Document:

Exhibit 4.10

 

Annex A

 

PRINCIPAL TERMS FOR EVALUATION OF POTENTIAL
COMMERCIAL COLLABORATION

 

BY AND BETWEEN

 

SIDE A:
Nano Textile Ltd. Of Menachem Begin 3, Ramat-Gan, Israel (hereunder: “Nano Textile”)

 

&

 

SIDE B:
BRÜCKNER Trockentechnik GmbH & Co. KG of Benzstrasse 8-10 / PO Box 11 54 71229 Leonberg, Germany (hereunder “Bruckner”)

 

The following sets forth the principal
terms with respect to the proposed R&D collaboration between Nano Textile and Bruckner, referred in this document as the Proof-of-Concept
trial (hereunder: "POC Trial").

 

Such principal terms, displayed in this
Term Sheet present parties' agreements and intentions subject to completion of parties' respective obligations set forth herein.

 

Singed at 9 January 2018 (hereunder: the
"Effective Date")

 

	"Sono"	 	In this document Sono means the use of Ultrasonic energy and/or the formation of a physical phenomena called Cavitation
	 	 	 
	"Cavitation"	 	In this document Cavitation means the process to be conducted which causes the formation of vapour cavities in a liquid, small liquid-free zones ("bubbles" or "voids"), that are the consequence of forces acting upon the liquid. It usually occurs when a liquid is subjected to rapid changes of pressure that cause the formation of cavities in the liquid where the pressure is relatively low. When subjected to higher pressure, the voids implode and can generate an intense shock wave
	 	 	 
	"Sono-Machine"	 	In this document Sono-Machine means a machine which shall perform Cavitation  
	 	 	 
	"Sono-Chemistry" 	 	In this document Sono-Chemistry means the use of Cavitation for the deposition and/or embedment of chemicals and/or chemical compounds and/or organic/inorganic compounds onto different types of surfaces  
	 	 	 
	"Sono-Tank"	 	In this document Sono-Tank means the tank comprising an integral part of the Sono-Machine where the Cavitation occurs 
	 	 	 
	"Sono-Partner"	 	In this document Sono-Partner means Cedrat Technologies (http://www.cedrat-technologies.com/) , an expert company in the field of Cavitation and Ultrasonic energy and which are partners of Nano Textile in the field 
	 	 	 
	Scope of the R&D collaboration	 	The scope of this Term Sheet is to establish the principal terms and conditions under which the POC Trial (as defined below) will be conducted as a step towards negotiation and agreement regarding potential manufacturing and supply by Bruckner of Sono-Machines on a commercial scale.

 

     

     

    

 

 

	Proof-of-Concept trial 	 	No later than 6 months following the Effective Date, unless mutually decided and agreed upon by both sides, the Parties will initiate the POC Trial which will take place at Bruckner's R&D facility located at Leonberg, Germany. The Initiation of the POC Trial shall begin after completion, by Bruckner, of the assembly and installation of the Sono-Machine at Bruckner's R&D facility
	 	 	 
	Preparation for POC Trial	 	
        Immediately following signature of this
        Term Sheet the Parties will engage in preparation activities for the Proof-of-Concept trial.

         

        The preparation activities, and the responsibilities
        of each side to this Term Sheet are as follows:

         

        Nano Textile' deliverables and responsibilities

         

        ·      Formulating
        a clear Statement of Work (SOW) for the Antibacterial Sono-Chemistry Process performance POC Trial using a selected Metal-oxide
        based chemical formulation, including all necessary specifications (technical, chemical etc.), acceptance tests, acceptance
        tests' protocols, and analysis activities designed to determine if Sono-Chemistry is applicable for commercial use using
        the Sono-Machine on a commercial scale

        ·      Providing
        Bruckner with a suggested design for the POC Trial Sono-Tank

        ·      Providing
        Bruckner with the POC Trial Sono-Tank unless Bruckner wishes to manufacture it by itself

        ·      Providing
        Bruckner with the Ultrasonic units for integration in the Sono-Tank

         

        Bruckner's deliverables and responsibilities

         

