Document:

EX-10.1

EMPLOYMENT AGREEMENT

This Employment Agreement (the “Agreement”) is made effective as of September 30, 2009 (the
“Effective Date”), by and between Evans Bank, N.A. (the “Bank”), Evans Bancorp, Inc. (the
“Company”), and William R. Glass (the “Executive”). Any reference to the “Employer” shall mean
both the Company and the Bank.

WHEREAS, the Executive is currently employed as Senior Vice President of the Employer pursuant
to an employment agreement that was effective as of August 19, 1997 and amended as of January 1,
2005 (the “Original Agreement”); and

WHEREAS, the Employer desires to terminate the Original Agreement and replace it with this
Agreement; and

WHEREAS, Executive is willing to serve the Employer on the terms and conditions hereinafter
set forth and has agreed to such changes; and

NOW, THEREFORE, in consideration of the mutual covenants herein contained, and upon the other
terms and conditions hereinafter provided, the parties hereby agree as follows:

1. POSITION AND RESPONSIBILITIES.

During the term of this Agreement, Executive agrees to serve as Secretary of the Company and
Senior Vice President of the Bank (the “Executive Position”), and will perform all duties and will
have all powers associated with such position as set forth in the job description for such
Executive Position as established by the Board of Directors of the Employer (the “Board”) from time
to time, and as may be set forth in the Bylaws and Certificate of Incorporation of the Company or
the Bank. During the term of the Agreement, Executive also agrees to serve, if elected, as an
officer and/or director of any subsidiary or affiliate of Employer and in such capacity carry out
such duties and responsibilities reasonably appropriate to that office.

2. TERM AND DUTIES.

(a) Three Year Contract. The Executive’s period of employment with the Employer under
this Agreement (“Employment Period”) shall begin on the Effective Date and shall end on the date
that is thirty-nine (39) months after the Effective Date, unless the parties agree that the
Employment Period shall end on an earlier date.

(b) Annual Performance Evaluation. On either a fiscal year or calendar year basis,
(consistently applied from year to year), the Chief Executive Officer of the Employer (the “Chief
Executive Officer”) or the Board shall conduct an annual evaluation of the Executive’s performance.
The annual performance evaluation proceedings shall be reported to the Board and included in the
minutes of the Board.

(c) Continued Employment Following Termination of Employment Period. Nothing in this
Agreement shall mandate or prohibit a continuation of the Executive’s employment following the
expiration of the Employment Period.

(d) Duties; Membership on Other Boards. During the Employment Period, except for
periods of absence occasioned by illness, reasonable vacation periods, and reasonable leaves of
absence approved by the Chief Executive Officer or the Board, Executive shall devote substantially
all his business time, attention, skill, and efforts to the faithful performance of his duties
hereunder including activities and services related to the organization, operation and management
of the Employer; provided, however, that, with the approval of the Chief Executive Officer or the
Board, Executive may serve, or continue to serve, on the boards of directors of, and hold any other
offices or positions in, business companies or business organizations, which, in the Board’s or
Chief Executive Officer’s judgment, will not present any conflict of interest with the Employer, or
materially affect the performance of Executive’s duties pursuant to this Agreement it being
understood that membership in and service on boards or committees of social, religious, charitable
or similar organizations does not require Chief Executive Officer or Board approval pursuant to
this Section. For purposes of this Section, Chief Executive Officer or Board approval shall be
deemed to have been granted as to service with any such business company or organization that
Executive was serving as of the date of this Agreement and disclosed to the Chief Executive Officer
or Board.

3. COMPENSATION, BENEFITS AND REIMBURSEMENT.

(a) Base Salary. The Employer shall pay Executive a salary of not less than $192,900.
per year (“Base Salary”). Such Base Salary shall be payable biweekly, or with such other frequency
as officers and employees are generally paid. During the period of this Agreement, Executive’s Base
Salary shall be reviewed at least annually. Such review shall be conducted by the Chief Executive
Officer or Board, and the Employer may increase, but not decrease, Executive’s Base Salary (with
any increase in Base Salary to become “Base Salary” for purposes of this Agreement).

(b) Bonus and Incentive Compensation. Executive will be entitled to participate in
any cash or equity-based incentive compensation or bonus plans or programs as the Employer may make
available to senior executive officers from time to time. Nothing paid to Executive under any such
plan or arrangement will be deemed to be in lieu of other compensation to which Executive is
entitled under this Agreement.

(c) Employee Benefits. Executive shall be entitled to participate in all employee
benefit plans, programs and arrangements as generally provided by the Bank or Company to their
senior executive officers and for which Executive shall qualify. Without limiting the foregoing,
the Executive may participate in the medical, health and other insurance (including life insurance)
plans maintained by the Employer for the benefit of employees.

(d) Paid Time Off. Executive is entitled to no less than 4 weeks of paid vacation per
year, plus 5 personal days and customary Bank holidays. Any unused paid time off during an annual
period shall be treated in accordance with the Employer’s personnel policies as in effect from time
to time.

(e) Expense Reimbursements. The Bank shall provide Executive with a monthly
automobile allowance of no less than $700. During the Employment Period, the Employer shall pay or
reimburse Executive for his reasonable country club dues, all reasonable travel, entertainment and
other reasonable expenses incurred by Executive during the course of performing his obligations
under this Agreement. The Bank also shall reimburse Executive for fees and expenses associated
with membership in trade associations or professional memberships related to the business of the
Bank or the Company. All reimbursements under this Section 3(e) shall be paid as soon as
practicable by the Employer upon presentation to the Employer of an itemized account of such
expenses in such form as the Employer may reasonably require; provided, however, that no payment
shall be made later than March 15 of the year immediately following the year in which the expense
was incurred.

4. PAYMENTS TO EXECUTIVE UPON AN EVENT OF TERMINATION.

(a) Upon the occurrence of an Event of Termination (as herein defined), the provisions of this
section shall apply. As used in this Agreement, an “Event of Termination’’ shall mean and include
any one or more of the following:

(i) the involuntary termination by the Company or the Bank of Executive’s full-time employment
hereunder for any reason other than a Termination for Cause, as defined in Section 8 hereof, or a
termination upon Retirement as defined in Section 7 hereof, or a termination for Disability as set
forth in Section 6 hereof; and

(ii) Executive’s resignation from the Employer’s employ upon any of the following events
(which shall be treated as termination of employment for “Good Reason”), unless consented to by
Executive:

(A) failure to appoint Executive to the Executive Position set forth in Section 1 above, or a
material change in Executive’s function, duties, or responsibilities, which change would cause
Executive’s position to become one of lesser responsibility, importance, or scope from the position
and responsibilities described in Section 1 above (and any such material change shall be deemed a
continuing breach of this Agreement);

(B) a relocation of Executive’s principal place of employment to a location that is more than
thirty-five (35) miles from the location of the Employer’s principal executive offices as of the
date of this Agreement;

(C) a material reduction in the benefits and perquisites, including Base Salary, to Executive
from those being provided in the Agreement as of the Effective Date (except for any reduction that
is part of a reduction in pay or benefits that is generally applicable to officers or employees);

(D) a liquidation or dissolution of the Bank or the Company other than liquidations or
dissolutions that are caused by reorganizations that do not affect the status of the Executive; or

(E) a material breach of this Agreement by the Employer.

Upon the occurrence of any event described in clause (ii) above, Executive shall have the right to
elect to terminate his employment under this Agreement by resignation within 90 days after the
event giving rise to said right to elect, which termination by Executive shall be an Event of
Termination. The Employer shall have 30 days to remedy any event set forth in clauses (ii)(A)
through (E) above; provided, however, that the Employer shall be entitled to waive such period and
make an immediate payment hereunder. If the Employer remedies the event within such 30-day cure
period, then no Good Reason shall be deemed to exist with respect to such event. If the Employer
does not remedy the event within such 30-day cure period, then the Executive may deliver a Notice
of Termination, as defined in Section 9(c) hereof, for Good Reason at any time within 60 days
following the expiration of such cure period.

(iii) Executive’s involuntary termination of employment without cause or voluntary resignation
for Good Reason from the Employer’s employ within one (1) year following a Change in Control (as
defined in Section 5 below).

(b) Within 30 days following the occurrence of an Event of Termination, the Employer shall pay
Executive, or, in the event of his subsequent death, his beneficiary or beneficiaries, or his
estate, as the case may be, as severance pay or liquidated damages, or both, a lump sum cash amount
equal to three times the sum of (x) highest annual rate of Base Salary paid to Executive at any
time under the Agreement, and (y) the average annual incentive bonus paid to Executive during the
three completed calendar years preceding the Event of Termination; provided, however, that if such
payment is made in connection with an involuntary termination of employment or voluntary
resignation for Good Reason within one year after a Change in Control, then such payment is
conditioned upon the Executive signing a general release acceptable to the Employer, in
substantially the form set forth as Appendix A to this Agreement. Such payment shall not be
reduced in the event Executive obtains other employment following termination of employment. Upon
an Event of Termination, the Executive shall have such rights as specified in any other employee
benefit plans or programs maintained by the Employer, as may be in effect from time to time.

