Document:

EXHIBIT 10.6

  

  

  

  

  

  
    PERFORMANCE AWARD

    RESTRICTED STOCK AWARD

    Granted by

    

    

    WATERSTONE FINANCIAL, INC.

    

    

    under the

    

    

    WATERSTONE FINANCIAL, INC.

    2020 OMNIBUS INCENTIVE PLAN

    

    

    This Performance Award Agreement for Restricted Stock (“Performance Award” or “Agreement”)

      is and will be subject in every respect to the provisions of the 2020 Omnibus Incentive Plan (the “Plan”) of Waterstone Financial, Inc. (the “Company”) which are
      incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement.  A copy of the Plan has been provided or made available to each person granted a Performance Award for Restricted Stock pursuant to the Plan.  The
      holder of this Performance Award (the “Participant”) hereby accepts this Performance Award, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and
      interpretations of the Plan and this Agreement by the Compensation Committee of the Board of Directors of the Company (“Committee”) will be final, binding and conclusive upon the Participant and the
      Participant’s heirs, legal representatives, successors and permitted assigns.  Capitalized terms used herein but not defined will have the same meaning as in the Plan.

    1.   Name of Participant. _______________________________

     
    2.   Date of Grant. ______________________________

    	3.	
            Target number of Shares of Restricted Stock granted at Target.  [##____##]

          

    The total number of shares to be issued may increase or decrease depending on whether the performance conditions are satisfied at the threshold, target or
      maximum levels, as provided in Exhibit A.  In the aggregate, a Participant can earn between 0% and [###]% of the Award based upon the attainment of the Performance Targets as provided in Exhibit A (the “Performance Targets”).  The Committee shall determine the extent to which the Performance Targets have been achieved, and the level of achievement.  The Committee has the authority to extrapolate between the
      threshold, target and maximum levels achieved.  Notwithstanding anything to the contrary herein, the Committee, in its sole discretion exercised at the time of settlement of the Restricted Stock Award, may settle the Restricted Stock Award in cash
      equal to the then fair market value of the Restricted Stock Awards earned or may settle the Restricted Stock Award in a combination of cash and Stock.

    4.   Restricted Stock Award.

    

    

    A Restricted Stock Award is an Award denominated in shares of Stock, subject to a risk of forfeiture.  The forfeiture restrictions will lapse when the
      Restricted Stock Award vests.

     

    

    
      
        

    

    
    	5.	
            Performance Goal(s)/Vesting Schedule.  Except as otherwise provided in this Agreement, this Performance Award is earned at the end of the measurement period (sometimes
              referred to herein as the “performance period”) based on the level of achievement of the Performance Goal(s).  The measurement period for the Award is the three (3) calendar years from [Year 1] through
              [Year 3].  The determination date for purposes of vesting of the Award will be no later than March 15, [Year 4] (or as soon thereafter during [Year 4] as achievement or non-achievement of the performance measure can be determined, with any earlier or delayed date being deemed the “determination date”).  In order to vest in the Award: (i) the
              Committee must certify in writing, the level at which the performance measure was, in fact, satisfied and (ii) the Participant must be employed on the determination date, unless vesting is accelerated due to the Participant’s death or
              Disability or following a Change in Control.

          

    The actual number of Restricted Stock Awards earned will be scaled, based on actual performance over the measurement period versus the
      stated goals. For further information regarding the performance metrics that must be achieved to earn an Award and the percentage of the Award that may be earned at various levels of achievement, please refer to Exhibit A.

    	6.	
            Terms and Conditions.

          

    	

          	6.1	
            Voting Rights.  The Participant will have the right to vote the shares of Restricted Stock awarded hereunder on matters which require shareholder vote.