        ·      Formulating
        a clear Statement of Work (SOW) for the Sono-Machine, including all necessary specifications (technical, mechanical, chemical
        etc.) acceptance tests, acceptance tests' protocols and analysis activities; all in full compliance with the SOW of the
        Sono-Chemistry Process, and as conducted regularly by Bruckner during an R&D project, designed to determine if Sono-Machine
        is applicable for commercial use

        ·      Providing
        the design of the complimentary parts to the POC Trial Sono-Tank related to feeding & outgoing fabric rollers into
        and from the Sono-Tank, the synchronization, control panel and system (hardware & software) for process parameters
        on-line monitoring and other machine automated operation features, or any other parts which will be identified at the
        design stage (hereunder and collectively: "supporting Software & Hardware parts")

        ·      Providing
        feedback on the POC Trial Sono-Tank design, including design and engineering support in the revision of the preliminary
        design provided by Nano Textile 

        ·      Bruckner
        holds the right to decide on manufacturing the POC Trial Sono-Tank by themselves.

 

    	 	 	2 / 8

     

    

 

 

	 	 	
        Timeframe for the POC Trial preparation
        activities:

         

        ·      The
        complete design of the Sono-Tank is required to be finalized and approved by both Parties no later than two (2) months
        following the effective date

        ·      The
        SOW by both Parties is required to be submitted for review and approved by both sides no later than two (2) months following
        the effective date

        ·      The
        Sono-Tank, and the supporting Software & Hardware parts are required to be assembled and utilized by Bruckner no later
        than five (6) months following the effective date.

	 	 	 
	Nano Textile's financial liabilities and deliverables during  the POC Trial and POC preparation phase	 	
        Nano Textile will be responsible and will
        bear the costs of the following:

         

        1.     Design
        of its proposed POC Sono-Tank

        2.     Manufacturing
        of the Sono-Tank, unless Bruckner decides to take upon themselves to manufacture the Sono-Tank

        3.     Chemicals
        and Chemical compounds to be used in the Sono-Tank

        4.     Fabric
        procurement - Fabrics samples to be treated (each lot >100m), preferably from potential customers / end-users

        5.     External
        lab testing

        6.     All
        needed resources and efforts necessary for executing Nano Textile's POC Trial SOW activities

        7.     Travelling
        of Nano Textile employees or other approved associates of Nano Textile

	 	 	 
	Bruckner's financial liabilities and deliverables during  the POC Trial and POC preparation phase	 	
        Bruckner will be responsible and will bear
        the costs of the following:

         

        1.     Design
        & engineering support for the SonoTank and the supporting Software & Hardware parts to support the Sono-Machine commercialization
        aspects

        2.     Manufacturing
        of the Sono-Tank, should Bruckner decide to take it upon themselves

        3.     Manufacturing
        and/or delivering of the supporting Software & Hardware parts

        4.     Assembly
        and utilization of the Sono-Machine including the supporting Software & Hardware parts

        5.     Operating
        costs of the Sono-Machine, excluding the chemicals and chemical compounds to be used in the Sono-Tank

        6.     Operating
        costs of the complete R&D fabric finishing line, including all necessary materials

        7.     Complete
        R&D services as generally conducted by Bruckner in an R&D project (Testing, analysis, reports and required documentation
        re: certifications, safety guidelines, maintenance, storage, engineering, etc.)

        8.     All
        needed resources and efforts necessary for executing Bruckner's POC Trial SOW activities

        9.     Travelling
        of Bruckner employees or other approved associates of Bruckner

	 	 	 
	Access to Bruckner's R&D pilot line and Sono-Tank 	 	Bruckner will provide full access to Nano Textile's employees and Nano Textile's partners (which will be approved in advance by Bruckner) to the Sono-Tank and to Bruckner's R&D pilot line. Visit schedule will be coordinated between Bruckner and Nano Textile in advance. Bruckner is required to allocate the necessary R&D pilot line operation time needed for the full execution of both Parties SOW activities.

 

    	 	 	3 / 8

     

    

 

 

	Steering Committee 	 	
        The following contacts will be in charge
        on coordinating visits, conference calls, meetings, or any other activity, and on acceptance and issuance of any data:

         

        From Nano Textile's side

         

        Mrs Liat Goldhammer, liat@nano-textile.com.,
        +972.54.771.8209

         

        Mr. Roy Hirsch, roy@nano-textile.com,
        +972.52.639.9448

         

        From Bruckner's side

         

        Mr. Axel Pieper, apieper@brueckner- textile.com, +49.7152.12302

         

        Mr. Mario Schmitt, mschmitt@brueckner-textile.com,
        +49.7152.12275

	 	 	 
	POC Trial Timeframe	 	
        The POC Trial will continue for a period
        of up to 6 months from the day of assembly and installation of the Sono-Machine, by Bruckner, at Bruckner's R&D facility.