(c) Upon the occurrence of an Event of Termination, the Employer will continue to provide,
under the same cost-sharing arrangement as is in effect upon the Event of Termination, life
insurance and non-taxable medical and health insurance coverage substantially comparable, as
reasonably or customarily available, to the coverage maintained by the Employer for Executive prior
to his termination, except to the extent such coverage may be changed in its application to all
Employer employees. Such coverage shall cease 36 months following the Event of Termination.

(d) Notwithstanding the foregoing, in the event the Executive is a Specified Employee (as
defined herein), solely to the extent necessary to avoid penalties under Code Section 409A, payment
to the Executive’s benefit pursuant to Sections 4(b) and 4(c), if applicable, shall be made to the
Executive on the first day of the seventh month following the Executive’s Event of Termination;
provided, however, that the six-month delay for such payment shall not apply in the event that the
separation pay is due to upon an involuntary Separation from Service or a Good Reason Separation
from Service and the amount of the separation pay does not exceed two times the lesser of (i) the
Executive’s annualized compensation based upon his annual rate of pay for the taxable year
preceding the year in which the Separation from Service occurs; or (ii) the limit set forth in
Section 401(a)(17) of the Internal Revenue Code for the year in which the Separation from Service
occurs (i.e. for 2009, $245,000), as provided in Treasury Regulation Section 1.409A-1(b)(9)(iii)
(which separation pay, if in excess of the limit, shall be made as provided herein up to the amount
of the limit). “Specified Employee” shall be interpreted to comply with Code Section 409A and
shall mean a key employee within the meaning of Code Section 416(i) (without regard to paragraph 5
thereof), but an individual shall be a “Specified Employee” only if the Company or the Bank or any
affiliate is a publicly traded company.

(e) For purposes of this Agreement, Event of Termination shall be construed to require a
“Separation from Service” as defined in Code Section 409A and the Treasury Regulations promulgated
thereunder, such that the Employer and Executive reasonably anticipate that the level of bona fide
services Executive would perform after termination would permanently decrease to a level that is
less than 50% of the average level of bona fide services performed (whether as an employee or an
independent contractor) over the immediately preceding 36-month period.

5. CHANGE IN CONTROL.

(a) For these purposes, a Change in Control of the Company or the Bank shall mean a change in
control of a nature that:

(i) would be required to be reported in response to Item 5.01 of the current report on Form
8-K, as in effect on the date hereof, pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 (the “Exchange Act”); or

(ii) results in a Change in Control of the Bank or the Company within the meaning of the Bank
Holding Company Act, as amended, and applicable rules and regulations promulgated thereunder by the
Federal Reserve Board (collectively, the “BHCA”), or under the Bank in Control Act and the rules
and regulations promulgated thereunder by the Federal Reserve Board, as in effect at the time of
the Change in Control; or

(iii) without limitation such a Change in Control shall be deemed to have occurred at such
time as (a) any “person” (as the term is used in Sections 13(d) and 14(d) of the Exchange Act) is
or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of the Company representing 25% or more of the combined voting power of
Company’s outstanding securities, except for any securities purchased by the Bank’s employee stock
ownership plan or trust; or (b) individuals who constitute the Board on the date hereof (the
“Incumbent Board”) cease for any reason to constitute at least a majority thereof, provided that
any person becoming a director subsequent to the date hereof whose election was approved by a vote
of at least three-quarters of the directors comprising the Incumbent Board, or whose nomination for
election by the Company’s stockholders was approved by the same Nominating Committee serving under
an Incumbent Board, shall be, for purposes of this clause (b), considered as though he were a
member of the Incumbent Board; or (c) a plan of reorganization, merger, consolidation, sale of all
or substantially all the assets of the Bank or the Company or similar transaction in which the Bank
or Company is not the surviving institution occurs or is implemented; or (d) a proxy statement
soliciting proxies from stockholders of the Company is distributed, by someone other than the
current management of the Company, seeking stockholder approval of a plan of reorganization, merger
or consolidation of the Company or similar transaction with one or more corporations as a result of
which the outstanding shares of the class of securities then subject to the plan are exchanged for
or converted into cash or property or securities not issued by the Company; or (e) a tender offer
is made for 25% or more of the voting securities of the Company and the shareholders owning
beneficially or of record 25% or more of the outstanding securities of the Company have tendered or
offered to sell their shares pursuant to such tender offer and such tendered shares have been
accepted by the tender offeror.

(b) Notwithstanding the preceding paragraphs of this Section, in the event that the aggregate
payments or benefits to be made or afforded to Executive in the event of a Change in Control would
be deemed to include an “excess parachute payment” under Section 280G of the Code or any successor
thereto, then the cash severance payable under Section 4 shall be reduced by the minimum amount
necessary to result in no portion of the payments and benefits payable by the Employer under
Section 4 being non-deductible pursuant to Code Section 280G and subject to an excise tax imposed
under Code Section 4999.

6. TERMINATION FOR DISABILITY OR DEATH.

(a) Termination of Executive’s employment based on “Disability” shall be construed to comply
with Code section 409A and shall be deemed to have occurred if (i) the Executive is unable to
engage in any substantial gainful activity by reason of any medically determinable physical or
mental impairment which can be expected to result in death, or last for a continuous period of not
less than 12 months; (ii) by reason of any medically determinable physical or mental impairment
which can be expected to result in death, or last for a continuous period of not less than 12
months, the Executive is receiving income replacement benefits for a period of not less than three
months under an accident and health plan covering employees of the Employer; or (iii) the Executive
is determined to be totally disabled by the Social Security Administration. The provisions of
paragraph 6(b) and (c) shall apply upon the termination of the Executive’s employment for
Disability.

(b) Executive shall participate in the short and long term disability plans and benefits
offered by the Bank to senior executives, including, but not limited to, (i) long term disability
income replacement benefits equal to no less than 60% of Executive’s base salary and bonus, based
on Executive being unable to perform the required functions of Executive’s own occupation and (ii)
supplemental retirement benefits under a long-term disability program, such that, in the event the
Executive receives long term disability benefits, an additional amount will be credited for the
benefit of the Executive and will be paid at the time and in the form specified in the plan
documents. If Executive pays the premiums for such long-term disability coverage on an after-tax
basis, the Bank shall increase Executive’s base salary by the grossed up amount necessary in order
to accommodate Executive’s payment of such premiums, such that Executive’s net base salary is not
decreased as a result of Executive’s payment of such premiums on an after-tax basis.

(c) The Employer will cause to be continued, under the same cost-sharing arrangement as is in
effect for active employees, life insurance and non-taxable medical and health insurance coverage
substantially comparable, as reasonable or customarily available, to the coverage maintained by the
Employer for Executive prior to his termination for Disability, except to the extent such coverage
may be changed in its application to all Employer employees or not available on an individual basis
to an employee terminated for Disability. This coverage shall cease upon the earlier of (i)
Executive’s full-time employment by another employer; (ii) Executive attaining the age of 65; or
(iii) Executive’s death. Upon an termination of Executive’s employment due to Disability, the
Executive shall have such rights as specified in any other employee benefit plans or programs
maintained by the Employer, as may be in effect from time to time.

(d) In the event of Executive’s death during the term of the Agreement, his estate, legal
representatives or named beneficiaries (as directed by executive in writing) shall be paid a lump
sum amount equal to two (2) times Executive’s Base Salary in effect at the time of Executive’s
death, which will be paid within 30 days of the Executive’s death. Any payment due Executive by
reason of any life insurance benefit provided to him under a plan maintained by the Employer shall
offset this obligation, but such payments are in addition to any other benefits that the
Executive’s beneficiaries may be entitled to receive under any employee benefit plan maintained by
the Employer for the benefit of the Executive, including, but not limited to, the Employer’s
tax-qualified retirement plans, supplemental executive retirement plans (including any life
insurance agreements related to the supplemental executive retirement plans).

7. TERMINATION UPON RETIREMENT.

Termination of Executive’s employment based on “Retirement” shall mean termination of
Executive’s employment at age 65 or in accordance with any retirement policy established by the
Board with Executive’s consent with respect to him. Upon termination of Executive based on
Retirement, no amounts or benefits shall be due Executive under this Agreement, and Executive shall
be entitled to all benefits under any retirement plan of the Employer and other plans to which
Executive is a party.

8. TERMINATION FOR CAUSE.

(a) The Employer may terminate the Executive’s employment at any time, but any termination
other than Termination for Cause, as defined herein, shall not prejudice the Executive’s right to
compensation or other benefits under the Agreement. The Executive shall have no right to receive
compensation or other benefits for any period after Termination for “Cause.” Termination for
“Cause” shall include termination because of the Executive’s personal dishonesty, incompetence,
willful misconduct, breach of fiduciary duty involving personal profit, material breach of the Code
of Ethics of either the Bank or the Company, material violation of the Sarbanes-Oxley requirements
for officers of public companies that in the reasonable opinion of the Chief Executive Officer or
the Board will likely cause substantial financial harm or substantial injury to the reputation of
the Company or the Bank, willfully engaging in actions that in the reasonable opinion of the Chief
Executive Officer or the Board will likely cause substantial financial harm or substantial injury
to the business reputation of the Company or the Bank, failure to perform stated duties after
receiving written notice of Executive’s failure to perform assigned duties, willful violation of
any law, rule or regulation (other than routine traffic violations or similar offenses) or final
cease-and-desist order, or material breach of any provision of the Agreement.

