiver with the full knowledge of his/her rights and with specific intent to release both known and unknown claims.  

4.    Confidentiality.  ASSOCIATE acknowledges that he/she may have knowledge of highly sensitive proprietary and non-public material inside information concerning Tupperware and is bound by Tupperware’s Code of Conduct and incorporated confidentiality policy. ASSOCIATE agrees that the information protected as confidential includes, without limitation: the existence of this Separation Agreement, including any or all of the terms and conditions or benefits herein; Tupperware’s customer and vendor lists and strategies; databases; computer programs; distributor and dealer lists and strategies; marketing and new product programs; research and development, sales, financial pricing, margin, contract, promotional, training and technical information; information about the abilities, compensation and career paths of other employees of Tupperware; and any other information, whether communicated orally, electronically, in writing, or in other tangible forms, concerning how Tupperware creates, develops, acquires or maintains its products and its marketing and distribution plans, compensates or is considering compensating its independent sales force, or targets its potential customers.  ASSOCIATE understands that the Tupperware confidentiality policy applies both during ASSOCIATE'S employment and following the Separation Date, and applies to proprietary information, intellectual property, and security law matters.

ASSOCIATE acknowledges and agrees that unauthorized use or disclosure of the above-described confidential information is not only a violation of Tupperware policy and this Separation Agreement, but could result in the violation of U.S. securities and other laws, as well as the civil law and common law principles in other countries.  Except for confidential information which ASSOCIATE is required to divulge pursuant to legal process or which has previously been publicly disclosed by someone other than ASSOCIATE, ASSOCIATE agrees not to use for his/her own benefit, or to divulge to any person or entity any of such information without the express prior written authorization of Tupperware, by its Executive Vice President & Chief Talent and Engagement Officer. ASSOCIATE agrees not to discuss the contents of this Separation Agreement, or any discussions in connection with this Separation Agreement, with anyone other than ASSOCIATE'S spouse/partner and those professionals who advise ASSOCIATE in connection with his/her legal and financial affairs, or as required by law.

IMPORTANT: Nothing in this Agreement shall be construed to prevent disclosure of TUPPERWARE confidential information by ASSOCIATE as may be required by applicable law or regulation, or pursuant to the valid order of a court of competent jurisdiction or an authorized government agency, provided that the disclosure does not exceed the extent of disclosure required by such law, regulation, or order. ASSOCIATE shall promptly provide written notice of any such order to an authorized officer of TUPPERWARE (its Chief Legal Officer or Chief Human Resources Officer). Nothing in this Agreement prohibits or restricts ASSOCIATE from initiating communications directly with, responding to an inquiry from, or providing testimony before the U.S. Securities and Exchange Commission (SEC) or any other federal or state regulatory authority. ASSOCIATE understands that this Agreement does not limit ASSOCIATE’S right to receive an award for information provided to any government agencies, nor does it limit ASSOCIATE’S ability to communicate with any government agencies or otherwise participate in any investigation or proceeding that may be conducted by any government agency, including, under applicable United States federal law, (i) disclosing in confidence trade secrets to federal, state, and local government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law, or (ii) disclosing trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure.

5.    Non-Competition.  ASSOCIATE agrees that the business of Tupperware is worldwide in scope and that activities undertaken by competitors anywhere in the world can jeopardize Tupperware’s business.  ASSOCIATE agrees that during the full 

term of the payments under the Separation Agreement not to engage directly or indirectly in any direct selling company competitive with Tupperware on a product-basis or sales-force basis, whether as an officer, director, employee, consultant, partner, agent or stockholder (except as a holder of not more than one percent of the stock of any publicly-held corporation), or in any other fashion, whether or not fees are received directly or indirectly by ASSOCIATE, except with the express prior written consent of Tupperware, which consent may be provided orally by the Executive Vice President & Chief Talent and Engagement Officer of Tupperware Brands Corporation, followed by written confirmation.  Notwithstanding this provision, ASSOCIATE agrees to comply with any more restrictive non-compete covenant contained in any agreement ASSOCIATE previously signed as a condition of hire, continued employment, or as a condition to the receipt of Additional Benefits outlined herein, unless Tupperware, in a writing signed by its Executive Vice President & Chief Talent and Engagement Officer, waives its right to enforce same.

