Document:

Exhibit

TRANSITION AGREEMENT
This Transition Agreement (the “Agreement”) is made between Laboratory Corporation of America Holdings, a Delaware corporation (the “Company”), and David P. King (the “Executive”). The Company and the Executive are collectively referred to as the “Parties.” 
WHEREAS, the Board of Directors of the Company (the “Board”) approved the Senior Executive Transition Policy (the “Transition Policy”) to support a strong succession planning process, which Transition Policy provides for continued eligibility for vesting, exercisability, payment or termination of restrictions, as the case may be, with respect to long-term incentive awards under certain circumstances, subject to approval by the Compensation Committee of the Board; 
WHEREAS, the Board appreciates the Executive’s past and anticipated contributions to the Company; 
WHEREAS, effective as of November 1, 2019 (the “CEO Transition Date”), the Executive shall transition from the position of Chairman of the Board, President and Chief Executive Officer (“CEO”) of the Company to the position of Chairman of the Board and a Senior Advisor to the new President and Chief Executive Officer of the Company (the “Successor CEO”); 
WHEREAS, the Executive shall continue to serve as the Chairman of the Board until such time as agreed upon by the Board and the Executive and no later than December 31, 2020 (such date, the “Chairman Transition Date”); 
WHEREAS, the Executive shall continue to serve as a Senior Advisor to the Successor CEO through at least December 31, 2020;
WHEREAS, in exchange for, among other things, the Executive entering into and not revoking this Agreement and complying with the terms hereof, the Company shall provide the Executive with the payments and benefits set forth in this Agreement, including providing that the Executive’s long-term incentive awards be subject to the Transition Policy; 
WHEREAS, the payments and benefits set forth in this Agreement are the exclusive payments and benefits to the Executive in connection with the transitions described herein and the ending of the Executive’s employment. By entering into this Agreement, the Executive acknowledges and agrees that he is not entitled to any other severance pay, benefits or equity rights including without limitation pursuant to any severance plan, program or arrangement; and
WHEREAS, the terms and conditions described herein are part of a comprehensive agreement, each element of which is consideration for the other elements and is an integral aspect of the Agreement. 
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows: 
		
	1.
	Transition from Employment 

(a)Transition Period. The Executive shall remain the Chairman of the Board, President and CEO of the Company through the CEO Transition Date, at which time the Executive shall transition from the position of Chairman of the Board, President and CEO of the Company to the position of Chairman of the Board and Senior Advisor to the Successor CEO.  The Executive shall continue to serve as the Chairman of the Board through the Chairman Transition Date.  After the Chairman Transition Date, the Executive shall continue to serve as a Senior Advisor to the Successor CEO through at least December 31, 2020 (such period during which the Executive so serves, the “Transition Period”). 
(b)Transition Services. During the Transition Period, the Executive shall remain an employee of the Company and shall continue to devote his full business time, attention, skill, and best efforts to the performance of his duties and responsibilities with respect to such positions, as determined by the Board and, as applicable, the Successor CEO, and he shall also cooperate fully in transitioning duties and responsibilities to the Successor CEO as requested by the Board.  The Executive agrees to work cooperatively with the Board, the Successor CEO and other members of the Company’s management team during the Transition Period. 
2.Compensation and Benefits.  Subject to, among other things, the Executive (i) signing, not revoking and complying with the terms of this Agreement, and (ii) after the Transition Period, executing and not revoking the Certificate Updating Release of Claims in the form attached as Exhibit A (the “Certificate”) within the time periods set forth in the Certificate (collectively, the “Conditions”):
(a)Base Salary. For calendar year 2019, the Executive’s base salary shall remain $1,200,000 per year, subject to ordinary course increase in July 2019, and shall be payable in accordance with the Company’s normal payroll practices.  For 

calendar year 2020, the Executive’s base salary shall be reduced to $1,000,000 per year and shall be payable in accordance with the Company’s normal payroll practices.  The Executive shall continue to receive his 2020 base salary during the period beginning January 1, 2020 and ending when he ceases serving as Chairman of the Board or as a Senior Advisor to the Successor CEO.
(b)Annual Bonus. For calendar year 2019, the Executive shall continue to be eligible to receive an amount equal to the Management Incentive Bonus (“MIB”) that he would have received under the LabCorp Management Incentive Bonus Plan (the “MIB Plan”) reflective of his full 2019 MIB opportunity and based on actual performance results.  The Executive’s 2019 MIB shall be paid at the time that all bonuses are normally paid under the MIB Plan but no later than March 15, 2020.  The Executive shall not be eligible to participate in the MIB Plan for calendar year 2020. 
(c)Long-Term Incentive Awards. All of the Executive’s long-term incentive awards outstanding as of the date of this Agreement as reflected in the schedule attached hereto as Exhibit B shall be subject to the Transition Policy and shall continue to be eligible for vesting and continue to be or become exercisable, payable or eligible for the termination of restrictions (as the case may be) on the same terms and conditions as if the Executive were to have remained employed by the Company during the original exercise period (or if the Executive dies, as if the Executive had remained so employed through his death).  On January 1, 2020, the Executive shall receive an award with a grant date fair value of $6,500,000 and a one-year vesting period (the “2020 Grant”).  The 2020 Grant award shall be comprised of restricted stock units which shall be subject to the Transition Policy and shall continue to be eligible for vesting and continue to become payable on the same terms and conditions as if the Executive were to have remained employed by the Company during the one-year vesting period (or if the Executive dies, as if the Executive had remained so employed through his death) regardless of Executive’s employment status with the Company through the one-year vesting period.  The Executive understands that his long-term incentive awards and the grant contemplated by this Section 2(c) are and shall be governed by the terms and conditions of the Company’s 2016 Omnibus Incentive Plan and applicable grant agreements and that, except as contemplated by this Section 2(c), this Agreement does not in any way modify, change, alter or amend the terms and conditions of those awards.
(d)Perquisites. Throughout 2019 and during the Transition Period, the Executive shall continue to receive and be eligible for the perquisites he currently receives, including an annual personal travel allowance of $150,000 for use of the Company’s aircraft (calculated in the identical fashion as it was calculated for the Executive in 2018 and 2019), financial planning services, a wellness exam allowance, the use of a specified company vehicle for security reasons and reimbursement of the monthly cost associated with the Executive’s security system at his personal residence.  Additionally, the Executive shall be provided, at the Company’s expense, corporate office space and an executive assistant during the period in which he is employed as Chairman of the Board or as a Senior Advisor to the Successor CEO.  The corporate office space provided to the Executive shall be his office located at the Perimeter Park building.
(e)Retirement Plans and Group Health and Welfare Plans. The Executive shall continue to be eligible for such benefits under the Company’s existing qualified and nonqualified retirement plans, including the 401(k) Plan, the Cash Balance Retirement Plan, the Amended and Restated New Pension Equalization Plan, and the Deferred Compensation Plan, and under the Company’s group health and welfare plans, in each case, as amended and as are provided under the circumstances (to the same extent as though he has continued his employment on a full-time basis and taking into account the Executive’s date of separation of employment, currently anticipated to be on or about December 31, 2020) pursuant to the plan documents governing each of such plans.  Following the Executive’s separation of employment from the Company, if the Executive timely and properly elects to continue his group health coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act, as amended (“COBRA”), the Company shall reimburse the Executive for all of the Executive’s monthly COBRA premiums until the earliest of (a) the date the Executive ceases to be eligible for COBRA coverage, (b) the date on which the Executive becomes eligible to receive group health coverage from another employer, or (c) 12 months following the Executive’s separation of employment from the Company.  In the event the Executive becomes eligible to receive coverage under another employer’s group health plan or otherwise ceases to be eligible for COBRA continuation coverage, the Executive shall immediately notify the Company in writing.  Except as otherwise provided herein or in the terms of any documents governing any of the Company’s existing qualified and nonqualified retirement plans and group health and welfare plans maintained by the Company, the Executive shall cease to be a participant in and shall no longer have any coverage or entitlement to benefits, accruals, or contributions under any of the Company’s employee benefit plans effective upon the separation of the Executive’s employment.
(f)Directors and Officers Liability Insurance. During the Transition Period, the Company shall maintain director and officer liability insurance covering the Executive on terms that are no less favorable than the coverage provided to other senior executives, officers or directors of the Company, as such coverage may be in effect from time to time.  The Executive will be provided continued tail coverage following the termination of his  employment with the Company on terms no less beneficial than those offered to other executives of the Company.
3.Resignations; Board Service. Effective as of the Chairman Transition Date, the Executive hereby resigns as an officer of the Company, as well as from any other officer positions he holds with any of the Company’s subsidiaries or entities affiliated 

