Document:

Change in Control Agreement -Stephen Williams

 Exhibit 10.51 
  
 CHANGE IN CONTROL SEVERANCE AGREEMENT 
  
 THIS CHANGE IN CONTROL SEVERANCE AGREEMENT (this “Agreement”), dated as of July 21, 2003 (the “Effective Date”), is made between
CONSOL Energy, Inc., 1800 Washington Road, Pittsburgh, Pennsylvania 15241, a Delaware corporation (the “Company”), and Stephen Williams (the “Executive”). 
  
 WITNESSETH: 
  
 WHEREAS, the Executive is a senior executive 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; and 
  
 WHEREAS, the Board of Directors of the Company (the “Board”) recognizes that, as is the case with many publicly held corporations, the possibility of a Change in Control (as defined below) exists and that
such possibility, and the uncertainty and questions which it may raise among management, may result in the departure or distraction of key management personnel to the detriment of the Company and its stockholders; and 
  
 WHEREAS, the Board has determined that appropriate steps should be taken to
reinforce and encourage the continued attention and dedication of members of the Company’s management, including the Executive, to their assigned duties without distraction in the face of potentially disturbing circumstances arising from the
possibility of a Change in Control; and 
  
 WHEREAS, in
consideration of the Executive’s continued employment with the Company and the Executive’s agreement to waive certain rights he may have to receive severance compensation and benefits under any applicable Company severance plan or policy,
as set forth below, the Company desires to provide the Executive with certain compensation and benefits set forth in this Agreement in order to ameliorate the financial and career impact on the Executive in the event the Executive’s employment
with the Company is terminated for a reason related to a Change in Control; and 
  
 WHEREAS, the Executive agrees to waive any rights he may have under any Company severance plan or policy with respect to severance compensation and benefits in the event the Executive’s employment with the
Company is terminated as the result of an Involuntary Termination Associated With a Change in Control (as defined below). 
  
 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements hereinafter set forth and intending to be legally bound hereby,
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 greater of (i) the Executive’s annual base salary
rate, exclusive of bonuses, commissions and other Incentive Pay, as in effect immediately preceding the Executive’s Termination Date, or (ii) the Executive’s annual base salary rate, exclusive of bonuses, commissions and other Incentive
Pay, as in effect immediately prior to the Change in Control. In the event that the Company elects to have the Executive provide consulting services under Section 2(d) hereof, “Base Pay” shall be determined under (i) above as of the
commencement of the Consultancy Period instead of the Termination Date. 
  
 (b) “Board” means the Board of Directors of the Company. If the Executive is also a member of the Board, then in the case of any provision hereof that requires action by, or a determination of, the
Board in connection with this Agreement, it is understood that such provision refers to the members of the Board other than the Executive. 
  
 (c) “Cause” means a determination by the Board that the Executive has committed any of the following acts: 
  
 (i) the Executive has been convicted of, or the Executive
has pleaded guilty or nolo contendere to, (x) any felony, or (y) any misdemeanor involving fraud, embezzlement or theft; or 
  
 (ii) the Executive has wrongfully disclosed material confidential information of the Company or any Subsidiary, has intentionally violated
any material express provision of the Company’s code of conduct for executives and management employees (as in effect on the date of the Change in Control), or has intentionally failed or refused to perform any of his material assigned duties
for the Company; and any such failure or refusal has been demonstrably and materially harmful to the Company. 
  
 Notwithstanding the foregoing, the Executive will not be deemed to have been terminated for “Cause” under this subsection (ii) unless and until
there has been delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of not less than the majority of the members of the Board plus one member, finding that, in the good faith opinion of the Board, the Executive has
committed an act constituting “Cause,” as herein defined, and specifying the particulars thereof in detail. Prior to any such determination, the Executive shall be provided with reasonable notice of such pending determination and the
Executive, together with his counsel (if the Executive chooses to have counsel present at such meeting), shall be provided with the opportunity to be heard before the Board makes any such determination. Nothing herein will limit the right of the
Executive or his beneficiaries to contest the validity or propriety of any such determination. 
  
 (d) “Change in Control” means the occurrence of any of the following events: 
  

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 (i) the acquisition after the date hereof by any individual, entity or group (within the
meaning of section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 25% of the combined voting power of the then outstanding
Voting Stock of the Company, which shall include any group formed as a result of the transfer of shares of Voting Stock of the Company by RWE AG (or any subsidiary or affiliate of RWE AG) (collectively, “RWE”) if RWE does not hold a
majority of the aggregate combined voting power represented by the Voting Stock of the Company held by such group; provided, however, that for purposes of this Section 1(d)(i), the following acquisitions will not constitute a Change in Control: (A)
any issuance of Voting Stock of the Company directly from the Company that is approved by the Incumbent Board (as defined in Section 1(d)(ii), below), (B) any acquisition by the Company or by RWE of Voting Stock of the Company, (C) any acquisition
of Voting Stock of the Company by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary, (D) any acquisition of Voting Stock of the Company by an underwriter holding securities of the Company in
connection with a public offering thereof, or (E) any acquisition of Voting Stock of the Company by any Person pursuant to a Business Combination that complies with clauses (A), (B) and (C) of Section 1(d)(iii), below; and provided further, however,
that this Section 1(d)(i) shall not apply if RWE AG beneficially owns a larger percentage of the Voting Stock of the Company than such acquiring Person (for the purposes of this proviso, shares of Voting Stock shall not be considered to be
beneficially owned by RWE AG if and so long as RWE AG is contractually obligated not to vote such shares of Voting Stock in any matter on which the stockholders of the Company vote generally); or 
  
 (ii) individuals who constitute the Board as of the date
that RWE first beneficially owns 50% or less of the Voting Stock of the Company (the “Incumbent Board,” as modified by this Section 1(d)(ii)), cease for any reason to constitute at least a majority of the Board; provided, however, that any
individual becoming a Director subsequent to such date whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least two-thirds of the Directors then comprising the Incumbent Board (either by a
specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without objection to such nomination) will be deemed to have then been a member of the Incumbent Board, but excluding, for
this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest (within the meaning of Rule 14a-11 of the Exchange Act) with respect to the election or removal of Directors or other
actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or 
  
 (iii) consummation of a reorganization, merger or consolidation of the Company or a direct or indirect wholly owned subsidiary thereof, a
sale or other disposition (whether by sale, taxable or nontaxable exchange, formation of a joint venture or otherwise) of all or substantially all of the assets of the Company, 
  

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 or other transaction involving the Company (each, a “Business Combination”), unless, in each
case, immediately following such Business Combination, (A) all or substantially all of the individuals and entities who were the beneficial owners of Voting Stock of the Company immediately prior to such Business Combination beneficially own,
directly or indirectly, more than 50% of the combined voting power of the then outstanding shares of Voting Stock of the entity resulting from such Business Combination or any direct or indirect parent corporation thereof (including, without
limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries), (B) either (I) no Person other than the Company or RWE AG
beneficially owns 25% or more of the combined voting power of the then outstanding shares of Voting Stock of the entity resulting from such Business Combination or any direct or indirect parent corporation thereof (disregarding all
“acquisitions” described in subsections (A) – (C) of Section 1 (d) (i)), or (II) following the consummation of such Business Combination, RWE AG beneficially owns a larger percentage of the combined Voting Stock of the entity
resulting from such Business Combination or any direct or indirect parent corporation thereof than any other Person (for the purposes of this clause (II), shares of Voting Stock of the entity resulting from such Business Combination or any direct or
indirect parent corporation thereof shall not be considered to be beneficially owned by RWE AG if and so long as RWE AG is contractually obligated not to vote such shares of Voting Stock in any matter on which the stockholders of the entity
resulting from such Business Combination or any direct or indirect parent corporation thereof vote generally), and (C) at least a majority of the members of the Board of Directors of the entity resulting from such Business Combination or any direct
or indirect parent corporation thereof were members of the Incumbent Board at the time of the execution of the initial agreement or of the action of the Board providing for such Business Combination; or 
  
 (iv) approval by the stockholders of the Company of a
complete liquidation or dissolution of the Company, except pursuant to a Business Combination that complies with clauses (A), (B) and (C) of Section 1(d)(iii). 
  

(e) “COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1986, as amended. 
  
 (f) “Code” means the Internal Revenue Code of
1986, as amended. 
  
 (g) “Consultancy
Period” and “Consultancy Position” shall have the respective meanings assigned to those terms in Section 2(d) hereof. 
  
 (h) “Constructive Termination Associated With a Change in Control” means the termination of the Executive’s employment with
the Company by the Executive as a result of the occurrence without the Executive’s written consent of one of the following events: 
  

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 (i) an adverse change in the Executive’s position with the Company and/or a
Subsidiary (or any successor thereto by operation of law or otherwise) (but excluding any loss of any position with a Subsidiary with respect to which the Executive is not separately compensated) as compared to the Executive’s position with the
Company (and/or a Subsidiary) immediately prior to the Change in Control; 
  
 (ii) (A) a reduction in the Executive’s annual base salary rate, exclusive of bonuses, commissions and other Incentive Pay, as in effect immediately prior to the Change in Control; (B) a reduction in the
Executive’s Target Bonus opportunity in effect immediately prior to the Change in Control; or (C) a material reduction in the level of Employee Benefits provided to the Executive immediately prior to the Change in Control (excluding any
reduction that is generally applicable to all or substantially all salaried Company employees); 
  
 (iii) a determination by the Executive (which determination will be conclusive and binding upon the parties hereto provided it has been
made in good faith and in all events will be presumed to have been made in good faith unless otherwise shown by the Company) that a material change in circumstances has occurred following a Change in Control, including, without limitation, a
material change in the scope of the business or other activities for which the Executive was responsible immediately prior to the Change in Control, which has rendered the Executive unable to carry out, has materially hindered the Executive’s
performance of, or has caused the Executive to suffer a material reduction in, any of the authorities, powers, functions, responsibilities or duties attached to the position held by the Executive immediately prior to the Change in Control;

  
 (iv) the liquidation, dissolution, merger,
consolidation or reorganization of the Company or transfer of all or substantially all of its business and/or assets, unless the successor or successors (by liquidation, merger, consolidation, reorganization, transfer or otherwise) to which all or
substantially all of its business and/or assets have been transferred (by operation of law or otherwise) assumes all duties and obligations of the Company under this Agreement pursuant to Section 14(a); or 
  
 (v) the relocation of the Executive’s principal work
location (other than in connection with a relocation contemplated by the Company as of the date hereof or pursuant to organizational changes in accordance with past practice) to a location that increases the Executive’s normal work commute by
fifty (50) miles or more as compared to Executive’s normal work commute immediately prior to the Change in Control (excluding in the case of an Executive who is a Vice President/General Manager of Coal Operations, a transfer to a comparable
position at another Company or Subsidiary mining facility), or that the Executive’s required travel away from his office in the course of discharging his responsibilities or duties of his job is increased by an unreasonable amount as

  

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 compared to that which was required of the Executive in any of the three (3) full years immediately prior
to the Change in Control. 
  
 Without limiting the generality or effect of the
foregoing, the Executive shall have no right to terminate employment in a Constructive Termination Associated With a Change in Control in connection with an event described above unless (A) the Executive provides written notice to the Company within
one month of the occurrence of such event that identifies such event with particularity, and (B) the Company fails to correct such event within ten (10) business days after receipt of such notice from the Executive. 
  
 In no event shall the termination of the Executive’s employment with the
Company on account of the Executive’s death or Disability or because the Executive engaged in conduct constituting Cause be deemed to be a Constructive Termination Associated With a Change in Control. 
  
 (i) “Disability” means the Executive becomes
permanently disabled within the meaning of, and begins actually to receive disability benefits pursuant to, the long-term disability plan in effect for, or applicable to, the Executive. 
  
 (j) “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 the Executive is entitled to participate, including, without limitation, any stock option, performance share, performance
unit, 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 or a Subsidiary), disability, salary continuation, expense reimbursement and other employee benefit policies that may exist as of a Change in Control or any successor
policies, plans or arrangements that provide substantially similar perquisites or benefits. 
  