          

    	

          	6.2	
            Dividends.  Any cash dividends or distributions declared with respect to shares of Stock subject to the Restricted Stock Award will be retained and distributed to the Participant after the Restricted Stock vests. 
              If the Restricted Stock does not vest, the dividends will be forfeited by the Participant.  Any stock dividends declared on shares of Stock subject to a Restricted Stock Award will be subject to the same restrictions and will vest at the same
              time as the shares of Restricted Stock from which said dividends were derived.

          

    
      	6.	
              Delivery of Shares.

            

    

    Delivery of shares of Stock under this Performance Award will comply with all applicable laws (including, the requirements of the 1934 Act), and the applicable requirements of any
      securities exchange or similar entity.

    

    

    8.   Change in Control.

    

    

    	

          	8.1	
            Upon the occurrence of a Change in Control, any Restricted Stock Award awarded hereunder that is not replaced by a Replacement Award, as defined in Section 9(c) of the Plan, will vest based upon an assumed
              achievement of the Performance Goals at the greater of the target level or actual achievement level (measured at the date of the Change in Control), taking into account performance through the latest date preceding the Change in Control as to
              which performance can, as a practical matter, be determined (but not later than the end of the applicable performance period.  Any Award replaced by a Replacement Award shall be referred to herein as a “Replaced Award.”

          

    

    

    
      2

      
        

    

    	

          	8.2	
            In the event of a Change in Control, if a Replacement Award is granted, the Replaced Award shall not vest upon the Change in Control.  An Award will be considered a Replacement Award if: (i) it is of the same type
              as the Replaced Award; (ii) it has a value equal to the value of the Replaced Award as of the date of the Change in Control, as determined by the Committee in its sole discretion consistent with Section 3(d); (iii) the underlying Replaced
              Award was an equity-based award and related to publicly traded equity securities of the Company or the entity surviving the Company following the Change in Control; (iv) it contains terms relating to vesting (including with respect to a
              Termination of Service) that are substantially identical to those of the Replaced Award; and (v) its other terms and conditions are not less favorable to the Participant than the terms and conditions of the Replaced Award (including the
              provisions that would apply in the event of a subsequent Change in Control) as of the date of the Change in Control.  Without limiting the generality of the foregoing, a Replacement Award may take the form of a continuation of the applicable
              Replaced Award if the requirements of the preceding sentence are satisfied.  The determination whether the conditions of this Section 9(c) are satisfied shall be made by the Committee, as constituted immediately before the Change in Control,
              in its sole discretion.

          

    

    

    	

          	8.3	
            In the event of a Termination of Service by the Company other than for Cause at or within 24 months following a Change in Control, all Replacement  Awards held by the Participant will vest in full and be free of
              restrictions, and be deemed to be earned in full, at the greater of (x) the applicable target level and (y) the level of achievement of the Performance Goals as determined by the Committee taking into account performance through the latest
              date preceding the Termination of Service as to which performance can be determined (but not later than the end of the applicable performance period).

          

    

    

    	

          	8.4	
            A “Change in Control” will be deemed to have occurred as provided in Section 9(e) of the Plan.

          

    

    

    9.   Adjustment Provisions.

    

    

    This Performance Award will be adjusted, in accordance with Exhibit A, based on actual achievement at the end of the measurement period.

    In addition, this Performance Award, including the number of shares of Stock subject to the Restricted Stock Awards, will be adjusted
      upon the occurrence of the events specified in, and in accordance with the provisions of, Section 3(d) of the Plan.

    10.  Effect of Termination of Service on Performance Award.

    10.1 This Performance Award will vest as follows:

    
      3

      
        

    

    
      
        	
                (i)

              	
                Death.  In the event of the Participant’s termination of service by reason of the Participant’s death, all Restricted Stock Awards will vest at the
                  greater of target or actual achievement (if known) at the Participant’s date of death, multiplied by a fraction, the numerator of which is the full months worked by the Participant during the performance period and the denominator of
                  which is the total months in the performance period.