with the Company. The Executive agrees to execute any documents reasonably requested by the Company or any controlled entities in order to effectuate such resignations. Unless the Executive sooner resigns as a member of the Board and subject to Board dismissal procedures, the Executive shall continue to serve as Chairman of the Board through the Chairman Transition Date. 
4.No Other Benefits. The Executive is not entitled to any other compensation or benefits (including, without limitation, under the Amended and Restated Master Senior Executive Severance Plan or the Master Senior Executive Change-in-Control Severance Plan), other than the compensation and benefits described herein. Effective as of the date hereof, the Executive is no longer a participant in, nor is the Executive eligible to receive benefits under, (a) the Amended and Restated Master Senior Executive Severance Plan and (b) the Master Senior Executive Change-in-Control Severance Plan.
5.General Mutual Release.
(a)The Executive, on behalf of himself and his heirs, assigns, transferees and representatives, hereby releases and forever discharges the Company, and its predecessors, successors, parents, subsidiaries, affiliates, assigns, representatives and agents, as well as all of their present and former directors, officers, employees, agents, shareholders, representatives, attorneys and insurers (collectively, the “Releasees”), from any and all claims, causes of actions, demands, damages or liability of any nature whatsoever, known or unknown, which the Executive has or may have which arise out of his employment or cessation of employment with the Company, or which concern or relate in any way to any acts or omissions done or occurring prior to and including the date of this Agreement (the claims released in this Agreement are collectively referred to as the “Released Claims”). The Released Claims include, but are not limited to, claims arising under the Fair Labor Standards Act, 29 U.S.C. §201 et seq.; the Equal Pay Act, 29 U.S.C. §206(a) and interpretive regulations; Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. §2000e et seq.; 42 U.S.C. §1981 et seq.; the Americans with Disabilities Act, 42 U.S.C. § 12101 et seq.; the Family and Medical Leave Act, 29 U.S.C. §2601 et seq.; the Employee Retirement Income Security Act of 1974, as amended, 29 U.S.C. §1001 et seq.; the Worker Adjustment and Retraining Notification Act, 29 U.S.C. §§2101 et seq.; the Age Discrimination in Employment Act, as amended, 29 U.S.C. §§621 et seq.; any and all claims for wrongful termination and/or retaliation; claims for breach of contract, express or implied; claims for breach of the covenant of good faith and fair dealing; claims for compensation, including but not limited to wages, bonuses or long-term incentive awards, in each case, except as otherwise contained herein; claims for benefits or fringe benefits, including, but not limited to, claims for severance pay and/or termination pay, except as otherwise contained herein; claims for unaccrued vacation pay; claims arising in tort, including, but not limited to, claims for invasion of privacy, intentional infliction of emotional distress and defamation; claims for quantum meruit and/or unjust enrichment; and any and all other claims arising under any other federal, state, local or foreign laws, as well as any and all other common law legal or equitable claims.  
(b)The Executive represents that he has not initiated any action or charge against any of the Releasees with any Federal, State or local court or administrative agency.  If such an action or charge has been filed by the Executive or on the Executive’s behalf, he shall use his best efforts to cause it immediately to be withdrawn and dismissed with prejudice.  Failure to cause the withdrawal and dismissal with prejudice of any action or charge shall render this Agreement null and void.
(c)The Executive further agrees that he shall not institute any lawsuits, either individually or as a class representative or member, against any of the Releasees as to any matter based upon, arising from or relating to his employment relationship with the Company, from the beginning of time to the date of execution of this Agreement.  The Executive knowingly and intentionally waives any rights to any additional recovery that might be sought on his behalf by any other person, entity, local, state or federal government or agency thereof, including specifically and without limitation, the North Carolina Department of Labor, the United States Department of Labor, or the Equal Employment Opportunity Commission.  However, this release does not affect Executive’s right to receive an award for information provided to the Securities and Exchange Commission.
(d)The Executive is hereby advised that:  (i) he is waiving, among other things, any age discrimination claims under the Age Discrimination in Employment Act, provided, however, he is not waiving any claims that may arise after the date this Agreement is executed; (ii) he has had twenty-one (21) days within which to consider the execution of this Agreement, before signing it; and (iii) for a period of seven (7) days following the execution of this Agreement, he may revoke this Agreement by delivering written notice (by the close of business on the seventh day) to the Company.
(e)Notwithstanding the provisions of Section 5(a), said release does not apply to any and all statutory or other claims (i) that are prohibited from waiver by Federal, State or local law, (ii) for enforcement of any covenant under this Agreement, (iii)  for unemployment insurance benefits, (iv) for workers’ compensation benefits, (v) for vested rights in any retirement plan or pursuant to COBRA, or (vi) for indemnification under applicable statutory or common law or any insurance, charter, or bylaws of the Company or any of its affiliates, it being understood and agreed that this Agreement does not create or expand upon any such rights, (if any) to indemnification.
(f)The Parties agree that the Company has no prior legal obligation to provide the 2020 Grant described in Section 2(c) and that it has been exchanged for the promises of the Executive stated in this Agreement.  It is specifically understood and agreed that the 2020 Grant is good and adequate consideration to support the Conditions and the restrictions contained herein, and 

that the 2020 Grant set forth in Section 2(c) is of value in addition to anything to which the Executive already was entitled prior to the execution of this Agreement.
(g)In consideration of the benefits provided to the Company under this Agreement, the Company, on behalf of itself and all of its predecessors, successors, transferees, assignors, and assigns, and anyone claiming by, through, or on behalf of them, hereby fully and completely releases, acquits and forever discharges the Executive, his heirs, executors and assigns, of and from any and all claims, demands, damages, causes of action, debts, liabilities, controversies, judgments, and suits of every kind and nature whatsoever which the Company has had, now has, or may have against the Executive which arise out of his employment or cessation of employment with the Company, or which concern or relate in any way to any acts or omissions done or occurring prior to and including the date of this Agreement; provided, however, that nothing contained in this Agreement shall limit the Company’s or the Board’s authority to enforce the Company’s Incentive Compensation Recoupment Policy in accordance with its terms.
		
	6.
	Confidentiality.

(a)The Parties acknowledge that during the course of the Executive’s employment with the Company, he was and shall be given access, on a confidential basis, to Confidential Information which the Company has for years collected, developed, and/or discovered through a significant amount of effort and at great expense.  The Parties acknowledge that the Confidential Information of the Company is not generally known or easily obtained in the Company’s trade, industry, business, or otherwise and that maintaining the secrecy of the Confidential Information is extremely important to the Company’s ability to compete with its competitors.
(b)The Executive agrees that following this Agreement, the Executive shall not, without the prior written consent of the Company, divulge to any third party or use for his own benefit, or for any purpose other than the exclusive benefit of the Company, any Confidential Information of the Company; provided however, that nothing herein contained shall restrict the Executive’s ability to make such disclosures as such disclosures may be required by law; and further providing that nothing herein contained shall restrict the Executive from divulging information that is readily available to the general public as long as such information did not become available to the general public as a direct or indirect result of the Executive’s breach of this section of this Agreement.
(c)The term “Confidential Information” in this Agreement shall mean information that is not readily and easily available to the public or to the persons in the same business, trade, or industry of the Company, and that concerns the Company’s prices, pricing methods, costs, profits, profit margins, suppliers, methods, procedures, processes or combinations or applications thereof developed in, by, or for the Company’s business, research and development projects, data, business strategies, marketing strategies, sales techniques, customer lists, customer information, or any other information concerning the Company or its business that is not readily and easily available to the public or to those persons in the same business, trade or industry of the Company.  The term “customer information” as used in this Agreement shall mean information that is not readily and easily available to the public or to those persons in the same business, trade, or industry and that concerns the course of dealing between the Company and its customers or potential customers solicited by the Company, customer preferences, particular contracts or locations of customers, negotiations with customers, and any other information concerning customers obtained by the Company that is not readily and easily available to the public or to those in the business, trade, or industry of the company.
(d)The Executive acknowledges that all information, the disclosure of which is prohibited hereby, is of a confidential and proprietary character and of value to the Company, and upon the termination of Executive’s employment with the Company (or as soon thereafter as is reasonably practicable), the Executive shall forthwith deliver up to the Company all records, memoranda, data, and documents of any description that refer to or relate in any way to such information and shall return to the Company any of its equipment and property which may then be in the Executive’s possession or under the Executive’s personal control except that Executive may retain the equipment and property described in Section 8 below.
(e)Notwithstanding the restrictions set forth in this Section 6, the Executive may disclose information protected under this Section 6 if and only if such is (i) lawfully required by any government agency; (ii) otherwise required to be disclosed by law (including legally required financial reporting) and/or by court order; (iii) necessary in any legal proceeding in order to enforce any provision of this Agreement,  (iv) made to the Securities and Exchange Commission regarding securities law issues or (v) necessary to refute derogatory or defamatory statements made by the Releasees about Executive.  The Executive further agrees that he shall notify the Company in writing within five (5) calendar days of the receipt of any subpoena, court order, administrative order or other legal process requiring disclosure of information subject to this Section 6.  
		
