Document:

exv10w15

Exhibit 10.15

EMPLOYMENT AGREEMENT

     THIS AGREEMENT (this “Agreement”) is entered into and effective this [day] day of
[month, year] (the “Effective Date”), by and between Madison Bancorp, Inc. (the “Company”) and Kay
Webster (the “Employee”). The Company and the Employee are each sometimes referred to herein as a
“Party” and are collectively sometimes referred to herein as the “Parties”.

     WHEREAS, the Employee currently serves as the [title] of the Company and the Parties wish to
define each of their respective rights and obligations with respect to the Employee’s continued
employment with the Company by executing this Agreement; and

     WHEREAS, the Board of Directors (the “Board” or the “Board of Directors”) of the Company
believes it is in the best interests of the Company to enter into this Agreement with the Employee
to assure continuity of management of the Company and to reinforce and encourage the continued
attention and dedication of the Employee to her assigned duties.

     NOW, THEREFORE, it is AGREED as follows:

     1. Defined Terms. When used anywhere in this Agreement, the following terms shall
have the meaning set forth herein.

          (a) “Affiliate” means any “parent corporation” and any “subsidiary corporation” of the
Company, as such terms are defined in Section 424 of the Code.

          (b) “Bank” means Madison Square Federal Savings Bank.

          (c) “Business Relation” has the meaning given such term in Paragraph (c) of Section 7 hereof.

          (d) “Cause” means, in the good faith determination of the Board, the Employee’s personal
dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit,
intentional failure to perform stated duties, willful violation of any law, rule or regulation
(other than traffic violations or similar offenses) or final cease-and-desist order, or material
breach of any provision of this Agreement.

          (e) “Change in Control” means any one of the following events:

               (i) The consummation of a transaction in which any “person” (as such term is used in Sections
13(d) and 14(d) of the Exchange Act) becomes, within the 12-month period ending on the date of such
person’s most recent acquisition, a “beneficial owner” (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of securities representing more than 25% of the voting power of the
then outstanding securities of the Company; provided that a Change of Control shall not be deemed
to occur as a result of a transaction in which the

 

 

Company becomes a subsidiary of another corporation and in which the stockholders of the
Company, immediately prior to the transaction, will beneficially own, immediately after the
transaction, securities entitling such stockholders to more than 50% of all votes to which all
stockholders of the other corporation would be entitled in the election of directors (without
consideration of the rights of any class of stock to elect directors by a separate class vote); and
provided further that ownership or control of the Company’s voting securities, individually or
collectively, by any Affiliate that is a bank or any benefit plan sponsored by the Company or any
Affiliate shall not constitute a Change of Control;

               (ii) The consummation of (1) a merger, consolidation, or similar extraordinary event involving
the Company and another entity where the stockholders of the Company, immediately prior to the
merger, consolidation or similar extraordinary event, will not beneficially own, immediately after
the merger, consolidation or similar extraordinary event, securities entitling such stockholders to
more than 50% of all votes to which all stockholders of the surviving corporation would be entitled
in the election of directors (without consideration of the rights of any class of stock to elect
directors by a separate class vote), or (2) a sale or other disposition of all or substantially all
of the assets of the Company; or

               (iii) During any 24-month period, individuals who at the beginning of any such period
constitute the Board cease for any reason to constitute at least a majority thereof, unless the
election, or the nomination for election by the Company’s stockholders, of each director of the
Company first elected during such period was approved by a vote of at least two-thirds of the
directors of the Company then still in office who were directors of the Company at the beginning of
any such period.

          (f) “COBRA” means the federal Consolidated Omnibus Budget Reconciliation Act.

          (g) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the
Treasury Regulations thereunder, as interpreted through applicable rulings in effect from time to
time.

          (h) “Code § 280G Maximum” means the product of 2.99 and the Employee’s “base amount” as
defined in Section 280G(b)(3) of the Code.

          (i) “Confidential Information” has the meaning given such term in paragraph (c) of Section 13
hereof.

          (j) “Disability” means a physical or mental infirmity which impairs the Employee’s ability to
substantially perform her duties under this Agreement and which results in the Employee becoming
eligible for long-term disability benefits under a long-term disability plan of the Company or the
Bank or, if the Company or the Bank has no such plan in effect, which impairs the Employee’s
ability, in the Board’s sole discretion, to substantially perform her duties under this Agreement
for a period of 180 consecutive days.

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          (k) “Effective Date” has the meaning given such term in the opening paragraph of this
Agreement.

          (l) “Employee” has the meaning given such term in the opening paragraph of this Agreement.

          (m) “Expiration Date” has the meaning given such term in paragraph (d) of Section 9 hereof.

          (n) “FDIA” means the Federal Deposit Insurance Act.

          (o) “FDIC” means the Federal Deposit Insurance Corporation.

          (p) “Good Reason” means, without the specific written consent of the Employee, any of the
following events that is not cured by the Company within 30 days after it receives written notice
thereof from the Employee:

               (i) The assignment by the Company to the Employee of duties and responsibilities materially
different from those normally associated with her position, or a material diminution or reduction
by the Company in the Employee’s responsibilities or authority (including reporting
responsibilities) in connection with her employment with the Company;

               (ii) A 10% or greater reduction by the Company in the Employee’s base salary from the base
salary set forth in this Agreement, as the same may be increased from time to time;

               (iii) The failure by the Company or any successor to continue in effect any employee benefit
plan or program of the Company (excluding any fringe benefit and any equity compensation plan) in
which the Employee is entitled to participate under this Agreement (or plans providing the Employee
with at least substantially similar benefits in the aggregate) other than as a result of the normal
expiration of any such plan in accordance with its terms as in effect from time to time; or the
taking of any action, or the failure to act, by the Company or any successor which would adversely
affect the Employee’s continued participation in any of such plans or which would materially reduce
her benefits under any of such plans; or

               (iv) The Company’s requiring the Employee to move her personal residence, or perform her
principal executive functions, more than 30 miles from her primary office as of the later of the
Effective Date and the most recent voluntary relocation by the Employee.

          (q) “Intellectual Property” has the meaning given such term in Section 14 hereof.

          (r) “Parties” and “Party” have the meanings given such terms in the opening paragraph of this
Agreement.

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          (s) “Payment Date” means each date on which a payment or benefit contemplated under this
Agreement is scheduled to be paid or made available and, additionally in the case of paragraph (h)
of Section 9 hereof, each date on which a waiver of any payment is granted to the Employee.