         

        The Parties may prolong the POC Trial Term
        by a mutual decision.

	 	 	 
	POC Trial Final Report	 	
        Upon the completion of the POC Trial, as
        per acceptance tests protocols set in the SOW, each side shall issue a POC Trial Report for mutual review and evaluation. The Trial
        reports will be based on all data and finding as per the activities conducted by each side based on each of the side's SOW.

         

        Both sides will share the Report with each
        other within 14 days from conclusion of the POC Trial.

         

        Based on the 2 individual reports, Nano
        Textile will take upon itself to compile a final report containing both sides POC Trial data and findings within 30 days upon conclusion
        of the POC Trial (hereunder the "Final Report"). The Final Report will be reviewed in a face to face meeting between
        both Parties no later than 30 days from concluding the POC Trial.

	 	 	 
	Go/No Go	 	At the Final Report review meeting, both sides will determine if they wish to proceed and enter into negotiations towards entering into definitive set of agreements regarding further R&D activities and commercialization of the Sono-Machine (GO/NO-GO). 
	 	 	 
	Commercial agreement and negotiation period	 	If a Go was decided as per the above, the parties shall enter into negotiations regarding further R&D activities towards commercialization as well as with respect to all aspects of commercialization of the Sono-Machine with the intention to reach a definitive agreement in form satisfactory to both parties within two (2) months thereafter (the "Negotiation Period") (the “Agreement”). The Negotiations Period may be extended by a mutual decision of the Parties.
	 	 	 
	Freedom to act  	 	The purpose of this contract is a long term cooperation between Brückner and Nano Textile. After successful POC, both parties intend to commercialize Sono-technology and Sono-Machines.

 

    	 	 	4 / 8

     

    

 

 

	 	 	
        If after POC Nano Textile should opt to
        continue marketing Sono-Machines without Brückner, Nano-Textile will compensate Brückner for the effort
        Brückner has put into the project for engineering, material, production, trials and infrastructural costs of trials up
        to a maximum of 80.000€. In this case Brückner must provide a list of its expenses. In this case Nano Textile shall
        be free of any obligations to Bruckner and will be free to partner with an alternative machine manufacturer for the
        development and commercialization of Sono-Machines, in which case the design and acquired know-how with regards to the POC
        Sono-Machine, the supporting Software & Hardware parts, and the Sono-chemical process, shall be owned by Nano
        Textile.

         

        If Go wasn't decided, then Nano shall have an option
        to buy the above hardware design, BOM and software provided by Brückner at a price and terms reflecting either a royalty based
        payments from sales or market practice terms for complete NRE works with regards to Sono-machinery, either one to be agreed in
        good faith between the parties.

         

        If Go wasn't decided, All hardware / software provided
        by Brückner to integrate the Sono-Machines into the lab-line shall remain property of Brückner, however, All data comprised
        from operating the Sono-Machine, trials, and Sono-chemistry processes should be properly monitored, stored, analyzed and documented
        as per agreed upon in the SOWs, and shared in the individual report, and in the Final report.

         

        If Go wasn't decided, each side will be entitled to
        receive, or demand the destruction, within 14 days from the Final Report review meeting, all Data, Know-How, Devices, Hardware,
        Hard-copies or any other Tangible or Intangible materials and information provided or generated by his own party before and/or
        during the POC Trial, which is in the procession of the other party.

         

        If Go wasn't decided, the rights to any potential
        patent filing, trademark filing, brand formation or any other Intangible asset vehicle relating to Sono-Machinery, shall be remain
        entitled to Nano Textile.

	 	 	 
	Ownership/Rights of Tangible or Intangible materials provided before or during the POC Trial	 	
        Each side to this Term Sheet retains 100%
        ownership and rights on any Data, Know-How, Devices, Hardware, Hard-copies or any other Tangible or Intangible materials and information
        provided or generated by his own party before and/or during the POC Trial except as set forth hereinabove if Go wasn’t decided.

