Document:

Exhibit 10.38

SECOND AMENDMENT TO CREDIT AGREEMENT

THIS SECOND AMENDMENT TO CREDIT AGREEMENT (“this Second Amendment”) is made and entered into as of the 7th day of February, 2014, by and among:
		
	(i)
	OM GROUP, INC., a Delaware corporation (the “Parent”), HARKO C.V., a limited partnership (commanditaire vennootschap) under the laws of the Netherlands (“Harko”), represented by its general partner (beherend vennoot) OMG Harko Holdings, LLC, and VAC GERMANY GMBH, a limited liability company under the laws of Germany (“VAC” and, collectively with the Parent and Harko, the “Borrowers” with each being a “Borrower”); 

		
	(ii)
	The GUARANTORS party hereto (the “Guarantors”); and

		
	(iii)
	PNC BANK, NATIONAL ASSOCIATION, a national banking association, in its capacity as administrative agent (in such capacity, the “Administrative Agent”).

Recitals:
A.    The Borrowers, the Guarantors, the Administrative Agent, the Lenders from time to time party thereto, and certain other parties are the parties to that certain Credit Agreement dated as of September 4, 2013, as amended by a First Amendment thereto dated as of November 12, 2013 (collectively, the “Credit Agreement”).  Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the Credit Agreement.
B.    The Parent has requested that the Lenders agree to a modification of a defined term in Section 1.1 [Certain Definitions] of the Credit Agreement and a modification of Section 8.2.5 [Restricted Payments] of the Credit Agreement; and, subject to the terms and conditions of this Second Amendment, the Required Lenders have granted such request.
Agreements:
NOW, THEREFORE, in consideration of the foregoing Recitals and of the mutual agreements hereinafter set forth, the parties hereby agree as follows:

1.    Amendment of the Credit Agreement.  Subject to the terms, conditions and limitations of this Second Amendment, including, without limitation, Section 2, below:
(A)    The reference to “Section 8.2.5(i)” in clause (c) of the definition of “Restricted Payments Basket” in Section 1.1 [Certain Definitions] of the Credit Agreement is hereby deleted, and a reference to “Section 8.2.5(vi)” is hereby inserted in its place and stead.
(B)    Clause (ii) of Section 8.2.5 [Restricted Payments] of the Credit Agreement is hereby amended and restated in its entirety to provide as follows:
(ii)    so long as no Potential Default or Event of Default shall have occurred and be continuing at the time of declaration, Restricted Payments made by the Parent to the holders of its Equity Interests not in excess in any fiscal year of $15,000,000; provided that if the Restricted Payments made pursuant to this clause (ii) shall be less than $15,000,000 in any fiscal year, the difference between $15,000,000 and the amount of Restricted Payments actually declared and paid in such fiscal year shall be available to declare and pay Restricted Payments in subsequent fiscal years; provided further that in no event shall the amount of Restricted Payments made pursuant to this clause (ii) exceed $20,000,000 in any fiscal year;
2.    Second Amendment Effective Date; Conditions Precedent; Certifications.
(A)    Conditions Precedent.  The amendments provided for in Section 1, above, shall not be effective unless and until the Borrowers have satisfied all of the following conditions precedent (the date on which such effectiveness occurs being the “Second Amendment Effective Date”):
(i)    The Borrowers and the Guarantors shall have executed and delivered this Second Amendment to the Administrative Agent; 
(ii)    The Required Lenders shall have executed and delivered to the Administrative Agent their consent to this Second Amendment attached hereto; 
(iii)    Upon receipt of such written consent of the Required Lenders, the Administrative Agent shall have executed and delivered this Second Amendment on behalf of all of the Lenders; and