          (t) “Person” has the meaning given such term in paragraph (a) of Section 7 hereof.

          (u) “Protected Period” shall mean the period that begins on the date of a Change in Control
and ends on the earlier of the first anniversary of the date of such Change in Control or the
expiration date of this Agreement.

          (v) “Term” has the meaning given such term in Section 6 hereof.

     2. Employment. During the Term of this Agreement, the Employee shall continue to
serve as the [title] of the Company and shall perform those duties assigned to her by the Board.
During the Term of this Agreement, the Employee shall devote her full time employment and best
efforts to serving as an employee of the Company; provided, however, that during the Term the
Employee may engage in any activity unrelated to her employment hereunder so long as such activity
does not interfere with the performance of her duties hereunder, including, without limitation, the
performance of her covenants contained in Section 7, Section 13 and Section 14 hereof. The
Employee agrees to faithfully and competently perform all of the duties assigned to her, to abide
by all policies and procedures adopted by the Company from time to time, and to report to such
Company representatives as directed.

     3. Base Salary. Beginning on the date hereof, the Company shall pay the Employee, and
the Employee hereby agrees to accept, as annual base salary for all services rendered hereunder, a
base salary of Sixty-One Thousand Dollars ($61,000) per annum, which shall be paid
in accordance with the Company’s normal payroll practices for its salaried employees from time to
time in effect. Such rate of salary may be increased, but not decreased, and any rate of salary so
increased may be further increased, but not decreased, from time to time by such amount as the
Board of Directors may determine.

     4. Discretionary Bonuses. The Employee may receive such additional compensation, as
bonuses, as the Board may from time to time determine to grant.

     5. Benefits. In addition to the compensation described in Section 3 and Section 4
hereof:

          (a) The Employee shall be entitled to continue her participation in all employee benefit
programs in which she participates as of the Effective Date and shall be entitled to participate in
all employee benefit programs for the benefit of any of the Company’s full-time employees that may
be implemented in the future, including, without limitation, retirement plans, disability
insurance, group and other life insurance, sickness, and accident and health insurance programs,
provided that, in all cases, the Employee qualifies or is otherwise eligible to participate in such
programs under their terms, rules and regulations. Notwithstanding the foregoing sentence, the

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Company does not guarantee the adoption of any particular employee benefit plan or program,
or, subject to the Employee’s right to terminate her employment hereunder for Good Reason, the
continuance of any plan or program, during the Term.

          (b) The Employee shall be entitled to vacation, leave of absence, and leave for illness or
temporary disability in accordance with the policies of the Company from time to time in effect.

          (c) The Employee shall be entitled to reimbursement for properly documented and appropriate
business expenses incurred by the Employee upon terms established by the Company.

     6. Term of Agreement. The term of this Agreement shall be three (3) years, commencing
on the Effective Date and terminating on [date] (the “Term”); provided, however, that on or before
each anniversary date of the Effective Date, the Board of Directors shall determine in a duly
adopted resolution whether the then-current Term shall be extended by an additional one-year
period, which determination shall be based upon whether the performance of the Employee has
satisfied the Board’s requirements and standards and the needs of the Company. Only those members
of the Board of Directors who have no personal interest in this Employment Agreement shall discuss
and vote on the review and approval of such an extension. Notwithstanding the foregoing, however,
this Agreement is subject to termination prior to the expiration of the Term in accordance with
Section 9 or Section 10 hereof.

     7. Loyalty and Non-Solicitation.

          (a) Loyalty to the Company. During the Employee’s employment with the Company, the
Employee shall not, directly or indirectly, as owner, partner, director, officer, employee, agent,
consultant, advisor, contractor or otherwise, whether for consideration or without consideration,
for the benefit of any person, entity or group (a “Person”) other than for the Company or the Bank,
compete with or otherwise engage in the sale of any products or the performance of any services
which are comparable to, or which are intended to substitute for, the products or services offered
by the Company or the Bank. Nothing in this paragraph (a) shall be deemed to prevent or limit the
Employee’s right to invest in the securities of any business dissimilar from that of the Company or
the Bank, or, solely as a passive or minority investor, in any business.

          (b) Restrictive Covenants. During the Employee’s employment with the Company and for
18 months after the Employee ceases to be employed with the Company, the Employee shall not,
directly or indirectly, as owner, partner, director, officer, employee, agent, consultant, advisor,
contractor or otherwise, whether for consideration or without consideration, for the benefit of
Person other than for the Company or the Bank, take any of the following actions: (i) solicit any
Business Relation (as hereinafter defined) to purchase, or sell or otherwise provide to any
Business Relation, any products or services which are comparable to, or which are intended to
substitute for, products or services offered by the Company or the Bank during the Employee’s
employment with the Company; (ii) employ, engage or solicit for employment or

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for engagement as an independent contractor or consultant, any person who was employed by or
any Person who was engaged as an independent contractor by the Company or the Bank during the
preceding 18 months; or (iii) encourage any Person to reduce its business with the Company or the
Bank or to reduce its employment with or provision of services to the Company or the Bank; provided
that an advertisement in a newspaper or other publication of general circulation that is not
targeted at a specific person shall not constitute a solicitation for purposes of this paragraph
(b).

          (c) Business Relation Defined. For purposes of this Agreement, the term “Business
Relation” means any Person who, at any time during the Employee’s employment with the Company, was
a Person (i) that is or was a customer of the Company or the Bank, (ii) that had entered into any
contract or other arrangement with the Company or the Bank for the provision of services or the
sale of products, (iii) to whom the Company or the Bank had furnished or planned to furnish a
proposal for the performance of services or the sale of products, or (iv) with whom the Company or
the Bank entered or agreed to enter into any other business relationship such as a joint venture,
collaborative agreement, joint development agreement, teaming arrangement or agreement, or similar
arrangement or understanding for the provision of services or sale of products.

          (d) Acknowledgement. The Employee hereby acknowledges and agrees that the
restrictions contained in this Section 7 regarding geographical scope, length of term and types of
activities restricted, are reasonable and will not create a hardship to or burden for him; and that
the Employee has no intention of competing with the Company or the Bank within such limitations.

     8. No Disparaging Statements. During the Employee’s employment with the Company and
for 12 months after the Employee ceases to be employed with the Company, except as may be required
by law, (a) the Employee will not make any statements or comments of a disparaging nature to third
parties regarding the Company or the Bank or its officers, directors, personnel or products and (b)
the Company will not make any statements or comments of a disparaging nature to third parties
regarding the Employee.