 (k) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 (l) “Incentive Pay” means the greater of: (i) the
Executive’s Target Bonus for which the Executive was eligible during the period that includes the Termination Date, or (ii) the average of the annual bonuses paid by the Company to the Executive for the three years prior to the year that
includes the Termination Date. For purposes of this definition, “Target Bonus” means 100% of the amount established under the Company’s Short-Term Incentive Compensation Program for the Executive, and any other annual bonus,
incentive, commission or other sales incentive compensation, or comparable incentive payment opportunity which, in the sole discretion of the Company, is deemed to constitute a Target Bonus, in addition to Base Pay, for which the Executive was
eligible to receive, but did not receive prior to his Termination Date, in regard to services rendered in the year covered by the Executive’s Termination Date and which is to be made pursuant to any bonus, incentive, profit-sharing,
performance, discretionary pay or similar agreement, policy, plan, program or arrangement (whether or not funded) 
  

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 of the Company or a Subsidiary, or any successor thereto. For purposes of this definition,
“Incentive Pay” does not include any stock option, stock appreciation, stock purchase, restricted stock or similar plan, program, arrangement or grant, one time bonus or payment (including, but not limited to, any sign-on bonus), any
amounts contributed by the Company for the benefit of the Executive to any qualified or nonqualified deferred compensation plan, whether or not provided under an arrangement described in the prior sentence, or any amounts designated by the parties
as amounts other than Incentive Pay. In the event that the Company elects to have the Executive provide consulting services under Section 2(d) hereof, “Incentive Pay” shall be determined under (i) and (ii) above as of the commencement of
the Consultancy Period instead of the Termination Date. 
  
 (m) “Involuntary Termination Associated With a Change in Control” means the termination of the Executive’s employment related to a Change in Control: (i) by the Company for any reason other than Cause,
the Executive’s death or the Executive’s Disability, or (ii) on account of a Constructive Termination Associated With a Change in Control. 
  
 (n) “Restricted Business” means any business function with a direct competitor of the Company that is substantially similar to
the business function performed by the Executive with the Company immediately prior to his Termination Date (or, in the event that the Company elects to have the Executive provide consulting services under Section 2(d) hereof, immediately prior to
the commencement of the Consultancy Period). 
  
 (o) “Restricted Territory” means the counties, towns, cities or states of any country in which the Company operates or does business. 
  
 (p) “Subsidiary” means any Company controlled affiliate. 
  
 (q) “Termination Date” means the last day of the Executive’s employment with the Company.

  
 (r) “Termination of Employment”
means, except as provided in the following sentence, the termination of the Executive’s active employment relationship with the Company on account of an Involuntary Termination Associated With a Change in Control. For purposes of the
non-solicitation provision of Section 10 of this Agreement, the term “Termination of Employment” shall mean the termination of the Executive’s employment relationship with the Company for any reason. 
  
 (s) “Voting Stock” means securities entitled to
vote generally in the election of directors. 
  
 2. Termination
Associated With a Change in Control. 
  
 (a)
Involuntary Termination Associated With a Change in Control. In the event the Executive’s employment is terminated after, or in connection with, a Change in Control, on account of (i) an Involuntary Termination Associated With a Change
in Control within the two year period after the Change in Control, or (ii) a termination by 
  

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 the Company other than for Cause or due to the Executive’s death or disability that (A) occurs not
more than three (3) months prior to the date on which a Change in Control occurs, or (B) is requested by a third party who initiates a Change in Control, the Executive shall be entitled to the benefits provided in subsection (b) of this Section 2.
For purposes of subsection 2(a)(ii)(B) above, to be eligible to receive amounts described in Section 2(b) below, a Change in Control must be consummated within the twelve (12) month period following the Executive’s Termination Date (or in the
event that the Company elects to have the Executive provide consulting services under Section 2(d) hereof, the commencement of the Consultancy Period), except in circumstances pursuant to which the consummation of the Change in Control is delayed,
through no failure of the Company or the third person, by a governmental or regulatory authority or agency with jurisdiction over the matter, or as a result of other similar circumstances. In such a circumstance, the remainder of the twelve (12)
month period shall be tolled and shall recommence upon termination of the delaying event. 
  
 (b) Compensation and Benefits Upon Involuntary Termination Associated With a Change in Control. Subject to the provisions of
Section 3 hereof, in the event a termination described in subsection (a) of this Section 2 occurs, the Company shall pay and provide to the Executive after his Termination Date: 
  
 (i) A lump sum cash payment equal to (A) two times Base Pay, plus (B) two times Incentive Pay. Payment shall
be made within thirty (30) days after the Executive’s Termination Date (or the end of the revocation period for the Release, if later). 
  
 (ii) The Executive shall receive a pro rated payment of his Incentive Pay for the year in which his Termination of Employment occurs. The
pro rated payment shall be based on the Executive’s Incentive Pay as of the Executive’s Termination Date, multiplied by a fraction, the numerator of which is the number of days during which the Executive was employed by the Company in the
year of his termination and the denominator of which is 365. Such pro rated payment shall be made to the Executive in a lump sum within thirty (30) days after the effective date of the termination (or the end of the revocation period for the
Release, if later). 
  
 (iii) For a period of 24
months following his Termination Date, the Executive shall continue to receive the medical and dental coverage in effect on his Termination Date (or generally comparable coverage) for himself and, where applicable, his spouse and dependents, as the
same may be changed from time to time for employees generally, as if the Executive had continued in employment during such period; or, as an alternative, the Company may elect to pay the Executive cash in lieu of such coverage in an amount equal to
the Executive’s reasonable after-tax cost of continuing comparable coverage, where such coverage may not be continued by the Company (or where such continuation would adversely affect the tax status of the plan pursuant to which the coverage is
provided). If the Executive does not receive the cash payment described in the preceding sentence, the Company shall take all commercially reasonable efforts to 
  

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 provide that the COBRA health care continuation coverage period under section 4980B of the Code, shall
commence immediately after the foregoing 24 month benefit period, with such continuation coverage continuing until the end of the applicable COBRA health care continuation coverage period. 
  
 (iv) If the Executive would have been eligible for
post-retirement medical and dental coverage had he retired from employment during the period of 24 months following his Termination Date, but is not so eligible as the result of his Involuntary Termination Associated With a Change in Control, then,
at the conclusion of the benefit continuation period described in (iii) above, the Company shall take all commercially reasonable efforts to provide the Executive with additional continued group medical and dental coverage comparable to that which
would have been available to him from time to time under the Company’s post-retirement medical and dental benefit program, for as long as such coverage would have been available under such program, or, as an alternative, the Company may elect
to pay the Executive cash in lieu of such coverage in an amount equal to the Executive’s reasonable after-tax cost of continuing comparable coverage, where such coverage may not be continued by the Company (or where such continuation would
adversely affect the tax status of the plan pursuant to which the coverage is provided). 
  
 (v) A lump sum cash payment equal to the total amount that the Executive would have received under the Company’s 401(k) plan as a
Company match if the Executive was eligible to participate in the Company’s 401(k) plan for the 24 month period after his Termination Date and he contributed the maximum amount to the plan for the match. Such amount shall be determined based on
the assumption that the Executive would have received annual Base Pay plus Incentive Pay during such period in the amounts set forth in Sections 2(b)(i) and (ii) above. Payment shall be made within thirty (30) days after the Executive’s
Termination Date (or the end of the revocation period for the Release, if later). 
  
 (vi) A lump sum cash payment equal to the difference between the present value of the Executive’s accrued pension benefits at his
Termination Date under the Company’s qualified defined benefit plan and (if eligible) its pension restoration plan (together, the “pension plans”) and the present value of the accrued pension benefits to which the Executive would have
been entitled under the pension plans if the Executive had continued participation in those plans for the 24 month period after his Termination Date. Such amount shall be determined based on the assumption that the Executive would have received
annual Base Pay plus Incentive Pay during such period in the amounts set forth in Sections 2(b)(i) and (ii) above. Payment shall be made within thirty (30) days after the Executive’s Termination Date (or the end of the revocation period for the
Release, if later). 
  
 (vii) A lump sum cash
payment of $25,000 in order to cover the cost of outplacement assistance services for the Executive and other expenses 
  

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 associated with seeking another employment position. Payment shall be made within thirty (30) days after
the Executive’s Termination Date (or the end of the revocation period for the Release, if later). 
  
 (viii) The Executive shall receive any amounts earned, accrued or owing but not yet paid to the Executive as of his Termination Date,
payable in a lump sum, and any benefits accrued or earned in accordance with the terms of any applicable benefit plans and programs of the Company. 
  
 (c) Vesting of Equity Rights. Notwithstanding any provision to the contrary in any applicable plan, program or agreement, upon the
occurrence of a Change in Control, all stock options, stock appreciation rights, restricted stock and other equity rights held by the Executive will become fully vested and/or exercisable, as the case may be, on the date on which the Change in
Control occurs, and all stock options or stock appreciation rights held by the Executive shall remain exercisable for the period set forth in the award agreement covering the options or rights. 
  
 (d) Consultancy Period Option. In the case of any
Involuntary Termination Associated With a Change in Control, the Company may, in its sole discretion, elect to delay the Executive’s Termination Date for a period (the “Consultancy Period”) of up to 24 months, and instead to place the
Executive during such Consultancy Period in a non-executive salaried employment position (“Consultancy Position”). In the event that the Company so elects, the Executive shall, during the pendency of the Consulting Period, be available
from time to time, at the request of the Company’s Chairman of the Board or Chief Executive Officer, to provide advice and assistance concerning (i) the transition of the Executive’s duties and responsibilities to any successor to his
position, and (ii) any other matters concerning the Company’s corporate, business and financial affairs which are consistent with the Executive’s expertise and experience. Such advice and assistance may, at the Executive’s option, be
provided either in person or by telephone or videoconference. In no event shall the Executive be required to provide more than five (5) hours of consulting services per work week, nor to provide such services other than during normal Company
business hours, without his consent. The Executive shall be reimbursed by the Company for any reasonable expenses incurred in connection with the performance of such services, subject to compliance with the Company’s standard policies and
procedures regarding reimbursement of expenses. The Executive shall be permitted, during the Consultancy Period, to engage in other business and personal activities; provided, that (i) such activities do not preclude the Executive from discharging
the responsibilities of his Consultancy Position, and (ii) such activities are not inconsistent with the Executive’s duties under Sections 9 and 10 hereof. 
  
 In the event that the Company elects to provide for a Consultancy Period as described above, then (i) the
Executive shall continue to receive his annual base salary and Employee Benefits during such Consultancy Period as in effect immediately prior to the commencement of the Consultancy Period (but shall cease participation in any program providing
Incentive Pay), (ii) the amount payable upon the Executive’s termination under (b)(i)(A) above shall be reduced by the amount of salary received by the Executive during the Consultancy Period, and (iii) the periods applicable under 

 

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 (b)(iii), (b)(iv), (b)(v) and (b)(vi) above shall be reduced by the number of months during the
Consultancy Period.  
  
 3. Termination of Employment on
Account of Disability, Cause or Death. Notwithstanding anything in this Agreement to the contrary, if the Executive’s employment terminates on account of Disability, the Executive shall be entitled to receive disability benefits under any
disability program maintained by the Company that covers the Executive, and the Executive shall not be considered to have terminated employment under this Agreement and shall not receive benefits pursuant to Section 2 hereof. If the Executive’s
employment terminates on account of Cause or because of his death, the Executive shall not be considered to have terminated employment under this Agreement and shall not receive benefits pursuant to Section 2 hereof. 
  