(b) For purposes of this Section 8, no act or failure to act, on the part of the Executive,
shall be considered “willful” unless it is done, or omitted to be done, by the Executive in bad
faith or without reasonable belief that the Executive’s action or omission was in the best
interests of the Employer. Any act, or failure to act, based upon the direction of the Chief
Executive Officer or Board or based upon the advice of counsel for the Employer shall be
conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the
best interests of the Employer.

9. NOTICE.

(a) Any purported termination by the Employer for Cause shall be communicated by Notice of
Termination to Executive. If, within 30 days after any Notice of Termination for Cause is given,
Executive notifies the Employer that a dispute exists concerning the termination, the parties shall
promptly proceed to arbitration. Notwithstanding the pendency of any such dispute, the Employer
shall discontinue paying Executive’s compensation until the dispute is finally resolved in
accordance with this Agreement. If it is determined that Executive is entitled to compensation and
benefits under Section 4 of this Agreement, the payment of such compensation and benefits by the
Employer shall commence immediately following the date of resolution by arbitration, with interest
due Executive on the cash amount that would have been paid pending arbitration and interest thereon
(at the prime rate as published in The Wall Street Journal from time to time) paid to the Executive
as a cash lump sum within 30 days after the date the arbitration results are delivered to the
Employer with interest due Executive on the cash amount that would have been paid pending
arbitration (at the prime rate as published in The Wall Street Journal from time to time).

(b) Any other purported termination by the Employer or by Executive shall be communicated by a
Notice of Termination to the other party. If, within 30 days after any Notice of Termination is
given, the party receiving such Notice of Termination notifies the other party that a dispute
exists concerning the termination, the parties shall promptly proceed to arbitration as provided in
Section 19 of this Agreement. Notwithstanding the pendency of any such dispute, the Employer shall
continue to pay Executive his Base Salary, and other compensation and benefits (including, without
limitation, health insurance coverage) in effect when the notice giving rise to the dispute was
given (except as to termination of Executive for Cause); provided, however, that such payments and
benefits shall not continue beyond the date that is 36 months from the date the Notice of
Termination is given. In the event the voluntary termination by Executive of his employment for
Good Reason is disputed by the Employer, and if it is determined in arbitration that Executive is
not entitled to termination benefits pursuant to this Agreement, he shall return all cash payments
made to him pending resolution by arbitration, with interest thereon at the prime rate as published
in The Wall Street Journal from time to time if it is determined in arbitration that Executive’s
voluntary termination of employment for Good Reason was not taken in good faith and not in the
reasonable belief that grounds existed for his voluntary termination for Good Reason. If it is
determined that the Executive is entitled to receive severance benefits under this Agreement, then
any continuation of Base Salary and other compensation and benefits made to the Executive under
this Section 9 shall offset the amount of any severance benefits that are due to the Executive
under this Agreement.

(c) For purposes of this Agreement, a “Notice of Termination” shall mean a written notice
which shall indicate the specific termination provision in this Agreement relied upon and shall set
forth in reasonable detail the facts and circumstances claimed to provide a basis for termination
of Executive’s employment under the provision so indicated and “Date of Termination” shall mean the
date of the Notice of Termination.

10. POST-TERMINATION OBLIGATIONS AND CONFIDENTIALITY.

(a) The Executive hereby covenants and agrees that, for a period of two years following his
termination of employment with the Company or the Bank, he shall not, without the written consent
of the Employer, either directly or indirectly engage in any of the actions described below;
provided, however, that the Executive is not required to honor the terms of this Section 10 in the
event that the Executive terminates employment with the Company or the Bank and is not receiving
any severance payments pursuant to this Agreement:

(i) solicit, offer employment to, or take any other action intended (or that a reasonable
person acting in like circumstances would expect) to have the effect of causing any officer or
employee of the Company or the Bank or any of their affiliates to terminate his or her employment
and accept employment or become affiliated with, or provide services for compensation in any
capacity whatsoever to, any business whatsoever that competes with the business of the Company or
the Bank or any of their affiliates or has headquarters or offices within thirty-five (35) miles of
the locations in which the Company or the Bank or their affiliates has business operations or has
filed an application for regulatory approval to establish an office;

(ii) become an officer, employee, consultant, director, independent contractor, agent, sole
proprietor, joint venturer, greater than 5% equity-owner or stockholder, partner or trustee of any
savings bank, savings and loan association, savings and loan holding company, credit union, bank or
bank holding company, insurance company or agency, any mortgage or loan broker or any other entity
competing with the Company or the Bank or their affiliates in the same geographic locations where
the Company or the Bank or their affiliates has material business interests; provided, however,
that this restriction shall not apply if the Executive’s employment is terminated following a
Change in Control or due to Termination for Cause; or

(iii) solicit, provide any information, advice or recommendation or take any other action
intended (or that a reasonable person acting in like circumstances would expect) to have the effect
of causing any customer of the Company or the Bank or their affiliates to terminate an existing
business or commercial relationship with the Company or the Bank or their affiliates.

(b) Executive shall, upon reasonable notice, furnish such information and assistance to the
Employer and/or its affiliates, as may reasonably be required by the Employer and/or its
affiliates, in connection with any litigation in which it or any of its subsidiaries or affiliates
is, or may become, a party; provided, however, that Executive shall not be required to provide
information or assistance with respect to any litigation between the Executive and the Employer, or
any of its affiliates. Executive shall be reimbursed by the Employer for out-of-pocket expenses
associated with such assistance, provided that Executive submits appropriate receipts to the
Employer for such expenses. Such reimbursements shall be paid in a cash lump sum no later than
March 15 of the year after the year in which the expenses were incurred.

(c) Executive agrees that he shall not, directly or indirectly, use, make available, sell,
disclose or otherwise communicate to any person, other than in the course of the Executive’s
assigned duties and for the benefit of the Company or the Bank, either during the period of the
Executive’s employment or at any other time thereafter, any nonpublic, proprietary or confidential
information, knowledge or data relating or belonging to the Company or the Bank, any of their
respective subsidiaries, affiliated companies or businesses, which shall have been obtained by the
Executive during the Executive’s employment with the Company or the Bank. The foregoing shall not
apply to information that (i) was known to the public prior to its disclosure to the Executive;
(ii) becomes known to the public subsequent to disclosure to the Executive through no wrongful act
of the Executive of any representative of the Executive; or (iii) the Executive is required to
disclose by applicable law, regulation or legal process (provided that the Executive provides the
Company and the Bank, as the case may be, with prior notice of the contemplated disclosure and
reasonably cooperates with the Company or Bank, as the case may be, at its expense in seeking a
protective order or other appropriate protection of such information). Notwithstanding clauses (i)
and (ii) of the preceding sentence, the Executive’s obligation to maintain such disclosed
information in confidence shall not terminate where only portions of the information are in the
public domain.

(d) All payments and benefits to the Executive under this Agreement shall be subject to the
Executive’s compliance with this Section. The parties hereto, recognizing that irreparable injury
will result to the Employer, its business and property in the event of the Executive’s breach of
this Section, agree that, in the event of any such breach by the Executive, the Employer will be
entitled, in addition to any other remedies and damages available, to an injunction to restrain the
violation hereof by the Executive and all persons acting for or with the Executive. The Executive
represents and admits that the Executive’s experience and capabilities are such that the Executive
can obtain employment in a business engaged in other lines and/or of a different nature than the
Employer, and that the enforcement of a remedy by way of injunction will not prevent the Executive
from earning a livelihood. Nothing herein will be construed as prohibiting the Employer from
pursuing any other remedies for such breach or threatened breach, including the recovery of damages
from the Executive.

11. SOURCE OF PAYMENTS.

All payments provided in this Agreement shall be timely paid in cash or check from the general
funds of the Bank. The Company, however, guarantees payment and provision of all amounts and
benefits due hereunder to Executive, and if such amounts and benefits due from the Bank are not
timely paid or provided by the Bank, such amounts and benefits shall be paid or provided by the
Company.

12. EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFITS PLANS.

This Agreement contains the entire understanding between the parties hereto and supersedes any
prior employment agreement between the Employer or any predecessor of the Employer and Executive,
except that this Agreement shall not affect or operate to reduce any benefit or compensation
inuring to Executive of a kind elsewhere provided. No provision of this Agreement shall be
interpreted to mean that Executive is subject to receiving fewer benefits than those available to
him without reference to this Agreement.

13. NO ATTACHMENT; BINDING ON SUCCESSORS.

(a) Except as required by law, no right to receive payments under this Agreement shall be
subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or
hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of
law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void, and
of no effect.

(b) This Agreement shall be binding upon, and inure to the benefit of, Executive and the
Employer and their respective successors and assigns.

14. MODIFICATION AND WAIVER.

(a) This Agreement may not be modified or amended except by an instrument in writing signed by
the parties hereto.

(b) No term or condition of this Agreement shall be deemed to have been waived, nor shall
there be any estoppel against the enforcement of any provision of this Agreement, except by written
instrument of the party charged with such waiver or estoppel. No such written waiver shall be
deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate
only as to the specific term or condition waived and shall not constitute a waiver of such term or
condition for the future as to any act other than that specifically waived.

15. REQUIRED PROVISIONS.

(a) Notwithstanding anything herein contained to the contrary, any payments to Executive by
the Employer, whether pursuant to this Agreement or otherwise, are subject to and conditioned upon
their compliance with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. Section
1828(k), and the regulations promulgated thereunder in 12 C.F.R. Part 359.