         

        Subject to the foregoing, No side to this
        Term Sheet shall hold and make use of the other party's Data, Know-How, Devices, Hardware, Hard-copies or any other Tangible or
        Intangible materials and information provided or generated by either party before and/or during the POC Trial pursuant to this
        Term Sheet, but solely in accordance and with written consent of the other party.

         

        If Go was decided, both sides shall mutually
        agree upon on the mutual pursuant of any potential patent filing, trademark filing, brand formation or any other Intangible asset
        vehicle relating to Sono-Machinery.

	 	 	 
	Termination	 	
        This Term Sheet may be terminated by either
        party (via issuance of a written notice to the other party ) under each of the following circumstances:

         

        ·      Upon
        material breach of the Term Sheet by a party; If the breaching party fails to cure such breach within thirty (30) days
        of receipt of a written notice from the other party detailing such breach with reference to specific provisions of the
        Term Sheet

 

    	 	 	5 / 8

     

    

 

 

	 	 	
        ·      Upon
        bankruptcy (voluntary and involuntary), insolvency or placing of the other party’s business in the hands of a receiver.

        ·      In
        case the completion of the design of the Sono-Tank is not finalized and approved by both Parties within two (2) months
        following the Effective Date, unless mutually agreed upon otherwise

        ·      In
        case the SOWs presented by both parties are not mutually accepted by both Parties within two (2) months following the
        Effective Date, unless mutually agreed upon otherwise

        ·      In
        case the Sono-Tank, and the supporting Software & Hardware parts (or any other parts which will be defined at the
        design stage) won't be assembled within five (5) months following the Effective Date, unless mutually agreed upon otherwise

        ·      In
        case of recurring failures to develop/assemble/integrate/operate the Sono-Machine as per the SOWs or failure to meet the
        acceptance tests protocols agreed upon within the POC Trial timeframe 

         

        In case of termination of this Term Sheet,
        each side will be entitled to receive, or demand the destruction, within 14 days from termination of this Term Sheet, all Data,
        Know-How, Devices, Hardware, Hard-copies or any other Tangible on Intangible materials and information provided or generated by
        his own party before and/or during the POC Trial, which is in the procession of the other party.

	 	 	 
	Non-Competition	 	During the Term Sheet Period and for a period of five (5) years following the termination or expiry of this Term Sheet, or any other form of official ending of any collaboration between the parties to this contract (the later scenario between the termination of this Term Sheet or any other collaboration structure), Bruckner will be forbidden to conduct the following activities without Nano Textile's written consent; to develop, manufacture and sell Sono-Machinery in conjunction with cavitation and Sono-Chemistry directly and/or via third parties and/or commercialize Sono-chemical processes and/or application and/or services directly and/or via third parties   
	 	 	 
	Non Circumvention 	 	During the Term Sheet Period and for a period of twelve (12) months after termination or expiry of this Term Sheet, neither party shall circumvent each other and work with business associates and other third party vendors introduced by the other party, without the prior written permission of the other party. The provisions of this Section and the Section titled 'Non-competition' shall survive any termination or expiration of this Term Sheet. 
	 	 	 
	Confidentiality 	 	The Parties agree that this Term Sheet and its terms and provisions will be considered confidential and shall not be disclosed to any third party whatsoever, with the exception of Nano Textile that will be disclosing the terms and provisions to its potential partners and investors.
	 	 	 
	Insurance	 	Bruckner and Nano Textile shall maintain appropriate levels of insurance commensurate with the nature of the POC Trial. 
	 	 	 
	Applicable Law and Arbitration	 	This Term Sheet shall be governed by and construed in accordance with the laws of the Switzerland. 

 

    	 	 	6 / 8

     

    

 

 

	 	 	Any difference and/or disputes arising between the parties in connection with this Term Sheet and/or its interpretation shall be referred for the decision of a single arbitrator who shall be appointed by agreement between the parties. Should the parties not reach agreement as to the arbitrator’s identity; the arbitrator shall be appointed by the ICC Switzerland Arbitration Committee upon the application of either of the parties. The arbitrator shall be released from the civil procedure and laws of evidence but shall be bound by the substantive laws of Switzerland. The decision of the arbitrator shall be final and bind the parties. The Parties shall maintain the confidentiality of such arbitration and shall not disclose such arbitration or any part of it to any person or body.  
	 	 	 