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(iv)    The Parent shall have confirmed to the Administrative Agent on such date that the certifications of the Borrowers and the Guarantors contained in clauses (i), (ii) and (iii) of paragraph (B), below, shall be true and correct in all material respects as of such date, and the Borrowers shall be deemed to have restated each of them as of the Second Amendment Effective Date.
The Administrative Agent shall advise the Parent and the Lenders promptly upon the satisfaction of the foregoing conditions and of the date of the Second Amendment Effective Date.
(B)    Loan Party Certifications.  Each Loan Party hereby certifies to the Administrative Agent and each Lender that, as of the Second Amendment Effective Date, and after giving effect to the amendments provided for in Section 1, above, (i) the representations and warranties of the Loan Parties contained in the Credit Agreement are true and correct in all material respects as though made on and as of such date except to the extent that any such representation and warranty refers expressly to an earlier date, in which case it shall be true and correct in all material respects as of such earlier date; (ii) no event or condition has occurred and is continuing that constitutes an Event of Default or Potential Default; and (iii) the execution and delivery of this Second Amendment by the Borrowers and the Guarantors have been approved by all necessary action of such Loan Parties’ respective boards of directors (or equivalent bodies otherwise named).
3.    No Other Modifications.  Except as expressly provided in this Second Amendment, all of the terms and conditions of the Credit Agreement and the other Loan Documents remain unchanged and in full force and effect.  Without limiting the generality of the preceding sentence, this Second Amendment is subject to the provisions of Section 5.1.2 [Bifurcation] of the Credit Agreement, and nothing in this Second Amendment shall be construed to modify or otherwise affect the provisions of Section 5.1.2 [Bifurcation] of the Credit Agreement.

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4.    Confirmation of Obligations.  The Borrowers and the Guarantors hereby confirm that the Borrowers are indebted to the Lenders for the outstanding Loans and Letter of Credit Obligations and are also obligated to the Lenders in respect of other Obligations as set forth in the Credit Agreement and the other Loan Documents, but in each case subject to the provisions of Section 5.1.2 [Bifurcation] of the Credit Agreement.  Each of the Borrowers and the Guarantors further acknowledges and agrees that as of the date hereof, to its respective knowledge, it (i) has no claim, defense or set-off right against any Lender, the Administrative Agent, or the Issuing Lender of any nature whatsoever, whether sounding in tort, contract or otherwise, and (ii) has no claim, defense or set-off of any nature whatsoever to the enforcement by any Lender, the Administrative Agent, or the Issuing Lender of the full amount of the Loans and other Obligations of the Loan Parties under the Credit Agreement and the other Loan Documents.
5.    Administrative Agent’s Expense.  Subject to the provisions of Section 11.3.1 [Costs and Expenses] of the Credit Agreement, the Parent agrees to reimburse the Administrative Agent promptly for its reasonable invoiced out-of-pocket costs and expenses incurred in connection with this Second Amendment and the transactions contemplated hereby, including, without limitation, the reasonable fees and expenses of Squire Sanders (US) LLP.
6.    Governing Law; Binding Effect.  THIS SECOND AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND SHALL BE BINDING UPON AND INURE TO THE BENEFIT OF THE BORROWERS, THE GUARANTORS, THE LENDERS AND THE ADMINISTRATIVE AGENT AND THEIR RESPECTIVE SUCCESSORS AND PERMITTED ASSIGNS.
7.    Counterparts.  This Second Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but all such 

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counterparts shall constitute one and the same instrument, and all signatures need not appear on any one counterpart.  Any party hereto may execute and deliver a counterpart of this Second Amendment by delivering by facsimile or email transmission a signature page of this Second Amendment signed by such party, and any such facsimile or email signature shall be treated in all respects as having the same effect as an original signature.  Any party delivering by facsimile or email transmission a counterpart executed by it shall promptly thereafter also deliver a manually signed counterpart of this Second Amendment.
8.    Miscellaneous.
(A)    Upon the effectiveness of this Second Amendment, this Second Amendment shall be a Loan Document.
(B)    The invalidity, illegality, or unenforceability of any provision in or Obligation under this Second Amendment in any jurisdiction shall not affect or impair the validity, legality, or enforceability of the remaining provisions or obligations under this Second Amendment or of such provision or obligation in any other jurisdiction.
(C)    This Second Amendment and all other agreements and documents executed in connection herewith have been prepared through the joint efforts of all of the parties.  Neither the provisions of this Second Amendment or any such other agreements and documents nor any alleged ambiguity shall be interpreted or resolved against any party on the ground that such party’s counsel drafted this Second Amendment or such other agreements and documents, or based on any other rule of strict construction.  Each of the parties hereto represents and declares that such party has carefully read this Second Amendment and all other agreements and documents executed in connection herewith and therewith, and that such party knows the contents thereof and signs the same freely and voluntarily.  The parties hereby acknowledge that they have been represented by 

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legal counsel of their own choosing in negotiations for and preparation of this Second Amendment and all other agreements and documents executed in connection therewith and that each of them has read the same and had their contents fully explained by such counsel and is fully aware of their contents and legal effect.
9.    Waiver of Jury Trial.  EACH OF THE PARTIES TO THIS SECOND AMENDMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS SECOND AMENDMENT, THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.  EACH PARTY HERETO HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS SECOND AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATION IN THIS SECTION.
[No additional provisions are on this page; the page next following is a signature page.]