              

      

      

      

      
        	
                (ii)

              	
                Disability.  In the event of the Participant’s termination of service by reason of Disability, all Restricted Stock Awards will vest at the greater
                  of target or actual achievement (if known) as of the date of the Participant’s termination of service due to Disability, multiplied by a fraction, the numerator of which is the full months worked by the Participant during the performance
                  period and the denominator of which is the total months in the performance period.

              

      

      

      

      
        	
                (iii)

              	
                Retirement.  In the event of the Participant’s termination of service by reason of Retirement, Restricted Stock Awards that are granted as Performance Awards hereunder shall vest as follows: vesting shall not be accelerated to the retirement date, but at the end of the measurement period, the Participant
                    may vest in a portion of the Award on a pro rata basis by multiplying the number of shares of Stock that would have been earned by the Participant based on achievement of the performance measures over the measurement period (as set
                    forth on Exhibit A) by a fraction, the numerator of which is the full months worked by the Participant during the performance period and the denominator of which is the total months in the
                    performance measurement period (i.e., 18 out of 36 months equals 50%). For these purposes, a Participant will be deemed to have a termination of service due to
                    “Retirement” if the Participant terminates Service voluntarily with the Company or an Affiliate on or after attainment of either (i) age 65
                    or (ii) age 60 with ten years of service  (measured from a participant’s date of hire).  Notwithstanding anything herein to the contrary, the Participant shall not be eligible for, or shall forfeit the entire Award if the Participant
                    violates the terms of the noncompete requirements set forth in Section 11.6 hereof within the first year after Retirement.

              

      

      

      

      
        	
                (iv)

              	
                Termination for Cause.  If the Participant’s Service has been terminated for Cause, all Restricted Stock Awards granted to a Participant hereunder
                  will expire and be forfeited.

              

      

      

      

      
        	
                (v)

              	
                Other Termination.  If a Participant terminates Service for any reason other than due to death, Disability, Termination of Service by the Company
                  other than for Cause within 24 months following a Change in Control, Retirement, or for Cause, all shares of Restricted Stock Award awarded to the Participant hereunder which have not vested as of the date of termination of service will
                  expire and be forfeited.

              

      

       

     

     

     

     

     

    
      4

      
        

    

    

    

    
      	
              (vi)

            	

            

    

    11.   Miscellaneous.

    	

          	11.1	
            No Performance Award will confer upon the Participant any rights as a stockholder of the Company prior to the date on which the individual fulfills all conditions for receipt of such rights and shares of Stock are
              transferred to the Participant.

          

    	

          	11.2	
            This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Participant.

          

    	

          	11.3	
            Restricted Stock Awards are not transferable prior to the time such Awards vest in the Participant.

          

    	

          	11.4	
            This Performance Award will be governed by and construed in accordance with the laws of the State of Wisconsin.

          

    	

          	11.5	
            This Performance Award is subject to all laws, regulations and orders of any governmental authority which may be applicable thereto and, notwithstanding any of the provisions hereof, the Company will not be
              obligated to issue any shares of Stock hereunder if the issuance of such shares would constitute a violation of any law, regulation or order or any provision thereof.

          

    	

          	11.6	
            In order to be eligible for any portion of this Performance Award following a termination of service due to retirement, the Participant shall not, for a period of one year after termination of service, Executive agrees not to compete with an Affiliate, the Company or any Affiliate of Company (collectively said entities are referred to as the “Company” for purposes of this Section 11) for a period of twelve
              (12) months following such termination in any county where the Company has one or more branches with aggregate deposits in excess of $100 million.  Executive agrees that during such period and within any county where the Company has one or
              more branches with aggregate deposits in excess of $100 million, Executive shall not work for or advise, consult or otherwise serve with, directly or indirectly, any entity whose business materially competes with the depository, lending or
              other business activities of the Company; provided, however, that this restriction shall not apply if the Participant’s retirement occurs contemporaneously with or following a Change in Control.