	No-Partnership	 	Nothing in this Agreement shall constitute or be deemed to constitute the creation of a partnership, agency, or employer/employee relationship between the Parties.   
	 	 	 
	Captions	 	The captions of Sections in this Term Sheet are intended solely for convenience, and shall have no significance in the interpretation of this Term Sheet.
	 	 	 
	Entire Agreement	 	This Term Sheet shall constitute the full and entire agreement, covenants, promises and understandings between the Parties hereto with respect to the subject matter hereof and thereof, and supersede any and all prior agreements, understandings, promises and representations made by all or some of the Parties (or by either Party to the other), whether written or oral, concerning the subject matter hereof and thereof and the terms applicable hereto and thereto, including any and all term sheets executed by the Parties hereto, which are terminated hereby and replaced by the thereunder and in this Term Sheet.
	 	 	 
	Amendment & Waivers	 	Any term of this Term Sheet may be amended and the severance of any term of this Term Sheet may be waived (either generally or in a particular instance and either retroactively or prospectively) by the written consent of the Parties. Any amendment or waiver effectuated in accordance with this paragraph shall be binding upon each of the Partiers.
	 	 	 
	Expenses	 	Each Party shall bear its own costs and expenses including legal fees in connection with this Term Sheet and the transactions contemplated hereby. 
	 	 	 
	Notice	 	(a) All notices and other communications made pursuant to this Term Sheet shall be in writing and shall be conclusively deemed to have been duly given: (i) in the case of hand delivery, on the next business day after delivery; (ii) in the case of delivery by an internationally recognized overnight courier, freight prepaid, on the next business day after delivery; (iii) in the case of a notice sent by facsimile transmission, on the next business day after delivery, if facsimile transmission is confirmed; or (iv) in the case of a notice sent by email, on the date of transmission except where a notice is received stating that such mail has not been successfully delivered. A party may change or supplement the contact details for service of any notice pursuant to this Term Sheet, by giving the other party written notice of the new contact details in the manner set forth above. (b) Contact details:

 

    	 	 	7 / 8

     

    

 

 

	 	 	
        With respect to BRÜCKNER Trockentechnik
        GmbH & Co. KG:

         

        __________________________

         

        __________________________

         

        With respect to Nano Textile Ltd.:

         

        __________________________

         

        __________________________

	 	 	 
	Severability	 	In case any provision of the Term Sheet shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

	SIGNED BY: 	/s/ A.R.	 
	Print Name:	 
	Position:	 
	For and on behalf of BRÜCKNER Trockentechnik GmbH & Co. KG	 
	Date: 7 January 2018	 
	 	 	 
	 	 	 
	SIGNED BY: 	/s/ Shuki Herchcovici	 
	Print Name: 	 
	Position: 	 
	For and on behalf Nano Textile Ltd.	 
	Date: 12 January 2018 	 

 

 

 

    	 	 	8 / 8Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made as of January 1, 2018 (the “Effective Date”), by and between Global GP LLC, a Delaware limited liability company having its principal address at 800 South Street, Suite 500, Waltham, MA 02453 (the “Company”), and Charles A. Rudinsky, an individual residing at 34 Drinkwater Rd., Exeter, NH 03833 (the “Employee”).

 

WHEREAS, the Company employs substantially all of the employees who provide services to the operating subsidiaries of Global Partners LP including, without limitation, Global Companies LLC and Global Montello Group Corp. (the Company, Global Partners LP, the operating subsidiaries of Global Partners LP including, without limitation, Global Companies LLC and Global Montello Group Corp., are hereinafter referred to collectively as “Global”); and

 

WHEREAS, recognizing that the Employee possesses unique knowledge and experience that are of value to the Company based upon the Employee’s many years of employment with the Company, the Company desires to continue to employ the Employee to provide services to Global on a reduced basis from his prior role as Executive Vice President and Chief Accounting Officer, and the Employee desires to continue to be so employed by the Company, all as mutually agreed upon and in accordance with the terms and conditions set forth in this Agreement; and

 