     9. Termination of Employment Prior to Expiration of Term. Subject to Section 10
hereof, the Employee’s employment hereunder may be terminated prior to the expiration of the then
current Term as provided in this Section 9.

          (a) Termination Upon Employee’s Death. The Employee’s employment under this Agreement
shall terminate upon her death during the Term, in which event the Employee’s estate shall be
entitled to receive all unpaid base salary, bonus amounts and benefits that have accrued through
the date of death.

          (b) Termination Upon Employee’s Disability. The Company may terminate the Employee’s
employment under this Agreement after having established her Disability, in which event the
Employee shall be entitled to the compensation and benefits provided for under this Agreement for
the period that starts on the date the Employee is first unable to perform her

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services hereunder (as determined by the Company) due to the physical or mental infirmity that
is the basis for the Disability and ends on the date on which the Employee’s employment is
terminated due to such Disability; ; provided that the foregoing compensation and benefits shall be
reduced dollar for dollar by any benefits paid to the Employee in respect of such period pursuant
to any disability plan of the Company or the Bank. During any period that the Employee receives
benefits pursuant to this paragraph (b), and to the extent that the Employee shall be physically
and mentally able to do so, (i) she shall furnish such information, assistance and documents so as
to assist in the continued ongoing business of the Company, (ii) she shall make himself available
to the Company to undertake reasonable assignments consistent with her prior position and her
physical and mental health, and (iii) the Company shall pay all reasonable expenses incident to the
performance of such assistance and assignments.

          (c) Termination by Company for Cause. The Board may, by written notice to the
Employee, immediately terminate the Employee’s employment under this Agreement at any time for
Cause, in which case the Employee shall be entitled to receive only the unpaid base salary, bonus
amounts, and benefits that have accrued through the date of termination. The Company shall deliver
to the Employee a copy of the resolution duly adopted by the Board (after reasonable notice to the
Employee and an opportunity for the Employee, together with the Employee’s counsel, to be heard
before the Board, such meeting and the opportunity to be heard to be held prior to, or as soon as
reasonably practicable following, termination, but in no event later than 60 days following such
termination), finding that the Employee was guilty of conduct constituting Cause. The notice
provided to Employee pursuant hereto shall specify in detail the particulars of the conduct
constituting Cause. If the Board thereafter determines that such conduct did not constitute Cause
and the Employee’s employment hereunder is reinstated, then the Employee shall be entitled to
receive back pay for the period following termination and continuing through reinstatement. If the
Employee’s employment is not reinstated as contemplated by the preceding sentence, then the
termination of employment shall be deemed to have occurred pursuant to Section 9(d) hereof and the
Employee shall be entitled to the compensation and benefits provided therein.

          (d) Termination by Company Without Cause. The Board may, by written notice to the
Employee, immediately terminate the Employee’s employment under this Agreement at any time and for
any reason other than her Disability or for Cause, in which event the Employee shall be entitled to
receive the following compensation and benefits (unless such termination occurs during the
Protected Period, in which event the compensation and benefits provided for in Section 10 hereof
shall apply):

               (i) all unpaid base salary, bonus amounts, and benefits that have accrued through the date of
termination of employee; and

               (ii) provided that the Employee has complied in all respects, from the Effective Date through
and including each Payment Date, with her obligations hereunder: (A) the continuation of salary,
at the rate provided pursuant to Section 3 hereof (as adjusted to date), from the date of
termination of employment through the expiration date of the Term (the “Expiration Date”), plus, in
the event such termination occurs after the second anniversary of the

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Effective Date, said salary for an additional 12-month period; and (B) continued participation
through the Expiration Date in the life insurance programs in which the Employee would have been
eligible to participate through the Expiration Date based upon the benefit levels substantially
equal to those that the Company provided for the Employee at the date of termination of employment
to the extent the Employee continues to qualify for participation therein after such termination;
provided that in the event the Employment does not continue to qualify for participation in any
such program, the Company shall reimburse the Employee for the cost to the Employee of obtaining
substantially similar benefits on her own.

               Severance payments due pursuant to item (ii)(A) of this paragraph (d) shall be paid in
accordance with the Company’s normal payroll practices for its salaried employees from time to time
in effect and shall terminate at such time as the Employee obtains employment with another
financial institution comparable in nature to her employment at the Company at the time of
termination.

          (e) Termination by Employee for Good Reason. The Employee shall have the right, at
any time within 60 days after an event that constitutes Good Reason, to terminate the Employee’s
employment under this Agreement, in which case the Employee shall be entitled to receive the
compensation and benefits payable under, and in accordance with, paragraph (d) of this Section 9
(unless such termination occurs during the Protected Period, in which event Section 10 hereof shall
apply).

          (f) Voluntary Termination by Employee. The Employee may voluntarily terminate
employment with the Company during the Term for any reason other than Good Reason, upon at least 90
days’ prior written notice to the Board. Upon such termination, the Employee shall be entitled to
receive only the unpaid base salary, bonus amounts and benefits that have accrued through the date
of termination. Notwithstanding the foregoing, the Board shall have the option upon receipt of the
Employee’s written notice delivered pursuant to this paragraph (f) to pay the Employee 90 days’
base salary, plus any accrued but unpaid bonus amounts and any other unpaid benefits that have
accrued or would accrue through the 90-day notice period, in lieu of Employee working during such
notice period.

          (g) Post-Termination Health Insurance. Except in the cases of (i) a termination of
the Employee’s employment by the Company for Cause, (ii) a termination of the Employee’s employment
by the Employee prior to the expiration of the Term for a reason other than Good Reason, and (iii)
a termination of the Employee’s employment pursuant to Section 10 hereof, and provided in all cases
that the Employee has complied in all respects, from the Effective Date through and including each
Payment Date, with her obligations hereunder, (A) for each month following the termination of the
Employee’s employment with the Company that she remains eligible for continuation coverage under
COBRA, the Company will waive any payments that it would otherwise charge to the Employee for COBRA
family coverage; provided, however, that the Company shall have no obligations under this paragraph
(g) if the Employee becomes employed by or an independent contractor to a party unrelated to the
Company or its successor which makes health insurance available to the Employee (with or without
charge). The Company shall have no obligation to pay, or reimburse the Employee for the payment
of, any

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income or other tax liability owed by the Employee in connection with any payments made by the
Company pursuant to this paragraph (g).

          (h) No Mitigation. The Employee shall not be required to mitigate the amount of any
payment provided for in this Section 9 by seeking other employment or otherwise.