 4. Release. Notwithstanding the foregoing, no payments shall be made
or benefits provided under Section 2(b) unless the Executive executes, and does not revoke, the Company’s standard written release, substantially in the form as attached hereto as Annex A (the “Release”), of any and all claims against
the Company and all related parties with respect to all matters arising out of the Executive’s employment by the Company (other than entitlements under the terms of this Agreement or under any other plans or programs of the Company in which the
Executive participated and under which the Executive has accrued or become entitled to a benefit) or a termination thereof. In the event that the Company elects to have the Executive provide consulting services as contemplated in Section 2(d), then
the payments and benefits contemplated under Sections 2(b) and 2(d) shall be subject, at the Company’s election, to the Executive’s execution and non-revocation of a Release at the time his Consultancy Period commences and the
Executive’s renewal of such Release, and non-revocation of such renewal, at the time of his subsequent termination. 
  
 5. Enforcement. 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 an annualized rate of interest equal to the so-called composite “prime rate” as quoted from time to time during
the relevant period in the Eastern Edition of The Wall Street Journal. 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. 
  
 6. Certain Additional Payments by the Company. 
  
 (a) The provisions of this Section 6 shall apply
notwithstanding anything in this Agreement to the contrary. Subject to subsection (b) below, in the event that it shall be determined that any payment or distribution by the Company to or for the benefit of the Executive, whether paid or payable or
distributed or distributable pursuant to the terms of this Agreement or otherwise (a “Payment”), would constitute an “excess parachute payment” within the meaning of section 280G of the Code, the Company shall pay the Executive
an additional amount (the “Gross-Up Payment”) such that the net amount retained by the Executive after deduction of any excise tax imposed under section 
  

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 4999 of the Code, and any federal, state and local income tax, employment tax, excise tax and other tax
imposed upon the Gross-Up Payment, shall be equal to the Payment. 
  
 (b) Notwithstanding subsection (a), and notwithstanding any other provisions of this Agreement to the contrary, if the net after-tax benefit to the Executive of receiving the Gross-Up Payment does not exceed the Safe
Harbor Amount (as defined below) by more than 10% (as compared to the net-after tax benefit to the Executive resulting from elimination of the Gross-Up Payment and reduction of the Payments to the Safe Harbor Amount), then (i) the Company shall not
pay the Executive the Gross-Up Payment, and (ii) the provisions of subsection (c) below shall apply. The term “Safe Harbor Amount” means the maximum dollar amount of parachute payments that may be paid to the Executive under section 280G
of the Code without imposition of an excise tax under section 4999 of the Code. 
  
 (c) The provisions of this subsection (c) shall apply only if the Company is not required to pay the Executive a Gross-Up Payment as a
result of subsection (b) above. If the Company is not required to pay the Executive a Gross-Up Payment as a result of the provisions of subsection (b), the Company will apply a limitation on the Payment amount as set forth below (a “Parachute
Cap”) as follows: The aggregate present value of the Payments under Section 2(b) of this Agreement (“Agreement Payments”) shall be reduced (but not below zero) to the Reduced Amount. The “Reduced Amount” shall be an amount
expressed in present value which maximizes the aggregate present value of Agreement Payments without causing any Payment to be subject to the limitation of deduction under section 280G of the Code. For purposes of this Section 6, “present
value” shall be determined in accordance with section 280G(d)(4) of the Code. 
  
 (d) Except as set forth in the next sentence, all determinations to be made under this Section 6 shall be made by the nationally
recognized independent public accounting firm used by the Company immediately prior to the Change in Control (“Accounting Firm”), which Accounting Firm shall provide its determinations and any supporting calculations to the Company and the
Executive within ten days of the Executive’s Termination Date. The value of the Executive’s non-competition covenant under Section 10(a) of this Agreement shall be determined by independent appraisal by a nationally-recognized business
valuation firm acceptable to both the Executive and the Company, and a portion of the Agreement Payments shall, to the extent of that appraised value, be specifically allocated as reasonable compensation for such non-competition covenant and shall
not be treated as a parachute payment. If any Gross-Up Payment is required to be made, the Company shall make the Gross-Up Payment within ten days after receiving the Accounting Firm’s calculations. Any such determination by the Accounting Firm
shall be binding upon the Company and the Executive. 
  
 (e) All of the fees and expenses of the Accounting Firm in performing the determinations referred to in this Section 6 shall be borne solely by the Company. 
  
 7. No Mitigation Obligation. The Company hereby acknowledges that it will be difficult and may be impossible for the
Executive to find reasonably comparable 
  

 12 

 employment following the Termination Date. 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 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. Notwithstanding anything to the
contrary contained herein, as a condition to accepting benefits provided hereunder, the Executive will be required to waive, and will de deemed to have waived, any other right or entitlement to severance or termination benefits from the Company or
its Subsidiaries. 
  
 8. Legal Fees and Expenses. In the
event of a Change in Control, it is the intent of the Company that the Executive not be required to incur legal fees and the related expenses associated with the interpretation, enforcement or defense of the Executive’s rights under this
Agreement by litigation or otherwise because the cost and expense thereof would detract from the benefits intended to be extended to the Executive hereunder. Accordingly, if a Change in Control occurs and 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 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 under Section 2 of this Agreement, the Company irrevocably authorizes the Executive from time to time to
retain counsel of the 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 or employee of 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 will exist
between the Executive and such counsel. Without respect to whether the Executive prevails, in whole or in part, in connection with any of the foregoing, the Company will pay and be solely financially responsible for any and all reasonable
attorneys’ and related fees and expenses incurred by the Executive in connection with any of the foregoing; provided that, in regard to such matters, the Executive has not acted frivolously, in bad faith or with no colorable claim of success.
Such expenses will be paid by the Company as they are incurred by the Executive. 
  
 9. Confidentiality. The Executive hereby covenants and agrees that, except as specifically requested or directed by the Company, he will not disclose to any person not employed by the Company, or use in
connection with engaging in competition with the Company, any confidential or proprietary information (as defined below) of the Company. For purposes of this Agreement, the term “confidential or proprietary information” will include all
information of any nature and in any form that is owned by the Company and that is not publicly available (other than by the Executive’s breach of 
  

 13 

 this Section 9) or generally known to persons engaged in businesses similar or related to those of the Company.
Confidential or proprietary information will include, without limitation, the Company’s financial matters, customers, employees, industry contracts, strategic business plans, product development (or other proprietary product data), marketing
plans, consulting solutions and processes, and all other secrets and all other information of a confidential or proprietary nature which is protected by the Uniform Trade Secrets Act. For purposes of the preceding two sentences, the term
“Company” will also include any Subsidiary (collectively, the “Restricted Group”). The foregoing obligations imposed by this Section 9 will not apply (i) in the course of the business of and for the benefit of the Company, (ii)
if such confidential or proprietary information has become, through no fault of the Executive, generally known to the public, or (iii) if the Executive is required by law to make disclosure (after giving the Company notice and an opportunity to
contest such requirement). 
  
 10. Covenants Not to Compete and
Not to Solicit. In the event of the Executive’s Termination of Employment, the Company’s obligations to provide the payments and benefits set forth in Section 2 shall be expressly conditioned upon the Executive’s covenants not to
compete and not to solicit as provided herein. In the event the Executive breaches his obligations to the Company as provided herein, the Company’s obligations to provide the payments and benefits set forth in Section 2 shall cease, without
prejudice to any other remedies that may be available to the Company. 
  
 (a) Covenant Not to Compete. If the Executive is receiving payments and benefits under Section 2 above (or subsequently becomes entitled thereto because of a termination described in Section 2(a)(ii)), then,
for a period of one (1) year following the Executive’s Termination Date, the Executive shall not directly or indirectly engage in (whether as an employee, consultant, proprietor, partner, director or otherwise), or have any ownership interest
in, or participate in a financing, operation, management or control of, any person, firm, corporation or business that is a Restricted Business in a Restricted Territory without the prior written consent of the Board. For this purpose, ownership of
no more than 5% of the outstanding Voting Stock of a publicly traded corporation shall not constitute a violation of this provision. 
  
 (b) Covenant Not to Solicit. If the Executive is receiving payments and benefits under Section 2 above (or subsequently becomes
entitled thereto because of a termination described in Section 2(a)(ii)), then, for a period of two (2) years following the Executive’s Termination Date, the Executive shall not: (i) solicit, encourage or take any other action which is intended
to induce any other employee of the Company to terminate his employment with the Company; or (ii) interfere in any manner with the contractual or employment relationship between the Company and any such employee of the Company. The foregoing shall
not prohibit the Executive or any entity with which the Executive may be affiliated from hiring a former employee of the Company; provided, that such hiring results exclusively from such former employee’s affirmative response to a general
recruitment effort. 
  
 (c)
Interpretation. The covenants contained herein are intended to be construed as a series of separate covenants, one for each county, town, city and state or 
  

 14 

 other political subdivision of a Restricted Territory. Except for geographic coverage, each such separate
covenant shall be deemed identical in terms to the covenant contained in the preceding subsections. If, in any judicial proceeding, the court shall refuse to enforce any of the separate covenants (or any part thereof) deemed included in such
subsections, then such unenforceable covenant (or such part) shall be deemed to be eliminated from this Agreement for the purpose of those proceedings to the extent necessary to permit the remaining separate covenants (or portions thereof) to be
enforced. 
  
 (d) Reasonableness. In the
event that the provisions of this Section 10 shall ever be deemed to exceed the time, scope or geographic limitations permitted by applicable laws, then such provisions shall be reformed to the maximum time, scope or geographic limitations, as the
case may be, permitted by applicable laws. 
  
 11. Employment
Rights. 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. 
  
 12. 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 applicable law, regulation or ruling. 
  
 13. Term of Agreement. The term of this Agreement shall commence on the Effective Date hereof and shall continue
until the third anniversary thereof; provided, however, that commencing on January 1, 2006, and each January 1 thereafter, the term of this Agreement shall automatically be extended until the following December 31 unless the Company gives notice not
later than October 31 of the preceding year that it does not wish to extend this Agreement; and provided, further, that regardless of any such notice by the Company, this Agreement shall continue in effect for a period of 24 months beyond the term
provided herein if a Change in Control of the Company occurs during the period that this Agreement is in effect. 
  
 14. 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 reasonably 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 will thereafter be deeme the “Company” for the purposes of this
Agreement), but will not otherwise be assignable, transferable or delegable by the Company. 
  

 15 

 (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. This Agreement will supersede the provisions of any employment or other agreement between the Executive and the Company that
relate to any matter that is also the subject of this Agreement, and such provisions in such other agreements will be null and void. 
  
 (c) This Agreement is personal in nature and neither of the parties hereto will, without the consent of the other, assign, transfer or
delegate this Agreement or any rights or obligations hereunder except as expressly provided in Sections 14(a) and (b). 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, creation of a security interest, or otherwise, other than by a transfer by the 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 14(c), the Company will have no liability to pay any amount so attempted to be assigned, transferred or delegated. 
  
 15. 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 by the recipient), or five (5)
business days after having been mailed by United States registered or certified mail, return receipt requested, postage prepaid, or three (3) business days after having been sent by a nationally recognized courier service for overnight/next-day
delivery, such as FedEx, UPS, or the United States Postal Service, addressed to the Company (to the attention of the Secretary of the Company) at its principal executive office and to the Executive at his 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 will be effective only upon receipt. 
  
 16. 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 Commonwealth of Pennsylvania, without giving effect to the principles of conflict of laws of such Commonwealth. 
  
 17. 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. 
  
 18. Miscellaneous. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to
in a 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 
  

 16 

 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 that are not set forth expressly in this
Agreement. References to Sections are to references to Sections of this Agreement. Any reference in this Agreement to a provision of a statute, rule or regulation will also include any successor provision thereto. Whenever used herein, the masculine
includes the feminine. 
  
 3. Survival. Notwithstanding any
provision of this Agreement to the contrary, the parties’ respective rights and obligations under Sections 2, 6, 8, 9, and 10 will survive any termination or expiration of this Agreement or the termination of the Executive’s employment for
any reason whatsoever. 
  
 4. Counterparts. This Agreement
may be executed in one or more counterparts, each of which will be deemed to be an original but all of which together will constitute one and the same agreement. 
  