WHEREAS, Global is involved in an extremely competitive industry in which confidentiality and customer goodwill are valuable assets and Global’s competitive positions in the lines of business in which they are engaged depend upon their ability to safeguard Confidential Information (as defined below) and preserve customer goodwill;

 

NOW, THEREFORE, for and in consideration of the mutual promises, covenants and obligations contained herein, the sufficiency of which the Company and the Employee each acknowledges, the Company and the Employee hereby agree as follows:

 

1.                                      Employment and Term of Employment.   Subject to the terms of this Agreement, the employment term hereunder will commence on the Effective Date and continue through December 31, 2019 (the “Term”), unless terminated earlier by either party as set forth below in Section 6.

 

2.                                      Position and Duties.  During the Term, the Company shall employ the Employee as its Senior Advisor to the Chief Financial Officer, and to serve in such other positions as the parties may mutually agree.  The Employee shall report to the Company’s Chief Financial Officer or her designee. The Employee’s continued employment shall be subject to the policies maintained and established by Global that are of general applicability to the Company’s employees, as such policies may be amended from time to time.

 

3.                                      Place of Performance.  Subject to such business travel from time to time as may be reasonably required in the discharge of his duties and responsibilities, the Employee shall 

 

1

 

perform his obligations hereunder at the Company’s headquarters in Waltham, Massachusetts or such other location(s) reasonably identified by the Company.  The parties acknowledge and agree that the Employee may routinely conduct business from his home office in Exeter, NH.

 

4.                                      Compensation.

 

4.1                               Base Salary.  During the Term, the Employee shall be entitled to an annual base salary of $200,000.00 (the “Base Salary”), which shall be paid in equal monthly installments pursuant to the Company’s customary payroll policies and procedures in force at the time of payment.

 

4.2                               Bonus.   From time to time during the Term, the Employee may be eligible to receive a discretionary cash bonus (a “Bonus”) in an amount to be determined.  Each Bonus hereunder, if any, shall be paid to the Employee no later than March 15 of the calendar year immediately following the calendar year in which such Bonus is earned.

 

4.3                               Reimbursements.  During the Term, the Company shall pay or reimburse the Employee for all reasonable expenses incurred by the Employee on business trips, and for all other business expenses reasonably incurred or paid by the Employee during the Term in the performance of the Employee’s services under this Agreement, in accordance with the Company’s expense reimbursement policy as in effect from time to time upon presentation of expense statements or vouchers or such other supporting documentation as the Company may reasonably require.

 

4.4                               Fringe Benefits.  During the Term, the Employee shall be entitled to participate in the Company’s health insurance, 401(k) and other employee benefit plans in accordance with Global’s policies and on the same general basis, and subject to the same terms and conditions, as other employees of the Company of comparable rank and tenure. Additionally, the Employee shall be entitled to continue to participate in supplemental disability and supplemental life insurance benefits consistent with past practice.

 

4.5                               Vacation.  During the Term, the Employee shall be eligible for paid vacation in accordance with the vacation plan or policy of the Company then in effect or as otherwise mutually agreed upon by the Employee and the Company.

 

4.6                               Tax Withholding.  All payments in this Section 4 shall be subject to all applicable federal, state and/or local withholding, payroll and other related taxes.

 

5.                                   Supplemental Compensation in Support of Non-Disclosure, Non-Competition, and Non-Solicitation Covenants.

 

5.1                               Post-Termination Payment of the Employer Portion of COBRA Premiums.  The Company will pay the employer portion of the fees and expenses under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) for the Employee’s group medical, dental and/or vision insurance premiums during the period of twenty-four (24) months immediately following the expiration of the Term (the “Extended Coverage Period”), provided that the Employee (a) has elected to receive and remains eligible for COBRA benefits during such period, and (b) makes arrangements to pay his share of the premium cost(s).  In the event the

 

2

 

Employee becomes ineligible for COBRA benefits during the Extended Coverage Period, the Company will pay to the Employee a monthly contribution towards the Employee’s medical/dental/vision benefits, as applicable, in an amount equal to the amount of the monthly contribution that would otherwise have been paid by Employer if COBRA benefits had remained available to the Employee, for the remainder of the Extended Coverage Period during which the Employee is ineligible for COBRA benefits.