     10. Termination in Connection with a Change in Control.

          (a) Trigger Events. The Employee shall be entitled to collect the severance benefits
set forth in paragraph (b) of this Section 10 in the event that either (i) the Employee voluntarily
terminates her employment within 60 days following an event that both occurs during the Protected
Period and constitutes Good Reason, or (ii) the Company or its successor in interest terminates the
Employee’s employment without the Employee’s written consent for any reason other than Cause during
the Protected Period.

          (b) Amount of Severance Benefit. If the Employee becomes entitled to collect
severance benefits pursuant to paragraph (a) of this Section 10, then, in addition to all unpaid
base salary, bonus amounts and benefits that have accrued through the date of termination, the
Company shall pay the Employee an amount equal to the difference between the Code § 280G Maximum
and the sum of any other payments in the nature of compensation to the Employee that are contingent
on the Change in Control. The Employee shall be entitled to determine which and how much of any
other payments shall be reduced, if necessary, to reach the Code § 280G Maximum.

          (c) Timing of Payment. The amount payable under this Section 10 shall be paid in one
lump sum within 10 days after the date of the termination of the Employee’s employment.

          (d) Exclusive Compensation. The severance benefits provided for in this Section 10
shall be the only compensation and benefits to which the Employee shall be entitled in connection
with the termination following a Change in Control as described in paragraph (a). Without limiting
the foregoing, Section 9 of this Agreement shall not apply to or govern any such termination.

     11. Compensation and Benefits Subject to Withholding. The Company may withhold all
federal, state, local income or other taxes from any compensation or benefit payable under this
Agreement as shall be required pursuant to any law or government regulation or ruling.

     12. Other Provisions Relating to Severance Payments.

          (a) Full and Final Compensation. The compensation and other benefits made pursuant to
Sections 9 or 10 hereof following the termination of the Employee’s employment with the Company
shall be considered full compensation in payment for all claims under this Agreement, and the
Employee shall not be entitled to any other compensation or benefits.

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          (b) Offset. Upon termination of the Employee’s employment with the Company, the
Company shall have the right to deduct from the amount due the Employee any amounts which the
Employee owes the Company.

     13. Confidential Information.

          (a) Covenant. The Employee acknowledges that her relationship with the Company shall
of necessity provide her with specialized knowledge concerning the Company and the Bank, which, if
used for the benefit of others or disclosed to others, could cause serious harm to the Company and
the Bank. Accordingly, the Employee covenants that she shall not at any time, directly or
indirectly, use, appropriate or disclose to others, or permit the use of or appropriation by or
disclosure to others of, any Confidential Information (as hereinafter defined) except as expressly
provided herein.

          (b) Permitted Use. While engaged as an employee of the Company, the Employee may use
Confidential Information only for the purpose that is necessary to the carrying out of the
Employee’s duties as set forth herein or assigned to her by the Company or the Bank, and the
Employee may not make use of any Confidential Information after she is no longer an employee of the
Company.

          (c) Confidential Information Defined. For purposes of this Agreement, the term
“Confidential Information” means all information of the Company or the Bank, whether oral, written,
computerized, digitized or otherwise, regarding the Company or the Bank or the Company’s or the
Bank’s business, including, without limitation, information regarding the Company’s or the Bank’s
customers, referral sources, insurance carriers, sales and marketing information, costs, prices,
earnings, business plans, financial information and forecasts, contracts, business arrangements,
methods of operation, business strategies, prospects, and Intellectual Property (as hereinafter
defined), whether or not such information is deemed “trade secrets” under applicable law.
Confidential Information does not include information that (i) becomes generally available to the
public other than as a result of disclosure by the Employee in violation of this Agreement, (ii)
was available to the public on a non-confidential basis from a source other than the Company or the
Bank, (iii) is made available to a third party on a non-confidential basis by the Company or the
Bank, (iv) was already known to the Employee at the time of disclosure by the Company or the Bank,
or (v) is required to be disclosed by legal process or applicable law.

     14. Intellectual Property. The Employee agrees that any and all information, reports,
other documents and other works (whether in an electronic format or otherwise) created for or on
behalf of the Company by the Employee during the Employee’s employment with the Company, whether or
not developed on Company premises or equipment or during normal Company business hours (the
“Intellectual Property”), are and shall remain works made for hire and the sole and exclusive
property of the Company. To the extent that such Intellectual Property is not considered work made
for hire, the Employee hereby assigns to the Company (or its nominee) any and all interest that the
Employee may now or in the future have in the Intellectual Property. Upon request by the Company,
the Employee shall execute and deliver to the Company any document or

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instrument that may be necessary to secure or perfect the Company’s title to or interest in
any Intellectual Property so assigned.

     15. Return of Company Property. The Employee agrees that upon termination of
employment the Employee will: (a) promptly return to the Company all Confidential Information, all
Intellectual Property, and all other property of the Company, including but not limited to all
correspondence, manuals, notebooks, lists of customers and suppliers, computer programs, disks and
any documents, materials or property, whether written or stored on computerized medium, and all
copies in the Employee’s possession or control; (b) not take any action to preserve or regain
access to such information through any means, including but not limited to access to the Company’s
facilities or through a computer or other digital or electronic means; and (c) promptly pay all
amounts due, owing or otherwise payable by the Employee to the Company.

     16. Employee’s Representations and Warranties.

          (a) No Prior Agreements. The Employee represents and warrants that she is not a party
to or otherwise subject to or bound by the terms of any contract, agreement or understanding which
in any manner would limit or otherwise affect her ability to perform her obligations hereunder,
including without limitation any contract, agreement or understanding containing terms and
provisions similar in any manner to those contained in Section 7 of this Agreement.

          (b) Information of Others. The Employee represents, warrants and covenants that she
will not disclose to the Company or otherwise use, in the course of her employment with the
Company, any confidential information or intellectual property which she is restricted from
disclosing or using pursuant to any other agreement or duty to any other person.

     17. Company’s Remedies for Breach. The Employee recognizes that a violation by her of
any provision of this Agreement may cause irreparable injury to the Company, and there may be no
adequate remedy at law for such violation. Therefore, the Employee agrees that, in addition to any
other remedies available to the Company, including, without limitation, all damages incurred, the
Company shall have the right, in the event of the Employee’s breach or threatened breach of any
provision hereof to obtain an injunction and/or temporary restraining order against such breach or
threatened breach or specifically enforce this Agreement. The Company’s rights and remedies
specified in this Agreement are in addition to and not in lieu of any rights available under
applicable law and regulations, including, without limitation, those laws and regulations governing
trade secrets and other proprietary information.