6.    Non-Disparagement/Cooperation. ASSOCIATE agrees and understands that, except as may otherwise be required as a matter of law, at no time will ASSOCIATE make any disparaging comment, announcement or disclosure with regard to Tupperware Brands Corporation, its subsidiaries, affiliates, officers, directors, employees, or agents.  ASSOCIATE agrees to cooperate with Tupperware in the orderly transfer of duties and records to appropriate personnel and in such matters as Tupperware may request subsequent to the Separation Date.  Tupperware agrees to respond to any and all employment inquiries by providing dates of employment, date of resignation, job titles, job duties and salary verification.  

7.    Non-Recruiting/Non-Solicitation.   ASSOCIATE agrees that disruption of Tupperware’s business by multiple employee (or independent sales persons) departures can be costly and injurious to Tupperware. In order to protect Tupperware’s trade secrets, confidential information and business relationships and to prevent disruption of Tupperware’s business, ASSOCIATE agrees not to directly or indirectly act as an independent distributor or dealer for another direct selling company, or directly or indirectly offer employment to, contract with or recruit for employment or independent service with another employer, any employee of Tupperware or any of its operating units, or any person in the distribution channel (including but not limited to independent distributors or other sales force representatives) except with the express prior written consent of Tupperware. In the event that an employee of Tupperware is terminated for any reason, voluntarily resigns from Tupperware, or severs employment with Tupperware by mutual agreement, ASSOCIATE agrees not to offer employment or enter into a partnership, joint venture, or other ownership position with such terminated employee without the express prior written consent of the Chief Executive Officer of Tupperware. This non-recruiting agreement shall be effective during the full term of payments being made under the Separation Agreement.  Notwithstanding this provision, ASSOCIATE agrees to comply with any more restrictive non-solicitation covenant contained in any agreement ASSOCIATE previously signed as a condition of hire or continued employment, unless Tupperware in writing signed by its Executive Vice President & Chief Human Resources Officer waives its right to enforce same.

8.    Property of Tupperware.   ASSOCIATE agrees to return all property of Tupperware effective on the Last Day of Work, including, but not limited to, building passes, credit cards, keys, telephones, company files, documents, records, computer access codes, computer programs, instruction manuals, business plans, and other property that ASSOCIATE received, prepared, or helped to prepare in connection with his/her employment with Tupperware.

9.    Consideration and Right to Revoke.  ASSOCIATE acknowledges that he/she was provided with twenty-one (21) days to sign this Separation Agreement, which then must be returned to Lillian Garcia, Executive Vice President, Talent & Engagement, Worldwide, 14901 South Orange Blossom Trail, Orlando, FL 32837.  ASSOCIATE may revoke the Separation Agreement within seven (7) days of its execution by either postmarking and mailing or express (overnight) mailing to Lillian Garcia at the above-noted address a written notice of revocation on or prior to the expiration of the seven-day revocation period.  The Separation Agreement will not become effective until the seven-day revocation period has expired without ASSOCIATE revoking the Separation Agreement. If the last day of the revocation period falls on a Saturday, Sunday or legal holiday in Florida, then the revocation period is extended to the next day which is not a Saturday, Sunday or legal holiday.

10.    Binding and Enforceable Agreement.  This Separation Agreement shall be governed by the laws of state of Florida and is accepted and executed by the parties under Florida law.  All payments hereunder shall comply with the requirements of section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations promulgated thereunder.  Notwithstanding the foregoing, under no circumstances shall Tupperware be responsible for any taxes, penalties, interest or other losses or expenses incurred by ASSOCIATE due to any failure to comply with section 409A of the Code.  If any part of the Separation Agreement is found to be illegal or invalid and cannot be modified to render it valid and enforceable, excluding the release of all claims, such provision shall immediately be null and void leaving the rest of the Separation Agreement in full force and effect.  By signing this Separation Agreement, ASSOCIATE also acknowledges that:

		
	a.
	ASSOCIATE has read and understands all the provisions of the Separation Agreement and has not been coerced or threatened into signing it;

		
	b.
	Tupperware has advised ASSOCIATE to consult with an attorney prior to signing the Separation Agreement and its incorporated release of all claims;