 [SIGNATURE PAGE FOLLOWS] 
  

 17 

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

			
	CONSOL Energy, Inc.
		
	By:	 	        /s/ J. BRETT HARVEY
	 	 	

	 Name:
	 	J. Brett Harvey
	 Title:
	 	 

  

	
	 
	
	/s/ STEPHEN WILLIAMS
	

	Stephen Williams

  

 18 

 Annex A  
  
 SEPARATION OF EMPLOYMENT AGREEMENT AND GENERAL RELEASE 
  
 THIS SEPARATION OF EMPLOYMENT AGREEMENT AND GENERAL RELEASE (the “Agreement”) is made as of this      day of
            ,         , by and between CONSOL Energy, Inc. (the “Company”) and Stephen Williams (the “Executive”).

  
 WHEREAS, the Executive formerly was employed by the Company as
            ; and 
  
 WHEREAS, the Executive and Company entered into a Change in Control Severance Agreement, dated                  ,
200    , (the “Severance Agreement”) which provides for certain payments and benefits in the event that the Executive’s employment is terminated on account of a reason set forth in the Severance Agreement;
and 
  
 WHEREAS, an express condition of the Executive’s
entitlement to the payments and benefits under the Severance Agreement is the execution of a general release in the form set forth below; and 
  
 WHEREAS, the Executive and the Company mutually desire to terminate the Executive’s employment on an amicable basis, such termination to be effective
                         ,             
(“Date of Resignation”). 
  
 NOW, THEREFORE, IT IS
HEREBY AGREED by and between the Executive and the Company as follows: 
  
 1. (a) The Executive, for and in consideration of the commitments of the Company as set forth in paragraph 6 of this Agreement, and intending to be legally bound, does hereby REMISE, RELEASE AND FOREVER DISCHARGE the Company, its
affiliates, subsidiaries and parents, and its officers, directors, employees, and agents, and its and their respective successors and assigns, heirs, executors, and administrators (collectively, “Releasees”) from all causes of action,
suits, debts, claims and demands whatsoever in law or in equity, which the Executive ever had, now has, or hereafter may have, whether known or unknown, or which the Executive’s heirs, executors, or administrators may have, by reason of any
matter, cause or thing whatsoever, from the beginning of the Executive’s employment to the date of this Agreement, and particularly, but without limitation of the foregoing general terms, any claims arising from or relating in any way to the
Executive’s employment relationship with the Company, the terms and conditions of that employment relationship, and the termination of that employment relationship, including, but not limited to, any claims arising under the Age Discrimination
in Employment Act, the Older Workers Benefit Protection Act, Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Family and Medical Leave Act of 1993, the Employee Retirement Income Security Act of 1974, the

  

 A-1 

 Pennsylvania Human Relations Act, and any other claims under any federal, state or local common law, statutory, or
regulatory provision, now or hereafter recognized, and any claims for attorneys’ fees and costs. This Agreement is effective without regard to the legal nature of the claims raised and without regard to whether any such claims are based upon
tort, equity, implied or express contract or discrimination of any sort. 
  
 (b) To the fullest extent permitted by law, and subject to the provisions of paragraph 11 below, the Executive represents and affirms that (i) [other than
            ,] the Executive has not filed or caused to be filed on the Executive’s behalf any claim for relief against the Company or any Releasee and, to the best of the
Executive’s knowledge and belief, no outstanding claims for relief have been filed or asserted against the Company or any Releasee on the Executive’s behalf; and (ii) [other than
            ,] the Executive has not reported any improper, unethical or illegal conduct or activities to any supervisor, manager, department head, human resources
representative, agent or other representative of the Company, to any member of the Company’s legal or compliance departments, or to the ethics hotline, and has no knowledge of any such improper, unethical or illegal conduct or activities. The
Executive agrees to dismiss with prejudice all claims for relief filed before the date hereof. 
  
 2. The Company, for and in consideration of the commitments of the Executive as set forth in this Agreement, and intending to be legally bound, does hereby REMISE, RELEASE AND FOREVER DISCHARGE the Executive from all
claims, demands or causes of action arising out of facts or occurrences prior to the date of this Agreement, but only to the extent the Company knows or reasonably should know of such facts or occurrence and only to the extent such claim, demand or
cause of action relates to a violation of applicable law or the performance of the Executive’s duties with the Company; provided, however, that this release of claims shall not in any case be effective with respect to any claim by the Company
alleging a breach of the Executive’s obligations under this Agreement.] Note: The Company and the Executive may, but shall not be required to mutually agree on a case-by-case basis at the time of the signing of this release to include the
foregoing provision, or a substantially similar provision, to this Agreement. 
  
 3. In consideration of the Company’s agreements as set forth in paragraph 6 herein, the Executive agrees to comply with the limitations described in Sections 9 and 10 of the Severance Agreement. 
  
 4. The Executive further agrees and recognizes that the Executive has
permanently and irrevocably severed the Executive’s employment relationship with the Company, that the Executive shall not seek employment with the Company or any affiliated entity at any time in the future, and that the Company has no
obligation to employ him in the future. 
  
 5. The Executive
further agrees that the Executive will not disparage or subvert the Company, or make any statement reflecting negatively on the Company, its affiliated corporations or entities, or any of their officers, directors, employees, agents or 

 

 A-2 

 representatives, including, but not limited to, any matters relating to the operation or management of the Company, the
Executive’s employment and the termination of the Executive’s employment, irrespective of the truthfulness or falsity of such statement. 
  
 6. In consideration for the Executive’s agreements as set forth herein, the Company agrees to pay or provide to or for the Executive the payments and
benefits described in Section 2(b) of the Severance Agreement, the provisions of which are incorporated herein by reference. Except as set forth in this Agreement, it is expressly agreed and understood that Releasees do not have, and will not have,
any obligations to provide the Executive at any time in the future with any payments, benefits or considerations other than those recited in this paragraph, or those required by law, other than under the terms of any benefit plans which provide
benefits or payments to former employees according to their terms. 
  
 7. The Executive understands and agrees that the payments, benefits and agreements provided in this Agreement are being provided to him in consideration for the Executive’s acceptance and execution of, and in reliance upon the
Executive’s representations in, this Agreement. The Executive acknowledges that if the Executive had not executed this Agreement containing a release of all claims against the Company, the Executive would not have been entitled to the payments
and benefits set forth in Section 2(b) of the Severance Agreement. 
  
 8. The Executive acknowledges and agrees that the Company previously has satisfied any and all obligations owed to him under any employment agreement or offer letter the Executive has with the Company and, further, that this Agreement
supersedes any employment agreement or offer letter the Executive has with the Company, and any and all other prior agreements or understandings, whether written or oral, between the parties which are inconsistent with this Agreement, and further,
that, except as set forth expressly herein, no promises or representations have been made to him in connection with the termination of the Executive’s employment agreement, if any, or offer letter, if any, with the Company, or the terms of this
Agreement or the Severance Agreement. 
  
 9. The Executive agrees
not to disclose the terms of this Agreement or the Severance Agreement to anyone, except the Executive’s spouse, attorney and, as necessary, tax/financial advisor. Likewise, the Company agrees that the terms of this Agreement will not be
disclosed except as may be necessary to obtain approval or authorization to fulfill its obligations hereunder or as required by law. It is expressly understood that any violation of the confidentiality obligation imposed hereunder constitutes a
material breach of this Agreement. 
  
 10. The Executive
represents that the Executive does not presently have in the Executive’s possession any records and business documents, whether on computer or hard copy, and other materials (including but not limited to computer disks and tapes, computer
programs and software, office keys, correspondence, files, customer lists, technical information, customer information, pricing information, business strategies and plans, sales records and all copies thereof) (collectively, the “Corporate
Records”) 
  

 A-3 

 provided by the Company and/or its predecessors, subsidiaries or affiliates or obtained as a result of the
Executive’s prior employment with the Company and/or its predecessors, subsidiaries or affiliates, or created by the Executive while employed by or rendering services to the Company and/or its predecessors, subsidiaries or affiliates. The
Executive acknowledges that all such Corporate Records are the property of the Company. In addition, the Executive shall promptly return in good condition any and all Company owned equipment or property, including, but not limited to, automobiles,
personal data assistants, facsimile machines, copy machines, pagers, credit cards, cellular telephone equipment, business cards, laptops and computers. As of the Date of Resignation, the Company will make arrangements to remove, terminate or
transfer any and all business communication lines including network access, cellular phone, fax line and other business numbers. 
  
 11. Nothing in this Agreement shall prohibit or restrict the Executive from: (i) making any disclosure of information required by law; (ii) providing
information to, or testifying or otherwise assisting in any investigation or proceeding brought by, any federal regulatory or law enforcement agency or legislative body, any self-regulatory organization, or the Company’s designated legal,
compliance or human resources officers; or (iii) filing, testifying, participating in or otherwise assisting in a proceeding relating to an alleged violation of any federal, state or municipal law relating to fraud, or any rule or regulation of the
Securities and Exchange Commission or any self-regulatory organization. 
  
 12. The parties agree and acknowledge that the agreement by the Company described herein, and the settlement and termination of any asserted or unasserted claims against the Releasees, are not and shall not be construed to be an admission
of any violation of any federal, state or local statute or regulation, or of any duty owed by any of the Releasees to the Executive. 
  
 13. The Executive agrees and recognizes that should the Executive breach any of the obligations or covenants set forth in this Agreement, the Company will
have no further obligation to provide the Executive with the consideration set forth herein, and will have the right to seek repayment of all consideration paid up to the time of any such breach. Further, the Executive acknowledges in the event of a
breach of this Agreement, Releasees may seek any and all appropriate relief for any such breach, including equitable relief and/or money damages, attorneys’ fees and costs. 
  
 14. The Executive further agrees that the Company shall be entitled to preliminary and permanent injunctive relief, without
the necessity of proving actual damages, as well as to an equitable accounting of all earnings, profits and other benefits arising from any violations of this Agreement, which rights shall be cumulative and in addition to any other rights or
remedies to which the Company may be entitled. 
  
 15. This
Agreement and the obligations of the parties hereunder shall be construed, interpreted and enforced in accordance with the laws of the Commonwealth of Pennsylvania. 
  

 A-4 

 16. The Executive certifies and acknowledges as follows: 
  
 (a) That the Executive has read the terms of this Agreement,
and that the Executive understands its terms and effects, including the fact that the Executive has agreed to RELEASE AND FOREVER DISCHARGE the Company and each and every one of its affiliated entities from any legal action arising out of the
Executive’s employment relationship with the Company and the termination of that employment relationship; and 
  
 (b) That the Executive has signed this Agreement voluntarily and knowingly in exchange for the consideration described herein, which the
Executive acknowledges is adequate and satisfactory to him and which the Executive acknowledges is in addition to any other benefits to which the Executive is otherwise entitled; and 
  
 (c) That the Executive has been and is hereby advised in writing to consult with an attorney prior to
signing this Agreement; and 
  
 (d) That the
Executive does not waive rights or claims that may arise after the date this Agreement is executed; and 
  
 (e) That the Company has provided him with a period of [twenty-one (21)] or [forty-five (45)] days within which to
consider this Agreement, and that the Executive has signed on the date indicated below after concluding that this Separation of Employment Agreement and General Release is satisfactory to him; and  
  
 (f) The Executive acknowledges that this Agreement may be
revoked by him within seven (7) days after execution, and it shall not become effective until the expiration of such seven (7) day revocation period. In the event of a timely revocation by the Executive, this Agreement will be deemed null and void
and the Company will have no obligations hereunder. 
  
 [SIGNATURE PAGE FOLLOWS] 
  

 A-5 

 Intending to be legally bound hereby, the Executive and the Company executed the foregoing Separation of
Employment Agreement and General Release this      day of             ,             .

  

									
				
	 	 	 	 	 Witness:
	 	 
	
	 	 	 	 	 	

	 Stephen Williams
	 	 	 	 	 	 
				
	 CONSOL Energy, Inc.
	 	 	 	 	 	 