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IN WITNESS WHEREOF, the Borrowers, the Guarantors, and the Administrative Agent have hereunto set their hands as of the date first above written. 
BORROWERS:

OM GROUP, INC.

By:  /s/ Christopher M. Hix
Name:    Christopher M. Hix
Title: Vice President and Chief Financial Officer

HARKO C.V.

By:  OMG Harko Holdings, LLC,
its general partner

By: /s/ Christopher M. Hix
Name: Christopher M. Hix
Title: Vice President

VAC GERMANY GMBH

By:  /s/ Valerie Gentile Sachs
Name:    Valerie Gentile Sachs
Title: Managing Director  

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GUARANTORS:

COMPUGRAPHICS U.S.A. INC.
OMG AMERICAS, INC. 
OMG ELECTRONIC CHEMICALS, LLC
OMG ENERGY HOLDINGS, INC.
OMG HARKO HOLDINGS, LLC
EAGLEPICHER TECHNOLOGIES, LLC
EAGLEPICHER MEDICAL POWER, LLC 
EPEP HOLDING COMPANY, LLC 
OMG GERMANY SUBSIDIARY 
HOLDING GMBH
OMG BORCHERS GMBH
OMG GERMANY HOLDING GMBH
VAC BETEILIGUNGS-GMBH
VAC FINANZIERUNG GMBH
VAC PARTICIPATION GMBH
VACUUMSCHMELZE GMBH & CO. KG
OMG KOKKOLA CHEMICALS HOLDING
(TWO) B.V.
VAC NETHERLANDS B.V.

Pursuant to the first sentence of Section 11.1 [Modifications, Amendments or Waivers] of the Credit Agreement, the Parent hereby executes and delivers this Second Amendment for and on behalf of each of the foregoing Guarantors:
OM GROUP, INC.

By:  /s/ Christopher M. Hix
Name:    Christopher M. Hix
Title: Vice President and Chief Financial Officer

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ADMINISTRATIVE AGENT:

Pursuant to the first sentence of Section 11.1 [Modifications, Amendments or Waivers] of the Credit Agreement, the Administrative Agent hereby executes and delivers this Second Amendment for and on behalf of all Lenders:

PNC BANK, NATIONAL ASSOCIATION, as Administrative Agent

By: /s/ Christina S. Brown
Name: Christian S. Brown 
Title: Senior Vice President

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EACH OF THE UNDERSIGNED LENDERS SIGNING BELOW HEREBY CONSENTS TO THE FOREGOING SECOND AMENDMENT TO CREDIT AGREEMENT:

PNC BANK, NATIONAL ASSOCIATION

By: /s/ Christina S. Brown
Name: Christian S. Brown 
Title: Senior Vice President

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BANK OF AMERICA, N.A.

By: /s/ Matthew Buzzelli
Name: Matthew Buzzelli 
Title: Senior Vice President

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WELLS FARGO BANK, NATIONAL ASSOCIATION

By: /s/ Jeffery A. White 
Name: Jeffery A. White 
Title: Vice President

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BNP PARIBAS

By: /s/ Berangere Allen
Name: Berangere Allen
Title:  Director

And

By: /s/ Michael A. Kowalczuk
Name: Michael A. Kowalczuk
Title: Director

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JPMORGAN CHASE BANK, N.A.

By: /s/ Dave J. Moran
Name: Dave J. Moran
Title: Vice President

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FIFTH THIRD BANK

By: /s/ Martin H. McGinty
Name: Martin H. McGinty
Title: Vice President

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THE HUNTINGTON NATIONAL BANK

By: /s/ Brian H. Gallagher
Name: Brian H. Gallagher
Title: Senior Vice President

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RBS CITIZENS, N.A.

By: /s/ Joshua Botnick
Name: Joshua Botnick
Title: Relationship Manager

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SUMITOMO MITSUI BANKING CORPORATION

By: /s/ James D. Weinstein
Name: James D. Weinstein
Title: Managing Director

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MIZUHO BANK, LTD.