          

    	

          	11.7	
            The granting of this Performance Award does not confer upon the Participant any right to be retained in the employ of the Company or any subsidiary.

          

    	

          	11.8	
            Subject to written consent by the Committee, the Participant shall have the right to direct the Company (or an Affiliate) to collect federal, state and local income taxes and the employee portion of FICA taxes
              (Social Security and Medicare) with respect to any Restricted Stock Award in accordance with Section 15.2 of the Plan.  Notwithstanding the foregoing, the Company shall have the right to require the Participant to pay the Company (or
              Affiliate) the amount of any tax that the Company (or Affiliate) is required to withhold with respect to the settlement of the Restricted Stock Award or sell without notice, a sufficient number of shares of Stock received upon settlement of
              the Restricted Stock Award to cover the maximum amount required to be withheld under applicable law.

          

    	

          	11.9	
            To the extent any provision of this Agreement conflict with the terms of the Plan, the terms of the Plan shall control.

          

    [Signature Page Follows]

    
      5

      
        

    

    IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name and on its behalf as of the date of grant of this Performance Award set forth above.

    WATERSTONE FINANCIAL, INC.

     
    __________________________________ 

       

     
    By:  Douglas S. Gordon

    Its:   President and Chief Executive Officer 

    

    

    PARTICIPANT’S ACCEPTANCE

    The undersigned hereby accepts the foregoing Performance Award and agrees to the terms and conditions hereof, including the terms and provisions of the 2020
      Omnibus Incentive Plan.  The undersigned hereby acknowledges receipt of a copy of the Company’s 2020 Omnibus Incentive Plan.

    PARTICIPANT

     
    

       

     
    ________________________________ 

       

     
    [NAME]

     

    

    
      6

      
        

    

    EXHIBIT A

    

    

    Example of Grant: 1,000 Performance-Based Restricted Stock Awards

    

    

    The number of shares that vest will be based on achievement of specified performance measures as compared to  compensation peer group over the three (3) performance period.*

    

    

    	
            Level

          	
            Achievement

          	
            Payout %

             

          	
            Shares

             

          
	
            Threshold

          	
            Greater than 25% but less than 50% of peers

          	
            50%

          	
            500

          
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
            Target

          	
            50% but less than 75% of peers

          	
            100%

          	
            1,000

          
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
            Maximum

          	
            Equal to 75% or greater than peers

          	
            150%

          	
            1,500

          

    

    

    Performance Measure(s):

    

    

    *This type of schedule might be used for performance measured against the Company’s comparative peer group.  Also, can have scaling of awards in between threshold, target and maximum, i.e., achievement at 60% level would
      result in an award between target and maximum.

    

    

    
      7

      
        

    

    

    

    EXHIBIT A

    PERFORMANCE MEASURES AND VESTING SCHEDULE*

    Performance Measures – [TBD] 
    

    

    	
            Performance Goal(s)

              (Year 1–Year 3)

          
	
            Performance Measure/

            Award Percentage

          	
            Threshold (50%)

          	
            Target (100%)

          	
            Maximum (150%)

          	
            Weighting

          
	
            Example - Core Return on Average Assets (ROAA)

          	
            0.XX%

          	
            0.XX%

          	
            0.XX%

          	
            100%**

          
	
            ** If have more than one goal (i.e., two or three, weighting of the total of all goals would equal 100%)

          
	 
	
            Performance Award Payouts

              (Year 1–Year 3)

          
	
            Performance Award (shares of Company common stock)

          	
            Threshold

          	
            Target

          	
            Maximum

          	 
	 	
            500

          	
            1,000

          	
            1,500

          	 

    

    

    Vesting Schedule

    If the Performance Threshold is met or exceeded, the number of shares in the Award shall be determined and settled no later than March 15th of the year immediately following the end of
      the Performance Period, according to the following table:

    	
            Vested Percentage over Performance Period

          	
            Vesting Year

          
	
            0%

          	
            One

          
	
            0%

          	
            Two

          
	
            Up to 100% at applicable Threshold,

            Target or Maximum

          	
            Three

          

    

    

    

    *  This type of schedule can be used if you are looking at achievement of internal Performance Goals by the corporation.