					
	By:	 	 	 	 	 	Witness:	 	 
	 	 	
	 	 	 	 	 	

									
	 Name:
	 	 	 	 	 	 	 	 
	 Title:
	 	 	 	 	 	 	 	 

  

 A-6Employment Agreement

 - 1 - 
  

 Exhibit 10.19 
  
 EMPLOYMENT AGREEMENT 
  
 THIS AGREEMENT is made and entered into as of the 1st day of March, 2000, by and between LYDALL, INC., a Delaware corporation (the “Company”), and Bill W. Franks (the “Executive”). 
  
 W  I  T  N  E  S  S  E  T  H 
  
 WHEREAS, the Company and the Executive (the “Parties”) have agreed
to enter into this agreement (the “Agreement) relating to the employment of the Executive by the Company and/or one of its subsidiaries; 
  
 NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the Parties,
intending to be legally bound, agree as follows: 
  
 1. Term of
Employment; Termination of Prior Agreement. 
  
 (a) The
Company and/or one of its subsidiaries agrees to continue to employ the Executive, and the Executive agrees to remain in the employment of the Company and/or one of its subsidiaries, in accordance with the terms and provisions of this Agreement.

  
 (b) The Employment Period under this Agreement shall be the
period commencing as of the date of this Agreement and ending on the date of termination of the Executive’s employment pursuant to Section 5, 6 or 7 below, whichever is applicable. 
  
 (c) Immediately upon the commencement of the Executive’s employment pursuant to the terms of this Agreement, that
certain Agreement by and between the Executive and the Company dated as of February 1, 2000 shall terminate and shall be of no further force or effect. 
  
 2. Duties. It is the intention of the Parties that during the term of the Executive’s employment under this Agreement, the Executive will
serve as Division President of a subsidiary of the Company or in such other senior management position as the Company shall determine. During the Employment Period, the Executive will devote his full business time and attention and best efforts to
the affairs of the Company and its subsidiaries and his duties as Division President. The Executive will have such duties as are appropriate to his position as Division President, and will have such authority as required to enable the Executive to
perform these duties. Consistent with the foregoing, the Executive shall comply with all reasonable instructions of the Board of Directors of the Company (the “Board”). 

 - 2 - 
  

 3. Compensation and Benefits. 
  
 3.1 Salary. During the Employment Period, the Company will pay the Executive a base salary at an initial annual rate
of One Hundred Seventy-Five Thousand Dollars ($175,000). The Company may, in its sole and absolute discretion, increase the Executive’s base salary in light of the Executive’s performance, inflation, changes in the cost of living and other
factors deemed relevant by the Company. The Executive’s base salary may not be decreased during the term of this Agreement. The Chief Executive Officer of the Company shall meet with the Executive annually to review the Executive’s
performance, objectives and compensation, including salary, bonus and stock options, and the Chief Executive Officer shall then meet with the Compensation and Stock Option Committee of the Board (the “Compensation Committee”) to discuss
the same. If the Compensation Committee determines that any adjustments thereto are appropriate, such committee shall make a recommendation to the full Board and the Board shall make such adjustments, if any, as the Board deems appropriate and
consistent with this Agreement. The Executive’s base salary will be paid in accordance with the standard practices for other corporate executives of the Company. 
  
 3.2 Bonuses. During the Employment Period, the Executive will be eligible to receive annually or otherwise such bonus
awards, if any, as shall be determined by the Board in its sole and absolute discretion after receiving the recommendation of the Compensation Committee. 
  
 3.3 Benefit Programs. During the Employment Period, the Executive will be entitled to participate on substantially the same terms as other senior
executives of the Company in all employee benefit plans and programs of the Company (subject to any restrictions or eligibility requirements under such plans and programs) from time to time in effect for the benefit of senior executives of the
Company, including, but not limited to, pension and other retirement plans, profit sharing plans, stock incentive and annual incentive bonus plans, group life insurance, hospitalization and surgical and major medical coverages (excluding the Lydall,
Inc. Executive Medical Plan), short-term and long-term disability, and such other benefits as are or may be made available from time to time to senior executives of the Company. 
  
 3.4 Vacations and Holidays. During the Employment Period, the Executive will be entitled to vacation leave of five
(5) weeks per year at full pay or such greater vacation benefits as may be provided for by the Company’s vacation policies applicable to senior executives. The Executive will be entitled to such holidays as are established by the Company for
all employees. 
  
 3.5 Automobile. During the Employment
Period, the Company will provide the Executive with an automobile in accordance with Company policy. 

 - 3 - 
  

 4. Business Expenses. The Executive will be entitled to prompt reimbursement for all reasonable,
documented and necessary expenses incurred by the Executive in performing his services hereunder, provided the Executive properly accounts therefor in accordance with the policies and procedures established by the Company. 
  
 5. Termination of Employment by the Company. 
  
 5.1 Involuntary Termination by the Company Other Than For Permanent and
Total Disability or Cause. The Company may terminate the Executive’s employment at any time other than (i) by reason of the Executive’s Permanent and Total Disability (as defined in Section 5.2) or (ii) for Cause (as defined in Section
5.3), by giving the Executive a written notice of termination at least 30 days before the date of termination (or such lesser notice period as the Executive may agree to). In the event of such a termination of employment pursuant to this Section
5.1, the Executive shall be entitled to receive (i) the benefits described in Section 8 if such termination of employment does not occur within 12 months following a “Change of Control” (as defined in Section 10), or (ii) the benefits
described in Section 9 if such termination of employment occurs within 12 months following a “Change of Control” (as defined in Section 10). 
  
 5.2 Termination Due to Permanent and Total Disability. If the Executive incurs a Permanent and Total Disability, as defined below, the Company may
terminate the Executive’s employment by giving the Executive written notice of termination at least 30 days before the date of such termination (or such lesser notice period as the Executive may agree to). In the event of such termination of
the Executive’s employment because of Permanent and Total Disability, the Executive shall be entitled to receive (i) his base salary pursuant to Section 3.1 through the date which is twelve months following the date of such termination of
employment, reduced by any amounts paid to the Executive under any disability program maintained by the Company, such base salary to be paid at the normal time for the payment of such base salary, (ii) a bonus for the year of termination of
employment and for the next succeeding year (to be paid at the normal time for payment of such bonuses) in an amount equal to the average of the three highest annual bonuses earned by the Executive under the Company’s annual incentive bonus
plan for any of the five calendar years preceding the calendar year of his termination of employment (or, if the Executive was not eligible for a bonus for at least three calendar years in such five-year period, then the average of such bonuses for
all of the calendar years in such five-year period for which the Executive was eligible), with any deferred bonuses counting for the year earned rather than the year paid; (iii) any other compensation and benefits to the extent actually earned by
the Executive under any other benefit plan or program of the Company as of the date of such termination of employment, such compensation and benefits to be paid at the normal time for payment of such compensation and benefits, and (iv) any
reimbursement amounts owing under Section 4. In addition, if the Executive elects to continue coverage under the Company’s health plan pursuant to COBRA, the Com- 

 - 4 - 
  

 
pany for a period of twelve months following termination of the Executive’s employment by reason of Permanent and Total Disability will pay the same
percentage of the Executive’s premium for COBRA coverage for the Executive and, if applicable, his spouse and dependent children, as the Company paid at the applicable time for coverage under such plan for actively employed senior executives
generally. For the period of twelve months following the termination of the Executive’s employment by reason of Permanent and Total Disability, the Company will continue to provide the life insurance benefits that the Company would have
provided to the Executive if the Executive had continued in employment with the Company for such period, but only if the Executive timely pays the portion of the premium for such coverage that senior executives of the Company generally are required
to pay for such coverage, if any. For purposes of this Agreement, the Executive shall be considered to have incurred a Permanent and Total Disability if and only if the Executive has incurred a disability entitling the Executive to disability
benefits under the Company’s long-term disability plan. 
  
 5.3 Termination for Cause. The Company may terminate the Executive’s employment immediately for Cause for any of the following reasons: (i) an act or acts of dishonesty or fraud on the part of the Executive resulting or intended
to result directly or indirectly in substantial gain or personal enrichment to which the Executive was not legally entitled at the expense of the Company or any of its subsidiaries; (ii) a willful material breach by the Executive of his duties or
responsibilities under this Agreement resulting in demonstrably material injury to the Company or any of its subsidiaries; (iii) the Executive’s conviction of a felony or any crime involving moral turpitude, (iv) habitual neglect or
insubordination (defined as refusal to execute or carry out directions from the Board or its duly appointed designees) where the Executive has been given written notice of the acts or omissions constituting such neglect or insubordination and the
Executive has failed to cure such conduct, where susceptible to cure, within thirty days following such notice, or (v) a material breach by the Executive of any of his obligations under the Lydall Employee Agreement executed by the Executive and
attached hereto as Exhibit A. The Company shall exercise its right to terminate the Executive’s employment for Cause by giving the Executive written notice of termination specifying in reasonable detail the circumstances constituting such
Cause. In the event of such termination of the Executive’s employment for Cause, the Executive shall be entitled to receive only (i) his base salary pursuant to Section 3.1 earned through the date of such termination of employment plus his base
salary for the period of any vacation time earned but not taken for the year of termination of employment, such base salary to be paid at the normal time for payment of such base salary, (ii) any other compensation and benefits to the extent
actually earned by the Executive under any other benefit plan or program of the Company as of the date of such termination of employment, such compensation and benefits to be paid and at the normal time for payment of such compensation and benefits
and (iii) any reimbursement amounts owing under Section 4. 

 - 5 - 
  

 6. Termination of Employment by the Executive. 
  
 (a) Good Reason. The Executive may terminate his employment for Good
Reason by giving the Company a written notice of termination at least 30 days before the date of such termination (or such lesser notice period as the Company may agree to) specifying in reasonable detail the circumstances constituting such Good
Reason. In the event of the Executive’s termination of his employment for Good Reason, the Executive shall be entitled to receive (i) the benefits described in Section 8 if such termination of employment does not occur within 12 months
following a “Change of Control” (as defined in Section 10), or (ii) the benefits described in Section 9 if such termination of employment occurs within 12 months following a “Change of Control” (as defined in Section 10). For
purposes of this Agreement, Good Reason shall mean (i) a significant reduction in the scope of the Executive’s authority, functions, duties or responsibilities from that which is contemplated by this Agreement, (ii) any reduction in the
Executive’s base salary, (iii) a significant reduction in the employee benefits provided to the Executive (excluding the Lydall, Inc. Executive Medical Plan) other than in connection with an across-the-board reduction similarly affecting
substantially all senior executives of the Company, or (iv) any material breach by the Company of any provision of this Agreement without the Executive having committed any material breach of the Executive’s obligations hereunder or under the
Lydall Employee Agreement which breach is not cured within thirty days following written notice thereof to the Company of such breach. In addition, in the case of a termination of employment within 12 months following a “Change of Control”
(as defined in Section 10), Good Reason shall also include the relocation of the Executive’s office location to a location more than 50 miles away from the Executive’s then current principal place of employment. If an event constituting a
ground for termination of employment for Good Reason occurs, and the Executive fails to give notice of termination within 90 days after the occurrence of such event, the Executive shall be deemed to have waived his right to terminate employment for
Good Reason in connection with such event (but not for any other event for which the 90-day period has not expired). 
  
 (b) Other. The Executive may terminate his employment at any time and for any reason, other than pursuant to subsection (a) above, by giving the
Company a written notice of termination to that effect at least 30 days before the date of termination (or such lesser notice period as the Company may agree to); provided, however, that the Company following receipt of such notice from the
Executive may elect to have the Executive’s employment terminate immediately following its receipt of such notice. In the event of the Executive’s termination of his employment pursuant to this subsection (b), the Executive shall be
entitled to receive only (i) his base salary pursuant to Section 3.1 earned through the date of such termination of employment plus his base salary for the period of vacation time earned but not taken for the year of termination of employment, such
base salary to be paid at the normal time for payment of such base salary, (ii) any other compensation and benefits to the extent actually earned by the Executive under any other benefit plan or program of the Company as 

 - 6 - 
  

 
of the date of such termination of employment, such compensation and benefits to be paid at the normal time for payment of such compensation and benefits,
and (iii) any reimbursement amounts owing under Section 4. 
  