By: /s/ James Fayen 
Name: James Fayen
Title: Deputy General Manager

19Ex10.8EmploymentAgreementScottJGoodwin

Exhibit 10.8

	
		
	
	Cenveo Corporation
200 First Stamford Place
2nd Floor
Stamford, CT  06902
(203) 595-3000
Fax (203) 595-3074

February 25, 2014
Scott J. Goodwin
200 First Stamford Place
Stamford, CT  06902
Dear Scott:
This letter agreement (the “Agreement”) governs certain terms of your employment by Cenveo Corporation (the “Company”) and the terms under which your employment with the Company may be terminated.  You and the Company hereby acknowledge that your employment with the Company constitutes “at-will” employment and that either party may terminate your employment at any time, upon written notice of termination, subject to and in accordance with the provisions of this Agreement.
1.    Termination of Employment.  
(a)     If the Company terminates your employment without Cause, as defined in Annex A, or if you terminate your employment for Good Reason, as defined in Annex A, the Company will pay you in lieu of any other severance benefit that would otherwise be payable to you, a lump sum payment within ten (10) days (or, if later, promptly after the time for revocation of the release referred to in Section 2 below has expired) after your termination equal to your annual Base Salary in effect at the time of such termination, your target bonus opportunity for the calendar year in which such termination occurs, and (c) an automobile allowance in effect at time of termination.
In addition, you will immediately vest in all outstanding stock options or other equity grants issued to you as of the date of your termination and you will be entitled to receive your base salary through the date of such termination (to the extent not previously paid) plus all other amounts (other than any severance benefits) you are entitled to under the terms of the Company’s benefit plans, programs and policies through the date of your termination. 
If you elect medical or dental coverage under the Company’s group medical or dental plans, the Company will also pay or reimburse you, if paid by you, promptly upon your request, an amount equal to the premium for COBRA coverage (for yourself and dependents) during a period not to exceed twelve (12) months of such COBRA coverage or such shorter period to which you or your dependents are entitled pursuant to COBRA following termination.

     (b)     If your employment is terminated for any other reason, including by reason of your death or disability, or if you voluntarily terminate your employment without Good Reason, you will be entitled to receive only your base salary through the date of such termination (to the extent not previously paid) plus all other amounts (other than any severance benefits) you are entitled to under the terms of the Company’s benefit plans, programs, and policies through the date of your termination.
(e)     Except as specifically provided in this Section 1, you will not be entitled to any other compensation, severance or other benefits from the Company upon the termination of your employment for any reason.
2.    Delivery of Release.  As a condition to the obligation of the Company to make the payments provided for in this Agreement and otherwise perform its obligations hereunder to you upon termination of your employment (other than due to your death), you or your legal representatives must deliver to the Company a general unconditional release in favor of the Company in form and substance satisfactory to the Company, and the time for revocation of such release must have expired without revocation by you. You are not obligated to seek other employment or to take any other action by way of mitigation of the amounts payable to you under any of the provisions of this Agreement.
3.    Non-Solicitation and Non-Competition.  You agree that at all times both during your employment and for twelve (12) months thereafter you will not, directly or indirectly, (a) carry on, engage in or otherwise provide services to, any business that competes anywhere in the United States with a portion of the Company’s business representing more than 15% of the Company’s consolidated revenues on the date of your termination of employment with the Company (b) solicit or hire, or assist others in the solicitation or hiring of, any of the employees of the Company or any of its subsidiaries or (c) solicit or otherwise interfere in any respect with the business relationships of the Company or any of its subsidiaries with any of their customers or suppliers.  During such twelve (12) month period, you will not make any statements, comments, or communications that are reasonably likely to be considered to be disparaging, derogatory or detrimental to the good name or business reputation of the Company.
4.    Entire Agreement.  This Agreement constitutes the entire agreement and understanding between you and the Company with respect to the subject matter hereof, and may not be amended or modified except by subsequent written agreement executed by both parties hereto.
5.    Counterparts.  This Agreement may be executed in two or more counterparts, each of which will constitute an original, and all of which together will constitute one and the same Agreement.
If the foregoing terms and conditions are acceptable and agreed to by you, please sign the line provided below to signify such acceptance and agreement and return the executed copy.

CENVEO CORPORATION
By:    /s/ Robert G. Burton, Sr.     
Name:    Robert G. Burton, Sr.    
		
	Title:
	Chairman and CEO

Accepted and Agreed this 25th day of February, 2014.