 

5.2                               Transfer of Company Car Ownership to the Employee.  At the end of the Term, the Company shall either (i) sell to the Employee the automobile which the Employee has then been using (the “Company Car”) for a purchase price of $5.00, and the Employee shall be responsible for effecting the registration of said vehicle in his name, and shall pay any taxes owing as a result of the transfer of ownership of the vehicle to the Employee, or (ii) make such other mutually satisfactory arrangements as may be agreed upon by the Company and the Employee.

 

6.                                      Early Termination.  This Agreement and the Employee’s employment hereunder shall continue for the duration of the Term, unless earlier terminated by the Company on account of the Employee’s breach or threatened breach of his Non-Disclosure, Non-Competition and/or Non-Solicitation covenants set forth in Sections 7 through 9, inclusive, of this Agreement.  Effective upon such early termination, the Employee shall forfeit any payments not yet made or to be made to or on behalf of the Employee pursuant to this Agreement.

 

7.                                      Non-Disclosure.

 

7.1                               The Employee agrees that the Employee will not, at any time, whether during or after the termination of his employment, designate, divulge or disclose to any person or entity outside of Global, whether by private communications or by public address or publication, or otherwise, any Confidential Information, except to the extent that such disclosure is necessary to perform the Employee’s duties and fulfill his responsibilities as an employee of the Company.  All Confidential Information in any form or format, including but not limited to written, printed, electronic or digital, or other materials relating to the business of Global, however and whenever produced, shall be the sole property of Global and shall be surrendered to Global upon termination of the Employee’s employment.  For purposes of this Agreement, the term “Confidential Information” shall mean any trade secret, proprietary or confidential information concerning the organization, personnel, business or finances of Global, or of any third party which Global is under an obligation to keep confidential, and that is maintained by Global as confidential.  Such Confidential Information shall include, but is not limited to, trade secrets, proprietary or confidential information, customer lists and/or customer information, suppler lists and/or supplier information, business plans, marketing plans, financial information, sales techniques, projects, the Company’s salary and/or pay rates, other Global personnel information, existing and future products and services, designs, methods, formulas, documentation, systems, processes, and all other plans and proposals.

 

7.2                               The Employee further agrees to keep confidential all matters entrusted to the Employee and shall not use or attempt to use any Confidential Information, including confidential information related to third parties which Global is obligated to maintain as confidential, except as may be required in the ordinary course of performing his duties as an employee of the Company, 

 

3

 

nor shall the Employee use any Confidential Information in any manner which may injure or cause loss or may be calculated to injure or cause loss to Global, whether directly or indirectly.

 

8.                                      Non-Competition and Other Restrictive Covenants.  In consideration of (i) the Company’s entering into this Agreement, and the Employee’s continued employment with the Company, and (ii) the Employee’s eligibility to receive supplemental compensation to which the Employee would not otherwise be entitled, as described above in Section 5, during the Term and continuing through the date that is one (1) year after the date that the Employee is no longer employed by the Company (the “Restricted Period”):

 

8.1                               Unless and to the extent that the Employee has received advance, express written approval otherwise from the Company’s Chief Financial Officer, the Employee shall be prohibited from directly or indirectly working (as an employee, consultant, advisor, director or otherwise) for, engaging in or acquiring or investing in any business engaged in (or actively considering engagement in) the following businesses in New England and other jurisdictions in which the Company is conducting business as of the Date of Termination (the “Restricted Businesses”): (i) wholesale or retail marketing, sale, distribution and transportation of refined petroleum products, crude oil, renewable fuels (including ethanol and biofuels), and natural gas liquids (including ethane, butane, propane and condensates); (ii) the storage of refined petroleum products and/or any of the other products identified in clause (i) of this paragraph in connection with any of the activities described in said clause (i); (iii) the retail sale of convenience store items and sundries and related food service, whether or not related to the retail sale of refined petroleum products including, without limitation, gasoline; (iv) bunkering; and (v) any other business in which the Company or its Affiliates (a) becomes engaged during the period Employee is employed by the Company or any of its Affiliates, or (b) is preparing to become engaged as of the time that Employee’s employment with the Company or any of its Affiliates ends and, with respect to parts (a) and (b) of this clause (v), Employee has participated in or obtained Confidential Information about such business or anticipated business. Notwithstanding any provision of this paragraph 8.1 to the contrary, the Employee may (x) own up to 3% of a publicly traded entity that is engaged in one or more of the Restricted Businesses and (y) with the prior consent of the Company, may serve as a director of an entity that is engaged in one or more of the Restricted Businesses.