     18. Indemnification. The Company agrees that, to the fullest extent permitted by
applicable law, its Bylaws shall provide for indemnification of the Employee during the Term of
this Agreement, and that it will at all times maintain adequate director’s and officer’s liability
insurance covering the Employee.

     19. Reimbursement for Enforcement Proceedings. In the event that any dispute arises
between the Parties as to the terms or interpretation of this Agreement, whether instituted by
formal legal proceedings or otherwise, the prevailing Party shall be reimbursed by the other

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Party for all costs and expenses, including reasonable attorneys’ fees, arising from such
dispute, provided that the prevailing Party obtains either a written settlement or a final judgment
by a court of competent jurisdiction substantially in such Party’s favor.

     20. Miscellaneous.

          (a) Complete Agreement. This Agreement is absolute and unconditional and constitutes
the full, complete, and entire understanding between the Parties with respect to the subject matter
of this Agreement. No other promises, representations, statements, warranties, covenants or
undertakings or other prior or contemporaneous agreements, oral or written, respecting such matters
which are not specifically incorporated herein shall be deemed in any way to exist or to bind any
of the Parties hereto.

          (b) Amendment; Waiver. No provision in this Agreement may be amended unless such
amendment is agreed to in writing and signed by both Parties; provided, however, that the Company
may amend this Agreement, without the consent of the Employee, as the Company deems necessary or
appropriate to ensure compliance with any law, rule, regulation or other regulatory pronouncement
applicable to the Agreement, including, without limitation, Section 409A of the Code and any
related regulations or other guidance promulgated with respect to Section 409A of the Code. No
waiver by either Party of any breach by the other Party of any condition or provision contained in
this Agreement to be performed by such other Party shall be deemed a waiver of a similar or
dissimilar condition or provision at the same or any prior or subsequent time. Any waiver must be
in writing and signed by the Party to be charged with the waiver. No delay by either Party in
exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any
waiver or relinquishment or any night or power hereunder at any one instance or instances be deemed
a waiver or relinquishment of such right or power at any other time or times.

          (c) Severability; Modification. The Parties agree that the provisions and covenants
contained in each of the Sections of this Agreement, and within the Sections themselves, including,
in particular, Section 7, are intended to be separate and divisible provisions and covenants and
if, for any reason, any one or more of them shall be held to be invalid or unenforceable, in whole
or in part, by a court of competent jurisdiction, then (i) the same shall not be held to affect the
validity of any other provision or covenant contained in this Agreement and (ii) the same shall be
deemed to be modified to the minimum extent necessary for it to be legally enforceable. The
Parties hereby expressly request any court of competent jurisdiction to enforce any such provision
or covenant or to modify any provision thereof so that it shall be enforced by such court to the
fullest extent permitted by applicable law.

          (d) Governing Law. Except to the extent preempted by federal law, this Agreement has
been made in and shall be governed by and construed in accordance with the laws of the State of
Maryland, without regard to any conflicts of laws principles which would apply the law of another
jurisdiction. THE PARTIES HEREBY WAIVE TRIAL BY JURY IN ANY ACTION ARISING UNDER THIS AGREEMENT.
Any judicial proceeding arising out of or relating to this Agreement (including any declaratory
judgments) shall be filed exclusively in the State and Federal courts located in Maryland, and each
Party hereby consents to, and will submit to, the

12

 

personal and subject matter jurisdiction of such courts in any proceeding to enforce any of
its obligations under this Agreement and shall not contend that any such court is an improper or
inconvenient venue. The foregoing shall not limit the right of any Party to obtain execution of
judgment in any other jurisdiction.

          (e) Binding Effect. The Agreement shall be binding upon and shall inure to the
benefit of the Parties and their successors and assigns and their representatives. This Agreement
may be assigned by the Company to any third party in connection with any sale of the Company’s
business or other extraordinary transaction. This Agreement may not be assigned by the Employee.

          (f) Headings. Descriptive headings are for convenience only and shall not control or
affect the meaning or construction of any provision of this Agreement.

          (g) Notices. All notices and communications hereunder shall be in writing and shall be
deemed given if personally delivered, telecopied (with confirmation) or mailed by registered or
certified mail (return receipt requested) to such Party; if intended for the Company, such notice
or communication shall be addressed to it, to the attention of its Corporate Secretary, at the
principal office of the Company; if intended for the Employee, such notice or communication shall
be addressed to the Employee at the Employee’s address as shown in the Company’s records.

          (h) Source of Payments. Notwithstanding any provision in this Agreement to the
contrary, to the extent payments and benefits, as provided for under this Agreement, are paid or
received by the Executive under an employment agreement in effect between the Executive and the
Company, the payments and benefits paid by the Company will be subtracted from any amount or
benefit due simultaneously to the Executive under similar provisions of this Agreement. Payments
will be allocated in proportion to the level of activity and the time expended by the Executive on
activities related to the Company and the Bank, respectively, as determined by the Company and the
Bank.

          (i) Counterparts. This Agreement may be executed in counterparts, each of which when
so executed and delivered shall be an original, but all such counterparts together shall constitute
one and the same instrument.

          (j) Survival. The provisions of Sections 1 and 7 through 20, inclusive, of this
Agreement shall survive the termination of this Agreement and the Employee’s employment hereunder.

13

 

          IN WITNESS WHEREOF, the Parties have executed this Agreement on the day and year first
hereinabove written.

	 	 	 	 	 	 	 

	ATTEST:	 	MADISON BANCORP, INC.:	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 	 	 
	 

	 	 	 	 	 	 
	Secretary	 	Name: Michael P. Gavin	 	 
	 	 	Title: President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	WITNESS:	 	EMPLOYEE:	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Kay Webster	 	 

14exv10w1

EXHIBIT 10.1

RHI Entertainment, LLC

1325 Avenue of the Americas

New York, NY 10019

July 20, 2010

Mr. William J. Aliber

6509 Belinder Avenue

Mission Hills, Kansas 66208

Re: Separation Agreement

Dear Bill:

          This Letter Agreement sets forth the understanding by and between you and RHI Entertainment,
LLC, a Delaware limited liability company (together with its subsidiaries and affiliates, the
“Company”), regarding your termination of employment with the Company.

          1. Termination of Employment. Your last day of active employment with the Company
will be August 13, 2010 (the “Termination Date”).