/s/ Scott J. Goodwin     
Scott J. Goodwin

ANNEX A
DEFINITIONS AND MISCELLANEOUS TERMS

		
	a.
	Cause means:

		
	(i)
	The willful and continued failure of the Executive to perform substantially his duties with the Company (other than any such failure resulting from the Executive’s incapacity due to physical or mental illness or any such failure subsequent to Executive being delivered a notice of termination without Cause by the Company or delivering a notice of termination for Good Reason to the Company) after a written demand for substantial performance is delivered to Executive by the Company which specifically identifies the manner in which the Company believes that Executive has not substantially performed Executive’s duties;

		
	(ii)
	the willful engaging by Executive in illegal conduct or misconduct which is demonstrably and material injurious (monetarily or otherwise) to the Company or its subsidiaries;

		
	(iii)
	conviction of, or pleading of nolo contendere with regard to, a crime constituting a felony; or

		
	(iv)
	dishonesty or misappropriation by Executive relating to the Company or any of its funds, properties or other assets.

A termination for Cause after a Change in Control (as defined in  the Equity Plan, as of the date hereof) shall be based only on events occurring after such Change in Control; provided, however, the foregoing limitation shall not apply to an event constituting Cause that was not discovered by the Company prior to a Change in Control.  For purposes of this definition, no act or failure to act by Executive shall be considered “willful” unless done or omitted to be done by Executive in bad faith and without reasonable belief that the Executive’s action or omission was in the best interests of the Company.  Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board based upon advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by Executive in good faith and in the best interests of the Company.

In order for a cessation of Executive’s employment to be deemed to be a termination of Executive’s employment for Cause for conduct described above, (A) the Company shall have provided written notice to Executive that identifies such conduct, and (B) in the event that the event or condition is curable, Executive shall have failed to remedy such event or condition within thirty (30) days after Executive has received such written notice, and (C) the final determination that the Executive’s employment shall be terminated for Cause shall have been made (specifying the particular details thereof) by the Company.  The Company must initially notify Executive of any event constituting Cause within ninety (90) days following the Company’s knowledge of its existence or such event shall not constitute Cause under this Agreement.

		
	b.
	“Good Reason” means, without Executive’s express written consent, the occurrence of any of the following events:

		
	(i)
	the assignment to Executive of any duties or responsibilities (including reporting responsibilities) that are inconsistent with the Executive’s position(s), duties, responsibilities or status with the Company, or any material diminution of such duties or responsibilities (other than temporarily while incapacitated because of physical or mental illness), or an adverse change in Executive’s titles or offices (including Executive’s membership on the Board) with the Company; 

		
	(ii)
	a material reduction by the Company in Executive’s rate of annual base salary or annual target bonus opportunity (including any adverse change in formula for such annual bonus target) or other incentive opportunities as the same may be increased from time to time;

		
	(iii)
	 any requirement of the Company that Executive be based anywhere more than thirty-five (35) miles from his current location or such other place of employment as mutually agreed upon by the Company and Executive if constituting a material change; or

		
	(iv)
	any material breach of this Agreement by the Company, or the Company notifies Executive of the Company’s intention not to observe or perform one or more of the material obligations of the Company under this Agreement; or

		
	(v)
	The failure of the Company to continue in effect Executive’s participation in the Company’s employee benefit plans, programs, arrangements and policies, at a level substantially equivalent in value to and on a basis consistent with the relative levels of participation of other similarly positioned senior executive officers.

Notwithstanding the foregoing, a Good Reason event shall not be deemed to have occurred if the Company cures such action, failure or breach within ten (10) days after receipt of notice thereof given by Executive.  Executive’s right to terminate employment for Good Reason shall not be affected by Executive’s incapacities due to mental or physical illness and Executive’s continued employment shall not constitute consent to, or a waiver of rights with respect to, any event or condition constituting Good Reason; provided, however, that Executive must provide notice of termination of employment within six (6) days following Executive’s knowledge of an event constituting Good Reason or such event shall not constitute Good Reason under this Agreement.

Confidentiality; Intellectual Property.

(a)The Executive hereby acknowledge that, as an employee of the Company, the Executive will be making use of, acquiring and adding to confidential information of a special and unique nature and value relating to the Company and its subsidiaries.  The Executive further recognize and acknowledge that all confidential information is the exclusive property of the Company and its subsidiaries, is material and confidential, and is critical to the successful conduct of the business of the Company and its subsidiaries.  Accordingly, the Executive hereby covenant and agree that the Executive will use confidential information for the benefit of the Company and its subsidiaries only and will not at any time, directly or indirectly, during the term of the Executive’s employment with the Company or at any time thereafter, divulge, reveal or communicate any confidential information to any person, firm, corporation or entity whatsoever, or use any confidential information for the Executive’s own benefit or for the benefit of others, except as required in connection with the performance of the Executive’s duties.  The foregoing does not prohibit the Executive from making any disclosures required by applicable law, provided that whenever possible the Executive will give the Company prior notice of such contemplated disclosure and cooperate with the Company at its expense in seeking a protective order or other appropriate protection of such information.