 7.
Termination of Employment By Death. In the event of the death of the Executive during the course of his employment hereunder, the Executive’s estate (or other person or entity having such entitlement pursuant to the terms of the
applicable plan or program) shall be entitled to receive (i) the Executive’s base salary pursuant to Section 3.1 earned through the date of the Executive’s death plus the Executive’s base salary for the period of vacation time earned
but not taken for the year of the Executive’s death, such base salary to be paid at the normal time for payment of such base salary, (ii) a bonus for the year of the Executive’s death (to be paid within 90 days after the Executive’s
death) in an amount equal to a pro rata portion of the average of the three highest annual bonuses earned by the Executive under the Company’s annual incentive bonus plan for any of the five calendar years preceding the calendar year of the
Executive’s death (or, if the Executive was not eligible for a bonus for at least three calendar years in such five-year period, then the average of such bonuses for all of the calendar years in such five-year period for which the Executive was
eligible), with any deferred bonuses counting for the year earned rather than the year paid and with the pro rata portion being determined by dividing the number of days of the Executive’s employment during such calendar year up to his death by
365 (366 if a leap year), (iii) any other compensation and benefits to the extent actually earned by the Executive under any other benefit plan or program of the Company as of the date of such termination of employment, such compensation and
benefits to be paid at the normal time for payment of such compensation and benefits, and (iv) any reimbursement amounts owing under Section 4. In addition, in the event of such death, the Executive’s beneficiaries shall receive any death
benefits owed to them under the Company’s employee benefit plans. If the Executive’s spouse and/or dependent children elect to continue coverage under the Company’s health plan following the Executive’s death pursuant to COBRA,
the Company for a period of 12 months following the Executive’s death will pay the same percentage of the premium for COBRA coverage for the Executive’s spouse and/or dependent children, as applicable, as the Company would have paid in
respect of the Executive’s coverage under such plan if the Executive had continued in employment with the Company for such period. 
  
 8. Benefits Upon Termination Without Cause or For Good Reason (No Change of Control). If (a) the Executive’s employment hereunder shall
terminate (i) because of termination by the Company other than for Cause or Permanent and Total Disability pursuant to Section 5.1, or (ii) because of termination by the Employee for Good Reason pursuant to Section 6(a), and (b) such termination of
employment does not occur within 12 months following a “Change of Control” of the Company (as defined in Section 10), the Executive shall be entitled to the following: 

 - 7 - 
  

 (a) The Company shall pay to the Executive his base salary pursuant to Section 3.1 earned
through the date of such termination of employment and any other compensation and benefits to the extent actually earned by the Executive under any benefit plan or program of the Company as of the date of such termination of employment, such base
salary, compensation and benefits to be paid at the normal time for payment of such base salary, compensation and benefits. 
  
 (b) The Company shall pay the Executive any reimbursement amounts owing under Section 4. 
  
 (c) The Company shall pay to the Executive in equal
installments spread over the period of 12 months beginning on the date of the Executive’s termination of employment an amount equal in the aggregate to the sum of (i) the Executive’s annual rate of base salary immediately preceding his
termination of employment, and (ii) the average of his annual bonuses earned under the Company’s annual incentive bonus plan for the three calendar years preceding his termination of employment (or, if the Executive was not eligible for a bonus
in each of those three calendar years, then the average of such bonuses for all of the calendar years in such three-year period for which he was eligible), with any deferred bonuses counting for the year earned rather than the year paid. Such
installments shall be paid at the times that salary payments are normally made by the Company. 
  
 (d) If the Executive elects to continue coverage under the Company’s health plan pursuant to COBRA, then for the period beginning on
the date of the Executive’s termination of employment and ending on the earlier of (i) the date which is 12 months after the date of such termination of employment or (ii) the date on which the Executive commences substantially full-time
employment as an employee of an employer that offers health benefits, the Company will pay the same percentage of the Executive’s premium for COBRA coverage for the Executive and, if applicable, his spouse and dependent children, as the Company
paid at the applicable time for coverage under such plan for actively employed senior executives generally. In addition, for the period beginning on the date of the Executive’s termination of employment and ending on the earlier of (i) the date
which is 12 months after the date of such termination of employment or (ii) the date on which the Executive commences substantially full-time employment as an employee of an employer that offers life insurance benefits, the Company will continue to
provide the life insurance benefits that the Company would have provided to the Executive if the Executive had continued in employment with the Company for such period, but only if the Executive timely pays the portion of the premium for such
coverage that senior executives of the Company generally are required to pay for such coverage, if any. The Executive shall notify the Company promptly if he, while eligible for benefits under this subsection (d), commences substantially full-

 - 8 - 
  

 
time employment as an employee of an employer that offers health and/or life insurance benefits. 
  
 (e) The Company will provide the Executive with outplacement
services selected by the Executive, at the Company’s expense not to exceed $10,000. 
  
 9. Benefits Upon Termination Without Cause or For Good Reason (Change of Control). If (a) the Executive’s employment hereunder shall terminate (i) because of termination by the Company other than for Cause
or Permanent and Total Disability pursuant to Section 5.1, or (ii) because of termination by the Employee for Good Reason pursuant to Section 6(a), and (b) such termination of employment occurs within 12 months following a “Change of
Control” of the Company (as defined in Section 10), the Executive shall be entitled to the following: 
  
 (a) The Company shall pay to the Executive his base salary pursuant to Section 3.1 earned through the date of such termination of
employment and any other compensation and benefits to the extent actually earned by the Executive under any benefit plan or program of the Company as of the date of such termination of employment, such base salary, compensation and benefits to be
paid at the normal time for payment of such base salary, compensation and benefits. 
  
 (b) The Company shall pay the Executive any reimbursement amounts owing under Section 4. 
  
 (c) The Company shall pay to the Executive as a severance
benefit an amount equal to two (2) times the sum of (i) his annual rate of base salary immediately preceding his termination of employment, and (ii) the average of his three highest annual bonuses earned under the Company’s annual incentive
bonus plan for any of the five calendar years preceding his termination of employment (or, if the Executive was not eligible for a bonus for at least three calendar years in such five-year period, then the average of such bonuses for all of the
calendar years in such five-year period for which the Executive was eligible), with any deferred bonuses counting for the year earned rather than the year paid. Such severance benefit shall be paid in a lump sum within 30 days after the date of such
termination of employment. 
  
 (d) The Company
shall pay to the Executive as a bonus for the year of termination of his employment an amount equal to a portion (determined as provided in the next sentence) of the Executive’s maximum bonus opportunity under the Company’s annual
incentive bonus plan for the calendar year of termination of the Executive’s employment or, if none, such portion of the bonus awarded to the Executive under the Company’s annual incentive bonus plan for the calendar year immediately
preceding the calendar year of the termination of his employment, with deferred bonuses 

 - 9 - 
  

 
counting for the year earned rather than the year paid. Such portion shall be determined by dividing the number of days of the Executive’s employment
during such calendar year up to his termination of employment by 365 (366 if a leap year). Such payment shall be made in a lump sum within 30 days after the date of such termination of employment, and the Executive shall have no right to any further
bonuses under said plan. 
  
 (e) During the period
of 24 months beginning on the date of the Executive’s termination of employment, the Executive (and, if applicable, the Executive’s spouse and dependent children) shall remain covered by the medical, dental, life insurance, and, if
reasonably commercially available through nationally reputable insurance carriers, long-term disability plans of the Company that covered the Executive immediately prior to his termination of employment as if the Executive had remained in employment
for such period; provided, however, that the coverage under any such plan is conditioned on the timely payment by the Executive (or his spouse or dependent children) of the portion of the premium for such coverage that actively
employed senior executives with the Company generally are required to pay for such coverage. In the event that the Executive’s participation in any such plan is barred, the Company shall arrange to provide the Executive (and, if applicable, his
spouse and dependent children) with substantially similar benefits (but, in the case of long-term disability benefits, only if reasonably commercially available). 
  
 (f) The Company shall supplement the benefits payable in respect of the Executive under the Company’s
Pension Plan and Supplemental Executive Retirement Plan (and any successor plans thereto) (collectively, the “Pension Plans”) by paying the difference between (i) the benefits that the Executive would have been entitled to receive under
the Pension Plans if he had been credited with two additional years of service (but no additional years of age) for purposes of the benefit accrual formula under the Pension Plans as of the date of termination of the Executive’s employment and
(ii) the benefits that the Executive is entitled to receive under the Pension Plans determined without regard to this subsection (f). Such benefits shall be payable in the same form and at the same time as the benefits under the respective Pension
Plans. 
  
 (g) Each stock option granted by the
Company to the Executive and outstanding immediately prior to termination of his employment shall be fully vested and immediately exercisable and may be exercised by the Executive (or, following his death, by the person or entity to which such
option passes) at any time prior to the expiration date of the applicable option (determined without regard to any earlier termination of the option that would otherwise occur by reason of termination of his employment). Each restricted stock award
granted by the Company to the Executive and 

 - 10 - 
  

 
outstanding immediately prior to termination of the Executive’s employment shall be fully vested upon such termination of employment. 
  
 (h) The Company will pay the Executive a car allowance of
$500 per month for 24 months following termination of the Executive’s employment to replace the Company-leased automobile, which leased automobile will be returned to the Company by the Executive on the date of termination of the
Executive’s employment. 
  
 (i) The Company
will provide the Executive with out-placement services selected by the Executive, at the Company’s expense not to exceed $10,000. 
  
 (j) The Company shall promptly pay all reasonable attorneys’ fees and related expenses incurred by the Executive in seeking to obtain
or enforce any right or benefit under this Agreement or to defend against any claim or assertion in connection with this Agreement, but only to the extent the Executive substantially prevails. 
  
 10. Change of Control. For the purposes of this Agreement, a
“Change of Control” shall be deemed to have occurred if (a) any person or persons acting together which would constitute a “group” for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), (other than the Company or any subsidiary of the Company) shall beneficially own (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, at least 25% of the total voting power of all classes of capital
stock of the Company entitled to vote generally in the election of the Board; (b) Current Directors (as herein defined) shall cease for any reason to constitute at least a majority of the members of the Board (for this purpose, a “Current
Director” shall mean any member of the Board as of the date hereof and any successor of a Current Director whose election, or nomination for election by the Company’s shareholders, was approved by at least a majority of the Current
Directors then on the Board); (c) the shareholders of the Company approve (i) a plan of complete liquidation of the Company or (ii) an agreement providing for the merger or consolidation of the Company other than a merger or consolidation in which
(x) the holders of the common stock of the Company immediately prior to the consolidation or merger have, directly or indirectly, at least a majority of the common stock of the continuing or surviving corporation immediately after such consolidation
or merger or (y) the Board immediately prior to the merger or consolidation would, immediately after the merger or consolidation, constitute a majority of the board of directors of the continuing or surviving corporation; or (d) the shareholders of
the Company approve an agreement (or agreements) providing for the sale or other disposition (in one transaction or a series of transactions) of all or substantially all of the assets of the Company. 
  
 11. Golden Parachute Excise Tax. 
  
 (a) In the event that any payment or benefit received or to
be received by the Executive pursuant to this Agreement or any other plan, program or arrangement of the 

 - 11 - 
  

 
Company or any of its affiliates would constitute an “excess parachute payment” within the meaning of Section 280G of the Internal Revenue Code of
1986, as amended (the “Code”), then the payments under this Agreement shall be reduced (by the minimum possible amounts) until no amount payable to the Executive under this Agreement constitutes an “excess parachute payment”
within the meaning of Section 280G of the Code; provided, however, that no such reduction shall be made if the net after-tax payment (after taking into account Federal, state, local or other income and excise taxes) to which the Executive would
otherwise be entitled without such reduction would be greater than the net after-tax payment (after taking into account Federal, state, local or other income and excise taxes) to the Executive resulting from the receipt of such payments with such
reduction. If, as a result of subsequent events or conditions (including a subsequent payment or absence of a subsequent payment under this Agreement or other plan, program or arrangement of the Company or any of its affiliates), it is determined
that payments under this Agreement have been reduced by more than the minimum amount required to prevent any payments from constituting an “excess parachute payment”, then an additional payment shall be promptly made to the Executive in an
amount equal to the additional amount that can be paid without causing any payment to constitute an excess parachute payment. 
  