	7.
	Non-Solicitation/Non-Compete. 

(a)For a period of twenty-four (24) months following the separation of the Executive’s employment for any reason (the “Restriction Period”), the Executive shall not become an owner in, shareholder with more than a 2% equity interest in, investor 

in, or an employee, contractor, consultant, advisor, representative, officer, director, or agent of, a trade or business that offers products and services that are the same or substantially similar to the products and services provided by the Company in any geographic market in which the Company conducts business (“Competitor”); provided, however, that the duties and responsibilities of said employment or engagement as an owner in, shareholder with more than 2% equity interest in, investor in, contractor, consultant, advisor, representative, officer, director or agent are (i) the same, similar, or substantially related to the Executive’s current duties and responsibilities as CEO or his duties and responsibilities as Chairman of the Board and a Senior Advisor to the Successor CEO and (ii) related to or concerning the Competitor’s business activities in the Restricted Territory.  For purposes of this Section 7(a), the term “Restricted Territory” means the United States and all foreign countries in which the Company through its business segments Covance drug development and LabCorp diagnostics conducted business during the two-year period prior to the termination of the Executive’s employment with the Company.  If a court of competent jurisdiction determines that the Restricted Territory as defined herein is too restrictive, then the Parties agree that said court may reduce or limit the Restricted Territory to the largest acceptable area so as to enable the enforcement of Section 7(a).
(b)For a period of twenty-four (24) months following the separation of the Executive’s employment for any reason, the Executive shall not, either directly or indirectly, or on behalf of any person, business, partnership, or other entity, call upon, contact, or solicit any customer or customer prospect of the Company, or any representative of the same, with a view toward the sale or providing of any service or product competitive with the products and services provided by the Company through its business segments Covance drug development and LabCorp diagnostics; provided, however, the restrictions set forth in this Section shall apply only to customers or prospects of the Company, or representatives of the same, with which the Executive had contact or about whom the Executive received Confidential Information as part of his duties and responsibilities while employed with the Company within a period of 24 calendar months prior to the termination of Executive’s employment with the Company.  The Parties agree and affirm that their intention with respect to Section 7(b) of this Agreement is that the Executive’s activities be limited only for a twenty-four (24) month period after the termination of Executive’s employment for any reason.  The provision calling for a “look back” of 24 calendar months prior to the date of the Executive’s termination of employment is intended solely as a means of identifying the clients to which such restrictions apply and is not intended to nor shall it, under any circumstances, be construed to define the length or term of any such restriction.
(c)For a period of twenty-four (24) months following the separation of the Executive’s employment for any reason, the Executive shall not directly or indirectly through a subordinate, co-worker, peer, or any other person or entity contact, solicit, encourage or induce any officer, director or employee of the Company to work for or provide services to the Executive and/or any other person or entity.  The Parties agree the restriction in this Section 7(c) shall not apply to JoAnne Grimes in the event she ceases to serve as Executive Assistant to the Successor CEO. 
(d)The Executive acknowledges and agrees that the foregoing restrictions are necessary for the reasonable and proper protection of the Company; are reasonable in respect to subject matter, length of time, geographic scope, customer scope, and scope of activity to be restrained; and are not unduly harsh and oppressive so as to deprive the Executive of his livelihood or to unduly restrict the Executive’s opportunity to earn a living after separation of the Executive’s employment with the Company.  The Executive further acknowledges and agrees that if any restrictions set forth in this Section are found by any court of competent jurisdiction to be unenforceable or otherwise against public policy, the restriction shall be interpreted to extend only over the maximum period of time or other restriction as to which it would otherwise be enforceable.  Notwithstanding this Section 7, subject to the prior written consent of the Board (which shall not be withheld unless the Board has a reasonable good faith belief that the Executive’s service on such Board of Directors shall materially harm the Company), the Executive shall be permitted to serve on the Board of Directors of any company, organization, or entity that does not compete in a material fashion with the Company.
(e)The Executive acknowledges and agrees that because the violation, breach, or threatened breach of this Section 7 would result in immediate and irreparable injury to the Company, the Company shall be entitled, without limitation of remedy, to (i) temporary and permanent injunctive and other equitable relief restraining the Executive from activities constituting a violation, breach or threatened breach of this Section 7 to the fullest extent allowed by law; (ii) all such other remedies available at law or in equity, including without limitation the recovery of damages, reasonable attorneys’ fees and costs; and (iii) withhold any further rights, payments or benefits under this Agreement which become due and owing after the occurrence of said violation, breach, or threatened breach.
8.Return of Property. On or before the end of the Transition Period (and upon earlier request by the Company), the Executive shall return any and all Company documents and any copies thereof, in any form whatsoever, including computer records or files, containing secret, confidential and/or proprietary information or ideas, and any other Company property in the Executive’s possession or control, except that the Executive may keep possession, custody and control of his then-currently issued Company laptop, iPad, printers, modems, cellphone, and associated accessories provided that the Company has had an opportunity to remove all Confidential Information therefrom.  
9.Communications Regarding Transition. The Executive and the Company agree to collaboratively draft statements 

describing the Executive’s transitions from President and CEO to the position of Chairman of the Board, from Chairman of the Board to the position of Senior Advisor, and from Senior Advisor to an eventual separation of employment from the Company.  The Executive and the Company agree, and the Company agrees to instruct its Section 16 officers and directors, to respond to any questions regarding the Executive’s transitions with nothing more than the agreed upon statement or words to the same effect.  
10.Non-Disparagement. To the fullest extent permitted by law, the Executive agrees not to make, publish or communicate to any person or entity or in any public forum (including social media) at any time any defamatory or disparaging remarks, comments, or statements concerning the Company, its affiliates, or its respective officers, directors, employees or products that is intended to cause or that reasonably would be expected to cause any person to whom it is communicated to have (a) a lowered opinion of the Company or any affiliate, including a lowered opinion of any products manufactured, sold, or used by, or any services offered by the Company or any affiliate; and/or (b) a lowered opinion of the creditworthiness or business prospects of the Company or any affiliate.  To the fullest extent permitted by law, the Company agrees (i) to instruct its Section 16 officers and directors not to publish or communicate to any person or entity or in any public forum (including social media) at any time any defamatory or disparaging remarks, comments, or statements concerning the Executive and (ii) not to disparage or criticize the Executive in authorized corporate communications.
11.Standstill. The Executive agrees that for a period of three years following the Executive’s separation of employment, neither the Executive nor anyone acting on his behalf, shall, directly or indirectly, (a) attempt to facilitate (i) the acquisition of securities, assets or indebtedness of the Company or any of its affiliates, (ii) any tender offer or business combination involving the Company, its affiliates or any of their respective assets, (iii) any recapitalization, restructuring or other extraordinary transaction with respect to the Company or its affiliates, or (iv) any solicitation of proxies or consents to vote any securities of the Company or its affiliates; (b) form or participate in any group with respect to the Company’s securities or act in concert with any person in respect of the Company’s securities; (c) otherwise act, alone or in concert with others, to seek control over the management, Board or policies of the Company or seek a position on the Board; (d) enter into any discussions or arrangements with any third party regarding any of the above; or (e) request that the Company amend or waive any of the above restrictions. Notwithstanding the foregoing, the Company hereby agrees that this provision shall not apply to the following: (1) the Executive’s acquisition of any security, asset, or indebtedness of the Company pursuant to the terms of his employment, the Company’s benefit plans or this Agreement; (2) the purchase, sale or transfer in the ordinary course by the Executive or anyone acting on his behalf after the date of the Executive’s separation of employment (and not pursuant to this Agreement or the Company’s benefit plans) of voting securities of the Company so long as, immediately after any such purchase, sale or transfer, the Executive and everyone acting on his behalf do not collectively beneficially own more than one percent of any outstanding class of voting securities or securities convertible into voting securities of the Company; provided that, for the avoidance of doubt, any such securities or securities convertible into voting securities of the Company which are beneficially owned by any applicable non-affiliated third-parties described in clause (4) below shall not be taken into account with respect to determining the one percent cap; (3) the exercise by the Executive or anyone acting on his behalf of any voting rights available to the Executive or anyone acting on his behalf that are also available to Company stockholders generally pursuant to any transaction described above, provided that the Executive or anyone acting on his behalf has not then either directly, indirectly, or as a member of a group, made, effected, initiated, solicited proxies on behalf of, or caused such transaction to occur or otherwise violated these provisions; and (4) any actions or transactions taken by a non-affiliated third-party with respect to the following that are maintained by such non-affiliated third party: mutual funds, private equity funds, index funds, RTFs, and similar passive investments for which the Executive has invested in; provided that the Executive has not then either directly, indirectly, or as a member of a group made, effected, initiated or caused such action or transaction to occur, or any actions taken by the Executive or anyone acting on his behalf to invest in, sell or transfer such passive investments maintained by such non-affiliated third-parties.
12.Duty to Cooperate. The Executive agrees to cooperate and make all reasonable and lawful efforts to assist the Company in addressing any issues which may arise concerning any matter with which he was involved during his employment with the Company, including, but not limited to cooperating in any litigation arising therefrom.  The Company shall reimburse the Executive at a fair and reasonable rate for services provided by the Executive to the Company in connection with services provided under this provision and for all reasonable expenses incurred by the Executive in connection with services provided under this provision.
13.409A. 
(a)Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation from service within the meaning of Section 409A of the Code, the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive becomes entitled to under this Agreement on account of his separation from employment would be considered deferred compensation otherwise subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (i) six months and one day after the Executive’s separation from service or (ii) the Executive’s death. 