          2. Employment Agreement. You and the Company previously entered into that certain
Employment Agreement, dated November 2, 2009 and effective as of October 1, 2009, as amended May 3,
2010 (the “Employment Agreement”) setting forth the terms of your employment. You hereby
acknowledge and agree that, in consideration for the payment provided in Section 4 below, the
Employment Agreement shall be terminated as of the Termination Date and that, following the
Termination Date, it shall be of no further force and effect; provided, however,
that, notwithstanding the foregoing, the provisions of Section 6 of the Employment Agreement shall
continue to apply for the maximum time and to the maximum extent provided therein. You understand
and agree that neither the Company nor any of its shareholders or affiliates shall make any other
payments to you, or have any further obligations to you, except as described in this Letter
Agreement and pursuant to Section 5(a) of the Employment Agreement (and that notwithstanding
anything that occurs during the period beginning on the date hereof and ending on the Termination
Date you shall not be entitled to any payment or benefit set forth in Section 5 of the Employment
Agreement (other than the payments and benefits described in Section 5(a) of the Employment
Agreement)).

          3. Forfeiture of Equity Awards and Value Units. You previously entered into that
certain (a) RHI Entertainment, Inc. Restricted Stock Unit Award Agreement, by and between you and
RHI Entertainment, Inc., a Delaware corporation (“RHI”), dated November 19, 2008, pursuant
to which you were granted an award of 30,367 restricted stock units (the “RSU Award
Agreement”) and (b) RHI Entertainment, Inc. Stock Option Agreement, by and between you and RHI,
dated November 19, 2008, pursuant to which you were granted an option to purchase 91,102 shares of
common stock of RHI (the “Option Agreement”). You hereby
acknowledge and agree that (x) the RSU Award Agreement and the Option Agreement shall each be
terminated as of the Termination Date, and, following the Termination Date, each shall be of no
further force and effect; and (y) following the Termination Date, you shall have no right to
receive or purchase shares of common stock of RHI or have any other right to receive any

 

 

payments
or benefits pursuant to the RSU Agreement or the Option Agreement. Notwithstanding anything to the
contrary in any other agreement, you acknowledge and agree that, in accordance with the terms of
that certain Second Amended and Restated KRH Investments LLC Operating Agreement (the “LLC
Agreement”), as of the Termination Date, all Value Units (as defined in the LLC Agreement)
issued to you shall be forfeited and cancelled.

          4. Payments. Subject to your execution and non-revocation of a waiver and release of
claims agreement in substantially the form attached hereto as Exhibit A (the
“Release”), the Company shall pay you a cash payment in the amount of $292,487.23
(the “Termination Payment”), which represents the sum of (a) $250,000, (b) the gross cost
of 30 days of “COBRA” continuation coverage under the group health plan in which you and your
eligible dependents currently participate, to the extent permitted by Section 601 et seq. of the
Employee Retirement Income Security Act of 1974, and (c) the value of your accrued and unused
vacation days as of your Termination Date, payable in accordance with customary payroll practices,
on the later of (i) July 22, 2010 and (ii) the first Friday following the expiration of the
applicable revocation period after you execute the Release. You acknowledge that, but for your
execution of this Letter Agreement, you would not be entitled to receive any termination payments
and benefits under the Employment Agreement (other than compensation and benefits earned through
the Date of Termination, as provided in Section 5(a) of the Employment Agreement). You acknowledge
and agree that, other than the Termination Payment and the compensation and benefits you are
entitled to receive under Section 5(a) of the Employment Agreement through the Termination Date,
neither you nor any other person or entity shall have any right to receive any payment or benefit
from the Company in connection with your termination of employment with the Company. You further
represent and warrant that such Termination Payment is adequate consideration for the waiver of
your rights under the Employment Agreement, RSU Award Agreement, the Option Agreement and the LLC
Agreement, as set forth in Section 2 and Section 3 hereof.

          5. Restrictive Covenants. You acknowledge that the Company is providing you with the
payments and benefits pursuant to this Letter Agreement, including without limitation the
Termination Payment, in material part in consideration for your agreement to comply with the
restrictive covenants set forth in Section 6 of the Employment Agreement and you acknowledge and
agree that you will comply with such restrictive covenants. The Company reserves all rights at law
or in equity to enforce the restrictive covenants set forth in Section 6 of the Employment
Agreement.

          6. Releases. Notwithstanding any other provision of this Letter Agreement or the
Employment Agreement to the contrary, in consideration of the Termination Payment due under Section
4 of this Letter Agreement, you agree to sign and be bound by the Release, which you acknowledge
has been provided to you on the date hereof. In addition, you agree that on the Termination Date
you will sign and be bound by an additional Release, substantially in the form attached hereto as
Exhibit B, which shall be provided to you on the Termination Date (the “Termination Date
Release”). If, as of the thirtieth (30th) day following the Termination Date,
you have failed to execute or you have revoked the Termination Date Release, you shall be
required to immediately repay to the Company the full amount of the Termination Payment.

          7. Confidentiality. You and the Company each agree not to disclose the terms or
existence of this Letter Agreement and the Release to any person, agency, institution,

2

 

company, or
other entity unless the other party agrees to such disclosure in advance and in writing, provided
that each party may, without such permission disclose information concerning your termination of
employment and make such disclosures as are required by law, including disclosures to governmental
authorities and taxing agencies, and disclose the terms of this Letter Agreement and Release to
attorney(s), accountant(s), tax advisor(s), and other professional service provider(s), as
reasonably necessary (and you may disclose the terms of this Letter Agreement and Release to your
spouse and immediate family members); provided in each case that you instruct such person(s) that
the terms of this Letter Agreement and the Release are strictly confidential and are not to be
revealed to anyone else except as required by law.

          8. Consulting Services/Cooperation. You agree that you will make yourself available
to respond to any inquiries from the Company’s officers and board of directors and to provide
consulting services and advice as needed, regarding business matters of the Company, for a 12-month
period beginning on the Termination Date (the “Cooperative Period”). The Company’s use of
your services during the Cooperative Period shall be at the sole discretion of the Company, subject
to advance notice and your reasonable availability. If the Company requires your services in
person during the Cooperative Period, you agree that you will travel at the Company’s sole expense
to any location reasonably requested by the Company for this purpose, subject to advance notice and
your reasonable availability. You agree to exercise the highest degree of professionalism and
utilize your full expertise and talents in responding to such requests from the Company’s officers
and board of directors. You further agree that you will cooperate fully and make yourself
available to respond to any inquiries from the Company or its representatives, and to provide
testimony, if needed, in connection with any investigation, administrative proceeding or litigation
relating to any matter that occurred during your employment, including testimony related to the
Company’s restructuring efforts. Such continuing obligation to cooperate with the Company in any
investigation, administrative proceeding or litigation relating to any matter that occurred during
your employment, including the Company’s restructuring efforts, shall continue in perpetuity.