 (b) All determinations required to be made under this Section 11 shall be made by a nationally recognized independent accounting firm mutually agreeable
to the Company and the Executive (the “Accounting Firm”) which shall provide detailed supporting calculations to the Company and the Executive as requested by the Company or the Executive. All fees and expenses of the Accounting Firm shall
be borne solely by the Company and shall be paid by the Company upon demand of the Executive as incurred or billed by the Accounting Firm. All determinations made by the Accounting Firm pursuant to this Section 11 shall be final and binding upon the
Company and the Executive. 
  
 (c) To the extent any payment or
benefit is to be reduced pursuant to this Section 11, the severance payment described in Section 8(c) or 9(c) will first be reduced, then the bonus described in Section 9(d), and then the supplemental pension benefits described in Section 9(f), in
each case only to the extent necessary. 
  
 12. Entitlement to
Other Benefits. Except as otherwise provided in this Agreement, this Agreement shall not be construed as limiting in any way any rights or benefits that the Executive or his spouse, dependents or beneficiaries may have pursuant to any other plan
or program of the Company. 
  
 13. Indemnification. The
parties agree to execute a separate Indemnification Agreement in the form attached as Exhibit B. 
  
 14. General Provisions. 

 - 12 - 
  

 14.1 No Duty to Seek Employment. The Executive shall not be under any duty or obligation to seek
or accept other employment following termination of employment, and no amount, payment or benefits due to the Executive hereunder shall be reduced or suspended if the Executive accepts subsequent employment, except as expressly set forth herein.

  
 14.2 Deductions and Withholding. All amounts payable or
which become payable under any provision of this Agreement shall be subject to any deductions authorized by the Executive and any deductions and withholdings required by law. 
  
 14.3 Notices. All notices, demands, requests, consents, approvals or other communications (collectively
“Notices”) required or permitted to be given hereunder or which are given with respect to this Agreement shall be in writing and may be personally served or may be faxed with a copy deposited in the United States mail, registered or
certified, return receipt requested, postage prepaid, addressed as follows: 
  

			
	 To the Company:
	 	 Lydall, Inc.
 P.O. Box 151
 One Colonial Road
 Manchester, CT 06045-0151
 Attn: Chief Executive Officer

  

			
	 To the Executive:
	 	 Bill W. Franks
 103 Southpond Road
 South Glastonbury, CT 06073

  
 or such other address as such party
shall have specified most recently by written notice. Notice mailed as provided herein shall be deemed given on the fifth business day following the date so mailed or on the date of actual receipt, whichever is earlier. 
  
 14.4 No Disparagement. The Executive shall not during the period of
his employment with the Company, nor during the two-year period beginning on the date of termination of his employment for any reason, disparage the Company or any of its subsidiaries or affiliates or any of their shareholders, directors, officers,
employees or agents. The Executive agrees that the terms of this Section 14.4 shall survive the term of this Agreement and the termination of the Executive’s employment. 
  
 14.5 Proprietary Information and Inventions. The Lydall Employee Agreement previously executed by the Executive and
attached hereto as Exhibit A is incorporated by reference in this Agreement, and the Executive agrees to continue to be bound thereby. 
  
 14.6 Covenant to Notify Management. The Executive agrees to abide by the ethics policies of the Company as well as the Company’s other rules,
regulations, policies and 

 - 13 - 
  

 
procedures. The Executive agrees to comply in full with all governmental laws and regulations as well as ethics codes applicable. In the event that the
Executive is aware or suspects the Company, or any of its officers or agents, of violating any such laws, ethics, codes, rules, regulations, policies or procedures, the Executive agrees to bring all such actual and suspected violations to the
attention of the Company immediately so that the matter may be properly investigated and appropriate action taken. The Executive understands that the Executive is precluded from filing a complaint with any governmental agency or court having
jurisdiction over wrongful conduct unless the Executive has first notified the Company of the facts and permits it to investigate and correct the concerns. 
  
 14.7 Amendments and Waivers. 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 of, or compliance with, any condition or provision of this Agreement to be performed by such other
Party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 
  
 14.8 Beneficial Interests. This Agreement shall inure to the benefit of and be enforceable by a) the Company’s successors and assigns and b)
the Executive’s personal and legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the Executive shall die while any amounts are still payable to him hereunder, all such amounts, unless
otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the Executive’s devisee, legatee, or other designee or, if there be no such designee, to the Executive’s estate. 
  
 14.9 Successors. The Company will require any successors (whether
direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the
Company would be required to perform. 
  
 14.10 Assignment.
This Agreement and the rights, duties, and obligations hereunder may not be assigned or delegated by any Party without the prior written consent of the other Party and any attempted assignment or delegation without such prior written consent shall
be void and be of no effect. Notwithstanding the foregoing provisions of this Section 14.10, the Company may assign or delegate its rights, duties and obligations hereunder to any affiliate or to any person or entity which succeeds to all or
substantially all of the business of the Company or one of its subsidiaries through merger, consolation, reorganization, or other business combination or by acquisition of all or substantially all of the assets of the Company or one of its
subsidiaries. 

 - 14 - 
  

 14.11 Choice of Law. This Agreement shall be governed by and construed in accordance with the laws
of the State of Connecticut. 
  
 14.12 Statute of
Limitations. The Executive and the Company hereby agree that there shall be a one year statute of limitations for the filing of any requests for arbitration or any lawsuit relating to this Agreement or the terms or conditions of Executive’s
employment by the Company. If such a claim is filed more than one year subsequent to the Executive’s last day of employment it shall be precluded by this provision, regardless of whether or not the claim has accrued at that time. 
  
 14.13 Right to Injunctive and Equitable Relief. The Executive’s
obligations under Section 14.4 are of a special and unique character, which gives them a peculiar value. The Company cannot be reasonably or adequately compensated for damages in an action at law in the event the Executive breaches such obligations.
Therefore, the Executive expressly agrees that the Company shall be entitled to injunctive and other equitable relief without bond or other security in the event of such breach in addition to any other rights or remedies which the Company may
possess or be entitled to pursue. Furthermore, the obligations of the Executive and the rights and remedies of the Company under Section 14.4 and this Section 14.13 are cumulative and in addition to, and not in lieu of, any obligations, rights, or
remedies as created by applicable law. 
  
 14.14 Severability
or Partial Invalidity. The invalidity or unenforceability of any provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 
  
 14.15 Entire Agreement. This Agreement, along with the Lydall Employee
Agreement and the Indemnification Agreement by and between the Executive and the Company, constitutes the entire agreement of the Parties and supersedes all prior written or oral and all contemporaneous oral agreements, understandings, and
negotiations between the Parties with respect to the subject matter hereof. This Agreement may not be changed orally and may only be modified in writing signed by both Parties. This Agreement, along with the Lydall Employee Agreement and the
Indemnification Agreement, is intended by the Parties as the final expression of their agreement with respect to such terms as are included herein and therein and may not be contradicted by evidence of any prior or contemporaneous agreement. The
Parties further intend that this Agreement, along with the Lydall Employee Agreement and the Indemnification Agreement, constitutes the complete and exclusive statement of their terms and that no extrinsic evidence may be introduced in any judicial
proceeding involving such agreements. 
  
 14.16
Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed an original but all of which together shall constitute one and the same instrument. 

 - 15 - 
  

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer
and the Employee has hereunto set his hand as of the day and year first above written. 
  

									
	LYDALL, INC.	 	 	 	 
					
	By:	 	 /s/    Christopher R. Skomorowski        

	 	 	 	 	 	 March 1, 2000

	 	 	 Christopher R. Skomorowski
 President and
Chief
 Executive Officer
	 	 	 	 	 	Date
	 	 	 	 	 
					
	 	 	 /s/    Bill W. Franks, Jr.        

	 	 	 	 	 	 March 1, 2000

	 	 	Bill W. Franks, Jr.	 	 	 	 	 	Date

 - 1 - 
  

 Exhibit 10.19 
  
 EXHIBIT B 
 INDEMNIFICATION AGREEMENT 
  
 This
Agreement, made and entered into this 1st day of March, 2000 (“Agreement”), by and between Lydall, Inc., a Delaware corporation (“Company”), and Bill W. Franks (“Indemnitee”): 
  
 WHEREAS, highly competent persons are becoming more reluctant to serve
publicly-held corporations as directors or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service
to and activities on behalf of the corporation; and 
  
 WHEREAS,
the current impracticability of obtaining adequate insurance and the uncertainties relating to indemnification have increased the difficulty of attracting and retaining such persons; 
  
 WHEREAS, the Board of Directors of the Company has determined that the inability to attract and retain such persons is
detrimental to the best interests of the Company’s stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future; and 
  
 WHEREAS, it is reasonable, prudent and necessary for the Company
contractually to obligate itself to indemnify such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified; and 
  
 WHEREAS, Indemnitee is willing to serve, continue to serve and to take on
additional service for or on behalf of the Company on the condition that he be so indemnified; 
  
 NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows: 
  
 Section 1. Services by Indemnitee. Indemnitee agrees to serve (as a director, officer, employee, agent of the
Company) (at the request of the Company, as a director, officer, employee, agent, fiduciary of another corporation, partnership, joint venture, trust employee benefit plan or other enterprise. Indemnitee may at any time and for any reason resign
from such position (subject to any other contractual obligation or any obligation imposed by operation of law), in which event the Company shall have no obligation under this Agreement to continue Indemnitee in such position. 

 - 2 - 
  

 Section 2. Indemnification – General. The Company shall indemnify, and advance
Expenses (as hereinafter defined) to, Indemnitee (a) as provided in this Agreement and (b) to the fullest extent permitted by applicable law in effect on the date hereof and as amended from time to time. The rights of Indemnitee provided under the
preceding sentence shall include, but shall not be limited to, the rights set forth in the other Sections of this Agreement. 
  
 Section 3. Proceedings Other than Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification
provided in this Section 3 if, by reason of his Corporate Status (as hereinafter defined), he is, or is threatened to be made, a party to any threatened, pending, or completed Proceeding (as hereinafter defined), other than a Proceeding by or in the
right of the Company. Pursuant to this Section 3, Indemnitee shall be indemnified against all expenses, judgements, penalties, fines, and amounts paid in settlement actually and reasonably incurred by him or on his behalf in connection with such
Proceeding or any claim, issue or matter therein, if he acted in good faith and in a manner be reasonably believed to be in or not opposed to the best interests of the Company and, with respect to any criminal Proceeding, had no reasonable cause to
believe his conduct was unlawful. 
  
 Section 4. Proceedings by
or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section 4 if, by reason of his Corporate Status, he is, or is threatened to be made, a party to any threatened, pending or completed
Proceeding brought by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section, Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection with such
Proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company; provided, however, that if applicable law so provides, no indemnification against such Expenses shall be made
in respect of any claim, issue or matter in such Proceeding as to which Indemnitee shall have been adjudged to be liable to the Company unless and to the extent that the Court of Chancery of the State of Delaware, or the court in which such
Proceeding shall have been brought or is pending, shall determine that such indemnification may be made. 
  
 Section 5. Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, to
the extent that Indemnitee is, by reason of his Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in
connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee
against all expenses actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter. For purposes of 

 - 3 - 
  

 
this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be
deemed to be a successful result as to such claim, issue or matter. 
  