 

8.2                               The Employee also shall not directly or indirectly solicit any employees, contractors, vendors, suppliers or customers of the Company or its Affiliates to cease to be employed by or otherwise do business with the Company or its Affiliates, or to reduce the same, or to be employed or otherwise do business with any person or entity engaged in the Restricted Business.

 

8.3                               If any court construes any of the provisions of this Section 8, or any part thereof, to be unreasonable because of the duration of such provision or the geographic scope thereof, such court shall have the power to reduce the duration or restrict the geographic scope of such provision and to enforce such provision as so reduced or restricted.

 

8.4                               The Employee expressly acknowledges and agrees that the restrictions set forth in this Agreement are reasonable in all respects and no greater than necessary to protect the Company’s legitimate business interests, including the protection of its Confidential Information 

 

4

 

and goodwill.  The Employee further represents that enforcement of this Agreement is in the public interest and that the Employee would not suffer undue hardship as the result of such enforcement, and that the Company’s need for the protections afforded by this Agreement is greater than any hardship the Employee might experience by complying with its terms.

 

9.                                      Company Property.  The Employee agrees that the Employee shall not make, use or permit to be used any Company Property otherwise than for the benefit of Global.  The term “Company Property” shall include all notes, memoranda, reports, lists, records, drawings, sketches, address books (whether in hardcopy or electronic), specifications, software programs, data, computers, cellular or mobile telephones, the Company Car, credit and/or gasoline cards, keys, access fobs and/or cards, documentation or other materials of any nature and in any form, whether written, printed, electronic or in digital format or otherwise, relating to any matter within the scope of the business of Global or concerning any of its dealings or affairs, and any other Global property in the Employee’s possession, custody or control.  The Employee acknowledges and agrees that all Company Property (other than the Company Car which may be transferred to the Employee at the end of the Term) shall be and remain the sole and exclusive property of Global and that, upon the termination of his employment, the Employee shall deliver all Company Property in his possession, and all copies thereof, to the Company.

 

10.                               Specific Performance.  The Employee acknowledges and agrees that he understands the meaning and effect of the terms contained in this Agreement, and due to the extremely competitive nature of the business in which Global are engaged, agrees that the restrictions contained herein are reasonable and necessary.  The Employee further agrees that any breach of this Agreement by the Employee will cause irreparable damage to Global and in the event of such breach the Company shall have, in addition to any and all remedies of law, the right to an injunction, specific performance or other equitable relief to prevent the violation of any obligation hereunder.

 

11.                               Successors.  This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. The Employee shall not assign this Agreement or any interest herein.

 

12.                               Governing Law.  The provisions of this Agreement shall be construed in accordance with, and governed by, the laws of the Commonwealth of Massachusetts without regard to principles of conflict of laws.

 

13.                               Entire Agreement.  This Agreement constitutes the entire agreement of the parties with regard to the subject matter hereof, and contains all the covenants, promises, representations, warranties and agreements between the parties with respect to such subject matter.

 

14.                               Modification.  Any modification of this Agreement will be effective only if it is in writing and signed by the parties hereto.

 

15.                               Severability.  Any provision in this Agreement which is prohibited or unenforceable in any jurisdiction by reason of applicable law shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating or 

 

5

 

affecting the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

IN WITNESS WHEREOF, the parties have read this Agreement and attest that they fully understand and knowingly and voluntarily accept its provisions in their entirety without reservation.

 

Global GP LLC

 

	
By:
    	
/s/   Edward J. Faneuil
    	
 
    	
/s/   Charles A. Rudinsky
    
	
Name:
    	
Edward   J. Faneuil
    	
 
    	
Charles   A. Rudinsky
    
	
Title:
    	
Executive   Vice President and General Counsel
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Date:   May 21, 2018
    
	
 
    	
 
    	
 
    	
 
    
	
Date:
    	
May 21,   2018
    	
 
    	
 
    

 

6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00283-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00283-of-00352.parquet"}]]