    

    

  

  8Exhibit 10.1

 

 

May 12, 2020

 

Private and Confidential

 

Edmund J. Schwartz

22 Avon Road

Warren, New Jersey 07059

 

Dear Ed:

 

Further to our recent discussions, this
letter agreement (this “Letter”) sets forth the terms of your consulting arrangement with Summer Infant, Inc. and Summer
Infant (USA). Inc. (together, “Summer”), to commence on May 12, 2020. Initially, you will be engaged as a consultant
to the Company’s finance department. Commencing on or about June 15, 2020, and for the remaining term of your consultancy
engagement, you will serve as the Company’s Chief Financial Officer. This Letter sets forth our mutual understanding and
agreement regarding your consulting arrangement with Summer pursuant to the following terms and conditions.

 

Term, Position and Responsibilities:

 

Your consulting arrangement with Summer
will commence on May 12, 2020 and is expected to continue for an initial term of 12 months, subject to termination as described
herein. You have agreed that Summer may extend the term of this arrangement, in one-month increments, upon not less than fourteen
(14) days prior written notice to you before the expiration of the initial term or any extended term. If you desire to terminate
this engagement, you have agreed to provide Summer with at least thirty (30) days prior written notice. The Company may terminate
this engagement for any reason and at any time upon fourteen (14) days prior written notice to you, or immediately for cause. Commencing
on June 15, 2020 your title will be Chief Financial Officer ("CFO"). Throughout the term of your engagement, you will
report directly to Summer's Interim CEO, Stuart Noyes. Your responsibilities will include all duties assigned to you as consultant,
and as CFO including, without limitation, performing all duties commensurate with the office of CFO, providing oversight of Summer’s
finance department and working with Summer’s independent auditor. You will also act as an officer and/or director of Summer’s
subsidiaries. As CFO, you will be covered as an officer under the Company’s existing director and officer liability insurance
policy as currently in place.

 

You will be
expected to work Monday through Friday, during normal business hours. On most days you will be required to provide the
services from Summer's corporate headquarters located in Woonsocket, Rhode Island, however, with the prior consent of Summer
you may also provide the services working from your home office or if, due to governmental restrictions, travel is limited or
 “stay-at-home” orders are in place. You agree, at all times during the term of this consulting arrangement, to
conscientiously perform all of the duties and responsibilities assigned to you to the best of your ability and experience and
in compliance with law. You agree, during the term hereof, to use your best efforts to promote the interests of Summer and to
devote your full business time and energies to the business and affairs of Summer and the performance of your duties
hereunder.

 

     

    	Page 2	 	 

    

 

During your consulting period with Summer
you will be required to abide by Summer’s code of conduct, policies and procedures as set forth in Summer’s employee
manual or as otherwise communicated to you in writing. You will also be bound by and adhere to the terms and conditions set forth
in Appendix A, attached hereto and incorporated into this Letter.

 

For purposes of Securities and Exchange
Commission (“SEC”) reporting, as CFO you will be deemed an “executive officer” and will be subject to the
rules and requirements of Section 16 of the Securities Exchange Act of 1934.

 

Compensation:

 

You will receive compensation, in the amount
of Five Thousand Dollars ($5,000.00) for the month of May 2020, payable no later than May 29, 2020. Thereafter, you will receive
compensation, in the amount of Twenty Thousand Dollars ($20,000.00) per month, on the 15th of each month. Payment for
any month will be pro-rated for any month in which your consulting arrangement is terminated. You will provide Summer with a monthly
invoice for services and a weekly invoice for expenses to be reimbursed. The weekly expense invoice, once approved, will be due
and payable. You will be issued an IRS 1099 Tax Form by Summer reflecting the aggregate compensation to be paid to you by Summer.
Except as set forth below, you will not be eligible to participate in nor receive any standard employee benefits from Summer, including,
without limitation, health and dental benefits and retirement benefits.