 Section 6. Indemnification for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a witness in any Proceeding to which Indemnitee is not
a party, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith. 
  
 Section 7. Advancement of Expenses. The Company shall advance all reasonable Expenses incurred by or on behalf of Indemnitee in connection with any
Proceeding within ten days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or
statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by an undertaking by or on behalf of Indemnitee to repay any Expenses advanced if it shall ultimately be determined that
Indemnitee is not entitled to be indemnified against such Expenses. 
  
 Section 8. Procedures for Determination of Entitlement to Indemnification. 
  
 (a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee
and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company shell, promptly upon receipt of such a request for indemnification, advise the Board of Directors in writing
that Indemnitee has requested indemnification. 
  
 (b) Upon
written request by Indemnitee for indemnification pursuant to the first sentence of Section 8(a) hereof, a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case; (i)if
a Change in Control (as hereinafter defined) shall be made in the Independent Counsel (as hereinafter defined) in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee; or (ii) if a Change of Control shall not
have occurred, (A) by the Board of Directors by a majority vote of a quorum consisting of Disinterested Directors (as hereinafter defined), or (B) if a quorum of the Board of Directors consisting of Disinterested Directors is not obtainable or, even
if obtainable, such quorum of Disinterested Directors so directs, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee or (C) if so directed by the Board of Directors, by the
stockholders of the Company; and, if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall 

 - 4 - 
  

 
cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing
to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such
determination. Any costs or expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with this person, persons or entity making such determination shall be borne by the Company (Irrespective of the
determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. 
  
 (c) In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 8(b) hereof, the Independent
Counsel shall be selected as provided in this Section 8(c). If a Change of Control shall not have occurred, the Independent Counsel shall be selected by the Board of Directors, and the Company shall give written notice to Indemnitee advising him of
the identity of the Independent Counsel so selected. If a Change of Control shall have occurred, the Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board of Directors, in which
event the preceding sentence shall apply), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within 10
days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the
ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 17 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion.
If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit. If, within
20 days after submission by Indemnitee of a written request for indemnification pursuant to Section 8(a) hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Court of Chancery
of the State of Delaware or other court of competent jurisdiction for resolution of any objection which shall have been made the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent
Counsel of a person selected by the Court of by such other person as the Court shall designate, and the person with respect to whom all objections are so resolved or the person so appreciated shall act as Independent Counsel under Section 8(b)
hereof. The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to Section 8(b) hereof, and the Company shall pay all reasonable fees and expenses
incident to the procedures of this Section 8(c), regardless of the manner in which such Independent Counsel was selected or appointed. Upon the due commencement of any judicial proceeding or 

 - 5 - 
  

 
arbitration pursuant to Section 10(a)(iii) of this Agreement, Independent Counsel shall be discharged and relived of any further responsibility in such
capacity (subject to the applicable standards of professional conduct then prevailing). 
  
 Section 9. Presumptions and Effect of Certain Proceedings. 
  
 (a) If a Change of Control shall have occurred, in making a determination with respect to entitlement to indemnification hereunder, the person or persons
or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 8(a) of this Agreement, and the Company shall
have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. 
  
 (b) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement of
conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did
not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his conduct was
unlawful. 
  
 Section 10. Remedies of Indemnitee.

  
 (a) In the event that (i) a determination is made pursuant to
Section 8 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 7 of this Agreement, (iii) no determination of entitlement to indemnification
shall have been made pursuant to Section 8(b) of this Agreement within 90 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 5 or 6 of this Agreement within ten (10)
days after receipt by the Company of a written request therefor, or (v) payment of indemnification is not made within 10 (10) days after a determination has been made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an
adjudication in an appropriate court of the State of Delaware, or in any other court of competent jurisdiction, of his entitlement to such indemnification or advancement of Expenses. Alternatively, Indemnitee, at his option, may seek an award in
arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication or an award in arbitration within 180 days
following the data on which Indemnitee first has the right to commence such proceeding pursuant to this Section 10(a); 

 - 6 - 
  

 
provided, however, that the foregoing clause shall not apply in respect of a proceeding brought by Indemnitee to enforce his rights under
Section 5 of this Agreement. 
  
 (b) In the event that a
determination shall have been made pursuant to Section 8(b) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 10 shall be conducted in all respects as a
de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination. If a Change of Control shall have occurred, in any judicial proceeding or arbitration commenced pursuant to this
Section 10 the Company shall have the burden of proving that Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be. 
  
 (c) If a determination shall have been made pursuant to Section 8(b) of this Agreement that Indemnitee is entitled to indemnification, the Company shall
be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 10, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. 
  
 (d) In the event that Indemnitee, pursuant to this Section 10, seeks a judicial adjudication of or an award in arbitration to enforce his rights under, or
to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company against, any and all expenses (of the types described in the definition of Expenses in Section 17 of
this Agreement) actually and reasonably incurred by him in such judicial adjudication or arbitration, but only if he prevails therein. If it shall be determined in said judicial adjudication or arbitration that Indemnitee is entitled to receive part
but not all of the indemnification or advancement of expenses sought, the expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated. 
  
 Section 11. Non-Exclusivity; Survival of Rights; Insurance;
Subrogation. 
  
 (a) The rights of indemnification and to
receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation, the By-Laws, any agreement, a
vote of stockholders or a resolution of directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee in his Corporate Status prior to such amendment,
alteration or repeal. 

 - 7 - 
  

 (b) To the extent that the Company maintains an insurance policy or policies providing liability
insurance for directors, officers, employees, or agents of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person serves at the request of the Company, Indemnitee shall
be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, employee or agent under such policy or policies. 
  
 (c) In the event of any payment under this Agreement, the Company shall be
subrogated to the extent of such payment to all of the rights of recovery of Indemnities, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the
Company to bring suit to enforce such rights. 
  
 (d) The Company
shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extend that Indemnities has otherwise actually received such payment under any insurance policy, contract, agreement or
otherwise. 
  
 Section 12. Duration of Agreement. This
Agreement shall continue until and terminate upon the later of: (a)10 years after the date that Indemnities shall have ceased to serve as a director, officer, employee, or agent of the Company or of any other corporation, partnership, joint venture,
trust, employee benefit plan or other enterprise which Indemnitee served at the request of the Company; or (b) the final termination of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification or advancement of
expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 10 of this Agreement relating thereto. This Agreement shall be binding upon the Company and its successors and assigns and shall inure to the benefit of Indemnitee
and his heirs, executors and administrators. 
  
 Section 13.
Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement
(including without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or
impaired thereby; and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that
is not itself invalid, illegal or unenforceable) shall be construed to as to give effect to the intent manifested thereby. 

 - 8 - 
  

 Section 14. Exception to Right of Indemnification or Advancement of Expenses. Notwithstanding any
other provision of this Agreement, Indemnitee shall not be entitled to indemnification or advancement of Expenses under this Agreement with respect to any Proceeding brought by Indemnitee, or any claim therein prior to a Change in Control, unless
the bringing of such Proceeding or making of such claim shall have been approved by the Board of Directors. 
  
 Section 15. Identical Counterparts. This agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to
be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement. 

 
 Section 16. Headings. The headings of the paragraphs of this
Agreement re inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 
  
 Section 17. Definitions. (a) The phrase “Change of Control,” as used in this Agreement, shall mean i) an acquisition of the Company by
means of a merger or consolidation or purchase of substantially all of its assets if and when incident thereto (A) the composition of the Board of Directors of the Company (the “Board”) or its successor changes so that a majority of the
Board is not comprised of individuals who were members of the board immediately prior to such merger, consolidation or purchase of assets or (B) the stockholders of the Company acquire a right to receive, in exchange for or upon surrender a majority
of their stock, cash or other securities or a combination of the two; and/or ii) the acquisition by a person (as that term is hereafter defined) of the voting rights with respect to 25 percent or more of the outstanding Common Stock of the Company
if such person was not an officer of director of the Company on the date of this Agreement; and/or iii) the election or appointment to the Board of any director or directors whose appointment or election or nomination for election was not approved
by a vote of at least a majority of the directors then still in office who were either directors on the date hereof or whose election, appointment or nomination for election was previously so approved. 
  
 (b) “Corporate Status” describes the status of a person who is or
was a director, officer, employee or agent of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person is or was serving at the request of the Company. 
  
 (c) “Disinterested Director” means a director of the Company who is
not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee. 

 - 9 - 
  

 (d) “Effective Date” means March 1, 2000. 
  
 (e) “Expenses” shall include all reasonable attorney’s fees,
retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types
customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, or being or preparing to be a witness in a Proceeding. 
  
 (f) “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of
corporation law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party, or (ii) any other party to the Proceeding giving rise to a claim for
indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in
representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. 
  
 (g) “Proceeding” includes any action, suite, arbitration, alternate dispute resolution mechanism, investigation, administrative hearing or any
other proceeding, whether civil, criminal, administrative, or investigative, except one (i) initiated by an Indemnitee pursuant to Section 10 of this Agreement to enforce his rights under this Agreement or (ii) pending on or before the Effective
Date. 
  
 Section 18. Modification and Waiver. No
supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other
provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 
  
 Section 19. Notice by Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with any summons, citation,
subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification or advancement of Expenses covered hereunder. 
  
 Section 20. Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall
be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third business
day after the date on which it is so mailed: 

 - 10 - 
  

	(a)	If to Indemnitee, to: 

	    	Bill W. Franks 

	    	103 Southpond Road 

	    	South Glastonbury, CT 06073 

  

	(b)	If to the Company to: 

	    	Mary Tremblay 

	    	General Counsel and Secretary 

	    	Lydall, Inc. 

	    	P.O. Box 151 

	    	One Colonial Road 

	    	Manchester, CT 06045-0151 

  
 or to such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be. 
  
 Section 21. Governing Law. The parties agree that this Agreement shall be governed by, and construed and enforced in
accordance with, the laws of the State of Delaware. 
  
 Section
22. Miscellaneous. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first written. 
  

					
	 ATTEST:
	 	 	 	 LYDALL, INC.,

			
	  	 	By	 	/s/ Christopher R. Skomorowski
	 	 	

	 	 	 	 	 Christopher R. Skomorowski
 President and Chief Executive Officer

 - 11 - 
  

			
		
	By:	 	/s/    Bill W. Franks, Jr.        
	 	 	

	 	 	INDEMNITEE

	
	
	 
	

	 Bill W. Franks
 103 Southpond Road
 South Glastonbury, CT 06073

 - 1 - 
  

 AMENDMENT TO EMPLOYMENT AGREEMENT 
 BETWEEN LYDALL, INC. AND BILL FRANKS 
 Dated March 1, 2000 
  
 This is an Amendment of the Employment Agreement between Lydall, Inc. and
Bill Franks dated March 1, 2000. This Amendment is made in consideration of the mutual agreements and promises hereinafter set forth and for other good and valuable consideration. 
  
 All provisions of the Employment Agreement are reaffirmed and will remain in full force and effect except that the following
new section shall be added as noted: 
  

	 	9.	Benefits Upon Termination Without Cause or For Good Reason (Change of Control). 

  
 (h) The Company will pay the Executive a car allowance, in an amount equal to Executive’s monthly lease
allowance at the time of termination, per month for 24 months following termination of the Executive’s employment to replace the Company-leased automobile, which leased automobile will be returned to the Company by the Executive on the date of
termination of the Executive’s employment. 
  
 This amendment
will be effective as of August 1, 2000. 
  
 IN WITNESS WHEREOF,
Lydall, Inc. and Bill Franks have caused this Amendment to the Agreement to be executed in duplicate. 
  
 LYDALL, INC. 
  

									
					
	By	 	/s/    Walter A. Ruschmeyer        	 	 	 	 	 	/s/    Bill W. Franks, Jr.        
	 	 	
	 	 	 	 	 	

	 	 	 Walter A. Ruschmeyer
 Executive Vice President —
Finance and Administration,
Chief Financial Officer
	 	 	 	 	 	 Bill Franks

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