		
	c.
	ASSOCIATE has not relied on any representations, promises, or agreements of any kind made in connection with the Separation Agreement, except for those specifically set forth in this Separation Agreement; and

		
	d.
	Except with respect to statutorily protected rights which cannot be waived, ASSOCIATE agrees that he/she will not in the future file any claim, charge, complaint, or action in any forum relating to ASSOCIATE'S employment with or separation from Tupperware.  Unless otherwise set forth in this Agreement, if ASSOCIATE violates the release of all claims incorporated in this Separation Agreement by bringing a claim, charge, complaint, or action against Tupperware or any of the Released Parties and Tupperware is compelled to defend itself as a result, ASSOCIATE agrees that he/she shall be liable for all attorneys' fees and costs incurred by Tupperware. ASSOCIATE also agrees that he/she shall not be entitled to recover any relief or recovery, including costs and attorneys’ fees, should ASSOCIATE exercise a statutorily protected right to file a claim, charge, complaint, or action.

11.    Disputes.  By signing this Separation Agreement, ASSOCIATE agrees to resolve any dispute or claim arising out of or relating to termination, this Separation Agreement or its breach through good faith negotiation. If the Parties are unsuccessful at resolving the dispute, they agree to binding arbitration administered by JAMS pursuant to its Employment Arbitration Rules & Procedures and subject to JAMS’ Policy on Employment Arbitration Minimum Standards of Procedural Fairness.  Judgment on any award may be entered in any court having jurisdiction.  ASSOCIATE understands that pursuant to this Agreement, ASSOCIATE is giving up the right to a trial by jury.

12.    Collective/Class Action Waiver.  If any claim is not subject to release, to the extent permitted by law, ASSOCIATE waives any right or ability to be a class action or collective action representative or to otherwise participate in any putative or certified class, collective or multi-party action or proceeding based on such a claim in which Tupperware or any other Releasee identified in this Separation Agreement is a party.

13.    Miscellaneous.

		
	a.
	This Separation 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 Separation Agreement or a signature transmitted by facsimile or electronic mail shall have the same effect as the original signature.

		
	b.
	The section headings used in this Separation 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.

		
	c.
	Nothing in this Separation Agreement shall be construed as an admission by Tupperware of any wrongdoing, liability, or noncompliance with any federal, state, city, or local rule, ordinance, statute, common law or other legal obligation.

		
	d.
	This Separation Agreement shall be binding upon the undersigned and their respective heirs, personal representatives, executors, administrators, successors, transferees, assigns, agents and attorneys.

		
	e.
	This Separation Agreement sets forth the entire agreement between Tupperware and ASSOCIATE and supersedes any prior agreements or understanding between the parties except for any post termination obligations or restrictive covenants in any other agreement in effect between ASSOCIATE and Tupperware, which are incorporated herein by reference and shall remain in full force and effect.

IN CONSIDERATION OF THE COMMITMENTS MADE BY TUPPERWARE HEREIN, ASSOCIATE KNOWINGLY AND VOLUNTARILY AGREES TO THE PROVISIONS OF THIS SEPARATION AGREEMENT & RELEASE OF ALL CLAIMS. ASSOCIATE IS SIGNING THIS SEPARATION AGREEMENT VOLUNTARILY, WITH FULL KNOWLEDGE OF ITS SIGNIFICANCE, AND WITH THE INTENT TO BE BOUND BY IT.

	
					
	Asha Gupta
	 
	 
	Sanjiv Gupta
	 

	Employee Name (print)
	 
	 
	Witness Name (print)
	 

	 
	 
	 
	 
	 

	 
	 
	 
	Witness Address
	 

	/s/ Asha Gupta
	4/21/2020
	 
	/s/ Sanjiv Gupta
	April 21, 2020

	Employee Signature
	 Date
	 
	Witness Signature
	Date

	 
	 
	 
	 
	 

	Accepted on behalf of Tupperware:
	 
	 
	 

	By: /s/ Lillian Garcia
	 
	 
	 
	 

	 
	 
	 
	 
	 

	Printed: Lillian Garcia
	 
	 
	 
	 

	Title:     Executive Vice President, Talent & Engagement, Worldwide
	 

	Date:     April 20, 2020

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