(b)The Parties intend that this Agreement shall be administered in accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). The Parties agree that this Agreement may be amended, as reasonably requested by any Party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to any Party. 
14.Advice of Counsel. This Agreement is a legally binding document and the Executive’s signature shall commit the Executive to its terms. The Executive acknowledges that he has been advised to discuss all aspects of this Agreement with his attorney and consultant, that he has carefully read and fully understands all of the provisions of this Agreement and that the Executive is voluntarily entering into this Agreement. 
15.Attorney and Consultant Fees. Within thirty (30) calendar days of the execution of this Agreement, the Company shall reimburse the Executive for his attorneys’ and consultants’ fees associated with the negotiation of this Agreement in a check made payable to King & Spalding, LLC and The Cheeley Consulting Group, respectively, up to a maximum amount of $70,000 in the aggregate.   
16.Effective Date. To accept this Agreement, the Executive must return a signed, unmodified original or PDF copy of this Agreement. This Agreement shall be effective as of June 30, 2019 (the “Effective Date”). 
17.Enforceability. The Executive acknowledges that, if any portion or provision of this Agreement shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of the Agreement, other than those portions or provisions as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision shall be valid and enforceable to the fullest extent permitted by law. 
18.Entire Agreement. This Agreement constitutes the complete agreement between, and contains all of the promises and undertakings by the Parties.  The Executive agrees that the only consideration for signing this Agreement is the terms stated herein and that no other representations, promises, or assurances of any kind have been made to him by the Company, its attorneys, or any other person as an inducement to sign this Agreement.  Any and all prior agreements, representations, negotiations and understandings among the Parties, oral or written, express or implied, with respect to the subject matter hereof are hereby superseded and merged herein.  To be clear and to avoid any doubt, the Parties expressly agree that the confidentiality, non-solicitation, and non-competition provisions of this Agreement shall supersede any other confidentiality, non-solicitation, and non-competition provision executed by the Executive during his employment with the Company, including the confidentiality, non-solicitation, and non-competition provisions contained in any long-term incentive award agreement executed by Executive.  The Parties expressly agree that if Executive violates the confidentiality, non-solicitation, and non-competition provisions contained herein, the Company shall be entitled to relief as outlined in Section 7(e) of this Agreement and without limiting any of the foregoing, cause an immediate forfeiture of (a) the Executive’s rights to any outstanding long-term incentive awards, and (b) with respect to the period commencing thirty-six (36) months prior to the Executive’s termination of employment with the Company and ending thirty-six (36) months following such termination of Employment (i) a forfeiture of any gain recognized by the Executive upon the sale of any shares of Company stock received as a result of the vesting of any long-term incentive awards, and (ii) a forfeiture of any vested shares of Company stock held by the Executive as a result of the vesting of any long-term incentive awards. 
19.Waiver; Amendment. No waiver of any provision of this Agreement shall be effective unless made in writing and signed by the waiving Party. The failure of any Party to require the performance of any term or obligation of this Agreement, or the waiver by any Party of any breach of this Agreement shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. This Agreement may not be modified or amended except in a writing signed by both the Executive and a duly authorized officer of the Company. 
20.Taxes. The Company shall undertake to make deductions, withholdings and tax reports with respect to payments and benefits under this Agreement and in connection with other compensation matters to the extent that it reasonably and in good faith determines that it is required to make such deductions, withholdings and tax reports. Payments under this Agreement shall be in amounts net of any such deductions or withholdings. Nothing in this Agreement shall be construed to require the Company to make any payments to compensate the Executive for any adverse tax effect associated with any payments or benefits made to the Executive in connection with the Executive’s employment with the Company.  Notwithstanding the forgoing, no deductions or withholdings shall be taken from the attorneys’ and consultants’ fees reimbursed by the Company pursuant to Section 15 of this Agreement. 
21.Governing Law; Jurisdiction; Interpretation. This Agreement shall be construed in accordance with and governed by the laws, except choice of law provisions, of the State of North Carolina and shall govern to the exclusion of the laws of any other forum. The Parties further agree that any action, special proceeding or other proceeding with respect to this Agreement shall be 

brought exclusively in the federal or state courts of the State of North Carolina.  The Executive and the Company irrevocably consent to the jurisdiction of the Federal and State courts of North Carolina and the Executive hereby consents and submits to personal jurisdiction in the State of North Carolina.  The Executive and the Company irrevocably waive any objection, including an objection or defense based on lack of personal jurisdiction, improper venue or forum non-conveniens which either may now or hereafter have to the bringing of any action or proceeding in connection with this Agreement.  The Executive acknowledges and recognizes that in the event that he has breached this Agreement, the Company may initiate a lawsuit against him in North Carolina, that the Executive waives his right to have that lawsuit be brought in a court located closer to where he may reside, and that the Executive shall be required to travel to defend himself in North Carolina.
22.Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be an original, but all of which together shall constitute one and the same document. Facsimile and pdf signatures shall be deemed to be of equal force and effect as originals. 
[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, the Parties, intending to be legally bound, have executed this Agreement on the date(s) indicated below. 
                        	
			
	 
	 
	 

	COMPANY:

	 

	Laboratory Corporation of America Holdings,

	a Delaware corporation

	 
	 

	By:
	 
	/s/ Sandra van der Vaart

	Name:
	 
	Sandra van der Vaart

	Title:
	 
	Senior Vice President, Global General Counsel and Corporate Secretary 

	 
	 

	Date:
	 
	August 6, 2019

	 

	EXECUTIVE:

	 
	 

	By:
	 
	/s/ David P. King

	Name:
	 
	David P. King

	 
	 

	Date:
	 
	August 6, 2019

EXHIBIT A
CERTIFICATE UPDATING MUTUAL RELEASE OF CLAIMS
This Certificate Updating Mutual Release of Claims (the “Certificate”) is made between Laboratory Corporation of America Holdings, a Delaware corporation (the “Company”), and David P. King (the “Executive”). The Company and the Executive are collectively referred to as the “Parties.”  The Parties entered into a Transition Agreement effective as of June 30, 2019 (the “Agreement”). Capitalized terms used herein and not otherwise defined have the meanings ascribed to such terms in the Agreement.  Pursuant to the Agreement, the Parties are required to execute this Certificate, which updates the mutual release of claims set forth in Section 5 of the Agreement.  The Executive understands that he may not sign this Certificate until on or after the end of the Transition Period and that he must return it to the Company within twenty-one (21) days after the end of the Transition Period.
The Parties, therefore, agree as follows: 
	
			
	 
	1.
	A copy of this Certificate was attached to the Agreement as Exhibit A. 

	 
	2.
	In consideration of the benefits contained in the Agreement, the Parties hereby extend the mutual release of claims set forth in Section 5 of the Agreement to any and all claims that arose after the date the Parties signed the Agreement through the date the Parties signed this Certificate, subject to all other exclusions and terms set forth in the Agreement. 

	 
	3.
	The Parties have carefully read and fully understand all of the provisions of this Certificate, knowingly and voluntarily agree to all of the terms set forth in this Certificate, and  acknowledge that in entering into this Certificate, they are not relying on any representation, promise or inducement made by the other with the exception of those promises contained in this Certificate and the Agreement. The Parties further acknowledge that they have been advised to discuss all aspects of this Certificate with their attorneys. 

	 
	4.
	The Parties agree that this Certificate is part of the Agreement. 

	 
	5.
	The Executive is hereby advised that: (a) he is waiving, among other things, any age discrimination claims under the Age Discrimination in Employment Act, provided, however, he is not waiving any such claims that may arise after the date this Certificate is executed; (b) he has had twenty-one (21) days within which to consider the execution of this Certificate, before signing it; and (c) for a period of seven (7) days following the execution of this Certificate, he may revoke this Certificate by delivering written notice (by the close of business on the seventh day) to the Company.