          9. Tax Withholding. The Company shall be entitled to withhold from any amounts
payable under this Letter Agreement and the Employment Agreement any federal, state, local or
foreign withholding or other taxes or charges which the Company is required to withhold. The
Company shall be entitled to rely on an opinion of counsel if any questions as to the amount or
requirement of withholding shall arise.

          10. Further Assurances. In order to effectuate the foregoing, you agree to execute
any additional documents and to take such further actions as may be reasonably requested from time
to time by the Company.

          11. Entire Agreement. This Letter Agreement sets forth the entire agreement between
you and Company and supersedes and replaces any and all prior oral or written agreements or
understandings between you and the Company, concerning payments and benefits
payable upon your termination of employment, including without limitation the Employment
Agreement (except for Sections 6 of the Employment Agreement which shall remain in effect in
accordance with their terms), the RSU Award Agreement, the Option Agreement and the LLC Agreement.
You represent that you have signed this Letter Agreement voluntarily.

[signature page follows]

3

 

          Please indicate your acceptance of the terms and provisions of this Letter Agreement and the
Release by signing both copies of this Letter Agreement and the Release and returning one copy of
each to me. The other copy of each is for your files. By signing below, you acknowledge and agree
that you have carefully read this Letter Agreement and the accompanying Release in their entirety;
fully understand and agree to their terms and provisions; waive any notice periods under the
Employment Agreement; and intend and agree that the Letter Agreement and Release are final and
legally binding on you and the Company. This Letter Agreement shall be governed and construed
under the internal laws of the State of New York and may be executed in several counterparts.

Very truly yours,

	 	 	 	 	 

	 

	 	/s/ Henry S. Hoberman
 

Henry S. Hoberman
	 	 
	 

	 	Executive Vice President, General Counsel & Secretary	 	 

	 	 	 

	Agreed, Acknowledged and Accepted:
	 	 
	 
	 	 
	/s/ William J. Aliber
 

William J. Aliber

	 	 
	 
	 	 
	Date: July 20, 2010
	 	 

 

 

EXHIBIT A

WAIVER AND RELEASE OF CLAIMS AGREEMENT

          In exchange for the payments described in that certain Letter Agreement (the “Letter
Agreement”), entered into between myself and RHI Entertainment, LLC, a Delaware limited
liability company (the “Company”), dated July 20, 2010, I freely and voluntarily agree to
enter into and be bound by this Waiver and Release of Claims Agreement (the “Release”):

          1. I acknowledge that my employment with the Company and all subsidiaries and affiliates
thereof terminated on August 13, 2010 (the “Termination Date”). I further acknowledge that
the Company delivered this Release to me on July 16, 2010.

          2. I acknowledge that, but for my execution of this Release, I would not be entitled to
receive the payments provided in the Letter Agreement. I represent and warrant that the payment
of the Termination Payment (as defined in the Letter Agreement) is good, valid and sufficient
consideration for my agreement to enter into and be bound by the Release.

          3. I, and anyone claiming through me (including without limitation my heirs, and agents,
representatives and assigns), hereby irrevocably waive and forever release and discharge the
Company, its parents, subsidiaries, affiliates, officers, directors, employees, agents,
predecessors, successors and assigns (including, without limitation, RHI Entertainment, Inc., and
its direct and indirect shareholders) (the “Releasees”), from any and all liabilities of
any nature whatsoever, known and unknown, fixed or contingent, arising out of, based on, or related
to my employment by the Company or any other Releasee, the termination of such employment, and any
dealings, transactions or events involving the Releasees occurring prior to or on the Termination
Date, including but not limited to claims under the Civil Rights Act of 1866; the Civil Rights Act
of 1871; the Civil Rights Act of 1964, as amended; the Age Discrimination in Employment Act of
1966; the Older Workers Benefit Protection Act of 1990; the Americans with Disabilities Act of
1990; the Employment Retirement Income Security Act of 1974; the Rehabilitation Act of 1973; the
Family and Medical Leave Act; the Worker Adjustment and Retraining Notification (“WARN”)
Act; the Human Rights Laws of the State and City of New York; and any other federal,
state or local law, rule or regulation, or common law claim. This includes, but is not limited to,
all wrongful termination and “constructive discharge” claims, all discrimination claims, all claims
relating to any contracts of employment, whether express or implied, any covenant of good faith and
fair dealing, whether express or implied, and any tort of any nature. This release is for any
relief, no matter how denominated, including but not limited to wages, back pay, front pay,
benefits, compensatory damages, liquidated damages, punitive damages or attorney’s fees. I also
agree not to commence or cooperate in the prosecution or investigation of any lawsuit,
administrative action or other claim or complaint against the Releasees, except as required by law.

          4. I understand and agree that this Release will be binding on me and my heirs, administrators
and assigns. I acknowledge that I have not assigned any claims or filed or initiated any legal
proceedings against any of the Releasees.

          5. I UNDERSTAND THAT I HAVE TWENTY-ONE (21) DAYS TO CONSIDER WHETHER OR NOT TO SIGN
THIS RELEASE. THE COMPANY HEREBY ADVISES ME OF MY RIGHT TO CONSULT WITH AN ATTORNEY BEFORE SIGNING THE

 

 

RELEASE AND I ACKNOWLEDGE THAT I HAVE HAD AN OPPORTUNITY TO CONSULT WITH AN ATTORNEY AND HAVE
EITHER HELD SUCH CONSULTATION OR HAVE DETERMINED NOT TO CONSULT WITH AN ATTORNEY.

          6. I UNDERSTAND THAT I MAY REVOKE MY ACCEPTANCE OF THIS RELEASE BY DELIVERING NOTICE OF MY
REVOCATION TO HENRY S. HOBERMAN, EXECUTIVE VICE PRESIDENT, GENERAL COUNSEL & SECRETARY OF THE
COMPANY WITHIN THE SEVEN (7) DAY PERIOD BEGINNING ON THE DAY FOLLOWING THE DAY I SIGN THE RELEASE
(THE “REVOCATION PERIOD”). IF I DO NOT REVOKE MY ACCEPTANCE OF THIS RELEASE WITHIN THE REVOCATION
PERIOD, IT WILL BE LEGALLY BINDING AND ENFORCEABLE ON THE DAY IMMEDIATELY FOLLOWING THE LAST DAY OF
THE REVOCATION PERIOD.