(b) The Employer may terminate the Executive’s employment at any time and for any reason, but
any termination by the Company, other than Termination for Cause, shall not prejudice Executive’s
right to compensation or other benefits under this Agreement.

16. SEVERABILITY.

If, for any reason, any provision of this Agreement, or any part of any provision, is held
invalid, such invalidity shall not affect any other provision of this Agreement or any part of such
provision not held so invalid, and each such other provision and part thereof shall to the full
extent consistent with law continue in full force and effect.

17. HEADINGS FOR REFERENCE ONLY.

The headings of sections and paragraphs herein are included solely for convenience of
reference and shall not control the meaning or interpretation of any of the provisions of this
Agreement.

18. GOVERNING LAW.

This Agreement shall be governed by the laws of the State of New York but only to the extent
not superseded by federal law.

19. ARBITRATION.

(a) Any disagreement, dispute, controversy or claim arising out of or relating to this
Agreement or the interpretation or validity hereof shall be settled exclusively and finally by
arbitration. It is specifically understood and agreed that any disagreement, dispute or
controversy which cannot be resolved between the parties, including without limitation any matter
relating to the interpretation of this Agreement, may be submitted to arbitration irrespective of
the magnitude thereof, the amount in controversy or whether such disagreement, dispute or
controversy would otherwise be considered justifiable or ripe for resolution by a court or arbitral
tribunal. The arbitration shall be conducted in accordance with the Commercial Arbitration Rules
of the American Arbitration Association (the “AAA”).

(b) The arbitral tribunal shall consist of one arbitrator who shall be an attorney of
recognized standing at the bar with at least 15 years experience in the practice of law. The
parties to the arbitration jointly shall directly appoint such arbitrator within 30 days of
initiation of the arbitration. If the parties shall fail to appoint such arbitrator as provided
above, such arbitrator shall be appointed by the AAA as provided in the Commercial Arbitration
Rules and shall be a person who (i) maintains his or her principal place of business either within
75 miles of Buffalo, New York and (ii) had substantial experience in commercial and business
matters. The Company or the Bank shall pay all of the fees and expenses of the arbitrator. The
Bank shall pay all of the fees and expenses of the arbitrator, in a lump sum no later than two and
one-half months after the end of the calendar year in which such expenses were incurred. The
arbitration shall be conducted within the Buffalo, New York metropolitan area or in such other city
in the Untied States of America as the parties to the dispute may designate by mutual written
consent.

(c) At any oral hearing of evidence in connection with the arbitration, each party thereto or
its legal counsel shall have the right to examine its witnesses and to cross-examine the witnesses
of any opposing party. No evidence of any witness shall be presented unless the opposing party or
parties shall have the opportunity to cross-examine such witness, except as the parties to the
dispute otherwise agree in writing or except under extraordinary circumstances where the interests
of justice require a different procedure.

(d) A decision or award of the arbitral tribunal shall be final and binding upon the parties
to the arbitration proceeding. The parties hereto hereby waive to the extent permitted by law any
rights to appeal or to seek review of such award by any court or tribunal. The parties hereto
agree that the arbitral award may be enforced, against the parties to the arbitration proceeding or
their assets wherever they may be found and that a judgment upon the arbitral award may be entered
in any court having jurisdiction thereof.

(e) Nothing herein contained shall be deemed to give, the arbitral tribunal any authority,
power, or right to alter, change, amend, modify, add to, or subtract from any of the provisions of
this Agreement.

20. INDEMNIFICATION.

(a) The Executive shall be provided with coverage under a standard directors’ and officers’
liability insurance policy. The Employer shall indemnify Executive to the fullest extent permitted
against all expenses and liabilities reasonably incurred by him in connection with or arising out
of any action, suit or proceeding in which he may be involved by reason of his having been an
officer of the Employer (whether or not he continues to be an officer at the time of the of
incurring such expenses or liabilities) such expenses and liabilities to include, but not be
limited to, judgments, court costs and attorneys’ fees and the cost of reasonable settlements (such
settlements must be approved by the Board), provided that the Employer shall not be required to
indemnify or reimburse Executive for legal expenses or liabilities incurred in connection with an
action, suit or proceeding arising from any illegal or fraudulent act committed by Executive. Any
such indemnification shall be made consistent with Section 18(k) of the Federal Deposit Insurance
Act, 12 U.S.C. §1828(k), and the regulations issued thereunder in 12 C.F.R. Part 359.

21. NOTICE.

For the purposes of this Agreement, notices and all other communications provided for in this
Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed
by certified or registered mail, return receipt requested, postage prepaid, addressed to the
respective addresses set forth below:

To the Company: Evans Bancorp, Inc.

 One Grimsby Dr Hamburg, NY 14075

To the Bank: Evans Bank, N.A.

 One Grimsby Dr Hamburg, NY 14075

 To the Executive            William R. Glass

 31 Braunview Way Orchard Park, NY 14127

1

SIGNATURES

IN WITNESS WHEREOF, the Company and the Bank have each caused this Agreement to be executed by
its duly authorized representative, and Executive has signed this Agreement, effective as of the
date first above written.

	 	 	 
	 	 	EVANS BANCORP, INC.
	September 30, 2009
	 	By:/s/David J. Nasca

	 
	 	 

	Date
	 	David J. Nasca

	 	 	EVANS BANK, N.A.

	September 30, 2009
	 	By:/s/David J. Nasca

	 
	 	 

	Date
	 	David J. Nasca President & C.E.O.

	 	 	EXECUTIVE

	September 30, 2009
	 	/s/William R.Glass

	 
	 	 

	Date
	 	William R. Glass

2

APPENDIX A

ACKNOWLEDGMENT AND RELEASE

This Acknowledgment and Release (the “Acknowledgment and Release”) is entered into as of
     , by and between William R. Glass (“Executive”), Evans Bank, NA (the “Bank”) and
Evans Bancorp, Inc. (the “Company”).

WHEREAS, the Executive, the Bank and the Company have entered into an employment agreement
dated        (the “Employment Agreement”); and

WHEREAS, the Executive, the Bank and the Company have agreed to terminate the Employment
Agreement in exchange for payment of the severance benefits described in the Employment Agreement,
which payment is contingent upon the execution of this Acknowledgment and Release;

NOW THEREFORE, in consideration of the foregoing and other good and valuable consideration the
receipt and sufficiency of which is hereby acknowledged, it is agreed as follows:

1. Consideration. In full satisfaction of the benefits payable under the Employment
Agreement (other than the Bank’s obligation to continue life insurance and non-taxable medical and
health insurance coverage for 36 months following the date of termination of employment), no later
than       , the Bank shall pay the Executive a lump sum payment in the amount of
$      (the “Payment”).

2. Release and Waiver.

(a) Executive hereby agrees that the Payment will be in full satisfaction of all obligations
of the Bank and the Company to Executive under the Employment Agreement, other than the Bank’s
obligation to continue life insurance and non-taxable medical and health insurance coverage for 36
months following the date of termination of employment.

(b) Executive, on behalf of himself, his heirs and assigns, irrevocably and unconditionally
releases the Bank and the Company from all claims, controversies, liabilities, demands, causes of
action, debts, obligations, promises, acts, agreements, and damages of whatever kind or nature,
whether known or unknown, suspected or unsuspected, foreseen or unforeseen, liquidated or
contingent, actual or potential, jointly and individually, that he has had or now has, based on any
and all aspects of the Agreements, including, but not limited to, any and all claims for breach of
express or implied contract or covenant of good faith and fair dealing (whether written or oral),
all claims for retaliation or violation of public policy, breach of promise, detrimental reliance
or tort (e.g., intentional infliction of emotional distress, defamation, wrongful termination,
interference with contractual or advantageous relationship, etc.), whether based on common law or
otherwise; all claims arising under Title VII of the Civil Rights Act of 1964, as amended; the Age
Discrimination in Employment Act; the Americans with Disabilities Act; the Equal Pay Act, the Fair
Labor Standards Act (“FLSA”), the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), the
Employee Retirement Income Security Act (“ERISA”), the Family and Medical Leave Act, the National
Labor Relations Act, the Rehabilitation Act, the Older Worker Benefits Protection Act, the New York
Human Rights Law, the New York Labor Law, the Constitution of the State of New York, claims for
emotional distress, mental anguish, personal injury, loss of consortium; any and all claims that
may be asserted on Executive’s behalf by others (including the Equal Employment Opportunity
Commission), or any other federal, state or local laws or regulations relating to employment or
benefits associated with employment. The foregoing list is meant to be illustrative rather than
inclusive. Notwithstanding the above, it is understood that Executive does not waive any rights he
may have to vested benefits under any tax-qualified retirement, restricted stock or stock option
awards, or any other benefit plan, contract or arrangement.

(c) Executive waives the rights and claims to the extent set forth above, and he also agrees
not to institute, or have instituted, a lawsuit against the Bank and/or the Company based on any
such waived claims or rights.