This Certificate shall become effective on the business day immediately following the expiration of the revocation period, provided that Executive does not revoke this Certificate during the revocation period. 

[Signature page follows.]
                            	
			
	 
	 
	 

	COMPANY:

	 

	Laboratory Corporation of America Holdings,

	a Delaware corporation

	 
	 

	By:
	 
	/s/ Sandra van der Vaart

	Name:
	 
	Sandra van der Vaart

	Title:
	 
	Senior Vice President, Global General Counsel and Corporate Secretary 

	 
	 

	Date:
	 
	August 6, 2019

	 

	EXECUTIVE:

	 
	 

	By:
	 
	/s/ David P. King

	Name:
	 
	David P. King

	 
	 

	Date:
	 
	August 6, 3019

EXHIBIT B

	
								
	Grant
	Grant Date
	Exercise Price
	Total Award
	Total Outstanding
	Vesting 2020
	Vesting 2021
	Vesting 2022

	RSU
	2/7/2017
	 
	12,660 
	4,220
	4,220 
	 
	 

	RSU
	2/12/2018
	 
	10,540 
	7,027
	3,513 
	3,514 
	 

	RSU
	2/12/2019
	 
	12,710 
	12,710
	4,236 
	4,237 
	4,237 

	 
	 
	 
	 
	 
	 
	 
	 

	PA
	2/7/2017
	 
	37,980* 
	37,980*
	37,980* 
	 
	 

	PA
	2/12/2018
	 
	31,620* 
	31,620*
	 
	31,620* 
	 

	PA
	2/12/2019
	 
	38,130* 
	38,130*
	 
	 
	38,130* 

	 
	 
	 
	 
	 
	 
	 
	 

	NQSO
	2/7/2017
	$ 130.60 
	48,300 
	16,100
	16,100 
	 
	 

	NQSO
	2/12/2018
	$ 168.49 
	41,000 
	27,334
	13,667 
	13,667 
	 

	NQSO
	2/12/2019
	$ 146.59 
	52,300 
	52,300
	17,433 
	17,433 
	17,434 

*Based on target.EX-10.2

 Exhibit 10.2 
  

 
 Date: June 7, 2019 (as revised June 10, 2019) 

SEPARATION AGREEMENT AND GENERAL RELEASE 

The purpose of this Confidential Separation Agreement and General Release (the “Agreement”) is to set forth the terms of Rosamund
Else-Mitchell’s (“you” or “your”) separation from Houghton Mifflin Harcourt Publishing Company and/or any of its affiliates (collectively, the “Company”) effective June 28, 2019 (the “Separation
Date”) and your eligibility for the Separation Benefits described below. You are entitled to the Separation Benefits only if you agree to and comply with the terms of this Agreement. 

In consideration of the mutual promises and agreements contained herein and for other good and valuable consideration, the sufficiency and
receipt of which are hereby acknowledged, you and the Company agree as follows: 
 1.    Separation of
Employment. Your employment with the Company will end at the close of business on the Separation Date. You acknowledge that from and after the Separation Date, you will have no authority to, and shall not represent yourself as an employee or
agent of the Company. The Company shall not have the right to involuntarily terminate your employment prior to the Separation Date other than for Cause. In the event of the Company’s involuntary termination of your employment for Cause, you
shall not be entitled to any Separation Benefits (defined below) and the Company reserves all forfeiture and recoupment rights under any other Company plans or policies. For purposes of this Agreement, “Cause” shall have the meaning given
such term in the Houghton Mifflin Harcourt Publishing Company ELT Severance Plan. 
 2.    Separation
Benefits. Subject to the terms of this Agreement (including that you sign and return this Agreement to the Company by June 14, 2019 and comply with its terms), and your subsequent execution of a second general release of claims (in
addition to the release of claims provided in Paragraph 6 hereof) in the form attached hereto as Attachment 1 (the “Release”) (which Release shall be executed and delivered no earlier than the Separation Date but not later than 21 days
following the Separation Date) and such Release becoming effective after the expiration of seven days following your execution thereof without your revocation of the Release, and provided that you have not rescinded the non-competition obligations set forth in Paragraph 9(e) below within seven business days after signing this Agreement, the Company will provide you with the following benefits, (collectively, the “Separation
Benefits”): 
 (a)    Separation Pay. The Company will pay you 52 weeks of separation pay at your
current weekly rate of $10,096.15, less required withholdings and deductions in accordance with the Company’s normal payroll schedule and practice (“Separation Pay”). The Company will make the first payment as soon as practicable
following the later of (i) your timely execution of this Agreement, (ii) your timely execution of the Release, (iii) the expiration of the revocation period contained in the Release, without your revocation, and (iv) your
compliance with the obligations set forth in Paragraph 9(b) below. The first payment will cover the time period from the day after your Separation Date until the first practicable regularly scheduled pay date following your execution of the Release
and the end of the revocation period. In no event will payments be made later than the last day of the second taxable year following the taxable year in which the Separation Date occurs. 

(b)    Repayment Waiver. The Company will waive the requirement under the Employee Relocation Expense Repayment
Agreement dated August 21, 2018 that you repay the relocation expenses the Company paid in connection with your move to Boston, MA. 

  
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 You shall remain eligible for the Separation Pay even if you secure other employment with an
employer other than the Company or any of its affiliates prior to or while receiving Separation Pay. If you become re-employed by the Company or any of its affiliates while receiving Separation Pay, you shall
have no further right to any unpaid or unused Separation Pay, which shall end immediately upon rehire. You acknowledge and agree that you would not be entitled to the Separation Pay if you had not signed this Agreement and entered into the Release.

 3.    Unused Vacation. As of the date of this Agreement, you have 23.24 hours of accrued but unused
vacation. Any accrued but unused vacation as of the Separation Date will be paid to you with your final pay even if you do not sign this Agreement. 

4.    Employee Benefits. Except as set forth in this Agreement or as otherwise required by applicable law,
your participation in and rights under any Company employee benefit plans and programs will be governed by the terms and conditions of those plans and programs, which may be amended, modified, suspended or terminated by the Company at any time for
any or no reason to the extent permitted by law. 
 5.    Stock Options and Restricted Stock. Nothing in
this Agreement is intended to modify the Company’s or your rights and obligations (and restrictions on such rights and obligations, including but not limited to those in the Company’s Securities Trading Policy) with respect to awards of
stock options, time-based restricted stock units (“RSUs”), performance-based restricted stock units (“PSUs”) or any other outstanding equity awards (collectively, “Awards”) made under the Houghton Mifflin Harcourt
Company 2015 Omnibus Incentive Plan (“OIP”), including without limitation your right to exercise vested options for 90 days following the Separation Date and your forfeiture of all RSUs, PSUs and other Awards that, in each instance, have
not vested on or before the Separation Date. The terms of the applicable Award agreements and plan documents remain in effect with respect to such Awards. 

6.    Release of Claims. 

(a)    You, and anyone claiming through you or on your behalf, waive the right to assert and further agree to release and
discharge the Company and the other Released Parties (as defined below) with respect to any and all Claims (as defined below), whether currently known or unknown, that you now have, have ever had, or may ever have against the Company and any of the
other Released Parties arising from or related to any fact, agreement, act, omission, or thing occurring or existing at any time prior to or on the date on which you sign this Agreement. Without limiting the foregoing, the Claims released by you
hereunder include, but are not limited to: 
 (i)    all Claims for or related in any way to your employment,
compensation, other terms and conditions of employment, or termination from employment with the Company, including without limitation all claims for salary, wages, bonus, incentive, commission, stock, stock options (including all Claims under the
OIP and the Awards, except for Claims related to vested stock options, RSUs and PSUs), severance pay, employee benefits or any other compensation or benefit; 

(ii)    all Claims that were or could have been asserted by you or on your behalf: (A) in any federal, state, or
local court, commission, or agency; (B) under any common law theory; or (C) under any contract, tort, federal, state, or local law, statute, regulation, ordinance, constitutional provision, administrative code, rule or executive order; and

 (iii)    all Claims that were or could have been asserted by you or on your behalf arising under any of the
following laws, as amended from time to time: Title VII of the Civil Rights Act of 1964; the Americans with Disabilities Act; the Genetic Information Nondiscrimination Act; the Equal Pay Act of 1963; the Rehabilitation Act of 1973; the National
Labor Relations Act; the Employee Retirement Income Security Act; the Family and Medical Leave Act; the Worker Adjustment and Retraining Notification Act; the Uniformed Services Employment & Reemployment Rights Act; the Massachusetts Fair
Employment Practices Act; M.G.L. c. 151B, § 1 et seq.; the Massachusetts Civil Rights Act, M.G.L. c. 12, §§ 11H and 11I; the Massachusetts Equal Rights Act, M.G.L. c. 93, § 102 and 

  
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Company Initials: /s/WB 

 
M.G.L. c. 214, § 1C; the Massachusetts Labor and Industries Act, M.G.L. c. 149, § 1 et seq.; the Massachusetts Payment of Wages Act, M.G.L. c. 149, §§ 148 et
seq.; the Massachusetts Equal Pay Act, M.G.L. c. 149, §105A et seq., the Massachusetts Privacy Act, M.G.L. c. 214, § 1B; and the Massachusetts Maternity Leave Act , M.G.L. c. 149, § 105(d), and all other federal, state and
local laws, statutes, regulations or ordinances, including any “whistleblower” law, statute, regulation or ordinance, prohibiting discrimination or pertaining to employment. 