(b)All Intellectual Property, as defined in Annex A, and Technology, as defined in Annex A, created, developed, obtained or conceived by the Executive during the Executive’s employment, and all business opportunities presented to the Executive during the Executive’s employment, will be owned by and belong Exclusively to the Company, provided they are 

reasonably related to any of the business of the Company as at the date of such creation, development, obtaining or conception, and the Executive will (i) promptly disclose any such Intellectual Property, Technology or business opportunity to the Company, and (ii) executive and deliver to the Company, without additional compensation, such instruments as the Company require from time to time to evidence its ownership of any such Intellectual Property, Technology or business opportunity.

Enforcement of Covenants.

The Executive acknowledge that the restrictions contained in of this Agreement are a reasonable and necessary protection of the immediate interests of the Company, and any violation of these restrictions would cause substantial injury to the Company and that the Company would not have entered into this Agreement, without receiving additional consideration offered by the Executive in binding the Executive to any of these restrictions.  In the event of a breach or threatened breach by the Executive of any of these restrictions, the Company will be entitled to apply to any court of competent jurisdiction for an injunction restraining the Executive from such breach or threatened breach; provided, however, that the right to apply for an injunction shall not be construed as prohibiting the Company from pursuing any other available remedies for such breach or threatened breach.  In that event, notwithstanding the foregoing, a covenant included herein is deemed by any court to be unreasonably broad in any respect; it shall be modified in order to make it reasonable and shall be enforceable accordingly.  Without limitation of, and notwithstanding the foregoing, in the event that, in any judicial proceeding, a court refuses to enforce any of the covenants contained herein, then the unenforceable covenant shall be deemed eliminated from the provisions hereof for the purpose of those proceedings to the extent necessary to permit the remaining covenants to be enforced.  If any one or more of the provisions hereof is held to be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions hereof shall not be affective thereby.  To the extent permitted by applicable law, the Executive and the Company waive any provision of the law which renders any provision invalid, illegal or unenforceable in any respect.

Indemnification.

The Executive’s rights of indemnification under the Company’s and any of its subsidiaries organization documents, any plan or agreement at law or otherwise and the Executive’s rights thereunder to director’s and officer’s liability insurance coverage for, in both cases, actions as an officer and/or director of the Company and its affiliates shall survive any termination of the Executive’s employment.

Notices.

All notices or communications under this Agreement must be in writing, addressed (i) if o the Company to the attention of the General Counsel at the Company’s headquarters address and (ii) if to the Executive, at the Executive’s address first written above (or to any other addresses as either party may designate in a notice duly delivered as described in this paragraph).  Any notice or communication must be delivered by telecopy, by hand or by courier.  Notices and communications may also be sent by certified or registered mail, return receipt requested, postage prepaid, addressed as above and the third business day after the actual date of mailing will constitute the time at which notice was given.

Governing Law.

This Agreement will be governed by and construed in accordance with the laws of New York that apply to contracts made and performed entirely within such state.

Arbitration of Disputes.

Any dispute or controversy arising under or in connection with this Agreement that cannot be resolved by the Executive and the Company will be determined by the arbitration in New York City, New York, in accordance with the rules set forth by the American Arbitration Association.  The decision of the Arbitrator will be final and binding on the Executive and the Company and judgment may be entered on such decision in any court of competent jurisdiction.

Successors and Assigns.

This Agreement will inure to the benefit of and be enforceable by the Executive’s legal representatives and heirs.  This Agreement will inure to the benefit of and be binding upon the Company and its successors and assigns.  As used in this Agreement, the term “Company” means the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, written agreement, or otherwise.

Withholding.

The Company may withhold from any amounts payable under this Agreement such federal, state or local taxes as are required to be withheld pursuant to any applicable law or regulation.

Entire Agreement; Modification.

This Agreement (and the Annexes hereto) constitute the entire agreement and understanding between the Executive and the Company with respect to the subject matter hereof, and may not be amended or modified except by subsequent written agreement executed by both parties hereto.  At the Executive’s request, the Company agrees to negotiate in good faith with the Executive to make such amendments to this Agreement as may be necessary or appropriate to comply with Section 409A of the Code.

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