(d) Executive acknowledges that he/she has been instructed to, and has had the opportunity to
review this Acknowledgment and Release with an attorney or any representative of his/her choosing
before signing it. Executive further acknowledges that he/she has twenty-one (21) days from the
date Executive receives this Acknowledgement and Release to consider this Acknowledgment and
Release. Executive further acknowledges that he/she was given information about other employees
laid off and retained within his/her department (if any), including their ages, and has had an
opportunity to consider and review this information along with this Acknowledgment and Release.

(e) Executive shall have seven (7) days after signing this Acknowledgment and Release to
revoke it. This Acknowledgment and Release shall not be effective nor will any consideration be
provided until after the revocation period has passed. A revocation of this Acknowledgment and
Release shall be written and shall not be effective unless actually received by the Bank and the
Company on or before the 7th day after this Acknowledgment and Release has been signed.

(f) EXECUTIVE ACKNOWLEDGES AND AGREES THAT THIS RELEASE IS A FULL AND FINAL BAR TO ANY AND ALL
CLAIM(S) OF ANY TYPE THAT HE MAY NOW HAVE AGAINST THE BANK AND/OR THE COMPANY, TO THE EXTENT
PROVIDED ABOVE BUT THAT IT DOES NOT RELEASE ANY CLAIMS THAT MAY ARISE AFTER THE DATE OF THIS
AGREEMENT OR NOT OTHERWISE ADDRESSED HEREIN.

3. General Provisions.

(a) Heirs, Successors and Assigns. The terms of this Acknowledgment and Release shall
be binding upon the parties hereto and their respective heirs, successors and assigns, including
but not limited to the Bank and the Company.

(b) Final Agreement. This Acknowledgment and Release represents the entire
understanding of the parties with respect to the subject matter hereof and supersedes all prior
understandings, written or oral. The terms of this Acknowledgment and Release may be changed,
modified or discharged only by an instrument in writing signed by the parties hereto.

(c) Governing Law. This Acknowledgment and Release shall be construed, enforced and
interpreted in accordance with and governed by the laws of the State of New York, without reference
to its principles of conflicts of law.

(d) Counterparts. This Acknowledgment and Release may be executed in one or more
counterparts, each of which counterpart, when so executed and delivered, shall be deemed an
original and all of which counterparts, taken together, shall constitute but one and the same
agreement.

(e) Severability. Any term or provision of this Acknowledgment and Release which is
held to be invalid or unenforceable shall be ineffective to the extent of such invalidity or
unenforceability without rendering invalid or unenforceable the remaining terms and provisions of
this Acknowledgment and Release.

IN WITNESS WHEREOF, the parties hereto have signed this Acknowledgment and Release and the
Executive hereby declares that the terms of this Acknowledgement and Release have been completely
read, are fully understood, and are voluntarily accepted after complete consideration of all facts
and legal claims.

EXECUTIVE

Date

EVANS BANK, N.A.

By:

Date

EVANS BANCORP, INC.

By:

Date

3ex10-27a.htm

 

Exhibit 10.27(a)

AMENDED AND RESTATED SEVERANCE AGREEMENT

 

 

THIS AMENDED AND RESTATED SEVERANCE AGREEMENT (this “Agreement”), dated as of September 1, 2008, is by and between Playboy Enterprises, Inc., a Delaware corporation (the “Company”), and ____________, (the “Executive”) and is, effective
as of January 1, 2008, hereby amending, restating and superseding that prior Severance Agreement between the parties dated November 29, 2001, for compliance with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).

 

WITNESSETH:

 

WHEREAS, the Executive is a senior executive or key employee of the Company and has made and is expected to continue to make major contributions to the short- and long-term profitability, growth and financial strength of the Company;

 

WHEREAS, the Company recognizes that, as is the case for most publicly-held companies, the possibility of a Change in Control exists;

 

WHEREAS, the Company desires to assure itself of both present and future continuity of management and desires to establish certain minimum severance benefits for certain of its senior executive officers and other key employees, including the Executive, applicable in the
event of a Change in Control;

 

WHEREAS, the Company wishes to ensure that its senior executives and other key employees are not practically disabled from discharging their duties in respect of a proposed or actual transaction involving a Change in Control; and

 

WHEREAS, the Company desires to provide additional inducement for the Executive to continue to remain in the ongoing employ of the Company;

 

NOW, THEREFORE, the Company and the Executive agree as follows:

1.         Certain Defined Terms:  In addition to terms defined elsewhere herein, the following terms have the
following meanings when used in this Agreement with initial capital letters:

 

(a)           “Base Pay” means the Executive’s annual base salary at a rate not less than the Executive’s annual fixed or base compensation
as in effect for Executive immediately prior to the occurrence of a Change in Control or such higher rate as may be determined from time to time by the Board of Directors of the Company (the “Board”) or a Committee thereof.

 

(b)           “Change in Control” means any of the following occurrences during the Term:

 

    (i)           Hugh M. Hefner directly or as beneficial owner and Christie Hefner cease collectively to hold over 50% of the combined voting power of the then-outstanding securities entitled to vote generally in the election of directors
of the Company (“Voting Stock”); or

 

  

  

  

 

    (ii)          except pursuant to a transaction described in the proviso to Section 1(b)(iv) or (v), a sale, exchange or other disposition of PLAYBOY Magazine; or

 

    (iii)         except pursuant to a transaction described in the proviso to Section 1(b)(iv) or (v), the liquidation or dissolution of the Company; or

 

    (iv)         the Company is merged, consolidated or reorganized into or with another corporation or other legal person; provided, however, that no such merger, consolidation or reorganization will constitute a Change in Control if the merger,
consolidation or reorganization is initiated by the Company and as a result of such merger, consolidation or reorganization not less than a majority of the combined voting power of the then-outstanding securities of the surviving, resulting or ultimate parent corporation, as the case may be, immediately after such transaction is held in the aggregate by persons who held not less than a majority of the combined voting power of the outstanding Voting Stock of the Company immediately prior to such transaction; or

 

    (v)           the Company sells or otherwise transfers all or substantially all of its assets to another corporation or other legal person; provided, however, that no such sale or transfer will constitute a Change in Control if the
sale or transfer is initiated by the Company and as a result of such sale or transfer not less than a majority of the combined voting power of the then-outstanding securities of such corporation or other legal person, as the case may be, immediately after such sale or transfer is held in the aggregate by persons who held not less than a majority of the combined voting power of the outstanding Voting Stock of the Company immediately prior to such sale or transfer; or

 

    (vi)          an equity or other investment in the Company, the result of which is that Christie Hefner ceases to serve as the Company’s Chief Executive Officer or relinquishes upon request or is divested of any of
the following responsibilities:

 

        (A)          functioning as the person primarily responsible for establishing policy and direction for the Company; or

 

        (B)          being the person to whom the senior executives of the Company report; or

 

    (vii)         the adoption by the Board of a resolution that, for purposes of this Agreement, a Change in Control has occurred.

 

For purposes of Section 1(b)(i), any Voting Stock beneficially owned (as such term is defined under Rule 13d-3 or any successor rule or regulation under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)) by the Hugh M.  Hefner Foundation shall be deemed to be held by Christie Hefner if and so long as she has sole voting power with respect to such Voting Stock.

 

  

2

  

 

 

(c)            “Cause” means that, prior to any termination pursuant to Section 3(b) hereof, the Executive shall have:

 

    (i)           been convicted of a criminal violation involving dishonesty, fraud or breach of trust; or

 

    (ii)          willfully engaged in misconduct in the performance of Executive’s duties that materially injures the Company or any entity in which the Company directly or indirectly beneficially owns 50% or more of the voting securities
(a “Subsidiary”).

 

(d)           “Disability” means a condition whereby the Executive:

 

    (i)           is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period
of not less than 12 months; or

 

    (ii)          is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement
benefits for a period of not less than 3 months under an accident and health plan covering employees of the Executive’s employer.

 

(e)           “Employee Benefits” means the perquisites, benefits and service credit for benefits as provided under any and all employee retirement income
and welfare benefit policies, plans, programs or arrangements in which Executive is entitled to participate, including without limitation any stock option, stock purchase, stock appreciation, savings, pension, supplemental executive retirement, or other retirement income or welfare benefit, deferred compensation, incentive compensation, group or other life, health, medical/hospital or other insurance (whether funded by actual insurance or self-insured by the Company), disability, salary continuation, executive
protection, expense reimbursement and other employee benefit policies, plans, programs or arrangements that may now exist or any equivalent successor policies, plans, programs or arrangements that may be adopted hereafter by the Company, providing perquisites, benefits and service credit for benefits at least as great in the aggregate as are provided thereunder immediately prior to a Change in Control.

 

(f)           “Incentive Pay” means bonus, incentive or other payments of cash compensation, in addition to Base Pay, made or to be made in regard to services
rendered pursuant to any bonus, incentive, profit-sharing, performance, discretionary pay or similar agreement, policy, plan, program or arrangement (whether or not funded) of the Company, or any successor thereto providing benefits at least as great as the benefits provided thereunder immediately prior to a Change In Control.

 

(g)           “Potential Change in Control” shall be deemed to have occurred if the event set forth in any one of the following subsections shall have occurred:

 

  

3

  

 

 

    (i)            the Company enters into an agreement, the consummation of which would result in the occurrence of a Change in Control;

 

    (ii)           the Company or any Person publicly announces an intention to take or to consider taking actions which, if consummated, would constitute a Change in Control; or

 

    (iii)          the Board adopts a resolution to the effect that, for purposes of this Agreement, a Potential Change in Control has occurred.