(b)    Notwithstanding the foregoing terms, you do not waive or release (i) any claim for the Separation Pay;
(ii) any right or claim that may not legally be waived; (iii) any vested benefits under the Company’s employee benefit plans and programs; (iv) your rights to indemnification and defense, if any, pursuant to the Company’s
certificate of incorporation and by-laws; or (v) your rights, if any, under the Company’s D&O insurance policies. 

(c)    The term “Released Parties” as used in this Agreement means: (i) the Company and its past, present,
and future parents, divisions, subsidiaries, partnerships, affiliates, and other related entities (whether or not they are wholly owned); (ii) the past, present, and future owners, trustees, fiduciaries, administrators, shareholders, directors,
officers, partners, agents, representatives, members, associates, employees and attorneys of each entity listed in subpart (i) above; and (iii) the predecessors, successors, and assigns of each entity listed in subparts (i) and (ii)
above. 
 (d)    The terms “Claim” and “Claims” as used in this Paragraph 6 are intended to be as
broad as the law allows and mean any and all charges, complaints, and other forms of action against any of the Released Parties, seeking any form of relief including, without limitation, equitable relief (whether declaratory, injunctive or
otherwise), the recovery of any damages, or any other form of monetary recovery whatsoever (including, without limitation, back pay, front pay, compensatory damages, emotional distress damages, punitive damages, liquidated damages, treble damages,
consequential damages, attorneys’ fees and any other costs) against any of the Released Parties. 
 (e)    This
Release does not prohibit you from filing a charge of discrimination with the Equal Employment Opportunity Commission (“EEOC”) or any state or local human rights agency. Nor does this Agreement prevent you from participating in any
investigation or proceeding conducted by the EEOC or any state or local agency. However, the Agreement does preclude the recovery of monetary damages, including attorneys’ fees and costs, against the Released Parties for any charge or claim of
discrimination and you hereby waive any right to any relief, including the right to damages, attorneys’ fees and costs in connection with any charge or claim for discrimination. 

7.    Representations. 

(a)    You represent and warrant that: (a) you have not filed any complaint, charge or claim or initiated any other
legal proceedings against any of the Released Parties; (b) no such proceedings have been initiated against any of the Released Parties on your behalf; (c) you are the sole owner of the claims that are released in Paragraph 6 above;
(d) none of these claims has been transferred or assigned or caused to be transferred or assigned to any other person, firm or other legal entity; and (e) you have the full right and power to grant, execute, and deliver the releases,
undertakings, and agreements contained in this Agreement. 
 (b)    The Company represents that it is not aware of any
basis for the Company to bring a claim against you in connection with your actions while employed by and on behalf of the Company. 

8.    No Compensation Owing. Except as provided in this Agreement, you acknowledge and agree that you are
not entitled to and will not receive any payments (other than for earned but unused vacation, if any, and unpaid base salary earned through the Separation Date), benefits, or recovery of any kind from the Company or other Released Parties, including
but not limited to any salary, wages, 

  
 3 

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commissions, incentive, holiday pay, stock options, stock, bonuses or severance. In the event of any further proceedings whatsoever based upon any matter released herein, the Company and each of
the other Released Parties shall have no further monetary or other obligation of any kind to you, including without limitation any obligation for any costs, expenses and attorneys’ fees incurred by or on behalf of you. 

9.    Company Property; Restrictive Covenants. You acknowledge and agree to the following: 

(a)    Acknowledgements. You understand and acknowledge that by virtue of your employment with the Company, you had
access to and knowledge of Confidential Information (defined below), were in a position of trust and confidence with the Company and benefitted from the Company’s goodwill. You understand and acknowledge that the Company invested significant
time and expense in developing the Confidential Information and goodwill. You further understand and acknowledge that the restrictive covenants below are necessary to protect the Company’s legitimate business interests in its Confidential
Information and goodwill. You further understand and acknowledge that the Company’s ability to reserve these for the exclusive knowledge and use of the Company is of great competitive importance and commercial value to the Company and that the
Company would be irreparably harmed if you violate the restrictive covenants below. 
 (b)    Company Property.
By no later than the Separation Date, you shall return all documents (whether in hard copy or electronic form) and other property of the Company and the other Released Parties, including all property containing any Confidential Information (defined
below), to the Company and you shall not retain any copies thereof. Notwithstanding the terms of Paragraph 2, none of the Separation Benefits will be paid or available to you until you have returned all Company property, paid any and all personal
charges charged to your Company-issued credit card or any other Company account, and repaid any and all cash advances or other advances (including but not limited to any advance of vacation time not yet accrued) provided to you by the Company. 

(c)    Non-Disclosure of Confidential Information. You shall abide by all
common law and/or statutory obligations relating to protection and non-disclosure of the Company’s Confidential Information. Additionally, you shall regard and preserve as confidential all Confidential
Information pertaining to the Company that has been obtained by you in the course of employment with the Company, whether such information is in your memory or in writing or other physical or electronic form. Except as required by law, you will not,
without written consent and authority from the Company, directly or indirectly, use for your benefit or purpose or disclose to others any Confidential Information. Further, the terms of the Confidentiality and Intellectual Property Agreement dated
May 6, 2016 are incorporated herein and shall survive the signing of this Agreement and you hereby reaffirm your obligation to abide fully by the provisions of such agreement. To the extent that such incorporated agreement provides for greater
obligations with regard to confidential or proprietary information, then the terms affording the Company the broadest protection shall apply. 

(d)    Confidential Information. “Confidential Information” as used in this Agreement includes all trade
secrets and confidential and proprietary information of the Company, including all (i) Financial Information, such as the Company’s or any of its affiliates’ earnings, assets, debts, prices, pricing structure, volume of
purchases, business plans, sales or other financial data, services and operations; (ii) Marketing Information, such as details about ongoing or proposed marketing programs or agreements by or on behalf of the Company or any of its
affiliates, sales forecasts, test market information or results of marketing efforts or information about impending transactions; (iii) Personnel Information, such as employee’s personally identifiable information, medical
histories, compensation or other terms of employment, actual or proposed promotions, hirings, resignations, disciplinary actions, terminations or reasons therefore, training methods, performance, or other employee information; (iv) Customer
Information, such as any compilation of past, existing or prospective customer’s names, addresses or backgrounds, records of purchases ad prices, proposals or agreements between customers and the Company or any of its affiliates, status of
customer’s accounts or credit or related information 

  
 4 

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about actual or prospective customers; (v) Product Information, such as product designs, patterns, devices, plans for new products, line extensions, manufacturing and distribution
processes and related information; and (vi) Other Information that the Company or any of its affiliates maintains as confidential and uses to conduct its business or gain competitive advantage. “Confidential Information” does
not include information that lawfully is or has become generally known to the public other than through my breach of my obligations to the Company. 

(e)    Non-Competition. Because of the Company’s legitimate business
interest as described in this Agreement and the good and valuable consideration offered to you, and in connection with the cessation of your employment, for a period of one year after the Separation Date (the “Restricted Period”), you
shall not directly or indirectly, own, manage, operate, control, consult with, be employed by or participate in the ownership, management, operation or control of any of the following companies or their parents, divisions, subsidiaries,
partnerships, affiliates, successors or other related entities (whether or not they are wholly owned): McGraw-Hill (including the combined McGraw-Hill and Cengage entity should the proposed merger of the two close), Pearson, Scholastic and
Curriculum Associates (“Restricted Companies”). For the avoidance of doubt, you have seven business days following the date you sign this Agreement to rescind your acceptance of this Paragraph 9(e); provided, however, that you acknowledge
that, should you so rescind, you will not be eligible to receive any of the Separation Benefits and you will remain subject to the continuing obligations set forth in the Non-Competition and Non-Solicitation Agreement previously entered into between you and the Company on April 22, 2015. 