 

Expense Reimbursement:

 

During your consulting arrangement with
Summer when you are required to be present at Summer's corporate headquarters. Summer will pay for you to stay at a hotel or other
lodgings located near Summer's corporate headquarters and otherwise acceptable to Summer. Summer
understands that you will be commuting to and from your home in New Jersey to Summer's headquarters, and Summer will reimburse
you for one (1) round trip per week at the applicable IRS mileage rate, and for a predetermined amount for toll expenses per trip
upon submission by you in your weekly invoice. Summer will reimburse you for all reasonable, documented meal expenses while performing
services at Summer’ corporate headquarters. Any other expenses incurred by you shall be reimbursed in accordance with Summer’s
expense reimbursement policies.

 

Governing Law:

 

Your consulting arrangement with Summer
shall be governed by and interpreted in accordance with the laws of the State of Rhode Island. By execution and delivery of this
Letter, you irrevocably submit to and accept the exclusive jurisdiction of the courts in the State of Rhode Island and waive any
objection (including any objection to venue or any objection based upon the grounds of forum non conveniens) which might be asserted
against the bringing of any such action, suit or other legal proceeding in such courts.

 

     

    	Page 3	 	 

    

 

Your
consultant arrangement with Summer is an “at will” arrangement, in that either you or Summer have the right to terminate
the consulting relationship at any time, with or without cause, upon the prior notice requirements set forth above. This status
may only be altered by written agreement, which is specific as to all material terms and is signed by an authorized officer of
Summer. The terms of this Letter do not, and are not, intended to create either an express and/or implied contract of employment
with Summer for a definitive term.

 

No Prior Agreement:

 

You have represented to Summer that you are not bound by any
agreement with any other entity or employer under which your provision of consulting services to Summer would constitute a breach,
including, without limitation, any agreement not to compete, any confidentiality agreement or any of exclusive employment. Any
breach or misrepresentation of the preceding representation shall constitute grounds to terminate your consulting arrangement.

 

To indicate your agreement to the terms and conditions set forth
in this Letter, please sign and date below and sign and date Appendix A, keep a copy for your records and return a copy to Patty
Hines, SVP for Human Resources.

 

	 	Very truly yours,
	 	 
	 	Summer Infant (USA), Inc.
	 	 
	 	/s/ Stuart Noyes
	 	 
	 	By: Stuart Noyes, President

 

I agree to the terms and conditions set forth in this Letter
represents the entire agreement between Summer and me concerning the consulting arrangement and supersedes any prior oral or written
agreements regarding such arrangement.

 

	/s/ Edmund J. Schwartz	 
	Edmund J. Schwartz	 
	 	 
	May 12, 2020	 
	Date	 

 

     

    	 	 	 

    

 

APPENDIX A

 

	I.	Confidentiality and Non-Disclosure:

 