 

(h)            “Potential Change in Control Period” shall commence upon the occurrence of a Potential Change in Control and shall lapse upon the occurrence
of a Change in Control or, if earlier:

 

    (i)           with respect to a Potential Change in Control occurring pursuant to Section l(f)(i), immediately upon the abandonment or termination of the applicable agreement;

 

    (ii)           with respect to a Potential Change in Control occurring pursuant to Section l(f)(ii), immediately upon a public announcement by the applicable party that such party has abandoned its intention to take or consider taking
actions which if consummated would result in a Change in Control; or

 

    (iii)         with respect to a Potential Change in Control occurring pursuant to Section l(f)(iii), upon the one year anniversary of the occurrence of a Potential Change in Control (or such earlier date as may be determined by the Board).

 

(i)           “Severance Period” means the period of time commencing on the date of each occurrence of a Change in Control and continuing until the
earliest of:

 

    (i)            eighteen months following the occurrence of the Change in Control; or

 

    (ii)           the Executive’s death;

 

provided, however, that commencing on each anniversary of the Change in Control, the Severance Period will automatically be extended for an additional eighteen months unless, not later than 120 calendar days prior to such date, either the Company or the Executive shall have given written notice to the other
that the Severance Period is not to be so extended.

 

(j)           “Term” means the period commencing as of the date hereof and expiring as of the later of:

 

    (i)            the close of business on December 31, 2011; or

 

    (ii)           the expiration of the Severance Period;

 

provided, however, that the term of this Agreement will automatically be extended each year for an additional year unless, not later than September 30 of the immediately preceding year,

 

  

4

  

 

 

the Company or the Executive shall have given notice that it or the Executive, as the case may be, does not wish to have the Term extended.  Notwithstanding the foregoing, if, prior to a Change in Control, the Executive ceases for any reason to be an employee of the Company or any Subsidiary,
thereupon without further action, the Term shall be deemed to have expired and this Agreement will immediately terminate and be of no further effect.  For purposes of this Section 1(i), the Executive shall not be deemed to have ceased to be an employee of the Company or any Subsidiary by reason of the transfer of Executive’s employment between the Company and any Subsidiary, or among any Subsidiaries.

 

(k)           “Targeted Bonus” shall mean the targeted bonus for Executive’s position as set forth in the Company’s Executive Incentive Compensation
Plan (“EICP”) established for the then applicable fiscal year, which shall be equal to fifty percent (50%) times the maximum amount which Executive could earn under the EICP with respect to established quantifiable and objective financial goals.

 

2.         Operation of Agreement:  This Agreement will be effective and binding immediately upon its execution,
but, anything in this Agreement, to the contrary notwithstanding, will not be operative unless and until a Change in Control occurs, whereupon without further action this Agreement shall become immediately operative.

 

3.         Termination Following a Change in Control:

 

(a)           In the event of the occurrence of a Change in Control, the Executive’s employment may be terminated by the Company during the Severance Period and the Executive shall not be entitled to the benefits provided by Section 4 only upon
the occurrence of one or more of the following events:

 

    (i)           The Executive’s death;

 

    (ii)          The Executive’s Disability; or

 

    (iii)         Cause.

 

If, during the Severance Period, the Executive’s employment is terminated by the Company other than pursuant to Section 3(a)(i), 3(a)(ii) or 3(a)(iii), the Executive will be entitled to the benefits provided by Section 4 hereof.

 

(b)           In the event of the occurrence of a Change in Control, the Executive may terminate employment with the Company and any Subsidiary during the Severance Period with the right to severance compensation as provided in Section 4 upon the occurrence
of one or more of the following “Good Reason” events (regardless of whether any other reason, other than Cause as hereinabove provided, for such termination exists or has occurred, including without limitation other employment) which occur without the Executive’s consent:

 

    (i)           the Executive is not elected to, or is removed from, any elected office of the Company and/or Subsidiary, as the case may be, which the Executive held immediately prior to the Change of Control; or

 

  

5

  

 

    (ii)           the Executive is not re-nominated by the Board as a Director of the Company (or any successor thereto) if the Executive shall have been a Director of the Company immediately prior to the Change in Control; or

 

    (iii)          the assignment to the Executive of any duties inconsistent in any respect with the Executive’s position, authority, duties or responsibilities which the Executive held immediately prior to the Change of Control, or
any other action by the Company which results in a diminution in such position, authority, duties or responsibilities, excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company promptly after receipt of notice thereof given by the Executive; or

 

    (iv)          any failure by the Company to comply with any of the provisions of this Agreement, other than an isolated, insubstantial and inadvertent failure not occurring in bad faith and which is remedied by the Company promptly after
receipt of notice thereof given by the Executive; or

 

    (v)           a material reduction in the aggregate of the Executive’s Base Pay and Incentive Pay payable to the Executive by the Company and any Subsidiary;  or

 

    (vi)          the failure of a successor/tranferee organization to assume all duties and obligations of the Company under this Agreement pursuant to Section 10(a) following the liquidation, dissolution, merger, consolidation or reorganization
of the Company or transfer of all or substantially all of its business and/or assets, and where the Executive has no employee/employer relationship with such successor/transferee organization following the Change of Control; or

 

    (vii)         The Company or any of its Subsidiaries requires the Executive regularly to perform Executive’s duties of employment beyond a materially different geographic radius from the location of Executive’s employment immediately
prior to the Change in Control or requires the Executive to travel away from Executive’s office in the course of discharging Executive’s responsibilities or duties hereunder at least 50% more (in terms of aggregate days in any calendar year or in any calendar quarter when annualized for purposes of comparison to any prior year) than was required of Executive in any of the three full years immediately prior to the Change of Control.

 

(c)           A termination by the Company pursuant to Section 3(a) or 3(d) or by the Executive pursuant to Section 3(b) or 3(d) will not affect any rights or benefits which the Executive may have pursuant to any agreement, policy, plan, program or
arrangement of the Company providing Employee Benefits (an “Other Arrangement”), which rights and benefits shall be governed by the terms thereof, including, without limitation, rights to payments under the Company’s bonus and incentive plans for prior fiscal years which have been earned but not yet paid to Executive.  Notwithstanding the foregoing, if the Executive has any rights to severance compensation upon termination of employment under any employment agreement Executive may
have with the Company or any Other Arrangement, such rights shall, during the Severance Period, be completely superseded by this Agreement; for the

 

  

6

  

 

avoidance of doubt, Executive can only receive severance compensation under this Agreement or under the Other Arrangement, not both.

 

(d)           For purposes of this Agreement, a termination of Executive’s employment during a Potential Change in Control Period: (

 

    (i)           by the Company other than pursuant to the events described in Section 3(a)(i), 3(a)(ii) or 3(a)(iii); or

 

    (ii)          by Executive following the occurrence of one of the events described in Section 3(b)(i) through (vii),

 

shall be deemed to be a termination of Executive’s employment during the Severance Period entitling Executive to benefits provided by Section 4.

 

4.         Severance Compensation:

 

(a)           If, following the occurrence of a Change in Control, the Company terminates the Executive’s employment during the Severance Period other than pursuant to Section 3(a), or if the Executive terminates Executive’s employment
pursuant to Section 3(b), the Company will pay to the Executive the following:

 

   (i)            an amount (the “Severance Payment”) equal to three times the sum of:

 

        (A)           Base Pay, plus

 

        (B)           the greater of:

 

           (I)           the average actual bonus earned by the Executive pursuant to any annual bonus or incentive plan maintained by the Company in respect of the three fiscal years ending immediately
prior to the fiscal year in which occurs such Change in Control (or, such lesser number of years during which the Executive was employed by the Company and annualized in the case of any such bonus paid in respect of a portion of a fiscal year); and

 

            (II)          the Targeted Bonus (determined in accordance with Section 1(j) of this Agreement

 

(the greater of Subclause (I) and Subclause (II) being hereinafter referred to as the “Highest Bonus”);

 

such Severance Payment, as permitted pursuant to Treasury Regulation Section 1.409A-1(b)(9)(iii), shall be payable in three payments as follows:

 

(1)           an amount equal to the lesser of:

 

    (a)           fifty percent (50%) of the Executive’s annual Base Pay as of his date of termination; or

 

  

7

  

 

 

    (b)           two (2) times the compensation limit of Code Section 401(a)(17) (i.e., $460,000 for 2008)

 

shall be paid to Executive equally over the number of pay periods between the Executive’s date of termination and the seventh month anniversary of the Executive’s date of termination; and

 

(2)           an amount, if any, equal to the Executive’s annual Base Pay as of the Executive’s date of termination reduced by the amount paid to the Executive
under Item (1) immediately above will be paid equally over the number of pay periods between the Executive’s seventh month anniversary of his date of termination and the 12 month anniversary of his date of termination; and

 

(3)           the remainder, if any, which is an amount equal to the Severance Payment reduced by the amount paid to Executive under Items (1) and (2) immediately above, shall
be paid to Executive in a lump sum no later than the seventh month anniversary of his date of termination;

 