(f)    Non-Solicitation; Non-Hire.
You understand and acknowledge that the Company has expended and continues to expend significant time and expense in recruiting and training its personnel and that the loss of personnel would cause significant and irreparable harm to the Company.
During the Restricted Period, (i) you shall not, directly or indirectly, employ, solicit for employment or otherwise contract for the services of any employee of, independent contractor engaged by or contingent personnel assigned to the Company
at the time of this Agreement or who shall subsequently become an employee, independent contractor or contingent personnel of the Company during the Restricted Period; provided, however, this subparagraph (f) shall not apply to your
personal assistant as of the Separation Date; and (ii) you shall not solicit, on behalf of the Restricted Companies, any person or entity who is, or was at any time within the 12 months prior to the Separation Date, a customer of the business
conducted by the Company. 
 (g)    Blue Pencil. You and the Company further acknowledge that the time, scope,
geographic area and other provisions of this Agreement have been specifically negotiated by sophisticated commercial parties and agree that all such provisions are reasonable under the circumstances of the activities contemplated by this Agreement.
In the event that the covenants in this Agreement shall be determined by any court of competent jurisdiction to be unenforceable by reason of their extending for too great a period of time or over too great a geographical area or by reason of their
being too extensive in any other respect, they shall be interpreted to extend only over the maximum period of time for which they may be enforceable and/or over the maximum geographical area as to which they may be enforceable and/or to the maximum
extent in all other respects as to which they may be enforceable, all as determined by such court in such action. 

(h)    Non-Disparagement. Except as required by law, or as otherwise
permitted by Paragraph 9(k) below, you shall not make statements or representations, or otherwise communicate, directly or indirectly, in writing, orally, or otherwise, or take any action which may, directly or indirectly, disparage the Company or
its officers, directors, employees, or advisors; or their respective businesses or reputations. The Company shall instruct its directors and officers at the level of Executive Vice President and above, except as required by law, not to make
statements or representations, or otherwise communicate, directly or indirectly, in writing, orally, or otherwise, or take any action which may, directly or indirectly, disparage you or your business or reputation. 

(i)    Enforcement. You acknowledge that a breach or threatened breach of the covenants contained in this Paragraph
9 may cause irreparable damage to the Company and its affiliates, the exact amount of which will be difficult to ascertain and that the remedies at law for any such breach or 

  
 5 

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threatened breach will be inadequate. Accordingly, you agree that if you breach or threaten to breach any of the covenants contained in this Paragraph 9, in addition to any other remedy which may
be available at law or in equity, the Company shall be entitled to specific performance and injunctive relief without posting a bond, and you hereby waive the adequacy of a remedy at law as a defense to such relief. You further acknowledge and agree
that, while the non-solicitation obligations above are essential to the protection of the Company’s legitimate business interests, such interests cannot adequately be protected without the non-competition obligations set forth in Paragraph 9(e). 
 (j)    Confidentiality
of Agreement. Except as required by law, or as otherwise permitted by Paragraph 9(k) below, you shall not disclose the existence or terms of this Agreement to any third parties with the exception of your financial advisor(s), attorney(s), and
immediate family member(s), provided that each such person shall be bound by this confidentiality provision and you shall ensure such confidentiality, as well as the office of unemployment, taxing authorities and bank personal if requested to do so.
You will give the Company immediate notice and a copy of any subpoena or other legal requirement that you make any otherwise prohibited disclosure, prior to making any such disclosure to the extent practicable. 

(k)    Nothing in this Agreement or elsewhere prohibits you from communicating with government agencies about possible
violations of federal, state or local laws or regulations or otherwise providing information to any government agency, regulator, or legal authority, filing a complaint with any government agency, participating in government agency investigations or
proceedings, or making other disclosures that are protected under the whistleblower provisions of federal, state or local laws or regulations. You are not required to notify the Company of any such communications; provided, however, that nothing
herein authorizes the disclosure of information that you obtained through a communication that was subject to the attorney-client privilege. Further, notwithstanding your confidentiality and nondisclosure obligations, you are hereby advised as
follows pursuant to the Defend Trade Secrets Act: “An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a
Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document
filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to an attorney of the individual and
use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.” 

(l)    Forfeiture; Other Relief. You acknowledge and agree that the requirements of this paragraph are among the
material inducements for the Company to enter into this Agreement. A breach of any provision in this Paragraph 9 shall constitute a material breach of this Agreement and, in addition to any other legal or equitable remedy available to the Company,
shall entitle the Company to (i) recover any Separation Pay paid to you, and (ii) stop providing you with any additional Separation Pay. 

(m)    Announcements. The Company shall afford you a reasonable opportunity to review and comment on any public or
internal announcements concerning the termination of your employment with the Company. 

10.    Cooperation. The Company is, and/or may become, involved in disputes with third parties or regulatory
investigations concerning matters relating to your employment or areas of responsibility at the Company. You agree to (i) provide, at such times and in such locations as shall not unreasonably interfere with your personal and professional
commitments, truthful and reasonable cooperation to the Company including, but not limited to, your appearance at interviews with attorneys representing the Company, depositions, or court testimony pertaining to such matters whether or not formal
proceedings have already been commenced and through the conclusion of such matters or proceedings, and (ii) provide the Company with all documents in your possession or control relating to such matters, provided that the Company will reimburse
you for all reasonable travel expenses, including lodging and meals incidental to such cooperation. 

  
 6 

 Employee Initials: /s/REM 

Company Initials: /s/WB 

 11.    No Admission. Nothing in this Agreement is intended
to or shall be construed as an admission by the Company or any of the other Released Parties that any of them violated any law, interfered with any right, breached any obligation or otherwise engaged in any improper or illegal conduct with respect
to you or otherwise. The Company and the other Released Parties expressly deny any such illegal or wrongful conduct. 

12.    No Third-Party Beneficiary. The Separation Benefits described in this Agreement do not confer any
right to a benefit upon any other individual or any employee of the Company. The Company specifically reserves its right to amend, modify or terminate the terms and conditions of separation offered to any other employee, and the terms of this
Agreement shall not create any right or expectation in any other individual that he or she is entitled to or will receive the same or a similar benefit. 

13.     ADEA Waiver Information/Revocation Period/Effective Date. It is the Company’s intent to make
certain that you fully understand the provisions and effects of the Release, including your waiver and release of claims. By signing the Release you will be acknowledging that you knowingly and voluntarily entered into the Release with the purpose
of waiving any rights and releasing any claims under the Age Discrimination in Employment Act of 1967 (the “ADEA”). Specifically, you will be acknowledging and agreeing that: 

 

	(i)	 The Release is worded in an understandable way; 

 

	(ii)	 You waive any rights and release all claims arising under the ADEA; 

 

	(iii)	 You do not waive claims under the ADEA that may arise after the date you sign the Release;

  

	(iv)	 The consideration given by the Company for the waiver of your rights and release of claims is in addition to
anything of value to which you are already entitled; 

  

	(v)	 You are being advised by this writing to consult with an attorney prior to executing the Release;

  

	(vi)	 You will have at least 21 days to consider the Release (although you may voluntarily choose to sign the
Release on, but no earlier than, the Separation Date); 

  

	(vii)	 Any changes made to this Agreement, whether material or immaterial, will not restart the running of this 21-day period; 

  

	(viii)	 You may revoke the waiver of rights and release of any ADEA (age discrimination) claims covered by the
Release within seven days of the date you sign the Release by providing a signed, written notice of the decision to revoke to William Bayers, EVP and General Counsel at the Company; and 

 

	(ix)	 The Release will not be effective until the date upon which the revocation period has expired without your
revocation, which will be the eighth calendar day after the date you sign the Release. 

14.    Entire Agreement/Waiver/Choice of Law/Jury Waiver. 

(a)    You acknowledge and agree that, with the exception of any agreements incorporated in Paragraph 9(c) above, this
Agreement supersedes any and all prior or contemporaneous oral and/or written agreements between you and the Company and sets forth the entire agreement between you and the Company; provided, however, that the
Non-Competition and Non-Solicitation Agreement previously executed between you and the Company shall remain in full force and effect and shall not be superseded until
the end of the seventh business day following your execution of this Agreement, provided further, that you have not rescinded your agreement to the non-competition restrictions set forth in Paragraph 9(e)
during such period. No variations or modifications of this Agreement shall be deemed valid unless reduced to writing and signed by you and the Company. 

  
 7 

 Employee Initials: /s/REM 

Company Initials: /s/WB 

 (b)    The failure of the Company to seek enforcement of any provision
of this Agreement in any instance or for any period of time shall not be construed as a waiver of such provision or of the Company’s right to seek enforcement of such provision in the future. 

(c)    This Agreement shall be deemed to have been negotiated and made in Massachusetts, shall take effect as an
instrument under seal within Massachusetts, and shall be governed by and construed in accordance with the laws of Massachusetts, without giving effect to conflict of law principles. 