By signing this Letter you recognize
and acknowledge that through your engagement by Summer as a consultant you will have access to certain confidential information
relating to Summer and its affiliates, including, but not limited to, operational policies, financial information, marketing information,
personnel information, trade secrets, customer information (including customer lists and analytical sales data), new products,
and pricing and cost policies, that are valuable, special and unique assets of Summer (collectively, “Confidential Information”).
You agree not to use or disclose such Confidential Information to any person, firm, corporation, association or other entity for
any purpose or reason whatsoever, except as is required in the course of performing your duties for Summer unless (i) such information
becomes known to the public generally through no breach by you of this covenant or (ii) disclosure is required by law or any governmental
authority or is required in connection with the defense of a lawsuit against the disclosing party, provided, that prior to disclosing
any information pursuant to this clause (ii), you shall give prior written notice to Summer and provide Summer with the opportunity
to contest such disclosure. You agree that, both during the term of your consulting arrangement with Summer and for a two (2) year
period after the termination of your consulting arrangement with Summer, for whatever the reason, you will hold in a fiduciary
capacity for the benefit of Summer and shall not, directly or indirectly, use or disclose, except as authorized by Summer in connection
with the performance of your duties, any Confidential Information, that you may have or may acquire hereafter (whether or not developed
or compiled by you and whether or not you have been authorized to have access to such Confidential Information). The covenants
contained herein shall survive your consulting arrangement with Summer for a period of two (2) years thereafter; provided, however,
that with respect to those items of Confidential Information which constitute trade secrets under applicable law, your obligations
of confidentiality and non-disclosure as set forth herein shall continue to survive to the greatest extent permitted by applicable
law. These rights of Summer are in addition to rights Summer has under the common law or applicable statutes for the protection
of trade secrets.

 

	II.	Records and Property:

 

All
records, files, memoranda, reports, price lists, customer lists, drawings, plans, sketches, documents and the like (together with
all copies thereof) relating to the business of Summer, which you shall use or prepare or come in contact with in the course of,
or as a result of, your consulting arrangement shall, as between the parties, remain the sole property of Summer. Upon termination
of your consulting arrangement with Summer or upon the prior demand of Summer, you agree to immediately return all such materials
and shall not thereafter cause removal thereof from the premises of Summer. Further, you agree to disclose and assign to Summer
as its exclusive property, all ideas, writings, inventions, discoveries, improvements and technical or business innovations made
or conceived by you, whether or not patentable or copyrightable, either solely or jointly with others during the course of your
consulting arrangement with Summer which are along the lines of the business, work or investigations of Summer or its affiliates.

 

    	 	A-1	 

    	 	 	 

    

 

	III.	Non Solicitation:

 

By signing this Letter you acknowledge that:
(i) the knowledge and experience that you will acquire in the course of consulting arrangement by Summer as interim CFO you will
be privy to Confidential Information and trade secrets as defined above, (ii) you will have personal contact with present vendors
and customers of Summer and that (iii) that Summer competes in a highly competitive market environment, and (iv) the provisions
of this non solicitation are reasonable and necessary to protect the business of Summer. As such, you agree for a period of one
(1) year after your termination of your employment with Summer (the “Restrictive Period”), You will not, for your own
benefit or for the benefit of any other person, during the Restrictive Period (A) solicit, employ or otherwise engage as an employee,
independent contractor or otherwise, any person who is an employee of Summer or was an employee during your employment with Summer
or in any manner induce or attempt to induce any employee of Summer to terminate the employee's employment with Summer, or (B)
interfere with the business relationship of Summer with any person, including any employee, contractor, supplier or customer of
Summer.

 

If any of the agreements set forth in this
Letter are held to be unreasonable, arbitrary, or against public policy, such agreements will be considered to be divisible as
to scope, duration and geographic area, and such lesser scope, duration or geographic area, or all of them, as a court of competent
jurisdiction determines to be reasonable, not arbitrary or not against public policy, will be effective, binding, and enforceable
against you.

 

	IV.	Acknowledgements/Remedies:

 

You acknowledge that the injury that would
be suffered by Summer as a result of a breach of the provisions of this Letter would be irreparable, and that an award of monetary
damages to Summer for such a breach would be an inadequate remedy. Consequently, Summer will have the right, in addition to any
other rights it may have, to obtain, in any court of competent jurisdiction, injunctive relief to restrain any breach or threatened
breach hereof or otherwise to specifically enforce any of the provisions of this Letter, and Summer will not be obligated to post
bond or other security in seeking such relief.

 

	/s/ Edmund J. Schwartz	 	May
12, 2020	 
	Edmund J. Schwartz	 	Date	 

 

    	 	A-2

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