    (ii)           for 36 months following the Termination Date (the “Continuation Period”), the Company will arrange to provide the Executive with Employee Benefits that are welfare benefits (but not stock option, stock
purchase, stock appreciation or similar compensatory benefits) no less favorable than those which the Executive was receiving or entitled to receive immediately prior to the Termination Date, including benefits provided under the Company’s Executive Protection Plan.  If and to the extent that any benefit described in this Section 4(a)(ii) is not or cannot be paid or provided under any policy, plan, program or arrangement of the Company or any Subsidiary, as the case may be, then the Company will
itself pay or provide for the payment to the Executive, or Executive’s dependents and beneficiaries, of such Employee Benefits.  Without otherwise limiting the purpose or effect of Section 5, Employee Benefits otherwise receivable by the Executive pursuant to this Section 4(a)(ii) will be reduced to the extent comparable welfare benefits are actually received by the Executive from another employer during the Continuation Period.  Such welfare benefits shall be provided and paid for the
Executive per regular payroll period of the Company commencing with the first payroll period following the Executive’s termination of employment and continuing for 36 month thereafter.  Medical expenses (as defined in Code Section 213(d)) paid pursuant to this subparagraph (ii) are intended to be exempt from Code Section 409A to the extent permitted under Treasury Regulation §§1.409A-1(b)(9)(v)(B) and -3(i)(1)(iv)(B).  However, to the extent any welfare benefits provided pursuant
to this subparagraph (ii) do not qualify for exemption under Code Section 409A, the Company shall provide Executive with a lump sum payment in an amount equal to the number of months of coverage to which he is entitled times the then applicable premium for the relevant benefit plan in which Executive participated.  Such lump sum amount will be paid during the second month following the month in which such coverage expires.

 

  

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    (iii)         Notwithstanding any provision of any annual or long-term incentive plan to the contrary, the Company shall pay to the Executive a lump sum amount, in cash, equal to the sum of:

 

       (A)          any unpaid incentive compensation which has been allocated or awarded to the Executive for a completed fiscal year or other measuring period preceding the Termination Date under any such plan and which,
as of the Termination Date, is contingent only upon the continued employment of the Executive to a subsequent date; and

 

       (B)           the product of the Highest Bonus and a fraction, the numerator of which is the number of days in the fiscal year in which the Termination Date occurs prior to the Termination Date and the denominator
of which is 365.

 

Such amount shall be paid to the Executive in accordance with the terms of the relevant underlying incentive compensation plan at the time all other executives are paid pursuant to such plan with respect to any such incentive compensation for such year which includes Executive’s date of termination
under this Section 4(a).

 

    (iv)          Notwithstanding the terms or conditions of any awards relating to a grant of restricted shares, all restricted shares which are not vested as of the Termination Date shall become fully vested.

 

    (v)           The Company shall provide the Executive with outplacement services suitable to the Executive’s position.  The Executive shall commence the outplacement services no later than sixty (60) days following
his termination date under this Section 4(a), but in no event shall such services be provided beyond December 31 of the second year following the year of termination or, if earlier, the first acceptance by the Executive of an offer of employment..

 

(b)           There will be no right of set-off or counterclaim in respect of any claim, debt or obligation against any payment to or benefit for the Executive provided for in this Agreement, except as expressly provided in Section 4(a)(ii).

 

(c)           Without limiting the rights of the Executive at law or in equity, if the Company fails to make any payment or provide any benefit required to be made or provided hereunder on a timely basis, the Company will pay interest on the amount
or value thereof at the prime rate in effect at the First National Bank of Chicago.  Such interest will be payable as it accrues on demand.  Any change in such prime rate will be effective on and as of the date of such change.

 

(d)           Notwithstanding any other provision hereof, the parties’ respective rights and obligations under this Section 4 and under Sections 6 and 7 will survive any termination or expiration of this Agreement following a Change in Control
or the termination of the Executive’s employment following a Change in Control for any reason whatsoever.

 

5.         No Mitigation Obligation:  The Company hereby acknowledges that it will be difficult and may be impossible:

 

  

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(a)           for the Executive to find reasonably comparable employment following the Termination Date; and

 

(b)           to measure the amount of damages which Executive may suffer as a result of termination of employment hereunder.

 

Accordingly, the payment of the severance compensation by the Company to the Executive in accordance with the terms of this Agreement is hereby acknowledged by the Company to be reasonable and will be liquidated damages, and the Executive will not be required to mitigate the amount of any payment provided
for in this Agreement by seeking other employment or otherwise, nor will any profits, income, earnings or other benefits from any source whatsoever create any mitigation, offset, reduction or any other obligation on the part of the Executive hereunder or otherwise reduce any payments or benefits to be provided to Executive hereunder, except as expressly provided in Section 4(a)(ii).

 

6.         Certain Additional Payments by the Company:

 

(a)           In the event that this Agreement becomes operative and it is determined (as hereafter provided) that any payment or distribution by the Company or any of its affiliates to or for the benefit of Executive, whether paid or payable or distributed
or distributable pursuant to the terms of this Agreement or otherwise pursuant to or by reason of any other agreement, policy, plan, program or arrangement, including without limitation any stock option, stock appreciation right or similar right, or the lapse or termination of any restriction on or the vesting or exercisability of any of the foregoing (a “Payment”), would be subject to the excise tax imposed by Section
4999 of the Internal Revenue Code of 1986, as amended (or any successor provision thereto), or to any similar tax imposed by state or local law, or any interest or penalties with respect to such excise tax (such tax or taxes, together with any such interest and penalties, are hereafter collectively referred to as the “Excise Tax”), then Executive will be entitled to receive an additional payment or payments (a “Gross-Up
Payment”) in an amount such that, after payment by Executive of all taxes (including any interest or penalties imposed with respect to such taxes), including any Excise Tax, imposed upon the Gross-Up Payment, Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments.  Notwithstanding anything to the contrary, any Gross-Up Payment pursuant to this Section 6(a) shall be paid no later than December 31 of the year following the year in which the Executive
pays the applicable Excise Tax, and, if the Executive is a ‘specified employee’, as defined and applied in Code Section 409A as of the termination date, no earlier than the first day of the seventh month following such date.

 

(b)           Subject to the provisions of Section 6(f) below, all determinations required to be made under this Section 6, including whether an Excise Tax is payable by Executive and the amount of such Excise Tax and whether a Gross-Up Payment is
required and the amount of such Gross-Up Payment, will be made by a nationally recognized firm of certified public accountants (the “Accounting Firm”) selected by Executive in Executive’s sole discretion.  Executive will direct the Accounting Firm to submit its determination and detailed supporting calculations to both the Company and Executive within 15 calendar days after the date of the Change in
Control or the date of Executive’s termination of employment, if applicable, and any other such time or times as may be requested by the Company or Executive.  For purposes of determining the amount of the Gross-Up Payment, the Executive

 

  

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shall be deemed to pay federal income tax at the highest marginal rate of federal income taxation in the calendar year in which the Gross-Up Payment is to be made and state and local income taxes at the highest marginal rate of taxation in the state and locality of the Executive’s residence on the
Termination Date (or if there is no Termination Date, then the date on which the Gross-Up Payment is calculated for purposes of this Section 6(b)), net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes.  If the Accounting Firm determines that any Excise Tax is payable by Executive, the Company will pay the required Gross-Up Payment to Executive within five business days after receipt of such determination and calculations.  If
the Accounting Firm determines that no Excise Tax is payable by Executive, it will, at the same time as it makes such determination, furnish Executive with an opinion that Executive has substantial authority not to report any Excise Tax on Executive’s federal, state, local income or other tax return.  Any determination by the Accounting Firm as to the amount of the Gross-Up Payment will be binding upon the Company and Executive.  As a result of the uncertainty in the application of Section
4999 of the Code (or any successor provision thereto) and the possibility of similar uncertainty regarding applicable state or local tax law at the time of any determination by the Accounting Firm hereunder, it is possible that Gross-Up Payments which will not have been made by the Company should have been made (an “Underpayment”), consistent with the calculations required to be made hereunder.  In the event
that the Company exhausts or fails to pursue its remedies pursuant to Section 6(f) below and Executive thereafter is required to make a payment of any Excise Tax, Executive will direct the Accounting Firm to determine the amount of the Underpayment that has occurred and to submit its determination and detailed supporting calculations to both the Company and Executive as promptly as possible.  Any such Underpayment will be promptly paid by the Company to, or for the benefit of, Executive within five
business days after receipt of such determination and calculations.

 

(c)           The Company and Executive will each provide the Accounting Firm access to and copies of any books, records and documents in the possession of the Company or Executive, as the case may be, reasonably requested by the Accounting Firm, and
otherwise cooperate with the Accounting Firm in connection with the preparation and issuance of the determination contemplated by Section 6(b) above.

 

(d)           The federal, state and local income or other tax returns filed by Executive will be prepared and filed on a consistent basis with the determination of the Accounting Firm with respect to the Excise Tax payable by Executive.  Executive
will make proper payment of the amount of any Excise Tax.  If prior to the filing of Executive’s federal income tax return, or corresponding state or local tax return, if relevant, the Accounting Firm determines that the amount of the Gross-Up Payment should be reduced, Executive will within five business days pay to the Company the amount of such reduction.

 

(e)           The fees and expenses of the Accounting Firm for its services in connection with the determinations and calculations contemplated by Section 6(b) and (d) above will be borne by the Company.  If such fees and expenses are initially
advanced by Executive, the Company will reimburse Executive the full amount of such fees and expenses within five business days after receipt from Executive of a statement therefor and reasonable evidence of Executive’s payment thereof.