          7. I acknowledge and agree that if any provision of this Release is found, held or deemed
by a court of competent jurisdiction to be void, unlawful or unenforceable under any applicable
statute or controlling law, the remainder of this Release shall continue in full force and effect.

          8. This Release is deemed made and entered into in the State of New York, and in all respects
shall be interpreted, enforced and governed under the internal laws of the State of New York, to
the extent not preempted by federal law.

*    *    *    *    *

          I acknowledge and agree that I have carefully read and fully understand all of the
provisions of this Release and that I voluntarily enter into this Release by signing below. Upon
execution, I agree to deliver a signed copy of this Release to Henry S. Hoberman, Executive Vice
President, General Counsel & Secretary of the Company.

	 	 	 	 	 	 	 

	 	 	
William J. Aliber	 	 
	 
	 	 	 	 	 	 
	 

	 	Date:	 	 	 	 
	 

	 	 	 	 

	 	 

6

 

EXHIBIT B

WAIVER AND RELEASE OF CLAIMS AGREEMENT

          In exchange for the payments described in that certain Letter Agreement (the “Letter
Agreement”), entered into between myself and RHI Entertainment, LLC, a Delaware limited
liability company (the “Company”), dated July 20, 2010, I freely and voluntarily agree to
enter into and be bound by this Waiver and Release of Claims Agreement (the “Release”):

          1. I acknowledge that my employment with the Company and all subsidiaries and affiliates
thereof terminated on August 13, 2010 (the “Termination Date”). I further acknowledge that
the Company delivered this Release to me on August 10, 2010.

          2. I acknowledge that, but for my execution of this Release, I would not be entitled to
receive the payments provided in the Letter Agreement. I represent and warrant that the payment
of the Termination Payment (as defined in the Letter Agreement) is good, valid and sufficient
consideration for my agreement to enter into and be bound by the Release.

          3. I, and anyone claiming through me (including without limitation my heirs, and agents,
representatives and assigns), hereby irrevocably waive and forever release and discharge the
Company, its parents, subsidiaries, affiliates, officers, directors, employees, agents,
predecessors, successors and assigns (including, without limitation, RHI Entertainment, Inc., and
its direct and indirect shareholders) (the “Releasees”), from any and all liabilities of
any nature whatsoever, known and unknown, fixed or contingent, arising out of, based on, or related
to my employment by the Company or any other Releasee, the termination of such employment, and any
dealings, transactions or events involving the Releasees occurring prior to or on the Termination
Date, including but not limited to claims under the Civil Rights Act of 1866; the Civil Rights Act
of 1871; the Civil Rights Act of 1964, as amended; the Age Discrimination in Employment Act of
1966; the Older Workers Benefit Protection Act of 1990; the Americans with Disabilities Act of
1990; the Employment Retirement Income Security Act of 1974; the Rehabilitation Act of 1973; the
Family and Medical Leave Act; the Worker Adjustment and Retraining Notification (“WARN”)
Act; the Human Rights Laws of the State and City of New York; and any other federal,
state or local law, rule or regulation, or common law claim. This includes, but is not limited to,
all wrongful termination and “constructive discharge” claims, all discrimination claims, all claims
relating to any contracts of employment, whether express or implied, any covenant of good faith and
fair dealing, whether express or implied, and any tort of any nature. This release is for any
relief, no matter how denominated, including but not limited to wages, back pay, front pay,
benefits, compensatory damages, liquidated damages, punitive damages or attorney’s fees. I also
agree not to commence or cooperate in the prosecution or investigation of any lawsuit,
administrative action or other claim or complaint against the Releasees, except as required by law.

          4. I understand and agree that this Release will be binding on me and my heirs, administrators
and assigns. I acknowledge that I have not assigned any claims or filed or initiated any legal
proceedings against any of the Releasees.

          5. I UNDERSTAND THAT I HAVE TWENTY-ONE (21) DAYS TO CONSIDER WHETHER OR NOT TO SIGN
THIS RELEASE. THE COMPANY HEREBY ADVISES ME OF MY RIGHT TO CONSULT WITH AN ATTORNEY BEFORE SIGNING THE

 

 

RELEASE AND I ACKNOWLEDGE THAT I HAVE HAD AN OPPORTUNITY TO CONSULT WITH AN ATTORNEY AND HAVE
EITHER HELD SUCH CONSULTATION OR HAVE DETERMINED NOT TO CONSULT WITH AN ATTORNEY.

          6. I UNDERSTAND THAT I MAY REVOKE MY ACCEPTANCE OF THIS RELEASE BY DELIVERING NOTICE OF MY
REVOCATION TO HENRY S. HOBERMAN, EXECUTIVE VICE PRESIDENT, GENERAL COUNSEL & SECRETARY OF THE
COMPANY WITHIN THE SEVEN (7) DAY PERIOD BEGINNING ON THE DAY FOLLOWING THE DAY I SIGN THE RELEASE
(THE “REVOCATION PERIOD”). IF I DO NOT REVOKE MY ACCEPTANCE OF THIS RELEASE WITHIN THE REVOCATION
PERIOD, IT WILL BE LEGALLY BINDING AND ENFORCEABLE ON THE DAY IMMEDIATELY FOLLOWING THE LAST DAY OF
THE REVOCATION PERIOD.

          7. I acknowledge and agree that if any provision of this Release is found, held or deemed
by a court of competent jurisdiction to be void, unlawful or unenforceable under any applicable
statute or controlling law, the remainder of this Release shall continue in full force and effect.

          8. This Release is deemed made and entered into in the State of New York, and in all respects
shall be interpreted, enforced and governed under the internal laws of the State of New York, to
the extent not preempted by federal law.

*    *    *    *    *

          I acknowledge and agree that I have carefully read and fully understand all of the
provisions of this Release and that I voluntarily enter into this Release by signing below. Upon
execution, I agree to deliver a signed copy of this Release to Henry S. Hoberman, Executive Vice
President, General Counsel & Secretary of the Company.

	 	 	 	 	 	 	 

	 	 	
William J. Aliber	 	 
	 
	 	 	 	 	 	 
	 

	 	Date:	 	 	 	 
	 

	 	 	 	 

	 	 

8

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