(d)    You agree that any action, demand, claim or counterclaim relating to the terms and provisions of this Agreement, or
to its breach, shall be commenced in Massachusetts in a court of competent jurisdiction, and further acknowledge that venue for such actions shall lie exclusively in Massachusetts and that material witnesses and documents would be located in
Massachusetts. You also agree that a court in Massachusetts will have personal jurisdiction over you and you waive any right to raise a defense of lack of personal jurisdiction by such a court. 

(e)    Both parties hereby waive and renounce in advance any right to a trial by jury in connection with any action,
demand, claim or counterclaim relating to the terms and provisions of this Agreement, or to its breach. 
 (f)    If any
provision of this Agreement is held to be unenforceable, such provision shall be considered to be distinct and severable from the other provisions of this Agreement, and such unenforceability shall not affect the validity and enforceability of the
remaining provisions. If any provision of this Agreement is held to be unenforceable as written but may be made enforceable by limitation, then such provision shall be enforceable to the maximum extent permitted by applicable law. 

(g)    Section headings in this Agreement are used for convenience or reference only and shall not affect the meaning of
any provision of this Agreement. 
 15.    Counterparts. The parties may execute this Agreement in
counterparts, each of which shall be deemed an original, and all of which taken together shall constitute one and the same instrument. Delivery of this Agreement by facsimile, email in portable document format (.pdf), or by any other electronic
means intended to preserve the original graphic and pictorial appearance of a document has the same effect as delivery of an executed original of this Agreement. 

16.    Voluntary Agreement. By executing this Agreement, you acknowledge that you have been afforded
sufficient time to understand the terms and effects of this Agreement, that you are being advised to consult with an attorney prior to executing this Agreement, that your agreements and obligations hereunder are made voluntarily, knowingly and
without duress, and that neither the Company nor its agents or representatives have made any representations inconsistent with the provisions of this Agreement. 

  
 8 

 Employee Initials: /s/REM 

Company Initials: /s/WB 

 To accept the terms of this Agreement, please sign and date this Agreement, initial each page, and return
the signed and initialed copy of this Agreement to William Bayers, EVP and General Counsel at the Company no later than June 14, 2019. 
 THE
PARTIES STATE THAT THEY HAVE READ AND UNDERSTAND THE TERMS OF THIS AGREEMENT AND KNOWINGLY AND VOLUNTARILY INTEND TO BE BOUND BY THEM: 
  

									
	 ROSAMUND ELSE-MITCHELL
	 		 	 HOUGHTON MIFFLIN HARCOURT

PUBLISHING COMPANY

				
	/s/Rosamund Else-Mitchell	 		 	By:	 	/s/William F. Bayers
					
	Date:	 	6/11/19	 		 	Title:	 	EVP and General Counsel
					
		 		 		 	Date:	 	6/11/19
				
	 	 		 		 	

  
 9 

 Employee Initials: /s/REM 

Company Initials: /s/WB 

 ATTACHMENT 1 

GENERAL RELEASE OF CLAIMS 

In exchange for the mutual promises and consideration set forth in the Confidential Separation Agreement and General Release previously signed
by me (“Agreement”), I, Rosamund Else-Mitchell and anyone claiming through me or on my behalf, waive the right to assert and further agree to release and discharge the Company and the other Released Parties with respect to any and all
Claims whether currently known or unknown, that I now have, have ever had, or may ever have against the Company and any of the other Released Parties arising from or related to any fact, agreement, act, omission, or thing occurring or existing at
any time prior to or on the date on which I sign this General Release of Claims (“Release”). Without limiting the foregoing, the Claims released by me hereunder include, but are not limited to: 

(a)    all Claims for or related in any way to my employment, compensation, other terms and conditions of employment, or
termination from employment with the Company, including without limitation all claims for salary, wages, bonus, incentive, commission, stock, stock options, severance pay, employee benefits or any other compensation or benefit; 

(b)    all Claims that were or could have been asserted by me or on my behalf: (A) in any federal, state, or local
court, commission, or agency; (B) under any common law theory; or (C) under any contract, tort, federal, state, or local law, statute, regulation, ordinance, constitutional provision, administrative code, rule or executive order; and 

(c)    all Claims that were or could have been asserted by me or on my behalf arising under any of the following laws, as
amended from time to time: the Age Discrimination in Employment Act; the Older Workers Benefit Protection Act; Title VII of the Civil Rights Act of 1964; the Americans with Disabilities Act; the Genetic Information Nondiscrimination Act; the Equal
Pay Act of 1963; the Rehabilitation Act of 1973; the National Labor Relations Act; the Employee Retirement Income Security Act; the Family and Medical Leave Act; the Worker Adjustment and Retraining Notification Act; the Uniformed Services
Employment & Reemployment Rights Act; the Massachusetts Fair Employment Practices Act; M.G.L. c. 151B, § 1 et seq.; the Massachusetts Civil Rights Act, M.G.L. c. 12, §§ 11H and 11I; the Massachusetts Equal Rights Act,
M.G.L. c. 93, § 102 and M.G.L. c. 214, § 1C; the Massachusetts Labor and Industries Act, M.G.L. c. 149, § 1 et seq.; the Massachusetts Payment of Wages Act, M.G.L. c. 149, §§ 148 et seq.; the
Massachusetts Equal Pay Act, M.G.L. c. 149, §105A et seq., the Massachusetts Privacy Act, M.G.L. c. 214, § 1B; and the Massachusetts Maternity Leave Act , M.G.L. c. 149, § 105(d), and all other federal, state and local laws,
statutes, regulations or ordinances, including any “whistleblower” law, statute, regulation or ordinance, prohibiting discrimination or pertaining to employment. 

(d)    Notwithstanding the foregoing terms, I do not waive or release (i) any claim for the Separation Benefits;
(ii) any right or claim that may not legally be waived; (iii) any vested benefits under the Company’s employee benefit plans and programs; (iv) my rights to indemnification and defense, if any, pursuant to the Company’s
certificate of incorporation and by-laws; or (v) my rights, if any, under the Company’s D&O insurance policies. 

All capitalized terms used in this Release but not defined shall have the meanings given such terms in the Agreement. 

This Release does not prohibit me from filing a charge of discrimination with the EEOC or any state or local human rights agency. Nor does
this Release prevent me from participating in any investigation or proceeding conducted by the EEOC or any state or local agency. However, the Release does preclude the recovery of monetary damages, including attorney’s fees and costs, against
the Released Parties for any charge or claim of discrimination and I hereby waive any right to any relief, including the right to damages, attorney’s fees and costs in connection with any charge or claim for discrimination. 

  
 10 

 Employee Initials: 

Company Initials: 

 I represent and warrant that: (a) I have not filed any complaint, charge or claim or
initiated any other legal proceedings against any of the Released Parties; (b) no such proceedings have been initiated against any of the Released Parties on my behalf; (c) I am the sole owner of the Claims that are released above;
(d) none of these Claims has been transferred or assigned or caused to be transferred or assigned to any other person, firm or other legal entity; and (e) I have the full right and power to grant, execute, and deliver the Release. 

I fully understand the provisions and effects of this Release. By signing this Agreement, I acknowledge that I knowingly and voluntarily
entered into this Release with the purpose of waiving any rights and releasing any claims under the Age Discrimination in Employment Act of 1967 (the “ADEA”). Specifically, I acknowledge and agree that: 

 

	 	i.	 This Release is worded in an understandable way; 

 

	 	ii.	 I waive any rights and release all claims arising under the ADEA; 

 

	 	iii.	 I do not waive claims under the ADEA that may arise after the date I sign this Release;

  

	 	iv.	 The consideration given by the Company for the waiver of my rights and release of claims is in addition to
anything of value to which I am already entitled; 

  

	 	v.	 I am being advised by this writing to consult with an attorney prior to executing this Release;

  

	 	vi.	 I have 21 days to consider this Release (although I may voluntarily choose to sign this Release earlier, but
in no event earlier than the Separation Date); 

  

	 	vii.	 Any changes made to this Release, whether material or immaterial, will not restart the running of this 21-day period; 

  

	 	viii.	 I may revoke this waiver of rights and release of any ADEA (age discrimination) claims covered by this
Release within seven days of the date I sign this Release by providing a signed, written notice of the decision to revoke to William Bayers, EVP and General Counsel at the Company; and 

 

	 	ix.	 This Release will not be effective until the date upon which the revocation period has expired without my
revocation, which will be the eighth calendar day after the date I signed this Agreement. 

 I have read and understand the terms
of this Release and knowingly and voluntarily intend to be bound by them: 
  

									
					
	Signature:	 	/s/Rosamund Else-Mitchell	 		 	Date:	 	6/28/19
		 	ROSAMUND ELSE-MITCHELL	 		 		 	

  
 11 

 Employee Initials:
             
 Company Initials:

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