 

  

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(f)           Executive will notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would require the payment by the Company of a Gross-Up Payment.  Such notification will be given as promptly as practicable,
but no later than 10 business days after Executive actually receives notice of such claim, and Executive will further apprise the Company of the nature of such claim and the date on which such claim is requested to be paid (in each case, to the extent known by Executive).  Executive will not pay such claim prior to the earlier of:

 

    (i)            the expiration of the 30-calendar-day period following the date on which Executive gives such notice to the Company; and

 

    (ii)           the date that any payment of amount with respect to such claim is due.

 

If the Company notifies Executive in writing prior to the expiration of such period that it desires to contest such claim, Executive will:

 

        (A)          provide the Company with any written records or documents in Executive’s possession relating to such claim reasonably requested by the Company;

 

        (B)          take such action in connection with contesting such claim as the Company will reasonably request in writing from time to time, including without limitation accepting legal representation with respect
to such claim by an attorney competent in respect of the subject matter and reasonably selected by the Company;

 

        (C)          cooperate with the Company in good faith in order effectively to contest such claim; and

 

        (D)          permit the Company to participate in any proceedings relating to such claim;

 

provided, however, that the Company will bear and pay directly all costs and expenses (including interest and penalties) incurred in connection with such contest and will indemnify and hold harmless Executive, on an after-tax basis, for and against any Excise Tax or income tax, including interest and penalties
with respect thereto, imposed as a result of such representation and payment of costs and expenses.  Without limiting the foregoing provisions of this Section 6(f), the Company will control all proceedings taken in connection with the contest of any claim contemplated by this Section 6(f) and, at its sole option, may pursue or forego any and all administrative appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim (provided that Executive may participate therein
at Executive’s own cost and expense) and may, at its option, either direct Executive to pay the tax claimed and sue for a refund or contest the claim in any permissible manner, and Executive agrees to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company will determine; provided, however, that if the Company directs Executive to pay the tax claimed and sue for a refund, the Company will advance
the amount of such payment to Executive on an interest-free basis and will indemnify and hold Executive harmless, on an

 

  

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after-tax basis, from any excise Tax or income tax, including interest or penalties with respect thereto, imposed with respect to such advance; and provided further, however, that any extension of the statute of limitations relating to payment of taxes for the taxable year of Executive with respect to which
the contested amount is claimed to be due is limited solely to such contested amount.  Furthermore, the Company’s control of any such contested claim will be limited to issues with respect to which a Gross-Up Payment would be payable hereunder and Executive will be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority.

 

(g)           If, after the receipt by Executive of an amount advanced by the Company pursuant to Section 6(f) above, Executive receives any refund with respect to such claim, Executive will (subject to the Company’s complying with the requirements
of Section 6(f) above) promptly pay to the Company the amount of such refund (together with any interest paid or credited thereon after any taxes applicable thereto).  If, after the receipt by Executive of an amount advanced by the Company pursuant to Section 6(f) above, a determination is made that Executive will not be entitled to any refund with respect to such claim and the Company does not notify Executive in writing of its intent to contest such denial or refund prior to the expiration of 30-calendar-days
after such determination, then such advance will be forgiven and will not be required to be repaid and the amount of such advance will offset, to the extent thereof, the amount of Gross-Up Payment required to be paid pursuant to this Section 6.

 

7.         Legal Fees and Expenses:  If it should appear to the Executive that the Company has failed to comply
with any of its obligations under this Agreement or in the event that the Company or any other person takes or threatens to take any action to declare this Agreement void, invalid or unenforceable, or institutes any litigation or other action or proceeding designed to deny, or to recover from, the Executive the benefits provided or intended to be provided to the Executive hereunder, the Company irrevocably authorizes the Executive from time to time to retain counsel of Executive’s choice, at the expense
of the Company as hereafter provided, to advise and represent the Executive in connection with any such interpretation, enforcement or defense, including without limitation the initiation or defense of any litigation or other legal action, whether by or against the Company or any Director, officer, stockholder or other person affiliated with the Company, in any jurisdiction.

 

Notwithstanding any existing or prior attorney-client relationship between the Company and such counsel, the Company irrevocably consents to the Executive’s entering into an attorney-client relationship with such counsel, and in that connection the Company and the Executive agree that a confidential
relationship shall exist between the Executive and such counsel.  The Company will pay and be solely financially responsible for Executive’s out-of-pocket expenses, including reasonable attorneys’ fees and expenses, incurred by the Executive in connection with any of the foregoing; provided, however, in the case of any such litigation or other action or proceeding in which the Company or any of its affiliates and Executive are adverse parties, the Company shall not pay or be responsible
for any such expenses if the Company or any of its affiliates prevails against the Executive.

 

8.         Employment Rights; Termination Prior to Change in Control:  Nothing expressed or implied in this Agreement
will create any right or duty on the part of the Company or the Executive to have the Executive remain in the employment of the Company or any Subsidiary prior to or following any Change in Control.

 

  

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9.         Withholding of Taxes: The Company may withhold from any amounts payable under this Agreement all federal, state,
city or other taxes as the Company is required to withhold pursuant to any law or government regulation or ruling.

 

10.       Successors and Binding Agreement:

 

(a)           The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or substantially all of the business or assets of the Company, by agreement in form and substance
satisfactory to the Executive, expressly to assume and agree to perform this Agreement in the same manner and to the same extent the Company would be required to perform if no such succession had taken place.  This Agreement will be binding upon and inure to the benefit of the Company and any successor to the Company, including without limitation any persons acquiring directly or indirectly all or substantially all of the business or assets of the Company whether by purchase, merger, consolidation,
reorganization or otherwise (and such successor shall thereafter be deemed the “Company” for the purposes of this Agreement), but will not otherwise be assignable, transferable or delegable by the Company.

 

(b)           This Agreement will inure to the benefit of and be enforceable by the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees and legatees.

 

(c)           This Agreement is personal in nature and neither of the parties hereto shall, without the consent of the other, assign, transfer or delegate this Agreement or any rights or obligations hereunder except as expressly provided in Sections
10(a) and 10(b) hereof.  Without limiting the generality or effect of the foregoing, the Executive’s right to receive payments hereunder will not be assignable, transferable or delegable, whether by pledge, garnishment, creation of a security interest, claims for alimony, or otherwise, other than by a transfer by Executive’s will or by the laws of descent and distribution and, in the event of any attempted assignment or transfer contrary to this Section 10(c), the Company shall have no liability
to pay any amount so attempted to be assigned, transferred or delegated.

 

11.       Notices: For all purposes of this Agreement, all communications, including without limitation notices, consents, requests
or approvals, required or permitted to be given hereunder will be in writing and will be deemed to have been duly given when hand delivered or dispatched by electronic facsimile transmission (with receipt thereof orally confirmed), or five business days after having been mailed by United States registered mail, return receipt requested, postage prepaid, or three business days after having been sent by a nationally recognized overnight courier service such as Federal Express, UPS, or Purolator, addressed to the
Company (to the attention of the Secretary of the Company) at its principal executive office and to the Executive at Executive’s principal residence, or to such other address as any party may have furnished to the other in writing and in accordance herewith, except that notices of changes of address shall be effective only upon receipt.

 

12.       Dispute Resolutions:  Any dispute or controversy arising under or in connection with this Agreement shall be
settled exclusively by arbitration in Chicago, Illinois in accordance with the rules of the American Arbitration Association then in effect; provided, however,

 

  

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that the evidentiary standards set forth in this Agreement shall apply.  Judgment may be entered on the arbitrator’s award in any court having jurisdiction.

 

13.       Governing Law:  The validity, interpretation, construction and performance of this Agreement will be governed
by and construed in accordance with the substantive laws of the State of Delaware, without giving effect to the principles of conflict of laws of such State.

 

14.       Validity:  If any provision of this Agreement or the application of any provision hereof to any person or circumstances
is held invalid, unenforceable or otherwise illegal, the remainder of this Agreement and the application of such provision to any other person or circumstances will not be affected, and the provision so held to be invalid, unenforceable or otherwise illegal will be reformed to the extent (and only to the extent) necessary to make it enforceable, valid or legal.

 

15.       Miscellaneous:  No provision of this Agreement may be modified, waived or discharged unless such waiver, modification
or discharge is agreed to in writing signed by the Executive and the Company.  No waiver by either party hereto at any time of any breach by the other party hereto or compliance with any condition or provision of this Agreement to be performed by such other party will be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.  No agreements or representations, oral or otherwise, expressed or implied with respect to the subject matter
hereof have been made by either party which is not set forth expressly in this Agreement.  References to Sections are to references to Sections of this Agreement.  Effective as of the date hereof, this Agreement supersedes and replaces the prior Severance Agreement entered into between the Executive and the Company.

 

16.         Counterparts: This Agreement may be executed in one or more counterparts, each of which shall be deemed to
be an original but all of which together will constitute one and the same agreement.

 

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered as of the date first above written.

 

 

	  	
PLAYBOY ENTERPRISES, INC.,

	  	  	  
	 	 	 
	  	
By:
	  	  

	  	
Title:
	  	  

ACCEPTED and AGREED to:

 

	  	  

 

 

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